FINANCIAL INFORMATION OF PARENT COMPANY (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| FINANCIAL INFORMATION OF PARENT COMPANY |
|
| Schedule of Parent's Condensed Balance Sheets |
| | | | | | | | | As of December 31, | | | 2021 | | 2022 | Assets | | | | | | | Current assets | | | | | | | Cash and cash equivalents | | $ | 2 | | $ | 2 | Amount due from subsidiaries | | | 27,298 | | | 49,691 | Other current assets | | | 108 | | | 108 | Total current assets | | | 27,408 | | | 49,801 | TOTAL ASSETS | | $ | 27,408 | | $ | 49,801 | | | | | | | | Liabilities | | | | | | | Current liabilities | | | | | | | Accrued expenses and other current liabilities | | $ | 2,909 | | $ | 4,039 | Total liabilities | | | 2,909 | | | 4,039 | | | | | | | | Equity | | | | | | | Ordinary Shares ($0.04 par value; 22,500,000 shares authorized; 4,499,654 and 8,948,505 shares issued as of December 31, 2021 and 2022, respectively; 4,474,836 and 8,923,687 shares outstanding as of December 31, 2021 and 2022, respectively) | | | 181 | | | 359 | Additional paid-in capital | | | 298,685 | | | 332,746 | Treasury stock (24,818 shares as of December 31, 2021 and 2022) | | | (1,148) | | | (1,148) | Accumulated deficits | | | (304,904) | | | (318,239) | Accumulated other comprehensive income | | | 31,685 | | | 32,044 | Total equity | | | 24,499 | | | 45,762 | TOTAL LIABILITIES AND EQUITY | | $ | 27,408 | | $ | 49,801 |
|
| Schedule of Parent's Condensed Statements of Operations |
| | | | | | | | | | | | For the years ended December 31, | | | 2020 | | 2021 | | 2022 | Operating expenses | | | | | | | | | | Selling and marketing | | $ | — | | $ | — | | $ | — | General and administrative | | | (250) | | | (566) | | | (1,231) | Total operating expenses | | | (250) | | | (566) | | | (1,231) | Other (loss) income, net | | | (32) | | | (11) | | | 41 | Investment income (loss) in subsidiaries | | | 7,809 | | | (16,758) | | | (12,145) | Net income (loss) attributable to holders of ordinary shares | | $ | 7,527 | | $ | (17,335) | | $ | (13,335) |
|
| Schedule of Parents' Condensed Statements of Comprehensive Income/Loss |
| | | | | | | | | | | | For the years ended December 31, | | | 2020 | | 2021 | | 2022 | Net income (loss) | | $ | 7,527 | | $ | (17,335) | | $ | (13,335) | Other comprehensive loss, net of tax: | | | | | | | | | | Change in cumulative foreign currency translation adjustment | | | (384) | | | 377 | | | 359 | Comprehensive income (loss) attributable to Parent Company | | $ | 7,143 | | $ | (16,958) | | $ | (12,976) |
|
| Schedule of Parent's Condensed Statements of Changes in Equity |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Accumulated | | Accumulated | | | | | | Ordinary shares | | Additional | | | | | deficits) | | other | | | | | | | | | | | paid-in | | Treasury | | retained | | comprehensive | | Total | | | Shares | | Amount | | capital | | stock | | earnings | | Income | | equity | Balance as of December 31, 2020 | | 3,738,527 | | | 152 | | | 288,879 | | | (2,351) | | | (286,365) | | | 31,308 | | | 31,623 | Ordinary shares issued for share based compensation | | 25,989 | | | 1 | | | — | | | 1,203 | | | (1,204) | | | — | | | — | Share issued | | 710,320 | | | 28 | | | 8,922 | | | — | | | — | | | — | | | 8,950 | Share-based compensation | | — | | | — | | | 186 | | | — | | | — | | | — | | | 186 | Capital contribution from non-controlling | | — | | | — | | | 698 | | | — | | | — | | | — | | | 698 | Foreign currency translation adjustment | | — | | | — | | | — | | | — | | | — | | | 377 | | | 377 | Net income | | — | | | — | | | — | | | — | | | (17,335) | | | — | | | (17,335) | Balance as of December 31, 2021 | | 4,474,836 | | | 181 | | | 298,685 | | | (1,148) | | | (304,904) | | | 31,685 | | | 24,499 | Shares issued for purchase of equipment | | 4,448,851 | | | 178 | | | 34,001 | | | — | | | — | | | — | | | 34,179 | Share-based compensation | | — | | | — | | | 60 | | | — | | | — | | | — | | | 60 | Foreign currency translation adjustment | | — | | | — | | | — | | | — | | | — | | | 359 | | | 359 | Net loss | | — | | | — | | | — | | | — | | | (13,335) | | | | | | (13,335) | Balance as of December 31, 2022 | | 8,923,687 | | | 359 | | | 332,746 | | | (1,148) | | | (318,239) | | | 32,044 | | | 45,762 |
|
| Schedule of Parent's Condensed Statements of Cash Flows |
| | | | | | | | | | | | For the years ended December 31, | | | 2020 | | 2021 | | 2022 | CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | Net income (loss) | | $ | 7,527 | | $ | (17,335) | | $ | (13,335) | Investment income (loss) in subsidiaries | | | (7,809) | | | 16,758 | | | 12,145 | Share-based compensation | | | 186 | | | 186 | | | 60 | | | | | | | | | | | CHANGES IN WORKING CAPITAL ACCOUNTS | | | | | | | | | | Accrued expenses and other current liabilities | | | 96 | | | 391 | | | 1,130 | Net cash used in operating activities | | | — | | | — | | | — | | | | | | | | | | | CASH FLOWS FROM INVESTMENT ACTIVITIES | | | — | | | — | | | — | | | | | | | | | | | CASH FLOWS FROM FINANCING ACTIVITIES | | | — | | | — | | | — | | | | | | | | | | | Net decrease in cash, cash equivalents and restricted cash | | | — | | | — | | | — | Cash, cash equivalents and restricted cash, at beginning of year | | | 2 | | | 2 | | | 2 | Cash, cash equivalents and restricted cash, at end of year | | $ | 2 | | $ | 2 | | $ | 2 | | | | | | | | | | | SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES: | | | | | | | | | | Share issuance for purchase of property and equipment | | $ | 2,531 | | $ | 8,950 | | $ | 34,179 |
|