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Note 11 - Blockchain Platform Applications Development Costs
 12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Research, Development, and Computer Software Disclosure [Text Block]
11.
 Blockchain platform applications development costs
 
In
2018,
the Company entered into technical development contracts with
two
unrelated entities for the development of its blockchain technology-based platform applications with a contract amount of
US$4.50
million and
RMB3.0
million (approximately
US$0.46
million), respectively. These
two
blockchain technology-based applications are named OMG and Bo!News, respectively. As of
December 31, 2020
and
2019,
in accordance with ASC
350
-
40
“Intangibles-Goodwill and Other-Internal-Use Software”, the Company capitalized approximately
US$4.41
million and
US$3.88
million development costs in the aggregate under these
two
contracts, respectively. During
2020,
the Company further developed its Blockchain Integrated Framework (“BIF”) for retail business, to provide a framework platform for more accessible and efficient integration of small and medium sized retail business users. The Company plans to complete the integration of BO!News and OMG onto BIF for commercial release by the
first
half of
2021
and launch BIF to retail business users before the end of the
third
fiscal quarter of
2021
.