Note 28 - Subsequent Event

3 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

Subsequent Events [Text Block]

28. Subsequent event

The Company has performed an evaluation of subsequent events through the date the financial statements were issued, and has determined that there are no such events that are material to the financial statements, except as disclosed below.

On May 12, 2016, the Company entered into termination agreement with Jinrun Fangzhou and Dongsys Innovation, respectively, to terminate the securities purchase agreement entered into with these two entities on May 5, 2015 and May 26, 2015, respectively (See Note 16). In accordance with the termination agreement, due to certain restriction stipulated in the “Measures for Overseas Investment Management” issued by the MOFCOM of the PRC, the Company and its investors anticipated that more likely than not, the securities purchase agreement could not be consummated. As a result, the counterparties agreed to terminate the securities purchase agreements and the Company agreed to fully refund the guarantee payments and prepayment to Jinrun Fangzhou and Dongsys Innovation, respectively.