ZW Data Action Technologies Inc. (Nasdaq: CNET) (the "Company" or
“CNET”), an integrated online advertising, precision marketing,
data analytics and other value-added services provider serving
enterprise clients, today announced its unaudited financial results
for the three and nine months ended September 30, 2021.
Financial Highlights
- Third quarter 2021 gross profit of
$0.04 million, compared to a gross loss of $0.64 million for the
third quarter 2020;
- Third quarter 2021 net income of
$1.37 million, compared to a net loss of $1.33 million for the
third quarter 2020;
- First nine months 2021 revenue of
$34.85 million, representing a +28.6% YOY;
- Working capital of $11.84 million
as of September 30, 2021, compared to $4.86 million as of December
31, 2020;
- Cash and cash equivalents of $8,73
million as of September 30, 2021, compared to $4.30 million as of
December 31, 2020.
Third Quarter 2021 Financial
Results
Revenues
For the third quarter of 2021, revenues
decreased by $0.40 million, or 3.3%, to $11.90 million from $12.30
million for the same period of last year. The decrease in revenues
was primarily attributable to the decrease in revenues from our
Ecommerce O2O advertising and marketing services and technical
solutions services business segments, which was partially offset by
the increase in revenues from our internet advertising and related
services business segment.
Cost of revenues
Total cost of revenues decreased by $1.09
million, or 8.4%, to $11.86 million for the third quarter of 2021
from $12.95 million for the same period of last year. The decrease
in cost of revenues was primary attributable to the decrease in
costs and the improvement of gross margin rate of our internet
advertising and related services, and the decrease in cost
associated with technical solutions services, which was in line
with the decrease in the related revenues.
Gross profit (loss) and gross profit (loss)
margin
Gross profit was $0.04 million for the third
quarter of 2021, compared to gross loss of $0.64 million for the
same period of last year, which was primarily attributable to the
improvement of gross margin rate of our main stream of service
revenues generating from the distribution of the right to use
search engine marketing services. Gross profit margin was 0.4% for
the third quarter of 2021, compared to gross loss margin of 5.2%
for the same period of last year.
Operating expenses
Sales and marketing expenses was $0.06 million,
remained unchanged for the third quarter of 2021 compared to the
same period of last year. There was no significant fluctuation of
our sales and marketing expenses.
General and administrative expenses increased by
$0.88 million, or 148.5%, to $1.47 million for the third quarter of
2021 from $0.59 million for the same period of last year. The
increase in general and administrative expenses was mainly
attributable to the increase in general departmental expenses,
which were primarily related to the expansion of our new office in
Guangzhou.
Research and development expenses decreased by
$0.02 million, or 22.1%, to $0.09 million for the third quarter of
2021 from $0.11 million for the same period of last year. The
decrease in research and development expenses was mainly
attributable to a reduction in headcount in our research and
development department.
Operating loss
Loss from operations was $1.57 million for the
third quarter of 2021, compared to $1.40 million for the same
period of last year. Operating loss margin was 13.2% for the third
quarter of 2021, compared to 11.4% for the same period of last
year.
Other income (expense), net
Total other net income was $2.82 million for the
third quarter of 2021, compared to total other net expense of $0.08
million for the same period of last year, which was primarily
attributable to the increase in gain from change in fair value of
warrant liabilities. Net income (loss)
attributable to CNET and earnings (loss) per share
Net income attributable to CNET was $1.38
million, or earnings per share of $0.04, for the third quarter of
2021. This compared to net loss attributable to CNET of $1.33
million, or loss per share of $0.06, for the same period of last
year.
First Nine Months 2021 Financial
Results
Revenues
For the first nine months of 2021, revenues
increased by $7.75 million, or 28.6%, to $34.85 million from $27.10
million for the same period of last year. The increase in revenues
was primarily attributable to the increase in revenues from our
Internet advertising and related services business segment, as a
result of economic recovery from the COVID-19 outbreak since the
second half of fiscal 2020.
Cost of revenues
For the first nine months of 2021, cost of
revenues increased by $9.19 million, or 34.6%, to $35.74 million
from $26.55 million for the same period of last year. The increase
in cost of revenues was primary attributable to the increase in
costs associated with the distribution of the right to use search
engine marketing service we purchased from key search engines
during the periods, which were in line with the increase in the
related revenues.
Gross profit (loss) and gross profit (loss)
margin
Gross loss was $0.89 million for the first nine
months of 2021, compared to a gross profit of $0.56 million for the
same period of last year, which was primarily due to the negative
gross margin rate incurred by our main stream of service
revenues.
Overall gross loss margin was 2.6% for first
nine months of 2021, compared to a gross profit margin of 2.1% for
the same period of last year.
Operating expenses
Sales and marketing expenses decreased by $0.13
million, or 45.7%, to $0.16 million for the first nine months of
2021 from $0.29 million for the same period of last year. The
decrease in sales and marketing expenses was mainly attributable to
the decrease in share-based compensation expenses related to
restricted shares granted and issued to our sales staff during the
first fiscal quarter of last year.
General and administrative expenses increased by
$5.85 million, or 129.3%, to $10.37 million for the first nine
months of 2021 from $4.52 million for the same period of last year.
The increase in general and administrative expenses was mainly
attributable to the increase in share-based compensation expenses
and general office administrative expenses, which was partially
offset by the decrease in allowance for doubtful accounts.
Research and development expenses decreased by
$0.19 million, or 43.3%, to $0.25 million for the first nine months
of 2021 from $0.44 million for the same period of last year. The
decrease in research and development expenses was primarily due to
the decrease in share-based compensation expenses related to
restricted shares granted and issued to our research and
development staff during the first fiscal quarter of last year.
Operating loss
Loss from operations increased by $6.97 million,
or 148.3%, to $11.67 million for the first nine months of 2021 from
$4.70 million for the same period of last year. Operating loss
margin was 33.5% for the first nine months of 2021, compared to
17.3% for the same period of last year.
Other income (expense), net
Total other net income was $9.91 million for the
first nine months of 2021, compared to $nil million for the same
period of last year, which was primarily due to the increase in
gain from change in fair value of warrant liabilities.
Net loss attributable to CNET and loss per
share
As a result of the foregoing, net loss
attributable to CNET was $1.59 million, or loss per share of $0.05,
for the first nine months of 2021. This compared to net loss
attributable to CNET of $4.61 million, or loss per share of $0.22,
for the same period of last year.
Financial Condition
As of September 30, 2021, the Company had cash
and cash equivalents of $8.73 million, compared to $4.30 million as
of December 31, 2020. Accounts receivable, net was $2.67 million as
of September 30, 2021, compared to $2.41 million as of December 31,
2020. Working capital was $11.84 million as of September 30, 2021,
compared to $4.86 million as of December 31, 2020.
Net cash used in operating activities was $6.60
million for the first nine months of 2021, compared to net cash
provided by operating activities of $0.60 million for the same
period of last year. Net cash used in investing activities was
$6.10 million for the first nine months of 2021, compared to $1.27
million for the same period of last year. Net cash provided by
financing activities was $17.11 million for the first nine months
of 2021, compared to net cash used in financing activities of $0.43
million for the same period of last year.
Recent Developments
During the third quarter of 2021, the Company
finalized its blockchain infrastructure (“BIF”) platform for
business applications of Non-Fungible Token (“NFT”) to provide
micro, small and medium enterprises (“MSMEs”) one-stop
enterprise-level blockchain network and application services. Upon
test launch of its BIF automation platform, the Company cooperated
with one of its strategic partners to provide digital
transformations and solutions of NFT through BIF platform. The
Company expects to fully launch the platform to MSMEs during the
fourth fiscal quarter of 2021.
Meanwhile, the Company completed an upgrade to
its official website reflecting the Company’s recent developments
on its BIF platform and related business transformation. The
Company is integrating its value-added blockchain service platform
into its existing information services and expects to become an
integrated digital operation service provider with Information +
transaction + Blockchain in the near future.
In addition to the Company’s continuous
development and efforts on its blockchain related solutions and
platform, it remains active on its big data supported marketing
promotion services. The Company was authorized by JD.com, Inc. as a
business expansion service provider for WanDianBao, a micro service
solution for JD.com online stores.
About ZW Data Action Technologies
Inc.
Established in 2003 and headquartered in
Beijing, China, ZW Data Action Technologies Inc. (the “Company”)
offers online advertising, precision marketing, data analytics and
other value-added services for enterprise clients. Leveraging its
fully integrated services platform, proprietary database, and
cutting-edge algorithms, ZW Data Action Technologies delivers
customized, result-driven business solutions for small and
medium-sized enterprise clients in China. The Company also develops
blockchain and artificial intelligence enabled web/mobile
applications and software solutions for general public, enterprise
clients, and government agencies. More information about the
Company can be found at: http://www.zdat.com/.
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the business of ZW Data Action Technologies 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 ZW Data Action Technologies
Inc.’s current expectations and beliefs concerning future
developments and their potential effects on the Company. There can
be no assurance that future developments affecting ZW Data Action
Technologies Inc. will be those anticipated by ZW Data Action
Technologies Inc. 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. ZW Data Action
Technologies Inc. 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.
For more information, please contact:
Sherry
Zheng Weitian Group
LLCEmail: shunyu.zheng@weitian-ir.comPhone: +1 718-213-7386
ZW DATA ACTION TECHNOLOGIES
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(In thousands, except for number of shares and per
share data)
|
|
|
September 30,2021 |
|
December 31, 2020 |
|
|
|
(US $) |
|
(US $) |
|
|
|
(Unaudited) |
|
|
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents * |
|
|
$ |
8,731 |
|
$ |
4,297 |
Accounts receivable, net of allowance for doubtful accounts of
$2,198 and $4,247, respectively * |
|
|
|
2,669 |
|
|
2,407 |
Prepayment and deposit to suppliers * |
|
|
|
8,673 |
|
|
4,657 |
Due from related parties * |
|
|
|
96 |
|
|
61 |
Other current assets * |
|
|
|
1,658 |
|
|
1,462 |
Total current assets |
|
|
|
21,827 |
|
|
12,884 |
|
|
|
|
|
|
Long-term investments * |
|
|
|
1,911 |
|
|
67 |
Operating lease right-of-use
assets * |
|
|
|
2,042 |
|
|
48 |
Property and equipment, net
* |
|
|
|
190 |
|
|
60 |
Intangible assets, net * |
|
|
|
3,275 |
|
|
2,557 |
Blockchain platform applications
development costs |
|
|
|
4,408 |
|
|
4,406 |
Long-term deposits and
prepayments * |
|
|
|
481 |
|
|
39 |
Deferred tax assets, net * |
|
|
|
781 |
|
|
606 |
Total Assets |
|
|
$ |
34,915 |
|
$ |
20,667 |
|
|
|
|
|
|
Liabilities and
Equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable * |
|
|
$ |
750 |
|
$ |
608 |
Advance from customers * |
|
|
|
1,311 |
|
|
1,436 |
Accrued payroll and other accruals * |
|
|
|
350 |
|
|
489 |
Taxes payable * |
|
|
|
3,414 |
|
|
3,430 |
Operating lease liabilities * |
|
|
|
193 |
|
|
18 |
Lease payment liability related to short-term leases * |
|
|
|
150 |
|
|
203 |
Other current liabilities * |
|
|
|
136 |
|
|
333 |
Warrant liabilities |
|
|
|
3,686 |
|
|
1,505 |
Total current
liabilities |
|
|
|
9,990 |
|
|
8,022 |
Long-term liabilities: |
|
|
|
|
|
|
Operating lease liabilities-Non current * |
|
|
|
1,923 |
|
|
|
32 |
|
|
Long-term borrowing from a related party |
|
|
|
135 |
|
|
|
134 |
|
|
Total Liabilities |
|
|
|
12,048 |
|
|
|
8,188 |
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
ZW Data Action Technologies Inc.’s stockholders’ equity |
|
|
|
|
|
|
Common stock (US$0.001 par value; authorized 100,000,000 and
50,000,000 |
|
|
|
35 |
|
|
|
26 |
|
|
shares at September 30, 2021 and December 31, 2020,
respectively; issued |
|
|
|
|
|
|
|
|
|
|
and outstanding 35,332,677 shares and 26,062,915 shares at
September 30, |
|
|
|
|
|
|
|
|
|
|
2021 and December 31, 2020, respectively) |
|
|
|
|
|
|
|
|
|
|
Additional paid-in capital |
|
|
|
61,761 |
|
|
|
49,772 |
|
|
Statutory reserves |
|
|
|
2,598 |
|
|
|
2,598 |
|
|
Accumulated deficit |
|
|
|
(42,566 |
) |
|
|
(40,980 |
) |
|
Accumulated other comprehensive income |
|
|
|
1,104 |
|
|
|
1,129 |
|
|
Total ZW Data Action Technologies Inc.’s stockholders’ equity |
|
|
|
22,932 |
|
|
|
12,545 |
|
|
|
|
|
|
|
|
|
Noncontrolling interests |
|
|
|
(65 |
) |
|
|
(66 |
) |
|
Total equity |
|
|
|
22,867 |
|
|
|
12,479 |
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
|
$ |
34,915 |
|
|
$ |
20,667 |
|
|
*All of the VIEs' assets can be used to settle
obligations of their primary beneficiary. Liabilities recognized as
a result of consolidating these VIEs do not represent additional
claims on the Company’s general assets.
ZW DATA ACTION TECHNOLOGIES
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME(In thousands,
except for number of shares and per share data)
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
Three Months Ended September 30, |
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
(US $) |
|
(US $) |
|
(US $) |
|
(US $) |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
From unrelated parties |
|
$ |
34,843 |
|
|
$ |
27,086 |
|
|
$ |
11,896 |
|
|
$ |
12,300 |
|
|
|
From a related party |
|
|
4 |
|
|
|
18 |
|
|
|
4 |
|
|
|
4 |
|
|
|
Total revenues |
|
|
34,847 |
|
|
|
27,104 |
|
|
|
11,900 |
|
|
|
12,304 |
|
|
|
Cost of revenues |
|
|
35,739 |
|
|
|
26,548 |
|
|
|
11,857 |
|
|
|
12,945 |
|
|
|
Gross (loss)/profit |
|
|
(892 |
) |
|
|
556 |
|
|
|
43 |
|
|
|
(641 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
Sales and marketing expenses |
|
|
159 |
|
|
|
293 |
|
|
|
58 |
|
|
|
58 |
|
|
|
General and administrative expenses |
|
|
10,366 |
|
|
|
4,520 |
|
|
|
1,471 |
|
|
|
592 |
|
|
|
Research and development expenses |
|
|
251 |
|
|
|
443 |
|
|
|
88 |
|
|
|
113 |
|
|
|
Total operating expenses |
|
|
10,776 |
|
|
|
5,256 |
|
|
|
1,617 |
|
|
|
763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(11,668 |
) |
|
|
(4,700 |
) |
|
|
(1,574 |
) |
|
|
(1,404 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income/(expenses) |
|
|
|
|
|
|
|
|
|
|
Interest income/(expense), net |
|
|
3 |
|
|
|
- |
|
|
|
1 |
|
|
|
1 |
|
|
|
Other income/(expenses), net |
|
|
265 |
|
|
|
(4 |
) |
|
|
(37 |
) |
|
|
(21 |
) |
|
|
Loss on disposal of long-term investments |
|
|
(38 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Change in fair value of warrant liabilities |
|
|
9,682 |
|
|
|
4 |
|
|
|
2,853 |
|
|
|
(64 |
) |
|
|
Total other income/(expenses) |
|
|
9,912 |
|
|
|
- |
|
|
|
2,817 |
|
|
|
(84 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income before income tax benefit |
|
|
(1,756 |
) |
|
|
(4,700 |
) |
|
|
1,243 |
|
|
|
(1,488 |
) |
|
|
and noncontrolling
interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit |
|
|
171 |
|
|
|
87 |
|
|
|
131 |
|
|
|
155 |
|
|
|
Net
(loss)/income |
|
|
(1,585 |
) |
|
|
(4,613 |
) |
|
|
1,374 |
|
|
|
(1,333 |
) |
|
|
Net (income)/loss attributable to noncontrolling interests |
|
|
(1 |
) |
|
|
2 |
|
|
|
1 |
|
|
|
- |
|
|
|
Net (loss)/income attributable to ZW |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data
Action Technologies Inc. |
|
$ |
(1,586 |
) |
|
$ |
(4,611 |
) |
|
$ |
1,375 |
|
|
$ |
(1,333 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income |
|
$ |
(1,585 |
) |
|
$ |
(4,613 |
) |
|
$ |
1,374 |
|
|
$ |
(1,333 |
) |
Foreign currency
translation loss |
|
|
(25 |
) |
|
|
(135 |
) |
|
|
(2 |
) |
|
|
(203 |
) |
Comprehensive
(loss)/income |
|
$ |
(1,610 |
) |
|
$ |
(4,748 |
) |
|
$ |
1,372 |
|
|
$ |
(1,536 |
) |
Comprehensive
(income)/loss attributable to noncontrolling interests |
|
|
(1 |
) |
|
|
3 |
|
|
|
- |
|
|
|
2 |
|
Comprehensive
(loss)/income attributable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to ZW
Data Action Technologies Inc. |
|
$ |
(1,611 |
) |
|
$ |
(4,745 |
) |
|
$ |
1,372 |
|
|
$ |
(1,534 |
) |
|
|
|
|
|
|
|
|
|
(Loss)/earnings per share |
|
|
|
|
|
|
|
|
(Loss)/earnings per
common share |
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.05 |
) |
|
$ |
(0.22 |
) |
|
$ |
0.04 |
|
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
Weighted
average number of common shares outstanding: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
32,279,304 |
|
|
|
21,271,301 |
|
|
|
35,332,220 |
|
|
|
21,720,259 |
|
ZW DATA ACTION TECHNOLOGIES
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(In thousands)
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
(US $) |
|
(US $) |
|
|
(Unaudited) |
|
(Unaudited) |
Cash flows from operating activities |
|
|
|
|
Net loss |
|
$ |
(1,585 |
) |
|
$ |
(4,613 |
) |
Adjustments
to reconcile net loss to net cash (used in)/provided by operating
activities |
|
|
|
|
Depreciation and amortization |
|
|
450 |
|
|
|
622 |
|
Amortization of operating lease right-of-use assets |
|
|
149 |
|
|
|
7 |
|
Share-based compensation expenses |
|
|
6,945 |
|
|
|
2,066 |
|
Provision for allowances for doubtful accounts |
|
|
- |
|
|
|
751 |
|
Loss on disposal of long-term investments |
|
|
38 |
|
|
|
- |
|
Deferred taxes |
|
|
(171 |
) |
|
|
(87 |
) |
Change in fair value of warrant liabilities |
|
|
(9,682 |
) |
|
|
(4 |
) |
Other losses |
|
|
24 |
|
|
|
- |
|
Changes in
operating assets and liabilities |
|
|
|
|
Accounts receivable |
|
|
(257 |
) |
|
|
254 |
|
Prepayment and deposit to suppliers |
|
|
(1,698 |
) |
|
|
1,077 |
|
Due from related parties |
|
|
- |
|
|
|
24 |
|
Other current assets |
|
|
6 |
|
|
|
(5 |
) |
Long-term deposits and prepayments |
|
|
(314 |
) |
|
|
(375 |
) |
Accounts payable |
|
|
142 |
|
|
|
137 |
|
Advance from customers |
|
|
(133 |
) |
|
|
754 |
|
Accrued payroll and other accruals |
|
|
(126 |
) |
|
|
(55 |
) |
Other current liabilities |
|
|
(230 |
) |
|
|
(38 |
) |
Taxes payable |
|
|
(31 |
) |
|
|
8 |
|
Lease payment liability related to short-term leases |
|
|
(54 |
) |
|
|
81 |
|
Operating lease liabilities |
|
|
(73 |
) |
|
|
(9 |
) |
Net cash (used in)/provided by operating
activities |
|
|
(6,600 |
) |
|
|
595 |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Payment for leasehold improvements and purchase of vehicles,
furniture and office equipment |
|
|
(306 |
) |
|
|
- |
|
Cash effect of deconsolidation of VIEs’ subsidiaries |
|
|
(8 |
) |
|
|
- |
|
Investments and advances to ownership investee entities |
|
|
(1,919 |
) |
|
|
(27 |
) |
Short-term loan to an unrelated party |
|
|
(1,507 |
) |
|
|
(944 |
) |
Repayment of short-term loan from an unrelated party |
|
|
1,303 |
|
|
|
- |
|
Payment for purchase of software technologies |
|
|
(1,160 |
) |
|
|
- |
|
Deposit and prepayment paid for contracts of other investing
activities |
|
|
(2,500 |
) |
|
|
- |
|
Payment for blockchain platform applications development costs |
|
|
- |
|
|
|
(302 |
) |
Net cash used in investing activities |
|
|
(6,097 |
) |
|
|
(1,273 |
) |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Proceeds from issuance of common stock and warrant (net of cash
offering cost of US$1,600) |
|
|
17,111 |
|
|
|
- |
|
Repayment of short-term bank loan |
|
|
- |
|
|
|
(429 |
) |
Net cash provided by/(used in) financing
activities |
|
|
17,111 |
|
|
|
(429 |
) |
|
|
|
|
|
Effect of exchange rate fluctuation on cash and cash
equivalents |
|
|
20 |
|
|
|
4 |
|
|
|
|
|
|
Net increase/(decrease) in cash and cash
equivalents |
|
|
4,434 |
|
|
|
(1,103 |
) |
|
|
|
|
|
Cash and cash equivalents at beginning of the period |
|
|
4,297 |
|
|
|
1,603 |
|
Cash and cash equivalents at end of the period |
|
$ |
8,731 |
|
|
$ |
500 |
|
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