0001171843-24-004216 | 10-Q | XBRL Viewer | ZW Data Action Technologies INC

Income Tax Disclosure [Text Block]

12.

Taxation

As of March 31, 2024 and December 31, 2023, taxes payable consists of:

	March 31, 2024		December 31, 2023
	US$(’000)		US$(’000)
	(Unaudited)

Turnover tax and surcharge payable		1,261		1,264
Enterprise income tax payable		1,928		1,930
Total taxes payable		3,189		3,194

For the three months ended March 31, 2024 and 2023, the Company’s income tax benefit/(expenses) consisted of:

	Three Months Ended March 31,
	2024		2023
	US$(’000)		US$(’000)
	(Unaudited)		(Unaudited)

Current		-		-
Deferred		3		1
Income tax benefit		3		1

The Company’s deferred tax assets as of March 31, 2024 and December 31, 2023 were as follows:

	March 31, 2024			December 31, 2023
	US$(’000)			US$(’000)
	(Unaudited)

Tax effect of net operating losses carried forward		10,884			10,745
Operating lease cost		-			1
Impairment on long-term investments		161			161
Impairment on intangible assets		571			571
Bad debts provision		1,298			1,226
Valuation allowance		(12,510	)		(12,303	)
Deferred tax assets, net		404			401

The U.S. holding company has incurred aggregate net operating losses (“NOLs”) of approximately US$32.8 million and US$32.7 million as of March 31, 2024 and December 31, 2023, 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, 2017. 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$11 million and US$10.6 million as of March 31, 2024 and December 31, 2023, respectively. The losses carryforwards gradually expire over time, the last of which will expire in 2028. 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$12.5 million and US$12.3 million valuation allowance as of March 31, 2024 and December 31, 2023, 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.

For the three months ended March 31, 2024 and 2023, the Company recorded approximately US$0.19 million and US$0.30 million deferred tax valuation allowance, respectively.

The entire disclosure for income tax.

Reference 1: 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 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 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Note 5 - Accounts Receivable, Net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts receivable	$ 5,010	$ 4,831
Allowance for credit loss	(4,261)	(3,987)
Accounts receivable, net	$ 749	$ 844

Note 14 - The Financing and Warrant Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Warrant Liabilities [Table Text Block]

As of

March 31, 2024

As of

December 31, 2023

Change in Fair Value

(Gain)/Loss

(US$’000)

Fair value of the Warrants:

Warrants issued in the 2021 Financing：

--Investor Warrants

--Placement Agent Warrants

Warrants issued in the 2020 Financing*:

--Investor Warrants

--Placement Agent Warrants

Warrant liabilities

	As of March 31, 2023		As of December 31, 2022		Change in Fair Value (Gain)/Loss
	(US$’000)		(US$’000)		(US$’000)
Fair value of the Warrants:

Warrants issued in the 2021 Financing：
--Investor Warrants		49		86		(37	)
--Placement Agent Warrants		5		9		(4	)
Warrants issued in the 2020 Financing*:
--Investor Warrants		25		76		(51	)
--Placement Agent Warrants		5		14		(9	)
Warrant liabilities		84		185		(101	)

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, 2024		594,168		0.63	$	18.50		594,168		0.63	$	18.50
Granted/Vested		-						-
Exercised		-						-
Balance, March 31, 2024 (Unaudited)		594,168		0.38	$	18.50		594,168		0.38	$	18.50

Warrant [Member]

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

	2021 Investor Warrants						2021 Placement Agent Warrants
	March 31, 2024			December 31, 2023			March 31, 2024			December 31, 2023

Stock price	$	1.02		$	0.83		$	1.02		$	0.83
Years to maturity		0.4			0.6			0.4			0.6
Risk-free interest rate		5.39	%		5.13	%		5.39	%		5.13	%
Dividend yield		-			-			-			-
Expected volatility		111	%		82	%		111	%		82	%
Exercise Price	$	17.95		$	17.95		$	22.4375		$	22.4375

Fair value of the warrant	$	-		$	-		$	-		$	-

Warrant liabilities (US$’000)	$	-		$	-		$	-		$	-

	2021 Investor Warrants						2021 Placement Agent Warrants
	March 31, 2023			December 31, 2022			March 31, 2023			December 31, 2022

Stock price	$	1.70		$	0.46#		$	1.70		$	0.46#
Years to maturity		1.38			1.63			1.38			1.63
Risk-free interest rate		4.44	%		4.625	%		4.44	%		4.625	%
Dividend yield		-			-			-			-
Expected volatility		113	%		99.74	%		113	%		99.74	%
Exercise Price	$	17.95		$	3.59#		$	22.4375		$	4.4875#

Fair value of the warrant	$	0.0937		$	0.0329		$	0.0727		$	0.0256

Warrant liabilities (US$’000)	$	49		$	86		$	5		$	9

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets, Current [Abstract]
Cash and cash equivalents	$ 467	$ 817
Accounts receivable, net of allowance for credit loss of $4,261 and $3,978, respectively	749	844
Prepayment and deposit to suppliers	5,210	4,505
Other current assets, net	2,869	2,794
Total current assets	9,295	8,960
Long-term investments	794	794
Operating lease right-of-use assets	0	22
Property and equipment, net	187	215
Intangible assets, net	646	841
Goodwill	78	0
Deferred tax assets, net	404	401
Total Assets	11,404	11,233
Liabilities, Current [Abstract]
Accounts payable *	266	201
Advance from customers *	1,427	843
Accrued payroll and other accruals *	403	350
Taxes payable *	3,189	3,194
Operating lease liabilities *	0	24
Lease payment liability related to short-term leases *	99	99
Other current liabilities *	477	144
Warrant liabilities	0	0
Total current liabilities	5,861	4,855
Long-term liabilities:
Deferred tax liabilities	4	0
Total Liabilities	5,988	4,979
Commitments and Contingencies
Equity:
Common stock (US$0.001 par value; authorized 20,000,000 shares; issued and outstanding 7,204,506 shares at March 31, 2024 and December 31, 2023)	7	7
Additional paid-in capital	62,067	62,067
Statutory reserves	2,598	2,598
Accumulated deficit	(60,540)	(59,690)
Accumulated other comprehensive income	1,279	1,272
Total shareholders’ equity	5,411	6,254
Noncontrolling interests	5	0
Total equity	5,416	6,254
Total Liabilities and Equity	11,404	11,233
Related Party [Member]
Long-term liabilities:
Long-term borrowing from a related party	$ 123	$ 124

Note 14 - The Financing and Warrant Liabilities (Details Textual)	Jan. 18, 2023
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	5

Note 7 - Other Current Assets, Net - Summary of Other Current Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Short-term loans to unrelated parties	$ 4,097	$ 4,097
Short-term loans interest receivables	341	250
Staff advances for business operations	11	5
Total other current assets	4,449	4,352
Allowance for credit loss	(1,580)	(1,558)
Other current assets, net	$ 2,869	$ 2,794

Note 14 - The Financing and Warrant Liabilities

3 Months Ended

Mar. 31, 2024

Warrants Disclosure [Text Block]

14.

The Financing and warrant liabilities

The Company issued warrants to certain institutional investors and the Company’s placement agent in the registered direct offerings consummated in February 2021 (the “2021 Financing”) and December 2020 (the “2020 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. The warrants issued in the 2020 Financing expired during the year ended December 31, 2023.

Warrants issued in the 2021 Financing:

	2021 Investor Warrants						2021 Placement Agent Warrants
	March 31, 2024			December 31, 2023			March 31, 2024			December 31, 2023

Stock price	$	1.02		$	0.83		$	1.02		$	0.83
Years to maturity		0.4			0.6			0.4			0.6
Risk-free interest rate		5.39	%		5.13	%		5.39	%		5.13	%
Dividend yield		-			-			-			-
Expected volatility		111	%		82	%		111	%		82	%
Exercise Price	$	17.95		$	17.95		$	22.4375		$	22.4375

Fair value of the warrant	$	-		$	-		$	-		$	-

Warrant liabilities (US$’000)	$	-		$	-		$	-		$	-

	2021 Investor Warrants						2021 Placement Agent Warrants
	March 31, 2023			December 31, 2022			March 31, 2023			December 31, 2022

Stock price	$	1.70		$	0.46#		$	1.70		$	0.46#
Years to maturity		1.38			1.63			1.38			1.63
Risk-free interest rate		4.44	%		4.625	%		4.44	%		4.625	%
Dividend yield		-			-			-			-
Expected volatility		113	%		99.74	%		113	%		99.74	%
Exercise Price	$	17.95		$	3.59#		$	22.4375		$	4.4875#

Fair value of the warrant	$	0.0937		$	0.0329		$	0.0727		$	0.0256

Warrant liabilities (US$’000)	$	49		$	86		$	5		$	9

# To reflect the actual inputs used for the determination of fair value of the Warrants, the stock prices and exercise prices presented were not retrospectively restated for effect of the 1-for-5 reverse stock split effective on January 18, 2023, see Note 4(g).

Changes in fair value of warrant liabilities

Three Months Ended March 31, 2024 (Unaudited)

As of

March 31, 2024

As of

December 31, 2023

Change in Fair Value

(Gain)/Loss

(US$’000)

Fair value of the Warrants:

Warrants issued in the 2021 Financing：

--Investor Warrants

--Placement Agent Warrants

Warrants issued in the 2020 Financing*:

--Investor Warrants

--Placement Agent Warrants

Warrant liabilities

Three Months Ended March 31, 2023 (Unaudited)

	As of March 31, 2023		As of December 31, 2022		Change in Fair Value (Gain)/Loss
	(US$’000)		(US$’000)		(US$’000)
Fair value of the Warrants:

Warrants issued in the 2021 Financing：
--Investor Warrants		49		86		(37	)
--Placement Agent Warrants		5		9		(4	)
Warrants issued in the 2020 Financing*:
--Investor Warrants		25		76		(51	)
--Placement Agent Warrants		5		14		(9	)
Warrant liabilities		84		185		(101	)

* The investor and placement agent warrants issued in 2020 expired during the year ended December 31, 2023.

Warrants issued and outstanding as of March 31, 2024 and their movements during the three 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, 2024		594,168		0.63	$	18.50		594,168		0.63	$	18.50
Granted/Vested		-						-
Exercised		-						-
Balance, March 31, 2024 (Unaudited)		594,168		0.38	$	18.50		594,168		0.38	$	18.50

Note 17 - Concentration of Risk - Company's Concentration of Customers and Suppliers (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cost Of Sales Total [Member] \| Supplier Concentration Risk [Member] \| Supplier A [Member]
Accounts receivable, customer concentration risk	50.00%	78.00%
Cost Of Sales Total [Member] \| Supplier Concentration Risk [Member] \| Supplier B [Member]
Accounts receivable, customer concentration risk	12.00%
Cost Of Sales Total [Member] \| Supplier Concentration Risk [Member] \| Supplier C [Member]
Accounts receivable, customer concentration risk		14.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer B [Member]
Accounts receivable, customer concentration risk	31.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer C [Member]
Accounts receivable, customer concentration risk	43.00%		56.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer D [Member]
Accounts receivable, customer concentration risk	22.00%		19.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer A [Member]
Accounts receivable, customer concentration risk			11.00%

Note 10 - Intangible Assets, Net - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Gross carrying value	$ 9,673	$ 9,663
Accumulated amortization	(5,285)	(5,078)
Impairment	(3,742)	(3,744)
Intangible assets, net	646	841
Cloud-Computing Based Software Platforms [Member]
Gross carrying value	1,308	1,311
Accumulated amortization	(907)	(909)
Impairment	(401)	(402)
Intangible assets, net	0	0
Licensing Agreements [Member]
Gross carrying value	1,204	1,204
Accumulated amortization	(496)	(496)
Impairment	(708)	(708)
Intangible assets, net	0	0
Internet Ad Tracking System [Member]
Gross carrying value	1,160	1,160
Accumulated amortization	(637)	(637)
Impairment	(523)	(523)
Intangible assets, net	0	0
Livestreaming Technology [Member]
Gross carrying value	1,500	1,500
Accumulated amortization	(625)	(625)
Impairment	(875)	(875)
Intangible assets, net	0	0
Blockchain Integrated Framework Platform [Member]
Gross carrying value	4,038	4,038
Accumulated amortization	(2,397)	(2,187)
Impairment	(1,010)	(1,010)
Intangible assets, net	631	841
Bo!News Application [Member]
Gross carrying value	338	339
Accumulated amortization	(113)	(113)
Impairment	(225)	(226)
Intangible assets, net	0	0
Other Computer Software [Member]
Gross carrying value	110	111
Accumulated amortization	(110)	(111)
Impairment	0	0
Intangible assets, net	$ 0	$ 0

Note 4 - Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and for the three months ended March 31, 2024 and 2023 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, 2023, previously filed with the SEC (the “2023 Form 10-K”) on June 28, 2024.

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 March 31, 2024, its condensed consolidated results of operations for the three months ended March 31, 2024 and 2023, and its condensed consolidated cash flows for the three months ended March 31, 2024 and 2023, 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:

	March 31, 2024		December 31, 2023

Balance sheet items, except for equity accounts		7.095		7.0827

	Three Months Ended March 31,
	2024		2023

Items in the statements of operations and comprehensive loss		7.1028		6.8476

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

e)	Current expected credit losses

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendments in this ASU require the measurement and recognition of expected credit losses for financial assets held at amortized cost, which replace the existing incurred loss impairment model with an expected loss methodology. The Company, as a SEC smaller reporting company, has adopted the amendments in this ASU from January 1, 2023, using a modified retrospective transition method and did not restate the related accounts in the comparable period. Instead, the Company recognized a cumulative-effect adjustment to increase the opening balance of its accumulated deficit on January 1, 2023 by US$0.19 million, of which US$0.04 million was related to the cumulative-effect adjustment to allowance for credit loss of accounts receivable, and the remaining US$0.15 million was related to the cumulative-effect adjustment to allowance for credit loss of other current assets, which primarily consisted of short-term loans the Company provided to unrelated parties.

The allowance for credit losses reflects the Company's current estimate of credit losses expected to be incurred over the life of the related financial assets. The allowance for credit losses is presented as a valuation account that is deducted from the amortized cost basis of financial asset(s) to present the net amount expected to be collected on the financial asset(s).

The Company considers various factors in establishing, monitoring, and adjusting its allowance for credit losses, including the aging and aging trends, customer/other parties’ creditworthiness and specific exposures related to particular customers/other parties. The Company also monitors other risk factors and forward-looking information, such as country specific risks and economic factors that may affect a customer/other party’s ability to pay in establishing and adjusting its allowance for credit losses. The Company assesses collectability by reviewing the financial assets on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers/other parties with known disputes or collectability issues. Accounts receivable and short-term loans to unrelated parties are written off after all collection efforts have ceased.

The following tables summarized the movements of the Company’s credit losses for the three months ended March 31, 2024 and 2023, respectively:

	Three Months Ended March 31,
	2024			2023
	US$(’000)			US$(’000)
	(Unaudited)			(Unaudited)
*Credit loss for accounts receivable:*

Balance as of beginning of the period		3,987			3,760
Cumulative-effect adjustment upon adoption of ASU No. 2016-13, Financial Instruments-Credit losses (Topic 326)		-			36
Provision for/(reverse of) credit loss during the period		280			223
Written off during the period		-			-
Exchange translation adjustments		(6	)		51
Balance as of end of the period		4,261			4,070

	Three Months Ended March 31,
	2024		2023
	US$(’000)		US$(’000)
	(Unaudited)		(Unaudited)
*Credit loss for other current assets:*

Balance as of beginning of the period		1,559		617
Cumulative-effect adjustment upon adoption of ASU No. 2016-13, Financial Instruments-Credit losses (Topic 326)		-		155
Provision for credit loss during the period		21		78
Written off during the period		-		-
Exchange translation adjustments		-		-
Balance as of end of the period		1,580		850

f)	Fair value measurement

Liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2024 and December 31, 2023 are as follows:

Fair value measurement at reporting date using

As of

March 31, 2024

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 14)

Fair value measurement at reporting date using

As of

December 31, 2023

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

Significant
Other
Observable Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

US$(’000)

Warrant liabilities (Note 14)

g)	Reverse stock split

The Board of Directors of the Company approved a reverse stock split of the Company’s issued and outstanding shares of common stock, par value $0.001 per share (the “Common Stock”) at a ratio of 1-for-5 (the “Reverse Stock Split”). The Reverse Stock Split became effective on January 18, 2023 (the “Effective Date”). As a result, the number of shares of the Company’s authorized Common Stock was reduced from 100,000,000 shares to 20,000,000 shares and the issued and outstanding number of shares of the Common Stock was correspondingly decreased. The Reverse Stock Split has no effect on the par value of the Company’s Common Stock or authorized shares of preferred stock.

When the Reverse Stock Split became effective, each five shares of issued and outstanding Common Stock were converted into one newly issued and outstanding share of Common Stock. No fractional shares were issued in connection with the Reverse Stock Split. Any fractional shares of Common Stock that would have otherwise resulted from the Reverse Stock Split were rounded up to the nearest full share. No cash or other consideration was paid in connection with any fractional shares that would otherwise have resulted from the Reverse Stock Split.

As a result of the Reverse Stock Split, 35,827,677 shares of Common Stock that were issued and outstanding at January 18, 2023 was reduced to 7,174,506 shares of Common Stock (taking into account the rounding of fractional shares).

Except where otherwise specified, all number of shares, number of warrants, share prices, exercise prices and per share data in the condensed consolidated financial statements and notes to the condensed consolidated financial statements have been retroactively restated as if the Reverse Stock Split occurred at the beginning of the periods presented.

h)	Revenue recognition

The following table present the Company’s revenues disaggregated by products and services and timing of revenue recognition:

	Three Months Ended March 31,
	2024		2023
	US$(’000)		US$(’000)
	(Unaudited)		(Unaudited)

Internet advertising and related services
--distribution of the right to use search engine marketing service		3,531		6,161
--online advertising placements		-		130
Blockchain-based SaaS services		-		25
Total revenues	$	3,531	$	6,316

	Three Months Ended March 31,
	2024		2023
	US$(’000)		US$(’000)
	(Unaudited)		(Unaudited)

Revenue recognized over time		3,531		6,316
Revenue recognized at a point in time		-		-
Total revenues	$	3,531	$	6,316

Contract balances

The table below summarized the movement of the Company’s contract liabilities for the three months ended March 31, 2024:

	Contract liabilities
	US$(’000)

Balance as of January 1, 2024		843
Exchange translation adjustment		(1	)
Revenue recognized from beginning contract liability balances		(372	)
Advances received from customers related to unsatisfied performance obligations		957
Balance as of March 31, 2024(Unaudited)		1,427

Advance from customers related to unsatisfied performance obligations are generally refundable. Refund of advance from customers were insignificant for the three months ended March 31, 2024 and 2023.

For the three months ended March 31, 2024 and 2023, there were no revenue recognized from performance obligations that were satisfied in prior periods.

i)	Business combination

We account for our business combinations using the acquisition method in accordance with ASC Topic 805, Business Combinations. The acquisition method requires that the consideration transferred to be allocated to the assets, including separately identifiable assets and liabilities we acquired, based on their estimated fair values. The consideration transferred in an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total of cost of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interests in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree, is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in earnings.

Acquisition of Yi En (Beijing) Technology Co., Ltd.

In order to further diversify the channels of the Company’s internet advertising services and improve profitability, the Company acquired a 51% equity interest in Beijing Yi En for a cash consideration of RMB1.

The acquisition was using the acquisition method of accounting. Accordingly, the acquired assets and liabilities were recorded at their fair value at the date of acquisition. The purchase price allocation was based on a valuation analysis that utilized and considered generally accepted valuation methodologies such as the income and cost approach. The Group engaged a third-party valuation firm to assist with the valuation of assets acquired and liabilities assumed in this business combination. The determination and allocation of fair values to the identifiable assets acquired and liabilities assumed are based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Company determine discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of assets, forecasted life cycle and forecasted cash flows over that period.

The table below presented the allocation of purchase price to the major classes of assets and liabilities acquired as of March 26, 2024 (the acquisition date of Beijing Yi En):

	Fair Value			Amortization Period
	US$(’000)			(Years)
	(Unaudited)
Cash and cash equivalents		9
Prepayment to suppliers		54
Other current liabilities		(147	)
Goodwill		78
Acquired intangible assets
Customer Relationship		15			5
Related deferred tax liability		(4	)
Total Value	$	5

Purchase Price		-
Fair value of non-controlling interest		5
Total amount to be allocated		5

Lease

As of March 31, 2024, there were no operating lease right-of-use assets and total operating lease liabilities recognized.

Operating lease expenses:

	Three Months Ended March 31,
	2024		2023
	US$(’000)		US$(’000)
	(Unaudited)		(Unaudited)

Long-term operating lease contracts		22		133
Short-term operating lease contracts		12		6
Total	$	34	$	139

Supplemental information related to operating leases:

	Three Months Ended March 31,
	2024		2023
	US$(’000)		US$(’000)
	(Unaudited)		(Unaudited)

Operating cash flows used for operating leases (US$’000)		25		122
Weighted-average remaining lease term (years)		-		5.62
Weighted-average discount rate		-		6	%

Note 16 - Employee Defined Contribution Plan

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Text Block]

16.

Employee defined contribution plan

Full time employees of the Company in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the PRC subsidiaries of the Company make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The employee benefits were expensed as incurred. The Company has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefits were approximately US$0.03 million and US$0.04 million for the three months ended March 31, 2024 and 2023, respectively.

The entire disclosure for retirement benefits.

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Note 10 - Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Amortization of Intangible Assets	$ 210	$ 300
Finite-Lived Intangible Asset, Useful Life (Year)	10 months 6 days
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	$ 630
Finite-Lived Intangible Asset, Expected Amortization, Year Two	3
Finite-Lived Intangible Asset, Expected Amortization, Year Two	3
Finite-Lived Intangible Asset, Expected Amortization, Year Four	3
Finite-Lived Intangible Asset, Expected Amortization, Year Four	3
Finite-Lived Intangible Asset, Expected Amortization, after Year Five	$ 1

Note 1 - Organization and Nature of Operations

3 Months Ended

Mar. 31, 2024

Nature of Operations [Text Block]

1.	Organization and nature of operations

ZW Data Action Technologies Inc. (the “Company”) was incorporated in the State of Texas in April 2006 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, e-commerce 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. The Company also develops blockchain enabled web/mobile applications and provides software solutions, i.e., Software-as-a-Service (“SaaS”) services for clients.

Note 4 - Summary of Significant Accounting Policies - Contract liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Balance	$ 843
Exchange translation adjustment	(1)
Revenue recognized from beginning contract liability balance	(372)
Advances received from customers related to unsatisfied performance obligations	957
Balance	$ 1,427

Note 6 - Prepayments and Deposit to Suppliers

3 Months Ended

Mar. 31, 2024

Prepayments and Deposits to Suppliers Disclosure [Text Block]

6.	Prepayments and deposit to suppliers

	March 31, 2024		December 31, 2023
	US$(’000)		US$(’000)
	(Unaudited)

Deposits to advertising resources providers		911		911
Prepayments to advertising resources providers		3,831		3,136
Other deposits and prepayments		468		458
		5,210		4,505

Note 14 - The Financing and Warrant Liabilities - Warrant Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Balance (in shares)	594,168
Balance, weighted average remaining contractual life (Year)	4 months 17 days	7 months 17 days
Weighted average exercise price (in dollars per share)	$ 18.5
Exercisable (in shares)	594,168
Exercisable, weighted average remaining contractual life (Year)	4 months 17 days	7 months 17 days
Exercisable, weighted average exercise price (in dollars per share)	$ 18.5
Granted/Vested (in shares)	0
Exercised (in shares)	0
Balance (in shares)	594,168	594,168
Weighted average exercise price (in dollars per share)	$ 18.5	$ 18.5
Exercisable (in shares)	594,168	594,168
Exercisable, weighted average exercise price (in dollars per share)	$ 18.5	$ 18.5

Note 7 - Other Current Assets (Details Textual) - USD ($)				1 Months Ended			3 Months Ended			5 Months Ended
	May 29, 2024	Apr. 25, 2022	Mar. 31, 2022	May 31, 2023	Apr. 30, 2022	Mar. 31, 2021	Jun. 30, 2024	Mar. 31, 2024	Jul. 31, 2023	Feb. 28, 2023	Dec. 31, 2023	Mar. 31, 2023	Jan. 11, 2023	Dec. 31, 2022	Jun. 30, 2022	May 01, 2022	Jan. 05, 2022
Financing Receivable, before Allowance for Credit Loss, Current								$ 4,097,000			$ 4,097,000
Financing Receivable, Allowance for Credit Loss								1,580,000			$ 1,559,000	$ 850,000		$ 617,000
Loan to Unrelated Party [Member]
Financing Receivable, before Allowance for Credit Loss, Current																	$ 2,500,000
Loans Receivable, Interest Rate, Stated Percentage																	7.50%
Proceeds from Collection of Notes Receivable		$ 1,020,000.00
Proceeds from Interest Received					$ 60,000.00
Revised Loan to Original Unrelated Party [Member]
Financing Receivable, before Allowance for Credit Loss, Current																$ 1,480,000
Loans Receivable, Interest Rate, Stated Percentage																5.00%
Proceeds from Interest Received				$ 20.00					$ 20,000.00	$ 50,000.00
Revised Loan to Original Unrelated Party [Member] \| Subsequent Event [Member]
Proceeds from Collection of Notes Receivable	$ 130,000
Proceeds from Interest Received	60,000.00
Proceeds from Loans Principal Amount	$ 70,000.00
Second Loan to Unrelated Party [Member]
Financing Receivable, before Allowance for Credit Loss, Current													$ 2,000,000
Loans Receivable, Interest Rate, Stated Percentage													12.00%
Proceeds from Collection of Notes Receivable							$ 770,000
Proceeds from Interest Received							350,000
Proceeds from Loans Principal Amount							$ 420,000
Allowance for Credit Loss on Short Term Loans								20,000.00
Digital Sun [Member]
Financing Receivable, before Allowance for Credit Loss, Current						$ 1,650,000
Proceeds from Collection of Notes Receivable			$ 1,030,000.00
Notes And Loans Receivable, Term (Year)						1 year
Financing Receivable, Modified, Subsequent Default			$ 620,000
Financing Receivable, Allowance for Credit Loss															$ 620,000
Digital Sun [Member] \| Other Current Assets [Member]
Financing Receivable, after Allowance for Credit Loss, Current								$ 620,000

Note 4 - Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended
	Mar. 26, 2024 USD ($)	Jan. 18, 2023 $ / shares shares	Mar. 31, 2024 CNY (¥)	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Jan. 17, 2023 shares	Jan. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)
Retained Earnings (Accumulated Deficit)				$ (60,540)		$ (59,690)
Accounts Receivable, Allowance for Credit Loss				4,261	$ 4,070	3,987			$ 3,760
Financing Receivable, Allowance for Credit Loss				$ 1,580	850	$ 1,559			617
Common Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares		$ 0.001		$ 0.001		$ 0.001
Common Stock, Shares Authorized (in shares) \| shares		20,000,000		20,000,000		20,000,000	100,000,000
Stock Issued During Period, Fractional Shares, Reverse Stock Splits (in shares) \| shares		0
Common Stock, Shares, Issued (in shares) \| shares		7,174,506		7,204,506		7,204,506	35,827,677
Contract with Customer, Performance Obligation Satisfied in Previous Period				$ 0	$ 0
Operating Lease, Liability				$ 0
Beijing Yi En [Member]
Business Acquisition, Percentage of Voting Interests Acquired				51.00%
Business Combination, Consideration Transferred	$ 0		¥ 1
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		5
Accounting Standards Update 2016-13 [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Retained Earnings (Accumulated Deficit)								$ 190
Accounts Receivable, Allowance for Credit Loss						$ 0		40	36
Financing Receivable, Allowance for Credit Loss						$ 0		$ 150	$ 155

Note 8 - Long-term Investments (Details Textual)	Mar. 31, 2024	Jun. 30, 2023	Aug. 30, 2022
New Business Holdings Limited [Member]
Equity Securities Without Readily Determinable Fair Value, Percent	15.38%
Guangdong Yong Fu Xiang Health Management Co., Ltd (Yong Fu Xiang) [Member]
Equity Securities Without Readily Determinable Fair Value, Percent	9.90%		9.90%
Wuhan Ju Liang [Member]
Equity Securities Without Readily Determinable Fair Value, Percent	9.90%	9.90%
Guangzhou Yuan Qi Man Man Technology Co., Ltd. (Yuan Qi Man Man) [Member]
Equity Securities Without Readily Determinable Fair Value, Percent	9.00%

Note 8 - Long-term Investments

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures Disclosure [Text Block]

8.	Long-term investments

	Amount
	US$(’000)

Balance as of January 1, 2024		794
Exchange translation adjustment		-
Cash investments during the year		-
Disposed during the year		-
Impairment losses provided during the year		-
Balance as of March 31, 2024 (Unaudited)		794

As of March 31, 2024, except for long-term investments which were fully impaired, the Company beneficially owned a 15.38%, 9.9%, 9.9% and 9% equity interest in each New Business Holdings Limited (“New Business”), Guangdong Yong Fu Xiang Health Management Co., Ltd (“Yong Fu Xiang”), Wuhan Ju Liang Media Co., Ltd. (“Wuhan Ju Liang”) and Fu Meng Hui (Guangzhou) Management Consulting Co., Ltd. (“Fu Meng Hui”), respectively.

The Company measures each investment which does 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.

For the three months ended March 31, 2024, the Company provided no impairment loss against its long-term investments.

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2024	Jul. 29, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-34647
Entity Registrant Name	ZW Data Action Technologies Inc.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	20-4672080
Entity Address, Address Line One	Room 1811, Xinghuo Keji Plaza, No. 2 Fufeng Road, Fengtai District
Entity Address, City or Town	Beijing
Entity Address, Country	CN
Entity Address, Postal Zip Code	100070
City Area Code	86
Local Phone Number	10-6084-6616
Title of 12(b) Security	Common Stock, par value $0.001
Trading Symbol	CNET
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		7,204,506
Entity Central Index Key	0001376321
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Note 2 - Variable Interest Entities - Consolidated VIEs' Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cash and cash equivalents	$ 467	$ 817
Accounts receivable, net	749	844
Prepayment and deposit to suppliers	5,210	4,505
Other current assets, net	2,869	2,794
Total current assets	9,295	8,960
Goodwill, net	78	0
Intangible assets, net	646	841
Property and equipment, net	187	215
Deferred tax assets, net	404	401
Total Assets	11,404	11,233
Accounts payable	266	201
Advances from customers	1,427	843
Accrued payroll and other accruals	403	350
Taxes payable	3,189	3,194
Lease payment liabilities related to short-term leases	99	99
Other current liabilities	477	144
Total current liabilities	5,861	4,855
Deferred tax liabilities	4	0
Total Liabilities	5,988	4,979
Variable Interest Entity, Primary Beneficiary [Member]
Cash and cash equivalents	164	367
Prepayment and deposit to suppliers	2,690	2,005
Other current assets, net	5	2
Total current assets	3,608	3,218
Goodwill, net	78	0
Intangible assets, net	15	0
Property and equipment, net	125	139
Deferred tax assets, net	404	401
Total Assets	4,230	3,758
Accounts payable	266	201
Advances from customers	1,427	843
Accrued payroll and other accruals	59	37
Taxes payable	2,551	2,555
Lease payment liabilities related to short-term leases	99	99
Other current liabilities	333	56
Total current liabilities	4,735	3,791
Deferred tax liabilities	4	0
Total Liabilities	4,739	3,791
Variable Interest Entity, Primary Beneficiary [Member] \| Nonrelated Party [Member]
Accounts receivable, net	$ 749	$ 844

Note 4 - Summary of Significant Accounting Policies - Summary of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Warrant liabilities	$ 0	$ 0
Fair Value, Recurring [Member]
Warrant liabilities	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Warrant liabilities	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Warrant liabilities	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Warrant liabilities	$ 0	$ 0

Note 12 - Taxation (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Operating Loss Carryforwards	$ 32,800		$ 32,700
Operating Loss Carryforwards, Taxable Income Deduction Limitations	80.00%
Deferred Tax Assets, Valuation Allowance	$ 12,510		12,303
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	190	$ 300
PRC Subsidiary And VIE's [Member]
Operating Loss Carryforwards	$ 11,000		$ 10,600

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss	$ (850)	$ (1,143)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	238	322
Amortization of operating lease right-of-use assets	22	106
Share-based compensation expenses	0	35
Provision for allowances for credit losses	301	301
Loss on disposal of fixed assets	0	3
Deferred taxes	(3)	(1)
Change in fair value of warrant liabilities	(0)	(101)
Other non-operating income	(91)	(72)
Changes in operating assets and liabilities
Accounts receivable	(185)	(56)
Prepayment and deposit to suppliers	(654)	171
Other current assets	(5)	(1)
Accounts payable	65	10
Advance from customers	584	(27)
Accrued payroll and other accruals	49	(174)
Other current liabilities	200	(184)
Taxes payable	0	(8)
Operating lease liabilities	(24)	(97)
Net cash used in operating activities	(353)	(916)
Cash flows from investing activities
Cash acquired during the period	9	0
Short-term loans to unrelated parties	0	(2,000)
Repayment of short-term loans and interest income from unrelated parties	0	123
Net cash used in investing activities	9	(1,877)
Cash flows from financing activities
Net cash provided by financing activities	0	0
Effect of exchange rate fluctuation on cash and cash equivalents	(6)	(6)
Net decrease in cash and cash equivalents	(350)	(2,799)
Cash and cash equivalents at beginning of the period	817	4,391
Cash and cash equivalents at end of the period	467	1,592
Supplemental disclosure of cash flow information
Income taxes paid	0	0
Interest expense paid	$ 0	$ 0

Note 9 - Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property and equipment, cost	$ 2,116	$ 2,119
Less: accumulated depreciation	(1,929)	(1,904)
Property and equipment, net	187	215
Vehicles [Member]
Property and equipment, cost	519	520
Office Equipment [Member]
Property and equipment, cost	845	846
Electronic Devices [Member]
Property and equipment, cost	570	571
Leasehold Improvements [Member]
Property and equipment, cost	$ 182	$ 182

Note 20 - Loss Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Text Block]

20.

Loss per share

Basic and diluted loss per share for each of the periods presented are calculated as follows (All amounts, except number of shares and per share data, are presented in thousands of U.S. dollars):

	Three Months Ended March 31,
	2024			2023
	US$(’000)			US$(’000)
	(Unaudited)			(Unaudited)

Net loss attributable to ZW Data Action Technologies Inc. (numerator for basic and diluted loss per share)	$	(850	)	$	(1,143	)

Weighted average number of common shares outstanding -Basic and diluted		7,204,506			7,174,506

Loss per share -Basic and diluted	$	(0.12	)	$	(0.16	)

For the three months ended March 31, 2024 and 2023, the diluted loss per share calculation did not include any outstanding warrants to purchase the Company’s common stock, because they were out-of-the-money and their effect was anti-dilutive.

Note 13 - Long-term Borrowing From a Related Party

3 Months Ended

Mar. 31, 2024

Long-Term Borrowing from Director Disclosure [Text Block]

13.

Long-term borrowing from a related party

Long-term borrowing from a related party is a non-interest bearing loan from a related party 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.

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

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:

	March 31, 2024		December 31, 2023

Balance sheet items, except for equity accounts		7.095		7.0827

	Three Months Ended March 31,
	2024		2023

Items in the statements of operations and comprehensive loss		7.1028		6.8476

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

Credit Loss, Financial Instrument [Policy Text Block]

e)	Current expected credit losses

The following tables summarized the movements of the Company’s credit losses for the three months ended March 31, 2024 and 2023, respectively:

	Three Months Ended March 31,
	2024			2023
	US$(’000)			US$(’000)
	(Unaudited)			(Unaudited)
*Credit loss for accounts receivable:*

Balance as of beginning of the period		3,987			3,760
Cumulative-effect adjustment upon adoption of ASU No. 2016-13, Financial Instruments-Credit losses (Topic 326)		-			36
Provision for/(reverse of) credit loss during the period		280			223
Written off during the period		-			-
Exchange translation adjustments		(6	)		51
Balance as of end of the period		4,261			4,070

	Three Months Ended March 31,
	2024		2023
	US$(’000)		US$(’000)
	(Unaudited)		(Unaudited)
*Credit loss for other current assets:*

Balance as of beginning of the period		1,559		617
Cumulative-effect adjustment upon adoption of ASU No. 2016-13, Financial Instruments-Credit losses (Topic 326)		-		155
Provision for credit loss during the period		21		78
Written off during the period		-		-
Exchange translation adjustments		-		-
Balance as of end of the period		1,580		850

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 March 31, 2024 and December 31, 2023 are as follows:

Fair value measurement at reporting date using

As of

March 31, 2024

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 14)

Fair value measurement at reporting date using

As of

December 31, 2023

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

Significant
Other
Observable Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

US$(’000)

Warrant liabilities (Note 14)

Stockholders' Equity, Policy [Policy Text Block]

g)	Reverse stock split

Revenue from Contract with Customer [Policy Text Block]

h)	Revenue recognition

The following table present the Company’s revenues disaggregated by products and services and timing of revenue recognition:

	Three Months Ended March 31,
	2024		2023
	US$(’000)		US$(’000)
	(Unaudited)		(Unaudited)

Internet advertising and related services
--distribution of the right to use search engine marketing service		3,531		6,161
--online advertising placements		-		130
Blockchain-based SaaS services		-		25
Total revenues	$	3,531	$	6,316

	Three Months Ended March 31,
	2024		2023
	US$(’000)		US$(’000)
	(Unaudited)		(Unaudited)

Revenue recognized over time		3,531		6,316
Revenue recognized at a point in time		-		-
Total revenues	$	3,531	$	6,316

Contract balances

The table below summarized the movement of the Company’s contract liabilities for the three months ended March 31, 2024:

	Contract liabilities
	US$(’000)

Balance as of January 1, 2024		843
Exchange translation adjustment		(1	)
Revenue recognized from beginning contract liability balances		(372	)
Advances received from customers related to unsatisfied performance obligations		957
Balance as of March 31, 2024(Unaudited)		1,427

Advance from customers related to unsatisfied performance obligations are generally refundable. Refund of advance from customers were insignificant for the three months ended March 31, 2024 and 2023.

For the three months ended March 31, 2024 and 2023, there were no revenue recognized from performance obligations that were satisfied in prior periods.

Business Combinations Policy [Policy Text Block]

i)	Business combination

Acquisition of Yi En (Beijing) Technology Co., Ltd.

The table below presented the allocation of purchase price to the major classes of assets and liabilities acquired as of March 26, 2024 (the acquisition date of Beijing Yi En):

	Fair Value			Amortization Period
	US$(’000)			(Years)
	(Unaudited)
Cash and cash equivalents		9
Prepayment to suppliers		54
Other current liabilities		(147	)
Goodwill		78
Acquired intangible assets
Customer Relationship		15			5
Related deferred tax liability		(4	)
Total Value	$	5

Purchase Price		-
Fair value of non-controlling interest		5
Total amount to be allocated		5

Lessee, Leases [Policy Text Block]

Lease

As of March 31, 2024, there were no operating lease right-of-use assets and total operating lease liabilities recognized.

Operating lease expenses:

	Three Months Ended March 31,
	2024		2023
	US$(’000)		US$(’000)
	(Unaudited)		(Unaudited)

Long-term operating lease contracts		22		133
Short-term operating lease contracts		12		6
Total	$	34	$	139

Supplemental information related to operating leases:

	Three Months Ended March 31,
	2024		2023
	US$(’000)		US$(’000)
	(Unaudited)		(Unaudited)

Operating cash flows used for operating leases (US$’000)		25		122
Weighted-average remaining lease term (years)		-		5.62
Weighted-average discount rate		-		6	%

Note 11 - Accrued Payroll and Other Accruals - Accrued Payroll and Other Accruals (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued payroll and other accruals *	$ 403	$ 350
Accrued Payroll and Staff Welfare [Member]
Accrued payroll and other accruals *	113	67
Accrued Operating Expenses [Member]
Accrued payroll and other accruals *	$ 290	$ 283

Note 21 - Share-based Compensation Expenses

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Text Block]

21.

Share-based compensation expenses

For the three months ended March 31, 2024, the Company did not record any share-based compensation expenses.

In June 2022, the Company granted and issued 0.08 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$1.75 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 was approximately US$0.04 million for the three months ended March 31, 2023.

The table below summarized share-based compensation expenses recorded for the three months ended March 31, 2024 and 2023, respectively:

	Three Months Ended March 31,
	2024		2023
	US$(’000)		US$(’000)
	(Unaudited)		(Unaudited)

Sales and marketing expenses		-		-
General and administrative expenses		-		35
Research and development expenses		-		-
Total		-		35

Note 9 - Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Property and Equipment [Table Text Block]

	March 31, 2024			December 31, 2023
	US$(’000)			US$(’000)
	(Unaudited)

Vehicles		519			520
Office equipment		845			846
Electronic devices		570			571
Leasehold improvement		182			182
Property and equipment, cost		2,116			2,119
Less: accumulated depreciation		(1,929	)		(1,904	)
Property and equipment, net		187			215

Note 11 - Accrued Payroll and Other Accruals (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Accrued Liabilities [Table Text Block]

	March 31, 2024		December 31, 2023
	US$(’000)		US$(’000)
	(Unaudited)

Accrued payroll and staff welfare		113		67
Accrued operating expenses		290		283
		403		350

Note 4 - Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Foreign Currency Exchange Rates [Table Text Block]

	March 31, 2024		December 31, 2023

Balance sheet items, except for equity accounts		7.095		7.0827

	Three Months Ended March 31,
	2024		2023

Items in the statements of operations and comprehensive loss		7.1028		6.8476

Financing Receivable, Current, Allowance for Credit Loss [Table Text Block]

	Three Months Ended March 31,
	2024			2023
	US$(’000)			US$(’000)
	(Unaudited)			(Unaudited)
*Credit loss for accounts receivable:*

Balance as of beginning of the period		3,987			3,760
Cumulative-effect adjustment upon adoption of ASU No. 2016-13, Financial Instruments-Credit losses (Topic 326)		-			36
Provision for/(reverse of) credit loss during the period		280			223
Written off during the period		-			-
Exchange translation adjustments		(6	)		51
Balance as of end of the period		4,261			4,070

	Three Months Ended March 31,
	2024		2023
	US$(’000)		US$(’000)
	(Unaudited)		(Unaudited)
*Credit loss for other current assets:*

Balance as of beginning of the period		1,559		617
Cumulative-effect adjustment upon adoption of ASU No. 2016-13, Financial Instruments-Credit losses (Topic 326)		-		155
Provision for credit loss during the period		21		78
Written off during the period		-		-
Exchange translation adjustments		-		-
Balance as of end of the period		1,580		850

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

Fair value measurement at reporting date using

As of

March 31, 2024

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 14)

Fair value measurement at reporting date using

As of

December 31, 2023

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

Significant
Other
Observable Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

US$(’000)

Warrant liabilities (Note 14)

Disaggregation of Revenue [Table Text Block]

	Three Months Ended March 31,
	2024		2023
	US$(’000)		US$(’000)
	(Unaudited)		(Unaudited)

Internet advertising and related services
--distribution of the right to use search engine marketing service		3,531		6,161
--online advertising placements		-		130
Blockchain-based SaaS services		-		25
Total revenues	$	3,531	$	6,316

	Three Months Ended March 31,
	2024		2023
	US$(’000)		US$(’000)
	(Unaudited)		(Unaudited)

Revenue recognized over time		3,531		6,316
Revenue recognized at a point in time		-		-
Total revenues	$	3,531	$	6,316

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

	Contract liabilities
	US$(’000)

Balance as of January 1, 2024		843
Exchange translation adjustment		(1	)
Revenue recognized from beginning contract liability balances		(372	)
Advances received from customers related to unsatisfied performance obligations		957
Balance as of March 31, 2024(Unaudited)		1,427

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

	Fair Value			Amortization Period
	US$(’000)			(Years)
	(Unaudited)
Cash and cash equivalents		9
Prepayment to suppliers		54
Other current liabilities		(147	)
Goodwill		78
Acquired intangible assets
Customer Relationship		15			5
Related deferred tax liability		(4	)
Total Value	$	5

Purchase Price		-
Fair value of non-controlling interest		5
Total amount to be allocated		5

Lease, Cost [Table Text Block]

	Three Months Ended March 31,
	2024		2023
	US$(’000)		US$(’000)
	(Unaudited)		(Unaudited)

Long-term operating lease contracts		22		133
Short-term operating lease contracts		12		6
Total	$	34	$	139

	Three Months Ended March 31,
	2024		2023
	US$(’000)		US$(’000)
	(Unaudited)		(Unaudited)

Operating cash flows used for operating leases (US$’000)		25		122
Weighted-average remaining lease term (years)		-		5.62
Weighted-average discount rate		-		6	%

Note 12 - Taxation - Schedule of Taxes Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Turnover tax and surcharge payable	$ 1,261	$ 1,264
Enterprise income tax payable	1,928	1,930
Total taxes payable	$ 3,189	$ 3,194

Note 10 - Intangible Assets, Net

3 Months Ended

Mar. 31, 2024

Intangible Assets Disclosure [Text Block]

10.

Intangible assets, net

	As of March 31, 2024 (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		1,308		(907	)		(401	)		-
Licensed products use right		1,204		(496	)		(708	)		-

--5 years life:
Customer Relationship		15		-			-			15
Internet Ad tracking system		1,160		(637	)		(523	)		-
Live streaming technology		1,500		(625	)		(875	)		-

--3 years life:
Blockchain Integrated Framework		4,038		(2,397	)		(1,010	)		631
Bo!News application		338		(113	)		(225	)		-
Other computer software		110		(110	)		-			-
Total	$	9,673	$	(5,285	)	$	(3,742	)	$	646

	As of December 31, 2023
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		1,311		(909	)		(402	)		-
Licensed products use right		1,204		(496	)		(708	)		-

--5 years life:
Internet Ad tracking system		1,160		(637	)		(523	)		-
Live streaming technology		1,500		(625	)		(875	)		-

--3 years life:
Blockchain Integrated Framework		4,038		(2,187	)		(1,010	)		841
Bo!News application		339		(113	)		(226	)		-
Other computer software		111		(111	)		-			-
Total	$	9,663	$	(5,078	)	$	(3,744	)	$	841

Amortization expenses for the three months ended March 31, 2024 and 2023 were approximately US$0.21 million and US$0.30 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 0.85 years as of March 31, 2024, and assuming no further subsequent impairment of the underlying intangible assets, the estimated future amortization expenses is approximately US$0.63 million for the year ending December 31, 2024, approximately US$0.003 million for the year ending December 31, 2025, approximately US$0.003 million for the year ending December 31, 2026, approximately US$0.003 million for the year ending December 31, 2027, approximately US$0.003 million for the year ending December 31, 2028, and approximately US$0.001 million for the year ending December 31, 2029.

Note 4 - Summary of Significant Accounting Policies - Schedule of Acquired Assets (Details) $ in Thousands		1 Months Ended
	Mar. 26, 2024 USD ($)	Mar. 31, 2024 CNY (¥)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Goodwill			$ 78	$ 0
Beijing Yi En [Member]
Cash and cash equivalents	$ 9
Prepayment to suppliers	54
Other current liabilities	(147)
Goodwill	78
Customer Relationship	$ 15
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year)	5 years
Related deferred tax liability	$ (4)
Total Value	5
Purchase Price	0	¥ 1
Fair value of non-controlling interest	5
Total amount to be allocated	$ 5

Note 17 - Concentration of Risk

3 Months Ended

Mar. 31, 2024

Concentration Risk Disclosure [Text Block]

17.

Concentration of risk

Credit risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, and deposits and loans to unrelated parties. As of March 31, 2024, 43% of the Company’s cash and cash equivalents were held by major financial institutions located in China, the remaining 57% 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 three months ended March 31, 2024 and 2023, respectively:

Customer A

Customer B

Customer C

Customer D

Three Months Ended March 31, 2024

Revenues, customer concentration risk

Three Months Ended March 31, 2023

Revenues, customer concentration risk

As of March 31, 2024

Accounts receivable, customer concentration risk

31%

43%

22%

As of December 31, 2023

Accounts receivable, customer concentration risk

11%

56%

19%

* Less than 10%.

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

Concentration of suppliers

The following tables summarized the information about the Company’s concentration of suppliers for the three months ended March 31, 2024 and 2023, respectively:

	Supplier A		Supplier B		Supplier C
Three Months Ended March 31, 2024
Cost of revenues, supplier concentration risk		50%		12%		-

Three Months Ended March 31, 2023
Cost of revenues, supplier concentration risk		78%		-		14%

* Less than 10%.

- No transaction incurred for the reporting period.

Note 19 - Segment Reporting (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-Based Payment Arrangement, Expense	$ 0	$ 35	$ 40

Note 20 - Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

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

	Three Months Ended March 31,
	2024			2023
	US$(’000)			US$(’000)
	(Unaudited)			(Unaudited)

Net loss attributable to ZW Data Action Technologies Inc. (numerator for basic and diluted loss per share)	$	(850	)	$	(1,143	)

Weighted average number of common shares outstanding -Basic and diluted		7,204,506			7,174,506

Loss per share -Basic and diluted	$	(0.12	)	$	(0.16	)

Note 12 - Taxation - Deferred Tax Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Tax effect of net operating losses carried forward	$ 10,884	$ 10,745
Operating lease cost	0	1
Impairment on long-term investments	161	161
Impairment on intangible assets	571	571
Bad debts provision	1,298	1,226
Valuation allowance	(12,510)	(12,303)
Deferred tax assets, net	$ 404	$ 401

Note 18 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Text Block]

18.

Commitments and contingencies

In August 2022, the Company obtained a 9.9% equity interest in Yong Fu Xiang, through subscription of a RMB6.73 million (approximately US$0.93 million) registered capital of the entity in cash, which amount was committed to be paid up before December 31, 2065.

In June 2023, the Company obtained a 9.9% equity interest in Wuhan Ju Liang, through subscription of a RMB0.99 million (approximately US$0.14 million) registered capital of the entity in cash, which amount was committed to be paid up before August 1, 2052.

In August 2023, the Company obtained a 9% equity interest in Fu Meng Hui, through subscription of a RMB0.45 million (approximately US$0.06 million) registered capital of the entity in cash, which amount was committed to be paid up before December 31, 2050.

The Company may from time to time become a party to various legal or administrative proceedings arising in its ordinary course of business. The Company evaluates the status of each legal matter and assesses the potential financial exposure. If the potential loss from any legal proceedings or litigation is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. Significant judgment is required to determine the probability of a loss and whether the amount of the loss is reasonably estimated. As of the date hereof, based on the information currently available, the Company believes that the loss contingencies that may arise as a result of currently pending legal proceedings are not reasonably likely to have a material adverse effect on the Company’s business, results of operations, financial condition, and cash flows.

Note 4 - Summary of Significant Accounting Policies - Operating Lease Expenses and Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Long-term operating lease contracts	$ 22	$ 133
Operating cash flows used for operating leases (US$’000)	25	122
Short-term operating lease contracts	12	$ 6
Weighted-average remaining lease term (years) (Year)		5 years 7 months 13 days
Total	$ 34	$ 139
Weighted-average discount rate	0.00%	6.00%

Note 19 - Segment Reporting - Summary of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenues	$ 3,531	$ 6,316
Cost of revenues	3,459	6,630
Total operating expenses	994	998
Depreciation and amortization expense included in cost of revenues and total operating expenses	238	322
Operating loss	(922)	(1,312)
Operating loss	(922)	(1,312)
Change in fair value of warrant liabilities	0	101
Net loss	(850)	(1,143)
Total assets	11,404		$ 11,233
Operating Segments [Member] \| Internet Ad [Member]
Revenues	3,531	6,291
Cost of revenues	3,459	6,420
Total operating expenses	370	349
Depreciation and amortization expense included in cost of revenues and total operating expenses	8	91
Operating loss	(298)	(478)
Operating loss	(298)	(478)
Change in fair value of warrant liabilities	0	0
Net loss	(308)	(482)
Total assets	7,994		7,966
Operating Segments [Member] \| Ecommerce O2O Ad and Marketing Services [Member]
Revenues	0	0
Cost of revenues	0	0
Total operating expenses	3	4
Depreciation and amortization expense included in cost of revenues and total operating expenses	0	0
Operating loss	(3)	(4)
Operating loss	(3)	(4)
Change in fair value of warrant liabilities	0	0
Net loss	(3)	(1)
Total assets	144		144
Operating Segments [Member] \| Blockchain Technology [Member]
Revenues	0	25
Cost of revenues	0	210
Total operating expenses	210	0
Depreciation and amortization expense included in cost of revenues and total operating expenses	210	210
Operating loss	(210)	(185)
Operating loss	(210)	(185)
Change in fair value of warrant liabilities	0	0
Net loss	(210)	(186)
Total assets	631		841
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Revenues	0	0
Cost of revenues	0	0
Total operating expenses	411	645
Depreciation and amortization expense included in cost of revenues and total operating expenses	20	21
Operating loss	(411)	(645)
Operating loss	(411)	(645)
Change in fair value of warrant liabilities	0	101
Net loss	(329)	(474)
Total assets	35,227		34,867
Intersegment Eliminations [Member]
Revenues	0	0
Cost of revenues	0	0
Total operating expenses	0	0
Depreciation and amortization expense included in cost of revenues and total operating expenses	0	0
Operating loss	0	0
Operating loss	0	0
Change in fair value of warrant liabilities	0	$ 0
Net loss	0
Total assets	$ (32,592)		$ (32,585)

Note 10 - Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2024

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

	As of March 31, 2024 (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		1,308		(907	)		(401	)		-
Licensed products use right		1,204		(496	)		(708	)		-

--5 years life:
Customer Relationship		15		-			-			15
Internet Ad tracking system		1,160		(637	)		(523	)		-
Live streaming technology		1,500		(625	)		(875	)		-

--3 years life:
Blockchain Integrated Framework		4,038		(2,397	)		(1,010	)		631
Bo!News application		338		(113	)		(225	)		-
Other computer software		110		(110	)		-			-
Total	$	9,673	$	(5,285	)	$	(3,742	)	$	646

	As of December 31, 2023
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		1,311		(909	)		(402	)		-
Licensed products use right		1,204		(496	)		(708	)		-

--5 years life:
Internet Ad tracking system		1,160		(637	)		(523	)		-
Live streaming technology		1,500		(625	)		(875	)		-

--3 years life:
Blockchain Integrated Framework		4,038		(2,187	)		(1,010	)		841
Bo!News application		339		(113	)		(226	)		-
Other computer software		111		(111	)		-			-
Total	$	9,663	$	(5,078	)	$	(3,744	)	$	841

Note 7 - Other Current Assets

3 Months Ended

Mar. 31, 2024

Other Current Assets [Text Block]

7.	Other current assets

	March 31, 2024			December 31, 2023
	US$(’000)			US$(’000)
	(Unaudited)

Short-term loans to unrelated parties		4,097			4,097
Short-term loans interest receivables		341			250
Staff advances for business operations		11			5
Total other current assets		4,449			4,352
Allowance for credit loss		(1,580	)		(1,558	)
Other current assets, net		2,869			2,794

As of March 31, 2024, the Company provided unsecured, interest-bearing short-term loans to two unrelated parties, which were set forth as below. These short-term 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 matured on May 5, 2022. The loan was unsecured and borne a fixed annualized interest rate of 7.5%. In April 2022, as agreed by both parties, 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. The Company extended the term of the remaining loan principal of US$1.48 million to April 30, 2023 with a revised fixed annualized interest rate of 5%. In October 2022 and February 2023, the Company received loan interests of US$0.05 million in the aggregate for the period from May 1, 2022 through December 31, 2022. On April 30, 2023, the Company further extended the term of this loan to October 31, 2023. In May 2023, the Company received a loan interest of US$0.02 million for the period from January 1, 2023 through April 30, 2023. In July 2023, the Company received a loan interest of US$0.02 million for the period from May 1, 2023 through July 31, 2023. On October 31, 2023, the Company agreed to further extend the term of this loan to September 30, 2024. On May 29, 2024, the Company received payment of approximately US$0.13 million, of which approximately US$0.06 million settled outstanding interest and approximately US$0.07 million settled the loan principal.

On January 11, 2023, the Company provided a short-term loan of US$2.0 million to another unrelated party. The loan is unsecured and bears a fixed annualized interest rate of 12%. The original maturity date of this loan was July 17, 2023. On July 1, 2023, the Company extended the term of this loan for a six-month period to January 18, 2024. And on January 8, 2024, the Company further agreed to extend the term of the loan to January 18, 2025. For the quarter ended June 30, 2024, the Company received payment of US$0.77 million, of which approximately US$0.35 million settled outstanding interest and approximately US$0.42 million settled the loan principal.

The Company evaluates its short-term loans provided to unrelated parties for expected credit losses on a regular basis, and maintains an estimated allowance for credit losses to reduce its short-term loans to the amount that it believes will be collected. The Company evaluates its short-term loans on an individual basis and determines the allowance for credit loss based on creditworthiness of the borrowers, aging information, past transaction history with the borrowers and their current condition, as well as the current economic conditions and reasonable and supportable forecasts of future economic conditions. For the three months ended March 31, 2024, the Company provided US$0.02 million credit losses on short-term loans provided to unrelated parties, respectively.

As of March 31, 2024, other current assets also included a US$0.62 million remaining outstanding balance of a short-term loan 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 short-term 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. In June 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 had engaged a law firm and prepared and sent a legal letter to Digital Sun in March 2023, and the Company intends to take further actions to safeguard its rights against the default, including but not limited to, arranging meetings with the management of Digital Sun to negotiate the repayment plan in person and filing a lawsuit against Digital Sun after all other means of collection have been exhausted. As of the date hereof, the Company has not received any formal responses from Digital Sun.

Note 8 - Long-term Investments (Tables)

3 Months Ended

Mar. 31, 2024

Other Investments Not Readily Marketable [Table Text Block]

	Amount
	US$(’000)

Balance as of January 1, 2024		794
Exchange translation adjustment		-
Cash investments during the year		-
Disposed during the year		-
Impairment losses provided during the year		-
Balance as of March 31, 2024 (Unaudited)		794

Note 12 - Taxation - Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Current	$ 0	$ 0
Deferred	3	1
Income tax benefit/(expense)	$ 3	$ 1

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

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Note 7 - Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Other Current Assets [Table Text Block]

	March 31, 2024			December 31, 2023
	US$(’000)			US$(’000)
	(Unaudited)

Short-term loans to unrelated parties		4,097			4,097
Short-term loans interest receivables		341			250
Staff advances for business operations		11			5
Total other current assets		4,449			4,352
Allowance for credit loss		(1,580	)		(1,558	)
Other current assets, net		2,869			2,794

Note 2 - Variable Interest Entities - Consolidated VIEs' Financial Performance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues	$ 3,531	$ 6,316
Cost of revenues	3,459	6,630
Total operating expenses	994	998
Net loss	(850)	(1,143)
Variable Interest Entity, Primary Beneficiary [Member]
Revenues	3,531	6,148
Cost of revenues	(3,459)	(6,327)
Total operating expenses	(497)	(370)
Net loss	$ (444)	$ (550)

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

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-Topic 924
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-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Note 18 - Commitments and Contingencies (Details Textual) ¥ in Thousands, $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Aug. 30, 2023 USD ($)	Aug. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Aug. 30, 2022 USD ($)	Aug. 30, 2022 CNY (¥)
Equity Securities without Readily Determinable Fair Value, Amount	$ 794	$ 794
Guangdong Yong Fu Xiang Health Management Co., Ltd (Yong Fu Xiang) [Member]
Equity Securities Without Readily Determinable Fair Value, Percent	9.90%						9.90%	9.90%
Equity Securities without Readily Determinable Fair Value, Amount							$ 930	¥ 6,730
Wuhan Ju Liang [Member]
Equity Securities Without Readily Determinable Fair Value, Percent	9.90%				9.90%	9.90%
Equity Securities without Readily Determinable Fair Value, Amount					$ 140	¥ 990
Fu Meng Hui (Guangzhou) Management Consulting Co., Ltd. (“Fu Meng Hui”) [Member]
Equity Securities Without Readily Determinable Fair Value, Percent			9.00%	9.00%
Equity Securities without Readily Determinable Fair Value, Amount			$ 60	¥ 450

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss, Current	$ 4,261	$ 3,987
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized (in shares)	20,000,000	20,000,000
Common Stock, Shares, Issued (in shares)	7,204,506	7,204,506
Common Stock, Shares, Outstanding (in shares)	7,204,506	7,204,506

Note 21 - Share-based Compensation Expenses (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jun. 30, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-Based Payment Arrangement, Expense		$ 0	$ 35	$ 40
Management Consulting and Advisory Service Providers [Member] \| Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	80
Shares Issued, Price Per Share (in dollars per share)	$ 1.75
Issuance of Stock and Warrants for Services or Claims	$ 140
Share-Based Payment Arrangement, Expense			$ 40

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Statutory Reserves [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2022	7,174,506
Balance at Dec. 31, 2022	$ 7	$ 62,017	$ 2,598	$ (53,525)	$ 1,200	$ 0	$ 12,297
Net loss for the period	0	0	0	(1,143)	0	0	(1,143)
Foreign currency translation adjustment	0	0	0	0	(81)	0	(81)
Share-based compensation in exchange for services from employees and directors	$ 0	0	0	(191)	0	0	(191)
Balance (in shares) at Mar. 31, 2023	7,174,506
Balance at Mar. 31, 2023	$ 7	62,017	2,598	(54,859)	1,119	0	10,882
Balance (in shares) at Dec. 31, 2023	7,204,506
Balance at Dec. 31, 2023	$ 7	62,067	2,598	(59,690)	1,272	0	6,254
Noncontrolling equity interests in an acquired VIE	0	0	0	0	0	5	5
Net loss for the period	0	0	0	(850)	0	0	(850)
Foreign currency translation adjustment	$ 0	0	0	0	7	0	7
Balance (in shares) at Mar. 31, 2024	7,204,506
Balance at Mar. 31, 2024	$ 7	$ 62,067	$ 2,598	$ (60,540)	$ 1,279	$ 5	$ 5,416

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

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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Note 5 - Accounts Receivable, Net

3 Months Ended

Mar. 31, 2024

Accounts Receivable Disclosure [Text Block]

5.	Accounts receivable, net

	March 31, 2024			December 31, 2023
	US$(’000)			US$(’000)
	(Unaudited)

Accounts receivable		5,010			4,831
Allowance for credit loss		(4,261	)		(3,987	)
Accounts receivable, net		749			844

All of the accounts receivable are non-interest bearing. The Company maintains an estimated allowance for credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Company evaluates its accounts receivable on a collective (pool) basis and determines the allowance for credit loss based on aging data, historical collection experience, customer specific facts, current economic conditions and reasonable and supportable forecasts of future economic conditions. For the three months ended March 31, 2024 and 2023, the Company provided approximately US$0.28 million and US$0.22 million credit losses for its accounts receivable, respectively.

Note 19 - Segment Reporting

3 Months Ended

Mar. 31, 2024

Segment Reporting Disclosure [Text Block]

19.

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.

Three Months Ended March 31, 2024 (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		3,531			-			-			-			-			3,531
Cost of revenues		3,459			-			-			-			-			3,459
Total operating expenses		370			3			210			411			-			994
Depreciation and amortization expense included in cost of revenues and total operating expenses		8			-			210			20			-			238
Operating loss		(298	)		(3	)		(210	)		(411	)		-			(922	)

Change in fair value of warrant liabilities		-			-			-			-			-			-

Net loss		(308	)		(3	)		(210	)		(329	)		-			(850	)

Total assets-March 31, 2024		7,994			144			631			35,227			(32,592	)		11,404
Total assets-December 31, 2023		7,966			144			841			34,867			(32,585	)		11,233

Three Months Ended March 31, 2023 (Unaudited)

	Internet Ad and related services			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		6,291			-			25			-			-		6,316
Cost of revenues		6,420			-			210			-			-		6,630
Total operating expenses		349			4			-			645	⁽¹⁾		-		998
Depreciation and amortization expense included in cost of revenues and total operating expenses		91			-			210			21			-		322
Operating loss		(478	)		(4	)		(185	)		(645	)		-		(1,312	)

Change in fair value of warrant liabilities		-			-			-			101			-		101

Net loss		(482	)		(1	)		(186	)		(474	)				(1,143	)

(1)	Including approximately US$0.04 million share-based compensation expenses.

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.

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Note 5 - Accounts Receivable, Net (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Accounts Receivable [Table Text Block]

	March 31, 2024			December 31, 2023
	US$(’000)			US$(’000)
	(Unaudited)

Accounts receivable		5,010			4,831
Allowance for credit loss		(4,261	)		(3,987	)
Accounts receivable, net		749			844

Note 17 - Concentration of Risk (Tables)

3 Months Ended

Mar. 31, 2024

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

Customer A

Customer B

Customer C

Customer D

Three Months Ended March 31, 2024

Revenues, customer concentration risk

Three Months Ended March 31, 2023

Revenues, customer concentration risk

As of March 31, 2024

Accounts receivable, customer concentration risk

31%

43%

22%

As of December 31, 2023

Accounts receivable, customer concentration risk

11%

56%

19%

	Supplier A		Supplier B		Supplier C
Three Months Ended March 31, 2024
Cost of revenues, supplier concentration risk		50%		12%		-

Three Months Ended March 31, 2023
Cost of revenues, supplier concentration risk		78%		-		14%

Note 9 - Property and Equipment, Net

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment Disclosure [Text Block]

9.	Property and equipment, net

	March 31, 2024			December 31, 2023
	US$(’000)			US$(’000)
	(Unaudited)

Vehicles		519			520
Office equipment		845			846
Electronic devices		570			571
Leasehold improvement		182			182
Property and equipment, cost		2,116			2,119
Less: accumulated depreciation		(1,929	)		(1,904	)
Property and equipment, net		187			215

Depreciation expenses for the three months ended March 31, 2024 and 2023 were approximately US$0.03 million and US$0.02 million, respectively.

Note 20 - Loss Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net loss attributable to ZW Data Action Technologies Inc. (numerator for basic and diluted loss per share)	$ (850)	$ (1,143)
Weighted average number of common shares outstanding -Basic and diluted (in shares)	7,204,506	7,174,506
Loss per share -Basic and diluted (in dollars per share)	$ (0.12)	$ (0.16)

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

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.

+ References + Details

Note 5 - Accounts Receivable, Net (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Accounts Receivable, Allowance for Credit Loss, Current	$ 4,261	$ 3,987
Internet Advertising and TV Advertising [Member]
Accounts Receivable, Allowance for Credit Loss, Current	$ 280
Internet Advertising And TV Advertising Contractual Deposit [Member]
Accounts Receivable, Allowance for Credit Loss, Current			$ 220

Note 15 - Restricted Net Assets

3 Months Ended

Mar. 31, 2024

Restricted Assets Disclosure [Text Block]

15.

Restricted net assets

The Company is a Nevada holding company with operations primarily conducted in China through its PRC subsidiaries, the consolidated VIEs and VIEs’ subsidiaries. The Company’s ability to pay dividends to U.S. investors may 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.

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 March 31, 2024 and December 31, 2023, net assets restricted in the aggregate, that are included in the Company’s consolidated net assets, were approximately US$13.36 million and US$13.41 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 mainland 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 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.

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 4 - Summary of Significant Accounting Policies - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Balance as of beginning of the period	$ 3,987	$ 3,760
Balance as of beginning of the period	1,559	617
Provision for/(reverse of) credit loss during the period	280	223
Provision for credit loss during the period	21	78
Written off during the period	0	0
Written off during the period	0	0
Exchange translation adjustments	(6)	51
Exchange translation adjustments	0	0
Balance as of end of the period	4,261	4,070
Balance as of end of the period	1,580	850
Accounting Standards Update 2016-13 [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Balance as of beginning of the period	0	36
Balance as of beginning of the period	$ 0	$ 155

Note 14 - The Financing and Warrant Liabilities - Warrant Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Warrants	$ 0	$ 84	$ 0	$ 185
Change in Fair Value (Gain)/Loss	(0)	(101)
Investor Warrants Issued in Connection with 2021 Financing [Member]
Warrants	0	49	0	86
Change in Fair Value (Gain)/Loss	0	(37)
Placement Agent Warrants Issued in Connection with 2021 Financing [Member]
Warrants	0	5	0	9
Change in Fair Value (Gain)/Loss	0	(4)
Investor Warrants Issued in Connection with 2020 Financing [Member]
Warrants	0	25	0	76
Change in Fair Value (Gain)/Loss	0	(51)
Placement Agent Warrants Issued in Connection with 2020 Financing [Member]
Warrants	0	5	$ 0	$ 14
Change in Fair Value (Gain)/Loss	$ 0	$ (9)

Note 2 - Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Variable Interest Entities [Table Text Block]

	March 31, 2024		December 31, 2023
	US$(’000)		US$(’000)
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	164	$	367
Accounts receivable, net		749		844
Prepayment and deposit to suppliers		2,690		2,005
Other current assets, net		5		2
Total current assets		3,608		3,218

Goodwill, net		78		-
Intangible assets, net		15		-
Property and equipment, net		125		139
Deferred tax assets, net		404		401
Total Assets	$	4,230	$	3,758

Liabilities
Current liabilities:
Accounts payable	$	266	$	201
Advance from customers		1,427		843
Accrued payroll and other accruals		59		37
Taxes payable		2,551		2,555
Lease payment liability related to short-term leases		99		99
Other current liabilities		333		56
Total current liabilities		4,735		3,791

Long-term liabilities:
Deferred tax liabilities		4		-
Total Liabilities	$	4,739	$	3,791

Financial Performance of VIEs [Table Text Block]

	Three Months Ended March 31,
	2024			2023
	US$(’000)			US$(’000)
	(Unaudited)			(Unaudited)

Revenues	$	3,531		$	6,148
Cost of revenues		(3,459	)		(6,327	)
Total operating expenses		(497	)		(370	)
Net loss		(444	)		(550	)

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.

+ References + Details

Note 19 - Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2024

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		3,531			-			-			-			-			3,531
Cost of revenues		3,459			-			-			-			-			3,459
Total operating expenses		370			3			210			411			-			994
Depreciation and amortization expense included in cost of revenues and total operating expenses		8			-			210			20			-			238
Operating loss		(298	)		(3	)		(210	)		(411	)		-			(922	)

Change in fair value of warrant liabilities		-			-			-			-			-			-

Net loss		(308	)		(3	)		(210	)		(329	)		-			(850	)

Total assets-March 31, 2024		7,994			144			631			35,227			(32,592	)		11,404
Total assets-December 31, 2023		7,966			144			841			34,867			(32,585	)		11,233

	Internet Ad and related services			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		6,291			-			25			-			-		6,316
Cost of revenues		6,420			-			210			-			-		6,630
Total operating expenses		349			4			-			645	⁽¹⁾		-		998
Depreciation and amortization expense included in cost of revenues and total operating expenses		91			-			210			21			-		322
Operating loss		(478	)		(4	)		(185	)		(645	)		-		(1,312	)

Change in fair value of warrant liabilities		-			-			-			101			-		101

Net loss		(482	)		(1	)		(186	)		(474	)				(1,143	)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	Item 5. Other Information During our fiscal quarter ended March 31, 2024, none of our directors or officers informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” as those terms are defined in Item 408(a) of Regulation S-K.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 2 - Variable Interest Entities

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023, respectively:

	March 31, 2024		December 31, 2023
	US$(’000)		US$(’000)
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	164	$	367
Accounts receivable, net		749		844
Prepayment and deposit to suppliers		2,690		2,005
Other current assets, net		5		2
Total current assets		3,608		3,218

Goodwill, net		78		-
Intangible assets, net		15		-
Property and equipment, net		125		139
Deferred tax assets, net		404		401
Total Assets	$	4,230	$	3,758

Liabilities
Current liabilities:
Accounts payable	$	266	$	201
Advance from customers		1,427		843
Accrued payroll and other accruals		59		37
Taxes payable		2,551		2,555
Lease payment liability related to short-term leases		99		99
Other current liabilities		333		56
Total current liabilities		4,735		3,791

Long-term liabilities:
Deferred tax liabilities		4		-
Total Liabilities	$	4,739	$	3,791

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

Summarized below is the information related to the financial performance of the VIEs reported in the Company’s condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024 and 2023, respectively:

	Three Months Ended March 31,
	2024			2023
	US$(’000)			US$(’000)
	(Unaudited)			(Unaudited)

Revenues	$	3,531		$	6,148
Cost of revenues		(3,459	)		(6,327	)
Total operating expenses		(497	)		(370	)
Net loss		(444	)		(550	)

Note 6 - Prepayments and Deposit to Suppliers (Tables)

3 Months Ended

Mar. 31, 2024

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

	March 31, 2024		December 31, 2023
	US$(’000)		US$(’000)
	(Unaudited)

Deposits to advertising resources providers		911		911
Prepayments to advertising resources providers		3,831		3,136
Other deposits and prepayments		468		458
		5,210		4,505

Note 17 - Concentration of Risk (Details Textual) - Geographic Concentration Risk [Member] - Cash and Cash Equivalents [Member]	3 Months Ended
	Mar. 31, 2024
UNITED STATES
Concentration Risk, Percentage	43.00%
CHINA
Concentration Risk, Percentage	57.00%

Note 11 - Accrued Payroll and Other Accruals

3 Months Ended

Mar. 31, 2024

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

11.

Accrued payroll and other accruals

	March 31, 2024		December 31, 2023
	US$(’000)		US$(’000)
	(Unaudited)

Accrued payroll and staff welfare		113		67
Accrued operating expenses		290		283
		403		350

Note 9 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Depreciation	$ 30	$ 20

Note 21 - Share-based Compensation Expenses - Share-based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share based expense	$ 0	$ 35	$ 40
Selling and Marketing Expense [Member]
Share based expense	0	0
General and Administrative Expense [Member]
Share based expense	0	35
Research and Development Expense [Member]
Share based expense	$ 0	$ 0

Note 6 - Prepayments and Deposit to Suppliers - Prepayments and Deposit to Suppliers (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Prepayment and deposit to suppliers	$ 5,210	$ 4,505
Deposits to TV Ad and Internet Ad Resources Providers [Member]
Prepayment and deposit to suppliers	911	911
Prepayment to TV Ad and Internet Ad Resources Providers [Member]
Prepayment and deposit to suppliers	3,831	3,136
Other Deposits and Prepayments [Member]
Prepayment and deposit to suppliers	$ 468	$ 458

Note 3 - Liquidity and Capital Resources (Details Textual) $ in Thousands		1 Months Ended	3 Months Ended
	Mar. 26, 2024 USD ($)	Mar. 31, 2024 CNY (¥)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Operating Income (Loss)			$ (922)	$ (1,312)
Net Cash Provided by (Used in) Operating Activities			(353)	$ (916)
Cash and cash equivalents			467		$ 817
Working Capital			$ 3,430		$ 4,110
Beijing Yi En [Member]
Business Acquisition, Percentage of Voting Interests Acquired			51.00%
Business Combination, Consideration Transferred	$ 0	¥ 1

Note 12 - Taxation (Tables)

3 Months Ended

Mar. 31, 2024

Schedule Of Taxes Payable [Table Text Block]

	March 31, 2024		December 31, 2023
	US$(’000)		US$(’000)
	(Unaudited)

Turnover tax and surcharge payable		1,261		1,264
Enterprise income tax payable		1,928		1,930
Total taxes payable		3,189		3,194

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

	Three Months Ended March 31,
	2024		2023
	US$(’000)		US$(’000)
	(Unaudited)		(Unaudited)

Current		-		-
Deferred		3		1
Income tax benefit		3		1

Schedule Of Deferred Tax Assets [Table Text Block]

	March 31, 2024			December 31, 2023
	US$(’000)			US$(’000)
	(Unaudited)

Tax effect of net operating losses carried forward		10,884			10,745
Operating lease cost		-			1
Impairment on long-term investments		161			161
Impairment on intangible assets		571			571
Bad debts provision		1,298			1,226
Valuation allowance		(12,510	)		(12,303	)
Deferred tax assets, net		404			401

Note 15 - Restricted Net Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries	$ 13,360	$ 13,410
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 - Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Text Block]

22.

Subsequent events

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 general economic downturn in the PRC lead by a challenging macroeconomic environment 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. While the Chinese Government has begun various stimulus measures in 2024 to boost the economy and the property sector, there remains uncertainty as to the future impact of the recent economic downturn in the PRC. The Company will continue to assess its financial impacts for future periods.

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 16 - Employee Defined Contribution Plan (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Defined Contribution Plan, Cost	$ 30	$ 40

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues	$ 3,531	$ 6,316
Cost of revenues	3,459	6,630
Gross (loss)/profit	72	(314)
Operating Expenses [Abstract]
Sales and marketing expenses	79	48
General and administrative expenses	915	932
Research and development expenses	0	18
Total operating expenses	994	998
Loss from operations	(922)	(1,312)
Other income/(expenses)
Interest income	91	72
Other expenses, net	(22)	(5)
Change in fair value of warrant liabilities	0	101
Total other income	69	168
Loss before income tax benefit	(853)	(1,144)
Income tax benefit	3	1
Net loss	(850)	(1,143)
Foreign currency translation loss	7	(81)
Comprehensive loss	$ (843)	$ (1,224)
Loss per common share
Basic and diluted (in dollars per share)	$ (0.12)	$ (0.16)
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	7,204,506	7,174,506

Note 21 - Share-based Compensation Expenses (Tables)

3 Months Ended

Mar. 31, 2024

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

	Three Months Ended March 31,
	2024		2023
	US$(’000)		US$(’000)
	(Unaudited)		(Unaudited)

Sales and marketing expenses		-		-
General and administrative expenses		-		35
Research and development expenses		-		-
Total		-		35

Note 8 - Long-term Investments - Summary of Long-term Investments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Balance as of January 1, 2024	$ 794
Exchange translation adjustment	0
Cash investments during the year	0
Disposed during the year	0
Impairment losses provided during the year	0
Balance as of March 31, 2024 (Unaudited)	$ 794

Note 4 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues	$ 3,531	$ 6,316
Search Engine Marketing and Data Service [Member]
Revenues	3,531	6,161
Online Advertising Placement [Member]
Revenues	0	130
Blockchain-based SaaS services [Member]
Revenues	0	25
Transferred over Time [Member]
Revenues	3,531	6,316
Transferred at Point in Time [Member]
Revenues	$ 0	$ 0