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Note 9 - Other Assets - Down Payment for Purchase of Investment Properties (Details)
¥ in Thousands, $ in Thousands
Jun. 30, 2022
USD ($)
Jun. 30, 2022
CNY (¥)
Oct. 02, 2013
USD ($)
Oct. 02, 2013
CNY (¥)
Dec. 02, 2010
USD ($)
Dec. 02, 2010
CNY (¥)
Original Investment (10% of Junzhou equity) $ 1,606 ¥ 10,000        
Less: Management Fee (803) (5,000)       ¥ (5,000)
Net Investment 803 5,000 $ 803 ¥ 5,000    
Less: Share of Loss on Joint Venture (22) (137)     $ 22 ¥ 137
Net Investment as Down Payment (Note *a) [1] 781 4,863 [2]        
Loans Receivable 814 5,000        
Interest Receivable 200 1,250        
Less: Impairment of Interest (150) (906)        
Transferred to Down Payment (Note *b) [3] 864 5,344        
* Down Payment for Purchase of Investment Properties 1,645 10,207        
Less: Effect of foreign currency exchange (65)          
Less: Provision of Impairment loss on other assets $ (1,580) ¥ (10,207)        
[1] On December 2, 2010, the Company signed a Joint Venture agreement (“agreement”) with Jia Sheng Property Development Co. Ltd. (“Developer”) to form a new company, Junzhou Co. Limited (“Joint Venture” or “Junzhou”), to jointly develop the “Singapore Themed Park” project (the “project”). The Company paid RMB10 million for the 10% investment in the joint venture. The Developer paid the Company a management fee of RMB 5 million in cash upon signing of the agreement, with a remaining fee of RMB 5 million payable upon fulfilment of certain conditions in accordance with the agreement. The Company further reduced its investment by RMB 137, or approximately $22, through the losses from operations incurred by the Joint Venture. On October 2, 2013, the Company disposed of its entire 10% interest in the Joint Venture but to date has not received payment in full therefor. The Company recognized that disposal based on the recorded net book value of RMB 5 million, or equivalent to $803K, from net considerations paid, in accordance with GAAP under ASC Topic 845 Non-monetary Consideration. It is presented under “Other Assets” as noncurrent assets to defer the recognition of the gain on the disposal of the 10% interest in the joint venture investment until such time that the consideration is paid, so that the gain can be ascertained.
[2] Down Payment for Purchase of Investment Properties
[3] Amounts of RMB 5,000, or approximately $773, as disclosed in Note 6, plus the interest receivable on long term loan receivable of RMB 1,250, or approximately $200, and impairment on interest of RMB 906, or approximately $150.