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INCOME TAXES (Tables)

12 Months Ended

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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