$CNET
ZW Data Action Technologies Inc.

2020 Q3 Form 10-Q Financial Statement

#000117184320005955 Filed on August 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q2
Revenue $12.30M $10.42M $15.45M
YoY Change -20.66% -32.6% -31.38%
Cost Of Revenue $12.95M $10.12M $15.09M
YoY Change -11.43% -32.94% -30.0%
Gross Profit -$641.0K $298.0K $366.0K
YoY Change -171.86% -18.58% -62.19%
Gross Profit Margin -5.21% 2.86% 2.37%
Selling, General & Admin $650.0K $1.202M $1.429M
YoY Change -29.96% -15.89% -18.71%
% of Gross Profit 403.36% 390.44%
Research & Development $113.0K $116.0K $159.0K
YoY Change -52.72% -27.04% -33.75%
% of Gross Profit 38.93% 43.44%
Depreciation & Amortization $2.000K $2.000K $10.00K
YoY Change -80.0% -80.0% -76.74%
% of Gross Profit 0.67% 2.73%
Operating Expenses $763.0K $1.318M $1.588M
YoY Change -34.62% -17.0% -82.9%
Operating Profit -$1.404M -$1.020M -$1.222M
YoY Change 410.55% -16.53% -85.31%
Interest Expense $1.000K $12.00K
YoY Change -90.0% 33.33%
% of Operating Profit
Other Income/Expense, Net -$84.00K $40.00K $807.0K
YoY Change -36.36% -95.04% -249.17%
Pretax Income -$1.488M -$980.0K -$415.0K
YoY Change 265.6% 136.14% -95.32%
Income Tax -$155.0K -$10.00K -$33.00K
% Of Pretax Income
Net Earnings -$1.333M -$968.0K -$379.0K
YoY Change 243.56% 155.41% -96.01%
Net Earnings / Revenue -10.83% -9.29% -2.45%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 21.74M 21.69M 16.41M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $500.0K $1.055M $1.379M
Short-Term Investments
Other Short-Term Assets $961.0K $959.0K $8.000K
YoY Change 13628.57% 11887.5%
Inventory
Prepaid Expenses
Receivables $2.282M $2.520M $6.749M
Other Receivables $961.0K $959.0K
Total Short-Term Assets $10.10M $9.664M $10.21M
YoY Change -26.64% -5.35% -29.24%
LONG-TERM ASSETS
Property, Plant & Equipment $74.00K $73.00K $99.00K
YoY Change -14.94% -26.26% -53.52%
Goodwill
YoY Change
Intangibles $1.288M $1.493M $36.00K
YoY Change 4054.84% 4047.22% -97.79%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $6.908M $7.410M $4.461M
YoY Change 33.1% 66.11% -33.51%
TOTAL ASSETS
Total Short-Term Assets $10.10M $9.664M $10.21M
Total Long-Term Assets $6.908M $7.410M $4.461M
Total Assets $17.01M $17.07M $14.67M
YoY Change -10.28% 16.38% -30.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $552.0K $395.0K $742.0K
YoY Change -38.6% -46.77% -49.35%
Accrued Expenses
YoY Change
Deferred Revenue $2.822M $1.619M
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.756M $6.365M $8.222M
YoY Change -25.6% -22.59% 3.08%
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 $7.756M $6.365M $8.222M
Total Long-Term Liabilities
Total Liabilities $7.885M $6.489M $8.349M
YoY Change -25.25% -22.28% -11.51%
SHAREHOLDERS EQUITY
Retained Earnings -$40.38M -$39.05M -$36.03M
YoY Change 10.89% 8.39% 17.91%
Common Stock $22.00K $22.00K $16.00K
YoY Change 22.22% 37.5% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.185M $10.64M $6.376M
YoY Change
Total Liabilities & Shareholders Equity $17.01M $17.07M $14.67M
YoY Change -10.28% 16.38% -30.6%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$1.333M -$968.0K -$379.0K
YoY Change 243.56% 155.41% -96.01%
Depreciation, Depletion And Amortization $2.000K $2.000K $10.00K
YoY Change -80.0% -80.0% -76.74%
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: inherit;">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;) was incorporated in the State of Texas in <div style="display: inline; font-style: italic; font: inherit;"> April 2006 </div>and re-domiciled to become a Nevada corporation in <div style="display: inline; font-style: italic; font: inherit;"> October 2006. </div>On <div style="display: inline; font-style: italic; font: inherit;"> June 26, 2009, </div>the Company consummated a share exchange transaction with China Net Online Media Group Limited (the &#x201c;Share Exchange&#x201d;), a company organized under the laws of British Virgin Islands (&#x201c;China Net BVI&#x201d;). As a result of the Share Exchange, China Net BVI became a wholly owned subsidiary of the Company and the Company is now a holding company, which, through certain contractual arrangements with operating companies in the People's Republic of China (the &#x201c;PRC&#x201d;), is engaged in providing advertising, precision marketing, online to offline (<div style="display: inline; font-style: italic; font: inherit;">O2O</div>) sales channel expansion and the related data and technical services to small and medium enterprises in the PRC. In early <div style="display: inline; font-style: italic; font: inherit;">2018,</div> the Company commenced to expand its business into the blockchain industry and the related technology. As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Company was in the process of developing its blockchain-powered platform applications (See Note <div style="display: inline; font-style: italic; font: inherit;">11</div>).</div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><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=" margin: 0pt 0 0pt 27.55pt; font-size: 10pt; text-align: justify; text-indent: 0in">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></div></div>
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ValuationAllowanceDeferredTaxAssetChangeInAmount
760000
CY2020Q2 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
210000
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
CY2020Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
39000
CY2020Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
61000
CY2019Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
107000
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
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
21044666
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16411548
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
21691926
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16412543

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