Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 16, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001376321 | |
Entity Registrant Name | ZW Data Action Technologies Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-34647 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 20-4672080 | |
Entity Address, Address Line One | Room 1106, Xinghuo Keji Plaza, No. 2 Fufeng Road, Fengtai District | |
Entity Address, City or Town | Beijing | |
Entity Address, Country | CN | |
Entity Address, Postal Zip Code | 100070 | |
City Area Code | 10 | |
Local Phone Number | 6084-6616 | |
Title of 12(b) Security | Common Stock, par value $0.001 | |
Trading Symbol | CNET | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 35,332,677 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | ||
Current assets | ||||
Cash and cash equivalents * | [1] | $ 11,752 | $ 4,297 | |
Accounts receivable, net of allowance for doubtful accounts of $2,207 and $4,247, respectively * | [1] | 3,707 | 2,407 | |
Prepayment and deposit to suppliers * | [1] | 8,035 | 4,657 | |
Due from related parties * | [1] | 104 | 61 | |
Other current assets * | [1] | 462 | 1,462 | |
Total current assets | 24,060 | [1] | 12,884 | |
Long-term investments * | [1] | 450 | 67 | |
Operating lease right-of-use assets * | [1] | 2,107 | 48 | |
Property and equipment, net * | [1] | 116 | 60 | |
Intangible assets, net * | [1] | 3,438 | 2,557 | |
Blockchain platform applications development costs | 4,409 | 4,406 | ||
Long-term deposits and prepayments * | [1] | 1,716 | 39 | |
Deferred tax assets, net * | [1] | 652 | 606 | |
Total Assets | 36,948 | 20,667 | ||
Current liabilities: | ||||
Accounts payable | [1] | 1,015 | 608 | |
Advance from customers | [1] | 1,539 | 1,436 | |
Accrued payroll and other accruals | [1] | 280 | 489 | |
Taxes payable | [1] | 3,408 | 3,430 | |
Operating lease liabilities | [1] | 187 | 18 | |
Lease payment liability related to short-term leases | [1] | 151 | 203 | |
Other current liabilities | [1] | 267 | 333 | |
Warrant liabilities | 6,597 | 1,505 | ||
Total current liabilities | 13,444 | 8,022 | ||
Long-term liabilities: | ||||
Operating lease liabilities-Non current * | [2] | 1,979 | 32 | |
Long-term borrowing from a director | 135 | 134 | ||
Total Liabilities | 15,558 | 8,188 | ||
Commitments and contingencies | ||||
Equity: | ||||
Common stock (US$0.001 par value; authorized 50,000,000 shares; issued and outstanding 35,290,650 shares and 26,062,915 shares at June 30, 2021 and December 31, 2020, respectively) | 35 | 26 | ||
Additional paid-in capital | 61,656 | 49,772 | ||
Statutory reserves | 2,598 | 2,598 | ||
Accumulated deficit | (43,941) | (40,980) | ||
Accumulated other comprehensive income | 1,107 | 1,129 | ||
Total ZW Data Action Technologies Inc.’s stockholders’ equity | 21,455 | 12,545 | ||
Noncontrolling interests | (65) | (66) | ||
Total equity | 21,390 | 12,479 | ||
Total Liabilities and Equity | $ 36,948 | $ 20,667 | ||
[1] | 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 (Note 2). | |||
[2] | 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 (Note 2). |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Accounts receivable, allowance for doubtful account | [1] | $ 2,207 | $ 4,247 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | |
Common stock, shares issued (in shares) | 35,290,650 | 26,062,915 | |
Common stock, shares outstanding (in shares) | 35,290,650 | 26,062,915 | |
[1] | 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 (Note 2). |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 14,551 | $ 10,416 | $ 22,947 | $ 14,800 |
Cost of revenues | 14,769 | 10,118 | 23,882 | 13,603 |
Gross (loss)/profit | (218) | 298 | (935) | 1,197 |
Operating expenses | ||||
Sales and marketing expenses | 73 | 70 | 101 | 235 |
General and administrative expenses | 7,899 | 1,132 | 8,895 | 3,928 |
Research and development expenses | 89 | 116 | 163 | 330 |
Total operating expenses | 8,061 | 1,318 | 9,159 | 4,493 |
Loss from operations | (8,279) | (1,020) | (10,094) | (3,296) |
Other income/(expenses) | ||||
Interest income/(expense), net | 1 | 0 | 2 | (1) |
Other income/(expenses), net | 326 | 18 | 302 | 17 |
Loss on disposal of long-term investments | (38) | 0 | (38) | 0 |
Change in fair value of warrant liabilities | 4,322 | 22 | 6,829 | 68 |
Total other income | 4,611 | 40 | 7,095 | 84 |
Loss before income tax benefit/(expense) and noncontrolling interests | (3,668) | (980) | (2,999) | (3,212) |
Income tax benefit/(expense) | 22 | 10 | 40 | (68) |
Net loss | (3,646) | (970) | (2,959) | (3,280) |
Net (income)/loss attributable to noncontrolling interests | 0 | 2 | (2) | 2 |
Net loss attributable to ZW Data Action Technologies Inc. | (3,646) | (968) | (2,961) | (3,278) |
Net loss | (3,646) | (970) | (2,959) | (3,280) |
Foreign currency translation (loss)/gain | (4) | (4) | (23) | 68 |
Comprehensive loss | (3,650) | (974) | (2,982) | (3,212) |
Comprehensive (income)/loss attributable to noncontrolling interests | 1 | 2 | (1) | 1 |
Comprehensive loss attributable to ZW Data Action Technologies Inc. | $ (3,649) | $ (972) | $ (2,983) | $ (3,211) |
Loss per common share | ||||
Basic and diluted (in dollars per share) | $ (0.11) | $ (0.04) | $ (0.10) | $ (0.16) |
Weighted average number of common shares outstanding: | ||||
Basic and diluted (in shares) | 32,925,488 | 21,691,926 | 30,727,546 | 21,044,666 |
Unrelated Parties [Member] | ||||
Revenues | $ 14,551 | $ 10,415 | $ 22,947 | $ 14,786 |
Related Parties [Member] | ||||
Revenues | $ 0 | $ 1 | $ 0 | $ 14 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (2,959) | $ (3,280) |
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities | ||
Depreciation and amortization | 282 | 415 |
Amortization of operating lease right-of-use assets | 92 | 5 |
Share-based compensation expenses | 6,857 | 1,987 |
Provision for allowances for doubtful accounts | 0 | 747 |
Loss on disposal of long-term investments | 38 | 0 |
Deferred taxes | (40) | 11 |
Change in fair value of warrant liabilities | (6,829) | (68) |
Changes in operating assets and liabilities | ||
Accounts receivable | (1,284) | (38) |
Prepayment and deposit to suppliers | (980) | 2,090 |
Due from related parties | 0 | 28 |
Other current assets | 8 | (3) |
Long-term deposits and prepayments | (554) | (750) |
Accounts payable | 403 | (9) |
Advance from customers | 89 | (362) |
Accrued payroll and other accruals | 197 | 57 |
Other current liabilities | (123) | 326 |
Taxes payable | (49) | 89 |
Lease payment liability related to short-term leases | (54) | 43 |
Operating lease liabilities | (31) | (9) |
Net cash (used in)/provided by operating activities | (5,331) | 1,165 |
Cash flows from investing activities | ||
Payment for leasehold improvements and purchase of vehicles, furniture and office equipment | (221) | 0 |
Cash effect of deconsolidation of VIEs’ subsidiaries | (8) | 0 |
Investments and advances to ownership investee entities | (463) | (27) |
Short-term loan to an unrelated party | (312) | (944) |
Repayment of short-term loan from an unrelated party | 1,303 | 0 |
Payment for purchase of software technologies | (1,160) | 0 |
Deposit and prepayment paid for contracts of other investing activities | (3,500) | 0 |
Payment for blockchain platform applications development costs | 0 | (302) |
Net cash used in investing activities | (4,361) | (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 | 0 | (427) |
Net cash provided by/(used in) financing activities | 17,111 | (427) |
Effect of exchange rate fluctuation on cash and cash equivalents | 36 | (13) |
Net increase/(decrease) in cash and cash equivalents | 7,455 | (548) |
Cash and cash equivalents at beginning of the period | 4,297 | 1,603 |
Cash and cash equivalents at end of the period | 11,752 | 1,055 |
Supplemental disclosure of cash flow information | ||
Income taxes paid | 0 | 0 |
Interest expense paid | $ 0 | $ 2 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Issuance of common stock, cost | $ 1.6 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Statutory Reserves [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) | 19,629,403 | ||||||
Balance (in shares) at Dec. 31, 2019 | 19,629,403 | ||||||
Balance at Dec. 31, 2019 | $ 20 | $ 43,111 | $ 2,607 | $ (35,773) | $ 1,505 | $ (57) | $ 11,413 |
Share-based compensation in exchange for services from employees and directors (in shares) | 1,632,523 | ||||||
Share-based compensation in exchange for services from employees and directors | $ 2 | 1,897 | 0 | 0 | 0 | 0 | 1,899 |
Net income (loss) for the period | 0 | 0 | 0 | (2,310) | 0 | 0 | (2,310) |
Foreign currency translation adjustment | $ 0 | 0 | 0 | 0 | 71 | 1 | 72 |
Share-based compensation in exchange for services from nonemployees (in shares) | 430,000 | ||||||
Share-based compensation in exchange for services from nonemployees | $ 0 | 477 | 0 | 0 | 0 | 0 | 477 |
Balance (in shares) at Mar. 31, 2020 | 21,691,926 | ||||||
Balance at Mar. 31, 2020 | $ 22 | 45,485 | 2,607 | (38,083) | 1,576 | (56) | 11,551 |
Balance (in shares) at Dec. 31, 2019 | 19,629,403 | ||||||
Balance at Dec. 31, 2019 | $ 20 | 43,111 | 2,607 | (35,773) | 1,505 | (57) | 11,413 |
Net income (loss) for the period | (3,280) | ||||||
Foreign currency translation adjustment | 68 | ||||||
Balance (in shares) at Jun. 30, 2020 | 21,691,926 | ||||||
Balance at Jun. 30, 2020 | $ 22 | 45,493 | 2,607 | (39,051) | 1,572 | (58) | 10,585 |
Balance (in shares) | 21,691,926 | ||||||
Balance (in shares) at Mar. 31, 2020 | 21,691,926 | ||||||
Balance at Mar. 31, 2020 | $ 22 | 45,485 | 2,607 | (38,083) | 1,576 | (56) | 11,551 |
Share-based compensation in exchange for services from employees and directors | 0 | 8 | 0 | 0 | 0 | 0 | 8 |
Net income (loss) for the period | 0 | 0 | 0 | (968) | 0 | (2) | (970) |
Foreign currency translation adjustment | $ 0 | 0 | 0 | 0 | (4) | 0 | (4) |
Balance (in shares) at Jun. 30, 2020 | 21,691,926 | ||||||
Balance at Jun. 30, 2020 | $ 22 | 45,493 | 2,607 | (39,051) | 1,572 | (58) | 10,585 |
Balance (in shares) | 21,691,926 | ||||||
Balance (in shares) | 26,062,915 | ||||||
Balance (in shares) at Dec. 31, 2020 | 26,062,915 | ||||||
Balance at Dec. 31, 2020 | $ 26 | 49,772 | 2,598 | (40,980) | 1,129 | (66) | 12,479 |
Issuance of common stock for private placement, net of $10.48 million proceeds allocated to investor warrants labilities and $3.05 million direct offering costs (including $1.45 million proceeds allocated to placement agent warrants liabilities), respectively (in shares) | 5,212,000 | ||||||
Issuance of common stock for private placement, net of $10.48 million proceeds allocated to investor warrants labilities and $3.05 million direct offering costs (including $1.45 million proceeds allocated to placement agent warrants liabilities), respectively | $ 5 | 5,185 | 0 | 0 | 0 | 0 | 5,190 |
Share-based compensation in exchange for services from employees and directors (in shares) | 30,000 | ||||||
Share-based compensation in exchange for services from employees and directors | $ 0 | 23 | 0 | 0 | 0 | 0 | 23 |
Net income (loss) for the period | 0 | 0 | 0 | 685 | 0 | 2 | 687 |
Foreign currency translation adjustment | $ 0 | 0 | 0 | 0 | (19) | 0 | (19) |
Balance (in shares) at Mar. 31, 2021 | 31,304,915 | ||||||
Balance at Mar. 31, 2021 | $ 31 | 54,980 | 2,598 | (40,295) | 1,110 | (64) | 18,360 |
Balance (in shares) at Dec. 31, 2020 | 26,062,915 | ||||||
Balance at Dec. 31, 2020 | $ 26 | 49,772 | 2,598 | (40,980) | 1,129 | (66) | 12,479 |
Net income (loss) for the period | (2,959) | ||||||
Foreign currency translation adjustment | (23) | ||||||
Balance (in shares) at Jun. 30, 2021 | 35,290,650 | ||||||
Balance at Jun. 30, 2021 | $ 35 | 61,656 | 2,598 | (43,941) | 1,107 | (65) | 21,390 |
Balance (in shares) | 31,304,915 | ||||||
Balance (in shares) at Mar. 31, 2021 | 31,304,915 | ||||||
Balance at Mar. 31, 2021 | $ 31 | 54,980 | 2,598 | (40,295) | 1,110 | (64) | 18,360 |
Share-based compensation in exchange for services from employees and directors (in shares) | 3,985,735 | ||||||
Share-based compensation in exchange for services from employees and directors | $ 4 | 6,676 | 0 | 0 | 0 | 0 | 6,680 |
Net income (loss) for the period | 0 | 0 | 0 | (3,646) | 0 | 0 | (3,646) |
Foreign currency translation adjustment | $ 0 | 0 | 0 | 0 | (3) | (1) | (4) |
Balance (in shares) at Jun. 30, 2021 | 35,290,650 | ||||||
Balance at Jun. 30, 2021 | $ 35 | $ 61,656 | $ 2,598 | $ (43,941) | $ 1,107 | $ (65) | $ 21,390 |
Balance (in shares) | 35,290,650 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parentheticals) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Investor Warrants [Member] | Private Placement [Member] | |
Proceeds allocated to warrant liabilities | $ 10,480 |
Investor Warrants [Member] | |
Proceeds allocated to warrant liabilities | 5,942 |
Private Placement Agent Costs [Member] | Private Placement [Member] | |
Proceeds allocated to warrant liabilities | 1,450 |
Investor Costs [Member] | |
Direct offering costs | 3,050 |
Proceeds allocated to warrant liabilities | $ 10,919 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Operations | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Organization and nature of operations ZW Data Action Technologies Inc. (f/k/a ChinaNet Online Holdings, Inc.) (the “Company”) was incorporated in the State of Texas in April 2006 October 2006. June 26, 2009, O2O |
Note 2 - Variable Interest Enti
Note 2 - Variable Interest Entities | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Variable Interest Entities Disclosure [Text Block] | 2. Variable interest entities Summarized below is the information related to the VIEs’ assets and liabilities reported in the Company’s condensed consolidated balance sheets as of June 30, 2021 December 31, 2020, June 30, 2021 December 31, 2020 US$( 000) US$( 000) (Unaudited) Assets Current assets: Cash and cash equivalents $ 485 $ 277 Accounts receivable, net 3,321 1,142 Prepayment and deposit to suppliers 3,022 2,818 Due from related parties 104 61 Other current assets 3 10 Total current assets 6,935 4,308 Long-term investments 450 67 Operating lease right-of-use assets 26 48 Property and equipment, net 90 32 Intangible assets, net - 9 Long-term deposits and prepayments 85 - Deferred tax assets, net 439 536 Total Assets $ 8,025 $ 5,000 Liabilities Current liabilities: Accounts payable $ 1,015 $ 270 Advance from customers 1,397 1,436 Accrued payroll and other accruals 93 168 Taxes payable 2,729 2,755 Operating lease liabilities 9 18 Lease payment liability related to short-term leases 109 108 Other current liabilities 55 213 Total current liabilities 5,407 4,968 Operating lease liabilities-Non current 9 32 Total Liabilities $ 5,416 $ 5,000 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 Summarized below is the information related to the financial performance of the VIEs reported in the Company’s condensed consolidated statements of operations and comprehensive loss for the six three June 30, 2021 2020, Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenues $ 20,618 $ 12,548 $ 12,671 $ 9,612 Cost of revenues (23,132 ) (12,322 ) (14,394 ) (9,477 ) Total operating expenses (712 ) (1,392 ) (322 ) (648 ) Net loss before allocation to noncontrolling interests (3,407 ) (1,160 ) (2,126 ) (509 ) |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. Summary of significant accounting policies a) Basis of presentation The unaudited condensed consolidated interim financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The unaudited condensed consolidated interim financial information as of June 30, 2021 six three June 30, 2021 2020 10 December 31, 2020, “2020 10 April 13, 2021. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of the Company’s condensed consolidated financial position as of June 30, 2021, six three June 30, 2021 2020, six June 30, 2021 2020, not b) Principles of consolidation The unaudited condensed consolidated interim financial statements include the accounts of all the subsidiaries and VIEs of the Company. All transactions and balances between the Company and its subsidiaries and VIEs have been eliminated upon consolidation. c) Use of estimates 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. d) Foreign currency translation The exchange rates used to translate amounts in RMB into US$ for the purposes of preparing the condensed consolidated financial statements are as follows: June 30, 2021 December 31, 2020 Balance sheet items, except for equity accounts 6.4601 6.5249 Six Months Ended June 30, 2021 2020 Items in the statements of operations and comprehensive loss 6.4718 7.0319 Three Months Ended June 30, 2021 2020 Items in the statements of operations and comprehensive loss 6.4596 7.0839 No e) Fair value measurement Liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2021 December 31, 2020 Fair value measurement at reporting date using As of June 30, 2021 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) Warrant liabilities (Note 16) 6,597 - - 6,597 Fair value measurement at reporting date using As of December 31, 2020 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) US$( 000) US$( 000) US$( 000) US$( 000) Warrant liabilities (Note 16) 1,505 - - 1,505 f) Revenue recognition The following tables present the Company’s revenues disaggregated by products and services and timing of revenue recognition: Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Internet advertising and related services --distribution of the right to use search engine marketing service 18,965 9,298 12,100 7,310 --online advertising placements 3,595 3,250 2,193 2,302 --data and technical services - 600 - 300 Ecommerce O2O advertising and marketing services 387 1,007 258 504 Technical solution services - 645 - - Total revenues $ 22,947 $ 14,800 $ 14,551 $ 10,416 Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenue recognized over time 22,947 14,155 14,551 10,416 Revenue recognized at a point in time - 645 - - Total revenues $ 22,947 $ 14,800 $ 14,551 $ 10,416 Contract costs For the six three June 30, 2021 2020, not Contract liabilities The table below summarized the movement of the Company’s contract liabilities for the six June 30, 2021: Contract liabilities US$( 000) Balance as of January 1, 2021 1,436 Exchange translation adjustment 14 Revenue recognized from beginning contract liability balances (1,245 ) Advances received from customers related to unsatisfied performance obligations 1,334 Balance as of June 30, 2021 (Unaudited) $ 1,539 Advance from customers related to unsatisfied performance obligations are generally refundable. Refund of advance from customers were insignificant for the six three June 30, 2021 2020. For the six three June 30, 2021 2020, g) Research and development expenses The Company accounts for expenses for the enhancement, maintenance and technical support to the Company’s Internet platforms and intellectual properties that are used in its daily operations in research and development expenses. Research and development costs are charged to expense when incurred. Expenses for research and development for the six June 30, 2021 2020 US$0.16 US$0.33 three June 30, 2021 2020 US$0.09 US$0.12 h) Lease As of June 30, 2021, US$2.11 US$2.17 Maturity of operating lease liabilities Operating leases US$( 000) (Unaudited) Six months ending December 31, 2021 147 Year ending December 31, -2022 316 -2023 331 -2024 337 -2025 354 -2026 372 -thereafter 869 Total undiscounted lease payments 2,726 Less: imputed interest (560 ) Total operating lease liabilities as of June 30, 2021 $ 2,166 Including: Operating lease liabilities 187 Operating lease liabilities-Non current 1,979 $ 2,166 Operating lease expenses: Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Long-term operating lease contracts 124 5 87 2 Short-term operating lease contracts 30 79 15 35 Total $ 154 $ 84 $ 102 $ 37 Supplemental information related to operating leases : Six Months Ended June 30, 2021 (Unaudited) Operating cash flows used for operating leases (US$’000) 63 Right-of-use assets obtained in exchange for new lease liabilities (US$’000) 2,179 Weighted-average remaining lease term (years) 7.63 Weighted-average discount rate 6 % |
Note 4 - Accounts Receivable, N
Note 4 - Accounts Receivable, Net | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Accounts Receivable Disclosure [Text Block] | 4. Accounts receivable, net June 30, 2021 December 31, 2020 US$( 000) US$( 000) (Unaudited) Accounts receivable 5,914 6,654 Allowance for doubtful accounts (2,207 ) (4,247 ) Accounts receivable, net 3,707 2,407 All of the accounts receivable are non-interest bearing. Based on the assessment of the collectability of the accounts receivable as of June 30, 2021 December 31, 2020, US$2.21 US$4.25 six six six three June 30, 2021, six three June 30, 2020, US$0.75 US$0.34 three June 30, 2021, US$2.08 |
Note 5 - Prepayments and Deposi
Note 5 - Prepayments and Deposit to Suppliers | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Prepayments and Deposits to Suppliers Disclosure [Text Block] | 5. Prepayments and deposit to suppliers June 30, 2021 December 31, 2020 US$( 000) US$( 000) (Unaudited) Deposits to advertising resources providers 619 307 Prepayments to advertising resources providers 4,390 3,696 Deposit and prepayment for other investing contracts 2,500 - Other deposits and prepayments 526 654 8,035 4,657 As of June 30, 2021, US$1.0 no September 30, 2021, US$1.5 As of the date hereof, the Company is in the due diligence process for the potential merge and acquisition transaction. Due to the recent policies promulgated by the Chinese government which ban cryptocurrency mining business commencing in May 2021, US$1.5 second 2021. |
Note 6 - Due From Related Parti
Note 6 - Due From Related Parties | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Due from Related Parties Disclosure [Text Block] | 6. Due from related parties June 30, 2021 December 31, 2020 US$( 000) US$( 000) (Unaudited) Zhongwang Xiyue Technology (Beijing) Co., Ltd. (“Zhongwang Xiyue”) 61 61 Guangzhou Gong Xiang Technology Co., Ltd. (“Gong Xiang Technology”) 43 - Due from related parties 104 61 Related parties of the Company represented the Company’s direct or indirect unconsolidated investee companies and entities that the Company’s officers or directors can exercise significant influence. As of June 30, 2021 December 31, 2020, As of June 30, 2021, December 31, 2021. |
Note 7 - Other Current Assets
Note 7 - Other Current Assets | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | 7. Other current assets June 30, 2021 December 31,2020 Gross Allowance for doubtful accounts Net Gross Allowance for doubtful accounts Net US$( 000) US$( 000) US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) Staff advances for business operations 9 - 9 18 - 18 Short-term loan to an unrelated party 453 - 453 1,444 - 1,444 Total 462 - 462 1,462 - 1,462 As of June 30, 2021, December 31, 2021. |
Note 8 - Long-term Investments
Note 8 - Long-term Investments | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 8. Long-term investments Gong Xiang Technology Xiao Peng Education Business Opportunity Chain Guangzhou Local Chain Xi an Total US$( 000) US$( 000) US$( 000) US$( 000) US$( 000) Balance as of January 1, 2021 - - 29 38 67 Cash investment during the year 232 79 110 - 421 Disposed during the year - - - (38 ) (38 ) Balance as of June 30, 2021 (Unaudited) 232 79 139 - 450 As of June 30, 2021, The Company measures these investments which do not In May 2021, US $0.04 six three June 30, 2021. |
Note 9 - Property and Equipment
Note 9 - Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 9. Property and equipment, net June 30, 2021 December 31, 2020 US$( 000) US$( 000) (Unaudited) Vehicles 873 811 Office equipment 908 894 Electronic devices 621 615 Property and equipment, cost 2,402 2,320 Less: accumulated depreciation (2,286 ) (2,260 ) Property and equipment, net 116 60 Depreciation expenses for the six June 30, 2021 2020 US$0.004 US$0.004 three June 30, 2021 2020 US$0.003 US$0.002 |
Note 10 - Intangible Assets, Ne
Note 10 - Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 10. Intangible assets, net As of June 30, 2021 (Unaudited) Items Gross Carrying Value Accumulated Amortization Impairment Net Carrying Value US$( 000) US$( 000) US$( 000) US$( 000) Intangible assets subject to amortization: Cloud compute software technology 1,437 (997 ) (440 ) - Internet Ad tracking system 1,161 (58 ) - 1,103 Live streaming technology 1,500 (175 ) - 1,325 Licensed products use right 1,206 (196 ) - 1,010 Other computer software 121 (121 ) - - Total $ 5,425 $ (1,547 ) $ (440 ) $ 3,438 As of December 31, 2020 Items Gross Carrying Value Accumulated Amortization Impairment Net Carrying Value US$( 000) US$( 000) US$( 000) US$( 000) Intangible assets subject to amortization: Cloud compute software technology 1,423 (978 ) (436 ) 9 Live streaming technology 1,500 (25 ) - 1,475 Licensed products use right 1,208 (135 ) - 1,073 Other computer software 120 (120 ) - - Total $ 4,251 $ (1,258 ) $ (436 ) $ 2,557 Amortization expenses for the six June 30, 2021 2020 US$0.28 US$0.41 three June 30, 2021 2020 US$0.17 US$0.21 Based on the adjusted carrying value of the finite-lived intangible assets after the deduction of the impairment losses, which has a weighted average remaining useful life of 5.68 years as of June 30, 2021, no US$0.33 December 31, 2021, US $0.65 December 31, 2022 2024, US$0.63 December 31, 2025, US$0.18 December 31, 2026. |
Note 11 - Blockchain Software A
Note 11 - Blockchain Software Application Platform Development Costs | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Research, Development, and Computer Software Disclosure [Text Block] | 11. Blockchain software application platform development costs In 2018, two two US$4.50 RMB3.0 US$0.46 two June 30, 2021, 350 40 US$4.41 two 2020, third |
Note 12 - Long-term Deposits an
Note 12 - Long-term Deposits and Prepayments | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Long-term Prepayments [Text Block] | 12. Long-term deposits and prepayments As of June 30, 2021, US$0.56 not one June 30, 2021, US$0.16 second 2021, US$1.0 two August 2021. |
Note 13 - Accrued Payroll and O
Note 13 - Accrued Payroll and Other Accruals | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 13. Accrued payroll and other accruals June 30, 2021 December 31, 2020 US$( 000) US$( 000) (Unaudited) Accrued payroll and staff welfare 179 229 Accrued operating expenses 101 260 280 489 |
Note 14 - Taxation
Note 14 - Taxation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. Taxation As of June 30, 2021 December 31, 2020, June 30, 2021 December 31, 2020 US$( 000) US$( 000) (Unaudited) Turnover tax and surcharge payable 1,313 1,353 Enterprise income tax payable 2,095 2,077 Total taxes payable 3,408 3,430 For the six three June 30, 2021 2020, Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Current - (57 ) - 26 Deferred 40 (11 ) 22 (16 ) Income tax benefit/(expenses) 40 (68 ) 22 10 The Company’s deferred tax assets as of June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 US$( 000) US$( 000) (Unaudited) Tax effect of net operating losses carried forward 12,160 10,123 Operating lease cost 16 - Bad debts provision 331 728 Valuation allowance (11,855 ) (10,245 ) Deferred tax assets, net 652 606 The U.S. holding company has incurred aggregate NOLs of approximately US$30.4 US$23.3 June 30, 2021 December 31, 2020, December 31, 2017 2037. December 31, 2017 no December 31, 2017. not The NOLs carried forward incurred by the Company’s PRC subsidiaries and VIEs were approximately US$24.3 US$22.5 June 30, 2021 December 31, 2020, 2031 The Company recorded approximately US$11.9 US$10.2 June 30, 2021 December 31, 2020, not not For the six three June 30, 2021, US$1.96 US$1.65 six three June 30, 2020, US$0.76 US$0.21 |
Note 15 - Long-term Borrowing F
Note 15 - Long-term Borrowing From a Director | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Long-Term Borrowing from Director Disclosure [Text Block] | 15. Long-term borrowing from a director Long-term borrowing from a director is a non-interest bearing loan from a director of the Company relating to the original paid-in capital contribution in the Company’s wholly-owned subsidiary Rise King WFOE, which is not one |
Note 16 - The Financing and War
Note 16 - The Financing and Warrant Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Warrants Disclosure [Text Block] | 16. The Financing and warrant liabilities The February 2021 On February 18, 2021 ( US$3.59 “February 2021 US$3.59 “2021 2021 February 18, 2021 August 18, 2024 ( third one US$18.7 February 2021 The placement agent of the February 2021 US$4.4875 “2021 2021 “2021 2021 August 18, 2021 ( six August 18, 2024 ( third one The initial exercise prices of the 2021 may 2021 2021 The 2021 may not 2021 may no not 61 st Accounting for securities issued in the February 2021 The Company determined that the Company’s common stock issued in the February 2021 no not The Company analyzed the 2021 February 2021 815 815, 2021 not 2021 2021 not 815, Fair value of the warrants The Company used Binomial model to determine the fair value of the 2021 As of February 18, 2021 2021 Investor Warrants 2021 Placement Agent Warrants Stock price $ 4.48 $ 4.48 Years to maturity 3.50 3.50 Risk-free interest rate 0.26 % 0.26 % Dividend yield - - Expected volatility 168 % 168 % Exercise Price $ 3.59 $ 4.4875 Fair value of the warrant $ 4.02 $ 3.96 Warrant liabilities (US$’000) $ 10,476 $ 1,445 Stock price is the closing bid price of the Company’s common stock at the respective valuation date. Years to maturity is the respective remaining contract life of the warrants. Yield-to-maturities in continuous compounding of the United States Government Bonds with the time-to-maturities same as the respective warrant are adopted as the risk-free rate. Annualized historical stock price volatility of the Company at the respective valuation date is deemed to be appropriate to serve as the expected volatility of the stock price of the Company. The dividend yield is calculated based on management’s estimate of dividends to be paid on the underlying stock. Exercise price is the contractual exercise price of the 2021 Allocation of gross proceeds from the February 2021 The Company allocated the total proceeds from the February 2021 Initial measurement (USD 000) Investor Warrants 10,476 Common Stock (par value and additional paid in capital) 8,235 Total proceeds from the Financing 18,711 The 2021 February 2021 2021 February 2021 Offering costs Offering costs in the amount of approximately US$3.05 US$1.31 US$0.29 2021 US$1.45 Subsequent measurement and changes in fair value of the warrant liabilities The Company issued warrants to certain institutional investors and the Company’s placement agent in the registered direct offerings consummated in February 2021, December 2020 January 2018, For the six three June 30, 2021: Warrants issued in the February 2021 2021 Investor Warrants 2021 Placement Agent Warrants June 30, 2021 March 31, 2021 June 30, 2021 March 31, 2021 Stock price $ 2.00 $ 2.64 $ 2.00 $ 2.64 Years to maturity 3.14 3.38 3.14 3.38 Risk-free interest rate 0.48 % 0.41 % 0.48 % 0.41 % Dividend yield - - - - Expected volatility 114 % 168 % 114 % 168 % Exercise Price $ 3.59 $ 3.59 $ 4.4875 $ 4.4875 Fair value of the warrant $ 1.25 $ 2.28 $ 1.18 $ 2.24 Warrant liabilities (US$’000) $ 3,257 $ 5,942 $ 431 $ 817 Warrants issued in the 2020 On December 14, 2020, US$1.62 “2020 U$$2.03 “2020 2020 “2020 2020 “2020 2020 June 14, 2021 December 14, 2023. 2020 Investor Warrants and 2020 Placement Agent Warrants June 30, 2021 March 31, 2021 December 31, 2020 Stock price $ 2.00 $ 2.64 $ 1.35 Years to maturity 2.45 2.70 2.95 Risk-free interest rate 0.34 % 0.29 % 0.17 % Dividend yield - - - Expected volatility 120 % 120 % 102 % Exercise Price $ 2.03 $ 2.03 $ 2.03 Fair value of the warrant $ 1.40 $ 1.95 $ 0.74 Investor warrants liabilities (US$’000) $ 2,420 $ 3,370 $ 1,279 Placement agent warrants liabilities (US$’000) $ 423 $ 590 $ 224 Warrants issued in the 2018 On January 17, 2018, US$5.15 2018 “2018 2018 July 18, 2020. 2018 US$6.60 three “2018 2018 “2018 September 25, 2019, 2018 US$1.4927. January 18, 2021, 2018 July 18, 2021. 2018 Placement Agent Warrants June 30, 2021 March 31, 2021 December 31, 2020 Stock price $ 2.00 $ 2.64 $ 1.35 Years to maturity 0.05 0.30 0.05 Risk-free interest rate 0.04 % 0.03 % 0.08 % Dividend yield - - - Expected volatility 74 % 206 % 59 % Exercise Price $ 1.4927 $ 1.4927 $ 1.4927 Fair value of the warrant $ 0.51 $ 1.55 $ 0.02 Warrant liabilities (US$’000) $ 66 $ 200 $ 2 For the six three June 30, 2020: Warrants issued in the 2018 2018 Investors warrants 2018 Placement agent warrants June 30, 2020 March 31, 2020 December 31, 2019 June 30, 2020 March 31, 2020 December 31, 2019 Stock price $ 1.00 $ 0.95 $ 1.17 $ 1.00 $ 0.95 $ 1.17 Years to maturity 0.05 0.30 0.55 0.55 0.80 1.05 Risk-free interest rate 0.19 % 0.10 % 1.58 % 0.18 % 0.13 % 1.57 % Dividend yield - - - - - - Expected volatility 143 % 99 % 60 % 112 % 78 % 80 % Exercise Price $ 1.4927 $ 1.4927 $ 1.4927 $ 1.4927 $ 1.4927 $ 1.4927 Fair value of the warrant $ 0.02 $ 0.07 $ 0.11 $ 0.20 $ 0.12 $ 0.28 Warrant Liabilities (US$’000) $ 13 $ 45 $ 71 $ 26 $ 16 $ 36 Changes in fair value of warrant liabilities Six and Three Months Ended June 30, 2021 ( Change in Fair Value (gain)/loss As of June 31, 2021 As of March 31, 2021 As of February 18, 2021 As of December 31, 2020 Six Months Ended June 30, 2021 Three Months Ended June 30, 2021 (US$ 000) (US$ 000) (US$ 000) (US$ 000) (US$ 000) (US$ 000) Warrants issued in the February 2021 Financing: --Investor Warrants 3,257 5,942 10,476 * (7,219 ) (2,685 ) --Placement Agent Warrants 431 817 1,445 * (1,014 ) (386 ) Warrants issued in the 2020 Financing: --Investor Warrants 2,420 3,370 * 1,279 1,141 (950 ) --Placement Agent Warrants 423 590 * 224 199 (167 ) Warrants issued in the 2018 Financing: --Placement Agent Warrants 66 200 * 2 64 (134 ) 6,597 10,919 11,921 1,505 (6,829 ) (4,322 ) Six and Three Months Ended June 30, 2020 ( Change in Fair Value (gain)/loss As of June 30, 2020 As of March 31, 2020 As of December 31, 2019 Six Months Ended June 30, 2020 Three Months Ended June 30, 2020 (US$ 000) (US$ 000) (US$ 000) (US$ 000) (US$ 000) Warrants issued in the 2018 Financing: --Investor Warrants 13 45 71 (58 ) (32 ) --Placement Agent Warrants 26 16 36 (10 ) 10 Warrant liabilities 39 61 107 (68 ) (22 ) Warrants issued and outstanding as of June 30, 2021 six Warrant Outstanding Warrant Exercisable Number of underlying shares Weighted Weighted Number of underlying shares Weighted Weighted Balance, January 1, 2021 2,159,865 2.78 $ 2.00 129,000 0.05 $ 1.4927 Granted/Vested 2,970,840 3.14 $ 3.70 4,636,865 2.84 $ 2.91 Forfeited - - Exercised - - Balance, June 30, 2021 (Unaudited) 5,130,705 2.79 $ 2.98 4,765,865 2.76 $ 2.87 |
Note 17 - Restricted Net Assets
Note 17 - Restricted Net Assets | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | 17. Restricted net assets As substantially all of the Company’s operations are conducted through its PRC subsidiaries and VIEs, the Company’s ability to pay dividends is primarily dependent on receiving distributions of funds from its PRC subsidiaries and VIEs. Relevant PRC statutory laws and regulations permit payments of dividends by its PRC subsidiaries and VIEs only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations and after it has met the PRC requirements for appropriation to statutory reserves. Paid in capital of the PRC subsidiaries and VIEs included in the Company’s consolidated net assets are also non-distributable for dividend purposes. In accordance with the PRC regulations on Enterprises with Foreign Investment, a WFOE established in the PRC is required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A WFOE is required to allocate at least 10% of its annual after-tax profit to the general reserve until such reserve has reached 50% of its registered capital based on the enterprise’s PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors. The aforementioned reserves can only be used for specific purposes and are not not In accordance with these PRC laws and regulations, the Company’s PRC subsidiaries and VIEs are restricted in their ability to transfer a portion of their net assets to the Company. As of June 30, 2021 December 31, 2020, US$13.2 US$8.2 The current PRC Enterprise Income Tax (“EIT”) Law also imposes a 10% withholding income tax for dividends distributed by a foreign invested enterprise to its immediate holding company outside China. A lower withholding tax rate will be applied if there is a tax treaty arrangement between mainland China and the jurisdiction of the foreign holding company. The ability of the Company’s PRC subsidiaries and VIEs to make dividends and other payments to the Company may Foreign currency exchange regulation in China is primarily governed by the following rules: ● Foreign Exchange Administration Rules ( 1996 August 2008, ● Administration Rules of the Settlement, Sale and Payment of Foreign Exchange ( 1996 Currently, under the Administration Rules, Renminbi is freely convertible for current account items, including the distribution of dividends, interest payments, trade and service related foreign exchange transactions, but not may Although the current Exchange Rules allow converting of Chinese Renminbi into foreign currency for current account items, conversion of Chinese Renminbi into foreign exchange for capital items, such as foreign direct investment, loans or securities, requires the approval of SAFE, which is under the authority of the People’s Bank of China. These approvals, however, do not not may |
Note 18 - Employee Defined Cont
Note 18 - Employee Defined Contribution Plan | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 18. Employee defined contribution plan Full time employees of the Company in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the PRC subsidiaries of the Company make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The employee benefits were expensed as incurred. The Company has no US$0.10 US$0.06 six June 30, 2021 2020, US$0.05 US$0.02 three June 30, 2021 2020, |
Note 19 - Concentration of Risk
Note 19 - Concentration of Risk | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 19. Concentration of risk Credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, and deposits and loans to unrelated parties. As of June 30, 2021, Concentration of customers The following tables summarized the information about the Company’s concentration of customers for the six three June 30, 2021 2020, Customer A Customer B Customer C Customer D Customer E Customer F Six Months Ended June 30, 2021 Revenues, customer concentration risk 11 % 14 % * - - * Three Months Ended June 30, 2021 Revenues, customer concentration risk 14 % 12 % * - - * Six Months Ended June 30, 2020 Revenues, customer concentration risk - - * * * - Three Months Ended June 30, 2020 Revenues, customer concentration risk - - * * * - As of June 30, 2021 Accounts receivable, customer concentration risk 62 % - 17 % - - 10 % As of December 31, 2020 Accounts receivable, customer concentration risk - - 28 % 27 % 21 % - * Less than 10%. - No Concentration of suppliers The following tables summarized the information about the Company’s concentration of suppliers for the six three June 30, 2021 2020, Supplier A Supplier B Six Months Ended June 30, 2021 Cost of revenues, supplier concentration risk 73 % 12 % Three Months Ended June 30, 2021 Cost of revenues, supplier concentration risk 86 % * Six Months Ended June 30, 2020 Cost of revenues, supplier concentration risk - 78 % Three Months Ended June 30, 2020 Cost of revenues, supplier concentration risk - 81 % * Less than 10%. - No |
Note 20 - Commitments and Conti
Note 20 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 20. Commitments and contingencies In 2018, two third two US$4.96 June 30, 2021, US$4.41 December 31, 2021. The Company is currently not not may |
Note 21 - Segment Reporting
Note 21 - Segment Reporting | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 21. Segment reporting The Company follows ASC Topic 280 Six Months Ended June 30, 2021 ( Internet Ad and related service Ecommerce Blockchain technology Corporate Inter-segment and reconciling item Total US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) Revenues 22,560 387 - - - 22,947 Cost of revenues 23,132 750 - - - 23,882 Total operating expenses 590 658 1 7,910 (1) - 9,159 Depreciation and amortization expense included in total operating expenses 130 150 1 1 - 282 Operating loss (1,162 ) (1,021 ) (1 ) (7,910 ) - (10,094 ) Change in fair value of warrant liabilities - - - 6,829 - 6,829 Net loss (966 ) (1,021 ) (2 ) (970 ) - (2,959 ) Expenditure for long-term assets 1,220 - - 161 - 1,381 Total assets-June 30, 2021 11,515 4,588 4,410 45,422 (28,987 ) 36,948 Total assets-December 31, 2020 8,310 3,206 4,409 27,766 (23,024 ) 20,667 ( 1 US$6.86 Three Months Ended June 30, 2021 ( Internet Ad. and related service Ecommerce Blockchain technology Corporate Inter-segment and reconciling item Total US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) Revenues 14,293 258 - - - 14,551 Cost of revenues 14,394 375 - - - 14,769 Total operating expenses 207 455 - 7,399 (1) - 8,061 Depreciation and amortization expense included in total operating expenses 95 75 - - - 170 Operating loss (308 ) (572 ) - (7,399 ) - (8,279 ) Change in fair value of warrant liabilities - - - 4,322 - 4,322 Net loss (12 ) (572 ) (1 ) (3,061 ) - (3,646 ) Expenditure for long-term assets 60 - - 161 - 221 ( 1 US$6.76 Six Months Ended June 30, 2020 ( Internet Ad and related service Ecommerce Blockchain technology Corporate Inter-segment and reconciling item Total US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) Revenues 13,148 1,007 - 645 - 14,800 Cost of revenues 12,853 750 - - - 13,603 Total operating expenses 1,952 9 4 2,528 (1) - 4,493 Depreciation and amortization expense included in total operating expenses 412 - 1 2 - 415 Operating (loss)/income (1,657 ) 248 (4 ) (1,883 ) - (3,296 ) Change in fair value of warrant liabilities - - - 68 - 68 Expenditure for long-term assets - - 302 - - 302 Net (loss)/income (1,650 ) 204 (4 ) (1,830 ) - (3,280 ) ( 1 US$1.99 Three Months Ended June 30, 2020 ( Internet Ad and related service Ecommerce Blockchain technology Corporate Inter-segment and reconciling item Total US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) Revenues 9,912 504 - - - 10,416 Cost of revenues 9,743 375 - - - 10,118 Total operating expenses 930 5 3 380 (1) - 1,318 Depreciation and amortization expense included in total operating expenses 206 - 1 1 - 208 Operating (loss)/income (761 ) 124 (3 ) (380 ) - (1,020 ) Change in fair value of warrant liabilities - - - 22 - 22 Net (loss)/income (757 ) 101 (3 ) (311 ) - (970 ) ( 1 US$0.07 |
Note 22 - Loss Per Share
Note 22 - Loss Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 22. Loss per share Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net loss attributable to ZW Data Action Technologies Inc. (numerator for basic and diluted loss per share) $ (2,961 ) $ (3,278 ) $ (3,646 ) $ (968 ) Weighted average number of common shares outstanding -Basic and diluted 30,727,546 21,044,666 32,925,488 21,691,926 Loss per share-Basic and diluted $ (0.10 ) $ (0.16 ) $ (0.11 ) $ (0.04 ) For the six three June 30, 2021 2020, not |
Note 23 - Share-based Compensat
Note 23 - Share-based Compensation Expenses | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 23. Share-based compensation expenses In May 2021, 2020 US$1.67 US $6.66 six three June 30, 2021. In March 2021, 2020 one December 31, 2021. US$3.13 six three June 30, 2021 US$0.05 US$0.02 For the six three June 30, 2021, US$0.15 US$0.08 two March 2020 August 2020, During the first 2020, 2015 US$1.91 US$0.01 six three June 30, 2020, In March 2020, two not US$1.11 US$0.48 six three June 30, 2020 US$0.08 US$0.06 The table below summarized share-based compensation expenses recorded for the six three June 30, 2021 2020, Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Sales and marketing expenses - 122 - - General and administrative expenses 6,857 1,719 6,757 68 Research and development expenses - 146 - - Total 6,857 1,987 6,757 68 The aggregate unrecognized share-based compensation expenses as of June 30, 2021 US$0.21 US$0.17 December 31, 2021 US$0.04 December 31, 2022. Options issued and outstanding as of June 30, 2021 six Option Outstanding Option Exercisable Number of underlying shares Weighted Weighted Number of underlying shares Weighted Weighted Balance, January 1, 2021 277,976 0.91 $ 3.00 277,976 0.91 $ 3.00 Granted/Vested - - Expired - - Exercised - - Balance, June 30, 2021 (Unaudited) 277,976 0.41 $ 3.00 277,976 0.41 $ 3.00 |
Note 24 - Subsequent Events
Note 24 - Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 24. Subsequent events In July 2021, 2018 The Company primarily conducts its operations in the PRC. In January 2020, 19 first 2020. 19 19 19 may may 19 second 2020, no 19 Except for the above mentioned matters, no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | a) Basis of presentation The unaudited condensed consolidated interim financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The unaudited condensed consolidated interim financial information as of June 30, 2021 six three June 30, 2021 2020 10 December 31, 2020, “2020 10 April 13, 2021. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of the Company’s condensed consolidated financial position as of June 30, 2021, six three June 30, 2021 2020, six June 30, 2021 2020, not |
Consolidation, Policy [Policy Text Block] | b) Principles of consolidation The unaudited condensed consolidated interim financial statements include the accounts of all the subsidiaries and VIEs of the Company. All transactions and balances between the Company and its subsidiaries and VIEs have been eliminated upon consolidation. |
Use of Estimates, Policy [Policy Text Block] | c) Use of estimates 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. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | d) Foreign currency translation The exchange rates used to translate amounts in RMB into US$ for the purposes of preparing the condensed consolidated financial statements are as follows: June 30, 2021 December 31, 2020 Balance sheet items, except for equity accounts 6.4601 6.5249 Six Months Ended June 30, 2021 2020 Items in the statements of operations and comprehensive loss 6.4718 7.0319 Three Months Ended June 30, 2021 2020 Items in the statements of operations and comprehensive loss 6.4596 7.0839 No |
Fair Value Measurement, Policy [Policy Text Block] | e) Fair value measurement Liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2021 December 31, 2020 Fair value measurement at reporting date using As of June 30, 2021 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) Warrant liabilities (Note 16) 6,597 - - 6,597 Fair value measurement at reporting date using As of December 31, 2020 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) US$( 000) US$( 000) US$( 000) US$( 000) Warrant liabilities (Note 16) 1,505 - - 1,505 |
Revenue from Contract with Customer [Policy Text Block] | f) Revenue recognition The following tables present the Company’s revenues disaggregated by products and services and timing of revenue recognition: Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Internet advertising and related services --distribution of the right to use search engine marketing service 18,965 9,298 12,100 7,310 --online advertising placements 3,595 3,250 2,193 2,302 --data and technical services - 600 - 300 Ecommerce O2O advertising and marketing services 387 1,007 258 504 Technical solution services - 645 - - Total revenues $ 22,947 $ 14,800 $ 14,551 $ 10,416 Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenue recognized over time 22,947 14,155 14,551 10,416 Revenue recognized at a point in time - 645 - - Total revenues $ 22,947 $ 14,800 $ 14,551 $ 10,416 Contract costs For the six three June 30, 2021 2020, not Contract liabilities The table below summarized the movement of the Company’s contract liabilities for the six June 30, 2021: Contract liabilities US$( 000) Balance as of January 1, 2021 1,436 Exchange translation adjustment 14 Revenue recognized from beginning contract liability balances (1,245 ) Advances received from customers related to unsatisfied performance obligations 1,334 Balance as of June 30, 2021 (Unaudited) $ 1,539 Advance from customers related to unsatisfied performance obligations are generally refundable. Refund of advance from customers were insignificant for the six three June 30, 2021 2020. For the six three June 30, 2021 2020, |
Research and Development Expense, Policy [Policy Text Block] | g) Research and development expenses The Company accounts for expenses for the enhancement, maintenance and technical support to the Company’s Internet platforms and intellectual properties that are used in its daily operations in research and development expenses. Research and development costs are charged to expense when incurred. Expenses for research and development for the six June 30, 2021 2020 US$0.16 US$0.33 three June 30, 2021 2020 US$0.09 US$0.12 |
Lessee, Leases [Policy Text Block] | h) Lease As of June 30, 2021, US$2.11 US$2.17 Maturity of operating lease liabilities Operating leases US$( 000) (Unaudited) Six months ending December 31, 2021 147 Year ending December 31, -2022 316 -2023 331 -2024 337 -2025 354 -2026 372 -thereafter 869 Total undiscounted lease payments 2,726 Less: imputed interest (560 ) Total operating lease liabilities as of June 30, 2021 $ 2,166 Including: Operating lease liabilities 187 Operating lease liabilities-Non current 1,979 $ 2,166 Operating lease expenses: Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Long-term operating lease contracts 124 5 87 2 Short-term operating lease contracts 30 79 15 35 Total $ 154 $ 84 $ 102 $ 37 Supplemental information related to operating leases : Six Months Ended June 30, 2021 (Unaudited) Operating cash flows used for operating leases (US$’000) 63 Right-of-use assets obtained in exchange for new lease liabilities (US$’000) 2,179 Weighted-average remaining lease term (years) 7.63 Weighted-average discount rate 6 % |
Note 2 - Variable Interest En_2
Note 2 - Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | June 30, 2021 December 31, 2020 US$( 000) US$( 000) (Unaudited) Assets Current assets: Cash and cash equivalents $ 485 $ 277 Accounts receivable, net 3,321 1,142 Prepayment and deposit to suppliers 3,022 2,818 Due from related parties 104 61 Other current assets 3 10 Total current assets 6,935 4,308 Long-term investments 450 67 Operating lease right-of-use assets 26 48 Property and equipment, net 90 32 Intangible assets, net - 9 Long-term deposits and prepayments 85 - Deferred tax assets, net 439 536 Total Assets $ 8,025 $ 5,000 Liabilities Current liabilities: Accounts payable $ 1,015 $ 270 Advance from customers 1,397 1,436 Accrued payroll and other accruals 93 168 Taxes payable 2,729 2,755 Operating lease liabilities 9 18 Lease payment liability related to short-term leases 109 108 Other current liabilities 55 213 Total current liabilities 5,407 4,968 Operating lease liabilities-Non current 9 32 Total Liabilities $ 5,416 $ 5,000 |
Financial Performance of VIEs [Table Text Block] | Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenues $ 20,618 $ 12,548 $ 12,671 $ 9,612 Cost of revenues (23,132 ) (12,322 ) (14,394 ) (9,477 ) Total operating expenses (712 ) (1,392 ) (322 ) (648 ) Net loss before allocation to noncontrolling interests (3,407 ) (1,160 ) (2,126 ) (509 ) |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Foreign Currency Exchange Rates [Table Text Block] | June 30, 2021 December 31, 2020 Balance sheet items, except for equity accounts 6.4601 6.5249 Six Months Ended June 30, 2021 2020 Items in the statements of operations and comprehensive loss 6.4718 7.0319 Three Months Ended June 30, 2021 2020 Items in the statements of operations and comprehensive loss 6.4596 7.0839 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair value measurement at reporting date using As of June 30, 2021 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) Warrant liabilities (Note 16) 6,597 - - 6,597 Fair value measurement at reporting date using As of December 31, 2020 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) US$( 000) US$( 000) US$( 000) US$( 000) Warrant liabilities (Note 16) 1,505 - - 1,505 |
Disaggregation of Revenue [Table Text Block] | Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Internet advertising and related services --distribution of the right to use search engine marketing service 18,965 9,298 12,100 7,310 --online advertising placements 3,595 3,250 2,193 2,302 --data and technical services - 600 - 300 Ecommerce O2O advertising and marketing services 387 1,007 258 504 Technical solution services - 645 - - Total revenues $ 22,947 $ 14,800 $ 14,551 $ 10,416 Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenue recognized over time 22,947 14,155 14,551 10,416 Revenue recognized at a point in time - 645 - - Total revenues $ 22,947 $ 14,800 $ 14,551 $ 10,416 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract liabilities US$( 000) Balance as of January 1, 2021 1,436 Exchange translation adjustment 14 Revenue recognized from beginning contract liability balances (1,245 ) Advances received from customers related to unsatisfied performance obligations 1,334 Balance as of June 30, 2021 (Unaudited) $ 1,539 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating leases US$( 000) (Unaudited) Six months ending December 31, 2021 147 Year ending December 31, -2022 316 -2023 331 -2024 337 -2025 354 -2026 372 -thereafter 869 Total undiscounted lease payments 2,726 Less: imputed interest (560 ) Total operating lease liabilities as of June 30, 2021 $ 2,166 Including: Operating lease liabilities 187 Operating lease liabilities-Non current 1,979 $ 2,166 |
Lease, Cost [Table Text Block] | Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Long-term operating lease contracts 124 5 87 2 Short-term operating lease contracts 30 79 15 35 Total $ 154 $ 84 $ 102 $ 37 Six Months Ended June 30, 2021 (Unaudited) Operating cash flows used for operating leases (US$’000) 63 Right-of-use assets obtained in exchange for new lease liabilities (US$’000) 2,179 Weighted-average remaining lease term (years) 7.63 Weighted-average discount rate 6 % |
Note 4 - Accounts Receivable,_2
Note 4 - Accounts Receivable, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Accounts Receivable [Table Text Block] | June 30, 2021 December 31, 2020 US$( 000) US$( 000) (Unaudited) Accounts receivable 5,914 6,654 Allowance for doubtful accounts (2,207 ) (4,247 ) Accounts receivable, net 3,707 2,407 |
Note 5 - Prepayments and Depo_2
Note 5 - Prepayments and Deposit to Suppliers (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Prepayments and Deposit to Suppliers [Table Text Block] | June 30, 2021 December 31, 2020 US$( 000) US$( 000) (Unaudited) Deposits to advertising resources providers 619 307 Prepayments to advertising resources providers 4,390 3,696 Deposit and prepayment for other investing contracts 2,500 - Other deposits and prepayments 526 654 8,035 4,657 |
Note 6 - Due From Related Par_2
Note 6 - Due From Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Due From Related Parties [Member] | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | June 30, 2021 December 31, 2020 US$( 000) US$( 000) (Unaudited) Zhongwang Xiyue Technology (Beijing) Co., Ltd. (“Zhongwang Xiyue”) 61 61 Guangzhou Gong Xiang Technology Co., Ltd. (“Gong Xiang Technology”) 43 - Due from related parties 104 61 |
Note 7 - Other Current Assets (
Note 7 - Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Other Receivables [Table Text Block] | June 30, 2021 December 31,2020 Gross Allowance for doubtful accounts Net Gross Allowance for doubtful accounts Net US$( 000) US$( 000) US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) Staff advances for business operations 9 - 9 18 - 18 Short-term loan to an unrelated party 453 - 453 1,444 - 1,444 Total 462 - 462 1,462 - 1,462 |
Note 8 - Long-term Investments
Note 8 - Long-term Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Other Investments Not Readily Marketable [Table Text Block] | Gong Xiang Technology Xiao Peng Education Business Opportunity Chain Guangzhou Local Chain Xi an Total US$( 000) US$( 000) US$( 000) US$( 000) US$( 000) Balance as of January 1, 2021 - - 29 38 67 Cash investment during the year 232 79 110 - 421 Disposed during the year - - - (38 ) (38 ) Balance as of June 30, 2021 (Unaudited) 232 79 139 - 450 |
Note 9 - Property and Equipme_2
Note 9 - Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Property and Equipment [Table Text Block] | June 30, 2021 December 31, 2020 US$( 000) US$( 000) (Unaudited) Vehicles 873 811 Office equipment 908 894 Electronic devices 621 615 Property and equipment, cost 2,402 2,320 Less: accumulated depreciation (2,286 ) (2,260 ) Property and equipment, net 116 60 |
Note 10 - Intangible Assets, _2
Note 10 - Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Finite and Indefinite-Lived Intangible Assets [Table Text Block] | As of June 30, 2021 (Unaudited) Items Gross Carrying Value Accumulated Amortization Impairment Net Carrying Value US$( 000) US$( 000) US$( 000) US$( 000) Intangible assets subject to amortization: Cloud compute software technology 1,437 (997 ) (440 ) - Internet Ad tracking system 1,161 (58 ) - 1,103 Live streaming technology 1,500 (175 ) - 1,325 Licensed products use right 1,206 (196 ) - 1,010 Other computer software 121 (121 ) - - Total $ 5,425 $ (1,547 ) $ (440 ) $ 3,438 As of December 31, 2020 Items Gross Carrying Value Accumulated Amortization Impairment Net Carrying Value US$( 000) US$( 000) US$( 000) US$( 000) Intangible assets subject to amortization: Cloud compute software technology 1,423 (978 ) (436 ) 9 Live streaming technology 1,500 (25 ) - 1,475 Licensed products use right 1,208 (135 ) - 1,073 Other computer software 120 (120 ) - - Total $ 4,251 $ (1,258 ) $ (436 ) $ 2,557 |
Note 13 - Accrued Payroll and_2
Note 13 - Accrued Payroll and Other Accruals (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, 2021 December 31, 2020 US$( 000) US$( 000) (Unaudited) Accrued payroll and staff welfare 179 229 Accrued operating expenses 101 260 280 489 |
Note 14 - Taxation (Tables)
Note 14 - Taxation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule Of Taxes Payable [Table Text Block] | June 30, 2021 December 31, 2020 US$( 000) US$( 000) (Unaudited) Turnover tax and surcharge payable 1,313 1,353 Enterprise income tax payable 2,095 2,077 Total taxes payable 3,408 3,430 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Current - (57 ) - 26 Deferred 40 (11 ) 22 (16 ) Income tax benefit/(expenses) 40 (68 ) 22 10 |
Schedule Of Deferred Tax Assets [Table Text Block] | June 30, 2021 December 31, 2020 US$( 000) US$( 000) (Unaudited) Tax effect of net operating losses carried forward 12,160 10,123 Operating lease cost 16 - Bad debts provision 331 728 Valuation allowance (11,855 ) (10,245 ) Deferred tax assets, net 652 606 |
Note 16 - The Financing and W_2
Note 16 - The Financing and Warrant Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Allocation of Proceeds from Issuance of Equity [Table Text Block] | Initial measurement (USD 000) Investor Warrants 10,476 Common Stock (par value and additional paid in capital) 8,235 Total proceeds from the Financing 18,711 |
Schedule of Warrant Liabilities [Table Text Block] | Change in Fair Value (gain)/loss As of June 31, 2021 As of March 31, 2021 As of February 18, 2021 As of December 31, 2020 Six Months Ended June 30, 2021 Three Months Ended June 30, 2021 (US$ 000) (US$ 000) (US$ 000) (US$ 000) (US$ 000) (US$ 000) Warrants issued in the February 2021 Financing: --Investor Warrants 3,257 5,942 10,476 * (7,219 ) (2,685 ) --Placement Agent Warrants 431 817 1,445 * (1,014 ) (386 ) Warrants issued in the 2020 Financing: --Investor Warrants 2,420 3,370 * 1,279 1,141 (950 ) --Placement Agent Warrants 423 590 * 224 199 (167 ) Warrants issued in the 2018 Financing: --Placement Agent Warrants 66 200 * 2 64 (134 ) 6,597 10,919 11,921 1,505 (6,829 ) (4,322 ) Change in Fair Value (gain)/loss As of June 30, 2020 As of March 31, 2020 As of December 31, 2019 Six Months Ended June 30, 2020 Three Months Ended June 30, 2020 (US$ 000) (US$ 000) (US$ 000) (US$ 000) (US$ 000) Warrants issued in the 2018 Financing: --Investor Warrants 13 45 71 (58 ) (32 ) --Placement Agent Warrants 26 16 36 (10 ) 10 Warrant liabilities 39 61 107 (68 ) (22 ) |
Schedule of Warrant Activity [Table Text Block] | Warrant Outstanding Warrant Exercisable Number of underlying shares Weighted Weighted Number of underlying shares Weighted Weighted Balance, January 1, 2021 2,159,865 2.78 $ 2.00 129,000 0.05 $ 1.4927 Granted/Vested 2,970,840 3.14 $ 3.70 4,636,865 2.84 $ 2.91 Forfeited - - Exercised - - Balance, June 30, 2021 (Unaudited) 5,130,705 2.79 $ 2.98 4,765,865 2.76 $ 2.87 |
Warrant [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | As of February 18, 2021 2021 Investor Warrants 2021 Placement Agent Warrants Stock price $ 4.48 $ 4.48 Years to maturity 3.50 3.50 Risk-free interest rate 0.26 % 0.26 % Dividend yield - - Expected volatility 168 % 168 % Exercise Price $ 3.59 $ 4.4875 Fair value of the warrant $ 4.02 $ 3.96 Warrant liabilities (US$’000) $ 10,476 $ 1,445 2021 Investor Warrants 2021 Placement Agent Warrants June 30, 2021 March 31, 2021 June 30, 2021 March 31, 2021 Stock price $ 2.00 $ 2.64 $ 2.00 $ 2.64 Years to maturity 3.14 3.38 3.14 3.38 Risk-free interest rate 0.48 % 0.41 % 0.48 % 0.41 % Dividend yield - - - - Expected volatility 114 % 168 % 114 % 168 % Exercise Price $ 3.59 $ 3.59 $ 4.4875 $ 4.4875 Fair value of the warrant $ 1.25 $ 2.28 $ 1.18 $ 2.24 Warrant liabilities (US$’000) $ 3,257 $ 5,942 $ 431 $ 817 2020 Investor Warrants and 2020 Placement Agent Warrants June 30, 2021 March 31, 2021 December 31, 2020 Stock price $ 2.00 $ 2.64 $ 1.35 Years to maturity 2.45 2.70 2.95 Risk-free interest rate 0.34 % 0.29 % 0.17 % Dividend yield - - - Expected volatility 120 % 120 % 102 % Exercise Price $ 2.03 $ 2.03 $ 2.03 Fair value of the warrant $ 1.40 $ 1.95 $ 0.74 Investor warrants liabilities (US$’000) $ 2,420 $ 3,370 $ 1,279 Placement agent warrants liabilities (US$’000) $ 423 $ 590 $ 224 2018 Placement Agent Warrants June 30, 2021 March 31, 2021 December 31, 2020 Stock price $ 2.00 $ 2.64 $ 1.35 Years to maturity 0.05 0.30 0.05 Risk-free interest rate 0.04 % 0.03 % 0.08 % Dividend yield - - - Expected volatility 74 % 206 % 59 % Exercise Price $ 1.4927 $ 1.4927 $ 1.4927 Fair value of the warrant $ 0.51 $ 1.55 $ 0.02 Warrant liabilities (US$’000) $ 66 $ 200 $ 2 2018 Investors warrants 2018 Placement agent warrants June 30, 2020 March 31, 2020 December 31, 2019 June 30, 2020 March 31, 2020 December 31, 2019 Stock price $ 1.00 $ 0.95 $ 1.17 $ 1.00 $ 0.95 $ 1.17 Years to maturity 0.05 0.30 0.55 0.55 0.80 1.05 Risk-free interest rate 0.19 % 0.10 % 1.58 % 0.18 % 0.13 % 1.57 % Dividend yield - - - - - - Expected volatility 143 % 99 % 60 % 112 % 78 % 80 % Exercise Price $ 1.4927 $ 1.4927 $ 1.4927 $ 1.4927 $ 1.4927 $ 1.4927 Fair value of the warrant $ 0.02 $ 0.07 $ 0.11 $ 0.20 $ 0.12 $ 0.28 Warrant Liabilities (US$’000) $ 13 $ 45 $ 71 $ 26 $ 16 $ 36 |
Note 19 - Concentration of Ri_2
Note 19 - Concentration of Risk (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Customer A Customer B Customer C Customer D Customer E Customer F Six Months Ended June 30, 2021 Revenues, customer concentration risk 11 % 14 % * - - * Three Months Ended June 30, 2021 Revenues, customer concentration risk 14 % 12 % * - - * Six Months Ended June 30, 2020 Revenues, customer concentration risk - - * * * - Three Months Ended June 30, 2020 Revenues, customer concentration risk - - * * * - As of June 30, 2021 Accounts receivable, customer concentration risk 62 % - 17 % - - 10 % As of December 31, 2020 Accounts receivable, customer concentration risk - - 28 % 27 % 21 % - Supplier A Supplier B Six Months Ended June 30, 2021 Cost of revenues, supplier concentration risk 73 % 12 % Three Months Ended June 30, 2021 Cost of revenues, supplier concentration risk 86 % * Six Months Ended June 30, 2020 Cost of revenues, supplier concentration risk - 78 % Three Months Ended June 30, 2020 Cost of revenues, supplier concentration risk - 81 % |
Note 21 - Segment Reporting (Ta
Note 21 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Internet Ad and related service Ecommerce Blockchain technology Corporate Inter-segment and reconciling item Total US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) Revenues 22,560 387 - - - 22,947 Cost of revenues 23,132 750 - - - 23,882 Total operating expenses 590 658 1 7,910 (1) - 9,159 Depreciation and amortization expense included in total operating expenses 130 150 1 1 - 282 Operating loss (1,162 ) (1,021 ) (1 ) (7,910 ) - (10,094 ) Change in fair value of warrant liabilities - - - 6,829 - 6,829 Net loss (966 ) (1,021 ) (2 ) (970 ) - (2,959 ) Expenditure for long-term assets 1,220 - - 161 - 1,381 Total assets-June 30, 2021 11,515 4,588 4,410 45,422 (28,987 ) 36,948 Total assets-December 31, 2020 8,310 3,206 4,409 27,766 (23,024 ) 20,667 Internet Ad. and related service Ecommerce Blockchain technology Corporate Inter-segment and reconciling item Total US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) Revenues 14,293 258 - - - 14,551 Cost of revenues 14,394 375 - - - 14,769 Total operating expenses 207 455 - 7,399 (1) - 8,061 Depreciation and amortization expense included in total operating expenses 95 75 - - - 170 Operating loss (308 ) (572 ) - (7,399 ) - (8,279 ) Change in fair value of warrant liabilities - - - 4,322 - 4,322 Net loss (12 ) (572 ) (1 ) (3,061 ) - (3,646 ) Expenditure for long-term assets 60 - - 161 - 221 Internet Ad and related service Ecommerce Blockchain technology Corporate Inter-segment and reconciling item Total US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) Revenues 13,148 1,007 - 645 - 14,800 Cost of revenues 12,853 750 - - - 13,603 Total operating expenses 1,952 9 4 2,528 (1) - 4,493 Depreciation and amortization expense included in total operating expenses 412 - 1 2 - 415 Operating (loss)/income (1,657 ) 248 (4 ) (1,883 ) - (3,296 ) Change in fair value of warrant liabilities - - - 68 - 68 Expenditure for long-term assets - - 302 - - 302 Net (loss)/income (1,650 ) 204 (4 ) (1,830 ) - (3,280 ) Internet Ad and related service Ecommerce Blockchain technology Corporate Inter-segment and reconciling item Total US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) Revenues 9,912 504 - - - 10,416 Cost of revenues 9,743 375 - - - 10,118 Total operating expenses 930 5 3 380 (1) - 1,318 Depreciation and amortization expense included in total operating expenses 206 - 1 1 - 208 Operating (loss)/income (761 ) 124 (3 ) (380 ) - (1,020 ) Change in fair value of warrant liabilities - - - 22 - 22 Net (loss)/income (757 ) 101 (3 ) (311 ) - (970 ) |
Note 22 - Loss Per Share (Table
Note 22 - Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net loss attributable to ZW Data Action Technologies Inc. (numerator for basic and diluted loss per share) $ (2,961 ) $ (3,278 ) $ (3,646 ) $ (968 ) Weighted average number of common shares outstanding -Basic and diluted 30,727,546 21,044,666 32,925,488 21,691,926 Loss per share-Basic and diluted $ (0.10 ) $ (0.16 ) $ (0.11 ) $ (0.04 ) |
Note 23 - Share-based Compens_2
Note 23 - Share-based Compensation Expenses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Sales and marketing expenses - 122 - - General and administrative expenses 6,857 1,719 6,757 68 Research and development expenses - 146 - - Total 6,857 1,987 6,757 68 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Option Outstanding Option Exercisable Number of underlying shares Weighted Weighted Number of underlying shares Weighted Weighted Balance, January 1, 2021 277,976 0.91 $ 3.00 277,976 0.91 $ 3.00 Granted/Vested - - Expired - - Exercised - - Balance, June 30, 2021 (Unaudited) 277,976 0.41 $ 3.00 277,976 0.41 $ 3.00 |
Note 2 - Variable Interest En_3
Note 2 - Variable Interest Entities - Consolidated VIEs' Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | ||
Cash and cash equivalents | [1] | $ 11,752 | $ 4,297 | |
Accounts receivable, net | [1] | 3,707 | 2,407 | |
Prepayment and deposit to suppliers | [1] | 8,035 | 4,657 | |
Due from related parties | [1] | 104 | 61 | |
Other current assets | [1] | 462 | 1,462 | |
Total current assets | 24,060 | [1] | 12,884 | |
Long-term investments | [1] | 450 | 67 | |
Operating Lease, Right-of-Use Asset | [1] | 2,107 | 48 | |
Property and equipment, net * | [1] | 116 | 60 | |
Intangible assets, net | [1] | 3,438 | 2,557 | |
Long-term deposits and prepayments | [1] | 1,716 | 39 | |
Deferred tax assets, net | [1] | 652 | 606 | |
Total Assets | 36,948 | 20,667 | ||
Accounts payable | [1] | 1,015 | 608 | |
Advance from customers | [1] | 1,539 | 1,436 | |
Accrued payroll and other accruals | [1] | 280 | 489 | |
Taxes payable | [1] | 3,408 | 3,430 | |
Operating lease liabilities | [1] | 187 | 18 | |
Lease payment liability related to short-term leases | [1] | 151 | 203 | |
Other current liabilities | [1] | 267 | 333 | |
Total current liabilities | 13,444 | 8,022 | ||
Operating lease liabilities-Non current | [2] | 1,979 | 32 | |
Total Liabilities | 15,558 | 8,188 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Cash and cash equivalents | 485 | 277 | ||
Accounts receivable, net | 3,321 | 1,142 | ||
Prepayment and deposit to suppliers | 3,022 | 2,818 | ||
Due from related parties | 104 | 61 | ||
Other current assets | 3 | 10 | ||
Total current assets | 6,935 | 4,308 | ||
Long-term investments | 450 | 67 | ||
Operating Lease, Right-of-Use Asset | 26 | 48 | ||
Property and equipment, net * | 90 | 32 | ||
Intangible assets, net | 0 | 9 | ||
Long-term deposits and prepayments | 85 | 0 | ||
Deferred tax assets, net | 439 | 536 | ||
Total Assets | 8,025 | 5,000 | ||
Accounts payable | 1,015 | 270 | ||
Advance from customers | 1,397 | 1,436 | ||
Accrued payroll and other accruals | 93 | 168 | ||
Taxes payable | 2,729 | 2,755 | ||
Operating lease liabilities | 9 | 18 | ||
Lease payment liability related to short-term leases | 109 | 108 | ||
Other current liabilities | 55 | 213 | ||
Total current liabilities | 5,407 | 4,968 | ||
Operating lease liabilities-Non current | 9 | 32 | ||
Total Liabilities | $ 5,416 | $ 5,000 | ||
[1] | 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 (Note 2). | |||
[2] | 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 (Note 2). |
Note 2 - Variable Interest En_4
Note 2 - Variable Interest Entities - Consolidated VIEs' Financial Performance (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 14,551 | $ 10,416 | $ 22,947 | $ 14,800 | ||
Cost of revenues | (14,769) | (10,118) | (23,882) | (13,603) | ||
Total operating expenses | (8,061) | (1,318) | (9,159) | (4,493) | ||
Net (loss)/income | (3,646) | $ 687 | (970) | $ (2,310) | (2,959) | (3,280) |
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Revenues | 12,671 | 9,612 | 20,618 | 12,548 | ||
Cost of revenues | (14,394) | (9,477) | (23,132) | (12,322) | ||
Total operating expenses | (322) | (648) | (712) | (1,392) | ||
Net (loss)/income | $ (2,126) | $ (509) | $ (3,407) | $ (1,160) |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | ||
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 0 | $ 0 | $ 0 | $ 0 | ||
Research and Development Expense, Total | 89 | $ 116 | 163 | $ 330 | ||
Operating Lease, Right-of-Use Asset | [1] | 2,107 | 2,107 | $ 48 | ||
Operating Lease, Liability, Total | $ 2,166 | $ 2,166 | ||||
[1] | 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 (Note 2). |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Exchange Rates Used to Translate Amounts In RMB Into US$ (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Balance sheet items, except for equity accounts | 6.4601 | 6.4601 | 6.5249 | ||
Items in the statements of operations and comprehensive loss | 6.4596 | 7.0839 | 6.4718 | 7.0319 |
Note 3 - Summary of Significa_5
Note 3 - Summary of Significant Accounting Policies - Summary of Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Warrant liabilities (Note 16) | $ 6,597 | $ 1,505 |
Fair Value, Inputs, Level 1 [Member] | ||
Warrant liabilities (Note 16) | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Warrant liabilities (Note 16) | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Warrant liabilities (Note 16) | $ 6,597 | $ 1,505 |
Note 3 - Summary of Significa_6
Note 3 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 14,551 | $ 10,416 | $ 22,947 | $ 14,800 |
Search Engine Marketing and Data Service [Member] | ||||
Revenues | 12,100 | 7,310 | 18,965 | 9,298 |
Online Advertising Placement [Member] | ||||
Revenues | 2,193 | 2,302 | 3,595 | 3,250 |
Data and Technical Services [Member] | ||||
Revenues | 0 | 300 | 0 | 600 |
Offline Advertising and Marketing Services [Member] | ||||
Revenues | 258 | 504 | 387 | 1,007 |
Technical Solution Services [Member] | ||||
Revenues | 0 | 0 | 0 | 645 |
Transferred over Time [Member] | ||||
Revenues | 14,551 | 10,416 | 22,947 | 14,155 |
Transferred at Point in Time [Member] | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 645 |
Note 3 - Summary of Significa_7
Note 3 - Summary of Significant Accounting Policies - Contract liabilities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Balance | $ 1,436 |
Exchange translation adjustment | 14 |
Revenue recognized from beginning contract liability balances | (1,245) |
Advances received from customers related to unsatisfied performance obligations | 1,334 |
Balance | $ 1,539 |
Note 3 - Summary of Significa_8
Note 3 - Summary of Significant Accounting Policies - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Six months ending December 31, 2021 | $ 147 | ||
-2022 | 316 | ||
-2023 | 331 | ||
-2024 | 337 | ||
-2025 | 354 | ||
-2026 | 372 | ||
-thereafter | 869 | ||
Total undiscounted lease payments | 2,726 | ||
Less: imputed interest | (560) | ||
Total operating lease liabilities as of June 30, 2021 | 2,166 | ||
Operating lease liabilities | [1] | 187 | $ 18 |
Operating lease liabilities-Non current | [2] | $ 1,979 | $ 32 |
[1] | 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 (Note 2). | ||
[2] | 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 (Note 2). |
Note 3 - Summary of Significa_9
Note 3 - Summary of Significant Accounting Policies - Operating Lease Expenses and Supplemental Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Long-term operating lease contracts | $ 87 | $ 2 | $ 124 | $ 5 |
Short-term operating lease contracts | 15 | 35 | 30 | 79 |
Total | $ 102 | $ 37 | 154 | $ 84 |
Operating cash flows used for operating leases (US$’000) | 63 | |||
Right-of-use assets obtained in exchange for new lease liabilities (US$’000) | $ 2,179 | |||
Weighted-average remaining lease term (Year) | 7 years 7 months 17 days | 7 years 7 months 17 days | ||
Weighted-average discount rate | 6.00% | 6.00% |
Note 4 - Accounts Receivable,_3
Note 4 - Accounts Receivable, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | ||
Accounts Receivable, Allowance for Credit Loss, Current | [1] | $ 2,207 | $ 2,207 | $ 4,247 | ||
Accounts Receivable, Credit Loss Expense (Reversal) | 0 | $ 747 | ||||
Internet Advertising and TV Advertising [Member] | ||||||
Accounts Receivable, Allowance for Credit Loss, Current | 2,210 | $ 2,210 | $ 4,250 | |||
Number of Months Past Due (Month) | 6 months | |||||
Accounts Receivable, Credit Loss Expense (Reversal) | 0 | $ 340 | $ 0 | $ 750 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 2,080 | |||||
[1] | 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 (Note 2). |
Note 4 - Accounts Receivable,_4
Note 4 - Accounts Receivable, Net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Accounts receivable | $ 5,914 | $ 6,654 | |
Allowance for doubtful accounts | [1] | (2,207) | (4,247) |
Accounts receivable, net | [1] | $ 3,707 | $ 2,407 |
[1] | 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 (Note 2). |
Note 5 - Prepayments and Depo_3
Note 5 - Prepayments and Deposit to Suppliers (Details Textual) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($) | |
Cryptocurrency Mining Machine Purchase [Member] | ||
Purchase Agreement Prepayment | $ 1.5 | |
Purchase Agreement, Expected Refund | $ 1.5 | |
Potential Merger and Acquisition [Member] | ||
Business Combination, Nonrefundable Deposit | $ 1 | $ 1 |
Note 5 - Prepayments and Depo_4
Note 5 - Prepayments and Deposit to Suppliers - Prepayments and Deposit to Suppliers (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Prepayment and deposit to suppliers * | [1] | $ 8,035 | $ 4,657 |
Deposits to TV Ad and Internet Ad Resources Providers [Member] | |||
Prepayment and deposit to suppliers * | 619 | 307 | |
Prepayment to TV Ad and Internet Ad Resources Providers [Member] | |||
Prepayment and deposit to suppliers * | 4,390 | 3,696 | |
Deposits and Prepayments for Other Investing Contracts [Member] | |||
Prepayment and deposit to suppliers * | 2,500 | 0 | |
Other Deposits and Prepayments [Member] | |||
Prepayment and deposit to suppliers * | $ 526 | $ 654 | |
[1] | 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 (Note 2). |
Note 6 - Due From Related Par_3
Note 6 - Due From Related Parties - Due From Related Parties (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Due from related parties | [1] | $ 104 | $ 61 |
Zhong Wang Xi Yue Technology (Beijing) Co. Ltd [Member] | |||
Due from related parties, gross | 61 | 61 | |
Guangzhou Gong Xiang Technology Co. [Member] | |||
Due from related parties, gross | $ 43 | $ 0 | |
[1] | 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 (Note 2). |
Note 7 - Other Current Assets -
Note 7 - Other Current Assets - Summary of Other Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Other receivables, gross | $ 462 | $ 1,462 |
Allowance for doubtful accounts | 0 | 0 |
Other receivables, net | 462 | 1,462 |
Staff Advances for Business Operations [Member] | ||
Other receivables, gross | 9 | 18 |
Allowance for doubtful accounts | 0 | 0 |
Other receivables, net | 9 | 18 |
Loan to Unrelated Party [Member] | ||
Other receivables, gross | 453 | 1,444 |
Allowance for doubtful accounts | 0 | 0 |
Other receivables, net | $ 453 | $ 1,444 |
Note 8 - Long-term Investment_2
Note 8 - Long-term Investments (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended |
May 31, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | |
Guangzhou Gong Xiang Technology Co. [Member] | |||
Equity Securities without Readily Determinable Fair Value, Percent | 15.00% | 15.00% | |
Xiao Peng Education [Member] | |||
Equity Securities without Readily Determinable Fair Value, Percent | 17.00% | 17.00% | |
Business Opportunity Chain [Member] | |||
Equity Securities without Readily Determinable Fair Value, Percent | 19.00% | 19.00% | |
Local Chain Xi’an [Member] | |||
Equity Securities without Readily Determinable Fair Value, Percent, Disposed Of | 4.90% | ||
Gain (Loss) on Investments, Total | $ (40) | $ 40 |
Note 8 - Long-term Investment_3
Note 8 - Long-term Investments - Summary of Long-term Investments (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Balance | $ 67 |
Cash investment during the year | 421 |
Disposed during the year | (38) |
Balance | 450 |
Guangzhou Gong Xiang Technology Co. [Member] | |
Balance | 0 |
Cash investment during the year | 232 |
Disposed during the year | 0 |
Balance | 232 |
Xiao Peng Education [Member] | |
Balance | 0 |
Cash investment during the year | 79 |
Disposed during the year | 0 |
Balance | 79 |
Business Opportunity Chain [Member] | |
Balance | 29 |
Cash investment during the year | 110 |
Disposed during the year | 0 |
Balance | 139 |
Local Chain Xi’an [Member] | |
Balance | 38 |
Cash investment during the year | 0 |
Disposed during the year | (38) |
Balance | $ 0 |
Note 9 - Property and Equipme_3
Note 9 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Depreciation, Total | $ 3 | $ 2 | $ 4 | $ 4 |
Note 9 - Property and Equipme_4
Note 9 - Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Property and equipment, gross | $ 2,402 | $ 2,320 | |
Less: accumulated depreciation | (2,286) | (2,260) | |
Property and equipment, net * | [1] | 116 | 60 |
Vehicles [Member] | |||
Property and equipment, gross | 873 | 811 | |
Office Equipment [Member] | |||
Property and equipment, gross | 908 | 894 | |
Electronic Devices [Member] | |||
Property and equipment, gross | $ 621 | $ 615 | |
[1] | 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 (Note 2). |
Note 10 - Intangible Assets, _3
Note 10 - Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Amortization of Intangible Assets, Total | $ 170 | $ 210 | $ 280 | $ 410 |
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years 8 months 4 days | |||
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | 330 | $ 330 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 650 | 650 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 630 | 630 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 180 | 180 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 650 | 650 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | $ 650 | $ 650 |
Note 10 - Intangible Assets, _4
Note 10 - Intangible Assets, Net - Intangible Assets, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Finite-lived intangible assets | $ 5,425 | $ 4,251 | |
Finite-lived intangible assets, Accumulated amortization | (1,547) | (1,258) | |
Finite-lived intangible assets, Impairment | (440) | (436) | |
Intangible assets, net * | [1] | 3,438 | 2,557 |
Cloud-Computing Based Software Platforms [Member] | |||
Finite-lived intangible assets | 1,437 | 1,423 | |
Finite-lived intangible assets, Accumulated amortization | (997) | (978) | |
Finite-lived intangible assets, Impairment | (440) | (436) | |
Intangible assets, net * | 0 | 9 | |
Internet Ad Tracking System [Member] | |||
Finite-lived intangible assets | 1,161 | ||
Finite-lived intangible assets, Accumulated amortization | (58) | ||
Finite-lived intangible assets, Impairment | 0 | ||
Intangible assets, net * | 1,103 | ||
Livestreaming Technology [Member] | |||
Finite-lived intangible assets | 1,500 | 1,500 | |
Finite-lived intangible assets, Accumulated amortization | (175) | (25) | |
Finite-lived intangible assets, Impairment | 0 | 0 | |
Intangible assets, net * | 1,325 | 1,475 | |
Licensing Agreements [Member] | |||
Finite-lived intangible assets | 1,206 | 1,208 | |
Finite-lived intangible assets, Accumulated amortization | (196) | (135) | |
Finite-lived intangible assets, Impairment | 0 | 0 | |
Intangible assets, net * | 1,010 | 1,073 | |
Other Computer Software [Member] | |||
Finite-lived intangible assets | 121 | 120 | |
Finite-lived intangible assets, Accumulated amortization | (121) | (120) | |
Finite-lived intangible assets, Impairment | 0 | 0 | |
Intangible assets, net * | $ 0 | $ 0 | |
[1] | 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 (Note 2). |
Note 11 - Blockchain Software_2
Note 11 - Blockchain Software Application Platform Development Costs (Details Textual) $ in Thousands, ¥ in Millions | Jun. 30, 2021USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2018CNY (¥) |
Capitalized Cost of Blockchain Technology Based Applications Development Costs | $ 4,410 | ||
Contract to Develop Blockchain Technology Based Applications [Member] | |||
Application Development Contracts, Contract Amount | $ 4,960 | $ 4,500 | |
Contract to Develop Social Network Based Applications [Member] | |||
Application Development Contracts, Contract Amount | $ 460 | ¥ 3 |
Note 12 - Long-term Deposits _2
Note 12 - Long-term Deposits and Prepayments (Details Textual) $ in Thousands | Jun. 30, 2021USD ($) |
Long-term Deposits and Prepayments | $ 560 |
Prepayments for Leasehold Improvements | 160 |
Prepayments for Share Subscription | $ 1,000 |
Entity [Member] | |
Equity Securities without Readily Determinable Fair Value, Percent | 15.38% |
Note 13 - Accrued Payroll and_3
Note 13 - Accrued Payroll and Other Accruals - Accrued Payroll and Other Accruals (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Accrued payroll and other accruals | [1] | $ 280 | $ 489 |
Accrued Payroll and Staff Welfare [Member] | |||
Accrued payroll and other accruals | 179 | 229 | |
Accrued Operating Expenses [Member] | |||
Accrued payroll and other accruals | $ 101 | $ 260 | |
[1] | 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 (Note 2). |
Note 14 - Taxation (Details Tex
Note 14 - Taxation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Operating Loss Carryforwards, Total | $ 30,400 | $ 30,400 | $ 23,300 | ||
Operating Loss Carryforwards, Taxable Income Deduction Limitations | 80.00% | 80.00% | |||
Deferred Tax Assets, Valuation Allowance, Total | $ 11,855 | $ 11,855 | 10,245 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 1,650 | $ 210 | 1,960 | $ 760 | |
PRC Subsidiary And VIE's [Member] | |||||
Operating Loss Carryforwards, Total | $ 24,300 | $ 24,300 | $ 22,500 |
Note 14 - Taxation - Taxes Paya
Note 14 - Taxation - Taxes Payable (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Turnover tax and surcharge payable | $ 1,313 | $ 1,353 | |
Enterprise income tax payable | 2,095 | 2,077 | |
Total taxes payable | [1] | $ 3,408 | $ 3,430 |
[1] | 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 (Note 2). |
Note 14 - Taxation - Income Tax
Note 14 - Taxation - Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Current | $ 0 | $ 26 | $ 0 | $ (57) |
Deferred | 22 | (16) | 40 | (11) |
Income tax benefit/(expenses) | $ 22 | $ 10 | $ 40 | $ (68) |
Note 14 - Taxation - Deferred T
Note 14 - Taxation - Deferred Tax Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Tax effect of net operating losses carried forward | $ 12,160 | $ 10,123 |
Operating lease cost | 16 | 0 |
Bad debts provision | 331 | 728 |
Valuation allowance | (11,855) | (10,245) |
Deferred tax assets, net | $ 652 | $ 606 |
Note 16 - The Financing and W_3
Note 16 - The Financing and Warrant Liabilities (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Feb. 18, 2021 | Dec. 14, 2020 | Jan. 17, 2018 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Warrants and Rights Outstanding | $ 11,921 | $ 6,597 | $ 10,919 | $ 1,505 | $ 39 | $ 61 | $ 107 | ||
Investor Warrants [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,606,000 | 1,728,396 | 645,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 3.59 | $ 2.03 | |||||||
Warrants and Rights Outstanding | $ 10,476 | 3,257 | 5,942 | 13 | 45 | 71 | |||
Placement Agent Warrants [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 364,840 | 302,469 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 4.4875 | $ 6.60 | |||||||
Warrants and Rights Outstanding | $ 1,445 | 431 | 817 | $ 26 | $ 16 | $ 36 | |||
Warrants and Rights Outstanding, Term (Year) | 3 years | ||||||||
The Warrants [Member] | Minimum [Member] | |||||||||
Class of Warrant or Right, Beneficial Ownership Percentage | 4.99% | ||||||||
The Warrants [Member] | Maximum [Member] | |||||||||
Class of Warrant or Right, Beneficial Ownership Percentage | 9.99% | ||||||||
Warrants Issued January 17, 2018 Containing Full Ratchet Price Protection [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.4927 | ||||||||
Private Placement [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 5,212,000 | 4,320,989 | 2,150,001 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 3.59 | $ 5.15 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 129,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 6.60 | ||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 18,700 | $ 18,711 | |||||||
Sale of Equity, Placement Fee, Percent | 7.00% | ||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 3,050 | ||||||||
Placement Agent Fee | 1,310 | ||||||||
Stock Issuance Costs, Other Offering Costs | $ 290 | ||||||||
Private Placement [Member] | Investor Warrants [Member] | |||||||||
Warrants and Rights Outstanding | $ 10,480 |
Note 16 - The Financing and W_4
Note 16 - The Financing and Warrant Liabilities - Fair Value of Warrants (Details) $ in Thousands | Jun. 30, 2021USD ($)yr | Mar. 31, 2021USD ($)yr | Feb. 18, 2021USD ($) | Dec. 31, 2020USD ($)yr | Jun. 30, 2020USD ($)yr | Mar. 31, 2020USD ($)yr | Dec. 31, 2019USD ($)yr | ||
Proceeds allocated to warrant liabilities | $ 6,597 | $ 10,919 | $ 11,921 | $ 1,505 | $ 39 | $ 61 | $ 107 | ||
Investor Warrants [Member] | |||||||||
Proceeds allocated to warrant liabilities | $ 3,257 | $ 5,942 | $ 10,476 | 13 | 45 | 71 | |||
Investor Warrants [Member] | Measurement Input, Share Price [Member] | |||||||||
Fair value of the warrants | 2 | 2.64 | 4.48 | ||||||
Investor Warrants [Member] | Measurement Input, Expected Term [Member] | |||||||||
Fair value of the warrants | 3.14 | 3.38 | 3.50 | ||||||
Investor Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||
Fair value of the warrants | 0.0048 | 0.0041 | 0.0026 | ||||||
Investor Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||
Fair value of the warrants | 0 | 0 | 0 | ||||||
Investor Warrants [Member] | Measurement Input, Price Volatility [Member] | |||||||||
Fair value of the warrants | 1.14 | 1.68 | 1.68 | ||||||
Investor Warrants [Member] | Measurement Input, Exercise Price [Member] | |||||||||
Fair value of the warrants | 3.59 | 3.59 | 3.59 | ||||||
Investor Warrants [Member] | Measurement Input, Quoted Price [Member] | |||||||||
Fair value of the warrants | 1.25 | 2.28 | 4.02 | ||||||
Placement Agent Warrants [Member] | |||||||||
Proceeds allocated to warrant liabilities | $ 431 | $ 817 | $ 1,445 | 26 | 16 | 36 | |||
Placement Agent Warrants [Member] | Measurement Input, Share Price [Member] | |||||||||
Fair value of the warrants | 2 | 2.64 | 4.48 | ||||||
Placement Agent Warrants [Member] | Measurement Input, Expected Term [Member] | |||||||||
Fair value of the warrants | 3.14 | 3.38 | 3.50 | ||||||
Placement Agent Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||
Fair value of the warrants | 0.0048 | 0.0041 | 0.0026 | ||||||
Placement Agent Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||
Fair value of the warrants | 0 | 0 | 0 | ||||||
Placement Agent Warrants [Member] | Measurement Input, Price Volatility [Member] | |||||||||
Fair value of the warrants | 1.14 | 1.68 | 1.68 | ||||||
Placement Agent Warrants [Member] | Measurement Input, Exercise Price [Member] | |||||||||
Fair value of the warrants | 4.4875 | 4.4875 | 4.4875 | ||||||
Placement Agent Warrants [Member] | Measurement Input, Quoted Price [Member] | |||||||||
Fair value of the warrants | 1.18 | 2.24 | 3.96 | ||||||
Warrants Issued in Connection with the 2020 Financing [Member] | Measurement Input, Share Price [Member] | |||||||||
Fair value of the warrants | 2 | 2.64 | 1.35 | ||||||
Warrants Issued in Connection with the 2020 Financing [Member] | Measurement Input, Expected Term [Member] | |||||||||
Fair value of the warrants | yr | 2.45 | 2.70 | 2.95 | ||||||
Warrants Issued in Connection with the 2020 Financing [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||
Fair value of the warrants | 0.0034 | 0.0029 | 0.0017 | ||||||
Warrants Issued in Connection with the 2020 Financing [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||
Fair value of the warrants | 0 | 0 | 0 | ||||||
Warrants Issued in Connection with the 2020 Financing [Member] | Measurement Input, Price Volatility [Member] | |||||||||
Fair value of the warrants | 1.20 | 1.20 | 1.02 | ||||||
Warrants Issued in Connection with the 2020 Financing [Member] | Measurement Input, Exercise Price [Member] | |||||||||
Fair value of the warrants | 2.03 | 2.03 | 2.03 | ||||||
Warrants Issued in Connection with the 2020 Financing [Member] | Measurement Input, Quoted Price [Member] | |||||||||
Fair value of the warrants | 1.40 | 1.95 | 0.74 | ||||||
Investor Warrants Issued in Connection with 2018 Financing [Member] | |||||||||
Proceeds allocated to warrant liabilities | $ 66 | $ 200 | $ 2 | $ 13 | $ 45 | $ 71 | [1] | ||
Investor Warrants Issued in Connection with 2018 Financing [Member] | Measurement Input, Share Price [Member] | |||||||||
Fair value of the warrants | 2 | 2.64 | 1.35 | 1 | 0.95 | 1.17 | [1] | ||
Investor Warrants Issued in Connection with 2018 Financing [Member] | Measurement Input, Expected Term [Member] | |||||||||
Fair value of the warrants | 0.05 | 0.30 | 0.05 | 0.05 | 0.30 | 0.55 | [1] | ||
Investor Warrants Issued in Connection with 2018 Financing [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||
Fair value of the warrants | 0.0004 | 0.0003 | 0.0008 | 0.0019 | 0.0010 | 0.0158 | [1] | ||
Investor Warrants Issued in Connection with 2018 Financing [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||
Fair value of the warrants | 0 | 0 | 0 | 0 | 0 | 0 | [1] | ||
Investor Warrants Issued in Connection with 2018 Financing [Member] | Measurement Input, Price Volatility [Member] | |||||||||
Fair value of the warrants | 0.74 | 2.06 | 0.59 | 1.43 | 0.99 | 0.60 | [1] | ||
Investor Warrants Issued in Connection with 2018 Financing [Member] | Measurement Input, Exercise Price [Member] | |||||||||
Fair value of the warrants | 1.4927 | 1.4927 | 1.4927 | 1.4927 | 1.4927 | [2] | 1.4927 | [1] | |
Investor Warrants Issued in Connection with 2018 Financing [Member] | Measurement Input, Quoted Price [Member] | |||||||||
Fair value of the warrants | 0.51 | 1.55 | 0.02 | 0.02 | 0.07 | 0.11 | [1] | ||
Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | |||||||||
Proceeds allocated to warrant liabilities | $ 66 | $ 200 | $ 2 | $ 26 | $ 16 | $ 36 | |||
Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | Measurement Input, Share Price [Member] | |||||||||
Fair value of the warrants | 1 | 0.95 | 1.17 | ||||||
Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | Measurement Input, Expected Term [Member] | |||||||||
Fair value of the warrants | yr | 0.55 | 0.80 | 1.05 | ||||||
Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||
Fair value of the warrants | 0.0018 | 0.0013 | 0.0157 | ||||||
Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||
Fair value of the warrants | 0 | 0 | 0 | ||||||
Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | Measurement Input, Price Volatility [Member] | |||||||||
Fair value of the warrants | 1.12 | 0.78 | 0.80 | ||||||
Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | Measurement Input, Exercise Price [Member] | |||||||||
Fair value of the warrants | 1.4927 | 1.4927 | 1.4927 | ||||||
Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | Measurement Input, Quoted Price [Member] | |||||||||
Fair value of the warrants | 0.20 | 0.12 | 0.28 | ||||||
Investor Warrants Issued in Connection with 2020 Financing [Member] | |||||||||
Proceeds allocated to warrant liabilities | 2,420 | 3,370 | 1,279 | ||||||
Placement Agent Warrants Issued in Connection with 2020 Financing [Member] | |||||||||
Proceeds allocated to warrant liabilities | $ 423 | $ 590 | $ 224 | ||||||
[1] | The investor warrants issued in the 2018 Financing had expired during the year ended December 31, 2020. | ||||||||
[2] | On September 25, 2019, as a result of the close on the first half of the 2019 Financing, the exercise price of the warrants issued in 2018 Financing that contain the "full ratchet" price protection in the event of subsequent issuances below the applicable exercise price (the “Down round feature”) was adjusted to $1.4927. |
Note 16 - The Financing and W_5
Note 16 - The Financing and Warrant Liabilities - Allocation of Gross Proceeds From the Financing (Details) - Private Placement [Member] - USD ($) $ in Thousands | Feb. 18, 2021 | Jun. 30, 2021 |
Investor Warrants | $ 10,476 | |
Common Stock (par value and additional paid in capital) | 8,235 | |
Total proceeds from the Financing | $ 18,700 | $ 18,711 |
Note 16 - The Financing and W_6
Note 16 - The Financing and Warrant Liabilities - Warrant Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Feb. 18, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Proceeds allocated to warrant liabilities | $ 6,597 | $ 39 | $ 6,597 | $ 39 | $ 10,919 | $ 11,921 | $ 1,505 | $ 61 | $ 107 |
Change in fair value of warrants | (4,322) | (22) | (6,829) | (68) | |||||
Investor Warrants Issued in Connection with 2021 Financing [Member] | |||||||||
Proceeds allocated to warrant liabilities | 3,257 | 3,257 | 5,942 | 10,476 | |||||
Change in fair value of warrants | (2,685) | (7,219) | |||||||
Investor Warrants [Member] | |||||||||
Proceeds allocated to warrant liabilities | 3,257 | 13 | 3,257 | 13 | 5,942 | 10,476 | 45 | 71 | |
Change in fair value of warrants | (32) | (58) | |||||||
Placement Agent Warrants Issued in Connection with 2021 Financing [Member] | |||||||||
Proceeds allocated to warrant liabilities | 431 | 431 | 817 | 1,445 | |||||
Change in fair value of warrants | (386) | (1,014) | |||||||
Placement Agent Warrants [Member] | |||||||||
Proceeds allocated to warrant liabilities | 431 | 26 | 431 | 26 | 817 | $ 1,445 | 16 | 36 | |
Change in fair value of warrants | 10 | (10) | |||||||
Investor Warrants Issued in Connection with 2020 Financing [Member] | |||||||||
Proceeds allocated to warrant liabilities | 2,420 | 2,420 | 3,370 | 1,279 | |||||
Change in fair value of warrants | (950) | 1,141 | |||||||
Placement Agent Warrants Issued in Connection with 2020 Financing [Member] | |||||||||
Proceeds allocated to warrant liabilities | 423 | 423 | 590 | 224 | |||||
Change in fair value of warrants | (167) | 199 | |||||||
Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | |||||||||
Proceeds allocated to warrant liabilities | 66 | $ 26 | 66 | $ 26 | $ 200 | $ 2 | $ 16 | $ 36 | |
Change in fair value of warrants | $ (134) | $ 64 |
Note 16 - The Financing and W_7
Note 16 - The Financing and Warrant Liabilities - Warrant Activity (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Balance (in shares) | 2,159,865 | |
Weighted average remaining contractual life (Year) | 2 years 9 months 14 days | 2 years 9 months 10 days |
Weighted average exercise price (in dollars per share) | $ 2 | |
Exercisable (in shares) | 129,000 | |
Exercisable, weighted average remaining contractual life (Year) | 2 years 9 months 3 days | 18 days |
Exercisable, weighted average exercise price (in dollars per share) | $ 1.4927 | |
Granted/Vested (in shares) | 2,970,840 | |
Granted/Vested, weighted average remaining contractual life (Year) | 3 years 1 month 20 days | |
Granted/Vested, weighted average exercise price (in dollars per share) | $ 3.70 | |
Granted/Vested, exercisable (in shares) | 4,636,865 | |
Granted/Vested, exercisable, weighted average remaining contractual life (Year) | 2 years 10 months 2 days | |
Granted/Vested, exercisable, weighted average exercise price (in dollars per share) | $ 2.91 | |
Forfeited (in shares) | 0 | |
Exercised (in shares) | 0 | |
Balance (in shares) | 5,130,705 | 2,159,865 |
Weighted average exercise price (in dollars per share) | $ 2.98 | $ 2 |
Exercisable (in shares) | 4,765,865 | 129,000 |
Exercisable, weighted average exercise price (in dollars per share) | $ 2.87 | $ 1.4927 |
Note 17 - Restricted Net Asse_2
Note 17 - Restricted Net Assets (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | $ 13.2 | $ 8.2 |
Withholding Tax Rate Pursuant To EIT Law | 10.00% | |
WFOE [Member] | ||
Minimum Percentage Of Annual After-tax Profit For General Reserve | 10.00% | |
Minimum Required Reserve As Percent Of Registered Capital | 50.00% | |
Domestic Enterprise [Member] | ||
Minimum Percentage Of Annual After-tax Profit For General Reserve | 10.00% | |
Minimum Required Reserve As Percent Of Registered Capital | 50.00% |
Note 18 - Employee Defined Co_2
Note 18 - Employee Defined Contribution Plan (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Defined Contribution Plan, Cost | $ 50 | $ 20 | $ 100 | $ 60 |
Note 19 - Concentration of Ri_3
Note 19 - Concentration of Risk (Details Textual) | Jun. 30, 2021 |
CHINA | |
Percent of Cash and Cash Equivalents Held by Major Financial Institutions | 41.00% |
UNITED STATES | |
Percent of Cash and Cash Equivalents Held by Major Financial Institutions | 59.00% |
Note 19 - Concentration of Ri_4
Note 19 - Concentration of Risk - Company's Concentration of Customers and Suppliers (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member] | |||||||
Concentration risk | 14.00% | [1] | 11.00% | ||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member] | |||||||
Concentration risk | 12.00% | 14.00% | |||||
Cost Of Sales Total [Member] | Supplier Concentration Risk [Member] | Supplier A [Member] | |||||||
Concentration risk | 86.00% | 73.00% | |||||
Cost Of Sales Total [Member] | Supplier Concentration Risk [Member] | Supplier B [Member] | |||||||
Concentration risk | 81.00% | 12.00% | 78.00% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member] | |||||||
Concentration risk | 62.00% | ||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer C [Member] | |||||||
Concentration risk | 17.00% | 28.00% | |||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer F [Member] | |||||||
Concentration risk | 10.00% | ||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer D [Member] | |||||||
Concentration risk | 27.00% | ||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer E [Member] | |||||||
Concentration risk | [1] | 21.00% | |||||
[1] | Less than 10%. |
Note 20 - Commitments and Con_2
Note 20 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2018 | |
Payment for Blockchain Technology Based Applications Development Costs | $ 0 | $ 302 | |
Contract to Develop Blockchain Technology Based Applications [Member] | |||
Application Development Contracts, Contract Amount | 4,960 | $ 4,500 | |
Payment for Blockchain Technology Based Applications Development Costs | $ 4,410 |
Note 21 - Segment Reporting (De
Note 21 - Segment Reporting (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement, Expense | $ 6,757 | $ 68 | $ 6,857 | $ 1,987 |
Note 21 - Segment Reporting - S
Note 21 - Segment Reporting - Summary of Segment Reporting Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | ||||||
Revenues | $ 14,551,000 | $ 10,416,000 | $ 22,947,000 | $ 14,800,000 | ||||||||
Cost of revenues | 14,769,000 | 10,118,000 | 23,882,000 | 13,603,000 | ||||||||
Total operating expenses | 8,061,000 | 1,318,000 | 9,159,000 | 4,493,000 | ||||||||
Depreciation and amortization expense included in total operating expenses | 170,000 | 208,000 | 415,000 | |||||||||
Operating (loss)/income | (8,279,000) | (1,020,000) | (10,094,000) | (3,296,000) | ||||||||
Change in fair value of warrant liabilities | 4,322,000 | 22,000 | 6,829,000 | 68,000 | ||||||||
Net (loss)/income | (3,646,000) | $ 687,000 | (970,000) | $ (2,310,000) | (2,959,000) | (3,280,000) | ||||||
Expenditure for long-term assets | 221,000 | 1,381,000 | 302 | |||||||||
Total assets | 36,948,000 | 36,948,000 | $ 20,667,000 | |||||||||
Corporate, Non-Segment [Member] | ||||||||||||
Revenues | 0 | 0 | 0 | 645,000 | ||||||||
Cost of revenues | 0 | 0 | 0 | 0 | ||||||||
Total operating expenses | 7,399,000 | [1] | 380,000 | [2] | 7,910,000 | [3] | 2,528,000 | [4] | ||||
Depreciation and amortization expense included in total operating expenses | 0 | 1,000 | 1,000 | 2,000 | ||||||||
Operating (loss)/income | (7,399,000) | (380,000) | (7,910,000) | (1,883,000) | ||||||||
Change in fair value of warrant liabilities | 4,322,000 | 22,000 | 6,829,000 | 68,000 | ||||||||
Net (loss)/income | (3,061,000) | (311,000) | (970,000) | (1,830,000) | ||||||||
Expenditure for long-term assets | 161,000 | 161,000 | 0 | |||||||||
Total assets | 45,422,000 | 45,422,000 | 27,766,000 | |||||||||
Intersegment Eliminations [Member] | ||||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||||
Cost of revenues | 0 | 0 | 0 | 0 | ||||||||
Total operating expenses | 0 | 0 | 0 | 0 | ||||||||
Depreciation and amortization expense included in total operating expenses | 0 | 0 | 0 | 0 | ||||||||
Operating (loss)/income | 0 | 0 | 0 | 0 | ||||||||
Change in fair value of warrant liabilities | 0 | 0 | 0 | 0 | ||||||||
Net (loss)/income | 0 | 0 | 0 | 0 | ||||||||
Expenditure for long-term assets | 0 | 0 | 0 | |||||||||
Total assets | (28,987,000) | (28,987,000) | (23,024,000) | |||||||||
Internet Ad [Member] | Operating Segments [Member] | ||||||||||||
Revenues | 14,293,000 | 9,912,000 | 22,560,000 | 13,148,000 | ||||||||
Cost of revenues | 14,394,000 | 9,743,000 | 23,132,000 | 12,853,000 | ||||||||
Total operating expenses | 207,000 | 930,000 | 590,000 | 1,952,000 | ||||||||
Depreciation and amortization expense included in total operating expenses | 95,000 | 206,000 | 130,000 | 412,000 | ||||||||
Operating (loss)/income | (308,000) | (761,000) | (1,162,000) | (1,657,000) | ||||||||
Change in fair value of warrant liabilities | 0 | 0 | 0 | 0 | ||||||||
Net (loss)/income | (12,000) | (757,000) | (966,000) | (1,650,000) | ||||||||
Expenditure for long-term assets | 60,000 | 1,220,000 | 0 | |||||||||
Total assets | 11,515,000 | 11,515,000 | 8,310,000 | |||||||||
Ecommerce O2O Ad and Marketing Services [Member] | Operating Segments [Member] | ||||||||||||
Revenues | 258,000 | 504,000 | 387,000 | 1,007,000 | ||||||||
Cost of revenues | 375,000 | 375,000 | 750,000 | 750,000 | ||||||||
Total operating expenses | 455,000 | 5,000 | 658,000 | 9,000 | ||||||||
Depreciation and amortization expense included in total operating expenses | 75,000 | 0 | 150,000 | 0 | ||||||||
Operating (loss)/income | (572,000) | 124,000 | (1,021,000) | 248,000 | ||||||||
Change in fair value of warrant liabilities | 0 | 0 | 0 | 0 | ||||||||
Net (loss)/income | (572,000) | 101,000 | (1,021,000) | 204,000 | ||||||||
Expenditure for long-term assets | 0 | 0 | 0 | |||||||||
Total assets | 4,588,000 | 4,588,000 | 3,206,000 | |||||||||
Blockchain Technology [Member] | Operating Segments [Member] | ||||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||||
Cost of revenues | 0 | 0 | 0 | 0 | ||||||||
Total operating expenses | 0 | 3,000 | 1,000 | 4,000 | ||||||||
Depreciation and amortization expense included in total operating expenses | 0 | 1,000 | 1,000 | 1,000 | ||||||||
Operating (loss)/income | 0 | (3,000) | (1,000) | (4,000) | ||||||||
Change in fair value of warrant liabilities | 0 | 0 | 0 | 0 | ||||||||
Net (loss)/income | (1,000) | $ (3,000) | (2,000) | (4,000) | ||||||||
Expenditure for long-term assets | 0 | 0 | $ 302 | |||||||||
Total assets | $ 4,410,000 | 4,410,000 | $ 4,409,000 | |||||||||
Corporate Segment [Member] | ||||||||||||
Revenues | 22,947,000 | |||||||||||
Cost of revenues | 23,882,000 | |||||||||||
Total operating expenses | [3] | 9,159,000 | ||||||||||
Depreciation and amortization expense included in total operating expenses | 282,000 | |||||||||||
Operating (loss)/income | (10,094,000) | |||||||||||
Change in fair value of warrant liabilities | $ 6,829,000 | |||||||||||
[1] | Including approximately US$6.76 million share-based compensation expenses. | |||||||||||
[2] | Including approximately US$0.07 million share-based compensation expenses. | |||||||||||
[3] | Including approximately US$6.86 million share-based compensation expenses. | |||||||||||
[4] | Including approximately US$1.99 million share-based compensation expenses. |
Note 22 - Loss Per Share - Basi
Note 22 - Loss Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net loss attributable to ZW Data Action Technologies Inc. (numerator for basic and diluted loss per share) | $ (3,646) | $ (968) | $ (2,961) | $ (3,278) |
Weighted average number of common shares outstanding -Basic and diluted (in shares) | 32,925,488 | 21,691,926 | 30,727,546 | 21,044,666 |
Loss per share-Basic and diluted (in dollars per share) | $ (0.11) | $ (0.04) | $ (0.10) | $ (0.16) |
Note 23 - Share-based Compens_3
Note 23 - Share-based Compensation Expenses (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
May 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Payment Arrangement, Expense | $ 6,757 | $ 68 | $ 6,857 | $ 1,987 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 210 | 210 | |||||||
Forecast [Member] | |||||||||
Share-based Payment Arrangement, Expense | $ 40 | $ 170 | |||||||
Restricted Stock [Member] | Management Consulting and Advisory Service Providers [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 430 | ||||||||
Share-based Payment Arrangement, Expense | $ 60 | $ 80 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1.11 | $ 1.11 | |||||||
Management Consulting and Advisory Service Term (Year) | 2 years | ||||||||
Issuance of Stock and Warrants for Services or Claims | $ 480 | ||||||||
The 2020 Omnibus Securities and Incentive Plan, Second Issuance [Member] | Restricted Stock [Member] | Independent Director [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 3,990 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 1.67 | ||||||||
Share-based Payment Arrangement, Expense | 6,660 | 6,660 | |||||||
The 2020 Omnibus Securities and Incentive Plan [Member] | Restricted Stock [Member] | |||||||||
Share-based Payment Arrangement, Expense | 80 | 150 | |||||||
The 2020 Omnibus Securities and Incentive Plan [Member] | Restricted Stock [Member] | Independent Director [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 30 | ||||||||
Share-based Payment Arrangement, Expense | $ 20 | $ 50 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 3.13 | ||||||||
The 2015 Omnibus Securities and Incentive Plan [Member] | Restricted Stock [Member] | Management and Employees [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,630 | ||||||||
Share-based Payment Arrangement, Expense | $ 10 | $ 1,910 |
Note 23 - Share-based Compens_4
Note 23 - Share-based Compensation Expenses - Share-based Compensation Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation expenses | $ 6,757 | $ 68 | $ 6,857 | $ 1,987 |
Selling and Marketing Expense [Member] | ||||
Share-based Compensation expenses | 0 | 0 | 0 | 122 |
General and Administrative Expense [Member] | ||||
Share-based Compensation expenses | 6,757 | 68 | 6,857 | 1,719 |
Research and Development Expense [Member] | ||||
Share-based Compensation expenses | $ 0 | $ 0 | $ 0 | $ 146 |
Note 23 - Share-based Compens_5
Note 23 - Share-based Compensation Expenses - Options Issued and Outstanding (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Options outstanding, number of underlying shares (in shares) | 277,976 | |
Options outstanding, weighted average remaining contractual life (Year) | 4 months 28 days | 10 months 28 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 3 | |
Option exercisable, number of underlying shares (in shares) | 277,976 | |
Option exercisable, weighted average remaining contractual life (Year) | 4 months 28 days | 10 months 28 days |
Option exercisable, weighted average exercise price (in dollars per share) | $ 3 | |
Options outstanding, granted/vested (in shares) | 0 | |
Options outstanding, expired (in shares) | 0 | |
Options outstanding, exercised (in shares) | 0 | |
Options outstanding, number of underlying shares (in shares) | 277,976 | 277,976 |
Options outstanding, weighted average exercise price (in dollars per share) | $ 3 | $ 3 |
Option exercisable, number of underlying shares (in shares) | 277,976 | 277,976 |
Option exercisable, weighted average exercise price (in dollars per share) | $ 3 | $ 3 |
Note 24 - Subsequent Events (De
Note 24 - Subsequent Events (Details Textual) - Subsequent Event [Member] | 1 Months Ended |
Jul. 31, 2021shares | |
Shares Issued, Shares, Settlement of Warrants (in shares) | 40,000 |
Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | |
Warrants or Rights, Settled (in shares) | 129,000 |