ChinaNet-Online Holdings, Inc. (Nasdaq:CNET) ("ChinaNet" or the
"Company"), an integrated online advertising, precision marketing,
data-analysis and management services platform, today announced its
unaudited financial results for the third quarter and first nine
months of 2018.
Third Quarter 2018
Highlights
- Total revenues increased by 26.2%
to $17.0 million from $13.5 million in the corresponding period of
2017.
- Revenues from search engine
marketing and data service increased by 29.0% to $14.5 million from
$11.3 million in the corresponding period of 2017.
First Nine Months 2018
Highlights
- Total revenues increased by 52.8%
to $47.8 million from $31.3 million in the same period of
2017.
- Revenues from search engine
marketing and data service increased by 66.5% to $40.4 from $24.3
million in the same period of 2017.
Mr. Handong Cheng, Chairman, President and Chief
Executive Officer of CNET, stated, “During the third quarter of
2018, we continued to grow our revenue in our core online marketing
business, optimize our cost structure, and develop our
blockchain-powered ecosystem. In August 2018, we officially
launched our blockchain-powered mobile application, BO!News. Since
then, its registered user count has reached over 200,000, while its
user participation rate continues to improve as we integrate more
functionalities into the application. BO!News serves as a
cornerstone of our user acquisition strategy as we build out our
Business Opportunity Social Ecosystem (BOSE). We aim to create a
trustworthy and transparent transaction environment for our users
through BOSE. We also seek to help our business customers improve
their operational efficiency by providing them with traceable and
verifiable sales leads. Through our relentless innovation in AI and
blockchain applications and the steady development of our new
business initiatives, we should be able to generate continuous
shareholder value.”
Mr. George Chu, Chief Operating Officer of CNET
stated, “During the third quarter we maintained our growth momentum
as our total revenues increased by 26.2% year-over-year, mainly due
to a 29.0% increase in revenue from our search engine marketing and
data service. At the same time, we continue to improve our
operating efficiency. Our total operating expenses as a percentage
of total revenues decreased to 22.0% from 24.9% in the same period
of 2017, primarily driven by a 67.7% reduction in selling and
marketing expenses and a 26.1% reduction in general and
administrative expenses during the third quarter of 2018.
Going forward, we seek to maintain our revenue growth, shrink our
cost structure, and monetize our blockchain applications and
ecosystem.”
Third Quarter 2018 Financial
Results
TOTAL REVENUES Total revenues
increased by 26.2% to $17.0 million in the third quarter of 2018
from $13.5 million in the corresponding period of 2017, primarily
driven by the increase in search engine marketing and data service
revenue.
Search engine marketing and data service revenue
for the third quarter of 2018 increased by 29.0% to $14.5 million
from $11.3 million in the corresponding period of 2017. The growth
was primarily attributable to the rapid expansion of the Company’s
search engine marketing client base as enterprises in China
continued to migrate from other advertising and marketing channels
to search engine marketing for its verifiable results and visible
return on investment.
COST OF REVENUES AND GROSS
PROFIT Cost of revenues was $16.6 million in the third
quarter of 2018, compared to $12.2 million in the corresponding
period of 2017. The growth was primarily attributable to the
increase in costs associated with providing search engine marketing
and data service, which was in line with the increase in the
related revenues as discussed above.
Gross profit in the third quarter of 2018, as a
result of increased cost of revenues, was $0.4 million, compared to
$1.4 million in the corresponding period of 2017.
OPERATING LOSSOperating
expenses in the third quarter of 2018 were $3.7 million, compared
to $3.4 million in the corresponding period of 2017. As a
percentage of total revenues, operating expenses decreased to 22.0%
from 24.9% in the corresponding period of 2017, mostly due to the
decreases in both sales and marketing expenses and general and
administrative expenses.
Sales and marketing expenses in the third
quarter of 2018 decreased by 67.7% to $239 thousand from $740
thousand in the corresponding period of 2017. As a percentage of
total revenues, sales and marketing expenses decreased to 1.4% from
5.5% in the corresponding period of 2017. The decrease in the
Company’s sales and marketing expenses in the third quarter of 2018
was primarily due to the decrease in advertising expenses for brand
development of approximately $0.5 million.
General and administrative expenses in the third
quarter of 2018 decreased by 26.1% to $1.7 million from $2.3
million in the corresponding period of 2017. The decrease in the
Company’s general and administrative expenses was primarily due to
a decrease in allowance for doubtful accounts of approximately $0.6
million and other general and administrative expenses of
approximately $0.1 million. As a percentage of total revenues,
general and administrative expenses decreased to 10.1% from 17.1%
in the corresponding period of 2017.
Research and development expenses in the third
quarter of 2018 decreased by 7.4% to $289 thousand from $312
thousand in the corresponding period of 2017. As a percentage of
total revenues, research and development expenses decreased to 1.7%
from 2.3% in the corresponding period of 2017. The decrease was
primarily due to the decrease in headcount in the Company’s
research and development department.
In the third quarter of 2018, the Company
incurred $1.5 million of impairment of intangible assets as the
carrying value of these intangible assets has exceeded their fair
value which the Company does not expect to be recoverable.
Operating loss in the third quarter of 2018 was
$3.4 million, compared to $2.0 million in the corresponding period
of 2017.
NET LOSSNet loss attributable
to ChinaNet Online Holdings, Inc. was $3.0 million in the third
quarter of 2018, compared to $2.1 million in the corresponding
period of 2017.
BALANCE SHEETAs of September
30, 2018, the Company had cash and cash equivalents of $5.9
million, an increase of 100.5% from $3.0 million as of December 31,
2017. Advances from customers were $2.0 million as of September 30,
2018, compared to $3.6 million as of December 31, 2017, due to the
promotional campaigns that the Company executed in 2017.
First Nine Months 2018 Financial
ResultsFor the first nine months of 2018, total revenues
increased by 52.8% to $47.8 million from $31.3 million in the same
period of 2017, primarily driven by a 66.5% year-over-year growth
in revenues from search engine marketing and data service, which
increased to $40.4 from $24.3 million in the same period of
2017.
Gross profit for the first nine months of 2018
was $2.0 million, compared to $4.3 million in the same period of
2017. Gross profit margin was 4.1% as compared to 13.8% in the same
period last year. The margin decrease was primarily due to an
increased revenue contribution from search engine marketing and
data service in the first nine months of 2018, which has a
relatively lower profit margin, as well as a decrease in gross
margin of the internet advertising and data service.
Operating expenses for the first nine months of
2018 increased to $15.1 million from $7.8 million in the same
period of 2017. The increase was primarily due to a $3.4 million
impairment of intangible assets and a $5.3 million impairment of
goodwill that the Company incurred in the first nine months of
2018. As a percentage of total revenues, operating expenses for the
first nine months of 2018 were 31.5%, compared to 25.0% in the same
period of 2017.
Sales and marketing expenses for the first nine
months of 2018 decreased by 54.9% to $1.1 million from $2.4 million
in the same period of 2017 primarily due to (1) the decrease in
advertising expenses for brand development of approximately $1.2
million; and (2) the decrease in general expenses of the Company’s
sales department of approximately $0.1 million due to the
implementation of the Company’s cost control initiatives. General
and administrative expenses for the first nine months of 2018
increased by 4.0% to $4.6 million from $4.4 million in the same
period of 2017. Research and development expenses for the first
nine months of 2018 decreased by 28.7% to $0.7 million from $1.0
million in the same period of 2017 primarily due to the decrease in
headcount of the Company’s research and development department.
Net loss attributable to ChinaNet Online
Holdings, Inc. for the first nine months of 2018 was $12.9 million,
compared to $4.0 million in the same period of 2017.
Recent Developments
On August 27, 2018, the Company announced a
breakthrough upgrade of its blockchain-powered marketing and
advertising mobile application called BO!News (商机头条) with three
brand new features: social networking, crowdfunding, and a revamped
landing page.
On September 17, 2018, the Company sponsored the
Global Media Blockchain Summit in Nha Trang, Vietnam, where the
Company also presented its idea of developing a transparent
business opportunity ecosystem and showcased BO!News to potential
users and business partners.
About ChinaNet Online Holdings,
Inc.ChinaNet Online Holdings, Inc., a parent company of
ChinaNet Online Media Group Ltd., incorporated in the BVI
(ChinaNet), is an integrated online advertising, precision
marketing and data-analysis and management services platform.
ChinaNet provides prescriptive analysis for its clients to improve
business outcomes and to create more efficient enterprises. The
Company leverages an optimization framework, provided by its
comprehensive data-analysis infrastructure, to blend data,
mathematical, and computational sciences into an outcome management
platform for which it monetizes on a per client basis. ChinaNet
uniquely optimizes and prescribes its clients’ decision making
processes based on its proprietary ecosystem. For more information,
visit www.chinanet-online.com.
Safe Harbor StatementThis
release contains certain "forward-looking statements" relating to
the business of ChinaNet Online Holdings, Inc., which can be
identified by the use of forward-looking terminology such as
"believes," "expects," "anticipates," "estimates" or similar
expressions. Such forward-looking statements involve known and
unknown risks and uncertainties, including business uncertainties
relating to government regulation of our industry, market demand,
reliance on key personnel, future capital requirements, competition
in general and other factors that may cause actual results to be
materially different from those described herein as anticipated,
believed, estimated or expected. Certain of these risks and
uncertainties are or will be described in greater detail in our
filings with the Securities and Exchange Commission. These
forward-looking statements are based on ChinaNet's current
expectations and beliefs concerning future developments and their
potential effects on the Company. There can be no assurance that
future developments affecting ChinaNet will be those anticipated by
ChinaNet. These forward-looking statements involve a number of
risks, uncertainties (some of which are beyond the control of the
Company) or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by such forward-looking statements. ChinaNet undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required under applicable securities
laws.
Investor Relations ContactICR,
Inc.Jack WangTel: +1-646-308-1635Email: CNET@icrinc.com
CHINANET ONLINE HOLDINGS, INC. |
CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS |
(In thousands, except for number of shares and
per share data) |
|
|
|
Nine Months Ended September 30, |
|
Three Months Ended September 30, |
|
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
(US $) |
|
(US $) |
|
(US $) |
|
(US $) |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
Revenues |
|
|
|
|
|
|
|
|
|
From unrelated parties |
|
$ |
47,822 |
|
|
$ |
31,171 |
|
|
$ |
17,042 |
|
|
$ |
13,509 |
|
|
From related parties |
|
|
- |
|
|
|
116 |
|
|
|
- |
|
|
|
14 |
|
|
Total revenues |
|
|
47,822 |
|
|
|
31,287 |
|
|
|
17,042 |
|
|
|
13,523 |
|
|
Cost of revenues |
|
|
45,860 |
|
|
|
26,955 |
|
|
|
16,649 |
|
|
|
12,163 |
|
|
Gross profit |
|
|
1,962 |
|
|
|
4,332 |
|
|
|
393 |
|
|
|
1,360 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
Sales and marketing expenses |
|
|
1,083 |
|
|
|
2,399 |
|
|
|
239 |
|
|
|
740 |
|
|
General and administrative expenses |
|
|
4,580 |
|
|
|
4,402 |
|
|
|
1,713 |
|
|
|
2,318 |
|
|
Research and development expenses |
|
|
722 |
|
|
|
1,012 |
|
|
|
289 |
|
|
|
312 |
|
|
Impairment on intangible assets |
|
|
3,380 |
|
|
|
- |
|
|
|
1,502 |
|
|
|
- |
|
|
Impairment on goodwill |
|
|
5,289 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Total
operating expenses |
|
|
15,054 |
|
|
|
7,813 |
|
|
|
3,743 |
|
|
|
3,370 |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(13,092 |
) |
|
|
(3,481 |
) |
|
|
(3,350 |
) |
|
|
(2,010 |
) |
|
|
|
|
|
|
|
|
|
|
|
Other income (expenses) |
|
|
|
|
|
|
|
|
|
Impairment on long-term investments |
|
|
(460 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Interest expense, net |
|
|
(25 |
) |
|
|
(70 |
) |
|
|
(6 |
) |
|
|
(34 |
) |
|
Other expenses |
|
|
(30 |
) |
|
|
(208 |
) |
|
|
(2 |
) |
|
|
(2 |
) |
|
Change in fair value of warrant liabilities |
|
|
1,449 |
|
|
|
- |
|
|
|
501 |
|
|
|
- |
|
|
Total
other income/(expenses) |
|
|
934 |
|
|
|
(278 |
) |
|
|
493 |
|
|
|
(36 |
) |
|
|
|
|
|
|
|
|
|
|
|
Loss before
income tax expense and noncontrolling interests |
|
|
(12,158 |
) |
|
|
(3,759 |
) |
|
|
(2,857 |
) |
|
|
(2,046 |
) |
|
Income tax expense |
|
|
(805 |
) |
|
|
(115 |
) |
|
|
(116 |
) |
|
|
(2 |
) |
|
Net
loss |
|
|
(12,963 |
) |
|
|
(3,874 |
) |
|
|
(2,973 |
) |
|
|
(2,048 |
) |
|
Net
loss/(income) attributable to noncontrolling interests |
|
|
75 |
|
|
|
(89 |
) |
|
|
20 |
|
|
|
(39 |
) |
|
Net loss
attributable to ChinaNet Online Holdings, Inc. |
|
$ |
(12,888 |
) |
|
$ |
(3,963 |
) |
|
$ |
(2,953 |
) |
|
$ |
(2,087 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(12,963 |
) |
|
$ |
(3,874 |
) |
|
$ |
(2,973 |
) |
|
$ |
(2,048 |
) |
|
Foreign currency
translation (loss)/gain |
|
|
24 |
|
|
|
772 |
|
|
|
(36 |
) |
|
|
340 |
|
|
Comprehensive
loss |
|
$ |
(12,939 |
) |
|
$ |
(3,102 |
) |
|
$ |
(3,009 |
) |
|
$ |
(1,708 |
) |
|
Comprehensive
loss/(income) attributable to noncontrolling interests |
|
|
69 |
|
|
|
(57 |
) |
|
|
20 |
|
|
|
(42 |
) |
|
Comprehensive
loss attributable to ChinaNet Online Holdings, Inc. |
|
$ |
(12,870 |
) |
|
$ |
(3,159 |
) |
|
$ |
(2,989 |
) |
|
$ |
(1,750 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
share |
|
|
|
|
|
|
|
|
|
Loss per common
share |
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.82 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
15,756,876 |
|
|
|
12,019,040 |
|
|
|
15,915,501 |
|
|
|
12,074,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHINANET ONLINE HOLDINGS, INC. |
CONSOLIDATED BALANCE SHEETS |
(In thousands, except for number of shares and
per share data) |
|
|
|
|
September
30,2018 |
|
|
|
December 31,2017 |
|
|
|
|
|
(US $) |
|
|
|
(US $) |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
|
$ |
5,919 |
|
|
|
$ |
2,952 |
|
|
Accounts
receivable, net |
|
|
|
7,519 |
|
|
|
|
7,215 |
|
|
Other
receivables, net |
|
|
|
247 |
|
|
|
|
2,646 |
|
|
Prepayment and deposit to suppliers |
|
|
|
2,183 |
|
|
|
|
4,073 |
|
|
Due from
related parties, net |
|
|
|
- |
|
|
|
|
14 |
|
|
Total current assets |
|
|
|
15,868 |
|
|
|
|
16,900 |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
investments |
|
|
|
- |
|
|
|
|
918 |
|
|
Property and equipment,
net |
|
|
|
176 |
|
|
|
|
299 |
|
|
Intangible assets,
net |
|
|
|
50 |
|
|
|
|
3,808 |
|
|
Blockchain software
applications development costs |
|
|
|
3,375 |
|
|
|
|
- |
|
|
Prepayment for software
applications development |
|
|
|
349 |
|
|
|
|
- |
|
|
Goodwill |
|
|
|
- |
|
|
|
|
5,277 |
|
|
Deferred tax assets,
net |
|
|
|
527 |
|
|
|
|
1,358 |
|
|
Total Assets |
|
|
$ |
20,345 |
|
|
|
$ |
28,560 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Short-term bank loan * |
|
|
$ |
1,163 |
|
|
|
$ |
765 |
|
Accounts
payable * |
|
|
|
3,745 |
|
|
|
|
2,851 |
|
Advances
from customers * |
|
|
|
2,032 |
|
|
|
|
3,559 |
|
Accrued
payroll and other accruals * |
|
|
|
396 |
|
|
|
|
559 |
|
Payable
for acquisition of noncontrolling interest * |
|
|
|
218 |
|
|
|
|
- |
|
Due to
investors related to terminated security purchase agreements |
|
|
|
- |
|
|
|
|
938 |
|
Payable
for purchasing of software technology * |
|
|
|
- |
|
|
|
|
436 |
|
Taxes
payable * |
|
|
|
2,955 |
|
|
|
|
3,168 |
|
Other
payables * |
|
|
|
124 |
|
|
|
|
687 |
|
|
Total current liabilities |
|
|
|
10,633 |
|
|
|
|
12,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
borrowing from a director |
|
|
|
127 |
|
|
|
134 |
|
|
Warrant
liabilities |
|
|
|
826 |
|
|
|
- |
|
|
Total Liabilities |
|
|
|
11,586 |
|
|
|
13,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
ChinaNet
Online Holdings, Inc.’s stockholders’ equity |
|
|
|
|
|
|
Common stock (US$0.001 par value; authorized 50,000,000 shares;
issued and outstanding 16,132,543 sharesand 13,982,542 shares at
September 30, 2018 and December 31, 2017, respectively) |
|
|
|
16 |
|
|
|
14 |
|
|
Additional paid-in capital |
|
|
|
37,917 |
|
|
|
31,554 |
|
|
Statutory reserves |
|
|
|
2,607 |
|
|
|
2,607 |
|
|
Accumulated deficit |
|
|
|
(33,375 |
) |
|
|
(20,487 |
) |
|
Accumulated other comprehensive income |
|
|
|
1,616 |
|
|
|
1,598 |
|
|
Total ChinaNet Online Holdings, Inc.’s stockholders’ equity |
|
|
|
8,781 |
|
|
|
15,286 |
|
|
|
|
|
|
|
|
|
Noncontrolling interests |
|
|
|
(22 |
) |
|
|
177 |
|
|
Total equity |
|
|
|
8,759 |
|
|
|
15,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
|
$ |
20,345 |
|
|
$ |
28,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CHINANET ONLINE HOLDINGS, INC. |
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
|
|
|
Nine Months Ended September 30, |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
(US $) |
|
(US $) |
|
|
(Unaudited) |
|
(Unaudited) |
Cash flows from operating
activities |
|
|
|
|
Net loss |
|
$ |
(12,963 |
) |
|
$ |
(3,874 |
) |
Adjustments to reconcile net loss
to net cash used in operating
activities |
|
|
|
|
Depreciation and amortization |
|
|
508 |
|
|
|
1,067 |
|
Share-based compensation expenses |
|
|
215 |
|
|
|
484 |
|
Provision for allowances for doubtful accounts |
|
|
1,521 |
|
|
|
1,254 |
|
Impairment on long-term investments |
|
|
460 |
|
|
|
- |
|
Impairment on intangible assets |
|
|
3,380 |
|
|
|
- |
|
Impairment on goodwill |
|
|
5,289 |
|
|
|
- |
|
Change in fair value of warrant liabilities |
|
|
(1,449 |
) |
|
|
- |
|
Deferred taxes |
|
|
805 |
|
|
|
115 |
|
Changes in operating assets and liabilities |
|
|
|
|
Accounts receivable |
|
|
(1,465 |
) |
|
|
(2,436 |
) |
Other receivables |
|
|
(205 |
) |
|
|
67 |
|
Prepayment and deposit to suppliers |
|
|
1,016 |
|
|
|
(503 |
) |
Due from related parties |
|
|
22 |
|
|
|
(11 |
) |
Accounts payable |
|
|
1,095 |
|
|
|
506 |
|
Advances from customers |
|
|
(1,423 |
) |
|
|
764 |
|
Accrued payroll and other accruals |
|
|
(150 |
) |
|
|
(169 |
) |
Other payables |
|
|
(292 |
) |
|
|
36 |
|
Taxes payable |
|
|
(57 |
) |
|
|
46 |
|
Net cash used in
operating activities |
|
|
(3,693 |
) |
|
|
(2,654 |
) |
|
|
|
|
|
Cash flows from investing
activities |
|
|
|
|
Purchase of office equipment |
|
|
(11 |
) |
|
|
(2 |
) |
Term-deposit matured during the period |
|
|
- |
|
|
|
3,118 |
|
Withdraw long-term investment from a cost method investee |
|
|
460 |
|
|
|
441 |
|
Short-term loan to unrelated parties |
|
|
(2,108 |
) |
|
|
(2,795 |
) |
Repayment of short-term loan from unrelated parties |
|
|
4,716 |
|
|
|
- |
|
Payment for acquisition of noncontrolling interest |
|
|
(1,687 |
) |
|
|
- |
|
Payment for blockchain software applications development
costs |
|
|
(3,375 |
) |
|
|
- |
|
Prepayment for software applications development |
|
|
(368 |
) |
|
|
- |
|
Purchase of software technology |
|
|
(437 |
) |
|
|
- |
|
Net cash (used
in)/provided by
investing activities |
|
|
(2,810 |
) |
|
|
762 |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Proceeds from issuance of common stock and warrant (net of cash
offering cost of US$809) |
|
|
10,263 |
|
|
|
- |
|
Repayment to investors related to terminated security purchase
agreements |
|
|
(933 |
) |
|
|
- |
|
Proceeds from short-term bank loan |
|
|
920 |
|
|
|
441 |
|
Repayment of short-term bank loan |
|
|
(460 |
) |
|
|
(441 |
) |
Net cash provided by financing activities |
|
|
9,790 |
|
|
|
- |
|
|
|
|
|
|
Effect of exchange rate fluctuation on cash and cash
equivalents |
|
|
(320 |
) |
|
|
91 |
|
|
|
|
|
|
Net increase/(decrease) in cash and cash
equivalents |
|
|
2,967 |
|
|
|
(1,801 |
) |
|
|
|
|
|
Cash
and cash equivalents at beginning of the period |
|
|
2,952 |
|
|
|
3,035 |
|
Cash
and cash equivalents at end of the period |
|
$ |
5,919 |
|
|
$ |
1,234 |
|
|
|
|
|
|
|
|
|
|
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