0001104659-24-052241 | 20-F | XBRL Viewer

For the year ended December 31,

Operating lease cost

Short-term lease cost

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Nov. 30, 2022
CONSOLIDATED BALANCE SHEETS
Common stock, par value per share (in $ per share)	$ 0.04	$ 0.04	$ 0.04
Common stock, shares authorized (in shares)	22,500,000	22,500,000
Common stock, shares issued (in shares)	4,525,643	8,948,505
Common stock, shares outstanding (in shares)	4,474,836	8,923,687
Treasury stock, shares (in shares)	24,818	24,818

OTHER CURRENT ASSETS, NET

12 Months Ended

Dec. 31, 2023

OTHER CURRENT ASSETS, NET

OTHER CURRENT ASSETS, NET

5. OTHER CURRENT ASSETS, NET

Other current assets, net, consist of the following:


	As of December 31,
	2022						2023
	Gross		Allowance		Net		Gross		Allowance		Net

Receivable from third party (i)	$	24,860	$	(20,002)	$	4,858	$	33,147		(27,464)		5,683
Receivable from AM Advertising and its subsidiaries (ii)		22,840	$	(7,896)	$	14,944		21,218		(7,669)		13,549
Input VAT receivable(iii)		3,296		—		3,296		2,493		—		2,493
Other prepaid expenses		3,837		(2,490)		1,347		3,710		(1,338)		2,372
Short-term deposits		1,102		—		1,102		257		—		257
Prepaid selling and marketing fees		518		(319)		199		518		(354)		164
Receivable from Non-controlling shareholders		709		(709)		—		669		(521)		148
Prepaid individual income tax and other employee advances		445		(155)		290		389		(116)		273
Stock subscriptions receivable(iv)		149		—		149		—		—		—
Prepaid expenses of equipment(v)		34,179		—		34,179		—		—		—
Others		72		—		72		50		—		50
Total	$	92,007	$	(31,571)	$	60,436	$	62,451		(37,462)		24,989

(i)

Receivable from third party mainly represented the concession fee deposits of Guangzhou Meizheng for the ceased operations in providing Wi-Fi services on trains that is expected to be refunded within one year and the refund receivable of concession fee from an airline company. As of December 31, 2022 and 2023, the management conducted a review on the outstanding balance and recorded bad debt provision on other current assets for which the collectability is assessed to be remote. It also consisted of loans to third parties are in order to secure them to provide advertising services at prime locations to the Group. As of December 31, 2022 and 2023, the Group had balance of various loan agreements with third parties with aggregated amount of $6,056 and $5,891, respectively with the terms of one year. The interest rates were around 5% without any assets pledged for the years ended December 31, 2022 and 2023, respectively. As of December 31, 2022 and 2023, the bad debt allowance for loan to third parties amounted to $6,056 and $5,891, respectively.

(ii)

Receivable from AM Advertising and its subsidiaries balance amounted to $22,840 and $21,218 as of December 31, 2022 and 2023, respectively. As of December 31, 2022 and 2023, $7,896 and $7,669 of bad debt allowance were made for the receivable balance, respectively. See Note 19 (b) for further discussion of AM Advertising.

(iii)

Input VAT receivable decreased by $803 from $3,296 as of December 31, 2022 to $2,493 as of December 31, 2023. In 2022 and 2023, economy was adversely affected by the unpredictable COVID-19 and the Group expected that it would be remote to receive invoices to certify the estimated input VAT.

(iv)	On December 30, 2020, the Group issued 23,876,308 ordinary shares to purchase computer servers valued at $2,531, which are specifically designed for mining cryptocurrencies and have been subsequently transferred to the Group in January 2021.

(v)

On April 6, 2022, the Group issued 179,986,169 ordinary shares to purchase computer servers valued at $34,179, which are specifically designed for mining cryptocurrencies. On June 21, 2023 the transaction was terminated and the Company repurchased the all issued shares for the transaction at par value.

Movement of allowance for other current assets is as follows:


	For the years ended December 31,
	2021		2022		2023
Beginning of year	$	57,956	$	34,846	$	31,571
Addition		—		—		6,788
Reverse		—		(647)		—
Write off		(24,490)		—		—
Exchange rate adjustment		1,380		(2,628)		(897)
End of year	$	34,846	$	31,571	$	37,462

ACCOUNTS RECEIVABLE, NET - Schedule of allowance for doubtful accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ACCOUNTS RECEIVABLE, NET
Balance at beginning of the year	$ 2,890	$ 3,150	$ 3,797
Addition	130	100	234
Reverse	(249)	(380)	(875)
Write off	265
Exchange rate adjustment	(83)	20	(6)
Balance at end of the year	$ 2,953	$ 2,890	$ 3,150

INCOME TAXES

12 Months Ended

Dec. 31, 2023

INCOME TAXES

INCOME TAXES

10. INCOME TAXES

AirNet is a tax-exempted company incorporated in the Cayman Islands.

Broad Cosmos is tax-exempted company incorporated in the British Virgin Islands.

AN China and Blockchain Dynamics Limited are subject to Hong Kong tax law. According to Tax (Amendment) (No. 3) Ordinance 2018 published by Hong Kong government, form April 1, 2018, under the two-tiered profits tax rates regime, the profits tax rate for the first HK$2.0 million of assessable profits will be lowered to 8.25% (half of the rate specified in Schedule 8 to the Inland Revenue Ordinance (IRO)) for corporations and 7.5% (half of the standard rate) for unincorporated businesses (mostly partnerships and sole proprietorships). Assessable profits above HK$2.0 million will continue to be subject to the rate of 16.5% for corporations and standard rate of 15% for unincorporated businesses. AN China is qualified to elect the tax rate of 8.25% as it has no assessable profit in 2018, and has a small profit in 2021, 2022 and 2023.

The Group’s subsidiaries in the PRC are all subject to PRC Enterprise Income Tax (“EIT”) on the taxable income in accordance with the relevant PRC income tax laws and regulations except for Air Joy, which was incorporated in Singapore with an income tax rate of 17% and has no assessable profit in 2021, 2022 and 2023. The EIT rate for the Group’s operating in PRC was 25% with the following exceptions.

Wangfan Linghang qualified for the HNTE (entities that are qualified as “high and new technology enterprises strongly supported by the state”) at the end of 2017 and entitled to an EIT rate of 15%, expiring on December 26, 2020 and was entitled to an EIT rate of 25% afterwards.

Air Esurfing qualified for the HNTE in 2018 and entitled to an EIT rate of 15%, expiring on September 10, 2021 and was entitled to an EIT rate of 25% afterwards.

10. INCOME TAXES - continued

Income tax expenses (benefits) are as follows:


	For the years ended December 31,
	2021		2022		2023
Income tax expenses (benefits):
Current	$	284	$	17	$	1
Deferred		—		—		—
Income tax benefit due to reverse of UTP		—		—		—
	$	284	$	17	$	1

Reconciliation between the provision for income taxes computed by applying the PRC EIT rate of 25% to income before income taxes and the actual provision of income taxes is as follows:


	For the years ended December 31,
	2021			2022			2023

Net loss before provision for income taxes	$	(19,088)		$	(5,966)		$	124
PRC statutory tax rate		25	%		25	%		25	%
Income tax at statutory tax rate		(4,772)			(1,492)			31

Expenses not deductible for tax purpose
Entertainment expenses exceeded the tax limit		42			28			15
Tax effect of impairment loss on property and equipment and intangible assets		—			668			—
Tax effect of unrealized net operating loss		5,971			6,198			(59)
Changes in valuation allowance		(763)			(4,326)			30
Effect of preferential tax rates granted to PRC entities		121			—			—
Effect of income tax rate change		(391)			(1,026)			—
Effect of income tax rate difference in other jurisdictions		76			(33)			(16)
Income tax (benefits) expenses	$	284		$	17		$	1
Effective tax rates		(1.5)	%		(0.3)	%		(0.8)	%

10. INCOME TAXES - continued

The principal components of the Group’s deferred income tax assets are as follows:


	As of December 31,
	2022		2023
Deferred tax assets:
Allowance for doubtful accounts	$	10,391	$	10,104
Amortization of intangible assets		141		—
Net operating loss carry forwards		57,172		57,897
Excess marketing and advertising expense (15%)		28		—
Impairment on equipment		668		3,691
Recognized cost of non-deductible VAT-input that generated in prior years		28		—
Total deferred tax assets		68,427		71,692
Valuation allowance		(68,427)		(71,692)
Total deferred tax assets, net	$	—	$	—

The Group had deferred tax assets which consisted of tax loss carry-forwards, accruals and reserves which can be carried forward to offset future taxable income. The valuation allowance provided as of December 31, 2022 and 2023 relates to the deferred tax assets generated by the Group’s VIEs. The Group’s subsidiaries in the PRC had total net operating loss carry forwards approximately of $57,897 as of December 31, 2023. The net operating loss carry forwards for the PRC subsidiaries will expire on various dates through year 2026. The Group’s valuation allowance increased by $3,265 from $68,427 as of December 31, 2022 to $71,692 as of December 31, 2023.

The Group evaluates each UTP (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. In 2018, the Group incurred penalties of $4,324 related to underpayment or delayed payment for income tax expense of previous years. A tax penalty of $2,664 was assessed for a one-year delay of income taxes owed for 2015 arising from the gain on transferring 75% equity of AM Advertising and a tax penalty of $1,660 was assessed for the unpaid income tax expense of 2016 for the deduction of bad debt allowances from taxable income before tax without attempting to enforce collections of the assets and filing a special declaration of loss in asset. After paying the penalties noted above in 2018, taxes payable as of December 31, 2018 was $11,065. The Group determined that the unpaid tax liability was an uncertain tax (“UTP”) position as it is not more likely than not to be sustained on audit if the tax authorities were to re-examine this position. The tax authorities have not re-examined this position and the statute of limitations has expired as of the end of 2020. Therefore, the UTP was eliminated as a result of the lapse of the applicable statute of limitations.

For years ending December 31, 2021, 2022 and 2023, the Group recognized no interest expense related to unrecognized tax benefits. The Group is not currently under examination by any income taxing authority, nor has it been notified of an impending examination. As of December 31, 2023, tax years 2018 to present are subject to examination by the tax authorities.

10. INCOME TAXES - continued

Uncertainties exist with respect to how the current income tax law in the PRC applies to the Group’s overall operations, and more specifically, with regard to tax residency status. New EIT Law includes a provision specifying that legal entities organized outside of China will be considered residents for Chinese income tax purposes if the place of effective management or control is within China. The Implementation Rules to the new EIT Law provide that non-resident legal entities will be considered China residents if substantial and overall management and control over the manufacturing and business operations, personnel, accounting, properties, etc., occurs within China. Additional guidance is expected to be released by the Chinese government in the near future that may clarify how to apply this standard to tax payers. Despite the present uncertainties resulting from the limited PRC tax guidance on the issue, the Group does not believe that its legal entities organized outside of China should be treated as residents for new EIT Law purposes. If the PRC tax authorities subsequently determine that the Company and its subsidiaries registered outside the PRC should be deemed resident enterprises, the Company and its subsidiaries registered outside the PRC will be subject to the PRC income tax at a rate of 25%.

However, the Company’s subsidiaries located in the PRC were in a loss position and had accumulated deficit as of December 31, 2023, and the tax basis for the investment was greater than the carrying value of this investment. A deferred tax asset should be recognized for this temporary difference only if it is apparent that the temporary difference will reverse in the foreseeable future. Absent of evidence of a reversal in the foreseeable future, no deferred tax asset for such temporary difference was recorded. The Company did not record any tax on any of the undistributed earnings because the relevant subsidiaries do not intend to declare dividends and the Company intends to permanently reinvest it within the PRC.

Aggregate undistributed earnings of the Company’s subsidiaries located in the PRC that are available for distribution to the Company are considered to be indefinitely reinvested and accordingly, no provision has been made for the Chinese dividend withholding taxes that would be payable upon the distribution of those amounts to the Company. The Chinese tax authorities have also clarified that distributions made out of pre-January 1, 2008 retained earnings will not be subject to the withholding tax.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

PROPERTY AND EQUIPMENT, NET - Movement of impairment for property and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PROPERTY AND EQUIPMENT, NET
Beginning of year	$ 15,110	$ 16,353	$ 26,262
Addition	0	0	0
Disposal			(10,537)
Exchange rate adjustment	(347)	(1,243)	628
End of year	$ 14,763	$ 15,110	$ 16,353

DISCONTINUED OPERATIONS - Results of discontinued operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
DISCONTINUED OPERATION
Net loss from discontinued operations	$ (317)	$ (6,328)	$ 1,585
Cryptocurrency mining \| Discontinued operations
DISCONTINUED OPERATION
Revenues	13	195	2,604
Less: Cost of revenues		2,109	2,121
Gross Revenue	13	(1,914)	483
Total operating expenses	212	4,795	662
Loss from discontinued operations	(199)	(6,709)	(179)
Total other income, net	(118)	381	1,764
Loss from discontinued operation before income taxes	(317)	(6,328)	1,585
Net loss from discontinued operations	$ (317)	$ (6,328)	$ 1,585

OTHER CURRENT ASSETS, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Gross	$ 62,451	$ 92,007
Allowance	(37,462)	(31,571)	$ (34,846)	$ (57,956)
Net	24,989	60,436
Receivable from third party
Gross	33,147	24,860
Allowance	(27,464)	(20,002)
Net	5,683	4,858
Receivable from AM Advertising and its subsidiaries
Gross	21,218	22,840
Allowance	(7,669)	(7,896)
Net	13,549	14,944
Input VAT receivable
Gross	2,493	3,296
Net	2,493	3,296
Other prepaid expenses
Gross	3,710	3,837
Allowance	(1,338)	(2,490)
Net	2,372	1,347
Prepaid selling and marketing fees
Gross	518	518
Allowance	(354)	(319)
Net	164	199
Receivable from non-controlling shareholders
Gross	669	709
Allowance	(521)	(709)
Net	148
Prepaid individual income tax and other employee advances
Gross	389	445
Allowance	(116)	(155)
Net	273	290
Stock subscriptions receivable
Gross		149
Net		149
Prepaid expenses of equipment
Gross		34,179
Net		34,179
Others
Gross	50	72
Net	50	72
Short-term deposits
Gross	257	1,102
Net	$ 257	$ 1,102

LONG-TERM INVESTMENTS, NET - Schedule of equity method investments - Parenthetical (Details) $ in Thousands, ¥ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Feb. 22, 2017 CNY (¥)	Mar. 18, 2008
LONG-TERM INVESTMENTS, NET
Equity Method Investments		$ 3,848	$ 5,083
Proceeds from disposal of equity investment		0	0	$ 0
Beijing Eastern Media Corporation Ltd. ("BEMC ")
LONG-TERM INVESTMENTS, NET
Gain (loss) on investment		37		$ 57
Proceeds from disposal of equity investment	$ 1,205
Investment income recognized	$ 71
Beijing Eastern Media Corporation Ltd. ("BEMC ") \| Parent Company \| Reportable Legal Entities
LONG-TERM INVESTMENTS, NET
Ownership percentage						51.00%
Beijing Eastern Media Corporation Ltd. ("BEMC ") \| China Eastern Media Corporation
LONG-TERM INVESTMENTS, NET
Ownership percentage						49.00%
Unicom AirNet
LONG-TERM INVESTMENTS, NET
Gain (loss) on investment		$ 44	$ 2,635
Ownership percentage					39.00%
Equity Method Investments \| ¥					¥ 117.9

LIABILITIES FOR LITIGATION

12 Months Ended

Dec. 31, 2023

LIABILITIES FOR LITIGATION

LIABILITIES FOR LITIGATION

19. LIABILITIES FOR LITIGATION

(a)Approval for non-advertising content

A majority of the digital frames and digital TV screens in the Group’s network include programs that consist of both advertising content and non-advertising content. On December 6, 2007, the State Administration of Radio, Film or Television, or the SARFT, a governmental authority in the PRC, issued a Circular regarding Strengthening the Management of Public Audio-Video in Automobiles, Buildings and Other Public Areas, or the SARFT Circular. According to the SARFT Circular, displaying audio-video programs such as television news, films and television shows, sports, technology and entertainment through public audio-video systems located in automobiles, buildings, airports, bus or train stations, shops, banks and hospitals and other outdoor public systems must be approved by the SARFT. The Group intends to obtain the requisite approval of the SARFT for the Group’s non-advertising content, but the Group cannot assure that the Group will obtain such approval in compliance with this SARFT Circular, or at all.

In January 2014, the Group entered into a strategic alliance with China Radio International Oriental Network (Beijing) Co., Ltd (“CRION”), which manages the internet TV business of China International Broadcasting Network, to operate the CIBN-AirNet channel for broadcast network TV programs to air travelers in China. According to the terms of the cooperation arrangement with CRION, during the cooperation period from March 28, 2014 to March 27, 2024, CRION shall obtain and, from time to time, be responsible for obtaining any approval, license and consent regarding the regulation of broadcasting and television from relevant authorities.

There is no assurance that CRION will be able to obtain or maintain the requisite approval or the Group will be able to renew the contract with CRION when they expire. If the requisite approval is not obtained, the Group will be required to eliminate non-advertising content from the programs included in the Group’s digital frames and digital TV screens and advertisers may find the Group’s network less attractive and be unwilling to purchase advertising time slots on the Group’s network.

As of December 31, 2023, the Group did not record a provision for these matters as management believes the possibility of adverse outcome of the matters is remote and any liability it may incur would not have a material adverse effect on its consolidated financial statements. However, it is not possible for the Group to predict the ultimate outcome and the possible range of the potential impact of failure to obtain such disclosed registrations and approvals primarily due to the lack of relevant data and information in the market in this industry in the past.

19. LIABILITIES FOR LITIGATION - continued

(b)

AM Advertising Dispute

Linghang Shengshi had served a legal letter, dated June 29, 2016 (the “Legal Letter”), on Longde Wenchuang to challenge the proposed transfers by Longde Wenchuang of their equity interests in AM Advertising to Shanghai Golden Bridge InfoTech Co., Ltd. (stock code: 603918), a PRC company with its shares listed on the Shanghai Stock Exchange (“Golden Bridge”). As of the date of the Legal Letter, Linghang Shengshi held 24.84% of the equity interests in AM Advertising. Longde Wenchuang and Culture Center held 28.57% and 46.43%, respectively, of the equity interests in AM Advertising. On June 14, 2016, Longde Wenchuang entered into an equity interest transfer agreement with Golden Bridge to transfer 75% equity interests in AM Advertising to Golden Bridge in consideration for shares in Golden Bridge (the “Transfer”). Neither of Longde Wenchuang sought consent from Linghang Shengshi with respect to the Transfer in accordance with the provisions of the Company Law of the People’s Republic of China (the “Company Law”). Linghang Shengshi challenges the validity of the Transfer on the ground that it violated the statutory right of first refusal of Linghang Shengshi under the Company Law. Subsequent to the Group’s legal letter, Golden Bridge ceased acquisition of 75% equity interest of AM Advertising from Longde Wenchuang and Culture Center. Longde Wenchuang and Culture Center further dismissed the Group’s representative from Co-CEO position of AM Advertising.

On September 2, 2016, the Group received notice (the “September 2, 2016 Notice”) from the China International Economic and Trade Arbitration Commission (the “CIETAC”) that the Company, Chuangyi Technology, Linghang Shengshi and Mr. Herman Man Guo (collectively, the “Respondents”) were named as respondents by the Culture Center in an arbitration proceeding submitted by the Culture Center to the CIETAC in connection with the sale by the Group of 75% equity interests in AM Advertising to Culture Center and Longde Wenchuang in June 2015. Culture Center seeks specific performance by the Respondents of certain obligations under the transaction documents, which include, among other things, (i) the pledge by Linghang Shengshi and Mr. Guo of their respective equity interests in AM Advertising to Culture Center as security for their obligations under the transaction documents, (ii) the use of best efforts by the Respondents to cooperate with the Culture Center and Longde Wenchuang to procure the listing of AM Advertising in China and (iii) the performance by the Group and Mr. Guo of their respective non-compete obligations to refrain from holding, operating, or otherwise participating in any business that is the same or substantially the same as that of AM Advertising. The Group believes the arbitration request is without merit and intends to defend the actions vigorously. However, no assurances can be provided that the Group will prevail in this arbitration proceeding. In response to the September 2, 2016 Notice, the Group filed a notice against Culture Center to CIETAC for their breach of contract.

As a result of the above disputes, the Group is no longer able to exercise significant influence in operating and strategic decision of AM Advertising and cannot access to AM Advertising’s financial information. Accordingly, the Group accounted its investment in AM Advertising as equity investments without readily determinable fair values (see Note 7) as of December 31, 2021, 2022 and 2023. AM Advertising and its subsidiaries are no longer related parties to the Group. As of December 31, 2016, the Group treated the provision for earnout commitment of $23,549 as contingent liability and did not record any additional provision for this matter as management believes the possibility of adverse outcome of the matter is remote and any liability it may incur would not have a material adverse effect on its consolidated financial statements.

19. LIABILITIES FOR LITIGATION – continued

(b)

AM Advertising Dispute - continued

During 2018, a memorandum of understanding and various supplemental agreements (collectively the “MoU”) were, were entered into with, among others, Longde Wenchuang and Beijing Cultural Center Construction and Development Fund (Limited Partnership), under which, among other things, Linghang Shengshi and Mr. Guo have agreed to pay or make available to AM Advertising on or prior to May 30, 2018 and further extended to September 30, 2018 and December 31, 2018 an aggregate of RMB304.5 million which was to be discounted by the following amounts (i) the RMB152.0 million profits attributable to Linghang Shengshi, Mr. Guo and Mr. Xu for the first nine months of 2015, based on a third-party pro forma audit report on AM Advertising; (ii) the loan of RMB88.0 million in principal balance and RMB7.8 million in interests; and (iii) the payment of RMB56.7 million in cash after the sale of the 20.32% equity interests in AM Advertising, which consisted of 20.18% equity interests hold by the Group and 0.14% equity interests hold by Mr. Man Guo and Mr. Qing Xu on behalf of the Group, and following the completion of the foregoing arrangements, the Group’s obligations with respect to the profit target for 2015, the earnout provision for the first nine months of 2015 and the loans between AM Advertising and Linghang Shengshi shall be deem completed. According to the aforesaid MoU, after Linghang Shengshi, Mr. Guo and Mr. Xu transfer all the equity interest of AM Advertising, they will cease to be shareholders of AM Advertising and will not be able to continuously assume the obligations in connection with the profit commitment and earn out provision as a matter of fact.

The sale of the 20.32% equity interests in AM Advertising (therein 20.18% was held by the Group) has been completed as of December 31, 2018, while the cash payment of RMB56.7 million to Longde Wenchuang and Beijing Cultural Center Construction and Development Fund (Limited Partnership) has not been paid yet by the Group as of December 31, 2022. Upon the effectiveness of MoU, the Group has written off the contingency of provision for earnout provision, and has recorded an actual payable of earnout provision in the amount of RMB152.6 million as of December 31, 2018. On June 27, 2019, Linghang Shengshi received a letter of notification from AM Advertising requiring for the immediate payment for the net settlement of RMB 56.7 million (the “Letter”) and Linghang Shengshi responded to the Letter on June 28, 2019 by urging AM Advertising to cooperate with income tax deduction. According to an independent third-party attorney’s legal opinion issued in March 2021, the MoU was still effective.

In January 2021, the Group was informed that two of Linghang Shengshi’s bank accounts amounted to $1 in aggregate was frozen by the court as Culture Center applied to the court regardless of the arbitration process in the CIETAC in connection with the sale by the Group of 75% equity interests in AM Advertising. The Group believes the application is non-excused as it conflicted with the arbitration proceeding already submitted by the Culture Center to the CIETAC and defended the actions by applying to the court to unfreeze Linghang Shengshi’s bank accounts. In March 2021, the Group discovered that the equity interest of AirNet Online held by Mr. Herman Man Guo and Mr. Qing Xu was frozen by the court, which was applied to the court by AM Advertising to urge all parties to settle the Transfer (the “Case”). However, the Group believes that the court has no right of jurisdiction to judge this Case as it was essentially consisted with the arbitration process in the CIETAC and would be conflicting, and the Group submitted the objection to the court. The judge of the Case has orally approved the objection and the Case will be withdrawn. As of December 31, 2021, Longde Wenchuang and Culture Center have not issued a written notice requesting the cancellation of the MoU. Therefore, the Group considered the MoU was still effective as of December 31, 2021, and the aforementioned actual payable of earnout provision remained.

19. LIABILITIES FOR LITIGATION – continued

(b)

AM Advertising Dispute - continued

In January 2022, the court gave a judgement that Linghang Shengshi, Mr. Herman Man Guo and Mr. Qing Xu should pay RMB 56.7 million and interest (the “debts”) to AM Advertising within 10 days of the effective date of the judgment. In addition, Chuangyi Technology and AirNet is jointly and severally liable for the debts to the AM Advertising. Linghang Shengshi, Mr. Herman Man Guo, Mr. Qing Xu and Chuangyi Technology has entered an appeal to the court. The case is currently in the progress of second trial by the court. As the payable of earnout commitment of RMB 152.6 million have been adjusted since 2019 and the total amount of RMB 95.9 million of other current asset have been recorded per book, the net amount of the contingent liability was reflected in the consolidated financial statement of 2021, and no further adjustment was needed in a conclusion.

OTHER CURRENT ASSETS, NET - Additional information (Parenthetical) (Details) $ in Thousands, ¥ in Millions			12 Months Ended
	Apr. 06, 2022 USD ($) shares	Dec. 30, 2020 USD ($) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2015	Dec. 31, 2018 CNY (¥)
Gross			$ 62,451	$ 92,007
Shares issued to purchase computer servers \| shares	179,986,169	23,876,308
Value of shares issued to purchase computer servers	$ 34,179	$ 2,531		34,179
Loans to third parties			$ 5,891	$ 6,056
Debt instrument interest rate			5.00%	5.00%
Sale of equity interest, percentage					75.00%
AM Advertising
Financing receivable, allowance			$ 7,669	$ 7,896
Am Advertising And Its Subsidiaries Current Assets			21,218	22,840
Third Parties Loan
Financing receivable, allowance			5,891	6,056
Shareholder Loan
Debt instrument face amount \| ¥						¥ 88.0
Input VAT receivable
Increase in input VAT receivable			803
Gross			$ 2,493	$ 3,296

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of estimated useful lives of property and equipment


Digital display network equipment		5 years
Furniture and fixture		5 years
Computer and office equipment		3‑5 years
Vehicle		5 years
Software		5 years
Office property		40 years
Leasehold improvement		Shorter of the term of the lease
		or the estimated useful lives of the assets

Schedule of revenues by service categories


	For the years ended December 31,
	2021		2022		2023
Revenues from operations:
Air Travel Media Network	$	9,191	$	2,768	$	928
Others		1		6		—
	$	9,192	$	2,774	$	928

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

(a) Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

Going concern

(b) Going concern

The Group has a history of operating losses and negative operating cash flows and has negative working capital of $56,663 as of December 31, 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 from operation, as well as to explore new business models to diversify its revenue stream. Historically, the Group has relied principally on both operational sources of cash and non-operational sources of equity and debt financing to fund its operations and business development. The Group’s ability to continue as a going concern depends on management’s ability to successfully execute its business plan which includes increasing the utilization rate of existed staffs and potential financing from public market or private placement. In addition, the shareholders of the Company will provide financing support to the Company if needed within next twelve months to ensure sufficient working capital for the Company’s operation and development. However, there is no assurance that the measures above can be achieved as planned. Nevertheless, 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.

Basis of consolidation

(c) Basis of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, its VIEs and its VIEs’ subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation.

Use of estimates

(d) Use of estimates

The preparation of financial statements in conformity with US GAAP requires to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period and accompanying notes, including allowance for doubtful accounts, the useful lives of property and equipment, impairment of long-term investments, impairment of long-lived assets, share-based compensation and valuation allowance for deferred tax assets. Actual results could differ from those estimates.

Significant risks and uncertainties

(e) Significant risks and uncertainties

The Group participates in a dynamic industry and believes that changes in any of the following areas could have a material adverse effect on the Group’s future financial position, results of operations, or cash flows: net losses in the past and futures; failure in launching new business; a significant or prolonged economic downturn; contraction in the air travel advertising industry in China; competition from other competitors; regulatory or other PRC related factors; fluctuations in the demand for air travel; past and future acquisitions; failure to maintain an effective system of internal control over financial reporting and effective disclosure controls and procedures; risks associated with the Group’s ability to attract and retain employees necessary to support its growth; risks associated with the Group’s growth strategies; and general risks associated with the industry.

Fair value

(f) Fair value

Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

Authoritative literature provides a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows:

Level 1

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Fair value of financial instruments

(g) Fair value of financial instruments

The Group’s financial instruments include cash, accounts receivable, cryptocurrency, amount due from related parties, amount due to related parties and accounts payable. The Group did not have any other financial assets and liabilities or nonfinancial assets and liabilities that are measured at fair value on recurring basis as of December 31, 2022 and 2023.

The Group’s financial assets and liabilities measured at fair value on a non-recurring basis include equity investment and long-lived assets based on level 2 or 3 inputs.

Discontinued operation

(h) discontinued operation

A component of a reporting entity or a group of components of a reporting entity that are disposed or meet the criteria to be classified as held for sale, such as the management, having the authority to approve the action, commits to a plan to sell the disposal group, should be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Discontinued operations are reported when a component of an entity comprising operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the entity is classified as held for disposal or has been disposed of, if the component either (1) represents a strategic shift or (2) have a major impact on an entity’s financial results and operations. Included in the consolidated statements of operations and comprehensive (loss) income, result from discontinued operations have been reported separately from the income and expenses from continuing operations and prior periods have been presented on a reclassified comparative basis. In order to present the financial effects of the continuing operations and discontinued operations, revenues and expenses arising from intra-group transactions are eliminated except for those revenues and expenses that are considered to continue after the disposal of the discontinued operations.

Due to the disposal of the cryptocurrency business, which represented a strategic shift and had a major effect on the Company’s results of operations, revenues, costs and expenses related to the cryptocurrency business have been reclassified in the accompanying consolidated financial statements as discontinued operations for all the periods presented.

Cash and cash equivalents

(i) Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and highly liquid deposits which are unrestricted as to withdrawal or use, and which have original maturities of three months or less when purchased.

Cryptocurrencies

(j) Cryptocurrencies

Cryptocurrencies are included in current assets in the accompanying consolidated balance sheets. Cryptocurrencies awarded to the Group through its mining activities are accounted for in connection with the Group’s revenue recognition policy disclosed below.

Cryptocurrencies held are accounted for as intangible assets with indefinite useful lives. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the cryptocurrency at the time its fair value is being measured. In testing for impairment, the Group has the option to first perform a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. If the Group concludes otherwise, it is required to perform a quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. Subsequent reversal of impairment losses is not permitted.

Cryptocurrencies awarded to the Group through its mining activities are included within operating activities on the accompanying consolidated statements of cash flows. The sales of cryptocurrencies are included within investing activities in the accompanying consolidated statements of cash flows and any realized gains or losses from such sales are included in other income (expense) in the consolidated statements of operations. The Group accounts for its gains or losses in accordance with the first in first out (FIFO) method of accounting.

Cryptocurrencies assets accounted for as intangible assets are subject to impairment losses if the fair value of crypto assets decreases below the carrying value at any time during the period. The fair value is measured using the quoted price of the crypto asset at the time its fair value is being measured in the Company’s principal market. Gross impairments, net of subsequent realized gains on the sale and disposal of previously impaired crypto assets held are reflected in crypto asset impairment, net in the consolidated statements of operations. The Company assigns costs to crypto assets on a first-in, first-out basis.

On March 19, 2024, the Company has resolved to disposed the cryptocurrencies business.

Allowance of doubtful accounts

(k) Allowance for doubtful accounts

The Group adopted ASC 326 Financial Instruments – Credit Losses using the modified retrospective approach through a cumulative-effect adjustment to accumulated deficit. Management used an expected credit loss model for the impairment of trading receivables as of period ends. Management believes the aging of accounts receivable is a reasonable parameter to estimate expected credit loss, and determines expected credit losses for accounts receivables using an aging schedule as of period ends. The expected credit loss rates under each aging schedule were developed on basis of the average historical loss rates from previous years, and adjusted to reflect the effects of those differences in current conditions and forecasted changes. Management measured the expected credit losses of accounts receivable on a collective basis. When an accounts receivable does not share risk characteristics with other accounts receivables, management will evaluate such accounts receivable for expected credit loss on an individual basis. Doubtful accounts balances are written off and deducted from allowance, when receivables are deemed uncollectible, after all collection efforts have been exhausted and the potential for recovery is considered remote.

Property and equipment, net

(k) Allowance for doubtful accounts

(l) Property and equipment, net

Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives:


Digital display network equipment		5 years
Furniture and fixture		5 years
Computer and office equipment		3‑5 years
Vehicle		5 years
Software		5 years
Office property		40 years
Leasehold improvement		Shorter of the term of the lease
		or the estimated useful lives of the assets

Costs of repairs and maintenance are expensed as incurred and asset improvements that extend the useful life are capitalized. The gain or loss on disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated income statement. When property and equipment are retired or otherwise disposed of the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations for the respective period.

Impairment of long-lived assets

(m) Impairment of long-lived assets

Long-lived assets held and used by the Group are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be fully recoverable. It is possible that these assets could become impaired as a result of technology, economy or other industry changes. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Group first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, relief from royalty income approach, quoted market values and third-party independent appraisals, as considered necessary.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

(m) Impairment of long-lived assets - continued

The Group makes various assumptions and estimates regarding estimated future cash flows and other factors in determining the fair values of the respective assets. The assumptions and estimates used to determine future values and remaining useful lives of long-lived assets are complex and subjective. They can be affected by various factors, including external factors such as industry and economic trends, and internal factors such as the Group’s business strategy and its forecasts for specific market expansion.

As of December 31, 2023, the net carrying amount of long-lived assets consisted of right of use asset of $2 and property and equipment of $10,239. The property and equipment mainly included office building located in the center of Beijing of $8,795.

Long-term investments

(n) Long-term investments

Equity method investments

Investee companies over which the Group has the ability to exercise significant influence, but does not have a controlling interest are accounted for using the equity method. Significant influence is generally considered to exist when the Group has an ownership interest in the voting stock of the investee between 20% and 50%, and other factors, such as representation on the investee’s Board of Directors, voting rights and the impact of commercial arrangements, are considered in determining whether the equity method of accounting is appropriate.

Equity investments without readily determinable fair values

For investments in an investee over which the Group does not have significant influence, the Group carries the investment at cost and recognizes income as any dividends declared from distribution of investee’s earnings. The Group reviews the equity investments without readily determinable fair values for impairment whenever events or changes in circumstances indicate that the carrying value may no longer be recoverable. An impairment loss is recognized in earnings equal to the difference between the investment’s carrying amount and its fair value at the balance sheet date of the reporting period for which the assessment is made. All equity investments, except those accounted for under the equity method of accounting or those resulting in the consolidation of the investee, be accounted for at fair value with all fair value changes recognized in income. For equity investments that do not have readily determinable fair values the Group measures the equity investment 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 Group.

Impairment for long-term investments

The Group assesses its long-term investments for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the companies, including current earnings trends and undiscounted cash flows, and other company-specific information. The fair value determination, particularly for investments in privately-held companies, requires significant judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and determination of whether any identified impairment is other-than-temporary. Other-than-temporary impairment loss is recognized in the consolidated statements of comprehensive income equal to the excess of the investment’s carrying value over its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value would then become the new cost basis of such investment.

Leases

(o) Leases

In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-02, Leases (Topic 842), which is effective for annual reporting periods (including interim periods) beginning after December 15, 2018, and early adoption is permitted. The Group has adopted the Topic 842 on January 1, 2019 using a modified retrospective approach reflecting the application of the standard to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements.

The Group leases its offices, which are classified as operating leases in accordance with Topic 842. Under Topic 842, lessees are required to recognize the following for all leases (with the exception of short-term leases) on the commencement date: (i) lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.

At the commencement date, the Group recognizes the lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment. No impairment for right-of-use lease assets as of December 31, 2023.

The Group’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Revenue recognition

(p) Revenue recognition

On January 1, 2018, the Group adopted ASC Topic 606, “Revenue from Contracts with Customers”, applying the modified retrospective method. The adoption did not result in a material adjustment to the accumulated deficit as of January 1, 2018.

In accordance with ASC Topic 606, revenues are recognized when control of the promised goods or services is transferred to the Group’s customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services. In determining when and how much revenue is recognized from contracts with customers, the Group performs the following five-step analysis: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; (5) recognize revenue when (or as) the entity satisfies a performance obligation.

The Group’s contract with customers do not include multiple performance obligations, significant financing component and any variable consideration.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – continued

(p) Revenue recognition - continued

The Group is a principal as it controls the specified good or service before that good or service is transferred to a customer. The Group is primarily responsible for fulfilling the promise to provide the specified good or service, has inventory risk before the specified good or service has been transferred to a customer and has discretion in establishing the price for the specified good or service.

Generally, the Group recognizes revenue under ASC Topic 606 for each type of its performance obligation either over time (generally, the transfer of a service) or at a point in time (generally, the transfer of content) as follows:

The Group’s revenues are mainly derived from selling advertising time slots on the Group’s advertising networks and cryptocurrency mining.

Revenue by service categories


	For the years ended December 31,
	2021		2022		2023
Revenues from operations:
Air Travel Media Network	$	9,191	$	2,768	$	928
Others		1		6		—
	$	9,192	$	2,774	$	928

Air Travel Media Network: Revenues are generated from advertising and programming on airplanes. There are also other revenues from the display of media content in air travel.

For the advertising business, the Group typically signs standard contracts with its advertising clients, who require the Group to run the client’s advertisements for a fixed fee on airlines the Group’s contracts with for a specified time period. The Group recognizes advertising revenues ratably over the service period for which the advertisements are displayed, so long as collection remains probable.

The Group also generates revenue from programs that are run on airlines for a period of time. The Group signs standard contracts with the customer who has the copyright of movies or TV programs and requires the Group to play the program for a fixed fee on airlines for a specified time The Group recognizes program display revenues ratably over the performance period for which the program is played, so long as collection remains probable.

It also consisted the revenue through other media network such as on-train and on long-haul bus Wi-Fi network and self-owned and third parties’ public accounts, the Group provides Wechat public account promotion and advertising and promotion articles publishing services. For the public account promotion business, the passengers in the trains could connect to Wi-Fi for free via the Group’s Wi-Fi equipment after registered as a member to that public account as a follower in WeChat. The Group charges a fix rate per new member and collects service fee from the client who owns the public accounts.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

(p) Revenue recognition - continued

Cryptocurrency mining: The Group has entered into digital asset mining pools by executing contracts with the mining pool operators to provide computing power to the mining pool. In exchange for providing computing power, the Group is entitled to a fractional share of the fixed cryptocurrency award the mining pool operator receives for successfully adding a block to the blockchain. The Group’s fractional share is based on the proportion of computing power the Group contributed to the mining pool operator to the total computing power contributed by all mining pool participants in solving the current algorithm.

The provision of providing such computing power is the only performance obligation in the Group’s contracts with mining pool operators. The transaction consideration the Group receives, if any, is noncash consideration, which the Group measures at fair value on the date received, which is not materially different than the fair value at contract inception or the time the Group has earned the award from the pools. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained until the mining pool operator successfully places a block and the Group receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions.

Fair value of the cryptocurrency award received is determined using the quoted price of the related cryptocurrency at the time of receipt. There is currently no specific definitive guidance under GAAP or alternative accounting framework for the accounting for cryptocurrencies recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event authoritative guidance is enacted by the FASB, the Group may be required to change its policies, which could have an effect on the Group’s consolidated financial position and results from operations.

For the advertising and promotion articles publishing business, the group has developed a public accounts pool which have already accumulated hundreds and thousands of registered users (there are both self-owned and third parties’ public accounts). Wechat public account promotion through on-train Wi-Fi network was ceased in 2019 and no revenue was generated from Wechat public account promotion through Wi-Fi network in following years. The Group still generated immaterial revenue in other self-owned and third parties’ public accounts.

On March 19, 2024, the Company resolved to dispose the cryptocurrency business, and the revenue from cryptocurrency business was reclassified as discontinued operations.

Deferred revenue

Prepayments from customers for advertising service are deferred when corresponding performance obligation is not satisfied and recognized as revenue when the advertising services are rendered. The balance of deferred revenue as of December 31, 2023 is $7,292, the majority of which is $5,143 for the unsatisfied performance obligation with two customers with contracts amount of $5,377.

Nonmonetary exchanges

The Group occasionally exchanges advertising time slots and locations with other entities for assets or services, such as equipment and other assets. The amount of assets and revenue recognized is based on the fair value of the advertising provided or the fair value of the transferred assets, whichever is more readily determinable.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

(p) Revenue recognition - continued

Nonmonetary exchanges - continued

In 2019 the Group also entered into a contract with Beijing Kingsoft Co., Ltd. (“Kingsoft”) to provide advertising services in exchange for office software and recognized revenue of $431. As of December 31, 2019, the Group has received the office software and accounted it as property and equipment, while a deferred revenue was accrued in the meantime as the agreed advertising services has not been provided. As of December 31, 2020, the advertising services have not been provided as Kingsoft did not require the advertising service considering the low efficiency of advertisement due to the impact from COVID-19. No direct costs are attributable to the revenues. There was no revenue recognized for nonmonetary transactions for the years ended December 31, 2022 and 2023.

Value Added Tax ("VAT")

(q) Value Added Tax (“VAT”)

The Company’s PRC subsidiaries are subject to value-added taxes at a rate of 6% on revenues and paid after deducting input VAT on purchases. The net VAT balance between input VAT and output VAT is reflected in the account as input VAT receivable or other taxes payable. The Group’s gross revenue is presented net of VAT. As of December 31, 2023, the Group assessed the recoverability of estimated input VAT that was generated in prior year and recognized a cost of non-deductible input VAT that was generated in prior years of $132 for the year ended December 31, 2023.

Concession fees

(r) Concession fees

The Group enters concession right agreements with vendors such as airlines and railway bureaus, under which the Group obtains the right to use the spaces or equipment of the vendors to display the advertisements.

Fees under concession right agreements are usually due every three, six or twelve months. Payments made are recorded as current assets and current liabilities according to the respective payment terms. Most of the concession fees with airlines and railway bureaus are fixed with escalation, which means a fixed increase over each year of the agreements. The total concession fee under the concession right agreements with airlines is charged to the consolidated statements of operations on a straight-line basis over the agreement periods, which is generally between three to five years.

Agency fees and Advertisement Publishing Fees

(s) Agency fees and Advertisement Publishing Fees

The Group pays fees to advertising agencies for identifying and introducing advertisers to the Group and assisting in advertisement publishing based on a certain percentage of revenues made through the advertisement agencies upon receipt of payment from advertisers. The agency fees and advertisement publishing fees are charged to cost of revenues in the consolidated statements of operations ratably over the period in which the advertisement is displayed. Prepaid and accrued agency fees and advertisement publishing fees are recorded as current assets and current liabilities according to relative timing of payments made and advertising service provided.

Advertising costs

(t) Advertising costs

The Group expenses advertising costs as incurred. Total advertising expenses were $143, $24 and nil for the years ended December 31, 2021, 2022 and 2023, respectively, and have been included as part of selling and marketing expenses.

Foreign currency translation

(u) Foreign currency translation

The functional and reporting currency of the Company and the Company’s subsidiaries domiciled in BVI and Hong Kong are the United States dollar (“U.S. dollar”). The financial records of the Company’s other subsidiaries, VIEs and VIEs’ subsidiaries located in the PRC are maintained in their local currency, the Renminbi (“RMB”), which are the functional currency of these entities.

Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the statements of operations.

The Group’s entities with functional currency of RMB translate their operating results and financial position into the U.S. dollar, the Company’s reporting currency. Assets and liabilities are translated using the exchange rates in effect on the balance sheet date. Revenues, expenses, gains and losses are translated using the average rate for the year. Retained earnings and equity are translated using the historical rate. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive income.

Income taxes

(v) Income taxes

Deferred income taxes are recognized for temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, net operating loss carry forwards and credits, by applying enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws and regulations applicable to the Group as enacted by the relevant tax authorities.

The impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than not to be sustained upon audit by the relevant tax authorities. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Additionally, the Group classifies the interest and penalties, if any, as a component of the income tax expense. According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitations is extended to five years under special circumstances, where the underpayment of taxes is more than RMB 100 thousand. In the case of transfer pricing issues, the statute of limitation is ten years. There is no statute of limitation in the case of tax evasion. According to Hong Kong Inland Revenue Department, the statute of limitation is six years if any company chargeable with tax has not been assessed or has been assessed at less than the proper amount, the statute of limitation is extended to 10 years if the underpayment of taxes is due to fraud or willful evasion.

The Group evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of December 31, 2023, the Group had no uncertain tax positions that if recognized would affect the annual effective tax rate.

The Group is not currently under examination by any income taxing authority, nor has it been notified of an impending examination. As of December 31, 2023, income tax returns for the tax years ended December 31, 2019 through December 31, 2023 remain open for statutory examination.

Share-based payments

(w) Share-based payments

Share-based payment transactions with employees are measured based on the grant date fair value of the equity instrument issued, and recognized as compensation expenses over the requisite service periods based on a straight-line method, with a corresponding impact reflected in additional paid-in capital.

Share-based payment transactions with non-employees are measured based on the fair value of the options on the measurement date as of each reporting date and recognized as expense over the requisite service periods on a straight-line method subject to adjustments in fair value, with a corresponding impact reflected in additional paid-in capital.

Comprehensive (loss) income

(x) Comprehensive (loss) income

Comprehensive (loss) income includes net (loss) income and foreign currency translation adjustments and is presented net of tax. The tax effect is nil for the three years ended December 31, 2021, 2022 and 2023 in the consolidated statements of comprehensive (loss) income.

Concentration of credit risk

(y) Concentration of credit risk

Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash and accounts receivable. The Group places their cash with financial institutions with high-credit rating and quality in China. For the years ended December 31, 2022 and 2023, there are three and three customers accounting for 10% or more of total revenue, respectively. As of December 31, 2022 and 2023, there are two and one customer accounting for 10% or more of total accounts receivables, respectively.

Net income(loss) per share

(z) Net income(loss) per share

Basic net income (loss) per share are computed by dividing net income(loss) attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year. Diluted net income(loss) reflects the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised or converted into ordinary shares. Potential common shares in the diluted net income(loss) per share computation are excluded in periods of losses, as their effect would be anti-dilutive.

Recent issued accounting standards

(aa) Recent issued accounting standards

Recently issued ASUs by the FASB are not expected to have a material impact on the Group’s consolidated results of operations or financial position.

LEASE (Tables)

12 Months Ended

Dec. 31, 2023

LEASE

Schedule of supplemental balance sheet information related to operating lease


	As of December 31,
	2022		2023
Right-of-use assets	$	16	$	2

Lease liabilities - current	$	10	$	6
Lease liabilities - non-current		9		—
Total lease liabilities	$	19	$	6


Remaining lease term and discount rate:
Weighted average remaining lease term (years)	0.17
Weighted average discount rate	—	%

Summary of lease expenses

Schedule of maturities of lease liabilities


2024	$	6
2025		—
Total lease payments		6
Less: imputed interest		—
Present value of lease liabilities	$	6

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2023

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the follows:


	As of December 31,
	2022		2023
Accrued payroll and welfare	$	1,742	$	1,546
Other tax payable		50		43
Accrued staff disbursement		1,010		994
Deposit payable		25		24
Other current liabilities (i)		7,805		7,634
Other accrued expenses		313		311
	$	10,945	$	10,553

(i)	The other current liabilities mainly consist of the amounts due to AM Advertising and its subsidiaries mainly represent the borrowings from AM Advertising and its subsidiaries for the purpose of operation.

LONG-TERM INVESTMENTS, NET - Schedule of equity investments without readily determinable fair values (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2023 HKD ($)	Jan. 31, 2016
Cost method investments, fair value disclosure	$ 28,170		$ 29,000
Less: impairment on cost method investments	$ (47,336)		$ (48,732)
Beijing Zhongjiao Huineng Information Technology Co., Ltd ("Zhongjiao Huineng")
Ownership percentage	13.00%		13.00%		13.00%	13.30%
Cost method investments, fair value disclosure	$ 529
Less: impairment on cost method investments		$ (529)	$ 545	$ (545)
AM Advertising
Ownership percentage	20.00%		20.00%		20.00%
Cost method investments, fair value disclosure			$ 77,187		$ 74,977
Less: impairment on cost method investments	$ (46,807)		$ (48,187)

NET INCOME(LOSS) PER SHARE - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 01, 2022	Nov. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
NET INCOME (LOSS) PER SHARE
Common stock, shares authorized (in shares)			22,500,000	22,500,000
Common stock, par value per share (in $ per share)		$ 0.04	$ 0.04	$ 0.04
Share Consolidation
NET INCOME (LOSS) PER SHARE
Number of shares consolidated in to each share		40
Authorized stock, par value per share		$ 0.001
Number of shares for each consolidation		1
Authorized share capital		$ 1,000,000
Common stock, shares authorized (in shares)		22,500,000
Common stock, par value per share (in $ per share)		$ 0.04
Preferred shares, authorized		2,500,000
Preferred shares, par value per share		$ 0.04
Number of shares per ADS	1	10

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues	$ 928	$ 2,774	$ 9,192
Business tax and other sales tax	(83)	(101)	(119)
Net revenues	845	2,673	9,073
Less: Cost of revenues	1,376	3,114	12,654
Gross profit (loss)	(531)	(441)	(3,581)
Operating expenses:
Selling and marketing	559	1,411	1,978
General and administrative	2,731	5,483	7,871
Research and development	35	35	365
Total operating expenses	3,325	6,929	10,214
Loss from continuing operations	(3,856)	(7,370)	(13,795)
Other income (expenses):
Interest expense, net	(320)	(835)	(2,884)
Loss from and impairment on long-term investments	114	(2,670)	(2,990)
Other income, net	4,186	4,909	581
Total other income (expense)	3,980	1,404	(5,293)
Loss (income) from continuing operation before income taxes	124	(5,966)	(19,088)
Income tax (benefits) expenses	1	17	284
Net income (loss) from continuing operation	123	(5,983)	(19,372)
Net income (loss) from discontinued operations, net of income taxes	(317)	(6,328)	1,585
Loss from disposal of discontinued operations, net of income taxes	0	0	0
Net loss	(194)	(12,311)	(17,787)
Less: Net (loss) income attributable to non-controlling interests	380	1,024	(452)
Net income (loss) attributable to AirNet Technology Inc.'s shareholders	$ (574)	$ (13,335)	$ (17,335)
Net income (loss) per ordinary share
Basic (in dollars per share)	$ (0.09)	$ (1.71)	$ (3.95)
Diluted (in dollars per share)	$ (0.09)	$ (1.71)	$ (3.95)
Weighted average shares used in calculating net loss per ordinary share
Basic	6,571,281	7,803,348	4,390,703
Diluted	6,571,281	7,803,348	4,390,703
ADS
Net income (loss) per ordinary share
Basic (in dollars per share)	$ (0.09)	$ (1.71)	$ (3.95)
Diluted (in dollars per share)	$ (0.09)	$ (1.71)	$ (3.95)
Weighted average shares used in calculating net loss per ordinary share
Basic	6,571,281	7,803,348	4,390,703
Diluted	6,571,281	7,803,348	4,390,703

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Schedule of accrued expenses and other current liabilities


	As of December 31,
	2022		2023
Accrued payroll and welfare	$	1,742	$	1,546
Other tax payable		50		43
Accrued staff disbursement		1,010		994
Deposit payable		25		24
Other current liabilities (i)		7,805		7,634
Other accrued expenses		313		311
	$	10,945	$	10,553

(i)	The other current liabilities mainly consist of the amounts due to AM Advertising and its subsidiaries mainly represent the borrowings from AM Advertising and its subsidiaries for the purpose of operation.

FINANCIAL INFORMATION OF PARENT COMPANY - Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (194)	$ (12,311)	$ (17,787)
Share-based compensation	5	60	186
Bad debt provisions (recovery)	(119)	100	258
CHANGES IN WORKING CAPITAL ACCOUNTS
Other current assets	1,136	2,422	3,375
Accrued expenses and other current liabilities	(430)	(457)	414
Amount due from subsidiaries	0	0	27
Net cash used in operating activities	(1,677)	1,858	(5,243)
Net cash used in operating activities	(1,817)	614	(4,975)
CASH FLOWS FROM INVESTING ACTIVITIES:
CASH FLOWS FROM INVESTMENT ACTIVITIES	0	0	0
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities	(1,222)	1,212	(9,433)
Net cash provided by financing activities	(1,222)	1,212	(9,433)
Net decrease in cash, cash equivalents and restricted cash	(2,530)	1,131	(14,041)
Cash, cash equivalents and restricted cash, at beginning of year	2,502	1,301
Cash, cash equivalents and restricted cash, at end of year	150	2,502	1,301
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Share issuance for purchase of property and equipment	0	34,179	8,950
Parent Company \| Reportable Legal Entities
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	(574)	(13,335)	(17,335)
Investment income (loss) in subsidiaries	51	12,145	16,758
Share-based compensation	5	60	186
CHANGES IN WORKING CAPITAL ACCOUNTS
Accrued expenses and other current liabilities	518	1,130	391
CASH FLOWS FROM INVESTING ACTIVITIES:
CASH FLOWS FROM INVESTMENT ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities
Cash, cash equivalents and restricted cash, at beginning of year	2	2	2
Cash, cash equivalents and restricted cash, at end of year	$ 2	2	2
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Share issuance for purchase of property and equipment		$ 34,179	$ 8,950

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of estimated useful lives of property and equipment (Details)	Dec. 31, 2023
Digital display network equipment
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	5 years
Furniture and fixture
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	5 years
Computer and office equipment \| Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	3 years
Computer and office equipment \| Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	5 years
Vehicle
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	5 years
Software
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	5 years
Office property
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	40 years

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2023

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

6. PROPERTY AND EQUIPMENT, NET

Property and equipment, net, consist of the following:


	As of December 31,
	2022		2023
Wi-Fi and network equipment	$	17,061	$	16,582
Office property		10,855		10,544
Software		9,756		10,270
Digital display network equipment		5,085		3,396
Computer and office equipment		3,122		5,157
Leasehold improvement		2,540		2,467
Furniture and fixture		754		733
Vehicle		575		558
Total original costs		57,864		49,708
Less: impairment		(15,110)		(14,763)
Less: accumulated depreciation		(23,923)		(24,868)
Construction in progress		167		162
Total property and equipment, net	$	10,885	$	10,239

Movement of impairment for property and equipment is as follows:


	For the years ended December 31,
	2021		2022		2023

Beginning of year	$	26,262	$	16,353	$	15,110
Addition		—		—		—
Reverse		—		—		—
Disposal		(10,537)		—		—
Exchange rate adjustment		628		(1,243)		(347)
End of year	$	16,353	$	15,110	$	14,763

Depreciation expense for the years ended December 31, 2021, 2022 and 2023 were $3,954, $2,836 and $963, respectively. Impairment loss recorded for the years ended December 31, 2021, 2022 and 2023 were nil, nil and nil.

OTHER CURRENT ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2023

OTHER CURRENT ASSETS, NET

Schedule of other current assets net

Other current assets, net, consist of the following:


	As of December 31,
	2022						2023
	Gross		Allowance		Net		Gross		Allowance		Net

Receivable from third party (i)	$	24,860	$	(20,002)	$	4,858	$	33,147		(27,464)		5,683
Receivable from AM Advertising and its subsidiaries (ii)		22,840	$	(7,896)	$	14,944		21,218		(7,669)		13,549
Input VAT receivable(iii)		3,296		—		3,296		2,493		—		2,493
Other prepaid expenses		3,837		(2,490)		1,347		3,710		(1,338)		2,372
Short-term deposits		1,102		—		1,102		257		—		257
Prepaid selling and marketing fees		518		(319)		199		518		(354)		164
Receivable from Non-controlling shareholders		709		(709)		—		669		(521)		148
Prepaid individual income tax and other employee advances		445		(155)		290		389		(116)		273
Stock subscriptions receivable(iv)		149		—		149		—		—		—
Prepaid expenses of equipment(v)		34,179		—		34,179		—		—		—
Others		72		—		72		50		—		50
Total	$	92,007	$	(31,571)	$	60,436	$	62,451		(37,462)		24,989

(i)

(ii)

(iii)

(iv)	On December 30, 2020, the Group issued 23,876,308 ordinary shares to purchase computer servers valued at $2,531, which are specifically designed for mining cryptocurrencies and have been subsequently transferred to the Group in January 2021.

(v)

Schedule of allowance for other current assets

Movement of allowance for other current assets is as follows:


	For the years ended December 31,
	2021		2022		2023
Beginning of year	$	57,956	$	34,846	$	31,571
Addition		—		—		6,788
Reverse		—		(647)		—
Write off		(24,490)		—		—
Exchange rate adjustment		1,380		(2,628)		(897)
End of year	$	34,846	$	31,571	$	37,462

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Ordinary shares [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	(Accumulated deficits) retained earnings [Member]	Accumulated other comprehensive income [Member]	AirNet Technology Inc.'s shareholders' equity [Member]	Non-controlling interests [Member]	Total
Foreign currency translation adjustment								$ 377
Net income (loss)								(17,787)
Ending Balance at Dec. 31, 2021	$ 181	$ 298,685	$ (1,148)	$ (304,904)	$ 31,685	$ 24,499	$ (33,433)	(8,934)
Ending Balance, shares at Dec. 31, 2021	4,474,836
Share repurchase for cancellation of equipment purchase, (in shares)	4,448,851
Shares issued for purchase of equipment	$ 178	34,001				34,179		34,179
Share-based compensation		60				60		60
Foreign currency translation adjustment					359	359		359
Net income (loss)				(13,335)		(13,335)	1,024	(12,311)
Ending Balance at Dec. 31, 2022	$ 359	332,746	(1,148)	(318,239)	32,044	45,762	(32,409)	13,353
Ending Balance, shares at Dec. 31, 2022	8,923,687
Share repurchase for cancellation of equipment purchase	$ (178)	(34,001)				(34,179)		$ (34,179)
Share repurchase for cancellation of equipment purchase, (in shares)	(4,448,851)							(1,306,486)
Share-based compensation	$ 0	5	0	0	0	5	0	$ 5
Foreign currency translation adjustment	0	0	0	0	835	835	(907)	(72)
Net income (loss)				(574)		(574)	380	(194)
Ending Balance at Dec. 31, 2023	$ 181	$ 298,750	$ (1,148)	$ (318,813)	$ 32,879	$ 11,849	$ (32,936)	$ (21,087)
Ending Balance, shares at Dec. 31, 2023	4,474,836

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-Paragraph 8
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
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-Name Accounting Standards Codification
-Section 45
-Paragraph 19
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-URI https://asc.fasb.org//1943274/2147481231/810-10-45-19

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

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

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+ Details

ORGANIZATION AND PRINCIPAL ACTIVITIES - Additional information (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Yuehang Chuangyi Technology (Beijing) Co., Ltd. ("Chuangyi Technology") [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of legal ownership	100.00%
Yuehang Sunshine Network Technology Group Co., Ltd. ("AirNet Online") [Member] \| Yuehang Chuangyi Technology (Beijing) Co., Ltd. ("Chuangyi Technology") [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Debt instrument face amount	¥ 50,000
Debt instrument term	15 days
Beijing Linghang Shengshi Advertising Co., Ltd. Linghang Shengsh [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Minimum annual service fee percentage	0.50%
Variable Interest Entity, Primary Beneficiary [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of legal ownership	100.00%
VIEs net revenue percentage	100.00%	96.60%	77.70%
VIEs total asset percentage	97.60%	71.50%
VIEs total liabilities percentage	190.30%	69.30%
Beijing Yuehang Digital Media Advertising Co., Ltd. ("Beijing Yuehang") [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Minimum annual service fee percentage	1.00%

FAIR VALUE MEASUREMENT

12 Months Ended

Dec. 31, 2023

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT

13. FAIR VALUE MEASUREMENT

Measured on recurring basis

The Group measured its financial assets and liabilities, including cash and cash equivalents, accounts receivable, amounts due from related parties, prepaid equipment costs, accounts payable and amounts to from related parties on a recurring basis as of December 31, 2022 and 2023.

Cash and cash equivalents and cryptocurrency are classified within Level 1 of the fair value hierarchy because they are valued based on the quoted market price in an active market. The carrying amounts of accounts receivable, amounts due from related parties, prepaid equipment cost and accounts payable approximate their fair values due to their short-term maturity.

Measured on non-recurring basis

The Group measured property and equipment at fair value on a nonrecurring basis. The fair value was determined using models with significant unobservable inputs (Level 3 inputs). This was based on a number of key assumptions, including, but not limited to, undiscounted future cash flows and the annual net revenue projections based on the projected levels of advertising activities during the forecast periods, all of which were classified as Level 3 in the fair value hierarchy. As a result, the Group recorded nil, nil and nil impairment charged for the years ended December 31, 2021, 2022 and 2023, respectively.

The Group measured its long-term investment in AM Advertising at fair value on a nonrecurring basis as result of the disposal transaction. The fair value was determined using the market approach with unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities (Level 2 inputs). The impairment recorded was nil, nil and nil impairment charged for the years ended December 31, 2021, 2022 and 2023, respectively.

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2023

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

21. SUBSEQUENT EVENTS

On March 19, 2024, Blockchain Dynamics Limited, a wholly owned subsidiary of the Group, which operated the Company’s cryptocurrency business was resolved to be disposed as the cryptocurrency mining business has not grown as expected. The business will be disposed to Mr. Herman Man Guo for exchange of 1,307,229 ordinary shares of the Company at a par value of US$0.04.

LEASE - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2024	$ 6
Total	6
Present value of lease liabilities	$ 6	$ 19

RESTRICTED NET ASSETS - Additional Information (Details) $ in Thousands	Dec. 31, 2023 USD ($)
RESTRICTED NET ASSETS
Restricted net assets	$ 333,831
Restricted assets attributable to VIEs	134,727
Statutory reserves	$ 199,104

NET INCOME(LOSS) PER SHARE

12 Months Ended

Dec. 31, 2023

NET INCOME(LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE

11. NET INCOME (LOSS) PER SHARE

On November 30, 2022, with the approval of shareholder meeting, the Company consolidated every forty of the authorized (whether issued or unissued) shares of each class of par value of US$0.001 each in the capital of the Company into one share of the same class of par value of US$0.04 each (the “Share Consolidation”).

Following and as a result of the Share Consolidation, the authorized share capital of the Company will be US$1,000,000 divided into 22,500,000 ordinary shares of a nominal or par value of US$0.04 each and 2,500,000 preferred shares of a nominal or par value of US$0.04 each.

Upon the Share Consolidation, the ratio of its American Depositary Receipts representing ordinary shares (“ADS”) of the Company will be amended from one ADS representing ten (10) ordinary shares of the Company to one (1) ADS representing one (1) ordinary share of the Company.

All share and per share data as of December 31, 2021, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023 are presented on a retroactive basis.

The calculation of the net income (loss) per share is as follows:


	For the years ended December 31,
	2021		2022		2023

Numerator:
Net income (loss) attributable to AirNet Technology Inc.’s ordinary shareholders	$	(17,335)	$	(13,335)	$	(574)

Denominator:
Weighted average ordinary shares outstanding used in computing net (loss) income per ordinary share
Basic and diluted (i)		4,390,703		7,803,348		6,571,281
Weighted average shares used in calculating (loss) income per ADS
Basic and diluted		4,390,703		7,803,348		6,571,281

Net income (loss) per ordinary share
Basic and diluted	$	(3.95)	$	(1.71)	$	(0.09)

Net income (loss) per ADS (ii)
Basic and diluted	$	(3.95)	$	(1.71)	$	(0.09)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash and cash equivalents	$ 150	$ 2,502	$ 1,301
Restricted cash	0	0	0
Total cash, cash equivalents and restricted cash	$ 150	$ 2,502	$ 1,301

LIABILITIES FOR LITIGATION - Additional Information (Details) $ in Thousands, ¥ in Millions		1 Months Ended		12 Months Ended
	Jun. 27, 2019 CNY (¥)	Jan. 31, 2022 USD ($)	Jan. 31, 2021 USD ($) item	Dec. 31, 2022 CNY (¥)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2016 USD ($)	Sep. 02, 2016	Jun. 29, 2016
LIABILITIES FOR LITIGATION
Contingent liability \| $								$ 23,549
Interest expense debt					¥ 7.8
Other current assets \| $						$ 24,989	$ 60,436
Settled Litigation
LIABILITIES FOR LITIGATION
Settlement of litigation \| $		$ 56,700
Litigation settlement term		10 days
Earnout commitment \| $		$ 152,600
Other current assets \| $		$ 95,900
Linghang Shengshi
LIABILITIES FOR LITIGATION
Number of bank accounts frozed \| item			2
Balance in bank account frozen \| $			$ 1
Shareholder Loan
LIABILITIES FOR LITIGATION
Debt instrument face amount					¥ 88.0
Longde Wenchuang the Buyer
LIABILITIES FOR LITIGATION
Cash payments				¥ 56.7
Linghang Shengshi
LIABILITIES FOR LITIGATION
Equity interest disposed			75.00%
AM Advertising
LIABILITIES FOR LITIGATION
Equity interest retained					20.32%
Disposal group including discontinued operation consideration					¥ 304.5
Variable interest entity measure of activity operating income or loss					152.0
Proceeds from sale of cost method investments					¥ 56.7
Cost method investment sale of ownership percentage					20.32
Loss contingency accrual provision					¥ 152.6
Payment of settlements	¥ 56.7
AM Advertising \| AirMedia Group Inc
LIABILITIES FOR LITIGATION
Equity interest retained					20.18%
Cost method investment sale of ownership percentage					20.18
AM Advertising \| Linghang Shengshi
LIABILITIES FOR LITIGATION
Equity interest retained										24.84%
AM Advertising \| Mr. Man Guo
LIABILITIES FOR LITIGATION
Cost method investment sale of ownership percentage					0.14
AM Advertising \| Longde Wenchuang the Buyer
LIABILITIES FOR LITIGATION
Equity interest retained										28.57%
AM Advertising \| Linghang Shengshi
LIABILITIES FOR LITIGATION
Equity interest retained									75.00%
AM Advertising \| Culture Center
LIABILITIES FOR LITIGATION
Equity interest retained										46.43%
AM Advertising \| Shanghai Golden Bridge InfoTech Co., Ltd.
LIABILITIES FOR LITIGATION
Equity interest retained										75.00%

RELATED PARTY TRANSACTIONS - Amount Due to Related Parties (Details) - Related Party - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement
Amount due to related parties	$ 11,108	$ 0
Shareholder \| Mr. Man Guo
Statement
Amount due to related parties	918	0
Shareholder \| Dan Shao
Statement
Amount due to related parties	$ 10,190	$ 0

FINANCIAL INFORMATION OF PARENT COMPANY - Statements of Changes in Equity (Details) - USD ($)			12 Months Ended
	Apr. 06, 2022	Dec. 30, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement
Beginning Balance			$ 13,353,000	$ (8,934,000)
Share repurchase for cancellation of equipment purchase			$ (34,179,000)
Share repurchase for cancellation of equipment purchase, (in shares)			(1,306,486)
Shares issued for purchase of equipment	$ 34,179,000	$ 2,531,000		34,179,000
Shares issued for purchase of equipment (in shares)	179,986,169	23,876,308
Share-based compensation			$ 5,000	60,000
Foreign currency translation adjustment			(72,000)	359,000	$ 377,000
Net income (loss)			(194,000)	(12,311,000)	(17,787,000)
Ending Balance			(21,087,000)	13,353,000	(8,934,000)
Ordinary shares
Statement
Beginning Balance			$ 359,000	$ 181,000
Beginning Balance, (in shares)			8,923,687	4,474,836
Share repurchase for cancellation of equipment purchase			$ (178,000)
Share repurchase for cancellation of equipment purchase, (in shares)			(4,448,851)	4,448,851
Shares issued for purchase of equipment				$ 178,000
Share-based compensation			$ 0
Foreign currency translation adjustment			0
Ending Balance			$ 181,000	$ 359,000	$ 181,000
Ending Balance, shares			4,474,836	8,923,687	4,474,836
Additional paid-in capital
Statement
Beginning Balance			$ 332,746,000	$ 298,685,000
Share repurchase for cancellation of equipment purchase			(34,001,000)
Shares issued for purchase of equipment				34,001,000
Share-based compensation			5,000	60,000
Foreign currency translation adjustment			0
Ending Balance			298,750,000	332,746,000	$ 298,685,000
Treasury Stock, Common
Statement
Beginning Balance			(1,148,000)	(1,148,000)
Share-based compensation			0
Foreign currency translation adjustment			0
Ending Balance			(1,148,000)	(1,148,000)	(1,148,000)
(Accumulated deficits) retained earnings
Statement
Beginning Balance			(318,239,000)	(304,904,000)
Share-based compensation			0
Foreign currency translation adjustment			0
Net income (loss)			(574,000)	(13,335,000)
Ending Balance			(318,813,000)	(318,239,000)	(304,904,000)
Accumulated other comprehensive Income
Statement
Beginning Balance			32,044,000	31,685,000
Share-based compensation			0
Foreign currency translation adjustment			835,000	359,000
Ending Balance			32,879,000	32,044,000	31,685,000
Parent Company \| Reportable Legal Entities
Statement
Beginning Balance			45,762,000	24,499,000	31,623,000
Ordinary shares issued for share based compensation					0
Share repurchase for cancellation of equipment purchase			(34,179,000)
Shares issued for purchase of equipment				34,179,000	8,950,000
Share-based compensation			5,000	60,000	186,000
Capital contribution from noncontrolling					698,000
Foreign currency translation adjustment			835,000	359,000	377,000
Net income (loss)			(574,000)	(13,335,000)	(17,335,000)
Ending Balance			11,849,000	45,762,000	24,499,000
Parent Company \| Reportable Legal Entities \| Ordinary shares
Statement
Beginning Balance			$ 359,000	$ 181,000	$ 152,000
Beginning Balance, (in shares)			8,923,687	4,474,836	3,738,527
Ordinary shares issued for share based compensation					$ 1,000
Ordinary shares issued for share based compensation, (in shares)					25,989
Share repurchase for cancellation of equipment purchase			$ (178,000)
Share repurchase for cancellation of equipment purchase, (in shares)			(4,448,851)
Shares issued for purchase of equipment				$ 178,000	$ 28,000
Shares issued for purchase of equipment (in shares)				4,448,851	710,320
Share-based compensation			$ 0	$ 0	$ 0
Capital contribution from noncontrolling					0
Foreign currency translation adjustment			0	0	0
Net income (loss)			0	0	0
Ending Balance			$ 181,000	$ 359,000	$ 181,000
Ending Balance, shares			4,474,836	8,923,687	4,474,836
Parent Company \| Reportable Legal Entities \| Additional paid-in capital
Statement
Beginning Balance			$ 332,746,000	$ 298,685,000	$ 288,879,000
Ordinary shares issued for share based compensation					0
Share repurchase for cancellation of equipment purchase			(34,001,000)
Shares issued for purchase of equipment				34,001,000	8,922,000
Share-based compensation			5,000	60,000	186,000
Capital contribution from noncontrolling					698,000
Foreign currency translation adjustment			0	0	0
Net income (loss)			0	0	0
Ending Balance			298,750,000	332,746,000	298,685,000
Parent Company \| Reportable Legal Entities \| Treasury Stock, Common
Statement
Beginning Balance			(1,148,000)	(1,148,000)	(2,351,000)
Ordinary shares issued for share based compensation					1,203,000
Share repurchase for cancellation of equipment purchase			0
Shares issued for purchase of equipment				0	0
Share-based compensation			0	0	0
Capital contribution from noncontrolling					0
Foreign currency translation adjustment			0	0	0
Net income (loss)			0	0	0
Ending Balance			(1,148,000)	(1,148,000)	(1,148,000)
Parent Company \| Reportable Legal Entities \| (Accumulated deficits) retained earnings
Statement
Beginning Balance			(318,239,000)	(304,904,000)	(286,365,000)
Ordinary shares issued for share based compensation					(1,204,000)
Share repurchase for cancellation of equipment purchase			0
Shares issued for purchase of equipment				0	0
Share-based compensation			0	0	0
Capital contribution from noncontrolling					0
Foreign currency translation adjustment			0	0	0
Net income (loss)			(574,000)	(13,335,000)	(17,335,000)
Ending Balance			(318,813,000)	(318,239,000)	(304,904,000)
Parent Company \| Reportable Legal Entities \| Accumulated other comprehensive Income
Statement
Beginning Balance			32,044,000	31,685,000	31,308,000
Ordinary shares issued for share based compensation					0
Share repurchase for cancellation of equipment purchase			0
Shares issued for purchase of equipment				0	0
Share-based compensation			0	0	0
Capital contribution from noncontrolling					0
Foreign currency translation adjustment			835,000	359,000	377,000
Net income (loss)			0		0
Ending Balance			$ 32,879,000	$ 32,044,000	$ 31,685,000

LONG-TERM INVESTMENTS, NET

12 Months Ended

Dec. 31, 2023

LONG-TERM INVESTMENTS, NET

LONG-TERM INVESTMENTS, NET

7. LONG-TERM INVESTMENTS, NET

(a) Equity method investments, net

The Group had the following equity method investments:


	As of December 31,
	2022			2023
	Percentage			Percentage
	of			of
Name of company	ownership	Amount		ownership	Amount
	%			%
Beijing Eastern Media Corporation Ltd. (“BEMC”) (1)	49	$	1,186	—	$	—
Lanmeihangbiao Tiandi Internet Investment Management (Beijing) Co., Ltd. (“LMHB”) (2)	40		178	40		173
Unicom AirNet (Beijing) Network Co., Ltd. (“Unicom AirNet”) (3)	39		3,897	39		3,848
Less: impairment on equity method investments:
LMHB (2)			(178)			(173)
Equity method investments, net		$	5,083		$	3,848

(1)

In March 2008, the Group entered into a definitive agreement with China Eastern Media Corporation, Ltd., a subsidiary of China Eastern Group and China Eastern Airlines Corporation Limited operating the media resources of China Eastern Group, to establish a joint venture, BEMC. BEMC was incorporated on March 18, 2008 in the PRC with China Eastern Media Corporation and the Group holding 51% and 49% equity interest, respectively. BEMC obtained concession rights of certain media resources from China Eastern Group, including the digital TV screens on airplanes of China Eastern Airlines, and paid concession fees to its shareholders as consideration. The investment was accounted for using the equity method of accounting as the Group has the ability to exercise significant influence to the operation of BEMC. The Group recognized gains of $57, a loss of $37 on this investment for the years ended December 31, 2021 and 2022, respectively. In March, 2023, BEMC was deregistered, the Company received a total of $1,205 from BEMC, and $71 investment income was recognized.

(2)

In September 2015, AirNet Online entered into an agreement with BlueFocus Wireless Internet (Beijing) Investment Management Co., Ltd. and two individual investors to establish a joint venture, LMHB. LMHB is mainly engaged in investment management of Wi-Fi platform marketing and other mobile internet industries. The investment fully impaired as of December 31, 2018.

(3)

On February 22, 2017, AirNet Online established Unicom AirNet, jointly with Unicom Broadband Online Co., Ltd. and Chengdu Haite Kairong Aeronautical Technology Co., Ltd., a wholly owned subsidiary of a listed company providing aeronautical technical services. Pursuant to a capital contribution agreement entered into by the relevant parties, AirNet Online invested RMB117.9 million in Unicom AirNet. After this transaction, AirNet Online currently holds 39% of equity interests in Unicom AirNet. The investment was accounted for using the equity method of accounting as the Group has the ability to exercise significant influence over the operations of Unicom AirNet. The Group recorded its share of the loss of Unicom AirNet of $2,635 and gains of $44 for the years ended December 31, 2022 and 2023, respectively.

7. LONG-TERM INVESTMENTS, NET - continued

(b) Equity investments without readily determinable fair values, net

The Group had the following equity investments without readily determinable fair values, other-than-temporary impairment of $48,732 and $47,336 was recognized as of December 31, 2022 and 2023, respectively:


	As of December 31,
	2022			2023
	Percentage			Percentage
	of			of
Name of company	ownership	Amount		ownership	Amount
	%			%
Beijing Zhongjiao Huineng Information Technology Co., Ltd (“Zhongjiao Huineng”) (1)	13	$	545	13	$	529
AM Advertising (2)	20		77,187	20		74,977
Less: impairment
Zhongjiao Huineng (1)			(545)			(529)
AM Advertising (2)			(48,187)			(46,807)
Equity investments without readily determinable fair values, net		$	29,000		$	28,170

(1)	In January 2016, the Group acquired 13.3% equity interest in Zhongjiao Huineng, a company established in the PRC that is mainly engaged in providing WIFI and GPS service to logistic industry. A full impairment loss was provided as of December 31, 2018.

(2)

The investment in AM Advertising was accounted for using the cost method of accounting, as the Group does not have the ability to exercise significant influence to the operation from 2016. In December 2018, the Group transferred the 20.32% equity interests in AM Advertising but did not derecognize this long-term investment considering the existence of continuing involvement and more than trivial benefit owned by the Group. Meanwhile the Group determined the fair value of this investment in AM Advertising according to the transaction price received, which became the new basis of the investment. Hence, the investment impairment loss of $50,159 in AM Advertising was recorded for the year ended December 31, 2018 and the accumulated impairment was $47,736 as of December 31, 2019 and $50,932 as of December 31, 2020, due to changes from foreign currency translation adjustment. As of October 30, 2019, the Group and the transferee entered into a supplementary agreement on the outstanding amount of RMB380 million. The Group assessed that the supplementary agreement cannot trigger the derecognition of AM Advertising as of December 31, 2022 and 2023.

TREASURY SHARES AND REVERSE ADS SPLIT

12 Months Ended

Dec. 31, 2023

TREASURY SHARES AND REVERSE ADS SPLIT

TREASURY SHARES AND REVERSE ADS SPLIT

14. TREASURY SHARES AND REVERSE ADS SPLIT

Up to December 31, 2023, the Company had repurchased an aggregate of 1,306,486 ADSs from the open market for a total consideration of $17,400, of which 438,137 ADSs had been cancelled and 868,349 ADSs were recorded as treasury stock.

As of December 31, 2022 and 2023, accumulated 769,077 and nil ADS of treasury stock have been reissued. As a result of Share Consolidation in note 11, there was 24,818 ADS as of December 31, 2023.

DISCONTINUED OPERATIONS - Assets and liabilities of discontinued operations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
DISCONTINUED OPERATION
Current assets held for sale-discontinued operation	$ 4,566	$ 4,834
Total liabilities of Discontinued Operations	1,550	1,506
Cryptocurrency mining \| Discontinued operations
DISCONTINUED OPERATION
Cash and cash equivalents	20	198
Other current assets	4,546	4,636
Current assets held for sale-discontinued operation	4,566	4,834
Accrued expenses and other current liabilities	294	332
Amounts due to related parties	1,256	1,174
Total liabilities of Discontinued Operations	$ 1,550	$ 1,506

- Definition

Amount classified as liabilities attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

+ References + Details

LONG-TERM INVESTMENTS - Schedule of equity investments without readily determinable fair values - Parenthetical (Details) $ in Thousands, $ in Thousands, ¥ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Oct. 30, 2019 CNY (¥)	Jan. 31, 2016
LONG-TERM INVESTMENTS, NET
Impairment loss on cost method investments		$ 47,336		$ 48,732
Outstanding amount of supplementary agreement \| ¥								¥ 380
Beijing Zhongjiao Huineng Information Technology Co., Ltd ("Zhongjiao Huineng")
LONG-TERM INVESTMENTS, NET
Ownership percentage		13.00%	13.00%	13.00%	13.00%				13.30%
Impairment loss on cost method investments			$ 529	$ (545)	$ 545
AM Advertising
LONG-TERM INVESTMENTS, NET
Ownership percentage		20.00%	20.00%	20.00%	20.00%
Impairment loss on cost method investments		$ 46,807		$ 48,187
AM Advertising with Foreign Currency Translation Adjustment
LONG-TERM INVESTMENTS, NET
Ownership percentage	20.32%
Impairment loss on cost method investments	$ 50,159
Accumulated impairment loss on investments						$ 50,932	$ 47,736

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

SHARE BASED PAYMENTS - Schedule of Stock Option Activities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of options
Outstanding as of January 1, 2023	6,540,000
Granted	0	0	0
Exercised	0
Forfeited	0
Expired	0
Outstanding as of December 31, 2023	6,540,000	6,540,000
Options vested and expected to vest as of December 31, 2023	6,540,000
Options exercisable as of December 31, 2023	4,127,672
Weighted average exercise price per option
Outstanding as of January 1, 2023	$ 0.44
Granted	0
Exercised	0
Forfeited	0
Expired	0
Outstanding as of December 31, 2023	0.44	$ 0.44
Options vested and expected to vest as of December 31, 2023	0.44
Options exercisable as of December 31, 2023	0.53
Weighted average grant-date fair value
Outstanding as of January 1, 2023	0.35
Granted	0
Exercised	0
Forfeited	0
Expired	0
Outstanding as of December 31, 2023	0.35	$ 0.35
Options vested and expected to vest as of December 31, 2023	0.35
Options exercisable as of December 31, 2023	$ 0.53
Weighted average remaining contractual terms
Outstanding	6 months 10 days	1 year 6 months 10 days
Options vested and expected to vest as of December 31, 2023	6 months 10 days
Options exercisable as of December 31, 2023	2 months 12 days
Aggregate intrinsic value
Outstanding	$ 0	$ 0
Options vested and expected to vest as of December 31, 2023	0
Options exercisable as of December 31, 2023	$ 0

DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2023

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

3. DISCONTINUED OPERATIONS

On March 19,2024, the Group resolved to dispose the cryptocurrency business. The discontinued operation represents a strategic shift that has a major effect on the Company’s operations and financial results, which triggers discontinued operations accounting in accordance with FASB ASC 205-20-45. The assets and liabilities related to the discontinued operations are classified as assets/liabilities of discontinued operations as of December 31, 2022 and 2023, while results of operations related to the discontinued operations for the years ended December 31, 2021, 2022 and 2023, were reported as income (loss) from discontinued operations.

The results of discontinued operations for the years ended December 31, 2021, 2022 and 2023 are as follows:


	For the years ended December 31,
	2021		2022		2023
Revenues	$	2,604	$	195	$	13
Less: Cost of revenues		2,121		2,109		—
Gross Revenue		483		(1,914)		13
Total operating expenses		662		4,795		212
Loss from discontinued operations		(179)		(6,709)		(199)
Total other income, net		1,764		381		(118)
Loss from discontinued operation before income taxes		1,585		(6,328)		(317)
Income tax (expenses) benefits from operations		—		—		—
Net loss from discontinued operations	$	1,585	$	(6,328)	$	(317)

Assets and liabilities of the discontinued operations for years ended December 31, 2022 and 2023 are as follows:


	As of December 31,
	2022		2023
Cash and cash equivalents	$	198	$	20
Other current assets		4,636		4,546
Current assets held for sale-discontinued operation		4,834		4,566

Accrued expenses and other current liabilities		332		294
Amounts due to related parties		1,174		1,256
Total liabilities of Discontinued Operations	$	1,506	$	1,550

SHARE BASED PAYMENTS (Tables)

12 Months Ended

Dec. 31, 2023

SHARE BASED PAYMENTS

Schedule of Stock option activities


	Outstanding Options
		Weighted				Weighted
		average		Weighted		average
		exercise		average		remaining	Aggregate
	Number of	price		grant-date		contractual	intrinsic
	options	per option		fair value		terms	value
Outstanding as of January 1, 2023	6,540,000	$	0.44	$	0.35	1.53	$	—
Granted	—		—		—	—		—
Exercised	—		—		—	—		—
Forfeited	—		—		—	—		—
Expired	—		—		—	—		—

Outstanding as of December 31, 2023	6,540,000	$	0.44	$	0.35	0.53	$	—
Options vested and expected to vest as of December 31, 2023	6,540,000	$	0.44	$	0.35	0.53	$	—

Options exercisable as of December 31, 2023	4,127,672	$	0.53	$	0.53	0.20	$	—

ACCOUNTS RECEIVABLE, NET - Schedule of accounts receivable, net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ACCOUNTS RECEIVABLE, NET
Accounts receivable, gross	$ 2,972	$ 4,311
Less: Allowance for doubtful accounts	(2,953)	(2,890)	$ (3,150)	$ (3,797)
Accounts receivable, net	$ 19	$ 1,421

LEASE (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Supplemental balance sheet information
Right-of-use assets	$ 2	$ 16
Lease liabilities - current	6	10
Lease liabilities - non-current	0	9
Total lease liabilities	$ 6	$ 19
weighted average remaining lease terms and discount rates
Weighted average remaining lease term (years)	2 months 1 day

STATUTORY RESERVES - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Description Of general reserve limit on registered capital	Once the general reserve is accumulated to 50% of the subsidiaries’ registered capital
Group allocated statutory reserves	$ 0	$ 0	$ 0
Minimum
Percentage of appropriation to reserve	10.00%

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2023

PROPERTY AND EQUIPMENT, NET

Schedule of property and equipment, Net


	As of December 31,
	2022		2023
Wi-Fi and network equipment	$	17,061	$	16,582
Office property		10,855		10,544
Software		9,756		10,270
Digital display network equipment		5,085		3,396
Computer and office equipment		3,122		5,157
Leasehold improvement		2,540		2,467
Furniture and fixture		754		733
Vehicle		575		558
Total original costs		57,864		49,708
Less: impairment		(15,110)		(14,763)
Less: accumulated depreciation		(23,923)		(24,868)
Construction in progress		167		162
Total property and equipment, net	$	10,885	$	10,239

Schedule of movement of impairment for property and equipment


	For the years ended December 31,
	2021		2022		2023

Beginning of year	$	26,262	$	16,353	$	15,110
Addition		—		—		—
Reverse		—		—		—
Disposal		(10,537)		—		—
Exchange rate adjustment		628		(1,243)		(347)
End of year	$	16,353	$	15,110	$	14,763

FINANCIAL INFORMATION OF PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2023

FINANCIAL INFORMATION OF PARENT COMPANY

Schedule of Parent's Condensed Balance Sheets


	As of December 31,
	2022		2023
Assets
Current assets
Cash and cash equivalents	$	2	$	2
Amount due from subsidiaries		49,691		16,296
Other current assets		108		108
Total current assets		49,801		16,406
TOTAL ASSETS	$	49,801	$	16,406

Liabilities
Current liabilities
Accrued expenses and other current liabilities	$	4,039	$	4,557
Total liabilities		4,039		4,557

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 2023, respectively; 8,923,687 and 4,474,836 shares outstanding as of December 31, 2022 and 2023, respectively)		359		181
Additional paid-in capital		332,746		298,750
Treasury stock (24,818 shares as of December 31, 2022 and 2023)		(1,148)		(1,148)
Accumulated deficits		(318,239)		(318,813)
Accumulated other comprehensive income		32,044		32,879
Total equity		45,762		11,849
TOTAL LIABILITIES AND EQUITY	$	49,801	$	16,406

Schedule of Parent's Condensed Statements of Operations


	For the years ended December 31,
	2021		2022		2023
Operating expenses
Selling and marketing	$	—	$	—	$	—
General and administrative		(566)		(1,231)		(531)
Total operating expenses		(566)		(1,231)		(531)
Other (loss) income, net		(11)		41		8
Investment income (loss) in subsidiaries		(16,758)		(12,145)		(51)
Net income (loss) attributable to holders of ordinary shares	$	(17,335)	$	(13,335)	$	(574)

Schedule of Parents' Condensed Statements of Comprehensive Income (Loss)


	For the years ended December 31,
	2021		2022		2023
Net income (loss) attributable to holders of ordinary shares	$	(17,335)	$	(13,335)	$	(574)
Other comprehensive loss, net of tax:
Change in cumulative foreign currency translation adjustment		377		359		835
Comprehensive income (loss) attributable to Parent Company	$	(16,958)	$	(12,976)	$	261

Schedule of Parent's Condensed Statements of Changes in Equity


								(Accumulated		Accumulated
	Ordinary shares			Additional				deficits)		other
				paid-in		Treasury		retained		comprehensive		Total
	Shares	Amount		capital		stock		earnings		Income		equity
Balance as of December 31, 2020	3,738,527		152		288,879		(2,351)		(286,365)		31,308		31,623
Ordinary shares issued for share based compensation	25,989		1		—		1,203		(1,204)		—		—
Share issued	710,320		28		8,922		—		—		—		8,950
Share-based compensation	—		—		186		—		—		—		186
Capital contribution from non-controlling	—		—		698		—		—		—		698
Foreign currency translation adjustment	—		—		—		—		—		377		377
Net income	—		—		—		—		(17,335)		—		(17,335)
Balance as of December 31, 2021	4,474,836		181		298,685		(1,148)		(304,904)		31,685		24,499
Shares issued for purchase of equipment	4,448,851		178		34,001		—		—		—		34,179
Share-based compensation	—		—		60		—		—		—		60
Foreign currency translation adjustment	—		—		—		—		—		359		359
Net loss	—		—		—		—		(13,335)				(13,335)
Balance as of December 31, 2022	8,923,687		359		332,746		(1,148)		(318,239)		32,044		45,762
Share repurchase for cancellation of equipment purchase	(4,448,851)		(178)		(34,001)		—		—		—		(34,179)
Share-based compensation	—		—		5		—		—		—		5
Foreign currency translation adjustment	—		—		—		—		—		835		835
Net income(loss)	—		—		—		—		(574)		—		(574)
Balance as of December 31, 2023	4,474,836		181		298,750		(1,148)		(318,813)		32,879		11,849

Schedule of Parent's Condensed Statements of Cash Flow


	For the years ended December 31,
	2021		2022		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	(17,335)	$	(13,335)	$	(574)
Investment income (loss) in subsidiaries		16,758		12,145		51
Share-based compensation		186		60		5

CHANGES IN WORKING CAPITAL ACCOUNTS
Accrued expenses and other current liabilities		391		1,130		518
Net cash used in operating activities		—		—		—

CASH FLOWS FROM INVESTMENT ACTIVITIES		—		—		—

CASH FLOWS FROM FINANCING ACTIVITIES		—		—		—

Net decrease in cash, cash equivalents and restricted cash		—		—		—
Cash, cash equivalents and restricted cash, at beginning of year		2		2		2
Cash, cash equivalents and restricted cash, at end of year	$	2	$	2	$	2

SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Share issuance for purchase of property and equipment	$	8,950	$	34,179	$	—

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

20. RELATED PARTY TRANSACTIONS

(a)

Details of outstanding balances with the Group’s related parties as of December 31, 2022 and 2023 were as follows:

Amount due from related parties:


		As of December 31,
Name of related parties	Relationship	2022		2023
Xu Qing	Shareholder of the Company	$	166	$	191
Unicom AirNet	Equity method investment		435		—
		$	601	$	191

(1)	The amounts represent interest free advances to the related parties in a short-term basis for operation purpose.

Amount due to related parties:


		As of December 31,
Name of related parties	Relationship	2022		2023
Man Guo	Shareholder		—		918
Dan Shao	Shareholder		—		10,190
		$	—	$	11,108

(b)	Details of transactions with the Group’s related parties for the years ended December 31, 2022 and 2023 were as follows:


		For the year ended December 31,
Name of related parties	Transactions	2022		2023
Man Guo	Loans provided to related parties	$	—	$	918
Dan Shao	Loans provided to related parties		—		10,190

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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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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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
-Publisher FASB
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-Name Accounting Standards Codification
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-Subparagraph (d)
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

FINANCIAL INFORMATION OF PARENT COMPANY - Balance Sheets - Parenthetical (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Nov. 30, 2022
Common stock, par value per share (in $ per share)	$ 0.04	$ 0.04	$ 0.04
Common stock, shares authorized (in shares)	22,500,000	22,500,000
Common stock, shares issued (in shares)	4,525,643	8,948,505
Common stock, shares outstanding (in shares)	4,474,836	8,923,687
Treasury stock, shares (in shares)	24,818	24,818
Parent Company \| Reportable Legal Entities
Common stock, par value per share (in $ per share)	$ 0.04	$ 0.04
Common stock, shares authorized (in shares)	22,500,000	22,500,000
Common stock, shares issued (in shares)	4,525,643	8,948,505
Common stock, shares outstanding (in shares)	4,474,836	8,923,687
Treasury stock, shares (in shares)	24,818	24,818

MAINLAND CHINA CONTRIBUTION PLAN

12 Months Ended

Dec. 31, 2023

MAINLAND CHINA CONTRIBUTION PLAN

MAINLAND CHINA CONTRIBUTION PLAN

15. MAINLAND CHINA CONTRIBUTION PLAN

Full time employees of the Group in the PRC participate in a government-mandated multiemployer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. PRC labor regulations require the Group to accrue for these benefits based on certain percentages of the employees’ income. The total contribution for such employee benefits were $1,056, $686 and $319 for the years ended December 31, 2021, 2022 and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

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-Publisher FASB
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

SHARE BASED PAYMENTS

12 Months Ended

Dec. 31, 2023

SHARE BASED PAYMENTS

SHARE BASED PAYMENTS

12. SHARE BASED PAYMENTS

2012 Share incentive plan

In 2012 the Group created the 2012 Share Incentive Plan (the “Plan”) which provides for 6,000,000 ordinary shares options to be granted to employees and directors. Share options under this Plan may vest over a service period, performance condition or market condition, as specified in each award. Share options expire 5 years from the grant date.

The following summary of stock option activities for the year ended December 31, 2023:


	Outstanding Options
		Weighted				Weighted
		average		Weighted		average
		exercise		average		remaining	Aggregate
	Number of	price		grant-date		contractual	intrinsic
	options	per option		fair value		terms	value
Outstanding as of January 1, 2023	6,540,000	$	0.44	$	0.35	1.53	$	—
Granted	—		—		—	—		—
Exercised	—		—		—	—		—
Forfeited	—		—		—	—		—
Expired	—		—		—	—		—

Outstanding as of December 31, 2023	6,540,000	$	0.44	$	0.35	0.53	$	—
Options vested and expected to vest as of December 31, 2023	6,540,000	$	0.44	$	0.35	0.53	$	—

Options exercisable as of December 31, 2023	4,127,672	$	0.53	$	0.53	0.20	$	—

The total intrinsic value of options exercised during the years ended December 31, 2021, 2022 and 2023 were all nil. The Group recorded share-based compensation of $186, $60 and $5 for the years ended December 31, 2021, 2022 and 2023, respectively. The total unrecognized compensation expense related to unvested share options granted as of December 31, 2023 was nil.

(1)

Volatility

The volatility of the underlying ordinary shares during the life of the options was estimated based on the historical stock price volatility of the Company’s ordinary shares and listed shares of comparable companies over a period comparable to the expected term of the options. From March 2011, the volatility was estimated based on the historical volatility of the Company’s share price as the Company has accumulated sufficient history of stock price for a period comparable to the expected term of the options.

(2)

Risk-free rate

Risk-free rate is based on yield of US Treasury bill as of valuation date with maturity date close to the expected term of the options.

(3)

Expected term

The expected term is estimated based on a consideration of factors including the original contractual term and the vesting term.

12. SHARE BASED PAYMENTS - continued

(4)

Dividend yield

The dividend yield was estimated by the Group based on its expected dividend policy over the expected term of the options. The Group has no plan to pay any dividend in the foreseeable future. Therefore, the Group considers the dividend yield to be zero.

(5)

Exercise price

The exercise price of the options was determined by the Group’s Board of Directors.

(6)

Fair value of underlying ordinary shares

The closing market price of the ordinary shares of the Company as of the grant/modification date was used as the fair value of the ordinary shares on that date.

No options were granted during 2021 to 2023.

LONG-TERM INVESTMENTS, NET - Schedule of equity method investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Amount	$ 3,848	$ 5,083
Beijing Eastern Media Corporation Ltd. ("BEMC")
Schedule of Equity Method Investments [Line Items]
Ownership percentage		49.00%
Amount		$ 1,186
LMHB
Schedule of Equity Method Investments [Line Items]
Ownership percentage	40.00%	40.00%
Amount	$ 173	$ 178
Less: impairment on equity method investments:	$ (173)	$ (178)
Unicom Air Net Beijing Network Co Ltd
Schedule of Equity Method Investments [Line Items]
Ownership percentage	39.00%	39.00%
Amount	$ 3,848	$ 3,897

ACCOUNTS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2023

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET

4. ACCOUNTS RECEIVABLE, NET

Accounts receivable, net, consists of the following:


	As of December 31,
	2022		2023
Accounts receivable, gross	$	4,311	$	2,972
Less: Allowance for doubtful accounts		(2,890)		(2,953)
Accounts receivable, net	$	1,421	$	19

Movement of allowance for doubtful accounts is as follows:


	For the years ended December 31,
	2021		2022		2023
Beginning of year	$	3,797	$	3,150	$	2,890
Addition		234		100		130
Reverse		(875)		(380)		(249)
Write off		—		—		265
Exchange rate adjustment		(6)		20		(83)
End of year	$	3,150	$	2,890	$	2,953

INCOME TAXES -Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Allowance for doubtful accounts	$ 10,104	$ 10,391
Amortization of intangible assets	0	141
Net operating loss carry forwards	57,897	57,172
Excess marketing and advertising expense (15%)	0	28
Impairment on equipment	3,691	668
Recognized cost of non-deductible VAT-input that generated in prior years	0	28
Total deferred tax assets	71,692	68,427
Valuation allowance	(71,692)	(68,427)
Total deferred tax assets, net	$ 0	$ 0
Percentage of excess marketing and advertising expense	(15.00%)	(15.00%)

LEASE - Lease expenses (Details) - USD ($) $ in Thousands	12 Months Ended
LEASE - Lease expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
LEASE
Operating lease cost	$ 6	$ 19
Total	$ 6	$ 19

INCOME TAXES - Additional Information (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Income Taxes
Assessable profit to determine applicable tax rate		$ 2.0
Income tax rate	25.00%	25.00%	25.00%	25.00%
Operating loss carryforwards	$ 57,897
Income tax examination, penalties and interest expense					$ 4,324		$ 1,660	$ 2,664
Sale of equity interest, percentage								75.00%
Unrecognised tax benefit	0				$ 11,065
Unrecognised tax benefit on interest	0		$ 0	$ 0
Valuation allowance	71,692		68,427
Increased in net valuation allowance	3,265
Changes in valuation allowance	$ 30		$ (4,326)	$ (763)
Singapore
Income Taxes
Income tax rate	17.00%	17.00%
Minimum
Income Taxes
Assessable profit to determine applicable tax rate		$ 2.0
PRC Enterprise Income Tax
Income Taxes
Income tax rate	25.00%	25.00%
PRC Enterprise Income Tax \| Wangfan Linghang Mobile Network Technology Co., Ltd. ("Linghang")
Income Taxes
Preferential tax rate	25.00%	25.00%				15.00%
PRC Enterprise Income Tax \| Air Esurfing Information Technology Co., Ltd. ("Air Esurfing")
Income Taxes
Preferential tax rate	25.00%	25.00%			15.00%
Inland Revenue, Hong Kong \| Corporate Entity \| Maximum
Income Taxes
Income tax rate	16.50%	16.50%
Inland Revenue, Hong Kong \| Corporate Entity \| Minimum
Income Taxes
Income tax rate	8.25%	8.25%
Inland Revenue, Hong Kong \| Non Corporate Entity \| Maximum
Income Taxes
Income tax rate	15.00%	15.00%
Inland Revenue, Hong Kong \| Non Corporate Entity \| Minimum
Income Taxes
Income tax rate	7.50%	7.50%

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

Schedule of income tax expenses


	For the years ended December 31,
	2021		2022		2023
Income tax expenses (benefits):
Current	$	284	$	17	$	1
Deferred		—		—		—
Income tax benefit due to reverse of UTP		—		—		—
	$	284	$	17	$	1

Schedule of reconciliation between the provision for income taxes computed by applying the PRC EIT rate of 25% to income before income taxes and the actual provision of income taxes

Reconciliation between the provision for income taxes computed by applying the PRC EIT rate of 25% to income before income taxes and the actual provision of income taxes is as follows:


	For the years ended December 31,
	2021			2022			2023

Net loss before provision for income taxes	$	(19,088)		$	(5,966)		$	124
PRC statutory tax rate		25	%		25	%		25	%
Income tax at statutory tax rate		(4,772)			(1,492)			31

Expenses not deductible for tax purpose
Entertainment expenses exceeded the tax limit		42			28			15
Tax effect of impairment loss on property and equipment and intangible assets		—			668			—
Tax effect of unrealized net operating loss		5,971			6,198			(59)
Changes in valuation allowance		(763)			(4,326)			30
Effect of preferential tax rates granted to PRC entities		121			—			—
Effect of income tax rate change		(391)			(1,026)			—
Effect of income tax rate difference in other jurisdictions		76			(33)			(16)
Income tax (benefits) expenses	$	284		$	17		$	1
Effective tax rates		(1.5)	%		(0.3)	%		(0.8)	%

Schedule of deferred income tax assets and liabilities


	As of December 31,
	2022		2023
Deferred tax assets:
Allowance for doubtful accounts	$	10,391	$	10,104
Amortization of intangible assets		141		—
Net operating loss carry forwards		57,172		57,897
Excess marketing and advertising expense (15%)		28		—
Impairment on equipment		668		3,691
Recognized cost of non-deductible VAT-input that generated in prior years		28		—
Total deferred tax assets		68,427		71,692
Valuation allowance		(68,427)		(71,692)
Total deferred tax assets, net	$	—	$	—

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables) - AirNet's VIEs

12 Months Ended

Dec. 31, 2023

ORGANIZATION AND PRINCIPAL ACTIVITIES

Schedule of company's subsidiaries and VIE's


	Date of		Percentage
	incorporation/	Place of	of legal
Name	acquisition	incorporation	ownership

Intermediate Holding Company:
Broad Cosmos Enterprises Ltd. (“Broad Cosmos”)	June 26, 2006	British Virgin Islands (“BVI”)	100
AirNet International Limited (“AirNet International”)	July 14, 2007	BVI	100
AirNet (China) Limited (“AN China”)	August 5, 2005	Hong Kong	100
Subsidiaries:
Blockchain Dynamics Limited*	January 11, 2021	Hong Kong	100
Energy Bytes Inc.*	January 21, 2022	United States	100
Yuehang Chuangyi Technology (Beijing) Co., Ltd. (“Chuangyi Technology”)	September 19, 2005	the PRC	100
Shenzhen Yuehang Information Technology Co., Ltd. (“Shenzhen Yuehang”)	June 6, 2006	the PRC	100
Xi’an Shengshi Dinghong Information Technology Co., Ltd. (“Xi’an Shengshi”)	December 31, 2007	the PRC	100
VIEs:
Beijing Linghang Shengshi Advertising Co., Ltd. (“Linghang Shengshi”)	August 7, 2005	the PRC	N/A
Wangfan Tianxia Network Technology Co., Ltd.(“Iwanfan”)	May 6, 2016	the PRC	N/A
Yuehang Sunshine Network Technology Group Co., Ltd. (“AirNet Online”)	April 30, 2015	the PRC	N/A
VIEs’ subsidiaries:
Beijing Yuehang Digital Media Advertising Co., Ltd. (“Beijing Yuehang”)	January 16, 2008	the PRC	N/A
Beijing AirNet Pictures Co., Ltd. (“AirNet Pictures”)	September 13, 2007	the PRC	N/A
Wenzhou Yuehang Advertising Co., Ltd. (“Wenzhou Yuehang”)	October 17, 2008	the PRC	N/A
Beijing Dongding Gongyi Advertising Co., Ltd. (“Dongding”)	February 1, 2010	the PRC	N/A
Guangzhou Meizheng Online Network Technology Co., Ltd. (“Guangzhou Meizheng”)	May 17, 2013	the PRC	N/A
Air Esurfing Information Technology Co., Ltd. (“Air Esurfing”)	September 25, 2013	the PRC	N/A
Wangfan Linghang Mobile Network Technology Co., Ltd. (“Linghang”)	April 23, 2015	the PRC	N/A
Beijing Wangfan Jiaming Pictures Co., Ltd. (“Wangfan Jiaming”)	December 31, 2015	the PRC	N/A
Meizheng Network Information Technology Co., Ltd. (“Meizheng Network”)	August 8, 2016	the PRC	N/A
Beijing Wangfan Jiaming Advertising Co., Ltd. (“Jiaming Advertising”)	January 1, 2007	the PRC	N/A
Shandong Airmedia Cheweishi Network Technology Co., Ltd. (“Shangdong Cheweishi”)	July 21, 2016	the PRC	N/A
Dingsheng Ruizhi (Beijing) Investment Consulting Co., Ltd. (“Dingsheng Ruizhi”)	May 25, 2016	the PRC	N/A
Yuehang Zhongying E-commerce Co., Ltd. (“Zhongying”)	May 17, 2018	the PRC	N/A
Beijing Airport United Culture Media Co., Ltd. (“Airport United”)	June 19, 2018	the PRC	N/A
Yuehang Sunshine (Beijing) Asset Management Co., Ltd. (“Yuehang Asset”)	January 18, 2019	the PRC	N/A
Air Joy Media Private Limited (“Air Joy”)	November 15, 2019	Singapore	N/A

*	The two subsidiaries are to be disposed with the disposal of cryptocurrencies mining business in March 2024.

Schedule of VIE's balance sheet amounts

The following financial statement information for AirNet’s VIEs were included in the accompanying consolidated financial statements, presented net of intercompany eliminations, as of and for the years ended December 31:


	As of December 31,
	2022		2023

Total current assets	$	38,369	$	40,336
Total non-current assets		44,476		30,116

Total assets		82,845		70,452

Total current liabilities		345,450		171,625
Total non-current liabilities		9		8,842

Total liabilities	$	345,459	$	180,467

Schedule of VIE's income statement amounts


	For the years ended December 31,
	2021		2022		2023

Net revenues	$	9,075	$	2,867	$	845
Net income (loss)		(15,726)		(2,482)		2,236
Net cash used in operating activities		(5,231)		1,729		(1,514)
Net cash provided by investing activities		—		—		—
Net cash provided by (used in) financing activities		(9,433)		1,212		(1,222)

- Definition

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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SHARE BASED PAYMENTS - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2012
SHARE BASED PAYMENTS
Intrinsic value of options exercised during the period	$ 0	$ 0	$ 0
Share-based compensation expense	$ 5	$ 60	$ 186
Number of options granted	0	0	0
Unrecognized compensation expense	$ 0
Expected dividend yield	0.00%
2012 stock incentive plan [Member]
SHARE BASED PAYMENTS
Number of shares authorized				6,000,000
Expiration term				5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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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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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income from continuing operation	$ 123	$ (5,983)	$ (19,372)
Adjustments to reconcile net income/(loss) to net cash used in operating activities:
Bad debt provisions (recovery)	(119)	100	258
Depreciation and amortization	963	808	1,990
Amortization of right-of-use asset	14	17	571
Share-based compensation	5	60	186
Loss from and impairment on long-term investments	(114)	2,670	2,990
Loss on disposal of property and equipment	0	0	0
Cost of non-deductible input VAT that generated in prior years	132	27	521
Changes in assets and liabilities
Accounts receivable	1,338	737	7,882
Prepaid concession fees	0	628	(628)
Other current assets	1,136	2,422	3,375
Long-term deposits	371	142	(131)
Amount due from related parties	0	0	27
Accounts payable	(4,173)	(2,591)	(3,846)
Accrued expenses and other current liabilities	(430)	(457)	414
Deferred revenue	(453)	4,317	839
Amount due to related parties	(87)	76	0
Income tax payable	(370)	(1,098)	571
Lease liabilities	(13)	(17)	(890)
Net cash (used in) provided by continuing operation	(1,677)	1,858	(5,243)
Net cash (used in) provided by discontinued operation	(140)	(1,244)	268
Net cash (used in) provided by operating activities	(1,817)	614	(4,975)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	0	0	0
Proceeds from disposal of equity investment	0	0	0
Proceeds from disposal of subsidiaries	0	0	0
Net cash provided by continuing operation	0	0	0
Net cash (used in) provided by discontinued operation	0	0	0
Net cash (used in) provided by investing operation	0	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash received from short-term bank loans	0	10,745	18,938
Cash repaid for short-term bank loans	(12,822)	(11,942)	(6,762)
Cash repaid for long-term loan	0	0	(2,605)
Cash repaid to third party	0	(537)	(18,171)
Cash received from loans due to related parties	11,600	1,098	0
Cash received from loans due to third parties	0	2,449	0
Loans provided to related parties	0	(601)	0
Cash repaid for loan due to related parties	0	0	(1,531)
Capital contribution from non-controlling interest	0	0	698
Net cash (used in) provided by continuing operation	(1,222)	1,212	(9,433)
Net cash (used in) provided by discontinued operation	0	0	0
Net cash (used in) provided by financing activities	(1,222)	1,212	(9,433)
Effect of exchange rate changes	509	(695)	367
Net (decrease) increase in cash, cash equivalents and restricted cash	(2,530)	1,131	(14,041)
Cash, cash equivalents and restricted cash, at beginning of year	2,700	1,569	15,610
Cash, cash equivalents and restricted cash, at end of year	170	2,700	1,569
Less: cash and cash equivalents of discontinued operations at end of period	20	198	268
Total cash, cash equivalents and restricted cash	150	2,502	1,301
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Income tax paid	0	12	72
Interests paid	0	838	784
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Share issuance for purchase of property and equipment	0	34,179	8,950
Dividend from a RPT to settle the payable to that RPT	0	0	0
Recognition of right-of-use and lease payment liability	$ 0	$ 0	$ 94

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

(b) Going concern

(c) Basis of consolidation

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

(d) Use of estimates

(e) Significant risks and uncertainties

(f) Fair value

Level 1

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

(f) Fair value - continued

Level 2

Level 3

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

(g) Fair value of financial instruments

The Group’s financial assets and liabilities measured at fair value on a non-recurring basis include equity investment and long-lived assets based on level 2 or 3 inputs.

(h) discontinued operation

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

(i) Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and highly liquid deposits which are unrestricted as to withdrawal or use, and which have original maturities of three months or less when purchased.

(j) Cryptocurrencies

On March 19, 2024, the Company has resolved to disposed the cryptocurrencies business.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

(k) Allowance for doubtful accounts

(l) Property and equipment, net

Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives:


Digital display network equipment		5 years
Furniture and fixture		5 years
Computer and office equipment		3‑5 years
Vehicle		5 years
Software		5 years
Office property		40 years
Leasehold improvement		Shorter of the term of the lease
		or the estimated useful lives of the assets

(m) Impairment of long-lived assets

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

(m) Impairment of long-lived assets - continued

(n) Long-term investments

Equity method investments

Equity investments without readily determinable fair values

Impairment for long-term investments

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

(o) Leases

The Group’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

(p) Revenue recognition

The Group’s contract with customers do not include multiple performance obligations, significant financing component and any variable consideration.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – continued

(p) Revenue recognition - continued

The Group’s revenues are mainly derived from selling advertising time slots on the Group’s advertising networks and cryptocurrency mining.

Revenue by service categories


	For the years ended December 31,
	2021		2022		2023
Revenues from operations:
Air Travel Media Network	$	9,191	$	2,768	$	928
Others		1		6		—
	$	9,192	$	2,774	$	928

Air Travel Media Network: Revenues are generated from advertising and programming on airplanes. There are also other revenues from the display of media content in air travel.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

(p) Revenue recognition - continued

On March 19, 2024, the Company resolved to dispose the cryptocurrency business, and the revenue from cryptocurrency business was reclassified as discontinued operations.

Deferred revenue

Nonmonetary exchanges

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

(p) Revenue recognition - continued

Nonmonetary exchanges - continued

(q) Value Added Tax (“VAT”)

(r) Concession fees

(s) Agency fees and Advertisement Publishing Fees

(t) Advertising costs

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

(u) Foreign currency translation

(v) Income taxes

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

(w) Share-based payments

(x) Comprehensive (loss) income

(y) Concentration of credit risk

(z) Net income(loss) per share

(aa) Recent issued accounting standards

Recently issued ASUs by the FASB are not expected to have a material impact on the Group’s consolidated results of operations or financial position.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Other comprehensive (loss) income, net of tax of nil	$ 0	$ 0	$ 0

FINANCIAL INFORMATION OF PARENT COMPANY - Statements of Comprehensive income (loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other comprehensive loss, net of tax:
Change in cumulative foreign currency translation adjustment	$ (72)	$ 359	$ 377
Comprehensive income (loss) attributable to Parent Company	261	(12,976)	(16,958)
Parent Company \| Reportable Legal Entities
Statement
Net income (loss) attributable to holders of ordinary shares	(574)	(13,335)	(17,335)
Other comprehensive loss, net of tax:
Change in cumulative foreign currency translation adjustment	835	359	377
Comprehensive income (loss) attributable to Parent Company	$ 261	$ (12,976)	$ (16,958)

RESTRICTED NET ASSETS

12 Months Ended

Dec. 31, 2023

RESTRICTED NET ASSETS

RESTRICTED NET ASSETS

17. RESTRICTED NET ASSETS

Relevant PRC laws and regulations restrict the WFOEs, VIEs and VIEs’ subsidiaries from transferring a portion of their net assets, equivalent to the balance of their paid-in-capital, additional paid-in-capital and statutory reserves to the Group in the form of loans, advances or cash dividends. Relevant PRC statutory laws and regulations restrict the payments of dividends by the Group’s PRC subsidiaries and VIEs and VIEs’ subsidiaries from their respective retained earnings, if any, as determined in accordance with PRC accounting standards and regulations.

As of December 31, 2023, the balance of restricted net assets was $333,831, of which $134,727 was attributed to the paid-in-capital, additional paid-in-capital and statutory reserves of the VIEs and VIEs’ subsidiaries, and $199,104 was attributed to the paid in capital, additional paid-in-capital and statutory reserves of WFOE. Under applicable PRC laws, loans from PRC companies to their offshore affiliated entities require governmental approval, and advances by PRC companies to their offshore affiliated entities must be supported by bona fide business transactions.

COMMITMENTS

12 Months Ended

Dec. 31, 2023

COMMITMENTS

COMMITMENTS

18. COMMITMENTS

As of December 31, 2023, the Group has no material purchase commitments or significant leases.

FINANCIAL INFORMATION OF PARENT COMPANY - Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating expenses
Selling and marketing	$ (559)	$ (1,411)	$ (1,978)
General and administrative	(2,731)	(5,483)	(7,871)
Total operating expenses	(3,325)	(6,929)	(10,214)
Other (loss) income, net	4,186	4,909	581
Parent Company \| Reportable Legal Entities
Operating expenses
Selling and marketing	0	0	0
General and administrative	(531)	(1,231)	(566)
Total operating expenses	(531)	(1,231)	(566)
Other (loss) income, net	8	41	(11)
Investment income (loss) in subsidiaries	(51)	(12,145)	(16,758)
Net income (loss) attributable to holders of ordinary shares	$ (574)	$ (13,335)	$ (17,335)

RELATED PARTY TRANSACTIONS - Amount Due from Related Parties (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related Party
Statement
Amount due from related parties	$ 191	$ 601
Xu Qing \| Shareholder of the Company
Statement
Amount due from related parties	191	166
Unicom AirNet \| Equity method investment
Statement
Amount due from related parties	$ 0	$ 435

ACCOUNTS RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2023

ACCOUNTS RECEIVABLE, NET

Schedule of accounts receivable, net


	As of December 31,
	2022		2023
Accounts receivable, gross	$	4,311	$	2,972
Less: Allowance for doubtful accounts		(2,890)		(2,953)
Accounts receivable, net	$	1,421	$	19

Schedule of allowance for doubtful accounts


	For the years ended December 31,
	2021		2022		2023
Beginning of year	$	3,797	$	3,150	$	2,890
Addition		234		100		130
Reverse		(875)		(380)		(249)
Write off		—		—		265
Exchange rate adjustment		(6)		20		(83)
End of year	$	3,150	$	2,890	$	2,953

LONG-TERM INVESTMENTS, NET (Tables)

12 Months Ended

Dec. 31, 2023

LONG-TERM INVESTMENTS, NET

Schedule of equity method investments


	As of December 31,
	2022			2023
	Percentage			Percentage
	of			of
Name of company	ownership	Amount		ownership	Amount
	%			%
Beijing Eastern Media Corporation Ltd. (“BEMC”) (1)	49	$	1,186	—	$	—
Lanmeihangbiao Tiandi Internet Investment Management (Beijing) Co., Ltd. (“LMHB”) (2)	40		178	40		173
Unicom AirNet (Beijing) Network Co., Ltd. (“Unicom AirNet”) (3)	39		3,897	39		3,848
Less: impairment on equity method investments:
LMHB (2)			(178)			(173)
Equity method investments, net		$	5,083		$	3,848

(1)

(2)

(3)

Schedule of cost method investments


	As of December 31,
	2022			2023
	Percentage			Percentage
	of			of
Name of company	ownership	Amount		ownership	Amount
	%			%
Beijing Zhongjiao Huineng Information Technology Co., Ltd (“Zhongjiao Huineng”) (1)	13	$	545	13	$	529
AM Advertising (2)	20		77,187	20		74,977
Less: impairment
Zhongjiao Huineng (1)			(545)			(529)
AM Advertising (2)			(48,187)			(46,807)
Equity investments without readily determinable fair values, net		$	29,000		$	28,170

(1)	In January 2016, the Group acquired 13.3% equity interest in Zhongjiao Huineng, a company established in the PRC that is mainly engaged in providing WIFI and GPS service to logistic industry. A full impairment loss was provided as of December 31, 2018.

(2)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ (194)	$ (12,311)	$ (17,787)
Other comprehensive (loss) income, net of tax of nil:
Foreign currency translation adjustment	(72)	359	377
Comprehensive income (loss)	(266)	(11,952)	(17,410)
Less: comprehensive loss attributable to non-controlling interests	(527)	1,024	(452)
Comprehensive income (loss) attributable to AirNet Technology Inc.'s shareholders	$ 261	$ (12,976)	$ (16,958)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

FINANCIAL INFORMATION OF PARENT COMPANY

12 Months Ended

Dec. 31, 2023

FINANCIAL INFORMATION OF PARENT COMPANY

FINANCIAL INFORMATION OF PARENT COMPANY

22. FINANCIAL INFORMATION OF PARENT COMPANY

(a)Balance sheet


	As of December 31,
	2022		2023
Assets
Current assets
Cash and cash equivalents	$	2	$	2
Amount due from subsidiaries		49,691		16,296
Other current assets		108		108
Total current assets		49,801		16,406
TOTAL ASSETS	$	49,801	$	16,406

Liabilities
Current liabilities
Accrued expenses and other current liabilities	$	4,039	$	4,557
Total liabilities		4,039		4,557

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 2023, respectively; 8,923,687 and 4,474,836 shares outstanding as of December 31, 2022 and 2023, respectively)		359		181
Additional paid-in capital		332,746		298,750
Treasury stock (24,818 shares as of December 31, 2022 and 2023)		(1,148)		(1,148)
Accumulated deficits		(318,239)		(318,813)
Accumulated other comprehensive income		32,044		32,879
Total equity		45,762		11,849
TOTAL LIABILITIES AND EQUITY	$	49,801	$	16,406

(b)Statements of operations


	For the years ended December 31,
	2021		2022		2023
Operating expenses
Selling and marketing	$	—	$	—	$	—
General and administrative		(566)		(1,231)		(531)
Total operating expenses		(566)		(1,231)		(531)
Other (loss) income, net		(11)		41		8
Investment income (loss) in subsidiaries		(16,758)		(12,145)		(51)
Net income (loss) attributable to holders of ordinary shares	$	(17,335)	$	(13,335)	$	(574)

22. FINANCIAL INFORMATION OF PARENT COMPANY- continued

(c)Statements of comprehensive income (loss)


	For the years ended December 31,
	2021		2022		2023
Net income (loss) attributable to holders of ordinary shares	$	(17,335)	$	(13,335)	$	(574)
Other comprehensive loss, net of tax:
Change in cumulative foreign currency translation adjustment		377		359		835
Comprehensive income (loss) attributable to Parent Company	$	(16,958)	$	(12,976)	$	261

(d)Statements of changes in equity


								(Accumulated		Accumulated
	Ordinary shares			Additional				deficits)		other
				paid-in		Treasury		retained		comprehensive		Total
	Shares	Amount		capital		stock		earnings		Income		equity
Balance as of December 31, 2020	3,738,527		152		288,879		(2,351)		(286,365)		31,308		31,623
Ordinary shares issued for share based compensation	25,989		1		—		1,203		(1,204)		—		—
Share issued	710,320		28		8,922		—		—		—		8,950
Share-based compensation	—		—		186		—		—		—		186
Capital contribution from non-controlling	—		—		698		—		—		—		698
Foreign currency translation adjustment	—		—		—		—		—		377		377
Net income	—		—		—		—		(17,335)		—		(17,335)
Balance as of December 31, 2021	4,474,836		181		298,685		(1,148)		(304,904)		31,685		24,499
Shares issued for purchase of equipment	4,448,851		178		34,001		—		—		—		34,179
Share-based compensation	—		—		60		—		—		—		60
Foreign currency translation adjustment	—		—		—		—		—		359		359
Net loss	—		—		—		—		(13,335)				(13,335)
Balance as of December 31, 2022	8,923,687		359		332,746		(1,148)		(318,239)		32,044		45,762
Share repurchase for cancellation of equipment purchase	(4,448,851)		(178)		(34,001)		—		—		—		(34,179)
Share-based compensation	—		—		5		—		—		—		5
Foreign currency translation adjustment	—		—		—		—		—		835		835
Net income(loss)	—		—		—		—		(574)		—		(574)
Balance as of December 31, 2023	4,474,836		181		298,750		(1,148)		(318,813)		32,879		11,849

(e)Statements of cash flow


	For the years ended December 31,
	2021		2022		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	(17,335)	$	(13,335)	$	(574)
Investment income (loss) in subsidiaries		16,758		12,145		51
Share-based compensation		186		60		5

CHANGES IN WORKING CAPITAL ACCOUNTS
Accrued expenses and other current liabilities		391		1,130		518
Net cash used in operating activities		—		—		—

CASH FLOWS FROM INVESTMENT ACTIVITIES		—		—		—

CASH FLOWS FROM FINANCING ACTIVITIES		—		—		—

Net decrease in cash, cash equivalents and restricted cash		—		—		—
Cash, cash equivalents and restricted cash, at beginning of year		2		2		2
Cash, cash equivalents and restricted cash, at end of year	$	2	$	2	$	2

SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Share issuance for purchase of property and equipment	$	8,950	$	34,179	$	—

22. FINANCIAL INFORMATION OF PARENT COMPANY- continued

(f)Notes

1. BASIS FOR PREPARATION

The condensed financial information of the parent company, AirNet Technology Inc., only has been prepared using the same accounting policies as set out in the Group’s consolidated financial statements except that the parent company uses the equity method to account for its investment in its subsidiaries.

2. INVESTMENTS IN SUBSIDIARIES AND VARIABLE INTEREST ENTITIES

The Company, its subsidiaries, its VIEs and VIEs’ subsidiaries are included in the consolidated financial statements where the inter-company balances and transactions are eliminated upon consolidation. For the purpose of the Company’s stand-alone financial statements, its investments in subsidiaries, VIEs and VIEs’ subsidiaries are reported using the equity method of accounting. The Company’s share of income and losses from its subsidiaries, VIEs and VIEs’ subsidiaries is reported as earnings from subsidiaries, VIEs and VIEs’ subsidiaries in the accompanying condensed financial information of parent company.

3. INCOME TAXES

The Company is a tax exempted company incorporated in the Cayman Islands.

LEASE

12 Months Ended

Dec. 31, 2023

LEASE

LEASE

8. LEASE

The Group leases offices space under non-cancelable operating leases, with terms ranging from one to three years. The Group considers those renewal or termination options that are reasonably certain to be exercised in the determination of the lease term and initial measurement of right of use assets and lease liabilities. Lease expense for lease payment is recognized on a straight-line basis over the lease term. Leases with initial term of 12 months or less are not recorded on the balance sheet.

The Group determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Group uses the rate implicit in the lease to discount lease payments to present value; however, most of the Group’s leases do not provide a readily determinable implicit rate. Therefore, the Group discount lease payments based on an estimate of its incremental borrowing rate.

The Group’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Supplemental balance sheet information related to operating lease was as follows:


	As of December 31,
	2022		2023
Right-of-use assets	$	16	$	2

Lease liabilities - current	$	10	$	6
Lease liabilities - non-current		9		—
Total lease liabilities	$	19	$	6

The weighted average remaining lease terms and discount rates for the operating lease were as follows as of December 31, 2023:


Remaining lease term and discount rate:
Weighted average remaining lease term (years)	0.17
Weighted average discount rate	—	%

For the years ended December 31, 2022 and 2023, the Group incurred lease expenses as follows.

The following is a schedule, by fiscal years, of maturities of lease liabilities as of December 31, 2023:


2024	$	6
2025		—
Total lease payments		6
Less: imputed interest		—
Present value of lease liabilities	$	6

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
PROPERTY AND EQUIPMENT, NET
Property and equipment	$ 49,708	$ 57,864
Less: impairment	(14,763)	(15,110)	$ (16,353)	$ (26,262)
Less: accumulated depreciation	(24,868)	(23,923)
Total property and equipment, net	10,239	10,885
Depreciation expenses	963	2,836	3,954
Impairment loss	0	0	$ 0
Wifi And Network Equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment	16,582	17,061
Office property
PROPERTY AND EQUIPMENT, NET
Property and equipment	10,544	10,855
Software
PROPERTY AND EQUIPMENT, NET
Property and equipment	10,270	9,756
Digital display network equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment	3,396	5,085
Computer and office equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment	5,157	3,122
Leasehold improvement
PROPERTY AND EQUIPMENT, NET
Property and equipment	2,467	2,540
Furniture and fixture
PROPERTY AND EQUIPMENT, NET
Property and equipment	733	754
Vehicle
PROPERTY AND EQUIPMENT, NET
Property and equipment	558	575
Construction in Progress
PROPERTY AND EQUIPMENT, NET
Property and equipment	$ 162	$ 167

OTHER CURRENT ASSETS, NET - Movement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OTHER CURRENT ASSETS, NET
Beginning of year	$ 31,571	$ 34,846	$ 57,956
Addition	6,788
Reverse		(647)
Write off			(24,490)
Exchange rate adjustment	(897)	(2,628)	1,380
End of year	$ 37,462	$ 31,571	$ 34,846

NET INCOME(LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income (loss) attributable to AirNet Technology Inc.'s ordinary shareholders	$ (574)	$ (13,335)	$ (17,335)
Weighted average ordinary shares outstanding used in computing net (loss) income per ordinary share/ income per ADS
Basic	6,571,281	7,803,348	4,390,703
Diluted	6,571,281	7,803,348	4,390,703
Net income (loss) per ordinary share/per ADS
Basic (in dollars per share)	$ (0.09)	$ (1.71)	$ (3.95)
Diluted (in dollars per share)	$ (0.09)	$ (1.71)	$ (3.95)
ADS
Weighted average ordinary shares outstanding used in computing net (loss) income per ordinary share/ income per ADS
Basic	6,571,281	7,803,348	4,390,703
Diluted	6,571,281	7,803,348	4,390,703
Net income (loss) per ordinary share/per ADS
Basic (in dollars per share)	$ (0.09)	$ (1.71)	$ (3.95)
Diluted (in dollars per share)	$ (0.09)	$ (1.71)	$ (3.95)

- Definition

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

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+ Details

INCOME TAXES - Reconciliation between the provision for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation between the provision for income taxes computed by applying the PRC EIT rate of 25% to income before income taxes and the actual provision of income taxes
Net loss before provision for income taxes	$ 124	$ (5,966)	$ (19,088)
PRC statutory tax rate	25.00%	25.00%	25.00%
Income tax at statutory tax rate	$ 31	$ (1,492)	$ (4,772)
Expenses not deductible for tax purpose
Entertainment expenses exceeded the tax limit	15	28	42
Tax effect of impairment loss on property and equipment and intangible assets	0	668	0
Tax effect of unrealized net operating loss	(59)	6,198	5,971
Changes in valuation allowance	30	(4,326)	(763)
Effect of preferential tax rates granted to PRC entities	0	0	121
Effect of income tax rate change	0	(1,026)	(391)
Effect of income tax rate difference in other jurisdictions	(16)	(33)	76
Income tax (benefits) expenses	$ 1	$ 17	$ 284
Effective tax rates	(0.80%)	(0.30%)	(1.50%)

NET INCOME(LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

NET INCOME(LOSS) PER SHARE

Schedule of the Calculation of net loss per share


	For the years ended December 31,
	2021		2022		2023

Numerator:
Net income (loss) attributable to AirNet Technology Inc.’s ordinary shareholders	$	(17,335)	$	(13,335)	$	(574)

Denominator:
Weighted average ordinary shares outstanding used in computing net (loss) income per ordinary share
Basic and diluted (i)		4,390,703		7,803,348		6,571,281
Weighted average shares used in calculating (loss) income per ADS
Basic and diluted		4,390,703		7,803,348		6,571,281

Net income (loss) per ordinary share
Basic and diluted	$	(3.95)	$	(1.71)	$	(0.09)

Net income (loss) per ADS (ii)
Basic and diluted	$	(3.95)	$	(1.71)	$	(0.09)

ORGANIZATION AND PRINCIPAL ACTIVITIES

12 Months Ended

Dec. 31, 2023

ORGANIZATION AND PRINCIPAL ACTIVITIES

ORGANIZATION AND PRINCIPAL ACTIVITIES

1. ORGANIZATION AND PRINCIPAL ACTIVITIES

Introduction of the Group

AirNet Technology Inc. (“AirNet” or the “Company”) was incorporated in the Cayman Islands on April 12, 2007.

AirNet, its subsidiaries, through its variable interest entities (“VIEs”) and VIEs’ subsidiaries (collectively the “Group”) to operate its out-of-home advertising network, primarily air travel advertising network, in the People’s Republic of China (the “PRC”). And the Company conducts the cryptocurrencies mining business operations by its Hong Kong subsidiary Blockchain Dynamics Limited. On March 19, 2024, the Group has resolved to dispose Blockchain Dynamics Limited together with its cryptocurrencies business.

The Group provides advertising time slots in the form of digital TV screens on airplanes, and media contents display in air travel. Collaborating with the Group’s partners, AirNet serves airline travelers with interactive entertainment and a coverage of breaking news, and furnishes corporate clients with advertisements tailored to the perceptions of the travelers.

The Group generates revenue from the cryptocurrency earns through its mining activities. With the disposal of the business, revenue will not be generated in the future and the result of operation for cryptocurrency business has been reclassified as discontinued operations.

1.	ORGANIZATION AND PRINCIPAL ACTIVITIES – continued

Introduction of the Group – continued

As of issuance date of this report, details of the Company’s subsidiaries, VIEs and VIEs’ subsidiaries are as follows:


	Date of		Percentage
	incorporation/	Place of	of legal
Name	acquisition	incorporation	ownership

Intermediate Holding Company:
Broad Cosmos Enterprises Ltd. (“Broad Cosmos”)	June 26, 2006	British Virgin Islands (“BVI”)	100
AirNet International Limited (“AirNet International”)	July 14, 2007	BVI	100
AirNet (China) Limited (“AN China”)	August 5, 2005	Hong Kong	100
Subsidiaries:
Blockchain Dynamics Limited*	January 11, 2021	Hong Kong	100
Energy Bytes Inc.*	January 21, 2022	United States	100
Yuehang Chuangyi Technology (Beijing) Co., Ltd. (“Chuangyi Technology”)	September 19, 2005	the PRC	100
Shenzhen Yuehang Information Technology Co., Ltd. (“Shenzhen Yuehang”)	June 6, 2006	the PRC	100
Xi’an Shengshi Dinghong Information Technology Co., Ltd. (“Xi’an Shengshi”)	December 31, 2007	the PRC	100
VIEs:
Beijing Linghang Shengshi Advertising Co., Ltd. (“Linghang Shengshi”)	August 7, 2005	the PRC	N/A
Wangfan Tianxia Network Technology Co., Ltd.(“Iwanfan”)	May 6, 2016	the PRC	N/A
Yuehang Sunshine Network Technology Group Co., Ltd. (“AirNet Online”)	April 30, 2015	the PRC	N/A
VIEs’ subsidiaries:
Beijing Yuehang Digital Media Advertising Co., Ltd. (“Beijing Yuehang”)	January 16, 2008	the PRC	N/A
Beijing AirNet Pictures Co., Ltd. (“AirNet Pictures”)	September 13, 2007	the PRC	N/A
Wenzhou Yuehang Advertising Co., Ltd. (“Wenzhou Yuehang”)	October 17, 2008	the PRC	N/A
Beijing Dongding Gongyi Advertising Co., Ltd. (“Dongding”)	February 1, 2010	the PRC	N/A
Guangzhou Meizheng Online Network Technology Co., Ltd. (“Guangzhou Meizheng”)	May 17, 2013	the PRC	N/A
Air Esurfing Information Technology Co., Ltd. (“Air Esurfing”)	September 25, 2013	the PRC	N/A
Wangfan Linghang Mobile Network Technology Co., Ltd. (“Linghang”)	April 23, 2015	the PRC	N/A
Beijing Wangfan Jiaming Pictures Co., Ltd. (“Wangfan Jiaming”)	December 31, 2015	the PRC	N/A
Meizheng Network Information Technology Co., Ltd. (“Meizheng Network”)	August 8, 2016	the PRC	N/A
Beijing Wangfan Jiaming Advertising Co., Ltd. (“Jiaming Advertising”)	January 1, 2007	the PRC	N/A
Shandong Airmedia Cheweishi Network Technology Co., Ltd. (“Shangdong Cheweishi”)	July 21, 2016	the PRC	N/A
Dingsheng Ruizhi (Beijing) Investment Consulting Co., Ltd. (“Dingsheng Ruizhi”)	May 25, 2016	the PRC	N/A
Yuehang Zhongying E-commerce Co., Ltd. (“Zhongying”)	May 17, 2018	the PRC	N/A
Beijing Airport United Culture Media Co., Ltd. (“Airport United”)	June 19, 2018	the PRC	N/A
Yuehang Sunshine (Beijing) Asset Management Co., Ltd. (“Yuehang Asset”)	January 18, 2019	the PRC	N/A
Air Joy Media Private Limited (“Air Joy”)	November 15, 2019	Singapore	N/A

*	The two subsidiaries are to be disposed with the disposal of cryptocurrencies mining business in March 2024.

1.ORGANIZATION AND PRINCIPAL ACTIVITIES – continued

The VIE arrangements

Chinese regulations currently limit foreign ownership of companies that provide advertising services, including out-of-home television advertising services. Since December 30, 2005, foreign investors have been permitted to own directly 100% interest in PRC advertising companies if the foreign investor has at least three years of direct operations of advertising business outside of the PRC.

One of the Company’s subsidiary, AN China, the 100% shareholder of Chuangyi Technology, Shenzhen Yuehang, and Xi’an Shengshi, has been engaged in the advertising business in Hong Kong since September 2008.

The Group conducts substantially all of its activities through VIEs, i.e. Linghang Shengshi, Iwanfan and AirNet Online, and the VIEs’ subsidiaries. The VIEs have entered into the following series of agreements with Chuangyi Technology:

●

Technology support and service agreement: Chuangyi Technology provides exclusive technology support and consulting services to the VIEs and in return, the VIEs are required to pay Chuangyi Technology service fees. The VIEs pay to Chuangyi Technology annual service fees in the amount that guarantee that the VIEs can achieve, after deducting such service fees payable to Chuangyi Technology, a net cost-plus rate of no less than 0.5% in the case of Linghang Shengshi, and Jiaming Advertising, or 1.0% in the case of Beijing Yuehang, which final rate should be determined by Chuangyi Technology. The “net cost-plus rate” refers to the operating profit as a percentage of total costs and expenses of a certain entity. The technology support and service fees for each given year payable by AirNet Online to Chuangyi Technology under AirNet Online’s technology support and service agreement shall be determined by AirNet Online and Chuangyi Technology at the first month of such year taking into account several factors. Those factors include the credential of the team of Chuangyi Technology that provides services to AirNet Online, the number of service hours, the nature and value of the services provided by Chuangyi Technology, the extent to which Chuangyi Technology provides patent or other license to AirNet Online in its provision of technology support and service and the correlation between AirNet Online’s results of operations and the technology support and service provided by Chuangyi Technology. In the event Chuangyi Technology finds it necessary to make subsequent adjustment to the amount of fees, AirNet Online shall negotiate in good faith with Chuangyi Technology to determine the new fee. The technology support and service agreements are effective for ten years and such term is automatically renewed upon its expiry unless either party informs the other party of its intention of no extension at least twenty days prior to the expiration of the agreements.

1.ORGANIZATION AND PRINCIPAL ACTIVITIES – continued

The VIE arrangements - continued

●

Technology development agreement: VIEs exclusively engaged Chuangyi Technology to provide technology development services. Chuangyi Technology owns the intellectual property rights developed in the performance of these agreements. Except for AirNet Online, the VIEs pay to Chuangyi Technology annual service fees in the amount that guarantee that the VIEs can achieve, after deducting such service fees payable to Chuangyi Technology, a net cost-plus rate of no less than 0.5% in the case of Linghang Shengshi, and Jiaming Advertising, which final rate should be determined by Chuangyi Technology. It is at Chuangyi Technology’s sole discretion that the rate and amount of fees ultimately charged the VIEs under these agreements are determined. The “net cost-plus rate” refers to the operating profit as a percentage of total costs and expenses of a certain entity. The technology development fees for each given year payable by AirNet Online to Chuangyi Technology under AirNet Online’s technology development agreement shall be determined by AirNet Online and Chuangyi Technology at the first month of such year taking into account several factors. Those factors include the credential of the team of Chuangyi Technology that provides services to AirNet Online, the number of service hours, the nature and value of the services provided by Chuangyi Technology, the extent to which Chuangyi Technology provides patent or other license to AirNet Online in its provision of technology development service and the correlation between AirNet Online’s results of operations and the technology development service provided by Chuangyi Technology. In the event Chuangyi Technology finds it necessary to make subsequent adjustment to the amount of fees, AirNet Online shall negotiate in good faith with Chuangyi Technology to determine the new fee. The technology development agreements are effective for ten years and such terms is automatically renewed upon its expiry unless either party informs the other party of its intention of no extension at least twenty days prior to the expiration of the agreements.

●

Exclusive Technology Consultation and Service Agreement: AirNet Online exclusively engages Chuangyi Technology to provide consultation services in relation to management, training, marketing and promotion. AirNet Online agrees to pay to Chuangyi Technology the amount of annual service fees as determined by Chuangyi Technology. In the event Chuangyi Technology finds it necessary to make subsequent adjustment to the amount of fees, AirNet Online shall negotiate in good faith with Chuangyi Technology to determine the new fees. The exclusive technology consultation and service agreement remains effective for ten years and such term may be reviewed by Chuangyi Technology’s written confirmation prior to the expiration of the agreement term.

1.ORGANIZATION AND PRINCIPAL ACTIVITIES – continued

The VIE arrangements - continued

●

Call option agreement: Under the call option agreements between Chuangyi Technology and the shareholders of Linghang Shengshi, Beijing Yuehang and Jiaming Advertising, the shareholders of those VIEs irrevocably granted Chuangyi Technology or its designated third party an exclusive option to purchase from the VIEs’ shareholders, to the extent permitted under PRC law, all the equity interests in the VIEs, as the case may be, for the minimum amount of consideration permitted by the applicable law without any other conditions. Under the call option agreements between Chuangyi Technology and the shareholders of AirNet Online, the shareholders of AirNet Online irrevocably granted Chuangyi Technology or its designated third party an exclusive option to purchase from the shareholders of AirNet Online, to the extent permitted under PRC law, all the equity interests in AirNet Online, as the case may be. To the extent the applicable PRC law does not require the valuation of the subject equity interests and does not otherwise restrict the purchase price for such equity interests, such purchase price shall equal the amount of actual payment made by the respective shareholders of AirNet Online with respect to the equity interests whether in the form or share capital injection or secondary purchase price. If and where the applicable PRC law requires the valuation of the subject equity interests or otherwise has restrictions on the purchase price for such equity interests, such purchase price shall equal the minimum amount of consideration permitted by the applicable law. In addition, under these agreements (except for the call option agreements between Chuangyi Technology and the shareholders of AirNet Online), Chuangyi Technology has undertaken to act as guarantor of VIEs in all operations-related contracts, agreements and transactions and commit to provide loans to support the business development needs of VIEs or if the VIEs suffer operating difficulties, provided that the relevant VIE’s shareholders satisfy the terms and conditions in the call option agreements. Under PRC laws, to provide an effective guarantee, a guarantor needs to execute a specific written agreement with the beneficiary of the guarantee. As Chuangyi Technology has not entered into any written guarantee agreements with any third-party beneficiaries to guarantee the VIEs’ performance obligations to these third parties, none of these third parties can demand performance from Chuangyi Technology as a guarantor of the VIEs’ performance obligations. The absence of a written guarantee agreement, however, does not affect the conclusion that the Group is the primary beneficiary of the VIEs and in turn should consolidate the financials of the VIEs. The term of each call option agreement is ten years and such terms can be renewed upon expiration at Chuangyi Technology’s sole discretion.

●

Equity pledge agreement: Under the equity pledge agreements between Chuangyi Technology and the shareholders of the Group’s VIEs other than AirNet Online, the shareholders of those VIEs pledged all of their equity interests, including the right to receive declared dividends, in those VIEs to Chuangyi Technology to guarantee those VIEs’ performance of their obligations under the technology support and service agreement and the technology development agreement. Under the equity pledge agreements between Chuangyi Technology and the shareholders of AirNet Online, the shareholders of AirNet Online pledged all of their equity interests, including the right to receive declared dividends, in AirNet Online to Chuangyi Technology to guarantee the performance by AirNet Online of its obligations under its call option agreement and its exclusive technology consultation and service agreement. If the VIEs fail to perform their obligations set forth in the applicable agreements, Chuangyi Technology shall be entitled to exercise all the remedies and powers set forth in the provisions of the applicable equity pledge agreements. Those agreements remain effective for as long as the technology support and service agreements and technology development agreement are effective, or, in the case of AirNet Online, until two years after the term of the obligations under the call option agreement and exclusive technology consultation and service agreement.

1.ORGANIZATION AND PRINCIPAL ACTIVITIES – continued

The VIE arrangements - continued

●

Authorization letter: Each shareholder of the VIEs has executed an authorization letter to authorize Chuangyi Technology to exercise certain of its rights, including voting rights, the rights to enter into legal documents and the rights to transfer any or all of its equity interest in the VIEs. The authorization letters by the shareholders of the Group’s VIEs other than AirNet Online will remain effective during the operating periods of the respective VIEs. Such authorization is effective for ten years and such term is renewed upon its expiry at Chuangyi Technology’s sole discretion. The authorization letters by the shareholders of AirNet Online will remain effective for as long as the respective parties remain shareholders of AirNet Online unless terminated earlier by Chuangyi Technology or the call option agreement with respect to AirNet Online is terminated prior to its expiration.

Through the above contractual arrangements, Chuangyi Technology has obtained 100% of shareholders’ voting interest in the VIEs, has the right to receive all dividends declared and paid by the VIEs and may receive substantially all of the net income of the VIEs through the technical support and service fees as determined by Chuangyi Technology at its sole discretion. Accordingly, the Group has consolidated the VIEs because the Group believes, through the contractual arrangements, (1) Chuangyi Technology could direct the activities of the VIEs that most significantly affect its economic performance and (2) Chuangyi Technology could receive substantially all of the benefits that could be potentially significant to the VIEs. Other than the contractual arrangements described above, because the management and certain employees of Chuangyi Technology also serve in the VIEs as management or employees, certain operating costs paid by Chuangyi Technology, such as payroll costs and office rental, were re-charged to the VIEs.

Chuangyi Technology also entered into loan agreements with each shareholder of AirNet Online, pursuant to which Chuangyi Technology permits to make loans in an aggregate amount of RMB 50,000 to the shareholders of AirNet Online solely for the incorporation and capitalization of AirNet Online. The loan is interest free and the term of the loan is ten years and shall be automatically renewed on an annual basis unless Chuangyi Technology objects. Chuangyi Technology can require the shareholders to repay all or a portion of the loan before the maturity date with a 15 days prior written notice. Under such circumstances, Chuangyi Technology is entitled to, or designate a third party to, buy all or a portion of the shareholders’ equity interests in AirNet Online on a pro rata basis based on the amount of the repaid principal of the loan.

Risks in relation to the VIE structure

The Group believes that the VIE arrangements are in compliance with PRC law and are legally enforceable. The shareholders of the VIEs are also shareholders of the Group and therefore have no current interest in seeking to act contrary to the contractual arrangements. However, uncertainties in the PRC legal system could limit the Group’s ability to enforce these contractual arrangements and if the shareholders of the VIEs were to reduce their interest in the Group, their interests may diverge from that of the Group and that may potentially increase the risk that they would seek to act contrary to the contractual terms, for example by influencing the VIEs not to pay the service fees when required to do so.

The Group’s ability to control the VIEs also depends on the authorization letters that Chuangyi Technology has to vote on all matters requiring shareholder approval in the VIEs. As noted above, the Group believes the rights granted by the authorization letters is legally enforceable but may not be as effective as direct equity ownership.

1.ORGANIZATION AND PRINCIPAL ACTIVITIES – continued

Risks in relation to the VIE structure - continued

In addition, if the legal structure and contractual arrangements were found to be in violation of any existing PRC laws and regulations, the PRC government could:

●

revoke the business and operating licenses of the Group’s PRC subsidiaries and affiliates;

●

discontinue or restricting the Group’s PRC subsidiaries’ and affiliates’ operations;

●

impose conditions or requirements with which the Group or its PRC subsidiaries and affiliates may not be able to comply; or

●

require the Group or its PRC subsidiaries and affiliates to restructure the relevant ownership structure or operations;

The imposition of any of these penalties may result in a material and adverse effect on the Group’s ability to conduct the Group’s business. In addition, if the imposition of any of these penalties causes the Group to lose the rights to direct the activities of the VIEs and its subsidiaries or the right to receive their economic benefits, the Group would no longer be able to consolidate the VIEs. The Group does not believe that any penalties imposed or actions taken by the PRC Government would result in the liquidation of the Group, Chuangyi Technology, or the VIEs.

Certain shareholders of VIEs are also beneficial owners or directors of the Company. In addition, certain beneficial owners and directors of the Company are also directors or officers of VIEs. Their interests as beneficial owners of VIEs may differ from the interests of the Company as a whole. The Company cannot be certain that if conflicts of interest arise, these parties will act in the best interests of the Company or that conflicts of interests will be resolved in the Company’s favor. Currently, the Company does not have existing arrangements to address potential conflicts of interest these parties may encounter in their capacity as beneficial owners of VIEs, on the one hand, and as beneficial owners of the Company, on the other hand. The Company believes the shareholders of VIEs will not act contrary to any of the contractual arrangements and the exclusive purchase right contract provides the Company with a mechanism to remove them as shareholders of VIEs should they act to the detriment of the Company. If any conflict of interest or dispute between the Company and the shareholders of VIEs arises and the Company is unable to resolve it, the Company would have to rely on legal proceedings in the PRC. Such legal proceedings could result in disruption of its business; moreover, there is substantial uncertainty as to the ultimate outcome of any such legal proceedings.

1.ORGANIZATION AND PRINCIPAL ACTIVITIES – continued

Risks in relation to the VIE structure - continued


	As of December 31,
	2022		2023

Total current assets	$	38,369	$	40,336
Total non-current assets		44,476		30,116

Total assets		82,845		70,452

Total current liabilities		345,450		171,625
Total non-current liabilities		9		8,842

Total liabilities	$	345,459	$	180,467


	For the years ended December 31,
	2021		2022		2023

Net revenues	$	9,075	$	2,867	$	845
Net income (loss)		(15,726)		(2,482)		2,236
Net cash used in operating activities		(5,231)		1,729		(1,514)
Net cash provided by investing activities		—		—		—
Net cash provided by (used in) financing activities		(9,433)		1,212		(1,222)

The VIEs contributed an aggregate of 77.7%, 96.6% and 100% of the consolidated net revenues for the years ended December 31, 2021, 2022 AND 2023, respectively. As of December 31, 2022 and 2023, the VIEs accounted for an aggregate of 71.5% and 97.6%, respectively, of the consolidated total assets, and 69.3% and 190.3%, respectively, of the consolidated total liabilities.

There are no consolidated VIEs’ assets that are collateral for the VIEs’ obligations and can only be used to settle the VIEs’ obligations. There are no creditors (or beneficial interest holders) of the VIEs that have recourse to the general credit of the Company or any of its consolidated subsidiaries. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests, which require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs ever need financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIEs through loans to the shareholder of the VIEs or entrustment loans to the VIEs.

1.ORGANIZATION AND PRINCIPAL ACTIVITIES – continued

Risks in relation to the VIE structure - continued

On December 23, 2018, the State Council submitted the draft version of the Foreign Investment Law to the Standing Committee of the National People’s Congress, which was promulgated by the National People’s Congress on its official site on December 26, 2018 for public consultation until February 24, 2019. On March 15, 2019, the National People’s Congress approved the Foreign Investment Law, which On December 23, 2018, the PRC State Council submitted the draft version of the Foreign Investment Law to the Standing Committee of the National People’s Congress, which was promulgated by the National People’s Congress on its official site on December 26, 2018 for public consultation until February 24, 2019. On March 15, 2019, the National People’s Congress approved the Foreign Investment Law, which came into effect on January 1, 2020 and replaced the trio of existing laws regulating foreign investment in China, namely, the Sino-foreign Equity Joint Venture Enterprise Law, the Sino-foreign Cooperative Joint Venture Enterprise Law and the Wholly Foreign-invested Enterprise Law, together with their implementation rules and ancillary regulations.

STATUTORY RESERVES

12 Months Ended

Dec. 31, 2023

STATUTORY RESERVES

STATUTORY RESERVES

16. STATUTORY RESERVES

As stipulated by the relevant law and regulations in the PRC, the Group’s subsidiaries, VIEs and VIEs’ subsidiaries in the PRC are required to maintain non-distributable statutory surplus reserve. Appropriations to the statutory surplus reserve are required to be made at not less than 10% of profit after taxes as reported in the subsidiaries’ statutory financial statements prepared under the PRC GAAP. Once appropriated, these amounts are not available for future distribution to owners or shareholders. Once the general reserve is accumulated to 50% of the subsidiaries’ registered capital, the subsidiaries can choose not to provide more reserves. The statutory reserve may be applied against prior year losses, if any, and may be used for general business expansion and production and increase in registered capital of the subsidiaries. The Group allocated no statutory reserves during the years ended December 31, 2021, 2022 and 2023. The statutory reserves cannot be transferred to the Company in the form of loans or advances and are not distributable as cash dividends except in the event of liquidation.

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-33765
Entity Registrant Name	AIRNET TECHNOLOGY INC.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Suite 301
Entity Address, Address Line Two	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100027
Entity Address, Country	CN
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001413745
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Audit Alliance LLP
Auditor Firm ID	3487
Auditor Location	Singapore
Document Financial Statement Error Correction [Flag]	false
Business contact
Document and Entity Information
Entity Address, Address Line One	Suite 301,
Entity Address, Address Line Two	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	10027
Entity Address, Country	CN
City Area Code	86
Local Phone Number	10 8460 8818
Contact Personnel Name	Dan Shao
Contact Personnel Email Address	ellen@airmedia.com.sg
ADS
Document and Entity Information
Title of 12(b) Security	American Depositary Shares, each representing one ordinary share, par value US$0.04 per share
Trading Symbol	ANTE
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	24,818
Ordinary shares
Document and Entity Information
Title of 12(b) Security	Ordinary shares, par value US$0.04 per share*
Trading Symbol	ANTE
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	4,474,836

ORGANIZATION AND PRINCIPAL ACTIVITIES - Schedule of VIE's consolidated balance sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ORGANIZATION AND PRINCIPAL ACTIVITIES
Total current assets	$ 29,915	$ 69,794
Total assets	72,174	115,149
Total current liabilities	84,419	101,787
Total liabilities	93,261	101,796
Variable Interest Entity
ORGANIZATION AND PRINCIPAL ACTIVITIES
Total current assets	40,336	38,369
Total non-current assets	30,116	44,476
Total assets	70,452	82,845
Total current liabilities	171,625	345,450
Total non-current liabilities	8,842	9
Total liabilities	$ 180,467	$ 345,459

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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SUBSEQUENT EVENTS - Additional Information (Details) - Subsequent event - Blockchain Dynamics Limited - Discontinued Operations	Mar. 19, 2024 $ / shares shares
Subsequent Event [Line Items]
Ordinary shares \| shares	1,307,229
Par value \| $ / shares	$ 0.04

MAINLAND CHINA CONTRIBUTION PLAN - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
MAINLAND CHINA CONTRIBUTION PLAN
Contribution to employee benefits	$ 319	$ 686	$ 1,056

INCOME TAXES - Income Tax (Expenses)/Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income tax expenses:
Current	$ 1	$ 17	$ 284
Deferred		0
Income tax benefit due to reverse of UTP		0
Income tax expenses (benefit), Net	$ 1	$ 17	$ 284

- Definition

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

+ References + Details

FAIR VALUE MEASUREMENT - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
FAIR VALUE MEASUREMENT
Impairment of intangible assets finite-lived	$ 0	$ 0	$ 0
Impairment of investments	$ 0	$ 0	$ 0

ORGANIZATION AND PRINCIPAL ACTIVITIES - Schedule of VIE's consolidated statement of operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ORGANIZATION AND PRINCIPAL ACTIVITIES
Net income (loss)	$ (194)	$ (12,311)	$ (17,787)
Net cash used in operating activities	(1,817)	614	(4,975)
Net cash provided by investing activities	0	0	0
Net cash provided by (used in) financing activities	(1,222)	1,212	(9,433)
Variable Interest Entity [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Net revenues	845	2,867	9,075
Net income (loss)	2,236	(2,482)	(15,726)
Net cash used in operating activities	(1,514)	1,729	(5,231)
Net cash provided by investing activities	0	0	0
Net cash provided by (used in) financing activities	$ (1,222)	$ 1,212	$ (9,433)

- Definition

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

+ References

+ Details

- Definition

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

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+ References + Details

TREASURY SHARES AND REVERSE ADS SPLIT - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
TREASURY SHARES AND REVERSE ADS SPLIT
Number of ADSs repurchased	1,306,486
Shares repurchased, amount	$ 17,400
Shares cancelled, shares	438,137
Treasury stock, Number of ADSs	868,349
Number of ADSs reissued	0	769,077
Treasury stock, shares (in shares)	24,818	24,818

- Definition

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RELATED PARTY TRANSACTIONS - Transactions with group's related parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement
Loans provided to related parties	$ 0	$ 601	$ 0
Related Party \| Mr. Man Guo
Statement
Loans provided to related parties	918	0
Related Party \| Dan Shao
Statement
Loans provided to related parties	$ 10,190	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of revenues by service categories (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from operations:
Revenues	$ 928	$ 2,774	$ 9,192
Air Travel Media Network
Revenues from operations:
Revenues	928	2,768	9,191
Others
Revenues from operations:
Revenues	$ 0	$ 6	$ 1

- Definition

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

+ References

+ Details

ORGANIZATION AND PRINCIPAL ACTIVITIES - Schedule of companies subsidiaries and VIE's (Details)	12 Months Ended
	Dec. 31, 2023
Beijing Dongding Gongyi Advertising Co., Ltd. ("Dongding") [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Feb. 01, 2010
Place of incorporation	the PRC
Guangzhou Meizheng Online Network Technology Co., Ltd. ("Guangzhou Meizheng") [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	May 17, 2013
Place of incorporation	the PRC
Air Esurfing Information Technology Co., Ltd. ("Air Esurfing")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Sep. 25, 2013
Place of incorporation	the PRC
Wangfan Linghang Mobile Network Technology Co., Ltd. ("Linghang")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Apr. 23, 2015
Place of incorporation	the PRC
Beijing Wangfan Jiaming Pictures Co., Ltd. ("Wangfan Jiaming") [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Dec. 31, 2015
Place of incorporation	the PRC
Meizheng Network Information Technology Co., Ltd. ("Meizheng Network") [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Aug. 08, 2016
Place of incorporation	the PRC
Shandong Airmedia Cheweishi Network Technology Co.,Ltd.("Shangdong Cheweishi ") [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Jul. 21, 2016
Place of incorporation	the PRC
Dingsheng Ruizhi (Beiing) Investment Consulting Co., Ltd. ("Dingsheng Ruizhi") [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	May 25, 2016
Place of incorporation	the PRC
Yuehang Sunshine (Beijing) Asset Management Co., Ltd. ("Yuehang Asset") [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Jan. 18, 2019
Place of incorporation	the PRC
Yuehang Zhongying E-commerce Co., Ltd. ("Zhongying") [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	May 17, 2018
Place of incorporation	the PRC
Beijing Airport United Culture Media Co., Ltd. ("Airport United") [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Jun. 19, 2018
Place of incorporation	the PRC
Beijing Linghang Shengshi Advertising Co., Ltd. Linghang Shengsh [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Aug. 07, 2005
Place of incorporation	the PRC
Wangfan Tianxia Network Technology Co., Ltd.("Iwanfan") [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	May 06, 2016
Place of incorporation	the PRC
Beijing Yuehang Digital Media Advertising Co., Ltd. ("Beijing Yuehang") [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Jan. 16, 2008
Place of incorporation	the PRC
Yuehang Sunshine Network Technology Group Co., Ltd. ("AirNet Online") [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Apr. 30, 2015
Place of incorporation	the PRC
Beijing AirNet Pictures Co., Ltd. ("AirNet Pictures") [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Sep. 13, 2007
Place of incorporation	the PRC
Wenzhou Yuehang Advertising Co., Ltd. ("Wenzhou Yuehang") [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Oct. 17, 2008
Place of incorporation	the PRC
Beijing Wangfan Jiaming Advertising Co.,Ltd. (Formerly Beijing AirMedia Jiaming Advertising Co., Ltd.) [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Jan. 01, 2007
Place of incorporation	the PRC
Air Joy Media Private Limited ("Air Joy") [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Nov. 15, 2019
Place of incorporation	Singapore
Blockchain Dynamics Limited [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Jan. 11, 2021
Place of incorporation	Hong Kong
Percentage of legal ownership	100.00%
Energy Bytes Inc [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Jan. 21, 2022
Place of incorporation	United States
Percentage of legal ownership	100.00%
Yuehang Chuangyi Technology (Beijing) Co., Ltd. ("Chuangyi Technology") [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Sep. 19, 2005
Place of incorporation	the PRC
Percentage of legal ownership	100.00%
Shenzhen Yuehang Information Technology Co., Ltd. ("Shenzhen Yuehang") [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Jun. 06, 2006
Place of incorporation	the PRC
Percentage of legal ownership	100.00%
Xi'an Shengshi Dinghong Information Technology Co., Ltd. Xi'an Shengshi [Member]
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Dec. 31, 2007
Place of incorporation	the PRC
Percentage of legal ownership	100.00%
Broad Cosmos Enterprises Ltd. ("Broad Cosmos")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Jun. 26, 2006
Place of incorporation	British Virgin Islands (“BVI”)
Percentage of legal ownership	100.00%
AirNet International Limited ("AirNet International")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Jul. 14, 2007
Place of incorporation	BVI
Percentage of legal ownership	100.00%
Air Net (China) Limited ("AN China")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Date of incorporation/acquisition	Aug. 05, 2005
Place of incorporation	Hong Kong
Percentage of legal ownership	100.00%

FINANCIAL INFORMATION OF PARENT COMPANY - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 150	$ 2,502	$ 1,301
Amount due from subsidiaries	$ 191	$ 601
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Other current assets	$ 24,989	$ 60,436
Total current assets	29,915	69,794
TOTAL ASSETS	72,174	115,149
Current liabilities
Accrued expenses and other current liabilities	10,553	10,945
Total liabilities	93,261	101,796
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 2023, respectively; 8,923,687 and 8,923,687 shares outstanding as of December 31, 2022 and 2023, respectively)	181	359
Additional paid-in capital	298,750	332,746
Treasury stock (24,818 shares as of December 31, 2022 and 2023)	(1,148)	(1,148)
Accumulated deficits	(318,813)	(318,239)
Accumulated other comprehensive income	32,879	32,044
Total equity	(21,087)	13,353	(8,934)
TOTAL LIABILITIES AND EQUITY	72,174	115,149
Parent Company \| Reportable Legal Entities
Current assets
Cash and cash equivalents	2	2
Amount due from subsidiaries	$ 16,296	$ 49,691
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	srt:SubsidiariesMember	srt:SubsidiariesMember
Other current assets	$ 108	$ 108
Total current assets	16,406	49,801
TOTAL ASSETS	16,406	49,801
Current liabilities
Accrued expenses and other current liabilities	4,557	4,039
Total liabilities	4,557	4,039
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 2023, respectively; 8,923,687 and 8,923,687 shares outstanding as of December 31, 2022 and 2023, respectively)	181	359
Additional paid-in capital	298,750	332,746
Treasury stock (24,818 shares as of December 31, 2022 and 2023)	(1,148)	(1,148)
Accumulated deficits	(318,813)	(318,239)
Accumulated other comprehensive income	32,879	32,044
Total equity	11,849	45,762	$ 24,499	$ 31,623
TOTAL LIABILITIES AND EQUITY	$ 16,406	$ 49,801

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued payroll and welfare	$ 1,546	$ 1,742
Other tax payable	43	50
Accrued staff disbursement	994	1,010
Deposit payable	24	25
Other current liabilities	7,634	7,805
Other accrued expenses	311	313
Total accrued expenses and other current liabilities	$ 10,553	$ 10,945

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS

Schedule of Amount Due From/To Related Parties

Amount due from related parties:


		As of December 31,
Name of related parties	Relationship	2022		2023
Xu Qing	Shareholder of the Company	$	166	$	191
Unicom AirNet	Equity method investment		435		—
		$	601	$	191

(1)	The amounts represent interest free advances to the related parties in a short-term basis for operation purpose.

Amount due to related parties:


		As of December 31,
Name of related parties	Relationship	2022		2023
Man Guo	Shareholder		—		918
Dan Shao	Shareholder		—		10,190
		$	—	$	11,108

(b)	Details of transactions with the Group’s related parties for the years ended December 31, 2022 and 2023 were as follows:


		For the year ended December 31,
Name of related parties	Transactions	2022		2023
Man Guo	Loans provided to related parties	$	—	$	918
Dan Shao	Loans provided to related parties		—		10,190

DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2023

DISCONTINUED OPERATIONS

Schedule of results, assets and liabilities of discontinued operations

The results of discontinued operations for the years ended December 31, 2021, 2022 and 2023 are as follows:


	For the years ended December 31,
	2021		2022		2023
Revenues	$	2,604	$	195	$	13
Less: Cost of revenues		2,121		2,109		—
Gross Revenue		483		(1,914)		13
Total operating expenses		662		4,795		212
Loss from discontinued operations		(179)		(6,709)		(199)
Total other income, net		1,764		381		(118)
Loss from discontinued operation before income taxes		1,585		(6,328)		(317)
Income tax (expenses) benefits from operations		—		—		—
Net loss from discontinued operations	$	1,585	$	(6,328)	$	(317)

Assets and liabilities of the discontinued operations for years ended December 31, 2022 and 2023 are as follows:


	As of December 31,
	2022		2023
Cash and cash equivalents	$	198	$	20
Other current assets		4,636		4,546
Current assets held for sale-discontinued operation		4,834		4,566

Accrued expenses and other current liabilities		332		294
Amounts due to related parties		1,174		1,256
Total liabilities of Discontinued Operations	$	1,506	$	1,550

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Negative working capital	$ 56,663
Net carrying amount of right of use asset	2	$ 16
Property and equipment, net	10,239	10,885
Deferred revenue	7,292	7,745
Revenue remaining performance obligation	5,143
Contract with customer, asset, net	5,377
Revenue from non monetary transactions	0	0
Direct costs for non monetary exchanges	$ 0
VAT rate	6.00%
Cost of non-deductible input VAT that generated in prior years	$ 132	27	$ 521
Advertising expenses	0	$ 24	$ 143
Unrecognised tax benefit	0			$ 11,065
Office space
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property and equipment, net	$ 8,795
PRC Tax Administration and Collection Law [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Operating loss carryforwards, limitations on use	According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitations is extended to five years under special circumstances, where the underpayment of taxes is more than RMB 100 thousand. In the case of transfer pricing issues, the statute of limitation is ten years. There is no statute of limitation in the case of tax evasion.
Hong Kong Inland Revenue Department [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Operating loss carryforwards, limitations on use	According to Hong Kong Inland Revenue Department, the statute of limitation is six years if any company chargeable with tax has not been assessed or has been assessed at less than the proper amount, the statute of limitation is extended to 10 years if the underpayment of taxes is due to fraud or willful evasion.
Exchange of office software \| Beijing Kingsoft Co., Ltd.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Consideration amount	$ 431
Minimum \| Investee Companies [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Ownership percentage	20.00%
Maximum \| Investee Companies [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Ownership percentage	50.00%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 150	$ 2,502
Accounts receivable, net	19	1,421
Other current assets, net	24,989	60,436
Amount due from related parties	$ 191	$ 601
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Current assets held for sale - discontinued operation	$ 4,566	$ 4,834
Total current assets	29,915	69,794
Property and equipment, net	10,239	10,885
Long-term investments, net	32,018	34,083
Long-term deposits, net	0	371
Right-of-use assets	2	16
TOTAL ASSETS	72,174	115,149
Current liabilities:
Short-term loan	0	12,822
Accounts payable	11,601	15,774
Accrued expenses and other current liabilities	10,553	10,945
Deferred revenue	7,292	7,745
Consideration received from buyer	28,169	29,000
Payable for earnout commitment	21,487	22,120
Amounts due to related parties	2,266	0
Income tax payable	1,495	1,865
Lease liability, current	6	10
Current liabilities held for sale - discontinued operation	1,550	1,506
Total current liabilities	84,419	101,787
Non-current liabilities:
Amounts due to related parties - non - current	$ 8,842	0
Other Liability, Noncurrent, Related Party, Type [Extensible Enumeration]	Related Party [Member]
Lease liability, non-current	$ 0	9
Total liabilities	93,261	101,796
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 2023, respectively; 8,923,687 and 4,474,836 shares outstanding as of December 31, 2022 and 2023, respectively)	181	359
Additional paid-in capital	298,750	332,746
Treasury stock (24,818 shares as of December 31, 2022 and 2023)	(1,148)	(1,148)
Accumulated deficits	(318,813)	(318,239)
Accumulated other comprehensive income	32,879	32,044
Total AirNet Technology Inc.'s shareholders' equity	11,849	45,762
Non-controlling interests	(32,936)	(32,409)
Total (deficit) equity	(21,087)	13,353
TOTAL LIABILITIES AND (DEFICIT) EQUITY	$ 72,174	$ 115,149