Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 16, 2022 | |
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 | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 $0.001 | |
Trading Symbol | CNET | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 35,427,677 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Current assets | |||
Cash and cash equivalents * | [1] | $ 4,824 | $ 7,173 |
Accounts receivable, net of allowance for doubtful accounts of $2,245 and $2,236, respectively * | [1] | 3,611 | 3,439 |
Prepayment and deposit to suppliers * | [1] | 6,613 | 7,559 |
Due from related parties * | [1] | 78 | 90 |
Other current assets * | [1] | 3,173 | 1,657 |
Total current assets | 18,299 | 19,918 | |
Long-term investments * | [1] | 2,285 | 2,280 |
Operating lease right-of-use assets * | [1] | 1,968 | 2,019 |
Property and equipment, net * | [1] | 351 | 375 |
Intangible assets, net | 6,989 | 7,523 | |
Long-term deposits and prepayments | 76 | 75 | |
Deferred tax assets, net * | [1] | 445 | 441 |
Total Assets | 30,413 | 32,631 | |
Current liabilities: | |||
Accounts payable | [1] | 751 | 1,119 |
Advances from customers * | [1] | 1,047 | 1,245 |
Accrued payroll and other accruals* | [1] | 323 | 389 |
Taxes payable* | [1] | 3,555 | 3,534 |
Operating lease liabilities* | [1] | 210 | 202 |
Lease payment liabilities related to short-term leases * | [1] | 111 | 152 |
Other current liabilities* | [1] | 138 | 141 |
Warrant liabilities | 1,244 | 2,039 | |
Total current liabilities | 7,379 | 8,821 | |
Long-term liabilities: | |||
Operating lease liabilities-Non current | [1] | 1,853 | 1,907 |
Long-term borrowing from a related party | 138 | 137 | |
Total Liabilities | 9,370 | 10,865 | |
Commitments and contingencies | |||
Equity: | |||
Common stock (US$0.001 par value; authorized 100,000,000 shares; issued and outstanding 35,427,677 shares and 35,332,677 shares at March 31, 2022 and December 31, 2021, respectively) | 35 | 35 | |
Additional paid-in capital | 61,801 | 61,785 | |
Statutory reserves | 2,598 | 2,598 | |
Accumulated deficit | (44,451) | (43,734) | |
Accumulated other comprehensive income | 1,060 | 1,082 | |
Total ZW Data Action Technologies Inc.’s stockholders’ equity | 21,043 | 21,766 | |
Total equity | 21,043 | 21,766 | |
Total Liabilities and Equity | $ 30,413 | $ 32,631 | |
[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 Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Accounts receivable, allowance for doubtful account | [1] | $ 2,245 | $ 2,236 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | |
Common stock, shares issued (in shares) | 35,427,677 | 35,332,677 | |
Common stock, shares outstanding (in shares) | 35,427,677 | 35,332,677 | |
[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)/Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | $ 7,652 | $ 8,396 |
Cost of revenues | 7,518 | 9,113 |
Gross profit/(loss) | 134 | (717) |
Operating expenses | ||
Sales and marketing expenses | 69 | 28 |
General and administrative expenses | 1,548 | 996 |
Research and development expenses | 68 | 74 |
Total operating expenses | 1,685 | 1,098 |
Loss from operations | (1,551) | (1,815) |
Other income/(expenses) | ||
Interest income | 46 | 1 |
Other expenses, net | (9) | (24) |
Change in fair value of warrant liabilities | 795 | 2,507 |
Total other income | 832 | 2,484 |
(Loss)/income before income tax benefit and noncontrolling interests | (719) | 669 |
Income tax benefit | 2 | 18 |
Net (loss)/income | (717) | 687 |
Net income attributable to noncontrolling interests | 0 | (2) |
Net (loss)/income attributable to ZW Data Action Technologies Inc. | (717) | 685 |
Net (loss)/income | (717) | 687 |
Foreign currency translation loss | (22) | (19) |
Comprehensive (loss)/income | (739) | 668 |
Comprehensive income attributable to noncontrolling interests | 0 | (2) |
Comprehensive (loss)/income attributable to ZW Data Action Technologies Inc. | $ (739) | $ 666 |
(Loss)/earnings per common share | ||
Basic and diluted (in dollars per share) | $ (0.02) | $ 0.02 |
Weighted average number of common shares outstanding: | ||
Basic and diluted (in shares) | 35,354,954 | 28,505,181 |
Unrelated Parties [Member] | ||
Revenues | $ 7,652 | $ 8,396 |
Related Parties [Member] | ||
Revenues | $ 0 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities | ||
Net (loss)/income | $ (717) | $ 687 |
Adjustments to reconcile net (loss)/income to net cash used in operating activities | ||
Depreciation and amortization | 554 | 112 |
Amortization of operating lease right-of-use assets | 60 | 36 |
Share-based compensation expenses | 56 | 100 |
Deferred taxes | (2) | (18) |
Change in fair value of warrant liabilities | (795) | (2,507) |
Other non-operating income | (45) | 0 |
Changes in operating assets and liabilities | ||
Accounts receivable | (159) | 700 |
Prepayment and deposit to suppliers | 914 | (2,630) |
Other current assets | 13 | 7 |
Long-term deposits and prepayments | 0 | (794) |
Accounts payable | (373) | 628 |
Advances from customers | (203) | 169 |
Accrued payroll and other accruals | 66 | 188 |
Other current liabilities | (36) | 25 |
Taxes payable | 7 | (18) |
Lease payment liability related to short-term leases | (42) | (1) |
Operating lease liabilities | (56) | (14) |
Net cash used in operating activities | (890) | (3,706) |
Cash flows from investing activities | ||
Cash effect of deconsolidation of VIEs’ subsidiaries | 0 | (8) |
Investments and advances to ownership investee entities | 0 | (385) |
Repayment from ownership investee entities | 13 | 0 |
Short-term loan to unrelated parties | (2,500) | (312) |
Repayment of short-term loan from unrelated parties | 1,029 | 0 |
Payment for purchase of software technologies | 0 | (1,160) |
Net cash used in investing activities | (1,458) | (1,865) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock and warrant (net of cash offering cost of US$1,600) | 0 | 17,111 |
Net cash provided by financing activities | 0 | 17,111 |
Effect of exchange rate fluctuation on cash and cash equivalents | (1) | (52) |
Net (decrease)/increase in cash and cash equivalents | (2,349) | 11,488 |
Cash and cash equivalents at beginning of the period | 7,173 | 4,297 |
Cash and cash equivalents at end of the period | 4,824 | 15,785 |
Supplemental disclosure of cash flow information | ||
Income taxes paid | 0 | 0 |
Interest expense paid | $ 0 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Issuance of common stock, cost | $ 1.6 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Share-Based Payment Arrangement, Employee [Member]Common Stock [Member] | Share-Based Payment Arrangement, Employee [Member]Additional Paid-in Capital [Member] | Share-Based Payment Arrangement, Employee [Member] | 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) at Dec. 31, 2020 | 26,062,915 | |||||||||
Balance at Dec. 31, 2020 | $ 26 | $ 49,772 | $ 2,598 | $ (40,980) | $ 1,129 | $ (66) | $ 12,479 | |||
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 | $ 23 | |||||||
Net income (loss) for the period | $ 0 | 0 | 0 | 685 | 0 | 2 | 687 | |||
Foreign currency translation adjustment | (19) | 0 | (19) | |||||||
Issuance of common stock for private placement (in shares) | 5,212,000 | |||||||||
Issuance of common stock for private placement, net | $ 5 | 5,185 | 5,190 | |||||||
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, 2021 | 35,332,677 | |||||||||
Balance at Dec. 31, 2021 | $ 35 | 61,785 | 2,598 | (43,734) | 1,082 | 21,766 | 21,766 | |||
Share-based compensation in exchange for services from employees and directors (in shares) | 95,000 | |||||||||
Share-based compensation in exchange for services from employees and directors | $ 0 | $ 16 | ||||||||
Net income (loss) for the period | $ 0 | 0 | 0 | (717) | 0 | (717) | (717) | |||
Foreign currency translation adjustment | (22) | (22) | (22) | |||||||
Balance (in shares) at Mar. 31, 2022 | 35,427,677 | |||||||||
Balance at Mar. 31, 2022 | $ 35 | $ 61,801 | $ 2,598 | $ (44,451) | $ 1,060 | $ 21,043 | $ 21,043 |
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 | $ 10,476 |
Private Placement Agent Costs [Member] | Private Placement [Member] | |
Proceeds allocated to warrant liabilities | 1,445 |
Investor Costs [Member] | |
Direct offering costs | 3,045 |
Cash Offering Costs [Member] | |
Direct offering costs | 1,600 |
Proceeds allocated to warrant liabilities | $ 10,919 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Operations | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Organization and nature of operations ZW Data Action Technologies 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 | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Variable Interest Entities Disclosure [Text Block] | 2. Variable interest entities To satisfy PRC laws and regulations, the Company conducts certain business in the PRC through its PRC subsidiaries and operating entities (the “VIEs”). Summarized below is the information related to the VIEs’ assets and liabilities reported in the Company’s condensed consolidated balance sheets as of March 31, 2022 December 31, 2021, March 31, 2022 December 31, 2021 US$( 000) US$( 000) (Unaudited) Assets Current assets: Cash and cash equivalents $ 873 $ 181 Accounts receivable, net 3,285 2,796 Prepayment and deposit to suppliers 4,329 5,287 Due from related parties 78 90 Other current assets 3 4 Total current assets 8,568 8,358 Long-term investments 498 496 Operating lease right-of-use assets 19 21 Property and equipment, net 157 168 Deferred tax assets, net 445 441 Total Assets $ 9,687 $ 9,484 Liabilities Current liabilities: Accounts payable $ 751 $ 1,119 Advances from customers 936 1,113 Accrued payroll and other accruals 79 83 Taxes payable 2,868 2,849 Operating lease liabilities 9 9 Lease payment liabilities related to short-term leases 111 110 Other current liabilities 51 53 Total current liabilities 4,805 5,336 Operating lease liabilities-Non current - 10 Total Liabilities $ 4,805 $ 5,346 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)/income for the three March 31, 2022 2021, Three Months Ended March 31, 2022 2021 US$( 000) US$( 000) (Unaudited) (Unaudited) Revenues $ 7,198 $ 7,947 Cost of revenues (7,518 ) (8,738 ) Total operating expenses (259 ) (390 ) Net loss before allocation to noncontrolling interests (585 ) (1,281 ) |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 three March 31, 2022 2021 10 December 31, 2021, “2021 10 April 15, 2022. 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 March 31, 2022, three March 31, 2022 2021, three March 31, 2022 2021, 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: March 31, 2022 December 31, 2021 Balance sheet items, except for equity accounts 6.3482 6.3757 Three Months Ended March 31, 2022 2021 Items in the statements of operations and comprehensive income/(loss) 6.3504 6.4844 No e) Fair value measurement Liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2022 December 31, 2021 Fair value measurement at reporting date using As of March 31, 2022 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 15) 1,244 - - 1,244 Fair value measurement at reporting date using As of December 31, 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) Warrant liabilities (Note 15) 2,039 - - 2,039 f) Revenue recognition The following tables present the Company’s revenues disaggregated by products and services and timing of revenue recognition: Three Months Ended March 31, 2022 2021 US$( 000) US$( 000) (Unaudited) (Unaudited) Internet advertising and related services --distribution of the right to use search engine marketing service 6,594 6,865 --online advertising placements 1,058 1,402 Ecommerce O2O advertising and marketing services - 129 Total revenues 7,652 8,396 Three Months Ended March 31, 2022 2021 US$( 000) US$( 000) (Unaudited) (Unaudited) Revenue recognized over time 7,652 8,396 Revenue recognized at a point in time - - Total revenues 7,652 8,396 Contract costs For the three March 31, 2022 2021, not Contract balances The table below summarized the movement of the Company’s contract liabilities (advance from customers) for the three March 31, 2022: Contract liabilities US$( 000) Balance as of January 1, 2022 1,245 Exchange translation adjustment 5 Revenue recognized from beginning contract liability balance (971 ) Advances received from customers related to unsatisfied performance obligations 768 Balance as of March 31, 2022 (Unaudited) 1,047 Advance from customers related to unsatisfied performance obligations are generally refundable. Refund of advance from customers were insignificant for both the three March 31, 2022 2021. For the three March 31, 2022 2021, 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 three March 31, 2022 2021 US$0.07 h) Lease As of March 31, 2022, US$1.97 US$2.06 Maturity of operating lease liabilities Operating leases US$( 000) (Unaudited) Nine months ending December 31, 2022 235 Year ending December 31, -2023 337 -2024 343 -2025 360 -2026 378 -2027 397 -thereafter 489 Total undiscounted lease payments 2,539 Less: imputed interest (476 ) Total operating lease liabilities as of March 31, 2022 2,063 Including: Operating lease liabilities 210 Operating lease liabilities-Non current 1,853 2,063 Operating lease expenses: Three Months Ended March 31, 2022 2021 US$( 000) US$( 000) (Unaudited) (Unaudited) Long-term operating lease contracts 90 37 Short-term operating lease contracts 15 15 Total 105 52 Supplemental information related to operating leases : Three Month Ended March 31, 2022 (Unaudited) Operating cash flows used for operating leases (US$’000) 86 Right-of-use assets obtained in exchange for new lease liabilities (US$’000) - Weighted-average remaining lease term (years) 6.90 Weighted-average discount rate 6 % |
Note 4 - Accounts Receivable, N
Note 4 - Accounts Receivable, Net | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Accounts Receivable Disclosure [Text Block] | 4. Accounts receivable, net March 31, 2022 December 31, 2021 US$( 000) US$( 000) (Unaudited) Accounts receivable 5,856 5,675 Allowance for doubtful accounts (2,245 ) (2,236 ) Accounts receivable, net 3,611 3,439 All of the accounts receivable are non-interest bearing. Based on the assessment of the collectability of the accounts receivable as of March 31, 2022 December 31, 2021, US$ 2.2 six six three March 31, 2022 2021. |
Note 5 - Prepayments and Deposi
Note 5 - Prepayments and Deposit to Suppliers | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Prepayments and Deposits to Suppliers Disclosure [Text Block] | 5. Prepayments and deposit to suppliers March 31, 2022 December 31, 2021 US$( 000) US$( 000) (Unaudited) Deposits to advertising resources providers 633 934 Prepayments to advertising resources providers 4,579 5,185 Deposit and prepayment for other investing contracts 1,000 1,000 Other deposits and prepayments 401 440 6,613 7,559 |
Note 6 - Due From Related Parti
Note 6 - Due From Related Parties, Net | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Due from Related Parties Disclosure [Text Block] | 6. Due from related parties, net March 31, 2022 December 31, 2021 US$( 000) US$( 000) (Unaudited) Zhongwang Xiyue Technology (Beijing) Co., Ltd. (“Zhongwang Xiyue”) 63 62 Guangzhou Gong Xiang Technology Co., Ltd. (“Gong Xiang Technology”) 15 28 Due from related parties, net 78 90 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 March 31, 2022 December 31, 2021, As of March 31, 2022, December 31, 2022. |
Note 7 - Other Current Assets
Note 7 - Other Current Assets | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | 7. Other current assets, net As of March 31, 2022, US$3.12 US$1.02 April 2022, US$0.05 one April 2022. December 31, 2022. |
Note 8 - Long-term Investments
Note 8 - Long-term Investments | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 8. Long-term investments Amount US$( 000) Balance as of January 1, 2022 2,280 Exchange translation adjustment 5 Cash investments during the year - Disposed during the year - Balance as of March 31, 2022 (Unaudited) 2,285 As of March 31, 2022, 15.38%, 10%, 9.09%,15%, 17% 19% The Company measures each investment which does not |
Note 9 - Property and Equipment
Note 9 - Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 9. Property and equipment, net March 31, 2022 December 31, 2021 US$( 000) US$( 000) (Unaudited) Vehicles 937 933 Office equipment 948 944 Electronic devices 632 629 Leasehold improvement 203 202 Property and equipment, cost 2,720 2,708 Less: accumulated depreciation (2,369 ) (2,333 ) Property and equipment, net 351 375 Depreciation expenses for the three March 31, 2022 2021 US$0.03 US$0.001 |
Note 10 - Intangible Assets, Ne
Note 10 - Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 10. Intangible assets, net As of March 31, 2022 (Unaudited) Items Gross Carrying Value Accumulated Amortization Impairment Net Carrying Value US$( 000) US$( 000) US$( 000) US$( 000) Intangible assets subject to amortization: -- 10 Cloud compute software technology 1,462 (1,014 ) (448 ) - Licensed products use right 1,201 (285 ) - 916 -- 5 Internet Ad tracking system 1,155 (229 ) - 926 Live streaming technology 1,500 (400 ) - 1,100 -- 3 Blockchain integrated framework 4,038 (337 ) - 3,701 Bo!News application 378 (32 ) - 346 Other computer software 123 (123 ) - - Total $ 9,857 $ (2,420 ) $ (448 ) $ 6,989 As of December 31, 2021 Items Gross Carrying Value Accumulated Amortization Impairment Net Carrying Value US$( 000) US$( 000) US$( 000) US$( 000) Intangible assets subject to amortization: -- 10 Cloud compute software technology 1,456 (1,010 ) (446 ) - Licensed products use right 1,205 (255 ) - 950 -- 5 Internet Ad tracking system 1,158 (174 ) - 984 Live streaming technology 1,500 (325 ) - 1,175 -- 3 Blockchain integrated framework 4,038 - 4,038 Bo!News application 376 - - 376 Other computer software 123 (123 ) - - Total 9,856 (1,887 ) (446 ) 7,523 Amortization expenses for the three March 31, 2022 2021 US$0.53 US$0.11 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 3.69 years as of March 31, 2022, no US$1.59 December 31, 2022, US$ 2.12 December 31, 2023 2024, US$0.63 December 31, 2025, US$0.18 December 31, 2026, US$0.12 December 31, 2027. |
Note 11 - Long-term Deposits an
Note 11 - Long-term Deposits and Prepayment | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Long-term Prepayments [Text Block] | 11. Long-term deposits and prepayments As of March 31, 2022 December 31, 2021, not one |
Note 12 - Accrued Payroll and O
Note 12 - Accrued Payroll and Other Accruals | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 12. Accrued payroll and other accruals March 31, 2022 December 31, 2021 US$( 000) US$( 000) (Unaudited) Accrued payroll and staff welfare 138 142 Accrued operating expenses 185 247 323 389 |
Note 13 - Taxation
Note 13 - Taxation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Taxation As of March 31, 2022 December 31, 2021, March 31, 2022 December 31, 2021 US$( 000) US$( 000) (Unaudited) Turnover tax and surcharge payable 1,427 1,414 Enterprise income tax payable 2,128 2,120 Total taxes payable 3,555 3,534 For the three March 31, 2022 2021, Three Months Ended March 31, 2022 2021 US$( 000) US$( 000) (Unaudited) (Unaudited) Current - - Deferred 2 18 Income tax benefit 2 18 The Company’s deferred tax assets as of March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 US$( 000) US$( 000) (Unaudited) Tax effect of net operating losses carried forward 12,471 12,130 Operating lease cost 26 23 Bad debts provision 561 559 Valuation allowance (12,613 ) (12,271 ) Deferred tax assets, net 445 441 The U.S. holding company has incurred aggregate net operating losses (NOLs) of approximately US$31.5 US$31.0 March 31, 2022 December 31, 2021, 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$19.3 US$18.3 March 31, 2022 December 31, 2021, 2027. The Company recorded approximately US$12.6 US$12.3 March 31, 2022 December 31, 2021, not not For the three March 31, 2022 2021, US$0.32 US$0.31 |
Note 14 - Long-term Borrowing F
Note 14 - Long-term Borrowing From a Related Party | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Long-Term Borrowing from Director Disclosure [Text Block] | 14. Long-term borrowing from a related party Long-term borrowing from a related party is a non-interest bearing loan from a related party of the Company relating to the original paid-in capital contribution in the Company’s wholly-owned subsidiary, Rise King Century Technology Development (Beijing) Co., Ltd. (“Rise King WFOE”), which is not one |
Note 15 - Warrant Liabilities
Note 15 - Warrant Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Warrants Disclosure [Text Block] | 15. 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 ( “2021 December 2020 ( “2020 January 2018 ( “2018 Warrants issued in the 2021 2021 Investor Warrants 2021 Placement Agent Warrants March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Stock price $ 0.73 $ 1.00 $ 0.73 $ 1.00 Years to maturity 2.38 2.63 2.38 2.63 Risk-free interest rate 2.35 % 0.87 % 2.35 % 0.87 % Dividend yield - - - - Expected volatility 121 % 115 % 121 % 115 % Exercise Price $ 3.59 $ 3.59 $ 4.4875 $ 4.4875 Fair value of the warrant $ 0.24 $ 0.37 $ 0.23 $ 0.36 Warrant liabilities (US$’000) $ 626 $ 964 $ 84 $ 132 2021 Investor Warrants 2021 Placement Agent Warrants March 31, 2021 February 18, 2021 * March 31, 2021 February 18, 2021 * Stock price $ 2.64 $ 4.48 $ 2.64 $ 4.48 Years to maturity 3.38 3.50 3.38 3.50 Risk-free interest rate 0.41 % 0.26 % 0.41 % 0.26 % Dividend yield - - - - Expected volatility 168 % 168 % 168 % 168 % Exercise Price $ 3.59 $ 3.59 $ 4.4875 $ 4.4875 Fair value of the warrant $ 2.28 $ 4.02 $ 2.24 $ 3.96 Warrant liabilities (US$’000) $ 5,942 $ 10,476 $ 817 $ 1,445 * Closing date of the 2021 Warrants issued in the 2020 2020 Investor Warrants 2020 Placement Agent Warrants March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Stock price $ 0.73 $ 1.00 $ 0.73 $ 1.00 Years to maturity 1.70 1.95 1.70 1.95 Risk-free interest rate 2.23 % 0.72 % 2.23 % 0.72 % Dividend yield - - - - Expected volatility 127 % 128 % 127 % 128 % Exercise Price $ 2.03 $ 2.03 $ 2.03 $ 2.03 Fair value of the warrant $ 0.26 $ 0.46 $ 0.28 $ 0.49 Warrant liabilities (US$’000) $ 449 $ 795 $ 85 $ 148 2020 Investor Warrants 2020 Placement Agent Warrants March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Stock price $ 2.64 $ 1.35 $ 2.64 $ 1.35 Years to maturity 2.70 2.95 2.70 2.95 Risk-free interest rate 0.29 % 0.17 % 0.29 % 0.17 % Dividend yield - - - - Expected volatility 120 % 102 % 120 % 102 % Exercise Price $ 2.03 $ 2.03 $ 2.03 $ 2.03 Fair value of the warrant $ 1.95 $ 0.74 $ 1.95 $ 0.74 Warrant liabilities (US$’000) $ 3,370 $ 1,279 $ 590 $ 224 Warrants issued in the 2018 2018 Placement Agent Warrants * As of March 31, 2021 As of December 31, 2020 Stock price $ 2.64 $ 1.35 Years to maturity 0.30 0.05 Risk-free interest rate 0.03 % 0.08 % Dividend yield - - Expected volatility 206% 59 % Exercise Price $ 1.4927 $ 1.4927 Fair value of the warrant $ 1.55 $ 0.02 Warrant liabilities (US$’000) $ 200 $ 2 * The investor warrants issued in the 2018 Financing expired in July 2020. 2018 Financing were cashless exercised in July 2021. Changes in fair value of warrant liabilities Three Months Ended March 31, 2022 ( As of As of Change in Fair Value (US$ 000) (US$ 000) (US$ 000) Fair value of the Warrants: Warrants issued in the 2021 Financing: --Investor Warrants 626 964 (338 ) --Placement Agent Warrants 84 132 (48 ) Warrants issued in the 2020 Financing: --Investor Warrants 449 795 (346 ) --Placement Agent Warrants 85 148 (63 ) Warrant liabilities 1,244 2,039 (795 ) Three Months Ended March 31, 2021 ( As of March 31, As of February 18, As of December 31, Change in Fair Value (gain)/loss (US$ 000) (US$ 000) (US$ 000) (US$ 000) Fair value of the Warrants: Warrants issued in the 2021 Financing: --Investor Warrants 5,942 10,476 * (4,534 ) --Placement Agent Warrants 817 1,445 * (628 ) Warrants issued in the 2020 Financing: --Investor Warrants 3,370 * 1,279 2,091 --Placement Agent Warrants 590 * 224 366 Warrants issued in the 2018 Financing: --Placement Agent Warrants 200 * 2 198 Warrant liabilities 10,919 11,921 1,505 (2,507 ) * Not Warrants issued and outstanding as of March 31, 2022 three Warrant Outstanding Warrant Exercisable Number of Weighted Weighted Number of Weighted Weighted Balance, January 1, 2022 5,001,705 2.36 $ 3.02 5,001,705 2.36 $ 3.02 Granted/Vested - - Exercised - - Balance, March 31, 2022 (Unaudited) 5,001,705 2.11 $ 3.02 5,001,705 2.11 $ 3.02 |
Note 16 - Restricted Net Assets
Note 16 - Restricted Net Assets | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | 16. 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 March 31, 2022 December 31, 2021, US$15.2 US$13.2 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 the 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 17 - Employee Defined Cont
Note 17 - Employee Defined Contribution Plan | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 17. 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 and VIEs 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$0.07 US$0.05 three March 31, 2022 2021, |
Note 18 - Concentration of Risk
Note 18 - Concentration of Risk | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 18. 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 loans to unrelated parties. As of Mach 31, 2022, Concentration of customers The following tables summarized the information about the Company’s concentration of customers for the three March 31, 2022 2021, Customer Customer Customer Customer Customer Three Months Ended March 31, 2022 Revenues, customer concentration risk 13% - * - * Three Months Ended March 31, 2021 Revenues, customer concentration risk * 18% * * * As of March 31, 2022 Accounts receivable, customer concentration risk 44% - 29% * * As of December 31, 2021 Accounts receivable, customer concentration risk 33% - 32% 19% 11% * Less than 10%. - No Concentration of suppliers The following tables summarized the information about the Company’s concentration of suppliers for the three March 31, 2022 2021, Supplier A Supplier B Three Months Ended March 31, 2022 Cost of revenues, supplier concentration risk 60% 22% Three Months Ended March 31, 2021 Cost of revenues, supplier concentration risk 52% 30% |
Note 19 - Commitments and Conti
Note 19 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 19. Commitments and contingencies In 2021, RMB5.0 US$0.79 November 2021, first RMB2.0 US$0.32 RMB3.0 US$0.47 December 31, 2022. The Company is currently not not may |
Note 20 - Segment Reporting
Note 20 - Segment Reporting | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 20. Segment reporting The Company follows ASC Topic 280 Three Months Ended March 31, 2022 ( Internet Ad and related Ecommerce Blockchain Corporate Inter- Total US$(‘000) US$(‘000) US$(‘000) US$(‘000) US$(‘000) US$(‘000) Revenues 7,652 - - - - 7,652 Cost of revenues 7,518 - - - - 7,518 Total operating expenses 288 329 368 700 (1) - 1,685 Depreciation and amortization expense included in total operating expenses 89 75 368 22 - 554 Operating loss (154 ) (329 ) (368 ) (700 ) - (1,551 ) Change in fair value of warrant liabilities - - - 795 - 795 Net (loss)/income (167 ) (328 ) (368 ) 146 (717 ) Total assets-March 31, 2022 12,666 1,594 4,048 42,659 (30,554 ) 30,413 Total assets-December 31, 2021 12,150 2,236 4,414 44,328 (30,497 ) 32,631 ( 1 Including approximately US$0.06 Three Months Ended March 31, 2021 ( Internet Ad and related Ecommerce Blockchain Corporate Inter- Total US$(‘000) US$(‘000) US$(‘000) US$(‘000) US$(‘000) US$(‘000) Revenues 8,267 129 - - - 8,396 Cost of revenues 8,738 375 - - - 9,113 Total operating expenses 383 203 1 511 (1) - 1,098 Depreciation and amortization expense included in total operating expenses 35 75 1 1 - 112 Operating loss (854 ) (449 ) (1 ) (511 ) - (1,815 ) Change in fair value of warrant liabilities - - - 2,507 - 2,507 Net (loss)/income (954 ) (449 ) (1 ) 2,091 687 Expenditure for long-term assets 1,160 - - - - 1,160 ( 1 Including approximately US$0.10 |
Note 21 - (Loss) Earnings Per S
Note 21 - (Loss) Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 21. (Loss)/earnings per share Basic and diluted (loss)/earnings per share for each of the periods presented are calculated as follows (All amounts, except number of shares and per share data, are presented in thousands of U.S. dollars): Three Months Ended March 31, 2022 2021 US$( 000) US$( 000) (Unaudited) (Unaudited) Net (loss)/income attributable to ZW Data Action Technologies Inc. (numerator for basic and diluted income/(loss) per share) $ (717 ) $ 685 Weighted average number of common shares outstanding -Basic and diluted 35,354,954 28,505,181 (Loss)/earnings per share -Basic and diluted $ (0.02 ) $ 0.02 For the three March 31, 2022 2021, not |
Note 22 - Share-based Compensat
Note 22 - Share-based Compensation Expenses | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 22. Share-based compensation expenses In March 2022, 2020 two December 31, 2022. three March 31, 2022 US$0.02 For the three March 31, 2022, US$0.04 one March 2020. The table below summarized share-based compensation expenses recorded for the three March 31, 2022 2021, Three Months Ended March 31, 2022 2021 US$( 000) US$( 000) (Unaudited) (Unaudited) Sales and marketing expenses - - General and administrative expenses 56 100 Research and development expenses - - Total 56 100 The aggregate unrecognized share-based compensation expenses as of March 31, 2022 US$0.05 December 31, 2022. |
Note 23 - Subsequent Events
Note 23 - Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 23. Subsequent event The Company primarily conducts its operations in the PRC. In January 2020, 19 first 2020. 19 19 19 may may 19 second 2020, 19 no 19 Except for the above mentioned matters, there is no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 three March 31, 2022 2021 10 December 31, 2021, “2021 10 April 15, 2022. 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 March 31, 2022, three March 31, 2022 2021, three March 31, 2022 2021, 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: March 31, 2022 December 31, 2021 Balance sheet items, except for equity accounts 6.3482 6.3757 Three Months Ended March 31, 2022 2021 Items in the statements of operations and comprehensive income/(loss) 6.3504 6.4844 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 March 31, 2022 December 31, 2021 Fair value measurement at reporting date using As of March 31, 2022 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 15) 1,244 - - 1,244 Fair value measurement at reporting date using As of December 31, 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) Warrant liabilities (Note 15) 2,039 - - 2,039 |
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: Three Months Ended March 31, 2022 2021 US$( 000) US$( 000) (Unaudited) (Unaudited) Internet advertising and related services --distribution of the right to use search engine marketing service 6,594 6,865 --online advertising placements 1,058 1,402 Ecommerce O2O advertising and marketing services - 129 Total revenues 7,652 8,396 Three Months Ended March 31, 2022 2021 US$( 000) US$( 000) (Unaudited) (Unaudited) Revenue recognized over time 7,652 8,396 Revenue recognized at a point in time - - Total revenues 7,652 8,396 Contract costs For the three March 31, 2022 2021, not Contract balances The table below summarized the movement of the Company’s contract liabilities (advance from customers) for the three March 31, 2022: Contract liabilities US$( 000) Balance as of January 1, 2022 1,245 Exchange translation adjustment 5 Revenue recognized from beginning contract liability balance (971 ) Advances received from customers related to unsatisfied performance obligations 768 Balance as of March 31, 2022 (Unaudited) 1,047 Advance from customers related to unsatisfied performance obligations are generally refundable. Refund of advance from customers were insignificant for both the three March 31, 2022 2021. For the three March 31, 2022 2021, |
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 three March 31, 2022 2021 US$0.07 |
Lessee, Leases [Policy Text Block] | h) Lease As of March 31, 2022, US$1.97 US$2.06 Maturity of operating lease liabilities Operating leases US$( 000) (Unaudited) Nine months ending December 31, 2022 235 Year ending December 31, -2023 337 -2024 343 -2025 360 -2026 378 -2027 397 -thereafter 489 Total undiscounted lease payments 2,539 Less: imputed interest (476 ) Total operating lease liabilities as of March 31, 2022 2,063 Including: Operating lease liabilities 210 Operating lease liabilities-Non current 1,853 2,063 Operating lease expenses: Three Months Ended March 31, 2022 2021 US$( 000) US$( 000) (Unaudited) (Unaudited) Long-term operating lease contracts 90 37 Short-term operating lease contracts 15 15 Total 105 52 Supplemental information related to operating leases : Three Month Ended March 31, 2022 (Unaudited) Operating cash flows used for operating leases (US$’000) 86 Right-of-use assets obtained in exchange for new lease liabilities (US$’000) - Weighted-average remaining lease term (years) 6.90 Weighted-average discount rate 6 % |
Note 2 - Variable Interest En_2
Note 2 - Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | March 31, 2022 December 31, 2021 US$( 000) US$( 000) (Unaudited) Assets Current assets: Cash and cash equivalents $ 873 $ 181 Accounts receivable, net 3,285 2,796 Prepayment and deposit to suppliers 4,329 5,287 Due from related parties 78 90 Other current assets 3 4 Total current assets 8,568 8,358 Long-term investments 498 496 Operating lease right-of-use assets 19 21 Property and equipment, net 157 168 Deferred tax assets, net 445 441 Total Assets $ 9,687 $ 9,484 Liabilities Current liabilities: Accounts payable $ 751 $ 1,119 Advances from customers 936 1,113 Accrued payroll and other accruals 79 83 Taxes payable 2,868 2,849 Operating lease liabilities 9 9 Lease payment liabilities related to short-term leases 111 110 Other current liabilities 51 53 Total current liabilities 4,805 5,336 Operating lease liabilities-Non current - 10 Total Liabilities $ 4,805 $ 5,346 |
Financial Performance of VIEs [Table Text Block] | Three Months Ended March 31, 2022 2021 US$( 000) US$( 000) (Unaudited) (Unaudited) Revenues $ 7,198 $ 7,947 Cost of revenues (7,518 ) (8,738 ) Total operating expenses (259 ) (390 ) Net loss before allocation to noncontrolling interests (585 ) (1,281 ) |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Foreign Currency Exchange Rates [Table Text Block] | March 31, 2022 December 31, 2021 Balance sheet items, except for equity accounts 6.3482 6.3757 Three Months Ended March 31, 2022 2021 Items in the statements of operations and comprehensive income/(loss) 6.3504 6.4844 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair value measurement at reporting date using As of March 31, 2022 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 15) 1,244 - - 1,244 Fair value measurement at reporting date using As of December 31, 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) Warrant liabilities (Note 15) 2,039 - - 2,039 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2022 2021 US$( 000) US$( 000) (Unaudited) (Unaudited) Internet advertising and related services --distribution of the right to use search engine marketing service 6,594 6,865 --online advertising placements 1,058 1,402 Ecommerce O2O advertising and marketing services - 129 Total revenues 7,652 8,396 Three Months Ended March 31, 2022 2021 US$( 000) US$( 000) (Unaudited) (Unaudited) Revenue recognized over time 7,652 8,396 Revenue recognized at a point in time - - Total revenues 7,652 8,396 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract liabilities US$( 000) Balance as of January 1, 2022 1,245 Exchange translation adjustment 5 Revenue recognized from beginning contract liability balance (971 ) Advances received from customers related to unsatisfied performance obligations 768 Balance as of March 31, 2022 (Unaudited) 1,047 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating leases US$( 000) (Unaudited) Nine months ending December 31, 2022 235 Year ending December 31, -2023 337 -2024 343 -2025 360 -2026 378 -2027 397 -thereafter 489 Total undiscounted lease payments 2,539 Less: imputed interest (476 ) Total operating lease liabilities as of March 31, 2022 2,063 Including: Operating lease liabilities 210 Operating lease liabilities-Non current 1,853 2,063 |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2022 2021 US$( 000) US$( 000) (Unaudited) (Unaudited) Long-term operating lease contracts 90 37 Short-term operating lease contracts 15 15 Total 105 52 Three Month Ended March 31, 2022 (Unaudited) Operating cash flows used for operating leases (US$’000) 86 Right-of-use assets obtained in exchange for new lease liabilities (US$’000) - Weighted-average remaining lease term (years) 6.90 Weighted-average discount rate 6 % |
Note 4 - Accounts Receivable,_2
Note 4 - Accounts Receivable, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accounts Receivable [Table Text Block] | March 31, 2022 December 31, 2021 US$( 000) US$( 000) (Unaudited) Accounts receivable 5,856 5,675 Allowance for doubtful accounts (2,245 ) (2,236 ) Accounts receivable, net 3,611 3,439 |
Note 5 - Prepayments and Depo_2
Note 5 - Prepayments and Deposit to Suppliers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Prepayments and Deposit to Suppliers [Table Text Block] | March 31, 2022 December 31, 2021 US$( 000) US$( 000) (Unaudited) Deposits to advertising resources providers 633 934 Prepayments to advertising resources providers 4,579 5,185 Deposit and prepayment for other investing contracts 1,000 1,000 Other deposits and prepayments 401 440 6,613 7,559 |
Note 6 - Due From Related Par_2
Note 6 - Due From Related Parties, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Due From Related Parties [Member] | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | March 31, 2022 December 31, 2021 US$( 000) US$( 000) (Unaudited) Zhongwang Xiyue Technology (Beijing) Co., Ltd. (“Zhongwang Xiyue”) 63 62 Guangzhou Gong Xiang Technology Co., Ltd. (“Gong Xiang Technology”) 15 28 Due from related parties, net 78 90 |
Note 8 - Long-term Investments
Note 8 - Long-term Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Other Investments Not Readily Marketable [Table Text Block] | Amount US$( 000) Balance as of January 1, 2022 2,280 Exchange translation adjustment 5 Cash investments during the year - Disposed during the year - Balance as of March 31, 2022 (Unaudited) 2,285 |
Note 9 - Property and Equipme_2
Note 9 - Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Property and Equipment [Table Text Block] | March 31, 2022 December 31, 2021 US$( 000) US$( 000) (Unaudited) Vehicles 937 933 Office equipment 948 944 Electronic devices 632 629 Leasehold improvement 203 202 Property and equipment, cost 2,720 2,708 Less: accumulated depreciation (2,369 ) (2,333 ) Property and equipment, net 351 375 |
Note 10 - Intangible Assets, _2
Note 10 - Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Finite and Indefinite-Lived Intangible Assets [Table Text Block] | As of March 31, 2022 (Unaudited) Items Gross Carrying Value Accumulated Amortization Impairment Net Carrying Value US$( 000) US$( 000) US$( 000) US$( 000) Intangible assets subject to amortization: -- 10 Cloud compute software technology 1,462 (1,014 ) (448 ) - Licensed products use right 1,201 (285 ) - 916 -- 5 Internet Ad tracking system 1,155 (229 ) - 926 Live streaming technology 1,500 (400 ) - 1,100 -- 3 Blockchain integrated framework 4,038 (337 ) - 3,701 Bo!News application 378 (32 ) - 346 Other computer software 123 (123 ) - - Total $ 9,857 $ (2,420 ) $ (448 ) $ 6,989 As of December 31, 2021 Items Gross Carrying Value Accumulated Amortization Impairment Net Carrying Value US$( 000) US$( 000) US$( 000) US$( 000) Intangible assets subject to amortization: -- 10 Cloud compute software technology 1,456 (1,010 ) (446 ) - Licensed products use right 1,205 (255 ) - 950 -- 5 Internet Ad tracking system 1,158 (174 ) - 984 Live streaming technology 1,500 (325 ) - 1,175 -- 3 Blockchain integrated framework 4,038 - 4,038 Bo!News application 376 - - 376 Other computer software 123 (123 ) - - Total 9,856 (1,887 ) (446 ) 7,523 |
Note 12 - Accrued Payroll and_2
Note 12 - Accrued Payroll and Other Accruals (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2022 December 31, 2021 US$( 000) US$( 000) (Unaudited) Accrued payroll and staff welfare 138 142 Accrued operating expenses 185 247 323 389 |
Note 13 - Taxation (Tables)
Note 13 - Taxation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule Of Taxes Payable [Table Text Block] | March 31, 2022 December 31, 2021 US$( 000) US$( 000) (Unaudited) Turnover tax and surcharge payable 1,427 1,414 Enterprise income tax payable 2,128 2,120 Total taxes payable 3,555 3,534 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended March 31, 2022 2021 US$( 000) US$( 000) (Unaudited) (Unaudited) Current - - Deferred 2 18 Income tax benefit 2 18 |
Schedule Of Deferred Tax Assets [Table Text Block] | March 31, 2022 December 31, 2021 US$( 000) US$( 000) (Unaudited) Tax effect of net operating losses carried forward 12,471 12,130 Operating lease cost 26 23 Bad debts provision 561 559 Valuation allowance (12,613 ) (12,271 ) Deferred tax assets, net 445 441 |
Note 15 - Warrant Liabilities (
Note 15 - Warrant Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Warrant Liabilities [Table Text Block] | As of As of Change in Fair Value (US$ 000) (US$ 000) (US$ 000) Fair value of the Warrants: Warrants issued in the 2021 Financing: --Investor Warrants 626 964 (338 ) --Placement Agent Warrants 84 132 (48 ) Warrants issued in the 2020 Financing: --Investor Warrants 449 795 (346 ) --Placement Agent Warrants 85 148 (63 ) Warrant liabilities 1,244 2,039 (795 ) As of March 31, As of February 18, As of December 31, Change in Fair Value (gain)/loss (US$ 000) (US$ 000) (US$ 000) (US$ 000) Fair value of the Warrants: Warrants issued in the 2021 Financing: --Investor Warrants 5,942 10,476 * (4,534 ) --Placement Agent Warrants 817 1,445 * (628 ) Warrants issued in the 2020 Financing: --Investor Warrants 3,370 * 1,279 2,091 --Placement Agent Warrants 590 * 224 366 Warrants issued in the 2018 Financing: --Placement Agent Warrants 200 * 2 198 Warrant liabilities 10,919 11,921 1,505 (2,507 ) |
Schedule of Warrant Activity [Table Text Block] | Warrant Outstanding Warrant Exercisable Number of Weighted Weighted Number of Weighted Weighted Balance, January 1, 2022 5,001,705 2.36 $ 3.02 5,001,705 2.36 $ 3.02 Granted/Vested - - Exercised - - Balance, March 31, 2022 (Unaudited) 5,001,705 2.11 $ 3.02 5,001,705 2.11 $ 3.02 |
Warrant [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | 2021 Investor Warrants 2021 Placement Agent Warrants March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Stock price $ 0.73 $ 1.00 $ 0.73 $ 1.00 Years to maturity 2.38 2.63 2.38 2.63 Risk-free interest rate 2.35 % 0.87 % 2.35 % 0.87 % Dividend yield - - - - Expected volatility 121 % 115 % 121 % 115 % Exercise Price $ 3.59 $ 3.59 $ 4.4875 $ 4.4875 Fair value of the warrant $ 0.24 $ 0.37 $ 0.23 $ 0.36 Warrant liabilities (US$’000) $ 626 $ 964 $ 84 $ 132 2021 Investor Warrants 2021 Placement Agent Warrants March 31, 2021 February 18, 2021 * March 31, 2021 February 18, 2021 * Stock price $ 2.64 $ 4.48 $ 2.64 $ 4.48 Years to maturity 3.38 3.50 3.38 3.50 Risk-free interest rate 0.41 % 0.26 % 0.41 % 0.26 % Dividend yield - - - - Expected volatility 168 % 168 % 168 % 168 % Exercise Price $ 3.59 $ 3.59 $ 4.4875 $ 4.4875 Fair value of the warrant $ 2.28 $ 4.02 $ 2.24 $ 3.96 Warrant liabilities (US$’000) $ 5,942 $ 10,476 $ 817 $ 1,445 2020 Investor Warrants 2020 Placement Agent Warrants March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Stock price $ 0.73 $ 1.00 $ 0.73 $ 1.00 Years to maturity 1.70 1.95 1.70 1.95 Risk-free interest rate 2.23 % 0.72 % 2.23 % 0.72 % Dividend yield - - - - Expected volatility 127 % 128 % 127 % 128 % Exercise Price $ 2.03 $ 2.03 $ 2.03 $ 2.03 Fair value of the warrant $ 0.26 $ 0.46 $ 0.28 $ 0.49 Warrant liabilities (US$’000) $ 449 $ 795 $ 85 $ 148 2020 Investor Warrants 2020 Placement Agent Warrants March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Stock price $ 2.64 $ 1.35 $ 2.64 $ 1.35 Years to maturity 2.70 2.95 2.70 2.95 Risk-free interest rate 0.29 % 0.17 % 0.29 % 0.17 % Dividend yield - - - - Expected volatility 120 % 102 % 120 % 102 % Exercise Price $ 2.03 $ 2.03 $ 2.03 $ 2.03 Fair value of the warrant $ 1.95 $ 0.74 $ 1.95 $ 0.74 Warrant liabilities (US$’000) $ 3,370 $ 1,279 $ 590 $ 224 2018 Placement Agent Warrants * As of March 31, 2021 As of December 31, 2020 Stock price $ 2.64 $ 1.35 Years to maturity 0.30 0.05 Risk-free interest rate 0.03 % 0.08 % Dividend yield - - Expected volatility 206% 59 % Exercise Price $ 1.4927 $ 1.4927 Fair value of the warrant $ 1.55 $ 0.02 Warrant liabilities (US$’000) $ 200 $ 2 |
Note 18 - Concentration of Ri_2
Note 18 - Concentration of Risk (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Customer Customer Customer Customer Customer Three Months Ended March 31, 2022 Revenues, customer concentration risk 13% - * - * Three Months Ended March 31, 2021 Revenues, customer concentration risk * 18% * * * As of March 31, 2022 Accounts receivable, customer concentration risk 44% - 29% * * As of December 31, 2021 Accounts receivable, customer concentration risk 33% - 32% 19% 11% Supplier A Supplier B Three Months Ended March 31, 2022 Cost of revenues, supplier concentration risk 60% 22% Three Months Ended March 31, 2021 Cost of revenues, supplier concentration risk 52% 30% |
Note 20 - Segment Reporting (Ta
Note 20 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Internet Ad and related Ecommerce Blockchain Corporate Inter- Total US$(‘000) US$(‘000) US$(‘000) US$(‘000) US$(‘000) US$(‘000) Revenues 7,652 - - - - 7,652 Cost of revenues 7,518 - - - - 7,518 Total operating expenses 288 329 368 700 (1) - 1,685 Depreciation and amortization expense included in total operating expenses 89 75 368 22 - 554 Operating loss (154 ) (329 ) (368 ) (700 ) - (1,551 ) Change in fair value of warrant liabilities - - - 795 - 795 Net (loss)/income (167 ) (328 ) (368 ) 146 (717 ) Total assets-March 31, 2022 12,666 1,594 4,048 42,659 (30,554 ) 30,413 Total assets-December 31, 2021 12,150 2,236 4,414 44,328 (30,497 ) 32,631 Internet Ad and related Ecommerce Blockchain Corporate Inter- Total US$(‘000) US$(‘000) US$(‘000) US$(‘000) US$(‘000) US$(‘000) Revenues 8,267 129 - - - 8,396 Cost of revenues 8,738 375 - - - 9,113 Total operating expenses 383 203 1 511 (1) - 1,098 Depreciation and amortization expense included in total operating expenses 35 75 1 1 - 112 Operating loss (854 ) (449 ) (1 ) (511 ) - (1,815 ) Change in fair value of warrant liabilities - - - 2,507 - 2,507 Net (loss)/income (954 ) (449 ) (1 ) 2,091 687 Expenditure for long-term assets 1,160 - - - - 1,160 |
Note 21 - (Loss) Earnings Per_2
Note 21 - (Loss) Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2022 2021 US$( 000) US$( 000) (Unaudited) (Unaudited) Net (loss)/income attributable to ZW Data Action Technologies Inc. (numerator for basic and diluted income/(loss) per share) $ (717 ) $ 685 Weighted average number of common shares outstanding -Basic and diluted 35,354,954 28,505,181 (Loss)/earnings per share -Basic and diluted $ (0.02 ) $ 0.02 |
Note 22 - Share-based Compens_2
Note 22 - Share-based Compensation Expenses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2022 2021 US$( 000) US$( 000) (Unaudited) (Unaudited) Sales and marketing expenses - - General and administrative expenses 56 100 Research and development expenses - - Total 56 100 |
Note 2 - Variable Interest En_3
Note 2 - Variable Interest Entities - Consolidated VIEs' Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Cash and cash equivalents | [1] | $ 4,824 | $ 7,173 |
Accounts receivable, net | [1] | 3,611 | 3,439 |
Prepayment and deposit to suppliers | [1] | 6,613 | 7,559 |
Due from related parties, net | [1] | 78 | 90 |
Other current assets | [1] | 3,173 | 1,657 |
Total current assets | 18,299 | 19,918 | |
Long-term investments | [1] | 2,285 | 2,280 |
Operating Lease, Right-of-Use Asset | [1] | 1,968 | 2,019 |
Property and equipment, net * | [1] | 351 | 375 |
Deferred tax assets, net | [1] | 445 | 441 |
Total Assets | 30,413 | 32,631 | |
Accounts payable | [1] | 751 | 1,119 |
Advances from customers | [1] | 1,047 | 1,245 |
Accrued payroll and other accruals | [1] | 323 | 389 |
Taxes payable | [1] | 3,555 | 3,534 |
Operating lease liabilities | [1] | 210 | 202 |
Lease payment liabilities related to short-term leases | [1] | 111 | 152 |
Other current liabilities | [1] | 138 | 141 |
Total current liabilities | 7,379 | 8,821 | |
Operating lease liabilities-Non current | [1] | 1,853 | 1,907 |
Total Liabilities | 9,370 | 10,865 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Cash and cash equivalents | 873 | 181 | |
Accounts receivable, net | 3,285 | 2,796 | |
Prepayment and deposit to suppliers | 4,329 | 5,287 | |
Due from related parties, net | 78 | 90 | |
Other current assets | 3 | 4 | |
Total current assets | 8,568 | 8,358 | |
Long-term investments | 498 | 496 | |
Operating Lease, Right-of-Use Asset | 19 | 21 | |
Property and equipment, net * | 157 | 168 | |
Deferred tax assets, net | 445 | 441 | |
Total Assets | 9,687 | 9,484 | |
Accounts payable | 751 | 1,119 | |
Advances from customers | 936 | 1,113 | |
Accrued payroll and other accruals | 79 | 83 | |
Taxes payable | 2,868 | 2,849 | |
Operating lease liabilities | 9 | 9 | |
Lease payment liabilities related to short-term leases | 111 | 110 | |
Other current liabilities | 51 | 53 | |
Total current liabilities | 4,805 | 5,336 | |
Operating lease liabilities-Non current | 0 | 10 | |
Total Liabilities | $ 4,805 | $ 5,346 | |
[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 2 - Variable Interest En_4
Note 2 - Variable Interest Entities - Consolidated VIEs' Financial Performance (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | $ 7,652 | $ 8,396 |
Cost of revenues | (7,518) | (9,113) |
Total operating expenses | 1,685 | 1,098 |
Net loss before allocation to noncontrolling interests | (717) | 687 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Revenues | 7,198 | 7,947 |
Cost of revenues | (7,518) | (8,738) |
Total operating expenses | (259) | (390) |
Net loss before allocation to noncontrolling interests | $ (585) | $ (1,281) |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | ||
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 0 | $ 0 | ||
Research and Development Expense, Total | 68 | $ 74 | ||
Operating Lease, Right-of-Use Asset | [1] | 1,968 | $ 2,019 | |
Operating Lease, Liability, Total | 2,063 | |||
Other Current Assets [Member] | ||||
Operating Lease, Right-of-Use Asset | 1,970 | |||
Other Current Liabilities [Member] | ||||
Operating Lease, Liability, Total | $ 2,060 | |||
[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 | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Balance sheet items, except for equity accounts | 6.3482 | 6.3757 | |
Items in the statements of operations and comprehensive income/(loss) | 6.3504 | 6.4844 |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Warrant liabilities (Note 15) | $ 1,244 | $ 2,039 |
Fair Value, Inputs, Level 3 [Member] | ||
Warrant liabilities (Note 15) | $ 1,244 | |
Fair Value, Inputs, Level 2 [Member] | ||
Warrant liabilities (Note 15) | $ 2,039 |
Note 3 - Summary of Significa_6
Note 3 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | $ 7,652 | $ 8,396 |
Search Engine Marketing and Data Service [Member] | ||
Revenues | 6,594 | 6,865 |
Online Advertising Placement [Member] | ||
Revenues | 1,058 | 1,402 |
Offline Advertising and Marketing Services [Member] | ||
Revenues | 0 | 129 |
Transferred over Time [Member] | ||
Revenues | 7,652 | 8,396 |
Transferred at Point in Time [Member] | ||
Revenues | $ 0 | $ 0 |
Note 3 - Summary of Significa_7
Note 3 - Summary of Significant Accounting Policies - Contract liabilities (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Balance | $ 1,245 |
Exchange translation adjustment | 5 |
Revenue recognized from beginning contract liability balance | (971) |
Advances received from customers related to unsatisfied performance obligations | 768 |
Balance | $ 1,047 |
Note 3 - Summary of Significa_8
Note 3 - Summary of Significant Accounting Policies - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Nine months ending December 31, 2022 | $ 235 | ||
-2023 | 337 | ||
-2024 | 343 | ||
-2025 | 360 | ||
-2026 | 378 | ||
-2027 | 397 | ||
-thereafter | 489 | ||
Total undiscounted lease payments | 2,539 | ||
Less: imputed interest | (476) | ||
Total operating lease liabilities as of March 31, 2022 | 2,063 | ||
Operating lease liabilities-current | [1] | 210 | $ 202 |
Operating lease liabilities-Non current | [1] | $ 1,853 | $ 1,907 |
[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_9
Note 3 - Summary of Significant Accounting Policies - Operating Lease Expenses and Supplemental Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Long-term operating lease contracts | $ 90 | $ 37 |
Short-term operating lease contracts | 15 | 15 |
Total | 105 | $ 52 |
Operating cash flows used for operating leases (US$’000) | 86 | |
Right-of-use assets obtained in exchange for new lease liabilities (US$’000) | $ 0 | |
Weighted-average remaining lease term (Year) | 6 years 10 months 24 days | |
Weighted-average discount rate | 6.00% |
Note 4 - Accounts Receivable,_3
Note 4 - Accounts Receivable, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | ||
Accounts Receivable, Allowance for Credit Loss, Current | [1] | $ 2,245 | $ 2,236 | |
Internet Advertising and TV Advertising [Member] | ||||
Accounts Receivable, Allowance for Credit Loss, Current | $ 2,200 | $ 2,200 | ||
Number of Months Past Due (Month) | 6 months | |||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 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 4 - Accounts Receivable,_4
Note 4 - Accounts Receivable, Net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Accounts receivable | $ 5,856 | $ 5,675 | |
Allowance for doubtful accounts | [1] | (2,245) | (2,236) |
Accounts receivable, net | [1] | $ 3,611 | $ 3,439 |
[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 - Prepayments and Deposit to Suppliers (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Prepayment and deposit to suppliers * | [1] | $ 6,613 | $ 7,559 |
Deposits to TV Ad and Internet Ad Resources Providers [Member] | |||
Prepayment and deposit to suppliers * | 633 | 934 | |
Prepayment to TV Ad and Internet Ad Resources Providers [Member] | |||
Prepayment and deposit to suppliers * | 4,579 | 5,185 | |
Deposits and Prepayments for Other Investing Contracts [Member] | |||
Prepayment and deposit to suppliers * | 1,000 | 1,000 | |
Other Deposits and Prepayments [Member] | |||
Prepayment and deposit to suppliers * | $ 401 | $ 440 | |
[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, Net - Due From Related Parties (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Due from related parties, net | [1] | $ 78 | $ 90 |
Zhong Wang Xi Yue Technology (Beijing) Co. Ltd [Member] | |||
Due from related parties, gross | 63 | $ 62 | |
Guangzhou Gong Xiang Technology Co. [Member] | |||
Due from related parties, gross | $ 15 | ||
[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 (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | |
Apr. 30, 2022 | Mar. 31, 2022 | |
Working Capital Loan to Unrelated Parties [Member] | ||
Other Receivables, Gross, Current | $ 3,120 | |
Working Capital Loan to Unrelated Parties [Member] | Subsequent Event [Member] | ||
Proceeds from Collection of Other Receivables | $ 1,020 | |
Interest Receivable for One Working Capital Loan With Unrelated Party [Member] | Subsequent Event [Member] | ||
Proceeds from Collection of Other Receivables | $ 50 |
Note 8 - Long-term Investment_2
Note 8 - Long-term Investments (Details Textual) | Mar. 31, 2022 |
New Business Holdings Limited [Member] | |
Equity Securities without Readily Determinable Fair Value, Percent | 15.38% |
Guang Dong WeFriend Co., Ltd [Member] | |
Equity Securities without Readily Determinable Fair Value, Percent | 10.00% |
Xiao Peng Education [Member] | |
Equity Securities without Readily Determinable Fair Value, Percent | 17.00% |
Business Opportunity Chain [Member] | |
Equity Securities without Readily Determinable Fair Value, Percent | 19.00% |
Note 8 - Long-term Investment_3
Note 8 - Long-term Investments - Summary of Long-term Investments (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Balance | $ 2,280 |
Cash investments during the year | 0 |
Disposed during the year | 0 |
Balance | $ 2,285 |
Note 9 - Property and Equipme_3
Note 9 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Depreciation, Total | $ 30 | $ 1 |
Note 9 - Property and Equipme_4
Note 9 - Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Property and equipment, gross | $ 2,720 | $ 2,708 | |
Less: accumulated depreciation | (2,369) | (2,333) | |
Property and equipment, net * | [1] | 351 | 375 |
Vehicles [Member] | |||
Property and equipment, gross | 937 | 933 | |
Office Equipment [Member] | |||
Property and equipment, gross | 948 | 944 | |
Electronic Devices [Member] | |||
Property and equipment, gross | 632 | 629 | |
Leasehold Improvements [Member] | |||
Property and equipment, gross | $ 203 | $ 202 | |
[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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Amortization of Intangible Assets | $ 530 | $ 110 |
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years 8 months 8 days | |
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | $ 1,590 | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 2,120 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 2,120 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 630 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 180 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 120 |
Note 10 - Intangible Assets, _4
Note 10 - Intangible Assets, Net - Intangible Assets, Net (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Finite-lived intangible assets | $ 9,857,000 | $ 9,856,000 |
Finite-lived intangible assets, Accumulated amortization | 2,420,000 | 1,887,000 |
Finite-lived intangible assets, Impairment | 448,000 | 446,000 |
Intangible assets, net | 6,989,000 | 7,523,000 |
Finite-lived intangible assets, Accumulated amortization | (2,420,000) | (1,887,000) |
Finite-lived intangible assets, Impairment | (448,000) | (446,000) |
Cloud-Computing Based Software Platforms [Member] | ||
Finite-lived intangible assets | 1,462,000 | 1,456,000 |
Finite-lived intangible assets, Accumulated amortization | (1,014,000) | (1,010,000) |
Finite-lived intangible assets, Impairment | (448,000) | (446,000) |
Intangible assets, net | 0 | 0 |
Finite-lived intangible assets, Accumulated amortization | 1,014,000 | 1,010,000 |
Finite-lived intangible assets, Impairment | 448,000 | 446,000 |
Licensing Agreements [Member] | ||
Finite-lived intangible assets | 1,201 | 1,205 |
Finite-lived intangible assets, Accumulated amortization | (285) | (255) |
Intangible assets, net | 916 | 950 |
Finite-lived intangible assets, Accumulated amortization | 285 | 255 |
Internet Ad Tracking System [Member] | ||
Finite-lived intangible assets | 1,155,000 | 1,158,000 |
Finite-lived intangible assets, Accumulated amortization | (229,000) | (174,000) |
Intangible assets, net | 926,000 | 984,000 |
Finite-lived intangible assets, Accumulated amortization | 229,000 | 174,000 |
Livestreaming Technology [Member] | ||
Finite-lived intangible assets | 1,500,000 | 1,500,000 |
Finite-lived intangible assets, Accumulated amortization | (400,000) | (325,000) |
Intangible assets, net | 1,100,000 | 1,175,000 |
Finite-lived intangible assets, Accumulated amortization | 400,000 | 325,000 |
Blockchain Integrated Framework Platform [Member] | ||
Finite-lived intangible assets | 4,038,000 | 4,038,000 |
Finite-lived intangible assets, Accumulated amortization | (337,000) | |
Intangible assets, net | 3,701,000 | 4,038,000 |
Finite-lived intangible assets, Accumulated amortization | 337,000 | |
Bo!News Application [Member] | ||
Finite-lived intangible assets | 378,000 | 376,000 |
Finite-lived intangible assets, Accumulated amortization | (32,000) | 0 |
Intangible assets, net | 346,000 | 376,000 |
Finite-lived intangible assets, Accumulated amortization | 32,000 | 0 |
Other Computer Software [Member] | ||
Finite-lived intangible assets | 123,000 | 123,000 |
Finite-lived intangible assets, Accumulated amortization | (123,000) | (123,000) |
Intangible assets, net | 0 | 0 |
Finite-lived intangible assets, Accumulated amortization | $ 123,000 | $ 123,000 |
Note 10 - Intangible Assets, _5
Note 10 - Intangible Assets, Net - Intangible Assets, Net (Details) (Parentheticals) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Useful life (Year) | 3 years 8 months 8 days | |
Cloud-Computing Based Software Platforms [Member] | ||
Useful life (Year) | 10 years | 10 years |
Licensing Agreements [Member] | ||
Useful life (Year) | 10 years | 10 years |
Internet Ad Tracking System [Member] | ||
Useful life (Year) | 5 years | 5 years |
Livestreaming Technology [Member] | ||
Useful life (Year) | 5 years | 5 years |
Blockchain Integrated Framework Platform [Member] | ||
Useful life (Year) | 3 years | 3 years |
Bo!News Application [Member] | ||
Useful life (Year) | 3 years | 3 years |
Other Computer Software [Member] | ||
Useful life (Year) | 3 years | 3 years |
Note 12 - Accrued Payroll and_3
Note 12 - Accrued Payroll and Other Accruals - Accrued Payroll and Other Accruals (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Accrued payroll and other accruals* | [1] | $ 323 | $ 389 |
Accrued Payroll and Staff Welfare [Member] | |||
Accrued payroll and other accruals* | 138 | 142 | |
Accrued Operating Expenses [Member] | |||
Accrued payroll and other accruals* | $ 185 | $ 247 | |
[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 13 - Taxation (Details Tex
Note 13 - Taxation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Operating Loss Carryforwards | $ 31,500 | $ 31,000 | |
Operating Loss Carryforwards, Taxable Income Deduction Limitations | 80.00% | ||
Deferred Tax Assets, Valuation Allowance | 12,613 | $ 12,271 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 320 | $ 310 | |
PRC Subsidiary And VIE's [Member] | |||
Operating Loss Carryforwards | $ 19,300 | $ 18,300 |
Note 13 - Taxation - Taxes Paya
Note 13 - Taxation - Taxes Payable (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Turnover tax and surcharge payable | $ 1,427 | $ 1,414 | |
Enterprise income tax payable | 2,128 | 2,120 | |
Total taxes payable | [1] | $ 3,555 | $ 3,534 |
[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 13 - Taxation - Income Tax
Note 13 - Taxation - Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Current | $ 0 | $ 0 |
Deferred | 2 | 18 |
Income tax benefit | $ 2 | $ 18 |
Note 13 - Taxation - Deferred T
Note 13 - Taxation - Deferred Tax Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Tax effect of net operating losses carried forward | $ 12,471 | $ 12,130 |
Operating lease cost | 26 | 23 |
Bad debts provision | 561 | 559 |
Valuation allowance | (12,613) | (12,271) |
Deferred tax assets, net | $ 445 | $ 441 |
Note 15 - Warrant Liabilities -
Note 15 - Warrant Liabilities - Fair Value of Warrants (Details) $ in Thousands | Mar. 31, 2022USD ($)yr | Dec. 31, 2021USD ($)yr | Mar. 31, 2021USD ($)yr | Feb. 18, 2021USD ($) | Dec. 31, 2020USD ($)yr | |||
Proceeds allocated to warrant liabilities | $ 1,244 | $ 2,039 | $ 10,919 | $ 11,921 | $ 1,505 | |||
Investor Warrants Issued in Connection with 2021 Financing [Member] | ||||||||
Proceeds allocated to warrant liabilities | 626 | 964 | 5,942 | 10,476 | [1] | |||
Placement Agent Warrants Issued in Connection with 2021 Financing [Member] | ||||||||
Proceeds allocated to warrant liabilities | 84 | 132 | 817 | $ 1,445 | [1] | |||
Investor Warrants Issued in Connection with 2020 Financing [Member] | ||||||||
Proceeds allocated to warrant liabilities | 449 | 795 | 3,370 | 1,279 | ||||
Placement Agent Warrants Issued in Connection with 2020 Financing [Member] | ||||||||
Proceeds allocated to warrant liabilities | $ 85 | $ 148 | 590 | 224 | ||||
Investor Warrants Issued in Connection with 2018 Financing [Member] | ||||||||
Proceeds allocated to warrant liabilities | [2] | 200 | ||||||
Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | ||||||||
Proceeds allocated to warrant liabilities | $ 200 | $ 2 | [2] | |||||
Measurement Input, Share Price [Member] | Investor Warrants Issued in Connection with 2021 Financing [Member] | ||||||||
Fair value of the warrants | 0.73 | 1 | 2.64 | 4.48 | [1] | |||
Measurement Input, Share Price [Member] | Placement Agent Warrants Issued in Connection with 2021 Financing [Member] | ||||||||
Fair value of the warrants | 0.73 | 1 | 2.64 | 4.48 | [1] | |||
Measurement Input, Share Price [Member] | Investor Warrants Issued in Connection with 2020 Financing [Member] | ||||||||
Fair value of the warrants | 0.73 | 1 | 2.64 | 1.35 | ||||
Measurement Input, Share Price [Member] | Placement Agent Warrants Issued in Connection with 2020 Financing [Member] | ||||||||
Fair value of the warrants | 0.73 | 1 | 2.64 | 1.35 | ||||
Measurement Input, Share Price [Member] | Investor Warrants Issued in Connection with 2018 Financing [Member] | ||||||||
Fair value of the warrants | [2] | 2.64 | ||||||
Measurement Input, Share Price [Member] | Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | ||||||||
Fair value of the warrants | [2] | 1.35 | ||||||
Measurement Input, Expected Term [Member] | Investor Warrants Issued in Connection with 2021 Financing [Member] | ||||||||
Fair value of the warrants | 2.38 | 2.63 | 3.38 | 3.50 | [1] | |||
Measurement Input, Expected Term [Member] | Placement Agent Warrants Issued in Connection with 2021 Financing [Member] | ||||||||
Fair value of the warrants | 2.38 | 2.63 | 3.38 | 3.50 | [1] | |||
Measurement Input, Expected Term [Member] | Investor Warrants Issued in Connection with 2020 Financing [Member] | ||||||||
Fair value of the warrants | 1.70 | 1.95 | 2.70 | 2.95 | ||||
Measurement Input, Expected Term [Member] | Placement Agent Warrants Issued in Connection with 2020 Financing [Member] | ||||||||
Fair value of the warrants | 1.70 | 1.95 | 2.70 | 2.95 | ||||
Measurement Input, Expected Term [Member] | Investor Warrants Issued in Connection with 2018 Financing [Member] | ||||||||
Fair value of the warrants | [2] | 0.30 | ||||||
Measurement Input, Expected Term [Member] | Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | ||||||||
Fair value of the warrants | [2] | 0.05 | ||||||
Measurement Input, Risk Free Interest Rate [Member] | Investor Warrants Issued in Connection with 2021 Financing [Member] | ||||||||
Fair value of the warrants | 0.0235 | 0.0087 | 0.0041 | 0.0026 | [1] | |||
Measurement Input, Risk Free Interest Rate [Member] | Placement Agent Warrants Issued in Connection with 2021 Financing [Member] | ||||||||
Fair value of the warrants | 0.0235 | 0.0087 | 0.0041 | 0.0026 | [1] | |||
Measurement Input, Risk Free Interest Rate [Member] | Investor Warrants Issued in Connection with 2020 Financing [Member] | ||||||||
Fair value of the warrants | 0.0223 | 0.0072 | 0.0029 | 0.0017 | ||||
Measurement Input, Risk Free Interest Rate [Member] | Placement Agent Warrants Issued in Connection with 2020 Financing [Member] | ||||||||
Fair value of the warrants | 0.0223 | 0.0072 | 0.0029 | 0.0017 | ||||
Measurement Input, Risk Free Interest Rate [Member] | Investor Warrants Issued in Connection with 2018 Financing [Member] | ||||||||
Fair value of the warrants | [2] | 0.0003 | ||||||
Measurement Input, Risk Free Interest Rate [Member] | Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | ||||||||
Fair value of the warrants | [2] | 0.0008 | ||||||
Measurement Input, Price Volatility [Member] | Investor Warrants Issued in Connection with 2021 Financing [Member] | ||||||||
Fair value of the warrants | 1.21 | 1.15 | 1.68 | 1.68 | [1] | |||
Measurement Input, Price Volatility [Member] | Placement Agent Warrants Issued in Connection with 2021 Financing [Member] | ||||||||
Fair value of the warrants | 1.21 | 1.15 | 1.68 | 1.68 | [1] | |||
Measurement Input, Price Volatility [Member] | Investor Warrants Issued in Connection with 2020 Financing [Member] | ||||||||
Fair value of the warrants | 1.27 | 1.28 | 1.20 | 1.02 | ||||
Measurement Input, Price Volatility [Member] | Placement Agent Warrants Issued in Connection with 2020 Financing [Member] | ||||||||
Fair value of the warrants | 1.27 | 1.28 | 1.20 | 1.02 | ||||
Measurement Input, Price Volatility [Member] | Investor Warrants Issued in Connection with 2018 Financing [Member] | ||||||||
Fair value of the warrants | [2] | 2.06 | ||||||
Measurement Input, Price Volatility [Member] | Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | ||||||||
Fair value of the warrants | [2] | 0.59 | ||||||
Measurement Input, Exercise Price [Member] | Investor Warrants Issued in Connection with 2021 Financing [Member] | ||||||||
Fair value of the warrants | 3.59 | 3.59 | 3.59 | 3.59 | [1] | |||
Measurement Input, Exercise Price [Member] | Placement Agent Warrants Issued in Connection with 2021 Financing [Member] | ||||||||
Fair value of the warrants | 4.4875 | 4.4875 | 4.4875 | 4.4875 | [1] | |||
Measurement Input, Exercise Price [Member] | Investor Warrants Issued in Connection with 2020 Financing [Member] | ||||||||
Fair value of the warrants | 2.03 | 2.03 | 2.03 | 2.03 | ||||
Measurement Input, Exercise Price [Member] | Placement Agent Warrants Issued in Connection with 2020 Financing [Member] | ||||||||
Fair value of the warrants | 2.03 | 2.03 | 2.03 | 2.03 | ||||
Measurement Input, Exercise Price [Member] | Investor Warrants Issued in Connection with 2018 Financing [Member] | ||||||||
Fair value of the warrants | [2] | 1.4927 | ||||||
Measurement Input, Exercise Price [Member] | Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | ||||||||
Fair value of the warrants | [2] | 1.4927 | ||||||
Measurement Input, Quoted Price [Member] | Investor Warrants Issued in Connection with 2021 Financing [Member] | ||||||||
Fair value of the warrants | 0.24 | 0.37 | 2.28 | 4.02 | [1] | |||
Measurement Input, Quoted Price [Member] | Placement Agent Warrants Issued in Connection with 2021 Financing [Member] | ||||||||
Fair value of the warrants | 0.23 | 0.36 | 2.24 | 3.96 | [1] | |||
Measurement Input, Quoted Price [Member] | Investor Warrants Issued in Connection with 2020 Financing [Member] | ||||||||
Fair value of the warrants | 0.26 | 0.46 | 1.95 | 0.74 | ||||
Measurement Input, Quoted Price [Member] | Placement Agent Warrants Issued in Connection with 2020 Financing [Member] | ||||||||
Fair value of the warrants | 0.28 | 0.49 | 1.95 | 0.74 | ||||
Measurement Input, Quoted Price [Member] | Investor Warrants Issued in Connection with 2018 Financing [Member] | ||||||||
Fair value of the warrants | [2] | 1.55 | ||||||
Measurement Input, Quoted Price [Member] | Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | ||||||||
Fair value of the warrants | [2] | 0.02 | ||||||
[1] | Closing date of the 2021 Financing. | |||||||
[2] | The investor warrants issued in the 2018 Financing expired in July 2020. The placement agent warrants issued in the 2018 Financing were cashless exercised in July 2021. |
Note 15 - Warrant Liabilities_2
Note 15 - Warrant Liabilities - Warrant Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Feb. 18, 2021 | Dec. 31, 2020 | |||
Proceeds allocated to warrant liabilities | $ 1,244 | $ 10,919 | $ 2,039 | $ 11,921 | $ 1,505 | ||
Change in fair value of warrants | (795) | (2,507) | |||||
Investor Warrants Issued in Connection with 2021 Financing [Member] | |||||||
Proceeds allocated to warrant liabilities | 626 | 5,942 | 964 | 10,476 | [1] | ||
Change in fair value of warrants | (338) | (4,534) | |||||
Placement Agent Warrants Issued in Connection with 2021 Financing [Member] | |||||||
Proceeds allocated to warrant liabilities | 84 | 817 | 132 | $ 1,445 | [1] | ||
Change in fair value of warrants | (48) | (628) | |||||
Investor Warrants Issued in Connection with 2020 Financing [Member] | |||||||
Proceeds allocated to warrant liabilities | 449 | 3,370 | 795 | 1,279 | |||
Change in fair value of warrants | (346) | 2,091 | |||||
Placement Agent Warrants Issued in Connection with 2020 Financing [Member] | |||||||
Proceeds allocated to warrant liabilities | 85 | 590 | $ 148 | 224 | |||
Change in fair value of warrants | $ (63) | 366 | |||||
Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | |||||||
Proceeds allocated to warrant liabilities | 200 | $ 2 | [2] | ||||
Change in fair value of warrants | $ 198 | ||||||
[1] | Closing date of the 2021 Financing. | ||||||
[2] | The investor warrants issued in the 2018 Financing expired in July 2020. The placement agent warrants issued in the 2018 Financing were cashless exercised in July 2021. |
Note 15 - Warrant Liabilities_3
Note 15 - Warrant Liabilities - Warrant Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Balance (in shares) | 5,001,705 | |
Balance, weighted average remaining contractual life (Year) | 2 years 1 month 9 days | 2 years 4 months 9 days |
Weighted average exercise price (in dollars per share) | $ 3.02 | |
Exercisable (in shares) | 5,001,705 | |
Balance, January 1, 2022 (Year) | 2 years 1 month 9 days | 2 years 4 months 9 days |
Exercisable, weighted average exercise price (in dollars per share) | $ 3.02 | |
Granted/Vested (in shares) | 0 | |
Balance (in shares) | 5,001,705 | 5,001,705 |
Weighted average exercise price (in dollars per share) | $ 3.02 | $ 3.02 |
Exercisable (in shares) | 5,001,705 | 5,001,705 |
Exercisable, weighted average exercise price (in dollars per share) | $ 3.02 | $ 3.02 |
Note 16 - Restricted Net Asse_2
Note 16 - Restricted Net Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | $ 15.2 | $ 13.2 |
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 17 - Employee Defined Co_2
Note 17 - Employee Defined Contribution Plan (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Contribution Plan, Cost | $ 70 | $ 50 |
Note 18 - Concentration of Ri_3
Note 18 - Concentration of Risk (Details Textual) | Mar. 31, 2022 |
UNITED STATES | |
Percent of Cash and Cash Equivalents Held by Major Financial Institutions | 52.00% |
CHINA | |
Percent of Cash and Cash Equivalents Held by Major Financial Institutions | 48.00% |
Note 18 - Concentration of Ri_4
Note 18 - Concentration of Risk - Company's Concentration of Customers and Suppliers (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||||
Concentration risk | 13.00% | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||||
Concentration risk | 18.00% | |||
Cost Of Sales Total [Member] | Supplier Concentration Risk [Member] | Supplier A [Member] | ||||
Concentration risk | 60.00% | 52.00% | ||
Cost Of Sales Total [Member] | Supplier Concentration Risk [Member] | Supplier B [Member] | ||||
Concentration risk | 22.00% | 30.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||||
Concentration risk | 44.00% | 33.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||||
Concentration risk | 0.00% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer C [Member] | ||||
Concentration risk | 29.00% | 32.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer D [Member] | ||||
Concentration risk | 19.00% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer E [Member] | ||||
Concentration risk | [1] | 11.00% | ||
[1] | Less than 10%. |
Note 19 - Commitments and Con_2
Note 19 - Commitments and Contingencies (Details Textual) $ in Thousands, ¥ in Millions | Nov. 05, 2021USD ($) | Nov. 05, 2021CNY (¥) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2022CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2021CNY (¥) |
Equity Securities without Readily Determinable Fair Value, Amount | $ 2,285 | $ 2,280 | ||||||
Payments to Acquire Long-Term Investments | $ 0 | $ 385 | ||||||
Shenzhen Global Best Products Import & Export Co. [Member] | ||||||||
Equity Securities without Readily Determinable Fair Value, Percent | 9.09% | 9.09% | ||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 790 | ¥ 5 | ||||||
Payments to Acquire Long-Term Investments | $ 320 | ¥ 2 | ||||||
Shenzhen Global Best Products Import & Export Co. [Member] | Forecast [Member] | ||||||||
Payments to Acquire Long-Term Investments | $ 470 | ¥ 3 |
Note 20 - Segment Reporting (De
Note 20 - Segment Reporting (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-Based Payment Arrangement, Expense | $ 56 | $ 100 |
Note 20 - Segment Reporting - S
Note 20 - Segment Reporting - Summary of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |||
Revenues | $ 7,652 | $ 8,396 | |||
Cost of revenues | 7,518 | 9,113 | |||
Total operating expenses | 1,685 | 1,098 | |||
Depreciation and amortization expense included in total operating expenses | 112 | ||||
Operating loss | (1,551) | (1,815) | |||
Change in fair value of warrant liabilities | 795 | 2,507 | |||
Net (loss)/income | (717) | 687 | |||
Total assets | 30,413 | $ 32,631 | |||
Operating loss | (1,551) | (1,815) | |||
Expenditure for long-term assets | 1,160 | ||||
Corporate, Non-Segment [Member] | |||||
Revenues | 0 | ||||
Cost of revenues | 0 | ||||
Total operating expenses | 700 | [1] | 511 | [2] | |
Depreciation and amortization expense included in total operating expenses | 22 | 1 | |||
Operating loss | (700) | (511) | |||
Change in fair value of warrant liabilities | 795 | 2,507 | |||
Net (loss)/income | 146 | 2,091 | |||
Total assets | 42,659 | 44,328 | |||
Operating loss | (700) | (511) | |||
Intersegment Eliminations [Member] | |||||
Operating loss | 0 | 0 | |||
Net (loss)/income | |||||
Total assets | (30,554) | (30,497) | |||
Operating loss | 0 | 0 | |||
Internet Ad [Member] | Operating Segments [Member] | |||||
Revenues | 7,652 | 8,267 | |||
Cost of revenues | 7,518 | 8,738 | |||
Total operating expenses | 288 | 383 | |||
Depreciation and amortization expense included in total operating expenses | 89 | 35 | |||
Operating loss | (154) | (854) | |||
Net (loss)/income | (167) | (954) | |||
Total assets | 12,666 | 12,150 | |||
Operating loss | (154) | (854) | |||
Ecommerce O2O Ad and Marketing Services [Member] | Operating Segments [Member] | |||||
Revenues | 0 | 129 | |||
Cost of revenues | 0 | 375 | |||
Total operating expenses | 329 | 203 | |||
Depreciation and amortization expense included in total operating expenses | 75 | 75 | |||
Operating loss | (329) | (449) | |||
Net (loss)/income | (328) | (449) | |||
Total assets | 1,594 | 2,236 | |||
Operating loss | (329) | (449) | |||
Expenditure for long-term assets | 0 | ||||
Corporate Segment [Member] | |||||
Revenues | 7,652 | ||||
Cost of revenues | 7,518 | ||||
Total operating expenses | 1,685 | ||||
Depreciation and amortization expense included in total operating expenses | 554 | ||||
Change in fair value of warrant liabilities | 795 | ||||
Blockchain Technology [Member] | Operating Segments [Member] | |||||
Total operating expenses | 368 | 1 | |||
Depreciation and amortization expense included in total operating expenses | 368 | 1 | |||
Operating loss | (368) | (1) | |||
Net (loss)/income | (368) | (1) | |||
Total assets | 4,048 | $ 4,414 | |||
Operating loss | $ (368) | (1) | |||
Expenditure for long-term assets | $ 0 | ||||
[1] | Including approximately US$0.06 million share-based compensation expenses. | ||||
[2] | Including approximately US$0.10 million share-based compensation expenses. |
Note 21 - (Loss) Earnings Per_3
Note 21 - (Loss) Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net (loss)/income attributable to ZW Data Action Technologies Inc. (numerator for basic and diluted income/(loss) per share) | $ (717) | $ 685 |
Weighted average number of common shares outstanding -Basic and diluted (in shares) | 35,354,954 | 28,505,181 |
(Loss)/earnings per share -Basic and diluted (in dollars per share) | $ (0.02) | $ 0.02 |
Note 22 - Share-based Compens_3
Note 22 - Share-based Compensation Expenses (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share-Based Payment Arrangement, Expense | $ 56 | $ 100 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 50 | 50 | |
Independent Director [Member] | Restricted Stock [Member] | The 2020 Omnibus Securities and Incentive Plan, Second Issuance [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0.095 | ||
Share-Based Payment Arrangement, Expense | 20 | ||
Consulting and Advisory Service Providers [Member] | Restricted Stock [Member] | |||
Share-Based Payment Arrangement, Expense | $ 40 |
Note 22 - Share-based Compens_4
Note 22 - Share-based Compensation Expenses - Share-based Compensation Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation expenses | $ 56 | $ 100 |
Selling and Marketing Expense [Member] | ||
Share-based Compensation expenses | 0 | |
General and Administrative Expense [Member] | ||
Share-based Compensation expenses | $ 56 | 100 |
Research and Development Expense [Member] | ||
Share-based Compensation expenses | $ 0 |