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^[1]

491

521

Lease payment liabilities related to short-term leases

^[1]

3,214

2,997

136

^[1]

Other current liabilities

^[1]

221

118

Warrant liabilities

107

606

Total current liabilities

7,013

9,046

Long-term liabilities:

Long-term borrowing from a director

125

128

Total Liabilities

7,138

9,174

Commitments and contingencies

Equity:

Common stock (US$0.001 par value; authorized 50,000,000 shares; issued and outstanding 19,629,403 shares and 16,382,543 shares at December 31, 2019 and 2018, respectively)

Additional paid-in capital

43,111

38,275

Statutory reserves

2,607

Accumulated deficit

(35,773)

(34,512)

Accumulated other comprehensive income

1,505

1,457

Total ChinaNet Online Holdings, Inc.’s stockholders’ equity

11,470

7,843

Noncontrolling interests

(57)

(49)

Total equity

11,413

7,794

Total Liabilities and Equity

$ 18,551

$ 16,968

[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 (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accounts receivable, allowance for doubtful accounts	$ 3,148	$ 3,393
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)	19,629,403	16,382,543
Common stock, shares outstanding (in shares)	19,629,403	16,382,543

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues	$ 58,080	$ 57,146
Total revenues	58,080	57,146
Cost of revenues	52,582	54,728
Gross profit	5,498	2,418
Operating expenses
Sales and marketing expenses	540	1,970
General and administrative expenses	5,777	5,486
Research and development expenses	869	933
Impairment on intangible assets		3,330
Impairment on goodwill		5,211
Total operating expenses	7,186	16,930
Loss from operations	(1,688)	(14,512)
Other income/(expenses)
Change in fair value of warrant liabilities	499	1,669
Impairment on long-term investments		(453)
Interest expense, net	(35)	(37)
Other income/(expenses)	3	(30)
Total other income	467	1,149
Loss before income tax expense and noncontrolling interests	(1,221)	(13,363)
Income tax expense	(49)	(764)
Net loss	(1,270)	(14,127)
Net loss attributable to noncontrolling interests	9	102
Net loss attributable to ChinaNet Online Holdings, Inc.	(1,261)	(14,025)
Net loss	(1,270)	(14,127)
Foreign currency translation gain/(loss)	49	(135)
Comprehensive loss	(1,221)	(14,262)
Comprehensive loss attributable to noncontrolling interests	8	96
Comprehensive loss attributable to ChinaNet Online Holdings, Inc.	$ (1,213)	$ (14,166)
Loss per common share
Basic and diluted (in dollars per share)	$ (0.07)	$ (0.88)
Weighted average number of common shares outstanding:
Weighted average number of common shares outstanding – Basic and diluted (in shares)	17,130,335	15,863,894
Unrelated Parties [Member]
Revenues	$ 57,181	$ 57,146
Total revenues	57,181	57,146
Related Parties [Member]
Revenues	899
Total revenues	$ 899

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended		23 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019
Cash flows from operating activities
Net loss	$ (1,270,000)	$ (14,127,000)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	170,000	541,000
Amortization of operating lease right-of-use assets	90,000
Share-based compensation expenses	393,000	233,000
Provision of allowances for doubtful accounts	2,335,000	1,523,000
Impairment on intangible assets		3,330,000
Impairment on goodwill		5,211,000
Impairment on long-term investments		453,000
Change in fair value of warrant liabilities	(499,000)	(1,669,000)
Deferred taxes	(168,000)	764,000
Changes in operating assets and liabilities
Accounts receivable	699,000	(232,000)
Prepayment and deposit to suppliers	(5,221,000)	1,345,000
Due from related parties	145,000	(178,000)
Other current assets	7,000	25,000
Accounts payable	(2,441,000)	161,000
Advances from customers	973,000	(2,414,000)
Accrued payroll and other accruals	27,000	28,000
Other current liabilities	110,000	(307,000)
Taxes payable	265,000	(20,000)
Prepaid lease payment	(10,000)
Lease payment liability related to short-term leases	138,000
Net cash used in operating activities	(4,311,000)	(5,389,000)
Cash flows from investing activities
Payment for office equipment		(11,000)
(Investment to)/withdraw investment from investees	(36,000)	453,000
Short-term loan to unrelated parties		(2,107,000)
Collection of short-term loan from unrelated parties		4,676,000
Payment for acquisition of noncontrolling interest		(1,889,000)
Payment for blockchain platform applications development costs	(160,000)	(3,738,000)	$ (3,880,000)
Payment for purchase of software technology and other intangible assets	(1,962,000)	(431,000)
Net cash used in investing activities	(2,158,000)	(3,047,000)
Cash flows from financing activities
Proceeds from issuance of common stock and warrant (net of cash offering cost of US$15 and US$809, respectively)	4,787,000	10,263,000
Repayment to investors related to terminated security purchase agreements		(922,000)
Proceeds from short-term bank loan	435,000	907,000
Repayment of short-term bank loan	(870,000)	(756,000)
Net cash provided by financing activities	4,352,000	9,492,000
Effect of exchange rate fluctuation on cash, cash equivalents, and restricted cash	(22,000)	(266,000)
Net (decrease)/increase in cash, cash equivalents and restricted cash	(2,139,000)	790,000
Cash, cash equivalents, and restricted cash at beginning of the year	3,742	2,952
Cash, cash equivalents, and restricted cash at end of the year	1,603	3,742	$ 1,603
Supplemental disclosure of cash flow information
Income taxes paid
Interest expense paid	$ 42,000	$ 157,000

Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Issuance of common stock, cost	$ 15	$ 809

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, 2017	13,982,542
Balance at Dec. 31, 2017	$ 14	$ 31,554	$ 2,607	$ (20,487)	$ 1,598	$ 177	$ 15,463
Issuance of common stock for private placement, net (in shares)	2,150,001
Issuance of common stock for private placement, net	$ 2	7,986					7,988
Share-based payment in exchange for services from nonemployees (in shares)	250,000
Share-based payment in exchange for services from nonemployees		421					421
Share-based compensation related to awards provided to employees and directors (in shares)
Share-based compensation related to awards provided to employees and directors		152					152
Purchase noncontrolling interests in a Variable Interest Entity		(1,838)				(130)	(1,968)
Net loss for the year				(14,025)		(102)	(14,127)
Foreign currency translation adjustment					(141)	6	(135)
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, net (in shares)	3,216,860
Issuance of common stock for private placement, net	$ 4	4,783					4,787
Share-based compensation related to awards provided to employees and directors (in shares)	30,000
Share-based compensation related to awards provided to employees and directors		53					53
Net loss for the year				(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

Consolidated Statements of Changes in Equity (Parentheticals) - USD ($) $ in Thousands		12 Months Ended
	Aug. 07, 2019	Dec. 31, 2019	Dec. 31, 2018	Jan. 31, 2018	Jan. 17, 2018
Private Placement [Member] \| Investor Warrants [Member]
Proceeds allocated to warrant liabilities			$ 1,890
Private Placement [Member] \| Placement Agent Warrants [Member]
Proceeds allocated to warrant liabilities			385
Private Placement [Member]
Direct offering costs	$ 15	$ 15	1,194
Investor Warrants [Member]
Proceeds allocated to warrant liabilities		71	503	$ 1,890	$ 1,890
Placement Agent Warrants [Member]
Proceeds allocated to warrant liabilities		36	103	385	$ 385
Proceeds allocated to warrant liabilities		$ 107	$ 606	$ 2,275

Note 1 - Organization and Nature of Operations

12 Months Ended

Dec. 31, 2019

Nature of Operations [Text Block]

Organization and nature of operations

ChinaNet Online Holdings, Inc. (the “Company”) was incorporated in the State of Texas in

April 2006

and re-domiciled to become a Nevada corporation in

October 2006.

June 26, 2009,

the Company consummated a share exchange transaction with China Net Online Media Group Limited (the “Share Exchange”), a company organized under the laws of British Virgin Islands (“China Net BVI”). As a result of the Share Exchange, China Net BVI became a wholly owned subsidiary of the Company and the Company is now a holding company, which, through certain contractual arrangements with operating companies in the People’s Republic of China (the “PRC”), is engaged in providing advertising, precision marketing, online to offline sales channel expansion and the related data and technical services to small and medium enterprises in the PRC. In early

2018,

the Company commenced to expand its business into the blockchain industry and the related technology. For the years ended

December 31, 2019

and

2018,

the Company was in the process of developing its blockchain-powered platform applications (See Note

The Company’s wholly owned subsidiary, China Net BVI was incorporated in the British Virgin Islands on

August 13, 2007.

April 11, 2008,

China Net BVI became the parent holding company of a group of companies comprised of CNET Online Technology Co. Limited, a Hong Kong company (“China Net HK”), which established and is the parent company of Rise King Century Technology Development (Beijing) Co., Ltd., a wholly foreign-owned enterprise (“WFOE”) established in the PRC (“Rise King WFOE”). The Company refers to the transactions that resulted in China Net BVI becoming an indirect parent company of Rise King WFOE as the “Offshore Restructuring.”

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.

To satisfy PRC laws and regulations, the Company conducts certain business in the PRC through its Variable Interest Entities (“VIEs”). Through a series of contractual agreements (the “Contractual Agreements” or “VIE Agreements”) between Rise King WFOE and Business Opportunity Online (Beijing) Network Technology Co., Ltd. (“Business Opportunity Online”), Beijing CNET Online Advertising Co., Ltd. (“Beijing CNET Online”) (collectively the “PRC Operating Entities” or the “VIEs”) and its common individual owners (the “PRC Shareholders” or the “Control Group”), the Company, through Rise King WFOE, secures significant rights to influence the PRC Operating Entities’ business operations, policies and management, approve all matters requiring shareholder approval, and the right to receive the income earned by the PRC Operating Entities. In return, Rise King WFOE provides consulting services to the PRC Operating Entities. In addition, to ensure that the PRC Operating Entities and the PRC Shareholders perform their obligations under the Contractual Arrangements, the PRC Shareholders have pledged all of their equity interests in the PRC Operating Entities to Rise King WFOE. They also entered into an option agreement with Rise King WFOE which provides that at such time as when the restrictions under PRC law on foreign ownership of Chinese companies engaging in the Internet content, information services or advertising business in China are lifted, Rise King WFOE

may

exercise its option to purchase the equity interests in the PRC Operating Entities, directly.

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

“Consolidation”, subtopic

10.

As of

December 31, 2019,

the Company’s consolidated subsidiaries and VIEs are summarized as follows:

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, 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

Rise King Century Technology Development (Beijing) Co., Ltd. (“Rise King WFOE”) (1)	PRC, January 17, 2008	100%	Investment holding company, providing technical services

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 TV advertising service and other value-added services

ChinaNet Online Holdings Co., Ltd. (“ChinaNet Online PRC”) (1)	PRC, August 31, 2015	100%	Investment holding company

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

Hubei CNET Advertising Media Co., Ltd. (“Hubei CNET”) (2)	PRC, April 18, 2011	100%	Providing TV advertising service and other value-added services

Sheng Tian Network Technology (Hubei) Co., Ltd. (“Sheng Tian Hubei”) (2)	PRC, July 1, 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)	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

Business Opportunity Chain (Beijing) Technology Development Co., Ltd. (“Business Opportunity Chain”) (1)	PRC, May 11, 2018	51%	Providing research and develop and other technical support services for the blockchain business unit

(

)

A direct or indirect subsidiary of the Company.

(

)

The Company’s consolidated VIE, or a direct or indirect subsidiary of the Company’s consolidated VIE.

Note 2 - Variable Interest Entities

12 Months Ended

Dec. 31, 2019

Variable Interest Entities Disclosure [Text Block]

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:

Pursuant to the Exclusive Business Cooperation Agreements entered into by and between Rise King WFOE and each of the PRC Operating Entities, Rise King WFOE has the exclusive right to provide to the PRC Operating Entities complete technical support, business support and related consulting services during the term of these agreements, which includes but is

not

limited to technical services, business consultations, equipment or property leasing, marketing consultancy system integration, product research and development, and system maintenance. In exchange for such services, each PRC Operating Entity has agreed to pay a service fee consisting of a management fee and a fee for services provided, to Rise King WFOE, which shall be determined by Rise King WFOE according to the following factors: the complexity and difficulty of the services, seniority of and time consumed by the employees, specific contents, scope and value of the services, market price of the same type of services, and operation conditions of the PRC Operating Entities. Each agreement shall remain effective unless terminated in accordance with the provisions thereof or terminated in writing by Rise King WFOE.

Exclusive Option Agreements:

Under the Exclusive Option Agreements entered into by and among Rise King WFOE, each of the PRC Shareholders irrevocably granted to Rise King WFOE or its designated person an exclusive option to purchase, to the extent permitted by PRC law, a portion or all of their respective equity interest in any PRC Operating Entities for a purchase price of RMB

10,

or a purchase price to be adjusted to be in compliance with applicable PRC laws and regulations. Rise King WFOE, or its designated person, has the sole discretion to decide when to exercise the option, whether in part or in full. Each of these agreements shall become effective upon execution and remain effective until all equity interests held by the relevant PRC Shareholder(s) in the PRC Operating Entities have been transferred or assigned to Rise King WFOE and/or any other person designated by Rise King WFOE.

Equity Pledge Agreements:

Under the Equity Pledge Agreements entered into by and among Rise King WFOE, the PRC Operating Entities and each of the PRC Shareholders, the PRC Shareholders pledged all of their equity interests in the PRC Operating Entities to guarantee the PRC Operating Entities’ and the PRC Shareholders’ performance of the relevant obligations under the Exclusive Business Cooperation Agreements and other Contractual Agreements. If the PRC Operating Entities or any of the PRC Shareholders breaches its/his/her respective contractual obligations under these agreements, or upon the occurrence of

one

of the events regarded as an event of default under each such agreement, Rise King WFOE, as pledgee, will be entitled to certain rights, including the right to dispose of the pledged equity interests. The PRC Shareholders of the PRC Operating Entities agreed

not

to dispose of the pledged equity interests or take any actions that would prejudice Rise King WFOE's interest, and to notify Rise King WFOE of any events or upon receipt of any notices which

may

affect Rise King WFOE's interest in the pledge. Each of the equity pledge agreements will be valid until all the obligations under the Exclusive Business Cooperation Agreements and other Contractual Agreements have been fulfilled, including the service fee payments related to the Exclusive Business Cooperation Agreement are paid in full.

Irrevocable Powers of Attorney:

The PRC Shareholders have each executed an irrevocable power of attorney to appoint Rise King WFOE as their exclusive attorneys-in-fact to vote on their behalf on all PRC Operating Entities matters requiring shareholder approval. The term of each power of attorney is valid so long as such shareholder is a shareholder of the respective PRC Operating Entity.

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

limited to, the development and execution of the overall business strategy; important and material decision making; decision making for merger and acquisition targets and execution of merger and acquisition plans; business partnership strategy development and execution; government liaison; operation management and review; and human resources recruitment and compensation and incentive strategy development and execution. Rise King WFOE also provides comprehensive services to the VIEs for their daily operations, such as operational technical support, office automation technical support, accounting support, general administration support and technical support for products and services. As a result of the Exclusive Business Cooperation Agreements, the Equity Pledge Agreements and the Exclusive Option Agreements, the Company will bear all of the VIEs’ operating costs in exchange for the net income of the VIEs. Under these agreements, the Company has the absolute and exclusive right to enjoy economic benefits similar to equity ownership through the VIE Agreements with its PRC Operating Entities and their shareholders.

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.

March 15, 2019,

the National People’s Congress of the PRC approved the Foreign Investment Law, which came into effect on

January 1, 2020,

replaced the trio of existing laws regulating foreign investment in China, namely, the Sino-foreign Equity Joint Venture Enterprise Law, the Sino-foreign Cooperative Joint Venture Enterprise Law and the Wholly Foreign-invested Enterprise Law, together with their implementation rules and ancillary regulations.

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

explicitly classify contractual arrangements as a form of foreign investment, there is

assurance that foreign investment via contractual arrangement would

not

be interpreted as a type of indirect foreign investment activities under the definition in the future. In addition, the definition contains a catch-all provision which includes investments made by foreign investors through means stipulated in laws or administrative regulations or other methods prescribed by the State Council. Therefore, it still leaves leeway for future laws, administrative regulations or provisions promulgated by the State Council to provide for contractual arrangements as a form of foreign investment. In any of these cases, it will be uncertain whether the Company’s contractual arrangements will be deemed to be in violation of the market access requirements for foreign investment under the PRC laws and regulations. Furthermore, if future laws, administrative regulations or provisions prescribed by the State Council mandate further actions to be taken by companies with respect to existing contractual arrangements, the Company

may

face substantial uncertainties as to whether it can complete such actions in a timely manner, or at all. Failure to take timely and appropriate measures to cope with any of these or similar regulatory compliance challenges could materially and adversely affect the Company’s current corporate structure, corporate governance and business operations.

In addition, these contractual arrangements

may

not

be as effective in providing the Company with control over the VIEs as direct ownership. Due to its VIE structure, the Company has to rely on contractual rights to effect control and management of the VIEs, which exposes it to the risk of potential breach of contract by the shareholders of the VIEs for a number of reasons. For example, their interests as shareholders of the VIEs and the interests of the Company

may

conflict, and the Company

may

fail to resolve such conflicts; the shareholders

may

believe that breaching the contracts will lead to greater economic benefit for them; or the shareholders

may

otherwise act in bad faith. If any of the foregoing were to happen, the Company

may

have to rely on legal or arbitral proceedings to enforce its contractual rights, including specific performance or injunctive relief, and claiming damages. Such arbitral and legal proceedings

may

cost substantial financial and other resources, and result in a disruption of its business, and the Company cannot assure that the outcome will be in its favor. In addition, as all of these contractual arrangements are governed by PRC law and provide for the resolution of disputes through either arbitration or litigation in the PRC, they would be interpreted in accordance with PRC law and any disputes would be resolved in accordance with PRC legal procedures. The legal environment in the PRC is

not

as developed as in other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could further limit the Company’s ability to enforce these contractual arrangements. Furthermore, these contracts

may

not

be enforceable in China if PRC government authorities or courts take a view that such contracts contravene PRC laws and regulations or are otherwise

not

enforceable for public policy reasons. In the event that the Company is unable to enforce any of these agreements, the Company would

not

be able to exert effective control over the affected VIEs and consequently, the results of operations, assets and liabilities of the affected VIEs and their subsidiaries would

not

be included in the Company's consolidated financial statements. If such were the case, the Company's cash flows, financial position and operating performance would be materially adversely affected.

Summarized below is the information related to the VIEs’ assets and liabilities reported in the Company’s consolidated balance sheets as of

December 31, 2019

and

2018,

respectively:

	As of December 31,
	2019		2018
	US$(’000)		US$(’000)
Assets
Current assets:
Cash and cash equivalents	$	699	$	2,328
Accounts receivable, net		2,876		6,359
Prepayment and deposit to suppliers		3,998		1,724
Due from related parties, net		81		26
Other current assets, net		6		11
Total current assets		7,660		10,448

Long-term investments		35		-
Operating lease right-of-use assets		12		-
Property and equipment, net		40		84
Intangible assets, net		25		42
Deferred tax assets		713		556
Total Assets	$	8,485	$	11,130

Liabilities
Current liabilities:
Short-term bank loan	$	430	$	874
Accounts payable		408		2,868
Advances from customers		2,006		1,059
Accrued payroll and other accruals		132		155
Taxes payable		2,568		2,562
Lease payment liabilities related to short-term leases		19		-
Other current liabilities		84		66
Total current liabilities		5,647		7,584

Total Liabilities	$	5,647	$	7,584

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.

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, 2019

and

2018,

respectively

	Year Ended December 31,
	2019		2018
	US$(’000)		US$(’000)

Revenues	$	56,172	$	57,133
Cost of revenues		52,582		54,728
Total operating expenses (including impairment on intangible assets and goodwill)		4,652		12,826
Net loss before allocation to noncontrolling interests		929		10,862

Note 3 - Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Significant Accounting Policies [Text Block]

Summary of significant accounting policies

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”).

Going concern

The Company incurred operating losses and had negative operating cash flows and

may

continue to incur operating losses and generate negative cash flows as the Company implements its future business plan. The Company’s net loss attributable to stockholders for the year ended

December 31, 2019

was approximately

US$1.26

million, compared with approximately

US$14.03

million for the year ended

December 31, 2018.

As of

December 31, 2019,

the Company has cash and cash equivalents of approximately

US$1.60

million and net cash used in operating activities during the year ended

December 31, 2019

was approximately

US$4.31

million.

The Company does

not

currently have sufficient cash or commitments for financing to sustain its operation for the

twelve

months from the issuance date of these financial statements. The Company plans to optimize its internet resources cost investment strategy to improve the gross profit margin of its core business and to further strengthen the accounts receivables collection management and negotiate with vendors for more favorable payment terms, all of which will help to substantially increase the cashflows from operations. However, the COVID-

outbreak incurred in the

first

fiscal quarter of

2020

in the PRC has had and

may

continue to have an adverse effect on the Company’s business operations and cashflows. If the Company fails to achieve these goals, the Company

may

need additional financing to execute its business plan. If additional financing is required, the Company cannot predict whether this additional financing will be in the form of equity, debt, or another form, and the Company

may

not

be able to obtain the necessary additional capital on a timely basis, on acceptable terms, or at all. In the event that financing sources are

not

available, or that the Company is unsuccessful in increasing its gross profit margin and reducing operating losses, the Company

may

be unable to implement its current plans for expansion, repay debt obligations or respond to competitive pressures, any of which would have a material adverse effect on the Company’s business, prospects, financial condition and results of operations. These factors raise substantial doubt about the Company's ability to continue as a going concern within

one

year after the date that the financial statements are issued.

The consolidated financial statements as of

December 31, 2019

have been prepared under the assumption that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities in the normal course of business over a reasonable period of time. The Company's ability to continue as a going concern is dependent upon its uncertain ability to increase gross profit margin and reduce operating loss from its core business and/or obtain additional equity and/or debt financing. The accompanying financial statements as of

December 31, 2019

not

include any adjustments that might result from the outcome of these uncertainties. If the Company is unable to continue as a going concern, it

may

have to liquidate its assets and

may

receive less than the value at which those assets are carried on the financial statements.

c)	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

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 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,
	2019		2018
Balance sheet items, except for equity accounts		6.9762		6.8632

	Year Ended December 31,
	2019		2018
Items in the statements of operations and comprehensive loss		6.8985		6.6174

representation is made that the RMB amounts could have been or could be converted into US$ at the above rates.

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

months or less at the time of purchase to be cash equivalents. As of

December 31, 2018,

the Company’s cash and cash equivalents also included an approximately

US$0.03

million term deposit placed as a collateral for the Company’s short-term bank loan for a

one

-year period, which matured in

October 2019.

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

have any off-balance-sheet credit exposure relating to its customers, suppliers or others. For the years ended

December 31, 2019

and

2018,

the Company recorded approximately

US$2.34

million and

US$0.76

million of allowances for doubtful accounts against its accounts receivable, respectively. For the year ended

December 31, 2019,

the Company also charged off approximately

US$2.5

million account receivable balances

against the related allowance for doubtful accounts due to collection of these balances were considered remote

Long-term investments

Equity method investments

The Company accounts for its investments in entities in which the Company can exercise significant influence but does

not

own a majority equity interest or control under the equity method of accounting in accordance with ASC Topic

323

“Investments-Equity Method and Joint Ventures”. An investment (direct or indirect) of

20%

or more of the voting stock shall lead to a presumption that in the absence of predominate evidence to the contrary an investor has the ability to exercise significant influence over an investee. Under the equity method of accounting, an investee company’s accounts are

not

reflected within the Company’s consolidated balance sheets and statements of operations and comprehensive loss; however, the Company’s pro-rata share of the income or losses of the investee company is included in the consolidated statements of operations and comprehensive loss. The Company’s carrying value (including advance to the investee) in equity method investee companies is recorded as “Long-term investments” in the Company’s consolidated balance sheets.

When the Company’s carrying value in an equity method investee company is reduced to zero,

further losses are recorded in the Company’s consolidated financial statements unless the Company guaranteed obligations of the investee company or has committed additional funding. When the investee company subsequently reports income, the Company will

not

record its share of such income until it equals the amount of its share of losses

not

previously recognized.

The Company assesses its equity method investments for other-than-temporary impairment in accordance with ASC

323

through

32A,

evidence of loss in value might include, but would

not

necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. The impairment to be recognized is measured by the amount by which the carrying value exceed its fair value.

For the years ended

December 31, 2019

and

2018,

other-than temporary impairment loss was recorded associated with the Company’s equity method investments.

Investments in equity securities and other ownership interests

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

consolidated, and over which the Company does

not

exercise significant influence, are accounted for in accordance with ASC Topic

321:

“Investments-Equity securities”. The Company generally owns less than

20%

interest in the voting securities of these investee companies. In accordance with ASC

321

the Company chooses to measure these investments which do

not

have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the Company and records the carrying value of these investments as “Long-term investments” in the Company’s consolidated balance sheets.

In accordance with ASC

321

the Company writes down the carrying value of these investments to its fair value if a qualitative assessment indicates that the investment is impaired, and the fair value of the investment is less than its carrying value, as determined using the guidance in ASC

321

For the years ended

December 31, 2019

and

2018,

the Company recorded approximately US$nil and

US$0.45

million of impairment loss, respectively, associated with its investments in other ownership interests that are

not

accounted for under the equity method of accounting.

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 expenses 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

improve or extend the expected useful lives of the assets are charged to expenses as incurred, whereas the cost of renewals and betterments that extend the useful life of the assets are capitalized as additions to the related assets.

Intangible assets, net

The Company accounted for cost related to internal-used software in accordance with ASC Topic

350

“Intangibles-Goodwill and Other-Internal-Use Software”. Internal-use software is initially recorded at cost and amortized on a straight-line basis over the estimated useful economic life of

years.

Impairment of long-lived assets

In accordance with ASC

360

35,

long-lived assets, which include tangible long-lived assets and intangible long-lived assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset

may

not

be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of the asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment loss is recognized for the difference between the carrying amount of the asset and its fair value.

For the years ended

December 31, 2019

and

2018,

the Company recognized US$nil and

US$3.33

million impairment loss associated with its intangible assets, respectively. See Note

(o) for detailed disclosures about the valuation techniques and inputs used in the fair value measurement for the Company’s intangible assets.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired as a result of the Company's acquisitions of interests in its consolidated VIEs.

Goodwill is

not

depreciated or amortized but is tested for impairment at the reporting unit level at least on an annual basis, and between annual tests when an event occurs, or circumstances change that could indicate that the asset might be impaired. The Company adopted ASU

2017

04,

“Intangibles-Goodwill and Other (Topic

350

)-Simplifying the Test for Goodwill Impairment”, which eliminated step

of the goodwill impairment test. As a result, the Company performs its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and recognizes the goodwill impairment loss for the amount that the carrying amount of a reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. In accordance with ASC

350

31,

if goodwill and another asset (or asset group) of a reporting unit are tested for impairment at the same time, the other asset (or asset group) shall be tested for impairment before goodwill. If the other asset (or asset group) was impaired, the impairment loss would be recognized prior to goodwill being test for impairment.

Application of a goodwill impairment test requires significant management judgments. The judgments in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit.

For the year ended

December 31, 2018,

after assessing the events or circumstances as described in ASC

350

(a) through (g), the Company determined that it was more likely than

not

that the fair value of its internet advertising and data services reporting unit was less than its carrying amount. As a result, the Company performed interim goodwill impairment test as of

June 30, 2018

and recognized an approximately

US$5.21

million of goodwill impairment loss associated with this reporting unit, which was equal to the remaining carrying amount of the Company’s goodwill as of

June 30, 2018.

See Note

(o) for detailed disclosures about the valuation techniques and inputs used in the fair value measurement for the Company’s goodwill.

Changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary

The Company accounted for changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary in accordance with ASC Topic

810

“Consolidation”, subtopic

10,

which requires the transaction be accounted for as an equity transaction. Therefore,

gain or loss shall be recognized in the Company’s consolidated statements of operations and comprehensive loss. The carrying amount of the noncontrolling interest shall be adjusted to reflect the change in its ownership interest in the subsidiary. Any difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interest is adjusted shall be recognized in equity attributable to the parent and reallocated the subsidiary’s accumulated comprehensive income, if any, among the parent and the noncontrolling interest through an adjustment to the parent’s equity.

The Company acquired the remaining

49%

equity interest in Chuang Fu Tian Xia in

May 2018

and accounted for this transaction as an equity transaction with

gain or loss recognized in the consolidated statements of operations and comprehensive loss for the year ended

December 31, 2018.

The difference between the cash consideration paid and the amount by which the noncontrolling interest was adjusted to reflect the change in its ownership interest in the VIE of approximately

US$1.81

million and a reallocation of Chuang Fu Tian Xia’s accumulated comprehensive loss of approximately

US$0.03

million were recognized as losses in equity attributable to the Company included in additional paid-in capital for the year ended

December 31, 2018.

Noncontrolling interest

The Company accounts for noncontrolling interest in accordance with ASC Topic

810

45,

which requires the Company to present noncontrolling interests as a separate component of total shareholders’ equity on the consolidated balance sheet and the consolidated net income/(loss) attributable to the parent and the noncontrolling interest be clearly identified and presented on the face of the consolidated statement of operations and comprehensive loss. ASC Topic

810

also requires that losses attributable to the parent and the noncontrolling interest in a subsidiary be attributed to those interests even if it results in a deficit noncontrolling interest balance.

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

"Fair Value Measurement and Disclosures," defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. There are

three

levels of inputs that

may

be used to measure fair value:

Level

- Quoted prices in active markets for identical assets or liabilities.

Level

- Observable inputs other than Level

prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are

not

active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level

- Unobservable inputs that are supported by little or

market activity and that are significant to the fair value of the assets or liabilities.

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, 2019

and

2018

is as follows:

Fair value measurement at reporting date using

As of

December 31, 2019

Quoted Prices
in Active Markets
for Identical Assets/Liabilities
(Level 1)

Significant
Other
Observable Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

US$(’000)

Warrant liabilities

107

Fair value measurement at reporting date using

As of

December 31, 2018

Quoted Prices
in Active Markets
for Identical Assets/Liabilities
(Level 1)

Significant
Other
Observable Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

US$(’000)

Warrant liabilities

606

Significant unobservable inputs utilized to determine the fair value of the Company’s warrant liabilities was disclosed in Note

16.

The Company’s intangible assets and goodwill are measured at fair value on a nonrecurring basis and they are recorded at fair value only when impairment is recognized.

For the year ended

December 31, 2018,

when the Company identified that events or changes in circumstances indicated its intangible assets and goodwill might be impaired, the Company determined the fair value of the related intangible assets and goodwill using income approach. The following table summarized the related quantitative information about the Company’s Level

fair value measurements, which utilized significant unobservable internally-developed inputs:

	Valuation techniques	Unobservable inputs	Value/Range of Inputs

		Remaining useful life (years)		7.75
Intangible assets	Multi-period Excess Earning	Discount rate		24%
		Contributory asset charge	8.9%	-	24%

		Base projection period (years)		5
Goodwill	Discounted Cash Flow	Discount rate		20%
		Terminal growth rate		3.50%

Revenue recognition

January 1, 2018,

the Company adopted ASC Topic

606,

“Revenue from Contracts with Customers”, applying the modified retrospective method. The adoption didn’t result in a material adjustment to the Company’s accumulated deficit as of

January 1, 2018.

In accordance with ASC Topic

606,

revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. In determining when and how much revenue is recognized from contracts with customers, the Company performs the following

five

-step analysis: (

) identify the contract(s) with a customer; (

) identify the performance obligations in the contract; (

) determine the transaction price; (

) allocate the transaction price to the performance obligations in the contract; (

) recognize revenue when (or as) the entity satisfies a performance obligation.

Multiple performance obligations included in the Company’s contracts with customers for the distribution of the right to use search engine marketing service 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

include significant financing component and any variable consideration.

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, 2019

and

2018.

The Company does

not

believe that significant management judgements are involved in revenue recognition, but the amount and timing of the Company’s revenues could be different for any period if management made different judgments or utilized different estimates. Generally, the Company recognizes revenue under ASC Topic

606

for each type of its performance obligation either over time or at a point in time as follows:

Online advertising placement service/TV advertising service

For online advertising placement service contracts and TV advertising 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 during specific TV programs for agreed periods. Revenue is recognized ratably over the period the advertising is provided 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”).

Search engine marketing and data service

Revenue from search engine marketing and data services 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.

Technical services

Revenues generated from providing internet advertising data analysis and management related technical services

was recognized upon completion of the service performance obligation, when the Company had the enforceable right to the payment of the service delivered to the customers

(“point in time”)

Sales of software

For software sales revenue generated for the year ended

December 31, 2019,

revenue was recognized

upon control of the promised goods was transferred to the customer

and the Company has

performance obligation after the delivery (“point in time”)

The following tables present the Company’s revenues disaggregated by products and services and timing of revenue recognition:

	Year Ended December 31,
	2019		2018
	US$(’000)		US$(’000)
Internet advertising and related data and technical service
--distribution of the right to use search engine marketing service		41,361		47,423
--online advertising placements		14,552		9,094
--sales of effective sales lead information		255		494
--Technical services		710		14
TV advertising service		-		121
Software sales		1,202		-
Total revenues	$	58,080	$	57,146

	Year Ended December 31,
	2019		2018
	US$(’000)		US$(’000)

Revenue recognized over time		55,913		56,652
Revenue recognized at a point in time		2,167		494
Total revenues	$	58,080	$	57,146

Contract costs

For the years ended

December 31, 2019

and

2018,

the Company did

not

have any significant incremental costs of obtaining contracts with customers incurred and/or costs incurred in fulfilling contracts with customers, that shall be recognized as an asset and amortized to expenses in a pattern that matches the timing of the revenue recognition of the related contract.

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

have any contract assets (unbilled receivables) since revenue is recognized when control of the promised goods or services is transferred and the payment from customers is

not

contingent on a future event.

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

year. The table below summarized the movement of the Company’s contract liabilities for the

two

years ended

December 31, 2019:

	Contract liabilities
	US$(’000)

Balance as of January 1, 2018		3,559
Exchange translation adjustment		(171	)
Revenue recognized from beginning contract liability balance		(3,338	)
Advances received from customers related to unsatisfied performance obligations		1,011
Balance as of December 31, 2018		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

For the years ended

December 31, 2019

and

2018,

there is

revenue recognized from performance obligations that were satisfied in prior periods.

Transaction price allocated to remaining performance obligation

The Company has elected to apply the practical expedient in paragraph ASC Topic

606

and did

not

disclose the information related to transaction price allocated to the performance obligations that are unsatisfied or partially unsatisfied as of

December 31, 2019

and

2018,

because all performance obligations of the Company’s contracts with customers have an original expected duration of

one

year or less.

Cost of revenues

Cost of revenues primarily includes the cost of internet advertising related resources, TV advertising time slots and other technical services purchased from

third

parties and other direct cost associated with providing services.

Advertising costs

Advertising costs for the Company’s own brand building are

not

includable in cost of revenues, they are expensed when incurred and are included in “sales and marketing expenses” in the statement of operations and comprehensive loss. For the years ended

December 31, 2019

and

2018,

advertising expenses for the Company’s own brand building were approximately US$

nil

and

US$1.10

million, respectively.

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, 2019

and

2018

were approximately

US$0.87

million and

US$0.93

million, respectively.

Lease

January 1, 2019,

the Company adopted ASC Topic

842,

“Lease”, applying the optional transition method in accordance with ASU

No.

2018

11,

which permitted the Company to change its date of initial application to the beginning of the period of the adoption of ASC Topic

842

(i.e.

January 1, 2019)

and recognize the effects of applying ASC Topic

842

as a cumulative-effect adjustment to retained earnings as of

January 1, 2019,

and remain applying ASC Topic

840

in the comparative periods. The adoption of ASC Topic

842

didn’t result in a material adjustment to the Company’s accumulated deficit as of

January 1, 2019.

The Company leases

two

offices in the PRC from unrelated

third

parties during its normal course of business, of which

one

office is used as the Company’s principle executive office in Beijing, the other is used as the Company’s office in Hubei. Other than these, the Company does

not

have any other contract that is or contains a lease under ASC Topic

842.

The Company’s lease contracts do

not

contain any option for the Company to extend or terminate the lease, and do

not

contain the option for the Company to purchase the underlying assets. Based on the noncancelable lease period in the contract, the Company considers contract-based, asset-based, market-based and entity-based factors to determine the term over which it is reasonably certain to extend the lease, and then determine the lease term of each contract, which is

years.

The Company’s lease contracts only contain fixed lease payments and do

not

contain any residual value guarantee. The lease payments of the Company’s Beijing office are required to be paid on a quarterly basis, and the lease payments of its Hubei office are required to be paid on an annual basis.

The Company’s office lease contracts do

not

contain any nonlease component and are classified as operating leases in accordance with ASC Topic

842

As the implicit rates of the Company leases cannot be readily determined, in accordance with ASC Topic

842

the Company uses its incremental borrowing rate as the discount rate to determine the present value of the lease payments for each lease contract. The discount rate used by the Company is

6%,

which is determined based on the interest rate commonly used by the commercial banks in the PRC for the

years long-term loan lent to business entities on a collateralized basis.

The Company’s lease agreement of its previous executive office in Beijing expired on

March 31, 2019.

In mid-

August 2019,

the Company relocated to a new Beijing office leased from another unrelated

third

party under a short-term lease agreement until

June 30, 2020.

From

April 1, 2019

through the date of the relocation, the Company continued staying in its previous executive office in Beijing on a separately negotiated fixed daily rate as agreed by the Company and the lessor. Because the respective duration of the above discussed

two

leases was less than

twelve

months, these leases met the definition of a short-term lease under ASC

842.

As a result, in accordance with ASC

842

as an accounting policy, the Company elected

not

to apply the recognition requirements in this Subtopic (i.e.

not

to recognize right-of-use asset and related lease liability) to these short-term leases. Instead, the Company recognized the lease payments of these short-term leases in its consolidated statements of operations and comprehensive loss on a straight-line basis over the lease term. For the year ended

December 31, 2019,

short-term lease cost recognized under ASC

842

was approximately

US$0.23

million. As of

December 31, 2019,

unpaid lease payments related to these short-term leases was approximately

US$0.14

million.

As of

December 31, 2019,

operating lease right-of-use assets recognized by the Company was approximately

US$12

thousand, operating lease liabilities recognized was approximately

US$10

thousand, which was included in the Company’s other current liabilities.

For the year ended

December 31, 2019,

total operating lease cost (other than short-term lease cost) recognized under ASC Topic

842

was approximately

US$0.09

million. For the year ended

December 31, 2018,

total operating lease cost recognized under ASC Topic

840

was approximately

US$0.41

million.

As of

December 31, 2019,

the Company’s total undiscounted lease payments of approximately

US$10

thousand approximate its total operating lease liabilities recognized due to their short maturities. The Company’s lease payments as of

December 31, 2019

will mature for the year ending

December 31, 2020.

Supplemental information related to operating leases

Operating cash flows used for operating leases (in thousands of U.S. dollars)	91
Right-of-use assets obtained in exchange for new lease liabilities (in thousands of U.S. dollars)	10
Weighted-average remaining lease term (years)	1.21
Weighted-average discount rate	6	%

Income taxes

The Company follows the guidance of ASC Topic

740

“Income taxes” and uses liability method to account for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets, if based on the weight of available evidence, it is more-likely-than-

not

that some portion, or all, of the deferred tax assets will

not

be realized. The effect on deferred taxes of a change in tax rates is recognized in statement of operations and comprehensive loss in the period that includes the enactment date.

v)	Uncertain tax positions

The Company follows the guidance of ASC Topic

740

“Income taxes”, which prescribes a more likely than

not

threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As a result, the impact of an uncertain income tax position is recognized at the largest amount that is more-likely-than-

not

to be sustained upon audit by the relevant tax authority. An uncertain income tax position will

not

be recognized if it has less than a

50%

likelihood of being sustained.

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

meet the minimum statutory threshold to avoid payment of penalties. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. The tax returns of the Company’s PRC subsidiaries and VIEs are subject to examination by the relevant tax authorities. According to the PRC Tax Administration and Collection Law, the statute of limitations is

three

years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitations is extended to

five

years under special circumstances, where the underpayment of taxes is more than

RMB100,000.

In the case of transfer pricing issues, the statute of limitation is

ten

years. There is

statute of limitation in the case of tax evasion. The Company did

not

have any material interest or penalties associated with tax positions for the years ended

December 31, 2019

and

2018

and did

not

have any significant unrecognized uncertain tax positions as of

December 31, 2019

and

2018,

respectively.

Share-based payment transactions

The Company adopts ASC Topic

718

“Compensation-Stock Compensation” to account for share-based payment transactions with both employees and nonemployees, which requires that share-based payment transactions be measured based on the grant-date fair value of the instrument issued, net of an estimated forfeiture rate, if applicable, and therefore only recognizes compensation expenses for those instruments expected to vest over the requisite service period, or vesting period. Forfeitures are estimated at the time of grant and revised in the subsequent periods if actual forfeitures differ from those estimates.

For fully vested, nonforfeitable equity instruments granted to a nonemployee service provider at the date upon entering into the agreement (

specific performance is required by the nonemployee to retain those equity instruments), because of the elimination of any obligation on the part of the nonemployee to earn the equity instruments, the Company recognizes the instruments when they are granted (in most cases, when the agreement is entered into), the corresponding cost is recorded as a prepayment on the balance sheet, and amortized as share-based compensation expenses over the requisite service period.

Share-based compensation expenses are recorded in sales and marketing expenses, general and administrative expenses and research and development expenses.

)

Comprehensive income (loss)

The Company accounts for comprehensive income (loss) in accordance with ASC Topic

220

“Comprehensive Income”, which establishes standards for reporting and displaying comprehensive income (loss) and its components in the consolidated financial statements. Comprehensive income (loss) is defined as the change in equity of a company during a period from transactions and other events and circumstances excluding transactions resulting from investments from owners and distributions to owners. Accumulated other comprehensive income, as presented in the Company’s consolidated balance sheets are the cumulative foreign currency translation adjustments.

Earnings (loss) per share

Earnings (loss) per share are calculated in accordance with ASC Topic

260,

“Earnings Per Share”. Basic earnings (loss) per share is computed by dividing income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Common shares issuable upon the conversion of the convertible preferred shares are included in the computation of diluted earnings per share on an “if-converted” basis when the impact is dilutive. The dilutive effect of outstanding common stock warrants and options are reflected in the diluted earnings per share by application of the treasury stock method when the impact is dilutive.

Commitments and contingencies

The Company adopts ASC Topic

450

“Contingencies” subtopic

20,

in determining its accruals and disclosures with respect to loss contingencies. Accordingly, estimated losses from loss contingencies are accrued by a charge to income when information available before financial statements are issued or are available to be issued indicates that it is probable that an asset had been impaired, or a liability had been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is

not

probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.

aa)	Recent issued or adopted accounting standards

June 2016,

the FASB issued ASU

No.

2016

13,

“Financial Instruments-Credit Losses (Topic

326

): Measurement of Credit Losses on Financial Instruments”. The amendments in this ASU require the measurement and recognition of expected credit losses for financial assets held at amortized cost. The amendments in this ASU replace the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. In

November 2018,

the FASB issued ASU

No.

2018

19,

“Codification Improvements to Topic

326,

Financial Instruments-Credit Losses”, which among other things, clarifies that receivables arising from operating leases are

not

within the scope of Subtopic

326

20.

Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic

842,

Leases. For public entities, the amendments in these ASUs are effective for fiscal years beginning after

December 15, 2019,

including interim periods within those fiscal years. The Company has adopted the amendments in these ASUs on

January 1, 2020,

and the adoption of these amendments did

not

have a material impact on the Company’s consolidated financial position and results of operations.

August

2018,

the FASB issued ASU

No.

2018

13,

“Fair Value Measurement (Topic

820

): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”. The amendments in this ASU eliminate, add and modify certain disclosure requirements for fair value measurements. The amendments in this ASU, among other things, require public companies to disclose the range and weighted average used to develop significant unobservable inputs for Level

fair value measurements. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after

December 15, 2019,

and entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. The Company has adopted the amendments in these ASUs on

January 1, 2020,

and the adoption of these amendments did

not

have a material impact on the Company’s consolidated financial position and results of operations.

Note 4 - Accounts Receivable, Net

12 Months Ended

Dec. 31, 2019

Accounts Receivable Disclosure [Text Block]

Accounts receivable, net

	As of December 31,
	2019			2018
	US$(’000)			US$(’000)

Accounts receivable		6,408			9,752
Allowance for doubtful accounts		(3,148	)		(3,393	)
Accounts receivable, net		3,260			6,359

All of the accounts receivable are non-interest bearing. Based on the assessment of the collectability of the accounts receivable as of

December 31, 2019

and

2018,

the Company provided approximately

US$3.15

million and

US$3.39

million allowance for doubtful accounts, respectively, which were primarily related to the accounts receivable of the Company’s internet advertising and TV advertising business segment with an aging over

six

months. The Company evaluates its accounts receivable with an aging over

six

months and determines the allowance based on aging data, historical collection experience, customer specific facts and economic conditions. For the years ended

December 31, 2019

and

2018,

approximately

US$2.34

million and

US$0.76

million allowance for doubtful accounts was provided. For the year ended

December 31, 2019,

the Company also charged off approximately

US$2.5

million account receivable balances against the related allowance for doubtful accounts, as all means of collection of these balances have been exhausted and the potential for recovery is considered remote.

Note 5 - Prepayments and Deposit to Suppliers

12 Months Ended

Dec. 31, 2019

Prepayments and Deposits to Suppliers Disclosure [Text Block]

Prepayments and deposit to suppliers

	As of December 31,
	2019		2018
	US$(’000)		US$(’000)

Deposits to advertising resources providers		1,315		963
Prepayments to advertising resources providers		4,361		727
Prepayment of license fee		1,062		-
Other deposits and prepayments		242		464
		6,980		2,154

As of

December 31, 2019

and

2018,

contractual deposits were primarily paid to the Company’s largest internet resources suppliers and other advertising resource providers. The contractual deposits will be refunded to the Company upon expiration of the contracts, which are generally for a

one

-year period.

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 transferred to cost of revenues when the related services are provided. As of

December 31, 2019

and

2018,

prepayments primarily paid for purchasing internet resources from the Company’s major internet resources suppliers.

License fee prepayment as of

December 31, 2019

was related to the usage of a software system during a

-month period through

December 31, 2020.

Other deposits and prepayments as of

December 31, 2019

and

2018

represented deposits and prepayments to the Company’s other services providers, which primarily included deposits for office lease contracts, prepayment for various kinds of professional consulting services, etc.

Note 6 - Due From Related Parties, Net

12 Months Ended

Dec. 31, 2019

Due from related parties, net

	As of December 31,
	2019			2018
	US$(’000)			US$(’000)

Zhongwang Xiyue Technology (Beijing) Co., Ltd. (“Zhongwang Xiyue”)		81			-
Guohua Shiji (Beijing) Communication Co., Ltd. (“Guohua Shiji”)		172			201
An officer of the Company		-			200
		253			401
Allowance for doubtful accounts		(172	)		(175	)
Due from related parties, net		81			226

Related parties of the Company represented the Company’s direct or indirect unconsolidated investee companies, entities that the Company’s officers or directors can exercise significant influence, as well as an officer of the Company.

As of

December 31, 2019,

due from Zhongwang Xiyue represented the

outstanding receivable 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

and

2018,

due from Guohua Shiji represented a short-term working capital loan to this related party. As of

December 31, 2018,

the outstanding amount of the loan was

RMB1.38

million (approximately

US$0.20

million), of which

RMB0.18

million (approximately

US$0.03

million) was collected by the Company during the

first

fiscal quarter of

2019,

and the Company had provided full allowance to against the remaining amount of this loan as of

December 31, 2019

and

2018,

as the business activities of Guohua Shiji had significantly declined in recent years.

Due from an officer of the Company as of

December 31, 2018

represented a

US$0.20

million fund advanced to

one

of the Company’s officers during the

third

fiscal quarter of

2018

for the purpose of setting up and providing finance to a proposed business entity in Taiwan. The Company intended to set up and expand its business in Taiwan through establishing the VIE arrangements with this Taiwan entity. This Taiwan entity was incorporated in

September 2017

and is wholly-owned by the officer referred above, and has

fund and business activities since incorporation. Based on the fact that there are still legal obstacles to establish the VIE agreements between an entity that is ultimately controlled by the PRC citizens with an entity duly organized under the law of Taiwan, the Company terminated the plan, and the

US$0.20

million fund advanced was fully returned to the Company in

April 2019.

For the year ended

December 31, 2018,

the Company reversed approximately

US$0.04

million allowance for doubtful accounts against the Company’s balances due from related parties, because of subsequent collection of service fee receivables incurred in previous years.

Note 7 - Other Current Assets, Net

12 Months Ended

Dec. 31, 2019

Other Current Assets [Text Block]

Other current assets, net

	As of December 31,
	2019							2018
	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		11		-			11		19		-			19
Loan to an unrelated party		-		-			-		146		(146	)		-
Overdue deposits		717		(717	)		-		1,619		(1,619	)		-
Total		728		(717	)		11		1,784		(1,765	)		19

As of

December 31, 2018,

other current assets primarily included a short-term working capital loan of

RMB1.0

million (approximately

US$0.15

million) lent to a former unconsolidated investee of the Company, and an approximately

RMB11

million (approximately

US$1.62

million) overdue contractual deposits in the aggregate, which were related to advertising resources purchase contracts that had been completed with

further cooperation. Based on the assessment of the collectability of these overdue deposits and short-term working capital loan, the Company had provided full allowance against these doubtful accounts as of

December 31, 2018.

For the year ended

December 31, 2018,

additional allowance for doubtful accounts provided to overdue deposits was approximately

US$0.80

million.

For the year ended

December 31, 2019,

the Company charged off the approximately

US$0.15

million short-term working capital loan and

US$0.90

million overdue deposits receivable against the allowance, respectively, because for this portion of debts, all means of collection have been exhausted and the potential for recovery is considered remote

Note 8 - Long-term Investments

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures Disclosure [Text Block]

8.	Long-term investments

Equity method investments

As of

December 31, 2019

and

2018,

the Company beneficially owned

23.18%

and

25.5%

equity interest in ShenZhen City Mingshan Network Technology Co., Ltd. (‘Shenzhen Mingshan”) and Zhao Shang Ke Network Technology (Hubei) Co., Ltd. (“Zhao Shang Ke Hubei”), respectively. The Company accounted for its investments in these companies under equity method of accounting. Based on the facts of the significant decline in level of business activities from

2015,

insufficient amount of working capital and the lack of commitment from majority shareholders, these

two

investment affiliates had become dormant and the possibility of the business recovery is remote. As a result, the Company reduced the carrying value of these investments to

zero

as of

December 31, 2015.

Other ownership interest investments

As of

December 31, 2019

and

2018,

the Company beneficially owned a

19%

equity interest in both Guohua Shiji and ChinaNet Chuang Tou (Shenzhen) Co., Ltd. (“ChinaNet Chuang Tou), a

15%

equity interest in ChinaNet Online Holdings Korea (“ChinaNet Korea”), a

10%

equity interest in Beijing Saturday Education Technology Co., Ltd. (“Beijing Saturday”) and a

4.9%

equity interest in Local Chain (Xi’an) Information Technology Co., Ltd. (“Local Chain Xi’an).

As of

December 31, 2019,

except for its ownership investment in Local Chain Xi’an of approximately

US$0.04

million, the Company had reduced the carrying value of its investments in all other investee companies to

zero

, due to the business activities of these companies had become dormant.

For the year ended

December 31, 2018,

as a result of termination the operations of ChinaNet Chuang Tou, the Company received an

RMB3.0

million (approximately

US$0.45

million) investment return in cash from ChinaNet Chuang Tou and recognized full impairment loss of approximately

US$0.45

million to against the remaining carrying value of its ownership interest investment in this entity.

Note 9 - Property and Equipment, Net

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment Disclosure [Text Block]

Property and equipment, net

	As of December 31,
	2019			2018
	US$(’000)			US$(’000)

Leasehold improvement		-			321
Vehicles		758			771
Office equipment		1,331			1,353
Electronic devices		937			952
Property and equipment, cost		3,026			3,397
Less: accumulated depreciation		(2,948	)		(3,255	)
Property and equipment, net		78			142

Depreciation expenses in the aggregate for the years ended

December 31, 2019

and

2018

were approximately

US$0.06

million and

US$0.16

million, respectively. Leasehold improvement related to the Company’s previous principle executive office in Beijing, which had been fully depreciated, was disposed upon completion of the relocation with

gain or loss recognized for the year ended

December 31, 2019.

Note 10 - Intangible Assets, Net

12 Months Ended

Dec. 31, 2019

Intangible Assets Disclosure [Text Block]

10.

Intangible assets, net

	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

	As of December 31, 2018
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		1,408		-			(1,408	)		-
Intangible assets subject to amortization:
Customer relationship		1,941		(1,941	)		-			-
Non-compete agreements		1,068		(580	)		(488	)		-
Software technologies		299		(299	)		-			-
Intelligent marketing data service platform		4,705		(1,906	)		(2,799	)		-
Internet safety, information exchange security and data encryption software		1,894		(426	)		(1,468	)		-
Cloud video management system		1,383		(343	)		(1,040	)		-
Cloud compute software technology		1,353		(896	)		(415	)		42
Other computer software		114		(111	)		-			3
Total	$	14,165	$	(6,502	)	$	(7,618	)	$	45

Amortization expenses in aggregate for the years ended

December 31, 2019

and

2018

were approximately

US$0.11

million and

US$0.38

million, respectively.

The Company performs impairment analysis on its intangible assets whenever events or changes in circumstances indicate that the carrying amount of an intangible asset

may

not

be recoverable and recognizes impairment loss for the difference between the carrying amount and the fair value of the assets. The Company determines the fair value of its intangible assets using Multi-period Excess Earning Method (the “MPEEM method”). As an application of income approach, the MPEEM method is a widely-used valuation method, it determines the fair value of the asset as the present value of the cash flows attributable to it. As the asset will generally earn cash flows through interaction with other tangible and intangible assets, the contributions to cash flows of those other assets must be removed. Those assets are referred to as contributory assets which are defined as all assets that are utilized in the realization of expected future cash flows for the target asset.

Based on the Company’s assessment, the Company did

not

provide any impairment loss associate with its intangible assets for the year ended

December 31, 2019.

For the year ended

December 31, 2018,

the Company provided approximately

US$3.33

million impairment losses in the aggregate, which was associated with its intelligent marketing data service platform, cloud video management system, cloud compute software technology and Internet safety, information exchange security and data encryption software of its internet advertising and data service business segment, due to insufficient estimated future cash flows expected to be generated by these assets (See Note

(o) for significant unobservable internally-developed inputs used in the intangible assets fair value measurement).

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

6.52

years as of

December 31, 2019,

and assuming

further subsequent impairment of the underlying intangible assets, the estimated future amortization expenses is approximately

US$0.82

million for the year ending

December 31, 2020,

approximately

US$0.13

million for the year ending

December 31, 2021,

and approximately

US$

0.12

million each year for the year ending

December 31, 2022

through

2024.

Note 11 - Blockchain Platform Applications Development Costs

12 Months Ended

Dec. 31, 2019

Research, Development, and Computer Software Disclosure [Text Block]

11.

Blockchain platform applications development costs

February 2018,

the Company entered into a technical development contract with an unrelated entity to develop a blockchain technology-based platform application for internal use by the Company. Total amount of the contract was

US$4.5

million. In

March 2018,

the Company entered into a

RMB3.0

million (approximately

US$0.43

million) social network-based software application development contract with another unrelated entity, which software application the Company had further combined into the current under developing blockchain technology-based platform. These

two

blockchain technology-based applications are named OMG and Bo!News, respectively. As of

December 31, 2019

and

2018,

in accordance with ASC

350

“Intangibles-Goodwill and Other-Internal-Use Software”, the Company capitalized approximately

US$3.88

million and

US$3.73

million development costs in the aggregate under these

two

contracts, respectively.

As of the date hereof, the Company is in the process of further developing and adjusting its blockchain-powered applications on the blockchain infrastructure platform to make the platform a better synergism with the current business and client base.

The Company had

originally scheduled to complete the adjustments and upgrades of Bo!News,

to launch the OMG for trial by the end of

May 2020,

and to complete the integration of BO!News and OMG

for commercial release by the end of

2020.

However, due to the COVID-

outbreak in China during the

first

fiscal quarter of

2020,

the Company currently anticipates that the commercial releasing schedule will likely be postponed for

month

According to the development contracts the Company signed with the counter parties, the Company will

not

bear any development risk related loss unless the counter party has

fault during the development and the causes for failure is considered reasonable as agreed by both parties. In the latter case, the related development loss will be shared by both parties based on further negotiations. As of the date hereof, the Company has

not

been aware of any technical risks or other factors that

may

lead to any failure or partial failure of these development projects.

Note 12 - Short-term Bank Loan and Credit Facility

12 Months Ended

Dec. 31, 2019

Short-term Debt [Text Block]

12.	Short-term bank loan and credit facility

As of

December 31, 2019

and

2018,

the Company had a revolving credit facility of

RMB

5.0

million (approximately

$0.72

million) for short-term working capital loans granted by a major financial institution in China, which expired on

January 2, 2020.

As of

December 31, 2019,

under the revolving credit facility, the Company borrowed

RMB

3.0

million (approximately

$0.43

million) short-term loan, which matured and was repaid in

January 2020.

As of

December 31, 2018,

besides a

RMB

3.0

million (approximately

$0.44

million) short-term loan borrowed under the same revolving credit facility, which matured and was repaid in

January 2019,

the Company borrowed another

RMB3.0

million (approximately

US$0.44

million) short-term working capital loan from the same financial institution, of which

RMB1.5

million (approximately

US$0.22

million) matured and was repaid in

July 2019

and the remaining

RMB1.5

million (approximately

US$0.22

million) matured and was repaid in

September 2019.

Collateral for the above discussed revolving credit facility and short-term bank loans included an unlimited guarantee from Mr. Handong Cheng (Chairman and Chief Executive Officer of the Company) and his spouse and an approximately

US$0.03

million term deposit, which matured in

October 2019.

Interest rate of the short-term working capital loans borrowed for the years ended

December 31, 2019

and

2018

was

5.655%

per annum, which was

30%

over the benchmark rate of the People’s Bank of China (the “PBOC”).

Note 13 - Accrued Payroll and Other Accruals

12 Months Ended

Dec. 31, 2019

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

13.

Accrued payroll and other accruals

	As of December 31,
	2019		2018
	US$(’000)		US$(’000)

Accrued payroll and staff welfare		173		208
Accrued operating expenses		318		313
		491		521

Note 14 - Taxation

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Text Block]

14.

Taxation

)

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

subject to state corporate income tax. Following the Share Exchange, the Company became a holding company and does

not

conduct any substantial operations of its own. Before enactment of the Tax Cuts and Jobs Act (“TCJA” or the “Act”) in

December 2017,

the Company did

not

provide for U.S. taxes or foreign withholding taxes on undistributed earnings from its non-U.S. subsidiaries because such earnings are intended to be reinvested indefinitely. If undistributed earnings were distributed, foreign tax credits could become available under current law to reduce the resulting U.S. income tax liability.

i). b. On

December 22, 2017,

the U.S. enacted the Act (which is commonly referred to as “U.S. tax reform”). The Act significantly changes U.S. corporate income tax laws including but

not

limited to reducing the U.S. corporate income tax rate from

35%

21%

beginning in

2018,

imposing a

one

-time mandatory tax on previously deferred foreign earnings and imposing a new tax on global intangible low-taxed income (“GILTI”) effective for tax years of non-U.S. corporations beginning after

December 31, 2017.

December 22, 2017,

the Securities and Exchange Commission staff issued Staff Accounting Bulletin

No.

118

(“SAB

118”

), which provides guidance on accounting for the tax effects of the Act. SAB

118

provides a measurement period (the “grace period”) that should

not

extend beyond

one

year from the Act enactment date through

December 21, 2018,

for companies to complete the accounting under ASC

740

“Income Taxes”. In accordance with SAB

118,

a company must reflect the income tax effects of those aspects of the Act for which the accounting under ASC

740

is complete.

i). c. The Company had completed its assessment of the

one

-time transition tax on its previously deferred foreign earnings during the

third

fiscal quarter of

2018,

based on which, the Company concluded that

incremental income tax expense of the

one

-time mandatory tax on its previously deferred foreign earnings would be charged for the year ended

December 31, 2017,

as the Company had sufficient U.S. net operating losses carryforwards to offset the resulting incremental taxable income related to the deferred foreign earnings, which assessment was consistent with that disclosed in the Company’s

2017

Form

-K. Based on the final assessment, the Company recognized an adjustment of approximately

US$0.46

million for the year ended

December 31, 2018,

to revise the provisional estimated amount of net operating loss utilized through toll charge income it recognized for the year ended

December 31, 2017,

from approximately

US$1.40

million to approximately

US$1.86

million.

i). d. Effective from

January 1, 2018,

the Company is subject to the new GILTI tax rules. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of controlled foreign corporations (“CFCs”), subject to the possible use of foreign tax credits and a deduction equal to

percent to offset the income tax liability, subject to some limitations. Under U.S. GAAP, the Company has made an accounting policy choice of treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred (the “period cost method”), instead of factoring such amounts into the Company’s measurement of its deferred taxes (the “deferred method”). For the years ended

December 31, 2019

and

2018,

provision for federal corporate income tax has been made in the financial statements as the Company has

aggregated positive tested income.

ii). China Net BVI, Grandon BVI and ChinaNet Investment BVI were incorporated in the British Virgin Islands (“BVI”). Under the current law of the BVI, these BVI companies are

not

subject to tax on income or capital gains. Additionally, upon payments of dividends by these BVI companies to its respective shareholders,

BVI withholding tax will be imposed.

iii). China Net HK was incorporated in Hong Kong, the PRC and does

not

conduct any substantial operations of its own. E

ffective from

April 1, 2018,

two

-tier corporate income tax system was officially implemented in Hong Kong. The applicable income tax rate is

8.25%

for the

first

HK$2.0

million profits, and the subsequent profits are taxed at

16.5%.

provision for Hong Kong profits tax has been made in the financial statements as China Net HK has

assessable profits for the year ended

December 31, 2019

or any prior periods. Additionally, upon payments of dividends by China Net HK to its shareholders,

Hong Kong withholding tax will be imposed.

iv). The Company’s PRC 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%

which applies to both domestic and foreign invested enterprises.

As approved by the related PRC governmental authorities, Business Opportunity Online continuously qualified as a High and New Technology Enterprise until

November 2021,

which enabled the entity, as approved by the local tax authorities of Beijing, the PRC, to continue enjoying the preferential EIT rate of

15%

until

November 2021.

Therefore, for the years ended

December 31, 2019

and

2018,

the applicable EIT rate of Business Opportunity Online was

15%.

In accordance with the

2018

Bulletin

No.

issued by the PRC State Administration of Taxation, which come into effect from

January 1, 2018,

an enterprise that obtains qualification as or remains as a High and New Technology Enterprise or Small and Medium-sized Tech Enterprise in any time of

2018

and afterwards, is allowed to carry forward all its previous

five

years’ net operating losses NOLs (starting from NOL of

2013

) to up to

ten

years, compared with the PRC standard NOLs carryforward period of

years.

The applicable EIT rate for other PRC operating entities of the Company is

25%

for the years ended

December 31, 2019

and

2018.

The current EIT law also imposed a

10%

withholding income tax for dividends distributed by a foreign invested enterprise to its immediate holding company outside China. A lower withholding tax rate will be applied if there is a tax treaty arrangement between mainland China and the jurisdiction of the foreign holding company. Holding companies in Hong Kong, for example, will be subject to a

withholding tax rate, subject to approval from the related PRC tax authorities.

)

Turnover taxes and the relevant surcharges

Service revenues provided by the Company’s PRC operating subsidiaries and VIEs were subject to Value Added Tax (“VAT”). VAT rate for provision of modern services (other than lease of corporeal movables) is

and for small scale taxpayer,

Therefore, for the years ended

December 31, 2019

and

2018,

the Company’s service revenues are subject to VAT at a rate of

6%,

after deducting the VAT paid for the services purchased from suppliers, or at a rate of

without any deduction of VAT paid for the services purchased from suppliers. The surcharges of the VAT in the aggregate is

12%

14%

of the VAT, depending on which tax jurisdiction the Company’s PRC operating subsidiaries and VIE operate in.

As of

December 31, 2019,

and

2018,

taxes payable consists of:


	As of December 31,
	2019		2018
	US$(’000)		US$(’000)

PRC turnover tax and surcharge payable		1,244		1,215
PRC enterprise income tax payable		1,970		1,782
Taxes payable		3,214		2,997

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,
	2019			2018
	US$(’000)			US$(’000)

Pre-tax loss		(1,221	)		(13,363	)
U.S. federal rate		21	%		21	%
Income tax benefit computed at U.S. federal rate		256			2,806
Reconciling items:
Rate differential for foreign earnings		137			561
Preferential tax treatment effect		(109	)		(231	)
Tax effect on non-taxable change in fair value of warrant liabilities		105			350
Tax effect on non-deductible impairment on goodwill		-			(1,303	)
Tax effect on change of net operating loss treatment		-			1,130
Tax effect on adjustment to provisional amount of toll charge income from the Act		-			(96	)
Provision of valuation allowance on deferred tax assets		(177	)		(3,504	)
Expired tax attribute carryforwards		(253	)		(365	)
Tax effect on other non-deductible expenses/non-taxable income		(8	)		(112	)
Effective income tax expense		(49	)		(764	)

For the years ended

December 31, 2019

and

2018,

the Company’s income tax expense consisted of:

	Year Ended December 31,
	2019			2018
	US$(’000)			US$(’000)

Current-PRC		(217	)		-
Deferred-PRC		168			(764	)
Income tax expense		(49	)		(764	)

The Company’s deferred tax assets at

December 31, 2019

and

2018

were as follows:

	As of December 31,
	2019			2018
	US$(’000)			US$(’000)

Tax effect of net operating losses carried forward		9,160			9,243
Bad debts provision		743			1,188
Valuation allowance		(9,190	)		(9,875	)
Total net deferred tax assets		713			556

The U.S. holding company has incurred aggregate net operating losses (NOLs) of approximately

US$20.3

million and

US$19.2

million at

December 31, 2019

and

2018,

respectively. The NOLs carryforwards as of

December 31, 2017

gradually expire over time, the last of which expires in

2037.

NOLs incurred after

December 31, 2017

will

longer be available to carry back but can be carried forward indefinitely. Furthermore, the Act imposes an annual limit of

80%

on the amount of taxable income that can be offset by NOLs arising in tax years ending after

December 31, 2017.

The Company maintains a full valuation allowance against its net U.S. deferred tax assets, since due to uncertainties surrounding future utilization, the Company estimates there will

not

be sufficient future earnings to utilize its U.S. deferred tax assets.

The NOLs carried forward incurred by the Company’s PRC subsidiaries and VIEs were approximately

US$23.6

million and

US$25.2

million at

December 31, 2019

and

2018,

respectively. The losses carryforwards gradually expire over time, the last of which expires in

2029.

The related deferred tax assets were calculated based on the respective net operating losses incurred by each of the PRC subsidiaries and VIEs and the respective corresponding enacted tax rate that will be in effect in the period in which the losses are expected to be utilized.

The Company recorded approximately

US$9.2

million and

US$9.9

million valuation allowance as of

December 31, 2019

and

2018,

respectively, because it is considered more likely than

not

that a portion of the deferred tax assets will

not

be realized through sufficient future earnings of the entities to which the operating losses related.

For the years ended

December 31, 2019

and

2018,

total deferred tax assets valuation allowance provided was approximately

US$0.18

million and

US$3.50

million, respectively.

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

Note 15 - Long-term Borrowing From a Director

12 Months Ended

Dec. 31, 2019

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

expected to be repaid within

one

year.

Note 16 - The Financing and Warrant Liabilities

12 Months Ended

Dec. 31, 2019

Warrants Disclosure [Text Block]

16.

The Financing and warrant liabilities

The

2019

Financing:

August 7, 2019,

the Company entered into a securities purchase agreement with selected investors related to the purchase and sale of the Company’s common stock (the “Shares”), in accordance with which, the Company agreed to issue an aggregate of

3,216,860

Shares in consideration for approximately

US$4.8

million. Each Share was sold to the Investors at

$1.4927

per Share. The private placement was conducted pursuant to Section

(

) of the Securities Act of

1933,

as amended, and Regulation S promulgated thereunder (the

“2019

Financing”). The

first

and the

second

half of the

2019

Financing was consummated on

September 25, 2019

and

October 28, 2019,

respectively.

Accounting for securities issued in the

2019

Financing

The Company determined that the Shares issued in the

2019

Financing should be classified as permanent equity as there was

redemption provision at the option of the holders that is

not

within the control the Company on or after an agreed upon date. As a result, net proceeds from the

2019

Financing of approximately

US$4.79

million was recorded as equity (par value and additional paid-in capital), after deduction of an approximately

US$15

thousand of direct offering cost.

The

2018

Financing:

January 17, 2018 (

the “Closing Date”), the Company consummated a registered direct offering of

2,150,001

shares of the Company’s common stock to certain institutional investors at a purchase price of

$5.15

per share (the

“2018

Financing”). As part of the transaction, the Company also issued to the investors warrants for the purchase of up to

645,000

shares of the Company’s common stock at an exercise price of

$6.60

per share (the “Investor warrants”). The Investors warrants have a term of

months from the date of issuance. The Company received gross proceeds of approximately

$11.1

million.

The placement agent of the

2018

Financing received (i) a placement fee in the amount equal to

of the gross proceeds and (ii) warrants to purchase up to

129,000

shares of common stock at an exercise price of

US$6.60

per share, with a

three

-year term (“Placement agent warrants” and together with the Investor warrants, the “Warrants”). The Placement agent warrants is

not

exercisable for a period of

six

months and

one

day after the Closing Date.

The Warrants have an initial exercise price of

USS6.60

per share, which is subject to anti-dilution provisions that require adjustment of the number of shares of common stock that

may

be acquired upon exercise of the warrant, or to the exercise price of such shares, or both, to reflect stock dividends and splits, subsequent rights offerings, pro-rata distributions, and certain fundamental transactions. The Warrants also contain “full ratchet” price protection in the event of subsequent issuances below the applicable exercise price (the “Down round feature”).

The Warrants

may

not

be exercised if it would result in the holder beneficially owning more than

4.99%

of the Company’s outstanding common shares (the “Beneficial Ownership Limitation”). The holder of the Warrants, upon notice to the Company,

may

increase or decrease the Beneficial Ownership Limitation, provided that the Beneficial Ownership Limitation in

event exceeds

9.99%

of the Company’s outstanding common shares. Any increase in the Beneficial Ownership Limitation will

not

be effective until the

day after such notice is delivered to the Company.

Accounting for securities issued in the

2018

Financing

The Company determined that common stock issued in the

2018

Financing should be classified as permanent equity as there was

redemption provision at the option of the holders that is

not

within the control the Company on or after an agreed upon date.

The Company analyzed the Warrants issued in the

2018

Financing in accordance with ASC Topic

815

“Derivatives and Hedging”. In accordance with ASC Topic

815,

the Company determined that the Warrants should

not

be considered index to its own stock, as the strike price of the Warrants is dominated in a currency (U.S. dollar) other than the functional currency of the Company (Renminbi or Yuan). As a result, the Warrants does

not

meet the scope exception of ASC Topic

815,

therefore, should be accounted for as derivative liabilities and measure at fair value with changes in fair value be recorded in earnings in each reporting period.

Fair value of the warrants

The Company used Binomial model to determine the fair value of the Warrants as of the closing date of the

2018

Financing, based on the assumptions summarized as below:

	Investors Warrants			Placement Agent Warrants

Stock price	$	3.98		$	3.98
Years to maturity		2.50			3.00
Risk-free interest rate		2.22	%		2.39	%
Dividend yield		-			-
Expected volatility		158	%		147	%
Exercise Price	$	6.60		$	6.60

Fair value of the warrant	$	2.93		$	2.99

Warrant liabilities as of the closing date US$(’000)	$	1,890		$	385

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

2018

Financing

The Company allocated the total proceeds from the

2018

Financing as summarized below:

	Initial measurement
	US$(’000)

Investor warrants		1,890
Common Stock (par value and additional paid-in capital)		9,183
Total proceeds from the 2018 Financing		11,073

Investor warrants issued in the

2018

Financing was initially measurement at fair value. The residual amount, representing difference between the total proceeds and the fair value of the Investor warrants as of the Closing Date was assigned as the carrying value of the common stock issued in the

2018

Financing.

Offering costs

Offering costs in the amount of approximately

US$1.2

million consisting of cash payment of approximately

US$0.66

million placement fee, approximately

US$0.15

million legal expense and fair value of placement agent warrants of approximately

US$0.39

million, which were charged to additional paid-in capital.

Subsequent measurement and changes in fair value of the warrant liabilities

The Company accounted for the Warrants issuing in the

2018

Financing as derivative liabilities which were remeasured at fair value with changes in fair value be recorded in earnings in each reporting period.

	Investors warrants									Placement agent warrants
	January 17, 2018			December 31, 2018			December 31, 2019			January 17, 2018			December 31, 2018			December 31, 2019

Stock price	$	3.98		$	1.34		$	1.17		$	3.98		$	1.34		$	1.17
Years to maturity		2.50			1.55			0.55			3.00			2.05			1.05
Risk-free interest rate		2.22	%		2.50	%		1.58	%		2.39	%		2.50	%		1.57	%
Dividend yield		-			-			-			-			-			-
Expected volatility		158	%		199	%		60	%		147	%		176	%		80	%
Exercise Price	$	6.60		$	6.60		$	1.4927	*	$	6.60		$	6.60		$	1.4927	*

Fair value of the warrant	$	2.93		$	0.78		$	0.11		$	2.99		$	0.80		$	0.28

Warrant liabilities US$(’000)	$	1,890		$	503		$	71		$	385		$	103		$	36

* 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.

	As of		As of		As of		Change in Fair Value (gain)/loss
	December 31,		December 31,		January 31,		Year ended December 31,
	2019		2018		2018		2019			2018
	(US$’000)		(US$’000)		(US$’000)		(US$’000)			(US$’000)
Fair value of the Warrants:
Investor warrants		71		503		1,890		(432	)		(1,387	)
Placement agent warrants		36		103		385		(67	)		(282	)
Warrant liabilities		107		606		2,275		(499	)		(1,669	)

Warrants issued and outstanding at

December 31, 2019

and their movements during the

two

years then ended are as follows:

	Warrant Outstanding						Warrant Exercisable
	Number of underlying shares		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number of underlying shares		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price

Balance, January 1, 2018		-						-
Issued		774,000		2.58	$	6.60		774,000		2.58	$	6.60
Expired		-						-
Exercised		-						-
Balance, December 31, 2018		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

Note 17 - Restricted Net Assets

12 Months Ended

Dec. 31, 2019

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%

of its annual after-tax profit to the general reserve until such reserve has reached

50%

of its registered capital based on the enterprise’s PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors. The aforementioned reserves can only be used for specific purposes and are

not

distributable as cash dividends. Rise King WFOE is subject to the above mandated restrictions on distributable profits. Additionally, in accordance with the Company Law of the PRC, a domestic enterprise is required to provide a statutory common reserve of at least

10%

of its annual after-tax profit until such reserve has reached

50%

of its registered capital based on the enterprise’s PRC statutory accounts. A domestic enterprise is also required to provide for a discretionary surplus reserve, at the discretion of the board of directors. The aforementioned reserves can only be used for specific purposes and are

not

distributable as cash dividends. All of the Company’s other PRC subsidiaries and PRC VIEs are subject to the above mandated restrictions on distributable profits.

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, 2019

and

2018,

net assets restricted in the aggregate, which include paid-in capital and statutory reserve funds of the Company’s PRC subsidiaries and VIEs that are included in the Company’s consolidated net assets, were both approximately

US$

12.0

million.

The current PRC Enterprise Income Tax (“EIT”) Law also imposes a

10%

withholding tax rate, subject to approval from the related PRC tax authorities.

The ability of the Company’s PRC subsidiaries and VIEs to make dividends and other payments to the Company

may

also be restricted by changes in applicable foreign exchange and other laws and regulations.

Foreign currency exchange regulation in China is primarily governed by the following rules:

Foreign Exchange Administration Rules (

1996

), as amended in

August 2008,

or the Exchange Rules;

Administration Rules of the Settlement, Sale and Payment of Foreign Exchange (

1996

), or the Administration Rules.

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

for capital account items, such as direct investments, loans, repatriation of investments and investments in securities outside of China, unless the prior approval of the State Administration of Foreign Exchange (the “SAFE”) is obtained and prior registration with the SAFE is made. Foreign-invested enterprises like Rise King WFOE that need foreign exchange for the distribution of profits to its shareholders

may

effect payment from their foreign exchange accounts or purchase and pay foreign exchange rates at the designated foreign exchange banks to their foreign shareholders by producing board resolutions for such profit distribution. Based on their needs, foreign-invested enterprises are permitted to open foreign exchange settlement accounts for current account receipts and payments of foreign exchange along with specialized accounts for capital account receipts and payments of foreign exchange at certain designated foreign exchange banks.

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

guarantee the availability of foreign currency conversion. The Company cannot be sure that it will be able to obtain all required conversion approvals for its operations or the Chinese regulatory authorities will

not

impose greater restrictions on the convertibility of Chinese Renminbi in the future. Currently, most of the Company’s retained earnings are generated in Renminbi. Any future restrictions on currency exchanges

may

limit the Company’s ability to use its retained earnings generated in Renminbi to make dividends or other payments in U.S. dollars or fund possible business activities outside China.

Note 18 - Related Party Transaction

12 Months Ended

Dec. 31, 2019

18.

Related party transaction

Revenue from related parties:

	Year Ended December 31,
	2019		2018
	US$(’000)		US$(’000)

Zhongwang Xiyue Technology (Beijing) Co., Ltd. (“Zhongwang Xiyue”)		899		-

Zhongwang Xiyue is an entity

over which

one

of the Company’s executive officers can exercise significant influence.

For the year ended

December 31, 2019,

the Company provided

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 Contribution Plan

12 Months Ended

Dec. 31, 2019

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

legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefits were approximately

US$0.31

million and

US$0.37

million for the years ended

December 31, 2019

and

2018,

respectively.

The entire disclosure for retirement benefits.

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Note 20 - Concentration of Risk

12 Months Ended

Dec. 31, 2019

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 and accounts receivable. As of

December 31, 2019,

99%

of the Company’s cash and cash equivalents were held by major financial institutions located in mainland and Hong Kong, China, the remaining

was held by a financial institution located in the United States of America. The Company believes that these financial institutions located in China and the United States of America are of high credit quality. For accounts receivable, the Company extends credit based on an evaluation of the customer’s or other parties’ financial condition, generally without requiring collateral or other security. In order to minimize the credit risk, the Company delegated a team responsible for credit approvals and other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. Further, the Company reviews the recoverable amount of each individual receivable at each balance sheet date to ensure that adequate allowances are made for doubtful accounts. In this regard, the Company considers that the Company’s credit risk for accounts receivable is significantly reduced.

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

freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices and signed contracts. These exchange control measures imposed by the PRC government authorities

may

restrict the ability of the Company’s PRC subsidiaries and VIEs to transfer its net assets, which to the Company through loans, advances or cash dividends.

Concentration of customers

The following tables summarized the information about the Company’s concentration of customers for the years ended

December 31, 2019

and

2018,

respectively:

Customer A

Customer B

Customer C

Customer D

Year Ended December 31, 2019

Revenues, customer concentration risk

Year Ended December 31, 2018

Revenues, customer concentration risk

17%

As of December 31, 2019

Accounts receivable, customer concentration risk

57%

13%

12%

As of December 31, 2018

Accounts receivable, customer concentration risk

74%

12%

* Less than

10%.

transaction incurred for the reporting period/no balance existed as of the reporting date.

Concentration of suppliers

The following tables summarized the information about the Company’s concentration of suppliers for the years ended

December 31, 2019

and

2018,

respectively:

	Supplier A		Supplier B
Year Ended December 31, 2019
Cost of revenues, supplier concentration risk		89%		*

Year Ended December 31, 2018
Cost of revenues, supplier concentration risk		85%		11%

* Less than

10%.

Note 21 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Text Block]

21.

Commitments and contingencies

2018,

the Company entered into contracts with

two

unrelated

third

parties in relation to the development of the Company’s blockchain technology-powered platform applications. Total contract amount of these

two

contracts was approximately

US$4.93

million. As of

December 31, 2019,

the Company had paid approximately

US$3.88

million in the aggerate. During the

first

fiscal quarter of

2020,

the Company made an additional payment of approximately

US$0.3

million, and the remaining unpaid contract amount is expected to be paid during the year ending

December 31, 2020.

The Company is currently

not

a party to any legal or administrative proceedings and are

not

aware of any pending or threatened legal or administrative proceedings against it in all material aspects. The Company

may

from time to time become a party to various legal or administrative proceedings arising in its ordinary course of business.

Note 22- Segment Reporting

12 Months Ended

Dec. 31, 2019

Segment Reporting Disclosure [Text Block]

22.

Segment reporting

The Company follows ASC Topic

280

“Segment Reporting”, which requires that companies disclose segment data based on how management makes decisions about allocating resources to segments and evaluating their performance. Reportable operating segments include components of an entity about which separate financial information is available and which operating results are regularly reviewed by the chief operating decision maker (“CODM”), the Company’s Chief Executive Officer, to make decisions about resources to be allocated to the segment and assess each operating segment’s performance.

For the Year Ended

December 31, 2019

	Internet Ad. and data service			TV Ad.			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			224			3,885			21,338			(20,228	)		18,551

(

) Including approximately

US$393,000

share-based compensation expenses.

For the Year Ended

December 31, 2018

	Internet Ad. and data service			TV Ad.			Blockchain technology			Corporate			Inter-segment and reconciling item			Total
	US$(’000)			US$(’000)			US$(’000)			US$(’000)			US$(’000)			US$(’000)

Revenues		57,025			121			-			356			(356	)		57,146
Cost of revenues		54,633			95			-			-			-			54,728
Total operating expenses		14,658			126			102			2,400	(1)		(356	)		16,930
Depreciation and amortization expense included in total operating expenses		469			1			-			71			-			541
Impairment on goodwill included in total operating expenses		5,211			-			-			-			-			5,211
Impairment on intangible assets included in total operating expenses		3,330			-			-			-			-			3,330
Operating loss		(12,266	)		(100	)		(102	)		(2,044	)		-			(14,512	)

Change in fair value of warrant liabilities		-			-			-			1,669			-			1,669

Impairment on long-term investments		-			-			-			453			-			453

Net loss		(12,708	)		(100	)		(102	)		(1,217	)		-			(14,127	)

Expenditure for long-term assets		431			-			3,746			3			-			4,180

Total assets – December 31, 2018		12,756			207			3,746			16,805			(16,546	)		16,968

(

) Including approximately

US$233,000

share-based compensation expenses.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 34
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Note 23 - Loss Per Share

12 Months Ended

Dec. 31, 2019

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,
	2019			2018
	US$(’000)			US$(’000)

Net loss attributable to ChinaNet Online Holdings, Inc. (numerator for basic and diluted loss per share)	$	(1,261	)	$	(14,025	)

Weighted average number of common shares outstanding – Basic and diluted		17,130,335			15,863,894

Loss per share -Basic and diluted	$	(0.07	)	$	(0.88	)

For the year ended

December 31, 2019,

the diluted loss per share calculation did

not

include warrants and options to purchase up to

774,000

and

755,216

shares of the Company’s common stock, respectively, because their effect was anti-dilutive, as the Company incurred a loss for the year.

For the year ended

December 31, 2018,

the diluted loss per share calculation did

not

include warrants and options to purchase up to

774,000

and

835,216

shares of the Company’s common stock, respectively, and did

not

include

266,238

shares of unvested restricted common stock before they were vested during the

third

quarter of

2018,

because their effect was anti-dilutive, as the Company incurred a loss for the year.

Note 24 - Share-based Compensation Expenses

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Text Block]

24.

Share-based compensation expenses

January 2019,

the Company granted and issued

30,000

shares of the Company’s restricted common stock to

one

of its independent directors, in exchange for his services to the Company for the year ended

December 31, 2019.

These shares were valued at

US$1.77

per share, the closing bid price of the Company’s common stock on the date of grant. Total compensation expense recognized was approximately

US$53,000

for the year ended

December 31, 2019.

December 2018,

the Company granted and issued

250,000

shares of the Company restricted common stock to a management consulting and advisor service provider in exchange for its service for a

one

-year period. According to the service agreement, these shares are fully-vested upon issuance at the contract inception and shall

not

be subject to forfeiture upon termination of the agreement. The Company valued these shares at

US$1.43

per share, the closing bid price of the Company’s common stock on the grant date of these shares and recorded the related cost of approximately

US$358,000

as a prepayment asset in prepayment and deposit to suppliers upon grant and issuance of these fully-vested and nonforfeitable shares.

Total compensation expenses amortized for the years ended

December 31, 2019

and

2018

were approximately

US$340,000

and

US$18,000,

respectively.

For the year ended

December 31, 2018,

the Company also recognized approximately

US$152,000

and

US$63,000

share-based compensation expenses, relating to the Company’s restricted common stock granted to its employees and nonemployee service providers in previous years, respectively, for their respective services provided during the year.

Options issued and outstanding at

December 31, 2019

and their movements for the

two

years then ended are as follows:

	Option Outstanding							Option Exercisable
	Number of underlying shares			Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number of underlying shares			Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price

Balance, January 1, 2018		835,216			3.04	$	2.49		835,216			3.04	$	2.49
Granted/Vested		-							-
Forfeited		-							-
Expired		-							-
Exercised		-							-
Balance, December 31, 2018		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

The aggregate intrinsic value of the above options was

zero

as of

December 31, 2019

and

2018,

as their respective exercise prices were all higher than the Company’s closing stock price on the last trading day of each year.

The aggregate unrecognized share-based compensation expenses as of

December 31, 2019

and

2018

was approximately US$

nil

and

US$340,000,

respectively.

The table below summarized share-based compensation expenses recorded for the years ended

December 31, 2019

and

2018,

respectively:

	Year Ended December 31,
	2019		2018
	US$(’000)		US$(’000)

Sales and marketing expenses		-		47
General and administrative expenses		393		149
Research and development expenses		-		37
Total		393		233

Note 25 - Subsequent Event

12 Months Ended

Dec. 31, 2019

Subsequent Events [Text Block]

25.

Subsequent events

February 26, 2020,

under its

2015

Omnibus Securities and Incentive Plan, the Company granted and issued in the aggregate of

approximately1.60

million fully-vested shares of the Company’s restricted common stock to its management and employees. These shares were valued at the closing bid price of the Company’s common stock on the date of grant, which is

US$1.18

per share. Total compensation expenses related to these shares was approximately

US$1.89

million.

March 2, 2020,

under its

2015

Omnibus Securities and Incentive Plan, the Company granted and issued

0.43

million fully-vested

and nonforfeitable

shares of the Company’s restricted common stock to an unrelated service provider for a

-month management consulting and advisory service from this party, and

0.03

million fully-vested shares of the Company’s restricted common stock to

one

of the Company’s independent directors for his service to the Company for the year ending

December 31, 2020.

These shares were valued at the closing bid price of the Company’s common stock on the date of grant, which is

US$1.11

per share. Total compensation expenses related to these shares was approximately

US$0.51

million.

he Company primarily conducts its operations in the PRC. In

January 2020,

an outbreak of a novel coronavirus (COVID-

) surfaced in Wuhan City, Hubei province of the PRC, and spread all over the country during the

first

fiscal quarter of

2020.

The outbreak caused the Chinese government to require businesses to close, people to quarantine, and also to restrict certain travel within the country. The spread of COVID-

has resulted in the World Health Organization declaring the outbreak of COVID-

as a global pandemic. In cooperation with the government authorities, the Company’s operating offices (especially that in Xiaogan City, Hubei province) were shut down for approximately

one

two

months after the Chinese New Year Holiday and were unable to reopen until mid-

March

or early-

April

2020.

As of the date of this filing, the Company has resumed operations. The Company’s principle business activity is to provide online advertising and marketing services to small and medium enterprises in the PRC, which is particularly sensitive to changes in general economic conditions. The pandemic of COVID-

in the PRC had caused decreases in or delays in advertising spending and had negatively impacted the Company’s short-term ability to grow revenues. While

not

quantifiable, this situation had resulted in a material adverse impact to the Company’s results of operations and financial performance for the

first

fiscal quarter of

2020.

While the COVID-

pandemic is still in developing stages worldwide, international stock markets have begun to reflect the uncertainty associated with the slow-down in the global economy and the reduced levels of international travel experienced since the beginning of

January,

large declines in oil prices and the significant decline in the Dow Industrial Average at the end of

February

and beginning of

March 2020

was largely attributed to the effects of COVID-

19.

Although the Chinese government have declared the COVID-

outbreak largely under control within its border, the Company will continue to assess its financial impacts for the remainder of the year. There can be

assurance that this assessment will enable the Company to avoid part or all of any impact from the spread of COVID-

or its consequences, including downturns in business sentiment generally or in the Company’s sector in particular

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Revenue from Contract with Customer [Policy Text Block]

Revenue recognition

January 1, 2018,

the Company adopted ASC Topic

606,

“Revenue from Contracts with Customers”, applying the modified retrospective method. The adoption didn’t result in a material adjustment to the Company’s accumulated deficit as of

January 1, 2018.

In accordance with ASC Topic

606,

five

-step analysis: (

) identify the contract(s) with a customer; (

) identify the performance obligations in the contract; (

) determine the transaction price; (

) allocate the transaction price to the performance obligations in the contract; (

) recognize revenue when (or as) the entity satisfies a performance obligation.

The Company’s contract with customers do

not

include significant financing component and any variable consideration.

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, 2019

and

2018.

The Company does

not

606

for each type of its performance obligation either over time or at a point in time as follows:

Online advertising placement service/TV advertising service

Sales of effective sales lead information

Search engine marketing and data service

Technical services

Revenues generated from providing internet advertising data analysis and management related technical services

was recognized upon completion of the service performance obligation, when the Company had the enforceable right to the payment of the service delivered to the customers

(“point in time”)

Sales of software

For software sales revenue generated for the year ended

December 31, 2019,

revenue was recognized

upon control of the promised goods was transferred to the customer

and the Company has

performance obligation after the delivery (“point in time”)

The following tables present the Company’s revenues disaggregated by products and services and timing of revenue recognition:

	Year Ended December 31,
	2019		2018
	US$(’000)		US$(’000)
Internet advertising and related data and technical service
--distribution of the right to use search engine marketing service		41,361		47,423
--online advertising placements		14,552		9,094
--sales of effective sales lead information		255		494
--Technical services		710		14
TV advertising service		-		121
Software sales		1,202		-
Total revenues	$	58,080	$	57,146

	Year Ended December 31,
	2019		2018
	US$(’000)		US$(’000)

Revenue recognized over time		55,913		56,652
Revenue recognized at a point in time		2,167		494
Total revenues	$	58,080	$	57,146

Contract costs

For the years ended

December 31, 2019

and

2018,

the Company did

not

Contract balances

The Company does

not

have any contract assets (unbilled receivables) since revenue is recognized when control of the promised goods or services is transferred and the payment from customers is

not

contingent on a future event.

one

year. The table below summarized the movement of the Company’s contract liabilities for the

two

years ended

December 31, 2019:

	Contract liabilities
	US$(’000)

Balance as of January 1, 2018		3,559
Exchange translation adjustment		(171	)
Revenue recognized from beginning contract liability balance		(3,338	)
Advances received from customers related to unsatisfied performance obligations		1,011
Balance as of December 31, 2018		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

For the years ended

December 31, 2019

and

2018,

there is

revenue recognized from performance obligations that were satisfied in prior periods.

Transaction price allocated to remaining performance obligation

The Company has elected to apply the practical expedient in paragraph ASC Topic

606

and did

not

disclose the information related to transaction price allocated to the performance obligations that are unsatisfied or partially unsatisfied as of

December 31, 2019

and

2018,

because all performance obligations of the Company’s contracts with customers have an original expected duration of

one

year or less.

Basis of Accounting, Policy [Policy Text Block]

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”).

Going Concern [Policy Text Block]

Going concern

The Company incurred operating losses and had negative operating cash flows and

may

continue to incur operating losses and generate negative cash flows as the Company implements its future business plan. The Company’s net loss attributable to stockholders for the year ended

December 31, 2019

was approximately

US$1.26

million, compared with approximately

US$14.03

million for the year ended

December 31, 2018.

As of

December 31, 2019,

the Company has cash and cash equivalents of approximately

US$1.60

million and net cash used in operating activities during the year ended

December 31, 2019

was approximately

US$4.31

million.

The Company does

not

currently have sufficient cash or commitments for financing to sustain its operation for the

twelve

outbreak incurred in the

first

fiscal quarter of

2020

in the PRC has had and

may

continue to have an adverse effect on the Company’s business operations and cashflows. If the Company fails to achieve these goals, the Company

may

not

be able to obtain the necessary additional capital on a timely basis, on acceptable terms, or at all. In the event that financing sources are

not

available, or that the Company is unsuccessful in increasing its gross profit margin and reducing operating losses, the Company

may

one

year after the date that the financial statements are issued.

The consolidated financial statements as of

December 31, 2019

not

include any adjustments that might result from the outcome of these uncertainties. If the Company is unable to continue as a going concern, it

may

have to liquidate its assets and

may

receive less than the value at which those assets are carried on the financial statements.

Consolidation, Policy [Policy Text Block]

c)	Principles of consolidation

Use of Estimates, Policy [Policy Text Block]

Use of estimates

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign currency translation and transactions

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,
	2019		2018
Balance sheet items, except for equity accounts		6.9762		6.8632

	Year Ended December 31,
	2019		2018
Items in the statements of operations and comprehensive loss		6.8985		6.6174

representation is made that the RMB amounts could have been or could be converted into US$ at the above rates.

Cash and Cash Equivalents, Policy [Policy Text Block]

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

months or less at the time of purchase to be cash equivalents. As of

December 31, 2018,

the Company’s cash and cash equivalents also included an approximately

US$0.03

million term deposit placed as a collateral for the Company’s short-term bank loan for a

one

-year period, which matured in

October 2019.

Accounts Receivable [Policy Text Block]

Accounts receivable, net

not

have any off-balance-sheet credit exposure relating to its customers, suppliers or others. For the years ended

December 31, 2019

and

2018,

the Company recorded approximately

US$2.34

million and

US$0.76

million of allowances for doubtful accounts against its accounts receivable, respectively. For the year ended

December 31, 2019,

the Company also charged off approximately

US$2.5

million account receivable balances

against the related allowance for doubtful accounts due to collection of these balances were considered remote

Investment, Policy [Policy Text Block]

Long-term investments

Equity method investments

The Company accounts for its investments in entities in which the Company can exercise significant influence but does

not

own a majority equity interest or control under the equity method of accounting in accordance with ASC Topic

323

“Investments-Equity Method and Joint Ventures”. An investment (direct or indirect) of

20%

not

When the Company’s carrying value in an equity method investee company is reduced to zero,

not

record its share of such income until it equals the amount of its share of losses

not

previously recognized.

The Company assesses its equity method investments for other-than-temporary impairment in accordance with ASC

323

through

32A,

evidence of loss in value might include, but would

not

For the years ended

December 31, 2019

and

2018,

other-than temporary impairment loss was recorded associated with the Company’s equity method investments.

Investments in equity securities and other ownership interests

not

consolidated, and over which the Company does

not

exercise significant influence, are accounted for in accordance with ASC Topic

321:

“Investments-Equity securities”. The Company generally owns less than

20%

interest in the voting securities of these investee companies. In accordance with ASC

321

the Company chooses to measure these investments which do

not

In accordance with ASC

321

For the years ended

December 31, 2019

and

2018,

the Company recorded approximately US$nil and

US$0.45

million of impairment loss, respectively, associated with its investments in other ownership interests that are

not

accounted for under the equity method of accounting.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and equipment, net

Leasehold improvements (years)		3
Vehicles (years)		5
Office equipment (years)	3	-	5
Electronic devices (years)		5

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]

Intangible assets, net

The Company accounted for cost related to internal-used software in accordance with ASC Topic

350

“Intangibles-Goodwill and Other-Internal-Use Software”. Internal-use software is initially recorded at cost and amortized on a straight-line basis over the estimated useful economic life of

years.

Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]

Impairment of long-lived assets

In accordance with ASC

360

35,

may

not

For the years ended

December 31, 2019

and

2018,

the Company recognized US$nil and

US$3.33

million impairment loss associated with its intangible assets, respectively. See Note

(o) for detailed disclosures about the valuation techniques and inputs used in the fair value measurement for the Company’s intangible assets.

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill

Goodwill is

not

2017

04,

“Intangibles-Goodwill and Other (Topic

350

)-Simplifying the Test for Goodwill Impairment”, which eliminated step

350

31,

For the year ended

December 31, 2018,

after assessing the events or circumstances as described in ASC

350

(a) through (g), the Company determined that it was more likely than

not

that the fair value of its internet advertising and data services reporting unit was less than its carrying amount. As a result, the Company performed interim goodwill impairment test as of

June 30, 2018

and recognized an approximately

US$5.21

million of goodwill impairment loss associated with this reporting unit, which was equal to the remaining carrying amount of the Company’s goodwill as of

June 30, 2018.

See Note

(o) for detailed disclosures about the valuation techniques and inputs used in the fair value measurement for the Company’s goodwill.

Changes in a Parent's Ownership Interest While the Parent Retains Controlling Interest in Its Subsidiary, Policy [Policy Text Block]

Changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary

The Company accounted for changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary in accordance with ASC Topic

810

“Consolidation”, subtopic

10,

which requires the transaction be accounted for as an equity transaction. Therefore,

The Company acquired the remaining

49%

equity interest in Chuang Fu Tian Xia in

May 2018

and accounted for this transaction as an equity transaction with

gain or loss recognized in the consolidated statements of operations and comprehensive loss for the year ended

December 31, 2018.

The difference between the cash consideration paid and the amount by which the noncontrolling interest was adjusted to reflect the change in its ownership interest in the VIE of approximately

US$1.81

million and a reallocation of Chuang Fu Tian Xia’s accumulated comprehensive loss of approximately

US$0.03

million were recognized as losses in equity attributable to the Company included in additional paid-in capital for the year ended

December 31, 2018.

Noncontrolling Interest [Policy Text Block]

Noncontrolling interest

The Company accounts for noncontrolling interest in accordance with ASC Topic

810

45,

810

also requires that losses attributable to the parent and the noncontrolling interest in a subsidiary be attributed to those interests even if it results in a deficit noncontrolling interest balance.

Fair Value Measurement, Policy [Policy Text Block]

Fair value

ASC Topic

820

three

levels of inputs that

may

be used to measure fair value:

Level

- Quoted prices in active markets for identical assets or liabilities.

Level

- Observable inputs other than Level

prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are

not

active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level

- Unobservable inputs that are supported by little or

market activity and that are significant to the fair value of the assets or liabilities.

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, 2019

and

2018

is as follows:

Fair value measurement at reporting date using

As of

December 31, 2019

Quoted Prices
in Active Markets
for Identical Assets/Liabilities
(Level 1)

Significant
Other
Observable Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

US$(’000)

Warrant liabilities

107

Fair value measurement at reporting date using

As of

December 31, 2018

Quoted Prices
in Active Markets
for Identical Assets/Liabilities
(Level 1)

Significant
Other
Observable Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

US$(’000)

Warrant liabilities

606

Significant unobservable inputs utilized to determine the fair value of the Company’s warrant liabilities was disclosed in Note

16.

The Company’s intangible assets and goodwill are measured at fair value on a nonrecurring basis and they are recorded at fair value only when impairment is recognized.

For the year ended

December 31, 2018,

fair value measurements, which utilized significant unobservable internally-developed inputs:

	Valuation techniques	Unobservable inputs	Value/Range of Inputs

		Remaining useful life (years)		7.75
Intangible assets	Multi-period Excess Earning	Discount rate		24%
		Contributory asset charge	8.9%	-	24%

		Base projection period (years)		5
Goodwill	Discounted Cash Flow	Discount rate		20%
		Terminal growth rate		3.50%

Cost of Goods and Service [Policy Text Block]

Cost of revenues

Cost of revenues primarily includes the cost of internet advertising related resources, TV advertising time slots and other technical services purchased from

third

parties and other direct cost associated with providing services.

Advertising Cost [Policy Text Block]

Advertising costs

Advertising costs for the Company’s own brand building are

not

includable in cost of revenues, they are expensed when incurred and are included in “sales and marketing expenses” in the statement of operations and comprehensive loss. For the years ended

December 31, 2019

and

2018,

advertising expenses for the Company’s own brand building were approximately US$

nil

and

US$1.10

million, respectively.

Research and Development Expense, Policy [Policy Text Block]

Research and development expenses

December 31, 2019

and

2018

were approximately

US$0.87

million and

US$0.93

million, respectively.

Lessee, Leases [Policy Text Block]

Lease

January 1, 2019,

the Company adopted ASC Topic

842,

“Lease”, applying the optional transition method in accordance with ASU

No.

2018

11,

which permitted the Company to change its date of initial application to the beginning of the period of the adoption of ASC Topic

842

(i.e.

January 1, 2019)

and recognize the effects of applying ASC Topic

842

as a cumulative-effect adjustment to retained earnings as of

January 1, 2019,

and remain applying ASC Topic

840

in the comparative periods. The adoption of ASC Topic

842

didn’t result in a material adjustment to the Company’s accumulated deficit as of

January 1, 2019.

The Company leases

two

offices in the PRC from unrelated

third

parties during its normal course of business, of which

one

office is used as the Company’s principle executive office in Beijing, the other is used as the Company’s office in Hubei. Other than these, the Company does

not

have any other contract that is or contains a lease under ASC Topic

842.

The Company’s lease contracts do

not

contain any option for the Company to extend or terminate the lease, and do

not

years.

The Company’s lease contracts only contain fixed lease payments and do

not

The Company’s office lease contracts do

not

contain any nonlease component and are classified as operating leases in accordance with ASC Topic

842

As the implicit rates of the Company leases cannot be readily determined, in accordance with ASC Topic

842

the Company uses its incremental borrowing rate as the discount rate to determine the present value of the lease payments for each lease contract. The discount rate used by the Company is

6%,

which is determined based on the interest rate commonly used by the commercial banks in the PRC for the

years long-term loan lent to business entities on a collateralized basis.

The Company’s lease agreement of its previous executive office in Beijing expired on

March 31, 2019.

In mid-

August 2019,

the Company relocated to a new Beijing office leased from another unrelated

third

party under a short-term lease agreement until

June 30, 2020.

From

April 1, 2019

two

leases was less than

twelve

months, these leases met the definition of a short-term lease under ASC

842.

As a result, in accordance with ASC

842

as an accounting policy, the Company elected

not

to apply the recognition requirements in this Subtopic (i.e.

not

December 31, 2019,

short-term lease cost recognized under ASC

842

was approximately

US$0.23

million. As of

December 31, 2019,

unpaid lease payments related to these short-term leases was approximately

US$0.14

million.

As of

December 31, 2019,

operating lease right-of-use assets recognized by the Company was approximately

US$12

thousand, operating lease liabilities recognized was approximately

US$10

thousand, which was included in the Company’s other current liabilities.

For the year ended

December 31, 2019,

total operating lease cost (other than short-term lease cost) recognized under ASC Topic

842

was approximately

US$0.09

million. For the year ended

December 31, 2018,

total operating lease cost recognized under ASC Topic

840

was approximately

US$0.41

million.

As of

December 31, 2019,

the Company’s total undiscounted lease payments of approximately

US$10

thousand approximate its total operating lease liabilities recognized due to their short maturities. The Company’s lease payments as of

December 31, 2019

will mature for the year ending

December 31, 2020.

Supplemental information related to operating leases

Operating cash flows used for operating leases (in thousands of U.S. dollars)	91
Right-of-use assets obtained in exchange for new lease liabilities (in thousands of U.S. dollars)	10
Weighted-average remaining lease term (years)	1.21
Weighted-average discount rate	6	%

Income Tax, Policy [Policy Text Block]

Income taxes

The Company follows the guidance of ASC Topic

740

not

that some portion, or all, of the deferred tax assets will

not

be realized. The effect on deferred taxes of a change in tax rates is recognized in statement of operations and comprehensive loss in the period that includes the enactment date.

Income Tax Uncertainties, Policy [Policy Text Block]

v)	Uncertain tax positions

The Company follows the guidance of ASC Topic

740

“Income taxes”, which prescribes a more likely than

not

to be sustained upon audit by the relevant tax authority. An uncertain income tax position will

not

be recognized if it has less than a

50%

likelihood of being sustained.

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

three

years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitations is extended to

five

years under special circumstances, where the underpayment of taxes is more than

RMB100,000.

In the case of transfer pricing issues, the statute of limitation is

ten

years. There is

statute of limitation in the case of tax evasion. The Company did

not

have any material interest or penalties associated with tax positions for the years ended

December 31, 2019

and

2018

and did

not

have any significant unrecognized uncertain tax positions as of

December 31, 2019

and

2018,

respectively.

Share-based Payment Arrangement [Policy Text Block]

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 (

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]

)

Comprehensive income (loss)

The Company accounts for comprehensive income (loss) in accordance with ASC Topic

220

Earnings Per Share, Policy [Policy Text Block]

Earnings (loss) per share

Earnings (loss) per share are calculated in accordance with ASC Topic

260,

Commitments and Contingencies, Policy [Policy Text Block]

Commitments and contingencies

The Company adopts ASC Topic

450

“Contingencies” subtopic

20,

not

probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.

New Accounting Pronouncements, Policy [Policy Text Block]

aa)	Recent issued or adopted accounting standards

June 2016,

the FASB issued ASU

No.

2016

13,

“Financial Instruments-Credit Losses (Topic

326

November 2018,

the FASB issued ASU

No.

2018

19,

“Codification Improvements to Topic

326,

Financial Instruments-Credit Losses”, which among other things, clarifies that receivables arising from operating leases are

not

within the scope of Subtopic

326

20.

Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic

842,

Leases. For public entities, the amendments in these ASUs are effective for fiscal years beginning after

December 15, 2019,

including interim periods within those fiscal years. The Company has adopted the amendments in these ASUs on

January 1, 2020,

and the adoption of these amendments did

not

have a material impact on the Company’s consolidated financial position and results of operations.

August

2018,

the FASB issued ASU

No.

2018

13,

“Fair Value Measurement (Topic

820

fair value measurements. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after

December 15, 2019,

and entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. The Company has adopted the amendments in these ASUs on

January 1, 2020,

and the adoption of these amendments did

not

have a material impact on the Company’s consolidated financial position and results of operations.

Note 1 - Organization and Nature of Operations (Tables)

12 Months Ended

Dec. 31, 2019

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, 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

Rise King Century Technology Development (Beijing) Co., Ltd. (“Rise King WFOE”) (1)	PRC, January 17, 2008	100%	Investment holding company, providing technical services

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 TV advertising service and other value-added services

ChinaNet Online Holdings Co., Ltd. (“ChinaNet Online PRC”) (1)	PRC, August 31, 2015	100%	Investment holding company

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

Hubei CNET Advertising Media Co., Ltd. (“Hubei CNET”) (2)	PRC, April 18, 2011	100%	Providing TV advertising service and other value-added services

Sheng Tian Network Technology (Hubei) Co., Ltd. (“Sheng Tian Hubei”) (2)	PRC, July 1, 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)	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

Business Opportunity Chain (Beijing) Technology Development Co., Ltd. (“Business Opportunity Chain”) (1)	PRC, May 11, 2018	51%	Providing research and develop and other technical support services for the blockchain business unit

Note 2 - Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Variable Interest Entities [Table Text Block]

	As of December 31,
	2019		2018
	US$(’000)		US$(’000)
Assets
Current assets:
Cash and cash equivalents	$	699	$	2,328
Accounts receivable, net		2,876		6,359
Prepayment and deposit to suppliers		3,998		1,724
Due from related parties, net		81		26
Other current assets, net		6		11
Total current assets		7,660		10,448

Long-term investments		35		-
Operating lease right-of-use assets		12		-
Property and equipment, net		40		84
Intangible assets, net		25		42
Deferred tax assets		713		556
Total Assets	$	8,485	$	11,130

Liabilities
Current liabilities:
Short-term bank loan	$	430	$	874
Accounts payable		408		2,868
Advances from customers		2,006		1,059
Accrued payroll and other accruals		132		155
Taxes payable		2,568		2,562
Lease payment liabilities related to short-term leases		19		-
Other current liabilities		84		66
Total current liabilities		5,647		7,584

Total Liabilities	$	5,647	$	7,584

Financial Performance of VIEs [Table Text Block]

	Year Ended December 31,
	2019		2018
	US$(’000)		US$(’000)

Revenues	$	56,172	$	57,133
Cost of revenues		52,582		54,728
Total operating expenses (including impairment on intangible assets and goodwill)		4,652		12,826
Net loss before allocation to noncontrolling interests		929		10,862

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Note 3 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Foreign Currency Exchange Rates [Table Text Block]

	As of December 31,
	2019		2018
Balance sheet items, except for equity accounts		6.9762		6.8632

	Year Ended December 31,
	2019		2018
Items in the statements of operations and comprehensive loss		6.8985		6.6174

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, 2019

Quoted Prices
in Active Markets
for Identical Assets/Liabilities
(Level 1)

Significant
Other
Observable Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

US$(’000)

Warrant liabilities

107

Fair value measurement at reporting date using

As of

December 31, 2018

Quoted Prices
in Active Markets
for Identical Assets/Liabilities
(Level 1)

Significant
Other
Observable Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

US$(’000)

Warrant liabilities

606

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	Valuation techniques	Unobservable inputs	Value/Range of Inputs

		Remaining useful life (years)		7.75
Intangible assets	Multi-period Excess Earning	Discount rate		24%
		Contributory asset charge	8.9%	-	24%

		Base projection period (years)		5
Goodwill	Discounted Cash Flow	Discount rate		20%
		Terminal growth rate		3.50%

Disaggregation of Revenue [Table Text Block]

	Year Ended December 31,
	2019		2018
	US$(’000)		US$(’000)
Internet advertising and related data and technical service
--distribution of the right to use search engine marketing service		41,361		47,423
--online advertising placements		14,552		9,094
--sales of effective sales lead information		255		494
--Technical services		710		14
TV advertising service		-		121
Software sales		1,202		-
Total revenues	$	58,080	$	57,146

	Year Ended December 31,
	2019		2018
	US$(’000)		US$(’000)

Revenue recognized over time		55,913		56,652
Revenue recognized at a point in time		2,167		494
Total revenues	$	58,080	$	57,146

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

	Contract liabilities
	US$(’000)

Balance as of January 1, 2018		3,559
Exchange translation adjustment		(171	)
Revenue recognized from beginning contract liability balance		(3,338	)
Advances received from customers related to unsatisfied performance obligations		1,011
Balance as of December 31, 2018		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

Lease, Cost [Table Text Block]

Operating cash flows used for operating leases (in thousands of U.S. dollars)	91
Right-of-use assets obtained in exchange for new lease liabilities (in thousands of U.S. dollars)	10
Weighted-average remaining lease term (years)	1.21
Weighted-average discount rate	6	%

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

Note 4 - Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Accounts Receivable [Table Text Block]

	As of December 31,
	2019			2018
	US$(’000)			US$(’000)

Accounts receivable		6,408			9,752
Allowance for doubtful accounts		(3,148	)		(3,393	)
Accounts receivable, net		3,260			6,359

Note 5 - Prepayments and Deposit to Suppliers (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Prepayments and Deposit to Suppliers [Table Text Block]

	As of December 31,
	2019		2018
	US$(’000)		US$(’000)

Deposits to advertising resources providers		1,315		963
Prepayments to advertising resources providers		4,361		727
Prepayment of license fee		1,062		-
Other deposits and prepayments		242		464
		6,980		2,154

Note 6 - Due From Related Parties, Net (Tables)

12 Months Ended

Dec. 31, 2019

Due From Related Parties [Member]

	As of December 31,
	2019			2018
	US$(’000)			US$(’000)

Zhongwang Xiyue Technology (Beijing) Co., Ltd. (“Zhongwang Xiyue”)		81			-
Guohua Shiji (Beijing) Communication Co., Ltd. (“Guohua Shiji”)		172			201
An officer of the Company		-			200
		253			401
Allowance for doubtful accounts		(172	)		(175	)
Due from related parties, net		81			226

Note 7 - Other Current Assets, Net (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Other Receivables [Table Text Block]

	As of December 31,
	2019							2018
	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		11		-			11		19		-			19
Loan to an unrelated party		-		-			-		146		(146	)		-
Overdue deposits		717		(717	)		-		1,619		(1,619	)		-
Total		728		(717	)		11		1,784		(1,765	)		19

Note 9 - Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Property and Equipment [Table Text Block]

	As of December 31,
	2019			2018
	US$(’000)			US$(’000)

Leasehold improvement		-			321
Vehicles		758			771
Office equipment		1,331			1,353
Electronic devices		937			952
Property and equipment, cost		3,026			3,397
Less: accumulated depreciation		(2,948	)		(3,255	)
Property and equipment, net		78			142

Note 10 - Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Finite and Indefinite-Lived Intangible Assets [Table Text Block]

	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

	As of December 31, 2018
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		1,408		-			(1,408	)		-
Intangible assets subject to amortization:
Customer relationship		1,941		(1,941	)		-			-
Non-compete agreements		1,068		(580	)		(488	)		-
Software technologies		299		(299	)		-			-
Intelligent marketing data service platform		4,705		(1,906	)		(2,799	)		-
Internet safety, information exchange security and data encryption software		1,894		(426	)		(1,468	)		-
Cloud video management system		1,383		(343	)		(1,040	)		-
Cloud compute software technology		1,353		(896	)		(415	)		42
Other computer software		114		(111	)		-			3
Total	$	14,165	$	(6,502	)	$	(7,618	)	$	45

Note 13 - Accrued Payroll and Other Accruals (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Accrued Liabilities [Table Text Block]

	As of December 31,
	2019		2018
	US$(’000)		US$(’000)

Accrued payroll and staff welfare		173		208
Accrued operating expenses		318		313
		491		521

Note 14 - Taxation (Tables)

12 Months Ended

Dec. 31, 2019

Schedule Of Taxes Payable [Table Text Block]


	As of December 31,
	2019		2018
	US$(’000)		US$(’000)

PRC turnover tax and surcharge payable		1,244		1,215
PRC enterprise income tax payable		1,970		1,782
Taxes payable		3,214		2,997

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Year Ended December 31,
	2019			2018
	US$(’000)			US$(’000)

Pre-tax loss		(1,221	)		(13,363	)
U.S. federal rate		21	%		21	%
Income tax benefit computed at U.S. federal rate		256			2,806
Reconciling items:
Rate differential for foreign earnings		137			561
Preferential tax treatment effect		(109	)		(231	)
Tax effect on non-taxable change in fair value of warrant liabilities		105			350
Tax effect on non-deductible impairment on goodwill		-			(1,303	)
Tax effect on change of net operating loss treatment		-			1,130
Tax effect on adjustment to provisional amount of toll charge income from the Act		-			(96	)
Provision of valuation allowance on deferred tax assets		(177	)		(3,504	)
Expired tax attribute carryforwards		(253	)		(365	)
Tax effect on other non-deductible expenses/non-taxable income		(8	)		(112	)
Effective income tax expense		(49	)		(764	)

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Year Ended December 31,
	2019			2018
	US$(’000)			US$(’000)

Current-PRC		(217	)		-
Deferred-PRC		168			(764	)
Income tax expense		(49	)		(764	)

Schedule Of Deferred Tax Assets [Table Text Block]

	As of December 31,
	2019			2018
	US$(’000)			US$(’000)

Tax effect of net operating losses carried forward		9,160			9,243
Bad debts provision		743			1,188
Valuation allowance		(9,190	)		(9,875	)
Total net deferred tax assets		713			556

Note 16 - The Financing and Warrant Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	Valuation techniques	Unobservable inputs	Value/Range of Inputs

		Remaining useful life (years)		7.75
Intangible assets	Multi-period Excess Earning	Discount rate		24%
		Contributory asset charge	8.9%	-	24%

		Base projection period (years)		5
Goodwill	Discounted Cash Flow	Discount rate		20%
		Terminal growth rate		3.50%

Allocation of Proceeds from Issuance of Equity [Table Text Block]

	Initial measurement
	US$(’000)

Investor warrants		1,890
Common Stock (par value and additional paid-in capital)		9,183
Total proceeds from the 2018 Financing		11,073

Schedule of Warrant Liabilities [Table Text Block]

	As of		As of		As of		Change in Fair Value (gain)/loss
	December 31,		December 31,		January 31,		Year ended December 31,
	2019		2018		2018		2019			2018
	(US$’000)		(US$’000)		(US$’000)		(US$’000)			(US$’000)
Fair value of the Warrants:
Investor warrants		71		503		1,890		(432	)		(1,387	)
Placement agent warrants		36		103		385		(67	)		(282	)
Warrant liabilities		107		606		2,275		(499	)		(1,669	)

Schedule of Warrant Activity [Table Text Block]

	Warrant Outstanding						Warrant Exercisable
	Number of underlying shares		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number of underlying shares		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price

Balance, January 1, 2018		-						-
Issued		774,000		2.58	$	6.60		774,000		2.58	$	6.60
Expired		-						-
Exercised		-						-
Balance, December 31, 2018		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

Warrant [Member]

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	Investors Warrants			Placement Agent Warrants

Stock price	$	3.98		$	3.98
Years to maturity		2.50			3.00
Risk-free interest rate		2.22	%		2.39	%
Dividend yield		-			-
Expected volatility		158	%		147	%
Exercise Price	$	6.60		$	6.60

Fair value of the warrant	$	2.93		$	2.99

Warrant liabilities as of the closing date US$(’000)	$	1,890		$	385

	Investors warrants									Placement agent warrants
	January 17, 2018			December 31, 2018			December 31, 2019			January 17, 2018			December 31, 2018			December 31, 2019

Stock price	$	3.98		$	1.34		$	1.17		$	3.98		$	1.34		$	1.17
Years to maturity		2.50			1.55			0.55			3.00			2.05			1.05
Risk-free interest rate		2.22	%		2.50	%		1.58	%		2.39	%		2.50	%		1.57	%
Dividend yield		-			-			-			-			-			-
Expected volatility		158	%		199	%		60	%		147	%		176	%		80	%
Exercise Price	$	6.60		$	6.60		$	1.4927	*	$	6.60		$	6.60		$	1.4927	*

Fair value of the warrant	$	2.93		$	0.78		$	0.11		$	2.99		$	0.80		$	0.28

Warrant liabilities US$(’000)	$	1,890		$	503		$	71		$	385		$	103		$	36

Note 18 - Related Party Transaction (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Revenue From Related Parties [Table Text Block]

	Year Ended December 31,
	2019		2018
	US$(’000)		US$(’000)

Zhongwang Xiyue Technology (Beijing) Co., Ltd. (“Zhongwang Xiyue”)		899		-

Note 20 - Concentration of Risk (Tables)

12 Months Ended

Dec. 31, 2019

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

Customer A

Customer B

Customer C

Customer D

Year Ended December 31, 2019

Revenues, customer concentration risk

Year Ended December 31, 2018

Revenues, customer concentration risk

17%

As of December 31, 2019

Accounts receivable, customer concentration risk

57%

13%

12%

As of December 31, 2018

Accounts receivable, customer concentration risk

74%

12%

	Supplier A		Supplier B
Year Ended December 31, 2019
Cost of revenues, supplier concentration risk		89%		*

Year Ended December 31, 2018
Cost of revenues, supplier concentration risk		85%		11%

Note 22- Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Internet Ad. and data service			TV Ad.			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			224			3,885			21,338			(20,228	)		18,551

	Internet Ad. and data service			TV Ad.			Blockchain technology			Corporate			Inter-segment and reconciling item			Total
	US$(’000)			US$(’000)			US$(’000)			US$(’000)			US$(’000)			US$(’000)

Revenues		57,025			121			-			356			(356	)		57,146
Cost of revenues		54,633			95			-			-			-			54,728
Total operating expenses		14,658			126			102			2,400	(1)		(356	)		16,930
Depreciation and amortization expense included in total operating expenses		469			1			-			71			-			541
Impairment on goodwill included in total operating expenses		5,211			-			-			-			-			5,211
Impairment on intangible assets included in total operating expenses		3,330			-			-			-			-			3,330
Operating loss		(12,266	)		(100	)		(102	)		(2,044	)		-			(14,512	)

Change in fair value of warrant liabilities		-			-			-			1,669			-			1,669

Impairment on long-term investments		-			-			-			453			-			453

Net loss		(12,708	)		(100	)		(102	)		(1,217	)		-			(14,127	)

Expenditure for long-term assets		431			-			3,746			3			-			4,180

Total assets – December 31, 2018		12,756			207			3,746			16,805			(16,546	)		16,968

Note 23 - Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Year Ended December 31,
	2019			2018
	US$(’000)			US$(’000)

Net loss attributable to ChinaNet Online Holdings, Inc. (numerator for basic and diluted loss per share)	$	(1,261	)	$	(14,025	)

Weighted average number of common shares outstanding – Basic and diluted		17,130,335			15,863,894

Loss per share -Basic and diluted	$	(0.07	)	$	(0.88	)

Note 24 - Share-based Compensation Expenses (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement, Option, Activity [Table Text Block]

	Option Outstanding							Option Exercisable
	Number of underlying shares			Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number of underlying shares			Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price

Balance, January 1, 2018		835,216			3.04	$	2.49		835,216			3.04	$	2.49
Granted/Vested		-							-
Forfeited		-							-
Expired		-							-
Exercised		-							-
Balance, December 31, 2018		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

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	Year Ended December 31,
	2019		2018
	US$(’000)		US$(’000)

Sales and marketing expenses		-		47
General and administrative expenses		393		149
Research and development expenses		-		37
Total		393		233

Note 1 - Organization and Nature of Operations - Consolidated Subsidiaries and VIEs (Details)

12 Months Ended

Dec. 31, 2019

Business Opportunity Online [Member]

Beijing CNET Online [Member]

100.00%

^[1]

Beijing Chuang Fu Tian Xia [Member]

100.00%

^[1]

Business Opportunity Online Hubei [Member]

100.00%

^[1]

100.00%

^[1]

Hubei CNET [Member]

Sheng Tian Hubei [Member]

100.00%

^[1]

Beijing Chuang Shi Xin Qi [Member]

100.00%

^[1]

Beijing Shi Ji Cheng Yuan [Member]

100.00%

^[1]

Beijing Hong Da Shi Xing [Member]

100.00%

^[1]

100.00%

^[1]

ChinaNet BVI [Member]

100.00%

^[2]

China Net HK [Member]

ChinaNet Investment BVI [Member]

100.00%

^[2]

100.00%

^[2]

Grandon BVI [Member]

100.00%

^[2]

Rise King WFOE [Member]

ChinaNet Online PRC [Member]

100.00%

^[2]

Business Opportunity Chain [Member]

100.00%

^[2]

Cash and cash equivalents

51.00%

^[2]

[1]	The Company's consolidated VIE, or a direct or indirect subsidiary of the Company's consolidated VIE.
[2]	A direct or indirect subsidiary of the Company.

Note 2 - Variable Interest Entities (Details Textual)	Dec. 31, 2019 CNY (¥)
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 Entities - Consolidated VIEs' Assets and Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Current assets:

$ 1,603

$ 3,742

Accounts receivable, net

3,260

6,359

Prepayment and deposit to suppliers

6,980

2,154

Due from related parties, net

226

Other current assets, net

Total current assets

11,935

12,500

Long-term investments

Operating lease right-of-use assets

Property and equipment, net

142

Intangible assets, net

1,899

Deferred tax assets

713

556

18,551

16,968

Current liabilities:

^[1]

430

874

Accounts payable

^[1]

408

2,869

Advances from customers

^[1]

2,006

1,061

^[1]

491

521

Short-term Lease Liability

^[1]

3,214

2,997

136

^[1]

Other current liabilities

^[1]

221

118

Total current liabilities

7,013

9,046

Total Liabilities

7,138

9,174

Variable Interest Entity, Primary Beneficiary [Member]

Current assets:

Cash and cash equivalents

699

2,328

Accounts receivable, net

2,876

6,359

Prepayment and deposit to suppliers

3,998

1,724

Due from related parties, net

Other current assets, net

Total current assets

7,660

10,448

Long-term investments

Operating lease right-of-use assets

Property and equipment, net

Intangible assets, net

Deferred tax assets

713

556

8,485

11,130

Current liabilities:

430

874

Accounts payable

408

2,868

Advances from customers

2,006

1,059

132

155

Short-term Lease Liability

2,568

2,562

Other current liabilities

Total current liabilities

5,647

7,584

Total Liabilities

$ 5,647

$ 7,584

[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 Entities - Consolidated VIEs' Financial Performance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues	$ 58,080	$ 57,146
Cost of revenues	52,582	54,728
Total operating expenses	7,186	16,930
Net loss	(1,270)	(14,127)
Variable Interest Entity, Primary Beneficiary [Member]
Revenues	56,172	57,133
Cost of revenues	52,582	54,728
Total operating expenses	4,652	12,826
Net loss	$ 929	$ 10,862

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

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

Net Income (Loss) Attributable to Parent, Total

Note 3 - Summary of Significant Accounting Policies (Details Textual)

12 Months Ended

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Dec. 31, 2019

CNY (¥)

Oct. 31, 2019

USD ($)

May 31, 2018

$ (1,261,000)

$ (14,025,000)

Cash and Cash Equivalents, at Carrying Value, Ending Balance

1,603,000

3,742,000

Net Cash Provided by (Used in) Operating Activities, Total

(4,311,000)

(5,389,000)

Restricted Cash and Cash Equivalents, Total

30,000

$ 30,000

Accounts Receivable, Allowance for Credit Loss, Ending Balance

2,340,000

760,000

Accounts Receivable, Allowance for Credit Loss, Writeoff

2,500,000

Equity Method Investment, Other than Temporary Impairment

$ 0

Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Total

450,000

Finite-Lived Intangible Asset, Useful Life (Year)

6 years 189 days

Impairment of Intangible Assets (Excluding Goodwill), Total

$ 3,330,000

3,330,000

Contract with Customer, Performance Obligation Satisfied in Previous Period

5,211,000

Contract with Customer, Asset, Net, Total

Advertising Expense

1,100,000

Research and Development Expense, Total

$ 869,000

933,000

Lessee, Operating Lease, Discount Rate

6.00%

Short-term Lease, Cost

$ 230,000

Short-term Lease Liability

136,000

^[1]

Operating Lease, Right-of-Use Asset

12,000

Operating Lease, Cost

90,000

Operating Leases, Rent Expense, Net, Total

410,000

Lessee, Operating Lease, Liability, Payments, Due, Total

10,000

Statute of Limitations, Special Circumstances, Underpayment of Taxes Threshold | ¥

¥ 100,000

Other Current Assets [Member]

Operating Lease, Right-of-Use Asset

12,000,000

Other Current Liabilities [Member]

Operating Lease, Liability, Total

$ 10,000

CHINA

Number of Lease Offices

Beijing Chuang Fu Tian Xia [Member]

Variable Interest Entity, Remaining Ownership Percentage Acquired

49.00%

Income (Loss) from Acquisition of Variable Interest Entity

(1,810,000)

Reallocation of Variable Interest Entity’s Accumulated Comprehensive Loss to the Parent's Equity

$ 30,000

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 Significant Accounting Policies - Exchange Rates Used to Translate Amounts In RMB Into US$ (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Items in the statements of operations and comprehensive loss	6.8985	6.6174
Balance Sheet Items, Except Equity Accounts [Member]
Balance sheet items, except for equity accounts	6.9762	6.8632

Note 3 - Summary of Significant Accounting Policies - Estimated Useful Lives of Property, Plant, and Equipment (Details)	12 Months Ended
	Dec. 31, 2019
Leasehold Improvements [Member]
Property and equipment, useful life (Year)	3 years
Vehicles [Member]
Property and equipment, useful life (Year)	5 years
Office Equipment [Member] \| Minimum [Member]
Property and equipment, useful life (Year)	3 years
Office Equipment [Member] \| Maximum [Member]
Property and equipment, useful life (Year)	5 years
Electronic Devices [Member]
Property and equipment, useful life (Year)	5 years

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, 2019	Dec. 31, 2018
Warrant liabilities	$ 107	$ 606
Fair Value, Inputs, Level 1 [Member]
Warrant liabilities
Fair Value, Inputs, Level 2 [Member]
Warrant liabilities
Fair Value, Inputs, Level 3 [Member]
Warrant liabilities	$ 107	$ 606

Note 3 - Summary of Significant Accounting Policies - Quantitative Information About Level 3 Fair Value Measurements (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Nonrecurring [Member]	Dec. 31, 2018
Valuation, Income Approach [Member] \| Measurement Input, Expected Term [Member]
Intangible assets	0.0775
Valuation, Income Approach [Member] \| Measurement Input, Discount Rate [Member]
Intangible assets	0.24
Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Expected Term [Member]
Goodwill	0.05
Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Discount Rate [Member]
Goodwill	0.2
Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Contributory Asset Charge [Member] \| Minimum [Member]
Intangible assets	0.089
Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Contributory Asset Charge [Member] \| Maximum [Member]
Intangible assets	0.24
Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Terminal Growth Rate [Member]
Goodwill	0.035

Note 3 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues	$ 58,080	$ 57,146
Search Engine Marketing and Data Service [Member]
Revenues	41,361	47,423
Online Advertising Placement [Member]
Revenues	14,552	9,094
Sales of Effective Sales Lead Information [Member]
Revenues	255	494
Technical Services Provider [Member]
Revenues	710	14
TV Advertising Service [Member]
Revenues		121
Software Sales [Member]
Revenues	1,202
Transferred over Time [Member]
Revenues	55,913	56,652
Transferred at Point in Time [Member]
Revenues	$ 2,167	$ 494

Note 3 - Summary of Significant Accounting Policies - Contract liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Balance	$ 1,061	$ 3,559
Exchange translation adjustment	(17)	(171)
Revenue recognized from beginning contract liability balance	(1,027)	(3,338)
Advances received from customers related to unsatisfied performance obligations	1,989	1,011
Balance	$ 2,006	$ 1,061

Note 3 - Summary of Significant Accounting Policies - Supplement Information Related to Operating Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Operating cash flows used for operating leases (in thousands of U.S. dollars)	$ 91
Right-of-use assets obtained in exchange for new lease liabilities (in thousands of U.S. dollars)	$ 10
Weighted-average remaining lease term (Year)	1 year 76 days
Weighted-average discount rate	6.00%

Note 4 - Accounts Receivable, Net (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Accounts Receivable, Allowance for Credit Loss, Current	$ 3,148,000	$ 3,393,000
Accounts Receivable, Credit Loss Expense (Reversal)	2,335,000	1,523,000
Accounts Receivable, Allowance for Credit Loss, Writeoff	2,500,000
Internet Advertising and TV Advertising [Member]
Accounts Receivable, Allowance for Credit Loss, Current	$ 3,150,000	3,390,000
Number of Months Past Due (Month)	180 days
Accounts Receivable, Credit Loss Expense (Reversal)	$ 2,340,000	$ 760,000
Accounts Receivable, Allowance for Credit Loss, Writeoff	$ 2,500,000

Note 4 - Accounts Receivable, Net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accounts receivable	$ 6,408	$ 9,752
Allowance for doubtful accounts	(3,148)	(3,393)
Accounts receivable, net	$ 3,260	$ 6,359

Note 5 - Prepayments and Deposit to Suppliers, Net - Prepayments and Deposit to Suppliers (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Prepayment and deposit to suppliers	$ 6,980	$ 2,154
Deposits to TV Ad and Internet Ad Resources Providers [Member]
Prepayment and deposit to suppliers	1,315	963
Prepayment to TV Ad and Internet Ad Resources Providers [Member]
Prepayment and deposit to suppliers	4,361	727
Prepayment For Software System Development [Member]
Prepayment and deposit to suppliers	1,062
Other Deposits and Prepayments [Member]
Prepayment and deposit to suppliers	$ 242	$ 464

Note 6 - Due From Related Parties, Net (Details Textual) ¥ in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019 USD ($)	Mar. 31, 2019 CNY (¥)	Dec. 31, 2018 USD ($)	Dec. 31, 2019 USD ($)	Apr. 30, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Due from Related Parties, Current, Total			$ 226	$ 81
Related-party Working Capital Loans [Member] \| Chuangshi Meiwei and Guoshua Shiji [Member]
Due from Related Parties, Current, Total			200			¥ 1,380
Proceeds from Collection of Short-term Loans to Related Parties	$ 30	¥ 180
Allowance for Doubtful Accounts, Related Party, Reversal			40
Fund Advanced to Company Management [Member] \| Officer [Member]
Due from Related Parties, Total			$ 200
Due from Related Parties, Amount Returned					$ 200

Note 6 - Due From Related Parties, Net - Due From Related Parties (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Due from related parties, gross	$ 253	$ 401
Allowance for doubtful accounts	(172)	(175)
Due from Related Parties, Current, Total	81	226
Zhong Wang Xi Yue Technology (Beijing) Co. Ltd [Member]
Due from related parties, gross	81
Guohua Shiji [Member]
Due from related parties, gross	172	201
Officer [Member]
Due from related parties, gross		$ 200

Note 7 - Other Current Assets, Net (Details Textual) ¥ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2018 CNY (¥)
Accounts Receivable, Allowance for Credit Loss, Ending Balance	$ 2,340,000	$ 760,000
Accounts Receivable, Credit Loss Expense (Reversal)	2,335,000	1,523,000
Internet Advertising And TV Advertising Contractual Deposit [Member]
Accounts Receivable, Allowance for Credit Loss, Ending Balance		1,620,000	¥ 11
Accounts Receivable, Credit Loss Expense (Reversal)	900,000	800,000
Short-term Working Capital Loan to an Unrelated Third Party [Member]
Financing Receivable, after Allowance for Credit Loss, Total		$ 150,000	¥ 1
Accounts Receivable, Credit Loss Expense (Reversal)	$ 150,000

Note 7 - Other Receivables, Net - Summary of Other Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Other receivables, gross	$ 728	$ 1,784
Allowance for doubtful accounts	(717)	(1,765)
Other receivables, net	11	19
Staff Advances for Business Operations [Member]
Other receivables, gross	11	19
Allowance for doubtful accounts
Other receivables, net	11	19
Loan to Unrelated Party [Member]
Other receivables, gross		146
Allowance for doubtful accounts		(146)
Other receivables, net
Overdue Deposits [Member]
Other receivables, gross	717	1,619
Allowance for doubtful accounts	(717)	(1,619)
Other receivables, net

Note 8 - Long-term Investments (Details Textual) $ in Thousands, ¥ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2019 USD ($)
Shenzhen Mingshan [Member]
Equity Method Investment, Ownership Percentage	23.18%		23.18%
Zhao Shang Ke Hubei [Member]
Equity Method Investment, Ownership Percentage	25.50%		25.50%
Equity Method Investments	$ 0		$ 0
ChinaNet Chuang Tou [Member]
Equity Securities without Readily Determinable Fair Value, Percent	19.00%		19.00%
Equity Securities without Readily Determinable Fair Value, Amount			$ 0
Investments, Cash Returned	$ 450	¥ 3
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount	$ 450
ChinaNet Korea [Member]
Equity Securities without Readily Determinable Fair Value, Percent	15.00%		15.00%
Equity Securities without Readily Determinable Fair Value, Amount			$ 0
Beijing Saturday [Member]
Equity Securities without Readily Determinable Fair Value, Percent	10.00%		10.00%
Equity Securities without Readily Determinable Fair Value, Amount			$ 0
Local Chain Xi’an [Member]
Equity Securities without Readily Determinable Fair Value, Percent	4.90%		4.90%
Equity Securities without Readily Determinable Fair Value, Amount			$ 40
Guohua Shiji [Member]
Equity Securities without Readily Determinable Fair Value, Percent	19.00%		19.00%
Equity Securities without Readily Determinable Fair Value, Amount			$ 0

Note 9 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Depreciation, Total	$ 60	$ 160

Note 9 - Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property and equipment, gross	$ 3,026	$ 3,397
Less: accumulated depreciation	(2,948)	(3,255)
Property and equipment, net	78	142
Leaseholds and Leasehold Improvements [Member]
Property and equipment, gross		321
Vehicles [Member]
Property and equipment, gross	758	771
Office Equipment [Member]
Property and equipment, gross	1,331	1,353
Electronic Devices [Member]
Property and equipment, gross	$ 937	$ 952

Note 10 - Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Amortization of Intangible Assets, Total	$ 110	$ 380
Impairment of Intangible Assets, Finite-lived		$ 3,330
Finite-Lived Intangible Asset, Useful Life (Year)	6 years 189 days
Finite-Lived Intangible Asset, Expected Amortization, Year One	$ 820
Finite-Lived Intangible Asset, Expected Amortization, Year Two	130
Finite-Lived Intangible Asset, Expected Amortization, Year Three	120
Finite-Lived Intangible Asset, Expected Amortization, Year Four	120
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 120

Note 10 - Intangible Assets, Net - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Finite-lived intangible assets	$ 15,898	$ 14,165
Finite-lived intangible assets, Accumulated amortization	(6,505)	(6,502)
Finite-lived intangible assets, Impairment	(7,494)	(7,618)
Intangible assets, net	1,899	45
Customer Relationships [Member]
Finite-lived intangible assets	1,909	1,941
Finite-lived intangible assets, Accumulated amortization	(1,909)	(1,941)
Finite-lived intangible assets, Impairment
Intangible assets, net
Noncompete Agreements [Member]
Finite-lived intangible assets	1,051	1,068
Finite-lived intangible assets, Accumulated amortization	(571)	(580)
Finite-lived intangible assets, Impairment	(480)	(488)
Intangible assets, net
Software Technologies [Member]
Finite-lived intangible assets	294	299
Finite-lived intangible assets, Accumulated amortization	(294)	(299)
Finite-lived intangible assets, Impairment
Intangible assets, net
Intelligent Marketing Data Service Platform [Member]
Finite-lived intangible assets	4,629	4,705
Finite-lived intangible assets, Accumulated amortization	(1,876)	(1,906)
Finite-lived intangible assets, Impairment	(2,753)	(2,799)
Intangible assets, net
Internet Safety, Information Exchange Security and Data Encryption Software [Member]
Finite-lived intangible assets	1,863	1,894
Finite-lived intangible assets, Accumulated amortization	(419)	(426)
Finite-lived intangible assets, Impairment	(1,444)	(1,468)
Intangible assets, net
Computer Software, Cloud Video Management System [Member]
Finite-lived intangible assets	1,362	1,383
Finite-lived intangible assets, Accumulated amortization	(338)	(343)
Finite-lived intangible assets, Impairment	(1,024)	(1,040)
Intangible assets, net
Cloud-Computing Based Software Platforms [Member]
Finite-lived intangible assets	1,331	1,353
Finite-lived intangible assets, Accumulated amortization	(898)	(896)
Finite-lived intangible assets, Impairment	(408)	(415)
Intangible assets, net	25	42
Licensing Agreements [Member]
Finite-lived intangible assets	1,202
Finite-lived intangible assets, Accumulated amortization	(15)
Finite-lived intangible assets, Impairment
Intangible assets, net	1,187
Other Computer Software [Member]
Finite-lived intangible assets	872	114
Finite-lived intangible assets, Accumulated amortization	(185)	(111)
Finite-lived intangible assets, Impairment
Intangible assets, net	687	3
Domain Name [Member]
Domain name	1,385	1,408
Domain name, Impairment	$ (1,385)	$ (1,408)

Note 11 - Blockchain Platform Applications Development Costs (Details Textual) $ in Thousands, ¥ in Millions	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Mar. 31, 2018 USD ($)	Mar. 31, 2018 CNY (¥)	Feb. 28, 2018 USD ($)
Payment for Blockchain Technology Based Applications Development Costs	$ 3,880	$ 3,730
Contract to Develop Blockchain Technology Based Applications [Member]
Application Development Contracts, Contract Amount	$ 4,930				$ 4,500
Contract to Develop Social Network Based Applications [Member]
Application Development Contracts, Contract Amount			$ 430	¥ 3

Note 12 - Short-term Bank Loan and Credit Facility (Details Textual)
$ in Thousands, ¥ in Millions

1 Months Ended

12 Months Ended

Jul. 29, 2019

USD ($)

Jul. 29, 2019

CNY (¥)

Jan. 31, 2020

USD ($)

Jan. 31, 2020

CNY (¥)

Sep. 30, 2019

USD ($)

Sep. 30, 2019

CNY (¥)

Jan. 31, 2019

USD ($)

Jan. 31, 2019

CNY (¥)

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Dec. 31, 2018

CNY (¥)

Dec. 31, 2019

CNY (¥)

Oct. 31, 2019

USD ($)

Dec. 31, 2018

CNY (¥)

Restricted Cash and Cash Equivalents, Total

^[1]

$ 430

$ 874

$ 30

Maximum [Member]

Short-term Debt, Weighted Average Interest Rate, at Point in Time

5.655%

Debt Instrument, Basis Spread on Variable Rate

30.00%

Revolving Credit Facility [Member] | Loans Payable [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 720

¥ 5.0

Repayments of Short-term Debt, Total

$ 430

440

¥ 3.0

$ 440

¥ 3.0

Revolving Credit Facility [Member] | Loans Payable [Member] | Subsequent Event [Member]

Repayments of Short-term Debt, Total

$ 430

¥ 3.0

Revolving Credit Facility [Member] | Loans Payable Two [Member]

Proceeds from Short-term Debt, Total

$ 440

¥ 3.0

Repayments of Short-term Debt, Total

$ 220

¥ 1.5

$ 220

¥ 1.5

[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 Other Accruals - Accrued Payroll and Other Accruals (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Accrued Payroll and Staff Welfare [Member]

^[1]

$ 491

$ 521

Accrued Operating Expenses [Member]

173

208

PRC turnover tax and surcharge payable

$ 318

$ 313

[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 Textual) $ in Thousands, $ in Millions	12 Months Ended			21 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2019 HKD ($)	Nov. 30, 2015
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	35.00%
Increase (Decrease) in Amount of Toll Charge Income From the Act		$ 460
Amount of Toll Charge Income From the Act		1,860	$ 1,400
Federal Income Tax Expense (Benefit), Continuing Operations, Total	$ 0	0
Income Tax Withholding Rate Pursuant to EIT Law	10.00%
Operating Loss Carryforwards, Total	$ 20,300	19,200
Operating Loss Carryforwards, Taxable Income Deduction Limitations	80.00%
Deferred Tax Assets, Valuation Allowance, Total	$ 9,190	9,875
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 180	$ 3,500
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%
Tax Treaty Agreement [Member]
Income Tax Withholding Rate Pursuant to EIT Law	5.00%
HONG KONG
Federal Income Tax Expense (Benefit), Continuing Operations, Total	$ 0
Other Tax Expense (Benefit)	0
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%
Profits Assessable	0
ChinaNet BVI [Member]
Other Tax Expense (Benefit)	$ 0
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%
Business Opportunity Online [Member] \| PRC [Member] \| Minimum [Member]
Enterprise Income Tax Rate In PRC					15.00%
PRC Subsidiary And VIE's [Member]
Operating Loss Carryforwards, Total	$ 23,600	$ 25,200

Note 14 - Taxation - Taxes Payable (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

$ 1,244

$ 1,215

PRC enterprise income tax payable

1,970

1,782

^[1]

$ 3,214

$ 2,997

[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 - Reconciliation of the Income Tax (Expense)/Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Pre-tax loss	$ (1,221)	$ (13,363)
U.S. federal rate	21.00%	21.00%	35.00%
Income tax benefit computed at U.S. federal rate	$ 256	$ 2,806
Rate differential for foreign earnings	137	561
Preferential tax treatment effect	(109)	(231)
Tax effect on non-taxable change in fair value of warrant liabilities	105	350
Tax effect on non-deductible impairment on goodwill		(1,303)
Tax effect on change of net operating loss treatment		1,130
Tax effect on adjustment to provisional amount of toll charge income from the Act		(96)
Provision of valuation allowance on deferred tax assets	(177)	(3,504)
Expired tax attribute carryforwards	(253)	(365)
Tax effect on other non-deductible expenses/non-taxable income	(8)	(112)
Effective income tax expense	$ (49)	$ (764)

Note 14 - Taxation - Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Current-PRC	$ (217)
Deferred-PRC	168	(764)
Effective income tax expense	$ (49)	$ (764)

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

Warrant liabilities as of the closing date US$(’000)

Note 14 - Taxation - Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Tax effect of net operating losses carried forward	$ 9,160	$ 9,243
Bad debts provision	743	1,188
Valuation allowance	(9,190)	(9,875)
Total net deferred tax assets	$ 713	$ 556

Note 16 - The Financing and Warrant Liabilities (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Aug. 07, 2019	Jan. 17, 2018	Dec. 31, 2019	Dec. 31, 2018	Sep. 25, 2019	Jan. 31, 2018
Stock Issued During Period, Value, New Issues			$ 4,787	$ 7,988
Warrants and Rights Outstanding			107	606		$ 2,275
Investor Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		645,000
Class of Warrant or Right, Term (Month)		2 years 180 days
Warrants and Rights Outstanding		$ 1,890	71	503		1,890
Placement Agent Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		129,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 6.60
Warrants and Rights Outstanding, Term (Year)		3 years
Warrants and Rights Outstanding		$ 385	36	103		$ 385
The Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 6.60
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
Additional Paid-in Capital [Member]
Stock Issued During Period, Value, New Issues			4,783	7,986
Private Placement [Member]
Stock Issued During Period, Shares, New Issues (in shares)	3,216,860	2,150,001
Stock Issued During Period, Value, New Issues	$ 4,800
Shares Issued, Price Per Share (in dollars per share)	$ 1.4927	$ 5.15
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	$ 15		$ 15	1,194
Proceeds from Issuance or Sale of Equity, Total		$ 11,100		11,073
Placement Agent Fee, Percent of Gross Proceeds		6.00%
Placement Agent Fee		$ 660
Direct Legal Fees		$ 150
Private Placement [Member] \| Investor Warrants [Member]
Warrants and Rights Outstanding				1,890
Private Placement [Member] \| Placement Agent Warrants [Member]
Warrants and Rights Outstanding				$ 385
Private Placement [Member] \| Additional Paid-in Capital [Member]
Stock Issued During Period, Value, New Issues	$ 4,790

Note 16 - The Financing and Warrant Liabilities - Fair Value of Warrants (Details)
$ in Thousands

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Jan. 31, 2018

USD ($)

Jan. 17, 2018

USD ($)

$ 107

$ 606

$ 2,275

Investor Warrants [Member]

Warrant liabilities as of the closing date US$(’000)

503

1,890

$ 1,890

Placement Agent Warrants [Member]

Warrant liabilities as of the closing date US$(’000)

$ 36

$ 103

$ 385

Measurement Input, Share Price [Member] | Investor Warrants [Member]

Measurement Input, Share Price [Member] | Placement Agent Warrants [Member]

1.17

1.34

3.98

Measurement Input, Expected Term [Member] | Investor Warrants [Member]

1.17

1.34

3.98

Fair value of the warrants | yr

0.55

1.55

2.5

Measurement Input, Expected Term [Member] | Placement Agent Warrants [Member]

Fair value of the warrants | yr

1.05

2.05

Measurement Input, Risk Free Interest Rate [Member] | Investor Warrants [Member]

Measurement Input, Risk Free Interest Rate [Member] | Placement Agent Warrants [Member]

0.0158

0.025

0.0222

Measurement Input, Expected Dividend Rate [Member] | Investor Warrants [Member]

0.0157

0.025

0.0239

Measurement Input, Expected Dividend Rate [Member] | Placement Agent Warrants [Member]

Measurement Input, Price Volatility [Member] | Investor Warrants [Member]

Measurement Input, Price Volatility [Member] | Placement Agent Warrants [Member]

0.6

1.99

1.58

Measurement Input, Exercise Price [Member] | Investor Warrants [Member]

0.8

1.76

1.47

Measurement Input, Exercise Price [Member] | Placement Agent Warrants [Member]

1.4927

^[1]

6.6

Measurement Input, Quoted Price [Member] | Investor Warrants [Member]

1.4927

^[1]

6.6

Measurement Input, Quoted Price [Member] | Placement Agent Warrants [Member]

0.11

0.78

2.93

Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member]

0.28

0.8

2.99

[1]

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 Warrant Liabilities - Allocation of Gross Proceeds From the Financing (Details) - Private Placement [Member] - USD ($) $ in Thousands		12 Months Ended
	Jan. 17, 2018	Dec. 31, 2018
Investor warrants		$ 1,890
Common Stock (par value and additional paid-in capital)		9,183
Total proceeds from the 2018 Financing	$ 11,100	$ 11,073

Note 16 - The Financing and Warrant Liabilities - Warrant Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Jan. 31, 2018	Jan. 17, 2018
Proceeds allocated to warrant liabilities	$ 107	$ 606	$ 2,275
Change in fair value of warrants	(499)	(1,669)
Investor Warrants [Member]
Proceeds allocated to warrant liabilities	71	503	1,890	$ 1,890
Change in fair value of warrants	(432)	(1,387)
Placement Agent Warrants [Member]
Proceeds allocated to warrant liabilities	36	103	$ 385	$ 385
Change in fair value of warrants	$ (67)	$ (282)

Note 16 - The Financing and Warrant Liabilities - Warrant Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Balance (in shares)	774,000
Weighted average exercise price (in dollars per share)	$ 6.60
Exercisable (in shares)	774,000
Exercisable, weighted average exercise price (in dollars per share)	$ 6.60
Issued (in shares)		774,000
Issued, weighted average remaining contractual life (Year)		2 years 211 days
Issued (in dollars per share)		$ 6.60
Issued, exercisable (in shares)		774,000
Issued, exercisable, weighted average remaining contractual life (Year)		2 years 211 days
Issued, weighted average exercise price (in dollars per share)		$ 6.60
Expired (in shares)
Exercised (in shares)
Weighted average remaining contractual life (Year)	229 days	1 year 229 days
Exercisable, weighted average remaining contractual life (Year)	229 days	1 year 229 days
Balance (in shares)	774,000	774,000
Weighted average exercise price (in dollars per share)	$ 14,927	$ 6.60
Exercisable (in shares)	774,000	774,000
Exercisable, weighted average exercise price (in dollars per share)	$ 14,927	$ 6.60

Note 17 - Restricted Net Assets (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries	$ 12	$ 12
Withholding Tax Rate Pursuant To EIT Law	10.00%
Preferential Withholding Tax Rate	5.00%
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 Transaction - Revenue From Related Parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Zhongwang Xiyue [Member]
Revenue from related parties	$ 899

Note 19 - Employee Defined Contribution Plan (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Defined Contribution Plan, Cost	$ 310	$ 370

Note 20 - Concentration of Risk (Details Textual)	Dec. 31, 2019
CHINA
Percent of Cash and Cash Equivalents Held by Major Financial Institutions	99.00%
UNITED STATES
Percent of Cash and Cash Equivalents Held by Major Financial Institutions	1.00%

Note 20 - Concentration of Risk - Company's Concentration of Customers and Suppliers (Details)

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member]

^[1]

17.00%

Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer C [Member]

^[1]

Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer D [Member]

^[1]

Cost Of Sales Total [Member] | Supplier Concentration Risk [Member] | Supplier A [Member]

^[1]

Cost Of Sales Total [Member] | Supplier Concentration Risk [Member] | Supplier B [Member]

89.00%

85.00%

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member]

^[1]

11.00%

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member]

57.00%

74.00%

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer C [Member]

^[1]

12.00%

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer D [Member]

13.00%

^[1]

12.00%

^[1]

[1]	Less than 10%.

Note 21 - Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended	12 Months Ended		23 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Feb. 28, 2018
Payment for Blockchain Technology Based Applications Development Costs		$ 160,000	$ 3,738,000	$ 3,880,000
Subsequent Event [Member]
Payment for Blockchain Technology Based Applications Development Costs	$ 300,000
Contract to Develop Blockchain Technology Based Applications [Member]
Application Development Contracts, Contract Amount		$ 4,930,000		$ 4,930,000	$ 4,500,000

Note 22- Segment Reporting (Details Textual) - USD ($)	12 Months Ended
Note 22- Segment Reporting (Details Textual) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Expense	$ 393,000	$ 233,000

Note 22 - Segment Reporting - Summary of Segment Reporting Information (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

$ 58,080

$ 57,146

52,582

54,728

Depreciation and amortization expense included in total operating expenses

7,186

16,930

170

541

(1,688)

(14,512)

499

1,669

(1,270)

(14,127)

2,122

4,180

18,551

16,968

Impairment of Intangible Assets (Excluding Goodwill), Total

5,211

3,330

Corporate, Non-Segment [Member]

453

1,202

356

Depreciation and amortization expense included in total operating expenses

1,943

^[1]

2,400

^[2]

(741)

(2,044)

499

1,669

(428)

(1,217)

21,338

16,805

Impairment of Intangible Assets (Excluding Goodwill), Total

Intersegment Eliminations [Member]

453

(356)

Depreciation and amortization expense included in total operating expenses

(356)

(20,228)

(16,546)

Impairment of Intangible Assets (Excluding Goodwill), Total

Internet Ad [Member] | Operating Segments [Member]

56,878

57,025

52,582

54,633

Depreciation and amortization expense included in total operating expenses

5,176

14,658

150

469

(880)

(12,266)

(778)

(12,708)

1,962

431

13,332

12,756

Impairment of Intangible Assets (Excluding Goodwill), Total

5,211

3,330

TV Ad [Member] | Operating Segments [Member]

121

Depreciation and amortization expense included in total operating expenses

126

(47)

(100)

(44)

(100)

224

207

Impairment of Intangible Assets (Excluding Goodwill), Total

Blockchain Technology [Member] | Operating Segments [Member]

Depreciation and amortization expense included in total operating expenses

102

(20)

(102)

(20)

(102)

160

3,746

$ 3,885

3,746

Impairment of Intangible Assets (Excluding Goodwill), Total