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Details of Significant Accounts (Tables) | 12 Months Ended
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Dec. 31, 2023
Details of Significant Accounts |
Schedule of cash and cash equivalents |
| December 31, 2022 |  | December 31, 2023
Petty cash | $ | 1 |  |  | $ | 1 |
Checking accounts | 1,279 |  |  | 2,139 |
Demand deposits | 11,777 |  |  | 12,547 |
Time deposits | 149,300 |  |  | 109,000 |
Others | 259 |  |  | 184 |
| $ | 162,616 |  |  | $ | 123,871 |
Schedule of current financial assets at amortized cost |
| December 31, 2022 |  | December 31, 2023
Time deposits with maturities over three months | $ | 30,000 |  |  | $ | 30,300 |
Schedule of accounts receivable | Accounts receivable
| December 31, 2022 |  | December 31, 2023
Accounts receivable | $ | 7,756 |  |  | $ | 6,992 |
Schedule of ageing analysis of accounts receivable | The ageing analysis of accounts receivable is as follows:
| December 31, 2022 |  | December 31, 2023
Not past due | $ | 6,062 |  |  | $ | 5,791 |
Up to 30 days | 851 |  |  | 594 |
31 to 90 days | 327 |  |  | 340 |
91 to 180 days | 417 |  |  | 196 |
Over 181 days | 99 |  |  | 71 |
| $ | 7,756 |  |  | $ | 6,992 |
Schedule of other current assets |
| December 31, 2022 |  | December 31, 2023
Prepaid expenses | $ | 4,617 |  |  | $ | 3,773 |
Others | 88 |  |  | 269 |
| $ | 4,705 |  |  | $ | 4,042 |
Schedule of property, plant and equipment |
| 2022
| Leasehold improvements |  | Machinery |  | Office equipment |  | Total
At January 1 |  |  |  |  |  |  |
Cost | $ | 516 |  |  | $ | 552 |  |  | $ | 48 |  |  | $ | 1,116 |
Accumulated depreciation | (393) |  |  | (296) |  |  | (20) |  |  | (709) |
| $ | 123 |  |  | $ | 256 |  |  | $ | 28 |  |  | $ | 407 |
Opening net book amount | $ | 123 |  |  | $ | 256 |  |  | $ | 28 |  |  | $ | 407 |
Additions | 58 |  |  | 107 |  |  | — |  |  | 165 |
Depreciation expense | (119) |  |  | (119) |  |  | (9) |  |  | (247) |
Net exchange differences | (11) |  |  | (24) |  |  | (1) |  |  | (36) |
Closing net book amount | $ | 51 |  |  | $ | 220 |  |  | $ | 18 |  |  | $ | 289 |
At December 31 |  |  |  |  |  |  |
Cost | $ | 521 |  |  | $ | 602 |  |  | $ | 46 |  |  | $ | 1,169 |
Accumulated depreciation | (470) |  |  | (382) |  |  | (28) |  |  | (880) |
| $ | 51 |  |  | $ | 220 |  |  | $ | 18 |  |  | $ | 289 |
| 2023
| Leasehold improvements |  | Machinery |  | Office equipment |  | Total
At January 1 |  |  |  |  |  |  |
Cost | $ | 521 |  |  | $ | 602 |  |  | $ | 46 |  |  | $ | 1,169 |
Accumulated depreciation | (470) |  |  | (382) |  |  | (28) |  |  | (880) |
| $ | 51 |  |  | $ | 220 |  |  | $ | 18 |  |  | $ | 289 |
Opening net book amount | $ | 51 |  |  | $ | 220 |  |  | $ | 18 |  |  | $ | 289 |
Additions | 154 |  |  | 128 |  |  | 7 |  |  | 289 |
Depreciation expense | (83) |  |  | (106) |  |  | (8) |  |  | (197) |
Net exchange differences | — |  |  | (1) |  |  | — |  |  | (1) |
Closing net book amount | $ | 122 |  |  | $ | 241 |  |  | $ | 17 |  |  | $ | 380 |
At December 31 |  |  |  |  |  |  |
Cost | $ | 675 |  |  | $ | 729 |  |  | $ | 53 |  |  | $ | 1,457 |
Accumulated depreciation | (553) |  |  | (488) |  |  | (36) |  |  | (1,077) |
| $ | 122 |  |  | $ | 241 |  |  | $ | 17 |  |  | $ | 380 |
Schedule of movements of right-of-use assets | The movements of right-of-use assets of the Group are as follows:
| 2022
| Buildings |  | Business vehicles |  | Total
At January 1 |  |  |  |  |
Cost | $ | 898 |  |  | $ | 149 |  |  | $ | 1,047 |
Accumulated depreciation | (377) |  |  | (50) |  |  | (427) |
| $ | 521 |  |  | $ | 99 |  |  | $ | 620 |
Opening net book amount | $ | 521 |  |  | $ | 99 |  |  | $ | 620 |
Additions | 137 |  |  | 76 |  |  | 213 |
Cost of derecognition | (137) |  |  | — |  |  | (137) |
Derecognized accumulated depreciation | 137 |  |  | — |  |  | 137 |
Depreciation expense | (361) |  |  | (95) |  |  | (456) |
Net exchange differences | (45) |  |  | (9) |  |  | (54) |
Closing net book amount | $ | 252 |  |  | $ | 71 |  |  | $ | 323 |
At December 31 |  |  |  |  |
Cost | $ | 809 |  |  | $ | 208 |  |  | $ | 1,017 |
Accumulated depreciation | (557) |  |  | (137) |  |  | (694) |
| $ | 252 |  |  | $ | 71 |  |  | $ | 323 |
| 2023
| Buildings |  | Business vehicles |  | Total
At January 1 |  |  |  |  |
Cost | $ | 809 |  |  | $ | 208 |  |  | $ | 1,017 |
Accumulated depreciation | (557) |  |  | (137) |  |  | (694) |
| $ | 252 |  |  | $ | 71 |  |  | $ | 323 |
Opening net book amount | $ | 252 |  |  | $ | 71 |  |  | $ | 323 |
Additions | 810 |  |  | 202 |  |  | 1,012 |
Cost of derecognition | (677) |  |  | (208) |  |  | (885) |
Derecognized accumulated depreciation | 677 |  |  | 161 |  |  | 838 |
Depreciation expense | (357) |  |  | (84) |  |  | (441) |
Closing net book amount | $ | 705 |  |  | $ | 142 |  |  | $ | 847 |
At December 31 |  |  |  |  |
Cost | $ | 942 |  |  | $ | 202 |  |  | $ | 1,144 |
Accumulated depreciation | (237) |  |  | (60) |  |  | (297) |
| $ | 705 |  |  | $ | 142 |  |  | $ | 847 |
Schedule of lease liabilities relating to lease contracts | Lease liabilities relating to lease contracts:
| December 31, 2022 |  | December 31, 2023
Total lease liabilities | $ | 338 |  |  | $ | 868 |
Less: current portion (shown as ‘current lease liabilities’) | (251) |  |  | (481) |
| $ | 87 |  |  | $ | 387 |
Schedule of information on profit and loss accounts relating to lease contracts | The information on profit and loss accounts relating to lease contracts is as follows:
| Years ended December 31,
| 2021 |  | 2022 |  | 2023
Items affecting profit or loss |  |  |  |  |
Interest expense on lease liabilities | $ | 9 |  |  | $ | 8 |  |  | $ | 15 |
Expense on short-term lease contracts | 391 |  |  | 383 |  |  | 352 |
| $ | 400 |  |  | $ | 391 |  |  | $ | 367 |
Schedule of intangible assets |
| 2022
| Software |  | Other intangible assets |  | Total
At January 1 |  |  |  |  |
Cost | $ | 78 |  |  | $ | 82 |  |  | $ | 160 |
Accumulated amortization | (33) |  |  | (27) |  |  | (60) |
| $ | 45 |  |  | $ | 55 |  |  | $ | 100 |
Opening net book amount | $ | 45 |  |  | $ | 55 |  |  | $ | 100 |
Additions | 78 |  |  | 15 |  |  | 93 |
Cost of disposals | (43) |  |  | — |  |  | (43) |
Accumulated amortization on disposals | 43 |  |  | — |  |  | 43 |
Amortization charge | (36) |  |  | (27) |  |  | (63) |
Net exchange differences | (6) |  |  | (5) |  |  | (11) |
Closing net book amount | $ | 81 |  |  | $ | 38 |  |  | $ | 119 |
At December 31 |  |  |  |  |
Cost | $ | 104 |  |  | $ | 89 |  |  | $ | 193 |
Accumulated amortization | (23) |  |  | (51) |  |  | (74) |
| $ | 81 |  |  | $ | 38 |  |  | $ | 119 |
| 2023
| Software |  | Other intangible assets |  | Total
At January 1 |  |  |  |  |
Cost | $ | 104 |  |  | $ | 89 |  |  | $ | 193 |
Accumulated amortization | (23) |  |  | (51) |  |  | (74) |
| $ | 81 |  |  | $ | 38 |  |  | $ | 119 |
Opening net book amount | $ | 81 |  |  | $ | 38 |  |  | $ | 119 |
Additions | 33 |  |  | — |  |  | 33 |
Amortization charge | (45) |  |  | (30) |  |  | (75) |
Closing net book amount | $ | 69 |  |  | $ | 8 |  |  | $ | 77 |
At December 31 |  |  |  |  |
Cost | $ | 137 |  |  | $ | 89 |  |  | $ | 226 |
Accumulated amortization | (68) |  |  | (81) |  |  | (149) |
| $ | 69 |  |  | $ | 8 |  |  | $ | 77 |
Schedule of amortization on intangible assets | Details of amortization on intangible assets are as follows:
| Years ended December 31,
| 2021 |  | 2022 |  | 2023
Research and development expenses | $ | 47 |  |  | $ | 63 |  |  | $ | 75 |
Schedule of financial liabilities at fair value through profit or loss |
| December 31, 2022 |  | December 31, 2023
Non-current items: |  |  |
Warrant liabilities | $ | 8,431 |  |  | $ | 8,431 |
Add: Valuation adjustment | (5,224) |  |  | (6,865) |
| $ | 3,207 |  |  | $ | 1,566 |
Schedule of amounts recognized in profit or loss and other comprehensive income in relation to financial liabilities at fair value through profit or loss | Amounts recognized in profit or loss and other comprehensive income in relation to financial liabilities at fair value through profit or loss are as follows:
| Years ended December 31,
| 2021 |  | 2022 |  | 2023
Net gains (losses) recognized in profit or loss |  |  |  |  |
Warrant liabilities | $ | — |  |  | $ | 5,224 |  |  | $ | 1,641 |
Financial liabilities designated as at fair value through profit or loss - Preferred share liabilities | (150,745) |  |  | (99,001) |  |  | — |
| $ | (150,745) |  |  | $ | (93,777) |  |  | $ | 1,641 |
Net losses recognized in other comprehensive income |  |  |  |  |
Financial liabilities designated as at fair value through profit or loss - Preferred share liabilities | $ | (58) |  |  | $ | (7) |  |  | $ | — |
Schedule of movement in all kinds of Perfect warrants | Movements in all kinds of Perfect Warrants are as follows:
| Public Warrants (units in thousands) |  | Private Placement Warrants (units in thousands) |  | Forward Purchase Warrants (units in thousands)
At January 1, 2022 | — |  | — |  | —
Converted from Provident’s warrants as part of business combination | 11,500 |  | 6,600 |  | 2,750
Exercised | — |  | — |  | —
At December 31, 2022 | 11,500 |  | 6,600 |  | 2,750
Converted | 1,250 |  | — |  | (1,250)
At December 31, 2023 | 12,750 |  | 6,600 |  | 1,500
Schedule of other payables |
| December 31, 2022 |  | December 31, 2023
Employee bonus | $ | 4,038 |  |  | $ | 4,662 |
Payroll | 2,130 |  |  | 2,228 |
Remuneration to directors | 53 |  |  | 115 |
Promotional fees | 1,039 |  |  | 1,090 |
Professional service fees | 1,371 |  |  | 1,415 |
Sales VAT payables | 175 |  |  | 126 |
Post and telecommunications expenses | 173 |  |  | 171 |
Others | 329 |  |  | 524 |
| $ | 9,308 |  |  | $ | 10,331 |
Schedule of provisions |
| 2022 |  | 2023
| Warranty |  | Warranty
At January 1 | $ | 1,058 |  |  | $ | 1,855 |
Additional provisions | 897 |  |  | 677 |
Used during the year | — |  |  | (112) |
Net exchange differences | (100) |  |  | (26) |
At December 31 | $ | 1,855 |  |  | $ | 2,394 |
Schedule of analysis of total provisions | Analysis of total provisions:
| December 31, 2022 |  | December 31, 2023
Current | $ | 1,855 |  |  | $ | 2,394 |
Schedule of net defined benefit liability amounts recognized in the balance sheet | The amounts recognized in the balance sheet are as follows:
| December 31, 2022 |  | December 31, 2023
Present value of defined benefit obligations | $ | (84) |  |  | $ | (92) |
Fair value of plan assets | 11 |  |  | 13 |
Net defined benefit liability | $ | (73) |  |  | $ | (79) |
Schedule of movements in net defined benefit liability | Movements in net defined benefit liability are as follows:
| 2022
| Present value of defined benefit obligations |  | Fair value of plan assets |  | Net defined benefit liability
At January 1 | $ | (113) |  |  | $ | 9 |  |  | $ | (104) |
Current service cost | (2) |  |  | — |  |  | (2) |
Interest (expense) income | (1) |  |  | — |  |  | (1) |
| (116) |  |  | 9 |  |  | (107) |
Remeasurements: |  |  |  |  |
Return on plan assets | — |  |  | 1 |  |  | 1 |
Change in demographic assumptions | (8) |  |  | — |  |  | (8) |
Change in financial assumptions | 10 |  |  | — |  |  | 10 |
Experience adjustments | 19 |  |  | — |  |  | 19 |
| 21 |  |  | 1 |  |  | 22 |
Pension fund contribution | — |  |  | 2 |  |  | 2 |
Net exchange differences | 11 |  |  | (1) |  |  | 10 |
At December 31 | $ | (84) |  |  | $ | 11 |  |  | $ | (73) |
| 2023
| Present value of defined benefit obligations |  | Fair value of plan assets |  | Net defined benefit liability
At January 1 | $ | (84) |  |  | $ | 11 |  |  | $ | (73) |
Current service cost | (4) |  |  | — |  |  | (4) |
Interest (expense) income | (1) |  |  | — |  |  | (1) |
| (89) |  |  | 11 |  |  | (78) |
Remeasurements: |  |  |  |  |
Change in demographic assumptions | (1) |  |  | — |  |  | (1) |
Experience adjustments | (3) |  |  | — |  |  | (3) |
| (4) |  |  | — |  |  | (4) |
Pension fund contribution | — |  |  | 2 |  |  | 2 |
Net exchange differences | 1 |  |  | — |  |  | 1 |
At December 31 | $ | (92) |  |  | $ | 13 |  |  | $ | (79) |
Schedule of principal actuarial assumptions and effect on present value of defined benefit obligation | The principal actuarial assumptions used were as follows:
| Years ended December 31,
| 2022 |  | 2023
Discount rate | 1.50 | % |  | 1.50 | %
Future salary increases | 3.00 | % |  | 3.00 | %
The analysis was as follows:
| Discount rate |  | Future salary increases
| Increase |  | Decrease |  | Increase |  | Decrease
| 0.25% |  | 0.25% |  | 0.25% |  | 0.25%
December 31, 2022 |  |  |  |  |  |  |
Effect on present value of defined benefit obligation | $ | (5) |  |  | $ | 5 |  |  | $ | 5 |  |  | $ | (5) |
December 31, 2023 |  |  |  |  |  |  |
Effect on present value of defined benefit obligation | $ | (5) |  |  | $ | 6 |  |  | $ | 5 |  |  | $ | (5) |
Schedule of analysis of timing of the future pension payment | The expected timing of the future pension payment was as follows:
Within 1 year | $ | — |
1-5 year(s) | — |
Over 5 years | 132 |
| $ | 132 |
Schedule of terms and condition | For the year ended December 31, 2022 and 2023, the Group’s Share Incentive Plan’s terms and condition are as follows:
Plan |  | Type of arrangement |  | Settled by |  | Maximum terms of option granted |  | Vesting conditions
Share Incentive Plan |  | Employee stock options |  | Equity |  | Five years |  | 2 years’ service: exercise 50%
|  |  |  |  |  |  |  | 3 years’ service: exercise 75%
|  |  |  |  |  |  |  | 4 years’ service: exercise 100%
The following table illustrate the Group’s Incentive Stock Option Plan’s original terms and condition:
Plan |  | Type of arrangement |  | Settled by |  | Maximum terms of option granted |  | Vesting conditions
2015 Incentive Stock Option Plan |  | Employee stock options |  | Equity |  | Four years, one month |  | 2 years’ service: exercise 50%
|  |  |  |  |  |  |  | 3 years’ service: exercise 75%
|  |  |  |  |  |  |  | 4 years’ service: exercise 100%
2018 Incentive Stock Option Plan |  | Employee stock options |  | Equity |  | Five years |  | 2 years’ service: exercise 50%
|  |  |  |  |  |  |  | 3 years’ service: exercise 75%
|  |  |  |  |  |  |  | 4 years’ service: exercise 100%
Schedule of movements of outstanding options under share incentive plan | Movements of outstanding options under Share Incentive Plan are as follows:
| 2022 (Note) |  | 2023
| No. of options (units in thousands) |  | Weighted- average exercise price per share (in dollars) |  | No. of options (units in thousands) |  | Weighted- average exercise price per share (in dollars)
Options outstanding at January 1 | — |  |  | $ | — |  |  | 2,063 |  |  | $ | 3.95 |
Options granted | 2,143 |  |  | 3.95 |  |  | 2,288 |  |  | 4.93 |
Options forfeited | (80) |  |  | 3.95 |  |  | (278) |  |  | 4.34 |
Options outstanding at December 31 | 2,063 |  |  | 3.95 |  |  | 4,073 |  |  | 4.47 |
Options exercisable at December 31 | — |  |  |  |  | — |  |  |
Note: The comparable amounts in above table have been amended to show the number of units based on new subscription ratio for all periods presented. Movements of the Group’s Incentive Stock Option Plan prior to recapitalization are as follows:
|  |  |  |  | 2021 |  | 2022
|  |  |  |  | No. of options (units in thousands) |  | Weighted- average exercise price per share (in dollars) |  | No. of options (units in thousands) |  | Weighted- average exercise price per share (in dollars)
Options outstanding at January 1 |  |  |  |  | 23,046 |  |  | $ | 0.18 |  |  | 26,629 |  |  | $ | 0.21 |
Options granted |  |  |  |  | 8,388 |  |  | 0.27 |  |  | — |  |  | — |
Options forfeited |  |  |  |  | (1,681) |  |  | 0.22 |  |  | — |  |  | — |
Options exercised |  |  |  |  | (3,124) |  |  | 0.10 |  |  | (26,629) |  |  | 0.21 |
Options outstanding at December 31 |  |  |  |  | 26,629 |  |  | 0.21 |  |  | — |  |  | — |
Options exercisable at December 31 |  |  |  |  | 26,629 |  |  |  |  | — |  |  | — |
Schedule of fair value of stock options granted on grant date measured using the black-scholes option-pricing model | The fair value of stock options granted on grant date is measured using the Black-Scholes option-pricing model. Relevant information is as follows:
Plan |  | Grant date |  | Units granted (in thousands) |  | Stock price per share (in dollars) |  | Exercise price per share (in dollars) |  | Expected price volatility (Note ii) |  | Expected option life |  | Expected dividends |  | Risk-free interest rate |  | Fair value per unit (in dollars)
Share Incentive Plan |  | 2022.01.21 (Note i) |  | 2,143 |  | $ | 5.39 |  | $ | 3.95 |  | 53.75% |  | 3.88 |  | 0.00% |  | 1.46% |  | $ | 2.7637
|  | 2023.01.03 |  | 8 |  | 7.20 |  | 7.20 |  | 64.85% |  | 3.87 |  | 0.00% |  | 4.07% |  | 3.7198
|  | 2023.05.23 |  | 2,260 |  | 4.93 |  | 4.93 |  | 69.15% |  | 3.88 |  | 0.00% |  | 3.90% |  | 2.6615
|  | 2023.08.21 |  | 7 |  | 4.00 |  | 3.916 |  | 70.65% |  | 3.88 |  | 0.00% |  | 4.64% |  | 2.2411
|  | 2023.11.02 |  | 5 |  | 2.43 |  | 2.43 |  | 70.37% |  | 3.88 |  | 0.00% |  | 4.77% |  | 1.3487
Note i: Stock price, exercise price and fair value of stock option granted on January 21, 2022 were adjusted in connection with the recapitalization. Note ii: Expected price volatility is estimated based on the daily historical stock price fluctuation data of the Company and guideline companies of the last five years before the grant date. The fair value of stock options granted on grant date is measured using the Black-Scholes option-pricing model. Relevant information is as follows:
Plan |  | Range of stock price (in dollars) |  | Exercise price (in dollars) |  | Range of expected price volatility |  | Expected option life |  | Expected dividends |  | Range of risk free interest rate |  | Range of fair value per unit (in dollars)
2015 Incentive Stock Option Plan |  | $0.0564~0.1777 |  | $ | 0.1000 |  |  | 39.29%~42.25% |  | 3.42 |  | 0.00 | % |  | 0.45%~2.79% |  | $0.0080~0.0947
2018 Incentive Stock Option Plan |  | 0.1689~0.8931 |  | 0.3000 |  |  | 39.16%~53.27% |  | 3.88 |  | 0.00 | % |  | 0.58%~2.29% |  | 0.0228~0.6397
Assumptions used in calculating the fair value are disclosed as follows:
| Sponsor Earnout Shares
Expected dividend yield (%) | 0.00 | %
Expected volatility | 70.00 | %
Risk free interest rate | 4.19 | %
Expected life (years) | 5
Schedule of expenses incurred on share-based payment transactions | Expenses incurred on share-based payment transactions are shown below:
| Years ended December 31,
| 2021 |  | 2022 |  | 2023
Equity settled | $ | 1,782 |  |  | $ | 2,175 |  |  | $ | 3,268 |
Schedule of illustrates movement for the company's share capital | Movements for the Company’s share capital are as follows:
|  |  |  | Common Shares |  | Perfect Class A Ordinary Shares |  | Perfect Class B Ordinary Shares |  | Total
|  | Note |  | Shares (in thousand) |  | Amount |  | Shares (in thousand) |  | Amount |  | Shares (in thousand) |  | Amount |  | Amount
At January 1, 2021 |  |  |  | 298,397 |  | $ | 29,840 |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | $ | 29,840 |
Employee stock option exercised |  |  |  | 3,124 |  | 312 |  |  | — |  | — |  |  | — |  | — |  |  | 312 |
At December 31, 2021 |  | (a) |  | 301,521 |  | 30,152 |  |  | — |  | — |  |  | — |  | — |  |  | 30,152 |
Employee stock option exercised |  |  |  | 26,629 |  | 2,663 |  |  | — |  | — |  |  | — |  | — |  |  | 2,663 |
Conversion as part of recapitalization |  | (b) |  | (328,150) |  | (32,815) |  |  | 84,211 |  | 8,421 |  |  | 16,789 |  | 1,679 |  |  | (22,715) |
Shares Issuance to exchange Provident outstanding shares |  | (c) |  | — |  | — |  |  | 17,264 |  | 1,726 |  |  | — |  | — |  |  | 1,726 |
At December 31, 2022 |  | (a) |  | — |  | — |  |  | 101,475 |  | 10,147 |  |  | 16,789 |  | 1,679 |  |  | 11,826 |
Shares retired |  | (d) |  | — |  | — |  |  | (16,347) |  | (1,634) |  |  | — |  | — |  |  | (1,634) |
At December 31, 2023 |  |  |  | — |  | $ | — |  |  | 85,128 |  | $ | 8,513 |  |  | 16,789 |  | $ | 1,679 |  |  | $ | 10,192 |
Schedule of exchange of perfect shares for perfect new ordinary shares as part of reverse recapitalization | The exchange of the Perfect Shares for the Perfect Class A and Class B ordinary shares is reflected in the table below.
Share type before share combination |  | Number of shares (in thousand) before share combination |  | Conversion ratio |  | Share type after share conversion |  | Number of shares (in thousand) after share conversion
Common shares |  | 241,650 |  | 0.17704366 |  | Class A Ordinary Shares |  | 42,782
Preferred share |  | 234,003 |  |  |  |  |  | 41,429
Subtotal |  | 475,653 |  |  |  |  |  | 84,211
Common shares |  | 86,500 |  | 0.17704366 |  | Class B Ordinary Shares |  | 15,314
Preferred share |  | 8,328 |  |  |  |  |  | 1,475
Subtotal |  | 94,828 |  |  |  |  |  | 16,789
Total |  | 570,481 |  |  |  |  |  | 101,000
Schedule of reconciliation of additional paid-in-capital due to conversion of shares | The following table illustrates the reconciliation of additional paid-in capital due to the conversions of the Perfect Shares and the Perfect Class A and Class B Ordinary Shares:
| Additional paid-in capital
Par value of the Perfect Common Shares | $ | 32,815 |
Fair value of the Perfect Preferred Shares on the Closing Date | 358,238 |
Par value of the Class A and Class B Ordinary Shares | (10,100) |
Subtotal | 380,953 |
Listing expense | 65,264 |
| $ | 446,217 |
| Additional paid-in capital
Proceed received upon recapitalization | $ | 112,893 |
Par value of the Class A Ordinary Shares | (1,726) |
Fair value of the warrants at the Closing Date | (8,430) |
Transactional cost (presented as accrued expense of Provident at Closing) | (500) |
| $ | 102,237 |
Schedule of capital surplus | The following tables illustrates the detail of capital surplus:
| December 31, 2022 |  | December 31, 2023
Additional paid-in capital | $ | 554,209 |  |  | $ | 477,734 |
Other: |  |  |
Employees’ stock option cost | 2,162 |  |  | 5,430 |
Directors’ share-based compensation | 58 |  |  | — |
Retirement of treasury shares | — |  |  | 27,235 |
Subtotal | 2,220 |  |  | 32,665 |
| $ | 556,429 |  |  | $ | 510,399 |
Reconciliation of capital surplus | The following table illustrates the reconciliation of the capital surplus due to shares repurchased and retired:
| Capital stock |  | Additional paid-in capital |  | Other |  | Treasury shares |  | Total
Share Repurchase Plan: |  |  |  |  |  |  |  |  |
Shares repurchased | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,064) |  |  | $ | (1,064) |
Shares retired | (19) |  |  | (893) |  |  | 38 |  |  | 874 |  |  | — |
Shares Surrender | (2) |  |  | 2 |  |  | — |  |  | — |  |  | — |
Tender Offer | (1,613) |  |  | (75,584) |  |  | 27,197 |  |  | — |  |  | (50,000) |
| $ | (1,634) |  |  | $ | (76,475) |  |  | $ | 27,235 |  |  | $ | (190) |  |  | $ | (51,064) |
Schedule of revenue from contracts with customers |
| Years ended December 31,
| 2021 |  | 2022 |  | 2023
Revenue from contracts with customers | $ | 40,760 |  |  | $ | 47,300 |  |  | $ | 53,505 |
Schedule of disaggregation of revenue from contracts with customers | The Group derives revenue from the transfer of goods and services over time and at a point in time in the following geographical regions:
2021 | United States |  | Japan |  | France |  | Others |  | Total
Revenue from external customer contracts | $ | 20,173 |  |  | $ | 4,520 |  |  | $ | 3,206 |  |  | $ | 12,861 |  |  | $ | 40,760 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |
At a point in time | $ | 5,114 |  |  | $ | 676 |  |  | $ | 771 |  |  | $ | 2,331 |  |  | $ | 8,892 |
Over time | 15,059 |  |  | 3,844 |  |  | 2,435 |  |  | 10,530 |  |  | 31,868 |
| $ | 20,173 |  |  | $ | 4,520 |  |  | $ | 3,206 |  |  | $ | 12,861 |  |  | $ | 40,760 |
2022 | United States |  | Japan |  | France |  | Others |  | Total
Revenue from external customer contracts | $ | 24,291 |  |  | $ | 4,717 |  |  | $ | 3,431 |  |  | $ | 14,861 |  |  | $ | 47,300 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |
At a point in time | $ | 5,126 |  |  | $ | 871 |  |  | $ | 590 |  |  | $ | 1,979 |  |  | $ | 8,566 |
Over time | 19,165 |  |  | 3,846 |  |  | 2,841 |  |  | 12,882 |  |  | 38,734 |
| $ | 24,291 |  |  | $ | 4,717 |  |  | $ | 3,431 |  |  | $ | 14,861 |  |  | $ | 47,300 |
2023 | United States |  | Japan |  | France |  | Others |  | Total
Revenue from external customer contracts | $ | 24,992 |  |  | $ | 4,301 |  |  | $ | 4,170 |  |  | $ | 20,042 |  |  | $ | 53,505 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |
At a point in time | $ | 4,380 |  |  | $ | 523 |  |  | $ | 471 |  |  | $ | 2,214 |  |  | $ | 7,588 |
Over time | 20,612 |  |  | 3,778 |  |  | 3,699 |  |  | 17,828 |  |  | 45,917 |
| $ | 24,992 |  |  | $ | 4,301 |  |  | $ | 4,170 |  |  | $ | 20,042 |  |  | $ | 53,505 |
(b)Alternatively, the disaggregation of revenue could also be distinct as follows:
| Years ended December 31,
| 2021 |  | 2022 |  | 2023
AR/AI cloud solutions and Subscription | $ | 29,470 |  |  | $ | 36,915 |  |  | $ | 44,755 |
Licensing | 8,857 |  |  | 8,432 |  |  | 7,546 |
Advertisement | 2,398 |  |  | 1,819 |  |  | 1,162 |
Others (Note) | 35 |  |  | 134 |  |  | 42 |
| $ | 40,760 |  |  | $ | 47,300 |  |  | $ | 53,505 |
Schedule of contract assets and contract liabilities |
| December 31, 2022 |  | December 31, 2023
Contract assets: |  |  |
Unbilled revenue | $ | 3,660 |  |  | $ | 2,770 |
Contract liabilities: |  |  |
Advance sales receipts | $ | 13,024 |  |  | $ | 15,346 |
Schedule of revenue recognized that was included in contract liability balance at beginning of the period |
| Years ended December 31,
| 2021 |  | 2022 |  | 2023
Revenue recognized that was included in the contract liability balance at the beginning of the period |  |  |  |  |
Advance sales receipts | $ | 4,782 |  |  | $ | 8,831 |  |  | $ | 12,738 |
Schedule of interest income |
| Years ended December 31,
| 2021 |  | 2022 |  | 2023
Interest income from bank deposits | $ | 131 |  |  | $ | 1,977 |  |  | $ | 4,188 |
Interest income from financial assets at amortized cost | — |  |  | 52 |  |  | 5,309 |
Imputed interest on deposit | — |  |  | — |  |  | 1 |
| $ | 131 |  |  | $ | 2,029 |  |  | $ | 9,498 |
Schedule of other income |
| Years ended December 31,
| 2021 |  | 2022 |  | 2023
Subsidy from government | $ | 21 |  |  | $ | 1 |  |  | $ | 21 |
Others | 97 |  |  | 74 |  |  | 12 |
| $ | 118 |  |  | $ | 75 |  |  | $ | 33 |
Schedule of other gains and losses |
| Years ended December 31,
| 2021 |  | 2022 |  | 2023
Foreign exchange gains (losses) | $ | (893) |  |  | $ | 1,303 |  |  | $ | 34 |
Gains (losses) on financial liabilities at fair value through profit or loss | (150,745) |  | (93,777) |  | 1,641
| $ | (151,638) |  |  | $ | (92,474) |  |  | $ | 1,675 |
Schedule of finance costs |
| Years ended December 31,
| 2021 |  | 2022 |  | 2023
Interest expense – lease liabilities | $ | 9 |  |  | $ | 8 |  |  | $ | 15 |
Schedule of costs and expenses by nature |
| Years ended December 31,
| 2021 |  | 2022 |  | 2023
Cost of goods sold | $ | 2 |  |  | $ | 39 |  |  | $ | 3 |
Employee benefit expenses | 23,472 |  |  | 27,300 |  |  | 27,956 |
Promotional fees | 10,841 |  |  | 7,517 |  |  | 9,565 |
Platform fees | 4,286 |  |  | 5,518 |  |  | 8,708 |
Professional service fees | 3,753 |  |  | 8,537 |  |  | 6,888 |
Insurance expenses | 82 |  |  | 459 |  |  | 2,102 |
Warranty cost | 734 |  |  | 897 |  |  | 677 |
Depreciation of right-of-use assets | 389 |  |  | 456 |  |  | 441 |
Depreciation of property, plant and equipment | 209 |  |  | 247 |  |  | 197 |
Amortization of intangible assets | 47 |  |  | 63 |  |  | 75 |
Listing expense | — |  |  | 65,264 |  |  | — |
Others | 1,982 |  |  | 2,077 |  |  | 2,553 |
| $ | 45,797 |  |  | $ | 118,374 |  |  | $ | 59,165 |
Schedule of employee benefit expenses |
| Years ended December 31,
| 2021 |  | 2022 |  | 2023
Wages and salaries | $ | 19,328 |  |  | $ | 22,083 |  |  | $ | 21,263 |
Remuneration to directors | — |  |  | 112 |  |  | 553 |
Employee insurance fees | 1,218 |  |  | 1,376 |  |  | 1,349 |
Pension costs | 613 |  |  | 676 |  |  | 707 |
Employee stock options | 1,782 |  |  | 2,117 |  |  | 3,268 |
Other personnel expenses | 531 |  |  | 936 |  |  | 816 |
| $ | 23,472 |  |  | $ | 27,300 |  |  | $ | 27,956 |
Schedule of income tax expense |
| Years ended December 31,
| 2021 |  | 2022 |  | 2023
Current income tax: |  |  |  |  |
Current tax expense recognized for the current period | $ | 300 |  |  | $ | 390 |  |  | $ | 144 |
Prior year income tax underestimation | 9 |  |  | 3 |  |  | — |
Total current tax | 309 |  |  | 393 |  |  | 144 |
Deferred income tax: |  |  |  |  |
Origination and reversal of temporary differences | (47) |  |  | (101) |  |  | (29) |
Taxable losses | 155 |  |  | — |  |  | — |
Total deferred income tax | 108 |  |  | (101) |  |  | (29) |
Income tax expense | $ | 417 |  |  | $ | 292 |  |  | $ | 115 |
Schedule of reconciliation between income tax expense and accounting loss |
| Years ended December 31,
| 2021 |  | 2022 |  | 2023
Tax calculated based on loss before tax and statutory tax rate (Note i) | $ | (1,132) |  |  | $ | (368) |  |  | $ | (221) |
Effects from items disallowed by tax regulation | 32 |  |  | 46 |  |  | 18 |
Effects from non-deductible offshore income tax | 110 |  |  | 147 |  |  | 6 |
Temporary difference not recognized as deferred income tax assets | 497 |  |  | 141 |  |  | 702 |
Prior year income tax underestimation | 9 |  |  | 3 |  |  | — |
Taxable loss not recognized as deferred income tax assets | 893 |  |  | 638 |  |  | 1,732 |
Change in assessment of realization of deferred income tax assets | — |  |  | (301) |  |  | (2,139) (Note ii)
Effects from other states apart from where United States subsidiary registered | 7 |  |  | 8 |  |  | 8 |
Others | 1 |  |  | (22) |  |  | 9 |
Income tax expense | $ | 417 |  |  | $ | 292 |  |  | $ | 115 |
Note i: As a Cayman Islands corporation, the Company’s domestic statutory income tax rate is 0.0%. Hence, there was no tax impact to the Company. The difference between the Company’s domestic statutory income tax rate and its income tax expense is due to the effect of the tax rates in the other jurisdictions in which the Company operates. The basis for computing the applicable tax rate are the rates applicable in the respective countries where the Group entities operate. Note ii: The change in assessment of the realization of deferred income tax assets mainly consists of the use of net operating loss (NOL).
Schedule of statutory tax raters for significant jurisdictions | The following table illustrates the statutory tax rates for significant jurisdictions that the Company operates:
|  | Years ended December 31,
Jurisdictions |  | 2021 |  | 2022 |  | 2023
United States (Federal/State) |  | 21%/8.84% |  | 21%/8.84% |  | 21%/8.84%
Japan |  | 34.45 | % |  | 35.73 | % |  | 34.60 | %
Taiwan |  | 20 | % |  | 20 | % |  | 20 | %
Schedule of deferred income tax assets or liabilities as a result of temporary differences and tax losses | Amounts of deferred income tax assets or liabilities as a result of temporary differences and tax losses are as follows:
| 2022
| January 1 |  | Recognized in profit or loss |  | Net exchange differences |  | December 31
Deferred income tax assets: |  |  |  |  |  |  |
– Temporary differences: |  |  |  |  |  |  |
Unrealized expenses | $ | 158 |  |  | $ | 91 |  |  | $ | (21) |  |  | $ | 228 |
Unrealized exchange losses | (2) |  |  | 2 |  |  | — |  |  | — |
Others | 9 |  |  | 8 |  |  | (1) |  |  | 16 |
| $ | 165 |  |  | $ | 101 |  |  | $ | (22) |  |  | $ | 244 |
| 2023
| January 1 |  | Recognized in profit or loss |  | Net exchange differences |  | December 31
Deferred income tax assets: |  |  |  |  |  |  |
– Temporary differences: |  |  |  |  |  |  |
Unrealized expenses | $ | 228 |  |  | $ | 43 |  |  | $ | (15) |  |  | $ | 256 |
Others | 16 |  |  | (14) |  |  | (1) |  |  | 1 |
| $ | 244 |  |  | $ | 29 |  |  | $ | (16) |  |  | $ | 257 |
Schedule of expiration dates of unused taxable losses and amounts of unrecognized deferred income tax assets | Expiration dates of unused taxable losses and amounts of unrecognized deferred income tax assets are as follows:
|  | December 31, 2023
Year incurred |  | Amount filed/ assessed |  | Unused amount |  | Unrecognized deferred income tax assets |  | Expiry year
2016 |  | $ | 4,867 |  |  | $ | 4,043 |  |  | $ | 4,043 |  |  | 2036
2017 |  | 3,601 |  |  | 3,601 |  |  | 3,601 |  |  | 2037
2018 |  | 7,522 |  |  | 2,820 |  |  | 2,820 |  |  | 2028~no expiration
2019 |  | 918 |  |  | 918 |  |  | 918 |  |  | 2024~2029
2020 |  | 903 |  |  | 903 |  |  | 903 |  |  | 2030
2021 |  | 3,594 |  |  | 3,594 |  |  | 3,594 |  |  | no expiration
2022 |  | 3,271 |  |  | 3,271 |  |  | 3,271 |  |  | 2027~no expiration
2023 |  | 6,030 |  |  | 6,030 |  |  | 6,030 |  |  | 2028~no expiration
|  | $ | 30,706 |  |  | $ | 25,180 |  |  | $ | 25,180 |  |  |
Schedule of deductible temporary difference that are not recognized as deferred income tax assets | The amounts of deductible temporary difference that are not recognized as deferred income tax assets are as follows:
| December 31, 2022 |  | December 31, 2023
Deductible temporary differences | $ | 614 |  |  | $ | 3,424 |
Schedule of earnings (losses) per share |
| Year ended December 31, 2021
| Amount after tax |  | Weighted average number of ordinary shares outstanding (shares in thousands) |  | Loss per share (in dollars)
Basic loss per share |  |  |  |  |
Loss attributable to ordinary shareholders of the parent | $ | (156,852) |  |  | 52,965 |  | $ | (2.96) |
Dilutive loss per share |  |  |  |  |
Loss attributable to ordinary shareholders of the Group plus assumed conversion of all dilutive potential ordinary shares | $ | (156,852) |  |  | 52,965 |  | $ | (2.96) |
| Year ended December 31, 2022
| Amount after tax |  | Weighted average number of ordinary shares outstanding (shares in thousands) |  | Loss per share (in dollars)
Basic loss per share |  |  |  |  |
Loss attributable to ordinary shareholders of the parent | $ | (161,744) |  |  | 68,337 |  | $ | (2.37) |
Dilutive loss per share |  |  |  |  |
Loss attributable to ordinary shareholders of the Group plus assumed conversion of all dilutive potential ordinary shares | $ | (161,744) |  |  | 68,337 |  | $ | (2.37) |
| Year ended December 31, 2023
| Amount after tax |  | Weighted average number of ordinary shares outstanding (shares in thousands) |  | Earnings per share (in dollars)
Basic earnings per share |  |  |  |  |
Profit attributable to ordinary shareholders of the parent | $ | 5,416 |  |  | 118,024 |  | $ | 0.05 |
Dilutive earnings per share |  |  |  |  |
Profit attributable to ordinary shareholders of the Group plus assumed conversion of all dilutive potential ordinary shares | $ | 5,416 |  |  | 118,024 |  | $ | 0.05 |
Note: Employee stock options was excluded from the calculation of diluted earnings (loss) per share as it is anti-dilutive for the years ended December 31, 2021, 2022 and 2023.
Schedule of changes in liabilities from financing activities |
| 2021
| Financial liabilities at fair value through profit or loss |  | Lease liabilities (including current portion) |  | Liabilities from financing activities-gross
At January 1 | $ | 108,427 |  |  | $ | 340 |  |  | $ | 108,767 |
Changes in cash flow from financing activities | — |  |  | (393) |  |  | (393) |
Net exchange differences | — |  |  | 13 |  |  | 13 |
Change in fair value through profit and loss | 150,745 |  |  | — |  |  | 150,745 |
Change in fair value through other comprehensive income | 58 |  |  | — |  |  | 58 |
Changes in other non-cash items – additions | — |  |  | 678 |  |  | 678 |
At December 31 | $ | 259,230 |  |  | $ | 638 |  |  | $ | 259,868 |
| 2022
| Financial liabilities at fair value through profit or loss |  | Lease liabilities (including current portion) |  | Liabilities from financing activities-gross
At January 1 | $ | 259,230 |  |  | $ | 638 |  |  | $ | 259,868 |
Changes in cash flow from financing activities | — |  |  | (457) |  |  | (457) |
Net exchange differences | — |  |  | (56) |  |  | (56) |
Warrants assumed in connection with the Recapitalization | 8,431 |  |  | — |  |  | 8,431 |
Exchange of preferred shares | (358,238) |  |  | — |  |  | (358,238) |
Change in fair value through profit and loss | 93,777 |  |  | — |  |  | 93,777 |
Change in fair value through other comprehensive income | 7 |  |  | — |  |  | 7 |
Changes in other non-cash items – additions | — |  |  | 213 |  |  | 213 |
At December 31 | $ | 3,207 |  |  | $ | 338 |  |  | $ | 3,545 |
| 2023
| Financial liabilities at fair value through profit or loss |  | Lease liabilities (including current portion) |  | Liabilities from financing activities-gross
At January 1 | $ | 3,207 |  |  | $ | 338 |  |  | $ | 3,545 |
Changes in cash flow from financing activities | — |  |  | (435) |  |  | (435) |
Change in fair value through profit and loss | (1,641) |  |  | — |  |  | (1,641) |
Changes in other non-cash items – additions | — |  |  | 1,012 |  |  | 1,012 |
Changes in other non-cash items – lease modification | — |  |  | (47) |  |  | (47) |
At December 31 | $ | 1,566 |  |  | $ | 868 |  |  | $ | 2,434 |
Schedule of listing expense | The excess of fair value of Perfect Ordinary Shares issued over the fair value of Provident’s identifiable net assets acquired represents compensation for the service of a stock exchange listing for its shares and was expensed as incurred, the summary of which is as follows:
| Listing expense
Net assets of Provident at Closing, excluding the impact of PIPE and FPA investors |  |  | $ | 63 |
Cash and cash equivalents | 7,893 |  |  |
Accrued expenses | (500) |  |  |
Warrant liabilities (Note i) | (7,330) |  |  |
Total value of Perfect shares issued to Provident shareholders, excluding PIPE and FPA Investor (Note ii) |  |  | (56,478) |
Adjustment to listing expense as result of Sponsor Earnout |  |  | (8,849) |
|  |  | $ | (65,264) |
Note i : The difference between $7,330 and the warrant liability of $8,431 in Note 6(8) is the value of the FPA warrants. Note ii : The fair value was based on 6,764 thousand shares issued and the opening market price of Provident of $8.35 (in dollars) per share as of October 28, 2022.

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