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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income (Loss) Before Income Taxes by Geographic Location

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

(in US$ thousands )		2022				2021				2020
Taiwan operations		$	(1,588	)		$	(1,989	)		$	(1,129	)
Non-Taiwan operations			(1,164	)			(1,436	)			(164	)
		$	(2,752	)		$	(3,425	)		$	(1,293	)

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 )		2022				2021				2020
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:

		2022				2021				2020
Taiwan statutory rate, including taxes on income and    retained earnings			24.00	%			24.00	%			24.00	%
Foreign tax differential			(3.03	)%			(5.75	)%			(0.47	)%
Expiration of net operating loss carryforwards			(20.18	)%			(6.47	)%			(31.92	)%
Net operating loss carryforwards not utilized due to dissolution of subsidiaries			(42.73	)%			—				—
Other non-deductible expenses			(9.79	)%			(1.65	)%			(3.99	)%
Cumulative effect of initially applying new accounting standards			—				—				—
Change in deferred tax assets and valuation allowance			24.94	%			(10.32	)%			10.52	%
Loss on investment in subsidiaries dissolved			26.62	%			—				—
Other			0.17	%			0.19	%			1.86	%
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, 2022, 2021 and 2020 are as follows:

(in US$ thousands)		2022				2021				2020
Balance at beginning of year		$	13,607			$	13,046			$	12,732
Subsequent reversal and utilization of valuation allowance			(94	)			(81	)			(87	)
Changes to valuation allowance			1,158				575				1,585
Expirations			(1,731	)			(221	)			(1,720	)
Exchange differences			(1,060	)			288				536
Balance at end of year		$	11,880			$	13,607			$	13,046

Net Operating Loss Carryforwards Available to Offset Future Income

As of December 31, 2022, we had net operating loss carryforwards available to offset future taxable income, shown below by major jurisdictions:

Jurisdiction		Amount				Expiring year
Hong Kong		$	15,330			indefinite
Taiwan			41,287			2023~2032
		$	56,617

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
		2022				2021
Net operating loss carryforwards		$	11,385			$	13,079
Share-based compensation			292				324
Investments			131				145
Lease right-of-use assets			6				4
Intangible assets and goodwill			—				1
Other			66				54
			11,880				13,607
Less: valuation allowance			(11,880	)			(13,607	)
Deferred tax assets - net		$	—			$	—

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