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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income (Loss) Before Income Taxes by Geographic Location | Income (loss) before income taxes by geographic location is as follows:
(in US$ thousands ) |  | 2023 |  |  | 2022 |  |  | 2021 |
Taiwan operations |  | $ | (1,726 | ) |  | $ | (1,588 | ) |  | $ | (1,989 | )
Non-Taiwan operations |  |  | (1,673 | ) |  |  | (1,164 | ) |  |  | (1,436 | )
|  | $ | (3,399 | ) |  | $ | (2,752 | ) |  | $ | (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 ) |  | 2023 |  |  | 2022 |  |  | 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:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Taiwan statutory rate, including taxes on income and retained earnings |  |  | 24.00 | % |  |  | 24.00 | % |  |  | 24.00 | %
Foreign tax differential |  |  | 0.75 | % |  |  | (3.03 | )% |  |  | (5.75 | )%
Expiration of net operating loss carryforwards |  |  | (27.71 | )% |  |  | (20.18 | )% |  |  | (6.47 | )%
Net operating loss carryforwards not utilized due to dissolution of subsidiaries |  |  | — |  |  |  | (42.73 | )% |  |  | — |
Other non-deductible expenses |  |  | (12.84 | )% |  |  | (9.79 | )% |  |  | (1.65 | )%
Change in deferred tax assets and valuation allowance |  |  | 15.79 | % |  |  | 24.94 | % |  |  | (10.32 | )%
Loss on investment in subsidiaries dissolved |  |  | — |  |  |  | 26.62 | % |  |  | — |
Other |  |  | 0.01 | % |  |  | 0.17 | % |  |  | 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, 2023, 2022 and 2021 are as follows:
(in US$ thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Balance at beginning of year |  | $ | 11,880 |  |  | $ | 13,607 |  |  | $ | 13,046 |
Subsequent reversal and utilization of valuation allowance |  |  | (263 | ) |  |  | (94 | ) |  |  | (81 | )
Changes to valuation allowance |  |  | 405 |  |  |  | 1,158 |  |  |  | 575 |
Expirations |  |  | (942 | ) |  |  | (1,731 | ) |  |  | (221 | )
Exchange differences |  |  | (16 | ) |  |  | (1,060 | ) |  |  | 288 |
Balance at end of year |  | $ | 11,064 |  |  | $ | 11,880 |  |  | $ | 13,607 |
Net Operating Loss Carryforwards Available to Offset Future Income | As of December 31, 2023, we had net operating loss carryforwards available to offset future taxable income, shown below by major jurisdictions:
Jurisdiction |  | Amount |  |  | Expiring year
Hong Kong |  | $ | 15,521 |  |  | indefinite
Taiwan |  |  | 33,414 |  |  | 2024~2033
|  | $ | 48,935 |  |  |
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 |
|  | 2023 |  |  | 2022 |
Net operating loss carryforwards |  | $ | 10,630 |  |  | $ | 11,385 |
Share-based compensation |  |  | 292 |  |  |  | 292 |
Investments |  |  | 131 |  |  |  | 131 |
Lease right-of-use assets |  |  | 6 |  |  |  | 6 |
Other |  |  | 5 |  |  |  | 66 |
|  |  | 11,064 |  |  |  | 11,880 |
Less: valuation allowance |  |  | (11,064 | ) |  |  | (11,880 | )
Deferred tax assets - net |  | $ | — |  |  | $ | — |

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