Annual report pursuant to Section 13 and 15(d)

INVESTMENTS (Tables)

v3.23.1
INVESTMENTS (Tables)
12 Months Ended
Dec. 31, 2022
Investments [Abstract]  
Schedule of Fair Value and Changes in Fair Value of Investment in Convertible Bonds

The following table sets forth the fair value and changes in fair value of the investment in the Telcon convertible bond as of December 31, 2022 and 2021 (in thousands):

Investment in convertible bonds

 

December 31, 2022

 

 

December 31, 2021

 

Balance, beginning of period

 

$

26,100

 

 

$

27,866

 

Sales of convertible bond

 

 

(2,919

)

 

 

 

Net loss on investment in convertible bond

 

 

(126

)

 

 

 

Change in fair value included in the statement of other comprehensive loss

 

 

(3,084

)

 

 

(1,766

)

Balance, end of period

 

$

19,971

 

 

$

26,100

 

Schedule of fair value based upon assumptions

The fair values as of December 31, 2022 and December 31, 2021 were based upon following assumptions:

 

 

 

December 31, 2022

 

 

December 31, 2021

 

Principal outstanding (South Korean won)

 

KRW 26.5 billion

 

 

KRW 30 billion

 

Stock price

 

KRW 1,015

 

 

KRW 2,925

 

Expected life (in years)

 

 

7.79

 

 

 

8.79

 

Selected yield

 

 

13.50

%

 

 

10.50

%

Expected volatility (Telcon common stock)

 

 

78.50

%

 

 

81.31

%

Risk-free interest rate (South Korea government bond)

 

 

3.74

%

 

 

2.19

%

Expected dividend yield

 

 

0.00

%

 

 

0.00

%

Conversion price

 

KRW1,068(US$0.85)

 

 

KRW2,847(US$2.39)

 

Schedule of Certain Unaudited Financial Information of EJ Holdings

The following table sets forth certain unaudited financial information of EJ Holdings as of December 31, 2022 and 2021 and for the 12 months ended December 31, 2022 and 2021 (in thousands):

 

As of December 31,

 

 

2022
(Unaudited)

 

 

2021
(Unaudited)

 

ASSETS

 

 

 

 

 

Current assets

$

797

 

 

$

505

 

Other assets

 

9,573

 

 

 

10,585

 

Total assets

$

10,370

 

 

$

11,090

 

LIABILITIES

 

 

 

 

 

Current liabilities

$

794

 

 

$

931

 

Long-term liabilities

 

25,017

 

 

 

22,589

 

Total liabilities

$

25,811

 

 

$

23,520

 

Noncontrolling interest

$

(9,283

)

 

$

(7,458

)

 

 

 

 

 

 

 

Years Ended December 31,

 

 

2022
(Unaudited)

 

 

2021
(Unaudited)

 

Revenue, net

$

193

 

 

$

234

 

Net loss

$

(4,782

)

 

$

(6,833

)