AIRNET TECHNOLOGY : UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - Form 6-K

AIRNET TECHNOLOGY INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In U.S. dollars in thousands, except share and per share data)

		As of December 31,			As of June 30,
		2021			2022
					(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	1,569			$	5,727
Accounts receivable, net			2,258				1,001
Prepaid concession fees			628				-
Other current assets, net			31,534				64,162
Cryptocurrency, less impairment			659				431
Total current assets			36,648				71,321
Property and equipment, net			19,302				17,460
Long-term investments, net			39,554				36,426
Long-term deposits, net			513				382
Operating lease right-of-use assets			18				8
TOTAL ASSETS			96,035				125,597
Liabilities
Current liabilities:
Short-term loan			15,174				14,437
Accounts payable			18,365				16,735
Accrued expenses and other current liabilities			9,695				10,336
Deferred revenue			3,428				2,518
Income tax payable			2,963				1,827
Operating lease liability, current			8				12
Consideration received from buyer			31,384				29,860
Payable of earnout commitment			23,939				22,776
Total current liabilities			104,956				98,501
Non-current liabilities:
Operating lease liability, non-current			13				-
TOTAL LIABILITIES			104,969				98,501

AIRNET TECHNOLOGY INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED

(In U.S. dollars in thousands, except share and per share data)

		As of December 31,			As of June 30,
		2021			2022
					(Unaudited)
Equity
Ordinary shares ($0.001 par value; 900,000,000 shares authorized; 179,986,169 and 357,940,060 shares issued as of December 31, 2021 and June 30, 2022; 178,993,449 and 356,947,340 shares outstanding as of December 31, 2021 and June 30, 2022)			181				359
Additional paid-in capital			298,685				332,686
Treasury stock (992,720 shares as of December 31, 2021 and June 30, 2022)			(1,148)				(1,148	)
Accumulated deficit			(304,904)				(306,668	)
Accumulated other comprehensive income			31,685				34,544
Total AirNet Technology Inc.'s shareholders' equity			24,499				59,773
Non-controlling interests			(33,433)				(32,677	)
Total (deficits) equity			(8,934)				27,096
TOTAL LIABILITIES AND DEFICITS		$	96,035			$	125,597

AIRNET TECHNOLOGY INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In U.S. dollars in thousands, except share and per share data)

		Six months ended June 30,
		2021			2022
		(Unaudited)			(Unaudited)
Revenues		$	8,833			$	2,541
Business tax and surcharges			(60)				(53	)
Net revenues			8,773				2,488
Cost of revenues			(6,838)				(2,358	)
Gross profit			1,935				130
Operating expenses:
Selling and marketing			(1,132)				(748	)
General and administrative			(5,096)				(3,435	)
Research and development			(204)				(18	)
Total operating expenses			(6,432)				(4,201	)
Loss from operations			(4,497)				(4,071	)
Interest expense, net			(301	)			(448	)
Loss from long-term investments			(1,776	)			(1,275	)
Other (expense) income, net			(46)				4,798
Loss from operations before income taxes			(6,620	)			(996)
Income tax expenses			(55	)			(12	)
Net loss			(6,675	)			(1,008	)
Less: Net (loss) income from operations attributable to non-controlling interests			(207	)			756
Net loss from operations attributable to AirNet Technology Inc.'s shareholders		$	(6,468	)		$	(1,764	)
Net loss		$	(6,675	)		$	(1,008	)
Net loss attributable to AirNet Technology Inc.'s shareholders		$	(6,468	)		$	(1,764	)
Net loss attributable to AirNet Technology Inc.'s shareholders per ordinary share
- Basic and diluted		$	(0.04	)		$	(0.01	)
Net loss attributable to AirNet Technology Inc.'s shareholders per ADS
- Basic and diluted		$	(0.38	)		$	(0.07	)
Weighted average ordinary shares used in calculating net loss per ordinary share
- Basic and diluted			171,988,772				264,511,739
Weighted average ADS used in calculating net loss per ADS
- Basic and diluted			17,198,877				26,451,174