Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 20, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001376321 | |
Entity Registrant Name | ZW Data Action Technologies Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-34647 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 20-4672080 | |
Entity Address, Address Line One | Room 1811, Xinghuo Keji Plaza, No. 2 Fufeng Road, Fengtai District, | |
Entity Address, City or Town | Beijing | |
Entity Address, Country | CN | |
Entity Address, Postal Zip Code | 100070 | |
City Area Code | 86 | |
Local Phone Number | 10-6084-6616 | |
Title of 12(b) Security | Common Stock, par value $0.001 | |
Trading Symbol | CNET | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,204,506 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | ||
Current assets | ||||
Cash and cash equivalents | $ 1,314 | $ 4,391 | ||
Accounts receivable, net of allowance for credit loss of $3,943 and $3,760, respectively | 771 | 1,745 | ||
Prepayment and deposit to suppliers | 4,874 | 4,567 | ||
Other current assets, net | 2,422 | 1,610 | ||
Total current assets | 9,381 | 12,313 | ||
Long-term investments | 1,000 | 1,596 | ||
Operating lease right-of-use assets | 1,406 | 1,761 | ||
Property and equipment, net | 165 | 249 | ||
Intangible assets, net | 2,364 | 3,264 | ||
Long-term deposits and prepayments | 69 | 69 | ||
Deferred tax assets, net | 394 | 406 | ||
Total Assets | 14,779 | 19,658 | ||
Current liabilities: | ||||
Accounts payable * | [1] | 196 | 205 | |
Advance from customers * | [1] | 1,133 | 739 | |
Accrued payroll and other accruals | [1] | 132 | 438 | |
Taxes payable | [1] | 3,155 | 3,248 | |
Operating lease liabilities | [1] | 216 | 347 | |
Lease payment liability related to short-term leases * | [1] | 98 | 101 | |
Other current liabilities | [1] | 162 | 437 | |
Warrant liabilities | 0 | 185 | ||
Total current liabilities | 5,092 | 5,700 | ||
Long-term liabilities: | ||||
Operating lease liabilities-Non current | [1] | 1,324 | 1,535 | |
Total Liabilities | 6,538 | 7,361 | ||
Commitments and contingencies | ||||
Equity: | ||||
Common stock (US$0.001 par value; authorized 20,000,000 shares; issued and outstanding 7,204,506 shares and 7,174,506 shares at September 30, 2023 and December 31, 2022, respectively) | 7 | 7 | [2] | |
Additional paid-in capital | 62,055 | 62,017 | [2] | |
Statutory reserves | 2,598 | 2,598 | ||
Accumulated deficit | (57,782) | (53,525) | ||
Accumulated other comprehensive income | 1,363 | 1,200 | ||
Total shareholders’ equity | 8,241 | 12,297 | ||
Total Liabilities and Equity | 14,779 | 19,658 | ||
Related Party [Member] | ||||
Long-term liabilities: | ||||
Long-term borrowing from a related party | $ 122 | $ 126 | ||
[1]Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets (Note 2).[2]Retrospectively restated for effect of the 1-for-5 reverse stock split effective on January 18, 2023, see Note 4(g). |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts receivable, allowance for doubtful account | $ 3,943 | $ 3,760 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 7,204,506 | 7,174,506 |
Common stock, shares outstanding (in shares) | 7,204,506 | 7,174,506 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Revenues | $ 9,181 | $ 7,216 | $ 25,317 | $ 21,813 | |
Cost of revenues | 9,185 | 7,267 | 25,746 | 21,811 | |
Gross (loss)/ profit | (4) | (51) | (429) | 2 | |
Operating expenses | |||||
Sales and marketing expenses | 55 | 72 | 148 | 219 | |
General and administrative expenses | 1,547 | 1,651 | 3,659 | 5,697 | |
Research and development expenses | 0 | 57 | 18 | 181 | |
Total operating expenses | 1,602 | 1,780 | 3,825 | 6,097 | |
Loss from operations | (1,606) | (1,831) | (4,254) | (6,095) | |
Other income/(expenses) | |||||
Interest income | 79 | 21 | 230 | 96 | |
Other expenses, net | (6) | (5) | (20) | (33) | |
Impairment on long-term investment | 2 | 0 | (207) | 0 | |
Change in fair value of warrant liabilities | 13 | (1,023) | 185 | 759 | |
Total other income/(expenses) | 88 | (1,007) | 188 | 822 | |
Loss before income tax benefit/(expense) and noncontrolling interests | (1,518) | (2,838) | (4,066) | (5,273) | |
Income tax benefit/(expenses) | (2) | (2) | 0 | 2 | |
Net income (loss) | (1,520) | (2,840) | (4,066) | (5,271) | |
Net income (loss) | (1,520) | (2,840) | (4,066) | (5,271) | |
Foreign currency translation adjustment | (39) | 93 | 163 | 76 | |
Comprehensive loss | $ (1,559) | $ (2,747) | $ (3,903) | $ (5,195) | |
Loss per common share | |||||
Basic and diluted** (in dollars per share) | [1] | $ (0.21) | $ (0.4) | $ (0.57) | $ (0.74) |
Weighted average number of common shares outstanding: | |||||
Basic and diluted** (in shares) | [1] | 7,204,506 | 7,174,506 | 7,191,649 | 7,123,411 |
[1]Retrospectively restated for effect of the 1-for-5 reverse stock split effective on January 18, 2023, see Note 4(g). |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities | ||
Net income (loss) | $ (4,066) | $ (5,271) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 966 | 1,660 |
Amortization of operating lease right-of-use assets | 310 | 239 |
Share-based compensation expenses | 95 | 135 |
Provision for allowances for credit losses | 1,347 | 947 |
Loss on disposal of long-term investments | 207 | 0 |
Deferred taxes | 0 | (2) |
Disposal of fixed assets | 7 | 0 |
Change in fair value of warrant liabilities | (185) | (759) |
Other non-operating income | (229) | (93) |
Changes in operating assets and liabilities | ||
Accounts receivable | 655 | (211) |
Prepayment and deposit to suppliers | (389) | (459) |
Due from related parties | 0 | 59 |
Other current assets | 0 | 25 |
Accounts payable | (3) | (784) |
Advance from customers | 425 | (179) |
Accrued payroll and other accruals | (304) | (205) |
Other current liabilities | (78) | 735 |
Taxes payable | (1) | 4 |
Lease payment liability related to short-term leases | 0 | (40) |
Operating lease liabilities | (293) | (210) |
Net cash used in operating activities | (1,536) | (4,409) |
Cash flows from investing activities | ||
Investments and advances to ownership investee entities | (43) | 0 |
Proceeds from disposal of long-term investments | 428 | 0 |
Deposit paid for purchase of equipment | (52) | 0 |
Repayment of short-term loans from ownership investee entities | 0 | 12 |
Short-term loans to unrelated parties | (2,000) | (2,600) |
Repayment of short-term loans and interest income from unrelated parties | 168 | 2,109 |
Net cash used in investing activities | (1,499) | (479) |
Cash flows from financing activities | ||
Net cash provided by financing activities | 0 | 0 |
Effect of exchange rate fluctuation on cash and cash equivalents | (42) | (131) |
Net decrease in cash and cash equivalents | (3,077) | (5,019) |
Cash and cash equivalents at beginning of the period | 4,391 | 7,173 |
Cash and cash equivalents at end of the period | 1,314 | 2,154 |
Supplemental disclosure of cash flow information | ||
Income taxes paid | 0 | 0 |
Interest expense paid | $ 0 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Statutory Reserves [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Noncontrolling Interest [Member] | Share-Based Payment Arrangement, Employee [Member] Common Stock [Member] | Share-Based Payment Arrangement, Employee [Member] Additional Paid-in Capital [Member] | Share-Based Payment Arrangement, Employee [Member] Statutory Reserves [Member] | Share-Based Payment Arrangement, Employee [Member] Retained Earnings [Member] | Share-Based Payment Arrangement, Employee [Member] AOCI Attributable to Parent [Member] | Share-Based Payment Arrangement, Employee [Member] Noncontrolling Interest [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Statutory Reserves [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total | ||||
Balance (in shares) at Dec. 31, 2021 | [1] | 7,075,506 | |||||||||||||||||||||
Balance at Dec. 31, 2021 | $ 7 | [1] | $ 61,813 | $ 2,598 | $ (43,734) | $ 1,082 | $ 21,766 | ||||||||||||||||
Share-based compensation in exchange for services from employees and directors (in shares) | [1] | 19,000 | |||||||||||||||||||||
Share-based compensation in exchange for services from employees and directors | $ 0 | [1] | $ 16 | $ 0 | $ 0 | $ 0 | $ 32 | ||||||||||||||||
Net income (loss) | 0 | [1] | 0 | 0 | (2,431) | 0 | (2,431) | ||||||||||||||||
Foreign currency translation adjustment | 0 | [1] | 0 | 0 | 0 | (17) | (17) | ||||||||||||||||
Foreign currency translation adjustment | $ 0 | [1] | 0 | 0 | 0 | (17) | (17) | ||||||||||||||||
Share-based compensation in exchange for services from nonemployees (in shares) | [1] | 80,000 | |||||||||||||||||||||
Share-based compensation in exchange for services from nonemployees | $ 0 | [1] | 140 | 0 | 0 | 0 | 140 | ||||||||||||||||
Balance (in shares) at Jun. 30, 2022 | [1] | 7,174,506 | |||||||||||||||||||||
Balance at Jun. 30, 2022 | $ 7 | [1] | 61,985 | 2,598 | (46,165) | 1,065 | 19,490 | ||||||||||||||||
Balance (in shares) at Dec. 31, 2021 | [1] | 7,075,506 | |||||||||||||||||||||
Balance at Dec. 31, 2021 | $ 7 | [1] | 61,813 | 2,598 | (43,734) | 1,082 | 21,766 | ||||||||||||||||
Net income (loss) | $ (5,271) | ||||||||||||||||||||||
Foreign currency translation adjustment | 76 | ||||||||||||||||||||||
Foreign currency translation adjustment | 76 | ||||||||||||||||||||||
Balance (in shares) at Sep. 30, 2022 | [1] | 7,174,506 | |||||||||||||||||||||
Balance at Sep. 30, 2022 | $ 7 | [1] | 62,001 | 2,598 | (49,005) | 1,158 | 16,759 | ||||||||||||||||
Balance (in shares) at Jun. 30, 2022 | [1] | 7,174,506 | |||||||||||||||||||||
Balance at Jun. 30, 2022 | $ 7 | [1] | 61,985 | 2,598 | (46,165) | 1,065 | 19,490 | ||||||||||||||||
Share-based compensation in exchange for services from employees and directors | 0 | [1] | 16 | 0 | 0 | 0 | 16 | ||||||||||||||||
Net income (loss) | 0 | [1] | 0 | 0 | (2,840) | 0 | (2,840) | (2,840) | |||||||||||||||
Foreign currency translation adjustment | 0 | [1] | 0 | 0 | 0 | 93 | 93 | 93 | |||||||||||||||
Foreign currency translation adjustment | $ 0 | [1] | 0 | 0 | 0 | 93 | 93 | 93 | |||||||||||||||
Balance (in shares) at Sep. 30, 2022 | [1] | 7,174,506 | |||||||||||||||||||||
Balance at Sep. 30, 2022 | $ 7 | [1] | 62,001 | 2,598 | (49,005) | 1,158 | 16,759 | ||||||||||||||||
Balance (in shares) at Dec. 31, 2022 | [1] | 7,174,506 | |||||||||||||||||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ 0 | $ (191) | $ 0 | $ (191) | |||||||||||||||||
Balance at Dec. 31, 2022 | $ 7 | [1] | 62,017 | [1] | 2,598 | (53,525) | 1,200 | 12,297 | |||||||||||||||
Share-based compensation in exchange for services from employees and directors (in shares) | 30,000 | ||||||||||||||||||||||
Share-based compensation in exchange for services from employees and directors | $ 0 | 25 | 0 | 0 | 0 | 25 | |||||||||||||||||
Net income (loss) | 0 | 0 | 0 | (2,546) | 0 | (2,546) | |||||||||||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | 202 | 202 | |||||||||||||||||
Foreign currency translation adjustment | $ 0 | 0 | 0 | 0 | 202 | 202 | |||||||||||||||||
Balance (in shares) at Jun. 30, 2023 | 7,204,506 | ||||||||||||||||||||||
Balance at Jun. 30, 2023 | $ 7 | 62,042 | 2,598 | (56,262) | 1,402 | 9,787 | |||||||||||||||||
Balance (in shares) at Dec. 31, 2022 | [1] | 7,174,506 | |||||||||||||||||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ 0 | $ (191) | $ 0 | $ (191) | |||||||||||||||||
Balance at Dec. 31, 2022 | $ 7 | [1] | 62,017 | [1] | 2,598 | (53,525) | 1,200 | 12,297 | |||||||||||||||
Net income (loss) | (4,066) | ||||||||||||||||||||||
Foreign currency translation adjustment | 163 | ||||||||||||||||||||||
Foreign currency translation adjustment | 163 | ||||||||||||||||||||||
Balance (in shares) at Sep. 30, 2023 | 7,204,506 | ||||||||||||||||||||||
Balance at Sep. 30, 2023 | $ 7 | 62,055 | 2,598 | (57,782) | 1,363 | 8,241 | |||||||||||||||||
Balance (in shares) at Jun. 30, 2023 | 7,204,506 | ||||||||||||||||||||||
Balance at Jun. 30, 2023 | $ 7 | 62,042 | 2,598 | (56,262) | 1,402 | 9,787 | |||||||||||||||||
Share-based compensation in exchange for services from employees and directors | 0 | 13 | 0 | 0 | 0 | 13 | |||||||||||||||||
Net income (loss) | 0 | 0 | 0 | (1,520) | 0 | (1,520) | (1,520) | ||||||||||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | (39) | (39) | (39) | ||||||||||||||||
Foreign currency translation adjustment | $ 0 | 0 | 0 | 0 | (39) | (39) | $ (39) | ||||||||||||||||
Balance (in shares) at Sep. 30, 2023 | 7,204,506 | ||||||||||||||||||||||
Balance at Sep. 30, 2023 | $ 7 | $ 62,055 | $ 2,598 | $ (57,782) | $ 1,363 | $ 8,241 | |||||||||||||||||
[1]Retrospectively restated for effect of the 1-for-5 reverse stock split effective on January 18, 2023, see Note 4(g). |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Operations | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Organization and nature of operations ZW Data Action Technologies Inc. (the “Company”) was incorporated in the State of Texas in April 2006 October 2006. June 26, 2009, O2O |
Note 2 - Variable Interest Enti
Note 2 - Variable Interest Entities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Variable Interest Entities Disclosure [Text Block] | 2. Variable interest entities The Company is not no September 30, 2023 December 31, 2022, September 30, 2023 December 31, 2022 US$( 000) US$( 000) (Unaudited) Assets Current assets: Cash and cash equivalents $ 691 $ 578 Accounts receivable, net 770 1,745 Prepayment and deposit to suppliers 2,401 2,020 Other current assets, net 2 2 Total current assets 3,864 4,345 Long-term investments - 165 Operating lease right-of-use assets - 145 Property and equipment, net 77 113 Deferred tax assets, net 394 406 Total Assets $ 4,335 $ 5,174 Liabilities Current liabilities: Accounts payable $ 196 $ 205 Advance from customers 1,133 515 Accrued payroll and other accruals 39 63 Taxes payable 2,522 2,602 Operating lease liabilities - 146 Lease payment liability related to short-term leases 98 101 Other current liabilities 36 320 Total current liabilities 4,024 3,952 Total Liabilities $ 4,024 $ 3,952 Liabilities recognized as a result of consolidating these VIEs do not Summarized below is the information related to the financial performance of the VIEs reported in the Company’s condensed consolidated statements of operations and comprehensive loss for the nine three September 30, 2023 2022, Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenues $ 25,098 $ 20,829 $ 9,157 $ 6,967 Cost of revenues (25,023 ) (21,811 ) (8,975 ) (7,267 ) Total operating expenses (1,179 ) (1,539 ) (436 ) (691 ) Net loss (1,326 ) (2,551 ) (259 ) (998 ) |
Note 3 - Liquidity and Capital
Note 3 - Liquidity and Capital Resources | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | 3. Liquidity and Capital Resources The Company incurred operating losses and may nine September 30, 2023, US$4.25 US$1.54 September 30, 2023, US$1.31 US$4.29 US$4.39 US$6.61 December 31, 2022, Currently, the Company does not twelve 2022, 19 2022 not third July 2023, 12 If the Company fails to achieve these goals, the Company may may not not may one The unaudited condensed consolidated financial statements as of September 30, 2023 September 30, 2023 not may may |
Note 4 - Summary of Significant
Note 4 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 4. Summary of significant accounting policies a) Basis of presentation The unaudited condensed consolidated interim financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The unaudited condensed consolidated interim financial information as of September 30, 2023 nine three September 30, 2023 2022 10 December 31, 2022, “2022 10 April 17, 2023. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of the Company’s condensed consolidated financial position as of September 30, 2023, nine three September 30, 2023 2022, nine September 30, 2023 2022, not b) Principles of consolidation The unaudited condensed consolidated interim financial statements include the accounts of all the subsidiaries and VIEs of the Company. All transactions and balances between the Company and its subsidiaries and VIEs have been eliminated upon consolidation. c) Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of these consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company continually evaluates these estimates and assumptions based on the most recently available information, historical experience and various other assumptions that the Company believes to be reasonable under the circumstances. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates. d) Foreign currency translation The exchange rates used to translate amounts in RMB into US$ for the purposes of preparing the condensed consolidated financial statements are as follows: September 30, 2023 December 31, 2022 Balance sheet items, except for equity accounts 7.1798 6.9646 Nine Months Ended September 30, 2023 2022 Items in the statements of operations and comprehensive loss 7.0148 6.6068 Three Months Ended September 30, 2023 2022 Items in the statements of operations and comprehensive loss 7.1649 6.8287 No e) Current expected credit losses In June 2016, No. 2016 13, 326 January 1, 2023, not January 1, 2023 US$0.19 US$0.04 US$0.15 The allowance for credit losses reflects the Company's current estimate of credit losses expected to be incurred over the life of the related financial assets. The allowance for credit losses is presented as a valuation account that is deducted from the amortized cost basis of financial asset(s) to present the net amount expected to be collected on the financial asset(s). The Company considers various factors in establishing, monitoring, and adjusting its allowance for credit losses, including the aging and aging trends, customer/other parties’ creditworthiness and specific exposures related to particular customers/other parties. The Company also monitors other risk factors and forward-looking information, such as country specific risks and economic factors that may The following tables summarized the movements of the Company’s credit losses for the nine three September 30, 2023 2022, Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Credit loss for accounts receivable: Balance as of beginning of the period 3,760 2,236 3,715 2,454 Cumulative-effect adjustment upon adoption of ASU No. 2016-13, Financial Instruments-Credit losses (Topic 326) 36 - - - Provision for/(reverse of) credit loss during the period 247 330 207 - Written off during the period - - - - Exchange translation adjustments (100 ) (229 ) 21 (117 ) Balance as of end of the period 3,943 2,337 3,943 2,337 Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Credit loss for other current assets: Balance as of beginning of the period 617 - 1,187 617 Cumulative-effect adjustment upon adoption of ASU No. 2016-13, Financial Instruments-Credit losses (Topic 326) 155 - - - Provision for credit loss during the period 1,095 617 680 - Written off during the period - - - - Exchange translation adjustments - - - - Balance as of end of the period 1,867 617 1,867 617 f) Fair value measurement Liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of September 30, 2023 December 31, 2022 Fair value measurement at reporting date using As of September 30, 2023 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) Warrant liabilities (Note 14) - - - - Fair value measurement at reporting date using As of December 31, 2022 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) US$( 000) US$( 000) US$( 000) US$( 000) Warrant liabilities (Note 14) 185 - - 185 g) Reverse stock split The Board of Directors of the Company approved a reverse stock split of the Company’s issued and outstanding shares of common stock, par value $0.001 per share (the “Common Stock”) at a ratio of 1 January 18, 2023 ( no When the Reverse Stock Split became effective, each five one No As a result of the Reverse Stock Split, 35,827,677 shares of Common Stock that were issued and outstanding at January 18, 2023 Except where otherwise specified, all number of shares, number of warrants, share prices, exercise prices and per share data in the condensed consolidated financial statements and notes to the condensed consolidated financial statements have been retroactively restated as if the Reverse Stock Split occurred at the beginning of the periods presented. h) Revenue recognition The following table present the Company’s revenues disaggregated by products and services and timing of revenue recognition: Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Internet advertising and related services --distribution of the right to use search engine marketing service 24,815 18,605 9,011 6,236 --online advertising placements 427 3,208 145 980 Blockchain-based SaaS services 75 - 25 - Total revenues $ 25,317 $ 21,813 $ 9,181 $ 7,216 Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenue recognized over time 25,242 21,813 9,156 7,216 Revenue recognized at a point in time 75 - 25 - Total revenues $ 25,317 $ 21,813 $ 9,181 $ 7,216 Contract balances The table below summarized the movement of the Company’s contract liabilities for the nine September 30, 2023: Contract liabilities US$( 000) Balance as of January 1, 2023 739 Exchange translation adjustment (18 ) Revenue recognized from beginning contract liability balances (649 ) Advances received from customers related to unsatisfied performance obligations 1,061 Balance as of September 30, 2023(Unaudited) 1,133 Advance from customers related to unsatisfied performance obligations are generally refundable. Refund of advance from customers were insignificant for the nine three September 30, 2023 2022. For the nine three September 30, 2023 2022, i) Lease As of September 30, 2023, US$1.41 US$1.54 Maturity of operating lease liabilities Operating leases US$( 000) (Unaudited) Three months ending December 31, 2023 73 Year ending December 31, -2024 303 -2025 319 -2026 335 -2027 351 -2028 369 -thereafter 62 Total undiscounted lease payments 1,812 Less: imputed interest (272 ) Total operating lease liabilities as of September 30, 2023 1,540 Including: Operating lease liabilities 216 Operating lease liabilities-Non current 1,324 $ 1,540 Operating lease expenses: Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Long-term operating lease contracts 386 329 125 136 Short-term operating lease contracts 23 39 9 10 Total $ 409 $ 368 $ 134 $ 146 Supplemental information related to operating leases : Nine Months Ended September 30, 2023 (Unaudited) Operating cash flows used for operating leases (US$’000) 409 Right-of-use assets obtained in exchange for new lease liabilities (US$’000) - Weighted-average remaining lease term (years) 5.42 Weighted-average discount rate 6 % |
Note 5 - Accounts Receivable, N
Note 5 - Accounts Receivable, Net | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Accounts Receivable Disclosure [Text Block] | 5. Accounts receivable, net September 30, 2023 December 31, 2022 US$( 000) US$( 000) (Unaudited) Accounts receivable 4,714 5,505 Allowance for credit loss (3,943 ) (3,760 ) Accounts receivable, net 771 1,745 All of the accounts receivable are non-interest bearing. The Company maintains an estimated allowance for credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Company evaluates its accounts receivable on a collective (pool) basis and determines the allowance for credit loss based on aging data, historical collection experience, customer specific facts, current economic conditions and reasonable and supportable forecasts of future economic conditions. For the nine three September 30, 2023, US$0.25 US$0.21 nine three September 30, 2022, US$0.33 nil |
Note 6 - Prepayment and Deposit
Note 6 - Prepayment and Deposit to Suppliers | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Prepayments and Deposits to Suppliers Disclosure [Text Block] | 6. Prepayments and deposit to suppliers September 30, 2023 December 31, 2022 US$( 000) US$( 000) (Unaudited) Deposits to advertising resources providers 923 1,077 Prepayments to advertising resources providers 3,421 3,036 Other deposits and prepayments 530 454 4,874 4,567 |
Note 7 - Other Current Assets,
Note 7 - Other Current Assets, Net | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | 7. Other current assets September 30, 2023 December 31, 2022 US$( 000) US$( 000) (Unaudited) Short-term loans to unrelated parties 4,097 2,197 Short-term loans interest receivables 184 22 Staff advances for business operations 8 8 Total other current assets 4,289 2,227 Allowance for credit loss (1,867 ) (617 ) Other current assets, net 2,422 1,610 As of September 30, 2023, two On January 5, 2022, US$2.5 May 5, 2022. April 2022, US$1.02 US0.06 January 5, 2022 April 30, 2022, US$2.5 US$1.48 April 30, 2023 October 2022 February 2023, US$0.05 May 1, 2022 December 31, 2022. April 30, 2023, October 31, 2023. May 2023, US$0.02 January 1, 2023 April 30, 2023. July 2023, US$0.02 May 1, 2023 July 31, 2023. US$1.49 six On January 11, 2023, US$2.0 July 17, 2023. July 1, 2023, six January 18, 2024. The Company evaluates its short-term loans provided to unrelated parties for expected credit losses on a regular basis, and maintains an estimated allowance for credit losses to reduce its short-term loans to the amount that it believes will be collected. The Company evaluates its short-term loans on an individual basis and determines the allowance for credit loss based on creditworthiness of the borrowers, aging information, past transaction history with the borrowers and their current condition, as well as the current economic conditions and reasonable and supportable forecasts of future economic conditions. For the nine three September 30, 2023, US$1.10 US$0.68 As of September 30, 2023, US$0.62 March 2021, US$1.65 one March 2022. March 31, 2022, US$1.03 US$0.62 June 2022, US$0.62 March 2023, not not |
Note 8 - Long-term Investments
Note 8 - Long-term Investments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 8. Long-term investments Amount US$( 000) Balance as of January 1, 2023 1,596 Exchange translation adjustment (4 ) Cash investments during the year 43 Disposed during the year (428 ) Impairment losses provided during the year (207 ) Balance as of September 30, 2023 (Unaudited) 1,000 As of September 30, 2023, 15.38%, In June 2023, RMB0.99 US$0.14 August 1, 2052. In June 2023, RMB3.0 US$0.43 In August 2023, RMB0.45 US$0.06 December 31, 2050. The Company measures each investment which does not For the nine September 30, 2023, US$0.21 |
Note 9 - Property and Equipment
Note 9 - Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 9. Property and equipment, net September 30, 2023 December 31, 2022 US$( 000) US$( 000) (Unaudited) Vehicles 689 855 Office equipment 839 865 Electronic devices 559 575 Leasehold improvement 179 185 Property and equipment, cost 2,266 2,480 Less: accumulated depreciation (2,101 ) (2,231 ) Property and equipment, net 165 249 Depreciation expenses for the nine September 30, 2023 2022 US$0.07 US$0.08 three September 30, 2023 2022 US$0.02 US$0.03 |
Note 10 - Intangible Assets, Ne
Note 10 - Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 10. Intangible assets, net As of September 30, 2023 (Unaudited) Items Gross Carrying Value Accumulated Amortization Impairment Net Carrying Value US$( 000) US$( 000) US$( 000) US$( 000) Intangible assets subject to amortization: -- 10 Cloud compute software technology 1,293 (897 ) (396 ) - Licensed products use right 1,197 (466 ) - 731 -- 5 Internet Ad tracking system 1,160 (579 ) - 581 Live streaming technology 1,500 (625 ) (875 ) - -- 3 Blockchain Integrated Framework 4,038 (1,976 ) (1,010 ) 1,052 Bo!News application 334 (111 ) (223 ) - Other computer software 109 (109 ) - - Total $ 9,631 $ (4,763 ) $ (2,504 ) $ 2,364 As of December 31, 2022 Items Gross Carrying Value Accumulated Amortization Impairment Net Carrying Value US$( 000) US$( 000) US$( 000) US$( 000) Intangible assets subject to amortization: -- 10 Cloud compute software technology 1,333 (924 ) (409 ) - Licensed products use right 1,201 (374 ) - 827 -- 5 Internet Ad tracking system 1,160 (405 ) - 755 Live streaming technology 1,500 (625 ) (875 ) - -- 3 Blockchain Integrated Framework 4,038 (1,346 ) (1,010 ) 1,682 Bo!News application 345 (115 ) (230 ) - Other computer software 113 (113 ) - - Total $ 9,690 $ (3,902 ) $ (2,524 ) $ 3,264 Amortization expenses for the nine September 30, 2023 2022 US$0.90 US$1.59 three September 30, 2023 2022 US$0.30 US$0.53 Based on the adjusted carrying value of the finite-lived intangible assets after the deduction of the impairment losses, which has a weighted average remaining useful life of 3.05 years as of September 30, 2023, no US$0.29 December 31, 2023, US$1.19 December 31, 2024, US$0.35 December 31, 2025, US$0.18 December 31, 2026, US$0.12 December 31, 2027 2028. |
Note 11 - Accrued Payroll and O
Note 11 - Accrued Payroll and Other Accruals | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 11. Accrued payroll and other accruals September 30, 2023 December 31, 2022 US$( 000) US$( 000) (Unaudited) Accrued payroll and staff welfare 82 101 Accrued operating expenses 50 337 132 438 |
Note 12 - Taxation
Note 12 - Taxation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Taxation As of September 30, 2023 December 31, 2022, September 30, 2023 December 31, 2022 US$( 000) US$( 000) (Unaudited) Turnover tax and surcharge payable 1,248 1,288 Enterprise income tax payable 1,907 1,960 Total taxes payable 3,155 3,248 For the nine three September 30, 2023 2022, Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Current - - - - Deferred - 2 (2 ) (2 ) Income tax benefit/(expenses) - 2 (2 ) (2 ) The Company’s deferred tax assets as of September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 US$( 000) US$( 000) (Unaudited) Tax effect of net operating losses carried forward 11,992 11,537 Operating lease cost 33 30 Impairment on long-term investments 190 144 Impairment on intangible assets 367 368 Bad debts provision 1,266 1,018 Valuation allowance (13,454 ) (12,691 ) Deferred tax assets, net 394 406 The U.S. holding company has incurred aggregate net operating losses (“NOLs”) of approximately US$32.3 US$31.8 September 30, 2023 December 31, 2022, December 31, 2017 2037. December 31, 2017 no December 31, 2017. not The NOLs carried forward incurred by the Company’s PRC subsidiaries and VIEs were approximately US$16.9 US$15.4 September 30, 2023 December 31, 2022, 2028. The Company recorded approximately US$13.5 US$12.7 September 30, 2023 December 31, 2022, not not For the nine three September 30, 2023, US$0.91 US$0.35 nine three September 30, 2022, US$1.18 US$0.36 |
Note 13 - Long-term Borrowing F
Note 13 - Long-term Borrowing From a Related Party | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Long-Term Borrowing from Director Disclosure [Text Block] | 13. Long-term borrowing from a related party Long-term borrowing from a related party is a non-interest bearing loan from a related parity of the Company relating to the original paid-in capital contribution in the Company’s wholly-owned subsidiary Rise King Century Technology Development (Beijing) Co., Ltd. (“Rise King WFOE”), which is not one |
Note 14 - Warrant Liabilities
Note 14 - Warrant Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Warrants Disclosure [Text Block] | 14. The Financing and warrant liabilities The Company issued warrants to certain institutional investors and the Company’s placement agent in the registered direct offerings consummated in February 2021 ( “2021 December 2020 ( “2020 January 2018 ( “2018 Warrants issued in the 2021 2021 Investors Warrants 2021 Placement Agent Warrants September 30, 2023 June 30, 2023 December 31, 2022 September 30, 2023 June 30, 2023 December 31, 2022 Stock price $ 0.91 $ 1.27 $ 0.46# $ 0.91 $ 1.27 $ 0.46# Years to maturity 0.88 1.13 1.63 0.88 1.13 1.63 Risk-free interest rate 5.49 % 5.34 % 4.625 % 5.49 % 5.34 % 4.625 % Dividend yield - - - - - - Expected volatility 89 % 112 % 99.74 % 89 % 112 % 99.74 % Exercise Price $ 17.95 $ 17.95 $ 3.59# $ 22.4375 $ 22.4375 $ 4.4875# Fair value of the warrant $ 0.0002 $ 0.0232 $ 0.0329 $ 0.0001 $ 0.0157 $ 0.0256 Warrant Liabilities (US$’000) $ 0 $ 12 $ 86 $ 0 $ 1 $ 9 2021 Investors Warrants 2021 Placement Agent Warrants September 30, 2022 June 30, 2022 December 31, 2021 September 30, 2022 June 30, 2022 December 31, 2021 Stock price $ 0.92 $ 0.34 $ 1.00 $ 0.92 $ 0.34 $ 1.00 Years to maturity 1.88 2.13 2.63 1.88 2.13 2.63 Risk-free interest rate 4.16 % 2.97 % 0.87 % 4.16 % 2.97 % 0.87 % Dividend yield - - - - - - Expected volatility 127 % 124 % 115 % 127 % 124 % 115 % Exercise Price $ 3.59 $ 3.59 $ 3.59 $ 4.4875 $ 4.4875 $ 4.4875 Fair value of the warrant $ 0.297 $ 0.064 $ 0.37 $ 0.287 $ 0.061 $ 0.36 Warrant Liabilities (US$’000) $ 782 $ 167 $ 964 $ 106 $ 22 $ 132 Warrants issued in the 2020 2020 Investors Warrants 2020 Placement Agent Warrants September 30, 2023 June 30, 2023 December 31, 2022 September 30, 2023 June 30, 2023 December 31, 2022 Stock price $ 0.91 $ 1.27 $ 0.46# $ 0.91 $ 1.27 $ 0.46# Years to maturity 0.20 0.45 0.95 0.20 0.45 0.95 Risk-free interest rate 5.44 % 5.46 % 4.716 % 5.44 % 5.46 % 4.716 % Dividend yield - - - - - - Expected volatility 65 % 94 % 115.61 % 65 % 94 % 115.61 % Exercise Price $ 10.15 $ 10.15 $ 2.03# $ 10.15 $ 10.15 $ 2.03# Fair value of the warrant $ 0.000 $ 0.000 $ 0.0439 $ 0.000 $ 0.000 $ 0.0456 Warrant Liabilities (US$’000) $ 0 $ 0 $ 76 $ 0 $ 0 $ 14 2020 Investors Warrants 2020 Placement Agent Warrants September 30, 2022 June 30, 2022 December 31, 2021 September 30, 2022 June 30, 2022 December 31, 2021 Stock price $ 0.92 $ 0.34 $ 1.00 $ 0.92 $ 0.34 $ 1.00 Years to maturity 1.20 1.45 1.95 1.20 1.45 1.95 Risk-free interest rate 3.90 % 2.79 % 0.72 % 3.90 % 2.79 % 0.72 % Dividend yield - - - - - - Expected volatility 103 % 107 % 128 % 103 % 107 % 128 % Exercise Price $ 2.03 $ 2.03 $ 2.03 $ 2.03 $ 2.03 $ 2.03 Fair value of the warrant $ 0.195 $ 0.033 $ 0.46 $ 0.211 $ 0.036 $ 0.49 Warrant Liabilities (US$’000) $ 328 $ 57 $ 795 $ 64 $ 11 $ 148 # To reflect the actual inputs used for the determination of fair value of the Warrants, the stock prices and exercise prices presented were not retrospectively restated for effect of the 1 reverse stock split effective on January 18, 2023, see Note 4 Changes in fair value of warrant liabilities Nine and Three Months Ended September 30, 2023 ( Change in Fair Value (gain)/loss As of September 30, 2023 As of June 30, 2023 As of December 31, 2022 Nine Months Ended September 30, 2023 Three Months Ended September 30, 2023 (US$ 000) (US$ 000) (US$ 000) (US$ 000) (US$ 000) Warrants issued in the 2021 Financing: --Investor Warrants - 12 86 (86 ) (12 ) --Placement Agent Warrants - 1 9 (9 ) (1 ) Warrants issued in the 2020 Financing: --Investor Warrants - - 76 (76 ) - --Placement Agent Warrants - - 14 (14 ) - Warrant Liabilities - 13 185 (185 ) (13 ) Nine and Three Months Ended September 30, 2022 ( Change in Fair Value (gain)/loss As of September 30, 2022 As of June 30, 2022 As of December 31, 2021 Nine Months Ended September 30, 2022 Three Months Ended September 30, 2022 (US$ 000) (US$ 000) (US$ 000) (US$ 000) (US$ 000) Warrants issued in the 2021 Financing: --Investor Warrants 782 167 964 (182 ) 615 --Placement Agent Warrants 106 22 132 (26 ) 84 Warrants issued in the 2020 Financing: --Investor Warrants 328 57 795 (467 ) 271 --Placement Agent Warrants 64 11 148 (84 ) 53 Warrant Liabilities 1,280 257 2,039 (759 ) 1,023 Warrants issued and outstanding as of September 30, 2023 nine Warrant Outstanding Warrant Exercisable Number of underlying shares Weighted Weighted Number of underlying shares Weighted Weighted Balance, January 1, 2023 1,000,343 1.36 $ 15.11 1,000,343 1.36 $ 15.11 Granted/Vested - - Exercised - - Balance, September 30, 2023 (Unaudited) 1,000,343 0.61 $ 15.11 1,000,343 0.61 $ 15.11 |
Note 15 - Restricted Net Assets
Note 15 - Restricted Net Assets | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | 15. Restricted net assets The Company is a Nevada holding company with operations primarily conducted in China through its PRC subsidiaries, the consolidated VIEs and VIEs’ subsidiaries. The Company’s ability to pay dividends to U.S. investors may The PRC regulations currently permit payment of dividends only out of accumulated profits, as determined in accordance with PRC accounting standards and regulations. The Company’s PRC subsidiaries, the consolidated VIEs and their subsidiaries in China are also required to set aside at least 10% of their respective after-tax profit based on the PRC accounting standards and regulations each year to the statutory surplus reserve, until the balance in the reserve reaches 50% of the registered capital of the respective PRC entities. In accordance with these PRC laws and regulations, the Company’s PRC subsidiaries, the consolidated VIEs and their subsidiaries are restricted in their ability to transfer a portion of their net assets to the Nevada holding company. As of September 30, 2023 December 31, 2022, US$13.52 US$13.31 none may Under the PRC Enterprise Income Tax (“EIT”) Law and related regulations, dividends, interests, rent or royalties payable by a foreign-invested enterprise to its immediate holding company outside China are subject to a 10% withholding tax. A lower withholding tax rate will be applied if there is a tax treaty arrangement between mainland China and the jurisdiction of the foreign holding company. Hong Kong has a tax arrangement with mainland China that provides for a 5% 25% 12 2018 not no not There are no may may may The Company’s PRC subsidiaries generate all of their revenue in Renminbi, Renminbi is not may may not may may may may may To date, none The Company does not not |
Note 16 - Employee Defined Cont
Note 16 - Employee Defined Contribution Plan | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 16. Employee defined contribution plan Full time employees of the Company in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the PRC subsidiaries of the Company make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The employee benefits were expensed as incurred. The Company has no US$0.12 US$0.17 nine September 30, 2023 2022, US$0.04 US$0.05 three September 30, 2023 2022, |
Note 17 - Concentration of Risk
Note 17 - Concentration of Risk | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 17. Concentration of risk Credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, and deposits and loans to unrelated parties. As of September 30, 2023, Concentration of customers The following tables summarized the information about the Company’s concentration of customers for the nine three September 30, 2023 2022, Customer A Customer B Customer C Customer D Customer E Customer F Nine Months Ended September 30, 2023 Revenues, customer concentration risk * * * * * 11% Three Months Ended September 30, 2023 Revenues, customer concentration risk - * * * * 11% Nine Months Ended September 30, 2022 Revenues, customer concentration risk * * * * * * Three Months Ended September 30, 2022 Revenues, customer concentration risk * * * * * 10% As of September 30, 2023 Accounts receivable, customer concentration risk * 11% 17% 44% 17% - As of December 31, 2022 Accounts receivable, customer concentration risk 16% 33% 24% 16% * - * Less than 10%. - No Concentration of suppliers The following tables summarized the information about the Company’s concentration of suppliers for the nine three September 30, 2023 2022, Supplier A Supplier B Supplier C Supplier D Nine Months Ended September 30, 2023 Cost of revenues, supplier concentration risk 65% 20% * - Three Months Ended September 30, 2023 Cost of revenues, supplier concentration risk 49% 32% * - Nine Months Ended September 30, 2022 Cost of revenues, supplier concentration risk * - 27% 53% Three Months Ended September 30, 2022 Cost of revenues, supplier concentration risk 14% - 13% 63% * Less than 10%. - No |
Note 18 - Commitments and Conti
Note 18 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 18. Commitments and contingencies In August 2022, RMB6.73 US$0.93 December 31, 2065. In September 2022, RMB0.09 US$0.01 December 31, 2040. In June 2023, RMB0.99 US$0.14 August 1, 2052. In August 2023, RMB0.45 US$0.06 December 31, 2050. The Company may may not |
Note 19 - Segment Reporting
Note 19 - Segment Reporting | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 19. Segment reporting The Company follows ASC Topic 280 Nine Months Ended September 30, 2023 ( Internet Ad and related service Ecommerce Blockchain technology Corporate Inter-segment and reconciling item Total US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) Revenues 25,242 - 75 - - 25,317 Cost of revenues 25,116 - 630 - - 25,746 Total operating expenses 1,063 11 - 2,751 (1) - 3,825 Depreciation and amortization expense included in cost of revenues and total operating expenses 274 - 630 62 - 966 Operating loss (937 ) (11 ) (555 ) (2,751 ) - (4,254 ) Change in fair value of warrant liabilities - - - 185 - 185 Net loss (961 ) (6 ) (556 ) (2,543 ) - (4,066 ) Total assets-September 30, 2023 9,474 142 1,051 36,525 (32,413 ) 14,779 Total assets-December 31, 2022 10,385 156 1,682 39,136 (31,701 ) 19,658 ( 1 Including approximately US$0.10 Three Months Ended September 30, 2023 ( Internet Ad and related service Ecommerce Blockchain technology Corporate Inter-segment and reconciling item Total US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) Revenues 9,156 - 25 - - 9,181 Cost of revenues 8,975 - 210 - - 9,185 Total operating expenses 380 2 - 1,220 (1) - 1,602 Depreciation and amortization expense included in cost of revenues and total operating expenses 90 - 210 21 - 321 Operating loss (199 ) (2 ) (185 ) (1,220 ) - (1,606 ) Change in fair value of warrant liabilities - - - 13 - 13 Net loss (211 ) (1 ) (185 ) (1,123 ) - (1,520 ) ( 1 US$0.01 Nine Months Ended September 30, 2022 ( Internet Ad and related service Ecommerce Blockchain technology Corporate Inter-segment and reconciling item Total US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) Revenues 21,813 - - - - 21,813 Cost of revenues 21,811 - - - - 21,811 Total operating expenses 1,517 817 1,100 2,663 (1) - 6,097 Depreciation and amortization expense included in total operating expenses 270 225 1,100 65 - 1,660 Operating loss (1,515 ) (817 ) (1,100 ) (2,663 ) - (6,095 ) Change in fair value of warrant liabilities - - - 759 - 759 Net loss (1,555 ) (816 ) (1,100 ) (1,800 ) - (5,271 ) ( 1 Including approximately US$0.14 Three Months Ended September 30, 2022 ( Internet Ad. and related service Ecommerce Blockchain technology Corporate Inter-segment and reconciling item Total US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) Revenues 7,216 - - - - 7,216 Cost of revenues 7,267 - - - - 7,267 Total operating expenses 628 80 365 707 (1) - 1,780 Depreciation and amortization expense included in total operating expenses 91 75 365 21 - 552 Operating loss (679 ) (80 ) (365 ) (707 ) - (1,831 ) Change in fair value of warrant liabilities - - - (1,023 ) - (1,023 ) Net loss (688 ) (80 ) (365 ) (1,707 ) - (2,840 ) ( 1 Including approximately US$0.05 |
Note 20 - Loss Per Share
Note 20 - Loss Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 20. Loss per share Basic and diluted loss per share for each of the periods presented are calculated as follows (All amounts, except number of shares and per share data, are presented in thousands of U.S. dollars): Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net loss attributable to ZW Data Action Technologies Inc. (numerator for basic and diluted loss per share) $ (4,066 ) $ (5,271 ) $ (1,520 ) $ (2,840 ) Weighted average number of common shares outstanding -Basic and diluted 7,191,649 7,123,411 7,204,506 7,174,506 Loss per share-Basic and diluted $ (0.57 ) $ (0.74 ) $ (0.21 ) $ (0.40 ) For the nine three September 30, 2023 2022, not |
Note 21 - Share-based Compensat
Note 21 - Share-based Compensation Expenses | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 21. Share-based compensation expenses In April 2023, 2020 one December 31, 2023. US$1.65 nine three September 30, 2023 US$0.04 US$0.02 In June 2022, 12 May 2023. US$1.75 US$0.14 nine three September 30, 2023 US$0.06 nil nine three September 30, 2022 US$0.05 US$0.04 In March 2022, 2020 two December 31, 2022. nine three September 30, 2022 US$0.05 US$0.02 For the nine September 30, 2022, US$0.04 one March 2020. The table below summarized share-based compensation expenses recorded for the nine three September 30, 2023 2022, Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Sales and marketing expenses - - - - General and administrative expenses 95 135 12 51 Research and development expenses - - - - Total 95 135 12 51 The aggregate unrecognized share-based compensation expenses as of September 30, 2023 US$0.01 December 31, 2023. |
Note 22 - Subsequent Events
Note 22 - Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 22. Subsequent events In March 2020, 19” 19 19 may may 19 19 no May 5, 2023, no 19 Except for the above mentioned matters, there is no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | a) Basis of presentation The unaudited condensed consolidated interim financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The unaudited condensed consolidated interim financial information as of September 30, 2023 nine three September 30, 2023 2022 10 December 31, 2022, “2022 10 April 17, 2023. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of the Company’s condensed consolidated financial position as of September 30, 2023, nine three September 30, 2023 2022, nine September 30, 2023 2022, not |
Consolidation, Policy [Policy Text Block] | b) Principles of consolidation The unaudited condensed consolidated interim financial statements include the accounts of all the subsidiaries and VIEs of the Company. All transactions and balances between the Company and its subsidiaries and VIEs have been eliminated upon consolidation. |
Use of Estimates, Policy [Policy Text Block] | c) Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of these consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company continually evaluates these estimates and assumptions based on the most recently available information, historical experience and various other assumptions that the Company believes to be reasonable under the circumstances. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | d) Foreign currency translation The exchange rates used to translate amounts in RMB into US$ for the purposes of preparing the condensed consolidated financial statements are as follows: September 30, 2023 December 31, 2022 Balance sheet items, except for equity accounts 7.1798 6.9646 Nine Months Ended September 30, 2023 2022 Items in the statements of operations and comprehensive loss 7.0148 6.6068 Three Months Ended September 30, 2023 2022 Items in the statements of operations and comprehensive loss 7.1649 6.8287 No |
Credit Loss, Financial Instrument [Policy Text Block] | e) Current expected credit losses In June 2016, No. 2016 13, 326 January 1, 2023, not January 1, 2023 US$0.19 US$0.04 US$0.15 The allowance for credit losses reflects the Company's current estimate of credit losses expected to be incurred over the life of the related financial assets. The allowance for credit losses is presented as a valuation account that is deducted from the amortized cost basis of financial asset(s) to present the net amount expected to be collected on the financial asset(s). The Company considers various factors in establishing, monitoring, and adjusting its allowance for credit losses, including the aging and aging trends, customer/other parties’ creditworthiness and specific exposures related to particular customers/other parties. The Company also monitors other risk factors and forward-looking information, such as country specific risks and economic factors that may The following tables summarized the movements of the Company’s credit losses for the nine three September 30, 2023 2022, Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Credit loss for accounts receivable: Balance as of beginning of the period 3,760 2,236 3,715 2,454 Cumulative-effect adjustment upon adoption of ASU No. 2016-13, Financial Instruments-Credit losses (Topic 326) 36 - - - Provision for/(reverse of) credit loss during the period 247 330 207 - Written off during the period - - - - Exchange translation adjustments (100 ) (229 ) 21 (117 ) Balance as of end of the period 3,943 2,337 3,943 2,337 Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Credit loss for other current assets: Balance as of beginning of the period 617 - 1,187 617 Cumulative-effect adjustment upon adoption of ASU No. 2016-13, Financial Instruments-Credit losses (Topic 326) 155 - - - Provision for credit loss during the period 1,095 617 680 - Written off during the period - - - - Exchange translation adjustments - - - - Balance as of end of the period 1,867 617 1,867 617 |
Fair Value Measurement, Policy [Policy Text Block] | f) Fair value measurement Liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of September 30, 2023 December 31, 2022 Fair value measurement at reporting date using As of September 30, 2023 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) Warrant liabilities (Note 14) - - - - Fair value measurement at reporting date using As of December 31, 2022 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) US$( 000) US$( 000) US$( 000) US$( 000) Warrant liabilities (Note 14) 185 - - 185 |
Stockholders' Equity, Policy [Policy Text Block] | g) Reverse stock split The Board of Directors of the Company approved a reverse stock split of the Company’s issued and outstanding shares of common stock, par value $0.001 per share (the “Common Stock”) at a ratio of 1 January 18, 2023 ( no When the Reverse Stock Split became effective, each five one No As a result of the Reverse Stock Split, 35,827,677 shares of Common Stock that were issued and outstanding at January 18, 2023 Except where otherwise specified, all number of shares, number of warrants, share prices, exercise prices and per share data in the condensed consolidated financial statements and notes to the condensed consolidated financial statements have been retroactively restated as if the Reverse Stock Split occurred at the beginning of the periods presented. |
Revenue from Contract with Customer [Policy Text Block] | h) Revenue recognition The following table present the Company’s revenues disaggregated by products and services and timing of revenue recognition: Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Internet advertising and related services --distribution of the right to use search engine marketing service 24,815 18,605 9,011 6,236 --online advertising placements 427 3,208 145 980 Blockchain-based SaaS services 75 - 25 - Total revenues $ 25,317 $ 21,813 $ 9,181 $ 7,216 Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenue recognized over time 25,242 21,813 9,156 7,216 Revenue recognized at a point in time 75 - 25 - Total revenues $ 25,317 $ 21,813 $ 9,181 $ 7,216 Contract balances The table below summarized the movement of the Company’s contract liabilities for the nine September 30, 2023: Contract liabilities US$( 000) Balance as of January 1, 2023 739 Exchange translation adjustment (18 ) Revenue recognized from beginning contract liability balances (649 ) Advances received from customers related to unsatisfied performance obligations 1,061 Balance as of September 30, 2023(Unaudited) 1,133 Advance from customers related to unsatisfied performance obligations are generally refundable. Refund of advance from customers were insignificant for the nine three September 30, 2023 2022. For the nine three September 30, 2023 2022, |
Lessee, Leases [Policy Text Block] | i) Lease As of September 30, 2023, US$1.41 US$1.54 Maturity of operating lease liabilities Operating leases US$( 000) (Unaudited) Three months ending December 31, 2023 73 Year ending December 31, -2024 303 -2025 319 -2026 335 -2027 351 -2028 369 -thereafter 62 Total undiscounted lease payments 1,812 Less: imputed interest (272 ) Total operating lease liabilities as of September 30, 2023 1,540 Including: Operating lease liabilities 216 Operating lease liabilities-Non current 1,324 $ 1,540 Operating lease expenses: Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Long-term operating lease contracts 386 329 125 136 Short-term operating lease contracts 23 39 9 10 Total $ 409 $ 368 $ 134 $ 146 Supplemental information related to operating leases : Nine Months Ended September 30, 2023 (Unaudited) Operating cash flows used for operating leases (US$’000) 409 Right-of-use assets obtained in exchange for new lease liabilities (US$’000) - Weighted-average remaining lease term (years) 5.42 Weighted-average discount rate 6 % |
Note 2 - Variable Interest En_2
Note 2 - Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | September 30, 2023 December 31, 2022 US$( 000) US$( 000) (Unaudited) Assets Current assets: Cash and cash equivalents $ 691 $ 578 Accounts receivable, net 770 1,745 Prepayment and deposit to suppliers 2,401 2,020 Other current assets, net 2 2 Total current assets 3,864 4,345 Long-term investments - 165 Operating lease right-of-use assets - 145 Property and equipment, net 77 113 Deferred tax assets, net 394 406 Total Assets $ 4,335 $ 5,174 Liabilities Current liabilities: Accounts payable $ 196 $ 205 Advance from customers 1,133 515 Accrued payroll and other accruals 39 63 Taxes payable 2,522 2,602 Operating lease liabilities - 146 Lease payment liability related to short-term leases 98 101 Other current liabilities 36 320 Total current liabilities 4,024 3,952 Total Liabilities $ 4,024 $ 3,952 |
Financial Performance of VIEs [Table Text Block] | Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenues $ 25,098 $ 20,829 $ 9,157 $ 6,967 Cost of revenues (25,023 ) (21,811 ) (8,975 ) (7,267 ) Total operating expenses (1,179 ) (1,539 ) (436 ) (691 ) Net loss (1,326 ) (2,551 ) (259 ) (998 ) |
Note 4 - Summary of Significa_2
Note 4 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Foreign Currency Exchange Rates [Table Text Block] | September 30, 2023 December 31, 2022 Balance sheet items, except for equity accounts 7.1798 6.9646 Nine Months Ended September 30, 2023 2022 Items in the statements of operations and comprehensive loss 7.0148 6.6068 Three Months Ended September 30, 2023 2022 Items in the statements of operations and comprehensive loss 7.1649 6.8287 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Credit loss for accounts receivable: Balance as of beginning of the period 3,760 2,236 3,715 2,454 Cumulative-effect adjustment upon adoption of ASU No. 2016-13, Financial Instruments-Credit losses (Topic 326) 36 - - - Provision for/(reverse of) credit loss during the period 247 330 207 - Written off during the period - - - - Exchange translation adjustments (100 ) (229 ) 21 (117 ) Balance as of end of the period 3,943 2,337 3,943 2,337 Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Credit loss for other current assets: Balance as of beginning of the period 617 - 1,187 617 Cumulative-effect adjustment upon adoption of ASU No. 2016-13, Financial Instruments-Credit losses (Topic 326) 155 - - - Provision for credit loss during the period 1,095 617 680 - Written off during the period - - - - Exchange translation adjustments - - - - Balance as of end of the period 1,867 617 1,867 617 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair value measurement at reporting date using As of September 30, 2023 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) Warrant liabilities (Note 14) - - - - Fair value measurement at reporting date using As of December 31, 2022 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) US$( 000) US$( 000) US$( 000) US$( 000) Warrant liabilities (Note 14) 185 - - 185 |
Disaggregation of Revenue [Table Text Block] | Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Internet advertising and related services --distribution of the right to use search engine marketing service 24,815 18,605 9,011 6,236 --online advertising placements 427 3,208 145 980 Blockchain-based SaaS services 75 - 25 - Total revenues $ 25,317 $ 21,813 $ 9,181 $ 7,216 Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenue recognized over time 25,242 21,813 9,156 7,216 Revenue recognized at a point in time 75 - 25 - Total revenues $ 25,317 $ 21,813 $ 9,181 $ 7,216 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract liabilities US$( 000) Balance as of January 1, 2023 739 Exchange translation adjustment (18 ) Revenue recognized from beginning contract liability balances (649 ) Advances received from customers related to unsatisfied performance obligations 1,061 Balance as of September 30, 2023(Unaudited) 1,133 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Operating leases US$( 000) (Unaudited) Three months ending December 31, 2023 73 Year ending December 31, -2024 303 -2025 319 -2026 335 -2027 351 -2028 369 -thereafter 62 Total undiscounted lease payments 1,812 Less: imputed interest (272 ) Total operating lease liabilities as of September 30, 2023 1,540 Including: Operating lease liabilities 216 Operating lease liabilities-Non current 1,324 $ 1,540 |
Lease, Cost [Table Text Block] | Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Long-term operating lease contracts 386 329 125 136 Short-term operating lease contracts 23 39 9 10 Total $ 409 $ 368 $ 134 $ 146 Nine Months Ended September 30, 2023 (Unaudited) Operating cash flows used for operating leases (US$’000) 409 Right-of-use assets obtained in exchange for new lease liabilities (US$’000) - Weighted-average remaining lease term (years) 5.42 Weighted-average discount rate 6 % |
Note 5 - Accounts Receivable,_2
Note 5 - Accounts Receivable, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accounts Receivable [Table Text Block] | September 30, 2023 December 31, 2022 US$( 000) US$( 000) (Unaudited) Accounts receivable 4,714 5,505 Allowance for credit loss (3,943 ) (3,760 ) Accounts receivable, net 771 1,745 |
Note 6 - Prepayment and Depos_2
Note 6 - Prepayment and Deposit to Suppliers (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Prepayments and Deposit to Suppliers [Table Text Block] | September 30, 2023 December 31, 2022 US$( 000) US$( 000) (Unaudited) Deposits to advertising resources providers 923 1,077 Prepayments to advertising resources providers 3,421 3,036 Other deposits and prepayments 530 454 4,874 4,567 |
Note 7 - Other Current Assets_2
Note 7 - Other Current Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Other Current Assets [Table Text Block] | September 30, 2023 December 31, 2022 US$( 000) US$( 000) (Unaudited) Short-term loans to unrelated parties 4,097 2,197 Short-term loans interest receivables 184 22 Staff advances for business operations 8 8 Total other current assets 4,289 2,227 Allowance for credit loss (1,867 ) (617 ) Other current assets, net 2,422 1,610 |
Note 8 - Long-term Investments
Note 8 - Long-term Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Other Investments Not Readily Marketable [Table Text Block] | Amount US$( 000) Balance as of January 1, 2023 1,596 Exchange translation adjustment (4 ) Cash investments during the year 43 Disposed during the year (428 ) Impairment losses provided during the year (207 ) Balance as of September 30, 2023 (Unaudited) 1,000 |
Note 9 - Property and Equipme_2
Note 9 - Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Property and Equipment [Table Text Block] | September 30, 2023 December 31, 2022 US$( 000) US$( 000) (Unaudited) Vehicles 689 855 Office equipment 839 865 Electronic devices 559 575 Leasehold improvement 179 185 Property and equipment, cost 2,266 2,480 Less: accumulated depreciation (2,101 ) (2,231 ) Property and equipment, net 165 249 |
Note 10 - Intangible Assets, _2
Note 10 - Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Finite and Indefinite-Lived Intangible Assets [Table Text Block] | As of September 30, 2023 (Unaudited) Items Gross Carrying Value Accumulated Amortization Impairment Net Carrying Value US$( 000) US$( 000) US$( 000) US$( 000) Intangible assets subject to amortization: -- 10 Cloud compute software technology 1,293 (897 ) (396 ) - Licensed products use right 1,197 (466 ) - 731 -- 5 Internet Ad tracking system 1,160 (579 ) - 581 Live streaming technology 1,500 (625 ) (875 ) - -- 3 Blockchain Integrated Framework 4,038 (1,976 ) (1,010 ) 1,052 Bo!News application 334 (111 ) (223 ) - Other computer software 109 (109 ) - - Total $ 9,631 $ (4,763 ) $ (2,504 ) $ 2,364 As of December 31, 2022 Items Gross Carrying Value Accumulated Amortization Impairment Net Carrying Value US$( 000) US$( 000) US$( 000) US$( 000) Intangible assets subject to amortization: -- 10 Cloud compute software technology 1,333 (924 ) (409 ) - Licensed products use right 1,201 (374 ) - 827 -- 5 Internet Ad tracking system 1,160 (405 ) - 755 Live streaming technology 1,500 (625 ) (875 ) - -- 3 Blockchain Integrated Framework 4,038 (1,346 ) (1,010 ) 1,682 Bo!News application 345 (115 ) (230 ) - Other computer software 113 (113 ) - - Total $ 9,690 $ (3,902 ) $ (2,524 ) $ 3,264 |
Note 11 - Accrued Payroll and_2
Note 11 - Accrued Payroll and Other Accruals (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, 2023 December 31, 2022 US$( 000) US$( 000) (Unaudited) Accrued payroll and staff welfare 82 101 Accrued operating expenses 50 337 132 438 |
Note 12 - Taxation (Tables)
Note 12 - Taxation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule Of Taxes Payable [Table Text Block] | September 30, 2023 December 31, 2022 US$( 000) US$( 000) (Unaudited) Turnover tax and surcharge payable 1,248 1,288 Enterprise income tax payable 1,907 1,960 Total taxes payable 3,155 3,248 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Current - - - - Deferred - 2 (2 ) (2 ) Income tax benefit/(expenses) - 2 (2 ) (2 ) |
Schedule Of Deferred Tax Assets [Table Text Block] | September 30, 2023 December 31, 2022 US$( 000) US$( 000) (Unaudited) Tax effect of net operating losses carried forward 11,992 11,537 Operating lease cost 33 30 Impairment on long-term investments 190 144 Impairment on intangible assets 367 368 Bad debts provision 1,266 1,018 Valuation allowance (13,454 ) (12,691 ) Deferred tax assets, net 394 406 |
Note 14 - Warrant Liabilities (
Note 14 - Warrant Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Warrant Liabilities [Table Text Block] | Change in Fair Value (gain)/loss As of September 30, 2023 As of June 30, 2023 As of December 31, 2022 Nine Months Ended September 30, 2023 Three Months Ended September 30, 2023 (US$ 000) (US$ 000) (US$ 000) (US$ 000) (US$ 000) Warrants issued in the 2021 Financing: --Investor Warrants - 12 86 (86 ) (12 ) --Placement Agent Warrants - 1 9 (9 ) (1 ) Warrants issued in the 2020 Financing: --Investor Warrants - - 76 (76 ) - --Placement Agent Warrants - - 14 (14 ) - Warrant Liabilities - 13 185 (185 ) (13 ) Change in Fair Value (gain)/loss As of September 30, 2022 As of June 30, 2022 As of December 31, 2021 Nine Months Ended September 30, 2022 Three Months Ended September 30, 2022 (US$ 000) (US$ 000) (US$ 000) (US$ 000) (US$ 000) Warrants issued in the 2021 Financing: --Investor Warrants 782 167 964 (182 ) 615 --Placement Agent Warrants 106 22 132 (26 ) 84 Warrants issued in the 2020 Financing: --Investor Warrants 328 57 795 (467 ) 271 --Placement Agent Warrants 64 11 148 (84 ) 53 Warrant Liabilities 1,280 257 2,039 (759 ) 1,023 |
Schedule of Warrant Activity [Table Text Block] | Warrant Outstanding Warrant Exercisable Number of underlying shares Weighted Weighted Number of underlying shares Weighted Weighted Balance, January 1, 2023 1,000,343 1.36 $ 15.11 1,000,343 1.36 $ 15.11 Granted/Vested - - Exercised - - Balance, September 30, 2023 (Unaudited) 1,000,343 0.61 $ 15.11 1,000,343 0.61 $ 15.11 |
Warrant [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | 2021 Investors Warrants 2021 Placement Agent Warrants September 30, 2023 June 30, 2023 December 31, 2022 September 30, 2023 June 30, 2023 December 31, 2022 Stock price $ 0.91 $ 1.27 $ 0.46# $ 0.91 $ 1.27 $ 0.46# Years to maturity 0.88 1.13 1.63 0.88 1.13 1.63 Risk-free interest rate 5.49 % 5.34 % 4.625 % 5.49 % 5.34 % 4.625 % Dividend yield - - - - - - Expected volatility 89 % 112 % 99.74 % 89 % 112 % 99.74 % Exercise Price $ 17.95 $ 17.95 $ 3.59# $ 22.4375 $ 22.4375 $ 4.4875# Fair value of the warrant $ 0.0002 $ 0.0232 $ 0.0329 $ 0.0001 $ 0.0157 $ 0.0256 Warrant Liabilities (US$’000) $ 0 $ 12 $ 86 $ 0 $ 1 $ 9 2021 Investors Warrants 2021 Placement Agent Warrants September 30, 2022 June 30, 2022 December 31, 2021 September 30, 2022 June 30, 2022 December 31, 2021 Stock price $ 0.92 $ 0.34 $ 1.00 $ 0.92 $ 0.34 $ 1.00 Years to maturity 1.88 2.13 2.63 1.88 2.13 2.63 Risk-free interest rate 4.16 % 2.97 % 0.87 % 4.16 % 2.97 % 0.87 % Dividend yield - - - - - - Expected volatility 127 % 124 % 115 % 127 % 124 % 115 % Exercise Price $ 3.59 $ 3.59 $ 3.59 $ 4.4875 $ 4.4875 $ 4.4875 Fair value of the warrant $ 0.297 $ 0.064 $ 0.37 $ 0.287 $ 0.061 $ 0.36 Warrant Liabilities (US$’000) $ 782 $ 167 $ 964 $ 106 $ 22 $ 132 2020 Investors Warrants 2020 Placement Agent Warrants September 30, 2023 June 30, 2023 December 31, 2022 September 30, 2023 June 30, 2023 December 31, 2022 Stock price $ 0.91 $ 1.27 $ 0.46# $ 0.91 $ 1.27 $ 0.46# Years to maturity 0.20 0.45 0.95 0.20 0.45 0.95 Risk-free interest rate 5.44 % 5.46 % 4.716 % 5.44 % 5.46 % 4.716 % Dividend yield - - - - - - Expected volatility 65 % 94 % 115.61 % 65 % 94 % 115.61 % Exercise Price $ 10.15 $ 10.15 $ 2.03# $ 10.15 $ 10.15 $ 2.03# Fair value of the warrant $ 0.000 $ 0.000 $ 0.0439 $ 0.000 $ 0.000 $ 0.0456 Warrant Liabilities (US$’000) $ 0 $ 0 $ 76 $ 0 $ 0 $ 14 2020 Investors Warrants 2020 Placement Agent Warrants September 30, 2022 June 30, 2022 December 31, 2021 September 30, 2022 June 30, 2022 December 31, 2021 Stock price $ 0.92 $ 0.34 $ 1.00 $ 0.92 $ 0.34 $ 1.00 Years to maturity 1.20 1.45 1.95 1.20 1.45 1.95 Risk-free interest rate 3.90 % 2.79 % 0.72 % 3.90 % 2.79 % 0.72 % Dividend yield - - - - - - Expected volatility 103 % 107 % 128 % 103 % 107 % 128 % Exercise Price $ 2.03 $ 2.03 $ 2.03 $ 2.03 $ 2.03 $ 2.03 Fair value of the warrant $ 0.195 $ 0.033 $ 0.46 $ 0.211 $ 0.036 $ 0.49 Warrant Liabilities (US$’000) $ 328 $ 57 $ 795 $ 64 $ 11 $ 148 |
Note 17 - Concentration of Ri_2
Note 17 - Concentration of Risk (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Customer A Customer B Customer C Customer D Customer E Customer F Nine Months Ended September 30, 2023 Revenues, customer concentration risk * * * * * 11% Three Months Ended September 30, 2023 Revenues, customer concentration risk - * * * * 11% Nine Months Ended September 30, 2022 Revenues, customer concentration risk * * * * * * Three Months Ended September 30, 2022 Revenues, customer concentration risk * * * * * 10% As of September 30, 2023 Accounts receivable, customer concentration risk * 11% 17% 44% 17% - As of December 31, 2022 Accounts receivable, customer concentration risk 16% 33% 24% 16% * - Supplier A Supplier B Supplier C Supplier D Nine Months Ended September 30, 2023 Cost of revenues, supplier concentration risk 65% 20% * - Three Months Ended September 30, 2023 Cost of revenues, supplier concentration risk 49% 32% * - Nine Months Ended September 30, 2022 Cost of revenues, supplier concentration risk * - 27% 53% Three Months Ended September 30, 2022 Cost of revenues, supplier concentration risk 14% - 13% 63% |
Note 19 - Segment Reporting (Ta
Note 19 - Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Internet Ad and related service Ecommerce Blockchain technology Corporate Inter-segment and reconciling item Total US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) Revenues 25,242 - 75 - - 25,317 Cost of revenues 25,116 - 630 - - 25,746 Total operating expenses 1,063 11 - 2,751 (1) - 3,825 Depreciation and amortization expense included in cost of revenues and total operating expenses 274 - 630 62 - 966 Operating loss (937 ) (11 ) (555 ) (2,751 ) - (4,254 ) Change in fair value of warrant liabilities - - - 185 - 185 Net loss (961 ) (6 ) (556 ) (2,543 ) - (4,066 ) Total assets-September 30, 2023 9,474 142 1,051 36,525 (32,413 ) 14,779 Total assets-December 31, 2022 10,385 156 1,682 39,136 (31,701 ) 19,658 Internet Ad and related service Ecommerce Blockchain technology Corporate Inter-segment and reconciling item Total US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) Revenues 9,156 - 25 - - 9,181 Cost of revenues 8,975 - 210 - - 9,185 Total operating expenses 380 2 - 1,220 (1) - 1,602 Depreciation and amortization expense included in cost of revenues and total operating expenses 90 - 210 21 - 321 Operating loss (199 ) (2 ) (185 ) (1,220 ) - (1,606 ) Change in fair value of warrant liabilities - - - 13 - 13 Net loss (211 ) (1 ) (185 ) (1,123 ) - (1,520 ) Internet Ad and related service Ecommerce Blockchain technology Corporate Inter-segment and reconciling item Total US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) Revenues 21,813 - - - - 21,813 Cost of revenues 21,811 - - - - 21,811 Total operating expenses 1,517 817 1,100 2,663 (1) - 6,097 Depreciation and amortization expense included in total operating expenses 270 225 1,100 65 - 1,660 Operating loss (1,515 ) (817 ) (1,100 ) (2,663 ) - (6,095 ) Change in fair value of warrant liabilities - - - 759 - 759 Net loss (1,555 ) (816 ) (1,100 ) (1,800 ) - (5,271 ) Internet Ad. and related service Ecommerce Blockchain technology Corporate Inter-segment and reconciling item Total US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) US$ (‘000) Revenues 7,216 - - - - 7,216 Cost of revenues 7,267 - - - - 7,267 Total operating expenses 628 80 365 707 (1) - 1,780 Depreciation and amortization expense included in total operating expenses 91 75 365 21 - 552 Operating loss (679 ) (80 ) (365 ) (707 ) - (1,831 ) Change in fair value of warrant liabilities - - - (1,023 ) - (1,023 ) Net loss (688 ) (80 ) (365 ) (1,707 ) - (2,840 ) |
Note 20 - Loss Per Share (Table
Note 20 - Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net loss attributable to ZW Data Action Technologies Inc. (numerator for basic and diluted loss per share) $ (4,066 ) $ (5,271 ) $ (1,520 ) $ (2,840 ) Weighted average number of common shares outstanding -Basic and diluted 7,191,649 7,123,411 7,204,506 7,174,506 Loss per share-Basic and diluted $ (0.57 ) $ (0.74 ) $ (0.21 ) $ (0.40 ) |
Note 21 - Share-based Compens_2
Note 21 - Share-based Compensation Expenses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Nine Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 US$( 000) US$( 000) US$( 000) US$( 000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Sales and marketing expenses - - - - General and administrative expenses 95 135 12 51 Research and development expenses - - - - Total 95 135 12 51 |
Note 2 - Variable Interest En_3
Note 2 - Variable Interest Entities - Consolidated VIEs' Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Cash and Cash Equivalents, at Carrying Value | $ 1,314 | $ 4,391 | |
Accounts receivable, net | 771 | 1,745 | |
Prepayment and deposit to suppliers | 4,874 | 4,567 | |
Other current assets, net | 2,422 | 1,610 | |
Total current assets | 9,381 | 12,313 | |
Long-term investments | 1,000 | 1,596 | |
Operating Lease, Right-of-Use Asset | 1,406 | 1,761 | |
Property and equipment, net | 165 | 249 | |
Deferred tax assets, net | 394 | 406 | |
Total Assets | 14,779 | 19,658 | |
Accounts payable | [1] | 196 | 205 |
Advance from customers * | [1] | 1,133 | 739 |
Accrued payroll and other accruals | [1] | 132 | 438 |
Taxes payable | [1] | 3,155 | 3,248 |
Operating lease liabilities | [1] | 216 | 347 |
Lease payment liability related to short-term leases * | [1] | 98 | 101 |
Other current liabilities | [1] | 162 | 437 |
Total current liabilities | 5,092 | 5,700 | |
Total Liabilities | 6,538 | 7,361 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Cash and Cash Equivalents, at Carrying Value | 691 | 578 | |
Accounts receivable, net | 770 | 1,745 | |
Prepayment and deposit to suppliers | 2,401 | 2,020 | |
Other current assets, net | 2 | 2 | |
Total current assets | 3,864 | 4,345 | |
Long-term investments | 0 | 165 | |
Operating Lease, Right-of-Use Asset | 0 | 145 | |
Property and equipment, net | 77 | 113 | |
Deferred tax assets, net | 394 | 406 | |
Total Assets | 4,335 | 5,174 | |
Accounts payable | 196 | 205 | |
Advance from customers * | 1,133 | 515 | |
Accrued payroll and other accruals | 39 | 63 | |
Taxes payable | 2,522 | 2,602 | |
Operating lease liabilities | 0 | 146 | |
Lease payment liability related to short-term leases * | 98 | 101 | |
Other current liabilities | 36 | 320 | |
Total current liabilities | 4,024 | 3,952 | |
Total Liabilities | $ 4,024 | $ 3,952 | |
[1]Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets (Note 2). |
Note 2 - Variable Interest En_4
Note 2 - Variable Interest Entities - Consolidated VIEs' Financial Performance (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | $ 9,181,000 | $ 7,216,000 | $ 25,317,000 | $ 21,813,000 |
Cost of revenues | (9,185,000) | (7,267,000) | (25,746,000) | (21,811,000) |
Total operating expenses | 1,602,000 | 1,780,000 | 3,825,000 | 6,097,000 |
Net loss attributable to ZW Data Action Technologies Inc. (numerator for basic and diluted loss per share) | (1,520,000) | (2,840,000) | (4,066,000) | (5,271,000) |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Revenues | 9,157,000 | 6,967,000 | 25,098,000 | 20,829,000 |
Cost of revenues | (8,975,000) | (7,267,000) | (25,023,000) | (21,811,000) |
Total operating expenses | (436,000) | (691,000) | (1,179,000) | (1,539,000) |
Net loss attributable to ZW Data Action Technologies Inc. (numerator for basic and diluted loss per share) | $ (259) | $ (998) | $ (1,326) | $ (2,551) |
Note 3 - Liquidity and Capita_2
Note 3 - Liquidity and Capital Resources (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Operating Income (Loss) | $ (1,606) | $ (1,831) | $ (4,254) | $ (6,095) | |
Net Cash Provided by (Used in) Operating Activities | (1,536) | $ (4,409) | |||
Cash and Cash Equivalents, at Carrying Value | 1,314 | 1,314 | $ 4,391 | ||
Working Capital | $ 4,290 | $ 4,290 | $ 6,610 |
Note 4 - Summary of Significa_3
Note 4 - Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||
Jan. 18, 2023 shares | Sep. 30, 2023 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jan. 17, 2023 shares | Jan. 01, 2023 USD ($) | Dec. 31, 2022 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Retained Earnings (Accumulated Deficit) | $ (57,782) | $ (57,782) | $ (53,525) | ||||||||
Accounts Receivable, Allowance for Credit Loss | 3,943 | $ 2,337 | 3,943 | $ 2,337 | $ 3,715 | 3,760 | $ 2,454 | $ 2,236 | |||
Financing Receivable, Allowance for Credit Loss | $ 1,867 | 617 | $ 1,867 | 617 | 1,187 | $ 617 | 617 | 0 | |||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Common Stock, Shares Authorized (in shares) | shares | 20,000,000 | 20,000,000 | 20,000,000 | 100,000,000 | 20,000,000 | ||||||
Stock Issued During Period, Fractional Shares, Reverse Stock Splits (in shares) | shares | 0 | ||||||||||
Common Stock, Shares, Issued (in shares) | shares | 7,174,506 | 7,204,506 | 7,204,506 | 35,827,677 | 7,174,506 | ||||||
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Operating Lease, Right-of-Use Asset | 1,406 | 1,406 | $ 1,761 | ||||||||
Operating Lease, Liability | 1,540 | 1,540 | |||||||||
Other Current Assets [Member] | |||||||||||
Operating Lease, Right-of-Use Asset | 1,410 | 1,410 | |||||||||
Other Current Liabilities [Member] | |||||||||||
Operating Lease, Liability | $ 1,540 | $ 1,540 | |||||||||
Reverse Stock Split [Member] | |||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 5 | ||||||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||||
Retained Earnings (Accumulated Deficit) | $ (190) | ||||||||||
Accounts Receivable, Allowance for Credit Loss | 0 | 40 | 36 | 0 | 0 | ||||||
Financing Receivable, Allowance for Credit Loss | $ 0 | $ 150 | $ 155 | $ 0 | $ 0 |
Note 4 - Summary of Significa_4
Note 4 - Summary of Significant Accounting Policies - Exchange Rates Used to Translate Amounts in RMB Into US$ (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Balance sheet items, except for equity accounts | 7.1798 | 7.1798 | 6.9646 | ||
Items in the statements of operations and comprehensive loss | 7.1649 | 6.8287 | 7.0148 | 6.6068 |
Note 4 - Summary of Significa_5
Note 4 - Summary of Significant Accounting Policies - Allowance for Credit Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Balance | $ 3,715 | $ 2,454 | $ 3,760 | $ 2,236 |
Accounts Receivable, Credit Loss Expense (Reversal) | 207 | 0 | 247 | 330 |
Written off during the period | 0 | 0 | 0 | 0 |
Exchange translation adjustments | 21 | (117) | (100) | (229) |
Balance as of end of the period | 3,943 | 2,337 | 3,943 | 2,337 |
Balance | 1,187 | 617 | 617 | 0 |
Provision for credit loss during the period | 680 | 0 | 1,095 | 617 |
Written off during the period | 0 | 0 | 0 | 0 |
Exchange translation adjustments | 0 | 0 | 0 | 0 |
Balance | 1,867 | 617 | 1,867 | 617 |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance | 0 | 0 | 36 | 0 |
Balance | $ 0 | $ 0 | $ 155 | $ 0 |
Note 4 - Summary of Significa_6
Note 4 - Summary of Significant Accounting Policies - Summary of Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Warrant liabilities (Note 14) | $ 0 | $ 185 |
Fair Value, Recurring [Member] | ||
Warrant liabilities (Note 14) | 0 | 185 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Warrant liabilities (Note 14) | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Warrant liabilities (Note 14) | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Warrant liabilities (Note 14) | $ 0 | $ 185 |
Note 4 - Summary of Significa_7
Note 4 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | $ 9,181 | $ 7,216 | $ 25,317 | $ 21,813 |
Search Engine Marketing and Data Service [Member] | ||||
Revenues | 9,011 | 6,236 | 24,815 | 18,605 |
Online Advertising Placement [Member] | ||||
Revenues | 145 | 980 | 427 | 3,208 |
Blockchain-based SaaS services [Member] | ||||
Revenues | 25 | 0 | 75 | 0 |
Transferred over Time [Member] | ||||
Revenues | 9,156 | 7,216 | 25,242 | 21,813 |
Transferred at Point in Time [Member] | ||||
Revenues | $ 25 | $ 0 | $ 75 | $ 0 |
Note 4 - Summary of Significa_8
Note 4 - Summary of Significant Accounting Policies - Contract liabilities (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Balance | $ 739 |
Exchange translation adjustment | (18) |
Revenue recognized from beginning contract liability balances | (649) |
Advances received from customers related to unsatisfied performance obligations | 1,061 |
Balance | $ 1,133 |
Note 4 - Summary of Significa_9
Note 4 - Summary of Significant Accounting Policies - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Three months ending December 31, 2023 | $ 73 | ||
-2024 | 303 | ||
-2025 | 319 | ||
-2026 | 335 | ||
-2027 | 351 | ||
-2028 | 369 | ||
-thereafter | 62 | ||
Total undiscounted lease payments | 1,812 | ||
Less: imputed interest | (272) | ||
Total operating lease liabilities as of September 30, 2023 | 1,540 | ||
Operating lease liabilities-current | [1] | 216 | $ 347 |
Operating lease liabilities-Non current | [1] | $ 1,324 | $ 1,535 |
[1]Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets (Note 2). |
Note 4 - Summary of Signific_10
Note 4 - Summary of Significant Accounting Policies - Operating Lease Expenses and Supplemental Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Long-term operating lease contracts | $ 125 | $ 136 | $ 386 | $ 329 |
Short-term operating lease contracts | 9 | 10 | 23 | 39 |
Total | $ 134 | $ 146 | 409 | $ 368 |
Operating cash flows used for operating leases (US$’000) | 409 | |||
Right-of-use assets obtained in exchange for new lease liabilities (US$’000) | $ 0 | |||
Weighted-average remaining lease term (Year) | 5 years 5 months 1 day | 5 years 5 months 1 day | ||
Weighted-average discount rate | 6% | 6% |
Note 5 - Accounts Receivable,_3
Note 5 - Accounts Receivable, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 207 | $ 0 | $ 247 | $ 330 |
Note 5 - Accounts Receivable,_4
Note 5 - Accounts Receivable, Net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts receivable | $ 4,714 | $ 5,505 |
Allowance for credit loss | (3,943) | (3,760) |
Accounts receivable, net | $ 771 | $ 1,745 |
Note 6 - Prepayment and Depos_3
Note 6 - Prepayment and Deposit to Suppliers - Prepayments and Deposit to Suppliers (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Prepayment and deposit to suppliers | $ 4,874 | $ 4,567 |
Deposits to TV Ad and Internet Ad Resources Providers [Member] | ||
Prepayment and deposit to suppliers | 923 | 1,077 |
Prepayment to TV Ad and Internet Ad Resources Providers [Member] | ||
Prepayment and deposit to suppliers | 3,421 | 3,036 |
Other Deposits and Prepayments [Member] | ||
Prepayment and deposit to suppliers | $ 530 | $ 454 |
Note 7 - Other Current Assets_3
Note 7 - Other Current Assets, Net (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 9 Months Ended | |||||||||||||
Apr. 25, 2022 | Mar. 31, 2022 | Jul. 31, 2023 | May 31, 2023 | Mar. 31, 2021 | Sep. 30, 2023 | Apr. 30, 2022 | Feb. 28, 2023 | Sep. 30, 2023 | Oct. 31, 2023 | Jun. 30, 2023 | Jan. 11, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | May 01, 2022 | Jan. 05, 2022 | Dec. 31, 2021 | |
Financing Receivable, before Allowance for Credit Loss, Current | $ 4,097 | $ 4,097 | $ 2,197 | |||||||||||||||
Financing Receivable, Allowance for Credit Loss | 1,867 | 1,867 | $ 1,187 | $ 617 | $ 617 | $ 617 | $ 0 | |||||||||||
Loan to Unrelated Party [Member] | ||||||||||||||||||
Financing Receivable, before Allowance for Credit Loss, Current | $ 2,500 | |||||||||||||||||
Loans Receivable, Interest Rate, Stated Percentage | 7.50% | |||||||||||||||||
Proceeds from Collection of Notes Receivable | $ 1,020 | |||||||||||||||||
Proceeds from Interest Received | $ 60 | |||||||||||||||||
Revised Loan to Original Unrelated Party [Member] | ||||||||||||||||||
Financing Receivable, before Allowance for Credit Loss, Current | $ 1,480 | |||||||||||||||||
Loans Receivable, Interest Rate, Stated Percentage | 5% | |||||||||||||||||
Proceeds from Interest Received | $ 20 | $ 20 | $ 50 | |||||||||||||||
Revised Loan to Original Unrelated Party [Member] | Subsequent Event [Member] | ||||||||||||||||||
Financing Receivable, before Allowance for Credit Loss, Current | $ 1,490 | |||||||||||||||||
Second Loan to Unrelated Party [Member] | ||||||||||||||||||
Financing Receivable, before Allowance for Credit Loss, Current | $ 2,000 | |||||||||||||||||
Loans Receivable, Interest Rate, Stated Percentage | 12% | |||||||||||||||||
Allowance for Credit Loss on Short Term Loans | 680 | 1,100 | ||||||||||||||||
Digital Sun [Member] | ||||||||||||||||||
Financing Receivable, before Allowance for Credit Loss, Current | $ 1,650 | |||||||||||||||||
Proceeds from Collection of Notes Receivable | $ 1,030 | |||||||||||||||||
Notes And Loans Receivable, Term (Year) | 1 year | |||||||||||||||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 620 | |||||||||||||||||
Financing Receivable, Allowance for Credit Loss | $ 620 | |||||||||||||||||
Digital Sun [Member] | Other Current Assets [Member] | ||||||||||||||||||
Financing Receivable, after Allowance for Credit Loss, Current, Total | $ 620 | $ 620 |
Note 7 - Other Current Assets_4
Note 7 - Other Current Assets, Net - Summary of Other Current Assets, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Short-term loans to unrelated parties | $ 4,097 | $ 2,197 |
Short-term loans interest receivables | 184 | 22 |
Staff advances for business operations | 8 | 8 |
Total other current assets | 4,289 | 2,227 |
Allowance for credit loss | (1,867) | (617) |
Other current assets, net | $ 2,422 | $ 1,610 |
Note 8 - Long-term Investment_2
Note 8 - Long-term Investments (Details Textual) ¥ in Thousands, $ in Thousands | 1 Months Ended | 6 Months Ended | 9 Months Ended | |||||||||
Jun. 30, 2023 USD ($) | Jun. 30, 2023 CNY (¥) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Aug. 31, 2023 USD ($) | Aug. 31, 2023 CNY (¥) | Jun. 30, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 CNY (¥) | Aug. 31, 2022 USD ($) | Aug. 31, 2022 CNY (¥) | |
Equity Securities without Readily Determinable Fair Value, Amount | $ 1,000 | $ 1,000 | $ 1,596 | |||||||||
Proceeds from Sale of Long-Term Investments | $ 428 | $ 0 | ||||||||||
New Business Holdings Limited [Member] | ||||||||||||
Equity Securities without Readily Determinable Fair Value, Percent | 15.38% | 15.38% | ||||||||||
Guangdong Yong Fu Xiang Health Management Co., Ltd (Yong Fu Xiang) [Member] | ||||||||||||
Equity Securities without Readily Determinable Fair Value, Percent | 9.90% | 9.90% | 9.90% | 9.90% | ||||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 930 | ¥ 6,730 | ||||||||||
Guangzhou Yuan Qi Man Man Technology Co., Ltd. (Yuan Qi Man Man) [Member] | ||||||||||||
Equity Securities without Readily Determinable Fair Value, Percent | 9.90% | 9% | 9% | 9% | 9.90% | 9% | ||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 140 | $ 10 | ¥ 990 | ¥ 90 | ||||||||
Wuhan Ju Liang [Member] | ||||||||||||
Equity Securities without Readily Determinable Fair Value, Percent | 9.90% | 9.90% | 9.90% | 9.90% | ||||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 140 | ¥ 990 | ||||||||||
Fu Meng Hui (Guangzhou) Management Consulting Co., Ltd. (“Fu Meng Hui”) [Member] | ||||||||||||
Equity Securities without Readily Determinable Fair Value, Percent | 9% | 9% | 9% | 9% | ||||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 60 | ¥ 450 | ||||||||||
Guang Dong WeFriend Co., Ltd [Member] | ||||||||||||
Equity Securities without Readily Determinable Fair Value, Percent | 10% | 10% | ||||||||||
Guang Dong WeFriend Co., Ltd [Member] | Equity Securities [Member] | ||||||||||||
Proceeds from Sale of Long-Term Investments | $ 430 | ¥ 3,000 | ||||||||||
Business Opportunity Chain (Guangzhou) Technology Co., Ltd. [Member] | ||||||||||||
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | $ 210 |
Note 8 - Long-term Investment_3
Note 8 - Long-term Investments - Summary of Long-term Investments (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Balance | $ 1,596 |
Exchange translation adjustment | (4) |
Cash investments during the year | 43 |
Disposed during the year | (428) |
Impairment losses provided during the year | (207) |
Balance | $ 1,000 |
Note 9 - Property and Equipme_3
Note 9 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Depreciation | $ 20 | $ 30 | $ 70 | $ 80 |
Note 9 - Property and Equipme_4
Note 9 - Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property and equipment, gross | $ 2,266 | $ 2,480 |
Less: accumulated depreciation | (2,101) | (2,231) |
Property and equipment, net | 165 | 249 |
Vehicles [Member] | ||
Property and equipment, gross | 689 | 855 |
Office Equipment [Member] | ||
Property and equipment, gross | 839 | 865 |
Electronic Devices [Member] | ||
Property and equipment, gross | 559 | 575 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | $ 179 | $ 185 |
Note 10 - Intangible Assets, _3
Note 10 - Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Amortization of Intangible Assets | $ 300 | $ 530 | $ 900 | $ 1,590 |
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years 18 days | 3 years 18 days | ||
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | $ 290 | $ 290 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 1,190 | 1,190 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 350 | 350 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 180 | 180 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | $ 120 | $ 120 |
Note 10 - Intangible Assets, _4
Note 10 - Intangible Assets, Net - Intangible Assets, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-lived intangible assets | $ 9,631 | $ 9,690 |
Finite-lived intangible assets, Accumulated amortization | (4,763) | (3,902) |
Finite-lived intangible assets, Impairment | (2,504) | (2,524) |
Intangible assets, net | 2,364 | 3,264 |
Cloud-Computing Based Software Platforms [Member] | ||
Finite-lived intangible assets | 1,293 | 1,333 |
Finite-lived intangible assets, Accumulated amortization | (897) | (924) |
Finite-lived intangible assets, Impairment | (396) | (409) |
Intangible assets, net | 0 | 0 |
Licensing Agreements [Member] | ||
Finite-lived intangible assets | 1,197 | 1,201 |
Finite-lived intangible assets, Accumulated amortization | (466) | (374) |
Finite-lived intangible assets, Impairment | 0 | |
Intangible assets, net | 731 | 827 |
Internet Ad Tracking System [Member] | ||
Finite-lived intangible assets | 1,160 | 1,160 |
Finite-lived intangible assets, Accumulated amortization | (579) | (405) |
Finite-lived intangible assets, Impairment | 0 | |
Intangible assets, net | 581 | 755 |
Livestreaming Technology [Member] | ||
Finite-lived intangible assets | 1,500 | 1,500 |
Finite-lived intangible assets, Accumulated amortization | (625) | (625) |
Finite-lived intangible assets, Impairment | (875) | (875) |
Intangible assets, net | 0 | 0 |
Blockchain Integrated Framework Platform [Member] | ||
Finite-lived intangible assets | 4,038 | 4,038 |
Finite-lived intangible assets, Accumulated amortization | (1,976) | (1,346) |
Finite-lived intangible assets, Impairment | (1,010) | (1,010) |
Intangible assets, net | 1,052 | 1,682 |
Bo!News Application [Member] | ||
Finite-lived intangible assets | 334 | 345 |
Finite-lived intangible assets, Accumulated amortization | (111) | (115) |
Finite-lived intangible assets, Impairment | (223) | (230) |
Intangible assets, net | 0 | 0 |
Other Computer Software [Member] | ||
Finite-lived intangible assets | 109 | 113 |
Finite-lived intangible assets, Accumulated amortization | (109) | (113) |
Finite-lived intangible assets, Impairment | 0 | |
Intangible assets, net | $ 0 | $ 0 |
Note 10 - Intangible Assets, _5
Note 10 - Intangible Assets, Net - Intangible Assets, Net (Details) (Parentheticals) | Sep. 30, 2023 | Dec. 31, 2022 |
Useful life (Year) | 3 years 18 days | |
Cloud-Computing Based Software Platforms [Member] | ||
Useful life (Year) | 10 years | 10 years |
Licensing Agreements [Member] | ||
Useful life (Year) | 10 years | 10 years |
Internet Ad Tracking System [Member] | ||
Useful life (Year) | 5 years | 5 years |
Livestreaming Technology [Member] | ||
Useful life (Year) | 5 years | 5 years |
Blockchain Integrated Framework Platform [Member] | ||
Useful life (Year) | 3 years | 3 years |
Bo!News Application [Member] | ||
Useful life (Year) | 3 years | 3 years |
Other Computer Software [Member] | ||
Useful life (Year) | 3 years | 3 years |
Note 11 - Accrued Payroll and_3
Note 11 - Accrued Payroll and Other Accruals - Accrued Payroll and Other Accruals (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Accrued payroll and other accruals | [1] | $ 132 | $ 438 |
Accrued Payroll and Staff Welfare [Member] | |||
Accrued payroll and other accruals | 82 | 101 | |
Accrued Operating Expenses [Member] | |||
Accrued payroll and other accruals | $ 50 | $ 337 | |
[1]Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets (Note 2). |
Note 12 - Taxation (Details Tex
Note 12 - Taxation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Operating Loss Carryforwards | $ 32,300 | $ 32,300 | $ 31,800 | ||
Operating Loss Carryforwards, Taxable Income Deduction Limitations | 80% | 80% | |||
Deferred Tax Assets, Valuation Allowance | $ 13,454 | $ 13,454 | 12,691 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 350 | $ 360 | 910 | $ 1,180 | |
PRC Subsidiary And VIE's [Member] | |||||
Operating Loss Carryforwards | $ 16,900 | $ 16,900 | $ 15,400 |
Note 12 - Taxation - Taxes Paya
Note 12 - Taxation - Taxes Payable (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Turnover tax and surcharge payable | $ 1,248 | $ 1,288 | |
Enterprise income tax payable | 1,907 | 1,960 | |
Total taxes payable | [1] | $ 3,155 | $ 3,248 |
[1]Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets (Note 2). |
Note 12 - Taxation - Income Tax
Note 12 - Taxation - Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Current | $ 0 | $ 0 | $ 0 | $ 0 | ||
Deferred | (2) | (2) | 0 | 2 | ||
Income tax benefit/(expenses) | $ (2) | $ (2) | $ (2) | $ (2) | $ 0 | $ 2 |
Note 12 - Taxation - Deferred T
Note 12 - Taxation - Deferred Tax Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Tax effect of net operating losses carried forward | $ 11,992 | $ 11,537 |
Operating lease cost | 33 | 30 |
Impairment on long-term investments | 190 | 144 |
Impairment on intangible assets | 367 | 368 |
Bad debts provision | 1,266 | 1,018 |
Valuation allowance | (13,454) | (12,691) |
Deferred tax assets, net | $ 394 | $ 406 |
Note 14 - Warrant Liabilities_2
Note 14 - Warrant Liabilities (Details Textual) | Jan. 18, 2023 |
Reverse Stock Split [Member] | |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 5 |
Note 14 - Warrant Liabilities-
Note 14 - Warrant Liabilities- Fair Value of Warrants (Details) $ in Thousands | Sep. 30, 2023 USD ($) yr | Jun. 30, 2023 USD ($) yr | Dec. 31, 2022 USD ($) yr | Sep. 30, 2022 USD ($) yr | Jun. 30, 2022 USD ($) yr | Dec. 31, 2021 USD ($) yr | ||||||
Warrant liabilities as of the closing date | $ 0 | $ 13 | $ 185 | $ 1,280 | $ 257 | $ 2,039 | ||||||
Investor Warrants Issued in Connection with 2021 Financing [Member] | ||||||||||||
Warrant liabilities as of the closing date | 0 | 12 | 86 | 782 | 167 | 964 | ||||||
Investor Warrants Issued in Connection with 2020 Financing [Member] | ||||||||||||
Warrant liabilities as of the closing date | 0 | 0 | 76 | 328 | 57 | 795 | ||||||
Placement Agent Warrants Issued in Connection with 2021 Financing [Member] | ||||||||||||
Warrant liabilities as of the closing date | 0 | 1 | 9 | 106 | 22 | 132 | ||||||
Placement Agent Warrants Issued in Connection with 2020 Financing [Member] | ||||||||||||
Warrant liabilities as of the closing date | $ 0 | $ 0 | $ 14 | $ 64 | $ 11 | $ 148 | ||||||
Measurement Input, Share Price [Member] | Investor Warrants Issued in Connection with 2021 Financing [Member] | ||||||||||||
Fair value of the warrants | 0.91 | 1.27 | 0.46 | 0.92 | [1] | 0.34 | [1] | 1 | [1] | |||
Measurement Input, Share Price [Member] | Investor Warrants Issued in Connection with 2020 Financing [Member] | ||||||||||||
Fair value of the warrants | 0.91 | 1.27 | 0.46 | 0.92 | [1] | 0.34 | [1] | 1 | [1] | |||
Measurement Input, Share Price [Member] | Placement Agent Warrants Issued in Connection with 2021 Financing [Member] | ||||||||||||
Fair value of the warrants | 0.91 | 1.27 | 0.46 | 0.92 | [1] | 0.34 | [1] | 1 | [1] | |||
Measurement Input, Share Price [Member] | Placement Agent Warrants Issued in Connection with 2020 Financing [Member] | ||||||||||||
Fair value of the warrants | 0.91 | 1.27 | 0.46 | 0.92 | [1] | 0.34 | [1] | 1 | [1] | |||
Measurement Input, Expected Term [Member] | Investor Warrants Issued in Connection with 2021 Financing [Member] | ||||||||||||
Fair value of the warrants | yr | 0.88 | 1.13 | 1.63 | 1.88 | 2.13 | 2.63 | ||||||
Measurement Input, Expected Term [Member] | Investor Warrants Issued in Connection with 2020 Financing [Member] | ||||||||||||
Fair value of the warrants | yr | 0.2 | 0.45 | 0.95 | 1.2 | 1.45 | 1.95 | ||||||
Measurement Input, Expected Term [Member] | Placement Agent Warrants Issued in Connection with 2021 Financing [Member] | ||||||||||||
Fair value of the warrants | yr | 0.88 | 1.13 | 1.63 | 1.88 | 2.13 | 2.63 | ||||||
Measurement Input, Expected Term [Member] | Placement Agent Warrants Issued in Connection with 2020 Financing [Member] | ||||||||||||
Fair value of the warrants | yr | 0.2 | 0.45 | 0.95 | 1.2 | 1.45 | 1.95 | ||||||
Measurement Input, Risk Free Interest Rate [Member] | Investor Warrants Issued in Connection with 2021 Financing [Member] | ||||||||||||
Fair value of the warrants | 0.0549 | 0.0534 | 0.04625 | 0.0416 | 0.0297 | 0.0087 | ||||||
Measurement Input, Risk Free Interest Rate [Member] | Investor Warrants Issued in Connection with 2020 Financing [Member] | ||||||||||||
Fair value of the warrants | 0.0544 | 0.0546 | 0.04716 | 0.039 | 0.0279 | 0.0072 | ||||||
Measurement Input, Risk Free Interest Rate [Member] | Placement Agent Warrants Issued in Connection with 2021 Financing [Member] | ||||||||||||
Fair value of the warrants | 0.0549 | 0.0534 | 0.04625 | 0.0416 | 0.0297 | 0.0087 | ||||||
Measurement Input, Risk Free Interest Rate [Member] | Placement Agent Warrants Issued in Connection with 2020 Financing [Member] | ||||||||||||
Fair value of the warrants | 0.0544 | 0.0546 | 0.04716 | 0.039 | 0.0279 | 0.0072 | ||||||
Measurement Input, Expected Dividend Rate [Member] | Investor Warrants Issued in Connection with 2021 Financing [Member] | ||||||||||||
Fair value of the warrants | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Measurement Input, Expected Dividend Rate [Member] | Investor Warrants Issued in Connection with 2020 Financing [Member] | ||||||||||||
Fair value of the warrants | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Measurement Input, Expected Dividend Rate [Member] | Placement Agent Warrants Issued in Connection with 2021 Financing [Member] | ||||||||||||
Fair value of the warrants | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Measurement Input, Expected Dividend Rate [Member] | Placement Agent Warrants Issued in Connection with 2020 Financing [Member] | ||||||||||||
Fair value of the warrants | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Measurement Input, Price Volatility [Member] | Investor Warrants Issued in Connection with 2021 Financing [Member] | ||||||||||||
Fair value of the warrants | 0.89 | 1.12 | 0.9974 | 1.27 | 1.24 | 1.15 | ||||||
Measurement Input, Price Volatility [Member] | Investor Warrants Issued in Connection with 2020 Financing [Member] | ||||||||||||
Fair value of the warrants | 0.65 | 0.94 | 1.1561 | 1.03 | 1.07 | 1.28 | ||||||
Measurement Input, Price Volatility [Member] | Placement Agent Warrants Issued in Connection with 2021 Financing [Member] | ||||||||||||
Fair value of the warrants | 0.89 | 1.12 | 0.9974 | 1.27 | 1.24 | 1.15 | ||||||
Measurement Input, Price Volatility [Member] | Placement Agent Warrants Issued in Connection with 2020 Financing [Member] | ||||||||||||
Fair value of the warrants | 0.65 | 0.94 | 1.1561 | 1.03 | 1.07 | 1.28 | ||||||
Measurement Input, Exercise Price [Member] | Investor Warrants Issued in Connection with 2021 Financing [Member] | ||||||||||||
Fair value of the warrants | 17.95 | 17.95 | [1] | 3.59 | 3.59 | 3.59 | 3.59 | |||||
Measurement Input, Exercise Price [Member] | Investor Warrants Issued in Connection with 2020 Financing [Member] | ||||||||||||
Fair value of the warrants | 10.15 | 10.15 | [1] | 2.03 | 2.03 | 2.03 | 2.03 | |||||
Measurement Input, Exercise Price [Member] | Placement Agent Warrants Issued in Connection with 2021 Financing [Member] | ||||||||||||
Fair value of the warrants | 22.4375 | [1] | 22.4375 | [1] | 4.4875 | [1] | 4.4875 | 4.4875 | 4.4875 | |||
Measurement Input, Exercise Price [Member] | Placement Agent Warrants Issued in Connection with 2020 Financing [Member] | ||||||||||||
Fair value of the warrants | 10.15 | [1] | 10.15 | [1] | 2.03 | [1] | 2.03 | 2.03 | 2.03 | |||
Measurement Input, Quoted Price [Member] | Investor Warrants Issued in Connection with 2021 Financing [Member] | ||||||||||||
Fair value of the warrants | 0.0002 | 0.0232 | 0.0329 | 0.297 | 0.064 | 0.37 | ||||||
Measurement Input, Quoted Price [Member] | Investor Warrants Issued in Connection with 2020 Financing [Member] | ||||||||||||
Fair value of the warrants | 0 | 0 | 0.0439 | 0.195 | 0.033 | 0.46 | ||||||
Measurement Input, Quoted Price [Member] | Placement Agent Warrants Issued in Connection with 2021 Financing [Member] | ||||||||||||
Fair value of the warrants | 0.0001 | 0.0157 | 0.0256 | 0.287 | 0.061 | 0.36 | ||||||
Measurement Input, Quoted Price [Member] | Placement Agent Warrants Issued in Connection with 2020 Financing [Member] | ||||||||||||
Fair value of the warrants | 0 | 0 | 0.0456 | 0.211 | 0.036 | 0.49 | ||||||
[1]To reflect the actual inputs used for the determination of fair value of the Warrants, the stock prices and exercise prices presented were not retrospectively restated for effect of the 1-for-5 reverse stock split effective on January 18, 2023, see Note 4(g). |
Note 14 - Warrant Liabilities -
Note 14 - Warrant Liabilities - Warrant Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Warrant liabilities as of the closing date | $ 0 | $ 1,280 | $ 0 | $ 1,280 | $ 13 | $ 185 | $ 257 | $ 2,039 |
Change in fair value of warrants | (13) | 1,023 | (185) | (759) | ||||
Investor Warrants Issued in Connection with 2021 Financing [Member] | ||||||||
Warrant liabilities as of the closing date | 0 | 782 | 0 | 782 | 12 | 86 | 167 | 964 |
Change in fair value of warrants | (12) | 615 | (86) | (182) | ||||
Placement Agent Warrants Issued in Connection with 2021 Financing [Member] | ||||||||
Warrant liabilities as of the closing date | 0 | 106 | 0 | 106 | 1 | 9 | 22 | 132 |
Change in fair value of warrants | (1) | 84 | (9) | (26) | ||||
Investor Warrants Issued in Connection with 2020 Financing [Member] | ||||||||
Warrant liabilities as of the closing date | 0 | 328 | 0 | 328 | 0 | 76 | 57 | 795 |
Change in fair value of warrants | 0 | 271 | (76) | (467) | ||||
Placement Agent Warrants Issued in Connection with 2020 Financing [Member] | ||||||||
Warrant liabilities as of the closing date | 0 | 64 | 0 | 64 | $ 0 | $ 14 | $ 11 | $ 148 |
Change in fair value of warrants | $ 0 | $ 53 | $ (14) | $ (84) |
Note 14 - Warrant Liabilities_3
Note 14 - Warrant Liabilities - Warrant Activity (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Balance (in shares) | 1,000,343 | |
Balance, weighted average remaining contractual life (Year) | 7 months 9 days | 1 year 4 months 9 days |
Weighted average exercise price (in dollars per share) | $ 15.11 | |
Exercisable (in shares) | 1,000,343 | |
Exercisable, weighted average remaining contractual life (Year) | 7 months 9 days | 1 year 4 months 9 days |
Exercisable, weighted average exercise price (in dollars per share) | $ 15.11 | |
Granted/Vested (in shares) | 0 | |
Exercised (in shares) | 0 | |
Balance (in shares) | 1,000,343 | 1,000,343 |
Weighted average exercise price (in dollars per share) | $ 15.11 | $ 15.11 |
Exercisable (in shares) | 1,000,343 | 1,000,343 |
Exercisable, weighted average exercise price (in dollars per share) | $ 15.11 | $ 15.11 |
Note 15 - Restricted Net Asse_2
Note 15 - Restricted Net Assets (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | $ 13,520 | $ 13,310 |
Withholding Tax Rate Pursuant To EIT Law | 10% | |
WFOE [Member] | ||
Minimum Percentage Of Annual After-tax Profit For General Reserve | 10% | |
Minimum Required Reserve As Percent Of Registered Capital | 50% | |
Domestic Enterprise [Member] | ||
Minimum Percentage Of Annual After-tax Profit For General Reserve | 10% |
Note 16 - Employee Defined Co_2
Note 16 - Employee Defined Contribution Plan (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Defined Contribution Plan, Cost | $ 40 | $ 50 | $ 120 | $ 170 |
Note 17 - Concentration of Ri_3
Note 17 - Concentration of Risk (Details Textual) - Geographic Concentration Risk [Member] - Cash and Cash Equivalents [Member] | 9 Months Ended |
Sep. 30, 2023 | |
UNITED STATES | |
Concentration Risk, Percentage | 55% |
CHINA | |
Concentration Risk, Percentage | 45% |
Note 17 - Concentration of Ri_4
Note 17 - Concentration of Risk - Company's Concentration of Customers and Suppliers (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer F [Member] | ||||||
Concentration risk | 11% | 11% | [1] | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer E [Member] | ||||||
Concentration risk | 10% | |||||
Cost Of Sales Total [Member] | Supplier Concentration Risk [Member] | Supplier A [Member] | ||||||
Concentration risk | 49% | 65% | ||||
Cost Of Sales Total [Member] | Supplier Concentration Risk [Member] | Supplier B [Member] | ||||||
Concentration risk | 32% | 20% | ||||
Cost Of Sales Total [Member] | Supplier Concentration Risk [Member] | Supplier C [Member] | ||||||
Concentration risk | 27% | |||||
Cost Of Sales Total [Member] | Supplier Concentration Risk [Member] | Supplier D [Member] | ||||||
Concentration risk | 63% | 53% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer E [Member] | ||||||
Concentration risk | 17% | |||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||||||
Concentration risk | 11% | 33% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer C [Member] | ||||||
Concentration risk | 17% | 24% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer D [Member] | ||||||
Concentration risk | 44% | 16% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||||||
Concentration risk | 16% | |||||
[1]Less than 10%. |
Note 18 - Commitments and Con_2
Note 18 - Commitments and Contingencies (Details Textual) ¥ in Thousands, $ in Thousands | Sep. 30, 2023 USD ($) | Aug. 31, 2023 USD ($) | Aug. 31, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 CNY (¥) | Aug. 31, 2022 USD ($) | Aug. 31, 2022 CNY (¥) |
Equity Securities without Readily Determinable Fair Value, Amount | $ 1,000 | $ 1,596 | ||||||||
Guangdong Yong Fu Xiang Health Management Co., Ltd (Yong Fu Xiang) [Member] | ||||||||||
Equity Securities without Readily Determinable Fair Value, Percent | 9.90% | 9.90% | 9.90% | |||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 930 | ¥ 6,730 | ||||||||
Guangzhou Yuan Qi Man Man Technology Co., Ltd. (Yuan Qi Man Man) [Member] | ||||||||||
Equity Securities without Readily Determinable Fair Value, Percent | 9% | 9.90% | 9.90% | 9% | 9% | |||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 140 | ¥ 990 | $ 10 | ¥ 90 | ||||||
Fu Meng Hui (Guangzhou) Management Consulting Co., Ltd. (“Fu Meng Hui”) [Member] | ||||||||||
Equity Securities without Readily Determinable Fair Value, Percent | 9% | 9% | 9% | |||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 60 | ¥ 450 |
Note 19 - Segment Reporting (De
Note 19 - Segment Reporting (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement, Expense | $ 12 | $ 51 | $ 95 | $ 135 |
Note 19 - Segment Reporting - S
Note 19 - Segment Reporting - Summary of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |||||
Revenues | $ 9,181 | $ 7,216 | $ 25,317 | $ 21,813 | |||||
Cost of revenues | 9,185 | 7,267 | 25,746 | 21,811 | |||||
Total operating expenses | 1,602 | 1,780 | 3,825 | 6,097 | |||||
Depreciation and amortization expense included in cost of revenues and total operating expenses | 321 | 966 | |||||||
Operating loss | (1,606) | (1,831) | (4,254) | (6,095) | |||||
Change in fair value of warrant liabilities | 13 | (1,023) | 185 | 759 | |||||
Net income (loss) | (1,520) | (2,840) | (4,066) | (5,271) | |||||
Total assets | 14,779 | 14,779 | $ 19,658 | ||||||
Depreciation and amortization expense included in total operating expenses | 552 | 1,660 | |||||||
Corporate, Non-Segment [Member] | |||||||||
Revenues | 0 | ||||||||
Cost of revenues | 0 | ||||||||
Total operating expenses | 1,220 | [1] | 707 | [2] | 2,751 | [2] | 2,663 | [2] | |
Depreciation and amortization expense included in cost of revenues and total operating expenses | 21 | 62 | |||||||
Operating loss | (1,220) | (707) | (2,751) | (2,663) | |||||
Change in fair value of warrant liabilities | 13 | (1,023) | 185 | 759 | |||||
Net income (loss) | (1,123) | (1,707) | (2,543) | (1,800) | |||||
Total assets | 36,525 | 36,525 | 39,136 | ||||||
Depreciation and amortization expense included in total operating expenses | 21 | 65 | |||||||
Intersegment Eliminations [Member] | |||||||||
Revenues | 0 | ||||||||
Cost of revenues | 0 | ||||||||
Total operating expenses | 0 | ||||||||
Depreciation and amortization expense included in cost of revenues and total operating expenses | 0 | ||||||||
Operating loss | 0 | 0 | 0 | 0 | |||||
Change in fair value of warrant liabilities | 0 | ||||||||
Net income (loss) | 0 | 0 | 0 | 0 | |||||
Total assets | (32,413) | (32,413) | (31,701) | ||||||
Depreciation and amortization expense included in total operating expenses | 0 | 0 | |||||||
Internet Ad [Member] | Operating Segments [Member] | |||||||||
Revenues | 9,156 | 7,216 | 25,242 | 21,813 | |||||
Cost of revenues | 8,975 | 7,267 | 25,116 | 21,811 | |||||
Total operating expenses | 380 | 628 | 1,063 | 1,517 | |||||
Depreciation and amortization expense included in cost of revenues and total operating expenses | 90 | 274 | |||||||
Operating loss | (199) | (679) | (937) | (1,515) | |||||
Net income (loss) | (211) | (688) | (961) | (1,555) | |||||
Total assets | 9,474 | 9,474 | 10,385 | ||||||
Depreciation and amortization expense included in total operating expenses | 91 | 270 | |||||||
Ecommerce O2O Ad and Marketing Services [Member] | Operating Segments [Member] | |||||||||
Revenues | 0 | 0 | 0 | 0 | |||||
Cost of revenues | 0 | ||||||||
Total operating expenses | 2 | 80 | 11 | 817 | |||||
Depreciation and amortization expense included in cost of revenues and total operating expenses | 0 | ||||||||
Operating loss | (2) | (80) | (11) | (817) | |||||
Net income (loss) | (1) | (80) | (6) | (816) | |||||
Total assets | 142 | 142 | 156 | ||||||
Depreciation and amortization expense included in total operating expenses | 75 | 225 | |||||||
Blockchain Technology [Member] | Operating Segments [Member] | |||||||||
Revenues | 0 | 75 | 0 | ||||||
Cost of revenues | 0 | 630 | 0 | ||||||
Total operating expenses | 0 | 1,100 | |||||||
Depreciation and amortization expense included in cost of revenues and total operating expenses | 210 | 630 | |||||||
Operating loss | (185) | (365) | (555) | (1,100) | |||||
Net income (loss) | (185) | (365) | (556) | (1,100) | |||||
Total assets | $ 1,051 | $ 1,051 | $ 1,682 | ||||||
Depreciation and amortization expense included in total operating expenses | $ 365 | $ 1,100 | |||||||
[1]Including approximately US$0.02 million share-based compensation expenses.[2]Including approximately US$0.10 million share-based compensation expenses. |
Note 20 - Loss Per Share - Basi
Note 20 - Loss Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Net loss attributable to ZW Data Action Technologies Inc. (numerator for basic and diluted loss per share) | $ (1,520) | $ (2,840) | $ (4,066) | $ (5,271) | |
Weighted average number of common shares outstanding - Basic and diluted (in shares) | [1] | 7,204,506 | 7,174,506 | 7,191,649 | 7,123,411 |
Loss per share - Basic and diluted (in dollars per share) | [1] | $ (0.21) | $ (0.4) | $ (0.57) | $ (0.74) |
[1]Retrospectively restated for effect of the 1-for-5 reverse stock split effective on January 18, 2023, see Note 4(g). |
Note 21 - Share-based Compens_3
Note 21 - Share-based Compensation Expenses (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Apr. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement, Expense | $ 12 | $ 51 | $ 95 | $ 135 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 10 | 10 | ||||||
Restricted Stock [Member] | Management Consulting and Advisory Service Providers [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 80 | |||||||
Share-Based Payment Arrangement, Expense | 60 | $ 40 | 0 | 50 | ||||
Shares Issued, Price Per Share (in dollars per share) | $ 1.75 | $ 1.75 | ||||||
Issuance of Stock and Warrants for Services or Claims | $ 140 | |||||||
The 2020 Omnibus Securities and Incentive Plan, Second Issuance [Member] | Restricted Stock [Member] | Director [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 30 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 1.65 | |||||||
Share-Based Payment Arrangement, Expense | $ 20 | $ 40 | ||||||
The 2020 Omnibus Securities and Incentive Plan, Second Issuance [Member] | Restricted Stock [Member] | Executive Officer [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 19 | |||||||
Share-Based Payment Arrangement, Expense | $ 20 | $ 50 |
Note 21 - Share-based Compens_4
Note 21 - Share-based Compensation Expenses - Share-based Compensation Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation expenses | $ 12 | $ 51 | $ 95 | $ 135 |
Selling and Marketing Expense [Member] | ||||
Share-based Compensation expenses | 0 | 0 | 0 | 0 |
General and Administrative Expense [Member] | ||||
Share-based Compensation expenses | 12 | 51 | 95 | 135 |
Research and Development Expense [Member] | ||||
Share-based Compensation expenses | $ 0 | $ 0 | $ 0 | $ 0 |