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 2021

 

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 ¨ 

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

 

 

 

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 7, 2021	By:	/s/ Herman Man Guo
	Name:	Herman Man Guo
	Title:	Chairman, Chief Executive Officer and interim Chief Financial Officer

 

 

EXHIBIT INDEX

 

Exhibit No.		Description
Exhibit 99.1		Unaudited Condensed Consolidated Balance Sheets of AirNet Technology Inc. as of December 31, 2020 and June 30, 2021 and Unaudited Condensed Consolidated Statements of Operations of AirNet Technology Inc. for the six months ended June 30, 2020 and 2021

 

 

 

Exhibit 99.1

 

 

The unaudited condensed consolidated financial statements of AirNet Technology Inc. as of and for the six months ended June 30, 2021 have not been audited or reviewed by its independent registered public accounting firm.

 

 

AIRNET TECHNOLOGY INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

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

 

		As of December 31,				As of June 30,
		2020				2021
						(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	283			$	885
Restricted cash			15,327				-
Accounts receivable, net			10,398				7,095
Other current assets, net			32,600				27,495
Cryptocurrency, less impairment			-				2,095
Amounts due from related parties			27				6
Total current assets			58,635				37,576
Property and equipment, net			12,883				19,276
Long-term investments, net			42,495				41,166
Long-term deposits, net			382				791
Operating lease right-of-use assets			683				134
TOTAL ASSETS			115,078				98,943
Liabilities
Current liabilities:
Short-term loan			5,670				5,972
Accounts payable			22,211				23,226
Accrued expenses and other current liabilities			24,402				8,877
Deferred revenue			2,589				2,687
Income tax payable			2,392				2,534
Amounts due to related parties			1,531				-
Operating lease liability, current			1,002				98
Consideration received from buyer			30,651				30,976
Payable of earnout commitment			23,380				23,628
Total current liabilities			113,828				97,998
Non-current liabilities:
Long-term loan			2,605				2,556
Operating lease liability, non-current			3				-
Total liabilities			116,436				100,554

 

 

AIRNET TECHNOLOGY INC. 

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,
		2020				2021
						(Unaudited)
Equity
Ordinary shares ($0.001 par value; 900,000,000 shares authorized; 151,573,363 and 179,986,169 shares issued as of December 31, 2020 and June 30, 2021; 149,541,085 and 177,953,891 shares outstanding as of December 31, 2020 and June 30, 2021)			152				180
Additional paid-in capital			288,879				295,037
Treasury stock (2,032,278 shares as of December 31, 2020 and June 30, 2021)			(2,351	)			(2,351	)
Accumulated deficit			(286,365	)			(292,833	)
Accumulated other comprehensive income			31,308				31,493
Total AirNet Technology Inc.'s shareholders' equity			31,623				31,526
Non-controlling interests			(32,981	)			(33,137	)
Total deficits			(1,358	)			(1,611	)
TOTAL LIABILITIES AND DEFICITS		$	115,078			$	98,943

 

 

AIRNET TECHNOLOGY INC. 

UNAUDITED AND UNREVIEWED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

  

		Six months ended June 30,
		2020				2021
			(Unaudited)			(Unaudited)
Revenues		$	12,213			$	8,833
Business tax and surcharges			(53	)			(60	)
Net revenues			12,160				8,773
Cost of revenues			(11,100	)			(6,838	)
Gross profit			1,060				1,935
Operating expenses:
Selling and marketing			(1,210	)			(1,132	)
General and administrative			(4,050	)			(5,096	)
Research and development			(420	)			(204	)
Total operating expenses			(5,680	)			(6,432	)
Loss from operations			(4,620	)			(4,497	)
Interest expense, net			(335	)			(301	)
Loss from long-term investments			(1,327	)			(1,776	)
Other income (expense), net			712				(46	)
Loss from operations before income taxes			(5,570	)			(6,620	)
Income tax expenses			(1	)			(55	)
Net loss			(5,571	)			(6,675	)
Less: Net loss attributable to non-controlling interests			(402	)			(207	)
Net loss attributable to AirNet Technology Inc.'s shareholders		$	(5,169	)		$	(6,468	)
Net loss per ordinary share
- Basic and diluted		$	(0.04	)		$	(0.04	)
Net loss per ADS
- Basic and diluted		$	(0.41	)		$	(0.38	)
Weighted average ordinary shares used in calculating net loss per ordinary share
- Basic and diluted			125,664,777				171,988,772
Weighted average ADS used in calculating net loss per ADS
- Basic and diluted			12,566,478				17,198,877