Noncurrent Assets Held for Sale

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

7. NONCURRENT ASSETS HELD FOR SALE


	December 31
	2020		2021
	US$		US$
Assets held for sale		11,124		—

		11,124		—

The Company vacated from premises in an office building located in Shanghai, China and in 2018 took actions to sell this property. The sale plan met all of the

held-for-sale

criteria in accordance with ASC 360 — Property, Plant and Equipment and accordingly, in 2018, the property was reclassified to noncurrent assets held for sale. Assets held for sale are measured at the lower of their carrying amount and fair value less cost to sell. Assets held for sale are no longer amortized or depreciated. The Company had continued to actively market the asset according to reasonable valuation benchmarks as of December 31, 2020. In 2021, the Company decided to lease the building and reclassified it to “Property and Equipment”. In January 2022, the Company entered into a three-year lease contract, which is classified as operating lease with a third party.