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LEASE ARRANGEMENTS | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASE ARRANGEMENTS | NOTE 9. LEASE ARRANGEMENTS We rent certain office premises and automobile for operation use under lease agreements that expire at various dates through 2026. Right-of-use assets Right-of-use assets consist of the following:
|  | December 31 |
(in US$ thousands) |  | 2023 |  |  | 2022 |
Carrying amount: |  |  |  |  |  |
Office premise |  | $ | 944 |  |  | $ | 1,306 |
The following tables summarize changes to our Company’s right-of use assets during 2023 and 2022:
(in US$ thousands) |  | Cost |
|  | 2023 |  |  | 2022 |
Balance at January 1 |  | $ | 2,165 |  |  | $ | 2,390 |
Additions |  |  | 116 |  |  |  | — |
Exchange differences |  |  | — |  |  |  | (225 | )
Balance at December 31 |  | $ | 2,281 |  |  | $ | 2,165 |
|  | Accumulated depreciation |
|  | 2023 |  |  | 2022 |
Balance at January 1 |  | $ | 859 |  |  | $ | 419 |
Depreciation |  |  | 472 |  |  |  | 489 |
Exchange differences |  |  | 6 |  |  |  | (49 | )
Balance at December 31 |  | $ | 1,337 |  |  | $ | 859 |
|  | Carrying amounts |
|  | 2023 |  |  | 2022 |
Balance at January 1 |  | $ | 1,306 |  |  | $ | 1,971 |
Balance at December 31 |  | $ | 944 |  |  | $ | 1,306 |
Lease liabilities
|  | December 31 |
(in US$ thousands) |  | 2023 |  |  | 2022 |
Carrying amount: |  |  |  |  |  |
Current portion (classified under other current liabilities) |  | $ | 475 |  |  | $ | 440 |
Noncurrent portion |  |  | 495 |  |  |  | 893 |
|  | $ | 970 |  |  | $ | 1,333 |
Discount rates for the existing lease liabilities ranged from 1.44% to 3.6% as of December 31, 2023, and from 1.44% to 2.88% as of December 31, 2022. Material terms of right-of-use assets We lease office premises and automobile for operational use with lease terms of 2 to 5 years. We do not have purchase options to acquire the leasehold office premises at the end of the lease terms. Supplemental information Supplemental disclosures of cash flow and noncash information consist of the following:
|  | For the Year ended December 31 |
(in US$ thousands) |  | 2023 |  |  | 2022 |
Cash paid for operating leases |  | $ | 491 |  |  | $ | 502 |
Lease liabilities arising from obtaining right-of-use assets |  | $ | 116 |  |  | $ | — |
|  | As of December 31 |
|  | 2023 |  |  | 2022 |
Weighted-average remaining lease term |  | 2.04 years |  |  | 3.03 years |
Weighted-average discount rate |  | 1.60% |  |  | 1.50% |
Operating lease expenses were $495 thousand and $520 thousand during the years ended December 31, 2023 and 2022, respectively. The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet as of December 31, 2023:
(in US$ thousands) |  |  |  | Operating Leases |
Year |  |  |  |  |
2024 |  |  |  | $ | 486 |
2025 |  |  |  |  | 430 |
2026 |  |  |  |  | 69 |
Total minimum lease payments |  |  |  |  | 985 |
Less: amount of lease payments representing interest |  |  |  |  | (15 | )
Present value of future minimum lease payments |  |  |  |  | 970 |
Less: current obligation under leases |  |  |  |  | (475 | )
Non-current lease obligations |  |  |  | $ | 495 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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