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Others | 12 Months Ended
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Dec. 31, 2023
Others |
Others | Others 12(1) Capital management The Group’s objectives of capital management are to ensure the Group’s sustainable operation and to maintain an optimal capital structure to reduce the cost of capital and provide returns for shareholders. In order to maintain or adjust to optimal capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as total liabilities divided by total equity. As of December 31, 2022 and 2023, the Group’s gearing ratios are as follows:
| December 31, 2022 |  | December 31, 2023
Total liabilities | $ | 28,309 |  |  | $ | 30,957 |
Total equity | $ | 181,964 |  |  | $ | 139,406 |
Gearing ratio | 0.16 |  | 0.22
12(2) Financial instruments A.Financial instruments by category
| December 31, 2022 |  | December 31, 2023
Financial assets |  |  |
Financial assets at amortized cost |  |  |
Cash and cash equivalents | $ | 162,616 |  |  | $ | 123,871 |
Current financial assets at amortized cost | 30,000 |  |  | 30,300 |
Accounts receivable | 7,756 |  |  | 6,992 |
Other receivables | 314 |  |  | 343 |
Guarantee deposits paid | 125 |  |  | 140 |
| $ | 200,811 |  |  | $ | 161,646 |
| December 31, 2022 |  | December 31, 2023
Financial liabilities |  |  |
Financial liabilities at fair value through profit or loss |  |  |
Warrant liabilities | $ | 3,207 |  |  | $ | 1,566 |
Financial liabilities at amortized cost |  |  |
Other payables (including related parties) | $ | 9,371 |  |  | $ | 10,381 |
Guarantee deposits received | 25 |  |  | 25 |
| $ | 9,396 |  |  | $ | 10,406 |
Lease liabilities | $ | 338 |  |  | $ | 868 |
B.Financial risk management policies (a)The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk), credit risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial position and financial performance. (b)Risk management is carried out by the Group’s finance department under policies approved by the management team. The Group’s finance department identifies, evaluates and hedges financial risks in close co-operation with the Group’s operating units. C.Significant financial risks and degrees of financial risks (a)Market risk Foreign exchange risk i.The Group operates internationally and is exposed to exchange rate risk arising from the transactions of the Company and its subsidiaries used in various functional currency, primarily with respect to the USD, JPY, RMB and EUR. Exchange rate risk arises from future commercial transactions and recognized assets and liabilities. Notably, the subsidiary in Taiwan, Perfect Mobile Corp. (Taiwan), changed its functional currency from NTD to USD starting from January 1, 2023. This change was made due to the majority of transactions being conducted in USD. ii.The Group’s business involves some non-functional currency operations (the Company’s and certain subsidiaries’ functional currency: USD; other certain subsidiaries’ functional currency: JPY, RMB and EUR). The information of and sensitivity analysis for significant financial assets and liabilities denominated in foreign currencies illustrate as follows:
| December 31, 2022
|  |  |  |  |  |  |  |  | Sensitivity analysis
| Foreign currency amount (in thousands) |  | Exchange rate |  | Functional currency |  | Book value (USD) |  | Degree of variation |  | Effect on profit or loss
Financial assets |  |  |  |  |  |  |  |  |  |  |
Monetary items |  |  |  |  |  |  |  |  |  |  |
USD:NTD | $ | 22,660 |  |  | 30.71 |  | $ | 695,889 |  |  | $ | 22,660 |  |  | 1% |  | $ | 227 |
EUR:NTD | 833 |  |  | 32.72 |  | 27,256 |  |  | 888 |  |  | 1% |  | 9 |
JPY:NTD | 436,755 |  |  | 0.23 |  | 100,454 |  |  | 3,271 |  |  | 1% |  | 33 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |
Monetary items |  |  |  |  |  |  |  |  |  |  |
USD:NTD | 2,620 |  |  | 30.71 |  | 80,460 |  |  | 2,620 |  |  | 1% |  | 26 |
USD:JPY | 221 |  |  | 132.14 |  | 29,203 |  |  | 221 |  |  | 1% |  | 2 |
USD:RMB | 65 |  |  | 6.97 |  | 453 |  |  | 65 |  |  | 1% |  | 1 |
| December 31, 2023
|  |  |  |  |  |  |  |  | Sensitivity analysis
| Foreign currency amount (in thousands) |  | Exchange rate |  | Functional currency |  | Book value (USD) |  | Degree of variation |  | Effect on profit or loss
Financial assets |  |  |  |  |  |  |  |  |  |  |
Monetary items |  |  |  |  |  |  |  |  |  |  |
NTD:USD | $ | 79,097 |  |  | 0.0326 |  | $ | 2,579 |  |  | $ | 2,579 |  |  | 1 | % |  | $ | 26 |
EUR:USD | 664 |  |  | 1.1064 |  | 735 |  |  | 735 |  |  | 1 | % |  | 7 |
JPY:USD | 317,217 |  |  | 0.0071 |  | 2,252 |  |  | 2,252 |  |  | 1 | % |  | 23 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |
Monetary items |  |  |  |  |  |  |  |  |  |  |
EUR:USD | 138 |  |  | 1.1064 |  | 153 |  |  | 153 |  |  | 1 | % |  | 2 |
USD:JPY | 168 |  |  | 141.39 |  | 23,754 |  |  | 168 |  |  | 1 | % |  | 2 |
iii.The total exchange (loss) gain, including realized and unrealized, arising from significant foreign exchange variation on the monetary items held by the Group for the years ended December 31, 2021, 2022 and 2023, amounted to $(893), $1,303 and $34, respectively. (b)Credit risk i.Credit risk refers to the risk of financial loss to the Group arising from default by the clients or counterparties of financial instruments on the contract obligations. The main factor is that counterparties could not repay in full the accounts receivable based on the agreed terms and the contract cash flow of financial assets at amortized cost. ii.The Group’s credit risk was mainly arising from bank deposits, trade receivables, other financial assets and deposits. The Company adopted a policy of only dealing with creditworthy counterparties and financial institutions to mitigate the risk of financial loss from defaults. The majority of cash and cash equivalents as well as current financial assets at amortized cost are held with financial institutions with a rating of ‘A’. iii.The default occurs when the contract payments are past due over 180 days. iv.The Group adopts following assumptions under IFRS 9 to assess whether there has been a significant increase in credit risk on that instrument since initial recognition: If the contract payments were past due over 30 days based on the terms, there has been a significant increase in credit risk on that instrument since initial recognition. v.The following indicators are used to determine whether the credit impairment of accounts receivable has occurred: (i)It becomes probable that the issuer will enter bankruptcy or other financial reorganization due to their financial difficulties; (ii)The disappearance of an active market for that financial asset because of financial difficulties. vi.The Group classifies customers’ accounts receivable in accordance with geographic area and credit rating of customer. The Group applies the modified approach to estimate expected credit loss under the provision matrix basis. vii.The Group wrote-off the financial assets, which cannot be reasonably expected to be recovered, after initiating recourse procedures. However, the Group will continue executing the recourse procedures to secure their rights. viii.The Group used the territory economic forecasts to adjust historical and timely information to assess the default possibility of accounts receivable. ix.The loss amounts of accounts receivable allowance using simplified method were de minimis, thus, the loss was not recognized as at December 31, 2021, 2022 and 2023. (c)Liquidity risk i.Cash flow forecasting is performed in the operating entities of the Group and aggregated by the Group’s finance department. The Group’s finance department monitors rolling forecasts of the Group’s liquidity requirements to ensure it has sufficient cash to meet operational needs. ii.Surplus cash held by the operating entities over and above balance required for working capital management are managed by the Group’s finance department. The Group’s finance department invests surplus cash in interest bearing current accounts and time deposits, choosing instruments with appropriate maturities or sufficient liquidity to provide sufficient head-room as determined by the above-mentioned forecasts. As at December 31, 2022 and 2023, the Group held demand deposits and time deposits position of $191,077 and $151,847, respectively. The Group manages liquidity risk by ensuring that these balances are available to meet short-term cash needs. Time deposits withdrawn early receive a lower interest rate through the withdrawal date compared to the stated interest rate applicable on the nominal maturity date. iii.The table below analyses the Group’s non-derivative financial liabilities based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
Non-derivative financial liabilities: December 31, 2022 |  | Less than 1 year |  | Between 2-5 years |  | Over 5 years
Financial liabilities at fair value through profit or loss |  | $ | — |  |  | $ | 3,207 |  |  | $ | — |
Other payables (including related parties) |  | 9,371 |  |  | — |  |  | — |
Lease liabilities (Note) |  | 255 |  |  | 89 |  |  | — |
Guarantee deposits received |  | — |  |  | 25 |  |  | — |
Non-derivative financial liabilities: December 31, 2023 |  | Less than 1 year |  | Between 2-5 years |  | Over 5 years
Financial liabilities at fair value through profit or loss |  | $ | — |  |  | $ | 1,566 |  |  | $ | — |
Other payables (including related parties) |  | 10,381 |  |  | — |  |  | — |
Lease liabilities (Note) |  | 496 |  |  | 392 |  |  | — |
Guarantee deposits received |  | — |  |  | 25 |  |  | — |
Note: The amount included the interest of estimated future payments. 12(3) Fair value information A.The different levels that the inputs to valuation techniques are used to measure fair value of financial and non-financial instruments have been defined as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. A market is regarded as active where a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs for the asset or liability. The fair value of the Group’s compound instrument such as convertible preferred shares is included in Level 3. B.The carrying amounts of the Group’s financial instruments not measured at fair value (including cash and cash equivalents, current financial assets at amortized cost, accounts receivable, other receivables (including related parties), guarantee deposits paid, accounts payable, other payables (including related parties) and guarantee deposits received) are approximate to their fair values. C.The related information of financial instruments measured at fair value by level on the basis of the nature, characteristics and risks of the liabilities at December 31, 2022 and 2023 are as follows: (a)The related information of natures of the liabilities is as follows:
December 31, 2022 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Liabilities |  |  |  |  |  |  |  |
Recurring fair value measurements |  |  |  |  |  |  |  |
Financial liabilities at fair value through profit or loss |  |  |  |  |  |  |  |
Compound instrument: |  |  |  |  |  |  |  |
Warrant liabilities |  | $ | 1,769 |  |  | $ | 1,438 |  |  | $ | — |  |  | $ | 3,207 |
December 31, 2023 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Liabilities |  |  |  |  |  |  |  |
Recurring fair value measurements |  |  |  |  |  |  |  |
Financial liabilities at fair value through profit or loss |  |  |  |  |  |  |  |
Compound instrument: |  |  |  |  |  |  |  |
Warrant liabilities |  | $ | 954 |  |  | $ | 612 |  |  | $ | — |  |  | $ | 1,566 |
(b)The methods and assumptions the Group used to measure fair value are as follows: i.Except those mentioned in point (ii) ~ (iv) below, the carrying amounts of the Group’s financial instruments not measured at fair value (including cash and cash equivalents, accounts receivable, other receivables, notes payable, accounts payable and other payables) approximate to their fair values. The fair value information of financial instruments measured at fair value is provided in Note 12(2). ii.Fair value of the Perfect Public Warrants is determined based on market quotation price. iii.Fair value of the Perfect Private Placement Warrants and Forward Purchase Warrants are determined based on the Perfect Public Warrants with adjustments to the implied volatility. iv.The methods and assumptions of fair value measurement are as follows: Preferred share liabilities The fair value measurement takes the following 2 methods into account: (i)The recent fund raising prices as the first priority consideration if applicable. (ii)If there are no recent fund raising prices as applicable, using market approach by considering market comparable entities and income approach to calculate total equity value first, and conduct equity value allocation via option pricing model under different scenarios (IPO and liquidation) to calculate probability weighted value of all classes of equities (including preferred shares). In connection with the SPAC transaction closing on October 28, 2022, the fair value of preferred shares was measured based on the quoted market price which was viewed as the market participants’ expectations for the Company’s value. D.The following chart is the movement of Level 3 for the year ended December 31, 2022:
| 2022
| Compound instrument: Convertible preferred shares
At January 1, 2022 | $ | 259,230 |
Gains and losses recognized in profit or loss |
Recorded as non-operating income and expenses | 99,001 |
Gains and losses recognized in other comprehensive income |
Recorded as credit risk changes in financial instrument through other comprehensive income | 7 |
Transfers to Level 2 | (358,238) |
At December 31, 2022 | $ | — |
E.Along with the insufficient observable market information became available in connection with the SPAC transaction closing on October 28, 2022, the Company transferred the fair value from Level 3 into Level 2 and convertible preferred shares were automatically converted into Perfect Ordinary Shares immediately upon the closing. For the year ended December 31, 2021 and 2023, there was no transfer into or out from Level 3.

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