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Investments in Foreign Joint Ventures (Tables) | 3 Months Ended
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Mar. 31, 2023
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 equity at March 31, 2023 and December 31, 2022, and its operational results for the three months ended March 31, 2023 and 2022 in U.S. dollars (in thousands):
|  | March 31, 2023 |  | December 31, 2022
Assets: |  |  |  |
Total current assets |  | $ | 92,669 |  |  | $ | 88,536 |
Total non-current assets |  | 2,964 |  |  | 3,016 |
Total assets |  | $ | 95,633 |  |  | $ | 91,552 |
Liabilities and equity: |  |  |  |
Total liabilities |  | $ | 61,581 |  |  | $ | 58,482 |
Total joint ventures’ equity |  | 34,052 |  |  | 33,070 |
Total liabilities and equity |  | $ | 95,633 |  |  | $ | 91,552 |
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2023 |  | 2022
Revenue |  |  |  |  |  | $ | 21,214 |  |  | $ | 10,079 |
Gross Profit |  |  |  |  |  | 2,403 |  |  | 1,609 |
Earnings |  |  |  |  |  | 901 |  |  | 323 |
Schedule of Activity in Investment in Foreign Joint Ventures | The table below presents the components of our investment in BOMAY and a summary of the activity within those components for the three months ended March 31, 2023 in U.S. dollars (in thousands):
| Initial Investment at Merger (1), (2) |  | Undistributed Earnings |  | Cumulative Foreign Exchange Translation Adj |  | Investment in BOMAY
Balance at December 31, 2022 | $ | 9,333 |  |  | $ | 2,295 |  |  | $ | (22) |  |  | $ | 11,606 |
Equity in earnings | — |  |  | 393 |  |  | — |  |  | 393 |
Less: dividend distributions | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation gain (loss) | — |  |  | — |  |  | 93 |  |  | 93 |
Balance at March 31, 2023 | $ | 9,333 |  |  | $ | 2,688 |  |  | $ | 71 |  |  | $ | 12,092 |
_______________ (1)Accumulated statutory reserves in equity method investments of $2.7 million at March 31, 2023 and December 31, 2022 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 an original period of nine years (the expected life of the joint venture). The Company's accretion during the three months ended March 31, 2023 and 2022 both totaled approximately $32 thousand each, respectively, and is included in income from equity investment in foreign joint venture in the accompanying Condensed Consolidated Statements of Operations. The remaining basis difference, net of accumulated accretion at March 31, 2023 and December 31, 2022 is summarized in the following table (in thousands):
| March 31, 2023 |  | December 31, 2022
Original basis difference | $ | 1,165 |  |  | $ | 1,165 |
Less accumulated accretion | (475) |  |  | (443) |
Net remaining basis difference at end of period | $ | 690 |  |  | $ | 722 |

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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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