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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income (Loss) Before Income Taxes by Geographic Location

Income (loss) before income taxes by geographic location is as follows:

(in US$ thousands )		2019				2020				2021
Taiwan operations		$	(2,191	)		$	(1,129	)		$	(1,989	)
Non-Taiwan operations			532				(164	)			(1,436	)
		$	(1,659	)		$	(1,293	)		$	(3,425	)

Components of Income Tax Benefit Expense by Taxing Jurisdiction

The components of income tax benefit (expense) by taxing jurisdiction are as follows:

( in US$ thousands )		2019				2020				2021
Taiwan:
Current		$	—			$	—			$	—
Deferred			—				—				—
		$	—			$	—			$	—
Non-Taiwan:
Current		$	—			$	—			$	—
Deferred			—				—				—
		$	—			$	—			$	—
Total current income tax benefit (expense)		$	—			$	—			$	—
Total deferred income tax benefit		$	—			$	—			$	—
Total income tax benefit		$	—			$	—			$	—

Reconciliation of Effective Tax Rate Related to Statutory Taiwan Federal Tax Rate

A reconciliation of our effective tax rate related to the statutory tax rate in Taiwan, where our major operations are based, is as follows:

		2019				2020				2021
Taiwan statutory rate, including taxes on income and    retained earnings			24.00	%			24.00	%			24.00	%
Foreign tax differential			10.14	%			(0.47	)%			(5.75	)%
Expiration of net operating loss carryforwards			—				(31.92	)%			(6.47	)%
Other non-deductible expenses			(7.01	)%			(3.99	)%			(1.65	)%
Cumulative effect of initially applying new accounting standards			13.13	%			—				—
Change in deferred tax assets and valuation allowance			(43.38	)%			10.52	%			(10.32	)%
Other			3.12	%			1.86	%			0.19	%
Effective rate			—				—				—

Reconciliation of Beginning and Ending Amounts of Valuation Allowance on Deferred Tax Assets

A reconciliation of the beginning and ending amounts of our valuation allowance on deferred tax assets for the years ended December 31, 2019, 2020 and 2021 are as follows:

(in US$ thousands)		2019				2020				2021
Balance at beginning of year		$	11,765			$	12,732			$	13,046
Subsequent reversal and utilization of valuation allowance			(17	)			(87	)			(81	)
Changes to valuation allowance			723				1,585				575
Expirations			—				(1,720	)			(221	)
Exchange differences			261				536				288
Balance at end of year		$	12,732			$	13,046			$	13,607

Net Operating Loss Carryforwards Available to Offset Future Income

As of December 31, 2021, we had net operating loss carryforwards available to offset future taxable income, shown below by major jurisdictions:

Jurisdiction		Amount				Expiring year
Hong Kong		$	16,198			indefinite
Taiwan			43,359			2022~2031
		$	59,557

Deferred Tax Assets

Significant Components of Deferred Tax Assets and Liabilities

The significant components of our deferred tax assets consist of the following:

(in US$ thousands)		December 31
		2020				2021
Net operating loss carryforwards		$	12,519			$	13,079
Share-based compensation			315				324
Investments			141				145
Lease right-of-use assets			19				4
Intangible assets and goodwill			2				1
Other			50				54
			13,046				13,607
Less: valuation allowance			(13,046	)			(13,607	)
Deferred tax assets - net		$	—			$	—

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