Exhibit 99.1
The unaudited condensed consolidated financial statements of AirNet Technology Inc. as of and for the six months ended June 30, 2021 have not been audited or reviewed by its independent registered public accounting firm.
AIRNET TECHNOLOGY INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In U.S. dollars in thousands, except share and per share data)
| As of December 31, | As of June 30, | |||||||
| 2020 | 2021 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 283 | $ | 885 | ||||
| Restricted cash | 15,327 | - | ||||||
| Accounts receivable, net | 10,398 | 7,095 | ||||||
| Other current assets, net | 32,600 | 27,495 | ||||||
| Cryptocurrency, less impairment | - | 2,095 | ||||||
| Amounts due from related parties | 27 | 6 | ||||||
| Total current assets | 58,635 | 37,576 | ||||||
| Property and equipment, net | 12,883 | 19,276 | ||||||
| Long-term investments, net | 42,495 | 41,166 | ||||||
| Long-term deposits, net | 382 | 791 | ||||||
| Operating lease right-of-use assets | 683 | 134 | ||||||
| TOTAL ASSETS | 115,078 | 98,943 | ||||||
| Liabilities | ||||||||
| Current liabilities: | ||||||||
| Short-term loan | 5,670 | 5,972 | ||||||
| Accounts payable | 22,211 | 23,226 | ||||||
| Accrued expenses and other current liabilities | 24,402 | 8,877 | ||||||
| Deferred revenue | 2,589 | 2,687 | ||||||
| Income tax payable | 2,392 | 2,534 | ||||||
| Amounts due to related parties | 1,531 | - | ||||||
| Operating lease liability, current | 1,002 | 98 | ||||||
| Consideration received from buyer | 30,651 | 30,976 | ||||||
| Payable of earnout commitment | 23,380 | 23,628 | ||||||
| Total current liabilities | 113,828 | 97,998 | ||||||
| Non-current liabilities: | ||||||||
| Long-term loan | 2,605 | 2,556 | ||||||
| Operating lease liability, non-current | 3 | - | ||||||
| Total liabilities | 116,436 | 100,554 | ||||||
AIRNET TECHNOLOGY INC.
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, | |||||||
| 2020 | 2021 | |||||||
| (Unaudited) | ||||||||
| Equity | ||||||||
| Ordinary shares ($0.001 par value; 900,000,000 shares authorized; 151,573,363 and 179,986,169 shares issued as of December 31, 2020 and June 30, 2021; 149,541,085 and 177,953,891 shares outstanding as of December 31, 2020 and June 30, 2021) | 152 | 180 | ||||||
| Additional paid-in capital | 288,879 | 295,037 | ||||||
| Treasury stock (2,032,278 shares as of December 31, 2020 and June 30, 2021) | (2,351 | ) | (2,351 | ) | ||||
| Accumulated deficit | (286,365 | ) | (292,833 | ) | ||||
| Accumulated other comprehensive income | 31,308 | 31,493 | ||||||
| Total AirNet Technology Inc.'s shareholders' equity | 31,623 | 31,526 | ||||||
| Non-controlling interests | (32,981 | ) | (33,137 | ) | ||||
| Total deficits | (1,358 | ) | (1,611 | ) | ||||
| TOTAL LIABILITIES AND DEFICITS | $ | 115,078 | $ | 98,943 | ||||
AIRNET TECHNOLOGY INC.
UNAUDITED AND UNREVIEWED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In U.S. dollars in thousands, except share and per share data)
| Six months ended June 30, | ||||||||
| 2020 | 2021 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Revenues | $ | 12,213 | $ | 8,833 | ||||
| Business tax and surcharges | (53 | ) | (60 | ) | ||||
| Net revenues | 12,160 | 8,773 | ||||||
| Cost of revenues | (11,100 | ) | (6,838 | ) | ||||
| Gross profit | 1,060 | 1,935 | ||||||
| Operating expenses: | ||||||||
| Selling and marketing | (1,210 | ) | (1,132 | ) | ||||
| General and administrative | (4,050 | ) | (5,096 | ) | ||||
| Research and development | (420 | ) | (204 | ) | ||||
| Total operating expenses | (5,680 | ) | (6,432 | ) | ||||
| Loss from operations | (4,620 | ) | (4,497 | ) | ||||
| Interest expense, net | (335 | ) | (301 | ) | ||||
| Loss from long-term investments | (1,327 | ) | (1,776 | ) | ||||
| Other income (expense), net | 712 | (46 | ) | |||||
| Loss from operations before income taxes | (5,570 | ) | (6,620 | ) | ||||
| Income tax expenses | (1 | ) | (55 | ) | ||||
| Net loss | (5,571 | ) | (6,675 | ) | ||||
| Less: Net loss attributable to non-controlling interests | (402 | ) | (207 | ) | ||||
| Net loss attributable to AirNet Technology Inc.'s shareholders | $ | (5,169 | ) | $ | (6,468 | ) | ||
| Net loss per ordinary share | ||||||||
| - Basic and diluted | $ | (0.04 | ) | $ | (0.04 | ) | ||
| Net loss per ADS | ||||||||
| - Basic and diluted | $ | (0.41 | ) | $ | (0.38 | ) | ||
| Weighted average ordinary shares used in calculating net loss per ordinary share | ||||||||
| - Basic and diluted | 125,664,777 | 171,988,772 | ||||||
| Weighted average ADS used in calculating net loss per ADS | ||||||||
| - Basic and diluted | 12,566,478 | 17,198,877 | ||||||
