Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Apr. 13, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Registrant Name | ZW Data Action Technologies Inc. | ||
Entity Central Index Key | 0001376321 | ||
Trading Symbol | cnet | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 31,304,915 | ||
Entity Public Float | $ 15,866,895 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, par value $0.001 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Current assets | |||
Cash and cash equivalents * | [1] | $ 4,297 | $ 1,603 |
Accounts receivable, net of allowance for doubtful accounts of $4,247 and $3,148, respectively * | [1] | 2,407 | 3,260 |
Prepayment and deposit to suppliers * | [1] | 4,657 | 6,980 |
Due from related parties, net * | [1] | 61 | 81 |
Other current assets, net * | [1] | 1,462 | 11 |
Total current assets | 12,884 | 11,935 | |
Long-term investments * | [1] | 67 | 35 |
Operating lease right-of-use assets * | [1] | 48 | 12 |
Property and equipment, net * | [1] | 60 | 78 |
Intangible assets, net * | [1] | 2,557 | 1,899 |
Blockchain platform applications development costs | 4,406 | 3,879 | |
Long-term prepayments | 39 | ||
Deferred tax assets, net * | [1] | 606 | 713 |
Total Assets | 20,667 | 18,551 | |
Current liabilities: | |||
Short-term bank loan | [1] | 430 | |
Accounts payable | [1] | 608 | 408 |
Advances from customers * | [1] | 1,436 | 2,006 |
Accrued payroll and other accruals | [1] | 489 | 491 |
Taxes payable | [1] | 3,430 | 3,214 |
Operating lease liabilities * | 18 | ||
Lease payment liabilities related to short-term leases * | 203 | 136 | |
Other current liabilities | [1] | 333 | 221 |
Warrant liabilities | 1,505 | 107 | |
Total current liabilities | 8,022 | 7,013 | |
Long-term liabilities: | |||
Operating lease liabilities-Non current * | 32 | ||
Long-term borrowing from a director | 134 | 125 | |
Total Liabilities | 8,188 | 7,138 | |
Commitments and contingencies | |||
Equity: | |||
Common stock (US$0.001 par value; authorized 50,000,000 shares; issued and outstanding 26,062,915 shares and 19,629,403 shares at December 31, 2020 and 2019, respectively) | 26 | 20 | |
Additional paid-in capital | 49,772 | 43,111 | |
Statutory reserves | 2,598 | 2,607 | |
Accumulated deficit | (40,980) | (35,773) | |
Accumulated other comprehensive income | 1,129 | 1,505 | |
Total ZW Data Action Technologies Inc.’s stockholders’ equity | 12,545 | 11,470 | |
Noncontrolling interests | (66) | (57) | |
Total equity | 12,479 | 11,413 | |
Total Liabilities and Equity | $ 20,667 | $ 18,551 | |
[1] | All of the VIEs' assets can be used to settle obligations of their primary beneficiary. Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company's general assets (Note 2). |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts receivable, allowance for doubtful account | $ 4,247 | $ 3,148 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 26,062,915 | 19,629,403 |
Common stock, shares outstanding (in shares) | 26,062,915 | 19,629,403 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 38,408 | $ 58,080 |
Cost of revenues | 37,776 | 52,582 |
Gross profit | 632 | 5,498 |
Operating expenses | ||
Sales and marketing expenses | 361 | 540 |
General and administrative expenses | 5,433 | 5,777 |
Research and development expenses | 539 | 869 |
Total operating expenses | 6,333 | 7,186 |
Loss from operations | (5,701) | (1,688) |
Other income/(expenses) | ||
Change in fair value of warrant liabilities | 653 | 499 |
Interest income/(expense), net | 1 | (35) |
Other (expenses)/income, net | (31) | 3 |
Total other income | 623 | 467 |
Loss before income tax expense and noncontrolling interests | (5,078) | (1,221) |
Income tax expense | (143) | (49) |
Net loss | (5,221) | (1,270) |
Net loss attributable to noncontrolling interests | 5 | 9 |
Net loss attributable to ZW Data Action Technologies Inc. | (5,216) | (1,261) |
Unrelated Parties [Member] | ||
Revenues | 38,390 | 57,181 |
Related Parties [Member] | ||
Revenues | $ 18 | $ 899 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net loss | $ (5,221) | $ (1,270) |
Foreign currency translation (loss)/gain | (380) | 49 |
Comprehensive loss | (5,601) | (1,221) |
Comprehensive loss attributable to noncontrolling interests | 9 | 8 |
Comprehensive loss attributable to ZW Data Action Technologies Inc. | $ (5,592) | $ (1,213) |
Loss per common share | ||
Basic and diluted (in dollars per share) | $ (0.24) | $ (0.07) |
Weighted average number of common shares outstanding: | ||
Basic and diluted (in shares) | 21,602,107 | 17,130,335 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | ||
Net loss | $ (5,221) | $ (1,270) |
Adjustments to reconcile net loss to net cash provided by/(used in) operating activities | ||
Depreciation and amortization | 856 | 170 |
Amortization of operating lease right-of-use assets | 13 | 90 |
Loss on disposal of fixed assets | 11 | |
Share-based compensation expenses | 2,152 | 393 |
Provision of allowances for doubtful accounts | 833 | 2,335 |
Change in fair value of warrant liabilities | (653) | (499) |
Deferred taxes | 143 | (168) |
Changes in operating assets and liabilities | ||
Accounts receivable | 116 | 699 |
Prepayment and deposit to suppliers | 2,804 | (5,221) |
Due from related parties | 24 | 145 |
Other current assets | (6) | 7 |
Accounts payable | 180 | (2,441) |
Advances from customers | (671) | 973 |
Accrued payroll and other accruals | 16 | 27 |
Other current liabilities | (299) | 110 |
Taxes payable | 14 | 265 |
Prepaid lease payment | (9) | (10) |
Operating lease liabilities | 1 | |
Lease payment liability related to short-term leases | 54 | 138 |
Net cash provided by/(used in) operating activities | 326 | (4,311) |
Cash flows from investing activities | ||
Proceeds from disposal of fixed assets | 3 | |
Investment to investee entities | (28) | (36) |
Short-term loan to unrelated parties | (1,444) | |
Payment for blockchain platform applications development costs | (503) | (160) |
Payment for purchase of software technology and other intangible assets | (1,500) | (1,962) |
Net cash used in investing activities | (3,472) | (2,158) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock and warrants (net of cash offering cost of $750 and $15, respectively) | 6,250 | 4,787 |
Proceeds from short-term bank loan | 435 | |
Repayment of short-term bank loan | (435) | (870) |
Net cash provided by financing activities | 5,815 | 4,352 |
Effect of exchange rate fluctuation on cash and cash equivalents | 25 | (22) |
Net increase/(decrease) in cash and cash equivalents | 2,694 | (2,139) |
Cash and cash equivalents at beginning of the year | 1,603 | 3,742 |
Cash and cash equivalents at end of the year | 4,297 | 1,603 |
Supplemental disclosure of cash flow information | ||
Income taxes paid | ||
Interest expense paid | $ 2 | $ 42 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Issuance of common stock, cost | $ 750 | $ 15 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Statutory Reserves [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 16,382,543 | ||||||
Balance at Dec. 31, 2018 | $ 16 | $ 38,275 | $ 2,607 | $ (34,512) | $ 1,457 | $ (49) | $ 7,794 |
Issuance of common stock for private placement (in shares) | 3,216,860 | ||||||
Issuance of common stock for private placement | $ 4 | 4,783 | 4,787 | ||||
Share-based compensation (in shares) | 30,000 | ||||||
Share-based compensation | 53 | 53 | |||||
Net loss | (1,261) | (9) | (1,270) | ||||
Foreign currency translation adjustment | 48 | 1 | 49 | ||||
Balance (in shares) at Dec. 31, 2019 | 19,629,403 | ||||||
Balance at Dec. 31, 2019 | $ 20 | 43,111 | 2,607 | (35,773) | 1,505 | (57) | 11,413 |
Issuance of common stock for private placement (in shares) | 4,320,989 | ||||||
Issuance of common stock for private placement | $ 4 | 4,195 | 4,199 | ||||
Share-based compensation (in shares) | 1,632,523 | ||||||
Share-based compensation | $ 2 | 1,921 | 1,923 | ||||
Net loss | (5,216) | (5) | (5,221) | ||||
Foreign currency translation adjustment | (376) | (4) | (380) | ||||
Share-based compensation in exchange for services from nonemployees (in shares) | 480,000 | ||||||
Share-based compensation in exchange for services from nonemployees | 545 | 545 | |||||
Reclassification due to disposal of a VIE’s subsidiary during the year | (9) | 9 | |||||
Balance (in shares) at Dec. 31, 2020 | 26,062,915 | ||||||
Balance at Dec. 31, 2020 | $ 26 | $ 49,772 | $ 2,598 | $ (40,980) | $ 1,129 | $ (66) | $ 12,479 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parentheticals) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Private Placement [Member] | Investor Warrants [Member] | |
Proceeds allocated to warrant liabilities | $ 1,746 |
Private Placement [Member] | Private Placement Agent Costs [Member] | |
Proceeds allocated to warrant liabilities | 305 |
Investor Costs [Member] | |
Direct offering costs | 1,055 |
Private Placement Agent Costs [Member] | |
Direct offering costs | 750 |
Investor Warrants [Member] | |
Proceeds allocated to warrant liabilities | 1,279 |
Proceeds allocated to warrant liabilities | $ 1,505 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Organization and nature of operations April 2006 October 2006. June 26, 2009, O2O 2018, December 31, 2020 2019, 11 The Company's wholly owned subsidiary, China Net BVI was incorporated in the British Virgin Islands on August 13, 2007. April 11, 2008, PRC regulations prohibit direct foreign ownership of business entities providing internet content, or ICP services in the PRC, and used to restrict foreign ownership of business entities engaging in the advertising business, which was subsequently lifted in June 2015. may Pursuant to the Contractual Agreements, all of the equity owners' rights and obligations of the VIEs were assigned to Rise King WFOE, which resulted in the equity owners lacking the ability to make decisions that have a significant effect on the VIEs, Rise King WFOE's ability to extract the profits from the operation of the VIEs and assume the residual benefits of the VIEs. Due to the fact that Rise King WFOE and its indirect parent are the sole interest holders of the VIEs, the Company included the assets, liabilities, revenues and expenses of the VIEs in its consolidated financial statements, which is consistent with the provisions of FASB Accounting Standards Codification ("ASC") Topic 810 10. As of December 31, 2020, Name of the subsidiary or VIE Place and date of incorporation Percentage of ownership Principal activities China Net Online Media Group Limited (“China Net BVI”) (1) British Virgin Islands August 13, 2007 100% Investment holding company CNET Online Technology Co. Limited (“China Net HK”) (1) Hong Kong, PRC September 4, 2007 100% Investment holding company ChinaNet Investment Holding Ltd. (“ChinaNet Investment BVI”) (1) British Virgin Islands January 12, 2015 100% Investment holding company Grandon Investments Limited (“Grandon BVI”) (1) British Virgin Islands February 13, 2006 100% Investment holding company, providing technical services Winner Glory Limited (“Winner Glory HK”) (1) Hong Kong, PRC August 12, 2020 100% Investment holding company, providing technical services Rise King Century Technology Development (Beijing) Co., Ltd. (“Rise King WFOE”) (1) PRC January 17, 2008 100% Investment holding company, providing technical services ChinaNet Online Holdings Co., Ltd. (“ChinaNet Online PRC”) (1) PRC August 31, 2015 100% Investment holding company Business Opportunity Chain (Beijing) Technology Development Co., Ltd. (“Business Opportunity Chain Beijing”) (1) PRC May 11, 2018 51% Providing research and develop and other technical support services for the blockchain business unit Business Opportunity Online (Beijing) Network Technology Co., Ltd. (“Business Opportunity Online”) (2) PRC December 8, 2004 100% Providing online advertising, precision marketing and the related data services Beijing CNET Online Advertising Co., Ltd. (“Beijing CNET” Online) (2) PRC January 27, 2003 100% Providing advertising, marketing and related value-added services Beijing Chuang Fu Tian Xia Network Technology Co., Ltd. (“Beijing Chuang Fu Tian Xia”) (2) PRC March 1, 2011 100% Providing online advertising, precision marketing and the related data services Business Opportunity Online (Hubei) Network Technology Co., Ltd. (“Business Opportunity Online Hubei”) (2) PRC January 28, 2011 100% Providing online advertising, precision marketing and the related data services Beijing Chuang Shi Xin Qi Advertising Media Co., Ltd. (“Beijing Chuang Shi Xin Qi”) (2) PRC April 16, 2014 100% Providing online advertising, precision marketing and the related data services Beijing Shi Ji Cheng Yuan Advertising Media Co., Ltd. (“Beijing Shi Ji Cheng Yuan”) (2) (3) PRC May 22, 2014 100% Providing online advertising, precision marketing and the related data services Beijing Hong Da Shi Xing Network Technology Co., Ltd. (“Beijing Hong Da Shi Xing”) (2) PRC April 16, 2014 100% Providing online advertising, precision marketing and the related data services ChinaNet Online (Guangdong) Technology Co., Ltd. (“ChinaNet Online Guangdong”) (2) PRC May 26, 2020 100% Developing and operating blockchain technology-based products and services, and other related value-added services. Qiweilian (Guangzhou) Technology Co., Ltd. (“Qiweilian Guangzhou”) (2) (4) PRC October 23, 2020 51% Providing digital business promotion services. ( 1 A direct or indirect subsidiary of the Company. ( 2 The Company's consolidated VIE, or a direct or indirect subsidiary of the Company's consolidated VIE. ( 3 The Company sold this entity to unrelated parties in January 2021. ( 4 The Company sold this entity to unrelated parties in March 2021. |
Note 2 - Variable Interest Enti
Note 2 - Variable Interest Entities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Variable Interest Entities Disclosure [Text Block] | 2. Variable Interest Entities To satisfy PRC laws and regulations, the Company conducts certain business in the PRC through its Variable Interest Entities (“VIEs”). The significant terms of the Company's VIE Agreements are summarized below: Exclusive Business Cooperation Agreements: not Exclusive Option Agreements: 10, Equity Pledge Agreements: one not may Irrevocable Powers of Attorney: As a result of these VIE Agreements, the Company through its wholly-owned subsidiary, Rise King WFOE, was granted with unconstrained decision making rights and power over key strategic and operational functions that would significantly impact the PRC Operating Entities or the VIEs' economic performance, which includes, but is not In the opinion of the Company's PRC legal counsel, as of the date hereof, the Company's current contractual arrangements with the VIEs and their respective shareholders are valid, binding and enforceable. However, there are uncertainties and risks in relation to the Company's VIE Structure. On March 15, 2019, January 1, 2020, The Foreign Investment Law embodies an expected PRC regulatory trend to rationalize its foreign investment regulatory regime in line with prevailing international practice and the legislative efforts to unify the corporate legal requirements for both foreign and domestic investments. However, since it is relatively new, uncertainties still exist in relation to its interpretation and implementation. Though it does not no not may In addition, these contractual arrangements may not may may may may may may not may not not not not Summarized below is the information related to the VIEs' assets and liabilities reported in the Company's consolidated balance sheets as of December 31, 2020 2019, As of December 31, 2020 2019 US$('000) US$('000) Assets Current assets: Cash and cash equivalents $ 277 $ 699 Accounts receivable, net 1,142 2,876 Prepayment and deposit to suppliers 2,818 3,998 Due from related parties, net 61 81 Other current assets, net 10 6 Total current assets 4,308 7,660 Long-term investments 67 35 Operating lease right-of-use assets 48 12 Property and equipment, net 32 40 Intangible assets, net 9 25 Deferred tax assets 536 713 Total Assets $ 5,000 $ 8,485 Liabilities Current liabilities: Short-term bank loan $ - $ 430 Accounts payable 270 408 Advances from customers 1,436 2,006 Accrued payroll and other accruals 168 132 Taxes payable 2,755 2,568 Operating lease liabilities 18 - Lease payment liabilities related to short-term leases 108 19 Other current liabilities 213 84 Total current liabilities 4,968 5,647 Operating lease liabilities-Non current 32 - Total Liabilities $ 5,000 $ 5,647 All of the VIEs' assets can be used to settle obligations of their primary beneficiary. Liabilities recognized as a result of consolidating these VIEs do not Summarized below is the information related to the financial performance of the VIEs reported in the Company's consolidated statements of operations and comprehensive loss for the years ended December 31, 2020 2019, : Year Ended December 31, 2020 2019 US$('000) US$('000) Revenues $ 34,418 $ 56,172 Cost of revenues 34,637 52,582 Total operating expenses 1,635 4,652 Net loss before allocation to noncontrolling interests 2,092 929 |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. Summary of significant accounting policies a) Basis of presentation The consolidated financial statements are prepared and presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). b) Principles of consolidation The consolidated financial statements include the accounts of all the subsidiaries and VIEs of the Company. All transactions and balances between the Company and its subsidiaries and VIEs have been eliminated upon consolidation. c) Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of these consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company continually evaluates these estimates and assumptions based on the most recently available information, historical experience and various other assumptions that the Company believes to be reasonable under the circumstances. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates. d) Foreign currency translation and transactions The Company conducts substantially all of its operations through its PRC operating subsidiaries and VIEs, PRC is the primary economic environment in which the Company operates. For financial reporting purposes, the financial statements of the Company's PRC operating subsidiaries and VIEs, which are prepared using the functional currency of the PRC, Renminbi (“RMB”), are translated into the Company's reporting currency, the United States Dollar (“U.S. dollar”). Assets and liabilities are translated using the exchange rate at each balance sheet date. Revenue and expenses are translated using average rates prevailing during each reporting period, and stockholders' equity is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income in stockholders' equity. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. The resulting exchange differences are included in the determination of net loss of the consolidated statements of operations and comprehensive loss for the respective periods. The exchange rates used to translate amounts in RMB into US$ for the purposes of preparing the consolidated financial statements are as follows: As of December 31, 2020 2019 Balance sheet items, except for equity accounts 6.5249 6.9762 Year Ended December 31, 2020 2019 Items in the statements of operations and comprehensive loss 6.8976 6.8985 No e) Cash and cash equivalents Cash and cash equivalents consist of cash on hand and bank deposits, which are unrestricted as to withdrawal and use. The Company considers all highly liquid investments with original maturities of three f) Accounts receivable, net Accounts receivable are recorded at net realizable value consisting of the carrying amount less an allowance for uncollectible accounts as needed. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in the Company's existing accounts receivable. The Company determines the allowance based on aging data, historical collection experience, customer specific facts and economic conditions. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company did not December 31, 2020 2019, US$0.83 US$2.34 December 31, 2019, US$2.5 against the related allowance for doubtful accounts due to collection of these balances were considered remote g) Long-term investments The Company's investments in equity securities and other ownership interests (except those accounted for under the equity method of accounting or those that resulted in consolidation of the investee), i.e. investments in investee companies that are not not 321: 20% 321 10 35 2, not In accordance with ASC 321 10 35 3, 321 10 35 2. For the years ended December 31, 2020 2019, not h) Property and equipment, net Property and equipment are recorded at cost less accumulated depreciation/amortization. Depreciation/amortization is calculated on the straight-line method after taking into account their respective estimated residual values over the following estimated useful lives: Leasehold improvements (years) 3 Vehicles (years) 5 Office equipment (years) 3 - 5 Electronic devices (years) 5 Depreciation/amortization expenses of fixed assets are included in sales and marketing expenses, general and administrative expenses and research and development expenses. Leasehold improvements are amortized over the lesser of the lease term or estimated useful life. When property and equipment are retired or otherwise disposed of, resulting gain or loss is included in net income or loss in the period of disposition. Maintenance and repairs which do not i) Intangible assets, net The Company accounted for cost related to internal-used software in accordance with ASC Topic 350 40 2 10 j) Impairment of long-lived assets In accordance with ASC 360 10 35, may not For the years ended December 31, 2020 2019, not k) Noncontrolling interest The Company accounts for noncontrolling interest in accordance with ASC Topic 810 10 45, 810 10 45 l) Fair value The Company's financial instruments primarily consist of cash and cash equivalents, accounts receivable and accounts payable. The carrying values of these financial instruments approximate fair values due to their short maturities. ASC Topic 820 three may Level 1 Level 2 1 not Level 3 no Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. Liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2020 2019 Fair value measurement at reporting date using As of December 31, 2020 Quoted Prices Significant Significant US$('000) US$('000) US$('000) US$('000) Warrant liabilities 1,505 - - 1,505 Fair value measurement at reporting date using As of December 31, 2019 Quoted Prices Significant Significant US$('000) US$('000) US$('000) US$('000) Warrant liabilities 107 - - 107 Significant unobservable inputs utilized to determine the fair value of the Company's warrant liabilities was disclosed in Note 16. m) Revenue recognition In accordance with ASC Topic 606, five 1 2 3 4 5 Multiple performance obligations included in the Company's contracts with customers are neither capable of being distinct, that is, can benefit the customer on its own or together with other readily available resources, nor is distinct within the context of the contract, that is, the promise to transfer the service separately identifiable from other promises in the contract. The Company's contract with customers do not Advance from customers related to unsatisfied performance obligations are generally refundable. Refund of advance from customers was insignificant for both the years ended December 31, 2020 2019. The Company does not 606 Distribution of the right to use search engine marketing service Revenue from distribution of the right to use search engine marketing service is recognized on a monthly basis based on the direct cost consumed through search engines for providing such services with a premium (“over time”). The Company recognizes the revenue on a gross basis, because the Company determines that it is a principal in the transaction who control the goods or services before they are transferred to the customers. Online advertising placement service/ecommerce advertising placement service For online advertising placement service contracts and other ecommerce advertising placement service contracts that are established based on a fixed price scheme with the related advertisement placements obligation, the Company provides advertisement placements in specified locations on the Company's advertising portals for agreed periods and/or place the advertisements onto the Company's purchased advertisement time on specific outdoor billboards for agreed periods. Revenue is recognized ratably over the period the advertisement is placed and, as such, the Company considers the services to have been delivered (“over time”). Sales of effective sales lead information For advertising contracts related to purchase of effective sales lead information, revenue is recognized based on a fixed price per sales lead and the quantity of effective sales lead, when information is delivered and accepted by customers (“point in time”). Technical solution services Revenues generated from providing technical solution services were either recognized upon completion of the service performance obligation, when the Company had the enforceable right to the payment of the services delivered to the customers . Sales of software Revenue generated from sales of software was recognized upon control of the promised goods was transferred to the customer no . The following tables present the Company's revenues disaggregated by products and services and timing of revenue recognition: Year Ended December 31, 2020 2019 US$('000) US$('000) Internet advertising and related service --distribution of the right to use search engine marketing service 25,997 41,361 --online advertising placements 8,421 14,552 --sales of effective sales lead information - 255 --data and technical services 1,200 710 Ecommerce O2O advertising and marketing services 1,545 - Technical solution services 1,245 - Software sales - 1,202 Total revenues $ 38,408 $ 58,080 Year Ended December 31, 2020 2019 US$('000) US$('000) Revenue recognized over time 37,163 55,913 Revenue recognized at a point in time 1,245 2,167 Total revenues $ 38,408 $ 58,080 Contract costs For the years ended December 31, 2020 2019, not Contract balances The Company evaluates overall economic conditions, its working capital status and customer specific credit and negotiates the payment terms of a contract with individual customer on a case-by-case basis in its normal course of business. Advances received from customers related to unsatisfied performance obligations are recoded as contract liabilities (advance from customers), which will be realized as revenues upon the satisfaction of performance obligations through the transfer of related promised goods and services to customers. For contracts without a full or any advance payments required, the Company bills the customers any unpaid contract price immediately upon satisfaction of the related performance obligations when revenue is recognized. The Company does not not The Company's contract liabilities primarily consist of advance from customers related to unsatisfied performance obligations in relation to online advertising placement service and distribution of the right to use search engine marketing service. All contract liabilities are expected to be recognized as revenue within one two December 31, 2020: Contract liabilities US$('000) Balance as of January 1, 2019 1,061 Exchange translation adjustment (17 ) Revenue recognized from beginning contract liability balance (1,027 ) Advances received from customers related to unsatisfied performance obligations 1,989 Balance as of December 31, 2019 2,006 Exchange translation adjustment 139 Revenue recognized from beginning contract liability balance (2,032 ) Advances received from customers related to unsatisfied performance obligations 1,323 Balance as of December 31, 2020 1,436 For the years ended December 31, 2020 2019, no Transaction price allocated to remaining performance obligation The Company has elected to apply the practical expedient in paragraph ASC Topic 606 10 50 14 not December 31, 2020 2019, one n) Cost of revenues Cost of revenues primarily includes the cost of internet and other forms of advertising resources and related technical services purchased from third o) Research and development expenses The Company accounts for expenses for the enhancement, maintenance and technical support to the Company's Internet platforms and intellectual properties that are used in its daily operations in research and development expenses. Research and development costs are charged to expense when incurred. Expenses for research and development for the years ended December 31, 2020 2019 US$0.54 US$0.87 p) Lease The Company leases office spaces from unrelated parties in its normal course of business. Other than these office spaces lease contracts, the Company does not 842. The Company's lease contracts do not not 0.4 3 not The Company's office lease contracts do not 842 10 25 3. For lease contracts with a duration of less than twelve 842, 842 20 25 2, not not December 31, 2020 2019, US$0.20 US$0.14 For lease contracts with a duration of over twelve 842 20 30 3, 1 5 As of December 31, 2020, US$0.05 Maturity of operating lease liabilities Operating leases US$('000) Year ending December 31, -2021 19 -2022 20 -2023 16 Total undiscounted lease payments 55 Less: imputed interest (5 ) Operating lease liabilities as of December 31, 2020 50 Including: Operating lease liabilities 18 Operating lease liabilities-Non current 32 50 As of December 31, 2019, US$0.01 US$0.01 April 2020. Operating lease expenses: Year Ended December 31, 2020 2019 US$('000) US$('000) Long-term operating lease contracts 14 91 Short-term operating lease contracts 138 226 Total 152 317 Supplemental information related to operating leases : 2020 2019 Operating cash flows used for operating leases (US$'000) 9 91 Right-of-use assets obtained in exchange for new lease liabilities (US$'000) 47 10 Weighted-average remaining lease term (years) 2.75 1.21 Weighted-average discount rate 6 % 6 % q) Income taxes The Company follows the guidance of ASC Topic 740 not not r) Uncertain tax positions The Company follows the guidance of ASC Topic 740 not not not 50% The Company recognizes interest on non-payment of income taxes under requirement by tax law and penalties associated with tax positions when a tax position does not 3 10 no not December 31, 2020 2019 not December 31, 2020 2019. s) Share-based payment transactions The Company adopts ASC Topic 718 For fully vested, nonforfeitable equity instruments granted to a nonemployee service provider at the date upon entering into the agreement ( no Share-based compensation expenses are recorded in sales and marketing expenses, general and administrative expenses and research and development expenses. t) Comprehensive income (loss) The Company accounts for comprehensive income (loss) in accordance with ASC Topic 220 u) Earnings (loss) per share Earnings (loss) per share are calculated in accordance with ASC Topic 260, v) Commitments and contingencies The Company adopts ASC Topic 450 20, not w) Recent issued or adopted accounting standards In June 2016, No. 2016 13, 326 November 2018, No. 2018 19, 326, not 326 20. 842, December 15, 2019, In November 2019, No. 2019 10, 326 815 842 December 15, 2022, not evaluating the impacts on its consolidated financial position and results of operations upon adopting these amendments. In August 2018, No. 2018 13, 820 3 December 15, 2019, January 1, 2020, not |
Note 4 - Accounts Receivable, N
Note 4 - Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounts Receivable Disclosure [Text Block] | 4. Accounts receivable, net As of December 31, 2020 2019 US$('000) US$('000) Accounts receivable 6,654 6,408 Allowance for doubtful accounts (4,247 ) (3,148 ) Accounts receivable, net 2,407 3,260 All of the accounts receivable are non-interest bearing. Based on the assessment of the collectability of the accounts receivable as of December 31, 2020 2019, US$4.25 US$3.15 six six December 31, 2020 2019, US$0.83 US$2.34 |
Note 5 - Prepayments and Deposi
Note 5 - Prepayments and Deposit to Suppliers | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Prepayments and Deposits to Suppliers Disclosure [Text Block] | 5. Prepayments and deposit to suppliers As of December 31, 2020 2019 US$('000) US$('000) Deposits to advertising resources providers 307 1,315 Prepayments to advertising resources providers 3,696 4,361 Prepayment of license fee - 1,062 Other deposits and prepayments 654 242 4,657 6,980 As of December 31, 2020 2019, one According to the contracts signed between the Company and its suppliers, the Company is required to pay certain of the contract amounts in advance. These prepayments will be recognized as cost of revenues when the related services are delivered by the suppliers. As of December 31, 2020 2019, Other deposits and prepayments as of December 31, 2020 2019 |
Note 6 - Due From Related Parti
Note 6 - Due From Related Parties, Net | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Due from Related Parties Disclosure [Text Block] | 6. Due from related parties, net As of December 31, 2020 2019 US$('000) US$('000) Zhongwang Xiyue Technology (Beijing) Co., Ltd. (“Zhongwang Xiyue”) 61 81 Guohua Shiji (Beijing) Communication Co., Ltd. (“Guohua Shiji”) - 172 61 253 Allowance for doubtful accounts - (172 ) Due from related parties, net 61 81 Related parties of the Company represented the Company's direct or indirect unconsolidated investee companies, as well as entities that the Company's officers or directors can exercise significant influence. As of December 31, 2020 2019, outstanding receivables for the advertising and marketing service that the Company provided to this related party in its normal course of business, which is on the same terms as those provided to its unrelated clients. As of December 31, 2019, RMB1.20 US$0.17 December 31, 2019. December 31, 2020, the Company c . |
Note 7 - Other Current Assets,
Note 7 - Other Current Assets, Net | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | 7. Other current assets, net As of December 31, 2020 2019 Gross Allowance for doubtful accounts Net Gross Allowance for doubtful accounts Net US$('000) US$('000) US$('000) US$('000) US$('000) US$('000) Staff advances for business operations 18 - 18 11 - 11 Loan to an unrelated party 1,444 - 1,444 - - - Overdue deposits - - - 717 (717 ) - Total 1,462 - 1,462 728 (717 ) 11 As of December 31, 2020, April 2021. As of December 31, 2019, RMB5 US$0.72 December 31, 2019. December 31, 2020, |
Note 8 - Long-term Investments
Note 8 - Long-term Investments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 8. Long-term investments As of December 31, 2020, RMB0.25 US$0.04 RMB0.19 US$0.03 two 4.9% 19% |
Note 9 - Property and Equipment
Note 9 - Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 9. Property and equipment, net As of December 31, 2020 2019 US$('000) US$('000) Vehicles 811 758 Office equipment 894 1,331 Electronic devices 615 937 Property and equipment, cost 2,320 3,026 Less: accumulated depreciation (2,260 ) (2,948 ) Property and equipment, net 60 78 Depreciation expenses in the aggregate for the years ended December 31, 2020 2019 US$0.01 US$0.06 |
Note 10 - Intangible Assets, Ne
Note 10 - Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 10. Intangible assets, net As of December 31, 2020 Items Gross Carrying Value Accumulated Amortization Impairment Net Carrying Value US$('000) US$('000) US$('000) US$('000) Intangible assets subject to amortization: Cloud compute software technology 1,423 (978 ) (436 ) 9 Live streaming technology 1,500 (25 ) - 1,475 Licensed products use right 1,208 (135 ) - 1,073 Other computer software 120 (120 ) - - Total $ 4,251 $ (1,258 ) $ (436 ) $ 2,557 As of December 31, 2019 Items Gross Carrying Value Accumulated Amortization Impairment Net Carrying Value US$('000) US$('000) US$('000) US$('000) Intangible assets not subject to amortization: Domain name 1,385 - (1,385 ) - Intangible assets subject to amortization: Customer relationship 1,909 (1,909 ) - - Non-compete agreements 1,051 (571 ) (480 ) - Software technologies 294 (294 ) - - Intelligent marketing data service platform 4,629 (1,876 ) (2,753 ) - Internet safety, information exchange security and data encryption software 1,863 (419 ) (1,444 ) - Cloud video management system 1,362 (338 ) (1,024 ) - Cloud compute software technology 1,331 (898 ) (408 ) 25 Licensed products use right 1,202 (15 ) - 1,187 Other computer software 872 (185 ) - 687 Total $ 15,898 $ (6,505 ) $ (7,494 ) $ 1,899 Amortization expenses in aggregate for the years ended December 31, 2020 2019 US$0.85 US$0.11 For the year ended December 31, 2020, US$14.12 no December 31, 2020. Based on the adjusted carrying value of the finite-lived intangible assets after the deduction of the impairment losses, which has a weighted average remaining useful life of 6.54 December 31, 2020, no US$0.43 December 31, 2021, US$0.42 December 31, 2022 2024, US$0.40 December 31, 2025. |
Note 11 - Blockchain Platform A
Note 11 - Blockchain Platform Applications Development Costs | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Research, Development, and Computer Software Disclosure [Text Block] | 11. Blockchain platform applications development costs In 2018, two US$4.50 RMB3.0 US$0.46 two December 31, 2020 2019, 350 40 US$4.41 US$3.88 two 2020, first 2021 third 2021 |
Note 12 - Short-term Bank Loan
Note 12 - Short-term Bank Loan and Credit Facility | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | 12. Short-term bank loan and credit facility As of December 31, 2019, RMB5.0 US$0.7 January 2020. As of December 31, 2019, RMB3.0 US$0.43 January 2020. |
Note 13 - Accrued Payroll and O
Note 13 - Accrued Payroll and Other Accruals | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 13. Accrued payroll and other accruals As of December 31, 2020 2019 US$('000) US$('000) Accrued payroll and staff welfare 229 173 Accrued operating expenses 260 318 489 491 |
Note 14 - Taxation
Note 14 - Taxation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. Taxation 1 Income tax The entities within the Company file separate tax returns in the respective tax jurisdictions in which they operate. i). a. The Company is incorporated in the state of Nevada. Under the current law of Nevada, the Company is not not December 2017, not December 22, 2017, not 35% 21% 2018, one December 31, 2017. i). b. Effective from January 1, 2018, 50 December 31, 2020 2019, no no ii). Under the current law of the BVI, the Company's subsidiaries being incorporate in the BVI are not no iii). The Company's subsidiaries being incorporated in Hong Kong are governed by the Hong Kong Inland Revenue Ordinance (the “HK tax laws”) ffective from April 1, 2018, two 8.25% first HK$2.0 16.5%. no iv). The Company's operating subsidiaries and VIEs, being incorporated in the PRC, are governed by the income tax law of the PRC and is subject to PRC enterprise income tax (“EIT”). The EIT rate of PRC is 25%, l As approved by the related PRC governmental authorities, Business Opportunity Online continuously qualified as a High and New Technology Enterprise until November 2021, 15% November 2021. December 31, 2020 2019, 15%. 2018 No. 45 January 1, 2018, 2018 five 2013 ten 5 l The applicable EIT rate for other PRC operating entities of the Company is 25% December 31, 2020 2019. l The current EIT law also imposed a 10% 2 Turnover taxes and the relevant surcharges Service revenues generated by the Company's PRC operating subsidiaries and VIEs are subject to Value Added Tax (“VAT”). VAT rate for provision of modern services (other than lease of corporeal movables) is 6%, 3%. December 31, 2020 2019, 6%, 3% 12% 14% As of December 31, 2020, 2019, As of December 31, 2020 2019 US$('000) US$('000) Turnover tax and surcharge payable 1,353 1,244 Enterprise income tax payable 2,077 1,970 Taxes payable 3,430 3,214 A reconciliation of the income tax benefit determined at the U.S. federal corporate income tax rate to the Company's effective income tax expense is as follows: Year Ended December 31, 2020 2019 US$('000) US$('000) Pre-tax loss (5,078 ) (1,221 ) U.S. federal rate 21 % 21 % Income tax benefit computed at U.S. federal rate 1,066 256 Reconciling items: Rate differential for foreign earnings 74 137 Preferential tax treatment effect (205 ) (109 ) Tax effect on non-taxable change in fair value of warrant liabilities 137 105 Provision of valuation allowance on deferred tax assets (917 ) (177 ) Expired tax attribute carryforwards (372 ) (253 ) Tax effect on other non-deductible expenses/non-taxable income 74 (8 ) Effective income tax expense (143 ) (49 ) For the years ended December 31, 2020 2019, Year Ended December 31, 2020 2019 US$('000) US$('000) Current - (217 ) Deferred (143 ) 168 Income tax expense (143 ) (49 ) The Company's deferred tax assets at December 31, 2020 2019 As of December 31, 2020 2019 US$('000) US$('000) Tax effect of net operating losses carried forward 10,123 9,160 Bad debts provision 728 743 Valuation allowance (10,245 ) (9,190 ) Total net deferred tax assets 606 713 The U.S. holding company has incurred aggregate net operating losses (NOLs) of approximately US$23.3 US$20.3 December 31, 2020 2019, December 31, 2017 2037. December 31, 2017 no 80% December 31, 2017. not The NOLs carried forward incurred by the Company's PRC subsidiaries and VIEs were approximately US$22.5 US$23.6 December 31, 2020 2019, 2030. The Company recorded approximately US$10.2 US$9.2 December 31, 2020 2019, not not For the years ended December 31, 2020 2019, US$0.92 US$0.18 |
Note 15 - Long-term Borrowing F
Note 15 - Long-term Borrowing From a Director | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Long-Term Borrowing from Director Disclosure [Text Block] | 15. Long-term borrowing from a director Long-term borrowing from a director is a non-interest bearing loan from a director of the Company relating to the original paid-in capital contribution in the Company's wholly-owned subsidiary Rise King WFOE, which is not one |
Note 16 - The Financing and War
Note 16 - The Financing and Warrant Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Warrants Disclosure [Text Block] | 16. The Financing and warrant liabilities The 2020 On December 14, 2020 ( 4,320,989 $1.62 “2020 1,728,396 US$2.03 June 14, 2020 ( six December 14, 2023 ( third $7.0 The placement agent of the 2020 7% 302,469 The Warrants have an initial exercise price of USS2.03 may The Warrants may not 4.99% may no 9.99% not 61 st Accounting for securities issued in the 2020 The Company determined that common stock issued in the 2020 no not The Company analyzed the Warrants issued in the 2020 815 815, not not 815, Fair value of the warrants The Company used the Binomial model to determine the fair value of the Warrants based on the assumptions summarized as below: As of December 14, 2020 Stock price $ 1.25 Years to maturity 3.00 Risk-free interest rate 0.17 % Dividend yield - Expected volatility 164 % Exercise Price $ 2.03 Fair value of the warrant $ 1.01 Investor warrants liabilities (US$'000) $ 1,746 Placement agent warrants liabilities (US$'000) $ 305 Stock price is the closing bid price of the Company's common stock at the respective valuation date. Years to maturity is the respective remaining contract life of the warrants. Yield-to-maturities in continuous compounding of the United States Government Bonds with the time-to-maturities same as the respective warrant are adopted as the risk-free rate. Annualized historical stock price volatility of the Company at the respective valuation date is deemed to be appropriate to serve as the expected volatility of the stock price of the Company. The dividend yield is calculated based on management's estimate of dividends to be paid on the underlying stock. Exercise price of the Warrants is the contractual exercise price of the Warrants. Allocation of gross proceeds from the 2020 The Company allocated the total proceeds from the 2020 Initial measurement US$('000) Investor warrants 1,746 Common Stock (par value and additional paid-in capital) 5,254 Total proceeds from the 2020 Financing 7,000 Investor warrants issued in the 2020 2020 Offering costs Offering costs in the amount of approximately US$1.06 US$0.49 US$0.26 US$0.31 The 2019 On August 7, 2019, 3,216,860 US$4.8 $1.4927 4 2 1933, “2019 first second 2019 September 25, 2019 October 28, 2019, Accounting for securities issued in the 2019 The Company determined that the Shares issued in the 2019 no not 2019 US$4.79 US$0.015 Subsequent measurement and changes in fair value of the warrant liabilities Warrants issued in the 2020 As of December 31, 2020 Stock price $ 1.35 Years to maturity 2.95 Risk-free interest rate 0.17 % Dividend yield - Expected volatility 102 % Exercise Price $ 2.03 Fair value of the warrant $ 0.74 Investor warrants liabilities (US$'000) $ 1,279 Placement agent warrants liabilities (US$'000) $ 224 Warrants issued in the 2018 Investors warrants Placement agent warrants December 31, 2018 December 31, 2019 December 31, 2020 (1) December 31, 2018 December 31, 2019 December 31, 2020 (2) Stock price $ 1.34 $ 1.17 $ 1.34 $ 1.17 $ 1.35 Years to maturity 1.55 0.55 2.05 1.05 0.05 Risk-free interest rate 2.50 % 1.58 % 2.50 % 1.57 % 0.08 % Dividend yield - - - - - Expected volatility 199 % 60 % 176 % 80 % 59 % Exercise Price $ 6.60 $ 1.4927 * $ 6.60 $ 1.4927 * $ 1.4927 * Fair value of the warrant $ 0.78 $ 0.11 $ 0.80 $ 0.28 $ 0.02 Warrant liabilities (US$'000) $ 503 $ 71 $ 103 $ 36 $ 2 * On September 25, 2019, first 2019 2018 $1.4927. ( 1 The investor warrants issued in the 2018 December 31, 2020. ( 2 The placement agent warrants issued in the 2018 January 18, 2021 July 18, 2021 January 18, 2021. As of As of As of As of Change in Fair Value (gain)/loss December 31, December 14, December 31, December 31, Year ended December 31, 2020 2020 2019 2018 2020 2019 (US$'000) (US$'000) (US$'000) (US$'000) (US$'000) (US$'000) Fair value of the Warrants: Warrants issued in the 2020 Financing: --Investor warrants 1,279 1,746 * * (467 ) * --Placement agent warrants 224 305 * * (81 ) * Warrants issued in the 2018 Financing: --Investor warrants - * 71 503 (71 ) (432 ) --Placement agent warrants 2 * 36 103 (34 ) (67 ) Warrant liabilities 1,505 2,051 107 606 (653 ) (499 ) * Not Warrants issued and outstanding at December 31, 2020 two Warrant Outstanding Warrant Exercisable Number of underlying shares Weighted Weighted Number of underlying shares Weighted Weighted Balance, January 1, 2019 774,000 1.63 $ 6.60 774,000 1.63 $ 6.60 Issued - - Expired - - Exercised - - Balance, December 31, 2019 774,000 0.63 $ 1,4927 774,000 0.63 $ 1,4927 Issued 2,030,865 3.00 $ 2.03 - Expired (645,000 ) $ 1,4927 (645,000 ) $ 1,4927 Exercised - - Balance, December 31, 2020 2,159,865 2.78 $ 2.00 129,000 0.05 $ 1,4927 |
Note 17 - Restricted Net Assets
Note 17 - Restricted Net Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | 17. Restricted Net Assets As substantially all of the Company's operations are conducted through its PRC subsidiaries and VIEs, the Company's ability to pay dividends is primarily dependent on receiving distributions of funds from its PRC subsidiaries and VIEs. Relevant PRC statutory laws and regulations permit payments of dividends by its PRC subsidiaries and VIEs only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations and after it has met the PRC requirements for appropriation to statutory reserves. Paid in capital of the PRC subsidiaries and VIEs included in the Company's consolidated net assets are also non-distributable for dividend purposes. In accordance with the PRC regulations on Enterprises with Foreign Investment, a WFOE established in the PRC is required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise's PRC statutory accounts. A WFOE is required to allocate at least 10% 50% not 10% 50% not In accordance with these PRC laws and regulations, the Company's PRC subsidiaries and VIEs are restricted in their ability to transfer a portion of their net assets to the Company. As of December 31, 2020 2019, US$8.2 US$6.2 The current PRC Enterprise Income Tax (“EIT”) Law also imposes a 10% The ability of the Company's PRC subsidiaries and VIEs to make dividends and other payments to the Company may Foreign currency exchange regulation in China is primarily governed by the following rules: l Foreign Exchange Administration Rules ( 1996 August 2008, l Administration Rules of the Settlement, Sale and Payment of Foreign Exchange ( 1996 Currently, under the Administration Rules, Renminbi is freely convertible for current account items, including the distribution of dividends, interest payments, trade and service related foreign exchange transactions, but not may Although the current Exchange Rules allow converting Chinese Renminbi into foreign currency for current account items, conversion of Chinese Renminbi into foreign exchange for capital items, such as foreign direct investment, loans or securities, requires the approval of SAFE, which is under the authority of the People's Bank of China. These approvals, however, do not not may |
Note 18 - Related Party Transac
Note 18 - Related Party Transaction | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 18. Related party transaction Revenue from related parties: Year Ended December 31, 2020 2019 US$('000) US$('000) Zhongwang Xiyue Technology (Beijing) Co., Ltd. (“Zhongwang Xiyue”) 18 899 Zhongwang Xiyue is an entity over which one December 31, 2020 2019, advertising and marketing services to this related party in its normal course of business on the same terms as those provided to its unrelated clients. |
Note 19 - Employee Defined Cont
Note 19 - Employee Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 19. Employee defined contribution plan Full time employees of the Company in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the PRC subsidiaries of the Company make contributions to the government for these benefits based on certain percentages of the employees' salaries. The employee benefits were expensed as incurred. The Company has no US$0.11 US$0.31 December 31, 2020 2019, |
Note 20 - Concentration of Risk
Note 20 - Concentration of Risk | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 20. Concentration of risk Credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable and loans to unrelated parties. As of December 31, 2020, 77% 23% Risk arising from operations in foreign countries Substantially all of the Company's operations are conducted within the PRC. The Company's operations in the PRC are subject to various political, economic, and other risks and uncertainties inherent in the PRC. Among other risks, the Company's operations in the PRC are subject to the risks of restrictions on transfer of funds, changing taxation policies, foreign exchange restrictions; and political conditions and governmental regulations. Currency convertibility risk Significant part of the Company's businesses is transacted in RMB, which is not may Concentration of customers The following tables summarized the information about the Company's concentration of customers for the years ended December 31, 2020 2019, Customer A Customer B Customer C Customer D Customer E Year Ended December 31, 2020 Revenues, customer concentration risk * * * * * Year Ended December 31, 2019 Revenues, customer concentration risk * * * * * As of December 31, 2020 Accounts receivable, customer concentration risk 28 % * * 27 % 21 % As of December 31, 2019 Accounts receivable, customer concentration risk 57 % 13 % 12 % * * * Less than 10%. Concentration of suppliers The following tables summarized the information about the Company's concentration of suppliers for the years ended December 31, 2020 2019, Supplier A Year Ended December 31, 2020 Cost of revenues, supplier concentration risk 78 % Year Ended December 31, 2019 Cost of revenues, supplier concentration risk 89 % |
Note 21 - Commitments and Conti
Note 21 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 21. Commitments and contingencies In 2018, two third two US$4.96 December 31, 2020, US$4.41 December 31, 2021. The Company is currently not not may |
Note 22 - Segment Reporting
Note 22 - Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 22. Segment reporting The Company follows ASC Topic 280 Previously, the Company had four 2020, O2O 2019, O2O 2020. December 31 2019 2020. For the Year Ended December 31, 2020 Internet Ad. Ecommerce Blockchain technology Corporate Inter- segment and reconciling item Total US$('000) US$('000) US$('000) US$('000) US$('000) US$('000) Revenues 35,618 1,545 - 1,245 - 38,408 Cost of revenues 35,700 1,500 - 576 - 37,776 Total operating expenses 2,752 45 5 3,531 (1) - 6,333 Depreciation and amortization expense included in total operating expenses 825 25 2 4 - 856 Operating loss (2,834 ) - (5 ) (2,862 ) - (5,701 ) Change in fair value of warrant liabilities - - - 653 - 653 Net loss (3,071 ) - (6 ) (2,144 ) - (5,221 ) Expenditure for long-term assets - 1,500 503 - - 2,003 Total assets-December 31, 2020 8,310 3,206 4,409 27,766 (23,024 ) 20,667 ( 1 US$2,152,000 For the Year Ended December 31, 2019 Internet Ad. Ecommerce Blockchain technology Corporate Inter- segment and reconciling item Total US$('000) US$('000) US$('000) US$('000) US$('000) US$('000) Revenues 56,878 - - 1,202 - 58,080 Cost of revenues 52,582 - - - - 52,582 Total operating expenses 5,176 47 20 1,943 (1) - 7,186 Depreciation and amortization expense included in total operating expenses 150 - 2 18 - 170 Operating loss (880 ) (47 ) (20 ) (741 ) - (1,688 ) Change in fair value of warrant liabilities - - - 499 - 499 Net loss (778 ) (44 ) (20 ) (428 ) - (1,270 ) Expenditure for long-term assets 1,962 - 160 - - 2,122 Total assets-December 31, 2019 13,332 2,075 3,885 21,338 (22,079 ) 18,551 ( 1 US$393,000 |
Note 23 - Loss Per Share
Note 23 - Loss Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 23. Loss per share Basic and diluted loss per share for each of the years presented is calculated as follows (All amounts, except number of shares and per share data, are presented in thousands of U.S. dollars): Year Ended December 31, 2020 2019 US$('000) US$('000) Net loss attributable to ZW Data Action Technologies Inc. (numerator for basic and diluted loss per share) $ (5,216 ) $ (1,261 ) Weighted average number of common shares outstanding – Basic and diluted 21,602,107 17,130,335 Loss per share -Basic and diluted $ (0.24 ) $ (0.07 ) For the years ended December 31, 2020 2019, not |
Note 24 - Share-based Compensat
Note 24 - Share-based Compensation Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 24. Share-based compensation expenses In February 2020, 1.60 US$1.18 US$1.89 December 31, 2020. In March 2020, 0.43 two February 2022. not US$1.11 US$0.48 December 31, 2020 US$0.20 In August 2020, 0.05 one July 2021. not US$1.36 US$0.07 December 31, 2020 US$0.03 For each of the year ended December 31, 2020 2019, 0.03 one December 31, 2020 2019 US$1.11 US$1.77 US$0.03 US$0.05 December 31, 2020 2019, For the year ended December 31, 2019, approximately US$0.34 restricted common stock granted and issued to a in December 2018. The table below summarized share-based compensation expenses recorded for the years ended December 31, 2020 2019, Year Ended December 31, 2020 2019 US$('000) US$('000) Sales and marketing expenses 122 - General and administrative expenses 1,884 393 Research and development expenses 146 - Total 2,152 393 The aggregate unrecognized share-based compensation expenses as of December 31, 2020 US$0.32 US$0.28 December 31, 2021 US$0.04 December 31, 2022. Options issued and outstanding at December 31, 2020 two Option Outstanding Option Exercisable Number of underlying shares Weighted Weighted Number of underlying shares Weighted Weighted Balance, January 1, 2019 835,216 2.04 $ 2.49 835,216 2.04 $ 2.49 Granted/Vested - - Forfeited - - Expired (80,000 ) $ 3.08 (80,000 ) $ 3.08 Exercised - - Balance, December 31, 2019 755,216 1.15 $ 2.43 755,216 1.15 $ 2.43 Granted/Vested - - Forfeited - - Expired (477,240 ) $ 2.10 (477,240 ) $ 2.10 Exercised - - Balance, December 31, 2020 277,976 0.91 $ 3.00 277,976 0.91 $ 3.00 The aggregate intrinsic value of the above options was zero December 31, 2020 2019, |
Note 25 - Subsequent Events
Note 25 - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 25. Subsequent events In January 2021, 17% RMB3.0 US$0.46 In January 2021, 15% RMB1.5 US$0.23 In February 2021, 5,212,000 $3.59. 2,606,000 three one $3.59 1933, $18.7 In March 2021, under its 2020 0.03 one December 31, 2021. US$3.13 US$0.09 The Company primarily conducts its operations in the PRC. In January 2020, 19 first 2020. 19 19 19 may may 19 second 2020, no 19 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | a) Basis of presentation The consolidated financial statements are prepared and presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). |
Consolidation, Policy [Policy Text Block] | b) Principles of consolidation The consolidated financial statements include the accounts of all the subsidiaries and VIEs of the Company. All transactions and balances between the Company and its subsidiaries and VIEs have been eliminated upon consolidation. |
Use of Estimates, Policy [Policy Text Block] | c) Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of these consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company continually evaluates these estimates and assumptions based on the most recently available information, historical experience and various other assumptions that the Company believes to be reasonable under the circumstances. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | d) Foreign currency translation and transactions The Company conducts substantially all of its operations through its PRC operating subsidiaries and VIEs, PRC is the primary economic environment in which the Company operates. For financial reporting purposes, the financial statements of the Company's PRC operating subsidiaries and VIEs, which are prepared using the functional currency of the PRC, Renminbi (“RMB”), are translated into the Company's reporting currency, the United States Dollar (“U.S. dollar”). Assets and liabilities are translated using the exchange rate at each balance sheet date. Revenue and expenses are translated using average rates prevailing during each reporting period, and stockholders' equity is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income in stockholders' equity. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. The resulting exchange differences are included in the determination of net loss of the consolidated statements of operations and comprehensive loss for the respective periods. The exchange rates used to translate amounts in RMB into US$ for the purposes of preparing the consolidated financial statements are as follows: As of December 31, 2020 2019 Balance sheet items, except for equity accounts 6.5249 6.9762 Year Ended December 31, 2020 2019 Items in the statements of operations and comprehensive loss 6.8976 6.8985 No |
Cash and Cash Equivalents, Policy [Policy Text Block] | e) Cash and cash equivalents Cash and cash equivalents consist of cash on hand and bank deposits, which are unrestricted as to withdrawal and use. The Company considers all highly liquid investments with original maturities of three |
Accounts Receivable [Policy Text Block] | f) Accounts receivable, net Accounts receivable are recorded at net realizable value consisting of the carrying amount less an allowance for uncollectible accounts as needed. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in the Company's existing accounts receivable. The Company determines the allowance based on aging data, historical collection experience, customer specific facts and economic conditions. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company did not December 31, 2020 2019, US$0.83 US$2.34 December 31, 2019, US$2.5 against the related allowance for doubtful accounts due to collection of these balances were considered remote |
Investment, Policy [Policy Text Block] | g) Long-term investments The Company's investments in equity securities and other ownership interests (except those accounted for under the equity method of accounting or those that resulted in consolidation of the investee), i.e. investments in investee companies that are not not 321: 20% 321 10 35 2, not In accordance with ASC 321 10 35 3, 321 10 35 2. For the years ended December 31, 2020 2019, not |
Property, Plant and Equipment, Policy [Policy Text Block] | h) Property and equipment, net Property and equipment are recorded at cost less accumulated depreciation/amortization. Depreciation/amortization is calculated on the straight-line method after taking into account their respective estimated residual values over the following estimated useful lives: Leasehold improvements (years) 3 Vehicles (years) 5 Office equipment (years) 3 - 5 Electronic devices (years) 5 Depreciation/amortization expenses of fixed assets are included in sales and marketing expenses, general and administrative expenses and research and development expenses. Leasehold improvements are amortized over the lesser of the lease term or estimated useful life. When property and equipment are retired or otherwise disposed of, resulting gain or loss is included in net income or loss in the period of disposition. Maintenance and repairs which do not |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | i) Intangible assets, net The Company accounted for cost related to internal-used software in accordance with ASC Topic 350 40 2 10 |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | j) Impairment of long-lived assets In accordance with ASC 360 10 35, may not For the years ended December 31, 2020 2019, not |
Noncontrolling Interest [Policy Text Block] | k) Noncontrolling interest The Company accounts for noncontrolling interest in accordance with ASC Topic 810 10 45, 810 10 45 |
Fair Value Measurement, Policy [Policy Text Block] | l) Fair value The Company's financial instruments primarily consist of cash and cash equivalents, accounts receivable and accounts payable. The carrying values of these financial instruments approximate fair values due to their short maturities. ASC Topic 820 three may Level 1 Level 2 1 not Level 3 no Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. Liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2020 2019 Fair value measurement at reporting date using As of December 31, 2020 Quoted Prices Significant Significant US$('000) US$('000) US$('000) US$('000) Warrant liabilities 1,505 - - 1,505 Fair value measurement at reporting date using As of December 31, 2019 Quoted Prices Significant Significant US$('000) US$('000) US$('000) US$('000) Warrant liabilities 107 - - 107 Significant unobservable inputs utilized to determine the fair value of the Company's warrant liabilities was disclosed in Note 16. |
Revenue from Contract with Customer [Policy Text Block] | m) Revenue recognition In accordance with ASC Topic 606, five 1 2 3 4 5 Multiple performance obligations included in the Company's contracts with customers are neither capable of being distinct, that is, can benefit the customer on its own or together with other readily available resources, nor is distinct within the context of the contract, that is, the promise to transfer the service separately identifiable from other promises in the contract. The Company's contract with customers do not Advance from customers related to unsatisfied performance obligations are generally refundable. Refund of advance from customers was insignificant for both the years ended December 31, 2020 2019. The Company does not 606 Distribution of the right to use search engine marketing service Revenue from distribution of the right to use search engine marketing service is recognized on a monthly basis based on the direct cost consumed through search engines for providing such services with a premium (“over time”). The Company recognizes the revenue on a gross basis, because the Company determines that it is a principal in the transaction who control the goods or services before they are transferred to the customers. Online advertising placement service/ecommerce advertising placement service For online advertising placement service contracts and other ecommerce advertising placement service contracts that are established based on a fixed price scheme with the related advertisement placements obligation, the Company provides advertisement placements in specified locations on the Company's advertising portals for agreed periods and/or place the advertisements onto the Company's purchased advertisement time on specific outdoor billboards for agreed periods. Revenue is recognized ratably over the period the advertisement is placed and, as such, the Company considers the services to have been delivered (“over time”). Sales of effective sales lead information For advertising contracts related to purchase of effective sales lead information, revenue is recognized based on a fixed price per sales lead and the quantity of effective sales lead, when information is delivered and accepted by customers (“point in time”). Technical solution services Revenues generated from providing technical solution services were either recognized upon completion of the service performance obligation, when the Company had the enforceable right to the payment of the services delivered to the customers . Sales of software Revenue generated from sales of software was recognized upon control of the promised goods was transferred to the customer no . The following tables present the Company's revenues disaggregated by products and services and timing of revenue recognition: Year Ended December 31, 2020 2019 US$('000) US$('000) Internet advertising and related service --distribution of the right to use search engine marketing service 25,997 41,361 --online advertising placements 8,421 14,552 --sales of effective sales lead information - 255 --data and technical services 1,200 710 Ecommerce O2O advertising and marketing services 1,545 - Technical solution services 1,245 - Software sales - 1,202 Total revenues $ 38,408 $ 58,080 Year Ended December 31, 2020 2019 US$('000) US$('000) Revenue recognized over time 37,163 55,913 Revenue recognized at a point in time 1,245 2,167 Total revenues $ 38,408 $ 58,080 Contract costs For the years ended December 31, 2020 2019, not Contract balances The Company evaluates overall economic conditions, its working capital status and customer specific credit and negotiates the payment terms of a contract with individual customer on a case-by-case basis in its normal course of business. Advances received from customers related to unsatisfied performance obligations are recoded as contract liabilities (advance from customers), which will be realized as revenues upon the satisfaction of performance obligations through the transfer of related promised goods and services to customers. For contracts without a full or any advance payments required, the Company bills the customers any unpaid contract price immediately upon satisfaction of the related performance obligations when revenue is recognized. The Company does not not The Company's contract liabilities primarily consist of advance from customers related to unsatisfied performance obligations in relation to online advertising placement service and distribution of the right to use search engine marketing service. All contract liabilities are expected to be recognized as revenue within one two December 31, 2020: Contract liabilities US$('000) Balance as of January 1, 2019 1,061 Exchange translation adjustment (17 ) Revenue recognized from beginning contract liability balance (1,027 ) Advances received from customers related to unsatisfied performance obligations 1,989 Balance as of December 31, 2019 2,006 Exchange translation adjustment 139 Revenue recognized from beginning contract liability balance (2,032 ) Advances received from customers related to unsatisfied performance obligations 1,323 Balance as of December 31, 2020 1,436 For the years ended December 31, 2020 2019, no Transaction price allocated to remaining performance obligation The Company has elected to apply the practical expedient in paragraph ASC Topic 606 10 50 14 not December 31, 2020 2019, one |
Cost of Goods and Service [Policy Text Block] | n) Cost of revenues Cost of revenues primarily includes the cost of internet and other forms of advertising resources and related technical services purchased from third |
Research and Development Expense, Policy [Policy Text Block] | o) Research and development expenses The Company accounts for expenses for the enhancement, maintenance and technical support to the Company's Internet platforms and intellectual properties that are used in its daily operations in research and development expenses. Research and development costs are charged to expense when incurred. Expenses for research and development for the years ended December 31, 2020 2019 US$0.54 US$0.87 |
Lessee, Leases [Policy Text Block] | p) Lease The Company leases office spaces from unrelated parties in its normal course of business. Other than these office spaces lease contracts, the Company does not 842. The Company's lease contracts do not not 0.4 3 not The Company's office lease contracts do not 842 10 25 3. For lease contracts with a duration of less than twelve 842, 842 20 25 2, not not December 31, 2020 2019, US$0.20 US$0.14 For lease contracts with a duration of over twelve 842 20 30 3, 1 5 As of December 31, 2020, US$0.05 Maturity of operating lease liabilities Operating leases US$('000) Year ending December 31, -2021 19 -2022 20 -2023 16 Total undiscounted lease payments 55 Less: imputed interest (5 ) Operating lease liabilities as of December 31, 2020 50 Including: Operating lease liabilities 18 Operating lease liabilities-Non current 32 50 As of December 31, 2019, US$0.01 US$0.01 April 2020. Operating lease expenses: Year Ended December 31, 2020 2019 US$('000) US$('000) Long-term operating lease contracts 14 91 Short-term operating lease contracts 138 226 Total 152 317 Supplemental information related to operating leases : 2020 2019 Operating cash flows used for operating leases (US$'000) 9 91 Right-of-use assets obtained in exchange for new lease liabilities (US$'000) 47 10 Weighted-average remaining lease term (years) 2.75 1.21 Weighted-average discount rate 6 % 6 % |
Income Tax, Policy [Policy Text Block] | q) Income taxes The Company follows the guidance of ASC Topic 740 not not |
Income Tax Uncertainties, Policy [Policy Text Block] | r) Uncertain tax positions The Company follows the guidance of ASC Topic 740 not not not 50% The Company recognizes interest on non-payment of income taxes under requirement by tax law and penalties associated with tax positions when a tax position does not 3 10 no not December 31, 2020 2019 not December 31, 2020 2019. |
Share-based Payment Arrangement [Policy Text Block] | s) Share-based payment transactions The Company adopts ASC Topic 718 For fully vested, nonforfeitable equity instruments granted to a nonemployee service provider at the date upon entering into the agreement ( no Share-based compensation expenses are recorded in sales and marketing expenses, general and administrative expenses and research and development expenses. |
Comprehensive Income, Policy [Policy Text Block] | t) Comprehensive income (loss) The Company accounts for comprehensive income (loss) in accordance with ASC Topic 220 |
Earnings Per Share, Policy [Policy Text Block] | u) Earnings (loss) per share Earnings (loss) per share are calculated in accordance with ASC Topic 260, |
Commitments and Contingencies, Policy [Policy Text Block] | v) Commitments and contingencies The Company adopts ASC Topic 450 20, not |
New Accounting Pronouncements, Policy [Policy Text Block] | w) Recent issued or adopted accounting standards In June 2016, No. 2016 13, 326 November 2018, No. 2018 19, 326, not 326 20. 842, December 15, 2019, In November 2019, No. 2019 10, 326 815 842 December 15, 2022, not evaluating the impacts on its consolidated financial position and results of operations upon adopting these amendments. In August 2018, No. 2018 13, 820 3 December 15, 2019, January 1, 2020, not |
Note 1 - Organization and Nat_2
Note 1 - Organization and Nature of Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Consolidated Subsidiaries and VIEs [Table Text Block] | Name of the subsidiary or VIE Place and date of incorporation Percentage of ownership Principal activities China Net Online Media Group Limited (“China Net BVI”) (1) British Virgin Islands August 13, 2007 100% Investment holding company CNET Online Technology Co. Limited (“China Net HK”) (1) Hong Kong, PRC September 4, 2007 100% Investment holding company ChinaNet Investment Holding Ltd. (“ChinaNet Investment BVI”) (1) British Virgin Islands January 12, 2015 100% Investment holding company Grandon Investments Limited (“Grandon BVI”) (1) British Virgin Islands February 13, 2006 100% Investment holding company, providing technical services Winner Glory Limited (“Winner Glory HK”) (1) Hong Kong, PRC August 12, 2020 100% Investment holding company, providing technical services Rise King Century Technology Development (Beijing) Co., Ltd. (“Rise King WFOE”) (1) PRC January 17, 2008 100% Investment holding company, providing technical services ChinaNet Online Holdings Co., Ltd. (“ChinaNet Online PRC”) (1) PRC August 31, 2015 100% Investment holding company Business Opportunity Chain (Beijing) Technology Development Co., Ltd. (“Business Opportunity Chain Beijing”) (1) PRC May 11, 2018 51% Providing research and develop and other technical support services for the blockchain business unit Business Opportunity Online (Beijing) Network Technology Co., Ltd. (“Business Opportunity Online”) (2) PRC December 8, 2004 100% Providing online advertising, precision marketing and the related data services Beijing CNET Online Advertising Co., Ltd. (“Beijing CNET” Online) (2) PRC January 27, 2003 100% Providing advertising, marketing and related value-added services Beijing Chuang Fu Tian Xia Network Technology Co., Ltd. (“Beijing Chuang Fu Tian Xia”) (2) PRC March 1, 2011 100% Providing online advertising, precision marketing and the related data services Business Opportunity Online (Hubei) Network Technology Co., Ltd. (“Business Opportunity Online Hubei”) (2) PRC January 28, 2011 100% Providing online advertising, precision marketing and the related data services Beijing Chuang Shi Xin Qi Advertising Media Co., Ltd. (“Beijing Chuang Shi Xin Qi”) (2) PRC April 16, 2014 100% Providing online advertising, precision marketing and the related data services Beijing Shi Ji Cheng Yuan Advertising Media Co., Ltd. (“Beijing Shi Ji Cheng Yuan”) (2) (3) PRC May 22, 2014 100% Providing online advertising, precision marketing and the related data services Beijing Hong Da Shi Xing Network Technology Co., Ltd. (“Beijing Hong Da Shi Xing”) (2) PRC April 16, 2014 100% Providing online advertising, precision marketing and the related data services ChinaNet Online (Guangdong) Technology Co., Ltd. (“ChinaNet Online Guangdong”) (2) PRC May 26, 2020 100% Developing and operating blockchain technology-based products and services, and other related value-added services. Qiweilian (Guangzhou) Technology Co., Ltd. (“Qiweilian Guangzhou”) (2) (4) PRC October 23, 2020 51% Providing digital business promotion services. |
Note 2 - Variable Interest En_2
Note 2 - Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of December 31, 2020 2019 US$('000) US$('000) Assets Current assets: Cash and cash equivalents $ 277 $ 699 Accounts receivable, net 1,142 2,876 Prepayment and deposit to suppliers 2,818 3,998 Due from related parties, net 61 81 Other current assets, net 10 6 Total current assets 4,308 7,660 Long-term investments 67 35 Operating lease right-of-use assets 48 12 Property and equipment, net 32 40 Intangible assets, net 9 25 Deferred tax assets 536 713 Total Assets $ 5,000 $ 8,485 Liabilities Current liabilities: Short-term bank loan $ - $ 430 Accounts payable 270 408 Advances from customers 1,436 2,006 Accrued payroll and other accruals 168 132 Taxes payable 2,755 2,568 Operating lease liabilities 18 - Lease payment liabilities related to short-term leases 108 19 Other current liabilities 213 84 Total current liabilities 4,968 5,647 Operating lease liabilities-Non current 32 - Total Liabilities $ 5,000 $ 5,647 |
Financial Performance of VIEs [Table Text Block] | Year Ended December 31, 2020 2019 US$('000) US$('000) Revenues $ 34,418 $ 56,172 Cost of revenues 34,637 52,582 Total operating expenses 1,635 4,652 Net loss before allocation to noncontrolling interests 2,092 929 |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Foreign Currency Exchange Rates [Table Text Block] | As of December 31, 2020 2019 Balance sheet items, except for equity accounts 6.5249 6.9762 Year Ended December 31, 2020 2019 Items in the statements of operations and comprehensive loss 6.8976 6.8985 |
Property, Plant and Equipment, Useful Life [Table Text Block] | Leasehold improvements (years) 3 Vehicles (years) 5 Office equipment (years) 3 - 5 Electronic devices (years) 5 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair value measurement at reporting date using As of December 31, 2020 Quoted Prices Significant Significant US$('000) US$('000) US$('000) US$('000) Warrant liabilities 1,505 - - 1,505 Fair value measurement at reporting date using As of December 31, 2019 Quoted Prices Significant Significant US$('000) US$('000) US$('000) US$('000) Warrant liabilities 107 - - 107 |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2020 2019 US$('000) US$('000) Internet advertising and related service --distribution of the right to use search engine marketing service 25,997 41,361 --online advertising placements 8,421 14,552 --sales of effective sales lead information - 255 --data and technical services 1,200 710 Ecommerce O2O advertising and marketing services 1,545 - Technical solution services 1,245 - Software sales - 1,202 Total revenues $ 38,408 $ 58,080 Year Ended December 31, 2020 2019 US$('000) US$('000) Revenue recognized over time 37,163 55,913 Revenue recognized at a point in time 1,245 2,167 Total revenues $ 38,408 $ 58,080 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract liabilities US$('000) Balance as of January 1, 2019 1,061 Exchange translation adjustment (17 ) Revenue recognized from beginning contract liability balance (1,027 ) Advances received from customers related to unsatisfied performance obligations 1,989 Balance as of December 31, 2019 2,006 Exchange translation adjustment 139 Revenue recognized from beginning contract liability balance (2,032 ) Advances received from customers related to unsatisfied performance obligations 1,323 Balance as of December 31, 2020 1,436 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating leases US$('000) Year ending December 31, -2021 19 -2022 20 -2023 16 Total undiscounted lease payments 55 Less: imputed interest (5 ) Operating lease liabilities as of December 31, 2020 50 Including: Operating lease liabilities 18 Operating lease liabilities-Non current 32 50 |
Lease, Cost [Table Text Block] | Year Ended December 31, 2020 2019 US$('000) US$('000) Long-term operating lease contracts 14 91 Short-term operating lease contracts 138 226 Total 152 317 2020 2019 Operating cash flows used for operating leases (US$'000) 9 91 Right-of-use assets obtained in exchange for new lease liabilities (US$'000) 47 10 Weighted-average remaining lease term (years) 2.75 1.21 Weighted-average discount rate 6 % 6 % |
Note 4 - Accounts Receivable,_2
Note 4 - Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts Receivable [Table Text Block] | As of December 31, 2020 2019 US$('000) US$('000) Accounts receivable 6,654 6,408 Allowance for doubtful accounts (4,247 ) (3,148 ) Accounts receivable, net 2,407 3,260 |
Note 5 - Prepayments and Depo_2
Note 5 - Prepayments and Deposit to Suppliers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Prepayments and Deposit to Suppliers [Table Text Block] | As of December 31, 2020 2019 US$('000) US$('000) Deposits to advertising resources providers 307 1,315 Prepayments to advertising resources providers 3,696 4,361 Prepayment of license fee - 1,062 Other deposits and prepayments 654 242 4,657 6,980 |
Note 6 - Due From Related Par_2
Note 6 - Due From Related Parties, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Due From Related Parties [Member] | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | As of December 31, 2020 2019 US$('000) US$('000) Zhongwang Xiyue Technology (Beijing) Co., Ltd. (“Zhongwang Xiyue”) 61 81 Guohua Shiji (Beijing) Communication Co., Ltd. (“Guohua Shiji”) - 172 61 253 Allowance for doubtful accounts - (172 ) Due from related parties, net 61 81 |
Note 7 - Other Current Assets_2
Note 7 - Other Current Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Other Receivables [Table Text Block] | As of December 31, 2020 2019 Gross Allowance for doubtful accounts Net Gross Allowance for doubtful accounts Net US$('000) US$('000) US$('000) US$('000) US$('000) US$('000) Staff advances for business operations 18 - 18 11 - 11 Loan to an unrelated party 1,444 - 1,444 - - - Overdue deposits - - - 717 (717 ) - Total 1,462 - 1,462 728 (717 ) 11 |
Note 9 - Property and Equipme_2
Note 9 - Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Property and Equipment [Table Text Block] | As of December 31, 2020 2019 US$('000) US$('000) Vehicles 811 758 Office equipment 894 1,331 Electronic devices 615 937 Property and equipment, cost 2,320 3,026 Less: accumulated depreciation (2,260 ) (2,948 ) Property and equipment, net 60 78 |
Note 10 - Intangible Assets, _2
Note 10 - Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Finite and Indefinite-Lived Intangible Assets [Table Text Block] | As of December 31, 2020 Items Gross Carrying Value Accumulated Amortization Impairment Net Carrying Value US$('000) US$('000) US$('000) US$('000) Intangible assets subject to amortization: Cloud compute software technology 1,423 (978 ) (436 ) 9 Live streaming technology 1,500 (25 ) - 1,475 Licensed products use right 1,208 (135 ) - 1,073 Other computer software 120 (120 ) - - Total $ 4,251 $ (1,258 ) $ (436 ) $ 2,557 As of December 31, 2019 Items Gross Carrying Value Accumulated Amortization Impairment Net Carrying Value US$('000) US$('000) US$('000) US$('000) Intangible assets not subject to amortization: Domain name 1,385 - (1,385 ) - Intangible assets subject to amortization: Customer relationship 1,909 (1,909 ) - - Non-compete agreements 1,051 (571 ) (480 ) - Software technologies 294 (294 ) - - Intelligent marketing data service platform 4,629 (1,876 ) (2,753 ) - Internet safety, information exchange security and data encryption software 1,863 (419 ) (1,444 ) - Cloud video management system 1,362 (338 ) (1,024 ) - Cloud compute software technology 1,331 (898 ) (408 ) 25 Licensed products use right 1,202 (15 ) - 1,187 Other computer software 872 (185 ) - 687 Total $ 15,898 $ (6,505 ) $ (7,494 ) $ 1,899 |
Note 13 - Accrued Payroll and_2
Note 13 - Accrued Payroll and Other Accruals (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | As of December 31, 2020 2019 US$('000) US$('000) Accrued payroll and staff welfare 229 173 Accrued operating expenses 260 318 489 491 |
Note 14 - Taxation (Tables)
Note 14 - Taxation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule Of Taxes Payable [Table Text Block] | As of December 31, 2020 2019 US$('000) US$('000) Turnover tax and surcharge payable 1,353 1,244 Enterprise income tax payable 2,077 1,970 Taxes payable 3,430 3,214 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2020 2019 US$('000) US$('000) Pre-tax loss (5,078 ) (1,221 ) U.S. federal rate 21 % 21 % Income tax benefit computed at U.S. federal rate 1,066 256 Reconciling items: Rate differential for foreign earnings 74 137 Preferential tax treatment effect (205 ) (109 ) Tax effect on non-taxable change in fair value of warrant liabilities 137 105 Provision of valuation allowance on deferred tax assets (917 ) (177 ) Expired tax attribute carryforwards (372 ) (253 ) Tax effect on other non-deductible expenses/non-taxable income 74 (8 ) Effective income tax expense (143 ) (49 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2020 2019 US$('000) US$('000) Current - (217 ) Deferred (143 ) 168 Income tax expense (143 ) (49 ) |
Schedule Of Deferred Tax Assets [Table Text Block] | As of December 31, 2020 2019 US$('000) US$('000) Tax effect of net operating losses carried forward 10,123 9,160 Bad debts provision 728 743 Valuation allowance (10,245 ) (9,190 ) Total net deferred tax assets 606 713 |
Note 16 - The Financing and W_2
Note 16 - The Financing and Warrant Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Allocation of Proceeds from Issuance of Equity [Table Text Block] | Initial measurement US$('000) Investor warrants 1,746 Common Stock (par value and additional paid-in capital) 5,254 Total proceeds from the 2020 Financing 7,000 |
Schedule of Warrant Liabilities [Table Text Block] | As of As of As of As of Change in Fair Value (gain)/loss December 31, December 14, December 31, December 31, Year ended December 31, 2020 2020 2019 2018 2020 2019 (US$'000) (US$'000) (US$'000) (US$'000) (US$'000) (US$'000) Fair value of the Warrants: Warrants issued in the 2020 Financing: --Investor warrants 1,279 1,746 * * (467 ) * --Placement agent warrants 224 305 * * (81 ) * Warrants issued in the 2018 Financing: --Investor warrants - * 71 503 (71 ) (432 ) --Placement agent warrants 2 * 36 103 (34 ) (67 ) Warrant liabilities 1,505 2,051 107 606 (653 ) (499 ) |
Schedule of Warrant Activity [Table Text Block] | Warrant Outstanding Warrant Exercisable Number of underlying shares Weighted Weighted Number of underlying shares Weighted Weighted Balance, January 1, 2019 774,000 1.63 $ 6.60 774,000 1.63 $ 6.60 Issued - - Expired - - Exercised - - Balance, December 31, 2019 774,000 0.63 $ 1,4927 774,000 0.63 $ 1,4927 Issued 2,030,865 3.00 $ 2.03 - Expired (645,000 ) $ 1,4927 (645,000 ) $ 1,4927 Exercised - - Balance, December 31, 2020 2,159,865 2.78 $ 2.00 129,000 0.05 $ 1,4927 |
Warrant [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | As of December 14, 2020 Stock price $ 1.25 Years to maturity 3.00 Risk-free interest rate 0.17 % Dividend yield - Expected volatility 164 % Exercise Price $ 2.03 Fair value of the warrant $ 1.01 Investor warrants liabilities (US$'000) $ 1,746 Placement agent warrants liabilities (US$'000) $ 305 As of December 31, 2020 Stock price $ 1.35 Years to maturity 2.95 Risk-free interest rate 0.17 % Dividend yield - Expected volatility 102 % Exercise Price $ 2.03 Fair value of the warrant $ 0.74 Investor warrants liabilities (US$'000) $ 1,279 Placement agent warrants liabilities (US$'000) $ 224 Investors warrants Placement agent warrants December 31, 2018 December 31, 2019 December 31, 2020 (1) December 31, 2018 December 31, 2019 December 31, 2020 (2) Stock price $ 1.34 $ 1.17 $ 1.34 $ 1.17 $ 1.35 Years to maturity 1.55 0.55 2.05 1.05 0.05 Risk-free interest rate 2.50 % 1.58 % 2.50 % 1.57 % 0.08 % Dividend yield - - - - - Expected volatility 199 % 60 % 176 % 80 % 59 % Exercise Price $ 6.60 $ 1.4927 * $ 6.60 $ 1.4927 * $ 1.4927 * Fair value of the warrant $ 0.78 $ 0.11 $ 0.80 $ 0.28 $ 0.02 Warrant liabilities (US$'000) $ 503 $ 71 $ 103 $ 36 $ 2 |
Note 18 - Related Party Trans_2
Note 18 - Related Party Transaction (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Revenue From Related Parties [Table Text Block] | Year Ended December 31, 2020 2019 US$('000) US$('000) Zhongwang Xiyue Technology (Beijing) Co., Ltd. (“Zhongwang Xiyue”) 18 899 |
Note 20 - Concentration of Ri_2
Note 20 - Concentration of Risk (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Customer A Customer B Customer C Customer D Customer E Year Ended December 31, 2020 Revenues, customer concentration risk * * * * * Year Ended December 31, 2019 Revenues, customer concentration risk * * * * * As of December 31, 2020 Accounts receivable, customer concentration risk 28 % * * 27 % 21 % As of December 31, 2019 Accounts receivable, customer concentration risk 57 % 13 % 12 % * * Supplier A Year Ended December 31, 2020 Cost of revenues, supplier concentration risk 78 % Year Ended December 31, 2019 Cost of revenues, supplier concentration risk 89 % |
Note 22 - Segment Reporting (Ta
Note 22 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Internet Ad. Ecommerce Blockchain technology Corporate Inter- segment and reconciling item Total US$('000) US$('000) US$('000) US$('000) US$('000) US$('000) Revenues 35,618 1,545 - 1,245 - 38,408 Cost of revenues 35,700 1,500 - 576 - 37,776 Total operating expenses 2,752 45 5 3,531 (1) - 6,333 Depreciation and amortization expense included in total operating expenses 825 25 2 4 - 856 Operating loss (2,834 ) - (5 ) (2,862 ) - (5,701 ) Change in fair value of warrant liabilities - - - 653 - 653 Net loss (3,071 ) - (6 ) (2,144 ) - (5,221 ) Expenditure for long-term assets - 1,500 503 - - 2,003 Total assets-December 31, 2020 8,310 3,206 4,409 27,766 (23,024 ) 20,667 Internet Ad. Ecommerce Blockchain technology Corporate Inter- segment and reconciling item Total US$('000) US$('000) US$('000) US$('000) US$('000) US$('000) Revenues 56,878 - - 1,202 - 58,080 Cost of revenues 52,582 - - - - 52,582 Total operating expenses 5,176 47 20 1,943 (1) - 7,186 Depreciation and amortization expense included in total operating expenses 150 - 2 18 - 170 Operating loss (880 ) (47 ) (20 ) (741 ) - (1,688 ) Change in fair value of warrant liabilities - - - 499 - 499 Net loss (778 ) (44 ) (20 ) (428 ) - (1,270 ) Expenditure for long-term assets 1,962 - 160 - - 2,122 Total assets-December 31, 2019 13,332 2,075 3,885 21,338 (22,079 ) 18,551 |
Note 23 - Loss Per Share (Table
Note 23 - Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2020 2019 US$('000) US$('000) Net loss attributable to ZW Data Action Technologies Inc. (numerator for basic and diluted loss per share) $ (5,216 ) $ (1,261 ) Weighted average number of common shares outstanding – Basic and diluted 21,602,107 17,130,335 Loss per share -Basic and diluted $ (0.24 ) $ (0.07 ) |
Note 24 - Share-based Compens_2
Note 24 - Share-based Compensation Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2020 2019 US$('000) US$('000) Sales and marketing expenses 122 - General and administrative expenses 1,884 393 Research and development expenses 146 - Total 2,152 393 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Option Outstanding Option Exercisable Number of underlying shares Weighted Weighted Number of underlying shares Weighted Weighted Balance, January 1, 2019 835,216 2.04 $ 2.49 835,216 2.04 $ 2.49 Granted/Vested - - Forfeited - - Expired (80,000 ) $ 3.08 (80,000 ) $ 3.08 Exercised - - Balance, December 31, 2019 755,216 1.15 $ 2.43 755,216 1.15 $ 2.43 Granted/Vested - - Forfeited - - Expired (477,240 ) $ 2.10 (477,240 ) $ 2.10 Exercised - - Balance, December 31, 2020 277,976 0.91 $ 3.00 277,976 0.91 $ 3.00 |
Note 1 - Organization and Nat_3
Note 1 - Organization and Nature of Operations - Consolidated Subsidiaries and VIEs (Details) | 12 Months Ended | |
Dec. 31, 2020 | ||
Business Opportunity Online [Member] | ||
VIE, percentage of ownership | 100.00% | [1] |
Beijing CNET Online [Member] | ||
VIE, percentage of ownership | 100.00% | [1] |
Beijing Chuang Fu Tian Xia [Member] | ||
VIE, percentage of ownership | 100.00% | [1] |
Business Opportunity Online Hubei [Member] | ||
VIE, percentage of ownership | 100.00% | [1] |
Beijing Chuang Shi Xin Qi [Member] | ||
VIE, percentage of ownership | 100.00% | [1] |
Beijing Shi Ji Cheng Yuan [Member] | ||
VIE, percentage of ownership | 100.00% | [1],[2] |
Beijing Hong Da Shi Xing [Member] | ||
VIE, percentage of ownership | 100.00% | [1] |
ChinaNet Online Guangdong [Member] | ||
VIE, percentage of ownership | 100.00% | [1] |
Qiweilian Guangzhou [Member] | ||
VIE, percentage of ownership | 51.00% | [1],[3] |
ChinaNet BVI [Member] | ||
Consolidated subsidiaries, percentage of ownership | 100.00% | [4] |
China Net HK [Member] | ||
Consolidated subsidiaries, percentage of ownership | 100.00% | [4] |
ChinaNet Investment BVI [Member] | ||
Consolidated subsidiaries, percentage of ownership | 100.00% | [4] |
Grandon BVI [Member] | ||
Consolidated subsidiaries, percentage of ownership | 100.00% | [4] |
Winner Glory HK [Member] | ||
Consolidated subsidiaries, percentage of ownership | 100.00% | |
Rise King WFOE [Member] | ||
Consolidated subsidiaries, percentage of ownership | 100.00% | [4] |
ChinaNet Online PRC [Member] | ||
Consolidated subsidiaries, percentage of ownership | 100.00% | [4] |
Business Opportunity Chain [Member] | ||
Consolidated subsidiaries, percentage of ownership | 51.00% | [4] |
[1] | The Company's consolidated VIE, or a direct or indirect subsidiary of the Company's consolidated VIE. | |
[2] | The Company sold this entity to unrelated parties in January 2021. | |
[3] | The Company sold this entity to unrelated parties in March 2021. | |
[4] | A direct or indirect subsidiary of the Company. |
Note 2 - Variable Interest En_3
Note 2 - Variable Interest Entities (Details Textual) | Dec. 31, 2020CNY (¥) |
PRC Operating Entities Business Operations, VIE [Member] | Rise King WFOE [Member] | |
Exclusive Option Agreements, Option to Purchase Equity Interests, Price Per Equity Interest in Any Operating Entity | ¥ 10 |
Note 2 - Variable Interest En_4
Note 2 - Variable Interest Entities - Consolidated VIEs' Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash and cash equivalents * | [1] | $ 4,297 | $ 1,603 |
Accounts receivable, net | [1] | 2,407 | 3,260 |
Prepayment and deposit to suppliers | [1] | 4,657 | 6,980 |
Due from related parties, net * | [1] | 61 | 81 |
Other current assets, net | [1] | 1,462 | 11 |
Total current assets | 12,884 | 11,935 | |
Long-term investments | [1] | 67 | 35 |
Operating lease right-of-use assets * | [1] | 48 | 12 |
Property and equipment, net * | [1] | 60 | 78 |
Intangible assets, net | [1] | 2,557 | 1,899 |
Deferred tax assets | [1] | 606 | 713 |
Total assets | 20,667 | 18,551 | |
Short-term Bank Loans and Notes Payable | [1] | 430 | |
Accounts payable | [1] | 608 | 408 |
Advances from customers | [1] | 1,436 | 2,006 |
Accrued payroll and other accruals | [1] | 489 | 491 |
Taxes payable | [1] | 3,430 | 3,214 |
Operating lease liabilities | 18 | ||
Short-term Lease Liability | 203 | 136 | |
Other current liabilities | [1] | 333 | 221 |
Total current liabilities | 8,022 | 7,013 | |
Operating lease liabilities-Non current | 32 | ||
Total Liabilities | 8,188 | 7,138 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Cash and cash equivalents * | 277 | 699 | |
Accounts receivable, net | 1,142 | 2,876 | |
Prepayment and deposit to suppliers | 2,818 | 3,998 | |
Due from related parties, net * | 61 | 81 | |
Other current assets, net | 10 | 6 | |
Total current assets | 4,308 | 7,660 | |
Long-term investments | 67 | 35 | |
Operating lease right-of-use assets * | 48 | 12 | |
Property and equipment, net * | 32 | 40 | |
Intangible assets, net | 9 | 25 | |
Deferred tax assets | 536 | 713 | |
Total assets | 5,000 | 8,485 | |
Short-term Bank Loans and Notes Payable | 430 | ||
Accounts payable | 270 | 408 | |
Advances from customers | 1,436 | 2,006 | |
Accrued payroll and other accruals | 168 | 132 | |
Taxes payable | 2,755 | 2,568 | |
Operating lease liabilities | 18 | ||
Short-term Lease Liability | 108 | 19 | |
Other current liabilities | 213 | 84 | |
Total current liabilities | 4,968 | 5,647 | |
Operating lease liabilities-Non current | 32 | ||
Total Liabilities | $ 5,000 | $ 5,647 | |
[1] | All of the VIEs' assets can be used to settle obligations of their primary beneficiary. Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company's general assets (Note 2). |
Note 2 - Variable Interest En_5
Note 2 - Variable Interest Entities - Consolidated VIEs' Financial Performance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 38,408 | $ 58,080 |
Cost of revenues | 37,776 | 52,582 |
Total operating expenses | (6,333) | (7,186) |
Net loss before allocation to noncontrolling interests | (5,221) | (1,270) |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Revenues | 34,418 | 56,172 |
Cost of revenues | 34,637 | 52,582 |
Total operating expenses | 1,635 | 4,652 |
Net loss before allocation to noncontrolling interests | $ 2,092 | $ 929 |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 830 | $ 2,340 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 2,500 | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 6 years 197 days | ||
Asset Impairment Charges, Total | $ 0 | 0 | |
Contract with Customer, Performance Obligation Satisfied in Previous Period | 0 | 0 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 0 | ||
Research and Development Expense, Total | 539 | 869 | |
Short-term Lease Liability | 203 | 136 | |
Operating Lease, Right-of-Use Asset | [1] | 48 | 12 |
Operating Lease, Liability, Total | 50 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 0 | 0 | |
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | |
Other Current Assets [Member] | |||
Operating Lease, Right-of-Use Asset | 50 | 10 | |
Other Current Liabilities [Member] | |||
Operating Lease, Liability, Total | $ 50 | $ 10 | |
Minimum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 146 days | ||
Minimum [Member] | Long Term Loan, Business Entities, Collateralized Basis [Member] | |||
Debt Instrument, Term (Year) | 1 year | ||
Maximum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 3 years | ||
Maximum [Member] | Long Term Loan, Business Entities, Collateralized Basis [Member] | |||
Debt Instrument, Term (Year) | 5 years | ||
Purchased Software and Software Platform [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | ||
Purchased Software and Software Platform [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||
[1] | All of the VIEs' assets can be used to settle obligations of their primary beneficiary. Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company's general assets (Note 2). |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Exchange Rates Used to Translate Amounts In RMB Into US$ (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance sheet items, except for equity accounts | 6.5249 | 6.9762 |
Items in the statements of operations and comprehensive loss | 6.8976 | 6.8985 |
Note 3 - Summary of Significa_5
Note 3 - Summary of Significant Accounting Policies - Estimated Useful Lives of Property, Plant, and Equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Leasehold Improvements [Member] | |
Property and equipment, useful life (Year) | 3 years |
Vehicles [Member] | |
Property and equipment, useful life (Year) | 5 years |
Electronic Devices [Member] | |
Property and equipment, useful life (Year) | 5 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Property and equipment, useful life (Year) | |
Minimum [Member] | Vehicles [Member] | |
Property and equipment, useful life (Year) | |
Minimum [Member] | Office Equipment [Member] | |
Property and equipment, useful life (Year) | 3 years |
Minimum [Member] | Electronic Devices [Member] | |
Property and equipment, useful life (Year) | |
Maximum [Member] | Leasehold Improvements [Member] | |
Property and equipment, useful life (Year) | |
Maximum [Member] | Vehicles [Member] | |
Property and equipment, useful life (Year) | |
Maximum [Member] | Office Equipment [Member] | |
Property and equipment, useful life (Year) | 5 years |
Maximum [Member] | Electronic Devices [Member] | |
Property and equipment, useful life (Year) |
Note 3 - Summary of Significa_6
Note 3 - Summary of Significant Accounting Policies - Summary of Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Warrant liabilities | $ 1,505 | $ 107 |
Fair Value, Inputs, Level 1 [Member] | ||
Warrant liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Warrant liabilities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Warrant liabilities | $ 1,505 | $ 107 |
Note 3 - Summary of Significa_7
Note 3 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 38,408 | $ 58,080 |
Search Engine Marketing and Data Service [Member] | ||
Revenues | 25,997 | 41,361 |
Online Advertising Placement [Member] | ||
Revenues | 8,421 | 14,552 |
Sales of Effective Sales Lead Information [Member] | ||
Revenues | 255 | |
Data and Technical Services [Member] | ||
Revenues | 1,200 | 710 |
Offline Advertising and Marketing Services [Member] | ||
Revenues | 1,545 | |
Technical Solution Services [Member] | ||
Revenues | 1,245 | |
Software Sales [Member] | ||
Revenues | 1,202 | |
Transferred over Time [Member] | ||
Revenues | 37,163 | 55,913 |
Transferred at Point in Time [Member] | ||
Revenues | $ 1,245 | $ 2,167 |
Note 3 - Summary of Significa_8
Note 3 - Summary of Significant Accounting Policies - Contract liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 2,006 | $ 1,061 |
Exchange translation adjustment | 139 | (17) |
Revenue recognized from beginning contract liability balance | (1,027) | |
Advances received from customers related to unsatisfied performance obligations | 1,323 | 1,989 |
Revenue recognized from beginning contract liability balance | (2,032) | |
Balance | $ 1,436 | $ 2,006 |
Note 3 - Summary of Significa_9
Note 3 - Summary of Significant Accounting Policies - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
-2021 | $ 19 | |
-2022 | 20 | |
-2023 | 16 | |
Total undiscounted lease payments | 55 | |
Less: imputed interest | (5) | |
Operating lease liabilities as of December 31, 2020 | 50 | |
Operating lease liabilities | 18 | |
Operating lease liabilities-Non current | $ 32 |
Note 3 - Summary of Signific_10
Note 3 - Summary of Significant Accounting Policies - Operating Lease Expenses and Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Long-term operating lease contracts | $ 14 | $ 91 |
Short-term operating lease contracts | 138 | 226 |
Total | 152 | 317 |
Operating cash flows used for operating leases (US$’000) | 9 | 91 |
Right-of-use assets obtained in exchange for new lease liabilities (US$’000) | $ 47 | $ 10 |
Weighted-average remaining lease term (Year) | 2 years 273 days | 1 year 76 days |
Weighted-average discount rate | 6.00% | 6.00% |
Note 4 - Accounts Receivable,_3
Note 4 - Accounts Receivable, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable, Allowance for Credit Loss, Current | $ 4,247 | $ 3,148 |
Accounts Receivable, Credit Loss Expense (Reversal) | 833 | 2,335 |
Internet Advertising and TV Advertising [Member] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 4,250 | 3,150 |
Number of Months Past Due (Month) | 180 days | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 830 | $ 2,340 |
Note 4 - Accounts Receivable,_4
Note 4 - Accounts Receivable, Net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts receivable | $ 6,654 | $ 6,408 | |
Allowance for doubtful accounts | (4,247) | (3,148) | |
Accounts receivable, net | [1] | $ 2,407 | $ 3,260 |
[1] | All of the VIEs' assets can be used to settle obligations of their primary beneficiary. Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company's general assets (Note 2). |
Note 5 - Prepayments and Depo_3
Note 5 - Prepayments and Deposit to Suppliers - Prepayments and Deposit to Suppliers (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Prepayment and deposit to suppliers * | [1] | $ 4,657 | $ 6,980 |
Deposits to TV Ad and Internet Ad Resources Providers [Member] | |||
Prepayment and deposit to suppliers * | 307 | 1,315 | |
Prepayment to TV Ad and Internet Ad Resources Providers [Member] | |||
Prepayment and deposit to suppliers * | 3,696 | 4,361 | |
Prepayment For Software System Development [Member] | |||
Prepayment and deposit to suppliers * | 1,062 | ||
Other Deposits and Prepayments [Member] | |||
Prepayment and deposit to suppliers * | $ 654 | $ 242 | |
[1] | All of the VIEs' assets can be used to settle obligations of their primary beneficiary. Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company's general assets (Note 2). |
Note 6 - Due From Related Par_3
Note 6 - Due From Related Parties, Net (Details Textual) $ in Thousands, ¥ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | |
Due from Related Parties, Current, Total | [1] | $ 61 | $ 81 | |
Chuangshi Meiwei and Guoshua Shiji [Member] | Related-party Working Capital Loans [Member] | ||||
Due from Related Parties, Current, Total | $ 170 | ¥ 1.2 | ||
[1] | All of the VIEs' assets can be used to settle obligations of their primary beneficiary. Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company's general assets (Note 2). |
Note 6 - Due From Related Par_4
Note 6 - Due From Related Parties, Net - Due From Related Parties (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Due from related parties, gross | $ 61 | $ 253 | |
Allowance for doubtful accounts | (172) | ||
Due from Related Parties, Current, Total | [1] | 61 | 81 |
Zhong Wang Xi Yue Technology (Beijing) Co. Ltd [Member] | |||
Due from related parties, gross | 61 | 81 | |
Guohua Shiji [Member] | |||
Due from related parties, gross | $ 172 | ||
[1] | All of the VIEs' assets can be used to settle obligations of their primary beneficiary. Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company's general assets (Note 2). |
Note 7 - Other Current Assets_3
Note 7 - Other Current Assets, Net (Details Textual) $ in Thousands, ¥ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 830 | $ 2,340 | |
Internet Advertising And TV Advertising Contractual Deposit [Member] | |||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 720 | ¥ 5 |
Note 7 - Other Current Assets_4
Note 7 - Other Current Assets, Net - Summary of Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other receivables, gross | $ 1,462 | $ 728 |
Allowance for doubtful accounts | (717) | |
Other receivables, net | 1,462 | 11 |
Staff Advances for Business Operations [Member] | ||
Other receivables, gross | 18 | 11 |
Allowance for doubtful accounts | ||
Other receivables, net | 18 | 11 |
Loan to Unrelated Party [Member] | ||
Other receivables, gross | 1,444 | |
Allowance for doubtful accounts | ||
Other receivables, net | 1,444 | |
Overdue Deposits [Member] | ||
Other receivables, gross | 717 | |
Allowance for doubtful accounts | (717) | |
Other receivables, net |
Note 8 - Long-term Investments
Note 8 - Long-term Investments (Details Textual) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) |
Local Chain Xi’an [Member] | ||
Equity Securities without Readily Determinable Fair Value, Amount | $ 40 | ¥ 250 |
Equity Securities without Readily Determinable Fair Value, Percent | 4.90% | 4.90% |
Business Opportunity Chain [Member] | ||
Equity Securities without Readily Determinable Fair Value, Amount | $ 30 | ¥ 190 |
Equity Securities without Readily Determinable Fair Value, Percent | 19.00% | 19.00% |
Note 9 - Property and Equipme_3
Note 9 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation, Total | $ 10 | $ 60 |
Note 9 - Property and Equipme_4
Note 9 - Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Property and equipment, gross | $ 2,320 | $ 3,026 | |
Less: accumulated depreciation | (2,260) | (2,948) | |
Property and equipment, net * | [1] | 60 | 78 |
Vehicles [Member] | |||
Property and equipment, gross | 811 | 758 | |
Office Equipment [Member] | |||
Property and equipment, gross | 894 | 1,331 | |
Electronic Devices [Member] | |||
Property and equipment, gross | $ 615 | $ 937 | |
[1] | All of the VIEs' assets can be used to settle obligations of their primary beneficiary. Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company's general assets (Note 2). |
Note 10 - Intangible Assets, _3
Note 10 - Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization of Intangible Assets, Total | $ 850 | $ 110 |
Impairment of Intangible Assets, Finite-lived | $ 14,120 | |
Finite-Lived Intangible Asset, Useful Life (Year) | 6 years 197 days | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 430 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 420 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 400 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 420 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | $ 420 |
Note 10 - Intangible Assets, _4
Note 10 - Intangible Assets, Net - Intangible Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-lived intangible assets | $ 4,251 | $ 15,898 | |
Finite-lived intangible assets, Accumulated amortization | (1,258) | (6,505) | |
Cloud compute software technology | (436) | (7,494) | |
Intangible assets, net * | [1] | 2,557 | 1,899 |
Cloud-Computing Based Software Platforms [Member] | |||
Finite-lived intangible assets | 1,423 | 1,331 | |
Finite-lived intangible assets, Accumulated amortization | (978) | (898) | |
Cloud compute software technology | (436) | (408) | |
Intangible assets, net * | 9 | 25 | |
Customer Relationships [Member] | |||
Finite-lived intangible assets | 1,909 | ||
Finite-lived intangible assets, Accumulated amortization | (1,909) | ||
Cloud compute software technology | |||
Intangible assets, net * | |||
Livestreaming Technology [Member] | |||
Finite-lived intangible assets | 1,500 | ||
Finite-lived intangible assets, Accumulated amortization | (25) | ||
Cloud compute software technology | |||
Intangible assets, net * | 1,475 | ||
Noncompete Agreements [Member] | |||
Finite-lived intangible assets | 1,051 | ||
Finite-lived intangible assets, Accumulated amortization | (571) | ||
Cloud compute software technology | (480) | ||
Intangible assets, net * | |||
Software Technologies [Member] | |||
Finite-lived intangible assets | 294 | ||
Finite-lived intangible assets, Accumulated amortization | (294) | ||
Cloud compute software technology | |||
Intangible assets, net * | |||
Licensing Agreements [Member] | |||
Finite-lived intangible assets | 1,208 | 1,202 | |
Finite-lived intangible assets, Accumulated amortization | (135) | (15) | |
Cloud compute software technology | |||
Intangible assets, net * | 1,073 | 1,187 | |
Intelligent Marketing Data Service Platform [Member] | |||
Finite-lived intangible assets | 4,629 | ||
Finite-lived intangible assets, Accumulated amortization | (1,876) | ||
Cloud compute software technology | (2,753) | ||
Intangible assets, net * | |||
Internet Safety, Information Exchange Security and Data Encryption Software [Member] | |||
Finite-lived intangible assets | 1,863 | ||
Finite-lived intangible assets, Accumulated amortization | (419) | ||
Cloud compute software technology | (1,444) | ||
Intangible assets, net * | |||
Other Computer Software [Member] | |||
Finite-lived intangible assets | 120 | 872 | |
Finite-lived intangible assets, Accumulated amortization | (120) | (185) | |
Cloud compute software technology | |||
Intangible assets, net * | 687 | ||
Computer Software, Cloud Video Management System [Member] | |||
Finite-lived intangible assets | 1,362 | ||
Finite-lived intangible assets, Accumulated amortization | (338) | ||
Cloud compute software technology | (1,024) | ||
Intangible assets, net * | |||
Domain Name [Member] | |||
Domain name | 1,385 | ||
Domain name, Impairment | $ (1,385) | ||
[1] | All of the VIEs' assets can be used to settle obligations of their primary beneficiary. Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company's general assets (Note 2). |
Note 11 - Blockchain Platform_2
Note 11 - Blockchain Platform Applications Development Costs (Details Textual) $ in Thousands, ¥ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2018CNY (¥) |
Capitalized Cost of Blockchain Technology Based Applications Development Costs | $ 4,410 | $ 3,880 | ||
Contract to Develop Blockchain Technology Based Applications [Member] | ||||
Application Development Contracts, Contract Amount | $ 4,960 | $ 4,500 | ||
Contract to Develop Social Network Based Applications [Member] | ||||
Application Development Contracts, Contract Amount | $ 460 | ¥ 3 |
Note 12 - Short-term Bank Loa_2
Note 12 - Short-term Bank Loan and Credit Facility (Details Textual) $ in Thousands, ¥ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | |
Short-term Bank Loans and Notes Payable | [1] | $ 430 | ||
Revolving Credit Facility [Member] | Loans Payable [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 700 | ¥ 5 | ||
Short-term Bank Loans and Notes Payable | $ 430 | ¥ 3 | ||
[1] | All of the VIEs' assets can be used to settle obligations of their primary beneficiary. Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company's general assets (Note 2). |
Note 13 - Accrued Payroll and_3
Note 13 - Accrued Payroll and Other Accruals - Accrued Payroll and Other Accruals (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Accrued payroll and other accruals | [1] | $ 489 | $ 491 |
Accrued Payroll and Staff Welfare [Member] | |||
Accrued payroll and other accruals | 229 | 173 | |
Accrued Operating Expenses [Member] | |||
Accrued payroll and other accruals | $ 260 | $ 318 | |
[1] | All of the VIEs' assets can be used to settle obligations of their primary beneficiary. Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company's general assets (Note 2). |
Note 14 - Taxation (Details Tex
Note 14 - Taxation (Details Textual) $ in Thousands, $ in Millions | Apr. 01, 2018HKD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | |
Income Tax Withholding Rate Pursuant to EIT Law | 10.00% | |||
Operating Loss Carryforwards, Total | $ 23,300 | $ 20,300 | ||
Operating Loss Carryforwards, Taxable Income Deduction Limitations | 80.00% | |||
Deferred Tax Assets, Valuation Allowance, Total | $ 10,245 | 9,190 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 920 | $ 180 | ||
Minimum [Member] | ||||
PRC Value Added Tax Surcharge Rate | 12.00% | |||
Maximum [Member] | ||||
PRC Value Added Tax Surcharge Rate | 14.00% | |||
PRC [Member] | ||||
PRC Value Added Tax Rate for Modern Service Provided | 6.00% | 6.00% | ||
PRC [Member] | Provision of Modern Services Small Scale Tax Payer [Member] | ||||
PRC Value Added Tax Rate for Modern Service Provided Small Scale Tax Payer | 3.00% | 3.00% | ||
Other PRC Operating Entities [Member] | PRC [Member] | ||||
Applicable Income Tax Rate | 25.00% | 25.00% | ||
Business Opportunity Online [Member] | PRC [Member] | ||||
Applicable Income Tax Rate | 15.00% | 15.00% | ||
PRC Subsidiary And VIE's [Member] | ||||
Operating Loss Carryforwards, Total | $ 22,500 | $ 23,600 | ||
HONG KONG | ||||
Applicable Income Tax Rate for First Profit Limit | 8.25% | |||
Taxable Profits for Applicable Income Tax Rate | $ 2 | |||
Applicable Income Tax Rate for Subsequent Profit | 16.50% |
Note 14 - Taxation - Taxes Paya
Note 14 - Taxation - Taxes Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Turnover tax and surcharge payable | $ 1,353 | $ 1,244 | |
Enterprise income tax payable | 2,077 | 1,970 | |
Taxes payable | [1] | $ 3,430 | $ 3,214 |
[1] | All of the VIEs' assets can be used to settle obligations of their primary beneficiary. Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company's general assets (Note 2). |
Note 14 - Taxation - Reconcilia
Note 14 - Taxation - Reconciliation of the Income Tax (Expense)/Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pre-tax loss | $ (5,078) | $ (1,221) | |
U.S. federal rate | 21.00% | 21.00% | 21.00% |
Income tax benefit computed at U.S. federal rate | $ 1,066 | $ 256 | |
Rate differential for foreign earnings | 74 | 137 | |
Preferential tax treatment effect | (205) | (109) | |
Tax effect on non-taxable change in fair value of warrant liabilities | 137 | 105 | |
Provision of valuation allowance on deferred tax assets | (917) | (177) | |
Expired tax attribute carryforwards | (372) | (253) | |
Tax effect on other non-deductible expenses/non-taxable income | 74 | (8) | |
Effective income tax expense | $ (143) | $ (49) |
Note 14 - Taxation - Income Tax
Note 14 - Taxation - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current | $ (217) | |
Deferred | (143) | 168 |
Effective income tax expense | $ (143) | $ (49) |
Note 14 - Taxation - Deferred T
Note 14 - Taxation - Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Tax effect of net operating losses carried forward | $ 10,123 | $ 9,160 |
Bad debts provision | 728 | 743 |
Valuation allowance | (10,245) | (9,190) |
Total net deferred tax assets | $ 606 | $ 713 |
Note 16 - The Financing and W_3
Note 16 - The Financing and Warrant Liabilities (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Dec. 14, 2020 | Aug. 07, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 25, 2019 | Dec. 31, 2018 |
Warrants and Rights Outstanding | $ 2,051 | $ 1,505 | $ 107 | $ 606 | ||
Stock Issued During Period, Value, New Issues | 4,199 | 4,787 | ||||
Additional Paid-in Capital [Member] | ||||||
Stock Issued During Period, Value, New Issues | 4,195 | 4,783 | ||||
Investor Warrants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,728,396 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.03 | |||||
Warrants and Rights Outstanding | $ 1,746 | 1,279 | ||||
Placement Agent Warrants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 302,469 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.03 | |||||
Warrants and Rights Outstanding | $ 305 | 224 | ||||
The Warrants [Member] | Minimum [Member] | ||||||
Class of Warrant or Right, Beneficial Ownership Percentage | 4.99% | |||||
The Warrants [Member] | Maximum [Member] | ||||||
Class of Warrant or Right, Beneficial Ownership Percentage | 9.99% | |||||
Warrants Issued January 17, 2018 Containing Full Ratchet Price Protection [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.4927 | |||||
Private Placement [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,320,989 | 3,216,860 | ||||
Shares Issued, Price Per Share (in dollars per share) | $ 1.62 | $ 1.4927 | ||||
Proceeds from Issuance or Sale of Equity, Total | $ 7,000 | 7,000 | ||||
Sale of Equity, Placement Fee, Percent | 7.00% | |||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 1,060 | $ 15 | ||||
Placement Agent Fee | 490 | |||||
Stock Issuance Costs, Other Offering Costs | $ 260 | |||||
Stock Issued During Period, Value, New Issues | $ 4,800 | |||||
Private Placement [Member] | Additional Paid-in Capital [Member] | ||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | 15 | |||||
Stock Issued During Period, Value, New Issues | $ 4,790 | |||||
Private Placement [Member] | Investor Warrants [Member] | ||||||
Warrants and Rights Outstanding | $ 1,746 |
Note 16 - The Financing and W_4
Note 16 - The Financing and Warrant Liabilities - Fair Value of Warrants (Details) $ in Thousands | Dec. 31, 2020USD ($)yr | Dec. 14, 2020USD ($)yr | Dec. 31, 2019USD ($)yr | Dec. 31, 2018USD ($)yr | |||
Proceeds allocated to warrant liabilities | $ 1,505 | $ 2,051 | $ 107 | $ 606 | |||
Investor Warrants [Member] | |||||||
Proceeds allocated to warrant liabilities | 1,279 | 1,746 | |||||
Investor Warrants Issued in Connection with 2018 Financing [Member] | |||||||
Proceeds allocated to warrant liabilities | [1] | [2] | 71 | 503 | |||
Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | |||||||
Proceeds allocated to warrant liabilities | 2 | [3] | $ 36 | $ 103 | |||
Placement Agent Warrants [Member] | |||||||
Proceeds allocated to warrant liabilities | $ 224 | $ 305 | |||||
Measurement Input, Share Price [Member] | Investor Warrants [Member] | |||||||
Fair value of the warrants | 1.35 | 1.25 | |||||
Measurement Input, Share Price [Member] | Investor Warrants Issued in Connection with 2018 Financing [Member] | |||||||
Fair value of the warrants | [1] | 1.17 | 1.34 | ||||
Measurement Input, Share Price [Member] | Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | |||||||
Fair value of the warrants | 1.35 | [3] | 1.17 | 1.34 | |||
Measurement Input, Expected Term [Member] | Investor Warrants [Member] | |||||||
Fair value of the warrants | yr | 2.95 | 3 | |||||
Measurement Input, Expected Term [Member] | Investor Warrants Issued in Connection with 2018 Financing [Member] | |||||||
Fair value of the warrants | yr | [1] | 0.55 | 1.55 | ||||
Measurement Input, Expected Term [Member] | Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | |||||||
Fair value of the warrants | yr | 0.05 | [3] | 1.05 | 2.05 | |||
Measurement Input, Risk Free Interest Rate [Member] | Investor Warrants [Member] | |||||||
Fair value of the warrants | 0.0017 | 0.0017 | |||||
Measurement Input, Risk Free Interest Rate [Member] | Investor Warrants Issued in Connection with 2018 Financing [Member] | |||||||
Fair value of the warrants | [1] | 0.0158 | 0.025 | ||||
Measurement Input, Risk Free Interest Rate [Member] | Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | |||||||
Fair value of the warrants | 0.0008 | [3] | 0.0157 | 0.025 | |||
Measurement Input, Expected Dividend Rate [Member] | Investor Warrants [Member] | |||||||
Fair value of the warrants | |||||||
Measurement Input, Expected Dividend Rate [Member] | Investor Warrants Issued in Connection with 2018 Financing [Member] | |||||||
Fair value of the warrants | [1] | ||||||
Measurement Input, Expected Dividend Rate [Member] | Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | |||||||
Fair value of the warrants | [3] | ||||||
Measurement Input, Price Volatility [Member] | Investor Warrants [Member] | |||||||
Fair value of the warrants | 1.02 | 1.64 | |||||
Measurement Input, Price Volatility [Member] | Investor Warrants Issued in Connection with 2018 Financing [Member] | |||||||
Fair value of the warrants | [1] | 0.6 | 1.99 | ||||
Measurement Input, Price Volatility [Member] | Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | |||||||
Fair value of the warrants | 0.59 | [3] | 0.8 | 1.76 | |||
Measurement Input, Exercise Price [Member] | Investor Warrants [Member] | |||||||
Fair value of the warrants | 2.03 | 2.03 | |||||
Measurement Input, Exercise Price [Member] | Investor Warrants Issued in Connection with 2018 Financing [Member] | |||||||
Fair value of the warrants | [1] | 1.4927 | [4] | 6.6 | |||
Measurement Input, Exercise Price [Member] | Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | |||||||
Fair value of the warrants | 1.4927 | [3],[4] | 1.4927 | [4] | 6.6 | ||
Measurement Input, Quoted Price [Member] | Investor Warrants [Member] | |||||||
Fair value of the warrants | 0.74 | 1.01 | |||||
Measurement Input, Quoted Price [Member] | Investor Warrants Issued in Connection with 2018 Financing [Member] | |||||||
Fair value of the warrants | [1] | 0.11 | 0.78 | ||||
Measurement Input, Quoted Price [Member] | Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | |||||||
Fair value of the warrants | 0.02 | [3] | 0.28 | 0.8 | |||
[1] | The investor warrants issued in the 2018 Financing had expired during the year ended December 31, 2020. | ||||||
[2] | Not applicable. | ||||||
[3] | The placement agent warrants issued in the 2018 Financing with an original termination date on January 18, 2021 was subsequently extended to July 18, 2021 on January 18, 2021. | ||||||
[4] | On September 25, 2019, as a result of the close on the first half of the 2019 Financing, the exercise price of the warrants issued in 2018 Financing that contain the "full ratchet" price protection in the event of subsequent issuances below the applicable exercise price (the "Down round feature") was adjusted to $1.4927. |
Note 16 - The Financing and W_5
Note 16 - The Financing and Warrant Liabilities - Allocation of Gross Proceeds From the Financing (Details) - Private Placement [Member] - USD ($) $ in Thousands | Dec. 14, 2020 | Dec. 31, 2020 |
Investor warrants | $ 1,746 | |
Common Stock (par value and additional paid-in capital) | 5,254 | |
Total proceeds from the 2020 Financing | $ 7,000 | $ 7,000 |
Note 16 - The Financing and W_6
Note 16 - The Financing and Warrant Liabilities - Warrant Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 14, 2020 | Dec. 31, 2018 | |||||
Proceeds allocated to warrant liabilities | $ 1,505 | $ 107 | $ 2,051 | $ 606 | ||||
Change in fair value of warrants | (653) | (499) | ||||||
Investor Warrants Issued in Connection with 2020 Financing [Member] | ||||||||
Proceeds allocated to warrant liabilities | 1,279 | [1] | 1,746 | [1] | ||||
Change in fair value of warrants | (467) | [1] | ||||||
Placement Agent Warrants Issued in Connection with 2020 Financing [Member] | ||||||||
Proceeds allocated to warrant liabilities | 224 | [1] | 305 | [1] | ||||
Change in fair value of warrants | (81) | [1] | ||||||
Investor Warrants Issued in Connection with 2018 Financing [Member] | ||||||||
Proceeds allocated to warrant liabilities | [2] | 71 | [1] | 503 | ||||
Change in fair value of warrants | (71) | (432) | ||||||
Placement Agent Warrants Issued in Connection with 2018 Financing [Member] | ||||||||
Proceeds allocated to warrant liabilities | 2 | [3] | 36 | $ 103 | ||||
Change in fair value of warrants | $ (34) | $ (67) | ||||||
[1] | Not applicable. | |||||||
[2] | The investor warrants issued in the 2018 Financing had expired during the year ended December 31, 2020. | |||||||
[3] | The placement agent warrants issued in the 2018 Financing with an original termination date on January 18, 2021 was subsequently extended to July 18, 2021 on January 18, 2021. |
Note 16 - The Financing and W_7
Note 16 - The Financing and Warrant Liabilities - Warrant Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance (in shares) | 774,000 | 774,000 |
Exercisable (in shares) | 774,000 | 774,000 |
Issued (in shares) | 2,030,865 | |
Issued, weighted average remaining contractual life (Year) | 3 years | |
Issued, weighted average exercise price (in dollars per share) | $ 2.03 | |
Issued, exercisable (in shares) | ||
Exercisable, weighted average remaining contractual life, issued (Year) | ||
Issued, weighted average exercise price (in dollars per share) | ||
Expired (in shares) | (645,000) | |
Exercised (in shares) | ||
Weighted average remaining contractual life (Year) | 2 years 284 days | 229 days |
Weighted average exercise price (in dollars per share) | $ 2 | $ 14,927 |
Exercisable, weighted average remaining contractual life (Year) | 18 days | 229 days |
Exercisable, weighted average exercise price (in dollars per share) | $ 14,927 | $ 14,927 |
Expired, weighted average exercise price (in dollars per share) | $ 14,927 | |
Balance (in shares) | 2,159,865 | 774,000 |
Exercisable (in shares) | 129,000 | 774,000 |
Note 17 - Restricted Net Asse_2
Note 17 - Restricted Net Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | $ 8.2 | $ 6.2 |
Withholding Tax Rate Pursuant To EIT Law | 10.00% | |
WFOE [Member] | ||
Minimum Percentage Of Annual After-tax Profit For General Reserve | 10.00% | |
Minimum Required Reserve As Percent Of Registered Capital | 50.00% | |
Domestic Enterprise [Member] | ||
Minimum Percentage Of Annual After-tax Profit For General Reserve | 10.00% | |
Minimum Required Reserve As Percent Of Registered Capital | 50.00% |
Note 18 - Related Party Trans_3
Note 18 - Related Party Transaction - Revenue From Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Zhongwang Xiyue [Member] | ||
Revenue from related parties | $ 18 | $ 899 |
Note 19 - Employee Defined Co_2
Note 19 - Employee Defined Contribution Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan, Cost | $ 110 | $ 310 |
Note 20 - Concentration of Ri_3
Note 20 - Concentration of Risk (Details Textual) | Dec. 31, 2020 |
CHINA | |
Percent of Cash and Cash Equivalents Held by Major Financial Institutions | 77.00% |
UNITED STATES | |
Percent of Cash and Cash Equivalents Held by Major Financial Institutions | 23.00% |
Note 20 - Concentration of Ri_4
Note 20 - Concentration of Risk - Company's Concentration of Customers and Suppliers (Details) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||||
Concentration risk | 28.00% | 57.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||||
Concentration risk | [1] | 13.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer C [Member] | ||||
Concentration risk | [1] | 12.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer D [Member] | ||||
Concentration risk | 27.00% | [1] | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer E [Member] | ||||
Concentration risk | 21.00% | [1] | ||
Cost Of Sales Total [Member] | Supplier Concentration Risk [Member] | Supplier A [Member] | ||||
Concentration risk | 78.00% | 89.00% | ||
[1] | Less than 10%. |
Note 21 - Commitments and Con_2
Note 21 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2018 | |
Payment for Blockchain Technology Based Applications Development Costs | $ 503 | $ 160 | |
Contract to Develop Blockchain Technology Based Applications [Member] | |||
Application Development Contracts, Contract Amount | 4,960 | $ 4,500 | |
Payment for Blockchain Technology Based Applications Development Costs | $ 4,410 |
Note 22 - Segment Reporting (De
Note 22 - Segment Reporting (Details Textual) | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of Reportable Segments | 4 | |
Share-based Payment Arrangement, Expense | $ 2,152,000 | $ 393,000 |
Note 22 - Segment Reporting - S
Note 22 - Segment Reporting - Summary of Segment Reporting Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | ||||
Revenues | $ 38,408 | $ 58,080 | |||
Cost of revenues | 37,776 | 52,582 | |||
Total operating expenses | 6,333 | 7,186 | |||
Depreciation and amortization expense included in total operating expenses | 170 | ||||
Operating loss | (5,701) | (1,688) | |||
Change in fair value of warrant liabilities | 653 | 499 | |||
Expenditure for long-term assets | 2,003 | 2,122 | |||
Total assets | 20,667 | 18,551 | |||
Operating loss | (5,701) | (1,688) | |||
Net loss | (5,221) | (1,270) | |||
Total assets | 20,667 | 18,551 | |||
Corporate, Non-Segment [Member] | |||||
Revenues | 1,245 | 1,202 | |||
Cost of revenues | 576 | ||||
Total operating expenses | 3,531 | [1] | 1,943 | [2] | |
Depreciation and amortization expense included in total operating expenses | 4 | 18 | |||
Operating loss | (2,862) | (741) | |||
Change in fair value of warrant liabilities | 653 | 499 | |||
Expenditure for long-term assets | |||||
Total assets | 27,766 | 21,338 | |||
Operating loss | (2,862) | (741) | |||
Net loss | (428) | ||||
Total assets | 27,766 | 21,338 | |||
Intersegment Eliminations [Member] | |||||
Revenues | |||||
Cost of revenues | |||||
Total operating expenses | |||||
Depreciation and amortization expense included in total operating expenses | |||||
Operating loss | |||||
Change in fair value of warrant liabilities | |||||
Expenditure for long-term assets | |||||
Total assets | (23,024) | (22,079) | |||
Operating loss | |||||
Net loss | |||||
Total assets | (23,024) | (22,079) | |||
Internet Ad [Member] | Operating Segments [Member] | |||||
Revenues | 35,618 | 56,878 | |||
Cost of revenues | 35,700 | 52,582 | |||
Total operating expenses | 2,752 | 5,176 | |||
Depreciation and amortization expense included in total operating expenses | 825 | 150 | |||
Operating loss | (2,834) | (880) | |||
Change in fair value of warrant liabilities | |||||
Expenditure for long-term assets | 1,962 | ||||
Total assets | 8,310 | 13,332 | |||
Operating loss | (2,834) | (880) | |||
Net loss | (778) | ||||
Total assets | 8,310 | 13,332 | |||
Ecommerce O2O Ad and Marketing Services [Member] | Operating Segments [Member] | |||||
Revenues | 1,545 | ||||
Cost of revenues | 1,500 | ||||
Total operating expenses | 45 | 47 | |||
Depreciation and amortization expense included in total operating expenses | 25 | ||||
Operating loss | (47) | ||||
Change in fair value of warrant liabilities | |||||
Expenditure for long-term assets | 1,500 | ||||
Total assets | 3,206 | 2,075 | |||
Operating loss | (47) | ||||
Net loss | (44) | ||||
Total assets | 3,206 | 2,075 | |||
Blockchain Technology [Member] | Operating Segments [Member] | |||||
Revenues | |||||
Cost of revenues | |||||
Total operating expenses | 5 | 20 | |||
Depreciation and amortization expense included in total operating expenses | 2 | 2 | |||
Operating loss | (5) | (20) | |||
Change in fair value of warrant liabilities | |||||
Expenditure for long-term assets | 503 | 160 | |||
Total assets | 4,409 | 3,885 | |||
Operating loss | (5) | (20) | |||
Net loss | (20) | ||||
Total assets | 4,409 | $ 3,885 | |||
Corporate Segment [Member] | |||||
Revenues | 38,408 | ||||
Cost of revenues | 37,776 | ||||
Total operating expenses | [1] | 6,333 | |||
Depreciation and amortization expense included in total operating expenses | 856 | ||||
Operating loss | (5,701) | ||||
Change in fair value of warrant liabilities | 653 | ||||
Operating loss | $ (5,701) | ||||
[1] | Including approximately US$2,152,000 share-based compensation expenses. | ||||
[2] | Including approximately US$393,000 share-based compensation expenses. |
Note 23 - Loss Per Share - Basi
Note 23 - Loss Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net loss attributable to ZW Data Action Technologies Inc. (numerator for basic and diluted loss per share) | $ (5,216) | $ (1,261) |
Weighted average number of common shares outstanding – Basic and diluted (in shares) | 21,602,107 | 17,130,335 |
Loss per share -Basic and diluted (in dollars per share) | $ (0.24) | $ (0.07) |
Note 24 - Share-based Compens_3
Note 24 - Share-based Compensation Expenses (Details Textual) - USD ($) $ / shares in Units, shares in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Aug. 31, 2020 | Mar. 31, 2020 | Feb. 28, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expense | $ 2,152,000 | $ 393,000 | ||||||
Technical Consulting and Advisory Services Term (Year) | 1 year | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 320,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | $ 0 | ||||||
Forecast [Member] | ||||||||
Share-based Payment Arrangement, Expense | $ 40,000 | $ 280,000 | ||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 50 | 30 | 30 | |||||
Share Price (in dollars per share) | $ 1.36 | $ 1.11 | $ 1.77 | |||||
Share-based Payment Arrangement, Expense | $ 30,000 | $ 50,000 | ||||||
Issuance of Stock and Warrants for Services or Claims | $ 70,000 | |||||||
Restricted Stock [Member] | Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 430 | |||||||
Share Price (in dollars per share) | $ 1.11 | $ 1.11 | ||||||
Share-based Payment Arrangement, Expense | $ 340,000 | |||||||
Management Consulting and Advisor Service Term (Year) | 2 years | |||||||
Restricted Stock [Member] | Management Consulting and Advisor Service Providers [Member] | ||||||||
Share-based Payment Arrangement, Expense | 200,000 | |||||||
Issuance of Stock and Warrants for Services or Claims | $ 480,000 | |||||||
The 2015 Omnibus Securities and Incentive Plan [Member] | Restricted Stock [Member] | Management and Employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,600 | |||||||
Share Price (in dollars per share) | $ 1.18 | |||||||
Share-based Payment Arrangement, Expense | $ 1,890,000 |
Note 24 - Share-based Compens_4
Note 24 - Share-based Compensation Expenses - Share-based Compensation Expenses (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation expenses | $ 2,152,000 | $ 393,000 |
Selling and Marketing Expense [Member] | ||
Share-based Compensation expenses | 122,000 | |
General and Administrative Expense [Member] | ||
Share-based Compensation expenses | 1,884,000 | 393,000 |
Research and Development Expense [Member] | ||
Share-based Compensation expenses | $ 146,000 |
Note 24 - Share-based Compens_5
Note 24 - Share-based Compensation Expenses - Options Issued and Outstanding (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Options outstanding, number of underlying shares (in shares) | 755,216 | 835,216 | ||
Options outstanding, weighted average remaining contractual life (Year) | 332 days | 1 year 54 days | 2 years 14 days | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 2.43 | $ 2.49 | ||
Option exercisable, number of underlying shares (in shares) | 755,216 | 835,216 | ||
Option exercisable, weighted average remaining contractual life (Year) | 332 days | 1 year 54 days | 2 years 14 days | |
Option exercisable, weighted average exercise price (in dollars per share) | $ 2.43 | $ 2.49 | ||
Options outstanding, granted/vested (in shares) | 0 | |||
Options outstanding, granted/vested, weighted average exercise price (in dollars per share) | $ 0 | |||
Options outstanding, forfeited (in shares) | ||||
Options outstanding, forfeited, weighted average exercise price (in dollars per share) | ||||
Options outstanding, expired (in shares) | (477,240) | (80,000) | ||
Options outstanding, expired, weighted average exercise price (in dollars per share) | $ 2.10 | $ 3.08 | ||
Option exercisable, granted/vested, weighted average exercise price (in dollars per share) | $ 2.10 | $ 3.08 | ||
Options outstanding, exercised (in shares) | 0 | |||
Options outstanding, exercised, weighted average exercise price (in dollars per share) | $ 0 | |||
Options outstanding, number of underlying shares (in shares) | 277,976 | 755,216 | 835,216 | |
Options outstanding, weighted average remaining contractual life (Year) | 332 days | 1 year 54 days | 2 years 14 days | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 3 | $ 2.43 | $ 2.49 | |
Option exercisable, number of underlying shares (in shares) | 755,216 | 835,216 | 835,216 | 277,976 |
Option exercisable, weighted average exercise price (in dollars per share) | $ 3 | $ 2.43 | $ 2.49 |
Note 25 - Subsequent Events (De
Note 25 - Subsequent Events (Details Textual) $ / shares in Units, ¥ in Millions | Dec. 14, 2020USD ($)$ / sharesshares | Aug. 07, 2019$ / sharesshares | Mar. 31, 2021USD ($)$ / sharesshares | Feb. 28, 2021USD ($)$ / sharesshares | Jan. 31, 2021USD ($) | Jan. 31, 2021CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Share-based Payment Arrangement, Expense | $ | $ 2,152,000 | $ 393,000 | ||||||
Private Placement [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 4,320,989 | 3,216,860 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1.62 | $ 1.4927 | ||||||
Proceeds from Issuance or Sale of Equity, Total | $ | $ 7,000,000 | $ 7,000,000 | ||||||
Subsequent Event [Member] | The 2020 Omnibus Securities and Incentive Plan [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 30,000 | |||||||
Share Price (in dollars per share) | $ / shares | $ 3.13 | |||||||
Share-based Payment Arrangement, Expense | $ | $ 90,000 | |||||||
Subsequent Event [Member] | Unregistered Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 2,606,000 | |||||||
Warrants and Rights Outstanding, Term (Year) | 3 years 182 days | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 3.59 | |||||||
Subsequent Event [Member] | Private Placement [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 5,212,000 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 3.59 | |||||||
Proceeds from Issuance or Sale of Equity, Total | $ | $ 18,700,000 | |||||||
Subsequent Event [Member] | Xiao Peng Education [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 17.00% | 17.00% | ||||||
Payments to Acquire Equity Method Investments | $ 460,000 | ¥ 3 | ||||||
Subsequent Event [Member] | Guangzhou Gongxiang Technology Co. [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 15.00% | 15.00% | ||||||
Payments to Acquire Equity Method Investments | $ 230,000 | ¥ 1.5 |