Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Right of Use Assets and Lease Liabilities Related to Operating Leases

The right-of-use assets and lease liabilities related to operating leases are as follows (in thousands):

	December 31,		December 31,
	2023		2022
Right-of-use assets	$	1,045	$	983
Lease liabilities － Current	$	497	$	700
Lease liabilities － Non-Current		531		284
Total lease liabilities	$	1,028	$	984

Schedule of Lease Costs and Weighted-Average Assumptions Used in Determining its Lease Assets and Lease Liabilities

The following table summarizes the Company’s lease costs and weighted-average assumptions used in determining its lease assets and lease liabilities for each year as follows (dollars in thousands):

	December 31,
	2023			2022
Operating lease cost	$	775		$	793
Cash paid for operating leases	$	790		$	788
Right-of-use assets obtained in exchange for operating lease liabilities (1)
New leases commenced during the period	$	814		$	715
Weighted average remaining term for operating leases	1.84 years			1.41 years
Weighted average discount rate for operating leases		8.1	%		5.6	%

(1)

During the year ended December 31, 2023, the Company extended the term of its leases for the United States Headquarters and South Korea. Both leases were treated as a modification but not as a separate contract, as no additional right-of-use was granted and lease modification was accounted for as a non-cash change in existing lease liabilities and the right-of-use assets. In addition, the Company entered into two lease agreements for new office spaces in China and one lease agreement for brand new office space in South Korea, and additional right-of-use was granted.

During the year ended December 31, 2022, the Company entered into a new lease in Taiwan when its existing facility lease terminated, and extended the term of its leases in China, Japan and South Korea. The lease extensions were treated as modifications but not as separate contracts, as no additional right-of-use was granted. The China, Japan and South Korea lease modifications were accounted for as non-cash changes in existing lease liabilities and right-of-use assets.

Schedule of Aggregate Future Minimum Lease Payments Under Non-cancelable Operating Leases

As of December 31, 2023, the aggregate future minimum lease payments under non-cancelable operating leases consist of the following (in thousands):

Year Ending December 31,	Amount
2024	$	561
2025		407
2026		157
Total	$	1,125
Less effects of discounting		(97	)
Lease liabilities recognized	$	1,028