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Long-Term Debt

12 Months Ended

Dec. 31, 2022

Long-Term Debt [Abstract]

Long-Term Debt

9. Long-Term Debt

The Company has entered into various loans with financial institutions. Long-term debt consisted of the following (in thousands):

		December 31,
		2022				2021
Term Loan		$	1,673			$	2,136
Less current portion			(269	)			(293	)
Long-term debt less current portion		$	1,404			$	1,843

Term Loan

In 2013, the Company entered into a term loan agreement with a financial institution for $4.1 million with a maturity date of November 26, 2028 (the “Term Loan”). The Term Loan bears a floating interest rate of the one-year savings account plus 0.43% per annum in the first two years and a floating interest rate of the one-year savings account plus 0.61% per annum for the remaining of the term, not to be lower than 1.8% during the entire term. The interest rate was equivalent to 1.95% as of December 31, 2022. The Term Loan is collateralized by a first position security interest in a floor of an office building owned by the Company in Taiwan.

Aggregate maturities of long-term debt, excluding unamortized debt issuance costs, were as follows (in thousands) as of December 31, 2022:

2023		$	269
2024			275
2025			280
2026			286
2027			291
Thereafter			272
		$	1,673

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- References

No definition available.

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- Definition

The entire disclosure for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

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