YDKG 6-K 2020 - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

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

THE SECURITIES EXCHANGE ACT OF 1934

For the month of December 2020

Commission File Number: 001-33765

AIRNET TECHNOLOGY INC.

(Exact name of registrant as specified in its charter)

15/F, Sky Plaza

No. 46 Dongzhimenwai Street

Dongcheng District, Beijing 100027

The People’s Republic of China

(Address of principal executive offices)

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

Form 20-F x Form 40-F ¨

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

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

SIGNATURES

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

	AIRNET TECHNOLOGY INC.
Date:<br> December 23, 2020	By:	/s/ Herman Man Guo
	Name:	Herman Man Guo
	Title:	Chairman and Chief Executive Officer

EXHIBIT INDEX

Exhibit No.	Description
Exhibit 99.1	Unaudited Condensed Consolidated Balance Sheets of AirNet Technology Inc. as of December 31, 2019 and June 30, 2020 and Unaudited Condensed Consolidated Statements of Operations of AirNet Technology Inc. for the six months ended June 30, 2019 and 2020

Exhibit 99.1

AIRNET TECHNOLOGY INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCESHEETS

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

	As of December 31,		As of June 30,
	2019		2020
			(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	958	$	1,574
Restricted cash		1		1
Accounts receivable, net		8,421		11,566
Notes receivable		-		156
Prepaid concession fees, net		718		-
Other current assets, net		28,796		26,892
Amounts due from related parties		27		28
Total current assets		38,921		40,217
Property and equipment, net		13,380		12,662
Prepaid equipment costs, net		30		29
Long-term investments, net		43,002		41,005
Long-term deposits, net		854		863
Operating lease right-of-use assets		1,519		1,051
TOTAL ASSETS		97,706		95,827
Liabilities
Current liabilities:
Short-term loan		144		3,318
Accounts payable		35,544		37,372
Accrued expenses and other current liabilities		8,544		7,903
Deferred revenue		2,813		2,528
Income tax payable		11,833		11,632
Amounts due to related parties		3,127		4,271
Operating lease liability, current		902		910
Consideration received from buyer		28,728		28,308
Payable of earnout commitment		21,913		21,593
Total current liabilities		113,548		117,835
Non-current liabilities:
Long-term loan		2,586		2,477
Operating lease liability, non-current		535		52
Total liabilities		116,669		120,364

AIRNET TECHNOLOGY INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCESHEETS - CONTINUED

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

			As of June 30,
			2020
			(Unaudited)
Equity
Ordinary shares (0.001 par value; 900,000,000 shares authorized; 127,697,055 shares issued as of December 31, 2019 and June 30, 2020; 125,664,777 shares outstanding as of December 31, 2019 and June 30, 2020)	128			128
Additional paid-in capital	284,887			284,980
Treasury stock (2,032,278 shares as of December 31, 2019 and June 30, 2020)	(2,351	)		(2,351	)
Accumulated deficit	(293,892	)		(299,061	)
Accumulated other comprehensive income	31,692			32,263
Total AirNet Technology Inc.'s shareholders' equity	20,464			15,959
Non-controlling interests	(39,427	)		(40,496	)
Total deficit	(18,963	)		(24,537	)
TOTAL LIABILITIES AND DEFICIT	97,706		$	95,827

All values are in US Dollars.

AIRNET TECHNOLOGY INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTSOF OPERATIONS

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

	Six months ended June 30,
	2019			2020
	(Unaudited)			(Unaudited)
Revenues	$	12,925		$	12,213
Business tax and surcharges		(99	)		(53	)
Net revenues		12,826			12,160
Less: Cost of revenues		11,866			11,100
Gross profit		960			1,060
Operating expenses:
Selling and marketing		2,196			1,210
General and administrative		7,769			4,050
Research and development		633			420
Total operating expenses		10,598			5,680
Loss from operations		(9,638	)		(4,620	)
Interest expense, net		(240	)		(335	)
Loss from long-term investments		(809	)		(1,327	)
Gain from liability settlement		6,572			-
Other (expense) income, net		(1,303	)		712
Loss from operations before income taxes		(5,418	)		(5,570	)
Income tax expenses		(38	)		(1	)
Net loss		(5,456	)		(5,571	)
Less: Net loss from operations attributable to non-controlling interests		(635	)		(402	)
Net loss from operations attributable to AirNet Technology Inc.'s shareholders	$	(4,821	)	$	(5,169	)
Net loss	$	(5,456	)	$	(5,571	)
Net loss attributable to AirNet Technology Inc.'s shareholders	$	(4,821	)	$	(5,169	)
Net loss attributable to AirNet Technology Inc.’s shareholders per ordinary share
- Basic and diluted	$	(0.04	)	$	(0.04	)
Net loss attributable to AirNet Technology Inc.’s shareholders per ADS
- Basic and diluted	$	(0.38	)	$	(0.41	)
Weighted average ordinary shares used in calculating net loss per ordinary share
- Basic and diluted		125,664,777			125,664,777
Weighted average ADS used in calculating net loss per ADS
- Basic and diluted		12,566,478			12,566,478