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LEASE ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2019

a. Right-of-use assets

	2019
(in US$ thousands)	Cost			Accumulated depreciation		Net
Recognition of right-of-use assets upon adoption of ASC 842 at beginning of year (Note 1)	$	1,056		$	—	$	1,056
Recognition of impairment upon adoption of ASC 842 at beginning of year (Note 1)		(1,056	)		—		(1,056	)
Balance at end of year	$	—		$	—	$	—

Summary of Lease Liabilities

b. Lease liabilities

Supplemental Disclosures of Cash Flow Information Related to Leases

Supplemental disclosures of cash flow information consist of the following:

(in US$ thousands)	For the Year ended December 31, 2019
Cash paid for operating leases	$	510
Right-of-use assets obtained in exchange for operating lease liabilities		1,056

Reconciliation of Undiscounted Cash Flows to Operating Lease Liabilities

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet as of December 31, 2019:

(in US$ thousands)	Operating Leases
Year
2020	$	504
2021		92
2022		1
2023		1
2024		1
Total minimum lease payments		599
Less: amount of lease payments representing interest		(7	)
Present value of future minimum lease payments		592
Less: current obligation under leases		(498	)
Non-current lease obligations	$	94

The following table sets forth our future aggregate minimum lease payments required under these operating leases, as of December 31, 2019:

(in US$ thousands)	Amount
2020	$	504
2021		92
2022		1
2023		1
2024 and after		1
	$	599

Schedule of Future Minimum Lease Payments Under Lease Agreements

We have elected the transition option under ASU 2016-02 and continued to apply the prior accounting standard for leases, including the disclosure requirements, in the comparative periods. Future minimum lease payments due under those lease agreements as of December 31, 2018 were as follows:

(in US$ thousands)	December 31, 2018
Not later than 1 year	$	450
Later than 1 year and not later than 5 years		504
Later than 5 years		—
Balance at end of year	$	954

(in US$ thousands)

December 31, 2019

Carrying amount:

Current portion (classified under other current liabilities)

Noncurrent portion