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Note 5 - Investment in Foreign Joint Venture - Schedule of Activity in Investment in Foreign Joint Ventures (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Balance at December 31, 2023 $ 12,009    
Equity in earnings 247 $ 393  
Balance at March 31, 2024 11,780    
Original basis difference 1,165   $ 1,165
Less accumulated accretion (605)   (573)
Net remaining basis difference at end of period 560   $ 592
Bomay [Member]      
Balance, initial investment [1],[2] 9,333    
Balance, undistributed earnings 2,967    
Balance, foreign exchange translation (291)    
Balance at December 31, 2023 12,009    
Equity in earnings, undistributed earnings 247    
Equity in earnings 247    
Less: dividend distributions, undistributed earnings 0    
Foreign currency translation gain (loss), foreign exchange translation (476)    
Balance, initial investment [1],[2] 9,333    
Balance, undistributed earnings 3,214    
Balance, foreign exchange translation (767)    
Balance at March 31, 2024 $ 11,780    
[1] Accumulated statutory reserves in equity method investments of $2.7 million at March 31, 2024 and December 31, 2023 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, 2024 and 2023 both totaled approximately $97 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, 2024 and December 31, 2023 is summarized in the following table (in thousands):