UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
March 31, 2014
Commission File Number: 333-158336
Tiger Media, Inc.
(Translation of registrant’s name into English)
Cayman Islands
(Jurisdiction of incorporation or organization)
Room 450, East Office Tower, Shanghai Centre, No.1376 Nan Jing W. Road
Jing’an District, Shanghai, China 200040
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: x Form 20-F ¨ 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): ¨
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: ¨ Yes x No
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a
See Exhibit 99.1 related to a Press Release dated April 1, 2014.
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.
| Tiger Media, Inc. | ||||||
| Date: April 1, 2014 | By: | Peter W. H. Tan | ||||
| Name: | Peter W. H. Tan | |||||
| Title: | Chief Executive Officer | |||||
Exhibit 99.1
Tiger Media Reports Full Year of 2013 Results
Shanghai, China, March 31, 2014 — Tiger Media, Inc. (“Tiger Media” or the “Company”) (NYSE MKT: IDI), a nationwide Shanghai-based multi-platform media company, today reported audited financial results for the full year ended December 31, 2013. The Company also announced today that it had filed its annual report for the year ended December 31, 2013 on Form 20-F with the U.S. Securities and Exchange Commission.
Full Year 2013 Financial Highlights
| • | Adjusted net loss (non-GAAP) was $2.2 million in 2013 compared to an adjusted net loss (non-GAAP) of $8.4 million in 2012. |
| • | Net loss was $3.9 million from ordinary operations in 2013, compared to a net profit of $8.7 million in 2012 that was mainly as a result of a $9.4 million net gain from the disposal of subsidiaries. |
| • | Raised a total of $4.1 million from proceeds received as a result of the exercise of warrants to purchase 3.3 million of the Company’s ordinary shares with an exercise price of $1.25 per share. |
Peter W. H. Tan, Chief Executive Officer of Tiger Media, remarked, “Since the launch in late June 2013 of our iScreen Outdoor LCD business at prominent entry points of high end shopping malls and commercial centers in Shanghai, we recorded revenue of $2.4 million through the end of 2013 in advertisement contracts for the network from major domestic and international advertisers. During 2014 and beyond, we hope to expand our network to other Tier I and Tier II cities throughout China, though the pace of expansion will depend on the revenue growth and income from the Shanghai iScreen Outdoor LCD concession. In an effort to mitigate the risks associated with early stage development and conserves the Company’s internal cash resources, we intend to focus our expansion efforts towards working with local partners in each of the targeted cities rather than through direct acquisition and ownership of the equipment and concessions. Many of the iScreen outdoor locations now have Wi-Fi and we are developing interactive client driven content and mobile applications to provide an even wider consumer reach. We currently have developed over 100 screens at over 20 commercial compounds in key CBDs of Shanghai and will continue to increase the network coverage in 2014.
We have a number of goals and objectives for 2014 including:
| • | Expanding our iScreen Outdoor LCD concessions in Shanghai and other Chinese cities; |
| • | Refocusing our efforts at Home Inns locations; |
| • | Continuing to be opportunistic and pursue complementary or strategic acquisitions which could provide significant opportunities to diversify and drive our growth; and |
| • | Hire a new senior level finance employee expected to begin in April 2014.” |
Earnings Conference Call Announcement
Tiger Media will host an earnings conference call on Tuesday, April 1, 2014 at 8:30 a.m. U.S. Eastern Time (8:30 p.m. Beijing / Hong Kong Time).
Dial-in details for the earnings conference call are as follows:
Participant Dial-In Numbers:
TOLL-FREE: 1-877-941-8416
TOLL/INTERNATIONAL: 1-480-629-9808
CHINA TOLL: 86-400-628-0671
TAIWAN TOLL: 886-2-2162-6507
HONG KONG TOLL-FREE: 800-908-530
**Participants will ask for the Tiger Media, Inc. Conference Call/Conference ID 4676810.
Full Year 2013 Financial Results
Net Revenues & Gross Profit
For the full year 2013, the revenue recognized was $2.9 million, almost all of which were attributable to the launch, in late June 2013, of our new iScreen Outdoor LCD screens and outdoor billboard businesses in Shanghai, as compared to revenue of $0 from continuing operations for the year ended December 31, 2012.
Gross profit was $1.1 million with the gross margin rate of 39%. The cost of revenue was mainly due to the expense of advertising space lease costs and depreciation expenses incurred by outdoor LCD equipment.
Selling, General and Administrative expenses
Total selling, general and administrative expenses for the year ended December 31, 2013 were $5.2 million, compared to $3.6 million for the year ended December 31, 2012, which mainly consisted of share-based compensation of $1.6 million, professional fees of $1.0 million and salaries of $1.2 million.
Loss from Continuing Operations
The loss from continuing operations for the year ended December 31, 2013 was $3.9 million compared to a loss of $0.7 million for the year ended December 31, 2012, mainly as a result of the $1.6 million share-based compensation expense in 2013 and a $3.0 million extinguishment of the acquisition payable in 2012.
Profit/(Loss) from Discontinued Operations
The profit from discontinued operations for the year ended December 31, 2012 was $9.4 million, mainly as a result of the $16.2 million gain on the disposal of subsidiaries, net of tax. There were no discontinued operations for the year ended December 31, 2013.
Net Profit/(loss)
As a result of the foregoing, we had a net loss of $3.9 million for the year ended December 31, 2013, as compared to a net profit of $8.7 million for the year ended December 31, 2012.
Adjusted net profit/(loss)
Adjusted net loss (non-GAAP), excluding non-cash items, was $2.2 million in 2013 compared to an adjusted net loss (non-GAAP) of $8.4 million in 2012 mainly due to a greater loss from subsidiaries. Please refer to the non-GAAP reconciliation table provided at the end of the release for a year-over-year comparison of non-cash adjustments.
For the year ended December 31, 2013, net cash used in operating activities totaled $5.1 million, with net cash used in investing activities of $0.7 million, offset by $4.1 million in net cash provided in financing activities.
For the three months ended December 31, 2013, the revenue recognized was $2.0 million with a sales margin of $1.0 million. The loss for the last quarter of 2013 was $1.2 million, and after deducting share-based compensation of $1.4 million, the Company achieved net profit of $0.2 million.
As of December 31, 2013, the Company had $5.6 million in cash and cash equivalents. Stockholder equity was approximately $10.6 million and there were approximately 35.6 million common shares outstanding.
About Tiger Media
Tiger Media is a leading nationwide multi-platform media company in China which provides advertising services in the out-of-home advertising industry, including iScreen Outdoor LCD screens, billboards and street furniture. Tiger Media’s network of street level LCD screen displays, which captivate eye-level awareness, is complemented by outdoor billboards which are mostly built on rooftops with good visibility from far distances. Tiger Media’s network attracts advertising clients from a wide range of industries including telecommunications, insurance and banking, automobile, electronics and fast moving consumer goods. Learn more at www.tigermedia.com.
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts, including statements about Tiger Media’s beliefs and expectations, may constitute forward-looking statements as that term is defined by the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “confident” and similar statements. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations.
Potential risks and uncertainties include, whether we will be able to expand our iScreen Outdoor LCD network to other Tier I and Tier II cities; whether we will be able to find suitable partners in each of the targeted cities; whether we can develop interactive client driven content and mobile applications to provide an even wider consumer reach; whether we can refocus our efforts at Home Inns locations; whether a new senior level finance employee will join the Company in April 2014; whether we can continue to be opportunistic and pursue complementary or strategic acquisitions which could provide significant opportunities to diversify and drive our growth; and whether we have sufficient liquidity to build and expand our concessions; and the risks that there are uncertainties and matters beyond the control of management, and other risks outlined in the Company’s filings with the U.S. Securities and Exchange Commission. Tiger Media cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Tiger Media does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.
For more information, please contact:
Peter Tan, 13817097881
ir@tigermedia.com
Reconciliation of the audited number to non-GAAP financial figures
| For the year ended December 31, 2012 |
For the year ended December 31, 2013 |
|||||||
| $’000 | $’000 | |||||||
| Audited profit/(loss) |
8,752 | (3,935 | ) | |||||
| Gain from extinguishment of acquisition consideration payable |
(3,026 | ) | (99 | ) | ||||
| Share-based compensation |
660 | 1,648 | ||||||
| Amortization on intangible assets |
— | 199 | ||||||
| Loss on abandonment of lease |
966 | — | ||||||
| Gain on disposal of subsidiaries |
(16,153 | ) | (2 | ) | ||||
| Loss on disposal of fixed assets |
373 | 6 | ||||||
|
|
|
|
|
|||||
| Adjusted non-GAAP loss |
(8,428 | ) | (2,183 | ) | ||||
|
|
|
|
|
|||||
TIGER MEDIA, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
| As of December 31, | ||||||||
| 2012 | 2013 | |||||||
| ASSETS |
||||||||
| CURRENT ASSETS |
||||||||
| Cash and cash equivalents |
7,209 | 5,605 | ||||||
| Accounts receivable, net |
— | 1,563 | ||||||
| Amounts due from related parties |
— | 40 | ||||||
| Prepaid expenses and other current assets |
273 | 799 | ||||||
| Deferred tax assets |
— | 37 | ||||||
|
|
|
|
|
|||||
| Total current assets |
7,482 | 8,044 | ||||||
| NON-CURRENT ASSETS |
||||||||
| Property and equipment, net |
62 | 1,584 | ||||||
| Long-term deferred expenses |
— | 917 | ||||||
| Intangible assets, net |
— | 2,001 | ||||||
|
|
|
|
|
|||||
| Total non-current assets |
62 | 4,502 | ||||||
|
|
|
|
|
|||||
| Total assets |
7,544 | 12,546 | ||||||
|
|
|
|
|
|||||
| LIABILITIES & SHAREHOLDERS’ EQUITY |
||||||||
| CURRENT LIABILITIES |
||||||||
| Accounts payable |
46 | 1,196 | ||||||
| Accrued expenses and other payables |
366 | 235 | ||||||
| Acquisition consideration payable |
549 | 464 | ||||||
| Amounts due to related parties |
110 | 73 | ||||||
| Deferred revenue |
— | 9 | ||||||
| Income taxes payable |
— | 4 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
1,071 | 1,981 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
1,071 | 1,981 | ||||||
|
|
|
|
|
|||||
| SHAREHOLDERS’ EQUITY |
||||||||
| Common Shares - $0.0001 par value 1,000,000,000 shares authorized, 30,143,741 and 35,600,736 shares issued and outstanding on December 31, 2012 and 2013, respectively |
3 | 4 | ||||||
| Additional paid-in capital |
137,823 | 145,778 | ||||||
| Accumulated other comprehensive loss |
(4,433 | ) | (4,362 | ) | ||||
| Accumulated deficit |
(126,920 | ) | (130,855 | ) | ||||
|
|
|
|
|
|||||
| Total shareholders’ equity |
6,473 | 10,565 | ||||||
|
|
|
|
|
|||||
| Total liabilities and shareholders’ equity |
7,544 | 12,546 | ||||||
|
|
|
|
|
|||||
TIGER MEDIA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME / (LOSS)
(Amounts in thousands, except share data)
| For the year ended December 31, | ||||||||||||
| 2011 | 2012 | 2013 | ||||||||||
| Advertising service revenues |
$ | — | $ | — | $ | 2,875 | ||||||
| Cost of revenues |
— | — | (1,765 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Gross profit |
— | — | 1,110 | |||||||||
| Operating expenses |
||||||||||||
| Sales and marketing expenses |
(123 | ) | (123 | ) | (788 | ) | ||||||
| General and administrative expenses |
(3,880 | ) | (3,448 | ) | (4,397 | ) | ||||||
| Gain from extinguishment of acquisition consideration payable |
— | 3,032 | 99 | |||||||||
|
|
|
|
|
|
|
|||||||
| Loss from operations |
(4,003 | ) | (539 | ) | (3,976 | ) | ||||||
| Other income/(expense) |
||||||||||||
| Interest income |
— | 10 | 12 | |||||||||
| Interest expense |
— | (149 | ) | — | ||||||||
| Other income/(expense), net |
256 | — | (4 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Total other income/(expense) |
256 | (139 | ) | 8 | ||||||||
| Loss from continuing operations before income taxes |
(3,747 | ) | (678 | ) | (3,968 | ) | ||||||
| Income taxes benefit |
— | — | 33 | |||||||||
|
|
|
|
|
|
|
|||||||
| Loss from continuing operations |
(3,747 | ) | (678 | ) | (3,935 | ) | ||||||
| Discontinued operations |
||||||||||||
| Loss from operations of discontinued components, net of tax |
(9,712 | ) | (6,723 | ) | — | |||||||
| Gain on disposal of subsidiaries, net of tax |
— | 16,153 | — | |||||||||
|
|
|
|
|
|
|
|||||||
| Profit/(loss) from discontinued operations |
(9,712 | ) | 9,430 | — | ||||||||
|
|
|
|
|
|
|
|||||||
| Net profit / (loss) |
$ | (13,459 | ) | $ | 8,752 | $ | (3,935 | ) | ||||
|
|
|
|
|
|
|
|||||||
| Earnings / (loss) per share |
||||||||||||
| - Basic |
||||||||||||
| Continuing operations |
$ | (0.18 | ) | $ | (0.03 | ) | $ | (0.13 | ) | |||
| Discontinued operations |
(0.46 | ) | 0.42 | — | ||||||||
|
|
|
|
|
|
|
|||||||
| $ | (0.64 | ) | $ | 0.39 | $ | (0.13 | ) | |||||
|
|
|
|
|
|
|
|||||||
| - Diluted |
||||||||||||
| Continuing operations |
$ | (0.18 | ) | $ | (0.03 | ) | $ | (0.13 | ) | |||
| Discontinued operations |
(0.46 | ) | 0.41 | — | ||||||||
|
|
|
|
|
|
|
|||||||
| $ | (0.64 | ) | $ | 0.38 | $ | (0.13 | ) | |||||
|
|
|
|
|
|
|
|||||||
| Weighted average number of shares outstanding - |
||||||||||||
| - Basic |
20,994,015 | 22,545,989 | 31,362,848 | |||||||||
| - Diluted |
20,994,015 | 22,784,302 | 31,362,848 | |||||||||
| Comprehensive income: |
||||||||||||
| Net profit/(loss) |
$ | (13,459 | ) | $ | 8,752 | $ | (3,935 | ) | ||||
| Foreign currency translation adjustment |
(2,224 | ) | (3,362 | ) | 71 | |||||||
|
|
|
|
|
|
|
|||||||
| Net comprehensive income/(loss) |
$ | (15,683 | ) | $ | 5,390 | $ | (3,864 | ) | ||||
|
|
|
|
|
|
|
|||||||
TIGER MEDIA, INC.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY/ (DEFICIT)
(Amounts in thousands, except share data)
| Common Stock | Additional paid-in capital |
Accumulated other comprehensive income |
Accumulated deficit |
Total shareholders’ (deficit)/ equity |
||||||||||||||||||||
| Number of Shares |
Amount | |||||||||||||||||||||||
| Balance as of January 1, 2011 |
20,858,661 | $ | 2 | $ | 121,521 | $ | 1,153 | $ | (122,213 | ) | $ | 463 | ||||||||||||
| Net loss |
— | — | — | — | (13,459 | ) | (13,459 | ) | ||||||||||||||||
| Foreign currency exchange translation adjustment |
— | — | — | (2,224 | ) | — | (2,224 | ) | ||||||||||||||||
| Share issued for earn-out |
750,380 | — | 871 | — | — | 871 | ||||||||||||||||||
| Issuance of common shares for share incentive plan |
78,456 | — | 2 | — | — | 2 | ||||||||||||||||||
| Share-based compensation |
— | — | 894 | — | — | 894 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Balance as of December 31, 2011 |
21,687,497 | $ | 2 | $ | 123,288 | $ | (1,071 | ) | $ | (135,672 | ) | $ | (13,453 | ) | ||||||||||
| Net profit |
— | — | — | — | 8,752 | 8,752 | ||||||||||||||||||
| Foreign currency exchange translation adjustment |
— | — | — | (3,362 | ) | — | (3,362 | ) | ||||||||||||||||
| Share issued for earn-out |
1,158,515 | — | 1,904 | — | — | 1,904 | ||||||||||||||||||
| Extinguishment of ordinary shares |
(132,272 | ) | — | (147 | ) | — | — | (147 | ) | |||||||||||||||
| Issuance of common shares for share incentive plan |
56,087 | — | — | — | — | — | ||||||||||||||||||
| Share-based compensation |
— | — | 660 | — | — | 660 | ||||||||||||||||||
| Conversion of promissory convertible notes |
3,148,833 | — | 3,149 | 3,149 | ||||||||||||||||||||
| Repurchase of ordinary shares |
(4,501,668 | ) | — | (621 | ) | — | — | (621 | ) | |||||||||||||||
| Exercise of warrants |
1,771,749 | — | 2,215 | — | — | 2,215 | ||||||||||||||||||
| Issuance of shares |
6,955,000 | 1 | 6,954 | — | — | 6,955 | ||||||||||||||||||
| Options issued for divestiture of SearchMedia International |
— | — | 421 | — | — | 421 | ||||||||||||||||||
|
|
|
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|
|
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|
|||||||||||||
| Balance as of December 31, 2012 |
30,143,741 | $ | 3 | $ | 137,823 | $ | (4,433 | ) | $ | (126,920 | ) | $ | 6,473 | |||||||||||
| Net loss |
— | — | — | — | (3,935 | ) | (3,935 | ) | ||||||||||||||||
| Foreign currency exchange translation adjustment |
— | — | — | 71 | — | 71 | ||||||||||||||||||
| Issuance of common shares for share incentive plan |
118,276 | — | — | — | — | — | ||||||||||||||||||
| Share-based compensation |
— | — | 1,648 | — | — | 1,648 | ||||||||||||||||||
| Purchase of intangible assets |
2,052,239 | — | 2,200 | — | — | 2,200 | ||||||||||||||||||
| Exercise of warrants |
3,286,480 | 1 | 4,107 | — | — | 4,108 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Balance as of December 31, 2013 |
35,600,736 | $ | 4 | $ | 145,778 | $ | (4,362 | ) | $ | (130,855 | ) | $ | 10,565 | |||||||||||
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TIGER MEDIA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands, except share data)
| For the Years Ended December 31, | ||||||||||||
| 2011 | 2012 | 2013 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||||||
| Net profit / (loss) |
$ | (13,459 | ) | $ | 8,752 | $ | (3,935 | ) | ||||
| Adjustments to reconcile net income to net cash used in operating activities: |
||||||||||||
| Depreciation of property and equipment |
385 | 133 | 182 | |||||||||
| Amortization of intangible assets |
1,329 | — | 199 | |||||||||
| Finance cost |
— | 149 | — | |||||||||
| Share-based compensation |
894 | 660 | 1,648 | |||||||||
| Deferred tax benefit |
(1,087 | ) | — | (37 | ) | |||||||
| Gain on disposal of subsidiaries |
— | (16,153 | ) | — | ||||||||
| Change of fair value of acquisition consideration payable |
(10,681 | ) | — | — | ||||||||
| Gain on extinguishment of acquisition consideration payable |
(4,340 | ) | (3,026 | ) | (99 | ) | ||||||
| Gain on termination of Variable Interest Entities (“VIEs”) |
(9,551 | ) | — | — | ||||||||
| Loss on impairment of goodwill |
27,927 | — | — | |||||||||
| Loss on impairment of intangible assets |
2,723 | — | — | |||||||||
| Loss on disposals of fixed assets |
— | 373 | 6 | |||||||||
| Bad debt provision on prepaid expenses and other current assets |
832 | (6 | ) | — | ||||||||
| Bad debt provision on accounts receivables |
2,073 | (130 | ) | — | ||||||||
| Changes in operating assets and liabilities: |
||||||||||||
| (Increase) / decrease in assets: |
||||||||||||
| Accounts receivable |
(1,379 | ) | 3,538 | (1,563 | ) | |||||||
| Prepaid expenses and other current assets |
(3,941 | ) | 1,804 | (1,452 | ) | |||||||
| Amounts due from related parties |
(2,106 | ) | 240 | (40 | ) | |||||||
| Increase / (decrease) in liabilities: |
||||||||||||
| Accounts payable |
5,114 | (661 | ) | 151 | ||||||||
| Accrued expenses and other payables |
2,420 | (167 | ) | (123 | ) | |||||||
| Amounts due to related parties |
(1,558 | ) | (23 | ) | (38 | ) | ||||||
| Deferred revenue |
224 | (1,165 | ) | 9 | ||||||||
| Income taxes payable |
1,329 | (306 | ) | 4 | ||||||||
|
|
|
|
|
|
|
|||||||
| Net cash used in operating activities |
(2,852 | ) | (5,988 | ) | (5,088 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||||||
| Purchase of property and equipment |
(47 | ) | (47 | ) | (706 | ) | ||||||
| Proceeds from disposals of property and equipment |
3 | — | — | |||||||||
| Cash disposed upon the termination of VIEs |
(120 | ) | — | — | ||||||||
| Cash disposed upon disposal of subsidiaries |
— | (2,356 | ) | — | ||||||||
| Cash paid for acquisitions, net of cash acquired |
(738 | ) | (549 | ) | — | |||||||
|
|
|
|
|
|
|
|||||||
| Net cash used in investing activities |
(902 | ) | (2,952 | ) | (706 | ) | ||||||
|
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|
|
|
|
|
|||||||
| CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||||||
| Decrease in restricted bank deposit |
10 | (71 | ) | — | ||||||||
| Proceeds from short-term borrowings |
1,346 | — | — | |||||||||
| Repayment of short-term borrowings |
(747 | ) | — | — | ||||||||
| Proceeds from issuance of convertible promissory notes and warrants |
— | 3,000 | — | |||||||||
| Proceeds from exercise of options |
2 | — | — | |||||||||
| Proceeds from exercise of warrants |
— | 2,215 | 4,108 | |||||||||
| Payment for repurchase of ordinary shares |
— | (621 | ) | — | ||||||||
| Proceeds from issuance of ordinary shares |
— | 6,955 | — | |||||||||
|
|
|
|
|
|
|
|||||||
| Net cash provided by financing activities |
611 | 11,478 | 4,108 | |||||||||
|
|
|
|
|
|
|
|||||||
| Foreign currency translation adjustment |
219 | 41 | 82 | |||||||||
|
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|
|
|
|
|
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| Net increase / (decrease) in cash and cash equivalents |
$ | (2,924 | ) | $ | 2,579 | $ | (1,604 | ) | ||||
| Cash and cash equivalents at beginning of year |
7,554 | 4,630 | 7,209 | |||||||||
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| Cash and cash equivalents at end of year |
$ | 4,630 | $ | 7,209 | $ | 5,605 | ||||||
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| Cash and cash equivalents from continuing components |
$ | 39 | $ | 7,209 | $ | 5,605 | ||||||
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| Cash and cash equivalents from discontinued components |
$ | 4,591 | $ | — | $ | — | ||||||
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| SUPPLEMENTAL DISCLOSURE INFORMATION |
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| Cash paid for interest |
$ | 89 | $ | — | $ | — | ||||||
| Cash paid for income taxes |
$ | 314 | $ | 124 | $ | — | ||||||
| Non-cash investing transactions: |
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| Acquisition consideration settled |
$ | 15,891 | $ | 4,930 | $ | 99 | ||||||
| Purchase of intangible assets with shares of company stock |
$ | — | $ | — | $ | 2,200 | ||||||
| Non-cash financing transactions: |
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| Conversion of promissory convertible notes |
$ | — | $ | 3,149 | $ | — | ||||||