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LEASE ARRANGEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Summary of Right of Use Asset | Right-of-use assets Right-of-use assets consist of the following:
|  | December 31 |
(in US$ thousands) |  | 2022 |  |  | 2021 |
Carrying amount: |  |  |  |  |  |
Office premise |  | $ | 1,306 |  |  | $ | 1,971 |
The following tables summarize changes to our Company’s right-of use assets during 2022 and 2021:
(in US$ thousands) |  | Cost |
|  | 2022 |  |  | 2021 |
Balance at January 1 |  | $ | 2,390 |  |  | $ | — |
Additions |  |  | — |  |  |  | 2,364 |
Exchange differences |  |  | (225 | ) |  |  | 26 |
Balance at December 31 |  | $ | 2,165 |  |  | $ | 2,390 |
|  | Accumulated depreciation |
|  | 2022 |  |  | 2021 |
Balance at January 1 |  | $ | 419 |  |  | $ | — |
Depreciation |  |  | 489 |  |  |  | 415 |
Exchange differences |  |  | (49 | ) |  |  | 4 |
Balance at December 31 |  | $ | 859 |  |  | $ | 419 |
|  | Carrying amounts |
|  | 2022 |  |  | 2021 |
Balance at January 1 |  | $ | 1,971 |  |  | $ | — |
Balance at December 31 |  | $ | 1,306 |  |  | $ | 1,971 |
Summary of Lease Liabilities | Lease liabilities
|  | December 31 |
(in US$ thousands) |  | 2022 |  |  | 2021 |
Carrying amount: |  |  |  |  |  |
Current portion (classified under other current liabilities) |  | $ | 440 |  |  | $ | 537 |
Noncurrent portion |  |  | 893 |  |  |  | 1,450 |
|  | $ | 1,333 |  |  | $ | 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) |  | 2022 |  |  | 2021 |
Cash paid for operating leases |  | $ | 502 |  |  | $ | 531 |
Lease liabilities arising from obtaining right-of-use assets |  | $ | — |  |  | $ | 2,364 |
|  | As of December 31 |
|  | 2022 |  |  | 2021 |
Weighted-average remaining lease term |  | 3.03 years |  |  | 4.00 years |
Weighted-average discount rate |  | 1.50% |  |  | 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, 2022:
(in US$ thousands) |  |  |  | Operating Leases |
Year |  |  |  |  |
2023 |  |  |  | $ | 455 |
2024 |  |  |  |  | 426 |
2025 |  |  |  |  | 412 |
2026 |  |  |  |  | 69 |
Total minimum lease payments |  |  |  |  | 1,362 |
Less: amount of lease payments representing interest |  |  |  |  | (29 | )
Present value of future minimum lease payments |  |  |  |  | 1,333 |
Less: current obligation under leases |  |  |  |  | (440 | )
Non-current lease obligations |  |  |  | $ | 893 |

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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 https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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