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INVESTMENTS IN FOREIGN JOINT VENTURES (Tables) | 12 Months Ended
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Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Financial Information of Foreign Joint Venture | The tables below present a summary of BOMAY's assets and liabilities and its operational results as of and for the years ended December 31, 2022 and 2021 in U.S. dollars (in thousands):
|  |  |  |  | Year Ended December 31,
|  |  |  |  | 2022 |  | 2021
Revenues |  |  |  |  | $ | 89,634 |  |  | $ | 72,884 |
Gross Profit |  |  |  |  | 14,306 |  |  | 13,923 |
Earnings |  |  |  |  | 4,380 |  |  | 5,041 |
| December 31,
| 2022 |  | 2021
Assets: |  |  |
Total current assets | $ | 88,536 |  |  | $ | 75,249 |
Total non-current assets | 3,016 |  |  | 3,544 |
Total assets | $ | 91,552 |  |  | $ | 78,793 |
Liabilities and equity: |  |  |
Total liabilities | $ | 58,482 |  |  | $ | 45,253 |
Total joint ventures’ equity | 33,070 |  |  | 33,540 |
Total liabilities and equity | $ | 91,552 |  |  | $ | 78,793 |
Schedule of Activity in Investment in Foreign Joint Ventures | The following is a summary of activity in our investment in BOMAY for the years ended December 31, 2022 and 2021 in U.S. dollars (in thousands):
|  | December 31,
Investments in BOMAY(1)(2) |  | 2022 |  | 2021
Fair value at merger |  | $ | 9,333 |  |  | $ | 9,333 |
Undistributed earnings: |  |  |  |
Balance at beginning of period |  | 1,965 |  |  | 1,908 |
Equity in earnings |  | 1,880 |  |  | 2,146 |
Dividend distributions |  | (1,550) |  |  | (2,089) |
Balance at end of period |  | 2,295 |  |  | 1,965 |
Foreign currency translation: |  |  |  |
Balance at beginning of period |  | 1,027 |  |  | 656 |
Change during the period |  | (1,049) |  |  | 371 |
Balance at end of period |  | (22) |  |  | 1,027 |
Total investment in BOMAY at end of period |  | $ | 11,606 |  |  | $ | 12,325 |
_______________ (1)Accumulated statutory reserves in equity method investments of $2.66 million at December 31, 2022 and 2021 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 is being accreted over eight years (the expected life of the joint venture) and summarized in the following table at December 31, 2022 and 2021 (amounts in thousands):
| December 31,
| 2022 |  | 2021
Original basis difference | $ | 1,165 |  |  | $ | 1,165 |
Less accumulated accretion | (443) |  |  | (314) |
Net remaining basis difference, net at end of period | $ | 722 |  |  | $ | 851 |

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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 https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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