XML 33 R24.htm IDEA: XBRL DOCUMENT v3.23.3
Intangible Assets, Net (Tables)
 6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets with Definite Useful Lives Primarily Consisted of Land use Rights an Licensed Software The Company’s intangible assets with definite useful lives primarily consisted of land use rights and licensed software. The following table summarizes the components of acquired intangible asset balances.
   As of
June 30,
2023		   As of
December 31,
2022		 
         
Land use rights (a)  $13,806   $8,011 
Licensed software   1,997    2,133 
Subtotal   15,803    10,144 
Less: accumulated amortization   (3,566)   (3,433)
Intangible assets, net  $12,237   $6,711 
(a)In January 2022, the Company signed an agreement with Ningde City government to purchase a land use right for approximately $5.9 million (RMB 42,690,000) and the prepayment was made to the local government accordingly. The Company obtained certificate of land-use right and the transaction was completed in June 2023. The prepaid balance was transferred from other non-current assets to intangible assets. The term of the land use right is 50 years from 2023 to 2073.

 
Schedule of Future Amortization for the Intangible Assets The future amortization for the intangible assets is expected to be as follows:

 

Twelve months ending June 30,

  Estimated
amortization
expense		 
     
2023  $637 
2024   531 
2025   424 
2026   403 
2027   358 
Thereafter   9,884 
Total  $12,237