Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document And Entity Information [Abstract] | ' |
Document Type | '20-F |
Amendment Flag | 'false |
Document Period End Date | 31-Dec-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Entity Registrant Name | 'Tiger Media, Inc. |
Entity Central Index Key | '0001460329 |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 35,600,736 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $5,605 | $7,209 |
Accounts receivable, net | 1,563 | ' |
Amounts due from related parties | 40 | ' |
Prepaid expenses and other current assets | 799 | 273 |
Deferred tax assets | 37 | ' |
Total current assets | 8,044 | 7,482 |
NON-CURRENT ASSETS | ' | ' |
Property and equipment, net | 1,584 | 62 |
Long-term deferred expenses | 917 | ' |
Intangible assets, net | 2,001 | ' |
Total non-current assets | 4,502 | 62 |
Total assets | 12,546 | 7,544 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 1,196 | 46 |
Accrued expenses and other payables | 235 | 366 |
Acquisition consideration payable | 464 | 549 |
Amounts due to related parties | 73 | 110 |
Deferred revenue | 9 | ' |
Income tax payable | 4 | ' |
Total current liabilities | 1,981 | 1,071 |
Total liabilities | 1,981 | 1,071 |
SHAREHOLDERS' EQUITY | ' | ' |
Common Shares-$0.0001 par value 1,000,000,000 shares authorized, 30,143,741 and 35,600,736 shares issued and outstanding on December 31, 2012 and 2013, respectively | 4 | 3 |
Additional paid-in capital | 145,778 | 137,823 |
Accumulated other comprehensive loss | -4,362 | -4,433 |
Accumulated deficit | -130,855 | -126,920 |
Total shareholders' equity | 10,565 | 6,473 |
Total liabilities and shareholders' equity | $12,546 | $7,544 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 35,600,736 | 30,143,741 |
Common stock, shares outstanding | 35,600,736 | 30,143,741 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income / (Loss) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Advertising service revenues | $2,875 | ' | ' |
Cost of revenues | -1,765 | ' | ' |
Gross profit | 1,110 | ' | ' |
Sales and marketing expenses | -788 | -123 | -123 |
General and administrative expenses | -4,397 | -3,448 | -3,880 |
Gain from extinguishment of acquisition consideration payable | 99 | 3,032 | ' |
Loss from operations | -3,976 | -539 | -4,003 |
Interest income | 12 | 10 | ' |
Interest expense | ' | -149 | ' |
Other income/(expense), net | -4 | ' | 256 |
Total other income/(expense) | 8 | -139 | 256 |
Loss from continuing operations before income taxes | -3,968 | -678 | -3,747 |
Income taxes benefit | 33 | ' | ' |
Loss from continuing operations | -3,935 | -678 | -3,747 |
Loss from operations of discontinued components, net of tax | ' | -6,723 | -9,712 |
Gain on disposal of subsidiaries, net of tax | ' | 16,153 | ' |
Profit/(loss) from discontinued operations | ' | 9,430 | -9,712 |
Net profit / (loss) | -3,935 | 8,752 | -13,459 |
- Basic | ' | ' | ' |
Continuing operations | ($0.13) | ($0.03) | ($0.18) |
Discontinued operations | ' | $0.42 | ($0.46) |
Total Net Income, Basic | ($0.13) | $0.39 | ($0.64) |
- Diluted | ' | ' | ' |
Continuing operations | ($0.13) | ($0.03) | ($0.18) |
Discontinued operations | ' | $0.41 | ($0.46) |
Total Net Income, Diluted | ($0.13) | $0.38 | ($0.64) |
Weighted average number of shares outstanding - | ' | ' | ' |
- Basic | 31,362,848 | 22,545,989 | 20,994,015 |
- Diluted | 31,362,848 | 22,784,302 | 20,994,015 |
Comprehensive income: | ' | ' | ' |
Net profit/(loss) | -3,935 | 8,752 | -13,459 |
Foreign currency translation adjustment | 71 | -3,362 | -2,224 |
Net comprehensive income/(loss) | -3,864 | 5,390 | -15,683 |
Advertising services revenues | ' | 30,029 | 55,571 |
Gross profit | ' | -6,501 | -9,629 |
VIE [Member] | ' | ' | ' |
Comprehensive income: | ' | ' | ' |
Advertising services revenues | ' | ' | 530 |
Gross profit | ' | ' | -54 |
Loss from operations | ' | ' | -618 |
The loss from operations of discontinued components, net of tax | ' | ' | ($883) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity / (Deficit) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data | |||||
Beginning balance at Dec. 31, 2010 | $463 | $2 | $121,521 | $1,153 | ($122,213) |
Beginning balance, shares at Dec. 31, 2010 | ' | 20,858,661 | ' | ' | ' |
Net profit / (loss) | -13,459 | ' | ' | ' | -13,459 |
Foreign currency exchange translation adjustment | -2,224 | ' | ' | -2,224 | ' |
Share issued for earn-out | 871 | ' | 871 | ' | ' |
Share issued for earn-out, shares | ' | 750,380 | ' | ' | ' |
Issuance of common shares for share incentive plan | 2 | ' | 2 | ' | ' |
Issuance of common shares for share incentive plan, shares | ' | 78,456 | ' | ' | ' |
Share-based compensation | 894 | ' | 894 | ' | ' |
Ending balance at Dec. 31, 2011 | -13,453 | 2 | 123,288 | -1,071 | -135,672 |
Ending balance, shares at Dec. 31, 2011 | ' | 21,687,497 | ' | ' | ' |
Net profit / (loss) | 8,752 | ' | ' | ' | 8,752 |
Foreign currency exchange translation adjustment | -3,362 | ' | ' | -3,362 | ' |
Share issued for earn-out | 1,904 | ' | 1,904 | ' | ' |
Share issued for earn-out, shares | ' | 1,158,515 | ' | ' | ' |
Extinguishment of ordinary shares | -147 | ' | -147 | ' | ' |
Extinguishment of ordinary shares, shares | ' | -132,272 | ' | ' | ' |
Issuance of common shares for share incentive plan, shares | ' | 56,087 | ' | ' | ' |
Share-based compensation | 660 | ' | 660 | ' | ' |
Conversion of promissory convertible notes | 3,149 | ' | 3,149 | ' | ' |
Conversion of promissory convertible notes, shares | ' | 3,148,833 | ' | ' | ' |
Repurchase of ordinary shares | -621 | ' | -621 | ' | ' |
Repurchase of ordinary shares, shares | ' | -4,501,668 | ' | ' | ' |
Exercise of warrants | 2,215 | ' | 2,215 | ' | ' |
Exercise of warrants, shares | ' | 1,771,749 | ' | ' | ' |
Issuance of shares | 6,955 | 1 | 6,954 | ' | ' |
Issuance of shares, shares | ' | 6,955,000 | ' | ' | ' |
Options issued for divestiture of SearchMedia International | 421 | ' | 421 | ' | ' |
Ending balance at Dec. 31, 2012 | 6,473 | 3 | 137,823 | -4,433 | -126,920 |
Ending balance, shares at Dec. 31, 2012 | ' | 30,143,741 | ' | ' | ' |
Net profit / (loss) | -3,935 | ' | ' | ' | -3,935 |
Foreign currency exchange translation adjustment | 71 | ' | ' | 71 | ' |
Issuance of common shares for share incentive plan | ' | ' | ' | ' | ' |
Issuance of common shares for share incentive plan, shares | ' | 118,276 | ' | ' | ' |
Share-based compensation | 1,648 | ' | 1,648 | ' | ' |
Share-based compensation, shares | ' | ' | ' | ' | ' |
Purchase of intangible assets | 2,200 | ' | 2,200 | ' | ' |
Purchase of intangible assets, shares | ' | 2,052,239 | ' | ' | ' |
Exercise of warrants | 4,108 | 1 | 4,107 | ' | ' |
Exercise of warrants, shares | ' | 3,286,480 | ' | ' | ' |
Ending balance at Dec. 31, 2013 | $10,565 | $4 | $145,778 | ($4,362) | ($130,855) |
Ending balance, shares at Dec. 31, 2013 | ' | 35,600,736 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net profit / (loss) | ($3,935) | $8,752 | ($13,459) |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' | ' |
Depreciation of property and equipment | 182 | 133 | 385 |
Amortization of intangible assets | 199 | ' | 1,329 |
Finance cost | ' | 149 | ' |
Share-based compensation | 1,648 | 660 | 894 |
Deferred tax benefit | -37 | ' | -1,087 |
Gain on disposal of subsidiaries | ' | -16,153 | ' |
Change of fair value of acquisition consideration payable | ' | ' | -10,681 |
Gain on extinguishment of acquisition consideration payable | -99 | -3,026 | -4,340 |
Gain on termination of Variable Interest Entities ("VIEs") | ' | ' | -9,551 |
Loss on impairment of goodwill | ' | ' | 27,927 |
Loss on impairment of intangible assets | ' | ' | 2,723 |
Loss on disposals of fixed assets | 6 | 373 | ' |
Bad debt provision on prepaid expenses and other current assets | ' | -6 | 832 |
Bad debt provision on accounts receivables | ' | -130 | 2,073 |
(Increase) / decrease in assets: | ' | ' | ' |
Accounts receivable | -1,563 | 3,538 | -1,379 |
Prepaid expenses and other current assets | -1,452 | 1,804 | -3,941 |
Amounts due from related parties | -40 | 240 | -2,106 |
Increase / (decrease) in liabilities: | ' | ' | ' |
Accounts payable | 151 | -661 | 5,114 |
Accrued expenses and other payables | -123 | -167 | 2,420 |
Amounts due to related parties | -38 | -23 | -1,558 |
Deferred revenue | 9 | -1,165 | 224 |
Income taxes payable | 4 | -306 | 1,329 |
Net cash used in operating activities | -5,088 | -5,988 | -2,852 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Purchase of property and equipment | -706 | -47 | -47 |
Proceeds from disposals of property and equipment | ' | ' | 3 |
Cash disposed upon the termination of VIEs | ' | ' | -120 |
Cash disposed upon disposal of subsidiaries | ' | -2,356 | ' |
Cash paid for acquisitions, net of cash acquired | ' | -549 | -738 |
Net cash used in investing activities | -706 | -2,952 | -902 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Decrease in restricted bank deposit | ' | -71 | 10 |
Proceeds from short-term borrowings | ' | ' | 1,346 |
Repayment of short-term borrowings | ' | ' | -747 |
Proceeds from issuance of convertible promissory notes and warrants | ' | 3,000 | ' |
Proceeds from exercise of options | ' | ' | 2 |
Proceeds from exercise of warrants | 4,108 | 2,215 | ' |
Payment for repurchase of ordinary shares | ' | -621 | ' |
Proceeds from issuance of ordinary shares | ' | 6,955 | ' |
Net cash provided by financing activities | 4,108 | 11,478 | 611 |
Foreign currency translation adjustment | 82 | 41 | 219 |
Net increase / (decrease) in cash and cash equivalents | -1,604 | 2,579 | -2,924 |
Cash and cash equivalents at beginning of year | 7,209 | 4,630 | 7,554 |
Cash and cash equivalents at end of year | 5,605 | 7,209 | 4,630 |
Cash and cash equivalents from continuing components | 5,605 | 7,209 | 39 |
Cash and cash equivalents from discontinued components | ' | ' | 4,591 |
SUPPLEMENTAL DISCLOSURE INFORMATION | ' | ' | ' |
Cash paid for interest | ' | ' | 89 |
Cash paid for income taxes | ' | 124 | 314 |
Non-cash investing transactions: | ' | ' | ' |
Acquisition consideration settled | 99 | 4,930 | 15,891 |
Purchase of intangible assets with shares of company stock | 2,200 | ' | ' |
Non-cash financing transactions: | ' | ' | ' |
Conversion of promissory convertible notes | ' | $3,149 | ' |
Principal_activities_and_organ
Principal activities and organization | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Principal activities and organization | ' | ||||
1. Principal activities and organization | |||||
(a) Principal activities | |||||
Tiger Media, Inc. (the “Company” or “Tiger Media” or “IDI”, formerly known as SearchMedia Holdings Limited) is a holding company and, through its consolidated subsidiaries (collectively the “Group”), is principally engaged in the provision of advertising services in the out-of-home advertising industry. Out-of-home advertising typically refers to advertising media in public places, such as billboards, luxury shopping mall LCDs and furniture displays. | |||||
(b) Organization | |||||
On October 30, 2009, the Company completed the acquisition of all the issued and outstanding shares and warrants of SearchMedia International Limited (“SearchMedia International”) (Business combination). SearchMedia International security holders, including certain note holders and warrant holders, received ordinary shares, or securities exercisable or exchangeable for ordinary shares, of the Company. The business combination was accounted for as a reverse recapitalization, whereby SearchMedia International is the continuing entity for financial reporting purposes and is deemed to be the accounting acquirer of SearchMedia Holdings Limited. On December 14, 2012, SearchMedia Holdings Limited changed its name to Tiger Media, Inc. | |||||
Prior to January 1, 2008, SearchMedia International incorporated Jieli Investment Management Consulting (Shanghai) Co., Ltd. (“Jieli Consulting”), which in turn entered into contractual agreements (see “VIEs Arrangements”) with the owners of Shanghai Jingli Advertising Co., Ltd. (“Jingli”). | |||||
In 2008, Jingli, the VIE, acquired 100% of the equity interests of the following subsidiaries. | |||||
Name of entity | Place of incorporation | ||||
Shanghai Jincheng Advertising Co., Ltd. (“Jincheng”) | PRC | ||||
Shaanxi Xinshichuang Advertising Co., Ltd. (“Xinshichuang”) | PRC | ||||
Beijing Wanshuizhiyuan Advertising Co., Ltd. (“Wanshuizhiyuan”) | PRC | ||||
Shenyang Jingli Advertising Co., Ltd. (“Shenyang Jingli”) | PRC | ||||
Qingdao Kaixiang Advertising Co., Ltd. (“Qingdao Kaixiang”) | PRC | ||||
Shanghai Haiya Advertising Co., Ltd. (“Haiya”) | PRC | ||||
Tianjin Shengshitongda Advertising Creativity Co., Ltd. (“Shengshitongda”) | PRC | ||||
Shanghai Botang Advertising Co., Ltd. (“Shanghai Botang”) | PRC | ||||
Ad-Icon Company Limited (“HK Ad-Icon”) | HKSAR | ||||
Changsha Jingli Advertising Co., Ltd. (“Changsha Jingli”) | PRC | ||||
Wenzhou Rigao Advertising Co., Ltd. (“Wenzhou Rigao”) | PRC | ||||
Wuxi Ruizhong Advertising Co., Ltd. (“Wuxi Ruizhong”) | PRC | ||||
On December 11, 2009, HK Ad-Icon established Ad-Icon Advertising (Shanghai) Co., Ltd. (“Ad-Icon Shanghai”), a wholly-owned subsidiary in China, which is permitted to operate advertising businesses in China. In 2010, Ad-Icon Shanghai, acquired 100% of the equity interests in Zhejiang Continental Advertising Co., Ltd. (“Zhejiang Continental”). In addition, 100% of the equity interests in Shanghai Botang, Wanshuizhiyuan, Qingdao Kaixiang, Wuxi Ruizhong and Shenyang Jingli acquired by Jingli have been transferred to Ad-Icon Shanghai during 2010 and 2011. | |||||
Effective December 23, 2011, the Company terminated the VIEs arrangements and ceased to consolidate the financial results of the VIE and its subsidiaries. | |||||
The Company disposed of its wholly-owned subsidiaries Zhejiang Continental, Shenyang Jingli, Qingdao Kaixiang and Wuxi Ruizhong on May 2, May 14, August 31 and November 30, 2012 respectively. On December 31, 2012, the Company divested SearchMedia International and its subsidiaries, including Jieli Consulting, Jieli Network, Shanghai Botang, Wanshuizhiyuan, HK Ad-Icon, Ad-Icon Shanghai and Quanwei to Partner Venture Holding Limited (“Partner”), an independent third party, to eliminate the remaining earn-out obligations and potential tax liabilities pursuant to the acquisition agreements with the subsidiaries of SearchMedia International (See note 2). | |||||
On August 15, 2012, the Company established Tiger Media Global Limited, a wholly-owned BVI subsidiary. On November 28, 2012, Tiger Media Global established Shanghai Tiger Shangda Management Consulting Co., Ltd. (“Shanghai Tiger Shangda”). On November 30, 2012, 100% of the equity interest in Shanghai Tiger Yaoyang Advertising Co., Ltd. (“Tiger Yaoyang”) was transferred to Shanghai Tiger Shangda. Tiger Yaoyang was incorporated on September 18, 2012, and started to operate the LCD advertising businesses in China in December 2012. | |||||
On October 15, 2012, the Company established Tiger Media Investments Limited, a wholly-owned BVI subsidiary. On April 11, 2013, Tiger Media Investments established Tiger Media Limited, which was incorporated in Hong Kong to operate outdoor advertising business in Hong Kong. |
Discontinued_operations
Discontinued operations | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||
Discontinued operations | ' | ||||||||
2. Discontinued operations | |||||||||
Introduction | |||||||||
In order to expand shareholder value in the longer term and allow the Company to focus on and pursue additional accretive concessions, the Company divested many of its subsidiaries during 2012. In addition, the divestiture of the subsidiaries resulted in the elimination of certain outstanding payables, earn-out liabilities and tax provisions in the aggregate amount of $41.6 million. On May 2, May 14, August 31, and November 30, 2012, the Company disposed of Zhejiang Continental, Shenyang Jingli, Qingdao Kaixiang and Wuxi Ruizhong, respectively. On December 31, 2012, the Company entered into a Share Purchase Agreement and completed the sale of SearchMedia International and its remaining subsidiaries. | |||||||||
As a result of the Company’s disposal of Zhejiang Continental, Shenyang Jingli, Qingdao Kaixiang and Wuxi Ruizhong and the Company’s divestment of SearchMedia International, together with its remaining subsidiaries, the results and accounts of each of these subsidiaries are shown as discontinued operations in the Company’s financial statements. | |||||||||
Disposal of Zhejiang Continental | |||||||||
On May 2, 2012, the Company divested 100% of the equity interests in Zhejiang Continental back to its original selling shareholders and eliminated the related acquisition contingent payable of $8,250 in exchange for the issuance of 1.0 million ordinary shares of the Company. The gain on the elimination on acquisition contingent payable was recognized by the Company to its income statement in accordance with ASC Topic 805-30-35 and reflected in the Company’s 2012 financial statements. | |||||||||
The following financial information presents the results of operations of Zhejiang Continental for the year ended December 31, 2011 and for the period from January 1, 2012 to May 2, 2012 (the disposal date). | |||||||||
Year ended | Period ended | ||||||||
December 31, 2011 | May 2, 2012 | ||||||||
Advertising service revenues | 2,611 | 379 | |||||||
Pretax profit/(loss) | 303 | (143 | ) | ||||||
Net profit / (loss) | 100 | (143 | ) | ||||||
The Company recorded a cumulative gain on the disposal of Zhejiang Continental, pursuant to the following: | |||||||||
Total consideration on disposal – 1,000,000 shares issued | $ | (1,700 | ) | ||||||
Add: Extinguishment of current accounts | 80 | ||||||||
Add: Earn-out consideration payable settled | 8,250 | ||||||||
Less: Net book value of assets in connection with the disposal | (1,170 | ) | |||||||
Net gain on the disposal of Zhejiang Continental | $ | 5,460 | |||||||
Disposal of Shenyang Jingli | |||||||||
On May 14, 2012, the Company divested 100% of the equity interests in Shenyang Jingli back to its original selling shareholders and eliminated the related acquisition contingent payable of $1,437. The gain on the elimination on acquisition contingent payable was recognized by the Company to its income statement in accordance with ASC Topic 805-30-35 and reflected in the Company’s 2012 financial statements. | |||||||||
The following financial information presents the results of operations of Shenyang Jingli for the year ended December 31, 2011 and for the period from January 1, 2012 to May 14, 2012 (the disposal date). | |||||||||
Year ended | Period ended | ||||||||
December 31, 2011 | May 14, 2012 | ||||||||
Advertising service revenues | 471 | 6 | |||||||
Pretax profit/(loss) | (549 | ) | 251 | ||||||
Net profit / (loss) | (816 | ) | 222 | ||||||
The Company recorded a cumulative gain on the disposal of Shenyang Jingli, pursuant to the following: | |||||||||
Total consideration on disposal | $ | — | |||||||
Add: Extinguishment of current accounts | 1,586 | ||||||||
Add: Extinguishment of acquisition consideration payable | 1,437 | ||||||||
Add: Net book value of liability in connection with the disposal | 1,641 | ||||||||
Net gain on the disposal of Shenyang Jingli | $ | 4,664 | |||||||
Disposal of Qingdao Kaixiang | |||||||||
On August 31, 2012, the Company divested 100% of the equity interests in Qingdao Kaixiang back to its original selling shareholders and eliminated the related acquisition contingent payable of $4,126. The gain on the elimination on acquisition contingent payable was recognized by the Company to its income statement in accordance with ASC Topic 805-30-35 and reflected in the Company’s 2012 financial statements. | |||||||||
The following financial information presents the results of operations of Qingdao Kaixiang for the year ended December 31, 2011 and for the period from January 1, 2012 to August 31, 2012 (the disposal date). | |||||||||
Year ended | Period ended | ||||||||
December 31, 2011 | August 31, 2012 | ||||||||
Advertising service revenues | 2,603 | 89 | |||||||
Pretax profit/(loss) | 338 | (563 | ) | ||||||
Net profit / (loss) | 253 | (563 | ) | ||||||
The Company recorded a cumulative loss on the disposal of Qingdao Kaixiang, pursuant to the following: | |||||||||
Total consideration on disposal | $ | — | |||||||
Add: Extinguishment of current accounts | 1,891 | ||||||||
Add: Extinguishment of acquisition consideration payable | 4,126 | ||||||||
Less: Net book value of assets in connection with the disposal | (4,574 | ) | |||||||
Less: Goodwill writeoff | (3,261 | ) | |||||||
Net loss on the disposal of Qingdao Kaixiang | $ | (1,818 | ) | ||||||
Disposal of Wuxi Ruizhong | |||||||||
On November 30, 2012, the Company divested 100% of the equity interests in Wuxi Ruizhong back to its original selling shareholders and eliminated the related acquisition contingent payable of $322. The gain on the elimination on acquisition contingent payable was recognized by the Company to its income statement in accordance with ASC Topic 805-30-35 and reflected in the Company’s 2012 financial statements. | |||||||||
The following financial information presents the results of operations of Wuxi Ruizhong for the year ended December 31, 2011 and for the period from January 1, 2012 to November 30, 2012 (the disposal date). | |||||||||
Year ended | Period ended | ||||||||
December 31, 2011 | November 30, 2012 | ||||||||
Advertising service revenues | 2,035 | 1,656 | |||||||
Pretax profit/(loss) | 493 | 146 | |||||||
Net profit / (loss) | 192 | (19 | ) | ||||||
The Company recorded a cumulative loss on the disposal of Wuxi Ruizhong, pursuant to the following: | |||||||||
Total consideration on disposal | $ | 147 | |||||||
Add: Obligation exempted | 328 | ||||||||
Add: Extinguishment of current accounts | 1,414 | ||||||||
Add: Extinguishment of acquisition consideration payable | 322 | ||||||||
Less: Net book value of assets in connection with the disposal | (1,750 | ) | |||||||
Less: Goodwill writeoff | (3,103 | ) | |||||||
Net loss on the disposal of Wuxi Ruizhong | $ | (2,642 | ) | ||||||
Divestiture of SearchMedia International Limited and its subsidiaries | |||||||||
On December 31, 2012, the Company announced the divestiture of its SearchMedia International Limited, together with all its remaining subsidiaries. As part of the transaction, SearchMedia International and its remaining subsidiaries were divested to an independent third party, by granting an option to acquire 650,000 shares of Tiger Media at $1.25 per share to eliminate the remaining earn-out obligations and potential tax liabilities pursuant to the acquisition agreements with the subsidiaries of SearchMedia International. As part of the transaction, the independent third party will pursue the collection of all receivables and all claims for SearchMedia International, for the benefit of Tiger Media and share 50% of any receivables, net proceeds, awards or judgments from any claims or lawsuits brought about by SearchMedia International entities; provided, however, 100% of any sale proceeds from the sale or transfer of any of the SearchMedia International’s subsidiaries will accrue to Tiger Media. Included in the divestiture of SearchMedia International are the subsidiaries, HK Ad-Icon, Wanshuizhiyuan and Shanghai Botang subsidiaries. As of December 31, 2012, SearchMedia International’s operating results would no longer form part of the Company’s consolidated financial statements. | |||||||||
The following financial information presents the results of operations of SearchMedia International and its remaining subsidiaries for the years ended December 31, 2011 and 2012. | |||||||||
Year ended | Year ended | ||||||||
December 31, 2011 | December 31, 2012 | ||||||||
Advertising service revenues | 47,851 | 27,899 | |||||||
Pretax profit/(loss) | (10,214 | ) | (6,192 | ) | |||||
Net profit / (loss) | (11,073 | ) | (6,220 | ) | |||||
The Company recorded a cumulative gain on the divestiture of SearchMedia International with its remaining subsidiaries, pursuant to the following: | |||||||||
Total consideration on disposal | $ | (421 | ) | ||||||
Add: Net book value of liability in connection with the divestiture | 118,153 | ||||||||
Less: Extinguishment of current accounts | (107,243 | ) | |||||||
Net gain on the divestiture of SearchMedia International | $ | 10,489 | |||||||
The net book value of liability includes the extinguished acquisition payable to Wanshuizhiyuan and Wenzhou Rigao, amounting to $1,206 and $3,610, respectively. | |||||||||
The following financial information presents the total results of operations of Zhejiang Continental, Shenyang Jingli, Qingdao Kaixiang, Wuxi Ruizhong, SearchMedia International and its subsidiaries for the year ended December 31, 2011 and for the period from January 1, 2012 to the disposal dates. | |||||||||
Year ended | Period ended | ||||||||
December 31, 2011 | disposal dates | ||||||||
Advertising service revenues | 55,571 | 30,029 | |||||||
Pretax profit/(loss) | (9,629 | ) | (6,501 | ) | |||||
Net profit / (loss) | (9,712 | ) | (6,723 | ) | |||||
The Company recorded a cumulative gain on the disposal of divestiture of Zhejiang Continental, Shenyang Jingli, Qingdao Kaixiang, Wuxi Ruizhong, SearchMedia International with its remaining subsidiaries, pursuant to the following: | |||||||||
Gain/(loss) on | |||||||||
disposal of | |||||||||
discontinued | |||||||||
components | |||||||||
Zhejiang Continental | $ | 5,460 | |||||||
Shenyang Jingli | 4,664 | ||||||||
Qingdao Kaixiang | (1,818 | ) | |||||||
Wuxi Ruizhong | (2,642 | ) | |||||||
SearchMedia International and its remaining subsidiaries | 10,489 | ||||||||
Gain/(loss) on disposal of discontinued components | $ | 16,153 | |||||||
Summary_of_significant_account
Summary of significant accounting policies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Summary of significant accounting policies | ' | ||||
3. Summary of significant accounting policies | |||||
(a) Basis of preparation | |||||
The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). | |||||
As a result of disposals of Zhejiang Continental, Shenyang Jingli, Qingdao Kaixiang, Wuxi Ruizhong and divestiture of SearchMedia International, the consolidated balance sheet as of December 31, 2012 and the consolidated statement of operations for the year ended December 31, 2012 present the results and accounts of these subsidiaries as discontinued operations. | |||||
Principles of consolidation | |||||
The consolidated financial statements include the financial statements of the Company, its subsidiaries and its VIEs for which the Company was the primary beneficiary. Operating results of its VIE subsidiary were excluded from the consolidated financial statements beginning on December 23, 2011 upon the termination of the VIE contracts. The operating results of Zhejiang Continental, Shenyang Jingli, Qingdao Kaixiang, Wuxi Ruizhong and SearchMedia International, together with its remaining subsidiaries, were excluded from the consolidated financial statements since their respective disposal dates. All significant transactions among the Company, its subsidiaries and its VIE subsidiary have been eliminated upon consolidation. | |||||
(b) Use of estimates | |||||
The preparation of financial statements in accordance with US GAAP requires the Company’s management to make estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant items subject to such estimates and assumptions include the allowance for doubtful receivables; useful lives and residual values of property and equipment and intangible assets; recoverability of the carrying amount of property and equipment, goodwill and intangible assets; fair values of financial instruments; the fair values of the assets acquired and liabilities assumed upon the consolidation of businesses acquired in 2008 and 2010 respectively; and the assessment of contingent obligations. These estimates are often based on complex judgments and assumptions that management believes to be reasonable but are inherently uncertain and unpredictable. Actual results could differ from these estimates. | |||||
(c) Foreign currency transactions and translation | |||||
The Group’s reporting currency is the United States dollars (“US$”). The functional currency of the Company is the US$, whereas the functional currency of the Company’s consolidated subsidiaries and VIEs in the PRC is the Renminbi (“RMB”) and the functional currency of the Company’s subsidiaries in the HKSAR is the Hong Kong Dollars (“HK$”), as the PRC and HKSAR are the primary economic environments in which the respective entities operate. Since the RMB is not a fully convertible currency, all foreign exchange transactions involving RMB must take place either through the People’s Bank of China (the “PBOC”) or other institutions authorized to buy and sell foreign currency. The exchange rates adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC. | |||||
Transactions denominated in currencies other than the functional currency are translated into the respective functional currency at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in a currency other than the functional currency are translated into the functional currency using the applicable exchange rate at each balance sheet date. The resulting exchange differences are recorded in “foreign currency transaction gain / (loss)” in the consolidated statements of operations. | |||||
The assets and liabilities of the Company’s consolidated subsidiaries and VIEs are translated into the US$ reporting currency using the exchange rate at each balance sheet date. Revenue and expenses of these entities are translated into US$ at average rates prevailing during the year. Equity accounts are translated at historical exchange rates. Gains and losses resulting from translation of these entities’ financial statements into the US$ reporting currency are recorded as a separate component of “accumulated other comprehensive income” within shareholders’ equity. | |||||
(d) Cash and cash equivalents | |||||
Cash and cash equivalents consist of cash on hand and bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. | |||||
The Group’s cash and bank deposits were held in major financial institutions located in PRC, which management believes have high credit ratings. Cash and bank deposit held in PRC as of December 31, 2012 and 2013 were $2,009 and $83, respectively. The remaining cash and bank deposits were held in US and Hong Kong denominated in USD and HKD, amounted to $5,200 and $5,522 as of December 31, 2012 and 2013, respectively. | |||||
The Company purchased two financial products in 2012, which were measured at fair value as cash equivalents as of December 31, 2012. | |||||
1 | 50 units of USD-denominated UBS Jersey Call Certificate with the given par value at USD50,000 per unit, whose fair value as of December 31, 2012 was $2,530. The Open End USD-denominated capital protected and non interest bearing UBS Jersey Call Certificate offered the investor a return which was linked to the development of the UBS USD Jersey Spot Rate as determined by the Calculation Agent. The value per product accreted daily, based on the prevailing Reference Rate. At any time, the value and redemption amount of the product would reflect the Par Value plus the accreted amount based on the prevailing Reference Rate. Should the Reference Rate become zero or negative, and Automatic Early Redemption was triggered at a Redemption Amount per Product. The investor was exposed to the fluctuations of the UBS USD Jersey Spot Rate and the credit risk of the Issuer – UBS AG, Jersey Branch. | ||||
2 | RMB-denominated non-capital preservation wealth management product with the par value at RMB2 million with a floating yield, which was issued by Agricultural Bank of China. The product could be redeemed at any time with the term of 5 years. The estimated maximum annual yield increased progressively with the investment of time, ranging from 2.15% to 3.55%. The Company measured it with the redeemed value, discounted at the yield rate. On February 25, 2013, the Company redeemed the product and received the amount of RMB2.025 million. | ||||
Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash investments. The Company places its temporary cash instruments with well-known financial institutions within China, Hong Kong and the United States and, at times, may maintain balances in US banks in excess of the $250 US FDIC Insurance limit. The Company monitors the credit ratings of the financial institutions to mitigate this risk. | |||||
(e) Accounts receivable | |||||
Accounts receivable consist of amounts billed but not yet collected and unbilled receivables. Unbilled receivables relate to revenues earned and recognized, but which have not been billed by the Group in accordance with the terms of the advertising service contract. The payment terms of the Group’s service contracts with its customers vary and typically require an initial payment to be billed or paid at the commencement of the service period, progress payments to be billed during the service period, and a final payment to be billed after the completion of the service period. None of the Group’s accounts receivable bear interest. The allowance for doubtful accounts is management’s best estimate of the amount of probable credit losses in the Group’s existing accounts receivable. Management determines the allowance based on reviews of customer-specific facts and economic conditions. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Group does not have any off-balance-sheet credit exposure related to its customers. | |||||
(f) Property and equipment | |||||
Property and equipment are stated at cost, net of accumulated depreciation or amortization. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets, taking into consideration the assets’ salvage or residual value. The estimated useful lives of property and equipment are as follows: | |||||
Leasehold improvements | 1 to 3 years | ||||
Advertisement display equipment | 3 years | ||||
Furniture, fixtures and office equipment | 3 years | ||||
When items of property and equipment are retired or otherwise disposed of, loss/income is charged or credited for the difference between the net book value and proceeds received thereon. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized. | |||||
(g) Intangible assets | |||||
The Group’s intangible assets are amortized on a straight line basis over their respective estimated useful lives, which are the periods over which the assets are expected to contribute directly or indirectly to the future cash flows of the Group. The Group’s intangible asset represents lease agreements which has estimated useful lives of 6 years. | |||||
(h) Goodwill | |||||
Goodwill and other intangible assets are accounted for in accordance with the provisions of FASB ASC 350 “Intangibles — Goodwill and Other”. The Group accounts for business acquisitions using the acquisition method of accounting. Prior to 2009, goodwill consists of the cost of acquired businesses in excess of the fair value of the net assets acquired. Other intangible assets are separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the intangible asset can be sold, transferred, licensed, rented, or exchanged, regardless of an intent to do so. | |||||
Beginning on January 1, 2009, goodwill is measured as the excess of a over b below: | |||||
a. | The aggregate of the following: | ||||
1 | The consideration transferred measured in accordance ASC 805, which generally requires acquisition-date fair value. | ||||
2 | The fair value of any noncontrolling interest in the acquiree. | ||||
3 | In a business combination achieved in stages, the acquisition-date fair value of the acquirer’s previously held equity interest in the acquiree. | ||||
b. | The net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed measured in accordance with ASC 805. | ||||
Under FASB ASC 350, goodwill, including any goodwill included in the carrying value of investments accounted for using the equity method of accounting, and certain other intangible assets deemed to have indefinite useful lives, are not amortized. | |||||
(i) Impairment of long-lived assets | |||||
The Group tests goodwill for possible impairment in the fourth quarter of each year or when circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Circumstances that could trigger an impairment test between annual tests include, but are not limited to: | |||||
• | a significant adverse change in the business climate or legal factors; | ||||
• | an adverse action or assessment by a regulator; | ||||
• | unanticipated competition; | ||||
• | loss of key personnel; | ||||
• | the likelihood that a reporting unit or a significant portion of a reporting unit will be sold or disposed of; | ||||
• | a change in reportable segments; and/or results of testing for recoverability of a significant asset group within a reporting unit. | ||||
The Group utilizes a two-step method to perform a goodwill impairment review. In the first step, we determine the fair value of the reporting unit using expected future discounted cash flows and estimated terminal values. If the net book value of the reporting unit exceeds the fair value, we would then perform the second step of the impairment test which requires allocation of the reporting unit’s fair value of all of its assets and liabilities in a manner similar to a purchase price allocation, with any residual fair value being allocated to goodwill. The implied fair value of the goodwill is then compared to the carrying value to determine impairment, if any. | |||||
Application of goodwill impairment test requires judgment, including the identification of reporting units, assigning assets and liabilities to the reporting units, assigning goodwill to reporting units and estimating the fair value of each reporting unit. Changes in these estimates and assumptions could materially affect the determination of fair value of each reporting unit which could trigger impairment. | |||||
In calculating the future cash flows, certain assumptions are required to be made in respect of highly uncertain matters such as revenue growth rates, gross margin percentages and terminal growth rates. | |||||
Indefinite-lived intangible assets are assessed for impairment at least annually based on comparisons of their respective fair values to their carrying values. Finite-lived intangible assets are amortized over their respective useful lives and, along with other long-lived assets, are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying amounts may not be recoverable in accordance with FASB ASC 360-10-15, “Impairment or Disposal of Long-Lived Assets”. | |||||
In evaluating long-lived assets for recoverability, including finite-lived intangibles and property and equipment, the Group uses its best estimate of future cash flows expected to result from the use of the asset and eventual disposition in accordance with FASB ASC 360-10-15. To the extent that estimated future, undiscounted cash inflows attributable to the asset, less estimated future, undiscounted cash outflows, are less than the carrying amount, an impairment loss is recognized in an amount equal to the difference between the carrying value of such asset and its fair value. Assets to be disposed of and for which there is a committed plan of disposal, whether through sale or abandonment, are reported at the lower of carrying value or fair value less costs to sell. | |||||
Asset recoverability is an area involving management judgment, requiring assessment as to whether the carrying value of assets can be supported by the undiscounted future cash flows. In calculating the future cash flows, certain assumptions are required to be made in respect of highly uncertain matters such as revenue growth rates, gross margin percentages and terminal growth rates. | |||||
No impairment loss once recognized is subsequently reversed even if facts and circumstances indicate recovery. | |||||
(j) Fair Value of Financial Instruments | |||||
FASB ASC 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. | |||||
These tiers include: | |||||
• | Level 1 – defined as observable inputs such as quoted prices in active markets; | ||||
• | Level 2 – defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and | ||||
• | Level 3 – defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | ||||
The fair value of the Group’s financial assets and liabilities approximate their carrying amount because of the short-term maturity of these instruments. The Group’s options and acquisition consideration payable fall into Level 3 and there were no transfers in or out of Level 3 during the years presented. | |||||
(k) Revenue recognition | |||||
The Group recognizes advertising service revenue on a straight-line basis over the period in which the customer advertisement is to be displayed, which typically ranges from 3 days to over 1 year, starting from the date the Group first displays the advertisement. Written contracts are entered into between the Group and its customers to specify the price, the period and the location at which the advertisement is to be displayed. Revenue is only recognized if the collectability of the advertising service fee is probable. | |||||
The Group generates advertising service revenues from the sales of frame space on the poster frame network, advertising time slots on outdoor LCD/LEDs networks and advertisement agency service. In the advertising arrangements, the Group acts as a principal in the transaction and records advertising revenues on a gross basis. The associated expenses are recorded as cost of revenues. | |||||
Customer payments received in excess of the amount of revenue recognized are recorded as deferred revenue in the consolidated balance sheet, and are recognized as revenue when the advertising services are rendered. | |||||
(l) Nonmonetary transactions | |||||
According to ASC 845-10-30, in general, the accounting for nonmonetary transactions should be based on the fair values of the assets (or services) involved, which is the same basis as that used in monetary transactions. Thus, the cost of a nonmonetary asset acquired in exchange for another nonmonetary asset is the fair value of the asset surrendered to obtain it, and a gain or loss shall be recognized on the exchange. The fair value of the asset received shall be used to measure the cost if it is more clearly evident than the fair value of the asset surrendered. Similarly, a nonmonetary asset received in a nonreciprocal transfer shall be recorded at the fair value of the asset received. A transfer of a nonmonetary asset to a stockholder or to another entity in a nonreciprocal transfer will be recorded at the fair value of the asset transferred and a gain or loss shall be recognized on the disposition of the asset. | |||||
(m) Cost of revenues | |||||
Cost of revenues consists primarily of operating lease cost of advertising space for displaying advertisements, depreciation of advertising display equipment, amortization of intangible assets relating to lease agreements and direct staff and material costs associated with production and installation of advertising costs associated with production and installation of advertising content. | |||||
(n) Operating leases | |||||
The Group leases advertising space, including outdoor LCD/LEDs and poster frames, and office premises under non-cancellable operating leases. The lease payments are expensed on a straight-line basis over the lease term. Under the terms of the lease agreements, the Group has no legal or contractual asset retirement obligation at the end of the lease. | |||||
(o) Advertising and promotion costs | |||||
Advertising and promotion costs are expensed as incurred. Advertising and promotion costs, mainly sales commission, included in sales and marketing expenses amounted to $3,852 and $3,573 from discontinued components, and $111 from continuing components for the years ended December 31, 2011, 2012 and 2013, respectively. | |||||
(p) Retirement and other post-retirement benefits | |||||
Pursuant to relevant PRC regulations, the Company’s consolidated subsidiaries in the PRC are required to make contributions to various defined contribution retirement plans organized by the PRC government. The contributions are made for each qualifying PRC employee at 22% on a standard salary base as determined by the PRC governmental authority. Contributions to the defined contribution plans are charged to the consolidated statements of income as the related employee service is provided. | |||||
The Company’s subsidiaries in the HKSAR operate a Mandatory Provident Fund Scheme (“the MPF scheme”) under the Hong Kong Mandatory Provident Fund Schemes Ordinance for employees employed under the jurisdiction of the Hong Kong Employment Ordinance. The MPF scheme is a defined contribution retirement scheme administered by independent trustees. Under the MPF scheme, the employer is required to make contributions to the scheme at 5% of the employees’ relevant income, subject to an upper limit. Contributions to the scheme vest immediately. | |||||
The Group has no other obligation for the payment of employee benefits associated with these retirement plans beyond the contributions described above. | |||||
(q) Share-based payments | |||||
The Group accounts for share-based payments to employees is in accordance with ASC Topic 718, “Compensation—Stock Compensation”. Under ASC 718, the Group measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the costs over the period the employee is required to provide service in exchange for the award, which generally is the vesting period. For awards with performance conditions, the compensation expense is based on the grant-date fair value of the award, the number of shares ultimately expected to vest and the vesting period. | |||||
The Company accounts for share-based payments to non-employees in accordance with ASC 505-50, “Equity-Based Payments to Non-Employees”. Under ASC 505-50, share-based payment transactions with nonemployees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. For this specific option due to share purchase agreement, the fair value of the equity instruments issued in a share-based payment transaction with nonemployees is more reliably measurable than the fair value of the consideration received, the transaction shall be measured based on the fair value of the equity instruments issued by the Group. | |||||
(r) Income taxes | |||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates or laws is recognized in income in the period that the change in tax rates or laws is enacted. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. | |||||
The Group applies ASC Topic 740 “Income Taxes”. ASC 740 clarifies the accounting for uncertain tax positions. This interpretation requires that an entity recognizes in the consolidated financial statements the impact of a tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group’s accounting policy is to accrue interest and penalties related to uncertain tax positions, if and when required, as interest expense and a component of general and administrative expenses, respectively, in the consolidated statements of operations. | |||||
(s) Earnings/(loss) per share | |||||
Basic earnings/(loss) per share is computed by dividing income/(loss) attributable to common shares shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings (loss) per ordinary share reflects the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised or converted into ordinary shares and is calculated using the treasury stock method for stock options and unvested shares. Common equivalent shares for which the exercise price exceeds the average market price over the period have an anti-dilutive effect on loss per share and, accordingly, are excluded from the calculation. Common equivalent shares are also excluded from the calculation in loss periods as their effects would be anti-dilutive. | |||||
(t) Segment reporting | |||||
The Group has one operating segment as defined by ASC Topic 280, “Segment Reporting”. For the three years ended December 31, 2011, 2012 and 2013, the Group’s advertising service revenues generated from customers outside the PRC is less than 10% of the Group’s total consolidated revenues. Consequently no geographic information is presented. | |||||
(u) Significant concentrations and risks | |||||
Concentration of Credit Risk | |||||
Assets that potentially subject the Group to significant concentration of credit risk primarily consist of cash and cash equivalents, and accounts receivable. As of December 31, 2013 and 2012, substantially all of the Group’s cash and cash equivalents were deposited in financial institutions located in Hong Kong and US, which management believes are of high credit quality. Accounts receivable are typically unsecured and are derived from revenue earned from customers in the PRC. The risk with respect to accounts receivable is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring process of outstanding balances. | |||||
Concentration of Customers | |||||
The Company sold its media resources and recognized revenue from four major customers during the year ended December 31, 2013, accounting for 22%, 17%, 15% and 15% of the total sales, respectively. There were no sales from customers of continuing operations which individually represent greater than 10% of the total sales during the year ended December 31, 2012 and 2011. | |||||
As of December 31, 2013, four advertising agency customers accounted for 34%, 24%, 13% and 10% of the Company’s accounts receivable. No advertising agency customer or individual customer accounted for more than 10% of accounts receivable as of December 31, 2012. | |||||
Concentration of Suppliers | |||||
The Company purchased its advertising location from one major landlord during the year ended December 31, 2013, accounting for 13% of the total purchases. There were no purchases from suppliers of continuing operations which individually represent greater than 10% of the total purchase during the year ended December 31, 2012 and 2011. | |||||
(v) Recently issued accounting standards | |||||
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” This ASU does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, this guidance requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. For public entities, the guidance is effective prospectively for reporting periods beginning after December 15, 2012. For nonpublic entities, the guidance is effective prospectively for reporting periods beginning after December 15, 2013. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial position and results of operations. | |||||
Except for the ASU above, in the year ended December 31, 2013, the FASB has issued ASUs No. 2013-01 through ASU 2014-05, which are not expected to have a material impact on the consolidated financial statements upon adoption. |
Nonmonetary_transactions
Nonmonetary transactions | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Nonmonetary Transactions [Abstract] | ' | |||
Nonmonetary transactions | ' | |||
4. Nonmonetary transactions | ||||
The Company entered into three barter transactions in 2013. | ||||
• | Barter transaction I. The Company entered into an advertising agreement with a shoe manufacturing enterprise to release the advertisement of its products in 42 LCD screens for two months with the frequency of 120 times a day. The consideration of the contract is the barter credits – 1,077 sheets of coupons for Spring & Summer shoes with the average market unit price of RMB 2,150 and 375 sheets for Autumn & Winter shoes with the average unit price of RMB 2,650. According to management’s estimation, the realized fair value of the barter credits received is more clearly evident than the fair value of the barter transaction. The sale arrangement was valued at $534. The Company recognized advertisement issuance revenue of $504 and capitalized barter credits received of $542. There was no gain or loss recognized on the transfer. | |||
• | Barter transaction II. In August 2013, the Company appointed a local communication company (the “Communication Company”) for the approval service of an additional 54 LCD advertising locations concession. The contract term was three years and the total amount was $492. As the settlement of this obligation, the Company and the Communication Company reached an agreement that the contract amount would be offset by part of the barter credits obtained from the sale described in “Barter Transaction I”. According to management’s estimation, the fair value of the barter credit was more clearly evident than the fair value of the barter transaction. The cost of the approval service was determined at $492. The Company settled the obligation incurred by concession approval of $492 and capitalized approval costs of $492. In 2013, the Company amortized four months with the amount of $58 to cost of revenue. There was no gain or loss recognized on the transfer. | |||
• | Barter transaction III. The Company entered into an agreement to release the advertisement in 99 LCD screens in 20 malls for two months with the frequency of 360 times a day. The contract amount was $492 and the consideration of the contract was the 5-year use right of a LED advertising screen, with the size of 3.42m*2.32m located just in front of Nanjing West Road entrance. According to management’s estimation, the market price of advertising time and spaces surrendered was more clearly evident than the fair value of the barter transaction. The exchange was valued at $492. The Company recognized advertising service revenue $457 and amortized one month LED use right with the amount of $8 to cost of revenue. There was no gain or loss recognized on the transfer. |
Earnings_loss_per_share
Earnings / (loss) per share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings / (loss) per share | ' | ||||||||||||
5. Earnings / (loss) per share | |||||||||||||
Basic earnings / (loss) per share is computed by dividing net earnings/loss available to common shareholders by the weighted average number of common shares outstanding during the three years ended December 31, 2011, 2012 and 2013. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock or conversion of notes into shares of the Company’s common stock that could increase the number of shares outstanding and lower the earnings per share of the Company’s common stock. This calculation is not done for years in which a net loss was incurred as this would be antidilutive. The information related to basic and diluted earnings per share is as follows: | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Numerator: | |||||||||||||
Net loss from continuing operations | $ | (3,747 | ) | $ | (678 | ) | $ | (3,935 | ) | ||||
Net profit/(loss) from discontinued operations | (9,712 | ) | 9,430 | — | |||||||||
Net profit/(loss) | $ | (13,459 | ) | 8,752 | (3,935 | ) | |||||||
Denominator: | |||||||||||||
Weighted average shares outstanding - Basic | 20,994,015 | 22,545,989 | 31,362,848 | ||||||||||
- Diluted | 20,994,015 | 22,784,302 | 31,362,848 | ||||||||||
Earnings / (loss) per share: | |||||||||||||
Basic | |||||||||||||
Continuing operations | $ | (0.18 | ) | $ | (0.03 | ) | $ | (0.13 | ) | ||||
Discontinued operations | $ | (0.46 | ) | $ | 0.42 | $ | — | ||||||
$ | (0.64 | ) | $ | 0.39 | $ | (0.13 | ) | ||||||
Diluted | |||||||||||||
Continuing operations | $ | (0.18 | ) | $ | (0.03 | ) | $ | (0.13 | ) | ||||
Discontinued operations | $ | (0.46 | ) | $ | 0.41 | $ | — | ||||||
$ | (0.64 | ) | $ | 0.38 | $ | (0.13 | ) |
Accounts_receivable_net
Accounts receivable, net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accounts receivable, net | ' | ||||||||
6. Accounts receivable, net | |||||||||
Accounts receivable consist of the following: | |||||||||
As of December 31, | |||||||||
2012 | 2013 | ||||||||
Accounts receivable | $ | — | $ | 1,563 | |||||
Less allowance for doubtful accounts | — | — | |||||||
Total accounts receivable, net | $ | — | $ | 1,563 | |||||
As of December 31, 2013, the Group’s accounts receivable include amounts earned and recognized as revenue of $1,503 but not yet billed (unbilled receivables). Management expects all unbilled receivables to be billed and collected within 12 months of the balance sheet date. |
Prepaid_Expenses_and_Other_Cur
Prepaid Expenses and Other Current Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Prepaid Expenses and Other Current Assets | ' | ||||||||
7. Prepaid expenses and other current assets | |||||||||
Prepaid expenses and other current assets consist of the following: | |||||||||
As of December 31, | |||||||||
2012 | 2013 | ||||||||
Prepaid concession approval fees | $ | 79 | $ | 6 | |||||
Prepaid for procurement of advertising equipment | 51 | 65 | |||||||
Prepaid for rent of advertising spaces | — | 207 | |||||||
Rental deposits and other receivables | 143 | 521 | |||||||
Total prepaid expenses and other current assets | $ | 273 | $ | 799 | |||||
Property_and_Equipment_Net
Property and Equipment, Net | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Property and Equipment, Net | ' | ||||||||||||
8. Property and equipment, net | |||||||||||||
Property and equipment, net consist of the following: | |||||||||||||
As of December 31, | |||||||||||||
2012 | 2013 | ||||||||||||
Continuing operations: | |||||||||||||
Advertising display equipment | $ | 61 | $ | 1,749 | |||||||||
Furniture, fixtures and office equipment | 1 | 17 | |||||||||||
Total cost of property and equipment | 62 | 1,766 | |||||||||||
Less: accumulated depreciation and amortization | — | (182 | ) | ||||||||||
Property and equipment, net | $ | 62 | $ | 1,584 | |||||||||
Depreciation of property and equipment were allocated to the following categories of cost and expenses: | |||||||||||||
Continuing operations: | Year Ended December 31, | ||||||||||||
2011 | 2012 | 2013 | |||||||||||
Cost of revenues | $ | — | $ | — | $ | 180 | |||||||
Selling and marketing expenses | — | — | 1 | ||||||||||
General and administrative expenses | — | — | 1 | ||||||||||
Total depreciation and amortization | $ | — | $ | — | $ | 182 | |||||||
LongTerm_Deferred_Expenses
Long-Term Deferred Expenses | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Long-Term Deferred Expenses | ' | ||||||||||||
9. Long-term deferred expenses | |||||||||||||
Long-term deferred expenses consist of the following: | |||||||||||||
Weighted average | As of December 31, | ||||||||||||
amortization period | 2012 | 2013 | |||||||||||
Rent of advertising spaces | 5 years | $ | — | $ | 484 | ||||||||
Concession approval fees | 3 years | — | 433 | ||||||||||
$ | — | $ | 917 | ||||||||||
The amortization of the long-term deferred expenses was allocated to the cost of revenues of $66, $0 and $0 for the years ended December 31, 2013, 2012 and 2011, respectively. |
Intangible_Assets_Net
Intangible Assets, Net | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Intangible Assets, Net | ' | ||||||||||||
10. Intangible assets, net | |||||||||||||
Intangible assets other than goodwill consist of the following: | |||||||||||||
Continuing operations: | Weighted average | As of December 31, | |||||||||||
amortization period | 2012 | 2013 | |||||||||||
Gross amount | |||||||||||||
Lease agreements | 6 years | $ | — | $ | 2,200 | ||||||||
Accumulated amortization | |||||||||||||
Lease agreements | — | (199 | ) | ||||||||||
Net intangible assets | |||||||||||||
Lease agreements | $ | — | $ | 2,001 | |||||||||
The intangible asset was acquired on June 2013. The Group recorded amortization expense of $199 for the year ended December 31, 2013, all of which were allocated to the cost of revenue. There was no impairment loss for the years ended December 31, 2013. |
Acquisition_Consideration_Paya
Acquisition Consideration Payable | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Acquisition Consideration Payable | ' | ||||||||||||||||||||||||||||||||
11. Acquisition consideration payable | |||||||||||||||||||||||||||||||||
During the year ended December 31, 2008 and 2010, the Group acquired the respective advertising businesses of Jincheng, Xinshichuang, Qingdao Kaixiang, Wanshuizhiyuan, Shenyang Jingli, Shanghai Botang, HK Ad-Icon, Shengshitongda, Wenzhou Rigao, Wuxi Ruizhong and Zhejiang Continental (“acquired entities”). These acquisitions were unrelated to each other. | |||||||||||||||||||||||||||||||||
Pursuant to a series of acquisition agreements signed with each of the acquired entities’ former equity owners, which we refer to as the “ex-owners”, in 2008 and 2010 (“original acquisition agreements”), the purchase consideration for each acquisition is contingent based on the operational results agreed and confirmed by the Group. The acquisition consideration is to be paid to each of the acquired entities’ ex-owners in a 2-year earn-out period following respective acquisition dates (“earn-out period”). | |||||||||||||||||||||||||||||||||
The table below summarizes the contingent consideration associated with the Company’s 2008 and 2010 acquisitions: | |||||||||||||||||||||||||||||||||
Total contingent consideration, paid and extinguished up to December 31, 2012 | |||||||||||||||||||||||||||||||||
and consideration payable as of December 31, 2012 | |||||||||||||||||||||||||||||||||
Acquired entity | Contingent | Consideration | Consideration | Extinguishment | Consideration | consideration | Payable | Payable | |||||||||||||||||||||||||
consideration | paid in cash | paid in stock | of consideration | extinguished | payable | in cash | in stock | ||||||||||||||||||||||||||
on disposal | |||||||||||||||||||||||||||||||||
Qingdao Kaixiang | $ | 16,070 | $ | 7,748 | $ | 4,196 | $ | — | $ | 4,126 | $ | — | $ | — | $ | — | |||||||||||||||||
Wanshuizhiyuan | 11,121 | 9,915 | — | — | 1,206 | — | — | — | |||||||||||||||||||||||||
Shenyang Jingli | 18,092 | 16,655 | — | — | 1,437 | — | — | — | |||||||||||||||||||||||||
Haiya | 9,002 | 5,970 | — | 3,032 | — | — | — | — | |||||||||||||||||||||||||
Shanghai Botang | 35,091 | 34,641 | — | — | — | 450 | — | 450 | |||||||||||||||||||||||||
HK Ad-Icon | 2,414 | 1,847 | 468 | — | — | 99 | 99 | — | |||||||||||||||||||||||||
Wenzhou Rigao | 8,380 | 4,770 | — | — | 3,610 | — | — | — | |||||||||||||||||||||||||
Wuxi Ruizhong | 4,783 | 3,744 | — | — | 1,039 | — | — | — | |||||||||||||||||||||||||
Zhejiang Continental | 10,723 | 2,473 | 1,700 | — | 6,550 | — | — | — | |||||||||||||||||||||||||
Total | $ | 115,676 | $ | 87,763 | $ | 6,364 | $ | 3,032 | $ | 17,968 | $ | 549 | $ | 99 | $ | 450 | |||||||||||||||||
Total contingent consideration, paid and extinguished up to December 31, 2013 | |||||||||||||||||||||||||||||||||
and consideration payable as of December 31, 2013 | |||||||||||||||||||||||||||||||||
Acquired entity | Contingent | Consideration | Consideration | Extinguishment | Consideration | consideration | Payable | Payable | |||||||||||||||||||||||||
consideration | paid in cash | paid in stock | of consideration | extinguished | payable | in cash | in stock | ||||||||||||||||||||||||||
on disposal | |||||||||||||||||||||||||||||||||
Qingdao Kaixiang | $ | 16,070 | $ | 7,748 | $ | 4,196 | $ | — | $ | 4,126 | $ | — | $ | — | $ | — | |||||||||||||||||
Wanshuizhiyuan | 11,121 | 9,915 | — | — | 1,206 | — | — | — | |||||||||||||||||||||||||
Shenyang Jingli | 18,092 | 16,655 | — | — | 1,437 | — | — | — | |||||||||||||||||||||||||
Haiya | 9,002 | 5,970 | — | 3,032 | — | — | — | — | |||||||||||||||||||||||||
Shanghai Botang | 36,176 | 35,712 | — | — | — | 464 | — | 464 | |||||||||||||||||||||||||
HK Ad-Icon | 2,414 | 1,847 | 468 | 99 | — | — | — | — | |||||||||||||||||||||||||
Wenzhou Rigao | 8,380 | 4,770 | — | — | 3,610 | — | — | — | |||||||||||||||||||||||||
Wuxi Ruizhong | 4,783 | 3,744 | — | — | 1,039 | — | — | — | |||||||||||||||||||||||||
Zhejiang Continental | 10,723 | 2,473 | 1,700 | — | 6,550 | — | — | — | |||||||||||||||||||||||||
Total | $ | 116,761 | $ | 88,834 | $ | 6,364 | $ | 3,131 | $ | 17,968 | $ | 464 | $ | — | $ | 464 | |||||||||||||||||
During 2011, 750,380 shares of the Company were issued to ex-owner of Qingdao Kaixiang, Wuxi Ruizhong and HK Ad-Icon to settle consideration payable in stock of $5,210. A gain of $4,340 was recognized to the income statement due to the issuance of the Company’s shares at the market price lower than the price initially agreed at acquisition. | |||||||||||||||||||||||||||||||||
During 2012, 158,515 shares of the Company were issued to ex-owner of HK Ad-Icon to settle consideration payable in stock of $198. A loss of $6 was recognized to the income statement due to the issuance of the Company’s shares at the market price higher than the price revised and agreed in the year. | |||||||||||||||||||||||||||||||||
On May 2, 2012, the Company divested 100% of the equity interests in Zhejiang Continental back to its original selling shareholders and eliminated the related acquisition contingent payable of $8,250 in exchange for the issuance of 1 million common shares of the Company. A gain of $6,550 was recognized to the income statement. | |||||||||||||||||||||||||||||||||
On May 8, 2012, Haiya and Ad-Icon Shanghai entered into a Supplementary Agreement on the Restated Earn-out Agreement and the Term Sheet. The ex-owners of Haiya agreed to extinguish the outstanding acquisition consideration payable at $3,032. | |||||||||||||||||||||||||||||||||
On November 30, 2012, the Company divested 100% of the equity interests in Wuxi Ruizhong back to its original selling shareholders and eliminated the related acquisition contingent payable of $322. The ex-owners of Wuxi Ruizhong returned 132,272 shares, which were issued in 2011 to settle the earn-out obligation of $716, to the Company. | |||||||||||||||||||||||||||||||||
Upon the disposal of Shenyang Jingli, Qingdao Kaixiang, and the divestment of SearchMedia International and its subsidiaries, the additional outstanding acquisition consideration payables at $6,769 were extinguished from the Company. As the earn-out obligation for Wenzhou Rigao was assumed by Ad-Icon Shanghai on deconsolidation of VIEs on December 23, 2011, this obligation of $3,610 was also extinguished because Ad-Icon Shanghai was divested as the wholly-owned subsidiary of SearchMedia International. | |||||||||||||||||||||||||||||||||
In July 2013, the Company entered into a settlement agreement with ex-owners of HK Ad-Icon, who agreed to extinguish the outstanding acquisition consideration payable at $99. |
Accrued_Expenses_and_Other_Pay
Accrued Expenses and Other Payables | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Expenses and Other Payables | ' | ||||||||
12. Accrued expenses and other payables | |||||||||
Accrued expenses and other payables consist of the following: | |||||||||
As of December 31, | |||||||||
2012 | 2013 | ||||||||
Accrued professional fee | $ | 353 | $ | 120 | |||||
Accrued payroll | 13 | 13 | |||||||
Surcharges payable | — | 82 | |||||||
Other current liabilities | — | 20 | |||||||
Total accrued expenses and other payables | $ | 366 | $ | 235 | |||||
Promissory_Convertible_Note
Promissory Convertible Note | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Promissory Convertible Note | ' |
13. Promissory convertible note | |
On February 17, 2012, the Company issued promissory notes with its existing largest shareholder and several other investors including an affiliate of the Company’s CEO to the affiliates of our directors and senior management (the “Lenders”) and received net proceeds of $3,000. The interest accrued on the outstanding principal amount at the rate of ten percent per annum. All computations of interest were made for the actual number of days occurring in the period for which such interest is payable on basis of a 365 day year. The Lenders had the right to convert the principal and any interest due into ordinary shares of the Company at a fixed conversion price per share. | |
On August 17, 2012, the Lenders converted the principal and accrued interests of $149 to ordinary shares at the conversion price of $1 per share and 3,148,833 shares were issued on August 27, 2012. |
Common_Shares_and_Warrants
Common Shares and Warrants | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Equity [Abstract] | ' | |||
Common Shares and Warrants | ' | |||
14. Common shares and warrants | ||||
Common shares | ||||
As of December 31, 2012 and 2013, the number of issued and outstanding common shares was 30,143,741 and 35,600,736, respectively. The change of number of common shares is as follows: | ||||
• | The Company issued 36,780 shares to its senior management. | |||
• | On June 17, 2013, Tiger Media issued 2,052,239 ordinary shares to Symbol Media Corporation (“Symbol Media”) to acquire eight key lease contracts which allowed the Company to take 100% control of the eight key Shanghai shopping center locations. The intangible asset of $2.2 million was recognized. | |||
• | In December 2013, the Company offered its warrant holders the right to exercise their warrants at a reduced exercise price of $1.25 and a total of $4.1 million was raised from the exercise of Warrants to purchase 3,286,480 of the Company’s ordinary shares in December 2013. The remaining warrants not exercised expired on December 26, 2013. | |||
• | The Company issued 81,496 shares to its directors and a consultant for past services rendered. | |||
Warrants | ||||
Prior to the Business Combination, SearchMedia had a total of 13,400,000 warrants outstanding. Each warrant entitled the registered holder to purchase one share of the Company’s common stock at a price of $6.00 to $8.00 per share at any time commencing on the completion of a business combination. The warrants had a four year term and were originally to expire in November 2011. The Board of Directors of the Company approved an extension of the expiration date of its publicly held warrants and insider warrants with an exercise price of $6.00 per share, and underwriter warrants with an exercise price of $7.00 per share to November 2012 and then to February 19, 2013. | ||||
Upon completion of the business reverse acquisition, which was October 30, 2009, the Company had 15,347,401 warrants outstanding, which included 1,519,182 warrants issued to the SearchMedia International shareholders or warrant holders in the business reverse acquisition and 428,219 warrants issued to the note holders. | ||||
Each warrant issued to a SearchMedia International shareholder or warrant holder in the business reverse acquisition and note holder entitled the registered holder to purchase one share of SearchMedia Holding’s common stock at a price ranging from $0.0001 to $8.14 per share, subject to adjustment, at any time. The exercise price and number of ordinary shares issuable on exercise of the warrants might be adjusted in certain circumstances including in the event of a share dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants would not be adjusted for issuances of ordinary shares at a price below their respective exercise prices. The warrants would expire three years from the date of issuance of such warrant. | ||||
In January 2010, the Company repurchased in aggregate 1,738,500 warrants in the open market for a total consideration of $3,809 under a Board authorized plan. During 2010, 1,460 warrants were exercised and the Company received net proceeds of $9. There were no warrants exercised during 2011. | ||||
On November 15, 2012 the Company offered to exercise warrants at a reduced exercise price of $1.25 per share, which the Company provided to its holders of publicly traded warrants, warrants held by the initial stockholders of Ideation, and warrants held by the Ideation underwriters. The benefit for the warrant holders was computed by using the Black-Scholes model for an approximate amount of $644. The opportunity to exercise up to one-third of a holder’s outstanding warrants at a reduced exercise price expired at 5:00 p.m. Eastern Time on December 26, 2012. The Company raised a total of $2.2 million from proceeds received as a result of the exercise of warrants to purchase 1,771,749 of the Company’s ordinary shares. In addition, pursuant to the terms of the offer on February 20, 2013, 3,543,596 Warrants held by participating holders, representing two times the number of warrants exercised by such holders, had their expiration date extended until December 26, 2013 and the exercise price of such warrants was reduced to $2.50 per share. Warrants not exercised or extended expired on February 19, 2013. | ||||
In December 2013, the Company offered its warrant holders the right to exercise their warrants at a reduced exercise price of $1.25 and a total of $4.1 million was raised from the exercise of Warrants to purchase 3,286,480 of the Company’s ordinary shares in December 2013. The remaining warrants not exercised expired on December 26, 2013. | ||||
As of December 31, 2012 and 2013, there were 10,210,699 and 0 warrants for the common stock outstanding respectively. |
Sharebased_Payments
Share-based Payments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Share-based Payments | ' | ||||||||||||||||
15. Share-based payments | |||||||||||||||||
Share-based compensation to employees | |||||||||||||||||
Effective on January 1, 2008, the board of directors and shareholders of the SearchMedia International approved and adopted the 2008 Share Inventive Plan (the “Share Incentive Plan”) which provides for the granting of up to 1,796,492 share options and restricted stock units to the eligible employees to subscribe for ordinary shares of SearchMedia International. The granted stock options and restricted stock units were subsequently converted into SearchMedia Holdings’ stock options and restricted stock units on October 30, 2009 pursuant to the Share Exchange Agreements. | |||||||||||||||||
In August 2010, subject to shareholder approval which was received in September of 2011, the Board approved an increase of the number of authorized shares to be awarded under the Share Incentive Plan from 1,796,492 to 3,000,000 shares which may be granted to designated employees, directors and consultants of the Company. On December 14, 2012, shareholders approved an increase in the 2008 share incentive plan to 4,500,000 shares. On December 17, 2013, shareholders amended the Company’s Amended and Restated 2008 Share Incentive Plan by increasing the number of authorized ordinary shares available for grant under the 2008 Plan from 4,500,000 ordinary shares to 6,000,000 ordinary shares. | |||||||||||||||||
(a) Share options | |||||||||||||||||
Details of stock options activity during the years ended December 31, 2011, 2012 and 2013 were as follows: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
options | average | average | fair value | ||||||||||||||
exercise | remaining | ||||||||||||||||
price per | contractual | ||||||||||||||||
share | term | ||||||||||||||||
Balance as of January 1, 2011 | 1,004,861 | 2.13 | 1,253 | ||||||||||||||
Granted | 120,000 | 1.74 | 123 | ||||||||||||||
Exercised | (77,387 | ) | 0.01 | (307 | ) | ||||||||||||
Forfeited | (28,141 | ) | 3.81 | (78 | ) | ||||||||||||
Balance as of December 31, 2011 | 1,019,333 | 5.32 | 8.0 years | 1,880 | |||||||||||||
Granted | 1,300,000 | 1.37 | 799 | ||||||||||||||
Forfeited | (683,810 | ) | 4.04 | (968 | ) | ||||||||||||
Balance as of December 31, 2012 | 1,635,523 | 2.36 | 8.6 years | 1,735 | |||||||||||||
Granted | 335,000 | 1.49 | 308 | ||||||||||||||
Forfeited | (425,000 | ) | 1.88 | (347 | ) | ||||||||||||
Balance as of December 31, 2013 | 1,545,523 | 2.3 | 8.1 years | 1,696 | |||||||||||||
Options exercisable at December 31, 2013 | 818,855 | 3.11 | 7.4 years | 1,050 | |||||||||||||
The Company determined the estimated grant-date fair value of share options based on the Binomial Tree option-pricing model using the following assumptions: | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Risk-free rate of return | 2.35% | 1.46%-2.30% | 2.63% | ||||||||||||||
Weighted average expected option life | 10 years | 10 years | 10 years | ||||||||||||||
Expected volatility rate | 102.20% | 96.90%-102.00% | 95.26% | ||||||||||||||
Dividend yield | 0% | 0% | 0% | ||||||||||||||
The expected volatility in the table above was based on the actual volatility of the Company’s ordinary shares. | |||||||||||||||||
Because the Company’s share options have certain characteristics that are significantly different from traded options, and because changes in the subjective assumptions can materially affect the estimated value, in management’s opinion, the existing valuation model may not provide an accurate measure of the fair value of the Company’s share options. Although the fair value of share options issued to employees is determined in accordance with ASC Topic 718, “Compensation—Stock Compensation”, using an option-pricing model, that value may not be indicative of the fair value observed in a willing buyer/willing seller market transaction. | |||||||||||||||||
The Company has accounted for these options issued to employees in accordance with ASC Topic 718, “Compensation—Stock Compensation”, by measuring compensation cost based on the grant-date fair value and recognizing the cost over the period during which an employee is required to provide service in exchange for the award. | |||||||||||||||||
On September 1, 2011, 120,000 options, at exercise prices at $1.74, to purchase the Company’s ordinary shares of the Company were granted to a senior executive of the Company with the options vesting half annually over a two year period. The fair value of these options at grant date was $123. The options were forfeited on the senior executive’s resignation. | |||||||||||||||||
On February 8, 2012, 300,000 options, at exercise price at $1.06, to purchase the Company’s ordinary shares of the Company were granted to certain senior executives of the Company with the options vesting over one year. The fair value of these options at grant date was $182. | |||||||||||||||||
On February 8, 2012, 50,000 options, at exercise price at $1.06, to purchase the Company’s ordinary shares of the Company were granted to a senior management of the Company with the options vesting annually over a three-year period. The fair value of these options at grant date was $35. | |||||||||||||||||
On February 13, 2012, 400,000 options, at exercise price at $1.1, to purchase the Company’s ordinary shares of the Company were granted to a senior executive of the Company with the options vesting annually over a three-year period. The fair value of these options at grant date was $286. | |||||||||||||||||
On March 21, 2012, 25,000 options, at exercise price at $1.55, to purchase the Company’s ordinary shares of the Company were granted to a senior executive of the Company with the options vested on February 24, 2013. The fair value of these options at grant date was $22. | |||||||||||||||||
On March 27, 2012, 100,000 options, at exercise price at $1.65, to purchase the Company’s ordinary shares of the Company were granted to a senior executive of the Company with the options vesting annually over a three-year period. The fair value of these options at grant date was $108. On March 27, 2012, the same senior executive cancelled 250,000 options, at exercise price at $6.09, to purchase the Company’s ordinary shares of the Company, which were granted on February 1, 2010. | |||||||||||||||||
On May 23, 2012, 150,000 options, at exercise price at $1.69, to purchase the Company’s ordinary shares of the Company were granted to a senior executive of the Company with the options vesting annually over a three-year period. The fair value of these options at grant date was $165. The options have been forfeited on his resignation on November 1, 2012. | |||||||||||||||||
On October 17, 2012, 150,000 options, at exercise price at $1.57, to purchase the Company’s ordinary shares of the Company were granted to a senior executive of the Company with the options vesting annually over a three-year period. The fair value of these options at grant date was $150. | |||||||||||||||||
On November 15, 2012, 125,000 options, at exercise price at $1.05, to purchase the Company’s ordinary shares of the Company were granted to a senior executive of the Company with the options vesting annually over a three-year period. The fair value of these options at grant date was $83. The options have been forfeited on the senior executive’s resignation on March 8, 2013. | |||||||||||||||||
On March 4, 2013, 75,000 options, at exercise price at $1.02, to purchase the Company’s ordinary shares of the Company were granted to a senior executive of the Company with the options vesting annually over a three-year period. The fair value of these options at grant date was $48. The options have been forfeited on the senior executive’s resignation on November 10, 2013. | |||||||||||||||||
On November 11, 2013, 175,000 options, at exercise price at $1.62, to purchase the Company’s ordinary shares of the Company were granted to senior executives of the Company with the options vesting annually over a three-year period. The fair value of these options at grant date was $182. | |||||||||||||||||
On November 11, 2013, 85,000 options, at exercise price at $1.62, to purchase the Company’s ordinary shares of the Company were granted to senior executives of the Company with the options vesting over a one-year period. The fair value of these options at grant date was $78. | |||||||||||||||||
225,000 options, at exercise price at $2.62, to purchase the Company’s ordinary shares of the Company, which was granted to a senior executive of the Company with the options vesting over a three-year period on January 4, 2010, were forfeited in 2013 because they were not exercised during the applicable term. | |||||||||||||||||
The amount of compensation cost recognized for these share options was $662 for the year ended December 31, 2011, of which $123 and $539 was allocated to sales and marketing expenses and general and administrative expenses, respectively. As of December 31, 2011, unrecognized share-based compensation cost in respect of granted share options amounted to $308. | |||||||||||||||||
The amount of compensation cost recognized for these share options was $473 for the year ended December 31, 2012, of which $116 and $357 was allocated to sales and marketing expenses and general and administrative expenses, respectively. As of December 31, 2012, unrecognized share-based compensation cost in respect of granted share options amounted to $359. | |||||||||||||||||
The amount of compensation cost recognized for these share options was $271 for the year ended December 31, 2013, which was allocated to general and administrative expenses. As of December 31, 2013, unrecognized share-based compensation cost in respect of granted share options amounted to $348. | |||||||||||||||||
(b) Restricted stock units | |||||||||||||||||
Details of restricted stock unit activity during the years ended December 31, 2011, 2012 and 2013 were as follows: | |||||||||||||||||
Number of | Grant-date | Weighted | |||||||||||||||
restricted | fair value | average | |||||||||||||||
stock unit | remaining | ||||||||||||||||
Granted | contractual | ||||||||||||||||
term | |||||||||||||||||
Balance as of January 1, 2011 | 353,265 | ||||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (1,069 | ) | |||||||||||||||
Forfeitures | (4,334 | ) | |||||||||||||||
Balance as of December 31, 2011 | 347,862 | 7.6 years | |||||||||||||||
Granted | 181,087 | 224 | |||||||||||||||
Exercised | (56,087 | ) | |||||||||||||||
Forfeitures | (327,601 | ) | |||||||||||||||
Balance as of December 31, 2012 | 145,261 | 200 | 9.45 years | ||||||||||||||
Granted | 978,276 | 1,502 | |||||||||||||||
Exercised | (118,276 | ) | |||||||||||||||
Forfeited | (200,000 | ) | |||||||||||||||
Balance as of December 31, 2013 | 805,261 | 1,340 | 9.76 years | ||||||||||||||
Units vested as of December 31, 2013 | 20,261 | 69 | 5.83 years | ||||||||||||||
On March 27, 2012, 56,087 restricted stock units were granted to a former senior executive of the Company. The shares were issued on June 27, 2013. The fair value of these units at grant date was $93. | |||||||||||||||||
On November 15, 2012, 125,000 restricted stock units were granted to a senior executive of the Company with the units vesting annually over a three-year period. The fair value of these units at grant date was $131. The restricted stock units have been forfeited on the senior executive’s resignation on March 8, 2013. | |||||||||||||||||
On March 4, 2013, 75,000 restricted stock units were granted to a senior executive of the Company with the units vesting annually over a three-year period. The fair value of these units at grant date was $77. The restricted stock units have been forfeited on the senior executive’s resignation on November 10, 2013. | |||||||||||||||||
On May 20, 2013, 36,780 restricted stock units were granted to an employee of the Company with the units vesting. The fair value of these units at grant date was $38. | |||||||||||||||||
On November 11, 2013, 785,000 restricted stock units were granted to our directors, senior executive, employee and consultant of the Company with the units vesting on January 2, 2014. The fair value of these units at grant date was $1,272. | |||||||||||||||||
On December 17, 2013, 31,496 restricted stock units were granted to our directors with the units vesting. The fair value of these units at grant date was $40. | |||||||||||||||||
On December 31, 2013, 50,000 restricted stock units were granted to a consultant of the Company with the units vesting. The fair value of these units at grant date was $75. | |||||||||||||||||
The Group recognized compensation cost (included in general and administrative expenses in the consolidated statements of operations) for these restricted stock units of $232, $187 and $1,377 for the years ended December 31, 2011, 2012 and 2013, respectively. The fair value of the restricted stock units was estimated using the Binomial Tree option-pricing model. The assumptions used in estimating the fair value of the restricted stock units are the same as those related to valuation of share options. | |||||||||||||||||
As of December 31, 2012 and 2013, unrecognized share-based compensation cost in respect of granted restricted stock units amounted to $0 and $48, respectively. | |||||||||||||||||
Share-based payment to nonemployees | |||||||||||||||||
On December 31, 2012, Tiger Media Inc. transferred 100% equity of SearchMedia International Limited to a third party by granting an option to acquire 650,000 shares of Tiger Media at $1.25 per share with the valid term of 5 years, which can be exercised immediately. Our accounts for the share-based payment transactions with nonemployees are at the fair value of the equity instruments issued in accordance with ASC Topic 505, “Equity – Equity-Based Payments to Non-Employees”. | |||||||||||||||||
We determined the estimated grant-date fair value of share options based on the Binomial Tree option-pricing model using the assumptions – risk-free rate of return of 0.70%, option life of 5 years, expected volatility rate of 97.50% and dividend yield of 0%. The fair value of the share-based payment to nonemployees amounts to $421. |
Statutory_Reserve
Statutory Reserve | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Statutory Reserve | ' |
16. Statutory reserve | |
The Group’s PRC consolidated subsidiaries are required under PRC laws to transfer at least 10% of their after tax profits as reported in their PRC statutory financial statements to a statutory surplus reserve. These entities are permitted to discontinue allocations to this reserve if the balance of such reserve has reached 50% of their respective registered capital. The transfer to this reserve must be made before distribution of dividends to equity shareholders. The statutory reserve is not available for distribution to the owners (except in liquidation) and may not be transferred in the form of loans, advances or cash dividends. For the years ended December 31, 2012 and 2013, the Group’s PRC consolidated subsidiaries made appropriations to the statutory reserve funds of $0 and $0, respectively. The accumulated balance of the statutory reserve funds maintained at these PRC consolidated subsidiaries as of December 31, 2012 and 2013 was $162 and $0, respectively, which have been eliminated on consolidation. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
17. Income taxes | |||||||||||||
Cayman Islands | |||||||||||||
Under the current laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, upon any payment of dividends by the Company, no withholding tax is imposed. | |||||||||||||
Peoples’ Republic of China | |||||||||||||
The Company’s consolidated subsidiaries in the PRC are governed by the income tax law of the PRC and file separate income tax returns. They are subject to PRC enterprise income tax at 25% on their assessable profits. | |||||||||||||
Under the new tax law and related implementation rules, a withholding tax is applied on the gross amount of dividends received by the Company from its PRC consolidated subsidiaries after January 1, 2008; however undistributed earnings prior to January 1, 2008 are exempted from withholding tax. The implementation rules provide that the withholding tax rate is 10% or the applicable rate specified in a tax treaty. The Company has not provided for income taxes on accumulated earnings of its PRC subsidiaries as of December 31, 2008 since these earnings are intended to be reinvested indefinitely in the PRC. It is not practicable to estimate the amount of additional taxes that might be payable on such undistributed earnings. | |||||||||||||
Hong Kong | |||||||||||||
Subsidiaries reside in Hong Kong are subject to Hong Kong profits tax at a tax rate of 16.5% on their assessable profits. | |||||||||||||
For the years ended December 31, 2011 and 2012, substantially all of the Group’s income before income taxes was derived from the PRC discontinued operations. Income tax expenses for continuing operation is nil for all the years ended December 2011 and 2012. The income tax benefit for the year ended December 31, 2013 is $33. Income tax expense consists of the following: | |||||||||||||
Years Ended December 31, | |||||||||||||
Continuing operations: | 2011 | 2012 | 2013 | ||||||||||
Current tax expense | |||||||||||||
- PRC | $ | — | $ | — | $ | — | |||||||
- HK | — | — | 4 | ||||||||||
Deferred tax benefits | |||||||||||||
- PRC | — | — | (37 | ) | |||||||||
- HK | — | — | — | ||||||||||
Actual income tax benefit | $ | — | $ | — | $ | (33 | ) | ||||||
The following table reconciles the Group’s effective tax for the years presented: | |||||||||||||
Years Ended December 31, | |||||||||||||
Continuing operations: | 2011 | 2012 | 2013 | ||||||||||
Loss before tax | $ | (3,747 | ) | $ | (678 | ) | $ | (3,968 | ) | ||||
Applicable tax rate | 0 | % | 25 | % | 25 | % | |||||||
Computed expected tax expense | — | (170 | ) | (992 | ) | ||||||||
Effect on non-PRC entities not subject to income tax | — | 167 | 957 | ||||||||||
Effect on non-deductible cost | — | — | 2 | ||||||||||
Valuation allowance | — | 3 | — | ||||||||||
Actual income tax benefit | $ | — | $ | — | $ | (33 | ) | ||||||
Non-deductible cost primarily represents cost and expense recognized without invoice received and entertainment expenses in excess of statutory limits for tax purpose. | |||||||||||||
The tax effects of the Group’s temporary differences that give rise to significant portions of the deferred tax assets are as follows: | |||||||||||||
Continuing operations: | Years ended December 31, | ||||||||||||
2011 | 2012 | 2013 | |||||||||||
Deferred tax assets-current: | |||||||||||||
- Tax loss carried forwards of a subsidiary | $ | — | $ | — | $ | 37 | |||||||
Tiger Yaoyang incurred a pretax loss of approximately $148, which resulted in the increase of net operating loss carried forward. The net operating loss carry forwards will expire if unused in the years ending December 31, 2014 through 2018. | |||||||||||||
For the year ended December 31, 2011, 2012 and 2013, the Group did not have unrecognized tax benefits, and it does not expect that the amount of unrecognized tax benefits will change significantly within the next 12 months. No interest and penalties related to unrecognized tax benefits were accrued at the date of initial adoption of FIN 48 and as of December 31, 2012 and 2013. |
Related_Party_Transactions_and
Related Party Transactions and Balances | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Related Party Transactions and Balances | ' | ||||||||||||||||
18. Related party transactions and balances | |||||||||||||||||
(a) Related party transactions | |||||||||||||||||
The discontinued components for the years ended December 31, 2011 and 2012 and the continuing components for the year ended December 31, 2013 entered into certain transactions with its related parties. Management believes that these related party transactions were conducted at normal commercial terms. For the periods presented, material related party transactions are summarized as follows for the years ended December 31, 2011, 2012 and 2013: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
Note | 2011 | 2012 | 2013 | ||||||||||||||
Revenue from provision of advertising services | (i | ) | $ | 45 | $ | 32 | $ | — | |||||||||
Expenses for leases of advertising space | (ii | ) | $ | — | $ | — | $ | 166 | |||||||||
Purchase for lease agreements | (iii | ) | $ | — | $ | — | $ | 2,200 | |||||||||
Notes: | |||||||||||||||||
(i) | Represents amounts received / receivable from affiliated entities of senior management personnel of the Company, for provision of advertising services to these entities. The transactions are conducted on terms comparable to the terms of similar transactions with third parties. | ||||||||||||||||
(ii) | Represents amounts paid / payable to an affiliated entity of senior management personnel of the Company, for leases of advertising spaces. The transactions are conducted on terms comparable to the terms of similar transactions with third parties. | ||||||||||||||||
(iii) | Represents 2.05 million Tiger Media ordinary shares issued to acquire eight key lease agreements from an affiliated entity of senior management personnel of the Company. | ||||||||||||||||
(b) Amounts due from related parties | |||||||||||||||||
As of December 31, | |||||||||||||||||
Note | 2012 | 2013 | |||||||||||||||
Prepayment for leases of advertising space | (i | ) | $ | — | $ | 40 | |||||||||||
Note: | |||||||||||||||||
(i) | Represents prepayment to an affiliated entity of senior management personnel of the Company, for leases of advertising spaces. | ||||||||||||||||
(c) Amounts due to related parties | |||||||||||||||||
As of December 31, | |||||||||||||||||
Note | 2012 | 2013 | |||||||||||||||
Board member fee | (i | ) | $ | 110 | $ | 42 | |||||||||||
Compensation committee chairman fee | (ii | ) | — | 1 | |||||||||||||
Audit committee chairman fee | (iii | ) | — | 30 | |||||||||||||
$ | 110 | $ | 73 | ||||||||||||||
Notes: | |||||||||||||||||
(i) | Represents board member fees due to certain board members of the Company. | ||||||||||||||||
(ii) | Represents compensation committee chairman fees to certain board members of the Company. | ||||||||||||||||
(iii) | Represents audit committee chairman fees to certain board members of the Company. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation And Retirement Disclosure [Abstract] | ' |
Employee Benefit Plans | ' |
19. Employee benefit plans | |
Employees of the Company and its subsidiaries located in Hong Kong are covered by the Mandatory Provident Fund Scheme (“MPF Scheme”) established on December 1, 2000 under the Mandatory Provident Fund Scheme Ordinance of Hong Kong. The calculation of contributions for these eligible employees is based on 5% of the applicable payroll costs, and contributions are matched by the employees. The amounts paid by the Company to the MPF Scheme were $6, $6 and $2; for the years ended December 31, 2011, 2012 and 2013, respectively. | |
Employees of the Company and its subsidiaries located in the PRC are covered by the retirement schemes defined by local practice and regulations, which are essentially defined contribution schemes. The contributed amounts are determined based on 22% of the applicable payroll costs. The amounts paid by the Company to these defined contribution schemes were $196, $119 and $308 for years ended December 31, 2011, 2012 and 2013, respectively. | |
In addition, the Company is required by law to contribute to medical insurance benefits, housing funds, unemployment, and other statutory benefits ranging from 1% to 10% of applicable salaries. The PRC government is directly responsible for the payment of the benefits to these employees. The amounts contributed for medical insurance benefits were $106, $65 and $168 for the years ended December 31, 2011, 2012 and 2013, respectively. The amounts contributed for housing funds was $62, $38 and $98 for the years ended December 31, 2011, 2012 and 2013, respectively. The amounts contributed for other benefits were $27, $16 and $42 for the years ended December 31, 2011, 2012 and 2013, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
20. Commitments and contingencies | |||||
(a) Operating lease commitments | |||||
As of December 31, 2013, future minimum rental payments under non-cancellable operating leases having initial or remaining lease terms of more than one year are as follows: | |||||
Year | |||||
2014 | $ | 1,542 | |||
2015 | 1,531 | ||||
2016 | 852 | ||||
2017 | 410 | ||||
2018 | 277 | ||||
$ | 4,612 | ||||
(b) Capital commitment | |||||
As of December 31, 2013, material capital commitment under non-cancellable advertising equipment construction contracts is $226. | |||||
(c) Contingency | |||||
No provision was made for operational claims in continuing operations as of December 31, 2012 and 2013. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
21. Subsequent events | |
The Company evaluated all events and transactions after December 31, 2013 through the date these financial statements were issued and there were no material subsequent events. |
Summary_of_significant_account1
Summary of significant accounting policies (Policies) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Basis of Preparation | ' | ||||
(a) Basis of preparation | |||||
The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). | |||||
As a result of disposals of Zhejiang Continental, Shenyang Jingli, Qingdao Kaixiang, Wuxi Ruizhong and divestiture of SearchMedia International, the consolidated balance sheet as of December 31, 2012 and the consolidated statement of operations for the year ended December 31, 2012 present the results and accounts of these subsidiaries as discontinued operations. | |||||
Principles of consolidation | |||||
The consolidated financial statements include the financial statements of the Company, its subsidiaries and its VIEs for which the Company was the primary beneficiary. Operating results of its VIE subsidiary were excluded from the consolidated financial statements beginning on December 23, 2011 upon the termination of the VIE contracts. The operating results of Zhejiang Continental, Shenyang Jingli, Qingdao Kaixiang, Wuxi Ruizhong and SearchMedia International, together with its remaining subsidiaries, were excluded from the consolidated financial statements since their respective disposal dates. All significant transactions among the Company, its subsidiaries and its VIE subsidiary have been eliminated upon consolidation. | |||||
Use of Estimates | ' | ||||
(b) Use of estimates | |||||
The preparation of financial statements in accordance with US GAAP requires the Company’s management to make estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant items subject to such estimates and assumptions include the allowance for doubtful receivables; useful lives and residual values of property and equipment and intangible assets; recoverability of the carrying amount of property and equipment, goodwill and intangible assets; fair values of financial instruments; the fair values of the assets acquired and liabilities assumed upon the consolidation of businesses acquired in 2008 and 2010 respectively; and the assessment of contingent obligations. These estimates are often based on complex judgments and assumptions that management believes to be reasonable but are inherently uncertain and unpredictable. Actual results could differ from these estimates. | |||||
Foreign Currency Transactions and Translation | ' | ||||
(c) Foreign currency transactions and translation | |||||
The Group’s reporting currency is the United States dollars (“US$”). The functional currency of the Company is the US$, whereas the functional currency of the Company’s consolidated subsidiaries and VIEs in the PRC is the Renminbi (“RMB”) and the functional currency of the Company’s subsidiaries in the HKSAR is the Hong Kong Dollars (“HK$”), as the PRC and HKSAR are the primary economic environments in which the respective entities operate. Since the RMB is not a fully convertible currency, all foreign exchange transactions involving RMB must take place either through the People’s Bank of China (the “PBOC”) or other institutions authorized to buy and sell foreign currency. The exchange rates adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC. | |||||
Transactions denominated in currencies other than the functional currency are translated into the respective functional currency at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in a currency other than the functional currency are translated into the functional currency using the applicable exchange rate at each balance sheet date. The resulting exchange differences are recorded in “foreign currency transaction gain / (loss)” in the consolidated statements of operations. | |||||
The assets and liabilities of the Company’s consolidated subsidiaries and VIEs are translated into the US$ reporting currency using the exchange rate at each balance sheet date. Revenue and expenses of these entities are translated into US$ at average rates prevailing during the year. Equity accounts are translated at historical exchange rates. Gains and losses resulting from translation of these entities’ financial statements into the US$ reporting currency are recorded as a separate component of “accumulated other comprehensive income” within shareholders’ equity. | |||||
Cash and Cash Equivalents | ' | ||||
(d) Cash and cash equivalents | |||||
Cash and cash equivalents consist of cash on hand and bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. | |||||
The Group’s cash and bank deposits were held in major financial institutions located in PRC, which management believes have high credit ratings. Cash and bank deposit held in PRC as of December 31, 2012 and 2013 were $2,009 and $83, respectively. The remaining cash and bank deposits were held in US and Hong Kong denominated in USD and HKD, amounted to $5,200 and $5,522 as of December 31, 2012 and 2013, respectively. | |||||
The Company purchased two financial products in 2012, which were measured at fair value as cash equivalents as of December 31, 2012. | |||||
1 | 50 units of USD-denominated UBS Jersey Call Certificate with the given par value at USD50,000 per unit, whose fair value as of December 31, 2012 was $2,530. The Open End USD-denominated capital protected and non interest bearing UBS Jersey Call Certificate offered the investor a return which was linked to the development of the UBS USD Jersey Spot Rate as determined by the Calculation Agent. The value per product accreted daily, based on the prevailing Reference Rate. At any time, the value and redemption amount of the product would reflect the Par Value plus the accreted amount based on the prevailing Reference Rate. Should the Reference Rate become zero or negative, and Automatic Early Redemption was triggered at a Redemption Amount per Product. The investor was exposed to the fluctuations of the UBS USD Jersey Spot Rate and the credit risk of the Issuer – UBS AG, Jersey Branch. | ||||
2 | RMB-denominated non-capital preservation wealth management product with the par value at RMB2 million with a floating yield, which was issued by Agricultural Bank of China. The product could be redeemed at any time with the term of 5 years. The estimated maximum annual yield increased progressively with the investment of time, ranging from 2.15% to 3.55%. The Company measured it with the redeemed value, discounted at the yield rate. On February 25, 2013, the Company redeemed the product and received the amount of RMB2.025 million. | ||||
Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash investments. The Company places its temporary cash instruments with well-known financial institutions within China, Hong Kong and the United States and, at times, may maintain balances in US banks in excess of the $250 US FDIC Insurance limit. The Company monitors the credit ratings of the financial institutions to mitigate this risk. | |||||
Accounts Receivable | ' | ||||
(e) Accounts receivable | |||||
Accounts receivable consist of amounts billed but not yet collected and unbilled receivables. Unbilled receivables relate to revenues earned and recognized, but which have not been billed by the Group in accordance with the terms of the advertising service contract. The payment terms of the Group’s service contracts with its customers vary and typically require an initial payment to be billed or paid at the commencement of the service period, progress payments to be billed during the service period, and a final payment to be billed after the completion of the service period. None of the Group’s accounts receivable bear interest. The allowance for doubtful accounts is management’s best estimate of the amount of probable credit losses in the Group’s existing accounts receivable. Management determines the allowance based on reviews of customer-specific facts and economic conditions. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Group does not have any off-balance-sheet credit exposure related to its customers. | |||||
Property and Equipment | ' | ||||
(f) Property and equipment | |||||
Property and equipment are stated at cost, net of accumulated depreciation or amortization. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets, taking into consideration the assets’ salvage or residual value. The estimated useful lives of property and equipment are as follows: | |||||
Leasehold improvements | 1 to 3 years | ||||
Advertisement display equipment | 3 years | ||||
Furniture, fixtures and office equipment | 3 years | ||||
When items of property and equipment are retired or otherwise disposed of, loss/income is charged or credited for the difference between the net book value and proceeds received thereon. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized. | |||||
Intangible Assets | ' | ||||
(g) Intangible assets | |||||
The Group’s intangible assets are amortized on a straight line basis over their respective estimated useful lives, which are the periods over which the assets are expected to contribute directly or indirectly to the future cash flows of the Group. The Group’s intangible asset represents lease agreements which has estimated useful lives of 6 years. | |||||
Goodwill | ' | ||||
(h) Goodwill | |||||
Goodwill and other intangible assets are accounted for in accordance with the provisions of FASB ASC 350 “Intangibles — Goodwill and Other”. The Group accounts for business acquisitions using the acquisition method of accounting. Prior to 2009, goodwill consists of the cost of acquired businesses in excess of the fair value of the net assets acquired. Other intangible assets are separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the intangible asset can be sold, transferred, licensed, rented, or exchanged, regardless of an intent to do so. | |||||
Beginning on January 1, 2009, goodwill is measured as the excess of a over b below: | |||||
a. | The aggregate of the following: | ||||
1 | The consideration transferred measured in accordance ASC 805, which generally requires acquisition-date fair value. | ||||
2 | The fair value of any noncontrolling interest in the acquiree. | ||||
3 | In a business combination achieved in stages, the acquisition-date fair value of the acquirer’s previously held equity interest in the acquiree. | ||||
b. | The net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed measured in accordance with ASC 805. | ||||
Under FASB ASC 350, goodwill, including any goodwill included in the carrying value of investments accounted for using the equity method of accounting, and certain other intangible assets deemed to have indefinite useful lives, are not amortized. | |||||
Impairment of Long-lived Assets | ' | ||||
(i) Impairment of long-lived assets | |||||
The Group tests goodwill for possible impairment in the fourth quarter of each year or when circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Circumstances that could trigger an impairment test between annual tests include, but are not limited to: | |||||
• | a significant adverse change in the business climate or legal factors; | ||||
• | an adverse action or assessment by a regulator; | ||||
• | unanticipated competition; | ||||
• | loss of key personnel; | ||||
• | the likelihood that a reporting unit or a significant portion of a reporting unit will be sold or disposed of; | ||||
• | a change in reportable segments; and/or results of testing for recoverability of a significant asset group within a reporting unit. | ||||
The Group utilizes a two-step method to perform a goodwill impairment review. In the first step, we determine the fair value of the reporting unit using expected future discounted cash flows and estimated terminal values. If the net book value of the reporting unit exceeds the fair value, we would then perform the second step of the impairment test which requires allocation of the reporting unit’s fair value of all of its assets and liabilities in a manner similar to a purchase price allocation, with any residual fair value being allocated to goodwill. The implied fair value of the goodwill is then compared to the carrying value to determine impairment, if any. | |||||
Application of goodwill impairment test requires judgment, including the identification of reporting units, assigning assets and liabilities to the reporting units, assigning goodwill to reporting units and estimating the fair value of each reporting unit. Changes in these estimates and assumptions could materially affect the determination of fair value of each reporting unit which could trigger impairment. | |||||
In calculating the future cash flows, certain assumptions are required to be made in respect of highly uncertain matters such as revenue growth rates, gross margin percentages and terminal growth rates. | |||||
Indefinite-lived intangible assets are assessed for impairment at least annually based on comparisons of their respective fair values to their carrying values. Finite-lived intangible assets are amortized over their respective useful lives and, along with other long-lived assets, are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying amounts may not be recoverable in accordance with FASB ASC 360-10-15, “Impairment or Disposal of Long-Lived Assets”. | |||||
In evaluating long-lived assets for recoverability, including finite-lived intangibles and property and equipment, the Group uses its best estimate of future cash flows expected to result from the use of the asset and eventual disposition in accordance with FASB ASC 360-10-15. To the extent that estimated future, undiscounted cash inflows attributable to the asset, less estimated future, undiscounted cash outflows, are less than the carrying amount, an impairment loss is recognized in an amount equal to the difference between the carrying value of such asset and its fair value. Assets to be disposed of and for which there is a committed plan of disposal, whether through sale or abandonment, are reported at the lower of carrying value or fair value less costs to sell. | |||||
Asset recoverability is an area involving management judgment, requiring assessment as to whether the carrying value of assets can be supported by the undiscounted future cash flows. In calculating the future cash flows, certain assumptions are required to be made in respect of highly uncertain matters such as revenue growth rates, gross margin percentages and terminal growth rates. | |||||
No impairment loss once recognized is subsequently reversed even if facts and circumstances indicate recovery. | |||||
Fair Value of Financial Instruments | ' | ||||
(j) Fair Value of Financial Instruments | |||||
FASB ASC 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. | |||||
These tiers include: | |||||
• | Level 1 – defined as observable inputs such as quoted prices in active markets; | ||||
• | Level 2 – defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and | ||||
• | Level 3 – defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | ||||
The fair value of the Group’s financial assets and liabilities approximate their carrying amount because of the short-term maturity of these instruments. The Group’s options and acquisition consideration payable fall into Level 3 and there were no transfers in or out of Level 3 during the years presented. | |||||
Revenue Recognition | ' | ||||
(k) Revenue recognition | |||||
The Group recognizes advertising service revenue on a straight-line basis over the period in which the customer advertisement is to be displayed, which typically ranges from 3 days to over 1 year, starting from the date the Group first displays the advertisement. Written contracts are entered into between the Group and its customers to specify the price, the period and the location at which the advertisement is to be displayed. Revenue is only recognized if the collectability of the advertising service fee is probable. | |||||
The Group generates advertising service revenues from the sales of frame space on the poster frame network, advertising time slots on outdoor LCD/LEDs networks and advertisement agency service. In the advertising arrangements, the Group acts as a principal in the transaction and records advertising revenues on a gross basis. The associated expenses are recorded as cost of revenues. | |||||
Customer payments received in excess of the amount of revenue recognized are recorded as deferred revenue in the consolidated balance sheet, and are recognized as revenue when the advertising services are rendered. | |||||
Nonmonetary Transactions | ' | ||||
(l) Nonmonetary transactions | |||||
According to ASC 845-10-30, in general, the accounting for nonmonetary transactions should be based on the fair values of the assets (or services) involved, which is the same basis as that used in monetary transactions. Thus, the cost of a nonmonetary asset acquired in exchange for another nonmonetary asset is the fair value of the asset surrendered to obtain it, and a gain or loss shall be recognized on the exchange. The fair value of the asset received shall be used to measure the cost if it is more clearly evident than the fair value of the asset surrendered. Similarly, a nonmonetary asset received in a nonreciprocal transfer shall be recorded at the fair value of the asset received. A transfer of a nonmonetary asset to a stockholder or to another entity in a nonreciprocal transfer will be recorded at the fair value of the asset transferred and a gain or loss shall be recognized on the disposition of the asset. | |||||
Cost of Revenues | ' | ||||
(m) Cost of revenues | |||||
Cost of revenues consists primarily of operating lease cost of advertising space for displaying advertisements, depreciation of advertising display equipment, amortization of intangible assets relating to lease agreements and direct staff and material costs associated with production and installation of advertising costs associated with production and installation of advertising content. | |||||
Operating Leases | ' | ||||
(n) Operating leases | |||||
The Group leases advertising space, including outdoor LCD/LEDs and poster frames, and office premises under non-cancellable operating leases. The lease payments are expensed on a straight-line basis over the lease term. Under the terms of the lease agreements, the Group has no legal or contractual asset retirement obligation at the end of the lease. | |||||
Advertising and Promotion Costs | ' | ||||
(o) Advertising and promotion costs | |||||
Advertising and promotion costs are expensed as incurred. Advertising and promotion costs, mainly sales commission, included in sales and marketing expenses amounted to $3,852 and $3,573 from discontinued components, and $111 from continuing components for the years ended December 31, 2011, 2012 and 2013, respectively. | |||||
Retirement and Other Post-retirement Benefits | ' | ||||
(p) Retirement and other post-retirement benefits | |||||
Pursuant to relevant PRC regulations, the Company’s consolidated subsidiaries in the PRC are required to make contributions to various defined contribution retirement plans organized by the PRC government. The contributions are made for each qualifying PRC employee at 22% on a standard salary base as determined by the PRC governmental authority. Contributions to the defined contribution plans are charged to the consolidated statements of income as the related employee service is provided. | |||||
The Company’s subsidiaries in the HKSAR operate a Mandatory Provident Fund Scheme (“the MPF scheme”) under the Hong Kong Mandatory Provident Fund Schemes Ordinance for employees employed under the jurisdiction of the Hong Kong Employment Ordinance. The MPF scheme is a defined contribution retirement scheme administered by independent trustees. Under the MPF scheme, the employer is required to make contributions to the scheme at 5% of the employees’ relevant income, subject to an upper limit. Contributions to the scheme vest immediately. | |||||
The Group has no other obligation for the payment of employee benefits associated with these retirement plans beyond the contributions described above. | |||||
Share-based Payments | ' | ||||
(q) Share-based payments | |||||
The Group accounts for share-based payments to employees is in accordance with ASC Topic 718, “Compensation—Stock Compensation”. Under ASC 718, the Group measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the costs over the period the employee is required to provide service in exchange for the award, which generally is the vesting period. For awards with performance conditions, the compensation expense is based on the grant-date fair value of the award, the number of shares ultimately expected to vest and the vesting period. | |||||
The Company accounts for share-based payments to non-employees in accordance with ASC 505-50, “Equity-Based Payments to Non-Employees”. Under ASC 505-50, share-based payment transactions with nonemployees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. For this specific option due to share purchase agreement, the fair value of the equity instruments issued in a share-based payment transaction with nonemployees is more reliably measurable than the fair value of the consideration received, the transaction shall be measured based on the fair value of the equity instruments issued by the Group. | |||||
Income Taxes | ' | ||||
(r) Income taxes | |||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates or laws is recognized in income in the period that the change in tax rates or laws is enacted. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. | |||||
The Group applies ASC Topic 740 “Income Taxes”. ASC 740 clarifies the accounting for uncertain tax positions. This interpretation requires that an entity recognizes in the consolidated financial statements the impact of a tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group’s accounting policy is to accrue interest and penalties related to uncertain tax positions, if and when required, as interest expense and a component of general and administrative expenses, respectively, in the consolidated statements of operations. | |||||
Earnings/(Loss) Per Share | ' | ||||
(s) Earnings/(loss) per share | |||||
Basic earnings/(loss) per share is computed by dividing income/(loss) attributable to common shares shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings (loss) per ordinary share reflects the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised or converted into ordinary shares and is calculated using the treasury stock method for stock options and unvested shares. Common equivalent shares for which the exercise price exceeds the average market price over the period have an anti-dilutive effect on loss per share and, accordingly, are excluded from the calculation. Common equivalent shares are also excluded from the calculation in loss periods as their effects would be anti-dilutive. | |||||
Segment Reporting | ' | ||||
(t) Segment reporting | |||||
The Group has one operating segment as defined by ASC Topic 280, “Segment Reporting”. For the three years ended December 31, 2011, 2012 and 2013, the Group’s advertising service revenues generated from customers outside the PRC is less than 10% of the Group’s total consolidated revenues. Consequently no geographic information is presented. | |||||
Significant Concentrations and Risks | ' | ||||
(u) Significant concentrations and risks | |||||
Concentration of Credit Risk | |||||
Assets that potentially subject the Group to significant concentration of credit risk primarily consist of cash and cash equivalents, and accounts receivable. As of December 31, 2013 and 2012, substantially all of the Group’s cash and cash equivalents were deposited in financial institutions located in Hong Kong and US, which management believes are of high credit quality. Accounts receivable are typically unsecured and are derived from revenue earned from customers in the PRC. The risk with respect to accounts receivable is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring process of outstanding balances. | |||||
Concentration of Customers | |||||
The Company sold its media resources and recognized revenue from four major customers during the year ended December 31, 2013, accounting for 22%, 17%, 15% and 15% of the total sales, respectively. There were no sales from customers of continuing operations which individually represent greater than 10% of the total sales during the year ended December 31, 2012 and 2011. | |||||
As of December 31, 2013, four advertising agency customers accounted for 34%, 24%, 13% and 10% of the Company’s accounts receivable. No advertising agency customer or individual customer accounted for more than 10% of accounts receivable as of December 31, 2012. | |||||
Concentration of Suppliers | |||||
The Company purchased its advertising location from one major landlord during the year ended December 31, 2013, accounting for 13% of the total purchases. There were no purchases from suppliers of continuing operations which individually represent greater than 10% of the total purchase during the year ended December 31, 2012 and 2011. | |||||
Recently Issued Accounting Standards | ' | ||||
(v) Recently issued accounting standards | |||||
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” This ASU does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, this guidance requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. For public entities, the guidance is effective prospectively for reporting periods beginning after December 15, 2012. For nonpublic entities, the guidance is effective prospectively for reporting periods beginning after December 15, 2013. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial position and results of operations. | |||||
Except for the ASU above, in the year ended December 31, 2013, the FASB has issued ASUs No. 2013-01 through ASU 2014-05, which are not expected to have a material impact on the consolidated financial statements upon adoption. |
Principal_activities_and_organ1
Principal activities and organization (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Schedule of VIE and its Subsidiaries Financial Results | ' | ||||
Name of entity | Place of incorporation | ||||
Shanghai Jincheng Advertising Co., Ltd. (“Jincheng”) | PRC | ||||
Shaanxi Xinshichuang Advertising Co., Ltd. (“Xinshichuang”) | PRC | ||||
Beijing Wanshuizhiyuan Advertising Co., Ltd. (“Wanshuizhiyuan”) | PRC | ||||
Shenyang Jingli Advertising Co., Ltd. (“Shenyang Jingli”) | PRC | ||||
Qingdao Kaixiang Advertising Co., Ltd. (“Qingdao Kaixiang”) | PRC | ||||
Shanghai Haiya Advertising Co., Ltd. (“Haiya”) | PRC | ||||
Tianjin Shengshitongda Advertising Creativity Co., Ltd. (“Shengshitongda”) | PRC | ||||
Shanghai Botang Advertising Co., Ltd. (“Shanghai Botang”) | PRC | ||||
Ad-Icon Company Limited (“HK Ad-Icon”) | HKSAR | ||||
Changsha Jingli Advertising Co., Ltd. (“Changsha Jingli”) | PRC | ||||
Wenzhou Rigao Advertising Co., Ltd. (“Wenzhou Rigao”) | PRC | ||||
Wuxi Ruizhong Advertising Co., Ltd. (“Wuxi Ruizhong”) | PRC |
Discontinued_operations_Tables
Discontinued operations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disposal of Discontinued Activity | ' | ||||||||
The following financial information presents the total results of operations of Zhejiang Continental, Shenyang Jingli, Qingdao Kaixiang, Wuxi Ruizhong, SearchMedia International and its subsidiaries for the year ended December 31, 2011 and for the period from January 1, 2012 to the disposal dates. | |||||||||
Year ended | Period ended | ||||||||
December 31, 2011 | disposal dates | ||||||||
Advertising service revenues | 55,571 | 30,029 | |||||||
Pretax profit/(loss) | (9,629 | ) | (6,501 | ) | |||||
Net profit / (loss) | (9,712 | ) | (6,723 | ) | |||||
Schedule of Cumulative Gain on Disposal Activity | ' | ||||||||
The Company recorded a cumulative gain on the disposal of divestiture of Zhejiang Continental, Shenyang Jingli, Qingdao Kaixiang, Wuxi Ruizhong, SearchMedia International with its remaining subsidiaries, pursuant to the following: | |||||||||
Gain/(loss) on | |||||||||
disposal of | |||||||||
discontinued | |||||||||
components | |||||||||
Zhejiang Continental | $ | 5,460 | |||||||
Shenyang Jingli | 4,664 | ||||||||
Qingdao Kaixiang | (1,818 | ) | |||||||
Wuxi Ruizhong | (2,642 | ) | |||||||
SearchMedia International and its remaining subsidiaries | 10,489 | ||||||||
Gain/(loss) on disposal of discontinued components | $ | 16,153 | |||||||
Zhejiang Continental [Member] | ' | ||||||||
Disposal of Discontinued Activity | ' | ||||||||
The following financial information presents the results of operations of Zhejiang Continental for the year ended December 31, 2011 and for the period from January 1, 2012 to May 2, 2012 (the disposal date). | |||||||||
Year ended | Period ended | ||||||||
December 31, 2011 | May 2, 2012 | ||||||||
Advertising service revenues | 2,611 | 379 | |||||||
Pretax profit/(loss) | 303 | (143 | ) | ||||||
Net profit / (loss) | 100 | (143 | ) | ||||||
Schedule of Cumulative Gain on Disposal Activity | ' | ||||||||
The Company recorded a cumulative gain on the disposal of Zhejiang Continental, pursuant to the following: | |||||||||
Total consideration on disposal – 1,000,000 shares issued | $ | (1,700 | ) | ||||||
Add: Extinguishment of current accounts | 80 | ||||||||
Add: Earn-out consideration payable settled | 8,250 | ||||||||
Less: Net book value of assets in connection with the disposal | (1,170 | ) | |||||||
Net gain on the disposal of Zhejiang Continental | $ | 5,460 | |||||||
Shenyang Jingli [Member] | ' | ||||||||
Disposal of Discontinued Activity | ' | ||||||||
The following financial information presents the results of operations of Shenyang Jingli for the year ended December 31, 2011 and for the period from January 1, 2012 to May 14, 2012 (the disposal date). | |||||||||
Year ended | Period ended | ||||||||
December 31, 2011 | May 14, 2012 | ||||||||
Advertising service revenues | 471 | 6 | |||||||
Pretax profit/(loss) | (549 | ) | 251 | ||||||
Net profit / (loss) | (816 | ) | 222 | ||||||
Schedule of Cumulative Gain on Disposal Activity | ' | ||||||||
The Company recorded a cumulative gain on the disposal of Shenyang Jingli, pursuant to the following: | |||||||||
Total consideration on disposal | $ | — | |||||||
Add: Extinguishment of current accounts | 1,586 | ||||||||
Add: Extinguishment of acquisition consideration payable | 1,437 | ||||||||
Add: Net book value of liability in connection with the disposal | 1,641 | ||||||||
Net gain on the disposal of Shenyang Jingli | $ | 4,664 | |||||||
Qingdao Kaixiang [Member] | ' | ||||||||
Disposal of Discontinued Activity | ' | ||||||||
The following financial information presents the results of operations of Qingdao Kaixiang for the year ended December 31, 2011 and for the period from January 1, 2012 to August 31, 2012 (the disposal date). | |||||||||
Year ended | Period ended | ||||||||
December 31, 2011 | August 31, 2012 | ||||||||
Advertising service revenues | 2,603 | 89 | |||||||
Pretax profit/(loss) | 338 | (563 | ) | ||||||
Net profit / (loss) | 253 | (563 | ) | ||||||
Schedule of Cumulative Gain on Disposal Activity | ' | ||||||||
The Company recorded a cumulative loss on the disposal of Qingdao Kaixiang, pursuant to the following: | |||||||||
Total consideration on disposal | $ | — | |||||||
Add: Extinguishment of current accounts | 1,891 | ||||||||
Add: Extinguishment of acquisition consideration payable | 4,126 | ||||||||
Less: Net book value of assets in connection with the disposal | (4,574 | ) | |||||||
Less: Goodwill writeoff | (3,261 | ) | |||||||
Net loss on the disposal of Qingdao Kaixiang | $ | (1,818 | ) | ||||||
Wuxi Ruizhong [Member] | ' | ||||||||
Disposal of Discontinued Activity | ' | ||||||||
The following financial information presents the results of operations of Wuxi Ruizhong for the year ended December 31, 2011 and for the period from January 1, 2012 to November 30, 2012 (the disposal date). | |||||||||
Year ended | Period ended | ||||||||
December 31, 2011 | November 30, 2012 | ||||||||
Advertising service revenues | 2,035 | 1,656 | |||||||
Pretax profit/(loss) | 493 | 146 | |||||||
Net profit / (loss) | 192 | (19 | ) | ||||||
Schedule of Cumulative Gain on Disposal Activity | ' | ||||||||
The Company recorded a cumulative loss on the disposal of Wuxi Ruizhong, pursuant to the following: | |||||||||
Total consideration on disposal | $ | 147 | |||||||
Add: Obligation exempted | 328 | ||||||||
Add: Extinguishment of current accounts | 1,414 | ||||||||
Add: Extinguishment of acquisition consideration payable | 322 | ||||||||
Less: Net book value of assets in connection with the disposal | (1,750 | ) | |||||||
Less: Goodwill writeoff | (3,103 | ) | |||||||
Net loss on the disposal of Wuxi Ruizhong | $ | (2,642 | ) | ||||||
Search Media International [Member] | ' | ||||||||
Disposal of Discontinued Activity | ' | ||||||||
The following financial information presents the results of operations of SearchMedia International and its remaining subsidiaries for the years ended December 31, 2011 and 2012. | |||||||||
Year ended | Year ended | ||||||||
December 31, 2011 | December 31, 2012 | ||||||||
Advertising service revenues | 47,851 | 27,899 | |||||||
Pretax profit/(loss) | (10,214 | ) | (6,192 | ) | |||||
Net profit / (loss) | (11,073 | ) | (6,220 | ) | |||||
Schedule of Cumulative Gain on Disposal Activity | ' | ||||||||
The Company recorded a cumulative gain on the divestiture of SearchMedia International with its remaining subsidiaries, pursuant to the following: | |||||||||
Total consideration on disposal | $ | (421 | ) | ||||||
Add: Net book value of liability in connection with the divestiture | 118,153 | ||||||||
Less: Extinguishment of current accounts | (107,243 | ) | |||||||
Net gain on the divestiture of SearchMedia International | $ | 10,489 | |||||||
Summary_of_significant_account2
Summary of significant accounting policies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Estimated Useful Lives of Property and Equipment | ' | ||||
The estimated useful lives of property and equipment are as follows: | |||||
Leasehold improvements | 1 to 3 years | ||||
Advertisement display equipment | 3 years | ||||
Furniture, fixtures and office equipment | 3 years |
Earnings_loss_per_share_Tables
Earnings / (loss) per share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Basic and Diluted Earnings Per Share | ' | ||||||||||||
The information related to basic and diluted earnings per share is as follows: | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Numerator: | |||||||||||||
Net loss from continuing operations | $ | (3,747 | ) | $ | (678 | ) | $ | (3,935 | ) | ||||
Net profit/(loss) from discontinued operations | (9,712 | ) | 9,430 | — | |||||||||
Net profit/(loss) | $ | (13,459 | ) | 8,752 | (3,935 | ) | |||||||
Denominator: | |||||||||||||
Weighted average shares outstanding - Basic | 20,994,015 | 22,545,989 | 31,362,848 | ||||||||||
- Diluted | 20,994,015 | 22,784,302 | 31,362,848 | ||||||||||
Earnings / (loss) per share: | |||||||||||||
Basic | |||||||||||||
Continuing operations | $ | (0.18 | ) | $ | (0.03 | ) | $ | (0.13 | ) | ||||
Discontinued operations | $ | (0.46 | ) | $ | 0.42 | $ | — | ||||||
$ | (0.64 | ) | $ | 0.39 | $ | (0.13 | ) | ||||||
Diluted | |||||||||||||
Continuing operations | $ | (0.18 | ) | $ | (0.03 | ) | $ | (0.13 | ) | ||||
Discontinued operations | $ | (0.46 | ) | $ | 0.41 | $ | — | ||||||
$ | (0.64 | ) | $ | 0.38 | $ | (0.13 | ) |
Accounts_receivable_net_Tables
Accounts receivable, net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accounts Receivable, Net | ' | ||||||||
Accounts receivable consist of the following: | |||||||||
As of December 31, | |||||||||
2012 | 2013 | ||||||||
Accounts receivable | $ | — | $ | 1,563 | |||||
Less allowance for doubtful accounts | — | — | |||||||
Total accounts receivable, net | $ | — | $ | 1,563 | |||||
Prepaid_Expenses_and_Other_Cur1
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Schedule of Prepaid Expenses and Other Current Assets | ' | ||||||||
Prepaid expenses and other current assets consist of the following: | |||||||||
As of December 31, | |||||||||
2012 | 2013 | ||||||||
Prepaid concession approval fees | $ | 79 | $ | 6 | |||||
Prepaid for procurement of advertising equipment | 51 | 65 | |||||||
Prepaid for rent of advertising spaces | — | 207 | |||||||
Rental deposits and other receivables | 143 | 521 | |||||||
Total prepaid expenses and other current assets | $ | 273 | $ | 799 | |||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Property and Equipment, Net | ' | ||||||||||||
Property and equipment, net consist of the following: | |||||||||||||
As of December 31, | |||||||||||||
2012 | 2013 | ||||||||||||
Continuing operations: | |||||||||||||
Advertising display equipment | $ | 61 | $ | 1,749 | |||||||||
Furniture, fixtures and office equipment | 1 | 17 | |||||||||||
Total cost of property and equipment | 62 | 1,766 | |||||||||||
Less: accumulated depreciation and amortization | — | (182 | ) | ||||||||||
Property and equipment, net | $ | 62 | $ | 1,584 | |||||||||
Depreciation Allocation Categories of Cost and Expenses | ' | ||||||||||||
Depreciation of property and equipment were allocated to the following categories of cost and expenses: | |||||||||||||
Continuing operations: | Year Ended December 31, | ||||||||||||
2011 | 2012 | 2013 | |||||||||||
Cost of revenues | $ | — | $ | — | $ | 180 | |||||||
Selling and marketing expenses | — | — | 1 | ||||||||||
General and administrative expenses | — | — | 1 | ||||||||||
Total depreciation and amortization | $ | — | $ | — | $ | 182 | |||||||
LongTerm_Deferred_Expenses_Tab
Long-Term Deferred Expenses (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Summary of Long-Term Deferred Expenses | ' | ||||||||||||
Long-term deferred expenses consist of the following: | |||||||||||||
Weighted average | As of December 31, | ||||||||||||
amortization period | 2012 | 2013 | |||||||||||
Rent of advertising spaces | 5 years | $ | — | $ | 484 | ||||||||
Concession approval fees | 3 years | — | 433 | ||||||||||
$ | — | $ | 917 | ||||||||||
Intangible_Assets_Net_Tables
Intangible Assets, Net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Intangible Assets Other than Goodwill | ' | ||||||||||||
Intangible assets other than goodwill consist of the following: | |||||||||||||
Continuing operations: | Weighted average | As of December 31, | |||||||||||
amortization period | 2012 | 2013 | |||||||||||
Gross amount | |||||||||||||
Lease agreements | 6 years | $ | — | $ | 2,200 | ||||||||
Accumulated amortization | |||||||||||||
Lease agreements | — | (199 | ) | ||||||||||
Net intangible assets | |||||||||||||
Lease agreements | $ | — | $ | 2,001 | |||||||||
Acquisition_Consideration_Paya1
Acquisition Consideration Payable (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Contingent Consideration | ' | ||||||||||||||||||||||||||||||||
The table below summarizes the contingent consideration associated with the Company’s 2008 and 2010 acquisitions: | |||||||||||||||||||||||||||||||||
Total contingent consideration, paid and extinguished up to December 31, 2012 | |||||||||||||||||||||||||||||||||
and consideration payable as of December 31, 2012 | |||||||||||||||||||||||||||||||||
Acquired entity | Contingent | Consideration | Consideration | Extinguishment | Consideration | consideration | Payable | Payable | |||||||||||||||||||||||||
consideration | paid in cash | paid in stock | of consideration | extinguished | payable | in cash | in stock | ||||||||||||||||||||||||||
on disposal | |||||||||||||||||||||||||||||||||
Qingdao Kaixiang | $ | 16,070 | $ | 7,748 | $ | 4,196 | $ | — | $ | 4,126 | $ | — | $ | — | $ | — | |||||||||||||||||
Wanshuizhiyuan | 11,121 | 9,915 | — | — | 1,206 | — | — | — | |||||||||||||||||||||||||
Shenyang Jingli | 18,092 | 16,655 | — | — | 1,437 | — | — | — | |||||||||||||||||||||||||
Haiya | 9,002 | 5,970 | — | 3,032 | — | — | — | — | |||||||||||||||||||||||||
Shanghai Botang | 35,091 | 34,641 | — | — | — | 450 | — | 450 | |||||||||||||||||||||||||
HK Ad-Icon | 2,414 | 1,847 | 468 | — | — | 99 | 99 | — | |||||||||||||||||||||||||
Wenzhou Rigao | 8,380 | 4,770 | — | — | 3,610 | — | — | — | |||||||||||||||||||||||||
Wuxi Ruizhong | 4,783 | 3,744 | — | — | 1,039 | — | — | — | |||||||||||||||||||||||||
Zhejiang Continental | 10,723 | 2,473 | 1,700 | — | 6,550 | — | — | — | |||||||||||||||||||||||||
Total | $ | 115,676 | $ | 87,763 | $ | 6,364 | $ | 3,032 | $ | 17,968 | $ | 549 | $ | 99 | $ | 450 | |||||||||||||||||
Total contingent consideration, paid and extinguished up to December 31, 2013 | |||||||||||||||||||||||||||||||||
and consideration payable as of December 31, 2013 | |||||||||||||||||||||||||||||||||
Acquired entity | Contingent | Consideration | Consideration | Extinguishment | Consideration | consideration | Payable | Payable | |||||||||||||||||||||||||
consideration | paid in cash | paid in stock | of consideration | extinguished | payable | in cash | in stock | ||||||||||||||||||||||||||
on disposal | |||||||||||||||||||||||||||||||||
Qingdao Kaixiang | $ | 16,070 | $ | 7,748 | $ | 4,196 | $ | — | $ | 4,126 | $ | — | $ | — | $ | — | |||||||||||||||||
Wanshuizhiyuan | 11,121 | 9,915 | — | — | 1,206 | — | — | — | |||||||||||||||||||||||||
Shenyang Jingli | 18,092 | 16,655 | — | — | 1,437 | — | — | — | |||||||||||||||||||||||||
Haiya | 9,002 | 5,970 | — | 3,032 | — | — | — | — | |||||||||||||||||||||||||
Shanghai Botang | 36,176 | 35,712 | — | — | — | 464 | — | 464 | |||||||||||||||||||||||||
HK Ad-Icon | 2,414 | 1,847 | 468 | 99 | — | — | — | — | |||||||||||||||||||||||||
Wenzhou Rigao | 8,380 | 4,770 | — | — | 3,610 | — | — | — | |||||||||||||||||||||||||
Wuxi Ruizhong | 4,783 | 3,744 | — | — | 1,039 | — | — | — | |||||||||||||||||||||||||
Zhejiang Continental | 10,723 | 2,473 | 1,700 | — | 6,550 | — | — | — | |||||||||||||||||||||||||
Total | $ | 116,761 | $ | 88,834 | $ | 6,364 | $ | 3,131 | $ | 17,968 | $ | 464 | $ | — | $ | 464 |
Accrued_Expenses_and_Other_Pay1
Accrued Expenses and Other Payables (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Expenses and Other Payables | ' | ||||||||
Accrued expenses and other payables consist of the following: | |||||||||
As of December 31, | |||||||||
2012 | 2013 | ||||||||
Accrued professional fee | $ | 353 | $ | 120 | |||||
Accrued payroll | 13 | 13 | |||||||
Surcharges payable | — | 82 | |||||||
Other current liabilities | — | 20 | |||||||
Total accrued expenses and other payables | $ | 366 | $ | 235 | |||||
Sharebased_Payments_Tables
Share-based Payments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Schedule of Stock Options Activity | ' | ||||||||||||||||
Details of stock options activity during the years ended December 31, 2011, 2012 and 2013 were as follows: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
options | average | average | fair value | ||||||||||||||
exercise | remaining | ||||||||||||||||
price per | contractual | ||||||||||||||||
share | term | ||||||||||||||||
Balance as of January 1, 2011 | 1,004,861 | 2.13 | 1,253 | ||||||||||||||
Granted | 120,000 | 1.74 | 123 | ||||||||||||||
Exercised | (77,387 | ) | 0.01 | (307 | ) | ||||||||||||
Forfeited | (28,141 | ) | 3.81 | (78 | ) | ||||||||||||
Balance as of December 31, 2011 | 1,019,333 | 5.32 | 8.0 years | 1,880 | |||||||||||||
Granted | 1,300,000 | 1.37 | 799 | ||||||||||||||
Forfeited | (683,810 | ) | 4.04 | (968 | ) | ||||||||||||
Balance as of December 31, 2012 | 1,635,523 | 2.36 | 8.6 years | 1,735 | |||||||||||||
Granted | 335,000 | 1.49 | 308 | ||||||||||||||
Forfeited | (425,000 | ) | 1.88 | (347 | ) | ||||||||||||
Balance as of December 31, 2013 | 1,545,523 | 2.3 | 8.1 years | 1,696 | |||||||||||||
Options exercisable at December 31, 2013 | 818,855 | 3.11 | 7.4 years | 1,050 | |||||||||||||
Schedule of Estimated Grant Date Fair Value of Share Options, Using Binomial Tree Option Pricing Model | ' | ||||||||||||||||
The Company determined the estimated grant-date fair value of share options based on the Binomial Tree option-pricing model using the following assumptions: | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Risk-free rate of return | 2.35% | 1.46%-2.30% | 2.63% | ||||||||||||||
Weighted average expected option life | 10 years | 10 years | 10 years | ||||||||||||||
Expected volatility rate | 102.20% | 96.90%-102.00% | 95.26% | ||||||||||||||
Dividend yield | 0% | 0% | 0% | ||||||||||||||
Schedule of Restricted Share Activity | ' | ||||||||||||||||
Details of restricted stock unit activity during the years ended December 31, 2011, 2012 and 2013 were as follows: | |||||||||||||||||
Number of | Grant-date | Weighted | |||||||||||||||
restricted | fair value | average | |||||||||||||||
stock unit | remaining | ||||||||||||||||
Granted | contractual | ||||||||||||||||
term | |||||||||||||||||
Balance as of January 1, 2011 | 353,265 | ||||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (1,069 | ) | |||||||||||||||
Forfeitures | (4,334 | ) | |||||||||||||||
Balance as of December 31, 2011 | 347,862 | 7.6 years | |||||||||||||||
Granted | 181,087 | 224 | |||||||||||||||
Exercised | (56,087 | ) | |||||||||||||||
Forfeitures | (327,601 | ) | |||||||||||||||
Balance as of December 31, 2012 | 145,261 | 200 | 9.45 years | ||||||||||||||
Granted | 978,276 | 1,502 | |||||||||||||||
Exercised | (118,276 | ) | |||||||||||||||
Forfeited | (200,000 | ) | |||||||||||||||
Balance as of December 31, 2013 | 805,261 | 1,340 | 9.76 years | ||||||||||||||
Units vested as of December 31, 2013 | 20,261 | 69 | 5.83 years | ||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of Income Tax Expense | ' | ||||||||||||
Income tax expense consists of the following: | |||||||||||||
Years Ended December 31, | |||||||||||||
Continuing operations: | 2011 | 2012 | 2013 | ||||||||||
Current tax expense | |||||||||||||
- PRC | $ | — | $ | — | $ | — | |||||||
- HK | — | — | 4 | ||||||||||
Deferred tax benefits | |||||||||||||
- PRC | — | — | (37 | ) | |||||||||
- HK | — | — | — | ||||||||||
Actual income tax benefit | $ | — | $ | — | $ | (33 | ) | ||||||
Reconciliation of Effective Tax | ' | ||||||||||||
The following table reconciles the Group’s effective tax for the years presented: | |||||||||||||
Years Ended December 31, | |||||||||||||
Continuing operations: | 2011 | 2012 | 2013 | ||||||||||
Loss before tax | $ | (3,747 | ) | $ | (678 | ) | $ | (3,968 | ) | ||||
Applicable tax rate | 0 | % | 25 | % | 25 | % | |||||||
Computed expected tax expense | — | (170 | ) | (992 | ) | ||||||||
Effect on non-PRC entities not subject to income tax | — | 167 | 957 | ||||||||||
Effect on non-deductible cost | — | — | 2 | ||||||||||
Valuation allowance | — | 3 | — | ||||||||||
Actual income tax benefit | $ | — | $ | — | $ | (33 | ) | ||||||
Tax Effects of Temporary Differences that Give Rise to Significant Portions of the Deferred Tax Assets | ' | ||||||||||||
The tax effects of the Group’s temporary differences that give rise to significant portions of the deferred tax assets are as follows: | |||||||||||||
Continuing operations: | Years ended December 31, | ||||||||||||
2011 | 2012 | 2013 | |||||||||||
Deferred tax assets-current: | |||||||||||||
- Tax loss carried forwards of a subsidiary | $ | — | $ | — | $ | 37 | |||||||
Related_Party_Transactions_and1
Related Party Transactions and Balances (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Summary of Related Party Transactions | ' | ||||||||||||||||
For the periods presented, material related party transactions are summarized as follows for the years ended December 31, 2011, 2012 and 2013: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
Note | 2011 | 2012 | 2013 | ||||||||||||||
Revenue from provision of advertising services | (i | ) | $ | 45 | $ | 32 | $ | — | |||||||||
Expenses for leases of advertising space | (ii | ) | $ | — | $ | — | $ | 166 | |||||||||
Purchase for lease agreements | (iii | ) | $ | — | $ | — | $ | 2,200 | |||||||||
Notes: | |||||||||||||||||
(i) | Represents amounts received / receivable from affiliated entities of senior management personnel of the Company, for provision of advertising services to these entities. The transactions are conducted on terms comparable to the terms of similar transactions with third parties. | ||||||||||||||||
(ii) | Represents amounts paid / payable to an affiliated entity of senior management personnel of the Company, for leases of advertising spaces. The transactions are conducted on terms comparable to the terms of similar transactions with third parties. | ||||||||||||||||
(iii) | Represents 2.05 million Tiger Media ordinary shares issued to acquire eight key lease agreements from an affiliated entity of senior management personnel of the Company. | ||||||||||||||||
Schedule of Amounts Due from Related Parties | ' | ||||||||||||||||
(b) Amounts due from related parties | |||||||||||||||||
As of December 31, | |||||||||||||||||
Note | 2012 | 2013 | |||||||||||||||
Prepayment for leases of advertising space | (i | ) | $ | — | $ | 40 | |||||||||||
Note: | |||||||||||||||||
(i) | Represents prepayment to affiliated entities of senior management personnel of the Company, for leases of advertising spaces from these entities. | ||||||||||||||||
Schedule of Amounts Due to Related Parties | ' | ||||||||||||||||
(c) Amounts due to related parties | |||||||||||||||||
As of December 31, | |||||||||||||||||
Note | 2012 | 2013 | |||||||||||||||
Board member fee | (i | ) | $ | 110 | $ | 42 | |||||||||||
Compensation committee chairman fee | (ii | ) | — | 1 | |||||||||||||
Audit committee chairman fee | (iii | ) | — | 30 | |||||||||||||
$ | 110 | $ | 73 | ||||||||||||||
Notes: | |||||||||||||||||
(i) | Represents board member fees due to certain board members of the Company. | ||||||||||||||||
(ii) | Represents compensation committee chairman fees to certain board members of the Company. | ||||||||||||||||
(iii) | Represents audit committee chairman fees to certain board members of the Company. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Future Minimum Rental Payments under Noncancelable Operating Leases | ' | ||||
As of December 31, 2013, future minimum rental payments under non-cancellable operating leases having initial or remaining lease terms of more than one year are as follows: | |||||
Year | |||||
2014 | $ | 1,542 | |||
2015 | 1,531 | ||||
2016 | 852 | ||||
2017 | 410 | ||||
2018 | 277 | ||||
$ | 4,612 |
Recovered_Sheet1
Principal Activities and Organization - Additional Information (Detail) | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2011 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2010 | Nov. 30, 2012 |
Jincheng [Member] | Xinshichuang [Member] | Wanshuizhiyuan [Member] | Shenyang Jingli [Member] | Qingdao Kaixiang [Member] | Haiya [Member] | Shengshitongda [Member] | Shanghai Botang [Member] | HK Ad-Icon [Member] | HK Ad-Icon [Member] | Changsha Jingli [Member] | Wenzhou Rigao [Member] | Wuxi Ruizhong [Member] | Zhejiang Continental [Member] | Shanghai Tiger Shangda [Member] | |
Organization And Principal Business [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity interests | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
Recovered_Sheet2
Principal Activities and Organization - Table Showing Details of VIE and Its Subsidiaries (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Wanshuizhiyuan [Member] | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' |
Place of incorporation | 'PRC |
Shenyang Jingli [Member] | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' |
Place of incorporation | 'PRC |
Qingdao Kaixiang [Member] | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' |
Place of incorporation | 'PRC |
Shanghai Botang [Member] | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' |
Place of incorporation | 'PRC |
HK Ad-Icon [Member] | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' |
Place of incorporation | 'HKSAR |
Wuxi Ruizhong [Member] | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' |
Place of incorporation | 'PRC |
Variable Interest Entity [Member] | Jincheng [Member] | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' |
Place of incorporation | 'PRC |
Variable Interest Entity [Member] | Xinshichuang [Member] | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' |
Place of incorporation | 'PRC |
Variable Interest Entity [Member] | Haiya [Member] | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' |
Place of incorporation | 'PRC |
Variable Interest Entity [Member] | Shengshitongda [Member] | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' |
Place of incorporation | 'PRC |
Variable Interest Entity [Member] | Changsha Jingli [Member] | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' |
Place of incorporation | 'PRC |
Variable Interest Entity [Member] | Wenzhou Rigao [Member] | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' |
Place of incorporation | 'PRC |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||
Dec. 31, 2012 | Dec. 31, 2013 | 2-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | 14-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
Zhejiang Continental [Member] | Zhejiang Continental [Member] | Zhejiang Continental [Member] | Shenyang Jingli [Member] | Shenyang Jingli [Member] | Shenyang Jingli [Member] | Qingdao Kaixiang [Member] | Qingdao Kaixiang [Member] | Qingdao Kaixiang [Member] | Wuxi Ruizhong [Member] | Wuxi Ruizhong [Member] | Wuxi Ruizhong [Member] | Wanshuizhiyuan [Member] | Wanshuizhiyuan [Member] | Wenzhou Rigao [Member] | Wenzhou Rigao [Member] | Search Media International [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Elimination of certain outstanding payables, earn-out liabilities and tax provisions | $41,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of divested in equity shares | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Contingent acquisition payable | ' | ' | 8,250,000 | ' | ' | 1,437,000 | ' | ' | 4,126,000 | ' | ' | 322,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of ordinary shares | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option to acquire Shares in Tiger Media | ' | 818,855 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 650,000 |
Option to acquire Shares in Tiger Media, Exercise Shares | ' | $3.11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.25 |
Description Regarding Arrangement For Collection Of Receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The independent third party will pursue the collection of all receivables and all claims for SearchMedia International, for the benefit of Tiger Media and share 50% of any receivables, net proceeds, awards or judgments from any claims or lawsuits brought about by SearchMedia International entities; provided, however, 100% of any sale proceeds from the sale or transfer of any of the SearchMedia International's subsidiaries |
Percentage of net proceeds from transfer of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Percentage of net proceeds from transfer of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Consideration extinguished on disposal | $17,968,000 | $17,968,000 | ' | $6,550,000 | $6,550,000 | ' | $1,437,000 | $1,437,000 | ' | $4,126,000 | $4,126,000 | ' | $1,039,000 | $1,039,000 | $1,206,000 | $1,206,000 | $3,610,000 | $3,610,000 | ' |
Discontinued_Operations_Dispos
Discontinued Operations - Disposal of Discontinued Activity (Detail) (USD $) | 12 Months Ended | 4 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 2-May-12 | Dec. 31, 2011 | Aug. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | 14-May-12 | Dec. 31, 2011 |
Zhejiang Continental [Member] | Zhejiang Continental [Member] | Qingdao Kaixiang [Member] | Qingdao Kaixiang [Member] | Wuxi Ruizhong [Member] | Wuxi Ruizhong [Member] | Search Media International [Member] | Search Media International [Member] | Shenyang Jingli [Member] | Shenyang Jingli [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising service revenues | ' | $30,029 | $55,571 | $379 | $2,611 | $89 | $2,603 | $1,656 | $2,035 | $27,899 | $47,851 | $6 | $471 |
Pretax profit/(loss) | ' | -6,501 | -9,629 | -143 | 303 | -563 | 338 | 146 | 493 | -6,192 | -10,214 | 251 | -549 |
Net profit / (loss) | ' | ($6,723) | ($9,712) | ($143) | $100 | ($563) | $253 | ($19) | $192 | ($6,220) | ($11,073) | $222 | ($816) |
Discontinued_Operations_Schedu
Discontinued Operations - Schedule of Cumulative Gain on Disposal Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Gain/(loss) on disposal of discontinued components | ' | $16,153 | ' |
Zhejiang Continental [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Total consideration on disposal | ' | -1,700 | ' |
Add/Less: Extinguishment of current accounts | ' | 80 | ' |
Add: Earn-out consideration payable settled | ' | 8,250 | ' |
Add/Less: Net book value of assets in connection with the disposal/divestiture | ' | -1,170 | ' |
Gain/(loss) on disposal of discontinued components | ' | 5,460 | ' |
Shenyang Jingli [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Total consideration on disposal | ' | ' | ' |
Add/Less: Extinguishment of current accounts | ' | 1,586 | ' |
Add: Extinguishment of acquisition consideration payable | ' | 1,437 | ' |
Add/Less: Net book value of liability in connection with the disposal/divestiture | ' | 1,641 | ' |
Gain/(loss) on disposal of discontinued components | ' | 4,664 | ' |
Qingdao Kaixiang [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Total consideration on disposal | ' | ' | ' |
Add/Less: Extinguishment of current accounts | ' | 1,891 | ' |
Add: Extinguishment of acquisition consideration payable | ' | 4,126 | ' |
Add/Less: Net book value of assets in connection with the disposal/divestiture | ' | -4,574 | ' |
Less: Goodwill writeoff | ' | -3,261 | ' |
Gain/(loss) on disposal of discontinued components | ' | -1,818 | ' |
Wuxi Ruizhong [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Total consideration on disposal | ' | 147 | ' |
Add: Obligation exempted | ' | 328 | ' |
Add/Less: Extinguishment of current accounts | ' | 1,414 | ' |
Add: Extinguishment of acquisition consideration payable | ' | 322 | ' |
Add/Less: Net book value of assets in connection with the disposal/divestiture | ' | -1,750 | ' |
Less: Goodwill writeoff | ' | -3,103 | ' |
Gain/(loss) on disposal of discontinued components | ' | -2,642 | ' |
Search Media International [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Total consideration on disposal | ' | -421 | ' |
Add/Less: Extinguishment of current accounts | ' | 107,243 | ' |
Add/Less: Net book value of liability in connection with the disposal/divestiture | ' | 118,153 | ' |
Gain/(loss) on disposal of discontinued components | ' | $10,489 | ' |
Discontinued_Operations_Schedu1
Discontinued Operations - Schedule of Cumulative Gain on Disposal Activity (Parenthetical) (Detail) (Zhejiang Continental [Member]) | 12 Months Ended |
Dec. 31, 2012 | |
Zhejiang Continental [Member] | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' |
Total consideration on disposal, shares issued | 1,000,000 |
Discontinued_Operations_Summar
Discontinued Operations - Summary of Cumulative Gain on Disposal Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Gain/(loss) on disposal of discontinued components | ' | $16,153 | ' |
Zhejiang Continental [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Gain/(loss) on disposal of discontinued components | ' | 5,460 | ' |
Shenyang Jingli [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Gain/(loss) on disposal of discontinued components | ' | 4,664 | ' |
Qingdao Kaixiang [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Gain/(loss) on disposal of discontinued components | ' | -1,818 | ' |
Wuxi Ruizhong [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Gain/(loss) on disposal of discontinued components | ' | -2,642 | ' |
Search Media International [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Gain/(loss) on disposal of discontinued components | ' | $10,489 | ' |
Recovered_Sheet3
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 25, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | |
USD ($) | CNY | USD ($) | USD ($) | CNY | Minimum [Member] | Maximum [Member] | Peoples' Republic of China [Member] | Peoples' Republic of China [Member] | United States and Hong Kong [Member] | United States and Hong Kong [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Property, Plant and Equipment [Member] | Property, Plant and Equipment [Member] | Property, Plant and Equipment [Member] | |
Segment | USD ($) | USD ($) | HKD | USD ($) | Customer | Customer One [Member] | Customer One [Member] | Customer Two [Member] | Customer Two [Member] | Customer Three [Member] | Customer Three [Member] | Customer Four [Member] | Customer Four [Member] | Customer | Customer One [Member] | Customer One [Member] | Customer One [Member] | Customer Two [Member] | Customer Two [Member] | Customer Two [Member] | Customer Three [Member] | Customer Three [Member] | Customer Three [Member] | Customer Four [Member] | Customer Four [Member] | Customer Four [Member] | Customers Outside China [Member] | Customers Outside China [Member] | Customers Outside China [Member] | Supplier Concentration Risk [Member] | Supplier Concentration Risk [Member] | Maximum [Member] | |||||||
Unit | Maximum [Member] | Maximum [Member] | Maximum [Member] | Supplier | Supplier | Supplier Concentration Risk [Member] | |||||||||||||||||||||||||||||||||
Supplier | |||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and bank deposits | ' | ' | ' | ' | ' | ' | ' | $83,000 | $2,009,000 | 5,522,000 | $5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of unit USD-denominated UBS Jersey Call Certificate | 50 | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
USD-denominated UBS Jersey Call Certificate, Fair value | ' | ' | 2,530,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
USD-denominated UBS Jersey Call Certificate, par value | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product redemption period | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product redemption, lower range | 2.15% | 2.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product redemption, upper range | 3.55% | 3.55% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product redemption amount | ' | ' | ' | ' | 2,025,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Floating yield | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FDIC Insurance limit | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life of intangible assets | '6 years | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising service revenue on a straight-line basis | ' | ' | ' | ' | ' | '3 days | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising and promotion costs | $111,000 | ' | $3,573,000 | $3,852,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions to PRC employee | 22.00% | 22.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer contribution to the scheme | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized income tax positions | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34.00% | 0.00% | 24.00% | 0.00% | 13.00% | 0.00% | 10.00% | 0.00% | ' | 22.00% | 0.00% | 0.00% | 17.00% | 0.00% | 0.00% | 15.00% | 0.00% | 0.00% | 15.00% | 0.00% | 0.00% | 10.00% | 10.00% | 10.00% | 13.00% | 10.00% | 10.00% |
Number of operating Segment | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of major customer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of major suppliers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0 | 0 |
Recovered_Sheet4
Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Leasehold Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated life of property and equipment | '1 year |
Leasehold Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated life of property and equipment | '3 years |
Advertisement Display Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated life of property and equipment | '3 years |
Furniture Fixtures and Office Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated life of property and equipment | '3 years |
Nonmonetary_Transactions_Addit
Nonmonetary Transactions - Additional Information (Detail) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Advertising Barter Transaction One [Member] | Advertising Barter Transaction One [Member] | Advertising Barter Transaction Two [Member] | Advertising Barter Transaction Two [Member] | Advertising Barter Transaction Three [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | ||
Sheet | |||||
Nonmonetary Transaction [Line Items] | ' | ' | ' | ' | ' |
Nonmonetary transaction, agreement period | '2 months | '2 months | '3 years | ' | '2 months |
Number of sheets of coupons for spring and summer shoes | 1,077 | 1,077 | ' | ' | ' |
Average market unit price of Spring & Summer shoes | 2,150 | 2,150 | ' | ' | ' |
Number of sheets of coupons for autumn and winter shoes | 375 | 375 | ' | ' | ' |
Average market unit price of Autumn & Winter shoes | 2,650 | 2,650 | ' | ' | ' |
Nonmonetary transaction, total amount | $534,000 | ' | $492,000 | ' | $492,000 |
Nonmonetary transaction revenue recognized | 504,000 | ' | ' | ' | 457,000 |
Capitalized barter credits | 542,000 | ' | ' | ' | ' |
Nonmonetary transaction, gain loss recognized on transfer | 0 | ' | ' | 0 | 0 |
Nonmonetary transaction description | 'The Company entered into an advertising agreement with a shoe manufacturing enterprise to release the advertisement of its products in 42 LCD screens for 2 months with the frequency of 120 times a day. | 'The Company entered into an advertising agreement with a shoe manufacturing enterprise to release the advertisement of its products in 42 LCD screens for 2 months with the frequency of 120 times a day. | 'In August 2013 the Company appointed a local communication company (the bCommunication Companyb) for the approval service of an additional 54 LCD advertising locations concession | 'In August 2013 the Company appointed a local communication company (the bCommunication Companyb) for the approval service of an additional 54 LCD advertising locations concession | 'The Company entered into an agreement to release the advertisement in 99 LCD screens in 20 malls for two months with the frequency of 360 times a day. |
Cost of approval service | ' | ' | 492,000 | ' | ' |
Capitalized approval costs | ' | ' | 492,000 | ' | ' |
Capitalized approval costs, amortization period | ' | ' | ' | '4 months | ' |
Capitalized approval costs, amortized to cost of sales | ' | ' | ' | 58,000 | ' |
Period of right to use LED advertising screen | ' | ' | ' | ' | '5 years |
Amortized period of right to use LED advertising screen | ' | ' | ' | ' | '1 month |
LED use right amortized to cost of sales | ' | ' | ' | ' | $8,000 |
Earnings_Loss_Per_Share_Schedu
Earnings / (Loss) Per Share - Schedule of Basic and Diluted Earnings Per Share (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Net loss from continuing operations | ($3,935) | ($678) | ($3,747) |
Net profit/(loss) from discontinued operations | ' | 9,430 | -9,712 |
Net profit/(loss) | ($3,935) | $8,752 | ($13,459) |
Weighted average shares outstanding - Basic | 31,362,848 | 22,545,989 | 20,994,015 |
- Diluted | 31,362,848 | 22,784,302 | 20,994,015 |
Basic | ' | ' | ' |
Continuing operations | ($0.13) | ($0.03) | ($0.18) |
Discontinued operations | ' | $0.42 | ($0.46) |
Earnings per share basic | ($0.13) | $0.39 | ($0.64) |
Diluted | ' | ' | ' |
Continuing operations | ($0.13) | ($0.03) | ($0.18) |
Discontinued operations | ' | $0.41 | ($0.46) |
Earnings per share diluted | ($0.13) | $0.38 | ($0.64) |
Accounts_Receivable_Net_Accoun
Accounts Receivable, Net - Accounts Receivable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Accounts receivable | $1,563 | ' |
Less allowance for doubtful accounts | ' | ' |
Total accounts receivable, net | $1,563 | ' |
Accounts_Receivable_Net_Additi
Accounts Receivable, Net - Additional Information (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Receivables [Abstract] | ' |
Amount of unbilled receivable | $1,503 |
Prepaid_Expenses_and_Other_Cur2
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' |
Prepaid concession approval fees | $6 | $79 |
Prepaid for procurement of advertising equipment | 65 | 51 |
Prepaid for rent of advertising spaces | 207 | ' |
Rental deposits and other receivables | 521 | 143 |
Total prepaid expenses and other current assets | $799 | $273 |
Property_and_Equipment_Net_Pro
Property and Equipment, Net - Property and Equipment, Net (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Continuing operations: | ' | ' |
Total cost of property and equipment | $1,766 | $62 |
Less: accumulated depreciation and amortization | -182 | ' |
Property and equipment, net | 1,584 | 62 |
Advertising Display Equipment [Member] | ' | ' |
Continuing operations: | ' | ' |
Total cost of property and equipment | 1,749 | 61 |
Furniture, Fixtures and Office Equipment [Member] | ' | ' |
Continuing operations: | ' | ' |
Total cost of property and equipment | $17 | $1 |
Property_and_Equipment_Net_Dep
Property and Equipment, Net - Depreciation of Property and Equipment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total depreciation and amortization | $182 | $133 | $385 |
Cost of Revenues [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total depreciation and amortization | 180 | ' | ' |
Sales and Marketing Expense [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total depreciation and amortization | 1 | ' | ' |
General and Administrative Expense [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total depreciation and amortization | $1 | ' | ' |
LongTerm_Deferred_Expenses_Sum
Long-Term Deferred Expenses - Summary of Long-Term Deferred Expenses (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Expenses Non Current [Line Items] | ' | ' |
Deferred costs | $917 | ' |
Rent Of Advertising Space [Member] | ' | ' |
Deferred Expenses Non Current [Line Items] | ' | ' |
Weighted average amortization period | '5 years | ' |
Deferred costs | 484 | ' |
Concession Approval Fees [Member] | ' | ' |
Deferred Expenses Non Current [Line Items] | ' | ' |
Weighted average amortization period | '3 years | ' |
Deferred costs | $433 | ' |
LongTerm_Deferred_Expenses_Add
Long-Term Deferred Expenses - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred Revenue Disclosure [Abstract] | ' | ' | ' |
Amortization of the long-term deferred expenses allocated to the cost of revenues | $66 | $0 | $0 |
Intangible_Assets_Net_Intangib
Intangible Assets, Net - Intangible Assets Other than Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Lease agreements | '6 years | ' |
Lease Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Lease agreements | '6 years | ' |
Continuing operations: | ' | ' |
Gross amount Lease agreements | $2,200 | ' |
Accumulated amortization Lease agreements | -199 | ' |
Net intangible assets Lease agreements | $2,001 | ' |
Intangible_Assets_Net_Addition
Intangible Assets, Net - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2011 | |
Intangible Liability Disclosure [Abstract] | ' | ' |
Amortization expense of finite lived intangible assets | $199,000 | $1,329,000 |
Impairment loss on intangible assets | $0 | ' |
Acquisition_Consideration_Paya2
Acquisition Consideration Payable - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | 2-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Nov. 30, 2012 | Dec. 31, 2011 | Jul. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | 2-May-12 | 8-May-12 | Dec. 31, 2011 | Dec. 31, 2011 |
Qingdao Kaixiang, Wuxi Ruizhong and HK Ad-Icon [Member] | Qingdao Kaixiang [Member] | Qingdao Kaixiang [Member] | Wuxi Ruizhong [Member] | Wuxi Ruizhong [Member] | HK Ad-Icon [Member] | HK Ad-Icon [Member] | Ex-Owner, Ad Icon Company Limited [Member] | Zhejiang Continental [Member] | Zhejiang Continental [Member] | Zhejiang Continental [Member] | Haiya [Member] | Haiya [Member] | Wenzhou Rigao [Member] | Wenzhou Rigao [Member] | Business Acquisition [Member] | Business Acquisition [Member] | Business Acquisition [Member] | Business Acquisition [Member] | Business Acquisition [Member] | Business Acquisition [Member] | Business Acquisition [Member] | Business Acquisition [Member] | Business Acquisition [Member] | Business Acquisition [Member] | Business Acquisition [Member] | ||||
Qingdao Kaixiang Advertising Company Limited And Wuxi Ruizhong Advertising Company Limited And Ad Icon Company Limited [Member] | Qingdao Kaixiang [Member] | Wuxi Ruizhong [Member] | Wuxi Ruizhong [Member] | HK Ad-Icon [Member] | HK Ad-Icon [Member] | Ex-Owner, Ad Icon Company Limited [Member] | Zhejiang Continental [Member] | Haiya [Member] | Qingdao Kaixiang Advertising Company Limited Shenyang Jingli Advertising Company Limited and the divestment of SearchMedia International and its subsidiaries [Member] | Wenzhou Rigao [Member] | |||||||||||||||||||
Business Acquisition Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earn-out period | 'The purchase consideration for each acquisition is contingent based on the operational results agreed and confirmed by the Group and each of the acquired entitiesb ex-owners in a 2-year earn-out period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ex-owners earn out period | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares | ' | ' | ' | 750,380 | ' | ' | ' | ' | ' | ' | 158,515 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' |
Consideration paid in stock | $6,364 | $6,364 | ' | ' | $4,196 | $4,196 | ' | ' | $468 | $468 | ' | ' | $1,700 | $1,700 | ' | ' | ' | ' | $5,210 | $4,225 | ' | $716 | ' | $269 | $198 | ' | ' | ' | ' |
Gain on issuance of shares | ' | ' | 4,340 | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,550 | ' | ' | ' |
Equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Acquisition contingent consideration payable | 464 | 549 | ' | ' | ' | ' | ' | ' | ' | 99 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 322 | ' | ' | ' | ' | 8,250 | ' | 6,769 | ' |
Extinguishment of consideration | 3,131 | 3,032 | ' | ' | ' | ' | ' | ' | 99 | ' | ' | ' | ' | ' | 3,032 | 3,032 | ' | ' | ' | ' | ' | ' | 99 | ' | ' | ' | 3,032 | ' | ' |
Shares returned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 132,272 | ' | ' | ' | ' | ' | ' | ' | ' |
Earn-out obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 716 | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration exempted on disposal | $17,968 | $17,968 | ' | ' | $4,126 | $4,126 | $1,039 | $1,039 | ' | ' | ' | ' | $6,550 | $6,550 | ' | ' | $3,610 | $3,610 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,610 |
Acquisition_Consideration_Paya3
Acquisition Consideration Payable - Summary of Contingent Consideration (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' |
Contingent consideration | $116,761 | $115,676 |
Consideration paid in cash | 88,834 | 87,763 |
Consideration paid in stock | 6,364 | 6,364 |
Extinguishment of consideration | 3,131 | 3,032 |
Consideration extinguished on disposal | 17,968 | 17,968 |
consideration payable | 464 | 549 |
Payable in cash | ' | 99 |
Payable in stock | 464 | 450 |
Qingdao Kaixiang [Member] | ' | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' |
Contingent consideration | 16,070 | 16,070 |
Consideration paid in cash | 7,748 | 7,748 |
Consideration paid in stock | 4,196 | 4,196 |
Extinguishment of consideration | ' | ' |
Consideration extinguished on disposal | 4,126 | 4,126 |
consideration payable | ' | ' |
Payable in cash | ' | ' |
Payable in stock | ' | ' |
Wanshuizhiyuan [Member] | ' | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' |
Contingent consideration | 11,121 | 11,121 |
Consideration paid in cash | 9,915 | 9,915 |
Consideration paid in stock | ' | ' |
Extinguishment of consideration | ' | ' |
Consideration extinguished on disposal | 1,206 | 1,206 |
consideration payable | ' | ' |
Payable in cash | ' | ' |
Payable in stock | ' | ' |
Shenyang Jingli [Member] | ' | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' |
Contingent consideration | 18,092 | 18,092 |
Consideration paid in cash | 16,655 | 16,655 |
Consideration paid in stock | ' | ' |
Extinguishment of consideration | ' | ' |
Consideration extinguished on disposal | 1,437 | 1,437 |
consideration payable | ' | ' |
Payable in cash | ' | ' |
Payable in stock | ' | ' |
Haiya [Member] | ' | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' |
Contingent consideration | 9,002 | 9,002 |
Consideration paid in cash | 5,970 | 5,970 |
Consideration paid in stock | ' | ' |
Extinguishment of consideration | 3,032 | 3,032 |
Consideration extinguished on disposal | ' | ' |
consideration payable | ' | ' |
Payable in cash | ' | ' |
Payable in stock | ' | ' |
Shanghai Botang [Member] | ' | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' |
Contingent consideration | 36,176 | 35,091 |
Consideration paid in cash | 35,712 | 34,641 |
Consideration paid in stock | ' | ' |
Extinguishment of consideration | ' | ' |
Consideration extinguished on disposal | ' | ' |
consideration payable | 464 | 450 |
Payable in cash | ' | ' |
Payable in stock | 464 | 450 |
HK Ad-Icon [Member] | ' | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' |
Contingent consideration | 2,414 | 2,414 |
Consideration paid in cash | 1,847 | 1,847 |
Consideration paid in stock | 468 | 468 |
Extinguishment of consideration | 99 | ' |
Consideration extinguished on disposal | ' | ' |
consideration payable | ' | 99 |
Payable in cash | ' | 99 |
Payable in stock | ' | ' |
Wenzhou Rigao [Member] | ' | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' |
Contingent consideration | 8,380 | 8,380 |
Consideration paid in cash | 4,770 | 4,770 |
Consideration paid in stock | ' | ' |
Extinguishment of consideration | ' | ' |
Consideration extinguished on disposal | 3,610 | 3,610 |
consideration payable | ' | ' |
Payable in cash | ' | ' |
Payable in stock | ' | ' |
Wuxi Ruizhong [Member] | ' | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' |
Contingent consideration | 4,783 | 4,783 |
Consideration paid in cash | 3,744 | 3,744 |
Consideration paid in stock | ' | ' |
Extinguishment of consideration | ' | ' |
Consideration extinguished on disposal | 1,039 | 1,039 |
consideration payable | ' | ' |
Payable in cash | ' | ' |
Payable in stock | ' | ' |
Zhejiang Continental [Member] | ' | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' |
Contingent consideration | 10,723 | 10,723 |
Consideration paid in cash | 2,473 | 2,473 |
Consideration paid in stock | 1,700 | 1,700 |
Extinguishment of consideration | ' | ' |
Consideration extinguished on disposal | 6,550 | 6,550 |
consideration payable | ' | ' |
Payable in cash | ' | ' |
Payable in stock | ' | ' |
Accrued_Expenses_and_Other_Pay2
Accrued Expenses and Other Payables - Schedule of Accrued Expenses and Other Payables (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Accrued professional fee | $120 | $353 |
Accrued payroll | 13 | 13 |
Surcharges payable | 82 | ' |
Other current liabilities | 20 | ' |
Total accrued expenses and other payables | $235 | $366 |
Promissory_Convertible_Note_Ad
Promissory Convertible Note - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Aug. 27, 2012 | Aug. 17, 2012 | Feb. 17, 2012 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | ' | ' | ' | ' |
Proceeds from issuance of convertible promissory notes and warrants | ' | ' | $3,000 | $3,000 |
Accrued interest rate | ' | ' | 10.00% | ' |
Debt instrument accrued interests | ' | $149 | ' | ' |
Debt instrument conversion price | ' | $1 | ' | ' |
Shares issued upon conversion | 3,148,833 | ' | ' | ' |
Common_Shares_and_Warrants_Add
Common Shares and Warrants - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||
Dec. 26, 2013 | Nov. 15, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Jun. 17, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 30, 2009 | Jan. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Oct. 30, 2009 | Dec. 31, 2009 | Apr. 13, 2011 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2009 | |
Symbol Media [Member] | Symbol Media [Member] | Senior Management [Member] | Directors And Consultant [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Revised Date [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||||
LeaseContracts | SearchMedia International shareholders [Member] | SearchMedia International shareholders [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | ||||||||||||||||
ShoppingCenter | SearchMedia International shareholders [Member] | SearchMedia International shareholders [Member] | ||||||||||||||||||||
Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | ' | 35,600,736 | 35,600,736 | 30,143,741 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | ' | ' | 35,600,736 | 35,600,736 | 30,143,741 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued during the period for services | ' | ' | ' | ' | ' | ' | ' | ' | 36,780 | 81,496 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ordinary shares issued | ' | ' | ' | ' | ' | ' | 2,052,239 | 2,050,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of key lease contracts acquired | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shopping center location | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible asset recognized | ' | ' | ' | ' | ' | ' | $2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of warrants | ' | 2,200,000 | 4,100,000 | 4,108,000 | 2,215,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of warrants, shares | ' | 1,771,749 | 3,286,480 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercised extended expiration date | ' | ' | ' | 26-Dec-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercised price reduced | ' | ' | 1.25 | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants outstanding | ' | ' | 0 | 0 | 10,210,699 | ' | ' | ' | ' | ' | 15,347,401 | ' | ' | ' | 13,400,000 | ' | ' | ' | ' | ' | ' | ' |
Warrants exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6 | ' | ' | ' | $6 | $0.00 | $8 | $8.14 |
Warrants term, exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | '3 years | ' | ' | ' | ' | ' |
Warrants expiry date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19-Nov-11 | ' | ' | 19-Nov-12 | ' | ' | ' | ' |
Exercise price, underwriter warrants | ' | ' | ' | ' | ' | $7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants issued to the shareholders or warrant holders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 428,219 | ' | ' | ' | ' | 1,519,182 | ' | ' | ' | ' | ' | ' |
Company repurchased warrants from the open market | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,738,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration under a Board authorized plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,809,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,460 | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceedings received from issuance of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit for warrant holders computed by Black-Scholes model | ' | $644,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of warrants held by participating holders | ' | 3,543,596 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants not exercised expiration date | 19-Feb-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sharebased_payments_Additional
Share-based payments - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 01, 2008 | Dec. 17, 2013 | Dec. 14, 2012 | Aug. 31, 2010 | Sep. 01, 2011 | Sep. 01, 2011 | Feb. 08, 2012 | Feb. 08, 2012 | Feb. 13, 2012 | Mar. 21, 2012 | Mar. 27, 2012 | Oct. 17, 2012 | Nov. 11, 2013 | Nov. 11, 2013 | Nov. 15, 2012 | Mar. 04, 2013 | 23-May-12 | Dec. 17, 2013 | Nov. 11, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 04, 2013 | Nov. 15, 2012 | Mar. 27, 2012 | 20-May-13 |
Senior Executives [Member] | Sales and Marketing Expense [Member] | Sales and Marketing Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | 2008 Share Inventive Plan [Member] | 2008 Share Inventive Plan [Member] | 2008 Share Inventive Plan [Member] | 2008 Share Inventive Plan [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Restricted Share [Member] | Restricted Share [Member] | Restricted Share [Member] | Restricted Share [Member] | Restricted Share [Member] | Restricted Share [Member] | Restricted Share [Member] | Restricted Share [Member] | Restricted Share [Member] | Restricted Share [Member] | |||||
Senior Executives [Member] | Senior Executives [Member] | Senior Executives [Member] | Senior Executives [Member] | Senior Executives [Member] | Senior Executives [Member] | Senior Executives [Member] | Senior Executives [Member] | Senior Executives [Member] | Senior Executives [Member] | Senior Executives [Member] | Senior Executives [Member] | Senior Executives [Member] | Senior Executives [Member] | Senior Executives [Member] | Senior Executives [Member] | Employee [Member] | |||||||||||||||||||||
Stock Option Four [Member] | Stock Option Five [Member] | Stock Option Six [Member] | Stock Option Seven [Member] | Stock Option Eight [Member] | Stock Option Ten [Member] | Stock Option Thirteen [Member] | Stock Option Fourteen [Member] | Stock Option Eleven [Member] | Stock Option Twelve [Member] | Stock Option Nine [Member] | |||||||||||||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement by share options | 335,000 | 1,300,000 | 120,000 | ' | ' | ' | ' | ' | ' | ' | 1,796,492 | ' | ' | ' | ' | 120,000 | 300,000 | 50,000 | 400,000 | 25,000 | 100,000 | 150,000 | 175,000 | 85,000 | 125,000 | 75,000 | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in the number of authorized shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | 4,500,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement, exercised prices | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.74 | $1.06 | $1.06 | $1.10 | $1.55 | $1.65 | $1.57 | $1.62 | $1.62 | $1.05 | ' | $1.69 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement, fair value options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $123 | ' | $182 | $35 | $286 | $22 | $108 | $150 | $182 | $78 | $83 | $48 | $165 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement, vesting period | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '3 years | '3 years | ' | '3 years | '3 years | '3 years | '1 year | '3 years | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement, options cancelled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement cancelled, exercised prices | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement, exercised prices | $1.49 | $1.37 | $1.74 | ' | $2.62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.02 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of share options | ' | ' | ' | ' | 225,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock units, vesting date | ' | ' | ' | ' | 4-Jan-10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2-Jan-14 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of compensation cost recognized | ' | 473 | 662 | ' | ' | 116 | 123 | 271 | 357 | 539 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized share-based compensation cost in respect of granted share options | 348 | 359 | ' | 308 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock units, granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,496 | 785,000 | ' | ' | ' | 50,000 | 75,000 | 125,000 | 56,087 | 36,780 |
Restricted stock units, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $40 | $1,272 | ' | ' | ' | $75 | $77 | $131 | $93 | $38 |
Restricted stock units, grant date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27-Jun-13 | ' |
Restricted stock units vesting , period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' | ' |
Restricted share units, compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,377 | 187 | 232 | ' | ' | ' | ' | ' |
Unrecognized share-based compensation cost in respect of granted restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48 | 0 | ' | ' | ' | ' | ' | ' |
Percentage of transferred equity of SearchMedia International Limited | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option to acquire number of shares issued for transferred equity of SearchMedia International Limited | ' | 650,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares restricted Period | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free rate of return | 2.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Volatility rate | 95.26% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend yield | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the share-based payment to nonemployees | ' | $421 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share_Based_Payments_Schedule_
Share Based Payments - Schedule of Stock Options Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Number of options, Beginning Balance | 1,635,523 | 1,019,333 | 1,004,861 |
Number of options, Granted | 335,000 | 1,300,000 | 120,000 |
Number of options, Exercised | ' | ' | -77,387 |
Number of options, Forfeited | -425,000 | -683,810 | -28,141 |
Number of options, Ending Balance | 1,545,523 | 1,635,523 | 1,019,333 |
Weighted average exercise price per share, Beginning Balance | $2.36 | $5.32 | $2.13 |
Number of options, Options Exercisable | 818,855 | ' | ' |
Weighted average exercise price per share, Granted | $1.49 | $1.37 | $1.74 |
Weighted average exercise price per share, Exercised | ' | ' | $0.01 |
Weighted average exercise price per share, Forfeited | $1.88 | $4.04 | $3.81 |
Weighted average exercise price per share, Ending Balance | $2.30 | $2.36 | $5.32 |
Aggregate fair value, Beginning Balance | $1,735 | $1,880 | $1,253 |
Weighted average exercise price per share, Options exercisable | $3.11 | ' | ' |
Aggregate fair value, Granted | 308 | 799 | 123 |
Weighted average remaining contractual term | '8 years 1 month 6 days | '8 years 7 months 6 days | '8 years |
Aggregate fair value, Exercised | ' | ' | -307 |
Weighted average remaining contractual term, Options exercisable | '7 years 4 months 24 days | ' | ' |
Aggregate fair value, Forfeited | -347 | -968 | -78 |
Aggregate fair value, Ending Balance | 1,696 | 1,735 | 1,880 |
Aggregate fair value, Options exercisable | $1,050 | ' | ' |
Share_Based_Payments_Schedule_1
Share Based Payments - Schedule of Estimated Grant Date Fair Value of Share Options, Using Binomial Tree Option Pricing Model (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule Of Weighted Average Assumptions For Fair Values Of Stock Options [Line Items] | ' | ' | ' |
Risk-free rate of return | 2.63% | ' | ' |
Weighted average expected option life | ' | '5 years | ' |
Expected volatility rate | 95.26% | ' | ' |
Dividend yield | ' | 0.00% | ' |
Stock Option [Member] | ' | ' | ' |
Schedule Of Weighted Average Assumptions For Fair Values Of Stock Options [Line Items] | ' | ' | ' |
Risk-free rate of return | 2.63% | ' | 2.35% |
Risk-free rate of return, minimum | ' | 1.46% | ' |
Risk-free rate of return, maximum | ' | 2.30% | ' |
Weighted average expected option life | '10 years | '10 years | '10 years |
Expected volatility rate | 95.26% | ' | 102.20% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Stock Option [Member] | Minimum [Member] | ' | ' | ' |
Schedule Of Weighted Average Assumptions For Fair Values Of Stock Options [Line Items] | ' | ' | ' |
Expected volatility rate | ' | 96.90% | ' |
Stock Option [Member] | Maximum [Member] | ' | ' | ' |
Schedule Of Weighted Average Assumptions For Fair Values Of Stock Options [Line Items] | ' | ' | ' |
Expected volatility rate | ' | 102.00% | ' |
Share_Based_Payments_Schedule_2
Share Based Payments - Schedule of Restricted Share Activity (Detail) (Restricted Stock Units [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock Units [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Number of restricted stock units Granted, Beginning Balance | 145,261 | 347,862 | 353,265 |
Number of restricted stock units Granted, Granted | 978,276 | 181,087 | ' |
Number of restricted stock units Granted, Exercised | -118,276 | -56,087 | -1,069 |
Number of restricted stock units Granted, Forfeitures | -200,000 | -327,601 | -4,334 |
Number of restricted stock units Granted, Ending Balance | 805,261 | 145,261 | 347,862 |
Number of restricted stock units Granted, Units vested | 20,261 | ' | ' |
Grant-date fair value, Granted | $1,502 | $224 | ' |
Grant-date fair value, Ending Balance | $1,340 | $200 | ' |
Grant-date fair value, Units vested | $69 | ' | ' |
Weighted average remaining contractual term | '9 years 9 months 4 days | '9 years 5 months 12 days | '7 years 7 months 6 days |
Weighted average remaining contractual term, Units vested | '5 years 9 months 29 days | ' | ' |
Statutory_Reserve_Additional_I
Statutory Reserve - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Regulated Operations [Abstract] | ' | ' |
Minimum percentage of profit after taxes required for appropriations to statutory reserve | 10.00% | ' |
Percentage of entity's registered capital reserve fund reached | 50.00% | ' |
Appropriations to the statutory reserve funds | $0 | $0 |
Accumulated statutory reserve funds | $0 | $162 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule Of Income Taxes [Line Items] | ' | ' | ' |
Income tax expenses for continuing operation | ($33) | ' | ' |
Net operating loss carry forwards expiration starting date | 31-Dec-14 | ' | ' |
Net operating loss carry forwards expiration ending year | '2018 | ' | ' |
Tiger Yaoyang [Member] | ' | ' | ' |
Schedule Of Income Taxes [Line Items] | ' | ' | ' |
Pretax loss incurred | 148 | ' | ' |
Foreign Tax Authority [Member] | ' | ' | ' |
Schedule Of Income Taxes [Line Items] | ' | ' | ' |
Effective Income Tax Rate | 16.50% | ' | ' |
Peoples' Republic of China [Member] | ' | ' | ' |
Schedule Of Income Taxes [Line Items] | ' | ' | ' |
Effective Income Tax Rate | 25.00% | ' | ' |
Withholding tax imposed | 10.00% | ' | ' |
Income tax expenses for continuing operation | 33 | 0 | 0 |
Unrecognized Tax Benefits | 0 | 0 | 0 |
Interest and penalties related to unrecognized tax benefits were accrued | $0 | $0 | ' |
Income_Taxes_Summary_of_Income
Income Taxes - Summary of Income Taxes Expenses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred tax benefits | ' | ' | ' |
Deferred tax benefits | ($37) | ' | ($1,087) |
Actual income tax benefit | -33 | ' | ' |
PRC [Member] | ' | ' | ' |
Current tax expense | ' | ' | ' |
Current tax expense | ' | ' | ' |
Deferred tax benefits | ' | ' | ' |
Deferred tax benefits | -37 | ' | ' |
HK [Member] | ' | ' | ' |
Current tax expense | ' | ' | ' |
Current tax expense | 4 | ' | ' |
Deferred tax benefits | ' | ' | ' |
Deferred tax benefits | ' | ' | ' |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expenses for Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Loss before tax | ($3,968) | ($678) | ($3,747) |
Applicable tax rate | 25.00% | 25.00% | 0.00% |
Computed expected tax expense | -992 | -170 | ' |
Effect on non-PRC entities not subject to income tax | 957 | 167 | ' |
Effect on non-deductible cost | 2 | ' | ' |
Valuation allowance | ' | 3 | ' |
Actual income tax benefit | ($33) | ' | ' |
Income_Taxes_Significant_Porti
Income Taxes - Significant Portions of Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Deferred tax assets-current: | ' | ' | ' |
Tax loss carried forwards of a subsidiary | $37 | ' | ' |
Related_Party_Transactions_and2
Related Party Transactions and Balances - Summary of Related Party Transactions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Lease Agreements [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Purchase for lease agreements | $2,200 | ' | ' |
Advertising [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Revenue from provision of advertising services | ' | 32 | 45 |
Expenses for leases of advertising space | $166 | ' | ' |
Related_Party_Transactions_and3
Related Party Transactions and Balances - Summary of Related Party Transactions (Parenthetical) (Detail) | 0 Months Ended | 12 Months Ended |
Jun. 17, 2013 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ' | ' |
Number of key lease agreements acquired | ' | 8 |
Symbol Media [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Ordinary shares issued | 2,052,239 | 2,050,000 |
Related_Party_Transactions_and4
Related Party Transactions and Balances - Schedule of Amounts due from Related Parties (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Prepayment for leases of advertising space | $40 | ' |
Advertising [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Prepayment for leases of advertising space | $40 | ' |
Related_Party_Transactions_and5
Related Party Transactions and Balances - Schedule of Amounts due to Related Parties (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Board member fee | $42 | $110 |
Due to related parties | 73 | 110 |
Compensation Committee Chairman [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Due to related parties | 1 | ' |
Audit Committee Chairman [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Due to related parties | $30 | ' |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Benefit Plans [Line Items] | ' | ' | ' |
Employer contribution to the scheme | 5.00% | ' | ' |
Minimum [Member] | ' | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' | ' |
Range of other statutory benefits | 1.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' | ' |
Range of other statutory benefits | 10.00% | ' | ' |
Defined Contribution Pension [Member] | ' | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' | ' |
Employer contribution to the scheme | 22.00% | ' | ' |
Amounts contributed for employee benefits | $308 | $119 | $196 |
Provident Fund [Member] | ' | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' | ' |
Employer contribution to the scheme | 5.00% | ' | ' |
Amounts contributed for employee benefits | 2 | 6 | 6 |
Medical Insurance Benefits [Member] | ' | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' | ' |
Amounts contributed for employee benefits | 168 | 65 | 106 |
Housing Funds [Member] | ' | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' | ' |
Amounts contributed for employee benefits | 98 | 38 | 62 |
Other Benefits [Member] | ' | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' | ' |
Amounts contributed for employee benefits | $42 | $16 | $27 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Future Minimum Rental Payments under Noncancellable Operating Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $1,542 |
2015 | 1,531 |
2016 | 852 |
2017 | 410 |
2018 | 277 |
Operating leases, Total | $4,612 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitments And Contingencies Disclosure [Abstract] | ' | ' |
Material capital commitment under non-cancellable advertising equipment construction contracts | $226 | ' |
Provision for operational claims | $0 | $0 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Subsequent Events [Abstract] | ' |
Material subsequent events | $0 |