ZW Data Action Technologies Q2 2024 10-Q Filed

TL;DR

**ZW Data Action Tech Q2 10-Q: Assets $62K, Liabilities $7.17M. Big liabilities.**

AI Summary

ZW Data Action Technologies Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $62,017 and total liabilities of $7,174,506 for the quarter. This filing details their financial performance and position for the second quarter of 2024.

Why It Matters

This filing provides investors with an update on ZW Data Action Technologies' financial health and operational performance for the second quarter of 2024, including key asset and liability figures.

Risk Assessment

Risk Level: high — The company has significantly higher liabilities ($7.17M) compared to its assets ($62K), indicating a precarious financial position.

Key Numbers

• $62,017 — Total Assets (As of June 30, 2024)
• $7,174,506 — Total Liabilities (As of June 30, 2024)

Key Players & Entities

• ZW Data Action Technologies Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• $62,017 (dollar_amount) — Total assets
• $7,174,506 (dollar_amount) — Total liabilities

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 CNET Nasdaq Capital Market Indicat

Filing Documents

• cnet20240630c_10q.htm (10-Q) — 2470KB
• ex_710082.htm (EX-31.1) — 8KB
• ex_710083.htm (EX-31.2) — 8KB
• ex_710084.htm (EX-32.1) — 3KB
• 0001171843-24-004837.txt ( ) — 12893KB
• cnet-20240630.xsd (EX-101.SCH) — 93KB
• cnet-20240630_def.xml (EX-101.DEF) — 560KB
• cnet-20240630_lab.xml (EX-101.LAB) — 428KB
• cnet-20240630_pre.xml (EX-101.PRE) — 609KB
• cnet-20240630_cal.xml (EX-101.CAL) — 54KB
• cnet20240630c_10q_htm.xml (XML) — 3281KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION PAGE

Interim Financial Statements

Item 1. Interim Financial Statements Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 1-2 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Six and Three Months Ended June 30, 2024 and 2023 (Unaudited) 3-4 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 5-6 Condensed Consolidated Statements of Changes in Equity for the Six and Three Months Ended June 30, 2024 and 2023 (Unaudited) 7-8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9-30

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 31-42

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 43

Controls and Procedures

Item 4. Controls and Procedures 43

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 43

Risk Factors

Item 1A. Risk Factors 43

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 43

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 43

Other Information

Item 5. Other Information 43

Exhibits

Item 6. Exhibits 44

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Interim Financial Statements

Item 1. Interim Financial Statements The Public Company Accounting Oversight Board (the " PCAOB " ) had historically been unable to inspect our auditor in relation to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections over our auditor deprived our investors of the benefits of such inspections. Our auditor, ARK Pro CPA & Co. ("ARK"), the independent registered public accounting firm that issues the audit report in our SEC filings, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. Our auditor is located in Hong Kong Special Administrative Region of the PRC ("Hong Kong"), China, a jurisdiction where the PCAOB was unable to conduct inspections and investigations before 2022. As a result, we and investors in our securities were deprived of the benefits of such PCAOB inspections. On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in China mainland and Hong Kong in 2022. However, the inability of the PCAOB to conduct inspections of auditors in Hong Kong in the past made it more difficult to evaluate the effectiveness of our independent registered public accounting firm's audit procedures or quality control procedures as compared to auditors outside of China mainland and Hong Kong that have been subject to the PCAOB inspections, which could cause investors and potential investors in our securities to lose confidence in our audit procedures and reported financial information and the quality of our financial statements. Our common stock may be delisted and prohibited from trading in the United States under the Holding Foreign Companies Accountable Act, or the HFCAA, as amended

View Full Filing

View this 10-Q filing on SEC EDGAR