$CNET
ZW Data Action Technologies Inc.

2019 Q3 Form 10-Q Financial Statement

#000117184319005548 Filed on August 19, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $15.51M $15.45M $22.52M
YoY Change -9.0% -31.38% 114.48%
Cost Of Revenue $14.62M $15.09M $21.55M
YoY Change -12.21% -30.0% 144.91%
Gross Profit $892.0K $366.0K $968.0K
YoY Change 126.97% -62.19% -43.06%
Gross Profit Margin 5.75% 2.37% 4.3%
Selling, General & Admin $928.0K $1.429M $1.758M
YoY Change -53.06% -18.71% -3.25%
% of Gross Profit 104.04% 390.44% 181.61%
Research & Development $239.0K $159.0K $240.0K
YoY Change -9.47% -33.75% -21.31%
% of Gross Profit 26.79% 43.44% 24.79%
Depreciation & Amortization $10.00K $10.00K $43.00K
YoY Change -70.59% -76.74% -12.24%
% of Gross Profit 1.12% 2.73% 4.44%
Operating Expenses $1.167M $1.588M $9.288M
YoY Change -68.82% -82.9% 337.7%
Operating Profit -$275.0K -$1.222M -$8.320M
YoY Change -91.79% -85.31% 1871.56%
Interest Expense $10.00K $12.00K $9.000K
YoY Change 66.67% 33.33% -52.63%
% of Operating Profit
Other Income/Expense, Net -$132.0K $807.0K -$541.0K
YoY Change -126.77% -249.17% 143.69%
Pretax Income -$407.0K -$415.0K -$8.861M
YoY Change -85.75% -95.32% 1275.93%
Income Tax -$16.00K -$33.00K $693.0K
% Of Pretax Income
Net Earnings -$388.0K -$379.0K -$9.504M
YoY Change -86.86% -96.01% 1104.56%
Net Earnings / Revenue -2.5% -2.45% -42.2%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 16.41M 16.41M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $812.0K $1.379M $5.086M
Short-Term Investments
Other Short-Term Assets $7.000K $8.000K
YoY Change
Inventory
Prepaid Expenses
Receivables $6.020M $6.749M $6.600M
Other Receivables $165.0K
Total Short-Term Assets $13.77M $10.21M $14.43M
YoY Change -13.22% -29.24% -4.7%
LONG-TERM ASSETS
Property, Plant & Equipment $87.00K $99.00K $213.0K
YoY Change -50.57% -53.52% -44.24%
Goodwill
YoY Change
Intangibles $31.00K $36.00K $1.628M
YoY Change -38.0% -97.79% -76.14%
Long-Term Investments $744.0K
YoY Change 2.48%
Other Assets
YoY Change
Total Long-Term Assets $5.190M $4.461M $6.709M
YoY Change 15.93% -33.51% -55.6%
TOTAL ASSETS
Total Short-Term Assets $13.77M $10.21M $14.43M
Total Long-Term Assets $5.190M $4.461M $6.709M
Total Assets $18.96M $14.67M $21.14M
YoY Change -6.81% -30.6% -30.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $899.0K $742.0K $1.465M
YoY Change -75.99% -49.35% 1026.92%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.43M $8.222M $7.976M
YoY Change -1.96% 3.08% -10.12%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $10.43M $8.222M $7.976M
Total Long-Term Liabilities
Total Liabilities $10.55M $8.349M $9.435M
YoY Change -8.95% -11.51% 4.8%
SHAREHOLDERS EQUITY
Retained Earnings -$36.42M -$36.03M -$30.56M
YoY Change 9.11% 17.91% 149.68%
Common Stock $18.00K $16.00K $16.00K
YoY Change 12.5% 0.0% 33.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.466M $6.376M $11.71M
YoY Change
Total Liabilities & Shareholders Equity $18.96M $14.67M $21.14M
YoY Change -6.81% -30.6% -30.13%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$388.0K -$379.0K -$9.504M
YoY Change -86.86% -96.01% 1104.56%
Depreciation, Depletion And Amortization $10.00K $10.00K $43.00K
YoY Change -70.59% -76.74% -12.24%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></td> <td style="text-align: justify">Organization and nature of operations</td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in">ChinaNet Online Holdings, Inc. (the &#x201c;Company&#x201d;) is a holding company, which, through certain contractual arrangements with operating companies in the People&#x2019;s Republic of China (the &#x201c;PRC&#x201d;), is engaged in providing advertising, precision marketing, online to offline sales channel expansion and the related data services to small and medium enterprises in the PRC, through distribution of the right to use search engine marketing service the Company purchased from key search engines, online advertising placements on the Company&#x2019;s advertising portals, sales of effective sales lead information and provision of TV advertising service.</div></div>
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
23430000
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
11704000
CY2019Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
3082000
CY2018Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
2997000
us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top"><td style="width: 6.55pt"></td> <td style="width: 21pt">d)</td> <td style="text-align: justify">Use of estimates</td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 27.55pt">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 27.55pt">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of these consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company continually evaluates these estimates and assumptions based on the most recently available information, historical experience and various other assumptions that the Company believes to be reasonable under the circumstances. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates.</div></div></div>
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
450000
CY2019Q2 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
260000
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1170000
CY2018Q2 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
760000
CY2019Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
135000
CY2019Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
956000
CY2018Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
606000
CY2018Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
1327000
CY2018Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
801000
CY2018Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
2275000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16411548
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
15676249
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16412543
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
15866305

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