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LEASE ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Summary of Right of Use Asset

a. Right-of-use assets

Right-of-use assets consist of the following:

(in US$ thousands)		December 31, 2020				December 31, 2021
Carrying amount:
Office premise		$	—			$	1,971

The carrying amount of our right-of-use assets was nil during 2020. The following tables summarize changes to our Company’s right-of use assets during 2021:

(in US$ thousands)				Cost
Balance at January 1, 2021				$	—
Additions					2,364
Exchange differences					26
Balance at December 31, 2021				$	2,390
				Accumulated depreciation
Balance at January 1, 2021				$	—
Depreciation in 2021					415
Exchange differences					4
Balance at December 31, 2021				$	419
				Carrying amounts
Balance at December 31, 2020				$	—
Balance at December 31, 2021				$	1,971

Summary of Lease Liabilities

b. Lease liabilities

		December 31
(in US$ thousands)		2020				2021
Carrying amount:
Current portion (classified under other current liabilities)		$	95			$	537
Noncurrent portion			3				1,450
		$	98			$	1,987

Supplemental Disclosures of Cash Flow and Noncash Information Related to Leases

Supplemental disclosures of cash flow and noncash information consist of the following:

		For the Year ended December 31
(in US$ thousands)		2020				2021
Cash paid for operating leases		$	533			$	531
Lease liabilities arising from obtaining right-of-use assets		$	—			$	2,364
		As of December 31
		2020				2021
Weighted-average remaining lease term		0.34 years				4.00 years
Weighted-average discount rate		1.94%				1.54%

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, 2021:

(in US$ thousands)				Operating Leases
Year
2022				$	537
2023					504
2024					473
2025					457
2026					76
Total minimum lease payments					2,047
Less: amount of lease payments representing interest					(60	)
Present value of future minimum lease payments					1,987
Less: current obligation under leases					(537	)
Non-current lease obligations				$	1,450

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Schedule of lease liabilities.

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Schedule of right of use asset.

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- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980

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