$CNET
ZW Data Action Technologies Inc.

2020 Q3 Form 10-Q Financial Statement

#000117184320007974 Filed on November 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $12.30M $15.51M
YoY Change -20.66% -9.0%
Cost Of Revenue $12.95M $14.62M
YoY Change -11.43% -12.21%
Gross Profit -$641.0K $892.0K
YoY Change -171.86% 126.97%
Gross Profit Margin -5.21% 5.75%
Selling, General & Admin $650.0K $928.0K
YoY Change -29.96% -53.06%
% of Gross Profit 104.04%
Research & Development $113.0K $239.0K
YoY Change -52.72% -9.47%
% of Gross Profit 26.79%
Depreciation & Amortization $2.000K $10.00K
YoY Change -80.0% -70.59%
% of Gross Profit 1.12%
Operating Expenses $763.0K $1.167M
YoY Change -34.62% -68.82%
Operating Profit -$1.404M -$275.0K
YoY Change 410.55% -91.79%
Interest Expense $1.000K $10.00K
YoY Change -90.0% 66.67%
% of Operating Profit
Other Income/Expense, Net -$84.00K -$132.0K
YoY Change -36.36% -126.77%
Pretax Income -$1.488M -$407.0K
YoY Change 265.6% -85.75%
Income Tax -$155.0K -$16.00K
% Of Pretax Income
Net Earnings -$1.333M -$388.0K
YoY Change 243.56% -86.86%
Net Earnings / Revenue -10.83% -2.5%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 21.74M 16.41M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $500.0K $812.0K
Short-Term Investments
Other Short-Term Assets $961.0K $7.000K
YoY Change 13628.57%
Inventory
Prepaid Expenses
Receivables $2.282M $6.020M
Other Receivables $961.0K
Total Short-Term Assets $10.10M $13.77M
YoY Change -26.64% -13.22%
LONG-TERM ASSETS
Property, Plant & Equipment $74.00K $87.00K
YoY Change -14.94% -50.57%
Goodwill
YoY Change
Intangibles $1.288M $31.00K
YoY Change 4054.84% -38.0%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $6.908M $5.190M
YoY Change 33.1% 15.93%
TOTAL ASSETS
Total Short-Term Assets $10.10M $13.77M
Total Long-Term Assets $6.908M $5.190M
Total Assets $17.01M $18.96M
YoY Change -10.28% -6.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $552.0K $899.0K
YoY Change -38.6% -75.99%
Accrued Expenses
YoY Change
Deferred Revenue $2.822M
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.756M $10.43M
YoY Change -25.6% -1.96%
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 $10.43M
Total Long-Term Liabilities
Total Liabilities $7.885M $10.55M
YoY Change -25.25% -8.95%
SHAREHOLDERS EQUITY
Retained Earnings -$40.38M -$36.42M
YoY Change 10.89% 9.11%
Common Stock $22.00K $18.00K
YoY Change 22.22% 12.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.185M $8.466M
YoY Change
Total Liabilities & Shareholders Equity $17.01M $18.96M
YoY Change -10.28% -6.81%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$1.333M -$388.0K
YoY Change 243.56% -86.86%
Depreciation, Depletion And Amortization $2.000K $10.00K
YoY Change -80.0% -70.59%
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: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"><div style="display: inline;"></div></td> <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=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">ZW Data Action Technologies Inc. <div style="display: inline; background-color: white">(formerly known as ChinaNet Online Holdings, Inc.*)&nbsp;</div> (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 (&#x201c;SMEs&#x201d;) 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;"> September 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 style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">* Effective <div style="display: inline; font-style: italic; font: inherit;"> October 14, 2020, </div>the Company changed its corporate name from ChinaNet Online Holdings, Inc. to ZW Data Action Technologies Inc.</div></div>
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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 cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"><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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.55pt; text-align: justify; text-indent: 0in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.55pt; 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>
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
900000
CY2020Q3 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
140000
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
420000
CY2019Q3 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
30000

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