ANTE AirNet Technology Inc

  

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of December 2023

 

Commission File Number: 001-33765

 

AIRNET TECHNOLOGY INC.

(Exact name of registrant as specified in its charter)

 

Suite 301

No. 26 Dongzhimenwai Street

Chaoyang District, Beijing 100027

The People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x Form 40-F ¨

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	AIRNET TECHNOLOGY INC.
Date: December 28, 2023	By:	/s/ Dan Shao
	Name:	Dan Shao
	Title:	Chief Executive Officer

 

 

EXHIBIT INDEX

 

Exhibit No.		Description
Exhibit 99.1		Unaudited Condensed Consolidated Balance Sheets of AirNet Technology Inc. as of December 31, 2022 and June 30, 2023 and Unaudited Condensed Consolidated Statements of Operations of AirNet Technology Inc. for the six months ended June 30, 2022 and 2023

 

 

 

 

 

 

Exhibit 99.1

 

AirNet Technology Inc. Announces Unaudited Financial Results for the First Half of 2023

 

BEIJING, December 26, 2023 (GLOBE NEWSWIRE) -- AirNet Technology Inc., formerly known as AirMedia Group Inc. (“AirNet” or the “Company”) (Nasdaq: ANTE), today announced its unaudited financial results for the first half of 2023.

 

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,
		2022				2023
						(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	2,700			$	132
Accounts receivable, net			1,421				552
Other current assets, net			65,072				28,527
Amount due from related parties			601				199
Total current assets			69,794				29,410
Property and equipment, net			10,885				10,447
Long-term investments, net			34,083				30,654
Long-term deposits, net			371				62
Operating lease right-of-use assets			16				8
TOTAL ASSETS			115,149				70,581
Liabilities
Current liabilities:
Short-term loan			12,822				9,912
Accounts payable			15,774				16,451
Accrued expenses and other current liabilities			11,277				11,041
Deferred revenue			7,745				7,366
Amount due to related parties			1,174				1,207
Income tax payable			1,865				1,232
Operating lease liability, current			10				12
Consideration received from buyer			29,000				27,580
Payable of earnout commitment			22,120				21,037
Total current liabilities			101,787				95,838
Non-current liabilities:
Operating lease liability, non-current			9				-
Total liabilities			101,796				95,838

 

 

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,
		2022				2023
						(Unaudited)
Equity
Ordinary shares ($0.04 par value; 22,500,000 shares authorized; 8,948,505 and 4,525,643 shares issued as of December 31, 2022 and June 30, 2023; 8,923,687 and 4,499,654 shares outstanding as of December 31, 2022 and June 30, 2023)			359				181
Additional paid-in capital			332,746				298,685
Treasury stock (245,818 shares as of December 31, 2022 and June 30, 2023)			(1,148	)			(1,148	)
Accumulated deficit			(318,239	)			(322,164	)
Accumulated other comprehensive income			32,044				31,368
Total AirNet Technology Inc.'s shareholders' equity			45,762				6,922
Non-controlling interests			(32,409	)			(32,179	)
Total equity (deficits)			13,353				(25,257	)
TOTAL LIABILITIES AND DEFICITS		$	115,149			$	70,581

 

 

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,
		2022				2023
		(Unaudited)				(Unaudited)
Revenues		$	2,541			$	581
Business tax and surcharges			(53	)			(43	)
Net revenues			2,488				538
Cost of revenues			(2,358	)			(1,394	)
Gross profit (loss)			130				(856	)
Operating expenses:
Selling and marketing			(748	)			(359	)
General and administrative			(3,435	)			(1,712	)
Research and development			(18	)			(16	)
Total operating expenses			(4,201	)			(2,087	)
Loss from operations			(4,071	)			(2,943	)
Interest expense, net			(448	)			(330	)
Loss from long-term investments			(1,275	)			(618	)
Other income, net			4,798				199
Loss from operations before income taxes			(996	)			(3,692	)
Income tax expenses			(12	)			(1	)
Net loss			(1,008	)			(3,693	)
Less: Net income from operations attributable to non-controlling interests			756				232
Net loss from operations attributable to AirNet Technology Inc.'s shareholders		$	(1,764	)		$	(3,925	)
Net loss attributable to AirNet Technology Inc.’s shareholders per ordinary share
- Basic and diluted		$	(0.27	)		$	(1.10	)
Net loss attributable to AirNet Technology Inc.’s shareholders per ADS
- Basic and diluted		$	(0.27	)		$	(1.10	)
Weighted average ordinary shares used in calculating net loss per ordinary share
- Basic and diluted			6,612,793				3,575,714
Weighted average ADS used in calculating net loss per ADS
- Basic and diluted			6,612,793				3,575,714

 

 

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Going concern

 

The Group has a history of operating losses and negative operating cash flows and has negative working capital of $66,428 as of June 30, 2023. These conditions raise substantial doubt about the Group’s ability to continue as a going concern.

 

The Group plans to strengthen the air travel media network business to drive its revenues and bring in cash to keep operation. In addition, the Group tried to reach an agreement to transfer its 33% equity investment in Unicom AirNet (Beijing) Network Co., Ltd to an investor for cash to keep liquidity. However, there is no assurance that the measures above can be achieved as planned. As a result, management prepared the consolidated financial statements assuming the Group will continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Forward-Looking Statements

 

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “is expected to,” “anticipates,” “aim,” “future,” “intends,” “plans,” “believes,” “are likely to,” “estimates,” “may,” “should” and similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements are based upon management’s current expectations and current market and operating conditions, and involve inherent risks and uncertainties, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause its actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

 

Company Contact

 

Linda Wang

Investor Relations

AirNet Technology Inc.

Tel: +86-10-8460-8678

Email: ir@ihangmei.com

 

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