0001171843-22-007589 | 10-Q | XBRL Viewer | ZW Data Action Technologies INC

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, 2022 and for the nine and three months ended September 30, 2022 and 2021 have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures, which are normally included in complete consolidated financial statements prepared in accordance with U.S. GAAP, have been omitted pursuant to those rules and regulations. The unaudited condensed consolidated interim financial information should be read in conjunction with the financial statements and the notes thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, previously filed with the SEC (the “2021 Form 10-K”) on April 15, 2022.

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, 2022, its condensed consolidated results of operations for the nine and three months ended September 30, 2022 and 2021, and its condensed consolidated cash flows for the nine months ended September 30, 2022 and 2021, as applicable, have been made. The interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods.

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, 2022		December 31, 2021

Balance sheet items, except for equity accounts		7.0998		6.3757

	*Nine Months Ended September 30,*
	*2022*		*2021*

Items in the statements of operations and comprehensive loss		6.6068		6.4714

	*Three Months Ended September 30,*
	*2022*		*2021*

Items in the statements of operations and comprehensive loss		6.8287		6.4707

No representation is made that the RMB amounts could have been, or could be converted into US$ at the above rates.

ZW DATA ACTION TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

e)	Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and bank deposits, which are unrestricted as to withdrawal and use. The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents.

The Company’s cash are held in accounts at major financial institutions located in the U.S. and the PRC. The Company believes that these financial institutions are of high credit quality, all of which have participated in the federal/national deposit insurance scheme of their respective jurisdiction. The Company’s cash held in accounts at the financial institutions in the U.S. are insured by the Federal Deposit Insurance Corporation (FDIC) for up to US$0.25 million per depositor per insured bank and the cash held in accounts at the financial institutions in the PRC are insured by the Deposit Insurance Capital Corporation (DICC), a wholly-owned subsidiary of the People’s Bank of China, for up to RMB0.50 million per depositor per insured bank. The Company, its subsidiaries, VIEs and VIEs’ subsidiaries have not experienced any losses in such accounts in the U.S. and the PRC and do not believe its cash is exposed to any significant risk.

f)	Fair value measurement

Liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of September 30, 2022 and December 31, 2021 are as follows:

Fair value measurement at reporting date using

As of

September 30, 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)

(Unaudited)

Warrant liabilities (Note 16)

1,280

Fair value measurement at reporting date using

As of

December 31, 2021

Quoted Prices
in Active Markets
for Identical Assets/Liabilities
(Level 1)

Significant
Other
Observable Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

US$(’000)

Warrant liabilities (Note 16)

2,039

g)

Revenue recognition

The following table present the Company’s revenues disaggregated by products and services:

	Nine Months Ended September 30,				Three Months Ended September 30,
	2022		2021		2022		2021
	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		18,605		28,613		6,236		9,648
--online advertising placements		3,208		5,720		980		2,125
Ecommerce O2O advertising and marketing services		-		514		-		127
Total revenues	$	21,813	$	34,847	$	7,216	$	11,900

For the nine and three months ended September 30, 2022 and 2021, all the revenues were recognized over time, as the customers simultaneously received and consumed the benefits provided by the Company’s performance as the Company performed.

ZW DATA ACTION TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Contract costs

For the nine and three months ended September 30, 2022 and 2021, the Company did not have any significant incremental costs of obtaining contracts with customers incurred and/or costs incurred in fulfilling contracts with customers, which shall be recognized as an asset and amortized to expenses in a pattern that matches the timing of the revenue recognition of the related contract.

Contract liabilities

The table below summarized the movement of the Company’s contract liabilities for the nine months ended September 30, 2022:

	Contract liabilities
	US$(’000)

Balance as of January 1, 2022		1,245
Exchange translation adjustment		(127	)
Revenue recognized from beginning contract liability balances		(1,039	)
Advances received from customers related to unsatisfied performance obligations		872
Balance as of September 30, 2022(Unaudited)	$	951

Advance from customers related to unsatisfied performance obligations are generally refundable. Refund of advance from customers were insignificant for the nine and three months ended September 30, 2022 and 2021.

For the nine and three months ended September 30, 2022 and 2021, there is no revenue recognized from performance obligations that were satisfied in prior periods.

h)	Research and development expenses

The Company accounts for expenses for the enhancement, maintenance and technical support to the Company’s Internet platforms and intellectual properties that are used in its daily operations in research and development expenses. Research and development costs are charged to expenses when incurred. Expenses for research and development for the nine months ended September 30, 2022 and 2021 were approximately US$0.18 million and US$0.25 million, respectively. Expenses for research and development for the three months ended September 30, 2022 and 2021 were approximately US$0.06 million and US$0.09 million, respectively.

Lease

As of September 30, 2022, operating lease right-of-use assets and total operating lease liabilities recognized was approximately US$1.84 million and US$1.95 million, respectively.

Maturity of operating lease liabilities

	Operating leases
	US$(’000)
	(Unaudited)

Three months ending December 31, 2022		119
Year ending December 31,
-2023		448
-2024		307
-2025		322
-2026		338
-2027		355
-thereafter		436
Total undiscounted lease payments		2,325
Less: imputed interest		(379	)
Total operating lease liabilities as of September 30, 2022	$	1,946

Including:
Operating lease liabilities		389
Operating lease liabilities-Non current		1,557
	$	1,946

ZW DATA ACTION TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Operating lease expenses:

Nine Months Ended September 30,

Three Months Ended September 30,

2022

2021

2022

2021

US$(’000)

(Unaudited)

Long-term operating lease contracts

329

212

136

Short-term operating lease contracts

Total

368

257

146

103

Supplemental information related to operating leases:

	Nine Months Ended September 30, 2022
	(Unaudited)

Operating cash flows used for operating leases (US$’000)		300
Right-of-use assets obtained in exchange for new lease liabilities (US$’000)		266
Weighted-average remaining lease term (years)		5.87
Weighted-average discount rate		6	%

Note 5 - Accounts Receivable, Net (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Accounts Receivable [Table Text Block]

	September 30, 2021			December 31, 2021
	US$(’000)			US$(’000)
	(Unaudited)

Accounts receivable		5,336			5,675
Allowance for doubtful accounts		(2,337	)		(2,236	)
Accounts receivable, net		2,999			3,439

Note 4 - Summary of Significant Accounting Policies - Maturity of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands

Sep. 30, 2022

Dec. 31, 2021

Three months ending December 31, 2022

$ 119

448

307

322

338

355

436

Total undiscounted lease payments

2,325

Less: imputed interest

(379)

Total operating lease liabilities as of September 30, 2022

1,946

Operating lease liabilities-current

^[1]

389

$ 202

^[1]

$ 1,557

$ 1,907

[1]	Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets (Note 2).

Note 22 - (Loss) Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Text Block]

22.

(Loss)/earnings per share

Basic and diluted (loss)/earnings 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,
	2022			2021			2022			2021
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)

Net (loss)/income attributable to ZW Data Action Technologies Inc. (numerator for basic and diluted loss per share)	$	(5,271	)	$	(1,586	)	$	(2,840	)	$	1,375

Weighted average number of common shares outstanding -Basic and diluted		35,572,200			32,279,304			35,827,677			35,332,220

(Loss)/earnings per share-Basic and diluted	$	(0.15	)	$	(0.05	)	$	(0.08	)	$	0.04

For the nine and three months ended September 30, 2022 and 2021, the diluted (loss)/earnings per share calculation did not include any outstanding warrants and options to purchase the Company’s common stock, because their effect was anti-dilutive.

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues	$ 7,216	$ 11,900	$ 21,813	$ 34,847
Total revenues	7,216	11,900	21,813	34,847
Cost of revenues	7,267	11,857	21,811	35,739
Gross profit/(loss)	(51)	43	2	(892)
Operating expenses
Sales and marketing expenses	72	58	219	159
General and administrative expenses	1,651	1,471	5,697	10,366
Research and development expenses	57	88	181	251
Total operating expenses	1,780	1,617	6,097	10,776
Loss from operations	(1,831)	(1,574)	(6,095)	(11,668)
Other income/(expenses)
Interest income	21	1	96	3
Other (expenses)/income, net	(5)	(37)	(33)	265
Loss on disposal of long-term investments	0	0	0	(38)
Change in fair value of warrant liabilities	(1,023)	2,853	759	9,682
Total other income/(expenses)	(1,007)	2,817	822	9,912
(Loss)/income before income tax benefit/(expense) and noncontrolling interests	(2,838)	1,243	(5,273)	(1,756)
Income tax benefit/(expenses)	(2)	131	2	171
Net (loss)/income	(2,840)	1,374	(5,271)	(1,585)
Net (income)/loss attributable to noncontrolling interests	0	1	0	(1)
Net (loss)/income attributable to ZW Data Action Technologies Inc.	(2,840)	1,375	(5,271)	(1,586)
Net loss	(2,840)	1,374	(5,271)	(1,585)
Foreign currency translation income/(loss)	93	(2)	76	(25)
Comprehensive (loss)/income	(2,747)	1,372	(5,195)	(1,610)
Comprehensive income attributable to noncontrolling interests	0	0	0	(1)
Comprehensive (loss)/income attributable to ZW Data Action Technologies Inc.	$ (2,747)	$ 1,372	$ (5,195)	$ (1,611)
(Loss)/earnings per common share
Basic and diluted (in dollars per share)	$ (0.08)	$ 0.04	$ (0.15)	$ (0.05)
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	35,827,677	35,332,220	35,572,200	32,279,304
Unrelated Parties [Member]
Revenues	$ 7,216	$ 11,896	$ 21,813	$ 34,843
Total revenues	7,216	11,896	21,813	34,843
Related Parties [Member]
Revenues	0	4	0	4
Total revenues	$ 0	$ 4	$ 0	$ 4

Note 4 - Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Foreign Currency Exchange Rates [Table Text Block]

	September 30, 2022		December 31, 2021

Balance sheet items, except for equity accounts		7.0998		6.3757

	*Nine Months Ended September 30,*
	*2022*		*2021*

Items in the statements of operations and comprehensive loss		6.6068		6.4714

	*Three Months Ended September 30,*
	*2022*		*2021*

Items in the statements of operations and comprehensive loss		6.8287		6.4707

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

Fair value measurement at reporting date using

As of

September 30, 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)

(Unaudited)

Warrant liabilities (Note 16)

1,280

Fair value measurement at reporting date using

As of

December 31, 2021

Quoted Prices
in Active Markets
for Identical Assets/Liabilities
(Level 1)

Significant
Other
Observable Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

US$(’000)

Warrant liabilities (Note 16)

2,039

Disaggregation of Revenue [Table Text Block]

	Nine Months Ended September 30,				Three Months Ended September 30,
	2022		2021		2022		2021
	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		18,605		28,613		6,236		9,648
--online advertising placements		3,208		5,720		980		2,125
Ecommerce O2O advertising and marketing services		-		514		-		127
Total revenues	$	21,813	$	34,847	$	7,216	$	11,900

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

	Contract liabilities
	US$(’000)

Balance as of January 1, 2022		1,245
Exchange translation adjustment		(127	)
Revenue recognized from beginning contract liability balances		(1,039	)
Advances received from customers related to unsatisfied performance obligations		872
Balance as of September 30, 2022(Unaudited)	$	951

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

	Operating leases
	US$(’000)
	(Unaudited)

Three months ending December 31, 2022		119
Year ending December 31,
-2023		448
-2024		307
-2025		322
-2026		338
-2027		355
-thereafter		436
Total undiscounted lease payments		2,325
Less: imputed interest		(379	)
Total operating lease liabilities as of September 30, 2022	$	1,946

Including:
Operating lease liabilities		389
Operating lease liabilities-Non current		1,557
	$	1,946

Lease, Cost [Table Text Block]

Nine Months Ended September 30,

Three Months Ended September 30,

2022

2021

2022

2021

US$(’000)

(Unaudited)

Long-term operating lease contracts

329

212

136

Short-term operating lease contracts

Total

368

257

146

103

	Nine Months Ended September 30, 2022
	(Unaudited)

Operating cash flows used for operating leases (US$’000)		300
Right-of-use assets obtained in exchange for new lease liabilities (US$’000)		266
Weighted-average remaining lease term (years)		5.87
Weighted-average discount rate		6	%

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2022	Nov. 18, 2022
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	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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 1106, 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		35,827,677

Note 21 - Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Internet Ad and related service			Ecommerce O2O Ad and marketing services			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	)

Total assets-September 30, 2022		13,279			1,101			3,281			39,802			(32,463	)		25,000
Total assets-December 31, 2021		12,150			2,236			4,414			44,328			(30,497	)		32,631

	Internet Ad. and related service			Ecommerce O2O Ad and marketing services			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	)

	Internet Ad and related service			Ecommerce O2O Ad and marketing services			Blockchain technology			Corporate			Inter-segment and reconciling item		Total
	US$ (‘000)			US$ (‘000)			US$ (‘000)			US$ (‘000)			US$ (‘000)		US$ (‘000)

Revenues		34,333			514			-			-			-		34,847
Cost of revenues		34,614			1,125			-			-			-		35,739
Total operating expenses		1,129			1,113			1			8,533	⁽¹⁾		-		10,776
Depreciation and amortization expense included in total operating expenses		223			225			1			1			-		450
Operating loss		(1,410	)		(1,724	)		(1	)		(8,533	)		-		(11,668	)

Change in fair value of warrant liabilities		-			-			-			9,682			-		9,682

Net (loss)/income		(1,230	)		(1,724	)		(2	)		1,371			-		(1,585	)

Expenditure for long-term assets		1,220			-			-			246			-		1,466

	Internet Ad. and related service			Ecommerce O2O Ad and marketing services			Blockchain technology		Corporate			Inter-segment and reconciling item		Total
	US$ (‘000)			US$ (‘000)			US$ (‘000)		US$ (‘000)			US$ (‘000)		US$ (‘000)

Revenues		11,773			127			-		-			-		11,900
Cost of revenues		11,482			375			-		-			-		11,857
Total operating expenses		539			455			-		623	⁽¹⁾		-		1,617
Depreciation and amortization expense included in total operating expenses		93			75			-		-			-		168
Operating loss		(248	)		(703	)		-		(623	)		-		(1,574	)

Change in fair value of warrant liabilities		-			-			-		2,853			-		2,853

Net (loss)/income		(264	)		(703	)		-		2,341			-		1,374

Expenditure for long-term assets		-			-			-		85			-		85

Note 19 - Concentration of Risk

9 Months Ended

Sep. 30, 2022

Concentration Risk Disclosure [Text Block]

19.

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, 2022, 20% of the Company’s cash and cash equivalents were held by major financial institutions located in China, the remaining 80% was held by financial institutions located in the United States of America. The Company believes that these financial institutions located in China and the United States of America are of high credit quality. For accounts receivable and deposits and loans to unrelated parties, the Company extends credit based on an evaluation of the customer’s or other parties’ financial condition, generally without requiring collateral or other security. In order to minimize the credit risk, the Company delegated a team responsible for credit approvals and other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. Further, the Company reviews the recoverable amount of each individual receivable at each balance sheet date to ensure that adequate allowances are made for doubtful accounts. In this regard, the Company considers that the Company’s credit risk for accounts receivable and deposits and loans to unrelated parties are significantly reduced.

Concentration of customers

The following tables summarized the information about the Company’s concentration of customers for the nine and three months ended September 30, 2022 and 2021, respectively:

Customer

Nine Months Ended September 30, 2022

Revenues, customer concentration risk

Three Months Ended September 30, 2022

Revenues, customer concentration risk

10%

Nine Months Ended September 30, 2021

Revenues, customer concentration risk

11%

Three Months Ended September 30, 2021

Revenues, customer concentration risk

19%

As of September 30, 2022

Accounts receivable, customer concentration risk

35%

31%

17%

12%

As of December 31, 2021

Accounts receivable, customer concentration risk

33%

32%

11%

19%

* Less than 10%.

- No transaction incurred for the reporting period/no balance existed as of the reporting date.

ZW DATA ACTION TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Concentration of suppliers

The following tables summarized the information about the Company’s concentration of suppliers for the nine and three months ended September 30, 2022 and 2021, respectively:

	Supplier A	Supplier B	Supplier C

Nine Months Ended September 30, 2022
Cost of revenues, supplier concentration risk	53%	27%	*

Three Months Ended September 30, 2022
Cost of revenues, supplier concentration risk	63%	13%	14%

Nine Months Ended September 30, 2021
Cost of revenues, supplier concentration risk	*	77%	-

Three Months Ended September 30, 2021
Cost of revenues, supplier concentration risk	*	85%	-

* Less than 10%.

- No transaction incurred for the reporting period.

Note 14 - Taxation (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Operating Loss Carryforwards	$ 32,400		$ 32,400		$ 31,000
Operating Loss Carryforwards, Taxable Income Deduction Limitations					80.00%
Deferred Tax Assets, Valuation Allowance	12,906		12,906		$ 12,271
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	360	$ 190	1,180	$ 2,150
PRC Subsidiary And VIE's [Member]
Operating Loss Carryforwards	$ 20,900		$ 20,900		$ 18,300

Note 3 - Liquidity and Capital Resources (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Operating Income (Loss), Total	$ (1,831)	$ (1,574)	$ (6,095)	$ (11,668)
Net Cash Provided by (Used in) Operating Activities, Total			(4,409)	$ (6,600)
Cash and Cash Equivalents, at Carrying Value, Total	2,154		2,154		$ 7,173
Working Capital	$ 7,820		$ 7,820

Note 4 - Summary of Significant Accounting Policies - Summary of Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Warrant liabilities (Note 16)	$ 1,280	$ 2,039
Fair Value, Inputs, Level 3 [Member]
Warrant liabilities (Note 16)	$ 1,280
Fair Value, Inputs, Level 2 [Member]
Warrant liabilities (Note 16)		$ 2,039

Note 14 - Taxation - Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Current	$ 0	$ 0	$ 0	$ 0
Deferred	(2)	131	2	171
Income tax benefit/(expenses)	$ (2)	$ 131	$ 2	$ 171

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Note 23 - Share-based Compensation Expenses

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Text Block]

23.

Share-based compensation expenses

In March 2022, under its 2020 Omnibus Securities and Incentive Plan, the Company granted and issued an aggregate of 0.095 million fully-vested shares of the Company’s restricted common stock to two of the Company’s executive officers in exchange for their services to the Company for the year ending December 31, 2022. These shares were valued at the closing bid price of the Company’s common stock on the respective date of grant. Total compensation expenses amortized for the nine and three months ended September 30, 2022 was approximately US$0.05 million and US$0.02 million, respectively.

In June 2022, the Company granted and issued 0.40 million fully-vested and non-forfeitable shares of the Company restricted common stock to a management consulting and advisory service provider in exchange for its service for a 12-month period until May 2023. The Company valued these shares at US$0.35 per share, the closing bid price of the Company’s common stock on the grant date of these shares and recorded the related total cost of approximately US$0.14 million as a prepayment asset in prepayment and deposit to suppliers account upon the grant and issuance of these shares. Total compensation expenses amortized for the nine and three months ended September 30, 2022 was approximately US$0.05 million and US$0.04 million, respectively.

For the nine months ended September 30, 2022, the Company also amortized an approximately US$0.04 million compensation expense in the aggregate, which was related to fully-vested and nonforfeitable restricted common stock granted and issued to one of its service providers in March 2020.

ZW DATA ACTION TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The table below summarized share-based compensation expenses recorded for the nine and three months ended September 30, 2022 and 2021, respectively:

	Nine Months Ended September 30,				Three Months Ended September 30,
	2022		2021		2022		2021
	US$(’000)		US$(’000)		US$(’000)		US$(’000)
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)

Sales and marketing expenses		-		-		-		-
General and administrative expenses		135		6,945		51		88
Research and development expenses		-		-		-		-
Total		135		6,945		51		88

The aggregate unrecognized share-based compensation expenses as of September 30, 2022 was approximately US$0.11 million, of which approximately US$0.05 million will be recognized for the year ending December 31, 2022 and approximately US$0.06 million will be recognized for the year ending December 31, 2023.

Note 9 - Long-term Investments (Details Textual)	Sep. 30, 2022
New Business Holdings Limited [Member]
Equity Securities without Readily Determinable Fair Value, Percent	15.38%
Guang Dong WeFriend Co., Ltd [Member]
Equity Securities without Readily Determinable Fair Value, Percent	10.00%
Global Best Products [Member]
Equity Securities without Readily Determinable Fair Value, Percent	9.09%
Guangzhou Gong Xiang Technology Co. [Member]
Equity Securities without Readily Determinable Fair Value, Percent	15.00%
Xiao Peng Education [Member]
Equity Securities without Readily Determinable Fair Value, Percent	17.00%
Business Opportunity Chain [Member]
Equity Securities without Readily Determinable Fair Value, Percent	19.00%

Note 18 - Employee Defined Contribution Plan

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Text Block]

18.

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 legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefits were approximately US$0.17 million for both the nine months ended September 30, 2022 and 2021. The total amounts for such employee benefits were approximately US$0.05 million and US$0.07 million for the three months ended September 30, 2022 and 2021, respectively.

The entire disclosure for retirement benefits.

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Note 15 - Long-term Borrowing From a Related Party

9 Months Ended

Sep. 30, 2022

Long-Term Borrowing from Director Disclosure [Text Block]

15.

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 expected to be repaid within one year.

Note 2 - Variable Interest Entities

9 Months Ended

Sep. 30, 2022

Variable Interest Entities Disclosure [Text Block]

2.	Variable interest entities

The Company is not an operating company in China, but a Nevada holding company with no equity ownership in the VIEs. The Company primarily conducts its operations in China through its PRC subsidiaries, the VIEs, with which the Company has entered into contractual arrangements, and their subsidiaries in China. Summarized below is the information related to the VIEs’ assets and liabilities reported in the Company’s condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively:

	September 30, 2022		December 31, 2021
	US$(’000)		US$(’000)
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	203	$	181
Accounts receivable, net		2,999		2,796
Prepayment and deposit to suppliers		3,382		5,287
Due from related parties		15		90
Other current assets, net		3		4
Total current assets		6,602		8,358

Long-term investments		445		496
Operating lease right-of-use assets		199		21
Property and equipment, net		121		168
Deferred tax assets, net		398		441
Total Assets	$	7,765	$	9,484

Liabilities
Current liabilities:
Accounts payable	$	276	$	1,119
Advance from customers		858		1,113
Accrued payroll and other accruals		61		83
Taxes payable		2,562		2,849
Operating lease liabilities		198		9
Lease payment liability related to short-term leases		99		110
Other current liabilities		109		53
Total current liabilities		4,163		5,336

Operating lease liabilities-Non current		-		10
Total Liabilities	$	4,163	$	5,346

Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets.

ZW DATA ACTION TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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)/income for the nine and three months ended September 30, 2022 and 2021, respectively:

	Nine Months Ended September 30,						Three Months Ended September 30,
	2022			2021			2022			2021
	US$(’000)			US$(’000)			US$(’000)			US$(’000)
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)

Revenues	$	20,829		$	30,932		$	6,967		$	10,314
Cost of revenues		(21,811	)		(34,614	)		(7,267	)		(11,482	)
Total operating expenses		(1,539	)		(1,184	)		(691	)		(472	)
Net loss before allocation to noncontrolling interests		(2,551	)		(5,062	)		(998	)		(1,655	)

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Long-term operating lease contracts	$ 136	$ 88	$ 329	$ 212
Short-term operating lease contracts	10	15	39	45
Total	$ 146	$ 103	368	$ 257
Operating cash flows used for operating leases (US$’000)			300
Right-of-use assets obtained in exchange for new lease liabilities (US$’000)			$ 266
Weighted-average remaining lease term (Year)	5 years 10 months 13 days		5 years 10 months 13 days
Weighted-average discount rate	6.00%		6.00%

Note 14 - Taxation - Taxes Payable (Details) - USD ($)
$ in Thousands

Sep. 30, 2022

Dec. 31, 2021

Turnover tax and surcharge payable

$ 1,273

$ 1,414

Enterprise income tax payable

1,926

2,120

Total taxes payable

^[1]

$ 3,199

$ 3,534

[1]	Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets (Note 2).

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($)
Issuance of common stock, cost	$ 1.6

Note 22 - (Loss) Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Nine Months Ended September 30,						Three Months Ended September 30,
	2022			2021			2022			2021
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)

Net (loss)/income attributable to ZW Data Action Technologies Inc. (numerator for basic and diluted loss per share)	$	(5,271	)	$	(1,586	)	$	(2,840	)	$	1,375

Weighted average number of common shares outstanding -Basic and diluted		35,572,200			32,279,304			35,827,677			35,332,220

(Loss)/earnings per share-Basic and diluted	$	(0.15	)	$	(0.05	)	$	(0.08	)	$	0.04

Note 21 - Segment Reporting (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement, Expense	$ 51	$ 88	$ 135	$ 6,945

Note 16 - Warrant Liabilities - Warrant Activity (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Balance (in shares)	5,001,705
Balance, weighted average remaining contractual life (Year)	1 year 7 months 9 days	2 years 4 months 9 days
Weighted average exercise price (in dollars per share)	$ 3.02
Exercisable (in shares)	5,001,705
Balance, January 1, 2022 (Year)	1 year 7 months 9 days	2 years 4 months 9 days
Exercisable, weighted average exercise price (in dollars per share)	$ 3.02
Granted/Vested (in shares)	0
Balance (in shares)	5,001,705	5,001,705
Weighted average exercise price (in dollars per share)	$ 3.02	$ 3.02
Exercisable (in shares)	5,001,705	5,001,705
Exercisable, weighted average exercise price (in dollars per share)	$ 3.02	$ 3.02

Note 14 - Taxation (Tables)

9 Months Ended

Sep. 30, 2022

Schedule Of Taxes Payable [Table Text Block]

	September 30, 2022		December 31, 2021
	US$(’000)		US$(’000)
	(Unaudited)

Turnover tax and surcharge payable		1,273		1,414
Enterprise income tax payable		1,926		2,120
Total taxes payable		3,199		3,534

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Nine Months Ended September 30,

Three Months Ended September 30,

2022

2021

2022

2021

US$(’000)

(Unaudited)

Current

Deferred

171

)

131

Income tax benefit/(expenses)

171

)

131

Schedule Of Deferred Tax Assets [Table Text Block]

	September 30, 2022			December 31, 2021
	US$(’000)			US$(’000)
	(Unaudited)

Tax effect of net operating losses carried forward		12,618			12,130
Operating lease cost		28			23
Bad debts provision		658			559
Valuation allowance		(12,906	)		(12,271	)
Deferred tax assets, net		398			441

Note 1 - Organization and Nature of Operations

9 Months Ended

Sep. 30, 2022

Nature of Operations [Text Block]

1.	Organization and nature of operations

ZW Data Action Technologies Inc. (f/k/a ChinaNet Online Holdings, Inc.) (the “Company”) was incorporated in the State of Texas in April 2006 and re-domiciled to become a Nevada corporation in October 2006. On June 26, 2009, the Company consummated a share exchange transaction with China Net Online Media Group Limited (the “Share Exchange”), a company organized under the laws of British Virgin Islands (“China Net BVI”). As a result of the Share Exchange, China Net BVI became a wholly owned subsidiary of the Company and the Company is now a holding company, which, through certain contractual arrangements with operating companies in the People’s Republic of China (the “PRC”), is engaged in providing Internet advertising, precision marketing, Ecommerce online to offline (O2O) advertising and marketing services as well as the related data and technical services to small and medium enterprises (SMEs) in the PRC.

Note 11 - Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Amortization of Intangible Assets	$ 530	$ 160	$ 1,590	$ 440
Finite-Lived Intangible Asset, Useful Life (Year)			3 years 3 months 7 days
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	530		$ 530
Finite-Lived Intangible Asset, Expected Amortization, Year One	2,110		2,110
Finite-Lived Intangible Asset, Expected Amortization, Year Three	630		630
Finite-Lived Intangible Asset, Expected Amortization, Year Four	180		180
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 120		$ 120

Note 5 - Accounts Receivable, Net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accounts receivable	$ 5,336	$ 5,675
Allowance for doubtful accounts	(2,337)	(2,236)
Accounts receivable, net	$ 2,999	$ 3,439

Note 21 - Segment Reporting - Summary of Segment Reporting Information (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2021

$ 7,216

$ 11,900

$ 21,813

$ 34,847

7,267

11,857

21,811

35,739

Depreciation and amortization expense included in total operating expenses

1,780

1,617

6,097

10,776

552

168

450

Change in fair value of warrant liabilities

(1,831)

(1,574)

(6,095)

(11,668)

(1,023)

2,853

759

9,682

(2,840)

1,374

$ (2,431)

$ (2,959)

(5,271)

(1,585)

25,000

$ 32,631

(1,831)

(1,574)

(6,095)

(11,668)

Corporate, Non-Segment [Member]

1,466

Depreciation and amortization expense included in total operating expenses

707

^[1]

623

^[2]

2,663

^[3]

8,533

^[4]

Change in fair value of warrant liabilities

(707)

(623)

(2,663)

(8,533)

(1,023)

2,853

759

9,682

(1,707)

2,341

(1,800)

1,371

39,802

44,328

(707)

(623)

(2,663)

(8,533)

Intersegment Eliminations [Member]

246

(32,463)

(30,497)

Internet Ad [Member] | Operating Segments [Member]

7,216

11,773

21,813

34,333

7,267

11,482

21,811

34,614

Depreciation and amortization expense included in total operating expenses

628

539

1,517

1,129

270

223

(679)

(248)

(1,515)

(1,410)

(688)

(264)

(1,555)

(1,230)

13,279

12,150

(679)

(248)

(1,515)

(1,410)

Ecommerce O2O Ad and Marketing Services [Member] | Operating Segments [Member]

1,220

127

514

375

1,125

Depreciation and amortization expense included in total operating expenses

455

817

1,113

225

(80)

(703)

(817)

(1,724)

(80)

(703)

(816)

(1,724)

1,101

2,236

(80)

(703)

(817)

(1,724)

Corporate Segment [Member]

21,813

21,811

Depreciation and amortization expense included in total operating expenses

6,097

1,660

Change in fair value of warrant liabilities

759

Blockchain Technology [Member] | Operating Segments [Member]

Depreciation and amortization expense included in total operating expenses

365

1,100

365

1,100

(365)

(1,100)

(1)

(365)

(1,100)

(2)

3,281

$ 4,414

$ (365)

$ (1,100)

(1)

$ 0

[1]	Including approximately US$0.05 million share-based compensation expenses.
[2]	Including approximately US$0.09 million share-based compensation expenses.
[3]	Including approximately US$0.14 million share-based compensation expenses.
[4]	Including approximately US$6.95 million share-based compensation expenses.

Note 14 - Taxation

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Text Block]

14.

Taxation

As of September 30, 2022 and December 31, 2021, taxes payable consists of:

	September 30, 2022		December 31, 2021
	US$(’000)		US$(’000)
	(Unaudited)

Turnover tax and surcharge payable		1,273		1,414
Enterprise income tax payable		1,926		2,120
Total taxes payable		3,199		3,534

For the nine and three months ended September 30, 2022 and 2021, the Company’s income tax benefit/(expenses) consisted of:

Nine Months Ended September 30,

Three Months Ended September 30,

2022

2021

2022

2021

US$(’000)

(Unaudited)

Current

Deferred

171

)

131

Income tax benefit/(expenses)

171

)

131

The Company’s deferred tax assets as of September 30, 2022 and December 31, 2021 were as follows:

	September 30, 2022			December 31, 2021
	US$(’000)			US$(’000)
	(Unaudited)

Tax effect of net operating losses carried forward		12,618			12,130
Operating lease cost		28			23
Bad debts provision		658			559
Valuation allowance		(12,906	)		(12,271	)
Deferred tax assets, net		398			441

The U.S. holding company has incurred aggregate net operating losses (“NOLs”) of approximately US$32.4 million and US$31.0 million as of September 30, 2022 and December 31, 2021, respectively. The NOLs carryforwards as of December 31, 2017 gradually expire over time, the last of which expires in 2037. NOLs incurred after December 31, 2017 will no longer be available to carry back but can be carried forward indefinitely, subject to an annual limit of 80% on the amount of taxable income that can be offset by NOLs arising in tax years ending after December 31, 2027. The Company maintains a full valuation allowance against its net U.S. deferred tax assets, since due to uncertainties surrounding future utilization, the Company estimates there will not be sufficient future earnings to utilize its U.S. deferred tax assets.

The NOLs carried forward incurred by the Company’s PRC subsidiaries and VIEs were approximately US$20.9 million and US$18.3 million as of September 30, 2022 and December 31, 2021, respectively. The losses carryforwards gradually expire over time, the last of which expires in 2027. The related deferred tax assets were calculated based on the respective NOLs incurred by each of the PRC subsidiaries and VIEs and the respective corresponding enacted tax rate that will be in effect in the period in which the losses are expected to be utilized.

The Company recorded approximately US$12.9 million and US$12.3 million valuation allowance as of September 30, 2022 and December 31, 2021, respectively, because it is considered more likely than not that a portion of the deferred tax assets will not be realized through sufficient future earnings of the entities to which the operating losses related.

ZW DATA ACTION TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the nine and three months ended September 30, 2022, the Company recorded approximately US$1.18 million and US$0.36 million deferred tax valuation allowance, respectively. For the nine and three months ended September 30, 2021, the Company recorded approximately US$2.15 million and US$0.19 million deferred tax valuation allowance, respectively.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Note 6 - Prepayments and Deposit to Suppliers (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Prepayments and Deposit to Suppliers [Table Text Block]

	September 30, 2022		December 31, 2021
	US$(’000)		US$(’000)
	(Unaudited)

Deposits to advertising resources providers		1,066		934
Prepayments to advertising resources providers		5,019		5,185
Deposit and prepayment for other investing contracts		1,000		1,000
Other deposits and prepayments		508		440
		7,593		7,559

Note 23 - Share-based Compensation Expenses (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	Nine Months Ended September 30,				Three Months Ended September 30,
	2022		2021		2022		2021
	US$(’000)		US$(’000)		US$(’000)		US$(’000)
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)

Sales and marketing expenses		-		-		-		-
General and administrative expenses		135		6,945		51		88
Research and development expenses		-		-		-		-
Total		135		6,945		51		88

Note 12 - Long-term Deposits and Prepayments

9 Months Ended

Sep. 30, 2022

Long-term Prepayments [Text Block]

12.

Long-term deposits and prepayments

As of September 30, 2022 and December 31, 2021, long-term deposits and prepayments represented the Company’s operating deposits and prepayments that were not expected to be refunded or consumed within one year of the respective reporting date.

Note 10 - Property and Equipment, Net

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment Disclosure [Text Block]

10.

Property and equipment, net

	September 30, 2022			December 31, 2021
	US$(’000)			US$(’000)
	(Unaudited)

Vehicles		838			933
Office equipment		848			944
Electronic devices		565			629
Leasehold improvement		181			202
Property and equipment, cost		2,432			2,708
Less: accumulated depreciation		(2,165	)		(2,333	)
Property and equipment, net		267			375

Depreciation expenses for the nine months ended September 30, 2022 and 2021 were approximately US$0.08 million and US$0.009 million, respectively. Depreciation expenses for the three months ended September 30, 2022 and 2021 were approximately US$0.03 million and US$0.005 million, respectively.

Note 11 - Intangible Assets, Net

9 Months Ended

Sep. 30, 2022

Intangible Assets Disclosure [Text Block]

11.

Intangible assets, net

	As of September 30, 2022 (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 years life:
Cloud compute software technology		1,307		(907	)		(400	)		-
Licensed products use right		1,200		(341	)		-			859

--5 years life:
Internet Ad tracking system		1,153		(347	)		-			806
Live streaming technology		1,500		(550	)		-			950

--3 years life:
Blockchain Integrated Framework		4,038		(1,010	)		-			3,028
Bo!News application		338		(85	)		-			253
Other computer software		110		(110	)		-			-
Total	$	9,646	$	(3,350	)	$	(400	)	$	5,896

ZW DATA ACTION TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

	As of December 31, 2021
Items	Gross Carrying Value		Accumulated Amortization			Impairment			Net Carrying Value
	US$(’000)		US$(’000)			US$(’000)			US$(’000)
Intangible assets subject to amortization:
--10 years life:
Cloud compute software technology		1,456		(1,010	)		(446	)		-
Licensed products use right		1,205		(255	)		-			950

--5 years life:
Internet Ad tracking system		1,158		(174	)		-			984
Live streaming technology		1,500		(325	)		-			1,175

--3 years life:
Blockchain Integrated Framework		4,038		-			-			4,038
Bo!News application		376		-			-			376
Other computer software		123		(123	)		-			-
Total	$	9,856	$	(1,887	)	$	(446	)	$	7,523

Amortization expenses for the nine months ended September 30, 2022 and 2021 were approximately US$1.59 million and US$0.44 million, respectively. Amortization expenses for the three months ended September 30, 2022 and 2021 were approximately US$0.53 million and US$0.16 million, respectively.

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 3.27 years as of September 30, 2022, and assuming no further subsequent impairment of the underlying intangible assets, the estimated future amortization expenses is approximately US$0.53 million for the year ending December 31, 2022, approximately US$2.11 million each year for the year ending December 31, 2023 and 2024, approximately US$0.63 million for the year ending December 31, 2025, approximately US$0.18 million for the year ending December 31, 2026, and approximately US$0.12 million for the year ending December 31, 2027.

Note 7 - Due From Related Parties (Tables)

9 Months Ended

Sep. 30, 2022

Due From Related Parties [Member]

	September 30, 2022		December 31, 2021
	US$(’000)		US$(’000)
	(Unaudited)

Zhongwang Xiyue Technology (Beijing) Co., Ltd. (“Zhongwang Xiyue”)		1		62
Guangzhou Gong Xiang Technology Co., Ltd. (“Gong Xiang Technology”)		14		28
Due from related parties		15		90

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net loss	$ (5,271)	$ (1,585)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	1,660	450
Amortization of operating lease right-of-use assets	239	149
Share-based compensation expenses	135	6,945
Provision for allowances for doubtful accounts	947	0
Loss on disposal of long-term investments	0	38
Deferred taxes	(2)	(171)
Change in fair value of warrant liabilities	(759)	(9,682)
Other non-operating income/(losses)	(93)	24
Changes in operating assets and liabilities
Accounts receivable	(211)	(257)
Prepayment and deposit to suppliers	(459)	(1,698)
Due from related parties	59	0
Other current assets	25	6
Long-term deposits and prepayments	0	(314)
Accounts payable	(784)	142
Advance from customers	(179)	(133)
Accrued payroll and other accruals	(205)	(126)
Other current liabilities	735	(230)
Taxes payable	4	(31)
Lease payment liability related to short-term leases	(40)	(54)
Operating lease liabilities	(210)	(73)
Net cash used in operating activities	(4,409)	(6,600)
Cash flows from investing activities
Payment for leasehold improvements and purchase of vehicles, furniture and office equipment	0	(306)
Cash effect of deconsolidation of VIEs’ subsidiaries	0	(8)
Investments and advances to ownership investee entities	0	(1,919)
Repayment from ownership investee entities	12	0
Short-term loans to unrelated parties	(2,600)	(1,507)
Repayment of short-term loans and interest income from unrelated parties	2,109	1,303
Payment for purchase of software technologies	0	(1,160)
Deposit and prepayment paid for contracts of other investing activities	0	(2,500)
Net cash used in investing activities	(479)	(6,097)
Cash flows from financing activities
Proceeds from issuance of common stock and warrant (net of cash offering cost of US$1,600)	0	17,111
Net cash provided by financing activities	0	17,111
Effect of exchange rate fluctuation on cash and cash equivalents	(131)	20
Net (decrease)/increase in cash and cash equivalents	(5,019)	4,434
Cash and cash equivalents at beginning of the period	7,173	4,297
Cash and cash equivalents at end of the period	2,154	8,731
Supplemental disclosure of cash flow information
Income taxes paid	0	0
Interest expense paid	$ 0	$ 0

Note 8 - Other Current Assets

9 Months Ended

Sep. 30, 2022

Other Current Assets [Text Block]

8.	Other current assets

	September 30, 2022			December 31, 2021
	US$(’000)			US$(’000)
	(Unaudited)

Short-term loans to unrelated parties		2,197			1,646
Short-term loans interest receivables		33			-
Staff advances for business operations		10			11
Total other current assets		2,240			1,657
Allowance for doubtful accounts		(617	)		-
Other current assets, net		1,623			1,657

ZW DATA ACTION TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

In fiscal 2022, the Company provided unsecured, interest-bearing short-term working capital loans to two unrelated parties, which were set forth as below. These short-term working capital loans were recorded as other current assets.

On January 5, 2022, the Company provided a short-term working capital loan of US$2.5 million to an unrelated party, which would mature on May 5, 2022. The loan was unsecured and borne a fixed annualized interest rate of 7.5%. On April 25, 2022, the Company and the related party entered into a supplementary contract, based on which, the unrelated party repaid a portion of the loan principal of US$1.02 million, together with a loan interest of US0.06 million for the period from January 5, 2022 through April 30, 2022, based on the loan principal of US$2.5 million. In addition, the Company agreed to extend the term of the remaining loan principal of US$1.48 million to October 31, 2022 with a revised fixed annualized interest rate of 5%. On October 31, 2022, the Company further extended the term of this loan to April 30, 2023. In October 2022, the Company received the loan interest of approximately US$0.03 million for the period from May 1, 2022 through September 30, 2022.

On April 21, 2022, the Company provided a short-term working capital loan of US$0.10 million to another unrelated party, which will mature on December 31, 2022. The loan is unsecured and bears a fixed annualized interest rate of 5%. The loan and the related loan interest is required to be repaid in lump sum at maturity on December 31, 2022.

As of September 30, 2022, other current assets also included a working capital loan of US$1.65 million that the Company provided to an unrelated party, Digital Sun Ventures Limited, a Hong Kong-based company (“Digital Sun”). In March 2021, the Company and Digital Sun reached an oral agreement, pursuant to which the Company provided a working capital loan of US$1.65 million to Digital Sun. The loan has a one-year term. The loan is unsecured, interest free and is required to be repaid in lump sum at maturity by March 2022.

The Company provided this unsecured and interest free loan to Digital Sun in consideration of the promises and claims made by Digital Sun’s management that Digital Sun has close connections with international well-known media companies seeking for strategic cooperation partners in China, and Digital Sun will facilitate building strategic business partnerships among the Company and these media companies.

As of March 31, 2022, Digital Sun had repaid US$1.03 million of this loan and defaults on the loan balance of US$0.62 million. The Company attempted to collect the outstanding loan balance. As of June 30, 2022, the Company fully allowanced the outstanding loan balance of US$0.62 million based on the Company’s assessment of the collectability of this outstanding balance. The Company intends to take further actions to safeguard its rights against the default after the Covid-19 quarantine policies between mainland China and Hong Kong were relieved, including but not limited to, sending legal letters to Digital Sun, negotiating the repayment plan in person and filing a lawsuit against Digital Sun after all other means of collection have been exhausted.

Note 7 - Due From Related Parties

9 Months Ended

Sep. 30, 2022

7.	Due from related parties

	September 30, 2022		December 31, 2021
	US$(’000)		US$(’000)
	(Unaudited)

Zhongwang Xiyue Technology (Beijing) Co., Ltd. (“Zhongwang Xiyue”)		1		62
Guangzhou Gong Xiang Technology Co., Ltd. (“Gong Xiang Technology”)		14		28
Due from related parties		15		90

Related parties of the Company represented the Company’s direct or indirect unconsolidated investee companies and entities that the Company’s officers or directors can exercise significant influence.

As of September 30, 2022 and December 31, 2021, due from Zhongwang Xiyue represented the outstanding receivable for advertising and marketing service that the Company provided to this related party in its normal course of business, which is on the same terms as those provided to its unrelated clients.

As of September 30, 2022 and December 31, 2021, due from Gong Xiang Technology was a short-term working capital loan provided to this investee entity, which is expected to be fully repaid to the Company by December 31, 2022.

Note 9 - Long-term Investments (Tables)

9 Months Ended

Sep. 30, 2022

Other Investments Not Readily Marketable [Table Text Block]

	Amount
	US$(’000)

Balance as of January 1, 2022		2,280
Exchange translation adjustment		(131	)
Cash investments during the year		-
Disposed during the year		-
Balance as of September 30, 2022 (Unaudited)		2,149

Note 8 - Other Current Assets (Details Textual) - USD ($) $ in Thousands			4 Months Ended	5 Months Ended
	Apr. 25, 2022	Mar. 31, 2022	Apr. 30, 2022	Sep. 30, 2022	Jun. 30, 2022	May 01, 2022	Apr. 21, 2022	Jan. 05, 2022	Dec. 31, 2021	Mar. 31, 2021
Financing Receivable, before Allowance for Credit Loss, Current				$ 2,197					$ 1,646
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						5.00%
Proceeds from Interest Received				$ 30
Second Loan to Unrelated Party [Member]
Financing Receivable, before Allowance for Credit Loss, Current							$ 100
Loans Receivable, Interest Rate, Stated Percentage							5.00%
Digital Sun [Member]
Financing Receivable, before Allowance for Credit Loss, Current										$ 1,650
Proceeds from Collection of Notes Receivable		$ 1,030
Financing Receivable, Troubled Debt Restructuring, Subsequent Default		$ 620
Financing Receivable, Allowance for Credit Loss, Ending Balance					$ 620

Note 10 - Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property and equipment, gross	$ 2,432	$ 2,708
Less: accumulated depreciation	(2,165)	(2,333)
Property and equipment, net	267	375
Vehicles [Member]
Property and equipment, gross	838	933
Office Equipment [Member]
Property and equipment, gross	848	944
Electronic Devices [Member]
Property and equipment, gross	565	629
Leasehold Improvements [Member]
Property and equipment, gross	$ 181	$ 202

Note 19 - Concentration of Risk - Company's Concentration of Customers and Suppliers (Details)

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2021

Cost Of Sales Total [Member] | Supplier Concentration Risk [Member] | Supplier A [Member]

Cost Of Sales Total [Member] | Supplier Concentration Risk [Member] | Supplier B [Member]

63.00%

53.00%

Cost Of Sales Total [Member] | Supplier Concentration Risk [Member] | Supplier C [Member]

13.00%

85.00%

27.00%

77.00%

Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member]

14.00%

Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member]

^[1]

10.00%

Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer C [Member]

11.00%

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer C [Member]

19.00%

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer D [Member]

35.00%

33.00%

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer E [Member]

31.00%

32.00%

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer F [Member]

17.00%

11.00%

^[1]

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer G [Member]

12.00%

^[1]

19.00%

[1]	Less than 10%.

Note 6 - Prepayments and Deposit to Suppliers (Details Textual) $ in Millions	Sep. 30, 2022 USD ($)
Deposit Assets, Total	$ 1

Note 5 - Accounts Receivable, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss, Current		$ 2,337		$ 2,236
Accounts Receivable, Credit Loss Expense (Reversal)		947	$ 0
Internet Advertising And TV Advertising Contractual Deposit [Member]
Accounts Receivable, Allowance for Credit Loss, Current		2,340		$ 2,240
Accounts Receivable, Credit Loss Expense (Reversal)		$ 330	$ 0
Internet Advertising and TV Advertising [Member]
Number of Months Past Due (Month)		6 months
Accounts Receivable, Credit Loss Expense (Reversal)	$ 0

Note 9 - Long-term Investments

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures Disclosure [Text Block]

9.	Long-term investments

	Amount
	US$(’000)

Balance as of January 1, 2022		2,280
Exchange translation adjustment		(131	)
Cash investments during the year		-
Disposed during the year		-
Balance as of September 30, 2022 (Unaudited)		2,149

As of September 30, 2022, except for long-term investments which were fully impaired, the Company beneficially owned a 15.38%, 10%, 9.09%, 15%, 17% and 19% equity interest in each New Business Holdings Limited (“New Business”), Guang Dong WeFriend Co., Ltd. (“Guangdong WeFriend”), Shenzhen Global Best Products Import & Export Co., Ltd. (“Global Best Products”), Guangzhou Gong Xiang Technology Co., Ltd. (“Gong Xiang Technology”), Xiao Peng Education Technology (Hubei) Co., Ltd. (“Xiao Peng Education”) and Business Opportunity Chain (Guangzhou) Technology Co., Ltd. (“Business Opportunity Chain Guangzhou”), respectively.

ZW DATA ACTION TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The Company measures these investments which do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the Company.

Note 11 - Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Finite and Indefinite-Lived Intangible Assets [Table Text Block]

	As of September 30, 2022 (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 years life:
Cloud compute software technology		1,307		(907	)		(400	)		-
Licensed products use right		1,200		(341	)		-			859

--5 years life:
Internet Ad tracking system		1,153		(347	)		-			806
Live streaming technology		1,500		(550	)		-			950

--3 years life:
Blockchain Integrated Framework		4,038		(1,010	)		-			3,028
Bo!News application		338		(85	)		-			253
Other computer software		110		(110	)		-			-
Total	$	9,646	$	(3,350	)	$	(400	)	$	5,896

	As of December 31, 2021
Items	Gross Carrying Value		Accumulated Amortization			Impairment			Net Carrying Value
	US$(’000)		US$(’000)			US$(’000)			US$(’000)
Intangible assets subject to amortization:
--10 years life:
Cloud compute software technology		1,456		(1,010	)		(446	)		-
Licensed products use right		1,205		(255	)		-			950

--5 years life:
Internet Ad tracking system		1,158		(174	)		-			984
Live streaming technology		1,500		(325	)		-			1,175

--3 years life:
Blockchain Integrated Framework		4,038		-			-			4,038
Bo!News application		376		-			-			376
Other computer software		123		(123	)		-			-
Total	$	9,856	$	(1,887	)	$	(446	)	$	7,523

Note 10 - Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Property and Equipment [Table Text Block]

	September 30, 2022			December 31, 2021
	US$(’000)			US$(’000)
	(Unaudited)

Vehicles		838			933
Office equipment		848			944
Electronic devices		565			629
Leasehold improvement		181			202
Property and equipment, cost		2,432			2,708
Less: accumulated depreciation		(2,165	)		(2,333	)
Property and equipment, net		267			375

Note 8 - Other Current Assets - Summary of Other Current Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Short-term loans to unrelated parties	$ 2,197	$ 1,646
Short-term loans interest receivables	33	0
Staff advances for business operations	10	11
Total other current assets	2,240	1,657
Allowance for doubtful accounts	(617)	0
Other current assets, net	$ 1,623	$ 1,657

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parentheticals) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Investor Warrants [Member] \| Private Placement [Member]
Proceeds allocated to warrant liabilities	$ 10,476
Private Placement Agent Costs [Member] \| Private Placement [Member]
Proceeds allocated to warrant liabilities	1,445
Investor Costs [Member]
Direct offering costs	3,045
Cash Offering Costs [Member]
Direct offering costs	$ 1,600

Note 10 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Depreciation, Total	$ 30	$ 5	$ 80	$ 9

Note 16 - Warrant Liabilities

9 Months Ended

Sep. 30, 2022

Warrants Disclosure [Text Block]

16.

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 (the “2021 Financing”), December 2020 (the “2020 Financing”), and January 2018 (the “2018 Financing”), which warrants were accounted for as derivative liabilities and measured at fair value with changes in fair value be recorded in earnings in each reporting period.

Warrants issued in the 2021 Financing:

	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

	2021 Investors Warrants									2021 Placement Agent Warrants
	September 30, 2021			June 30, 2021			February 18, 2021*			September 30, 2021			June 30, 2021			February 18, 2021*

Stock price	$	1.26		$	2.00		$	4.48		$	1.26		$	2.00		$	4.48
Years to maturity		2.88			3.14			3.50			2.88			3.14			3.50
Risk-free interest rate		0.50	%		0.48	%		0.26	%		0.50	%		0.48	%		0.26	%
Dividend yield		-			-			-			-			-			-
Expected volatility		115	%		114	%		168	%		115	%		114	%		168	%
Exercise Price	$	3.59		$	3.59		$	3.59		$	4.4875		$	4.4875		$	4.4875

Fair value of the warrant	$	0.70		$	1.25		$	4.02		$	0.65		$	1.18		$	3.96

Warrant Liabilities (US$’000)	$	1,824		$	3,257		$	10,476		$	237		$	431		$	1,445

* Closing date of the 2021 Financing.

ZW DATA ACTION TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Warrants issued in the 2020 Financing:

	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

	2020 Investors Warrants									2020 Placement Agent Warrants
	September 30, 2021			June 30, 2021			December 31, 2020			September 30, 2021			June 30, 2021			December 31, 2020

Stock price	$	1.26		$	2.00		$	1.35		$	1.26		$	2.00		$	1.35
Years to maturity		2.20			2.45			2.95			2.20			2.45			2.95
Risk-free interest rate		0.34	%		0.34	%		0.17	%		0.34	%		0.34	%		0.17	%
Dividend yield		-			-			-			-			-			-
Expected volatility		122	%		120	%		102	%		122	%		120	%		102	%
Exercise Price	$	2.03		$	2.03		$	2.03		$	2.03		$	2.03		$	2.03

Fair value of the warrant	$	0.80		$	1.40		$	0.74		$	0.80		$	1.40		$	0.74

Warrant Liabilities (US$’000)	$	1,383		$	2,420		$	1,279		$	242		$	423		$	224

Warrants issued in the 2018 Financing:

	2018 Placement Agent Warrants
	July 2, 2021*			June 30, 2021			December 31, 2020

Stock price	$	1.94		$	2.00		$	1.35
Years to maturity		0.04			0.05			0.05
Risk-free interest rate		0.05	%		0.04	%		0.08	%
Dividend yield		-			-			-
Expected volatility		75	%		74	%		59	%
Exercise Price	$	1.4927		$	1.4927		$	1.4927

Fair value of the warrant	$	0.45		$	0.51		$	0.02

Warrant liabilities (US$’000)	$	58		$	66		$	2

* The investor warrants issued in the 2018 Financing expired in July 2020. The placement agent warrants issued in the 2018 Financing were cashless exercised on July 2, 2021.

ZW DATA ACTION TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Changes in fair value of warrant liabilities

Nine and Three Months Ended September 30, 2022 (Unaudited)

	As of September 30, 2022		As of June 30, 2022		As of December 31, 2021		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

Nine and Three Months Ended September 30, 2021 (Unaudited)

											Change in Fair Value (gain)/loss
	As of September 30, 2021		As of July 2, 2021		As of June 30, 2021		As of February 18, 2021		As of December 31, 2020		Nine Months Ended September 30, 2021			Three Months Ended September 30, 2021
	(US$’000)		(US$’000)		(US$’000)		(US$’000)		(US$’000)		(US$’000)			(US$’000)

Warrants issued in the 2021 Financing:
--Investor Warrants		1,824		*		3,257		10,476		*		(8,652	)		(1,433	)
--Placement Agent Warrants		237		*		431		1,445		*		(1,208	)		(194	)
Warrants issued in the 2020 Financing:
--Investor Warrants		1,383		*		2,420		*		1,279		104			(1,037	)
--Placement Agent Warrants		242		*		423		*		224		18			(181	)
Warrants issued in the 2018 Financing:
--Placement Agent Warrants		-		58		66		*		2		56			(8	)
		3,686		58		6,597		11,921		1,505		(9,682	)		(2,853	)

* Not applicable.

Warrants issued and outstanding as of September 30, 2022 and their movements during the nine months then ended are as follows:

	Warrant Outstanding						Warrant Exercisable
	Number of underlying shares		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number of underlying shares		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price

Balance, January 1, 2022		5,001,705		2.36	$	3.02		5,001,705		2.36	$	3.02
Granted/Vested		-						-
Exercised		-						-
Balance, September 30, 2022 (Unaudited)		5,001,705		1.61	$	3.02		5,001,705		1.61	$	3.02

Note 14 - Taxation - Deferred Tax Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Tax effect of net operating losses carried forward	$ 12,618	$ 12,130
Operating lease cost	28	23
Bad debts provision	658	559
Valuation allowance	(12,906)	(12,271)
Deferred tax assets, net	$ 398	$ 441

Note 11 - Intangible Assets, Net - Intangible Assets, Net (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Finite-lived intangible assets	$ 9,646,000	$ 9,856,000
Finite-lived intangible assets, Accumulated amortization	3,350,000	1,887,000
Finite-lived intangible assets, Impairment	400,000	446,000
Intangible assets, net	5,896,000	7,523,000
Finite-lived intangible assets, Accumulated amortization	(3,350,000)	(1,887,000)
Finite-lived intangible assets, Impairment	(400,000)	(446,000)
Cloud-Computing Based Software Platforms [Member]
Finite-lived intangible assets	1,307,000	1,456,000
Finite-lived intangible assets, Accumulated amortization	(907,000)	(1,010,000)
Finite-lived intangible assets, Impairment	(400,000)	(446,000)
Intangible assets, net	0	0
Finite-lived intangible assets, Accumulated amortization	907,000	1,010,000
Finite-lived intangible assets, Impairment	400,000	446,000
Licensing Agreements [Member]
Finite-lived intangible assets	1,200	1,205,000
Finite-lived intangible assets, Accumulated amortization	(341)	(255,000)
Intangible assets, net	859	950,000
Finite-lived intangible assets, Accumulated amortization	341	255,000
Internet Ad Tracking System [Member]
Finite-lived intangible assets	1,153,000	1,158,000
Finite-lived intangible assets, Accumulated amortization	(347,000)	(174,000)
Intangible assets, net	806,000	984,000
Finite-lived intangible assets, Accumulated amortization	347,000	174,000
Livestreaming Technology [Member]
Finite-lived intangible assets	1,500,000	1,500,000
Finite-lived intangible assets, Accumulated amortization	(550,000)	(325,000)
Intangible assets, net	950,000	1,175,000
Finite-lived intangible assets, Accumulated amortization	550,000	325,000
Blockchain Integrated Framework Platform [Member]
Finite-lived intangible assets	4,038,000	4,038,000
Finite-lived intangible assets, Accumulated amortization	(1,010,000)	0
Intangible assets, net	3,028,000	4,038,000
Finite-lived intangible assets, Accumulated amortization	1,010,000	0
Bo!News Application [Member]
Finite-lived intangible assets	338,000	376,000
Finite-lived intangible assets, Accumulated amortization	(85,000)	0
Intangible assets, net	253,000	376,000
Finite-lived intangible assets, Accumulated amortization	85,000	0
Other Computer Software [Member]
Finite-lived intangible assets	110,000	123,000
Finite-lived intangible assets, Accumulated amortization	(110,000)	(123,000)
Intangible assets, net	0	0
Finite-lived intangible assets, Accumulated amortization	$ 110,000	$ 123,000

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Balance sheet items, except for equity accounts	7.0998		7.0998		6.3757
Items in the statements of operations and comprehensive loss	6.8287	6.4707	6.6068	6.4714

Note 13 - Accrued Payroll and Other Accruals (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Accrued Liabilities [Table Text Block]

	September 30, 2022		December 31, 2021
	US$(’000)		US$(’000)
	(Unaudited)

Accrued payroll and staff welfare		115		142
Accrued operating expenses		55		247
		170		389

Note 17 - Restricted Net Assets (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries	$ 15.2		$ 13.2
Withholding Tax Rate Pursuant To EIT Law		10.00%
WFOE [Member]
Minimum Percentage Of Annual After-tax Profit For General Reserve	10.00%
Minimum Required Reserve As Percent Of Registered Capital	50.00%
Domestic Enterprise [Member]
Minimum Percentage Of Annual After-tax Profit For General Reserve	10.00%

Note 22 - (Loss) Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net (loss)/income attributable to ZW Data Action Technologies Inc. (numerator for basic and diluted loss per share)	$ (2,840)	$ 1,375	$ (5,271)	$ (1,586)
Weighted average number of common shares outstanding -Basic and diluted (in shares)	35,827,677	35,332,220	35,572,200	32,279,304
(Loss)/earnings per share-Basic and diluted (in dollars per share)	$ (0.08)	$ 0.04	$ (0.15)	$ (0.05)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

Note 21 - Segment Reporting

9 Months Ended

Sep. 30, 2022

Segment Reporting Disclosure [Text Block]

21.

Segment reporting

The Company follows ASC Topic 280 “Segment Reporting”, which requires that companies disclose segment data based on how management makes decisions about allocating resources to segments and evaluating their performance. Reportable operating segments include components of an entity about which separate financial information is available and which operating results are regularly reviewed by the chief operating decision maker (“CODM”), the Company’s Chief Executive Officer, to make decisions about resources to be allocated to the segment and assess each operating segment’s performance.

ZW DATA ACTION TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Nine Months Ended September 30, 2022 (Unaudited)

	Internet Ad and related service			Ecommerce O2O Ad and marketing services			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	)

Total assets-September 30, 2022		13,279			1,101			3,281			39,802			(32,463	)		25,000
Total assets-December 31, 2021		12,150			2,236			4,414			44,328			(30,497	)		32,631

(1)	Including approximately US$0.14 million share-based compensation expenses.

Three Months Ended September 30, 2022 (Unaudited)

	Internet Ad. and related service			Ecommerce O2O Ad and marketing services			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 million share-based compensation expenses.

ZW DATA ACTION TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Nine Months Ended September 30, 2021 (Unaudited)

	Internet Ad and related service			Ecommerce O2O Ad and marketing services			Blockchain technology			Corporate			Inter-segment and reconciling item		Total
	US$ (‘000)			US$ (‘000)			US$ (‘000)			US$ (‘000)			US$ (‘000)		US$ (‘000)

Revenues		34,333			514			-			-			-		34,847
Cost of revenues		34,614			1,125			-			-			-		35,739
Total operating expenses		1,129			1,113			1			8,533	⁽¹⁾		-		10,776
Depreciation and amortization expense included in total operating expenses		223			225			1			1			-		450
Operating loss		(1,410	)		(1,724	)		(1	)		(8,533	)		-		(11,668	)

Change in fair value of warrant liabilities		-			-			-			9,682			-		9,682

Net (loss)/income		(1,230	)		(1,724	)		(2	)		1,371			-		(1,585	)

Expenditure for long-term assets		1,220			-			-			246			-		1,466

(1)	Including approximately US$6.95 million share-based compensation expenses.

Three Months Ended September 30, 2021 (Unaudited)

	Internet Ad. and related service			Ecommerce O2O Ad and marketing services			Blockchain technology		Corporate			Inter-segment and reconciling item		Total
	US$ (‘000)			US$ (‘000)			US$ (‘000)		US$ (‘000)			US$ (‘000)		US$ (‘000)

Revenues		11,773			127			-		-			-		11,900
Cost of revenues		11,482			375			-		-			-		11,857
Total operating expenses		539			455			-		623	⁽¹⁾		-		1,617
Depreciation and amortization expense included in total operating expenses		93			75			-		-			-		168
Operating loss		(248	)		(703	)		-		(623	)		-		(1,574	)

Change in fair value of warrant liabilities		-			-			-		2,853			-		2,853

Net (loss)/income		(264	)		(703	)		-		2,341			-		1,374

Expenditure for long-term assets		-			-			-		85			-		85

(1)	Including approximately US$0.09 million share-based compensation expenses.

ZW DATA ACTION TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Basis of Accounting, Policy [Policy Text Block]

Note 19 - Concentration of Risk (Details Textual)	Sep. 30, 2022
CHINA
Percent of Cash and Cash Equivalents Held by Major Financial Institutions	20.00%
UNITED STATES
Percent of Cash and Cash Equivalents Held by Major Financial Institutions	80.00%

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

a)	Basis of presentation

Consolidation, Policy [Policy Text Block]

b)	Principles of consolidation

Use of Estimates, Policy [Policy Text Block]

c)	Use of 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, 2022		December 31, 2021

Balance sheet items, except for equity accounts		7.0998		6.3757

	*Nine Months Ended September 30,*
	*2022*		*2021*

Items in the statements of operations and comprehensive loss		6.6068		6.4714

	*Three Months Ended September 30,*
	*2022*		*2021*

Items in the statements of operations and comprehensive loss		6.8287		6.4707

No representation is made that the RMB amounts could have been, or could be converted into US$ at the above rates.

Cash and Cash Equivalents, Policy [Policy Text Block]

e)	Cash and cash equivalents

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, 2022 and December 31, 2021 are as follows:

Fair value measurement at reporting date using

As of

September 30, 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)

(Unaudited)

Warrant liabilities (Note 16)

1,280

Fair value measurement at reporting date using

As of

December 31, 2021

Quoted Prices
in Active Markets
for Identical Assets/Liabilities
(Level 1)

Significant
Other
Observable Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

US$(’000)

Warrant liabilities (Note 16)

2,039

Revenue from Contract with Customer [Policy Text Block]

g)	Revenue recognition

The following table present the Company’s revenues disaggregated by products and services:

	Nine Months Ended September 30,				Three Months Ended September 30,
	2022		2021		2022		2021
	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		18,605		28,613		6,236		9,648
--online advertising placements		3,208		5,720		980		2,125
Ecommerce O2O advertising and marketing services		-		514		-		127
Total revenues	$	21,813	$	34,847	$	7,216	$	11,900

ZW DATA ACTION TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Contract costs

Contract liabilities

The table below summarized the movement of the Company’s contract liabilities for the nine months ended September 30, 2022:

	Contract liabilities
	US$(’000)

Balance as of January 1, 2022		1,245
Exchange translation adjustment		(127	)
Revenue recognized from beginning contract liability balances		(1,039	)
Advances received from customers related to unsatisfied performance obligations		872
Balance as of September 30, 2022(Unaudited)	$	951

For the nine and three months ended September 30, 2022 and 2021, there is no revenue recognized from performance obligations that were satisfied in prior periods.

Research and Development Expense, Policy [Policy Text Block]

h)	Research and development expenses

Lessee, Leases [Policy Text Block]

Lease

As of September 30, 2022, operating lease right-of-use assets and total operating lease liabilities recognized was approximately US$1.84 million and US$1.95 million, respectively.

Note 16 - Warrant Liabilities - Warrant Liabilities (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Jun. 30, 2022

Dec. 31, 2021

Jul. 02, 2021

Jun. 30, 2021

Feb. 18, 2021

Dec. 31, 2020

$ 1,280

$ 3,686

$ 1,280

$ 3,686

$ 257

$ 2,039

$ 58

$ 6,597

$ 11,921

$ 1,505

Investor Warrants Issued in Connection with 2021 Financing [Member]

1,023

(2,853)

(759)

(9,682)

782

1,824

782

1,824

167

964

3,257

^[1]

10,476

Placement Agent Warrants Issued in Connection with 2021 Financing [Member]

615

(1,433)

(182)

(8,652)

106

237

^[1]

106

237

^[1]

132

431

^[1]

$ 1,445

^[1]

Investor Warrants Issued in Connection with 2020 Financing [Member]

(194)

(26)

(1,208)

328

1,383

328

1,383

795

2,420

1,279

Placement Agent Warrants Issued in Connection with 2020 Financing [Member]

271

(1,037)

(467)

104

242

$ 11

$ 148

423

224

Placement Agent Warrants Issued in Connection with 2018 Financing [Member]

$ 53

(181)

$ (84)

$ 58

$ 66

^[2]

$ 2

^[2]

$ (8)

$ 56

[1]	Closing date of the 2021 Financing.
[2]	The investor warrants issued in the 2018 Financing expired in July 2020. The placement agent warrants issued in the 2018 Financing were cashless exercised in July 2021.

Note 19 - Concentration of Risk (Tables)

9 Months Ended

Sep. 30, 2022

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

Customer

Nine Months Ended September 30, 2022

Revenues, customer concentration risk

Three Months Ended September 30, 2022

Revenues, customer concentration risk

10%

Nine Months Ended September 30, 2021

Revenues, customer concentration risk

11%

Three Months Ended September 30, 2021

Revenues, customer concentration risk

19%

As of September 30, 2022

Accounts receivable, customer concentration risk

35%

31%

17%

12%

As of December 31, 2021

Accounts receivable, customer concentration risk

33%

32%

11%

19%

	Supplier A	Supplier B	Supplier C

Nine Months Ended September 30, 2022
Cost of revenues, supplier concentration risk	53%	27%	*

Three Months Ended September 30, 2022
Cost of revenues, supplier concentration risk	63%	13%	14%

Nine Months Ended September 30, 2021
Cost of revenues, supplier concentration risk	*	77%	-

Three Months Ended September 30, 2021
Cost of revenues, supplier concentration risk	*	85%	-

Note 2 - Variable Interest Entities - Consolidated VIEs' Assets and Liabilities (Details) - USD ($)
$ in Thousands

Sep. 30, 2022

Dec. 31, 2021

Cash and Cash Equivalents, at Carrying Value, Total

$ 2,154

$ 7,173

Accounts receivable, net

2,999

3,439

Prepayment and deposit to suppliers

7,593

7,559

Due from related parties

Other current assets, net

1,623

1,657

Total current assets

14,384

19,918

Long-term investments

2,149

2,280

Operating Lease, Right-of-Use Asset

1,838

2,019

Property and equipment, net

267

375

Deferred tax assets, net

398

441

Total Assets

25,000

32,631

Accounts payable

^[1]

276

1,119

Advance from customers

^[1]

951

1,245

Operating lease liabilities

^[1]

170

389

Taxes payable

^[1]

3,199

3,534

^[1]

389

202

Lease payment liability related to short-term leases

^[1]

152

Other current liabilities

^[1]

197

141

Total current liabilities

6,561

8,821

Variable Interest Entity, Primary Beneficiary [Member]

^[1]

1,557

1,907

Total Liabilities

8,241

10,856

Cash and Cash Equivalents, at Carrying Value, Total

203

181

Accounts receivable, net

2,999

2,796

Prepayment and deposit to suppliers

3,382

5,287

Due from related parties

Other current assets, net

Total current assets

6,602

8,358

Long-term investments

445

496

Operating Lease, Right-of-Use Asset

199

Property and equipment, net

121

168

Deferred tax assets, net

398

441

Total Assets

7,765

9,484

Accounts payable

276

1,119

Advance from customers

858

1,113

Operating lease liabilities

Taxes payable

2,562

2,849

198

Lease payment liability related to short-term leases

110

Other current liabilities

109

Total current liabilities

4,163

5,336

Total Liabilities

$ 4,163

$ 5,346

[1]	Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets (Note 2).

Note 16 - Warrant Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Warrant Liabilities [Table Text Block]

	As of September 30, 2022		As of June 30, 2022		As of December 31, 2021		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

											Change in Fair Value (gain)/loss
	As of September 30, 2021		As of July 2, 2021		As of June 30, 2021		As of February 18, 2021		As of December 31, 2020		Nine Months Ended September 30, 2021			Three Months Ended September 30, 2021
	(US$’000)		(US$’000)		(US$’000)		(US$’000)		(US$’000)		(US$’000)			(US$’000)

Warrants issued in the 2021 Financing:
--Investor Warrants		1,824		*		3,257		10,476		*		(8,652	)		(1,433	)
--Placement Agent Warrants		237		*		431		1,445		*		(1,208	)		(194	)
Warrants issued in the 2020 Financing:
--Investor Warrants		1,383		*		2,420		*		1,279		104			(1,037	)
--Placement Agent Warrants		242		*		423		*		224		18			(181	)
Warrants issued in the 2018 Financing:
--Placement Agent Warrants		-		58		66		*		2		56			(8	)
		3,686		58		6,597		11,921		1,505		(9,682	)		(2,853	)

Schedule of Warrant Activity [Table Text Block]

	Warrant Outstanding						Warrant Exercisable
	Number of underlying shares		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number of underlying shares		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price

Balance, January 1, 2022		5,001,705		2.36	$	3.02		5,001,705		2.36	$	3.02
Granted/Vested		-						-
Exercised		-						-
Balance, September 30, 2022 (Unaudited)		5,001,705		1.61	$	3.02		5,001,705		1.61	$	3.02

Warrant [Member]

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	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

	2021 Investors Warrants									2021 Placement Agent Warrants
	September 30, 2021			June 30, 2021			February 18, 2021*			September 30, 2021			June 30, 2021			February 18, 2021*

Stock price	$	1.26		$	2.00		$	4.48		$	1.26		$	2.00		$	4.48
Years to maturity		2.88			3.14			3.50			2.88			3.14			3.50
Risk-free interest rate		0.50	%		0.48	%		0.26	%		0.50	%		0.48	%		0.26	%
Dividend yield		-			-			-			-			-			-
Expected volatility		115	%		114	%		168	%		115	%		114	%		168	%
Exercise Price	$	3.59		$	3.59		$	3.59		$	4.4875		$	4.4875		$	4.4875

Fair value of the warrant	$	0.70		$	1.25		$	4.02		$	0.65		$	1.18		$	3.96

Warrant Liabilities (US$’000)	$	1,824		$	3,257		$	10,476		$	237		$	431		$	1,445

	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

	2020 Investors Warrants									2020 Placement Agent Warrants
	September 30, 2021			June 30, 2021			December 31, 2020			September 30, 2021			June 30, 2021			December 31, 2020

Stock price	$	1.26		$	2.00		$	1.35		$	1.26		$	2.00		$	1.35
Years to maturity		2.20			2.45			2.95			2.20			2.45			2.95
Risk-free interest rate		0.34	%		0.34	%		0.17	%		0.34	%		0.34	%		0.17	%
Dividend yield		-			-			-			-			-			-
Expected volatility		122	%		120	%		102	%		122	%		120	%		102	%
Exercise Price	$	2.03		$	2.03		$	2.03		$	2.03		$	2.03		$	2.03

Fair value of the warrant	$	0.80		$	1.40		$	0.74		$	0.80		$	1.40		$	0.74

Warrant Liabilities (US$’000)	$	1,383		$	2,420		$	1,279		$	242		$	423		$	224

	2018 Placement Agent Warrants
	July 2, 2021*			June 30, 2021			December 31, 2020

Stock price	$	1.94		$	2.00		$	1.35
Years to maturity		0.04			0.05			0.05
Risk-free interest rate		0.05	%		0.04	%		0.08	%
Dividend yield		-			-			-
Expected volatility		75	%		74	%		59	%
Exercise Price	$	1.4927		$	1.4927		$	1.4927

Fair value of the warrant	$	0.45		$	0.51		$	0.02

Warrant liabilities (US$’000)	$	58		$	66		$	2

Note 5 - Accounts Receivable, Net

9 Months Ended

Sep. 30, 2022

Accounts Receivable Disclosure [Text Block]

5.	Accounts receivable, net

	September 30, 2021			December 31, 2021
	US$(’000)			US$(’000)
	(Unaudited)

Accounts receivable		5,336			5,675
Allowance for doubtful accounts		(2,337	)		(2,236	)
Accounts receivable, net		2,999			3,439

All of the accounts receivable are non-interest bearing. Based on the assessment of the collectability of the accounts receivable as of September 30, 2022 and December 31, 2021, the Company provided approximately US$2.34 million and US$2.24 million allowance for doubtful accounts, respectively, which were primarily related to the accounts receivable of the Company’s Internet advertising and related services segment with an aging over six months. The Company evaluates its accounts receivable with an aging over six months and determines the allowance based on aging data, historical collection experience, customer specific facts and economic conditions. For the nine and three months ended September 30, 2022, the Company provided approximately US$0.33 million and US$nil allowance for doubtful, respectively. For the nine and three months ended September 30, 2021, no allowance for doubtful accounts was provided.

ZW DATA ACTION TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 4 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues	$ 7,216	$ 11,900	$ 21,813	$ 34,847
Search Engine Marketing and Data Service [Member]
Revenues	6,236	9,648	18,605	28,613
Online Advertising Placement [Member]
Revenues	980	2,125	3,208	5,720
Offline Advertising and Marketing Services [Member]
Revenues	$ 0	$ 127	$ 0	$ 514

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Note 6 - Prepayments and Deposit to Suppliers - Prepayments and Deposit to Suppliers (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Prepayment and deposit to suppliers	$ 7,593	$ 7,559
Deposits to TV Ad and Internet Ad Resources Providers [Member]
Prepayment and deposit to suppliers	1,066	934
Prepayment to TV Ad and Internet Ad Resources Providers [Member]
Prepayment and deposit to suppliers	5,019	5,185
Deposits and Prepayments for Other Investing Contracts [Member]
Prepayment and deposit to suppliers	1,000	1,000
Other Deposits and Prepayments [Member]
Prepayment and deposit to suppliers	$ 508	$ 440

Note 4 - Summary of Significant Accounting Policies - Contract liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Balance	$ 1,245
Exchange translation adjustment	(127)
Revenue recognized from beginning contract liability balances	(1,039)
Advances received from customers related to unsatisfied performance obligations	872
Balance	$ 951

Note 23 - Share-based Compensation Expenses - Share-based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation expenses	$ 51	$ 88	$ 135	$ 6,945
Selling and Marketing Expense [Member]
Share-based Compensation expenses	0	0		0
General and Administrative Expense [Member]
Share-based Compensation expenses	51	88	$ 135	6,945
Research and Development Expense [Member]
Share-based Compensation expenses	$ 0	$ 0		$ 0

Note 24 - Subsequent Events

9 Months Ended

Sep. 30, 2022

Subsequent Events [Text Block]

24.

Subsequent events

The Company primarily conducts its operations through its PRC operating subsidiaries and VIEs in the PRC. In January 2020, an outbreak of a novel coronavirus (COVID-19) spread all over the country during the first fiscal quarter of 2020. The spread of COVID-19 resulted in the World Health Organization declaring the outbreak of COVID-19 as a global pandemic. The Company’s principal business activity is to provide advertising and marketing services to small and medium enterprises in the PRC, which is particularly sensitive to changes in general economic conditions. The pandemic of COVID-19 in the PRC had caused and may continue to cause decreases in or delays in advertising spending, and had negatively impacted and may continue to negatively impact the Company’s short-term ability to grow revenues. Although the Chinese government had declared the COVID-19 outbreak largely under control within its border since the second fiscal quarter of 2020, there has been COVID-19 cases rebound in many provinces in China, and uncertainties associated with the future developments of the pandemic still exist. The Company will continue to assess its financial impacts for the future periods. There can be no assurance that this assessment will enable the Company to avoid part or all of any impact from the spread of COVID-19 or its consequences, including downturns in business sentiment generally or in the Company’s sector in particular.

Except for the above mentioned matters, no other material events which are required to be adjusted or disclosed as of the date of this consolidated financial statements.

Note 8 - Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Other Current Assets [Table Text Block]

	September 30, 2022			December 31, 2021
	US$(’000)			US$(’000)
	(Unaudited)

Short-term loans to unrelated parties		2,197			1,646
Short-term loans interest receivables		33			-
Staff advances for business operations		10			11
Total other current assets		2,240			1,657
Allowance for doubtful accounts		(617	)		-
Other current assets, net		1,623			1,657

Note 6 - Prepayments and Deposit to Suppliers

9 Months Ended

Sep. 30, 2022

Prepayments and Deposits to Suppliers Disclosure [Text Block]

6.	Prepayments and deposit to suppliers

	September 30, 2022		December 31, 2021
	US$(’000)		US$(’000)
	(Unaudited)

Deposits to advertising resources providers		1,066		934
Prepayments to advertising resources providers		5,019		5,185
Deposit and prepayment for other investing contracts		1,000		1,000
Other deposits and prepayments		508		440
		7,593		7,559

As of September 30, 2022, deposit and prepayment for other investing contracts represented a US$1.0 million refundable deposit paid for a potential acquisition transaction, which will be refunded if no definitive agreement is reached among the parties before the expected closing date, i.e., December 31, 2022. As of the date hereof, the Company is in the process of the due diligence process of the target company.

Note 9 - Long-term Investments - Summary of Long-term Investments (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Balance	$ 2,280
Cash investments during the year	0
Disposed during the year	0
Balance	$ 2,149

Note 4 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Contract with Customer, Performance Obligation Satisfied in Previous Period	$ 0	$ 0	$ 0	$ 0
Research and Development Expense, Total	57	$ 88	181	$ 251
Operating Lease, Right-of-Use Asset	1,838		1,838		$ 2,019
Operating Lease, Liability, Total	1,946		1,946
Other Current Assets [Member]
Operating Lease, Right-of-Use Asset	1,840		1,840
Operating Lease, Liability, Total	$ 1,950		$ 1,950

Note 2 - Variable Interest Entities - Consolidated VIEs' Financial Performance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues	$ 7,216	$ 11,900			$ 21,813	$ 34,847
Cost of revenues	(7,267)	(11,857)			(21,811)	(35,739)
Total operating expenses	1,780	1,617			6,097	10,776
Net income/(loss) for the period	(2,840)	1,374	$ (2,431)	$ (2,959)	(5,271)	(1,585)
Variable Interest Entity, Primary Beneficiary [Member]
Revenues	6,967	10,314			20,829	30,932
Cost of revenues	(7,267)	(11,482)			(21,811)	(34,614)
Total operating expenses	(691)	(472)			(1,539)	(1,184)
Net income/(loss) for the period	$ (998)	$ (1,655)			$ (2,551)	$ (5,062)

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member] Share-Based Payment Arrangement, Employee [Member]	Common Stock [Member]	Additional Paid-in Capital [Member] Share-Based Payment Arrangement, Employee [Member]	Additional Paid-in Capital [Member]	Statutory Reserves [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]	Share-Based Payment Arrangement, Employee [Member]	Total
Balance (in shares) at Dec. 31, 2020		26,062,915
Balance at Dec. 31, 2020		$ 26		$ 49,772	$ 2,598	$ (40,980)	$ 1,129	$ (66)		$ 12,479
Share-based compensation in exchange for services from employees and directors (in shares)	4,015,735
Share-based compensation in exchange for services from employees and directors	$ 4		$ 6,699						$ 6,703
Net income (loss) for the period		$ 0		0	0	(2,961)	0	2		(2,959)
Foreign currency translation adjustment							(22)	(1)		(23)
Issuance of common stock for private placement, net (in shares)		5,212,000
Issuance of common stock for private placement, net		$ 5		5,185						5,190
Net income/(loss) for the period		$ 0		0	0	(2,961)	0	2		(2,959)
Balance (in shares) at Jun. 30, 2021		35,290,650
Balance at Jun. 30, 2021		$ 35		61,656	2,598	(43,941)	1,107	(65)		21,390
Balance (in shares) at Dec. 31, 2020		26,062,915
Balance at Dec. 31, 2020		$ 26		49,772	2,598	(40,980)	1,129	(66)		12,479
Net income (loss) for the period										(1,585)
Foreign currency translation adjustment										(25)
Net income/(loss) for the period										(1,585)
Balance (in shares) at Sep. 30, 2021		35,332,677
Balance at Sep. 30, 2021		$ 35		61,761	2,598	(42,566)	1,104	(65)		22,867
Balance (in shares) at Jun. 30, 2021		35,290,650
Balance at Jun. 30, 2021		$ 35		61,656	2,598	(43,941)	1,107	(65)		21,390
Share-based compensation in exchange for services from employees and directors		0		23	0	0	0	0		23
Net income (loss) for the period		0		0	0	1,375	0	(1)		1,374
Foreign currency translation adjustment		$ 0		0	0	0	(3)	1		(2)
Cashless exercise of warrants (in shares)		42,027
Cashless exercise of warrants		$ 0		82	0	0	0	0		82
Net income/(loss) for the period		$ 0		0	0	1,375	0	(1)		1,374
Balance (in shares) at Sep. 30, 2021		35,332,677
Balance at Sep. 30, 2021		$ 35		61,761	2,598	(42,566)	1,104	$ (65)		22,867
Balance (in shares) at Dec. 31, 2021		35,332,677
Balance at Dec. 31, 2021		$ 35		61,785	2,598	(43,734)	1,082			21,766
Share-based compensation in exchange for services from nonemployees (in shares)		400,000
Share-based compensation in exchange for services from nonemployees		$ 1		139	0	0	0			140
Share-based compensation in exchange for services from employees and directors (in shares)	95,000
Share-based compensation in exchange for services from employees and directors	$ 0		$ 32						$ 32
Net income (loss) for the period		0		0	0	(2,431)	0			(2,431)
Foreign currency translation adjustment							(17)			(17)
Net income/(loss) for the period		$ 0		0	0	(2,431)	0			(2,431)
Balance (in shares) at Jun. 30, 2022		35,827,677
Balance at Jun. 30, 2022		$ 36		61,956	2,598	(46,165)	1,065			19,490
Balance (in shares) at Dec. 31, 2021		35,332,677
Balance at Dec. 31, 2021		$ 35		61,785	2,598	(43,734)	1,082			21,766
Net income (loss) for the period										(5,271)
Foreign currency translation adjustment										76
Net income/(loss) for the period										(5,271)
Balance (in shares) at Sep. 30, 2022		35,827,677
Balance at Sep. 30, 2022		$ 36		61,972	2,598	(49,005)	1,158			16,759
Balance (in shares) at Jun. 30, 2022		35,827,677
Balance at Jun. 30, 2022		$ 36		61,956	2,598	(46,165)	1,065			19,490
Share-based compensation in exchange for services from employees and directors		0		16	0	0	0			16
Net income (loss) for the period		0		0	0	(2,840)	0			(2,840)
Foreign currency translation adjustment		0		0	0	0	93			93
Net income/(loss) for the period		$ 0		0	0	(2,840)	0			(2,840)
Balance (in shares) at Sep. 30, 2022		35,827,677
Balance at Sep. 30, 2022		$ 36		$ 61,972	$ 2,598	$ (49,005)	$ 1,158			$ 16,759

Note 13 - Accrued Payroll and Other Accruals - Accrued Payroll and Other Accruals (Details) - USD ($)
$ in Thousands

Sep. 30, 2022

Dec. 31, 2021

Accrued Payroll and Staff Welfare [Member]

^[1]

$ 170

$ 389

Accrued Operating Expenses [Member]

115

142

$ 55

$ 247

[1]	Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets (Note 2).

Note 13 - Accrued Payroll and Other Accruals

9 Months Ended

Sep. 30, 2022

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

13.

Accrued payroll and other accruals

	September 30, 2022		December 31, 2021
	US$(’000)		US$(’000)
	(Unaudited)

Accrued payroll and staff welfare		115		142
Accrued operating expenses		55		247
		170		389

ZW DATA ACTION TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 2 - Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Variable Interest Entities [Table Text Block]

	September 30, 2022		December 31, 2021
	US$(’000)		US$(’000)
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	203	$	181
Accounts receivable, net		2,999		2,796
Prepayment and deposit to suppliers		3,382		5,287
Due from related parties		15		90
Other current assets, net		3		4
Total current assets		6,602		8,358

Long-term investments		445		496
Operating lease right-of-use assets		199		21
Property and equipment, net		121		168
Deferred tax assets, net		398		441
Total Assets	$	7,765	$	9,484

Liabilities
Current liabilities:
Accounts payable	$	276	$	1,119
Advance from customers		858		1,113
Accrued payroll and other accruals		61		83
Taxes payable		2,562		2,849
Operating lease liabilities		198		9
Lease payment liability related to short-term leases		99		110
Other current liabilities		109		53
Total current liabilities		4,163		5,336

Operating lease liabilities-Non current		-		10
Total Liabilities	$	4,163	$	5,346

Financial Performance of VIEs [Table Text Block]

	Nine Months Ended September 30,						Three Months Ended September 30,
	2022			2021			2022			2021
	US$(’000)			US$(’000)			US$(’000)			US$(’000)
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)

Revenues	$	20,829		$	30,932		$	6,967		$	10,314
Cost of revenues		(21,811	)		(34,614	)		(7,267	)		(11,482	)
Total operating expenses		(1,539	)		(1,184	)		(691	)		(472	)
Net loss before allocation to noncontrolling interests		(2,551	)		(5,062	)		(998	)		(1,655	)

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Note 7 - Due From Related Parties - Due From Related Parties (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Due from related parties	$ 15	$ 90
Zhong Wang Xi Yue Technology (Beijing) Co. Ltd [Member]
Due from related parties, gross	1	62
Guangzhou Gong Xiang Technology Co. [Member]
Due from related parties, gross	$ 14	$ 28

The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=124098289&loc=d3e6676-107765

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section S99
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
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-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 210
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Note 3 - Liquidity and Capital Resources

9 Months Ended

Sep. 30, 2022

Liquidity and Management’s Plan, Policy [Policy Text Block]

3.	Liquidity and Capital Resources

For the nine months ended September 30, 2022, the Company incurred a loss from operations of US$6.10 million and a net operating cash outflow of US$4.41 million. As of September 30, 2022, the Company had cash and cash equivalents of US$2.15 million and working capital of US$7.82 million.

The Company’s cash and cash equivalents balance was relatively low as of September 30, 2022 because that the Company is normally required to pay more advance payments to its major suppliers, i.e., the key search engines as a buffer before the National Holiday Golden Week of the PRC (the first week of October), to ensure adequate balances in its accounts for the consumption during the holiday. After the holiday, along with the subsequent collection of accounts receivable for services provided and additional advance payments from the customers, the Company’s cash and cash equivalents balance as of October 31, 2022 increased by approximately 13%, compared with that as of September 30, 2022.

The Company experienced temporary decreases in revenue and gross profit, and did not generate positive cash flow from its existing core business, i.e., Internet advertising and related data service business for the nine months ended September 30, 2022. This was primarily attributable to the repeated severe COVID-19 cases rebound in many provinces in China during the first nine months of fiscal 2022, which resulted in regional large-scale quarantine and business shutdown, and further resulted in pandemic fears and in return severely affected the SMEs owners’ confidence to further expand their businesses. Thus, the Company has been relying on proceeds generated from financing activities for its liquidity in fiscal 2022.

In order to improve operation performance, the Company started to introduce its new Software-as-a-Service (“SaaS”) services to customers in 2022. The Company’s SaaS services are provided based on technologies of its self-developed Blockchain Integrated Framework (“BIF”) platform. The Company entered into several framework contracts and memorandums with clients, pursuant to which the Company would provide SaaS subscription services via the platform on a monthly, quarterly or annual basis in early 2022. The subscriptions would enable the Company’s clients to utilize the BIF platform as an enterprise management software to record, share and storage operating data on-chain, and/or to generate unique designed Non-fungible Token (“NFTs”) for their IPs and certificates. However, due to unexpected long time quarantine and business shutdown measures for COVID-19 epidemic control incurred in the first nine months of 2022, especially in the second fiscal quarter of 2022, some of these agreements were cancelled or delayed by customers. Although revenues from the new SaaS services business and its profitability have not met the Company’s expectations, it is expected to bring the Company positive cash flow, as these services are provided based on technologies of the Company’s self-developed software platform, which does not need any further material cash outflow to other third-party service providers.

In addition, to further improve its liquidity, the Company plans to negotiate with its major suppliers for more favorable payment terms, reduce its operating costs through optimizing the personnel structure among different offices, and reduce its office leasing spaces, if needed. The Company also intends to obtain revolving credit facilities to supplement its short-term working capital, as needed, from the commercial banks in the PRC. The Company has not experienced any difficulties in obtaining such credit facility before.

Based on the above discussion, the Company believes that its current cash and cash equivalents, its anticipated new cash flows from operations and financing activities, and other liquidity improving measures will ensure the Company has sufficient cash to meet its obligations as they become due with the next 12 months from the date hereof.

ZW DATA ACTION TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 17 - Restricted Net Assets

9 Months Ended

Sep. 30, 2022

Restricted Assets Disclosure [Text Block]

17.

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 depend on receiving distributions from its PRC subsidiaries and settlement of the amounts owed under the VIE agreements from the consolidated VIEs. Any limitation on the ability of the Company’s PRC subsidiaries and the consolidated VIEs to make payments to the Company, or the tax implications of making payments to the Company, could have a material adverse effect on its ability to pay dividends to the U.S. investors.

ZW DATA ACTION TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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, 2022 and December 31, 2021, net assets restricted in the aggregate, which include paid-in capital and statutory reserve funds of the Company’s PRC subsidiaries, the consolidated VIEs and their subsidiaries that are included in the Company’s consolidated net assets, were approximately US$15.2 million and US$13.2 million, respectively. Appropriations to the enterprise expansion fund and staff welfare and bonus fund of a foreign-invested PRC entity and appropriation to the discretionary surplus reserve of other PRC entities are at the discretion of the board of directors. To date, none of the Company’s PRC subsidiaries, the consolidated VIEs and their subsidiaries appropriated any of these non-mandatory funds and reserves. Furthermore, if these entities incur debt on their own in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments.

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 China that provides for a 5% withholding tax on dividends subject to certain conditions and requirements, such as the requirements that the Hong Kong enterprise owns at least 25% of the PRC enterprise distributing the dividend at all times within the 12-month period immediately preceding the distribution of dividends and provides that the recipient can demonstrate it is a Hong Kong tax resident and it is the beneficial owner of the dividends. The PRC government adopted regulations in 2018 which stipulate that in determining whether a non-resident enterprise has the status as a beneficial owner, comprehensive analysis shall be conducted based on the factors listed therein and the actual circumstances of the specific case shall be taken into consideration. Specifically, it expressly excludes an agent or a designated payee from being considered as a “beneficial owner”. The Company owns its PRC subsidiaries through CNET Online Technology Co. Limited (“China Net HK”). China Net HK currently does not hold a Hong Kong tax resident certificate from the Inland Revenue Department of Hong Kong, there is no assurance that the reduced withholding tax rate will be available for the Company. If China Net HK is not considered to be the “beneficial owner” of the dividends by the Chinese local tax authority, any dividends paid to it by the Company’s PRC subsidiaries would be subject to a withholding tax rate of 10%.

There are no restrictions for the consolidated VIEs to settle the amounts owed under the VIE agreements to Rise King WFOE. However, arrangements and transactions among affiliated entities may be subject to audit or challenge by the PRC tax authorities. If at any time the VIE agreements and the related fee structure between the consolidated VIEs and Rise King WFOE is determined to be non-substantive and disallowed by Chinese tax authorities, the consolidated VIEs could, as a matter of last resort, make a non-deductible transfer to Rise King WFOE for the amounts owed under the VIE agreements. This would result in such transfer being non-deductible expenses for the consolidated VIEs but still taxable income for Rise King WFOE. If this happens, it may increase the Company’s tax burden and reduce its after-tax income in the PRC, and may materially and adversely affect its ability to make distributions to the holding company. The Company’s management is of the view that the likelihood that this scenario would happen is remote.

The Company’s PRC subsidiaries generate all of their revenue in Renminbi, Renminbi is not freely convertible into other currencies. As a result, any restriction on currency exchange may limit the ability of the Company’s PRC subsidiaries to pay dividends/make distributions to the Company. The Chinese government imposes controls on the convertibility of Renminbi into foreign currencies and, in certain cases, the remittance of currency out of China. Shortages in availability of foreign currency may then restrict the ability of the Company’s PRC subsidiaries to remit sufficient foreign currency to the Nevada holding company for the holding company to pay dividends to the U.S. investors. Renminbi is currently convertible under the “current account,” which includes dividends, trade and service-related foreign exchange transactions, but not under the “capital account,” which includes foreign direct investment and foreign debt. Currently, the Company’s PRC subsidiaries may purchase foreign currency for settlement of current account transactions, including payment of dividends to the Nevada holding company, without the approval of the State Administration of Foreign Exchange of China (the “SAFE”) by complying with certain procedural requirements. However, the relevant Chinese governmental authorities may limit or eliminate the Company’s ability to purchase foreign currencies in the future for current account transactions. The Chinese government may continue to strengthen its capital controls, and additional restrictions and substantial vetting processes may be instituted by the SAFE for cross-border transactions falling under both the current account and the capital account. Any existing and future restrictions on currency exchange may limit the Company’s ability to utilize revenue generated in Renminbi to pay dividends in foreign currencies to holders of the Company’s securities. Foreign exchange transactions under the capital account remain subject to limitations and require approvals from, or registration with, the SAFE and other relevant Chinese governmental authorities. This could affect the Company’s ability to obtain foreign currency through debt or equity financing for its PRC subsidiaries.

ZW DATA ACTION TECHNOLOGIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

To date, none of the Company’s subsidiaries has made any distribution of earnings or issued any dividends to their respective shareholder in or outside of China, or to the Nevada holding company, and the Nevada holding company has never declared or paid any cash dividends to U.S. investors.

The Company does not have any present plan to make any distribution of earnings/issue any dividends directly or indirectly to its Nevada holding company or pay any cash dividends on its common stock in the foreseeable future because the Company currently intend to retain most, if not all, of its available funds and any future earnings to operate and expand the Company’s business.

Note 20 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Text Block]

20.

Commitments and contingencies

The Company is currently not a party to any legal or administrative proceedings and are not aware of any pending or threatened legal or administrative proceedings against us in all material aspects. The Company may from time to time become a party to various legal or administrative proceedings arising in its ordinary course of business.

Note 18 - Employee Defined Contribution Plan (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022
Defined Contribution Plan, Cost	$ 50	$ 70	$ 170

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands

Sep. 30, 2022

Dec. 31, 2021

Current assets

Cash and cash equivalents

$ 2,154

$ 7,173

Accounts receivable, net of allowance for doubtful accounts of $2,337 and $2,236, respectively

2,999

3,439

Prepayment and deposit to suppliers

7,593

7,559

Due from related parties

Other current assets, net

1,623

1,657

Total current assets

14,384

19,918

Long-term investments

2,149

2,280

Operating lease right-of-use assets

1,838

2,019

Property and equipment, net

267

375

Intangible assets, net

5,896

7,523

Long-term deposits and prepayments

Deferred tax assets, net

398

441

Total Assets

25,000

32,631

Current liabilities:

Accounts payable

^[1]

276

1,119

Advance from customers

^[1]

951

1,245

Operating lease liabilities

^[1]

170

389

Taxes payable

^[1]

3,199

3,534

^[1]

389

202

Lease payment liability related to short-term leases

^[1]

152

Other current liabilities

^[1]

197

141

Warrant liabilities

1,280

2,039

Total current liabilities

6,561

8,821

Long-term liabilities: