THAILAND AND HONG KONG CONTRIBUTION PLANS

3 Months Ended

Mar. 31, 2021

THAILAND AND HONG KONG CONTRIBUTION PLANS

THAILAND AND HONG KONG CONTRIBUTION PLANS

NOTE 12 - THAILAND AND HONG KONG CONTRIBUTION PLANS

In accordance with the rules and regulations of Thailand, the employees of the VIEs established in Thailand are required to participate in a defined contribution retirement plan organized by local government. Contributions to this plan are expensed as incurred and other than these monthly contributions, the VIE has no further obligation for the payment of retirement benefits to its employees. For the three months ended March 31, 2021 and 2020, the VIEs contributed a total of $282 and $437, respectively, to this plan.

The Company also makes payments to a defined contribution plan for the benefit of employees employed in Hong Kong. Amounts contributed during the three months ended March 31, 2021 and 2020 were $385 and $577, respectively.