v3.21.2

Property, plant and equipment | 12 Months Ended
--- | ---
Dec. 31, 2020
Property, plant and equipment |
Property, plant and equipment | Note 8 –Property, plant and equipment Property, plant and equipment consisted of the following as of December 31, 2020 and 2019:
|  | December 31,
|  | 2020 |  | 2019
Leasehold land and buildings* |  | $ | 58,646 |  | $ | 58,536
Leasehold improvements |  |  | 17 |  |  | 11
Machinery and equipment |  |  | 13 |  |  | 13
Vehicles and office equipment |  |  | 141 |  |  | 141
Total |  |  | 58,817 |  |  | 58,701
Impairment |  |  | (1,415) |  |  | (445)
Less: accumulated depreciation |  |  | (5,261) |  |  | (3,171)
Plant and equipment, net |  | $ | 52,141 |  | $ | 55,085
*As of December 31, 2020, leasehold land and buildings (a) with a carrying value of $47.67 million are pledged against the banking facilities from OCBC Wing Hang Bank Limited of HK$50.00 million ($6.41 million) of the Company and (b) with a carrying value of $4.37 million are pledged against the banking facilities from United Overseas Bank Limited of HK$127.54 million ($16.35 million) of a company beneficially owned by Luk Lai Ching Kimmy (a shareholder of the Company holding 4.2% of the Company’s ordinary shares as of December 31, 2020) (see Note 8(c) and (d) above). As of December 31, 2019, leasehold land and buildings (a) with a carrying value of $50.24 million are pledged against the banking facilities from OCBC Wing Hang Bank Limited of HK$50.00 million ($6.41 million) of the Company and (b) with a carrying value of $4.72 million are pledged against the banking facilities from United Overseas Bank Limited of HK$127.54 million ($16.35 million) of a company beneficially owned by Luk Lai Ching Kimmy (a shareholder of the Company holding 5.27% of the Company’s ordinary shares as of December 31, 2019) (see Note 8(c) and (d) above). Depreciation expense from continuing operations was $2,099, $2,084 and $1,074 for the years ended December 31, 2020, 2019 and 2018, respectively. Depreciation expense from discontinuing operations was $209, $83 and $nil for the years ended December 31, 2020, 2019 and 2018, respectively. During the course of the Company’s strategic review of its operations in the years ended December 31, 2020, 2019 and 2018, the Company assessed the recoverability of the carrying value of certain property, plant and equipment which resulted in impairment losses from continuing operations of approximately $970, $60 and $385, respectively.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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