UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to _____ Commission File Number: 001-34647 ChinaNet Online Holdings, Inc. (Exact name of registrant as specified in its charter) Nevada 20-4672080 (State or other ju ...

PART I. FINANCIAL INFORMATION [Item 1. Interim Financial Statements](index=3&type=section&id=Item%201.%20Interim%20Financial%20Statements) The unaudited financial statements for Q1 2019 reveal the company's performance, blockchain expansion, and going concern risks [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$15.08 million** due to a significant drop in cash, with corresponding declines in liabilities and equity Condensed Consolidated Balance Sheet Highlights (in thousands USD) | Balance Sheet Item | March 31, 2019 (Unaudited) | December 31, 2018 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $1,483 | $3,742 | | Accounts receivable, net | $6,830 | $6,359 | | Total current assets | $10,608 | $12,500 | | Total Assets | $15,075 | $16,968 | | **Liabilities & Equity** | | | | Total current liabilities | $7,358 | $8,440 | | Total Liabilities | $8,444 | $9,174 | | Total equity | $6,631 | $7,794 | | Total Liabilities and Equity | $15,075 | $16,968 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Q1 2019 revenue slightly increased to **$8.57 million**, but net loss widened to **$1.14 million** due to warrant liability valuation changes Condensed Consolidated Statements of Operations (in thousands USD, except per share data) | Metric | Three Months Ended March 31, 2019 | Three Months Ended March 31, 2018 | | :--- | :--- | :--- | | Total revenues | $8,567 | $8,260 | | Gross profit | $442 | $601 | | Loss from operations | ($738) | ($1,545) | | Change in fair value of warrant liabilities | ($350) | $1,474 | | Net loss attributable to ChinaNet | ($1,138) | ($565) | | Loss per share (Basic and diluted) | ($0.07) | ($0.04) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations was **$2.27 million**, leading to a **$2.26 million** net decrease in cash for Q1 2019 Condensed Consolidated Statements of Cash Flows Highlights (in thousands USD) | Cash Flow Activity | Three Months Ended March 31, 2019 | Three Months Ended March 31, 2018 | | :--- | :--- | :--- | | Net cash used in operating activities | ($2,270) | ($3,179) | | Net cash used in investing activities | ($36) | ($2,156) | | Net cash provided by financing activities | $0 | $9,770 | | Net (decrease)/increase in cash | ($2,259) | $4,551 | | Cash at end of the period | $1,483 | $7,503 | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the company's business, going concern doubts, revenue sources, and capitalized blockchain development costs - The company provides advertising services and expanded into the **blockchain industry** in 2018, with its platform still under development[16](index=16&type=chunk) - **Substantial doubt exists about the company's ability to continue as a going concern** due to a **net loss of $1.14 million** and **negative operating cash flow of $2.27 million** in Q1 2019[22](index=22&type=chunk) Revenue by Service (in thousands USD) | Service | Q1 2019 | Q1 2018 | | :--- | :--- | :--- | | Distribution of search engine marketing service | $6,725 | $6,443 | | Online advertising placements | $1,831 | $1,597 | | Sales of effective sales lead information | $6 | $122 | | TV advertising service | $0 | $91 | | Others | $5 | $7 | | **Total revenues** | **$8,567** | **$8,260** | - The company capitalized approximately **$3.73 million** in software development costs for its blockchain platform, expected to be completed by year-end 2019[68](index=68&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q1 2019 revenue grew 3.7% to **$8.57 million**, but gross margin compressed while liquidity remains a critical concern [Results of Operations](index=37&type=section&id=A.%20RESULTS%20OF%20OPERATIONS%20FOR%20THE%20THREE%20MONTHS%20ENDED%20MARCH%2031%2C%202019%20AND%202018) Revenue increased 3.7% to **$8.57 million**, but gross margin fell to 5% while operating expenses were significantly reduced - Total revenues increased to **$8.57 million** for Q1 2019, driven by a **4% increase** in search engine marketing services[134](index=134&type=chunk)[138](index=138&type=chunk) - Overall **gross margin decreased to 5%** from 7% YoY, as investments to retain customers lowered the internet advertising margin to 6% from 14%[140](index=140&type=chunk)[143](index=143&type=chunk) - Total **operating expenses decreased to $1.18 million** from $2.15 million, driven by lower sales, marketing, and administrative costs[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=B.%20LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The company's liquidity is precarious with **$1.48 million** in cash, substantial going concern doubt, and **$12.0 million** in restricted net assets - As of March 31, 2019, the company had cash and cash equivalents of approximately **$1.48 million**[158](index=158&type=chunk) - Management has identified **substantial doubt about the company's ability to continue as a going concern** and plans to seek financing[160](index=160&type=chunk) - Net cash used in operating activities was approximately **$2.27 million** for Q1 2019[161](index=161&type=chunk) - Approximately **$12.0 million of net assets** held by PRC subsidiaries were restricted and unavailable for transfer to the parent company[173](index=173&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This disclosure is not required as the company qualifies as a smaller reporting company - Not applicable to smaller reporting companies[178](index=178&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2019, with no material changes - Management concluded that the Company's **disclosure controls and procedures were effective** as of March 31, 2019[178](index=178&type=chunk) - There were **no material changes** in internal control over financial reporting during Q1 2019[179](index=179&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company is not a party to any material legal proceedings - The company is not a party to any material legal or administrative proceedings[180](index=180&type=chunk) [Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) This section is omitted as the company is a smaller reporting company - This information has been omitted based on the Company's status as a smaller reporting company[181](index=181&type=chunk) [Other Items (Unregistered Sales, Defaults, Mine Safety, Other Info)](index=46&type=section&id=Other%20Items%20(2%2C%203%2C%204%2C%205)) The company reported no unregistered sales, defaults, mine safety disclosures, or other required information - The company reported 'None' for the following items: - Item 2. Unregistered Sales of Equity Securities and Use of Proceeds - Item 3. Defaults Upon Senior Securities - Item 4. Mine Safety Disclosures - Item 5. Other Information[181](index=181&type=chunk) [Exhibits](index=48&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including Sarbanes-Oxley certifications and Interactive Data Files - The report includes the following exhibits: - 31.1 & 31.2: Certifications of the Principal Executive Officer and Principal Accounting and Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act - 32.1: Certification pursuant to Section 906 of the Sarbanes-Oxley Act - 101: Interactive Data Files[184](index=184&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2018 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ COMMISSION FILE NO. 001-34647 CHINANET ONLINE HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ...