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INCOME TAXES (Tables)

12 Months Ended

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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