Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2023 | |
Document and Entity Information [Abstract] | |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2023 |
Entity Registrant Name | Perfect Corp. |
Entity Central Index Key | 0001899830 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
UNAUDITED CONDENSED INTERIM CON
UNAUDITED CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 37,168 | $ 162,616 |
Current financial assets at amortized cost | 160,800 | 30,000 |
Current contract assets | 1,512 | 3,660 |
Accounts receivable | 7,641 | 7,756 |
Other receivables | 587 | 314 |
Current income tax assets | 124 | 77 |
Inventories | 34 | 45 |
Other current assets | 4,655 | 4,705 |
Total current assets | 212,521 | 209,173 |
Non-current assets | ||
Property, plant and equipment | 345 | 289 |
Right-of-use assets | 850 | 323 |
Intangible assets | 115 | 119 |
Deferred income tax assets | 222 | 244 |
Guarantee deposits paid | 124 | 125 |
Total non-current assets | 1,656 | 1,100 |
Total assets | 214,177 | 210,273 |
Current liabilities | ||
Current contract liabilities | 15,976 | 13,024 |
Other payables | 8,095 | 9,308 |
Other payables - related parties | 49 | 63 |
Current tax liabilities | 52 | 155 |
Current provisions | 2,134 | 1,855 |
Current lease liabilities | 417 | 251 |
Other current liabilities | 149 | 261 |
Total current liabilities | 26,872 | 24,917 |
Non-current liabilities | ||
Non-current financial liabilities at fair value through profit or loss | 3,451 | 3,207 |
Non-current lease liabilities | 457 | 87 |
Net defined benefit liability, non-current | 75 | 73 |
Guarantee deposits received | 25 | 25 |
Total non-current liabilities | 4,008 | 3,392 |
Total liabilities | 30,880 | 28,309 |
Equity | ||
Common stock | $ 11,826 | $ 11,826 |
Par value per share | $ 0.1 | $ 0.1 |
Capital surplus | $ 557,870 | $ 556,429 |
Accumulated deficit | (385,395) | (385,884) |
Other equity interest | (575) | (407) |
Treasury shares | (429) | |
Total equity | 183,297 | 181,964 |
Total liabilities and equity | 214,177 | 210,273 |
Perfect Class A Ordinary Shares | ||
Equity | ||
Common stock | $ 10,147 | $ 10,147 |
Par value per share | $ 0.1 | $ 0.1 |
Perfect Class B Ordinary Shares | ||
Equity | ||
Common stock | $ 1,679 | $ 1,679 |
Par value per share | $ 0.1 | $ 0.1 |
UNAUDITED CONDENSED INTERIM C_2
UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||
Revenue | $ 24,832 | $ 23,379 |
Cost of sales and services | (5,024) | (3,282) |
Gross profit | 19,808 | 20,097 |
Operating expenses | ||
Sales and marketing expenses | (12,585) | (12,087) |
General and administrative expenses | (5,427) | (4,700) |
Research and development expenses | (5,396) | (5,358) |
Total operating expenses | (23,408) | (22,145) |
Operating loss | (3,600) | (2,048) |
Non-operating income and expenses | ||
Interest income | 4,609 | 178 |
Other income | 7 | 11 |
Other gains and losses | (459) | 28,977 |
Finance costs | (5) | (5) |
Total non-operating income and expenses | 4,152 | 29,161 |
Income before income tax | 552 | 27,113 |
Income tax expense | (63) | (161) |
Net income | 489 | 26,952 |
Components of other comprehensive loss that will not be reclassified to profit or loss | ||
Credit risk changes in financial instrument - Preferred shares | (7) | |
Components of other comprehensive loss that will be reclassified to profit or loss | ||
Exchange differences arising on translation of foreign operations | (168) | (1,001) |
Other comprehensive loss, net | (168) | (1,008) |
Total comprehensive income | 321 | 25,944 |
Net income, attributable to: | ||
Shareholders of the parent | 489 | 26,952 |
Total comprehensive income attributable to: | ||
Shareholders of the parent | $ 321 | $ 25,944 |
Earnings (loss) per share (in dollars) | ||
Basic earnings per share of Class A and Class B Ordinary Shares | $ 0.004 | $ 0.469 |
Diluted earnings (loss) per share of Class A and Class B Ordinary Shares | $ 0.004 | $ (0.014) |
UNAUDITED CONDENSED INTERIM C_3
UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Additional Paid-in Capital | Employee stock options | Accumulated deficit | Reserve of exchange differences on translation | Reserve of change in fair value of financial liability attributable to change in credit risk of liability | Treasury shares | Ordinary shares | Total |
Beginning balance at Dec. 31, 2021 | $ 308 | $ 2,563 | $ (224,097) | $ 690 | $ (58) | $ 30,152 | $ (190,442) | |
Net income for the period | 26,952 | 26,952 | ||||||
Other comprehensive loss for the period | (1,001) | (7) | (1,008) | |||||
Total comprehensive income (loss) | 26,952 | (1,001) | (7) | 25,944 | ||||
Share-based payment transactions | 1,006 | 1,006 | ||||||
Employee stock options exercised | 5,447 | (2,518) | 2,663 | 5,592 | ||||
Ending balance at Jun. 30, 2022 | 5,755 | 1,051 | (197,145) | (311) | $ (65) | 32,815 | (157,900) | |
Beginning balance at Dec. 31, 2022 | 554,209 | 2,220 | (385,884) | (407) | 11,826 | 181,964 | ||
Net income for the period | 489 | 489 | ||||||
Other comprehensive loss for the period | (168) | (168) | ||||||
Total comprehensive income (loss) | 489 | (168) | 321 | |||||
Share-based payment transactions | 1,441 | 1,441 | ||||||
Purchase of treasury shares | $ (429) | (429) | ||||||
Ending balance at Jun. 30, 2023 | $ 554,209 | $ 3,661 | $ (385,395) | $ (575) | $ (429) | $ 11,826 | $ 183,297 |
UNAUDITED CONDENSED INTERIM C_4
UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Profit before tax | $ 552 | $ 27,113 |
Adjustments to reconcile profit (loss) | ||
Depreciation expense | 326 | 357 |
Amortization expense | 37 | 31 |
Interest income | (4,609) | (178) |
Interest expense | 5 | 5 |
Net (gains) losses on financial liabilities at fair value through profit or loss | 244 | (28,374) |
Employees' stock option cost | 1,266 | 1,006 |
Directors' share-based compensation | 175 | |
Changes in operating assets | ||
Accounts receivable | 87 | (1,283) |
Current contract assets | 2,130 | (2,038) |
Other receivables | 3 | (3) |
Other receivables - related parties | (2) | |
Inventories | 11 | 36 |
Other current assets | 47 | 145 |
Changes in operating liabilities | ||
Current contract liabilities | 3,035 | 1,973 |
Other payables | (1,183) | (137) |
Other payables - related parties | (12) | (15) |
Current provisions | 320 | 529 |
Other current liabilities | (107) | (215) |
Net defined benefit liability, non-current | 1 | 1 |
Cash inflow (outflow) generated from operations | 2,328 | (1,049) |
Interest received | 4,331 | 159 |
Interest paid | (5) | (5) |
Income tax paid | (205) | (111) |
Net cash flows from (used in) operating activities | 6,449 | (1,006) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of financial assets at amortized cost | (160,800) | |
Proceeds from disposal of financial assets at amortized cost | 30,000 | |
Acquisition of property, plant and equipment | (170) | (137) |
Acquisition of intangible assets | (33) | (46) |
Net cash flows used in investing activities | (131,003) | (183) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayment of principal portion of lease liabilities | (203) | (255) |
Employee stock options exercised | 5,592 | |
Payments to acquire treasury shares | (429) | |
Net cash flows from (used in) financing activities | (632) | 5,337 |
Effects of exchange rates changes on cash and cash equivalents | (262) | (1,828) |
Net increase (decrease) in cash and cash equivalents | (125,448) | 2,320 |
Cash and cash equivalents at beginning of period | 162,616 | 80,453 |
Cash and cash equivalents at end of period | $ 37,168 | $ 82,773 |
History and Organization
History and Organization | 6 Months Ended |
Jun. 30, 2023 | |
History and Organization | |
History and Organization | 1. History and Organization Perfect Corp. (the “Company” or “Perfect”), is a Cayman Islands exempted company with limited liability, which incorporated on February 13, 2015 with registered address PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The Company and its subsidiaries (collectively referred herein as the “Group”) are SaaS technology companies offering AR/AI solution dedicated to the beauty and fashion industry as well as mobile applications to consumers. The principal place of business is at 14F, No. 98 Minquan Road, Xindian District, New Taipei City 231, Taiwan. On October 28, 2022 (the “Closing Date”), the Company consummated the previously announced merger transaction pursuant to the Business Combination Agreement dated as of March 3, 2022, by and among Perfect, Beauty Corp., a wholly-owned subsidiary of Perfect, Fashion Corp., a wholly-owned subsidiary of Perfect, and Provident Acquisition Corp. (“Provident”). Pursuant to the Business Combination Agreement, dated as of March 3, 2022, Beauty Corp., a Cayman Islands exempted company with limited liability, merged with and into Provident (the “First Merger”), a special purpose acquisition company incorporated in the Cayman Islands and listed on the Nasdaq Stock Market (“NASDAQ”), with Provident surviving as a wholly-owned subsidiary of Perfect, and then immediately following the First Merger, Provident merged with and into Fashion Corp. (the “Second Merger”), a Cayman Islands exempted company with limited liability, with Fashion Corp. surviving as a wholly-owned subsidiary of Perfect. The consummation of the merger transactions was referred to as the “Closing”, dated as of October 28, 2022. In connection with the merger, each Perfect original share (consisting of Perfect common share, par value $0.1 (in dollars) per share, and Perfect preferred share, par value $0.1 (in dollars) per share) converted to Perfect Class A or Perfect Class B ordinary share, par value $0.1 (in dollars) per Upon the consummation of the mergers and the other transactions contemplated by the Business Combination Agreement, the shareholders of Provident became shareholders of Perfect, and the Company became a publicly traded company on the New York Stock Exchange (“NYSE”) on October 31, 2022. The merger transaction pursuant to the Business Combination Agreement is accounted for as a recapitalization. |
The Date of Authorization for I
The Date of Authorization for Issuance of the Financial Statements and Procedures for Authorization | 6 Months Ended |
Jun. 30, 2023 | |
The Date of Authorization for Issuance of the Financial Statements and Procedures for Authorization | |
The Date of Authorization for Issuance of the Financial Statements and Procedures for Authorization | 2. The Date of Authorization for Issuance of the Financial Statements and Procedures for Authorization These unaudited condensed interim consolidated financial statements were authorized for issuance by the Board of Directors on September 19, 2023. |
Application of New Standards, A
Application of New Standards, Amendments and Interpretations | 6 Months Ended |
Jun. 30, 2023 | |
Application of New Standards, Amendments and Interpretations | |
Application of New Standards, Amendments and Interpretations | 3. Application of New Standards, Amendments and Interpretations 3(1) New and amended standards adopted by the Group New standards, interpretations and amendments issued by International Accounting Standards Board (the “IASB”) and became effective from 2023 are as follows: New Standards, Interpretations and Amendments Effective date by IASB Amendments to IAS 1, ‘Disclosure of accounting policies’ January 1, 2023 Amendments to IAS 8, ‘Definition of accounting estimates’ January 1, 2023 Amendments to IAS 12, ‘Deferred tax related to assets and liabilities arising from a single transaction’ January 1, 2023 Amendments to IAS 12, ‘International tax reform - pillar two model rules’ May 23, 2023 The above standards and interpretations have no significant impact to the Group’s financial condition and financial performance based on the Group’s assessment. 3(2) New and revised International Financial Reporting Standards not yet adopted New and amendments to IFRSs which have been published but are not mandatory for the financial period ended June 30, 2023 are listed below: New Standards, Interpretations and Amendments Effective date by IASB Amendments to IFRS 10 and IAS 28, ‘Sale or contribution of assets between an investor and its associate or joint venture’ To be determined by IASB Amendments to IFRS 16, ‘Lease liability in a sale and leaseback’ January 1, 2024 Amendments to IAS 1, ‘Classification of liabilities as current or non-current’ January 1, 2024 Amendments to IAS 1, ‘Non-current liabilities with covenants’ January 1, 2024 Amendments to IAS 7 and IFRS 7, ‘Supplier finance arrangements’ January 1, 2024 The above standards and interpretations are not expected to have significant impact to the Group’s financial position and financial performance based on the Group’s assessment. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 4. Summary of Significant Accounting Policies The unaudited condensed interim consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary for a fair statement of the results of operations for the interim period. All such adjustments to the financial information are of a normal, recurring nature. Accordingly, these unaudited condensed interim consolidated financial statements are to be read in conjunction with the annual financial statements for the year ended December 31, 2022. The principal accounting policies applied in the preparation of these unaudited condensed interim consolidated financial statements are disclosed in financial statements for the year ended December 31, 2022 and have been consistently applied to all the periods presented, except for the adoption of new and amended standards as set out below and Note 3(1). 4(1) Compliance statement These unaudited condensed interim consolidated financial statements of the Group have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the IASB. 4(2) Basis of preparation A. Except for the following items, the unaudited condensed interim consolidated financial statements have been prepared under the historical cost convention: (a) Financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss. (b) Defined benefit liabilities recognized based on the net amount of pension fund assets less present value of defined benefit obligation. B. The preparation of the unaudited condensed interim consolidated financial statements in conformity with IAS 34 Interim Financial Reporting requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the unaudited condensed interim consolidated financial statements are disclosed in Note 5. 4(3) Basis of consolidation A. Basis for preparation of unaudited condensed interim consolidated financial statements: (a) All subsidiaries are included in the Group’s unaudited condensed interim consolidated financial statements. Subsidiaries are all entities (including structured entities) controlled by the Group. The Group controls an entity when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Consolidation of subsidiaries begins from the date the Group obtains control of the subsidiaries and ceases when the Group loses control of the subsidiaries. (b) Inter-company transactions, balances and unrealized gains or losses on transactions between companies within the Group are eliminated. Accounting policies of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Group. (c) When the Group loses control of a subsidiary, the Group remeasures any investment retained in the former subsidiary at its fair value. That fair value is regarded as the fair value on initial recognition of a financial asset or the cost on initial recognition of the associate or joint venture. Any difference between fair value and carrying amount is recognized in profit or loss. All amounts previously recognized in other comprehensive income in relation to the subsidiary are reclassified to profit or loss on the same basis as would be required if the related assets or liabilities were disposed of. That is, when the Group loses control of a subsidiary, all gains or losses previously recognized in other comprehensive income in relation to the subsidiary should be reclassified from equity to profit or loss, if such gains or losses would be reclassified to profit or loss when the related assets or liabilities are disposed of. B. Subsidiaries included in the unaudited condensed interim consolidated financial statements: Ownership (%) Name of Main business December 31, June 30, Name of investor subsidiary activities 2022 2023 The Company Perfect Mobile Corp. (Taiwan) Design, development, marketing and sales of AR/AI SaaS solution and mobile applications. 100% 100% The Company Perfect Corp. (USA) Marketing and sales of AR/AI SaaS solution 100% 100% The Company Perfect Corp. (Japan) Marketing and sales of AR/AI SaaS solution. 100% 100% The Company Perfect Corp. (Shanghai) Marketing and sales of AR/AI SaaS solution. 100% 100% The Company Perfect Mobile Corp.(B.V.I.) Investment activities 100% 100% The Company Fashion Corp. For business combination purpose via SPAC transaction, please refer to Note 1 for details. 100% –%(Note ii) Perfect Mobile Corp. (Taiwan) Perfect Corp. (France) Marketing and Service Center for sales of AR/AI SaaS solution. 100%(Note i) 100% Note i. Perfect Corp. (France) was established in 2022 and with no business activity during 2022. Note ii. Fashion Corp. was dissolved on April 13, 2023. C. Subsidiaries not included in the unaudited condensed interim consolidated financial statements: None. D. Adjustments for subsidiaries with different balance sheet dates: None. E. Significant restrictions: None. F. Subsidiaries that have non-controlling interests that are material to the Group: None. 4(4) Foreign currency translation Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The consolidated financial statements are presented in United States dollars, which is the Company’s functional and the Group’s presentation currency. A. Foreign currency transactions and balances (a) Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions are recognized in profit or loss in the period in which they arise. (b) Monetary assets and liabilities denominated in foreign currencies at the period end are re-translated at the exchange rates prevailing at the balance sheet date. Exchange differences arising upon re-translation at the balance sheet date are recognized in profit or loss. (c) Non-monetary assets and liabilities denominated in foreign currencies held at fair value through profit or loss are re-translated at the exchange rates prevailing at the balance sheet date; their translation differences are recognized in profit or loss. Non-monetary assets and liabilities denominated in foreign currencies held at fair value through other comprehensive income are re-translated at the exchange rates prevailing at the balance sheet date; their translation differences are recognized in other comprehensive income. However, non-monetary assets and liabilities denominated in foreign currencies that are not measured at fair value are translated using the historical exchange rates at the dates of the initial transactions. (d) All foreign exchange gains and losses are presented in the statement of comprehensive income within ‘other gains and losses’. B. Translation of foreign operations The operating results and financial position of all the group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (a) Assets and liabilities for each balance sheet presented are translated at the closing exchange rate at the date of that balance sheet; (b) Income and expenses for each statement of comprehensive income are translated at average exchange rates of that period; and (c) All resulting exchange differences are recognized in other comprehensive income. C. When there is a change in an entity’s functional currency, the entity shall apply the translation procedures applicable to the new functional currency prospectively from the date of the change. |
Critical Accounting Judgements,
Critical Accounting Judgements, Estimates and Key Sources of Assumption Uncertainty | 6 Months Ended |
Jun. 30, 2023 | |
Critical Accounting Judgements, Estimates and Key Sources of Assumption Uncertainty | |
Critical Accounting Judgements, Estimates and Key Sources of Assumption Uncertainty | 5. Critical Accounting Judgements, Estimates and Key Sources of Assumption Uncertainty There have been no significant changes with regards to critical accounting judgements, estimates and key sources of assumption uncertainty as of June 30, 2023. Please refer to Note 5 in the consolidated financial statements for the year ended December 31, 2022. |
Details of Significant Accounts
Details of Significant Accounts | 6 Months Ended |
Jun. 30, 2023 | |
Details of Significant Accounts | |
Details of Significant Accounts | 6. Details of Significant Accounts 6(1) Cash and cash equivalents December 31, 2022 June 30, 2023 Petty cash $ 1 $ 1 Checking accounts 1,279 1,852 Demand deposits 11,777 9,043 Time deposits 149,300 26,000 Others 259 272 $ 162,616 $ 37,168 A. The Group transacts with a variety of financial institutions all with high credit quality to disperse credit risk, so it expects that the probability of counterparty default is remote. B. The Group has no cash and cash equivalents pledged to others. 6(2) Current financial assets at amortized cost December 31, 2022 June 30, 2023 Time deposits with maturities over three months $ 30,000 $ 160,800 A. The Group has no financial assets at amortized cost pledged to others. B. The counterparties of the Group’s investments in certificates of deposits are financial institutions with high credit quality, so the Group expects that the probability of counterparty default is remote. C. Information relating to credit risk of financial assets at amortized cost is provided in Note 12(2). 6(3) Accounts receivable December 31, 2022 June 30, 2023 Accounts receivable $ 7,756 $ 7,641 A. December 31, 2022 June 30, 2023 Not past due $ 6,062 $ 6,354 Up to 30 days 851 401 31 to 90 days 327 619 91 to 180 days 417 145 Over 181 days 99 122 $ 7,756 $ 7,641 The above ageing analysis was based on days overdue. B. C. D. 6(4) Other current assets December 31, 2022 June 30, 2023 Prepaid expenses $ 4,617 $ 4,264 Others 88 391 $ 4,705 $ 4,655 6(5) Property, plant and equipment Leasehold Office improvements Machinery equipment Total At December 31, 2022 Cost $ 521 $ 602 $ 46 $ 1,169 Accumulated depreciation (470) (382) (28) (880) $ 51 $ 220 $ 18 $ 289 Opening net book amount $ 51 $ 220 $ 18 $ 289 Additions 114 52 4 170 Depreciation expense (52) (56) (6) (114) Closing net book amount $ 113 $ 216 $ 16 $ 345 At June 30, 2023 Cost $ 635 $ 652 $ 50 $ 1,337 Accumulated depreciation (522) (436) (34) (992) $ 113 $ 216 $ 16 $ 345 The Group has no property, plant and equipment pledged to others. 6(6) Leasing arrangements — lessee A. The Group leases various assets including buildings and business vehicles. Rental contracts are typically made for periods of 2 to 3 years . Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Leased assets cannot be used as collateral for borrowing purposes and are prohibited from being subleased, sold, or lent to others or corporations under any circumstances. B. Short-term leases with a lease term of 12 months or less include offices located in United States, Japan, China and France. As of December 31, 2022 and June 30, 2023, lease commitments for short-term leases amounted to $ 152 and $ 226 , respectively. C. The movements of right-of-use assets of the Group are as follows: Buildings Business vehicles Total At December 31, 2022 Cost $ 809 $ 208 $ 1,017 Accumulated depreciation (557) (137) (694) $ 252 $ 71 $ 323 Opening net book amount $ 252 $ 71 $ 323 Additions 584 202 786 Cost of derecognition (587) (208) (795) Derecognized accumulated depreciation 587 161 748 Depreciation expense (175) (37) (212) Closing net book amount $ 661 $ 189 $ 850 At June 30, 2023 Cost $ 806 $ 202 $ 1,008 Accumulated depreciation (145) (13) (158) $ 661 $ 189 $ 850 D. Lease liabilities relating to lease contracts: December 31, 2022 June 30, 2023 Total lease liabilities $ 338 $ 874 Less: current portion (shown as ‘current lease liabilities’) (251) (417) $ 87 $ 457 E. The information on profit and loss accounts relating to lease contracts is as follows: Six months ended June 30, 2022 2023 Items affecting profit or loss Interest expense on lease liabilities $ 5 $ 5 Expense on short-term lease contracts 198 193 $ 203 $ 198 F. For the six months ended June 30, 2022 and 2023, the Group’s total cash outflow for leases were $ 458 and $ 401 , respectively, including the interest expense on lease liabilities amounting to $ 5 and $ 5 , expense on short-term lease contracts amounting to $ 198 and $ 193 , and repayments of principal portion of lease liabilities amounting to $ 255 and $ 203 , respectively. 6(7) Intangible assets 2023 Other Software intangible assets Total At December 31, 2022 Cost $ 104 $ 89 $ 193 Accumulated amortization (23) (51) (74) $ 81 $ 38 $ 119 Opening net book amount $ 81 $ 38 $ 119 Additions 33 — 33 Amortization charge (22) (15) (37) Closing net book amount $ 92 $ 23 $ 115 At June 30, 2023 Cost $ 137 $ 89 $ 226 Accumulated amortization (45) (66) (111) $ 92 $ 23 $ 115 Details of amortization on intangible assets are as follows: Six months ended June 30, 2022 2023 Research and development expenses $ 31 $ 37 6(8) Financial liabilities at fair value through profit or loss December 31, 2022 June 30, 2023 Non-current items: Warrant liabilities $ 8,431 $ 8,431 Add: Valuation adjustment (5,224) (4,980) $ 3,207 $ 3,451 A. Amounts recognized in profit or loss and other comprehensive income in relation to financial liabilities at fair value through profit or loss are as follows: Six months ended June 30, 2022 2023 Net gains (losses) recognized in profit or loss Warrant liabilities $ — $ (244) Financial liabilities designated as at fair value through profit or loss - Preferred share liabilities 28,374 — $ 28,374 $ (244) Net losses recognized in other comprehensive income Financial liabilities designated as at fair value through profit or loss - Preferred share liabilities $ (7) $ — B. Warrant liabilities (a) As part of Business Combination, warrants sold and issued by Provident were automatically converted to Perfect Warrants. Each warrants entitles the holder to purchase one Class A Ordinary Share at a price of $11.50 (in dollars) per share. (b) As of June 30, 2023 there were 20,850 thousand warrants outstanding, consisting of 11,500 thousand Public Warrants, 6,600 thousand Private Placement Warrants and 2,750 thousand Forward Purchase Warrants (as defined below). Each warrant is exercisable for one Perfect Class A Ordinary Share, in accordance with its terms. Public Warrants Provident sold an aggregate of 11,500 thousand Public Warrants in the Provident Initial Public Offering. Private Placement Warrants Provident privately issued and sold an aggregate of 6,600 thousand Private Warrants to the Sponsor simultaneously with the consummation of the Provident Initial Public Offering on January 7, 2021. Forward Purchase Warrants Pursuant to the Forward Purchase Agreements (“FPA”), Provident issued and sold to FPA Investors, an aggregate of 5,500 thousand Forward Purchase Shares and 2,750 thousand Forward Purchase Warrants in consideration for an aggregate purchase price of $55,000, as closed on October 27, 2022. (c) Movements in all kinds of Perfect Warrants are as follows: Private Placement Forward Purchase Public Warrants Warrants Warrants Warrant liabilities (units in thousands) (units in thousands) (units in thousands) Amount At December 31, 2022 11,500 6,600 2,750 $ 3,207 At June 30, 2023 11,500 6,600 2,750 $ 3,451 (d) Redemption of warrants when the price per Perfect Class A Ordinary Shares equal or exceed $18.00 (in dollars). Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to Perfect Private Placement Warrants): (i) three (e) Redemption of warrants when the price per Class A Ordinary Share equals or exceeds $10.00 (in dollars). Once the warrants become exercisable, the Company may redeem the outstanding warrants: (i) in whole and not in part (ii) at $0.10 (in dollars) per warrant upon a minimum of 30 days’ prior written notice of redemption (iii) provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the “fair market value” of Perfect Class A Ordinary Shares (iv) if, and only if, the Reference Value equals or exceeds $10.00 (in dollars) per share and (v) if the Reference Value is less than $18.00 (in dollars) per share, Perfect Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Perfect Public Warrants, as described above. (f) Private Placement Warrants The Private Placement Warrants are identical to the Public Warrants and Forward Purchase Warrants except that Private Placement Warrants, so long as they are held by Provident Acquisition Holdings Ltd., (the “Sponsor”) or its permitted transferees, (i) will not be redeemable by the Company (ii) may not (including the Class A ordinary shares issuable upon exercise of these Private Placement Warrants), subject to certain limited exceptions, be transferred assigned or sold by the holder until 30 days after the completion of the Company’s initial Business Combination (iii) may be exercised by the holders on a cashless basis and (iv) will be entitled to certain registration rights. If the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by the holders on the same basis as Public Warrants and Forward Purchase Warrants. 6(9) Other payables December 31, 2022 June 30, 2023 Employee bonus $ 4,038 $ 4,385 Payroll 2,130 1,430 Professional service fees 1,371 800 Promotional fees 1,039 589 Remuneration to directors 53 213 Post and telecommunications expenses 173 181 Sales VAT payables 175 164 Others 329 333 $ 9,308 $ 8,095 6(10) Provisions Warranty At December 31, 2022 $ 1,855 Additional provisions 335 Used during the period (15) Net exchange differences (41) At June 30, 2023 $ 2,134 Analysis of total provisions: December 31, 2022 June 30, 2023 Current $ 1,855 $ 2,134 The Group enters into the contract with customers with warranties on services provided. The warranties (loss indemnification) provide customers with assurance that the related services will function as agreed by both parties. Provision for warranty is estimated based on historical warranty data, other known events and management’s judgement. The Group recognizes such expenses within ‘Cost of sales and services’ when related services are provided. Any changes in industry circumstances might affect the provisions. Provisions shall be paid when the payment is actually claimed. 6(11) Pensions A. Defined benefit plan (a) The Group’s subsidiary, Perfect Mobile Corp. (Taiwan), was incorporated in Taiwan, which has a defined benefit pension plan in accordance with the Labor Standards Act, covering all regular foreign employees’ service years. Under the defined benefit pension plan, two units are accrued for each year of service for the first 15 years and one unit for each additional year thereafter, subject to a maximum of 45 units. Pension benefits are based on the number of units accrued and the average monthly salaries and wages of the last 6 months prior to retirement. Perfect Mobile Corp. (Taiwan) contributes an adequate amount to the retirement fund deposited with Bank of Taiwan, the trustee, under the name of the independent retirement fund committee. Also, Perfect Mobile Corp. (Taiwan) would assess the balance in the aforementioned labor pension reserve account by December 31, every year. If the account balance is insufficient to pay the pension calculated by the aforementioned method to the employees expected to qualify for retirement in the following year, Perfect Mobile Corp. (Taiwan) will make contributions for the deficit by next March. (b) For the aforementioned pension plan, the Group recognized pension costs of $2 and $2 for the six months ended June 30, 2022 and 2023, respectively. (c) Expected contributions to the defined benefit pension plans of Perfect Mobile Corp. (Taiwan) for the year ending December 31, 2023 amount to $5 . B. Defined contribution plans (a) Perfect Mobile Corp. (Taiwan) has established a defined contribution pension plan (the “New Plan”) under the Labor Pension Act (the “Act”), covering all regular employees with R.O.C. nationality. Under the New Plan, Perfect Mobile Corp. (Taiwan) contributes monthly an amount based on 6% of the employees’ monthly salaries and wages to the employees’ individual pension accounts at the Bureau of Labor Insurance. The benefits accrued are paid monthly or in lump sum upon termination of employment. (b) The pension costs under defined contribution pension plan of Perfect Mobile Corp. (Taiwan) for the six months ended June 30, 2022 and 2023 were $253, and $ 265, respectively. (c) The pension costs under local government law of other foreign subsidiaries for the six months ended June 30, 2022 and 2023 were $ 96 , and $ 121 , respectively. 6(12) Share-based payment A. Share Incentive Plan On December 13, 2021, the Board approved and adopted the Share Incentive Plan to issue stock option of 30,000 thousand units.Prior to the recapitalization, each unit was eligible to subscribe for one Perfect Common Share. In connection with the recapitalization, an equitable adjustment has been made to the exercised price, number of shares and class of shares to be issued. After recapitalization, 5.65 units are eligible to subscribe for one Perfect Ordinary Share and the exercised price for stock options issued in 2022 was also changed by the same ratio from $0.7 (in dollars) to $3.95 (in dollars) per share. On October 25, 2022, the Board has approved and adopted an amendment to the Share Incentive Plan in response to the aforementioned recapitalization. Going forward one unit option is eligible for one Perfect Ordinary Share. The maximum number of Perfect Ordinary Shares that can be issued upon exercise of all options under the Share Incentive Plan are 5,311 thousand Shares. (a) Type of Maximum terms of Plan arrangement Settled by option granted Vesting conditions Share Incentive Plan Employee stock options Equity Five years 2 years’ service: exercise 50% 3 years’ service: exercise 75% 4 years’ service: exercise 100% (b) 2022 (Note) 2023 Weighted- average Weighted- average No. of options exercise price per share No. of options exercise price per share (units in thousands) (in dollars) (units in thousands) (in dollars) Options outstanding at January 1 — $ — 2,063 $ 3.95 Options granted 2,143 3.95 2,276 4.94 Options forfeited (43) 3.95 (67) 4.04 Options outstanding at June 30 2,100 3.95 4,272 4.48 Options exercisable at June 30 — — Note: The comparable amounts in above table have been amended to show the number of units based on new subscription ratio for all periods presented. (c) As of December 31, 2022 and June 30, 2023, the range of exercise prices of stock options outstanding were $ 3.95 and $3.95 ~ $7.2 (in dollars) per share, respectively; the weighted-average remaining contractual period was 4.06 years and 3.56 ~ 4.90 years, respectively. (d) The fair value of stock options granted on grant date is measured using the Black-Scholes option-pricing model. Relevant information is as follows: Adjusted Adjusted exercise Adjusted stock price price per Expected Risk-free fair value Grant per share share price Expected Expected interest per unit Plan date (in dollars) (in dollars) volatility option life dividends rate (in dollars) Share Incentive Plan 2022.1.21 $ 5.39 $ 3.95 53.75 % 3.88 0.00 % 1.46 % $ 2.7637 2023.1.03 $ 7.20 $ 7.20 64.85 % 3.87 0.00 % 4.07 % $ 3.7198 2023.5.23 $ 4.93 $ 4.93 69.15 % 3.88 0.00 % 3.90 % $ 2.6615 Note: Expected price volatility is estimated based on the daily historical stock price fluctuation data of the Company and guideline companies of the last five years before the grant date. B. Incentive Stock Option Plan The Board of the Company has established two stock option plans, 2015 Incentive Stock Option Plan and 2018 Incentive Stock Option Plan (“Incentive Stock Option Plan”). On November 22, 2021, the Company declared a notice pursuant to its Incentive Stock Option Plan. Based on the notice, all the unvested option shares granted by the Company to optionee becomes fully vested on November 22, 2021. The optionee may exercise the vested options within one month after November 22, 2021. Any options that are not exercised within such one month period shall be deemed cancelled and forfeited upon expiration of such period on December 22, 2021.On January 24, 2022, the Company has completed the conversion of 26,629 thousand of option shares to Perfect Common Shares and converted to Perfect Class A or Class B Ordinary Shares in connection with the Recapitalization. (a) Type of Maximum terms of Plan arrangement Settled by option granted Vesting conditions 2015 Incentive Stock Option Plan Employee stock options Equity Four years, month 2 years ’ service: exercise 50% 3 years ’ service: exercise 75% 4 years ’ service: exercise 100% 2018 Incentive Stock Option Plan Employee stock options Equity Five years 2 years ’ service: exercise 50% 3 years ’ service: exercise 75% 4 years ’ service: exercise 100% (b) 2022 Weighted- No. of options average exercise (units in price thousands) (in dollars) Options outstanding at January 1 26,629 $ 0.21 Options exercised (26,629) 0.21 Options outstanding at June 30 — — Options exercisable at June 30 — — (c) (d) Range of stock Exercise Range of Expected Range of risk Range of fair price price expected price option Expected free interest value per unit Plan (in dollars) (in dollars) volatility life dividends rate (in dollars) 2015 Incentive Stock Option Plan $ 0.0564 ~ 0.1777 $ 0.1000 39.29% ~ 42.25 % 3.42 0.00 % 0.45% ~ 2.79 % $ 0.0080 ~ 0.0947 2018 Incentive Stock Option Plan 0.1689 ~ 0.8931 0.3000 39.16% ~ 53.27 % 3.88 0.00 % 0.58% ~ 2.29 % 0.0228 ~ 0.6397 Note: Expected price volatility rate was estimated by using historical volatility record of similar entities as the stock has no quoted market price. C. Expenses incurred on share-based payment transactions are shown below: Six months ended June 30, 2022 2023 Equity settled $ 1,006 $ 1,441 D. The Group has service agreements with its Board of Directors to grant them awards of the Company’s Ordinary Shares at a fixed monetary value. Expense incurred for the six months ended June 30, 2022 and 2023 was $ — and $ 175 , respectively. E. Shareholder Earnout The Company executed additional capitalization by way of the potential issuance of Earnout Shares for Perfect shareholders. In accordance with Shareholder Earnout terms and conditions contemplated by the Business Combination Agreement, 3,000 thousand, 3,000 thousand and 4,000 thousand of the Shareholder Earnout Shares are issuable if over any 20 trading days within any 30-trading-day period during the Earnout Period when the daily volume-weighted average price of the Perfect Class A Ordinary Shares is greater than or equal to $11.50 (in dollars), $13.00 (in dollars) and $14.50 (in dollars), respectively. Shareholder Earnout Shares are considered a potential contingent payment agreement with Shareholders, based on a market condition without link to service. Fair value of the Shareholder Earnout Shares is already reflected in Provident’s publicly quoted price that has been used to derive the estimated fair value of Perfect Ordinary Shares. It is included in the estimated fair value of the Perfect Ordinary shares as of the date of the recapitalization that was used to compute the listing charge. Accordingly, no separate adjustment to record fair value of the Shareholder Earnout is considered necessary, because the estimated fair value of such shares is already presumed to be reflected in the fair value of the Perfect shares. F. Sponsor Earnout In connection with the Business Combination Agreement, the Company entered into a Sponsor Letter Agreement pursuant to which it agreed to issue Earnout shares to the Sponsors. Subject to the terms and conditions contemplated by the Sponsor Letter Agreement, upon the occurrence of specific Sponsor Earnout Event (as defined below) from October 28, 2022 to October 28, 2027 (“Earnout Period”), Perfect will issue Perfect Class A Ordinary Shares of up to 1,175,624 Class A Ordinary Shares(the “Sponsor Earnout Promote Shares”) to Sponsor, with (a) 50% of the Sponsor Earnout Promote Shares issuable if over any 20 trading days within any thirty-trading-day period during the Earnout Period the daily volume-weighted average price of the Perfect Class A Ordinary Shares is greater than or equal to $11.50 (in dollars), and (b) 50% of the Sponsor Earnout Promote Shares issuable if over any twenty (20) trading days within any thirty 6(13) Share capital A. As of December 31, 2022 and June 30, 2023, the Company’s authorized capital is $82,000 consisting of 700,000 thousand shares of Class A Ordinary Shares, 90,000 thousand shares of Class B Ordinary Shares, 30,000 thousand shares of classes reserved and may determine by the Board of Directors. The paid-in capital was $11,826 , consisting of 101,475 thousand Class A Ordinary Shares and 16,789 thousand Class B Ordinary Shares with a par value of $0.1 (in dollars) per share. All proceeds from shares issued have been collected. Perfect Class A Ordinary shares Perfect Class A Ordinary shares have a par value of $0.1 (in dollars). Amounts received above the par value are recorded as share premium. Each holder of Perfect Class A ordinary shares will be entitled to one vote per share. Class A Ordinary Shares are listed on NYSE under the trading symbol “PERF”. Perfect Class B Ordinary shares Perfect Class B Ordinary shares have a par value of $0.1 (in dollars). Perfect Class B Ordinary Shares have the same rights as Perfect Class A Shares except for voting and conversion rights. Each Perfect Class B Ordinary Shares is entitled to 10 votes and is convertible into Perfect Class A Ordinary Shares at any time by the holder thereof. Each Class B Ordinary Share is convertible into one Class A Ordinary Share at any time at the option of the holder thereof. The right to convert shall be exercisable by the holder of the Class B Ordinary Share delivering a written notice to the Company that such holder elects to convert a specified number of Class B Ordinary Shares into Class A Ordinary Shares. Each Class B Ordinary Share shall, automatically and immediately, without any further action from the holder thereof, convert into one Class A Ordinary Share when it ceases being beneficially owned by any of the Principals. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. B. Movements in the number of the Company’s shares outstanding are as follows: Shares (in thousands) At December 31, 2022 118,264 At June 30, 2023 118,264 C. Share Repurchase Plan On May 4, 2023, the Board of Directors approved a share repurchase plan authorizing the Company may repurchase up to $20,000 of its Class A ordinary shares over the next 12-month period. During the period from May 8, 2023 to June 30, 2023, the Company repurchased 86 thousand of its Class A ordinary shares with a total consideration paid amounted $429. The repurchased shares have been recorded as treasury shares on the Company’s balance sheet. 6(14) Capital surplus Except as required by the Company’s Articles of Incorporation or Cayman’s law, capital surplus shall not be used for any other purpose but covering accumulated deficit. Capital surplus should not be used to cover accumulated deficit unless the legal reserve is insufficient. The following tables illustrates the detail of capital surplus: December 31, 2022 June 30, 2023 Additional paid-in capital $ 554,209 $ 554,209 Other: Employees’ stock option cost 2,162 3,428 Directors’ share-based compensation 58 233 Subtotal 2,220 3,661 $ 556,429 $ 557,870 6(15) Accumulated deficits Under the Company’s Articles of Incorporation, distribution of earnings would be based on the Company’s operating and capital needs. 6(16) Revenue Six months ended June 30, 2022 2023 Revenue from contracts with customers $ 23,379 $ 24,832 A. (a) The Group derives revenue from the transfer of goods and services over time and at a point in time in the following geographical regions: United Six months ended June 30, 2022 States Japan France Others Total Revenue from external customer contracts $ 11,214 $ 2,659 $ 1,918 $ 7,588 $ 23,379 Timing of revenue recognition: At a point in time $ 1,593 $ 762 $ 569 $ 1,290 $ 4,214 Over time 9,621 1,897 1,349 6,298 19,165 $ 11,214 $ 2,659 $ 1,918 $ 7,588 $ 23,379 United Six months ended June 30, 2023 States Japan France Others Total Revenue from external customer contracts $ 11,256 $ 2,203 $ 1,979 $ 9,394 $ 24,832 Timing of revenue recognition: At a point in time $ 794 $ 418 $ 328 $ 1,353 $ 2,893 Over time 10,462 1,785 1,651 8,041 21,939 $ 11,256 $ 2,203 $ 1,979 $ 9,394 $ 24,832 (b) Alternatively, the disaggregation of revenue could also be distinct as follows: Six months ended June 30, 2022 2023 AR/AI cloud solutions and Subscription $ 18,184 $ 21,359 Licensing 4,119 2,875 Advertisement 981 580 Others (Note) 95 18 $ 23,379 $ 24,832 Note: Others are immaterial revenue streams to the Group. (c) The revenue generated from AR/AI cloud solutions was $10,373 , and $ 9,622 for the six months ended June 30, 2022 and 2023, respectively. B. Contract assets and liabilities (a) The Group has recognized the following revenue-related contract assets mainly arose from unbilled receivables and contract liabilities mainly arose from sales contracts with receipts from customers in advance. Generally, the contract period is one year, the contract liabilities are reclassified as revenue within the following one year after the balance sheet date. December 31, 2022 June 30, 2023 Contract assets: Unbilled revenue $ 3,660 $ 1,512 Contract liabilities: Advance sales receipts $ 13,024 $ 15,976 (b) Revenue recognized that was included in the contract liability balance at the beginning of the period Six months ended June 30, 2022 2023 Revenue recognized that was included in the contract liability balance at the beginning of the period Advance sales receipts $ 7,104 $ 9,763 (c) Unsatisfied contracts Aggregate amount of the transaction price allocated to contracts that are partially or fully unsatisfied as of December 31, 2022 and June 30, 2023, amounting to $23,653 and $26,470, respectively. The Group expects that 91% of the transaction price allocated to the unsatisfied contracts as of June 30, 2023, are expected to be recognized as revenue less than one year. The remaining 9% is expected to be recognized as revenue from July 2024 to 2028. 6(17) Interest income Six months ended June 30, 2022 2023 Interest income from bank deposits $ 178 $ 2,100 Interest income from financial assets at amortized cost — 2,509 $ 178 $ 4,609 The nature of interest income from financial assets at amortized cost was time deposits with maturities over three months. 6(18) Other income Six months ended June 30, 2022 2023 Others $ 11 $ 7 6(19) Other gains and losses Six months ended June 30, 2022 2023 Foreign exchange gains (losses) $ 603 $ (215) Gains (losses) on financial liabilities at fair value through profit or loss 28,374 (244) $ 28,977 $ (459) Please refer to Note 6(8) for details of gains (losses) on financial liabilities at fair value through profit or loss. 6(20) Finance costs Six months ended June 30, 2022 2023 Interest expense – lease liabilities $ 5 $ 5 6(21) Costs and expenses by nature Six months ended June 30, 2022 2023 Cost of goods sold $ 32 $ 2 Employee benefit expenses 13,949 13,516 Promotional fees 3,359 4,823 Service providing expenses 2,347 4,365 Professional service fees 3,689 2,893 Insurance expenses 47 1,170 Warranty cost 529 335 Depreciation of right-of-use assets 230 212 Depreciation of property, plant and equipment 127 114 Amortization of intangible assets 31 37 Others 1,087 965 $ 25,427 $ 28,432 6(22) Employee benefit expenses Six months ended June 30, 2022 2023 Wages and salaries $ 11,341 $ 10,425 Employee stock options 1,006 1,266 Employee insurance fees 709 685 Pension costs 351 388 Remuneration to directors — 335 Other personnel expenses 542 417 $ 13,949 $ 13,516 6(23) Income tax Six months ended June 30, 2022 2023 Current income tax: Current tax expense recognized for the current period $ 161 $ 63 Income tax expense $ 161 $ 63 6(24) Earnings (loss) per share Six months ended June 30, 2022 Weighted average number of ordinary Earnings (loss) shares outstanding per share Amount after tax (shares in thousands) (in dollars) Basic earnings per share Profit attributable to ordinary shareholders of the parent $ 26,952 57,494 $ 0.469 Dilutive loss per share Loss attributable to ordinary shareholders of the parent Assumed conversion of all dilutive potential ordinary shares - Convertible preferred shares (28,374) 42,904 (0.661) Loss attributable to ordinary shareholders of the Group plus assumed conversion of all dilutive potential ordinary shares $ (1,422) 100,398 $ (0.014) Six months ended June 30, 2023 Weighted average number of ordinary Earnings shares outstanding per share Amount after tax (shares in thousands) (in dollars) Basic earnings per share Profit attributable to ordinary shareholders of the parent $ 489 118,248 $ 0.004 Dilutive earnings per share Profit attributable to ordinary shareholders of the Group plus assumed conversion of all dilutive potential ordinary shares $ 489 118,248 $ 0.004 Note: Employee stock options was excluded from the calculation of diluted earnings per share as it is anti-dilutive for the six months ended June 30, 2023. 6(25) Changes in liabilities from financing activities Financial liabilities at fair value through Lease liabilities (including Liabilities from financing profit or loss current portion) activities-gross At December 31, 2022 $ 3,207 $ 338 $ 3,545 Change in fair value through profit and loss 244 — 244 Changes in cash flow from financing activities — (203) (203) Changes in other non-cash items – additions — 786 786 Changes in other non-cash items – lease modification — (47) (47) At June 30, 2023 $ 3,451 $ 874 $ 4,325 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions | |
Related Party Transactions | 7. Related Party Transactions 7(1) Names of related parties and relationship Names of related parties Relationship with the Group CyberLink Corp. (CyberLink) Other related party (Significant influence (Note) over the Company) CyberLink Inc. (CyberLink-Japan) Other related party (Subsidiary of CyberLink) Note: CyberLink owns more than 30% of the Company’s issued and outstanding ordinary shares. 7(2) Significant related party transactions A. Revenue Six months ended June 30, Description 2022 2023 CyberLink Revenue-others (service revenue) $ 14 $ 11 Sales of services are negotiated with related parties based on agreed-upon agreement and the conditions and payment terms are same as third parties. B. Other payables December 31, 2022 June 30, 2023 CyberLink $ 38 $ 26 CyberLink-Japan 25 23 $ 63 $ 49 Other payables are mainly expenses from professional service, rental and payments on behalf of others. C. Operating expenses Six months ended June 30, Description 2022 2023 CyberLink Management service fee $ 47 $ 26 CyberLink provides support and assistance in legal services, network infrastructure and equipment maintenance services, marketing activity supports and employee training programs. The service fees are calculated based on the agreed-upon hourly rate. The conditions and payment terms are same as third parties. D. Lease transactions — lessee/rent expense (a) The Group leases offices from CyberLink and CyberLink-Japan. Rental contracts are typically made for periods of 1 ~ 2 years . The rents were paid to CyberLink and CyberLink-Japan at the beginning of next month and each quarter, respectively. (b) Rent expense Six months ended June 30, 2022 2023 CyberLink-Japan $ 48 $ 44 (c) Acquisition of right-of-use assets: Six months ended June 30, 2022 2023 CyberLink $ — $ 390 (d) Lease liabilities i. Outstanding balance: December 31, 2022 June 30, 2023 Total lease liabilities $ 145 $ 414 Less: Current portion (shown as ‘current lease liabilities’) (145) (216) $ — $ 198 ii. Interest expense Six months ended June 30, 2022 2023 CyberLink $ 3 $ 1 7(3) Key management compensation Six months ended June 30, 2022 2023 Salaries and other short-term employee benefits $ 1,111 $ 1,153 Share-based payment 155 386 Post-employment benefits 6 5 $ 1,272 $ 1,544 The unpaid portion of the aforementioned information were $- and $335 as of June 30, 2022 and 2023. |
Pledged Assets
Pledged Assets | 6 Months Ended |
Jun. 30, 2023 | |
Pledged Assets | |
Pledged Assets | 8. Pledged Assets None. |
Significant Contingent Liabilit
Significant Contingent Liabilities and Unrecognized Contract Commitments | 6 Months Ended |
Jun. 30, 2023 | |
Significant Contingent Liabilities and Unrecognized Contract Commitments | |
Significant Contingent Liabilities and Unrecognized Contract Commitments | 9. Significant Contingent Liabilities and Unrecognized Contract Commitments 9(1) Contingencies None. 9(2) Commitments Except for Notes 6(6), 6(8) and 7(2), there is no other significant commitments. |
Significant Disaster Loss
Significant Disaster Loss | 6 Months Ended |
Jun. 30, 2023 | |
Significant Disaster Loss | |
Significant Disaster Loss | 10. Significant Disaster Loss None. |
Significant Events After the Ba
Significant Events After the Balance Sheet Date | 6 Months Ended |
Jun. 30, 2023 | |
Significant Events After the Balance Sheet Date | |
Significant Events After the Balance Sheet Date | 11. Significant Events After the Balance Sheet Date None |
Others
Others | 6 Months Ended |
Jun. 30, 2023 | |
Others | |
Others | 12. Others 12(1) Capital management The Group’s objectives of capital management are to ensure the Group’s sustainable operation and to maintain an optimal capital structure to reduce the cost of capital and provide returns for shareholders. In order to maintain or adjust to optimal capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as total liabilities divided by total equity. As of December 31, 2022 and June 30, 2023, the Group’s gearing ratios are as follows: December 31, 2022 June 30, 2023 Total liabilities $ 28,309 $ 30,880 Total equity $ 181,964 $ 183,297 Gearing ratio 0.16 0.17 12(2) Financial instruments A. Financial instruments by category December 31, 2022 June 30, 2023 Financial assets Financial assets at amortized cost Cash and cash equivalents $ 162,616 $ 37,168 Current financial assets at amortized cost 30,000 160,800 Accounts receivable 7,756 7,641 Other receivables 314 587 Guarantee deposits paid 125 124 $ 200,811 $ 206,320 December 31, 2022 June 30, 2023 Financial liabilities Financial liabilities at fair value through profit or loss Warrant liabilities $ 3,207 $ 3,451 Financial liabilities at amortized cost Other payables (including related parties) $ 9,371 $ 8,144 Guarantee deposits received 25 25 $ 9,396 $ 8,169 Lease liabilities $ 338 $ 874 B. Financial risk management policies (a) The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk), credit risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial position and financial performance. (b) Risk management is carried out by the Group’s finance department under policies approved by the management team. The Group’s finance department identifies, evaluates and hedges financial risks in close co-operation with the Group’s operating units. C. Significant financial risks and degrees of financial risks (a) Market risk Foreign exchange risk i. The Group operates internationally and is exposed to exchange rate risk arising from the transactions of the Company and its subsidiaries used in various functional currency, primarily with respect to the RMB, JPY and EUR. Exchange rate risk arises from future commercial transactions and recognized assets and liabilities. Notably, the subsidiary in Taiwan, Perfect Mobile Corp. (Taiwan), changed its functional currency from NTD to USD starting from January 1, 2023. This change was made due to the majority of transactions being conducted in USD. ii. The Group’s business involves some non-functional currency operations (the Company’s and certain subsidiaries’ functional currency: USD; other certain subsidiaries’ functional currency: JPY, RMB and EUR). Sensitivity analysis for significant financial assets and liabilities denominated in foreign currencies illustrate as follows: December 31, 2022 Sensitivity analysis Foreign currency Effect on amount Exchange Functional Book value Degree of profit or (in thousands) rate currency (USD) variation loss Financial assets Monetary items USD:NTD $ 22,660 30.71 $ 695,889 $ 22,660 1 % $ 227 EUR:NTD 833 32.72 27,256 888 1 % 9 JPY:NTD 436,755 0.23 100,454 3,271 1 % 33 Financial liabilities Monetary items USD:NTD 2,620 30.71 80,460 2,620 1 % 26 USD:JPY 221 132.14 29,203 221 1 % 2 USD:RMB 65 6.97 453 65 1 % 1 June 30, 2023 Sensitivity analysis Foreign currency Effect on amount Exchange Functional Book value Degree of profit or (in thousands) rate currency (USD) variation loss Financial assets Monetary items NTD:USD $ 8,138 0.0321 $ 261 $ 261 1 % $ 3 EUR:USD 698 1.0858 758 758 1 % 8 JPY:USD 272,288 0.0069 1,879 1,879 1 % 19 Financial liabilities Monetary items USD:JPY 155 144.84 22,450 155 1 % 2 (b) Credit risk i. Credit risk refers to the risk of financial loss to the Group arising from default by the clients or counterparties of financial instruments on the contract obligations. The main factor is that counterparties could not repay in full the accounts receivable based on the agreed terms, and the financial assets at amortized cost. ii. The Group’s credit risk was mainly arising from bank deposits, trade receivables, other financial assets and deposits. The Company adopted a policy of only dealing with creditworthy counterparties and financial institutions to mitigate the risk of financial loss from defaults. iii. The default occurs when the contract payments are past due over 180 days. iv. The Group adopts following assumptions under IFRS 9 to assess whether there has been a significant increase in credit risk on that instrument since initial recognition: If the contract payments were past due over 30 days based on the terms, there has been a significant increase in credit risk on that instrument since initial recognition. v. The Group classifies customers’ accounts receivable in accordance with geographic area and credit rating of customer. The Group applies the modified approach to estimate expected credit loss under the provision matrix basis. vi. The Group used the territory economic forecasts to adjust historical and timely information to assess the default possibility of accounts receivable. vii. The loss amounts of accounts receivable allowance using simplified method were de minimis, thus, the loss was not recognized as at December 31, 2022 and June 30, 2023. (c) Liquidity risk i. Cash flow forecasting is performed in the operating entities of the Group and aggregated by the Group’s finance department. The Group’s finance department monitors rolling forecasts of the Group’s liquidity requirements to ensure it has sufficient cash to meet operational needs. ii. Surplus cash held by the operating entities over and above balance required for working capital management are managed by the Group’s finance department. The Group’s finance department invests surplus cash in interest bearing current accounts and time deposits, choosing instruments with appropriate maturities or sufficient liquidity to provide sufficient head-room as determined by the above-mentioned forecasts. As at December 31, 2022 and June 30, 2023, the Group held money market position of $ 191,077 and $ 195,843 , respectively, which are expected to readily generate cash inflows for managing liquidity risk. iii. The table below analyses the Group’s non-derivative financial liabilities based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Less than Between 2-5 Over Non-derivative financial liabilities: December 31, 2022 1 year years 5 years Financial liabilities at fair value through profit or loss $ — $ 3,207 $ — Other payables (including related parties) 9,371 — — Lease liabilities (Note) 255 89 — Guarantee deposits received — 25 — Less than Between 2-5 Over Non-derivative financial liabilities: June 30, 2023 1 year years 5 years Financial liabilities at fair value through profit or loss $ — $ 3,451 $ — Other payables (including related parties) 8,144 — — Lease liabilities (Note) 433 464 — Guarantee deposits received — 25 — Note: The amount included the interest of estimated future payments. 12(3) Fair value information A. The different levels that the inputs to valuation techniques are used to measure fair value of financial and non-financial instruments have been defined as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. A market is regarded as active where a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs for the asset or liability. B. The carrying amounts of the Group’s financial instruments not measured at fair value (including cash and cash equivalents, current financial assets at amortized cost, accounts receivable, other receivables, guarantee deposits paid, accounts payable, other payables (including related parties) and guarantee deposits received) are approximate to their fair values. C. The related information of financial instruments measured at fair value by level on the basis of the nature, characteristics and risks of the liabilities at December 31, 2022 and June 30, 2023 is as follows: (a) The related information of natures of the liabilities is as follows: December 31, 2022 Level 1 Level 2 Level 3 Total Liabilities Recurring fair value measurements Financial liabilities at fair value through profit or loss Compound instrument: Warrant liabilities $ 1,769 $ 1,438 $ — $ 3,207 June 30, 2023 Level 1 Level 2 Level 3 Total Liabilities Recurring fair value measurements Financial liabilities at fair value through profit or loss Compound instrument: Warrant liabilities $ 1,897 $ 1,554 $ — $ 3,451 (b) The methods and assumptions the Group used to measure fair value are as follows: i. Except those mentioned in point (ii) ~ (iii) below, the carrying amounts of the Group’s financial instruments not measured at fair value (including cash and cash equivalents, accounts receivable, other receivables, notes payable, accounts payable and other payables) approximate to their fair values. ii. Fair value of the Perfect Public Warrants is determined based on market quotation price. iii. Fair value of the Perfect Private Placement Warrants and Forward Purchase Warrants are determined based on the Perfect Public Warrants with adjustments to the implied volatility. D. For the six months ended June 30, 2022 and 2023, there was no transfer between Level 1 and Level 2. E. For the six months ended June 30, 2022 and 2023, there was no transfer into or out from Level 3. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Information | |
Segment Information | 13. Segment Information 13(1) General information Although the Group has multiple operating segments by geography, the management takes the aggregation criteria outlined in Paragraphs 11 to 14 of IFRS 8 into consideration to decide the reportable operating segments. In light of the qualitative and quantitative criteria, the Group concluded that it has only one reportable operating segment. 13(2) Geographical information Geographical information for the six months ended June 30, 2022 and 2023 is as follows: Six months ended June 30, 2022 2023 Revenue Revenue United States $ 11,214 $ 11,256 Japan 2,659 2,203 France 1,918 1,979 Others 7,588 9,394 $ 23,379 $ 24,832 Geographical information on the revenue shows the location in which sales were generated. Non-current assets amounted to $731 and $1,310 as of December 31, 2022 and June 30, 2023, respectively. Substantially all of the Group’s non-current assets, including property, plant and equipment, right-of-use assets and intangible assets, are located in Taiwan. 13(3) Major customer information There is no major customer of the Group (exceed 10% of revenue) for the six months ended June 30, 2022 and 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Accounting Policies | |
Compliance statement | 4(1) Compliance statement These unaudited condensed interim consolidated financial statements of the Group have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the IASB. |
Basis of preparation | 4(2) Basis of preparation A. Except for the following items, the unaudited condensed interim consolidated financial statements have been prepared under the historical cost convention: (a) Financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss. (b) Defined benefit liabilities recognized based on the net amount of pension fund assets less present value of defined benefit obligation. B. The preparation of the unaudited condensed interim consolidated financial statements in conformity with IAS 34 Interim Financial Reporting requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the unaudited condensed interim consolidated financial statements are disclosed in Note 5. |
Basis of consolidation | 4(3) Basis of consolidation A. Basis for preparation of unaudited condensed interim consolidated financial statements: (a) All subsidiaries are included in the Group’s unaudited condensed interim consolidated financial statements. Subsidiaries are all entities (including structured entities) controlled by the Group. The Group controls an entity when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Consolidation of subsidiaries begins from the date the Group obtains control of the subsidiaries and ceases when the Group loses control of the subsidiaries. (b) Inter-company transactions, balances and unrealized gains or losses on transactions between companies within the Group are eliminated. Accounting policies of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Group. (c) When the Group loses control of a subsidiary, the Group remeasures any investment retained in the former subsidiary at its fair value. That fair value is regarded as the fair value on initial recognition of a financial asset or the cost on initial recognition of the associate or joint venture. Any difference between fair value and carrying amount is recognized in profit or loss. All amounts previously recognized in other comprehensive income in relation to the subsidiary are reclassified to profit or loss on the same basis as would be required if the related assets or liabilities were disposed of. That is, when the Group loses control of a subsidiary, all gains or losses previously recognized in other comprehensive income in relation to the subsidiary should be reclassified from equity to profit or loss, if such gains or losses would be reclassified to profit or loss when the related assets or liabilities are disposed of. B. Subsidiaries included in the unaudited condensed interim consolidated financial statements: Ownership (%) Name of Main business December 31, June 30, Name of investor subsidiary activities 2022 2023 The Company Perfect Mobile Corp. (Taiwan) Design, development, marketing and sales of AR/AI SaaS solution and mobile applications. 100% 100% The Company Perfect Corp. (USA) Marketing and sales of AR/AI SaaS solution 100% 100% The Company Perfect Corp. (Japan) Marketing and sales of AR/AI SaaS solution. 100% 100% The Company Perfect Corp. (Shanghai) Marketing and sales of AR/AI SaaS solution. 100% 100% The Company Perfect Mobile Corp.(B.V.I.) Investment activities 100% 100% The Company Fashion Corp. For business combination purpose via SPAC transaction, please refer to Note 1 for details. 100% –%(Note ii) Perfect Mobile Corp. (Taiwan) Perfect Corp. (France) Marketing and Service Center for sales of AR/AI SaaS solution. 100%(Note i) 100% Note i. Perfect Corp. (France) was established in 2022 and with no business activity during 2022. Note ii. Fashion Corp. was dissolved on April 13, 2023. C. Subsidiaries not included in the unaudited condensed interim consolidated financial statements: None. D. Adjustments for subsidiaries with different balance sheet dates: None. E. Significant restrictions: None. F. Subsidiaries that have non-controlling interests that are material to the Group: None. |
Foreign currency translation | 4(4) Foreign currency translation Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The consolidated financial statements are presented in United States dollars, which is the Company’s functional and the Group’s presentation currency. A. Foreign currency transactions and balances (a) Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions are recognized in profit or loss in the period in which they arise. (b) Monetary assets and liabilities denominated in foreign currencies at the period end are re-translated at the exchange rates prevailing at the balance sheet date. Exchange differences arising upon re-translation at the balance sheet date are recognized in profit or loss. (c) Non-monetary assets and liabilities denominated in foreign currencies held at fair value through profit or loss are re-translated at the exchange rates prevailing at the balance sheet date; their translation differences are recognized in profit or loss. Non-monetary assets and liabilities denominated in foreign currencies held at fair value through other comprehensive income are re-translated at the exchange rates prevailing at the balance sheet date; their translation differences are recognized in other comprehensive income. However, non-monetary assets and liabilities denominated in foreign currencies that are not measured at fair value are translated using the historical exchange rates at the dates of the initial transactions. (d) All foreign exchange gains and losses are presented in the statement of comprehensive income within ‘other gains and losses’. B. Translation of foreign operations The operating results and financial position of all the group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (a) Assets and liabilities for each balance sheet presented are translated at the closing exchange rate at the date of that balance sheet; (b) Income and expenses for each statement of comprehensive income are translated at average exchange rates of that period; and (c) All resulting exchange differences are recognized in other comprehensive income. C. When there is a change in an entity’s functional currency, the entity shall apply the translation procedures applicable to the new functional currency prospectively from the date of the change. |
Application of New Standards,_2
Application of New Standards, Amendments and Interpretations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Application of New Standards, Amendments and Interpretations | |
Summary of new and amended standards adopted by the Group | New Standards, Interpretations and Amendments Effective date by IASB Amendments to IAS 1, ‘Disclosure of accounting policies’ January 1, 2023 Amendments to IAS 8, ‘Definition of accounting estimates’ January 1, 2023 Amendments to IAS 12, ‘Deferred tax related to assets and liabilities arising from a single transaction’ January 1, 2023 Amendments to IAS 12, ‘International tax reform - pillar two model rules’ May 23, 2023 |
Summary of new and revised International Financial Reporting Standards not yet adopted | New Standards, Interpretations and Amendments Effective date by IASB Amendments to IFRS 10 and IAS 28, ‘Sale or contribution of assets between an investor and its associate or joint venture’ To be determined by IASB Amendments to IFRS 16, ‘Lease liability in a sale and leaseback’ January 1, 2024 Amendments to IAS 1, ‘Classification of liabilities as current or non-current’ January 1, 2024 Amendments to IAS 1, ‘Non-current liabilities with covenants’ January 1, 2024 Amendments to IAS 7 and IFRS 7, ‘Supplier finance arrangements’ January 1, 2024 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Accounting Policies | |
Summary of subsidiaries included in the unaudited condensed interim consolidated financial statements | Ownership (%) Name of Main business December 31, June 30, Name of investor subsidiary activities 2022 2023 The Company Perfect Mobile Corp. (Taiwan) Design, development, marketing and sales of AR/AI SaaS solution and mobile applications. 100% 100% The Company Perfect Corp. (USA) Marketing and sales of AR/AI SaaS solution 100% 100% The Company Perfect Corp. (Japan) Marketing and sales of AR/AI SaaS solution. 100% 100% The Company Perfect Corp. (Shanghai) Marketing and sales of AR/AI SaaS solution. 100% 100% The Company Perfect Mobile Corp.(B.V.I.) Investment activities 100% 100% The Company Fashion Corp. For business combination purpose via SPAC transaction, please refer to Note 1 for details. 100% –%(Note ii) Perfect Mobile Corp. (Taiwan) Perfect Corp. (France) Marketing and Service Center for sales of AR/AI SaaS solution. 100%(Note i) 100% |
Details of Significant Accoun_2
Details of Significant Accounts (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Details of Significant Accounts | |
Schedule of cash and cash equivalents | December 31, 2022 June 30, 2023 Petty cash $ 1 $ 1 Checking accounts 1,279 1,852 Demand deposits 11,777 9,043 Time deposits 149,300 26,000 Others 259 272 $ 162,616 $ 37,168 |
Schedule of current financial assets at amortized cost | December 31, 2022 June 30, 2023 Time deposits with maturities over three months $ 30,000 $ 160,800 |
Schedule of accounts receivable | December 31, 2022 June 30, 2023 Accounts receivable $ 7,756 $ 7,641 |
Schedule of ageing analysis of accounts receivable | December 31, 2022 June 30, 2023 Not past due $ 6,062 $ 6,354 Up to 30 days 851 401 31 to 90 days 327 619 91 to 180 days 417 145 Over 181 days 99 122 $ 7,756 $ 7,641 |
Schedule of other current assets | December 31, 2022 June 30, 2023 Prepaid expenses $ 4,617 $ 4,264 Others 88 391 $ 4,705 $ 4,655 |
Schedule of property, plant and equipment | Leasehold Office improvements Machinery equipment Total At December 31, 2022 Cost $ 521 $ 602 $ 46 $ 1,169 Accumulated depreciation (470) (382) (28) (880) $ 51 $ 220 $ 18 $ 289 Opening net book amount $ 51 $ 220 $ 18 $ 289 Additions 114 52 4 170 Depreciation expense (52) (56) (6) (114) Closing net book amount $ 113 $ 216 $ 16 $ 345 At June 30, 2023 Cost $ 635 $ 652 $ 50 $ 1,337 Accumulated depreciation (522) (436) (34) (992) $ 113 $ 216 $ 16 $ 345 |
Schedule of movements of right-of-use assets | Buildings Business vehicles Total At December 31, 2022 Cost $ 809 $ 208 $ 1,017 Accumulated depreciation (557) (137) (694) $ 252 $ 71 $ 323 Opening net book amount $ 252 $ 71 $ 323 Additions 584 202 786 Cost of derecognition (587) (208) (795) Derecognized accumulated depreciation 587 161 748 Depreciation expense (175) (37) (212) Closing net book amount $ 661 $ 189 $ 850 At June 30, 2023 Cost $ 806 $ 202 $ 1,008 Accumulated depreciation (145) (13) (158) $ 661 $ 189 $ 850 |
Schedule of lease liabilities relating to lease contracts | December 31, 2022 June 30, 2023 Total lease liabilities $ 338 $ 874 Less: current portion (shown as ‘current lease liabilities’) (251) (417) $ 87 $ 457 |
Schedule of information on profit and loss accounts relating to lease contracts | Six months ended June 30, 2022 2023 Items affecting profit or loss Interest expense on lease liabilities $ 5 $ 5 Expense on short-term lease contracts 198 193 $ 203 $ 198 |
Schedule of intangible assets | 2023 Other Software intangible assets Total At December 31, 2022 Cost $ 104 $ 89 $ 193 Accumulated amortization (23) (51) (74) $ 81 $ 38 $ 119 Opening net book amount $ 81 $ 38 $ 119 Additions 33 — 33 Amortization charge (22) (15) (37) Closing net book amount $ 92 $ 23 $ 115 At June 30, 2023 Cost $ 137 $ 89 $ 226 Accumulated amortization (45) (66) (111) $ 92 $ 23 $ 115 |
Schedule of amortization on intangible assets | Six months ended June 30, 2022 2023 Research and development expenses $ 31 $ 37 |
Schedule of financial liabilities at fair value through profit or loss | December 31, 2022 June 30, 2023 Non-current items: Warrant liabilities $ 8,431 $ 8,431 Add: Valuation adjustment (5,224) (4,980) $ 3,207 $ 3,451 |
Schedule of amounts recognized in profit or loss and other comprehensive income in relation to financial liabilities at fair value through profit or loss | Six months ended June 30, 2022 2023 Net gains (losses) recognized in profit or loss Warrant liabilities $ — $ (244) Financial liabilities designated as at fair value through profit or loss - Preferred share liabilities 28,374 — $ 28,374 $ (244) Net losses recognized in other comprehensive income Financial liabilities designated as at fair value through profit or loss - Preferred share liabilities $ (7) $ — |
Schedule of movement in all kinds of Perfect warrants | Private Placement Forward Purchase Public Warrants Warrants Warrants Warrant liabilities (units in thousands) (units in thousands) (units in thousands) Amount At December 31, 2022 11,500 6,600 2,750 $ 3,207 At June 30, 2023 11,500 6,600 2,750 $ 3,451 |
Schedule of other payables | December 31, 2022 June 30, 2023 Employee bonus $ 4,038 $ 4,385 Payroll 2,130 1,430 Professional service fees 1,371 800 Promotional fees 1,039 589 Remuneration to directors 53 213 Post and telecommunications expenses 173 181 Sales VAT payables 175 164 Others 329 333 $ 9,308 $ 8,095 |
Schedule of provisions | Warranty At December 31, 2022 $ 1,855 Additional provisions 335 Used during the period (15) Net exchange differences (41) At June 30, 2023 $ 2,134 |
Schedule of analysis of total provisions | December 31, 2022 June 30, 2023 Current $ 1,855 $ 2,134 |
Schedule of expenses incurred on share-based payment transactions | Six months ended June 30, 2022 2023 Equity settled $ 1,006 $ 1,441 |
Schedule of movements in the number of shares outstanding | Shares (in thousands) At December 31, 2022 118,264 At June 30, 2023 118,264 |
Schedule of capital surplus | December 31, 2022 June 30, 2023 Additional paid-in capital $ 554,209 $ 554,209 Other: Employees’ stock option cost 2,162 3,428 Directors’ share-based compensation 58 233 Subtotal 2,220 3,661 $ 556,429 $ 557,870 |
Schedule of revenue | Six months ended June 30, 2022 2023 Revenue from contracts with customers $ 23,379 $ 24,832 |
Schedule of disaggregation of revenue from contracts with customers | United Six months ended June 30, 2022 States Japan France Others Total Revenue from external customer contracts $ 11,214 $ 2,659 $ 1,918 $ 7,588 $ 23,379 Timing of revenue recognition: At a point in time $ 1,593 $ 762 $ 569 $ 1,290 $ 4,214 Over time 9,621 1,897 1,349 6,298 19,165 $ 11,214 $ 2,659 $ 1,918 $ 7,588 $ 23,379 United Six months ended June 30, 2023 States Japan France Others Total Revenue from external customer contracts $ 11,256 $ 2,203 $ 1,979 $ 9,394 $ 24,832 Timing of revenue recognition: At a point in time $ 794 $ 418 $ 328 $ 1,353 $ 2,893 Over time 10,462 1,785 1,651 8,041 21,939 $ 11,256 $ 2,203 $ 1,979 $ 9,394 $ 24,832 Six months ended June 30, 2022 2023 AR/AI cloud solutions and Subscription $ 18,184 $ 21,359 Licensing 4,119 2,875 Advertisement 981 580 Others (Note) 95 18 $ 23,379 $ 24,832 |
Schedule of contract assets and liabilities | December 31, 2022 June 30, 2023 Contract assets: Unbilled revenue $ 3,660 $ 1,512 Contract liabilities: Advance sales receipts $ 13,024 $ 15,976 |
Schedule of revenue recognized that was included in contract liability balance at beginning of the period | Six months ended June 30, 2022 2023 Revenue recognized that was included in the contract liability balance at the beginning of the period Advance sales receipts $ 7,104 $ 9,763 |
Schedule of interest income | Six months ended June 30, 2022 2023 Interest income from bank deposits $ 178 $ 2,100 Interest income from financial assets at amortized cost — 2,509 $ 178 $ 4,609 |
Schedule of other income | Six months ended June 30, 2022 2023 Others $ 11 $ 7 |
Schedule of other gains and losses | Six months ended June 30, 2022 2023 Foreign exchange gains (losses) $ 603 $ (215) Gains (losses) on financial liabilities at fair value through profit or loss 28,374 (244) $ 28,977 $ (459) |
Schedule of finance costs | Six months ended June 30, 2022 2023 Interest expense – lease liabilities $ 5 $ 5 |
Schedule of costs and expenses by nature | Six months ended June 30, 2022 2023 Cost of goods sold $ 32 $ 2 Employee benefit expenses 13,949 13,516 Promotional fees 3,359 4,823 Service providing expenses 2,347 4,365 Professional service fees 3,689 2,893 Insurance expenses 47 1,170 Warranty cost 529 335 Depreciation of right-of-use assets 230 212 Depreciation of property, plant and equipment 127 114 Amortization of intangible assets 31 37 Others 1,087 965 $ 25,427 $ 28,432 |
Schedule of employee benefit expenses | Six months ended June 30, 2022 2023 Wages and salaries $ 11,341 $ 10,425 Employee stock options 1,006 1,266 Employee insurance fees 709 685 Pension costs 351 388 Remuneration to directors — 335 Other personnel expenses 542 417 $ 13,949 $ 13,516 |
Schedule of income tax | Six months ended June 30, 2022 2023 Current income tax: Current tax expense recognized for the current period $ 161 $ 63 Income tax expense $ 161 $ 63 |
Schedule of earnings (loss) per share | Six months ended June 30, 2022 Weighted average number of ordinary Earnings (loss) shares outstanding per share Amount after tax (shares in thousands) (in dollars) Basic earnings per share Profit attributable to ordinary shareholders of the parent $ 26,952 57,494 $ 0.469 Dilutive loss per share Loss attributable to ordinary shareholders of the parent Assumed conversion of all dilutive potential ordinary shares - Convertible preferred shares (28,374) 42,904 (0.661) Loss attributable to ordinary shareholders of the Group plus assumed conversion of all dilutive potential ordinary shares $ (1,422) 100,398 $ (0.014) Six months ended June 30, 2023 Weighted average number of ordinary Earnings shares outstanding per share Amount after tax (shares in thousands) (in dollars) Basic earnings per share Profit attributable to ordinary shareholders of the parent $ 489 118,248 $ 0.004 Dilutive earnings per share Profit attributable to ordinary shareholders of the Group plus assumed conversion of all dilutive potential ordinary shares $ 489 118,248 $ 0.004 |
Schedule of changes in liabilities from financing activities | Financial liabilities at fair value through Lease liabilities (including Liabilities from financing profit or loss current portion) activities-gross At December 31, 2022 $ 3,207 $ 338 $ 3,545 Change in fair value through profit and loss 244 — 244 Changes in cash flow from financing activities — (203) (203) Changes in other non-cash items – additions — 786 786 Changes in other non-cash items – lease modification — (47) (47) At June 30, 2023 $ 3,451 $ 874 $ 4,325 |
Share Incentive Plan | |
Details of Significant Accounts | |
Schedule of terms and condition | Type of Maximum terms of Plan arrangement Settled by option granted Vesting conditions Share Incentive Plan Employee stock options Equity Five years 2 years’ service: exercise 50% 3 years’ service: exercise 75% 4 years’ service: exercise 100% |
Schedule of movements of outstanding options under Share Incentive Plan | 2022 (Note) 2023 Weighted- average Weighted- average No. of options exercise price per share No. of options exercise price per share (units in thousands) (in dollars) (units in thousands) (in dollars) Options outstanding at January 1 — $ — 2,063 $ 3.95 Options granted 2,143 3.95 2,276 4.94 Options forfeited (43) 3.95 (67) 4.04 Options outstanding at June 30 2,100 3.95 4,272 4.48 Options exercisable at June 30 — — |
Schedule of fair value of stock options granted on grant date is measured using the black-scholes option-pricing model | Adjusted Adjusted exercise Adjusted stock price price per Expected Risk-free fair value Grant per share share price Expected Expected interest per unit Plan date (in dollars) (in dollars) volatility option life dividends rate (in dollars) Share Incentive Plan 2022.1.21 $ 5.39 $ 3.95 53.75 % 3.88 0.00 % 1.46 % $ 2.7637 2023.1.03 $ 7.20 $ 7.20 64.85 % 3.87 0.00 % 4.07 % $ 3.7198 2023.5.23 $ 4.93 $ 4.93 69.15 % 3.88 0.00 % 3.90 % $ 2.6615 |
Incentive Stock Option Plan | |
Details of Significant Accounts | |
Schedule of terms and condition | Type of Maximum terms of Plan arrangement Settled by option granted Vesting conditions 2015 Incentive Stock Option Plan Employee stock options Equity Four years, month 2 years ’ service: exercise 50% 3 years ’ service: exercise 75% 4 years ’ service: exercise 100% 2018 Incentive Stock Option Plan Employee stock options Equity Five years 2 years ’ service: exercise 50% 3 years ’ service: exercise 75% 4 years ’ service: exercise 100% |
Schedule of movements of outstanding options under Share Incentive Plan | 2022 Weighted- No. of options average exercise (units in price thousands) (in dollars) Options outstanding at January 1 26,629 $ 0.21 Options exercised (26,629) 0.21 Options outstanding at June 30 — — Options exercisable at June 30 — — |
Schedule of fair value of stock options granted on grant date is measured using the black-scholes option-pricing model | Range of stock Exercise Range of Expected Range of risk Range of fair price price expected price option Expected free interest value per unit Plan (in dollars) (in dollars) volatility life dividends rate (in dollars) 2015 Incentive Stock Option Plan $ 0.0564 ~ 0.1777 $ 0.1000 39.29% ~ 42.25 % 3.42 0.00 % 0.45% ~ 2.79 % $ 0.0080 ~ 0.0947 2018 Incentive Stock Option Plan 0.1689 ~ 0.8931 0.3000 39.16% ~ 53.27 % 3.88 0.00 % 0.58% ~ 2.29 % 0.0228 ~ 0.6397 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions | |
Schedule of significant related party transactions | Names of related parties Relationship with the Group CyberLink Corp. (CyberLink) Other related party (Significant influence (Note) over the Company) CyberLink Inc. (CyberLink-Japan) Other related party (Subsidiary of CyberLink) Six months ended June 30, Description 2022 2023 CyberLink Revenue-others (service revenue) $ 14 $ 11 December 31, 2022 June 30, 2023 CyberLink $ 38 $ 26 CyberLink-Japan 25 23 $ 63 $ 49 Six months ended June 30, Description 2022 2023 CyberLink Management service fee $ 47 $ 26 Six months ended June 30, 2022 2023 CyberLink-Japan $ 48 $ 44 Six months ended June 30, 2022 2023 CyberLink $ — $ 390 December 31, 2022 June 30, 2023 Total lease liabilities $ 145 $ 414 Less: Current portion (shown as ‘current lease liabilities’) (145) (216) $ — $ 198 Six months ended June 30, 2022 2023 CyberLink $ 3 $ 1 |
Schedule of key management compensation | Six months ended June 30, 2022 2023 Salaries and other short-term employee benefits $ 1,111 $ 1,153 Share-based payment 155 386 Post-employment benefits 6 5 $ 1,272 $ 1,544 |
Others (Tables)
Others (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Others | |
Schedule of gearing ratios | December 31, 2022 June 30, 2023 Total liabilities $ 28,309 $ 30,880 Total equity $ 181,964 $ 183,297 Gearing ratio 0.16 0.17 |
Schedule of financial instruments by category | December 31, 2022 June 30, 2023 Financial assets Financial assets at amortized cost Cash and cash equivalents $ 162,616 $ 37,168 Current financial assets at amortized cost 30,000 160,800 Accounts receivable 7,756 7,641 Other receivables 314 587 Guarantee deposits paid 125 124 $ 200,811 $ 206,320 December 31, 2022 June 30, 2023 Financial liabilities Financial liabilities at fair value through profit or loss Warrant liabilities $ 3,207 $ 3,451 Financial liabilities at amortized cost Other payables (including related parties) $ 9,371 $ 8,144 Guarantee deposits received 25 25 $ 9,396 $ 8,169 Lease liabilities $ 338 $ 874 |
Schedule of significant financial assets and liabilities denominated in foreign currencies | December 31, 2022 Sensitivity analysis Foreign currency Effect on amount Exchange Functional Book value Degree of profit or (in thousands) rate currency (USD) variation loss Financial assets Monetary items USD:NTD $ 22,660 30.71 $ 695,889 $ 22,660 1 % $ 227 EUR:NTD 833 32.72 27,256 888 1 % 9 JPY:NTD 436,755 0.23 100,454 3,271 1 % 33 Financial liabilities Monetary items USD:NTD 2,620 30.71 80,460 2,620 1 % 26 USD:JPY 221 132.14 29,203 221 1 % 2 USD:RMB 65 6.97 453 65 1 % 1 June 30, 2023 Sensitivity analysis Foreign currency Effect on amount Exchange Functional Book value Degree of profit or (in thousands) rate currency (USD) variation loss Financial assets Monetary items NTD:USD $ 8,138 0.0321 $ 261 $ 261 1 % $ 3 EUR:USD 698 1.0858 758 758 1 % 8 JPY:USD 272,288 0.0069 1,879 1,879 1 % 19 Financial liabilities Monetary items USD:JPY 155 144.84 22,450 155 1 % 2 |
Schedule of contractual undiscounted cash flows of non-derivative financial liabilities | Less than Between 2-5 Over Non-derivative financial liabilities: December 31, 2022 1 year years 5 years Financial liabilities at fair value through profit or loss $ — $ 3,207 $ — Other payables (including related parties) 9,371 — — Lease liabilities (Note) 255 89 — Guarantee deposits received — 25 — Less than Between 2-5 Over Non-derivative financial liabilities: June 30, 2023 1 year years 5 years Financial liabilities at fair value through profit or loss $ — $ 3,451 $ — Other payables (including related parties) 8,144 — — Lease liabilities (Note) 433 464 — Guarantee deposits received — 25 — Note: The amount included the interest of estimated future payments. |
Schedule of natures of the liabilities | December 31, 2022 Level 1 Level 2 Level 3 Total Liabilities Recurring fair value measurements Financial liabilities at fair value through profit or loss Compound instrument: Warrant liabilities $ 1,769 $ 1,438 $ — $ 3,207 June 30, 2023 Level 1 Level 2 Level 3 Total Liabilities Recurring fair value measurements Financial liabilities at fair value through profit or loss Compound instrument: Warrant liabilities $ 1,897 $ 1,554 $ — $ 3,451 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Information | |
Schedule of Geographical information | Six months ended June 30, 2022 2023 Revenue Revenue United States $ 11,214 $ 11,256 Japan 2,659 2,203 France 1,918 1,979 Others 7,588 9,394 $ 23,379 $ 24,832 |
History and Organization (Detai
History and Organization (Details) | 6 Months Ended | |
Jun. 30, 2023 $ / shares | Dec. 31, 2022 $ / shares | |
History and Organization | ||
Par value per share | $ 0.1 | $ 0.1 |
Common stock conversion ratio | 0.17704366 | |
Provident Class A Ordinary Shares | ||
History and Organization | ||
Par value per share | $ 0.0001 | |
Provident Class B Ordinary Shares | ||
History and Organization | ||
Par value per share | 0.0001 | |
Perfect Ordinary Shares | ||
History and Organization | ||
Par value per share | 0.1 | |
Perfect Preference Shares | ||
History and Organization | ||
Par value per share | 0.1 | |
Perfect Class A Ordinary Shares | ||
History and Organization | ||
Par value per share | 0.1 | 0.1 |
Perfect Class B Ordinary Shares | ||
History and Organization | ||
Par value per share | $ 0.1 | $ 0.1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Perfect Mobile Corp. (Taiwan) | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | 100% |
Perfect Corp. (USA) | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | 100% |
Perfect Corp. (Japan) | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | 100% |
Perfect Corp. (Shanghai) | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | 100% |
Perfect Mobile Corp (B. V. I.) | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | 100% |
Fashion Corp. | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | |
Perfect Corp. (France) | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | 100% |
Details of Significant Accoun_3
Details of Significant Accounts - Cash and cash equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Details of Significant Accounts | ||||
Petty cash | $ 1 | $ 1 | ||
Checking accounts | 1,852 | 1,279 | ||
Demand deposits | 9,043 | 11,777 | ||
Time deposits | 26,000 | 149,300 | ||
Others | 272 | 259 | ||
Cash and cash equivalents | $ 37,168 | $ 162,616 | $ 82,773 | $ 80,453 |
Details of Significant Accoun_4
Details of Significant Accounts - Current financial assets at amortized cost (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Details of Significant Accounts | ||
Time deposits with maturities over three months | $ 160,800 | $ 30,000 |
Financial assets at amortized cost pledged to others | $ 0 | $ 0 |
Details of Significant Accoun_5
Details of Significant Accounts - Accounts receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Details of Significant Accounts | |||
Accounts receivable | $ 7,641 | $ 7,756 | $ 6,568 |
Details of Significant Accoun_6
Details of Significant Accounts - Ageing analysis of accounts receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Details of Significant Accounts | |||
Accounts receivable | $ 7,641 | $ 7,756 | $ 6,568 |
Maximum exposure to credit risk in respect of amount that best represents accounts receivable | 7,641 | 7,756 | |
Not past due | |||
Details of Significant Accounts | |||
Accounts receivable | 6,354 | 6,062 | |
Up to 30 days | |||
Details of Significant Accounts | |||
Accounts receivable | 401 | 851 | |
31 to 90 days | |||
Details of Significant Accounts | |||
Accounts receivable | 619 | 327 | |
91 to 180 days | |||
Details of Significant Accounts | |||
Accounts receivable | 145 | 417 | |
Over 181 days | |||
Details of Significant Accounts | |||
Accounts receivable | $ 122 | $ 99 |
Details of Significant Accoun_7
Details of Significant Accounts - Other current assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Details of Significant Accounts | ||
Prepaid expenses | $ 4,264 | $ 4,617 |
Others | 391 | 88 |
Total | $ 4,655 | $ 4,705 |
Details of Significant Accoun_8
Details of Significant Accounts - Property, plant and equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening net book amount | $ 289 | |
Additions | 170 | |
Depreciation expense | (114) | $ (127) |
Closing net book amount | 345 | |
Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening net book amount | 1,169 | |
Closing net book amount | 1,337 | |
Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening net book amount | (880) | |
Closing net book amount | (992) | |
Leasehold improvements | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening net book amount | 51 | |
Additions | 114 | |
Depreciation expense | (52) | |
Closing net book amount | 113 | |
Leasehold improvements | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening net book amount | 521 | |
Closing net book amount | 635 | |
Leasehold improvements | Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening net book amount | (470) | |
Closing net book amount | (522) | |
Machinery | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening net book amount | 220 | |
Additions | 52 | |
Depreciation expense | (56) | |
Closing net book amount | 216 | |
Machinery | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening net book amount | 602 | |
Closing net book amount | 652 | |
Machinery | Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening net book amount | (382) | |
Closing net book amount | (436) | |
Office equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening net book amount | 18 | |
Additions | 4 | |
Depreciation expense | (6) | |
Closing net book amount | 16 | |
Office equipment | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening net book amount | 46 | |
Closing net book amount | 50 | |
Office equipment | Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening net book amount | (28) | |
Closing net book amount | $ (34) |
Details of Significant Accoun_9
Details of Significant Accounts - Leasing arrangements (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Details of Significant Accounts | ||
Lease commitments for short-term leases | $ 226 | $ 152 |
Minimum | ||
Details of Significant Accounts | ||
Lease term | 2 years | |
Maximum | ||
Details of Significant Accounts | ||
Lease term | 3 years |
Details of Significant Accou_10
Details of Significant Accounts - Leasing arrangements, movements of right-of-use assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening net book amount | $ 323 | |
Additions | 786 | |
Depreciation expense | (212) | $ (230) |
Closing net book amount | 850 | |
Cost | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening net book amount | 1,017 | |
Derecognition | (795) | |
Closing net book amount | 1,008 | |
Accumulated depreciation | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening net book amount | (694) | |
Derecognition | 748 | |
Closing net book amount | (158) | |
Buildings | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening net book amount | 252 | |
Additions | 584 | |
Depreciation expense | (175) | |
Closing net book amount | 661 | |
Buildings | Cost | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening net book amount | 809 | |
Derecognition | (587) | |
Closing net book amount | 806 | |
Buildings | Accumulated depreciation | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening net book amount | (557) | |
Derecognition | 587 | |
Closing net book amount | (145) | |
Business vehicles | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening net book amount | 71 | |
Additions | 202 | |
Depreciation expense | (37) | |
Closing net book amount | 189 | |
Business vehicles | Cost | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening net book amount | 208 | |
Derecognition | (208) | |
Closing net book amount | 202 | |
Business vehicles | Accumulated depreciation | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening net book amount | (137) | |
Derecognition | 161 | |
Closing net book amount | $ (13) |
Details of Significant Accou_11
Details of Significant Accounts - Leasing arrangements, Lease liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Details of Significant Accounts | ||
Lease liabilities | $ 874 | $ 338 |
Less: current portion (shown as 'current lease liabilities') | (417) | (251) |
Non-current lease liabilities | $ 457 | $ 87 |
Details of Significant Accou_12
Details of Significant Accounts - Leasing arrangements, information on profit and loss accounts (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Details of Significant Accounts | ||
Interest expense - lease liabilities | $ 5 | $ 5 |
Expense on short-term lease contracts | 193 | 198 |
Items affecting profit or loss due to leases | $ 198 | $ 203 |
Details of Significant Accou_13
Details of Significant Accounts - Leasing arrangements, additional information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Details of Significant Accounts | ||
Cash outflow for leases | $ 401 | $ 458 |
Interest expense - lease liabilities | 5 | 5 |
Expense on short-term lease contracts | 193 | 198 |
Repayments of principal portion of lease liabilities | $ 203 | $ 255 |
Details of Significant Accou_14
Details of Significant Accounts - Intangible assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of detailed information about intangible assets [line items] | ||
Opening net book amount | $ 119 | |
Additions | 33 | |
Amortization charge | (37) | $ (31) |
Closing net book amount | 115 | |
Cost | ||
Disclosure of detailed information about intangible assets [line items] | ||
Opening net book amount | 193 | |
Closing net book amount | 226 | |
Accumulated depreciation | ||
Disclosure of detailed information about intangible assets [line items] | ||
Opening net book amount | (74) | |
Closing net book amount | (111) | |
Computer software | ||
Disclosure of detailed information about intangible assets [line items] | ||
Opening net book amount | 81 | |
Additions | 33 | |
Amortization charge | (22) | |
Closing net book amount | 92 | |
Computer software | Cost | ||
Disclosure of detailed information about intangible assets [line items] | ||
Opening net book amount | 104 | |
Closing net book amount | 137 | |
Computer software | Accumulated depreciation | ||
Disclosure of detailed information about intangible assets [line items] | ||
Opening net book amount | (23) | |
Closing net book amount | (45) | |
Other intangible assets | ||
Disclosure of detailed information about intangible assets [line items] | ||
Opening net book amount | 38 | |
Amortization charge | (15) | |
Closing net book amount | 23 | |
Other intangible assets | Cost | ||
Disclosure of detailed information about intangible assets [line items] | ||
Opening net book amount | 89 | |
Closing net book amount | 89 | |
Other intangible assets | Accumulated depreciation | ||
Disclosure of detailed information about intangible assets [line items] | ||
Opening net book amount | (51) | |
Closing net book amount | $ (66) |
Details of Significant Accou_15
Details of Significant Accounts - Amortisation on intangible assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of detailed information about intangible assets [line items] | ||
Amortisation on intangible assets | $ 37 | $ 31 |
Research and development expenses | ||
Disclosure of detailed information about intangible assets [line items] | ||
Amortisation on intangible assets | $ 37 | $ 31 |
Details of Significant Accou_16
Details of Significant Accounts - Financial liabilities at fair value through profit or loss (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of financial liabilities [line items] | ||
Add: Valuation adjustment | $ (4,980) | $ (5,224) |
Financial liabilities designated as at fair value through profit or loss | 3,451 | 3,207 |
Warrant liabilities | ||
Disclosure of financial liabilities [line items] | ||
Non-current liabilities | 8,431 | 8,431 |
Financial liabilities designated as at fair value through profit or loss | $ 3,451 | $ 3,207 |
Details of Significant Accou_17
Details of Significant Accounts - Amount recognized in profit or loss and other comprehensive income in relation to financial liabilities at fair value through profit or loss (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of financial liabilities [line items] | ||
Net gains (losses) recognized in profit or loss, Financial liabilities designated as at fair value through profit or loss | $ (244) | $ 28,374 |
Preference share liabilities | ||
Disclosure of financial liabilities [line items] | ||
Net gains (losses) recognized in profit or loss, Financial liabilities designated as at fair value through profit or loss | 28,374 | |
Net losses recognized in other comprehensive income, Financial liabilities designated as at fair value through profit or loss | $ (7) | |
Warrant liabilities | ||
Disclosure of financial liabilities [line items] | ||
Net gains (losses) recognized in profit or loss, Financial liabilities designated as at fair value through profit or loss | $ (244) |
Details of Significant Accou_18
Details of Significant Accounts - Warrant liabilities (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Oct. 27, 2022 USD ($) shares | Jan. 07, 2021 shares | Jun. 30, 2023 D $ / shares shares | |
Disclosure of financial liabilities [line items] | |||
Number of shares called by each warrant | 20,850,000 | ||
Forward Purchase Agreements | |||
Disclosure of financial liabilities [line items] | |||
Number of Forward Purchase Shares issued and sold | 5,500,000 | ||
Aggregate purchase price | $ | $ 55,000 | ||
Public Warrants and Forward Purchase Warrants | Redemption of Warrants when the price per Perfect Class A Ordinary Shares equal or exceed $18.00 | |||
Disclosure of financial liabilities [line items] | |||
Stock price trigger for redemption of warrants (in dollars per share) | $ / shares | $ 18 | ||
Public Warrants and Forward Purchase Warrants | Redemption of warrants when the price per Class A Ordinary Share equals or exceeds $10.00 | |||
Disclosure of financial liabilities [line items] | |||
Stock price trigger for redemption of warrants (in dollars per share) | $ / shares | $ 10 | ||
Private Placement Warrants | |||
Disclosure of financial liabilities [line items] | |||
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination | 30 days | ||
Private Placement Warrants | Redemption of Warrants when the price per Perfect Class A Ordinary Shares equal or exceed $18.00 | |||
Disclosure of financial liabilities [line items] | |||
Stock price trigger for redemption of warrants (in dollars per share) | $ / shares | $ 18 | ||
Private Placement Warrants | Redemption of warrants when the price per Class A Ordinary Share equals or exceeds $10.00 | |||
Disclosure of financial liabilities [line items] | |||
Stock price trigger for redemption of warrants (in dollars per share) | $ / shares | $ 10 | ||
Warrant liabilities | Public Warrants | |||
Disclosure of financial liabilities [line items] | |||
Number of shares called by each warrant | 11,500,000 | ||
Number of warrants issued and sold | 11,500,000 | ||
Warrant liabilities | Public Warrants and Forward Purchase Warrants | Redemption of Warrants when the price per Perfect Class A Ordinary Shares equal or exceed $18.00 | |||
Disclosure of financial liabilities [line items] | |||
Stock price trigger for redemption of warrants (in dollars per share) | $ / shares | $ 18 | ||
Redemption price per warrant (in dollars per share) | $ / shares | $ 0.01 | ||
Minimum threshold written notice period for redemption of warrants | 30 days | ||
Threshold trading days for redemption of warrants | D | 20 | ||
Threshold consecutive trading days for redemption of warrants | D | 30 | ||
Threshold business days before sending notice of redemption to warrant holders | 3 days | ||
Warrant liabilities | Public Warrants and Forward Purchase Warrants | Redemption of warrants when the price per Class A Ordinary Share equals or exceeds $10.00 | |||
Disclosure of financial liabilities [line items] | |||
Redemption price per warrant (in dollars per share) | $ / shares | $ 0.10 | ||
Minimum threshold written notice period for redemption of warrants | 30 days | ||
Warrant liabilities | Private Placement Warrants | |||
Disclosure of financial liabilities [line items] | |||
Number of shares called by each warrant | 6,600,000 | ||
Number of warrants issued and sold | 6,600,000 | ||
Warrant liabilities | Forward Purchase Warrants | |||
Disclosure of financial liabilities [line items] | |||
Number of shares called by each warrant | 2,750,000 | ||
Warrant liabilities | Forward Purchase Warrants | Forward Purchase Agreements | |||
Disclosure of financial liabilities [line items] | |||
Number of warrants issued and sold | 2,750,000 | ||
Warrant liabilities | Class A Ordinary Shares | |||
Disclosure of financial liabilities [line items] | |||
Number of shares called by each warrant | 1 | ||
Exercise price of warrants | $ / shares | $ 11.50 | ||
Warrant liabilities | Perfect Class A Ordinary Shares | Public Warrants | |||
Disclosure of financial liabilities [line items] | |||
Number of shares called by each warrant | 1 |
Details of Significant Accou_19
Details of Significant Accounts - Warrant liabilities - Movement in all kinds of Perfect warrants (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Warrants | |
Beginning balance | $ 3,207 |
Ending balance | 3,451 |
Warrant liabilities | |
Warrants | |
Beginning balance | 3,207 |
Ending balance | 3,451 |
Warrant liabilities | Public Warrants | |
Warrants | |
Beginning balance | 11,500 |
Ending balance | 11,500 |
Warrant liabilities | Private Placement Warrants | |
Warrants | |
Beginning balance | 6,600 |
Ending balance | 6,600 |
Warrant liabilities | Forward Purchase Warrants | |
Warrants | |
Beginning balance | 2,750 |
Ending balance | $ 2,750 |
Details of Significant Accou_20
Details of Significant Accounts - Other payables (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Details of Significant Accounts | ||
Employee bonus | $ 4,385 | $ 4,038 |
Payroll | 1,430 | 2,130 |
Professional service fees | 800 | 1,371 |
Promotional fees | 589 | 1,039 |
Remuneration to directors | 213 | 53 |
Post and telecommunications expenses | 181 | 173 |
Sales VAT payables | 164 | 175 |
Others | 333 | 329 |
Total other payables | $ 8,095 | $ 9,308 |
Details of Significant Accou_21
Details of Significant Accounts - Provisions (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Details of Significant Accounts | |
Beginning balance | $ 1,855 |
Additional provisions | 335 |
Used during the period | (15) |
Net exchange differences | (41) |
Ending Balance | $ 2,134 |
Details of Significant Accou_22
Details of Significant Accounts - Pensions (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 USD ($) item | Jun. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) | |
Disclosure of defined benefit plans [line items] | |||
Pension costs | $ | $ 388 | $ 351 | |
Perfect Mobile Corp. (Taiwan) | |||
Disclosure of defined benefit plans [line items] | |||
Number of units accrued for each year of service for first 15 years | item | 2 | ||
Number of units accrued for each additional year thereafter | item | 1 | ||
Maximum number of units accrued | item | 45 | ||
Number of months prior to retirement | 6 months | ||
Pension costs | $ | $ 2 | $ 2 | |
Expected contributions to the defined benefit pension plans | $ | $ 5 |
Details of Significant Accou_23
Details of Significant Accounts - Defined contribution plans (Details) - Perfect Mobile Corp. (Taiwan) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of defined benefit plans [line items] | ||
Percentage of monthly contribution | 6% | |
Pension cost | $ 265 | $ 253 |
Pension cost for other foreign subsidiaries | $ 121 | $ 96 |
Details of Significant Accou_24
Details of Significant Accounts - Share-based payment - Share Incentive Stock Option Plan (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
After the recapitalization | ||
Share-based payment arrangements | ||
Number of Units Eligible for One Ordinary Share | 5.65 | |
Share Incentive Plan | ||
Share-based payment arrangements | ||
Number of stock options authorized under the plan | 30,000,000 | |
Number of Perfect Common Share that each stock option holder is entitled | 1 | |
Exercise price | $ 3.95 | $ 3.95 |
Maximum aggregate number of the Ordinary Shares that may be issued upon exercise of all options to be granted under the plan | 5,311,000 | |
Maximum terms of options granted | 5 years | |
Share Incentive Plan | 2 years' service | ||
Share-based payment arrangements | ||
Number of years of service | 2 years | |
Vesting (in percent) | 50% | |
Share Incentive Plan | 3 years' service | ||
Share-based payment arrangements | ||
Number of years of service | 3 years | |
Vesting (in percent) | 75% | |
Share Incentive Plan | 4 years' service | ||
Share-based payment arrangements | ||
Number of years of service | 4 years | |
Vesting (in percent) | 100% | |
Share Incentive Plan | Prior to the recapitalization | ||
Share-based payment arrangements | ||
Exercise price | $ 0.7 |
Details of Significant Accou_25
Details of Significant Accounts - Share-based payment - Details of arrangements (Details) Option in Thousands | 6 Months Ended | |
Jun. 30, 2023 Option $ / shares | Jun. 30, 2022 Option $ / shares | |
No. of options | ||
Options outstanding at beginning | Option | 2,063 | |
Options granted | Option | 2,276 | 2,143 |
Options forfeited | Option | (67) | (43) |
Options outstanding at end | Option | 4,272 | 2,100 |
Weighted-average exercise price per share | ||
Options outstanding at beginning (in dollars) | $ / shares | $ 3.95 | |
Options granted (in dollars) | $ / shares | 4.94 | $ 3.95 |
Options forfeited (in dollars) | $ / shares | 4.04 | 3.95 |
Options outstanding at end (in dollars) | $ / shares | $ 4.48 | $ 3.95 |
Details of Significant Accou_26
Details of Significant Accounts - Share-based payment - Outstanding stock options (Details) - Share Incentive Plan - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Share-based payment arrangements | ||
Exercise prices of stock options outstanding | $ 3.95 | $ 3.95 |
Weighted-average remaining contractual period | 4 years 21 days | |
Minimum | ||
Share-based payment arrangements | ||
Exercise prices of stock options outstanding | $ 3.95 | |
Weighted-average remaining contractual period | 3 years 6 months 21 days | |
Maximum | ||
Share-based payment arrangements | ||
Exercise prices of stock options outstanding | $ 7.2 | |
Weighted-average remaining contractual period | 4 years 10 months 24 days |
Details of Significant Accou_27
Details of Significant Accounts - Share-based payment - Black-Scholes option-pricing model (Details) - Share Incentive Plan | May 23, 2023 Y $ / shares | Jan. 03, 2023 Y $ / shares | Jan. 21, 2022 Y $ / shares |
Share-based payment arrangements | |||
Stock price (in dollars) | $ 4.93 | $ 7.20 | $ 5.39 |
Exercise price (in dollars) | $ 4.93 | $ 7.20 | $ 3.95 |
Expected price volatility | 69.15% | 64.85% | 53.75% |
Expected option life | Y | 3.88 | 3.87 | 3.88 |
Expected dividends | 0% | 0% | 0% |
Risk-free interest rate | 3.90% | 4.07% | 1.46% |
Fair value per unit (in dollars) | $ 2.6615 | $ 3.7198 | $ 2.7637 |
Details of Significant Accou_28
Details of Significant Accounts - Share-based payment - Incentive Stock Option Plan original terms and condition (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jan. 24, 2022 | |
Share-based payment arrangements | ||
Number of option shares converted to common shares | 26,629 | |
2015 Incentive Stock Option Plan | ||
Share-based payment arrangements | ||
Maximum terms of options granted | 4 years 1 month | |
2015 Incentive Stock Option Plan | 2 years' service | ||
Share-based payment arrangements | ||
Number of years of service | 2 years | |
Vesting (in percent) | 50% | |
2015 Incentive Stock Option Plan | 3 years' service | ||
Share-based payment arrangements | ||
Number of years of service | 3 years | |
Vesting (in percent) | 75% | |
2015 Incentive Stock Option Plan | 4 years' service | ||
Share-based payment arrangements | ||
Number of years of service | 4 years | |
Vesting (in percent) | 100% | |
2018 Incentive Stock Option Plan | ||
Share-based payment arrangements | ||
Maximum terms of options granted | 5 years | |
2018 Incentive Stock Option Plan | 2 years' service | ||
Share-based payment arrangements | ||
Number of years of service | 2 years | |
Vesting (in percent) | 50% | |
2018 Incentive Stock Option Plan | 3 years' service | ||
Share-based payment arrangements | ||
Number of years of service | 3 years | |
Vesting (in percent) | 75% | |
2018 Incentive Stock Option Plan | 4 years' service | ||
Share-based payment arrangements | ||
Number of years of service | 4 years | |
Vesting (in percent) | 100% |
Details of Significant Accou_29
Details of Significant Accounts - Share-based payment - Incentive Stock Option Plan (Details) Option in Thousands | 6 Months Ended | |
Jun. 30, 2023 Option $ / shares | Jun. 30, 2022 Option $ / shares | |
No. of options | ||
Options outstanding at beginning | Option | 2,063 | |
Options granted | Option | 2,276 | 2,143 |
Options forfeited | Option | (67) | (43) |
Options outstanding at end | Option | 4,272 | 2,100 |
Weighted-average exercise price | ||
Options outstanding at beginning (in dollars) | $ / shares | $ 3.95 | |
Options granted (in dollars) | $ / shares | 4.94 | $ 3.95 |
Options forfeited (in dollars) | $ / shares | 4.04 | 3.95 |
Options outstanding at end (in dollars) | $ / shares | $ 4.48 | $ 3.95 |
Incentive Stock Option Plan | ||
No. of options | ||
Options outstanding at beginning | Option | 26,629 | |
Options exercised | Option | (26,629) | |
Weighted-average exercise price | ||
Options outstanding at beginning (in dollars) | $ / shares | $ 0.21 | |
Options exercised (in dollars) | $ / shares | $ 0.21 |
Details of Significant Accou_30
Details of Significant Accounts - Share-based payment - Incentive Stock Option Plan - Stock options (Details) | 6 Months Ended |
Jun. 30, 2022 $ / shares | |
Incentive Stock Option Plan | |
Share-based payment arrangements | |
Weighted-average exercise price of stock options at exercise dates | $ 0.21 |
Details of Significant Accou_31
Details of Significant Accounts - Share-based payment - Incentive Stock Option Plan - Black-Scholes option-pricing model (Details) | 6 Months Ended |
Jun. 30, 2023 Y $ / shares | |
2015 Incentive Stock Option Plan | |
Share-based payment arrangements | |
Exercise price (in dollars) | $ 0.1000 |
Expected option life | Y | 3.42 |
Expected dividends | 0% |
2015 Incentive Stock Option Plan | Minimum | |
Share-based payment arrangements | |
Stock price (in dollars) | $ 0.0564 |
Expected price volatility | 39.29% |
Risk-free interest rate | 0.45% |
Fair value per unit (in dollars) | $ 0.0080 |
2015 Incentive Stock Option Plan | Maximum | |
Share-based payment arrangements | |
Stock price (in dollars) | $ 0.1777 |
Expected price volatility | 42.25% |
Risk-free interest rate | 2.79% |
Fair value per unit (in dollars) | $ 0.0947 |
2018 Incentive Stock Option Plan | |
Share-based payment arrangements | |
Exercise price (in dollars) | $ 0.3000 |
Expected option life | Y | 3.88 |
Expected dividends | 0% |
2018 Incentive Stock Option Plan | Minimum | |
Share-based payment arrangements | |
Stock price (in dollars) | $ 0.1689 |
Expected price volatility | 39.16% |
Risk-free interest rate | 0.58% |
Fair value per unit (in dollars) | $ 0.0228 |
2018 Incentive Stock Option Plan | Maximum | |
Share-based payment arrangements | |
Stock price (in dollars) | $ 0.8931 |
Expected price volatility | 53.27% |
Risk-free interest rate | 2.29% |
Fair value per unit (in dollars) | $ 0.6397 |
Details of Significant Accou_32
Details of Significant Accounts - Share-based payment - Expenses incurred (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Details of Significant Accounts | ||
Equity settled | $ 1,441 | $ 1,006 |
Details of Significant Accou_33
Details of Significant Accounts - Share-based payment - Shareholder Earnout (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) D $ / shares shares | |
Service agreements with Board of Directors | |
Share-based payment arrangements | |
Expenses recorded | $ | $ 175 |
Shareholder Earnout Shares | |
Share-based payment arrangements | |
Threshold trading days over which the daily volume-weighted average price of the Perfect Class A Ordinary Shares is considered | D | 20 |
Threshold trading day period over which the daily volume-weighted average price of the Perfect Class A Ordinary Shares is considered | 30 days |
Shareholder Earnout Shares | If daily volume-weighted average price of the Perfect Class A Ordinary Shares is greater than or equal to $11.50 | |
Share-based payment arrangements | |
Number of Earnout Shares issuable | shares | 3,000 |
Daily volume-weighted average price of the Perfect Class A Ordinary Shares considered | $ / shares | $ 11.50 |
Shareholder Earnout Shares | If daily volume-weighted average price of the Perfect Class A Ordinary Shares is greater than or equal to $13.00 | |
Share-based payment arrangements | |
Number of Earnout Shares issuable | shares | 3,000 |
Daily volume-weighted average price of the Perfect Class A Ordinary Shares considered | $ / shares | $ 13 |
Shareholder Earnout Shares | If daily volume-weighted average price of the Perfect Class A Ordinary Shares is greater than or equal to $14.50 | |
Share-based payment arrangements | |
Number of Earnout Shares issuable | shares | 4,000 |
Daily volume-weighted average price of the Perfect Class A Ordinary Shares considered | $ / shares | $ 14.50 |
Details of Significant Accou_34
Details of Significant Accounts - Share-based payment - Sponsor Earnout (Details) - Sponsor Earnout Shares | 6 Months Ended |
Jun. 30, 2023 D USD ($) $ / shares shares | |
Share-based payment arrangements | |
Maximum number of Class A Ordinary Shares issuable | shares | 1,175,624 |
If daily volume-weighted average price of the Perfect Class A Ordinary Shares is greater than or equal to $11.50 | |
Share-based payment arrangements | |
Percentage of Sponsor Earnout Promote Shares issuable | 50% |
Threshold trading days over which the daily volume-weighted average price of the Perfect Class A Ordinary Shares is considered | $ | 20 |
Daily volume-weighted average price of the Perfect Class A Ordinary Shares considered | $ 11.50 |
If daily volume-weighted average price of the Perfect Class A Ordinary Shares is greater than or equal to $13.00 | |
Share-based payment arrangements | |
Percentage of Sponsor Earnout Promote Shares issuable | 50% |
Threshold trading days over which the daily volume-weighted average price of the Perfect Class A Ordinary Shares is considered | D | 20 |
Threshold trading day period over which the daily volume-weighted average price of the Perfect Class A Ordinary Shares is considered | 30 days |
Daily volume-weighted average price of the Perfect Class A Ordinary Shares considered | $ 13 |
Details of Significant Accou_35
Details of Significant Accounts - Share capital (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 USD ($) Vote $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Share capital | ||
Authorized capital | $ | $ 82,000 | $ 82,000 |
Shares reserved for employee stock options | 30,000,000 | 30,000,000 |
Capital stock | $ | $ 11,826 | $ 11,826 |
Perfect Class A Ordinary Shares, $0.1 (in dollars) par value | $ / shares | $ 0.1 | $ 0.1 |
Number of Class B Ordinary Share convertible into Class A Ordinary Share | 1 | |
Perfect Class A Ordinary Shares | ||
Share capital | ||
Number of shares authorised | 700,000,000 | 700,000,000 |
Capital stock | $ | $ 10,147 | $ 10,147 |
Number of shares of ordinary stock | 101,475,000 | 101,475,000 |
Perfect Class A Ordinary Shares, $0.1 (in dollars) par value | $ / shares | $ 0.1 | $ 0.1 |
Number of votes per share | Vote | 1 | |
Perfect Class B Ordinary Shares | ||
Share capital | ||
Number of shares authorised | 90,000,000 | 90,000,000 |
Capital stock | $ | $ 1,679 | $ 1,679 |
Number of shares of ordinary stock | 16,789,000 | 16,789,000 |
Perfect Class A Ordinary Shares, $0.1 (in dollars) par value | $ / shares | $ 0.1 | $ 0.1 |
Number of votes per share | Vote | 10 |
Details of Significant Accou_36
Details of Significant Accounts - Share capital - Movements in shares outstanding (Details) shares in Thousands | Jun. 30, 2023 shares |
Movements in shares outstanding | |
Beginning balance (in shares) | 118,264 |
Ending balance (in shares) | 118,264 |
Details of Significant Accou_37
Details of Significant Accounts - Share capital - Repurchase of shares (Details) - USD ($) shares in Thousands, $ in Thousands | 2 Months Ended | 6 Months Ended | |
May 04, 2023 | Jun. 30, 2023 | Jun. 30, 2023 | |
Share Repurchase Plan | |||
Consideration for repurchase of shares | $ 429 | ||
Perfect Class A Ordinary Shares | |||
Share Repurchase Plan | |||
Maximum authorized share repurchase amount | $ 20,000 | ||
Period for repurchase of shares | 12 months | ||
Number of shares repurchased | 86 | ||
Consideration for repurchase of shares | $ 429 |
Details of Significant Accou_38
Details of Significant Accounts - Share Capital - Capital Surplus (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Details of Significant Accounts | ||
Additional paid-in capital | $ 554,209 | $ 554,209 |
Other: | ||
Employees' stock option cost | 3,428 | 2,162 |
Directors' share-based compensation | 233 | 58 |
Subtotal | 3,661 | 2,220 |
Capital surplus | $ 557,870 | $ 556,429 |
Details of Significant Accou_39
Details of Significant Accounts - Revenue (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Details of Significant Accounts | ||
Revenue from contracts with customers | $ 24,832 | $ 23,379 |
Details of Significant Accou_40
Details of Significant Accounts - Revenue - Disaggregation of revenue (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue | ||
Revenue from contracts with customers | $ 24,832 | $ 23,379 |
At a point in time | ||
Revenue | ||
Revenue from contracts with customers | 2,893 | 4,214 |
Over time | ||
Revenue | ||
Revenue from contracts with customers | 21,939 | 19,165 |
United States | ||
Revenue | ||
Revenue from contracts with customers | 11,256 | 11,214 |
United States | At a point in time | ||
Revenue | ||
Revenue from contracts with customers | 794 | 1,593 |
United States | Over time | ||
Revenue | ||
Revenue from contracts with customers | 10,462 | 9,621 |
Japan | ||
Revenue | ||
Revenue from contracts with customers | 2,203 | 2,659 |
Japan | At a point in time | ||
Revenue | ||
Revenue from contracts with customers | 418 | 762 |
Japan | Over time | ||
Revenue | ||
Revenue from contracts with customers | 1,785 | 1,897 |
France | ||
Revenue | ||
Revenue from contracts with customers | 1,979 | 1,918 |
France | At a point in time | ||
Revenue | ||
Revenue from contracts with customers | 328 | 569 |
France | Over time | ||
Revenue | ||
Revenue from contracts with customers | 1,651 | 1,349 |
Others | ||
Revenue | ||
Revenue from contracts with customers | 9,394 | 7,588 |
Others | At a point in time | ||
Revenue | ||
Revenue from contracts with customers | 1,353 | 1,290 |
Others | Over time | ||
Revenue | ||
Revenue from contracts with customers | $ 8,041 | $ 6,298 |
Details of Significant Accou_41
Details of Significant Accounts - Revenue - Disaggregation of revenue, Alternatively (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Details of Significant Accounts | ||
AR/AI cloud solutions and Subscription | $ 21,359 | $ 18,184 |
Licensing | 2,875 | 4,119 |
Advertisement | 580 | 981 |
Others | 18 | 95 |
Revenue from contracts with customers | 24,832 | 23,379 |
AR/AI cloud solutions | $ 9,622 | $ 10,373 |
Details of Significant Accou_42
Details of Significant Accounts - Revenue - Contract liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Contract assets: | |||
Unbilled revenue | $ 1,512 | $ 3,660 | |
Contract liabilities: | |||
Advance sales receipts | 15,976 | $ 13,024 | |
Revenue recognized that was included in the contract liability balance at the beginning of the period : Advance sales receipts | $ 9,763 | $ 7,104 |
Details of Significant Accou_43
Details of Significant Accounts - Revenue - Unsatisfied contracts (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Revenue | ||
Amount of transaction price allocated to contracts | $ 26,470 | $ 23,653 |
2023 | ||
Revenue | ||
Percentage of transaction price allocated to the unsatisfied contracts | 91% | |
2024 to 2028 | ||
Revenue | ||
Percentage of transaction price allocated to the unsatisfied contracts | 9% |
Details of Significant Accou_44
Details of Significant Accounts - Interest income (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Details of Significant Accounts | ||
Interest income from bank deposits | $ 2,100 | $ 178 |
Interest income from financial assets at amortized cost | 2,509 | |
Interest income | $ 4,609 | $ 178 |
Details of Significant Accou_45
Details of Significant Accounts - Other income (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Details of Significant Accounts | ||
Other income | $ 7 | $ 11 |
Details of Significant Accou_46
Details of Significant Accounts - Other gains and losses (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Details of Significant Accounts | ||
Foreign exchange gains (losses) | $ (215) | $ 603 |
Gains (losses) on financial liabilities at fair value through profit or loss | (244) | 28,374 |
Other gains and losses | $ (459) | $ 28,977 |
Details of Significant Accou_47
Details of Significant Accounts - Finance costs (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Details of Significant Accounts | ||
Interest expense - lease liabilities | $ 5 | $ 5 |
Details of Significant Accou_48
Details of Significant Accounts - Costs and expenses by nature (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Details of Significant Accounts | ||
Cost of goods sold | $ 2 | $ 32 |
Employee benefit expenses | 13,516 | 13,949 |
Promotional fees | 4,823 | 3,359 |
Service providing expenses | 4,365 | 2,347 |
Professional service fees | 2,893 | 3,689 |
Insurance expenses | 1,170 | 47 |
Warranty cost | 335 | 529 |
Depreciation of right-of-use assets | 212 | 230 |
Depreciation of property, plant and equipment | 114 | 127 |
Amortization of intangible assets | 37 | 31 |
Others | 965 | 1,087 |
Total costs and expenses by nature | $ 28,432 | $ 25,427 |
Details of Significant Accou_49
Details of Significant Accounts - Employee benefit expenses (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Details of Significant Accounts | ||
Wages and salaries | $ 10,425 | $ 11,341 |
Employee stock options | 1,266 | 1,006 |
Employee insurance fees | 685 | 709 |
Pension costs | 388 | 351 |
Remuneration to directors | 335 | |
Other personnel expenses | 417 | 542 |
Employee benefit expenses | $ 13,516 | $ 13,949 |
Details of Significant Accou_50
Details of Significant Accounts - Income tax (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Current income tax: | ||
Current tax expense recognized for the current period | $ 63 | $ 161 |
Income tax expense | $ 63 | $ 161 |
Details of Significant Accou_51
Details of Significant Accounts - (Loss) earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Details of Significant Accounts | ||
Basic earnings per share, profit attributable to ordinary shareholders of the parent, amount after tax | $ 489 | $ 26,952 |
Basic earnings per share, profit attributable to ordinary shareholders of the parent, weighted average number of ordinary shares outstanding | 118,248 | 57,494 |
Basic earnings per share - profit attributable to ordinary shareholders of the parent, earnings (loss) per share | $ 0.004 | $ 0.469 |
Dilutive (loss) earnings per share, assumed conversion of all dilutive potential ordinary shares - Convertible preferred shares | $ (28,374) | |
Dilutive (loss) earnings per share, assumed conversion of all dilutive potential ordinary shares - Convertible preferred shares, weighted average number of ordinary shares outstanding | 42,904 | |
Dilutive (loss) earnings per share, assumed conversion of all dilutive potential ordinary shares - Convertible preferred shares, earnings (loss) per share | $ (0.661) | |
Dilutive (loss) earnings per share - (Loss) profit attributable to ordinary shareholders of the Group plus assumed conversion of all dilutive potential ordinary shares, amount after tax | $ 489 | $ (1,422) |
Dilutive (loss) earnings per share - (Loss) profit attributable to ordinary shareholders of the Group plus assumed conversion of all dilutive potential ordinary shares, weighted average number of ordinary shares outstanding | 118,248 | 100,398 |
Dilutive (loss) earnings per share - (Loss) profit attributable to ordinary shareholders of the Group plus assumed conversion of all dilutive potential ordinary shares, loss per share | $ 0.004 | $ (0.014) |
Details of Significant Accou_52
Details of Significant Accounts - Changes in liabilities from financing activities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Changes in liabilities from financing activities | |
Balance at the beginning | $ 3,545 |
Change in fair value through profit and loss | 244 |
Changes in cash flow from financing activities | (203) |
Changes in other non-cash items - additions | 786 |
Changes in other non-cash items - lease modification | (47) |
Balance at the end | 4,325 |
Financial liabilities at fair value through profit or loss | |
Changes in liabilities from financing activities | |
Balance at the beginning | 3,207 |
Change in fair value through profit and loss | 244 |
Balance at the end | 3,451 |
Lease liabilities | |
Changes in liabilities from financing activities | |
Balance at the beginning | 338 |
Changes in cash flow from financing activities | (203) |
Changes in other non-cash items - additions | 786 |
Changes in other non-cash items - lease modification | (47) |
Balance at the end | $ 874 |
Related Party Transactions - Si
Related Party Transactions - Significant related party transactions (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Related Party Transactions | |||
Other payables | $ 49 | $ 63 | |
Service fees | 4,365 | $ 2,347 | |
Acquisition of right-of-use assets | 850 | 323 | |
Outstanding balance: | |||
Net lease liabilities | 874 | 338 | |
Less: current portion (shown as 'current lease liabilities') | (417) | (251) | |
Non-current lease liabilities | 457 | 87 | |
Interest expense - lease liabilities | 5 | 5 | |
Cyber Link | |||
Related Party Transactions | |||
Service revenue | 11 | 14 | |
Other payables | 26 | 38 | |
Operating expenses | 26 | 47 | |
Acquisition of right-of-use assets | 390 | ||
Outstanding balance: | |||
Net lease liabilities | 414 | 145 | |
Less: current portion (shown as 'current lease liabilities') | (216) | (145) | |
Non-current lease liabilities | 198 | ||
Interest expense - lease liabilities | $ 1 | 3 | |
Cyber Link | Minimum | |||
Related Party Transactions | |||
Lease rental contractual period | 1 year | ||
Cyber Link-Japan | |||
Related Party Transactions | |||
Other payables | $ 23 | $ 25 | |
Rent expense | $ 44 | $ 48 | |
Cyber Link-Japan | Maximum | |||
Related Party Transactions | |||
Lease rental contractual period | 2 years |
Related Party Transactions - Ke
Related Party Transactions - Key management compensation (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Key management compensation | ||
Salaries and other short-term employee benefits | $ 1,153 | $ 1,111 |
Share-based payment | 386 | 155 |
Post-employment benefits | 5 | 6 |
Total key management compensation | $ 1,544 | $ 1,272 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Disclosure of transactions between related parties [line items] | |
Unpaid key management personnel compensation | $ 335 |
Cyber Link | |
Disclosure of transactions between related parties [line items] | |
Percentage of ownership interest held | 30% |
Others - Capital management (De
Others - Capital management (Details) $ in Thousands | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Others | ||||
Total liabilities | $ 30,880 | $ 28,309 | ||
Total equity | $ 183,297 | $ 181,964 | $ (157,900) | $ (190,442) |
Gearing ratio | 0.17 | 0.16 |
Others - Financial instruments
Others - Financial instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financial instruments | ||
Financial assets | $ 206,320 | $ 200,811 |
Financial liabilities | 8,169 | 9,396 |
Lease liabilities | 874 | 338 |
Warrant liabilities | Financial liabilities at fair value through profit or loss | ||
Financial instruments | ||
Financial liabilities | 3,451 | 3,207 |
Other payables (including related parties) | Financial liabilities at amortized cost | ||
Financial instruments | ||
Financial liabilities | 8,144 | 9,371 |
Guarantee deposits received | Financial liabilities at amortized cost | ||
Financial instruments | ||
Financial liabilities | 25 | 25 |
Cash and cash equivalents | Financial assets at amortized cost | ||
Financial instruments | ||
Financial assets | 37,168 | 162,616 |
Current financial assets at amortized cost | Financial assets at amortized cost | ||
Financial instruments | ||
Financial assets | 160,800 | 30,000 |
Accounts receivable | Financial assets at amortized cost | ||
Financial instruments | ||
Financial assets | 7,641 | 7,756 |
Other receivables | Financial assets at amortized cost | ||
Financial instruments | ||
Financial assets | 587 | 314 |
Guarantee deposits paid | Financial assets at amortized cost | ||
Financial instruments | ||
Financial assets | $ 124 | $ 125 |
Others - Foreign exchange risk
Others - Foreign exchange risk (Details) € in Thousands, ¥ in Thousands, ¥ in Thousands, $ in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2023 TWD ($) | Jun. 30, 2023 EUR (€) | Jun. 30, 2023 JPY (¥) | Dec. 31, 2022 TWD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 JPY (¥) | Dec. 31, 2022 CNY (¥) | |
Financial instruments | |||||||||
Currency Amount, Assets | $ 206,320 | $ 200,811 | |||||||
Currency Amount, Liabilities | 8,169 | 9,396 | |||||||
Foreign exchange risk | USD:NTD | |||||||||
Financial instruments | |||||||||
Currency Amount, Assets | 22,660 | $ 695,889 | |||||||
Currency Amount, Liabilities | $ 2,620 | $ 80,460 | |||||||
Exchange rate | 30.71 | 30.71 | 30.71 | 30.71 | 30.71 | ||||
Degree of Variation, Assets | 1% | ||||||||
Degree of Variation, Liabilities | 1% | ||||||||
Effect on profit or loss, Assets | $ 227 | ||||||||
Effect on profit or loss, Liabilities | 26 | ||||||||
Foreign exchange risk | EUR:NTD | |||||||||
Financial instruments | |||||||||
Currency Amount, Assets | $ 888 | $ 27,256 | € 833 | ||||||
Exchange rate | 32.72 | 32.72 | 32.72 | 32.72 | 32.72 | ||||
Degree of Variation, Assets | 1% | ||||||||
Effect on profit or loss, Assets | $ 9 | ||||||||
Foreign exchange risk | JPY:NTD | |||||||||
Financial instruments | |||||||||
Currency Amount, Assets | $ 3,271 | $ 100,454 | ¥ 436,755 | ||||||
Exchange rate | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | ||||
Degree of Variation, Assets | 1% | ||||||||
Effect on profit or loss, Assets | $ 33 | ||||||||
Foreign exchange risk | USD:JPY | |||||||||
Financial instruments | |||||||||
Currency Amount, Liabilities | $ 155 | $ 221 | ¥ 22,450 | ¥ 29,203 | |||||
Exchange rate | 144.84 | 132.14 | 144.84 | 144.84 | 144.84 | 132.14 | 132.14 | 132.14 | 132.14 |
Degree of Variation, Liabilities | 1% | 1% | |||||||
Effect on profit or loss, Liabilities | $ 2 | $ 2 | |||||||
Foreign exchange risk | USD:RMB | |||||||||
Financial instruments | |||||||||
Currency Amount, Liabilities | $ 65 | ¥ 453 | |||||||
Exchange rate | 6.97 | 6.97 | 6.97 | 6.97 | 6.97 | ||||
Degree of Variation, Liabilities | 1% | ||||||||
Effect on profit or loss, Liabilities | $ 1 | ||||||||
Foreign exchange risk | NTD:USD | |||||||||
Financial instruments | |||||||||
Currency Amount, Assets | $ 261 | $ 8,138 | |||||||
Exchange rate | 0.0321 | 0.0321 | 0.0321 | 0.0321 | |||||
Degree of Variation, Assets | 1% | ||||||||
Effect on profit or loss, Assets | $ 3 | ||||||||
Foreign exchange risk | EUR:USD | |||||||||
Financial instruments | |||||||||
Currency Amount, Assets | $ 758 | € 698 | |||||||
Exchange rate | 1.0858 | 1.0858 | 1.0858 | 1.0858 | |||||
Degree of Variation, Assets | 1% | ||||||||
Effect on profit or loss, Assets | $ 8 | ||||||||
Foreign exchange risk | JPY:USD | |||||||||
Financial instruments | |||||||||
Currency Amount, Assets | $ 1,879 | ¥ 272,288 | |||||||
Exchange rate | 0.0069 | 0.0069 | 0.0069 | 0.0069 | |||||
Degree of Variation, Assets | 1% | ||||||||
Effect on profit or loss, Assets | $ 19 |
Others - Credit and liquidity r
Others - Credit and liquidity risk (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Less than 1 year | Other payables (including related parties) | ||
Financial instruments | ||
Non-derivative financial liabilities | $ 8,144 | $ 9,371 |
Less than 1 year | Lease liabilities | ||
Financial instruments | ||
Non-derivative financial liabilities | 433 | 255 |
Between 2-5 years | Financial liabilities at fair value through profit or loss | ||
Financial instruments | ||
Non-derivative financial liabilities | 3,451 | 3,207 |
Between 2-5 years | Lease liabilities | ||
Financial instruments | ||
Non-derivative financial liabilities | 464 | 89 |
Between 2-5 years | Guarantee deposits received | ||
Financial instruments | ||
Non-derivative financial liabilities | 25 | 25 |
Liquidity risk | ||
Financial instruments | ||
Money market position | $ 195,843 | $ 191,077 |
Others - Fair value information
Others - Fair value information (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair value information | ||
Financial liabilities | $ 8,169 | $ 9,396 |
Warrant liabilities | Recurring fair value | Financial liabilities at fair value through profit or loss | ||
Fair value information | ||
Financial liabilities | 3,451 | 3,207 |
Warrant liabilities | Recurring fair value | Level 1 | Financial liabilities at fair value through profit or loss | ||
Fair value information | ||
Financial liabilities | 1,897 | 1,769 |
Warrant liabilities | Recurring fair value | Level 2 | Financial liabilities at fair value through profit or loss | ||
Fair value information | ||
Financial liabilities | $ 1,554 | $ 1,438 |
Others - Movement of level 3 (D
Others - Movement of level 3 (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Significant unobservable inputs | ||
Transfers to Level 1 | $ 0 | $ 0 |
Transfers to Level 2 | 0 | 0 |
Level 3 | ||
Significant unobservable inputs | ||
Transfers into level 3 | 0 | 0 |
Transfers out of level 3 | $ 0 | $ 0 |
Segment Information (Details)
Segment Information (Details) | 6 Months Ended |
Jun. 30, 2023 segment | |
Segment Information | |
Number of reportable operating segments | 1 |
Segment Information - Geographi
Segment Information - Geographic information (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Geographic information | |||
Revenue | $ 24,832 | $ 23,379 | |
Non-current assets | 1,310 | $ 731 | |
United States | |||
Geographic information | |||
Revenue | 11,256 | 11,214 | |
Japan | |||
Geographic information | |||
Revenue | 2,203 | 2,659 | |
France | |||
Geographic information | |||
Revenue | 1,979 | 1,918 | |
Others | |||
Geographic information | |||
Revenue | $ 9,394 | $ 7,588 |