0001104659-21-073367 | 20-F | XBRL Viewer

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Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2020 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Registrant Name	Renren Inc.
Entity Central Index Key	0001509223
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Interactive Data Current	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Emerging Growth Company	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
ADS
Document Information [Line Items]
Trading Symbol	RENN
Title of 12(b) Security	American depositary shares, each representing 45 Class A ordinary shares
Security Exchange Name	NYSE
Class A ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	769,444,113
Title of 12(b) Security	Class A ordinary shares, par value US$0.001 per share*
Security Exchange Name	NYSE
No Trading Symbol Flag	true
Class B ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	305,388,450

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 19,630	$ 1,283
Restricted cash	14,457	13,091
Accounts receivable	474	430
Short term investments	0	1,436
Prepaid expenses and other current assets	2,196	2,868
Inventory	704	991
Amounts due from related parties	764	688
Amount due from subsidiary held for sale	2,255	0
Assets of discontinued operations - current	48,467	51,985
Total current assets	88,947	72,772
Property and equipment, net	439	698
Intangible assets, net	325	708
Goodwill	124	124
Long-term investments	53,641	13,454
Amounts due from related parties - non-current	67,985	131,758
Right-of-use assets	2,135	3,254
Restricted cash - non-current	0	358
Other non-current assets	77	680
Assets of discontinued operations - non-current	0	2,405
TOTAL ASSETS	213,673	226,211
Current liabilities:
Accounts payable	951	1,271
Short-term debt	11,400	14,447
Accrued expenses and other current liabilities	10,819	13,875
Operating lease liabilities - current	1,409	1,051
Payable to investors	15	14
Amounts due to related parties	697	774
Deferred revenue	602	750
Income tax payable	13,841	14,735
Contingent consideration	407	204
Liabilities of discontinued operations - current	40,962	51,049
Total current liabilities	81,103	98,170
Long-term liabilities:
Long-term debt	1,585	0
Operating lease liabilities - non-current	589	1,170
Long-term contingent consideration	1,652	828
Liabilities of discontinued operations- non-current	0	810
Total non-current liabilities	3,826	2,808
TOTAL LIABILITIES	84,929	100,978
Equity:
Additional paid-in capital	741,130	720,513
Accumulated deficit	(634,054)	(614,834)
Statutory reserves	6,712	6,712
Accumulated other comprehensive loss	(9,706)	(9,334)
Total Renren lnc. shareholders' equity	105,157	104,113
Noncontrolling interest	23,587	21,120
Total equity	128,744	125,233
TOTAL LIABILITIES AND EQUITY	213,673	226,211
Class A ordinary shares
Equity:
Ordinary shares	770	751
Class B ordinary shares
Equity:
Ordinary shares	$ 305	$ 305

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Class A ordinary shares
Ordinary shares, par value (in dollars per share)	$ 0.001	$ 0.001
Ordinary shares, shares authorized	3,000,000,000	3,000,000,000
Ordinary shares, shares issued	769,444,113	750,816,633
Ordinary shares, shares outstanding	769,444,113	750,816,633
Class B ordinary shares
Ordinary shares, par value (in dollars per share)	$ 0.001	$ 0.001
Ordinary shares, shares authorized	500,000,000	500,000,000
Ordinary shares, shares issued	305,388,450	305,388,450
Ordinary shares, shares outstanding	305,388,450	305,388,450
Number of shares into which each Class B ordinary share is convertible	1	1

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Total revenues	$ 18,106	$ 15,085	$ 66,794
Cost of revenues:
Total cost of revenues	3,451	6,718	62,497
Gross profit	14,655	8,367	4,297
Operating expenses (income):
Selling and marketing	8,293	10,780	10,485
Research and development	11,347	22,791	21,930
General and administrative	22,242	10,089	48,082
Bad debt provision of prepaid expenses and other current assets	0	418	0
Provision of amount due from a related party	0	12,408	0
Impairment of goodwill	0	9,288	29,055
Gain on disposal of property and equipment	0	0	(25,928)
Total operating expenses	41,882	65,774	83,624
Loss from operations	(27,227)	(57,407)	(79,327)
Other (expenses) income	3,543	1,523	(1,202)
Fair value change gain (loss) of contingent consideration	(1,027)	20,662	19,899
Impairment of long-term investments	0	(2,000)	0
Interest income (including interest income from a related party of $3,880, $7,878 and $9,176 for the years ended December 31, 2018, 2019 and 2020, respectively)	8,079	8,776	5,185
Interest expense	(303)	(566)	(842)
Realized loss on disposal of long-term investments	0	0	(2,141)
Loss before provision of income tax and earnings (loss) in equity method investments and noncontrolling interest, net of tax	(16,935)	(29,012)	(58,428)
Income tax (expenses) benefits	65	(1,944)	(8,988)
Loss before (loss) earnings in equity method investments and noncontrolling interest, net of tax	(16,870)	(30,956)	(67,416)
(Loss) earnings in equity method investments, net of tax	70	(7,464)	(2,463)
Loss from continuing operations	(16,800)	(38,420)	(69,879)
Discontinued operations:
Loss from the operations of the discontinued operations, net of tax expenses of $nil for the years ended December 31, 2018, 2019 and 2020, respectively	(5,320)	(69,068)	(107,737)
Gain on deconsolidation of subsidiaries, net of tax of $nil for the years ended December 31, 2018, 2019 and 2020, respectively		0	242,097
Income (Loss) from discontinued operations, net of tax expenses of $nil for the years ended December 31, 2018, 2019 and 2020, respectively	(5,320)	(69,068)	134,360
Net loss attributable to the noncontrolling interest	(2,900)	(56,391)	(8,059)
Net (loss) income from continuing operations attributable to Renren Inc.	(13,900)	17,971	(61,820)
Net income (loss)	(22,120)	(107,488)	64,481
Net income (loss) from discontinued operations attributable to Renren Inc.	(5,320)	(69,068)	134,360
Net income (loss) attributable to Renren Inc.	$ (19,220)	$ (51,097)	$ 72,540
Net loss per share from continuing operations attributable to Renren Inc. shareholders:
Basic (in dollars per share)	$ (0.01)	$ 0.02	$ (0.07)
Diluted (in dollars per share)	(0.01)	0.02	(0.07)
Net income (loss) per share from discontinued operations attributable to Renren Inc. shareholders:
Basic (in dollars per share)	(0.01)	(0.07)	0.14
Diluted (in dollars per share)	(0.01)	(0.07)	0.13
Net income (loss) per share attributable to Renren Inc. shareholders:
Basic (in dollars per share)	(0.02)	(0.05)	0.07
Diluted (in dollars per share)	$ (0.02)	$ (0.05)	$ 0.07
Weighted average number of shares used in calculating net income (loss) per share from continuing operations attributable to Renren Inc. shareholders:
Basic (in shares)	1,063,651,105	1,049,024,096	1,036,421,063
Diluted (in shares)	1,063,651,105	1,049,024,096	1,036,421,063
Weighted average number of shares used in calculating net (loss) income per share from discontinued operations attributable to Renren Inc. shareholders:
Basic (in shares)	1,063,651,105	1,049,024,096	1,036,421,063
Diluted (in shares)	1,063,651,105	1,049,024,096	1,095,805,917
Automobile sales
Revenues:
Total revenues	$ 0	$ 0	$ 47,226
Cost of revenues:
Cost of revenue - other services	0	0	50,531
SaaS revenue
Revenues:
Total revenues	17,519	8,261	5,748
Cost of revenues:
Cost of revenue - other services	3,353	1,743	2,331
Other services
Revenues:
Total revenues	587	6,824	13,820
Cost of revenues:
Cost of revenue - other services	$ 98	$ 4,975	$ 9,635

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF OPERATIONS
Interest income from a related party	$ 9,176	$ 7,878	$ 3,880
Loss from the operations of the discontinued operations, net of tax expenses	0	0	0
Gain on deconsolidation of the subsidiaries, tax expense	0	0	0
(Loss) income from discontinued operations, net of tax expenses	$ 0	$ 0	$ 0

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32672-109319

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Net income (loss)	$ (22,120)	$ (107,488)	$ 64,481
Other comprehensive (loss) income, net of tax:
Foreign currency translation, net of nil income taxes	425	(4,868)	(5,770)
Net unrealized (loss) gain on available-for-sale investments	0	9	(9,671)
Transfer to statements of operations of realized gain on available-for-sale investments, net of tax of $nil for the years ended December 31, 2018, 2019 and 2020, respectively	0	(9)	(7,364)
Other comprehensive (loss) income	425	(4,868)	(22,805)
Comprehensive income (loss)	(21,695)	(112,352)	41,676
Less: Comprehensive loss attributable to noncontrolling interest	(2,351)	(57,915)	(10,578)
Comprehensive income (loss) attributable to Renren Inc.	$ (19,344)	$ (54,437)	$ 52,254

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Foreign currency translation, net of income taxes	$ 0	$ 0	$ 0
Net unrealized gain (loss) on available-for-sale investments, net of tax	0	0	0
Transfer to statements of operations of realized gain on available-for-sale investments, tax	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)	Class A ordinary shares Ordinary shares	Class B ordinary shares Ordinary shares	Total Renren Inc.'s equity (deficit)	Additional paid-in capital	Accumulated deficit	Statutory reserves	Accumulated other comprehensive income (loss)	Non-controlling interest	Total
Balance at Dec. 31, 2017	$ 727,000	$ 305,000	$ 674,804,000	$ 1,303,117,000	$ (653,173,000)	$ 6,712,000	$ 17,116,000	$ 33,942,000	$ 708,746,000
Balance (in shares) at Dec. 31, 2017	726,549,453	305,388,450
Increase (Decrease) in Shareholders' Equity
Stock-based compensation	$ 0	$ 0	31,603,000	31,603,000	0	0	0	0	31,603,000
Other comprehensive loss	0	0	(3,390,000)	0	7,364,000	0	(10,754,000)	(2,519,000)	(5,909,000)
Noncontrolling interest arising from an acquisition	0	0	(2,519,000)	0	0	0	(2,519,000)	5,535,000	3,016,000
Disposal of subsidiaries			(64,000)	(64,000)				(1,421,000)	(1,485,000)
Capital contribution from non-controlling shareholder	0	0	7,947,000	7,947,000	0	0	0	5,995,000	13,942,000
Deconsolidation of Oak Pacific Investment			(634,278,000)	(634,278,000)	9,532,000		(9,532,000)		(634,278,000)
Net income (loss)	0	0	72,540,000	0	72,540,000	0	0	(8,059,000)	64,481,000
Exercise of share option and restricted shares vesting	$ 10,000	$ 0	822,000	812,000	0	0	0	0	822,000
Exercise of share option and restricted shares vesting (in shares)	10,672,995	0
Balance at Dec. 31, 2018	$ 737,000	$ 305,000	147,465,000	709,137,000	(563,737,000)	6,712,000	(5,689,000)	33,473,000	180,938,000
Balance (in shares) at Dec. 31, 2018	737,222,448	305,388,450
Increase (Decrease) in Shareholders' Equity
Stock-based compensation	$ 0	$ 0	11,369,000	11,369,000	0	0	0	915,000	12,284,000
Other comprehensive loss	0	0	(3,340,000)	0	0	0	(3,344,000)	(1,524,000)	(4,864,000)
Net income (loss)	0	0	(51,097,000)	0	(51,097,000)	0	0	(56,391,000)	(107,488,000)
Exercise of share option and restricted shares vesting	$ 14,000	$ 0	8,000	(6,000)	0	0	0	0	8,000
Exercise of share option and restricted shares vesting (in shares)	13,594,185	0
Acquisition of interest in a dealership held by non-controlling shareholder	$ 0	$ 0	(187,000)	(187,000)	0	0	0	(1,325,000)	(1,512,000)
Disposal of a dealership	0	0	(81,000)	(81,000)	0	0	0	(701,000)	(782,000)
Reverse recapitalization of the Kaixin Offering			(21,345,000)	(21,040,000)			(305,000)	16,298,000	(5,047,000)
Issuance of units by KAH and conversion of rights to KAH's ordinary shares			5,184,000	5,184,000				2,316,000	7,500,000
Beneficial conversion feature of a convertible loan issued by Kaixin			1,471,000	1,471,000				657,000	2,128,000
Conversion of convertible loans issued by Kaixin to KAH's ordinary shares			14,666,000	14,666,000				6,553,000	21,219,000
Reclassification from liability to equity for contingent consideration								20,849,000	20,849,000
Balance at Dec. 31, 2019	$ 751,000	$ 305,000	104,113,000	720,513,000	(614,834,000)	6,712,000	(9,334,000)	21,120,000	125,233,000
Balance (in shares) at Dec. 31, 2019	750,816,633	305,388,450
Increase (Decrease) in Shareholders' Equity
Stock-based compensation			17,549,000	17,549,000				1,133,000	18,682,000
Other comprehensive loss			(372,000)				(372,000)	797,000	425,000
Capital contribution from non-controlling shareholder			2,329,000	2,329,000				1,885,000	4,214,000
Net income (loss)			(19,220,000)		(19,220,000)			(2,900,000)	(22,120,000)
Exercise of share option and restricted shares vesting	$ 19,000	$ 0	0	(19,000)	0	0	0	0	0
Exercise of share option and restricted shares vesting (in shares)	18,627,480	0
Waived performance and marketing conditions of ear out shares			(773,000)	(773,000)				773,000
Issuance of ordinary shares to EarlyBird Capital by Kaixin			663,000	663,000				337,000	1,000,000
Beneficial conversion feature of preferred shares issued by Kaixin			868,000	868,000				442,000	1,310,000
Balance at Dec. 31, 2020	$ 770,000	$ 305,000	$ 105,157,000	$ 741,130,000	$ (634,054,000)	$ 6,712,000	$ (9,706,000)	$ 23,587,000	$ 128,744,000
Balance (in shares) at Dec. 31, 2020	769,444,113	305,388,450

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net loss from continuing operations	$ (16,800)	$ (38,420)	$ (69,879)
Net income (loss) from discontinued operations	(5,320)	(69,068)	134,360
Adjustments to reconcile net loss to net cash used in operating activities of continuing operations:
Share-based compensation expense	15,320	12,284	31,603
Loss (earnings) in equity method investments	(70)	7,464	2,463
Realized loss on disposal of long-term investments	0	0	2,141
Reduction in the carrying amount of the right-of-use assets	898	1,358	0
Depreciation and amortization	967	807	1,282
Impairment on long-term investments	0	2,000	0
Impairment on goodwill	0	9,288	29,055
Write-offs of prepaid expenses and other current assets	281	418	0
Provision for doubtful accounts	0	(2)	41
Provision for amount due from a related party	0	12,408	0
Write-offs for advance to supplier related to Ji'nan Dealership	0	0	10,228
Write-offs of inventory related to Ji'nan Dealership	0	0	(200)
Gain on disposal of property and equipment	0	0	(25,928)
Realized gain on long-term available-for-sale investment	0	0	(1,005)
Fair value change of put option and liability-classified warrant	0	0	(233)
Fair value change of contingent consideration	1,027	(20,662)	(19,899)
Changes in operating assets and liabilities of continuing operations:
Accounts receivable	(44)	506	3,692
Prepaid expenses and other current assets	391	333	60,790
Inventory	287	256	(1,247)
Right of use assets	221	(4,611)	0
Other non-current assets	603	82	154
Accounts payable	(320)	(1,216)	(23,260)
Amounts due from/to related parties	(7,909)	(6,495)	(10,280)
Amount due from subsidiary held for sale	(2,255)	0	0
Accrued expenses and other current liabilities	(3,056)	(7,877)	(5,837)
Interest payable to investors	0	0	(31)
Deferred revenue	(148)	(24)	(5,049)
Operating lease liabilities-current	358	1,050	0
Operating lease liabilities-non-current	(581)	1,169	0
Other non-current liabilities	0	0	3,147
Income tax payable	(894)	1,482	9,024
Net cash used in operating activities from continuing operations	(11,724)	(28,402)	(20,665)
Net cash used in operating activities from discontinued operations	(3,878)	(4,745)	(39,320)
Cash flows from investing activities of continuing operations:
Proceeds from sale of equity investment with readily determinable fair values	0	0	8,432
Proceeds from sales of equity investments without readily determinable fair values	0	0	4,585
Proceeds from capital withdrawal from equity method investees	0	0	1,098
Proceeds from disposition of Renren SNS	0	6,090	0
Proceeds from repayment of the note issued by OPI	31,529	9,564	0
Purchase of equity investments without readily determinable fair values	0	0	(256)
Purchase of long-term available-for-sale investments	0	0	(650)
Proceeds from sales (Purchase) of short-term investments	1,436	(1,436)	0
Proceeds from disposal of equipment and property	58	111	60,388
Purchases of equipment and property	(221)	(412)	(132)
Cash disposed of from deconsolidation of subsidiaries	0	(343)	0
Acquisition of subsidiaries, net of cash acquired	0	0	496
Loans to third parties	0	0	(1,513)
Proceeds from repayment of third party loans	0	4,086	0
Net cash provided by investing activities from continuing operations	32,802	17,660	72,448
Net cash provided by investing activities from discontinued operations	0	1,223	98,994
Cash flows from financing activities of continuing operations:
Proceeds from exercise of share options	1	8	526
Payment to investors	1	0	(5,594)
Repayment of convertible loans issued by Kaixin	0	(2,347)	0
Repayment of borrowings	(4,751)	(31,000)	(11,500)
Cash distribution to shareholders related to acquisition of OPI	0	0	(168,983)
Proceeds from borrowings	3,289	10,488	26,500
Advance from KAH's non-controlling Shareholder	0	3,386	0
Net cash provided by used in financing activities from continuing operations	(1,460)	(19,465)	(159,051)
Net cash (used in) provided by financing activities from discontinued operations	3,917	(6,328)	(95,128)
Net (decrease) increase in cash and cash equivalents and restricted cash from continuing operations	19,618	(30,207)	(107,268)
Net (decrease) increase in cash and cash equivalents and restricted cash from discontinued operations	39	(9,850)	(35,454)
Cash and cash equivalents and restricted cash at beginning of year from continuing operations	14,733	43,745	137,476
Cash and cash equivalents and restricted cash at beginning of year from discontinued operations	3,189	13,768	64,447
Effect of exchange rate changes	(330)	466	(1,688)
Cash and cash equivalents and restricted cash at end of year from continuing operations	34,087	14,733	43,745
Cash and cash equivalents and restricted cash at end of year from discontinued operations	3,162	3,189	13,768
Supplemental schedule of cash flows information from continuing operations:
Interest paid	337	565	842
Income Taxes Paid, Net	0	0	0
Supplemental schedule of cash flows information from discontinuing operations:
Interest paid	839	1,710	7,448
Income taxes paid	8	254	0
Continuing operations
Schedule of non-cash activities from continuing operations:
Contingent consideration	0	20,849	0
Increase in equity method investments through the settlement of amount due from a related party	0	600	0
Receivable from disposition of Renren SNS	0	0	60,000
Acquisition of entity through settlement of loan to a related party	40,000	0	0
Schedule of non-cash activities from discontinuing operations:
Contingent consideration	0	20,849	0
Discontinued operations
Schedule of non-cash activities from continuing operations:
Contingent consideration	0	0	14,113
Schedule of non-cash activities from discontinuing operations:
Contingent consideration	0	0	14,113
Beneficial conversion feature of a convertible loan issued by Kaixin	0	2,128	0
Conversion of convertible loans issued by Kaixin to KAH's ordinary shares, including interest of $219	0	21,219	0
Acquisition of noncontrolling interest	0	1,512	0
Net assets disposal of a dealership	0	62	0
Net liabilities acquired in the reverse recapitalization, excluding cash acquired	0	5,053	0
Acquisition of business settled by forgiveness of financing receivable	0	0	(18,345)
Amount due to related party converted to ordinary shares	$ (4,213)	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)
SNS Business
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	$ 60
OPI
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	$ 500

ORGANIZATION AND PRINCIPAL ACTIVITIES

12 Months Ended

Dec. 31, 2020

ORGANIZATION AND PRINCIPAL ACTIVITIES

ORGANIZATION AND PRINCIPAL ACTIVITIES

1. ORGANIZATION AND PRINCIPAL ACTIVITIES

Renren Inc. was incorporated in the Cayman Islands. Renren Inc, its consolidated subsidiaries, variable interest entities ("VIEs") and VIEs' subsidiaries (collectively referred to as the "Company") are engaged in the SaaS business, which includes all-in-one real estate solution provider and a large community for the trucking industry in the United States.

Prior to 2019, the Company was primarily engaged in the business of used car trading. Prior to 2018, the Company was also engaged in the operation of its social networking internet platform ("SNS") through which it provided online advertising services and internet value-added services ("IVAS") as well as the operation of a financial services platform to provide internet finance services. During the year ended December 31, 2018, the Company disposed of its SNS business as well as of OPI as further described below. Additionally, during the year ended December 31, 2020, the Company reached a resolution to dispose of Kaixin Auto Holdings (“Kaixin”).

Disposal of Oak Pacific Investment (“OPI”)

On April 30, 2018, the Company announced a series of transactions that included a cash dividend by the Company and a private placement by its subsidiary OPI, which was 100% held by the Company before the disposal. The OPI transaction was undertaken to reduce the number and aggregate size of the Company's long-term investments. At the time of the disposal, OPI held the Company's ZenZone advertising agency business as well as the majority of the Company's long-term investments. The private placement closed on June 21, 2018 and the Company completed the payment of the special cash dividend shortly thereafter. As a result, the Company disposed all shares of OPI and deconsolidated OPI on June 21, 2018. The disposal of OPI represented a strategic shift and had a major effect on the Company's results of operations. Accordingly, revenues and expenses and cash flows related to OPI have been reclassified in the accompanying consolidated financial statements as discontinued operations for all periods presented. The consolidated statements of operations and consolidated statements of cash flows for the year ended December 31, 2018 have been adjusted to reflect this change (See Note 4 )

Disposal of SNS business

In December 2018, the Company disposed all of its tangible and intangibles assets related to www.renren.com and its related SNS business. The disposal of its SNS business represented a strategic shift and had a major effect on the Company's results of operations. Accordingly, revenues and expenses and cash flows related to the SNS business have been reclassified in the accompanying consolidated financial statements as discontinued operations for all periods presented. The consolidated statements of operations and consolidated statements of cash flows for the years ended December 31, 2018 have been adjusted to reflect this change (See Note 4).

Disposal of Kaixin Auto Holdings

In December 2020, the Company approved the binding term sheet signed between Kaixin and Haitaoche Limited (“Haitaoche”). The binding term sheet sets forth the terms and conditions by which Haitaoche will merge with a newly formed wholly-owned subsidiary of Kaixin, with Haitaoche continuing as the surviving entity and a wholly-owned subsidiary of Kaixin (the “Merger”). As consideration for the Merger, Kaixin will issue a number of ordinary shares of Kaixin to the shareholders of Haitaoche (the “Haitaoche Shareholders”) so that the Haitaoche Shareholders will collectively hold 51% of Kaixin’s share capital upon the closing of the Merger. The disposal of Kaixin represents a strategic shift and has a major effect on the Company’s result of operations. Accordingly, assets, liabilities, revenues and expenses and cash flows related to Kaixin have been reclassified in the accompanying consolidated financial statements as discontinued operations for all periods presented. The consolidated balance sheets as of December 31, 2019 and 2020, consolidated statements of operations and consolidated statements of cash flows for the years ended December 31, 2018, 2019 and 2020 have been adjusted to reflect this change (See Note 4)

As of December 31, 2020, Renren Inc.'s major subsidiaries, VIEs and VIEs' subsidiaries are as follows:


	Later of date		Percentage of
	of incorporation	Place of	legal ownership		Principal
Name of Subsidiaries	or acquisition	incorporation	by Renren Inc.		activities
Subsidiaries:
Chime Technologies, Inc.(“Chime”)	September 7, 2012	USA	100	%	SaaS business
Trucker Path, Inc. (“Trucker Path”)	December 28, 2017	USA	100	%	Internet business
Lucrativ Inc.	January 22, 2018	USA	100	%	SaaS business
Lofty US, Inc.	December 21, 2018	USA	100	%	SaaS business
Renren Giantly Philippines Inc.	March, 2018	Philippines	100	%	SaaS business
Qianxiang Shiji Technology Development (Beijing) Co., Ltd. ("Qianxiang Shiji")	March 21, 2005	PRC	100	%	Investment holding

Variable Interest Entities:
Beijing Qianxiang Tiancheng Technology Development Co., Ltd. ("Qianxiang Tiancheng")	October 28, 2002	PRC	N/A		Internet business

Subsidiaries of Variable Interest Entities:
Beijing Qianxiang Wangjing Technology Development Co., Ltd. ("Qianxiang Wangjing")	November 11, 2008	PRC	N/A		Internet business

The VIE arrangements

PRC regulations currently limit direct foreign ownership of business entities providing automobile sales, value-added telecommunications services, online advertising services and internet services in the PRC where certain licenses are required for the provision of such services. Historically, the Company provided online advertising, IVAS and internet finance services through the VIE, Qianxiang Tiancheng. Qianxiang Tiancheng is referred to as the “VIE”.

Qianxiang Shiji ("WFOE"), entered into a series of contractual arrangements with the VIE that enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of the VIE, and (2) receive the economic benefits of the VIE that could be significant to the VIE. Accordingly, the WOFE is considered the primary beneficiary of the VIE and has consolidated the VIE’s financial results of operations, assets and liabilities in the Company's consolidated financial statements. In making the conclusion that the Company is the primary beneficiary of the VIEs, the Company believes the Company's rights under the terms of the exclusive option agreement and power of attorney are substantive given the substantive participating rights held by SB Pan Pacific Corporation as it relates to operating matters, which provide it with a substantive kick out right.

More specifically, the Company believes the terms of the contractual agreements are valid, binding and enforceable under PRC laws and regulations currently in effect. In particular, the Company also believes that the minimum amount of consideration permitted by the applicable PRC law to exercise the exclusive option does not represent a financial barrier or disincentive for the Company to currently exercise its rights under the exclusive option agreement. A simple majority vote of the Company's board of directors is required to pass a resolution to exercise the Company's rights under the exclusive option agreement, for which the consent from Mr. Joe Chen, who holds the most voting interests in the Company and is also the Company's chairman and CEO, is not required. The Company's rights under the exclusive option agreement give the Company the power to control the shareholders of the VIE and thus the power to direct the activities that most significantly impact the VIE's economic performance. In addition, the Company's rights under the powers of attorney also reinforce the Company's abilities to direct the activities that most significantly impact the VIE’s economic performance. The Company also believes that this ability to exercise control ensures that the VIE will continue to execute and renew service agreements and pay service fees to the Company. By charging service fees at the sole discretion of the Company, and by ensuring that service agreements are executed and renewed indefinitely, the Company has the rights to receive substantially all of the economic benefits from the VIE.

The VIE and its subsidiaries hold the requisite licenses and permits necessary to conduct the Company's business under the current business arrangements.

The contractual agreements below provide the Company with the power to direct the activities that most significantly affect the economic performance of the VIE and enable the Company to receive substantially all of economic benefits and absorb the losses of the VIE.

(1)

Power of Attorney: WFOE hold irrevocable power of attorney executed by the legal owners of the VIE to exercise their voting rights on, including but not limited to dividend declaration, all matters at meetings of the legal owners of the VIE and through such power of attorney has the right to control the operations of the VIE. The power of attorney for Qianxiang Tiancheng will remain in force for ten years until December 22, 2020, and will be automatically renewed upon the extension of the terms of the relevant business operations agreements until the earlier of the following events: (i) nominee loses his/her position in Qianxiang Shiji or Qianxiang Shiji issue a written notice to dismiss or replace nominee; and (ii) the business operations agreements among Qianxiang Shiji, Qianxiang Tiancheng and Qianxiang Tiancheng's shareholders terminate or expire. The VIE agreements were extended for another ten years since December 22, 2020.

(2)

Business Operations Agreement: The business operations agreements specifically and explicitly grant WFOE the principal operating decision making rights, such as appointment of the directors and executive management, of the VIEs.

The terms of the business operations agreements for Qianxiang Tiancheng are ten years and will be extended automatically for another ten years unless the WFOE provide a 30‑day advance written notice to the VIE and to each of the VIE’s shareholders requesting not to extend the term three months prior to the expiration dates of December 22, 2020. The agreements were extended for another ten years since December 22, 2020. Neither the VIE nor any of the VIE’s shareholders may terminate the agreements during the terms or the extensions of the terms.

(3)

Exclusive Equity Option Agreement: Under the exclusive equity option agreement, the WFOE have the exclusive right to purchase the equity interests of the VIE from the registered legal equity owners as far as PRC regulations permit a transfer of legal ownership to foreign ownership. The WFOE can exercise the purchase right at any portion and any time in the 10‑year agreement period.

Without the WFOE's consent, the VIE's shareholders shall not transfer, donate, pledge, or otherwise dispose their equity shareholdings in the VIE in any way. The equity option agreement will remain in full force and effect until the earlier of: (i) the date on which all of the equity interests in the VIE have been acquired by the respective WFOE or its designated representative(s); or (ii) the receipt of the 30-day advance written termination notice issued by the respective WFOE to the shareholders of the VIE. The term of these agreements will be automatically renewed upon the extension of the term of the relevant exclusive equity option agreement.

(4)

Spousal Consent Agreement: The spouse of each of the shareholders of Qianxiang Tiancheng acknowledged that certain equity interests of Qianxiang Tiancheng held by and registered in the name of his/her spouse will be disposed of pursuant to the equity option agreements. These spouses understand that such equity interests are held by their respective spouse on behalf of Qianxiang Shiji, and they will not take any action to interfere with the disposition of such equity interests, including, without limitation, claiming that such equity interests constitute communal property of marriage.

(5)

Exclusive Technical and Consulting Services Agreement: The WFOE and registered shareholders irrevocably agree that the WFOE shall be the exclusive technology service provider to the VIE in return for a service fee which is determined at the sole discretion of the WFOE.

The term of each of agreement is ten years and will be extended automatically for another ten years unless terminated by the WFOE. The WFOE can terminate the agreement at any time by providing a 30‑day prior written notice. Qianxiang Tiancheng is not permitted to terminate the agreements prior to the expiration of the terms by December 22, 2020, unless the WFOE fail to comply with any of their obligations under this agreement and such breach makes the WFOE unable to continue to perform the agreements. The VIE agreement was extended for another ten years since December 22, 2020.

(6)

Intellectual Property License Agreement: The WFOE and registered shareholders agree that the WFOE shall have the exclusive right to license its intellectual property rights to the VIE in return for a license fee. The license fee is determined at the discretion of the Company. The term of these agreements will be automatically renewed upon the extension of the term of the relevant intellectual property license agreement.

The term of the agreement will be extended for another five years with both parties' consents. The WFOE may terminate the agreement at any time by providing a 30‑day prior written notice. Any party may terminate the agreement immediately with written notice to the other party if the other party materially breaches the relevant agreement and fails to cure its breach within 30 days from the date it receives the written notice specifying its breach from the non-breaching party. The parties will review the agreement every three months and determine if any amendment is needed.

(7)

Loan Agreements: Under loan agreements between the WFOE and each of the shareholders of the VIE, the WFOE made interest-free loans to the shareholders exclusively for the purpose of the initial capitalization and the subsequent financial needs of the VIE. The loans can only be repaid with the proceeds derived from the sale of all of the equity interests in the VIE to the WFOE or their designated representatives pursuant to the equity option agreements. The term of each of these loans is ten years from the actual drawing down of such loans by the shareholders of the VIE, and will be automatically extended for another ten years unless a written notice to the contrary is given by the WFOE to the shareholders of the VIE three months prior to the expiration of the loan agreements.

(8)

Equity Interest Pledge Agreement: Shareholders of the VIE have pledged all of their equity interests in the VIE with their respective WFOE and the WFOE are entitled to certain rights to sell the pledged equity interests through auction or other means if the VIE or the shareholders default in their obligations under other above-stated agreements.

These agreements are substantially the same, and that the equity interest pledge has become effective and will expire on the earlier of: (i) the date on which the VIE and their shareholders have fully performed their obligations under the loan agreements, the exclusive technical service agreement, the intellectual property right license agreement and the equity option agreements; (ii) the enforcement of the pledge by the WFOE pursuant to the terms and conditions under this agreement to fully satisfy its rights under such agreements; or (iii) the completion of the transfer of all equity interests of the VIE by the shareholders of the VIE to another individual or legal entity designated by the WFOE pursuant to the equity option agreement and no equity interests of the VIE are held by such shareholders.

Risks in relation to the VIE structure

The Company and the Company's legal counsel believe that Qianxiang Shiji's contractual arrangements with the VIE are in compliance with PRC law and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company's ability to enforce these contractual arrangements. If the legal structure and contractual arrangements were found to be in violation of PRC laws and regulations, the PRC government could:

Revoke the business and operating licenses of the WFOE, the VIE and their subsidiaries;

Discontinue or restrict the operations of any related-party transactions among the WFOE, the VIE and their subsidiaries;

Impose fines or other requirements on the WFOE, the VIE and their subsidiaries;

Require the WFOE, the VIE and their subsidiaries to revise the relevant ownership structure or restructure operations; and/or

Restrict or prohibit the Company’s use of the proceeds of the additional public offering to finance the Company’s business and operations in China.

The Company’s ability to conduct its used car trading business may be negatively affected if the PRC government were to carry out any of the aforementioned actions. As a result, the Company may not be able to consolidate the VIE and the VIE’s subsidiaries in its consolidated financial statements as it may lose the ability to exert effective control over the VIEs and the VIE’s subsidiaries and shareholders, and it may lose the ability to receive economic benefits from the VIE and the VIE’s subsidiaries.

Certain shareholders of the VIE are also shareholders of the Company. The interests of the shareholders of the VIE may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms, for example by influencing the VIE not to pay the service fees when required to do so. The Company cannot assure that when conflicts of interest arise, shareholders of the VIE will act in the best interests of the Company or that conflicts of interests will be resolved in the Company's favor. Currently, the Company does not have existing arrangements to address potential conflicts of interest the shareholders of the VIE may encounter in their capacity as beneficial owners and directors of the VIE. The Company believes the shareholders of the VIE will not act contrary to any of the contractual arrangements and the exclusive option agreements provide the Company with a mechanism to remove the current shareholders of the VIE as beneficial shareholders of the VIE should they act to the detriment of the Company. The Company relies on the current shareholders of VIE whom also are directors and executive officers of the Company, to fulfill their fiduciary duties and abide by laws of Cayman Islands and act in the best interest of the Company or that conflicts will be resolved in the Company’s favor. If the Company cannot resolve any conflicts of interest or disputes between the Company and the shareholders of the VIE, the Company would have to rely on legal proceedings, which could result in disruption of its business, and there is substantial uncertainty as to the outcome of any such legal proceedings.

The Company's ability to control the VIE also depends on the power of attorney that the WFOE have to vote on all matters requiring shareholder approval in the VIE. As noted above, the Company believes this power of attorney is legally enforceable but may not be as effective as direct equity ownership.

The following financial statement balances and amounts of the Company’s VIEs were included in the accompanying consolidated financial statements after elimination of intercompany balances and transactions between the offshore companies, WFOE, VIE and VIE’s subsidiaries. As of December 31, 2019 and 2020, the balance of the amounts payable by the VIE and their subsidiaries to the WFOE related to the service fees were $ nil.


	As of December 31,
	2019		2020

Cash and cash equivalents	$	264	$	955
Short-term investment		1,436		—
Accounts receivable, net		218		175
Prepaid expenses and other current assets		1,537		647
Amounts due from related parties		688		764

Total current assets		4,143		2,541

Property and equipment, net		183		178
Long-term investments		1,799		41,794
Goodwill		—		—
Amount due from a related party - non-current		40,000		—
Restricted cash – non-current		358		—
Right-of-use assets		1,122		659
Other non-current assets		660		76

Total non-current assets		44,122		42,707

Total assets	$	48,265	$	45,248

Accounts payable	$	413	$	299
Short-term debt (including short-term debt of the consolidated VIEs with recourse to Renren Inc. of $7,900 as of December 31, 2019)		3,447		—
Accrued expenses and other current liabilities		7,467		6,409
Operating lease liabilities - current		217		341
Payable to investors		14		15
Amounts due to related parties		774		690
Deferred revenue		15		16
Income tax payable		4,647		3,321

Total current liabilities		16,994		11,091

Operating lease liabilities - non-current		—		256

Total non-current liabilities		—		256

Total liabilities	$	16,994	$	11,347


	Years ended December 31,
	2018		2019		2020
Revenues	$	57,896	$	6,581	$	433
(Loss) income from continuing operations	$	(43,743)	$	(31,953)	$	1,874
Loss from discontinued operations	$	(4,626)	$	—	$	—


	Years ended December 31,
	2018		2019		2020
Net cash (used in) provided by operating activities	$	(5,970)	$	(1,170)	$	2,031
Net cash (used in) provided by investing activities	$	(1,461)	$	8,735	$	1,566
Net cash provided by (used in) financing activities	$	4,825	$	(10,340)	$	(3,088)

The VIEs contributed an aggregate of 86.7%, 43.6% and 2.4% of the consolidated revenues for the years ended December 31, 2018, 2019 and 2020, respectively. As of December 31, 2019 and 2020, the VIEs accounted for an aggregate of 22.6% and 21.3%, respectively, of the consolidated total assets, and 20.0% and 14.4%, respectively, of the consolidated total liabilities. The assets not associated with the VIEs primarily consist of cash and cash equivalents, restricted cash, amounts due from related parties - non-current, and long-term investments.

There are no consolidated VIEs' assets that are collateral for the VIEs’ obligations and can only be used to settle the VIEs’ obligations. There are no creditors (or beneficial interest holders) of the VIEs that have recourse to the general credit of the Company or any of its consolidated subsidiaries. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests, which require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs ever need financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs.

Relevant PRC laws and regulations restrict the VIEs from transferring a portion of its net assets, equivalent to the balance of its statutory reserve and its share capital, to the Company in the form of loans and advances or cash dividends. Please refer to Note 19 for disclosure of restricted net assets.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)Basis of presentation

The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP").

(b)Liquidity

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

For the years ended December 31, 2020, 2019 and 2018, the Company incurred a loss from operations of $27,227, $57,407 and $79,327, and used cash of $11,724, $28,402 and $82,966 in operating activities, respectively. As of December 31, 2020, the Company had working capital of $7,844.In January 2021, the Company received a payment of approximately $68,000 from OPI, a related party of the Company, for the principal and interests of a promissory note issued on June 21, 2018.

Including this payment, the Company has the ability to continue as a going concern for the next 12 months following the issuance date of these financial statements.

(c)Principles of consolidation

The consolidated financial statements of the Company include the financial statements of Renren Inc., its subsidiaries, its VIE and VIE’s subsidiaries. All inter-company transactions and balances are eliminated upon consolidation.

(d)Use of estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the reported amounts of revenues and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Company's consolidated financial statements include, but are not limited to, revenue recognition, allowance for doubtful accounts, write downs for excess and obsolete inventories, the discount rate used to determine the present value of the lease payments, the fair value of share-based compensation awards, the realization of deferred income tax assets, impairment of goodwill and indefinite-lived intangible assets, fair value of short-term and long-term investments, impairment of long-term investments, and the price purchase allocation and the fair value of contingent consideration for business acquisitions.

(e)Cash and cash equivalents

Cash and cash equivalents include cash on hand and all highly liquid investments purchased with original stated maturity of 90 days or less.

(f)Restricted cash

Restricted cash consists of cash deposits used to secure debt borrowings of the Company which is expected to be released in accordance with the debt agreement.

The restriction will lapse when the related debt agreement is paid off. The current portion of restricted cash represents cash deposited into bank accounts which is expected to be released within the next twelve months. The non-current portion of restricted cash represents cash deposited into bank accounts which is not expected to be released within the next twelve months.


	As of December 31,
	2019		2020
Cash and cash equivalents	$	1,283	$	19,630
Restricted cash		13,091		14,457
Restricted cash – non-current		358		—
Total cash, cash equivalents and restricted cash shown in the statements of cash flow	$	14,732	$	34,087

(g) Fair value

Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows:

Level 1‑inputs are based upon unadjusted quoted prices for identical assets or liabilities traded in active markets.

Level 2‑inputs are based upon quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3-inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.

(h) Investments

Equity method investments

Equity investment in common stock or in-substance common stock of an entity where the Company can exercise significant influence, but not control, is accounted for using the equity method. Significant influence is generally considered to exist when the Company has an ownership interest in the voting stock of the investee between 20% and 50%. Other factors, such as representation on the investee’s board of directors, voting rights and the impact of commercial arrangements are also considered in determining whether the equity method of accounting is appropriate. An investment in in-substance common stock is an investment in an entity that has risk and reward characteristics that are substantially similar to that entity’s common stock. The Company considers subordination, risks and rewards of ownership and obligation to transfer value when determining whether an investment in an entity is substantially similar to an investment in that entity’s common stock.

Under the equity method, the investment is initially recorded at cost and adjusted for the Company's share of undistributed earnings or losses of the investee. Investment losses are recognized until the investment is fully written down as the Company does not guarantee the investee's obligations nor it is committed to provide additional funding.

When the Company's carrying value in an equity method affiliated company is reduced to zero, no further losses are recorded in the Company's consolidated financial statements unless the Company guaranteed obligations of the affiliated company or has committed additional funding. When the affiliated company subsequently reports income, the Company will not record its share of such income until it exceeds the amount of its share of losses not previously recognized.

The Company’s management regularly evaluates the impairment of the equity investment based on performance and the financial position of the investee as well as other evidence of market value. Such evaluation includes, but is not limited to, reviewing the investee's cash position, recent financings, projected and historical financial performance, cash flow forecasts and financing needs. An impairment charge is recorded when the carrying amount of the investment exceeds its fair value and this condition is determined to be other-than-temporary ("OTTI"). The Company recorded impairment losses on equity method investments of $nil, $6,155 and $nil in the earnings (loss) in equity method investments, net of tax in the consolidated statements of operations for the years ended December 31, 2018, 2019 and 2020, respectively.

Equity Investments without Readily Determinable Fair Values

In January 2018, the Company adopted Accounting Standards Update (‘‘ASU’’) 2016‑01, Financial Instruments—Recognition and Measurement of Financial Assets and Financial Liabilities, and accounts for equity investments that do not have a readily determinable fair value using the measurement alternative prescribed within ASU 2016‑01, to the extent such investments are not subject to consolidation or the equity method. Under the measurement alternative, these financial instruments are carried at cost, less any impairment (assessed quarterly), plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. In addition, income is recognized when dividends are received only to the extent they are distributed from net accumulated earnings of the investee. Otherwise, such distributions are considered returns of investment and are recorded as a reduction of the cost of the investment. The Company did not record impairment losses on equity securities without readily determinable fair values during the years ended December 31, 2018, 2019 and 2020.

Equity Investments with Readily Determinable Fair Values

All equity investments with readily determinable fair values (other than those accounted for using the equity method of accounting) are measured at fair value with changes in fair value recorded in the consolidated statements of operations.

Available-for-sale investment

For investments which are determined to be debt securities, the Company accounts for them as available-for-sale investments when they are not classified as either trading or held-to-maturity investments.

Available-for-sale investment is carried at its fair value and the unrealized gains or losses from the changes in fair values are included in accumulated other comprehensive (loss) income.

The Company reviews its available-for-sale investments for other than temporary impairment based on the specific identification method. The Company considers available quantitative and qualitative evidence in evaluating potential impairment of its investments. If the cost of an investment exceeds the investment’s fair value, the Company considers, among other factors, general market conditions, government economic plans, the duration and the extent to which the fair value of the investment is less than the cost, the Company’s intent and ability to hold the investment, and the financial condition and near term prospects of the investees.

If there is OTTI on debt securities, the Company separates the amount of the OTTI into the amount that is credit related (credit loss component) and the amount due to all other factors. The credit loss component is recognized in earnings, which represents the difference between a security’s amortized cost basis and the discounted present value of expected future cash flows. The amount due to other factors is recognized in other comprehensive (loss) income if the entity neither intends to sell and will not more likely than not be required to sell the security before recovery before December 15, 2019. The difference between the amortized cost basis and the cash flows expected to be collected is accreted as interest income. After December 15, 2019, unrealized gains and losses (OTTI) are reported, net of the related tax effect, in other comprehensive income (OCI). Upon sale, realized gains and losses are reported in net income. The Company monitors the investments for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, the operating performance of the companies including current earnings trends and other company-specific information. The Company recorded impairment losses on its available-for-sale investment of $nil, $2,000 and $nil for the years ended December 31, 2018, 2019 and 2020, respectively.

(i)Accounts receivable and allowance for doubtful accounts

Accounts receivable represents those receivables derived in the ordinary course of business. An allowance for doubtful accounts is provided based on aging analyses of accounts receivable balances, historical bad debt rates, repayment patterns and customer credit worthiness.

(j)Inventory

Inventory primarily consists of the purchased electronic logging device for use of SaaS related business, which are stated at the lower of cost and net realizable value as of December 31, 2019 and 2020.

For electronic logging device, a valuation allowance is recorded to write down the cost of inventories to the estimated net realizable value, if lower, due to slow-moving or damaged products, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. Net realizable value is determined by the estimated selling prices offset by estimated additional cost of sale, selling expenses and business taxes. There was no valuation allowance provided for the inventory of continued operation as of December 31, 2020 and 2019.

Prior to the disposal of the Ji’nan Dealership in 2018, the Company had used car inventory.

In August 2018, Shandong Jieying Huaqi Auto Service Co. ("Ji’nan Dealership", a subsidiary of the Company's VIE's) received a notice from the local police regarding an investigation of the dealership's premises. Certain assets of Ji’nan Dealership were not accessible pursuant to the investigation. In connection with these events, the Company determined that it is probable that it cannot enforce the realization of the inventory value at the Ji’nan Dealership. As a result, the Company wrote off all inventory which totaled US$5.7 million and recorded it in cost of revenues during the year ended December 31, 2018.

In 2019, due to disagreements with certain non-controlling shareholders of Kaixin on operational matters, some non-controlling shareholders detained Kaixin’s inventories in the dealerships and significant uncertainty arises on the realizability and collectability of the prepayments to purchase used cars for these dealerships and amounts due from these non-controlling shareholders. Kaixin is in the process of negotiating with these non-controlling shareholders and initiated legal proceedings where necessary. Considering the above facts and circumstances, Kaixin reassessed the realizability of all its inventory and assets related to its dealerships and wrote down US$17,826 inventory, which was recoded in cost of revenues in the discontinued operations, and write-offs of US$22,282 prepayments, which was recorded in general and administrative expenses in discontinued operations.

(k)Property and equipment, net

Property and equipment, net is carried at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives:


Server & Network Equipment		3 years
Computer equipment and application software		2‑3 years
Furniture and vehicles		3-5 years
Leasehold improvements		Over the lesser of the lease term or useful life of the assets

(l)Leases

The Company leases premises for offices under non-cancellable operating leases. Prior to January 1, 2019, operating leases were not recognized on the balance sheet of the Company, but payments made under operating lease were charged to the consolidated statements of operations on a straight-line basis over the term of underlying lease. Leases with escalated rent provisions were recognized on a straight-line basis commencing with the beginning of the lease term. There is no capital improvement funding, lease concessions or contingent rent in the lease agreements. The Company has no legal or contractual asset retirement obligations at the end of the lease term.

The Company adopted Accounting Standards Codification Topic 842, Leases ("ASC 842") as of January 1, 2019, using a modified retrospective method for leases that exist at, or are entered into after, January 1, 2019, and has not recast the comparative periods presented in the consolidated financial statements. The adoption of ASC 842 requires the recognition of right-of-use assets and lease liabilities on the balance sheet for both operating and finance leases. The Company elected the package of practical expedients that not to reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases, and (3) initial direct costs for any expired or existing leases. The Company also elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases. Upon the adoption of ASC 842, the Company recognized the right-of-use assets and lease liabilities of approximately US$3,441 and US$2,429, respectively, as of January 1, 2019. The Company used its estimated incremental borrowing rates based on information available at the date of adoption in calculating the present value of its existing lease payments. The following table summarizes the effect on the consolidated balance sheet as a result of adopting ASC 842.


	As of
	December				As of
	31,		Effect of		January
	2018		Adoption		1, 2019
Right-of-use assets	$	—	$	3,441	$	3,441
Operating lease liabilities - current		—		(1,529)		(1,529)
Operating lease liabilities - non-current		—		(899)		(899)
Prepaid expenses and other current assets		10,801		(1,013)		9,788
Accrued expenses and other current liabilities		(22,411)		—		(22,411)

Upon adoption of ASC 842, the lease liabilities are recognized upon lease commencement for operating leases based on the present value of lease payments over the lease term. The right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. As the rates implicit in the lease cannot be readily determined, the incremental borrowing rates at the lease commencement date are used in determining the imputed interest and present value of lease payments. The incremental borrowing rates were determined using a portfolio approach based on the rates of interest that the Company would have to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company recognizes the single lease cost on a straight-line basis over the remaining lease term for operating leases.

The Company has elected not to recognize right-of-use assets or lease liabilities for leases with an initial term of 12 months or less; expenses for these leases are recognized on a straight-line basis over the lease term.

(m)Impairment of long-lived assets and intangible assets with definite lives

Long-lived assets, such as property and equipment and definite-lived intangible assets are stated at cost less accumulated depreciation or amortization. Depreciation and amortization is computed using the straight-line method.

The Company evaluates the recoverability of long-lived assets, including identifiable intangible assets, with determinable useful lives whenever events or changes in circumstances indicate that an intangible asset’s carrying amount may not be recoverable. The Company measures the carrying amount of long-lived asset against the estimated undiscounted future cash flows associated with it. Impairment exists when the sum of the expected undiscounted future net cash flows is less than the carrying value of the asset being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset exceeds its fair value. Fair value is estimated based on various valuation techniques, including the discounted value of estimated future cash flows. The evaluation of asset impairment requires the Company to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. For the years ended December 31, 2018, 2019 and 2020, the Company recorded impairment losses of $675, $nil and $nil for definite-lived intangible assets, respectively.

(n)Goodwill

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations.

Goodwill is not amortized, but tested for impairment annually, or more frequently if event and circumstances indicate that they might be impaired. The Company has an option to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. In the qualitative assessment, the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. Based on the qualitative assessment, if it is more likely than not that the fair value of each reporting unit is less than the carrying amount, the quantitative impairment test is performed.

The Company has adopted Accounting Standards Update ("ASU") 2017-04, Simplifying the Test for Goodwill Impairment, for annual goodwill impairment tests from January 1, 2019. This guidance removes Step 2 of the goodwill impairment test, which required the estimation of an implied fair value of goodwill in the same manner as the calculation of goodwill upon a business combination. Under the new amendments, the Company’s goodwill impairment review involves the following steps: 1) qualitative assessment – evaluate qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The factors the Company considers include, but are not limited to, macroeconomic conditions, industry and market considerations, cost factors, financial performance or events-specific to that reporting unit. If or when the Company determines it is more likely than not that the fair value of a reporting unit is less than the carrying amount, including goodwill, the Company would move to the quantitative method; 2) quantitative method –the Company performs the quantitative fair value test by comparing the fair value of a reporting unit with its carrying amount and an impairment charge is measured as the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit.

Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. The fair value of each reporting unit is estimated using the income approach. This analysis requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, and assumptions that are consistent with the plans and estimates being used to manage the Company's business, estimation of the long-term rate of growth for the Company's business, estimation of the useful life over which cash flows will occur, and determination of the Company's weighted average cost of capital. The estimates used to calculate the fair value of a reporting unit change from year to year based on operating results and market conditions. Changes in these estimates and assumptions could materially affect the determination of fair value and goodwill impairment for the reporting unit.

The Company recorded goodwill impairment from continued operations of $29,055, $9,288 and $nil, and $nil, $74,091 and $nil from discontinued operations for the years ended December 31, 2018, 2019 and 2020, respectively.

(o)Revenue recognition

The Company recognizes revenue when control of the good or service has been transferred to the customer, generally upon delivery to a customer. The contracts have a fixed contract price and revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. The Company collect value added tax and other taxes from customers on behalf of governmental authorities at the time of sale. These taxes are accounted for on a net basis and are not included in revenues and cost of revenues. The Company generally expenses sales commissions when incurred because the amortization period is less than one year. These costs are recorded within selling expenses. The Company does not have any significant financing payment terms as payment is received at or shortly after the point of sale.

The Company adopted the Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”) on January 1, 2018 using the modified retrospective method. ASC 606 prescribes a five-step model that includes: (1) identify the contract; (2) identify the performance obligations; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations; and (5) recognize revenue when (or as) performance obligations are satisfied. Based on the manner in which the Company historically recognized revenue, the adoption of ASC 606 did not have a material impact on the amount or timing of its revenue recognition and the Company recorded no cumulative effect adjustment upon adoption. Additionally, the Company concluded that revenue generated from internet finance services is excluded from the scope of the new revenue standard as it represents revenue within the scope of ASC 310, Receivables, which is explicitly excluded from the scope of ASC 606.

The Company's revenues include revenue from its automobile sales, SaaS business as well as revenue from other services.

Automobile sales

The Company purchases automobiles from unrelated individuals, third party dealerships or manufacturers and suppliers and sells them directly to its customers through the Ji’nan Dealership. The prices of used vehicles are set forth in the customer contracts which are agreed prior to delivery. The Company satisfies its performance obligation for used vehicle sales upon delivery whereby customers pick up the vehicles from the dealership. The Company recognizes revenue at the agreed upon purchase price stated in the contract. The Company ceased selling vehicles in 2018.

SaaS revenue

The SaaS revenue mainly include the revenue generated from the subscription services and advertising services provided by 1) the all-in-one real estate solution provider, Chime and 2) a transportation network company specializing in online and mobile services for the trucking industry, Trucker Path. The Company recognizes revenue for subscription services over the subscription periods. For Chime’s advertising service, the Company acts as an agent to place advertisement on the third-party website or platforms. For Trucker Path’s advertising service, the Company acts as principal to place advertisement on Trucker Path’s APP. The Company recognizes revenue for advertising services over the advertising periods.

Other services

Other services mainly include IVAS revenues and other revenues.

The Company’s IVAS revenues mainly include live streaming revenue. The Company designs, creates and offers various virtual items for sales to users with pre-determined stand-alone selling price. Revenue related to each of consumable virtual items as a single performance obligation provided on a consumption basis, is recognized at the point in time when the virtual item is transferred directly to the users and consumed by them. The Company ceased the live streaming business since June 2019.

Contract balances

Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represents amounts invoiced and revenue recognized prior to invoicing when the Company has satisfied the Company’s performance obligation and has the unconditional right to payment. The balance of accounts receivable, net of allowance for doubtful accounts were $430 and $474 as of December 31, 2019 and 2020, respectively. There were no contract assets recorded as of December 31, 2019 and 2020.

Deferred revenue mainly consists of payments received from customers related to unsatisfied performance obligations for SaaS and IVAS business. The Company’s total deferred revenue was $740 and $602 as of December 31, 2019 and 2020, which is expected to be recognized as revenue within one year.

The Company applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. These costs include certain commissions paid to intermediaries of automobile sales. The Company has no material incremental costs of obtaining contracts with customers that the Company expects the benefit of those costs to be longer than one year which need to be recognized as assets.

(p)Cost of revenues

Cost of revenues consists of costs directly related to SaaS business, IVAS business and others service.

(q)Value added taxes

Value-added taxes ("VAT") is also reported as a deduction to revenue when incurred and amounted to $4,949, $1,034 and $599 for the years ended December 31, 2018, 2019 and 2020, respectively. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in accrued expense and other current liabilities on the consolidated balance sheet.

(r)Income taxes

Current income taxes are provided for in accordance with the laws of the relevant tax authorities.

Deferred income taxes are recognized when temporary differences exist between the tax basis of assets and liabilities and their reported amounts in the financial statements and are recorded as non-current in the consolidated balance sheet. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that a portion of or all of the deferred tax assets will not be realized.

The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. The Company did not recognize any income tax due to uncertain tax position or incur any interest and penalties related to potential underpaid income tax expenses for the years ended December 31, 2018, 2019 and 2020, respectively.

(s)Financial instruments

Financial instruments include cash and cash equivalents, restricted cash, accounts receivable, short-term investments, long-term investments, amounts due from/to related parties, accounts payable, short-term debt, payable to investors and long-term debt.

(t)Research and development expenses

Research and development expenses are primarily incurred for development of new services, features and products for the Company's SaaS business, as well as to further improve the Company's technology infrastructure to support these businesses. The Company has expensed all research and development costs when incurred.

(u)Foreign currency translation

The functional and reporting currency of the Company is the United States dollar ("US dollar"). The financial records of the Company's subsidiaries and VIEs located in the PRC, Hong Kong and Philippines are maintained in their local currencies, Renminbi ("RMB"), Hong Kong Dollar ("HKD") and Philippines Peso (“PHP”), respectively, which are also the functional currencies of these entities.

Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the statements of operations.

The Company's entities with functional currency of RMB, HKD and PHP, translate their operating results and financial positions into US dollar, the Company's reporting currency. Assets and liabilities are translated using the exchange rates in effect on the balance sheet date. Equity amounts are translated at historical exchange rates. Revenues, expenses, gains and losses are translated using the average rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as accumulated other comprehensive income (loss).

(v)Comprehensive (loss) income

Comprehensive (loss) income includes net (loss) income, foreign currency translation adjustments and fair value changes of available-for-sale investments of the Company. Additionally, the Company's consolidated statement of comprehensive (loss) income also includes the cumulative effect adjustment for the net unrealized loss of equity securities with determinable fair value from accumulated other comprehensive income to the opening balance of accumulated deficit related to the adoption of ASU 2016-01.

(w)Share-based compensation

Share-based payment transactions with employees, such as share options are measured based on the grant date fair value of the equity instrument. The Company recognizes the compensation costs net of estimated forfeitures using the straight-line method, over the applicable vesting period. The estimate of forfeitures will be adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures will be recognized through a cumulative catch-up adjustment in the period of change and will also impact the amount of stock compensation expense to be recognized in future periods. Share options granted to employees with market conditions attached are measured at fair value on the grant date and are recognized as the compensation costs over the estimated requisite service period, regardless of whether the market condition has been met.

A change in any of the terms or conditions of share options is accounted for as a modification of stock options. The Company calculates the incremental compensation cost of a modification as the excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified, measured based on the share price and other pertinent factors at the modification date. For vested options, the Company recognizes incremental compensation cost in the period the modification occurred. For unvested options, the Company recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date.

(x)(Loss) income per share

Basic (loss) income per ordinary share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

Diluted (loss) income per ordinary share reflect the potential dilution that could occur if securities were exercised or converted into ordinary shares. The Company had stock options, non-vested restricted shares and contingent consideration, which could potentially dilute basic earnings per share in the future. Potential ordinary shares in the diluted net loss per share computation are excluded in periods of losses from continuing operations as their effect would be anti-diluted.

(y)Recent accounting pronouncements not yet adopted

In June 2016, the FASB issued Accounting Standards Update No. 2016-13, “Financial Instruments - Credit Losses (Topic 326)” (“ASU 2016-13”). ASU 2016-13 revises the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. In November 2019, FASB issued ASU 2019-10, “Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842).” This ASU defers the effective date of ASU 2016-13 for public companies that are considered smaller reporting companies as defined by the SEC to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is planning to adopt this standard beginning on January 1, 2023. The Company is currently evaluating the potential effects of adopting the provisions of ASU No. 2016-13 on its combined and consolidated financial statements, particularly its recognition of allowances for accounts receivable.

In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force) ("ASU 2020-01"), which clarifies the interactions of the accounting for certain equity securities under ASC 321, investments accounted for under the equity method of accounting in ASC 323, and the accounting for certain forward contracts and purchased options accounted for under ASC 815. ASU 2020-01 could change how an entity accounts for (i) an equity security under the measurement alternative and (ii) a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with ASC 825. These amendments improve current U.S. GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. Early adoption is permitted. The Company will adopt the new standard effective January 1, 2021 and does not expect the adoption to have a material impact on the consolidated financial statements.

Recently issued ASUs by the FASB, except for the ones mentioned above, have no material impact on the Company's consolidated results of operations or financial position.

SIGNIFICANT RISKS AND UNCERTAINTIES	12 Months Ended
SIGNIFICANT RISKS AND UNCERTAINTIES	Dec. 31, 2020
SIGNIFICANT RISKS AND UNCERTAINTIES
SIGNIFICANT RISKS AND UNCERTAINTIES	3. SIGNIFICANT RISKS AND UNCERTAINTIES Foreign currency risk The RMB is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. Cash and cash equivalents of the Company included aggregate amounts of $315 and $3,418 at December 31, 2019 and 2020, respectively, which were denominated in RMB. All restricted cash and restricted cash-non-current as of December 31, 2020 were denominated in RMB. Concentration of credit risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, short-term investments, accounts receivable, and amounts due from related parties. The Company places their cash, cash equivalents, restricted cash, and short-term investments, with financial institutions with high-credit ratings and quality. There were no customers that accounted for 10% or more of total revenue for the years ended December 31, 2018, 2019 and 2020. No customers accounted for 10% or more of the balance of accounts receivable as of December 31, 2019 and 2020.

DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2020

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

4. DISCONTINUED OPERATIONS

Disposition of Renren SNS

In November 2018, the Company’s Board of Directors approved a proposal of sale of its SNS Business which comprise of www.renren.com and its social networking service business which includes the Company's SNS platform as well as its mobile live streaming to Beijing Infinities for a combined consideration of US$20 million in cash and US$40 million in the form of Beijing Infinities shares to be issued to the Company. The disposal was completed on December 29, 2018 and as a result, the Company deconsolidated its SNS Business on that date. The Company concluded that the disposal of the SNS Business represented a strategic shift of the Company's operations where the Company would no longer focus on social networking but would rather focus on its used car business in China as well as its businesses outside of China. Accordingly, assets, liabilities, revenues and expenses and cash flows related to the Company's SNS Business have been reclassified in the accompanying consolidated financial statements as discontinued operations for all the periods presented.

The Company collected $6.8 million in 2019, however, by December 31, 2019, Beijing Infinities failed to make payments under the agreed extended repayment plan. Based on assessment of the collectability, the Company provided an allowance of US$12.6 million for the receivable. Additionally, the shares receivable in the form of Infinites Technology (Cayman) Holding Limited, which is the holding company of Beijing Infinities, were received as of December 31, 2020 and were recorded as long-term investments in the consolidated balance sheets as of December 31, 2020.

On December 29, 2018, the Company calculated a gain regarding the disposal of the SNS Business as follows.


	As of
	December 31, 2018

Total proceeds	$	60,000

Less: Property and equipment, net		8

Net assets of Renren SNS		8
Less: Accumulated other comprehensive income		336

Less: Tax expenses		—

Gain on deconsolidation of Renren SNS	$	59,656

The condensed cash flow from operating of Renren SNS Business were US$1,437 used in operation activities for the year ended December 31, 2018. The condensed cash flow from investing of Renren SNS Business were immaterial. For the year ended December 31, 2019, the net cash flow provided by operating activities of Renren SNS Business were US$681.

Disposition of OPI

On April 30, 2018, the Company announced that OPI will offer newly issued ordinary shares of OPI in a private placement to those shareholders of Renren as of the Record Date who satisfy all three of the following criteria: (1) the shareholder is an “accredited investor,” as such term is defined under the U.S. Securities Act of 1933, as amended, (2) the shareholder is a “qualified purchaser,” as such term is defined under the U.S. Investment Company Act of 1940, as amended, and (3) the shareholder is not a resident of a jurisdiction where the offering would be illegal. Additionally, the Company also announced a cash dividend payable by Renren to all shareholders other than those shareholders who waive the cash dividend in connection with the private placement described above. The amount of the cash dividend was US$0.6125 per ordinary share of Renren. The cash dividend and the private placement are part of an integrated series of transactions designed to address concerns that Renren may be deemed to be an investment company within the meaning of the Investment Company Act. The disposition was consummated on June 21, 2018 with an issuance of a total of 816,261,781 ordinary shares of OPI on June 21, 2018 to those eligible shareholders of Renren as of June 14, 2018 who validly waived the cash dividend in connection with the private placement. In addition, on June 21, 2018, US$133.7 million of cash dividends, with US$0.6125 per ordinary share of Renren, was paid to the Company's shareholders who were not accredited investors and elected to no longer remain investors of OPI subsequent to the private placement transaction. After the transaction, the Company no longer held any shares of OPI and OPI was deconsolidated from the Company's consolidated financial statements. Additionally, the Company concluded that the disposal of OPI represents a non-pro rata distribution of shares of OPI to selected shareholders combined with a cash dividend to the remaining shareholders. Accordingly, the Company has accounted the disposal at fair value.

On June 30, 2018, the Company calculated a gain regarding such disposition as follows:


	As of
	June 30, 2018

Fair value of OPI	$	500,000

Less: Cash and cash equivalents		35,274
Accounts and notes receivable, net		64
Prepaid expenses and other current assets		16,344
Property and equipment, net		12
Amount due from the Company		15,190
Equity method investments		268,515
Equity investments without readily determinable fair values		144,096
Available-for-sale investment		90,615
Other non-current assets		14
Short term loan		(14,336)
Accounts payable		(96)
Accrued expenses and other current liabilities		(872)
Amount due to the Company		(102,304)
Deferred revenue		(13)
Income tax payable		(910)
Long-term liabilities		(112,604)
Other Long-term liabilities		(21,430)

Net assets of OPI		317,559

Less: tax expenses		—

Gain on deconsolidation of OPI	$	182,441

The condensed cash flow of OPI were as follows for the year ended December 31, 2018:


	Year ended
	December 31,
	2018

Net cash used in operating activities	$	(28,134)
Net cash provided by investing activities	$	12
Net cash provided by financing activities	$	60,000

Disposition of Kaixin

In December 2020, the Company approved the binding term sheet signed between Kaixin and Haitaoche Limited (“Haitaoche”). The binding term sheet sets forth the terms and conditions by which Haitaoche will merge with a newly formed wholly-owned subsidiary of Kaixin, with Haitaoche continuing as the surviving entity and a wholly-owned subsidiary of Kaixin (the “Merger”). As consideration for the Merger, Kaixin will issue a number of ordinary shares of Kaixin to the shareholders of Haitaoche (the “Haitaoche Shareholders”) so that the Haitaoche Shareholders will collectively hold 51% of Kaixin’s share capital upon the closing of the Merger. The disposal of Kaixin represents a strategic shift and has a major effect on the Company’s result of operations. Accordingly, assets, liabilities, revenues and expenses and cash flows related to Kaixin have been reclassified in the accompanying consolidated financial statements as discontinued operations for all periods presented. Additionally, long-lived assets classified as held for sale as of December 31, 2020 were measured at the lower of their carrying amount or fair value less cost to sell. As a result of the disposition of Kaixin, the Company reevaluated its operating segments. Refer to Note 16.

The following table summarizes the carrying amounts of the major classes of assets and liabilities held for sale in the consolidated balance sheet as of December 31, 2019 and 2020:


	As of December 31,
	2019		2020

Cash and cash equivalents	$	3,190	$	3,162
Financing receivable, net		219		—
Inventory		20,990		—
Prepaid expenses and other current assets		27,586		43,624
Property and equipment, net		153		45
Right-of-use assets		2,252		74
Other non-current asset		—		1,562
Assets classified as held for sale	$	54,390	$	48,467

Accounts payable		4,122		402
Accrued expenses and other current payables		17,302		14,683
Amount due to related parties		4,214		2,960
Short-term debt		16,630		15,257
Income tax payable		5,319		4,042
Advance from customers		1,677		1,863
Lease liabilities– current		1,785		39
Warrant Liability		-		1,690
Lease liabilities – non-current		810		26
Liabilities classified as held for sale	$	51,859	$	40,962

The condensed cash flows of Kaixin Auto Holdings were as follows for the years ended December 31, 2018, 2019 and 2020:


	Years ended December 31,
	2018	2019	2020

Net cash used in operating activities	(9,749)	(4,745)	(3,878)
Net cash provided by investing activities	98,982	1,223	—
Net cash (used in) provide by financing activities	(138,637)	(6,328)	3,917

The operating results from discontinued operations included in the Company's consolidated statement of operations were as follows for the years ended December 31, 2018, 2019 and 2020.


	Years ended December 31,
	2018								2019		2020
	Renren SNS		OPI		Kaixin		Total		Kaixin		Kaixin

Major classes of line items constituting pretax profit of discontinued operations
Net revenues	$	19,679	$	895	$	431,404	$	451,978	$	334,697	$	33,160
Cost of revenues		(14,997)		(834)		(413,971)		(429,802)		(340,174)		(32,160)
Selling, research and development, and general and administrative expenses		(7,523)		(1,394)		(51,508)		(60,425)		(53,866)		(7,256)
Other income (expense)		—		371		(812)		(441)		840		586
Interest income				—		575		575		69		5
Interest expense		—		(3,142)		(4,261)		(7,403)		(4,057)		(1,183)
Impairment of goodwill		—		—		—		—		(74,091)		—
Impairment of long-term investments		—		(2,180)		—		(2,180)		—		—
Fair value change of contingent consideration		—		—		(49,503)		(49,503)		65,594		—
Loss from the operations of the discontinued operations, before income tax		(2,841)		(6,284)		(88,076)		(97,201)		(70,988)		(6,848)
Income tax (expenses) benefit		—		—		(862)		(862)		1,920		1,528
Loss of equity method investment		—		(9,674)		—		(9,674)		—		—
Loss from the operations of the discontinued operations, net of tax		(2,841)		(15,958)		(88,938)		(107,737)		(69,068)		(5,320)

Gain on deconsolidation of the subsidiaries, net of tax		59,656		182,441		—		242,097		—		—

Gain (loss) from the discontinued operations, net of tax	$	56,815	$	166,483	$	(88,938)	$	134,360	$	(69,068)	$	(5,320)

All notes to the accompanying consolidated financial statements have been retrospectively adjusted to reflect the effect of the discontinued operations, where applicable.

SHORT-TERM INVESTMENTS	12 Months Ended
SHORT-TERM INVESTMENTS	Dec. 31, 2020
SHORT-TERM INVESTMENTS
SHORT-TERM INVESTMENTS	5. SHORT-TERM INVESTMENTS The Company’s short-term investments represent wealth management products issued by commercial banks in the PRC which are redeemed upon demand of the Company. The wealth management products are invested in debt securities issued by the PRC government, corporate debt securities, bank deposits, central bank bills and other securities issued by other financial institutions. The debt securities are classified as available-for-sale investments and are reported at fair value, with any unrealized holding gains or losses, net of the related tax effect, excluded from earnings and recorded as a separate component of accumulated other comprehensive income (loss) until realized. Realized gains or losses from the sale of short-term investments are determined on a specific identification basis and are recorded as investment income when earned. Short-term investments are valued based on the expected return provided by the issuer. The short-term investments are categorized in Level 2 of the fair value hierarchy. The fair value of the short-term investments approximates the book value, and there was no interest income or loss recognized in earnings and no unrealized gain or loss from the changes in fair values recognized in accumulated other comprehensive income during the fiscal years ending December 31, 2019 and 2020,respectively.

LONG-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2020

LONG-TERM INVESTMENTS

LONG-TERM INVESTMENTS

6. LONG-TERM INVESTMENTS


		As of December 31,
	Note	2019		2020

Equity method investments:
Fundrise, L.P.	(i)	$	11,655	$	11,828
Other			1,081		1,047

Total equity method investments			12,736		12,875

Equity investment without readily determinable fair values
Suzhou Youge Interconnection Venture Capital Center			718		766
Infinites Technology (Cayman) Holding Limited	(ii)		—		40,000
Total equity investments without readily determinable fair values			718		40,766

Total long-term investments		$	13,454	$	53,641

(i)

In October 2014, the Company entered into an agreement to purchase limited partnership interest of Fundrise, L.P. for a total consideration of $10,000. The Company held 98.04% equity interest as of December 31, 2019 and 2020 and recognized its share of gain of $276, $336 and $174 for the years ended December 31, 2018, 2019 and 2020, respectively.

(ii)

The investment of Infinites Technology (Cayman) Holding Limited, which is the holding company of Beijing Infinities, was acquired in connection with the disposition of the SNS business. See Note 4.

Goodwill

12 Months Ended

Dec. 31, 2020

Goodwill

Goodwill

7. Goodwill


	Amount
Balance at January 1, 2018	$	40,085
Impairment loss		(29,055)
Exchange difference		(1,617)
Balance at December 31, 2018		9,413
Impairment loss		(9,288)
Exchange difference		(1)
Balance at December 31, 2019		124

Exchange difference		—
Balance at December 31, 2020	$	124

During the year ended December 31, 2018, Kaixin transferred its equity interest in the Ji'nan Dealership and the related assets to an affiliate of the Company. Following the transfer, the Company closed the dealership. As a result of the above, the Company fully impaired the goodwill related to the Ji'nan Dealership amounting to $25,804. The Company acquired Sindeo in 2017. During the year ended December 31, 2018, the Company performed its goodwill impairment test and determined there was an impairment. As a result, the entire balance of goodwill associated with Sindeo of US$3,251 was written off.

During the year ended December 31, 2019, an impairment of goodwill of $1,461 was recognized related to goodwill from the acquisition of Geographic Farming, LLC and impairment of goodwill of $7,828 was recognized related to the acquisition of Trucker Path in Renren segment. The impairments were recorded primarily due to the business suspension in Geographic Farming, LLC and lower than expected performance in Trucker Path.

SHORT - TERM DEBT AND LONG-TERM DEBT

12 Months Ended

Dec. 31, 2020

SHORT-TERM DEBT AND LONG-TERM DEBT

SHORT-TERM DEBT AND LONG-TERM DEBT

8. SHORT - TERM DEBT AND LONG-TERM DEBT

Short-term debt


		As of December 31,
	Note	2019		2020
East West Bank	(i)	$	11,000	$	11,400
Others			3,447		—
Total		$	14,447	$	11,400

(i)

In September 2019, the Company borrowed $7,000 from East West Bank with an annual interest rate equal to LIBOR rate plus 1.2% due in April 2020. In April and June 2020, the maturity date of the loan was extended to July 2020 and September 2020 and the amount of borrowing was increased to $11,000 with an annual interest rate equal to LIBOR rate plus 1.7%. In September 2020, the maturity date was extended to September 2021 and maximum principal amount had been revised to $18,000. The loan was secured by the Company’s restricted cash as of December 31, 2020.

For the loan from East West Bank, the Company breached certain non-financial related covenants and the bank did not request immediate repayment of the loan. The Company repaid the loan in January 2021.

Long-term debt


		As of December 31,
	Note	2019		2020
Silicon Valley Bank	(i)	$		$	1,585
Total		$	—	$	1,585

(i)

In April 2020, the Company entered into a long-term loan agreement with Silicon Valley Bank for $1,585. The loan bears an annual interest rate of 1.0% and has a loan period of 24 months.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2020

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


	As of December 31,
	2019		2020

Other tax payable	$	3,925	$	3,849
Accrued professional fee and marketing expense		4,688		3,162
Employee payroll and welfare		937		364
Accrued Rental		424		10
Staff reimbursement		221		128
Others		3,680		3,306
Total	$	13,875	$	10,819

OPERATING LEASES

12 Months Ended

Dec. 31, 2020

OPERATING LEASES

OPERATING LEASES

10. OPERATING LEASES

The Company leases its facilities and offices under non-cancellable operating lease agreements. These leases expire through 2023 and are renewable upon negotiation.

The right-of-use assets were US$2,135 as of December 31, 2020. The current portion of lease liabilities was US$1,409 and the operating lease liabilities – non-current were US$589 as of December 31, 2020. For the year ended December 31, 2020, cash paid for amounts included in the measurement of lease liabilities was US$940.

Before adoption of ASC842, total operating lease cost for the year ended December 31, 2018 was $4,140. The operating lease cost and short-term lease cost for the years ended December 31, 2019 and 2020 were as follows:


	For the Year Ended		For the Year Ended
	December 31, 2019		December 31, 2020
Cost	$	90	$	297
Selling expenses		7		—
Research and development expenses		977		1,221
General and administrative expenses		215		296
Total operating lease cost		1,289		1,814

Short-term lease cost		276		83

Total lease cost	$	1,565	$	1,897

The weighted average remaining lease term as of December 31, 2020 and 2019 was 1.70 and 1.88 years, and the weighted average discount rate of the operating leases was 10.30% and 10.92%.

Maturities of lease liabilities as of December 31, 2020 were as follows:


	Operating Lease
2021	$	1,409
2022		610
Total undiscounted lease payment		2,019
Less: Imputed interest		21
Present value of lease liabilities	$	1,998

INCOME TAXES

12 Months Ended

Dec. 31, 2020

INCOME TAXES

INCOME TAXES

11. INCOME TAXES

The Company and subsidiaries incorporated in the Cayman Islands are not subject to income or capital gains taxes under the current laws of the Cayman Islands.

The Company’s subsidiaries incorporated in the US are subject to state income tax and federal income tax at different tax rates, depending upon taxable income levels. They did not have taxable income and no income tax expense was provided for the years ended December 31, 2018, 2019 and 2020.

The Company’s subsidiaries incorporated in Hong Kong are subjected to Hong Kong profits tax. With effect from 1 April 2018, a two-tiered profits tax rates regime applies. The profits tax rate for the first HKD 2 million of corporate profits is 8.25%, while the standard profits tax rate of 16.5% remains for profits exceeding HKD 2 million. No provision for Hong Kong profits tax has been made as they have no assessable profits in Hong Kong in the fiscal years ended December 31, 2018, 2019 and 2020.

Renren Giantly Philippines Inc was established in 2018 and incorporated in the Philippines, which is subject to 30% enterprise income tax rate for the year ended December 31, 2019 and 2020. Renren Giantly Philippines Inc did not have taxable income and no income tax expense was provided for the year ended December 31, 2019 and 2020.

The EIT Law includes a provision specifying that legal entities organized outside PRC will be considered residents for Chinese income tax purposes if their place of effective management or control is within the PRC. If legal entities organized outside PRC were considered residents for Chinese income tax purpose, they would become subject to the EIT Law on their worldwide income. This would cause any income from legal entities organized outside PRC earned to be subject to PRC’s 25% EIT. The Implementation Rules to EIT Law provide that non-resident legal entities will be considered as PRC residents if substantial and overall management and control over the manufacturing and business operations, personnel, accounting, properties, etc. reside within PRC.

Despite the present uncertainties resulting from the limited PRC tax guidance on the issue, the Company does not believe that the legal entities organized outside the PRC should be characterized as PRC residents for EIT Law purposes.

Under the EIT Law and its implementation rules which became effective on January 1, 2008, dividends generated after January 1, 2008 and payable by a foreign-invested enterprise in PRC to its foreign investors who are non-resident enterprises are subject to a 10% withholding tax, unless any such foreign investor’s jurisdiction of incorporation has a tax treaty with PRC that provides for a different withholding arrangement. The Cayman Islands, where the Company is incorporated, does not have a tax treaty with PRC.

The Company’s subsidiaries and VIEs located in the PRC had aggregate accumulated deficits as of December 31, 2020. Accordingly, no deferred tax liability had been accrued for the Chinese dividend withholding taxes as of December 31, 2020.

The current and deferred component of income tax expenses which were attributable to the Company’s PRC subsidiaries and VIEs and VIEs’ subsidiaries, are as follows:


	Years ended December 31,
	2018		2019		2020

Current income tax expenses (benefit)	$	8,988	$	1,944	$	(65)
Deferred income tax expenses		—		—		—
Total income tax expenses (benefit)	$	8,988	$	1,944	$	(65)

The principal components of the deferred tax assets and liabilities are as follows:


	As of December 31,
	2019		2020

Deferred tax assets
Provision for doubtful accounts	$	4,456	$	4,761
Accrued payroll and welfare		218		89
Allowance for prepaid expenses and other current assets		5,137		4,839
Accrued liabilities		3,019		2,424
Advertising fee		811		563
Employee education fee		18		19
Goodwill and intangible asset impairment		7,195		6,798
Net operating loss carry forwards		29,707		22,412
Total Deferred tax assets		50,561		41,905
Less valuation allowance		(50,561)		(41,905)

Deferred tax assets, net	$	—	$	—

The roll forward of valuation allowances of deferred tax assets for the year ended December 31, 2020 were as follows:


	Year ended
	December 31, 2020
Balance as of beginning of year	$	50,561
Additions		4,070
Reversals		(11,868)
Decrease relating to disposal of entities		(3,355)
Foreign currency translation adjustments		2,497
Balance as of end of year	$	41,905

The Company operates through multiple subsidiaries and VIEs and VIEs’ subsidiaries. The valuation allowance is considered on each an individual entity basis. The subsidiaries and VIEs and VIEs’ subsidiaries have total deferred tax assets related to net operating loss carry forwards of $29,707 and $22,413 as of December 31, 2019 and 2020, respectively. The Company assessed the available evidence to estimate if sufficient future taxable income would be generated to use the existing deferred tax assets. As of December 31, 2019 and 2020, valuation allowances were established because the Company believes that it is more likely than not that its deferred tax assets will not be realized as it does not expect to generate sufficient taxable income in the near future. As of December 31, 2020, the Company had net operating losses of $32,914, which can be carried forward to offset future taxable profit. The net operating loss of $4,569, $7,053, $10,579 , $6,980 and $3,733 will expire by 2021, 2022, 2023, 2024 and 2025 respectively, if not utilized. As of December 31, 2020, the Company had net operating loss of $47 from Hong Kong and $66,649 from United States subsidiaries which don’t have an expiring date.

Reconciliation between the income tax expenses computed by applying the PRC tax rate to loss before the provision of income taxes and the actual provision for income taxes is as follows:


	Years ended December 31,
	2018			2019			2020

Loss before provision of income tax	$	(58,428)		$	(29,012)		$	(16,935)
PRC statutory income tax rate		25	%		25	%		25	%
Income tax at statutory tax rate		(14,607)			(7,250)			(4,234)
Taxable deemed interest income from inter-company interest-free loans		4,298			2,218			(66)
Net operating loss not applicable for carryforward		—			13,548			14,820
Non-deductible expenses		6,471			(1,340)			44
Non-deductible expenses related to share-based compensation		7,901			2,102			3,830
Non-taxable income from fair value change gain of contingent consideration		—			(5,166)			(257)
Impairment of goodwill		—			2,322			—
Effect of income tax rate differences in jurisdictions other than the PRC		7,426			(87)			675
Effects of Company cancellation		—			205			(3,723)
Changes in valuation allowance		(2,501)			(4,608)			(11,154)
Income tax expenses (benefit)	$	8,988		$	1,944		$	(65)

The Company did not identify significant unrecognized tax benefits for the years ended December 31, 2018, 2019 and 2020, respectively. The Company did not incur any interest and penalties related to potential underpaid income tax expenses.

Since January 1, 2008, the relevant tax authorities have not conducted a tax examination on PRC entities. In accordance with relevant PRC tax administration laws, tax years from 2016 to present of the Company’s PRC subsidiaries and VIEs and VIEs’ subsidiaries remain subject to tax audits as of December 31, 2020, at the tax authority’s discretion.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

ORDINARY SHARES	12 Months Ended
ORDINARY SHARES	Dec. 31, 2020
ORDINARY SHARES
ORDINARY SHARES	12. ORDINARY SHARES The authorized number of Class A ordinary shares is 3,000,000,000 with par value $0.001 per share, Class A ordinary shares of the Company amounted to $751 and $770 as of December 31, 2019 and 2020, respectively. The authorized number of Class B ordinary shares is 500,000,000 with par value $0.001 per share, Class B ordinary shares of the Company amounted to $305 and $305 as of December 31, 2019 and 2020, respectively. Each Class B ordinary share is convertible into one Class A ordinary share.

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2020

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

13. FAIR VALUE MEASUREMENTS

Assets and liabilities disclosed at fair value

The Company measures its amounts due from/to related parties, equity investments without readily determinable fair values and short-term and long-term debt, payable to investors and amount due from OPI at amortized cost. The carrying values of cash and cash equivalents and restricted cash approximated fair value and represented a level 1 measurement. The carrying value of the debt obligations approximate fair value considering the borrowing rates are at the same level of the current market yield for the comparable debts and represent a level 2 measurement. The carrying value of amount due from OPI approximates its fair value since the interest rates is considered to reflect market interest rate. The carrying value of current amounts due from /to other related parties’ approximate fair value due to their relatively short maturity.

Assets and liabilities measured at fair value on a recurring basis

The Company measures its financial assets and liabilities, including short-term investments, equity investments with readily determinable fair values and contingent consideration at fair value on a recurring basis as of December 31, 2019 and 2020. The short-term investments are categorized in Level 2 of the fair value hierarchy. Contingent consideration as of December 31, 2019 and 2020 is classified within Level 3 of the fair value hierarchy because the fair value is determined by using a significant number of unobservable inputs which are further described below.

The following table summarizes the Company’s financial assets and liabilities measured and recorded at fair value on recurring basis as of December 31, 2019 and 2020, respectively:


	As of December 31, 2019								As of December 31, 2020
	Fair Value Measurement at the Reporting Date								Fair Value Measurement at the Reporting Date
	using								using
	Quoted								Quoted
	price in								price in
	active								active
	markets		Significant						markets		Significant
	for		other		Significant				for		other		Significant
	identical		observable		unobservable				identical		observable		unobservable
	assets		inputs		in puts				assets		inputs		in puts
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Short-term investments	$	—	$	1,436	$	—	$	1,436	$	—	$	—	$	—	$	—
Contingent consideration		—		—		(1,032)		(1,032)		—		—		(2,059)		(2,059)
Total	$	—	$	1,436	$	(1,032)	$	404	$	—	$	—	$	(2,059)	$	(2,059)

The Company did not transfer any assets or liabilities in or out of Level 3 during the years ended December 31, 2018, 2019 and 2020.

In connection with the Kaixin Offering closing on April 30, 2019, the dealers and after-sale service center operators became entitled to a minimum number of 4.18 million shares of KAH based on their historical performance. Because such share consideration payment will be delivered, without being affected by the outcome of the other consideration payment triggers, the fair value of US$ 20.8 million related to this consideration payment was reclassified from liability classified contingent consideration to equity classified contingent consideration, such fair value is calculated based on the number of shares multiplied by the share price upon the closing of Kaixin Offering.

As of December 31, 2020 and 2019, contingent consideration was related to certain consideration payment triggers, such as the performance of each dealer and after-sale service center operator for each of the five years’ following April 30, 2019 and KAH’s share price from May 1, 2019 to October 31, 2021. The fair value of the contingent consideration was estimated with the following key assumptions 1) none of the dealer or after-sale service center operator will meet any performance condition for each of the five years’ following April 30, 2019; 2) Renren Inc. will not receive any earnout shares and 3) Renren Inc. will receive the indemnification shares.

The following is a reconciliation of the beginning and ending balances for contingent consideration measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2019 and 2020:


	Amounts
Balance at January 1, 2019	$	105,670
Fair value change		(86,256)
Exchange difference		2,467
Contingent liability reclassified into equity		(20,849)
Balance at December 31, 2019		1,032
Fair value change		1,027
Exchange difference		—
Balance at December 31, 2020	$	2,059

Assets measured at fair value on a nonrecurring basis

The Company measured its property, equipment and intangible assets at fair value on a nonrecurring basis whenever events or changes in circumstances indicate that the carrying value may no longer be recoverable. The Company measures the purchase price allocation at fair value on a nonrecurring basis as of the acquisition dates.

Goodwill is evaluated for impairment annually or more frequently if events or conditions were to indicate the carrying value of a reporting unit may be greater than its fair value. Impairment testing compares the carrying amount of the reporting unit with its fair value. In 2019, the Company performed annual impairment tests for goodwill using the discounted cash flow method. The fair value of goodwill is a Level 3 valuation based on certain unobservable inputs including projected cash flows and estimated risk-adjusted rates of return that would be utilized by market participants in valuing these assets or prices of similar assets, see Note 7.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2020

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

14. SHARE-BASED COMPENSATION

Renren Stock options

Renren Inc. (“Renren”) adopted the 2006 Equity Incentive Plan (the “2006 Plan”), the 2008 Equity Incentive Plan (the “2008 Plan”), the 2009 Equity Incentive Plan (the “2009 Plan”), the 2011 Share Incentive Plan (the “2011 Plan”), the 2016 Share Incentive Plan (the “2016 Plan”), and the 2018 Share Incentive Plan (the “2018 Plan”) for purpose of granting of stock options and incentive stock options to employees and executives to reward them for service to the parent and to provide incentives for future service. In 2006, Renren Inc. adopted the 2006 Plan to replace the equity incentive plans adopted during the years ended December 31, 2003, 2004 and 2005. The following is the maximum aggregate number of shares which may be issued pursuant to all awards under the 2006 Plan, 2008 Plan, 2009 Plan, 2011 Plan, 2016 Plan and 2018 Plan:


		Maximum
		aggregate
		number of
		shares
2006 Plan		97,430,220
2008 Plan		30,529,630
2009 Plan		40,000,000
2011 Plan		110,014,158
2016 Plan		53,596,236
2018 Plan		107,100,000

The term of the options may not exceed ten years from the date of the grant. The awards under the above plans are subject to vesting schedules ranging from immediately upon grant to six years subsequent to grant date.

On June 29, 2018, Renren Inc.’s compensation committee approved a modification to certain awards to reduce the exercise price for all outstanding options previously granted by Renren with an exercise price higher than $0.0613 per ordinary share to $0.0613 per share. Such reduction was accounted by Renren as a share option modification and required the remeasurement of these share options at the time of the modification. The total incremental cost as a result of the modification was $10,779. The incremental cost related to vested options amounted to $9,304 and was recorded in the consolidated statements of operations during year ended December 31, 2018. The incremental cost related to unvested options amounted to $1,475 and will be recorded over the remaining service periods.

On March 24, 2020, Renren Inc.’s compensation committee approved a modification to certain awards to reduce the exercise price for all outstanding options previously granted by Renren with an exercise price higher than $0.0113 per ordinary share to $0.0113 per share. Such reduction was accounted by Renren as a share option modification and required the remeasurement of these share options at the time of the modification. The total incremental cost as a result of the modification was $6,948. The incremental cost related to vested options amounted to $6,534 and was recorded in the consolidated statements of operations during year ended December 31, 2020. The incremental cost related to unvested options amounted to $414 and will be recorded over the remaining service periods.

The Company did not grant any options under these plans for any periods presented.

The following table summarizes information with respect to share options outstanding as of December 31, 2020:

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

remaining

average

Number

contractual

exercise

intrinsic

Number of

contractual

exercise

intrinsic

Range of exercise prices

outstanding

life

price

value

exercisable

life

price

value

$0.01

138,724,521

3.42

0.06

13,137

130,442,760

3.31

0.01

12,353

138,724,521

13,137

130,442,760

12,353


		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value

Balance, December 31, 2019	138,953,386	$	0.06	$	0.64

Exercised	(77,535)	$	0.01	$	0.51
Forfeited	(151,330)	$	0.01	$	0.84

Balance, December 31, 2020	138,724,521	$	0.01	$	0.64

Exercisable, December 31, 2020	130,442,760	$	0.01

Expected to vest, December 31, 2020	8,282,496	$	0.01

For employee stock options, the Company recorded share-based compensation from continuing operations of $16,459, $4,628, and $11,576 for the years ended December 31, 2018, 2018 and 2020, respectively, based on the fair value on the grant dates over the requisite service period of award using the straight-line method. For Renren stock plans, no share-based compensation was recognized from discontinued operations for any period presented.

For non-employee options, share based compensation was immaterial for the years ended December 31, 2018. For the years ended December 31,2019 and 2020, there was no share-based compensation recorded for non-employee options.

As of December 31, 2020, there was $4,472 unrecognized share-based compensation expense relating to share options. This amount is expected to be recognized in continuing operations over a weighted-average vesting period of 1.92 years.

Renren Nonvested restricted shares

A summary of the nonvested restricted shares activity is as follows:


		Weighted
	Weighted	average fair
	number of	value
	nonvested	per ordinary
	restricted	share at the
	shares	grant dates
Outstanding as of December 31, 2019	55,821,488	$	0.18

Granted	55,462,455	$	0.08
Vested	(18,549,945)	$	0.19
Forfeited	(14,538,907)	$	0.13

Outstanding as of December 31, 2020	78,195,091	$	0.12

The Company recorded compensation expenses based on the fair value of nonvested restricted shares on the grant dates over the requisite service period of award using the straight-line vesting attribution method. The fair value of the nonvested restricted shares on the grant date was the closing market price of the ordinary shares as of the date. The Company recorded compensation expenses related to nonvested restricted shares from continuing operations of $3,917, $3,952 and $2,634 for the years ended December 31, 2018, 2019 and 2020, respectively. For Renren stock plan, no compensation expense from restricted shares was recognized in discontinued operations for any period presented.

Total unrecognized compensation expense amounting to $5,259 related to nonvested restricted shares granted as of December 31, 2020. The expense is expected to be recognized in continuing operations over a weighted-average period of 1.70 years.

Equity Incentive Plan of Chime Technologies, Inc. and Trucker Path, Inc.

On July 13, 2020, Chime Technologies, Inc. and Trucker Path, Inc. adopted the stock incentive plans, whereby 30,000,000 ordinary shares of Chime Technologies, Inc. (“Chime Plan”) and 30,000,000 ordinary shares of Trucker Path, Inc. (“Trucker Path Plan”) are made available for future grant for employees or consultants of Chime and Trucker Path, respectively, either in the form of incentive share options or restricted shares.

The term of the options may not exceed ten years from the date of the grant. The awards under the above plans are subject to vesting schedules ranging from immediately upon grant to four years subsequent to grant date.

During 2020, Chime issued an aggregate of 8,346,000 options and 20,000,000 restricted shares under the Chime Plan to certain of its directors, officers and employees as compensation for their services. The term of the options may not exceed ten years from the date of the grant. The weighted-average grant-date fair value of the share options granted during the period presented was $0.02.

During 2020, Trucker Path issued an aggregate of 6,871,000 options and 20,000,000 restricted shares under the Trucker Path Plan to certain of its directors, officers and employees to compensate their services. The weighted-average grant-date fair value of the share options granted during the period presented was $0.01.

In determining the fair value of share options, a binomial option pricing model is applied.Assumptions used to estimate the fair values of the share options granted or modified were as follows:


	Years ended December 31, 2020
	Chime			Trucker Path

Risk-free interest rate (1)		0.73	%		0.64	%
Volatility(2)		57	%		49	%
Expected term (in years) (3)		10			10
Exercise price(4)	$	0.03		$	0.02
Dividend yield(5)		—			—
Fair value of underlying ordinary share(6)	$	0.02		$	0.01

(1) Risk-free interest rate

Risk-free interest rate was estimated based on the yield to maturity of treasury bonds of the United States with a maturity period close to the expected life of the options.

(2) Volatility

The volatility of the underlying ordinary shares during the life of the options was estimated based on the historical stock price volatility of listed comparable companies over a period comparable to the expected term of the options.

(3) Expected term

For the options granted to employees, the Company estimated the expected term based on the vesting and contractual terms and employee demographics.

(4) Exercise price

The exercise price of the options was determined by the Company’s board of directors.

(5) Dividend yield

The dividend yield was estimated by the Company based on its expected dividend policy over the expected term of the options.

(6) Fair value of underlying ordinary shares

The estimated fair value of the ordinary shares underlying the options as of the valuation date was determined based on a contemporaneous valuation. When estimating the fair value of the ordinary shares on the valuation dates, management has considered a number of factors, including the result of a third - party appraisal of the Company, while taking into account standard valuation methods and the achievement of certain events. The fair value of the ordinary shares in connection with the option grants on the valuation date was determined with the assistance of an independent third - party appraiser.

The following table summarizes information with respect to share options outstanding of Chime Plan as of December 31, 2020:

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

remaining

average

Range of

Number

contractual

exercise

intrinsic

Number of

contractual

exercise

intrinsic

exercise prices

outstanding

life

price

value

exercisable

life

price

value

0.03

4,701,097

9.51

0.03

22,384

3,599,903

9.51

0.03

17,141



		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2019	—	$	—	$	—
Granted	8,346,000	$	0.03	$	0.02
Forfeited	(45,000)	$	0.03	$	0.02
Vested	(3,599,903)		0.03		0.02
Balance, December 31, 2020	4,701,097	$	0.03	$	0.02
Exercisable, December 31, 2020	3,599,903	$	0.03
Expected to vest, December 31, 2020	4,701,097	$	0.03

The following table summarizes information with respect to share options outstanding of Trucker Path Plan as of December 31, 2020:

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

remaining

average

Range of

Number

contractual

exercise

intrinsic

Number of

contractual

exercise

intrinsic

exercise prices

outstanding

life

price

value

exercisable

life

price

value

$0.02

3,588,181

9.51

0.02

17,117

3,217,819

9.51

0.02

15,350


		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2019	—	$	—	$	—
Granted	6,871,000	$	0.02	$	0.01
Forfeited	(65,000)	$	0.02	$	0.01
Vested	(3,217,819)	$	0.02		0.01
Balance, December 31, 2020	3,588,181	$	0.02	$	0.01
Exercisable, December 31, 2020	3,217,819	$	0.02
Expected to vest, December 31, 2020	3,588,181	$	0.02

The Company recorded share-based compensation for Chime Plan and Trucker Path Plan from continuing operations of $67 and $31, respectively, for the years ended December 31, 2020, based on the fair value on the grant dates over the requisite service period of award using the straight-line method. The Company did not have any compensation expenses from discontinued operations.

As of December 31, 2020, there were $87 and $35 unrecognized share-based compensation expense relating to share options of Chime Plan and Trucker Path Plan, respectively. This amount is expected to be recognized over a weighted-average vesting period of 3.53 years.

On July 13, 2020, Chime issued 20,000,000 restricted shares under the Chime Plan that were immediately vested on the grant date. The Company recorded compensation expenses of $632 based on the fair value of nonvested restricted shares on the grant date. The fair value of the nonvested restricted shares on the grant date was determined with the assistance of an independent third -party appraiser.

On July 13, 2020, Trucker Path issued 20,000,000 restricted shares under the Trucker Path Plan that were immediately vested on the grant date. The Company recorded compensation expenses of $365 based on the fair value of nonvested restricted shares on the grant date.The fair value of the nonvested restricted shares on the grant date was determined with the assistance of an independent third party appraiser.

The total amount of share-based compensation expense for options and nonvested restricted shares of the Company, Chime and Trucker Path, attributable to selling and marketing, research and development, general and administrative expenses excluding share-based compensation expense of the discontinued operations are as follows:


	Years ended December 31,
	2018		2019		2020

Selling and marketing	$	423	$	524	$	185
Research and development		1,035		1,118		990
General and administrative		18,708		6,938		14,145
Total share-based compensation expense	$	20,166	$	8,580	$	15,320

There was no income tax benefit recognized in the statements of operations for share-based compensation for the years ended December 31, 2018, 2019 and 2020.

RELATED PARTY BALANCES AND TRANSACTIONS

12 Months Ended

Dec. 31, 2020

RELATED PARTY BALANCES AND TRANSACTIONS

15. RELATED PARTY BALANCES AND TRANSACTIONS

Details of major related party balances as of December 31, 2019 and 2020 are as follows:

(1)

Amounts due from related parties

As of December 31, 2019 and 2020, amounts due from related parties including both current and non-current were as follows:


		As of December 31,
	Note	2019		2020

Beijing Infinities	(i)	$	681	$	726
Others			7		38
Amounts due from related parties - current		$	688	$	764

Oak Pacific Investment	(ii)	$	91,758	$	67,985
Beijing Infinities	(i)		40,000		—
Amounts due from related parties – non current			131,758		67,985
Total		$	132,446	$	68,749

(i)

The balance represents the receivable from Beijing Infinities in connection with the disposition of the SNS business. The balance includes a US$40 million receivable in the form of Beijing Infinities shares. Refer to Note 4 for further details.

(ii)

The balance of December 31, 2020 represents the US$50 million note issued by Oak Pacific Investment to Renren and US$18 million accrued interest income. In connection with the private placement transaction completed on June 21, 2018, OPI issued a note to Renren with an interest rate of 8.0% per year. The term of the note is the earlier of five years and the date upon which OPI and its subsidiaries no longer hold any shares of Social Finance Inc. In March 2019, the interest rate was increased to 8.5% per year in connection with a refinancing of Oak Pacific Investment’s debt obligations. In December 2019, OPI repaid the principal of US$9.6 million and the associated interests of US$0.4 million. In March 2020, OPI repaid the principal of US$3.7 million and the associated interests of US$0.3 million. In December 2020, OPI repaid the principal of US$26.4 million and the associated interests of US$1.1 million. The balance is included in amount due from related party, non-current at December 31, 2019 and 2020.

(2)

Amounts due to related parties


	As of December 31,
	2019		2020

Beijing Infinities	$	681	$	697
Others		93		—
Total	$	774	$	697

Details of major related party transactions for the years ended December 31, 2018, 2019 and 2020 are as follows:

(3)Major transaction with related parties for amount due from related parties


	Years ended December 31,
	2019		2020
Interest accrued for Promissory note:
OPI	$	7,904	$	7,756

Promissory note principal received:
OPI		(10,027)		(31,529)

Amount accrued (received) from disposition of Renren SNS:
Beijing Infinities		(6,067)		(40,000)

Loan to a related party:
Beijing Zhenzhong		3,858		3,155

Amount received from loan to a related party:
Beijing Zhenzhong		(4,144)		(3,060)

Equity method Investment:
One Rent		(600)		—

(4)

Transactions with related parties for amount due to related parties


	Years ended December 31,
	2019		2020
Repayment of loan from related parties:
Beijing Infinities	$	1,192	$	29
OPI		27		—

Loan from a related party:
Beijing Infinities		(1,879)		(1)

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2020

SEGMENT INFORMATION

SEGMENT INFORMATION

16. SEGMENT INFORMATION

The Company’s Chief Operating Decision Maker (the "CODM") is the CEO, who is responsible for decisions about allocating resources and assessing performance of the Company. An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company’s CODM.

As described in Note 4, Kaixin was treated as discontinued operation. As a result, the Company reevaluated and concluded that it had only one reportable segment as of December 31, 2020.

The majority of the Company’s revenue for the years ended December 31, 2018, 2019 and 2020 was generated from the PRC and the United States. The following table sets forth the disaggregation of revenue by country:


	Years ended December 31,
	2018				2019				2020

PRC	$	61,046	91	%	$	6,824	45	%	$	587	3	%
United States		5,748	9	%		8,261	55	%		17,519	97	%
Total Revenue	$	66,794	100	%	$	15,085	100	%	$	18,106	100	%

As of December 31, 2018, 2019 and 2020, substantially all of the long-lived assets of the Company were located in the PRC. Therefore, no geographical segments are presented.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STATUTORY RESERVE AND RESTRICTED NET ASSETS	12 Months Ended
STATUTORY RESERVE AND RESTRICTED NET ASSETS	Dec. 31, 2020
STATUTORY RESERVE AND RESTRICTED NET ASSETS
STATUTORY RESERVE AND RESTRICTED NET ASSETS	17. STATUTORY RESERVE AND RESTRICTED NET ASSETS In accordance with the Regulations on Enterprises with Foreign Investment of China and their articles of association, the Company’s subsidiaries and VIE entities located in the PRC, being foreign invested enterprises established in the PRC, are required to provide for certain statutory reserves. These statutory reserve funds include one or more of the following: (i) a general reserve, (ii) an enterprise expansion fund or discretionary reserve fund, and (iii) a staff bonus and welfare fund. Subject to certain cumulative limits, the general reserve fund requires a minimum annual appropriation of 10% of after-tax profit (as determined under accounting principles generally accepted in China at each year-end); the other fund appropriations are at the subsidiaries’ or the affiliated PRC entities’ discretion. These statutory reserve funds can only be used for specific purposes of enterprise expansion, staff bonus and welfare, and are not distributable as cash dividends except in the event of liquidation of the Company’s subsidiaries, the Company’s affiliated PRC entities and their respective subsidiaries. The Company’s subsidiaries and VIE entities are required to allocate at least 10% of their after-tax profits to the general reserve until such reserve has reached 50% of their respective registered capital. As of December 31, 2020, none of the Company’s PRC subsidiaries and VIE entities had a general reserve that reached the 50% of their registered capital threshold, therefore they will continue to allocate at least 10% of their after-tax profits to the general reserve fund. Appropriations to the enterprise expansion reserve and the staff welfare and bonus reserve are to be made at the discretion of the board of directors of each of the Company’s subsidiaries. The appropriation to these reserves by the Company’s PRC subsidiaries was $nil for the years ended December 31, 2018, 2019 and 2020, respectively. As a result of these PRC laws and regulations and the requirement that distributions by PRC entities can only be paid out of distributable profits computed in accordance with PRC GAAP, the PRC entities are restricted from transferring a portion of their net assets to the Company. Amounts restricted include paid-in capital and the statutory reserves of the Company’s PRC subsidiaries and VIE entities. The aggregate amounts of capital and statutory reserves restricted which represented the amount of net assets of the relevant subsidiaries and VIE entities in the Company not available for distribution was $257,107 and $266,542 as of December 31, 2019 and 2020, respectively.

SUBSEQUENT EVENT	12 Months Ended
SUBSEQUENT EVENT	Dec. 31, 2020
SUBSEQUENT EVENT
SUBSEQUENT EVENT	18. SUBSEQUENT EVENT On March 31, 2021, Kaixin announced that it has entered into a definitive securities purchase agreement (the"Purchase Agreement") with the Company, and completed the closing on the same date. Pursuant to the Purchase Agreement, the Company invested $6,000 in newly designated convertible preferred shares of Kaixin. The preferred shares are convertible into the Kaixin's ordinary shares at a conversion price of $3.00, subject to customary adjustments pursuant to the Purchase Agreement.

Financial Statement Schedule I Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2020

Financial Statement Schedule I Condensed Financial Information of Parent Company

Financial Statement Schedule I Condensed Financial Information of Parent Company

RENREN INC.

Financial Statement Schedule I

Condensed Financial Information of Parent Company

BALANCE SHEETS

As of December 31, 2019 and 2020

(U.S. dollars in thousands, except share data and per share data)


	As of December 31,
	2019		2020
ASSETS

Current assets:
Cash and cash equivalents	$	173	$	1,933
Prepaid expenses and other current assets		519		1,058
Amounts due from subsidiaries		409,258		432,494
Total current assets		409,950		435,485

Amounts due from related parties non-current		91,758		67,985

TOTAL ASSETS	$	501,708	$	503,470

LIABILITIES AND EQUITY

Current liabilities:
Short-term loan		11,000		11,400
Accrued expenses and other current liabilities		3,152		2,167
Contingent consideration		204		407


Total current liabilities		14,356		13,974

Long-term contingent consideration		828		1,652
Deficit of investment in subsidiaries		382,411		380,794

TOTAL LIABILITIES	$	397,595	$	396,420

Equity:
Class A ordinary shares, $0.001 par value, 3,000,000,000 shares authorized, 750,816,633 and 769,444,113 shares issued and outstanding as of December 31, 2019 and 2020, respectively		751		770
Class B ordinary shares, $0.001 par value, 500,000,000 shares authorized, 305,388,450 and 305,388,450 shares issued and outstanding as of December 31, 2019 and 2020, respectively		305		305
Additional paid-in capital		720,513		742,775
Accumulated deficit		(608,118)		(627,338)
Accumulated other comprehensive loss		(9,338)		(9,462)
Equity		104,113		107,050
TOTAL LIABILITIES AND EQUITY	$	501,708	$	503,470

RENREN INC.

Financial Statement Schedule I

Condensed Financial Information of Parent Company

STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

For the years ended December 31, 2018, 2019 and 2020

(U.S. dollars in thousands, except share data and per share data)


	Years ended December 31,
	2018		2019		2020
Selling and marketing	$	423	$	524	$	98
Research and development		1,035		1,118		467
General and administrative		25,536		8,030		16,003

Total operating expenses		26,994		9,672		16,568

Other income (expenses)		924		—		(2,765)
Interest income		3,969		7,904		7,756
Interest expenses		(3,989)		(565)		(302)
Fair value change of contingent consideration		—		20,662		(1,027)
Loss in equity method investments		(1,415)		(417)		—
Gain on deconsolidation of the subsidiaries		182,441		—
Equity in loss of subsidiaries and variable interest entities		(82,396)		(69,005)		(6,314)

Net income (loss)	$	72,540	$	(51,093)	$	(19,220)
Other comprehensive (loss) income, net of tax:
Foreign currency translation		(5,770)		(3,344)		(124)
Net unrealized (loss) gain on available-for-sale investments		(9,671)		9		—
Non-controlling interest disposition		2,519		—		—
Transfer to statements of operations of realized gain on available-for-sale securities		(7,364)		(9)		—

Other comprehensive loss		(20,286)		(3,344)		(124)
Comprehensive income (loss)		52,254		(54,437)		(19,344)

RENREN INC.

Financial Statement Schedule I

Condensed Financial Information of Parent Company

STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands, except share data and per share data)


	Years ended December 31,
	2018		2019		2020

Net cash provided by (used in) operating activities	$	16,026	$	13,850	$	(30,170)

Cash flows from investing activities:
Proceeds from sale of equity investments without readily determinable fair values		4,585		—		—
Proceeds from repayment of the note issued by OPI		—		9,564		31,529


Net cash provided by investing activities		4,585		9,564		31,529

Cash flows from financing activities:
Proceeds from exercise of share options		1,107		10		1
Proceeds from borrowings		27,000		7,000		400
Cash distribution to shareholders related to acquisition of OPI		(133,665)		—		—
Repayment of borrowings		(12,000)		(31,000)		—

Net cash (used in) provided by financing activities		(117,558)		(23,990)		401

Net (decrease) increase in cash and cash equivalents		(96,947)		(576)		1,760
Cash and cash equivalents at beginning of year		97,697		749		173
Effect of exchange rate changes		(1)		—		—
Cash and cash equivalents at end of year	$	749	$	173	$	1,933

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

(a)Basis of presentation

The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP").

Liquidity

(b)Liquidity

Including this payment, the Company has the ability to continue as a going concern for the next 12 months following the issuance date of these financial statements.

Principles of consolidation

(c)Principles of consolidation

Use of estimates

(d)Use of estimates

Cash and cash equivalents

(e)Cash and cash equivalents

Cash and cash equivalents include cash on hand and all highly liquid investments purchased with original stated maturity of 90 days or less.

Restricted cash

(f)Restricted cash

Restricted cash consists of cash deposits used to secure debt borrowings of the Company which is expected to be released in accordance with the debt agreement.


	As of December 31,
	2019		2020
Cash and cash equivalents	$	1,283	$	19,630
Restricted cash		13,091		14,457
Restricted cash – non-current		358		—
Total cash, cash equivalents and restricted cash shown in the statements of cash flow	$	14,732	$	34,087

Fair value

(g) Fair value

Level 1‑inputs are based upon unadjusted quoted prices for identical assets or liabilities traded in active markets.

Investments

(h) Investments

Equity method investments

Equity Investments without Readily Determinable Fair Values

Equity Investments with Readily Determinable Fair Values

Available-for-sale investment

Available-for-sale investment is carried at its fair value and the unrealized gains or losses from the changes in fair values are included in accumulated other comprehensive (loss) income.

Accounts receivable and allowance for doubtful accounts

(i)Accounts receivable and allowance for doubtful accounts

Inventory

(j)Inventory

Prior to the disposal of the Ji’nan Dealership in 2018, the Company had used car inventory.

Property and equipment, net

(k)Property and equipment, net

Property and equipment, net is carried at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives:


Server & Network Equipment		3 years
Computer equipment and application software		2‑3 years
Furniture and vehicles		3-5 years
Leasehold improvements		Over the lesser of the lease term or useful life of the assets

Leases

(l)Leases


	As of
	December				As of
	31,		Effect of		January
	2018		Adoption		1, 2019
Right-of-use assets	$	—	$	3,441	$	3,441
Operating lease liabilities - current		—		(1,529)		(1,529)
Operating lease liabilities - non-current		—		(899)		(899)
Prepaid expenses and other current assets		10,801		(1,013)		9,788
Accrued expenses and other current liabilities		(22,411)		—		(22,411)

Impairment of long-lived assets and intangible assets with definite lives

(m)Impairment of long-lived assets and intangible assets with definite lives

Goodwill

(n)Goodwill

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations.

Revenue recognition

(o)Revenue recognition

The Company's revenues include revenue from its automobile sales, SaaS business as well as revenue from other services.

Automobile sales

SaaS revenue

Other services

Other services mainly include IVAS revenues and other revenues.

Contract balances

Cost of revenues

(p)Cost of revenues

Cost of revenues consists of costs directly related to SaaS business, IVAS business and others service.

Value added taxes

(q)Value added taxes

Income taxes

(r)Income taxes

Current income taxes are provided for in accordance with the laws of the relevant tax authorities.

Financial instruments

(s)Financial instruments

Research and development expenses

(t)Research and development expenses

Foreign currency translation

(u)Foreign currency translation

Comprehensive (loss) income

(v)Comprehensive (loss) income

Share-based compensation

(w)Share-based compensation

Loss (income) per share

(x)(Loss) income per share

Basic (loss) income per ordinary share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

Recent accounting pronouncements not yet adopted

(y)Recent accounting pronouncements not yet adopted

Recently issued ASUs by the FASB, except for the ones mentioned above, have no material impact on the Company's consolidated results of operations or financial position.

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2020

ORGANIZATION AND PRINCIPAL ACTIVITIES

Schedule of percentage of legal ownership by Renren Inc

As of December 31, 2020, Renren Inc.'s major subsidiaries, VIEs and VIEs' subsidiaries are as follows:


	Later of date		Percentage of
	of incorporation	Place of	legal ownership		Principal
Name of Subsidiaries	or acquisition	incorporation	by Renren Inc.		activities
Subsidiaries:
Chime Technologies, Inc.(“Chime”)	September 7, 2012	USA	100	%	SaaS business
Trucker Path, Inc. (“Trucker Path”)	December 28, 2017	USA	100	%	Internet business
Lucrativ Inc.	January 22, 2018	USA	100	%	SaaS business
Lofty US, Inc.	December 21, 2018	USA	100	%	SaaS business
Renren Giantly Philippines Inc.	March, 2018	Philippines	100	%	SaaS business
Qianxiang Shiji Technology Development (Beijing) Co., Ltd. ("Qianxiang Shiji")	March 21, 2005	PRC	100	%	Investment holding

Variable Interest Entities:
Beijing Qianxiang Tiancheng Technology Development Co., Ltd. ("Qianxiang Tiancheng")	October 28, 2002	PRC	N/A		Internet business

Subsidiaries of Variable Interest Entities:
Beijing Qianxiang Wangjing Technology Development Co., Ltd. ("Qianxiang Wangjing")	November 11, 2008	PRC	N/A		Internet business

Schedule of consolidated financial information


	As of December 31,
	2019		2020

Cash and cash equivalents	$	264	$	955
Short-term investment		1,436		—
Accounts receivable, net		218		175
Prepaid expenses and other current assets		1,537		647
Amounts due from related parties		688		764

Total current assets		4,143		2,541

Property and equipment, net		183		178
Long-term investments		1,799		41,794
Goodwill		—		—
Amount due from a related party - non-current		40,000		—
Restricted cash – non-current		358		—
Right-of-use assets		1,122		659
Other non-current assets		660		76

Total non-current assets		44,122		42,707

Total assets	$	48,265	$	45,248

Accounts payable	$	413	$	299
Short-term debt (including short-term debt of the consolidated VIEs with recourse to Renren Inc. of $7,900 as of December 31, 2019)		3,447		—
Accrued expenses and other current liabilities		7,467		6,409
Operating lease liabilities - current		217		341
Payable to investors		14		15
Amounts due to related parties		774		690
Deferred revenue		15		16
Income tax payable		4,647		3,321

Total current liabilities		16,994		11,091

Operating lease liabilities - non-current		—		256

Total non-current liabilities		—		256

Total liabilities	$	16,994	$	11,347


	Years ended December 31,
	2018		2019		2020
Revenues	$	57,896	$	6,581	$	433
(Loss) income from continuing operations	$	(43,743)	$	(31,953)	$	1,874
Loss from discontinued operations	$	(4,626)	$	—	$	—


	Years ended December 31,
	2018		2019		2020
Net cash (used in) provided by operating activities	$	(5,970)	$	(1,170)	$	2,031
Net cash (used in) provided by investing activities	$	(1,461)	$	8,735	$	1,566
Net cash provided by (used in) financing activities	$	4,825	$	(10,340)	$	(3,088)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of cash, cash equivalents and restricted cash


	As of December 31,
	2019		2020
Cash and cash equivalents	$	1,283	$	19,630
Restricted cash		13,091		14,457
Restricted cash – non-current		358		—
Total cash, cash equivalents and restricted cash shown in the statements of cash flow	$	14,732	$	34,087

Schedule of property and equipment, net

Property and equipment, net is carried at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives:


Server & Network Equipment		3 years
Computer equipment and application software		2‑3 years
Furniture and vehicles		3-5 years
Leasehold improvements		Over the lesser of the lease term or useful life of the assets

Summary of effect on consolidated balance sheet as a result of adopting ASC 842


	As of
	December				As of
	31,		Effect of		January
	2018		Adoption		1, 2019
Right-of-use assets	$	—	$	3,441	$	3,441
Operating lease liabilities - current		—		(1,529)		(1,529)
Operating lease liabilities - non-current		—		(899)		(899)
Prepaid expenses and other current assets		10,801		(1,013)		9,788
Accrued expenses and other current liabilities		(22,411)		—		(22,411)

DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2020

DISCONTINUED OPERATIONS

Summary of operating results from discontinued operations included in the Company's consolidated statement of operations


	Years ended December 31,
	2018								2019		2020
	Renren SNS		OPI		Kaixin		Total		Kaixin		Kaixin

Major classes of line items constituting pretax profit of discontinued operations
Net revenues	$	19,679	$	895	$	431,404	$	451,978	$	334,697	$	33,160
Cost of revenues		(14,997)		(834)		(413,971)		(429,802)		(340,174)		(32,160)
Selling, research and development, and general and administrative expenses		(7,523)		(1,394)		(51,508)		(60,425)		(53,866)		(7,256)
Other income (expense)		—		371		(812)		(441)		840		586
Interest income				—		575		575		69		5
Interest expense		—		(3,142)		(4,261)		(7,403)		(4,057)		(1,183)
Impairment of goodwill		—		—		—		—		(74,091)		—
Impairment of long-term investments		—		(2,180)		—		(2,180)		—		—
Fair value change of contingent consideration		—		—		(49,503)		(49,503)		65,594		—
Loss from the operations of the discontinued operations, before income tax		(2,841)		(6,284)		(88,076)		(97,201)		(70,988)		(6,848)
Income tax (expenses) benefit		—		—		(862)		(862)		1,920		1,528
Loss of equity method investment		—		(9,674)		—		(9,674)		—		—
Loss from the operations of the discontinued operations, net of tax		(2,841)		(15,958)		(88,938)		(107,737)		(69,068)		(5,320)

Gain on deconsolidation of the subsidiaries, net of tax		59,656		182,441		—		242,097		—		—

Gain (loss) from the discontinued operations, net of tax	$	56,815	$	166,483	$	(88,938)	$	134,360	$	(69,068)	$	(5,320)

Summary of carrying amounts of the major classes of assets and liabilities held for sale, condensed cash flows and operating results from discontinued operations


	Years ended December 31,
	2018								2019		2020
	Renren SNS		OPI		Kaixin		Total		Kaixin		Kaixin

Major classes of line items constituting pretax profit of discontinued operations
Net revenues	$	19,679	$	895	$	431,404	$	451,978	$	334,697	$	33,160
Cost of revenues		(14,997)		(834)		(413,971)		(429,802)		(340,174)		(32,160)
Selling, research and development, and general and administrative expenses		(7,523)		(1,394)		(51,508)		(60,425)		(53,866)		(7,256)
Other income (expense)		—		371		(812)		(441)		840		586
Interest income				—		575		575		69		5
Interest expense		—		(3,142)		(4,261)		(7,403)		(4,057)		(1,183)
Impairment of goodwill		—		—		—		—		(74,091)		—
Impairment of long-term investments		—		(2,180)		—		(2,180)		—		—
Fair value change of contingent consideration		—		—		(49,503)		(49,503)		65,594		—
Loss from the operations of the discontinued operations, before income tax		(2,841)		(6,284)		(88,076)		(97,201)		(70,988)		(6,848)
Income tax (expenses) benefit		—		—		(862)		(862)		1,920		1,528
Loss of equity method investment		—		(9,674)		—		(9,674)		—		—
Loss from the operations of the discontinued operations, net of tax		(2,841)		(15,958)		(88,938)		(107,737)		(69,068)		(5,320)

Gain on deconsolidation of the subsidiaries, net of tax		59,656		182,441		—		242,097		—		—

Gain (loss) from the discontinued operations, net of tax	$	56,815	$	166,483	$	(88,938)	$	134,360	$	(69,068)	$	(5,320)

Renren SNS [Member]

DISCONTINUED OPERATIONS

Schedule of calculation of gain (loss) on deconsolidation

On December 29, 2018, the Company calculated a gain regarding the disposal of the SNS Business as follows.


	As of
	December 31, 2018

Total proceeds	$	60,000

Less: Property and equipment, net		8

Net assets of Renren SNS		8
Less: Accumulated other comprehensive income		336

Less: Tax expenses		—

Gain on deconsolidation of Renren SNS	$	59,656

OPI

DISCONTINUED OPERATIONS

Schedule of calculation of gain (loss) on deconsolidation

On June 30, 2018, the Company calculated a gain regarding such disposition as follows:


	As of
	June 30, 2018

Fair value of OPI	$	500,000

Less: Cash and cash equivalents		35,274
Accounts and notes receivable, net		64
Prepaid expenses and other current assets		16,344
Property and equipment, net		12
Amount due from the Company		15,190
Equity method investments		268,515
Equity investments without readily determinable fair values		144,096
Available-for-sale investment		90,615
Other non-current assets		14
Short term loan		(14,336)
Accounts payable		(96)
Accrued expenses and other current liabilities		(872)
Amount due to the Company		(102,304)
Deferred revenue		(13)
Income tax payable		(910)
Long-term liabilities		(112,604)
Other Long-term liabilities		(21,430)

Net assets of OPI		317,559

Less: tax expenses		—

Gain on deconsolidation of OPI	$	182,441

Cash Flow Statement, Discontinued Operations

The condensed cash flow of OPI were as follows for the year ended December 31, 2018:


	Year ended
	December 31,
	2018

Net cash used in operating activities	$	(28,134)
Net cash provided by investing activities	$	12
Net cash provided by financing activities	$	60,000

Kaixin Auto Holdings

DISCONTINUED OPERATIONS

Cash Flow Statement, Discontinued Operations

The condensed cash flows of Kaixin Auto Holdings were as follows for the years ended December 31, 2018, 2019 and 2020:


	Years ended December 31,
	2018	2019	2020

Net cash used in operating activities	(9,749)	(4,745)	(3,878)
Net cash provided by investing activities	98,982	1,223	—
Net cash (used in) provide by financing activities	(138,637)	(6,328)	3,917

Summary of operating results from discontinued operations included in the Company's consolidated statement of operations

The following table summarizes the carrying amounts of the major classes of assets and liabilities held for sale in the consolidated balance sheet as of December 31, 2019 and 2020:


	As of December 31,
	2019		2020

Cash and cash equivalents	$	3,190	$	3,162
Financing receivable, net		219		—
Inventory		20,990		—
Prepaid expenses and other current assets		27,586		43,624
Property and equipment, net		153		45
Right-of-use assets		2,252		74
Other non-current asset		—		1,562
Assets classified as held for sale	$	54,390	$	48,467

Accounts payable		4,122		402
Accrued expenses and other current payables		17,302		14,683
Amount due to related parties		4,214		2,960
Short-term debt		16,630		15,257
Income tax payable		5,319		4,042
Advance from customers		1,677		1,863
Lease liabilities– current		1,785		39
Warrant Liability		-		1,690
Lease liabilities – non-current		810		26
Liabilities classified as held for sale	$	51,859	$	40,962

Summary of carrying amounts of the major classes of assets and liabilities held for sale, condensed cash flows and operating results from discontinued operations

The following table summarizes the carrying amounts of the major classes of assets and liabilities held for sale in the consolidated balance sheet as of December 31, 2019 and 2020:


	As of December 31,
	2019		2020

Cash and cash equivalents	$	3,190	$	3,162
Financing receivable, net		219		—
Inventory		20,990		—
Prepaid expenses and other current assets		27,586		43,624
Property and equipment, net		153		45
Right-of-use assets		2,252		74
Other non-current asset		—		1,562
Assets classified as held for sale	$	54,390	$	48,467

Accounts payable		4,122		402
Accrued expenses and other current payables		17,302		14,683
Amount due to related parties		4,214		2,960
Short-term debt		16,630		15,257
Income tax payable		5,319		4,042
Advance from customers		1,677		1,863
Lease liabilities– current		1,785		39
Warrant Liability		-		1,690
Lease liabilities – non-current		810		26
Liabilities classified as held for sale	$	51,859	$	40,962

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

LONG-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2020

LONG-TERM INVESTMENTS

Schedule of long-term investments


		As of December 31,
	Note	2019		2020

Equity method investments:
Fundrise, L.P.	(i)	$	11,655	$	11,828
Other			1,081		1,047

Total equity method investments			12,736		12,875

Equity investment without readily determinable fair values
Suzhou Youge Interconnection Venture Capital Center			718		766
Infinites Technology (Cayman) Holding Limited	(ii)		—		40,000
Total equity investments without readily determinable fair values			718		40,766

Total long-term investments		$	13,454	$	53,641

(i)

(ii)

The investment of Infinites Technology (Cayman) Holding Limited, which is the holding company of Beijing Infinities, was acquired in connection with the disposition of the SNS business. See Note 4.

Goodwill (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill

Schedule of changes in carrying amounts of goodwill


	Amount
Balance at January 1, 2018	$	40,085
Impairment loss		(29,055)
Exchange difference		(1,617)
Balance at December 31, 2018		9,413
Impairment loss		(9,288)
Exchange difference		(1)
Balance at December 31, 2019		124

Exchange difference		—
Balance at December 31, 2020	$	124

SHORT - TERM DEBT AND LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2020

SHORT-TERM DEBT AND LONG-TERM DEBT

Schedule of Short-term Debt


		As of December 31,
	Note	2019		2020
East West Bank	(i)	$	11,000	$	11,400
Others			3,447		—
Total		$	14,447	$	11,400

(i)

Schedule of Long-term Debt Instruments


		As of December 31,
	Note	2019		2020
Silicon Valley Bank	(i)	$		$	1,585
Total		$	—	$	1,585

(i)

In April 2020, the Company entered into a long-term loan agreement with Silicon Valley Bank for $1,585. The loan bears an annual interest rate of 1.0% and has a loan period of 24 months.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2020

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Schedule of accrued expenses and other payables


	As of December 31,
	2019		2020

Other tax payable	$	3,925	$	3,849
Accrued professional fee and marketing expense		4,688		3,162
Employee payroll and welfare		937		364
Accrued Rental		424		10
Staff reimbursement		221		128
Others		3,680		3,306
Total	$	13,875	$	10,819

OPERATING LEASES (Tables)

12 Months Ended

Dec. 31, 2020

OPERATING LEASES

Schedule of operating lease cost and short-term lease cost


	For the Year Ended		For the Year Ended
	December 31, 2019		December 31, 2020
Cost	$	90	$	297
Selling expenses		7		—
Research and development expenses		977		1,221
General and administrative expenses		215		296
Total operating lease cost		1,289		1,814

Short-term lease cost		276		83

Total lease cost	$	1,565	$	1,897

Schedule of maturities of lease liabilities

Maturities of lease liabilities as of December 31, 2020 were as follows:


	Operating Lease
2021	$	1,409
2022		610
Total undiscounted lease payment		2,019
Less: Imputed interest		21
Present value of lease liabilities	$	1,998

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

INCOME TAXES

Schedule of current and deferred component of income tax expenses which were attributable to the Company's PRC subsidiaries and VIE and VIE's subsidiaries


	Years ended December 31,
	2018		2019		2020

Current income tax expenses (benefit)	$	8,988	$	1,944	$	(65)
Deferred income tax expenses		—		—		—
Total income tax expenses (benefit)	$	8,988	$	1,944	$	(65)

Schedule of principal components of the deferred tax assets and liabilities


	As of December 31,
	2019		2020

Deferred tax assets
Provision for doubtful accounts	$	4,456	$	4,761
Accrued payroll and welfare		218		89
Allowance for prepaid expenses and other current assets		5,137		4,839
Accrued liabilities		3,019		2,424
Advertising fee		811		563
Employee education fee		18		19
Goodwill and intangible asset impairment		7,195		6,798
Net operating loss carry forwards		29,707		22,412
Total Deferred tax assets		50,561		41,905
Less valuation allowance		(50,561)		(41,905)

Deferred tax assets, net	$	—	$	—

Schedule of rollforward of valuation allowances of deferred tax assets


	Year ended
	December 31, 2020
Balance as of beginning of year	$	50,561
Additions		4,070
Reversals		(11,868)
Decrease relating to disposal of entities		(3,355)
Foreign currency translation adjustments		2,497
Balance as of end of year	$	41,905

Schedule of reconciliation between the income taxes expense (benefit) computed by applying the PRC tax rate to income (loss) before income taxes and the actual provision for income taxes


	Years ended December 31,
	2018			2019			2020

Loss before provision of income tax	$	(58,428)		$	(29,012)		$	(16,935)
PRC statutory income tax rate		25	%		25	%		25	%
Income tax at statutory tax rate		(14,607)			(7,250)			(4,234)
Taxable deemed interest income from inter-company interest-free loans		4,298			2,218			(66)
Net operating loss not applicable for carryforward		—			13,548			14,820
Non-deductible expenses		6,471			(1,340)			44
Non-deductible expenses related to share-based compensation		7,901			2,102			3,830
Non-taxable income from fair value change gain of contingent consideration		—			(5,166)			(257)
Impairment of goodwill		—			2,322			—
Effect of income tax rate differences in jurisdictions other than the PRC		7,426			(87)			675
Effects of Company cancellation		—			205			(3,723)
Changes in valuation allowance		(2,501)			(4,608)			(11,154)
Income tax expenses (benefit)	$	8,988		$	1,944		$	(65)

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2020

FAIR VALUE MEASUREMENTS

Summary of the Company's financial assets and liabilities measured and recorded at fair value on recurring basis


	As of December 31, 2019								As of December 31, 2020
	Fair Value Measurement at the Reporting Date								Fair Value Measurement at the Reporting Date
	using								using
	Quoted								Quoted
	price in								price in
	active								active
	markets		Significant						markets		Significant
	for		other		Significant				for		other		Significant
	identical		observable		unobservable				identical		observable		unobservable
	assets		inputs		in puts				assets		inputs		in puts
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Short-term investments	$	—	$	1,436	$	—	$	1,436	$	—	$	—	$	—	$	—
Contingent consideration		—		—		(1,032)		(1,032)		—		—		(2,059)		(2,059)
Total	$	—	$	1,436	$	(1,032)	$	404	$	—	$	—	$	(2,059)	$	(2,059)

Summary of additional information about the reconciliation of the fair value measurements using significant unobservable inputs level 3


	Amounts
Balance at January 1, 2019	$	105,670
Fair value change		(86,256)
Exchange difference		2,467
Contingent liability reclassified into equity		(20,849)
Balance at December 31, 2019		1,032
Fair value change		1,027
Exchange difference		—
Balance at December 31, 2020	$	2,059

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2020

SHARE-BASED COMPENSATION

Schedule of aggregate number of shares


		Maximum
		aggregate
		number of
		shares
2006 Plan		97,430,220
2008 Plan		30,529,630
2009 Plan		40,000,000
2011 Plan		110,014,158
2016 Plan		53,596,236
2018 Plan		107,100,000

Schedule of fair value of the options granted, estimated on the date of grant using the option-pricing models with assistance from Marsh, an independent valuation firm, with assumptions used


	Years ended December 31, 2020
	Chime			Trucker Path

Risk-free interest rate (1)		0.73	%		0.64	%
Volatility(2)		57	%		49	%
Expected term (in years) (3)		10			10
Exercise price(4)	$	0.03		$	0.02
Dividend yield(5)		—			—
Fair value of underlying ordinary share(6)	$	0.02		$	0.01

(1) Risk-free interest rate

Risk-free interest rate was estimated based on the yield to maturity of treasury bonds of the United States with a maturity period close to the expected life of the options.

(2) Volatility

(3) Expected term

For the options granted to employees, the Company estimated the expected term based on the vesting and contractual terms and employee demographics.

(4) Exercise price

The exercise price of the options was determined by the Company’s board of directors.

(5) Dividend yield

The dividend yield was estimated by the Company based on its expected dividend policy over the expected term of the options.

(6) Fair value of underlying ordinary shares

Summary of information with respect to share options outstanding

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

remaining

average

Number

contractual

exercise

intrinsic

Number of

contractual

exercise

intrinsic

Range of exercise prices

outstanding

life

price

value

exercisable

life

price

value

$0.01

138,724,521

3.42

0.06

13,137

130,442,760

3.31

0.01

12,353

138,724,521

13,137

130,442,760

12,353

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

remaining

average

Range of

Number

contractual

exercise

intrinsic

Number of

contractual

exercise

intrinsic

exercise prices

outstanding

life

price

value

exercisable

life

price

value

0.03

4,701,097

9.51

0.03

22,384

3,599,903

9.51

0.03

17,141

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

remaining

average

Range of

Number

contractual

exercise

intrinsic

Number of

contractual

exercise

intrinsic

exercise prices

outstanding

life

price

value

exercisable

life

price

value

$0.02

3,588,181

9.51

0.02

17,117

3,217,819

9.51

0.02

15,350

Summary of the activity of the stock options granted


		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value

Balance, December 31, 2019	138,953,386	$	0.06	$	0.64

Exercised	(77,535)	$	0.01	$	0.51
Forfeited	(151,330)	$	0.01	$	0.84

Balance, December 31, 2020	138,724,521	$	0.01	$	0.64

Exercisable, December 31, 2020	130,442,760	$	0.01

Expected to vest, December 31, 2020	8,282,496	$	0.01



		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2019	—	$	—	$	—
Granted	8,346,000	$	0.03	$	0.02
Forfeited	(45,000)	$	0.03	$	0.02
Vested	(3,599,903)		0.03		0.02
Balance, December 31, 2020	4,701,097	$	0.03	$	0.02
Exercisable, December 31, 2020	3,599,903	$	0.03
Expected to vest, December 31, 2020	4,701,097	$	0.03


		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2019	—	$	—	$	—
Granted	6,871,000	$	0.02	$	0.01
Forfeited	(65,000)	$	0.02	$	0.01
Vested	(3,217,819)	$	0.02		0.01
Balance, December 31, 2020	3,588,181	$	0.02	$	0.01
Exercisable, December 31, 2020	3,217,819	$	0.02
Expected to vest, December 31, 2020	3,588,181	$	0.02

Summary of the nonvested restricted shares activity


		Weighted
	Weighted	average fair
	number of	value
	nonvested	per ordinary
	restricted	share at the
	shares	grant dates
Outstanding as of December 31, 2019	55,821,488	$	0.18

Granted	55,462,455	$	0.08
Vested	(18,549,945)	$	0.19
Forfeited	(14,538,907)	$	0.13

Outstanding as of December 31, 2020	78,195,091	$	0.12

Share-based compensation attributable to selling and marketing, research and development and general and administrative expenses of the discontinued operations


	Years ended December 31,
	2018		2019		2020

Selling and marketing	$	423	$	524	$	185
Research and development		1,035		1,118		990
General and administrative		18,708		6,938		14,145
Total share-based compensation expense	$	20,166	$	8,580	$	15,320

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of amount due from related parties


		As of December 31,
	Note	2019		2020

Beijing Infinities	(i)	$	681	$	726
Others			7		38
Amounts due from related parties - current		$	688	$	764

Oak Pacific Investment	(ii)	$	91,758	$	67,985
Beijing Infinities	(i)		40,000		—
Amounts due from related parties – non current			131,758		67,985
Total		$	132,446	$	68,749

Schedule of amount due to related parties


	As of December 31,
	2019		2020

Beijing Infinities	$	681	$	697
Others		93		—
Total	$	774	$	697

Schedule of transactions with related parties for amount due from related parties


	Years ended December 31,
	2019		2020
Interest accrued for Promissory note:
OPI	$	7,904	$	7,756

Promissory note principal received:
OPI		(10,027)		(31,529)

Amount accrued (received) from disposition of Renren SNS:
Beijing Infinities		(6,067)		(40,000)

Loan to a related party:
Beijing Zhenzhong		3,858		3,155

Amount received from loan to a related party:
Beijing Zhenzhong		(4,144)		(3,060)

Equity method Investment:
One Rent		(600)		—

Schedule of transactions with related parties for amount due to related parties


	Years ended December 31,
	2019		2020
Repayment of loan from related parties:
Beijing Infinities	$	1,192	$	29
OPI		27		—

Loan from a related party:
Beijing Infinities		(1,879)		(1)

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2020

SEGMENT INFORMATION

Schedule of disaggregation of revenue by country


	Years ended December 31,
	2018				2019				2020

PRC	$	61,046	91	%	$	6,824	45	%	$	587	3	%
United States		5,748	9	%		8,261	55	%		17,519	97	%
Total Revenue	$	66,794	100	%	$	15,085	100	%	$	18,106	100	%

Financial Statement Schedule I Condensed Financial Information of Parent Company (Tables)

12 Months Ended

Dec. 31, 2020

Financial Statement Schedule I Condensed Financial Information of Parent Company

Schedule of Condensed Balance Sheets

Financial Statement Schedule I

Condensed Financial Information of Parent Company

BALANCE SHEETS

As of December 31, 2019 and 2020

(U.S. dollars in thousands, except share data and per share data)


	As of December 31,
	2019		2020
ASSETS

Current assets:
Cash and cash equivalents	$	173	$	1,933
Prepaid expenses and other current assets		519		1,058
Amounts due from subsidiaries		409,258		432,494
Total current assets		409,950		435,485

Amounts due from related parties non-current		91,758		67,985

TOTAL ASSETS	$	501,708	$	503,470

LIABILITIES AND EQUITY

Current liabilities:
Short-term loan		11,000		11,400
Accrued expenses and other current liabilities		3,152		2,167
Contingent consideration		204		407


Total current liabilities		14,356		13,974

Long-term contingent consideration		828		1,652
Deficit of investment in subsidiaries		382,411		380,794

TOTAL LIABILITIES	$	397,595	$	396,420

Equity:
Class A ordinary shares, $0.001 par value, 3,000,000,000 shares authorized, 750,816,633 and 769,444,113 shares issued and outstanding as of December 31, 2019 and 2020, respectively		751		770
Class B ordinary shares, $0.001 par value, 500,000,000 shares authorized, 305,388,450 and 305,388,450 shares issued and outstanding as of December 31, 2019 and 2020, respectively		305		305
Additional paid-in capital		720,513		742,775
Accumulated deficit		(608,118)		(627,338)
Accumulated other comprehensive loss		(9,338)		(9,462)
Equity		104,113		107,050
TOTAL LIABILITIES AND EQUITY	$	501,708	$	503,470

Schedule of Condensed Statements of Operations And Comprehensive (Loss) Income

Financial Statement Schedule I

Condensed Financial Information of Parent Company

STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

For the years ended December 31, 2018, 2019 and 2020

(U.S. dollars in thousands, except share data and per share data)


	Years ended December 31,
	2018		2019		2020
Selling and marketing	$	423	$	524	$	98
Research and development		1,035		1,118		467
General and administrative		25,536		8,030		16,003

Total operating expenses		26,994		9,672		16,568

Other income (expenses)		924		—		(2,765)
Interest income		3,969		7,904		7,756
Interest expenses		(3,989)		(565)		(302)
Fair value change of contingent consideration		—		20,662		(1,027)
Loss in equity method investments		(1,415)		(417)		—
Gain on deconsolidation of the subsidiaries		182,441		—
Equity in loss of subsidiaries and variable interest entities		(82,396)		(69,005)		(6,314)

Net income (loss)	$	72,540	$	(51,093)	$	(19,220)
Other comprehensive (loss) income, net of tax:
Foreign currency translation		(5,770)		(3,344)		(124)
Net unrealized (loss) gain on available-for-sale investments		(9,671)		9		—
Non-controlling interest disposition		2,519		—		—
Transfer to statements of operations of realized gain on available-for-sale securities		(7,364)		(9)		—

Other comprehensive loss		(20,286)		(3,344)		(124)
Comprehensive income (loss)		52,254		(54,437)		(19,344)

Schedule of Condensed Statements of Cash Flows

Financial Statement Schedule I

Condensed Financial Information of Parent Company

STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands, except share data and per share data)


	Years ended December 31,
	2018		2019		2020

Net cash provided by (used in) operating activities	$	16,026	$	13,850	$	(30,170)

Cash flows from investing activities:
Proceeds from sale of equity investments without readily determinable fair values		4,585		—		—
Proceeds from repayment of the note issued by OPI		—		9,564		31,529


Net cash provided by investing activities		4,585		9,564		31,529

Cash flows from financing activities:
Proceeds from exercise of share options		1,107		10		1
Proceeds from borrowings		27,000		7,000		400
Cash distribution to shareholders related to acquisition of OPI		(133,665)		—		—
Repayment of borrowings		(12,000)		(31,000)		—

Net cash (used in) provided by financing activities		(117,558)		(23,990)		401

Net (decrease) increase in cash and cash equivalents		(96,947)		(576)		1,760
Cash and cash equivalents at beginning of year		97,697		749		173
Effect of exchange rate changes		(1)		—		—
Cash and cash equivalents at end of year	$	749	$	173	$	1,933

ORGANIZATION AND PRINCIPAL ACTIVITIES - Schedule of information related to Entity's subsidiary, VIEs And VIE's subsidiaries (Details)	12 Months Ended
	Dec. 31, 2020
Qianxiang Tiancheng [Member]
Investment Holdings
Later of date of incorporation or acquisition	Oct. 28, 2002
Place of incorporation	PRC
Principal activities	Internet business
Qianxiang Wangjing [Member]
Investment Holdings
Later of date of incorporation or acquisition	Nov. 11, 2008
Place of incorporation	PRC
Principal activities	Internet business
Qianxiang Shiji Technology Development (Beijing) Co., Ltd. ("Qianxiang Shiji")
Investment Holdings
Later of date of incorporation or acquisition	Mar. 21, 2005
Place of incorporation	PRC
Percentage of legal ownership by Renren Inc	100.00%
Principal activities	Investment holding
Ownership interst held	100.00%
Haitaoche Shareholders
Investment Holdings
Percentage of legal ownership by Renren Inc	51.00%
Ownership interst held	51.00%
Chime Technologies, Inc [Member]
Investment Holdings
Later of date of incorporation or acquisition	Sep. 07, 2012
Place of incorporation	USA
Percentage of legal ownership by Renren Inc	100.00%
Principal activities	SaaS business
Ownership interst held	100.00%
Trucker Path
Investment Holdings
Later of date of incorporation or acquisition	Dec. 28, 2017
Place of incorporation	USA
Percentage of legal ownership by Renren Inc	100.00%
Principal activities	Internet business
Ownership interst held	100.00%
Lucrativ Inc [Member]
Investment Holdings
Later of date of incorporation or acquisition	Jan. 22, 2018
Place of incorporation	USA
Percentage of legal ownership by Renren Inc	100.00%
Principal activities	SaaS business
Ownership interst held	100.00%
Lofty US, Inc [Member]
Investment Holdings
Later of date of incorporation or acquisition	Jan. 22, 2019
Place of incorporation	USA
Percentage of legal ownership by Renren Inc	100.00%
Principal activities	SaaS business
Ownership interst held	100.00%
Renren Giantly Philippines Inc [Member]
Investment Holdings
Later of date of incorporation or acquisition	Mar. 01, 2018
Place of incorporation	Philippines
Percentage of legal ownership by Renren Inc	100.00%
Principal activities	SaaS business
Ownership interst held	100.00%

ORGANIZATION AND PRINCIPAL ACTIVITIES - Schedule of consolidated financial information of Company's VIEs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2019	Dec. 31, 2017
Consolidated financial information
Cash and cash equivalents	$ 19,630	$ 1,283
Short term investments	0	1,436
Prepaid expenses and other current assets	2,196	2,868	$ 10,801	$ 9,788
Amounts due from related parties	764	688
Total current assets	88,947	72,772
Property and equipment, net	439	698
Long-term investments	53,641	13,454
Goodwill	124	124	9,413		$ 40,085
Amount due from a related party - non-current	67,985	131,758
Restricted cash - non-current	0	358
Right-of-use assets	2,135	3,254		3,441
Other non-current assets	77	680
Total assets	213,673	226,211
Accounts payable	951	1,271
Short-term Debt	11,400	14,447
Accrued expenses and other current liabilities	10,819	13,875	22,411	$ 22,411
Payable to investors	15	14
Amounts due to related parties	697	774
Deferred revenue	602	750
Income tax payable	13,841	14,735
Total current liabilities	81,103	98,170
Total non-current liabilities	3,826	2,808
Total liabilities	84,929	100,978
Revenues	18,106	15,085	66,794
(Loss) income from continuing operations	(16,800)	(38,420)	(69,879)
Loss from discontinued operations	(5,320)	(69,068)	134,360
Variable Interest Entity [Member]
Consolidated financial information
Revenues	433	6,581	57,896
(Loss) income from continuing operations	1,874	(31,953)	(43,743)
Loss from discontinued operations			(4,626)
Net cash (used in) provided by operating activities	2,031	(1,170)	(5,970)
Net cash (used in) provided by investing activities	1,566	8,735	(1,461)
Net cash provided by (used in) financing activities	(3,088)	(10,340)	$ 4,825
VIE with recourse
Consolidated financial information
Short-term Debt		7,900
Variable Interest Entity [Member]
Consolidated financial information
Cash and cash equivalents	955	264
Short term investments		1,436
Accounts receivable, net	175	218
Prepaid expenses and other current assets	647	1,537
Amounts due from related parties	764	688
Total current assets	2,541	4,143
Property and equipment, net	178	183
Long-term investments	41,794	1,799
Goodwill		0
Amount due from a related party - non-current		40,000
Restricted cash - non-current		358
Right-of-use assets	659	1,122
Other non-current assets	76	660
Total non-current assets	42,707	44,122
Total assets	45,248	48,265
Accounts payable	299	413
Short-term Debt		3,447
Accrued expenses and other current liabilities	6,409	7,467
Operating lease liabilities - current	341	217
Payable to investors	15	14
Amounts due to related parties	690	774
Deferred revenue	16	15
Income tax payable	3,321	4,647
Total current liabilities	11,091	16,994
Operating lease liabilities - non-current	256	0
Total non-current liabilities	256	0
Total liabilities	$ 11,347	$ 16,994

ORGANIZATION AND PRINCIPAL ACTIVITIES - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 30, 2018
VIE arrangements
Revenues	$ 18,106	$ 15,085	$ 66,794
OPI
VIE arrangements
Ownership interst held				100.00%
Percentage of legal ownership by Renren Inc				100.00%
Haitaoche Shareholders
VIE arrangements
Ownership interst held	51.00%
Percentage of legal ownership by Renren Inc	51.00%
Variable Interest Entity [Member]
VIE arrangements
Percentage of VIEs revenues to the consolidated net revenues	2.40%	43.60%	86.70%
Percentage of VIEs assets to the consolidated total assets	21.30%	22.60%
Percentage of VIEs liability to the consolidated total liabilities	14.40%	20.00%
Revenues	$ 433	$ 6,581	$ 57,896
Variable Interest Entity [Member] \| Power of Attorney [Member]
VIE arrangements
Term of agreement	10 years
Variable Interest Entity [Member] \| Business Operations Agreement [Member]
VIE arrangements
Advance written notice period for not extending term of agreement	30 days
Variable Interest Entity [Member] \| Exclusive Equity Option Agreement [Member]
VIE arrangements
Term of agreement	10 years
Advance written notice period for not extending term of agreement	30 days
Variable Interest Entity [Member] \| Exclusive Technical and Consulting Services Agreement [Member]
VIE arrangements
Advance written notice period for not extending term of agreement	30 days
Variable Interest Entity [Member] \| Intellectual Property License Agreement [Member]
VIE arrangements
Advance written notice period for not extending term of agreement	30 days

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Non current portion of restricted cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash and cash equivalents	$ 19,630	$ 1,283
Restricted cash	14,457	13,091
Restricted cash - non-current	0	358
Total cash, cash equivalents and restricted cash shown in the statements of cash flow	$ 34,087	$ 14,732

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of estimated useful lives of property and equipment (Details)	12 Months Ended
	Dec. 31, 2020
Server and Network Equipment [Member]
Property and equipment, net
Estimated useful lives	3 years
Computer equipment and application software [Member] \| Minimum
Property and equipment, net
Estimated useful lives	2 years
Computer equipment and application software [Member] \| Maximum
Property and equipment, net
Estimated useful lives	3 years
Furniture and vehicles [Member] \| Minimum
Property and equipment, net
Estimated useful lives	3 years
Furniture and vehicles [Member] \| Maximum
Property and equipment, net
Estimated useful lives	5 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets	$ 2,135	$ 3,254	$ 3,441
Lease liabilities	1,998
Operating lease liabilities - current	(1,409)	(1,051)	(1,529)
Operating lease liabilities - non - current	(589)	(1,170)	(899)
Prepaid expenses and other current assets	2,196	2,868	9,788	$ 10,801
Accrued expenses and other current liabilities	$ (10,819)	$ (13,875)	(22,411)	$ (22,411)
ASU 2016 - 02 \| Revision of Prior Period, Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets			3,441
Lease liabilities			2,429
Operating lease liabilities - current			(1,529)
Operating lease liabilities - non - current			(899)
Prepaid expenses and other current assets			$ (1,013)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loss from operations		$ (27,227)	$ (57,407)	$ (79,327)
Cash used in operating activities		(11,724)	(28,402)	(82,966)
Working capital		7,844
Impairment loss of equity investments		0	6,155	0
impairment loss of available-for-sale of investment		0	2,000	0
Inventory write off and write down			17,826
Prepayments written off			22,282
Goodwill impairment		0	9,288	29,055
impairment of long-term investments		0	0	675
Goodwill
Goodwill, Impairment Loss		0	9,288	29,055
Deferred Revenue, Current		602	750
Value added taxes
Amount of VAT reported as a deduction to revenue		599	1,034	4,949
Continuing operations
Goodwill impairment			9,288	29,055
Goodwill
Goodwill, Impairment Loss			9,288	29,055
Discontinued operations
Goodwill impairment		0	74,091	0
Goodwill
Goodwill, Impairment Loss		$ 0	$ 74,091	0
Maximum
Equity Method Investment, Ownership Percentage		50.00%
Minimum
Equity Method Investment, Ownership Percentage		20.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01
Goodwill
Advance from customers, period of recognition of revenue		1 year
Jieying Huaqi Auto Service Co [Member]
Inventory Write-down				$ 5,700
SUBSEQUENT EVENT
Proceeds from related party debt	$ 68

SIGNIFICANT RISKS AND UNCERTAINTIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Foreign currency risk
Cash and cash equivalents denominated in RMB	$ 3,418	$ 315
Sales Revenue, Net
Foreign currency risk
Concentration risk percentage	10.00%	10.00%	10.00%
Accounts Receivable
Foreign currency risk
Concentration risk percentage	10.00%	10.00%

DISCONTINUED OPERATIONS (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Nov. 30, 2018	Jun. 21, 2018	Dec. 31, 2020	Dec. 31, 2019
DECONSOLIDATION OF SUBSIDIARIES
Stock Issued During Period, Shares, New Issues		816,261,781
Payments of Dividends		$ 133.7
Dividends Payable, Amount Per Share		$ 0.6125
Beijing Infinities Interactive Media Co Ltd [Member]
DECONSOLIDATION OF SUBSIDIARIES
Business Combination, Consideration Transferred	$ 20.0
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 40.0
Allowance for doubtful accounts receivable			$ 12.6
Renren SNS [Member]
DECONSOLIDATION OF SUBSIDIARIES
Proceeds From Related Party Discontinued Operation				$ 6.8

DISCONTINUED OPERATIONS - Schedule of calculation of gain (loss) on consolidation (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
Calculation of gain on deconsolidation
Gain on deconsolidation of OPI		$ 0	$ 242,097
Renren SNS [Member]
Calculation of gain on deconsolidation
Fair value of OPI			60,000
Less: Property and equipment, net			8
Net assets of Renren SNS			8
Less: Accumulated other comprehensive income			336
Gain on deconsolidation of OPI			59,656
Cash flows from operating activities		681	1,437
OPI
Calculation of gain on deconsolidation
Fair value of OPI	$ 500,000
Less: Cash and cash equivalents	35,274
Accounts and notes receivable, net	64
Prepaid expenses and other current assets	16,344
Less: Property and equipment, net	12
Amount due from the Company	15,190
Equity method investments	268,515
Equity investments without readily determinable fair values	144,096
Available-for-sale investment	90,615
Other non-current assets	14
Short term loan	(14,336)
Accounts payable	(96)
Accrued expenses and other current liabilities	(872)
Amount due to the Company	(102,304)
Deferred revenue	(13)
Income tax payable	(910)
Long-term liabilities	(112,604)
Other Long-term liabilities	(21,430)
Less: Accumulated other comprehensive income	317,559
Less: Tax expenses	0
Gain on deconsolidation of OPI	$ 182,441		$ 182,441
Kaixin Auto Holdings
Calculation of gain on deconsolidation
Less: Cash and cash equivalents		3,190		$ 3,162
Accounts and notes receivable, net		219
Prepaid expenses and other current assets		27,586		43,624
Less: Property and equipment, net		153		45
Other non-current assets				1,562
Income tax payable		$ (5,319)		$ (4,042)

DISCONTINUED OPERATIONS - Schedule of condensed cash flow (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net cash (used in) provided by operating activities	$ (3,878,000)	$ (4,745,000)	$ (39,320,000)
Net cash (used in) provided by investing activities	0	1,223,000	98,994,000
Net cash (used in) provided by financing activities from discontinued operations	3,917,000	(6,328,000)	(95,128,000)
OPI
Net cash (used in) provided by operating activities			(28,134,000)
Net cash (used in) provided by investing activities			12,000
Net cash (used in) provided by financing activities from discontinued operations			60,000,000
Kaixin Auto Holdings
Net cash (used in) provided by operating activities	(3,878,000)	(4,745,000)	(9,749,000.000)
Net cash (used in) provided by investing activities		1,223,000	98,982,000
Net cash (used in) provided by financing activities from discontinued operations	$ 3,917,000	$ (6,328,000)	$ (138,637,000)

DISCONTINUED OPERATIONS - Additional information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets classified as held for sale	$ 0	$ 2,405
Liabilities classified as held for sale	0	810
Kaixin Auto Holdings
Cash and cash equivalents	3,162	3,190
Financing receivable, net		219
Inventory		20,990
Prepaid expenses and other current assets	43,624	27,586
Property and equipment, net	45	153
Right-of-use assets	74	2,252
Other non-current asset	1,562
Assets classified as held for sale	48,467	54,390
Accounts payable	402	4,122
Accrued expenses and other current payables	14,683	17,302
Amount due to related parties	2,960	4,214
Short-term debt	15,257	16,630
Income tax payable	4,042	5,319
Advance from customers	1,863	1,677
Lease liabilities- current	39	1,785
Warrant Liability	1,690
Lease liabilities - non-current	26	810
Liabilities classified as held for sale	$ 40,962	$ 51,859

DISCONTINUED OPERATIONS - Schedule of condensed statement of operation (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Major classes of line items constituting pretax profit of discontinued operations
Revenues		$ 18,106	$ 15,085	$ 66,794
Interest expense		(303)	(566)	(842)
Other (expenses) income		3,543	1,523	(1,202)
Impairment of long-term investments		0	(2,000)	0
Income tax (expenses) benefit		0	0	0
Income from the operations of the discontinued operations, net of tax		(5,320)	(69,068)	(107,737)
Loss from the operations of the discontinued operations, net of tax		(5,320)	(69,068)	134,360
Gain on deconsolidation of the subsidiaries, net of tax			0	242,097
OPI
Major classes of line items constituting pretax profit of discontinued operations
Net revenues				895
Cost of revenues				(834)
Selling, research and development, and general and administrative expenses				(1,394)
Other income (expense)				371
Interest expense				(3,142)
Impairment of long-term investments				(2,180)
Loss from the operations of the discontinued operations, before income tax				(6,284)
Loss of equity method investment				(9,674)
Loss from the operations of the discontinued operations, net of tax				(15,958)
Gain on deconsolidation of the subsidiaries, net of tax	$ 182,441			182,441
Gain (loss) from the discontinued operations, net of tax				166,483
Renren SNS [Member]
Major classes of line items constituting pretax profit of discontinued operations
Net revenues				19,679
Cost of revenues				(14,997)
Selling, research and development, and general and administrative expenses				(7,523)
Loss from the operations of the discontinued operations, before income tax				(2,841)
Loss from the operations of the discontinued operations, net of tax				(2,841)
Gain on deconsolidation of the subsidiaries, net of tax				59,656
Gain (loss) from the discontinued operations, net of tax				56,815
Kaixin Auto Holdings
Major classes of line items constituting pretax profit of discontinued operations
Net revenues		33,160	334,697	431,404
Cost of revenues		(32,160)	(340,174)	(413,971)
Selling, research and development, and general and administrative expenses		(7,256)	(53,866)	(51,508)
Other income (expense)		586	840	(812)
Interest income		5	69	575
Interest expense		(1,183)	(4,057)	(4,261)
Impairment of goodwill			(74,091)
Fair value change of contingent consideration			65,594	(49,503)
Loss from the operations of the discontinued operations, before income tax		(6,848)	(70,988)	(88,076)
Income tax (expenses) benefit		1,528	1,920	(862)
Loss from the operations of the discontinued operations, net of tax		(5,320)	(69,068)	(88,938)
Gain (loss) from the discontinued operations, net of tax		$ (5,320)	$ (69,068)	(88,938)
Total
Major classes of line items constituting pretax profit of discontinued operations
Net revenues				451,978
Cost of revenues				(429,802)
Selling, research and development, and general and administrative expenses				(60,425)
Other income (expense)				(441)
Interest income				575
Interest expense				(7,403)
Impairment of long-term investments				(2,180)
Fair value change of contingent consideration				(49,503)
Loss from the operations of the discontinued operations, before income tax				(97,201)
Income tax (expenses) benefit				(862)
Loss of equity method investment				(9,674)
Loss from the operations of the discontinued operations, net of tax				(107,737)
Gain on deconsolidation of the subsidiaries, net of tax				242,097
Gain (loss) from the discontinued operations, net of tax				$ 134,360

SHORT-TERM INVESTMENTS (Details) $ in Thousands	24 Months Ended
SHORT-TERM INVESTMENTS (Details) $ in Thousands	Dec. 31, 2020 USD ($)
SHORT-TERM INVESTMENTS
Unrealized gain (loss) on investments	$ 0

LONG-TERM INVESTMENTS - Schedule of long-term investments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
LONG-TERM INVESTMENTS
Total equity method investments	$ 12,875	$ 12,736
Total equity investments without readily determinable fair values	40,766	718
Total long-term investments	53,641	13,454
SYI Venture Capital Center [Member]
LONG-TERM INVESTMENTS
Total equity investments with readily determinable fair values	766	718
Fundrise LP [Member]
LONG-TERM INVESTMENTS
Total equity method investments	11,828	11,655
Infinites Technology (Cayman) Holding Limited [Member]
LONG-TERM INVESTMENTS
Total equity investments without readily determinable fair values	40,000
Other [Member]
LONG-TERM INVESTMENTS
Total equity method investments	$ 1,047	$ 1,081

LONG-TERM INVESTMENTS (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
LONG-TERM INVESTMENTS (Details) - USD ($) $ in Thousands	Oct. 31, 2014	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity method investments:
Earnings (loss) in equity method investments, net of tax		$ 70	$ (7,464)	$ (2,463)
Fundrise LP [Member]
Equity method investments:
Payment for equity method investments	$ 10,000
Equity Method Investment, Ownership Percentage		98.04%	98.04%
Earnings (loss) in equity method investments, net of tax		$ 174	$ 336	$ 276

Goodwill - Schedule Of Changes In Carrying Amounts Of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Costs:
Beginning balance	$ 124	$ 9,413	$ 40,085
Impairment loss	0	(9,288)	(29,055)
Exchange difference	0	1	(1,617)
Ending balance	$ 124	$ 124	$ 9,413

Goodwill - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill, Impairment Loss	$ 0	$ 9,288	$ 29,055
New Car Business [Member]
Goodwill, Impairment Loss			25,804
Sindeo Business [Member]
Goodwill, Impairment Loss			$ 3,251
Geographic Farming, LLC
Goodwill, Impairment Loss		1,461
Trucker Path
Goodwill, Impairment Loss		$ 7,828

SHORT - TERM DEBT AND LONG-TERM DEBT- Schedule Of Short Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Total	$ 11,400	$ 14,447
East West Bank [Member]
Total	$ 11,400	11,000
Others [Member]
Total		$ 3,447

SHORT - TERM DEBT AND LONG-TERM DEBT - Short-term debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2020	Sep. 30, 2020	Apr. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
SHORT-TERM DEBT [Line Items]
Short-term Debt		$ 11,400			$ 14,447
East West Bank [Member]
SHORT-TERM DEBT [Line Items]
Face amount of debt			$ 18,000	$ 1,585
Short-term Debt		$ 11,400			$ 11,000
London Interbank Offered Rate (LIBOR) [Member] \| East West Bank [Member]
SHORT-TERM DEBT [Line Items]
Face amount of debt						$ 7,000
Spread on variable rate basis (as a percent)	1.70%
Short-term Debt			$ 11,000

SHORT - TERM DEBT AND LONG-TERM DEBT - Schedule Of Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Total	$ 1,585	$ 0
East West Bank [Member]
Total	$ 1,585

SHORT - TERM DEBT AND LONG-TERM DEBT - Long-term debt (Details) - East West Bank [Member] - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2020	Sep. 30, 2020
LONG-TERM DEBT
Face amount of debt	$ 1,585	$ 18,000
Debt Instrument, Description of Variable Rate Basis	1.0%

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule Of Accrued Expenses And Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Accrued expenses and other current liabilities
Other tax payable	$ 3,849	$ 3,925
Accrued professional fee and marketing expense	3,162	4,688
Employee payroll and welfare	364	937
Accrued Rental	10	424
Staff reimbursement	128	221
Others	3,306	3,680
Total	$ 10,819	$ 13,875	$ 22,411	$ 22,411

OPERATING LEASES - Right of use assets and lease liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2019
OPERATING LEASES.
Right-of-use assets	$ 2,135	$ 3,254		$ 3,441
Operating lease liabilities - current	1,409	1,051		1,529
Operating lease liabilities - non - current	589	1,170		$ 899
Cash paid for amounts included in the measurement of lease liabilities	940
Total operating lease cost	$ 1,814	$ 1,289	$ 4,140

OPERATING LEASES - Lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Total operating lease cost	$ 1,814	$ 1,289	$ 4,140
Short-term lease cost	83	276
Total lease cost	$ 1,897	$ 1,565
Weighted average remaining lease term	1 year 8 months 12 days	1 year 10 months 17 days
Weighted average discount rate of operating leases	10.30%	10.92%
Cost
Lessee, Lease, Description [Line Items]
Total operating lease cost	$ 297	$ 90
Selling expenses
Lessee, Lease, Description [Line Items]
Total operating lease cost		7
Research and development expenses
Lessee, Lease, Description [Line Items]
Total operating lease cost	1,221	977
General and administrative expenses
Lessee, Lease, Description [Line Items]
Total operating lease cost	$ 296	$ 215

OPERATING LEASES - Maturities of lease liabilities (Details) $ in Thousands	Dec. 31, 2020 USD ($)
OPERATING LEASES.
2021	$ 1,409
2022	610
Total undiscounted lease payment	2,019
Less: Imputed interest	21
Present value of lease liabilities	$ 1,998

INCOME TAXES - Additional information (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 01, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income taxes
Statutory income tax rate (as a percent)		25.00%	25.00%	25.00%
Net operating loss carry forwards		$ 32,914
PRC
Income taxes
Statutory income tax rate (as a percent)		25.00%
Withholding income tax rate on dividends generated and payable by a foreign-invested enterprise in PRC to foreign non-resident enterprise investors (as a percent)		10.00%
Net operating loss carry forwards		$ 22,413	$ 29,707
PHILIPPINES
Income taxes
Effective Income Tax Rate Reconciliation, Percent		30.00%	30.00%
Foreign Tax Authority [Member] \| Profit Slab One [Member]
Income taxes
Effective Income Tax Rate Reconciliation, Percent	8.25%
Effective Tax Rate Terms And Conditions	profits tax rate for the first HKD 2 million
Foreign Tax Authority [Member] \| Profit Slab Two [Member]
Income taxes
Effective Income Tax Rate Reconciliation, Percent	16.50%
Effective Tax Rate Terms And Conditions	profits exceeding HKD 2 million
Expiration by 2021
Income taxes
Net operating loss carry forwards		$ 4,569
Expiration by 2022
Income taxes
Net operating loss carry forwards		7,053
Expiration by 2023
Income taxes
Net operating loss carry forwards		10,579
Expiration by 2024
Income taxes
Net operating loss carry forwards		6,980
Expiration by 2025
Income taxes
Net operating loss carry forwards		3,733
No Expiration \| Hong Kong
Income taxes
Net operating loss carry forwards		47
No Expiration \| United States
Income taxes
Net operating loss carry forwards		$ 66,649

INCOME TAXES - Schedule Of Current And Deferred Component Of Income Tax Expenses Which Were Attributable To The Companys PRC Subsidiaries And VIE And VIEs Subsidiaries (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current and deferred component of income tax expenses (benefits)
Total income tax expenses (benefit)	$ (65)	$ 1,944	$ 8,988
PRC
Current and deferred component of income tax expenses (benefits)
Current income tax expenses (benefit)	(65)	1,944	8,988
Deferred income tax expenses		0	0
Total income tax expenses (benefit)	$ (65)	$ 1,944	$ 8,988

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Schedule Of Principal Components Of The Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets
Less valuation allowance	$ (41,905)	$ (50,561)
PRC
Deferred tax assets
Provision for doubtful accounts	4,761	4,456
Accrued payroll and welfare	89	218
Prepaid expenses and other current assets	4,839	5,137
Accrued liabilities	2,424	3,019
Advertising fee	563	811
Employee education fee	19	18
Goodwill and intangible asset impairment	6,798	7,195
Net operating loss carry forwards	22,412	29,707
Total Deferred tax assets	41,905	50,561
Less valuation allowance	(41,905)	(50,561)
Deferred tax assets, net	$ 0	$ 0

INCOME TAXES - Rollforward of valuation allowances of deferred tax assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Balance as of beginning of year	$ (50,561)
Additions of valuation allowance	4,070
Reversals	(11,868)
Decrease relating to disposal of entities	(3,355)
Foreign currency translation adjustments	2,497
Balance as of end of year	$ (41,905)

INCOME TAXES - Schedule Of Reconciliation Between The Income Taxes Expense (Benefit) Computed By Applying PRC Tax Rate To Income (Loss) Before Income Taxes And Actual Provision For Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
Loss before provision of income tax	$ (16,935)	$ (29,012)	$ (58,428)
PRC statutory income tax rate (as a percent)	25.00%	25.00%	25.00%
Income tax at statutory tax rate	$ (4,234)	$ (7,250)	$ (14,607)
Taxable deemed interest income from inter-company interest-free loans	(66)	2,218	4,298
Net operating loss not applicable for carryforward	14,820	13,548	0
Non-deductible expenses	44	(1,340)	6,471
Non-deductible expenses related to share-based compensation	3,830	2,102	7,901
Non-taxable income from fair value change gain of contingent consideration	(257)	(5,166)	0
Impairment of goodwill		2,322	0
Effect of income tax rate differences in jurisdictions other than the PRC	675	(87)	7,426
Effects of Company cancellation	(3,723)	205	0
Changes in valuation allowance	(11,154)	(4,608)	(2,501)
Total income tax expenses (benefit)	$ (65)	$ 1,944	$ 8,988

ORDINARY SHARES (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Class A ordinary shares
Ordinary shares, shares authorized	3,000,000,000	3,000,000,000
Ordinary shares, par value (in dollars per share)	$ 0.001	$ 0.001
Ordinary shares, value	$ 770	$ 751
Class B ordinary shares
Ordinary shares, shares authorized	500,000,000	500,000,000
Ordinary shares, par value (in dollars per share)	$ 0.001	$ 0.001
Ordinary shares, value	$ 305	$ 305
Number of shares into which each Class B ordinary share is convertible	1	1

FAIR VALUE MEASUREMENTS - Summary of Company's financial assets measured and recorded at fair value on recurring basis (Details) - Recurring basis [Member] - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financial assets measured and recorded at fair value [Line Items]
Short-term investments	$ 0	$ 1,436
Long-term investments
Contingent consideration	(2,059)	(1,032)
Total	(2,059)	404
Quoted price in active markets for identical assets Level 1 [Member]
Financial assets measured and recorded at fair value [Line Items]
Short-term investments	0
Long-term investments
Contingent consideration	0
Total	0
Significant other observable inputs Level 2 [Member]
Financial assets measured and recorded at fair value [Line Items]
Short-term investments	0	1,436
Long-term investments
Contingent consideration	0
Total	0	1,436
Significant unobservable inputs Level 3 [Member]
Financial assets measured and recorded at fair value [Line Items]
Short-term investments	0
Long-term investments
Contingent consideration	(2,059)	(1,032)
Total	$ (2,059)	$ (1,032)

FAIR VALUE MEASUREMENTS - Summary of additional information about the reconciliation of the fair value measurements using significant unobservable inputs level 3 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
FAIR VALUE MEASUREMENTS
Balance at beginning of the period	$ 1,032	$ 105,670
Fair value change	1,027	(86,256)
Exchange difference		2,467
Contingent liability reclassified into equity		(20,849)
Balance at ending of the period	$ 2,059	$ 1,032

FAIR VALUE MEASUREMENTS - Disclosure of contingent consideration from acquisition of sales service centers (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2020 shares
Sales Service Centers [Member]
Ordinary shares entitled to receive	4,180

SHARE-BASED COMPENSATION - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Jul. 13, 2020	Mar. 24, 2020	Jun. 29, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Options forfeited				151,330
Exercise price of the outstanding share options granted before modification (in dollars per ADS)		$ 0.0113	$ 0.0613
Exercise price of the outstanding share options granted after modification (in dollars per ADS)		$ 0.0113	$ 0.0613
Total incremental cost		$ 6,948	$ 10,779
Share-based Payment Arrangement, Expense, Tax Benefit				$ 0	$ 0	$ 0
Unrecognized share-based compensation cost disclosure
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost Related To Vested Options		6,534
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost Related To Unvested Options		$ 414		1,475
Share based compensation arrangement by share based payment award to vested option modification incremental compensation cost			$ 9,304
Share-based Compensation				$ 15,320	12,284	31,603
Stock options [Member]
Unrecognized share-based compensation cost disclosure
Weighted-average vesting period for recognition of unrecognized share-based compensation cost				1 year 11 months 1 day
Non-employee stock options [Member]
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Share based compensation				$ 0	0
Employee stock options [Member]
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Share-based compensation expenses from continuing operations				11,576	4,628	16,459
Unrecognized share-based compensation cost disclosure
Unrecognized share-based compensation expense relating to share options				4,472
Nonvested restricted shares [Member]
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Share based compensation				$ 2,634	$ 3,952	$ 3,917
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period				18,549,945
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options				$ 5,259
Unrecognized share-based compensation cost disclosure
Weighted-average vesting period for recognition of unrecognized share-based compensation cost				1 year 8 months 12 days
Number of awards granted (in shares)				55,462,455
Stock Incentive Plan 2011 [Member]
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Options approved under the plan (in shares)				110,014,158
Unrecognized share-based compensation cost disclosure
Maximum aggregrae number of shares				110,014,158
Stock Incentive Plan 2006 [Member]
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Options approved under the plan (in shares)				97,430,220
Unrecognized share-based compensation cost disclosure
Maximum aggregrae number of shares				97,430,220
Stock Incentive Plan 2008 [Member]
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Options approved under the plan (in shares)				30,529,630
Unrecognized share-based compensation cost disclosure
Maximum aggregrae number of shares				30,529,630
Stock Incentive Plan 2009 [Member]
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Options approved under the plan (in shares)				40,000,000
Unrecognized share-based compensation cost disclosure
Maximum aggregrae number of shares				40,000,000
Stock Incentive Plan 2016 [Member]
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Options approved under the plan (in shares)				53,596,236
Unrecognized share-based compensation cost disclosure
Maximum aggregrae number of shares				53,596,236
Stock Incentive Plan 2018 [Member]
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Options approved under the plan (in shares)				107,100,000
Unrecognized share-based compensation cost disclosure
Maximum aggregrae number of shares				107,100,000
Chime Plan
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Share based compensation	$ 632			$ 67
Number of shares available for future grant	30,000,000
Term of the options				10 years
Vesting term				4 years
Weighted average grant date fair value of option per share				$ 0.02
Unrecognized share-based compensation cost disclosure
Unrecognized share-based compensation expense relating to share options				$ 87
Weighted-average vesting period for recognition of unrecognized share-based compensation cost				3 years 6 months 11 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 0.02
Award vesting period				4 years
Chime Plan \| Employee stock options [Member]
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	20,000,000
Number of shares issued	20,000,000			8,346,000
Chime Plan \| Nonvested restricted shares [Member]
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Number of shares issued				20,000,000
Trucker Path Plan
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Share based compensation	$ 365			$ 31
Number of shares available for future grant	30,000,000
Weighted average grant date fair value of option per share				$ 0.01
Unrecognized share-based compensation cost disclosure
Unrecognized share-based compensation expense relating to share options				$ 35
Weighted-average vesting period for recognition of unrecognized share-based compensation cost				3 years 6 months 11 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 0.01
Trucker Path Plan \| Stock options [Member]
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Options granted to employees, management and external advisors (in shares)				6,871,000
Options forfeited				65,000
Weighted average grant date fair value of option per share				$ 0.01
Unrecognized share-based compensation cost disclosure
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 0.01
Granted (in shares)				6,871,000
Trucker Path Plan \| Employee stock options [Member]
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	20,000,000
Number of shares issued	20,000,000			6,871,000
Trucker Path Plan \| Nonvested restricted shares [Member]
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Number of shares issued				20,000,000

SHARE-BASED COMPENSATION - Summary of information with respect to share Options outstanding (Details) - Renren stock options [Member]	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares
Options outstanding
Number outstanding (in shares) \| shares	138,724,521
Weighted average intrinsic value \| $	$ 13,137,000
Options exercisable
Number of exercisable (in shares) \| shares	130,442,760
Weighted average intrinsic value \| $	$ 12,353,000
Stock Options Exercise Price Range 0.06 [Member]
Options outstanding
Number outstanding (in shares) \| shares	138,724,521
Weighted average remaining contractual life	3 years 5 months 1 day
Weighted average exercise price (in dollars per share)	$ 0.06
Weighted average intrinsic value \| $	$ 13,137,000
Options exercisable
Number of exercisable (in shares) \| shares	130,442,760
Weighted average remaining contractual life	3 years 3 months 22 days
Weighted average exercise price (in dollars per share)	$ 0.01
Weighted average intrinsic value \| $	$ 12,353,000
Range of exercise price from $0.01-$0.18 [Member]
Information with respect to share options outstanding [Line Items]
Low end of range of exercise prices (in dollars per share)	$ 0.01
Range of exercise price from $0.3 [Member] \| Chime Plan
Information with respect to share options outstanding [Line Items]
Low end of range of exercise prices (in dollars per share)	$ 0.03
Options outstanding
Number outstanding (in shares) \| shares	4,701,097
Weighted average remaining contractual life	9 years 6 months 4 days
Weighted average exercise price (in dollars per share)	$ 0.0300
Weighted average intrinsic value \| $	$ 22,384.0000
Options exercisable
Number of exercisable (in shares) \| shares	3,599,903
Weighted average remaining contractual life	9 years 6 months 4 days
Weighted average exercise price (in dollars per share)	$ 0.0300
Weighted average intrinsic value \| $	$ 17,141.0000
Range of exercise price from $0.2 [Member] \| Trucker Path Plan
Information with respect to share options outstanding [Line Items]
Low end of range of exercise prices (in dollars per share)	$ 0.02
Options outstanding
Number outstanding (in shares) \| shares	3,588,181
Weighted average remaining contractual life	9 years 6 months 4 days
Weighted average exercise price (in dollars per share)	$ 0.0200
Weighted average intrinsic value \| $	$ 17,117.0000
Options exercisable
Number of exercisable (in shares) \| shares	3,217,819
Weighted average remaining contractual life	9 years 6 months 4 days
Weighted average exercise price (in dollars per share)	$ 0.0200
Weighted average intrinsic value \| $	$ 15,350.0000

SHARE-BASED COMPENSATION - Summary of activity of stock Options granted (Details)	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Number of shares
Balance at the beginning of the period (in shares) \| shares	138,953,386
Exercised (in shares) \| shares	(77,535)
Forfeited (in shares) \| shares	(151,330)
Balance at the end of the period (in shares) \| shares	138,724,521
Exercisable, at the end of the period (in shares) \| shares	130,442,760
Vested and expected to vest, at the end of the period (in shares) \| shares	8,282,496
Weighted average exercise price
Balance at the beginning of the period (in dollars per share)	$ 0.06
Exercised (in dollars per share)	0.01
Forfeited (in dollars per share)	0.01
Balance at the end of the period (in dollars per share)	0.01
Exercisable, at the end of the period (in dollars per share)	0.01
Vested and expected to vest, at the end of the period (in dollars per share)	0.01
Weighted average grant date fair value
Balance at the beginning of the period (in dollars per share)	0.64
Exercised (in dollars per share)	0.51
Forfeited (in dollars per share)	0.84
Balance at the end of the period (in dollars per share)	0.64
Chime Plan
Weighted average grant date fair value
Granted (in dollars per share)	0.02
Trucker Path Plan
Weighted average grant date fair value
Granted (in dollars per share)	$ 0.01
Stock options [Member] \| Trucker Path Plan
Number of shares
Granted (in shares) \| shares	6,871,000
Exercised (in shares) \| shares	(3,217,819)
Forfeited (in shares) \| shares	(65,000)
Balance at the end of the period (in shares) \| shares	3,588,181
Exercisable, at the end of the period (in shares) \| shares	3,217,819
Vested and expected to vest, at the end of the period (in shares) \| shares	3,588,181
Weighted average exercise price
Granted (in dollars per share)	$ 0.02
Exercised (in dollars per share)	0.02
Forfeited (in dollars per share)	0.02
Balance at the end of the period (in dollars per share)	0.02
Exercisable, at the end of the period (in dollars per share)	0.02
Vested and expected to vest, at the end of the period (in dollars per share)	0.02
Weighted average grant date fair value
Granted (in dollars per share)	0.01
Forfeited (in dollars per share)	0.01
Vested (in dollars per share)	0.01
Balance at the end of the period (in dollars per share)	$ 0.01
Renren stock options [Member] \| Chime Plan
Number of shares
Balance at the beginning of the period (in shares) \| shares	0
Granted (in shares) \| shares	8,346,000
Exercised (in shares) \| shares	(3,599,903)
Forfeited (in shares) \| shares	(45,000)
Balance at the end of the period (in shares) \| shares	4,701,097
Exercisable, at the end of the period (in shares) \| shares	3,599,903
Vested and expected to vest, at the end of the period (in shares) \| shares	4,701,097
Weighted average exercise price
Balance at the beginning of the period (in dollars per share)	$ 0.00
Granted (in dollars per share)	0.03
Exercised (in dollars per share)	0.03
Forfeited (in dollars per share)	0.03
Balance at the end of the period (in dollars per share)	0.03
Exercisable, at the end of the period (in dollars per share)	0.03
Vested and expected to vest, at the end of the period (in dollars per share)	0.03
Weighted average grant date fair value
Granted (in dollars per share)	0.02
Forfeited (in dollars per share)	0.02
Vested (in dollars per share)	0.02
Balance at the end of the period (in dollars per share)	$ 0.02

SHARE-BASED COMPENSATION - Summary of Nonvested restricted shares activity (Details) - Nonvested restricted shares [Member]	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Weighted number of nonvested restricted shares
Outstanding at the beginning of the period (in shares) \| shares	55,821,488
Granted (in shares) \| shares	55,462,455
Vested (in shares) \| shares	(18,549,945)
Forfeited (in shares) \| shares	(14,538,907)
Outstanding at the end of the period (in shares) \| shares	78,195,091
Weighted average fair value per ordinary share at the grant dates
Outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 0.18
Granted (in dollars per share) \| $ / shares	0.08
Vested (in dollars per share) \| $ / shares	0.19
Forfeited (in dollars per share) \| $ / shares	0.13
Outstanding at the end of the period (in dollars per share) \| $ / shares	$ 0.12

SHARE-BASED COMPENSATION - Nonvested restricted shares (Details) - Nonvested restricted shares [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other disclosures
Compensation expense	$ 2,634	$ 3,952	$ 3,917
Unrecognized compensation expense	$ 5,259
Expected weighted-average period for unrecognized compensation expense to be recognized	1 year 8 months 12 days

SHARE-BASED COMPENSATION - Schedule of fair value of options granted, estimated on date of grant using Option-pricing models with assistance from Marsh,Independent Valuation Firm, With assumptions used (Details) - Binomial option pricing model [Member]	12 Months Ended
	Dec. 31, 2020 $ / shares
Trucker Path Plan
Fair value of the options granted, estimated on the date of grant using option-pricing models with assistance an independent valuation firm, with assumptions used [Line Items]
Risk-free interest rate (as a percent)	0.64%
Volatility (as a percent)	49.00%
Expected term (in years)	10 years
Exercise price	$ 0.02
Fair value of underlying ordinary share	$ 0.01
Chime Plan
Fair value of the options granted, estimated on the date of grant using option-pricing models with assistance an independent valuation firm, with assumptions used [Line Items]
Risk-free interest rate (as a percent)	0.73%
Volatility (as a percent)	57.00%
Expected term (in years)	10 years
Exercise price	$ 0.03
Fair value of underlying ordinary share	$ 0.02

SHARE-BASED COMPENSATION - Share-based compensation attributable to selling and marketing, research and development and general and administrative expenses of discontinued operations (Details) (Imported) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based compensation recorded by Group [Line Items]
Share-based compensation expenses from continuing operations	$ 15,320	$ 8,580	$ 20,166
Selling expenses
Share-based compensation recorded by Group [Line Items]
Share-based compensation expenses from continuing operations	185	524	423
Research and development expenses
Share-based compensation recorded by Group [Line Items]
Share-based compensation expenses from continuing operations	990	1,118	1,035
General and administrative expenses
Share-based compensation recorded by Group [Line Items]
Share-based compensation expenses from continuing operations	$ 14,145	$ 6,938	$ 18,708

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of amounts due from related parties (Details) (Imported) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2019
Amounts due from related parties [Line Items]
Repayments of principal from related party		$ 0	$ 3,386	$ 0
Amounts due from related parties - current		764	688
Amount due from related parties non-current		67,985	131,758
Total		68,749	132,446
OPI
Amounts due from related parties [Line Items]
Accrued interest income		18,000
Notes issued		$ 50,000
Interest rate		8.00%			8.50%
Term of the note		5 years
Repayments of principal from related party	$ 3,700	$ 26,400	9,600
Repayments of interests from related party	$ 300	1,100	400
Amount due from related parties non-current		67,985	91,758
Beijing Infinities
Amounts due from related parties [Line Items]
Receivable in cash classified as current				$ 40,000
Amounts due from related parties - current		726	681
Amount due from related parties non-current			40,000
Others
Amounts due from related parties [Line Items]
Amounts due from related parties - current		$ 38	$ 7

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of amount due to related parties (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Amounts due from related parties [Line Items]
Others		$ 93
Total	$ 697	774
Beijing Infinities
Amounts due from related parties [Line Items]
Total	$ 697	$ 681

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of transactions with related parties for amount due from related parties (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Equity method investments
Related Party Transaction [Line Items]
Transactions with related parties for amount due from related parties	$ 0	$ (600)
Interest accrued for Promissory note [Member] \| OPI
Related Party Transaction [Line Items]
Transactions with related parties for amount due from related parties	7,756	7,904
Promissory note principal received [Member] \| OPI
Related Party Transaction [Line Items]
Transactions with related parties for amount due from related parties	(31,529)	(10,027)
Amount accrued (received) from disposition of Renren SNS [Member] \| Beijing Infinities
Related Party Transaction [Line Items]
Transactions with related parties for amount due from related parties	(40,000)	(6,067)
Beijing Zhenzhong \| Loan to a related party [Member]
Related Party Transaction [Line Items]
Transactions with related parties for amount due from related parties	3,155	3,858
Beijing Zhenzhong \| Amount received from loan to a related party [Member]
Related Party Transaction [Line Items]
Transactions with related parties for amount due from related parties	$ (3,060)	$ (4,144)

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of transactions with related parties for amount due to related parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Loan from a related party	$ (1)	$ (1,879)
OPI
Related Party Transaction [Line Items]
Repayment of loan from related parties	0	27
Beijing Infinities
Related Party Transaction [Line Items]
Repayment of loan from related parties	$ 29	$ 1,192

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEGMENT INFORMATION
Revenues	$ 18,106	$ 15,085	$ 66,794
Revenue (in percent)	100.00%	100.00%	100.00%
PRC
SEGMENT INFORMATION
Revenues	$ 587	$ 6,824	$ 61,046
Revenue (in percent)	3.00%	45.00%	91.00%
United States
SEGMENT INFORMATION
Revenues	$ 17,519	$ 8,261	$ 5,748
Revenue (in percent)	97.00%	55.00%	9.00%

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

STATUTORY RESERVE AND RESTRICTED NET ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
STATUTORY RESERVE AND RESTRICTED NET ASSETS
Percentage of after-tax profits required to be allocated to general reserve	10.00%
General reserve as a percentage of registered capital up to which after-tax profit of PRC subsidiaries and VIEs shall be transferred	50.00%
Aggregate amount of net assets of the relevant subsidiaries and VIE entities in the Company not available for distribution	$ 266,542	$ 257,107
Appropriation of reserves of PRC subsidiaries	$ 0	$ 0	$ 0

SUBSEQUENT EVENT (Details) - SUBSEQUENT EVENT - Convertible preferred shares - Kaixin $ / shares in Units, $ in Thousands	Mar. 31, 2021 USD ($) $ / shares
SUBSEQUENT EVENT
Amount Invested In Shares \| $	$ 6,000
Conversion price \| $ / shares	$ 3.00

Financial Statement Schedule I Condensed Financial Information of Parent Company - BALANCE SHEETS (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 19,630	$ 1,283
Prepaid expenses and other current assets	2,196	2,868	$ 9,788	$ 10,801
Amounts due from subsidiaries	2,255	0
Total current assets	88,947	72,772
Amount due from related parties non-current	67,985	131,758
TOTAL ASSETS	213,673	226,211
Current liabilities:
Short-term debt	11,400	14,447
Accrued expenses and other current liabilities	10,819	13,875	$ 22,411	$ 22,411
Contingent consideration	407	204
Total current liabilities	81,103	98,170
Long-term contingent consideration	1,652	828
TOTAL LIABILITIES	84,929	100,978
Equity:
Additional paid-in capital	741,130	720,513
Accumulated deficit	(634,054)	(614,834)
Accumulated other comprehensive loss	(9,706)	(9,334)
Total Renren lnc. shareholders' equity	105,157	104,113
TOTAL LIABILITIES AND EQUITY	213,673	226,211
Class A ordinary shares
Equity:
Ordinary shares	770	751
Class B ordinary shares
Equity:
Ordinary shares	305	305
Reportable Legal Entities [Member] \| Parent Company [Member]
Current assets:
Cash and cash equivalents	1,933	173
Prepaid expenses and other current assets	1,058	519
Amounts due from subsidiaries	432,494	409,258
Total current assets	435,485	409,950
Amount due from related parties non-current	67,985	91,758
TOTAL ASSETS	503,470	501,708
Current liabilities:
Short-term debt	11,400	11,000
Accrued expenses and other current liabilities	2,167	3,152
Contingent consideration	407	204
Total current liabilities	13,974	14,356
Long-term contingent consideration	1,652	828
Deficit of investment in subsidiaries	380,794	382,411
TOTAL LIABILITIES	396,420	397,595
Equity:
Additional paid-in capital	742,775	720,513
Accumulated deficit	(627,338)	(608,118)
Accumulated other comprehensive loss	(9,462)	(9,338)
Total Renren lnc. shareholders' equity	107,050	104,113
TOTAL LIABILITIES AND EQUITY	503,470	501,708
Reportable Legal Entities [Member] \| Parent Company [Member] \| Class A ordinary shares
Equity:
Ordinary shares	770	751
Reportable Legal Entities [Member] \| Parent Company [Member] \| Class B ordinary shares
Equity:
Ordinary shares	$ 305	$ 305

Financial Statement Schedule I Condensed Financial Information of Parent Company - BALANCE SHEETS (Parenthetical) (Details) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Class A ordinary shares
Consolidated financial information
Ordinary shares, par value (in dollars per share)	$ 0.001	$ 0.001
Ordinary shares, shares authorized	3,000,000,000	3,000,000,000
Ordinary shares, shares issued	769,444,113	750,816,633
Ordinary shares, shares outstanding	769,444,113	750,816,633
Class B ordinary shares
Consolidated financial information
Ordinary shares, par value (in dollars per share)	$ 0.001	$ 0.001
Ordinary shares, shares authorized	500,000,000	500,000,000
Ordinary shares, shares issued	305,388,450	305,388,450
Ordinary shares, shares outstanding	305,388,450	305,388,450
Reportable Legal Entities [Member] \| Parent Company [Member] \| Class A ordinary shares
Consolidated financial information
Ordinary shares, par value (in dollars per share)	$ 0.001	$ 0.001
Ordinary shares, shares authorized	3,000,000,000	3,000,000,000
Ordinary shares, shares issued	769,444,113	750,816,633
Ordinary shares, shares outstanding	769,444,113	750,816,633
Reportable Legal Entities [Member] \| Parent Company [Member] \| Class B ordinary shares
Consolidated financial information
Ordinary shares, par value (in dollars per share)	$ 0.001	$ 0.001
Ordinary shares, shares authorized	500,000,000	500,000,000
Ordinary shares, shares issued	305,388,450	305,388,450
Ordinary shares, shares outstanding	305,388,450	305,388,450

Financial Statement Schedule I Condensed Financial Information of Parent Company - STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
Selling and marketing	$ 8,293	$ 10,780	$ 10,485
Research and development	11,347	22,791	21,930
General and administrative	22,242	10,089	48,082
Total operating expenses	41,882	65,774	83,624
Other income (expenses)	3,543	1,523	(1,202)
Interest income	8,079	8,776	5,185
Interest expense	(303)	(566)	(842)
Fair value change of contingent consideration	1,027	(20,662)	(19,899)
Loss in equity method investments	70	(7,464)	(2,463)
Gain on deconsolidation of the subsidiaries		0	242,097
Net income (loss)	(22,120)	(107,488)	64,481
Other comprehensive (loss) income, net of tax:
Foreign currency translation, net of nil income taxes	425	(4,868)	(5,770)
Net unrealized (loss) gain on available-for-sale investments	0	9	(9,671)
Transfer to statements of operations of realized gain on available-for-sale securities	0	(9)	(7,364)
Other comprehensive loss	425	(4,868)	(22,805)
Comprehensive income (loss)	(21,695)	(112,352)	41,676
Reportable Legal Entities [Member] \| Parent Company [Member]
STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
Selling and marketing	98	524	423
Research and development	467	1,118	1,035
General and administrative	16,003	8,030	25,536
Total operating expenses	16,568	9,672	26,994
Other income (expenses)	(2,765)	0	924
Interest income	7,756	7,904	3,969
Interest expense	(302)	(565)	(3,989)
Fair value change of contingent consideration	(1,027)	20,662	0
Loss in equity method investments	0	(417)	(1,415)
Gain on deconsolidation of the subsidiaries	0	0	182,441
Equity in loss of subsidiaries and variable interest entities	(6,314)	(69,005)	(82,396)
Net income (loss)	(19,220)	(51,093)	72,540
Other comprehensive (loss) income, net of tax:
Foreign currency translation, net of nil income taxes	(124)	(3,344)	(5,770)
Net unrealized (loss) gain on available-for-sale investments	0	9	(9,671)
Non-controlling interest disposition	0	0	2,519
Transfer to statements of operations of realized gain on available-for-sale securities	0	(9)	(7,364)
Other comprehensive loss	(124)	(3,344)	(20,286)
Comprehensive income (loss)	$ (19,344)	$ (54,437)	$ 52,254

Financial Statement Schedule I Condensed Financial Information of Parent Company - STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from investing activities of continuing operations:
Proceeds from sale of equity investments without readily determinable fair values	$ 0	$ 0	$ 4,585
Proceeds from repayment of the note issued by OPI	31,529	9,564	0
Cash flows from financing activities of continuing operations:
Proceeds from exercise of share options	1	8	526
Cash distribution to shareholders related to acquisition of OPI	0	0	(168,983)
Repayment of borrowings	(4,751)	(31,000)	(11,500)
Effect of exchange rate changes	(330)	466	(1,688)
Reportable Legal Entities [Member] \| Parent Company [Member]
STATEMENTS OF CASH FLOWS
Net cash used in operating activities	(30,170)	13,850	16,026
Cash flows from investing activities of continuing operations:
Proceeds from sale of equity investments without readily determinable fair values	0	0	4,585
Proceeds from repayment of the note issued by OPI	31,529	9,564	0
Net cash provided by investing activities	31,529	9,564	4,585
Cash flows from financing activities of continuing operations:
Proceeds from exercise of share options	1	10	1,107
Proceeds from borrowings	400	7,000	27,000
Cash distribution to shareholders related to acquisition of OPI	0	0	(133,665)
Repayment of borrowings	0	(31,000)	(12,000)
Net cash used in financing activities	401	(23,990)	(117,558)
Net increase (decrease) in cash and cash equivalents	1,760	(576)	(96,947)
Cash and cash equivalents at beginning of year	173	749	97,697
Effect of exchange rate changes	0	0	(1)
Cash and cash equivalents at end of year	$ 1,933	$ 173	$ 749

Financial Statement Schedule I Condensed Financial Information of Parent Company - BASIS FOR PREPARATION (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financial Statement Schedule I Condensed Financial Information of Parent Company
Restricted net assets of Company's subsidiaries, VIE and VIE's subsidiaries	$ 266,542	$ 257,107