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Note 2 - Variable Interest Entities | 6 Months Ended
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Jun. 30, 2022
Notes to Financial Statements |
Variable Interest Entities Disclosure [Text Block] |
2. | Variable interest entities
To satisfy PRC laws and regulations, the Company conducts certain business in the PRC through its PRC subsidiaries and operating entities (the “VIEs”). Summarized below is the information related to the VIEs’ assets and liabilities reported in the Company’s condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021, respectively:
|  | June 30, 2022 |  |  | December 31, 2021 |
|  | US$(’000) |  |  | US$(’000) |
|  | (Unaudited) |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 577 |  |  | $ | 181 |
Accounts receivable, net |  |  | 3,238 |  |  |  | 2,796 |
Prepayment and deposit to suppliers |  |  | 3,429 |  |  |  | 5,287 |
Due from related parties |  |  | 15 |  |  |  | 90 |
Other current assets, net |  |  | 3 |  |  |  | 4 |
Total current assets |  |  | 7,262 |  |  |  | 8,358 |
Long-term investments |  |  | 471 |  |  |  | 496 |
Operating lease right-of-use assets |  |  | 250 |  |  |  | 21 |
Property and equipment, net |  |  | 138 |  |  |  | 168 |
Long-term deposits and prepayments |  |  | 49 |  |  |  | - |
Deferred tax assets, net |  |  | 423 |  |  |  | 441 |
Total Assets |  | $ | 8,593 |  |  | $ | 9,484 |
Liabilities |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 567 |  |  | $ | 1,119 |
Advance from customers |  |  | 735 |  |  |  | 1,113 |
Accrued payroll and other accruals |  |  | 61 |  |  |  | 83 |
Taxes payable |  |  | 2,714 |  |  |  | 2,849 |
Operating lease liabilities |  |  | 195 |  |  |  | 9 |
Lease payment liability related to short-term leases |  |  | 105 |  |  |  | 110 |
Other current liabilities |  |  | 48 |  |  |  | 53 |
Total current liabilities |  |  | 4,425 |  |  |  | 5,336 |
Operating lease liabilities-Non current |  |  | 48 |  |  |  | 10 |
Total Liabilities |  | $ | 4,473 |  |  | $ | 5,346 |
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 condensed consolidated statements of operations and comprehensive loss for the six and three months ended June 30, 2022 and 2021, respectively:
|  | Six Months Ended June 30, |  |  | Three Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | US$(’000) |  |  | US$(’000) |  |  | US$(’000) |  |  | US$(’000) |
|  | (Unaudited) |  |  | (Unaudited) |  |  | (Unaudited) |  |  | (Unaudited) |
Revenues |  | $ | 13,862 |  |  | $ | 20,618 |  |  | $ | 6,664 |  |  | $ | 12,671 |
Cost of revenues |  |  | (14,544 | ) |  |  | (23,132 | ) |  |  | (7,026 | ) |  |  | (14,394 | )
Total operating expenses |  |  | (848 | ) |  |  | (712 | ) |  |  | (589 | ) |  |  | (322 | )
Net loss before allocation to noncontrolling interests |  |  | (1,553 | ) |  |  | (3,407 | ) |  |  | (968 | ) |  |  | (2,126 | )

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- Definition The entire disclosure for variable interest entities consolidated. Including accounting policy for consolidation to describe the significant judgments and assumptions made in determining whether a variable interest held by the entity requires the variable interest entity to be consolidated and (or) disclose information about its involvement with the variable interest entity; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; and the significant factors considered and judgments made in determining that the power to direct the activities that significantly impact the economic performance of the variable interest entity are shared (as defined), the nature of restrictions on a consolidated variable interest entities' assets and on the settlement of its liabilities reported by a reporting entity in its statement of financial position, including the carrying amounts of such assets and liabilities; and summary of the financial performances of the VIEs consolidated. + References No definition available. + Details
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