XML 82 R27.htm IDEA: XBRL DOCUMENT v3.23.2
STATUTORY SURPLUS RESERVE
6 Months Ended
Jun. 30, 2023
STATUTORY SURPLUS RESERVE [Abstract]  
STATUTORY SURPLUS RESERVE STATUTORY SURPLUS RESERVE
In accordance with the PRC’s Foreign Enterprise Law, ACM Shanghai, ACM Lingang, and ACM Wuxi are required to make appropriation to reserve funds, comprising the statutory surplus reserve and discretionary surplus reserve, based on after-tax net income in accordance with generally accepted accounting principles of PRC (“PRC GAAP”).
Appropriations to the statutory surplus reserve are required to be at least 10% of the after-tax net income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entities’ registered capital. The amount is calculated annually at the end of each calendar year. The balances of statutory reserve funds was $16,881 as of both June 30, 2023 and December 31, 2022, and is presented as statutory reserve on the Company’s condensed consolidated balance sheets.