Exhibit 99.1
AIRNET TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In U.S. dollars in thousands, except share and per share data)
| As of December 31, | As of June 30, | |||||||
| 2019 | 2020 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 958 | $ | 1,574 | ||||
| Restricted cash | 1 | 1 | ||||||
| Accounts receivable, net | 8,421 | 11,566 | ||||||
| Notes receivable | - | 156 | ||||||
| Prepaid concession fees, net | 718 | - | ||||||
| Other current assets, net | 28,796 | 26,892 | ||||||
| Amounts due from related parties | 27 | 28 | ||||||
| Total current assets | 38,921 | 40,217 | ||||||
| Property and equipment, net | 13,380 | 12,662 | ||||||
| Prepaid equipment costs, net | 30 | 29 | ||||||
| Long-term investments, net | 43,002 | 41,005 | ||||||
| Long-term deposits, net | 854 | 863 | ||||||
| Operating lease right-of-use assets | 1,519 | 1,051 | ||||||
| TOTAL ASSETS | 97,706 | 95,827 | ||||||
| Liabilities | ||||||||
| Current liabilities: | ||||||||
| Short-term loan | 144 | 3,318 | ||||||
| Accounts payable | 35,544 | 37,372 | ||||||
| Accrued expenses and other current liabilities | 8,544 | 7,903 | ||||||
| Deferred revenue | 2,813 | 2,528 | ||||||
| Income tax payable | 11,833 | 11,632 | ||||||
| Amounts due to related parties | 3,127 | 4,271 | ||||||
| Operating lease liability, current | 902 | 910 | ||||||
| Consideration received from buyer | 28,728 | 28,308 | ||||||
| Payable of earnout commitment | 21,913 | 21,593 | ||||||
| Total current liabilities | 113,548 | 117,835 | ||||||
| Non-current liabilities: | ||||||||
| Long-term loan | 2,586 | 2,477 | ||||||
| Operating lease liability, non-current | 535 | 52 | ||||||
| Total liabilities | 116,669 | 120,364 | ||||||
AIRNET TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED
(In U.S. dollars in thousands, except share and per share data)
| As of December 31, | As of June 30, | |||||||
| 2019 | 2020 | |||||||
| (Unaudited) | ||||||||
| Equity | ||||||||
| Ordinary shares ($0.001 par value; 900,000,000 shares authorized; 127,697,055 shares issued as of December 31, 2019 and June 30, 2020; 125,664,777 shares outstanding as of December 31, 2019 and June 30, 2020) | 128 | 128 | ||||||
| Additional paid-in capital | 284,887 | 284,980 | ||||||
| Treasury stock (2,032,278 shares as of December 31, 2019 and June 30, 2020) | (2,351 | ) | (2,351 | ) | ||||
| Accumulated deficit | (293,892 | ) | (299,061 | ) | ||||
| Accumulated other comprehensive income | 31,692 | 32,263 | ||||||
| Total AirNet Technology Inc.'s shareholders' equity | 20,464 | 15,959 | ||||||
| Non-controlling interests | (39,427 | ) | (40,496 | ) | ||||
| Total deficit | (18,963 | ) | (24,537 | ) | ||||
| TOTAL LIABILITIES AND DEFICIT | $ | 97,706 | $ | 95,827 | ||||
AIRNET TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In U.S. dollars in thousands, except share and per share data)
| Six months ended June 30, | ||||||||
| 2019 | 2020 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Revenues | $ | 12,925 | $ | 12,213 | ||||
| Business tax and surcharges | (99 | ) | (53 | ) | ||||
| Net revenues | 12,826 | 12,160 | ||||||
| Less: Cost of revenues | 11,866 | 11,100 | ||||||
| Gross profit | 960 | 1,060 | ||||||
| Operating expenses: | ||||||||
| Selling and marketing | 2,196 | 1,210 | ||||||
| General and administrative | 7,769 | 4,050 | ||||||
| Research and development | 633 | 420 | ||||||
| Total operating expenses | 10,598 | 5,680 | ||||||
| Loss from operations | (9,638 | ) | (4,620 | ) | ||||
| Interest expense, net | (240 | ) | (335 | ) | ||||
| Loss from long-term investments | (809 | ) | (1,327 | ) | ||||
| Gain from liability settlement | 6,572 | - | ||||||
| Other (expense) income, net | (1,303 | ) | 712 | |||||
| Loss from operations before income taxes | (5,418 | ) | (5,570 | ) | ||||
| Income tax expenses | (38 | ) | (1 | ) | ||||
| Net loss | (5,456 | ) | (5,571 | ) | ||||
| Less: Net loss from operations attributable to non-controlling interests | (635 | ) | (402 | ) | ||||
| Net loss from operations attributable to AirNet Technology Inc.'s shareholders | $ | (4,821 | ) | $ | (5,169 | ) | ||
| Net loss | $ | (5,456 | ) | $ | (5,571 | ) | ||
| Net loss attributable to AirNet Technology Inc.'s shareholders | $ | (4,821 | ) | $ | (5,169 | ) | ||
| Net loss attributable to AirNet Technology Inc.’s shareholders per ordinary share | ||||||||
| - Basic and diluted | $ | (0.04 | ) | $ | (0.04 | ) | ||
| Net loss attributable to AirNet Technology Inc.’s shareholders per ADS | ||||||||
| - Basic and diluted | $ | (0.38 | ) | $ | (0.41 | ) | ||
| Weighted average ordinary shares used in calculating net loss per ordinary share | ||||||||
| - Basic and diluted | 125,664,777 | 125,664,777 | ||||||
| Weighted average ADS used in calculating net loss per ADS | ||||||||
| - Basic and diluted | 12,566,478 | 12,566,478 | ||||||
