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Note 7 - Investments In Foreign Joint Ventures - Schedule of Activity In Investment In Foreign Joint Ventures (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dividend distributions $ (1,225) $ (1,550)
Total investment in BOMAY at end of year 12,009 11,606
Original basis difference 1,165 1,165
Less accumulated accretion (573) (443)
Net remaining basis difference, net at end of period 592 722
Bomay [Member]    
Fair value at merger [1],[2] 9,333 9,333
Balance at beginning of year 2,295 1,965
Equity in earnings [1],[2] 1,897 1,880
Dividend distributions [1],[2] (1,225) (1,550)
Balance at end of year 2,967 2,295
Balance at beginning of year (22) 1,027
Change during the year (269) (1,049)
Balance at end of year (291) (22)
Total investment in BOMAY at end of year [1],[2] $ 12,009 $ 11,606
[1] Accumulated statutory reserves in equity method investments of $2.66 million at December 31, 2023 and 2022 is included in our investment in BOMAY. In accordance with the People’s Republic of China, (“PRC”), regulations on enterprises with foreign ownership, an enterprise established in the PRC with foreign ownership is required to provide for certain statutory reserves, namely (i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A non-wholly-owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends.
[2] The Company’s initial investment in BOMAY differed from the Company’s 40% share of BOMAY’s equity as a result of applying fair value accounting pursuant to ASC 805. The basis difference is being accreted over eight years (the expected life of the joint venture) and summarized in the following table at December 31, 2023 and 2022 (amounts in thousands):