Note 8 - Long-term Investments

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

8. Long-term investments

As of

March 31, 2019,

long-term investment of approximately

RMB0.25

million (approximately

US$0.04

million) represented the Company’s contribution of its pro-rata share of cash investment to

one

of its equity ownership investee entities, Local Chain Xi’an Information Technology Co., Ltd. (“Local Chain Xi’an) in

January 2019.

Local Chain Xi’an was incorporated in

October 2018,

the Company beneficially owns

4.9%

equity interest in this entity. As of

March 31, 2019,

Local Chain

X

i’an was still in

its start-up stage.

The Company measures this investment 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.

As of

March 31, 2019

and

December 31, 2018,

the Company had provided full impairment to against the remaining carrying value of long-term investments in other of its equity ownership investee entities, except Local Chain Xi’an, as their business activities had become dormant and recovery was considered remote.