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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income (Loss) Before Income Taxes by Geographic Location | Income (loss) before income taxes by geographic location is as follows:
(in US$ thousands ) |  | 2024 |  |  | 2023 |  |  | 2022 |
Taiwan operations |  | $ | (1,657 | ) |  | $ | (1,726 | ) |  | $ | (1,588 | )
Non-Taiwan operations |  |  | (639 | ) |  |  | (1,673 | ) |  |  | (1,164 | )
|  | $ | (2,296 | ) |  | $ | (3,399 | ) |  | $ | (2,752 | )
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 ) |  | 2024 |  |  | 2023 |  |  | 2022 |
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:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Taiwan statutory rate, including taxes on income and retained earnings |  |  | 24.00 | % |  |  | 24.00 | % |  |  | 24.00 | %
Foreign tax differential |  |  | (82.00 | )% |  |  | 0.75 | % |  |  | (3.03 | )%
Expiration of net operating loss carryforwards |  |  | (51.15 | )% |  |  | (27.71 | )% |  |  | (20.18 | )%
Net operating loss carryforwards not utilized due to dissolution of subsidiaries |  |  | — |  |  |  | — |  |  |  | (42.73 | )%
Other non-deductible expenses |  |  | 46.42 | % |  |  | (12.84 | )% |  |  | (9.79 | )%
Change in deferred tax assets and valuation allowance |  |  | 62.70 | % |  |  | 15.79 | % |  |  | 24.94 | %
Loss on investment in subsidiaries dissolved |  |  | — |  |  |  | — |  |  |  | 26.62 | %
Other |  |  | 0.03 | % |  |  | 0.01 | % |  |  | 0.17 | %
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, 2024, 2023 and 2022 are as follows:
(in US$ thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Balance at beginning of year |  | $ | 11,064 |  |  | $ | 11,880 |  |  | $ | 13,607 |
Subsequent reversal and utilization of valuation allowance |  |  | (663 | ) |  |  | (263 | ) |  |  | (94 | )
Changes to valuation allowance |  |  | 396 |  |  |  | 405 |  |  |  | 1,158 |
Expirations |  |  | (1,175 | ) |  |  | (942 | ) |  |  | (1,731 | )
Exchange differences |  |  | (506 | ) |  |  | (16 | ) |  |  | (1,060 | )
Balance at end of year |  | $ | 9,116 |  |  | $ | 11,064 |  |  | $ | 11,880 |
Net Operating Loss Carryforwards Available to Offset Future Income | As of December 31, 2024, we had net operating loss carryforwards available to offset future taxable income, shown below by major jurisdictions:
Jurisdiction |  | Amount |  |  | Expiring year
Hong Kong |  | $ | 11,621 |  |  | indefinite*
Taiwan |  |  | 28,210 |  |  | 2025~2034**
|  | $ | 39,831 |  |  |
* Upon the dissolution and deregistration of a Hong Kong subsidiary of ours in February 2025, the deferred tax assets related to its net operating loss carryforwards of $9,825 thousand were derecognized. As the allowance on deferred tax assets related to these net operating loss carryforwards has been fully provided, the derecognition did not have any material impact on our financial position, results of operations or cash flows. ** Upon the dissolution of a Taiwan subsidiary of ours in March 2025, the deferred tax assets related to its net operating loss carryforwards of $2,643 thousand were derecognized. As the allowance on deferred tax assets related to these net operating loss carryforwards has been fully provided, the derecognition did not have any material impact on our financial position, results of operations or cash flows.
Deferred Tax Assets |
Significant Components of Deferred Tax Assets and Liabilities | The significant components of our deferred tax assets consist of the following:
(in US$ thousands) |  | December 31 |
|  | 2024 |  |  | 2023 |
Net operating loss carryforwards |  | $ | 8,732 |  |  | $ | 10,630 |
Share-based compensation |  |  | 273 |  |  |  | 292 |
Investments |  |  | 123 |  |  |  | 131 |
Lease right-of-use assets |  |  | 4 |  |  |  | 6 |
Other |  |  | (16 | ) |  |  | 5 |
|  |  | 9,116 |  |  |  | 11,064 |
Less: valuation allowance |  |  | (9,116 | ) |  |  | (11,064 | )
Deferred tax assets - net |  | $ | — |  |  | $ | — |

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