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Investments in Foreign Joint Ventures (Tables) | 6 Months Ended
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Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Financial Information of Foreign Joint Venture | Below is summary financial information for BOMAY at June 30, 2020 and December 31, 2019 and operational results for the three and six months ended June 30, 2020 in U.S. dollars (in thousands, unaudited):
| June 30, 2020 |  | December 31, 2019
Assets: |  |  |
Total current assets | $ | 65,681 |  |  | $ | 81,247 |
Total non-current assets | 5,882 |  |  | 5,775 |
Total assets | $ | 71,563 |  |  | $ | 87,022 |
Liabilities and equity: |  |  |
Total liabilities | $ | 45,930 |  |  | $ | 58,176 |
Total joint ventures’ equity | 25,633 |  |  | 28,846 |
Total liabilities and equity | $ | 71,563 |  |  | $ | 87,022 |
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  |  |  | 2020 |  |
Revenue | $ | 18,647 |  |  |  |  | $ | 27,203 |  |  |
Gross Profit | 3,336 |  |  |  |  | 4,232 |  |  |
Earnings | 2,283 |  |  |  |  | 1,999 |  |  |
Schedule of Activity in Investment in Foreign Joint Ventures | The following is a summary of activity in our investment in BOMAY for the six months ended June 30, 2020 in U.S. dollars (in thousands, unaudited):
| June 30, 2020
Investments in BOMAY (1) (2) |
Balance at the beginning of the year | $ | 9,333 |
Undistributed earnings: |
Balance at the beginning of the year | 1,257 |
Equity in earnings | 887 |
Dividend distributions | (2,054) |
Balance at end of period | 90 |
Foreign currency translation: |
Balance at the beginning of the year | (69) |
Change during the period | (180) |
Balance at end of period | (249) |
Total investment in BOMAY at June 30, 2020 | $ | 9,174 |
________ (1)Accumulated statutory reserves in equity method investments of $2.67 million at June 30, 2020 and December 31, 2019 is included in our investment in BOMAY. In accordance with the People’s Republic of China, (“PRC”), regulations on enterprises with foreign ownership, an enterprise established in the PRC with foreign ownership is required to provide for certain statutory reserves, namely (i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A non-wholly-owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. (2)The Company’s initial investment in BOMAY differed from the Company’s 40% share of BOMAY’s equity as a result of applying fair value accounting pursuant to ASC 805. The basis difference of approximately $1.0 million will be accreted over the remaining nine year life of the joint venture. The Company accreted $86 thousand during the six months ended June 30, 2020 which is included in income from equity investments in foreign joint ventures in the accompanying condensed consolidated statement of operations. As of June 30, 2020, accumulated accretion totaled $140 thousand.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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