0001410578-22-001112 | 20-F | XBRL Viewer

As of December 31,

Restricted cash

Less: Provision of restricted cash

Restricted cash, net

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SHARE-BASED COMPENSATION - Nonvested restricted shares (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other disclosures
Expected weighted-average period for unrecognized compensation expense to be recognized	1 year 3 months 21 days
Restricted Stock
Other disclosures
Compensation expense	$ 3,494	$ 2,634	$ 3,952
Unrecognized compensation expense	$ 5,577
Expected weighted-average period for unrecognized compensation expense to be recognized	1 year 4 months 24 days

LONG-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2021

LONG-TERM INVESTMENTS

Schedule of long-term investments


		As of December 31,
	Note	2020		2021

Equity method investments:
Kaixin Auto Holdings	(i)	$	—	$	32,045
Fundrise, L.P.	(ii)		11,828		11,912
Other	(iii)		1,047		4,979

Total equity method investments			12,875		48,936

Equity investment without readily determinable fair values
Infinites Technology (Cayman) Holding Limited	(iv)		40,000		40,000
Preferred shares of Kaixin Auto Holdings	(v)		—		4,474
Suzhou Youge Interconnection Venture Capital Center			766		785
Total equity investments without readily determinable fair values			40,766		45,259

Total long-term investments		$	53,641	$	94,195

(i)

As of December 31, 2020, the Company held 69.4% of equity interest in Kaixin, and it was recognized as a subsidiary of the Company.

Upon completion of the Kaixin Deconsolidation, shares transfer related to the settlement of contingent liabilities (Note 12). As well transfer of 1.6 million shares of Kaixin held by the Company on November 30, 2021 to CPL Yellow Stone Limited as a consultant’s fee regarding the transfer of 22.8 million shares in the escrow arrangement. The Company’s equity interest in Kaixin decreased to 19.2% as of December 31, 2021. The Company accounts for its equity interest in Kaixin under the equity method as it is deemed to have the ability to exercise significant influence over Kaixin's operating and financial policies through a combination of its voting interest, its right to designate a board member and intra-entity transactions it conducts with Kaixin.

The Company recognized its share of loss of $63,388 from Kaixin for the year ended December 31, 2021.

(ii)

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 limited partner as of December 31, 2020 and 2021 and recognized its share of gain of $336, $174 , and $83 for the years ended December 31, 2019, 2020 and 2021, respectively.

(iii)

In May 2014, the Company entered into an agreement to purchase limited partnership interest of Beijing Fenghou Tianyuan Investment and Management Center L.P. for a total consideration of $1,569 (RMB10 million). The Company held 12.38% partnership interest as of December 31, 2020 and 2021 and recognized its share of loss of $77, $106 and gain of $4,304 for the years ended December 31, 2019, 2020 and 2021, respectively.

(iv)

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 in 2018.

5. LONG-TERM INVESTMENTS - continued

(v)

On March 31, 2021, the Company purchased a convertible preferred shares from Kaixin for a total consideration of $6,000. The Company recognized the preferred shares of Kaixin as an investment without readily determinable fair values. The Company recorded $1,526 impairment loss of the preferred shares for the year ended December 31, 2021 based on its fair value determined with the assistance of an independent valuation appraiser. These valuations are based on a number of estimates and assumptions, including the expected redemption date and put option ending date of December 31, 2031, bond discount rate of 13.53%, volatility of 44.62% and risk fee rate of 1.66%.

Summary of financial information of the equity method investments

The following is a summary of the consolidated balance sheets and income statements of the Kaixin which we have a significant equity method investment. These amounts are presented on the underlying investees’ accounting basis.


	As of December 31,
	2021
Total current assets	$	58,937
Total non-current assets		15,223
Total assets		74,160

Total current liabilities		29,383
Total non-current liabilities		6,698
Total liabilities		36,081

Total Kaixin Auto Holding’ shareholders’ equity		29,662
Non-controlling interests		8,417
Total shareholders’ equity		38,079


	For the period from June
	25 to December 31,
	2021
Net revenues	$	251,801
Gross profit		5,255
Pre-tax loss		(52,478)
Net loss		(51,749)
Net loss attributable to shareholders		(52,400)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF CASH FLOWS
Conversion of convertible loans issued by Kaixin to KAH's ordinary shares, including interest	$ 219	$ 219	$ 219

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Net (loss) income	$ 9,365	$ (22,120)	$ (107,488)
Other comprehensive (loss) income, net of tax
Foreign currency translation, net of nil income taxes	(152)	425	(4,868)
Net unrealized gain on available-for-sale investments, net of tax of nil for the years ended December 31, 2019, 2020 and 2021, respectively	0	0	9
Transfer to statements of operations of realized gain on available-for-sale investments, net of tax of nil for the years ended December 31, 2019, 2020 and 2021, respectively	0	0	(9)
Other comprehensive (loss) income	(152)	425	(4,868)
Comprehensive (loss) income	9,213	(21,695)	(112,356)
Less: total comprehensive loss attributable to noncontrolling interest	(4,144)	(2,351)	(57,915)
Comprehensive (loss) income attributable to Renren Inc.	$ 13,357	$ (19,344)	$ (54,441)

STATUTORY RESERVE AND RESTRICTED NET ASSETS

12 Months Ended

Dec. 31, 2021

STATUTORY RESERVE AND RESTRICTED NET ASSETS

STATUTORY RESERVE AND RESTRICTED NET ASSETS

16. 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, 2021, 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, 2019, 2020 and 2021, 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 $266,542 and $268,844 as of December 31, 2020 and 2021, respectively.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2021

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Schedule of accrued expenses and other payables


	As of December 31,
	2020		2021

Other tax payable	$	3,849	$	4,467
Accrued professional fee and marketing expense		3,162		2,698
Employee payroll and welfare		364		1,122
Staff reimbursement		128		211
Accrued Rental		10		9
Others		3,321		3,547
Total	$	10,834	$	12,054

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule Of Accrued Expenses And Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued expenses and other current liabilities
Other tax payable	$ 4,467	$ 3,849
Accrued professional fee and marketing expense	2,698	3,162
Employee payroll and welfare	1,122	364
Staff reimbursement	211	128
Accrued Rental	9	10
Others	3,547	3,321
Total	$ 12,054	$ 10,834

SHORT - TERM DEBT AND LONG-TERM DEBT - Long-term debt (Details) - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2020	Dec. 31, 2021	Sep. 30, 2021
LONG-TERM DEBT
Face amount of debt			$ 18,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 8,277
Long-term Debt
LONG-TERM DEBT
Face amount of debt	$ 1,585
Debt Instrument, Description of Variable Rate Basis	1.0%
Debt Instrument Term	24 months

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)	Class A ordinary shares Ordinary shares [Member]	Class B ordinary shares Ordinary shares [Member]	Total Renren Inc.'s equity (deficit)	Additional paid-in capital [Member]	Accumulated deficit	Statutory reserves [Member]	Accumulated other comprehensive loss	Non-controlling interest [Member]	Total
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			11,369,000	11,369,000				915,000	12,284,000
Other comprehensive loss			(3,340,000)				(3,340,000)	(1,524,000)	(4,864,000)
Net loss			(51,097,000)		(51,097,000)			(56,391,000)	(107,488,000)
Exercise of share option and restricted shares vesting	$ 14,000		8,000	(6,000)					8,000
Exercise of share option and restricted shares vesting (in shares)	13,594,185
Acquisition of interest in a dealership held by non-controlling shareholder			(187,000)	(187,000)				(1,325,000)	(1,512,000)
Disposal of a Kaixin			(81,000)	(81,000)				(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 Kaixin and conversion of rights to Kaixin'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	$ 0	$ 0	0	0	0	0	0	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 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
Increase (Decrease) in Shareholders' Equity
Stock-based compensation			18,646,000	18,646,000				5,177,000	23,823,000
Other comprehensive loss			(306,000)				(306,000)	154,000	(152,000)
Disposal of subsidiary								(23,608,000)	(23,608,000)
Transaction with NCI			13,153,000	13,153,000				13,153,000
Net loss			13,663,000		13,663,000			(4,298,000)	9,365,000
Exercise of share option and restricted shares vesting	$ 46,000		275,000	229,000					275,000
Exercise of share option and restricted shares vesting (in shares)	46,492,464
Accretion of convertible redeemable preferred shares to redemption value			(951,000)	(951,000)				(484,000)	(1,435,000)
Balance at Dec. 31, 2021	$ 816,000	$ 305,000	$ 149,637,000	$ 772,207,000	$ (620,391,000)	$ 6,712,000	$ (10,012,000)	$ (12,625,000)	$ 137,012,000
Balance (in shares) at Dec. 31, 2021	815,936,577	305,388,450

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Right-of-use assets	$ 888	$ 2,135
Lease liabilities	769
Operating lease liabilities - current	(706)	(1,409)
Operating lease liabilities - non - current	(63)	(589)
Prepaid expenses and other current assets	6,272	2,196
Accrued expenses and other current liabilities	$ (12,054)	$ (10,834)

SHARE-BASED COMPENSATION - Share-based compensation attributable to selling and marketing, research and development and general and administrative expenses of discontinued operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based compensation recorded by Group [Line Items]
Share-based compensation expenses from continuing operations	$ 8,469	$ 15,320	$ 8,580
Selling expenses
Share-based compensation recorded by Group [Line Items]
Share-based compensation expenses from continuing operations	50	185	524
Research and development expenses
Share-based compensation recorded by Group [Line Items]
Share-based compensation expenses from continuing operations	510	990	1,118
General and administrative expenses
Share-based compensation recorded by Group [Line Items]
Share-based compensation expenses from continuing operations	$ 7,909	$ 14,145	$ 6,938

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

12 Months Ended

Dec. 31, 2021

SHORT-TERM DEBT AND LONG-TERM DEBT

Schedule of Short-term Debt

Short-term debt


		As of December 31,
	Note	2020		2021
East West Bank	(i)	$	11,400	$	—
Silicon Valley Bank	(ii)		—		1,585
Total		$	11,400	$	1,585

(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 April 2020. In April 2020 the maturity date of the loan was extended to July 2020 and in June 2020 the maturity date of the loan was extended to September 2020. With the 2020 extension the amount of borrowing 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 increased 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.

(ii)

In April 2020, the Company entered into a long-term Paycheck Protection Program (PPP) 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.

Schedule of Long-term Debt Instruments


		As of December 31,
	Note	2020		2021
Silicon Valley Bank		$	1,585	$	—
Total		$	1,585	$	—

- 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

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, 2021	Dec. 31, 2020	Dec. 31, 2019
STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
Selling and marketing	$ 13,998	$ 8,293	$ 10,780
Research and development	10,721	11,347	22,791
General and administrative	20,130	22,242	10,089
Total operating expenses	44,849	41,882	65,774
Other income (expenses)	792	3,543	1,523
Interest income	238	8,079	8,776
Interest expenses	(51)	(303)	(566)
Gain (loss) on changes in fair value of the Contingent Consideration	(1,115)	1,027	(20,662)
Loss related to contingent liability settlement	13,246	0	0
Loss in equity method investments	(59,001)	70	(7,464)
Gain on deconsolidation of the subsidiaries	123,667	0	0
Provision of amount due from the deconsolidated subsidiary	(3,943)	0	0
Net (loss) income	9,365	(22,120)	(107,488)
Other comprehensive (loss) income, net of tax:
Foreign currency translation	(152)	425	(4,868)
Net unrealized (loss) gain on available-for-sale investments	0	0	9
Transfer to statements of operations of realized gain on available-for-sale securities	0	0	(9)
Other comprehensive loss	(152)	425	(4,868)
Comprehensive (loss) income	9,213	(21,695)	(112,356)
Reportable Legal Entities \| Parent Company
STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
Selling and marketing	(52)	(98)	(524)
Research and development	(510)	(467)	(1,118)
General and administrative	(13,832)	(16,003)	(8,030)
Total operating expenses	(14,394)	(16,568)	(9,672)
Other income (expenses)	0	(2,765)	0
Interest income	0	7,756	7,904
Interest expenses	(51)	(302)	(565)
Gain (loss) on changes in fair value of the Contingent Consideration	1,115	(1,027)	20,662
Loss related to contingent liability settlement	(13,246)	0	0
Loss in equity method investments	(63,388)	0	(417)
Gain on deconsolidation of the subsidiaries	123,667	0	0
Provision of amount due from the deconsolidated subsidiary	(1,386)	0	0
Impairment of long-term investments	(1,526)	0	0
Equity in loss of subsidiaries and variable interest entities	(17,128)	(6,314)	(69,009)
Net (loss) income	$ 13,663	$ (19,220)	$ (51,097)

ORGANIZATION AND PRINCIPAL ACTIVITIES - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2021
VIE arrangements
Revenues	$ 32,219	$ 18,106	$ 15,085
Face amount of debt					$ 18,000
Haitaoche Shareholders
VIE arrangements
Ownership interest held		51.00%
Percentage of legal ownership by Renren Inc		51.00%
Variable Interest Entity [Member]
VIE arrangements
Term of agreement	10 years
Service fees	$ 0	$ 0
Revenues	$ 367	$ 433		$ 6,581
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
Term of agreement	10 years
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

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of amount due to related parties (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amounts due from related parties [Line Items]
Total	$ 714	$ 697
Beijing Infinities
Amounts due from related parties [Line Items]
Total	$ 714	$ 697

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).

+ References

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-Publisher FASB
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-Topic 470
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-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

+ Details

KAIXIN DECONSOLIDATION - Deconsolidation of the Kaxin (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 25, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on deconsolidation of Kaixin		$ 123,667	$ 0	$ 0
Ownership percentage	33.30%
Loss in equity method investments		(59,001)	$ 70	$ (7,464)
KaixinAutoHoldingsMember
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	33.30%
Loss in equity method investments		63,388
Cash deposits pledged as security		9,284
Letter of credit		8,277,000
Provision of restricted cash		$ 9,284
KaixinAutoHoldingsMember
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	33.30%	19.20%
Loss in equity method investments		$ 63,388
KaixinAutoHoldingsMember
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on deconsolidation of Kaixin		123,667
Ownership percentage	69.40%
KaixinAutoHoldingsMember \| KaixinAutoHoldingsMember
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Provision of restricted cash		3,943
KaixinAutoHoldingsMember \| Discontinued operation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair value of retaining noncontrolling interest in Kaixin	$ 111,309
Preferred shares of Kaixin	6,000
Carrying amount of noncontrolling interest in Kaixin	23,608
Less: Net assets of Kaixin	(17,250)
Gain on deconsolidation of Kaixin	$ 123,667	$ 123,667

LONG-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2021

LONG-TERM INVESTMENTS

LONG-TERM INVESTMENTS

5. LONG-TERM INVESTMENTS


		As of December 31,
	Note	2020		2021

Equity method investments:
Kaixin Auto Holdings	(i)	$	—	$	32,045
Fundrise, L.P.	(ii)		11,828		11,912
Other	(iii)		1,047		4,979

Total equity method investments			12,875		48,936

Equity investment without readily determinable fair values
Infinites Technology (Cayman) Holding Limited	(iv)		40,000		40,000
Preferred shares of Kaixin Auto Holdings	(v)		—		4,474
Suzhou Youge Interconnection Venture Capital Center			766		785
Total equity investments without readily determinable fair values			40,766		45,259

Total long-term investments		$	53,641	$	94,195

(i)

As of December 31, 2020, the Company held 69.4% of equity interest in Kaixin, and it was recognized as a subsidiary of the Company.

The Company recognized its share of loss of $63,388 from Kaixin for the year ended December 31, 2021.

(ii)

(iii)

(iv)

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 in 2018.

5. LONG-TERM INVESTMENTS - continued

(v)


	As of December 31,
	2021
Total current assets	$	58,937
Total non-current assets		15,223
Total assets		74,160

Total current liabilities		29,383
Total non-current liabilities		6,698
Total liabilities		36,081

Total Kaixin Auto Holding’ shareholders’ equity		29,662
Non-controlling interests		8,417
Total shareholders’ equity		38,079


	For the period from June
	25 to December 31,
	2021
Net revenues	$	251,801
Gross profit		5,255
Pre-tax loss		(52,478)
Net loss		(51,749)
Net loss attributable to shareholders		(52,400)

OPERATING LEASES - Right of use assets and lease liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING LEASES.
Right-of-use assets	$ 888	$ 2,135
Operating lease liabilities - current	706	1,409
Operating lease liabilities - non - current	63	589
Cash paid for amounts included in the measurement of lease liabilities	744
Total operating lease cost	$ 878	$ 1,814	$ 1,289

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 65,247	$ 19,630
Restricted cash	0	14,457
Accounts receivable	1,618	474
Prepaid expenses and other current assets	6,272	2,196
Inventories	358	704
Amounts due from related parties, net	762	764
Amount due from subsidiary held for sale	0	2,255
Assets of discontinued operations - current	0	48,467
Total current assets	74,257	88,947
Non-current assets
Property and equipment, net	216	439
Intangible assets, net	325	325
Goodwill	124	124
Long-term Investments	94,195	53,641
Amount due from related parties - non-current	0	67,985
Right-of-use assets	888	2,135
Other non-current assets	170	77
Total non-current assets	95,918	124,726
Total assets	170,175	213,673
Current liabilities
Accounts payable	1,652	951
Short-term debt	1,585	11,400
Accrued expenses and other current liabilities	12,054	10,834
Operating lease liabilities - current	706	1,409
Amounts due to related parties	714	697
Deferred revenue	2,622	602
Income Tax Payable	13,767	13,841
Contingent consideration	0	407
Liabilities of discontinued operations - current	0	40,962
Total current liabilities	33,100	81,103
Non-current assets
Long-term debt	1,585	1,585
Operating lease liabilities - non-current	63	589
Long-term contingent consideration	0	1,652
Total non-current liabilities	63	3,826
TOTAL LIABILITIES	33,163	84,929
Shareholders' equity
Additional paid-in capital	772,207	741,130
Accumulated deficit	(620,391)	(634,054)
Statutory reserves	6,712	6,712
Accumulated other comprehensive loss	(10,012)	(9,706)
Total Renren lnc. shareholders' equity	149,637	105,157
Noncontrolling interest	(12,625)	23,587
Total equity	137,012	128,744
TOTAL LIABILITIES AND EQUITY	170,175	213,673
Class A ordinary shares
Shareholders' equity
Ordinary shares	816	770
Class B ordinary shares
Shareholders' equity
Ordinary shares	$ 305	$ 305

RELATED PARTY BALANCES AND TRANSACTIONS

12 Months Ended

Dec. 31, 2021

RELATED PARTY BALANCES AND TRANSACTIONS

14. RELATED PARTY BALANCES AND TRANSACTIONS

The table below sets forth the related parties and their relationships with the Company:


	Name	Relationship
(a)	Kaixin Automobile Holdings (“Kaixin”)	Equity investment of the Company (Note 4)
(b)	Infinities Technology (Cayman) Holding Limited (“Infinities”)	Equity investment of the Company
(c)	Oak Pacific Investment (“OPI”)	An entity controlled together by chief executive officer and chief operating officer.
(d)	Beijing Oak Yi Xin Technology Development Co., Ltd (“Beijing Oak Yi Xin”)	VIE of OPI
(e)	Beijing Zhenzhong Interactive Information Technology Co., Ltd. (Beijing Zhenzhong)	Subsidiary of a VIE of OPI
(f)	One Rent Inc.	Equity investment of the Company

14. RELATED PARTY BALANCES AND TRANSACTIONS-continued

(1)

Amounts due from related parties

As of December 31, 2020 and 2021, amounts due from related parties including both current and non-current were as follows:


		As of December 31,
	Note	2020		2021
Gross amount due from Kaixin	(i)		—		3,943
Less: bad debt provision			—		(3,943)
Net amount due from Kaixin			—		—
Infinities	(ii)	$	726	$	744
Beijing Oak Yi Xin			38		18
Amounts due from related parties - current		$	764	$	762

OPI	(iii)	$	67,985	$	—
Amounts due from related parties – non current			67,985		—
Total		$	68,749	$	762

(i)

The balances mainly represented the advances made to Kaixin daily operational purposes. The Company provided bad debt provision of $3,943 for the year ended December 31, 2021 as the Company concluded the likelihood of the balance being recovered is remote.

(ii)

The balance represents the receivable from Infinities in connection with the disposition of the SNS business. In November 2018, the Company’s Board of Directors approved a proposal of sale of its SNS Business to Beijing Infinities for a combined consideration of $20,000 in cash and $40,000 in the form of Beijing Infinities shares to be issued to the Company. The Company collected $6,866 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 $12,408 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.

(iii)

The balance of December 31, 2020 represents the $50,000 note issued by OPI to the Company and $18,000 accrued interest income. The balance is included in amount due from related party, non-current as of December 31, 2020. In January 2021, the Company received the repayment of the principal and interest of $67,985 on from OPI and fully settled the balance.

(2)

Amounts due to related parties


	As of December 31,
	2020		2021
Infinities	$	697	$	714
Total	$	697	$	714

14. RELATED PARTY BALANCES AND TRANSACTIONS-continued

Details of major related party transactions for the years ended December 31, 2019, 2020 and 2021 are as follows:


	For the Years ended December 31,
	2019		2020		2021
Interest accrued for Promissory note:
OPI	$	7,904	$	7,756	$	—

Promissory note principal received:
OPI		(10,027)		(31,529)		(67,985)

Amount received from disposition of Renren SNS:
Beijing Infinities		(6,067)		—		—

Conversion of a loan to Beijing Infinities to equity investment into Beijing Infinities		—		(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)		—

Repayment of related party loan:
Infinities		1,192		29		—
OPI		27		—		—

Equity method Investment:
One Rent		(600)		—		—

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

The Company pledged its cash deposit of $9,284 as security for debt borrowing of Kaixin under an irrevocable standby letter of credit issued by East West Bank in the amount of $8,277. The maturity dates of the debt barrowings for which the Company provided the security are October 2022 and August 2023, respectively. Based on the Company’s assessment of the collectability, the Company recorded a provision of $9,284 considering the amount would not be released as Kaixin has no plans to provide its own guarantee deposit to the bank for extending the loans, which cause the Company’s cash deposit cannot be released by the bank in the foreseeable future.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2021

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

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, 2019, 2020 and 2021, the Company incurred a loss from operations of $57,407, $27,227 and $19,469, and used cash of $28,402, $11,723 and $18,978 in operating activities from continuing operations, respectively. As of December 31, 2021, the Company had cash and cash equivalents of $65,247 and a working capital of $41,157. The Company assessed that it 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

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.

Use of estimates

(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, allowance for doubtful accounts, write downs for excess and obsolete inventories, the fair value of share-based compensation awards, the realization of deferred income tax assets, impairment of goodwill and indefinite-lived intangible assets, impairment of long-term investments, and the purchase price allocation and the fair value of contingent consideration for business acquisitions.

Discontinued operation

(d)Discontinued operation

A discontinued operation may include a component of an entity or a group of components of an entity, or a business or nonprofit activity. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operation if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs: (1) the component of an entity or group of components of an entity meets the criteria to be classified as held for sale; (2) the component of an entity or group of components of an entity is disposed of by sale; (3) the component of an entity or group of components of an entity is disposed of other than by sale (for example, by abandonment or in a distribution to owners in a spinoff).

For any component classified as held for sale or disposed of by sale or other than by sale that qualify for presentation as a discontinued operation in the period, the Company has reported the assets and liabilities of the discontinued operation as current asset of discontinued operation, and current liabilities of discontinued operation in the consolidated balance sheets as of December 31, 2020. The results of operations of discontinued operation for the years ended December 31, 2019, 2020 and 2021 have been reflected separately in the consolidated statements of operations as a single line item for all periods presented. Cash flows from discontinued operation of the three categories for the years ended December 31, 2019, 2020, and 2021 were separately presented in the consolidated statements of cash flows for all periods presented.

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 is the cash deposits pledged as security for the debt borrowings, 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 restricted cash represents cash deposited into bank accounts which is not expected to be released within the next twelve months.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued

(f)Restricted cash - continued

The cash deposits pledged as security were $14,457 and $9,284 as of December 31, 2020 and 2021. The restricted cash balance as of December 31, 2021 represents $9,284 cash deposits pledged as security for debt borrowing of Kaixin under an irrevocable standby letter of credit issued by East West Bank in the amount of $8,277. The guarantees mature in October 2022 and August 2023, the Company has concluded the possibility of Kaixin paying the loans when due is remote and therefore, the Company will be required to extend the guarantee or pay the debt on Kaixin’s behalf. The Company believes the guarantee will not be released in the foreseeable future. The Company has, therefore, recorded a provision for the value of the guarantee.

Fair value

(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.

Investments

(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, the impact of commercial arrangements, and the extent to which the Company guarantees the investee's obligations and is committed to provide additional funding 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 the existence of obligations 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 subsequently adjusted for the Company's share of undistributed earnings or losses of the investee.

When the Company's carrying value in an equity method investee 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 $6,155, nil, and nil in the impairment on and (loss) earnings in equity method investments, net of tax in the consolidated statements of operations for the years ended December 31, 2019, 2020, and 2021, 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 recorded impairment losses of nil, nil and $1,526 on equity securities without readily determinable fair values during the years ended December 31, 2019, 2020 and 2021, respectively.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued

(h) Investments – continued

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. Prior to December 15, 2019, 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. 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 $2,000, nil, and nil for the years ended December 31, 2019, 2020, and 2021, respectively.

Accounts receivable and allowance for doubtful accounts

(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.

Inventories, net

(j)Inventories

Inventories primarily consists of the purchased electronic logging devices for use of SaaS related business, which are stated at the lower of cost and net realizable value as of December 31, 2020 and 2021.

A valuation allowance is recorded to write down the cost of inventories to the estimated net realizable value, if lower than cost or products are slow-moving or damaged., When evaluating the need for a valuation allowance we evaluate factors such as historical and forecast consumer demand, obsolescence, and the economic environment. Net realizable value is determined by the estimated selling prices reduced by estimated additional cost of sale, selling expenses, and business taxes. The valuation allowance recognized for the inventories for the years ended December 31, 2019, 2020, and 2021 was nil, nil and $250, respectively.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued

(j)Inventories - continued

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 $17,826 inventory, which was recoded in cost of revenues in the discontinued operations, and write-offs of $22,282 prepayments, which was recorded in general and administrative expenses in discontinued operations in the year ended December 31, 2019.

Property and equipment, net

(k)Property and equipment, net

Property and equipment, net is carried at cost less accumulated depreciation and any impairment. 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

The Company leases premises for offices under non-cancellable operating leases. According to 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.

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

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

The Company evaluates the recoverability of long-lived assets or asset group, including identifiable intangible assets, with determinable useful lives whenever events or changes in circumstances indicate that long-lived asset or asset group's carrying amount may not be recoverable. The Company measures the carrying amount of long-lived asset or asset group against the estimated undiscounted future cash flows associated with it. The long-lived asset or asset group is not recoverable 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, 2019, 2020 and 2021, the Company recorded no impairment losses for long-lived assets and definite-lived intangible assets.

Goodwill

(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 which is described in more detail below, 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.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued

(n)Goodwill - continued

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 $9,288, nil and nil, and from discontinued operations of $74,091, nil and nil for the years ended December 31, 2019, 2020 and 2021, respectively.

Revenue recognition

(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 collects 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 and marketing expenses. The Company does not have any significant financing payment terms as payment is received at or shortly after the point of sale.

Revenue from Contracts with Customers (“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.

The Company generated the majority of revenue from SaaS services.

SaaS revenue

SaaS revenue mainly includes the revenue generated from the subscription and advertising services provided by Chime and Trucker Path. The Company recognizes revenue for subscription services over the life of the subscription. For Chime’s advertising service, the Company acts as an agent to place advertisements on third-party websites or platforms. For Trucker Path’s advertising service, the Company acts as principal to place advertisements on Trucker Path’s APP. The Company recognizes revenue for advertising services over the advertising periods.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued

(o)Revenue recognition – continued

Other services

Other services mainly include revenue from the provision of back-office service and IVAS revenues.

The Company provides back-office services including accounting, legal, and business-related consulting services, which is a single performance obligation provided over the contract periods with pre-determined stand-alone selling price. The Company recognizes revenue over the contract periods.

IVAS revenues mainly include live streaming revenue which was ceased by the Company June 2019. 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.

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. There were no contract assets recorded as of December 31, 2020 and 2021.

Deferred revenue mainly represents payments received from customers related to unsatisfied performance obligations for SaaS. The Company’s total deferred revenue was $602 and $2,622 as of December 31, 2020 and 2021, which is expected to be recognized as revenue within one year.

Cost of revenues

(p)Cost of revenues

Cost of revenues consists of costs directly related to SaaS business and other services. The major cost components include direct amortization of purchased software, commission cost, and bandwidth costs paid to telecommunications carriers for hosting of servers

Value added taxes

(q)Value added taxes

Revenue is recorded net of Value Added Tax (“VAT”) and related surcharges collected from customers, which are subsequently remitted to government authorities. 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.

Income taxes

(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, 2019, 2020 and 2021, respectively.

Financial instruments

(s)Financial instruments

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

Research and development expenses

(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, to curate and append data to our applications, as well as to further improve the Company's technology infrastructure to support these businesses. The Company expenses all research and development costs when incurred.

Foreign currency translation

(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 VIE 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 in effect 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).

Comprehensive (loss) income

(v)Comprehensive (loss) income

Comprehensive (loss) includes all changes in equity except those resulting from investments by owners and distributions to owners. For the years presented, comprehensive (loss) income includes net (loss) income and foreign currency translation adjustments.

Share-based compensation

(w)Share-based compensation

Share-based compensation with employees, such as share options are measured based on the fair value of the equity instrument at the date of grant. 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 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.

(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.

Diluted (loss) income per ordinary share reflects 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.

Contingent consideration

(y)Contingent consideration

Where the consideration in an acquisition includes contingent consideration and the payment of which depends on the achievement of certain specified conditions post-acquisition, the contingent consideration is recognized and measured at its fair value at the acquisition date and if recorded as a liability, it is subsequently carried at fair value with changes in fair value reflected in earnings. If the contingent consideration is reclassified from a liability to equity, gains or losses recorded to account for the arrangement at fair value during the period in which it was classified as a liability is not reversed.

Recent accounting pronouncements not yet adopted

(z)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 October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU requires acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. This guidance is effective for public entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The impact of adopting this guidance on the Company’s consolidated financial statements will depend on business combinations occurring on or after the effective date.

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.

COVID -19 Risks and Uncertainties

(aa)COVID -19 Risks and Uncertainties

Management is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position and results of its operations, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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	815,936,577	769,444,113
Ordinary shares, shares outstanding	815,936,577	769,444,113
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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 25, 2021
Intangible assets with indefinite lives
Impairment loss of indefinite-lived intangible assets		$ 0	$ 0	$ 0
Income taxes
Income tax due to uncertain tax position and interest and penalties related to potential underpaid income tax expenses		0	0	0
Loss from operations		(19,469)	(27,227)	(57,407)
Cash used in operating activities		(18,978)	(11,723)	(28,402)
Working capital	$ 41,157
Equity Method Investment, Ownership Percentage					33.30%
Impairment loss of equity investments		0		6,155
impairment loss of available-for-sale of investment		0		2,000
Inventory Write-down		250	0	0
Inventory write off and write down				17,826
Prepayments written off				22,282
Goodwill impairment		0	0	9,288
Valuation allowance recognized for the inventories		250	0	0
Fair value change gain (loss) of contingent consideration		1,115	(1,027)	20,662
Accounts Receivable, Net, Current		1,618	474
Restricted cash		9,284	14,457
Cash deposit		9,284
Maximum borrowing capacity		8,277
Goodwill
Goodwill, Impairment Loss		0	0	9,288
Deferred Revenue, Current		2,622	602
Continuing operations
Income taxes
Goodwill impairment		0	0	9,288
Goodwill
Goodwill, Impairment Loss		0	0	9,288
Discontinued operations.
Income taxes
Goodwill impairment		0	0	74,091
Goodwill
Goodwill, Impairment Loss		$ 0	$ 0	$ 74,091
Maximum [Member]
Income taxes
Equity Method Investment, Ownership Percentage		50.00%
Minimum [Member]
Income taxes
Equity Method Investment, Ownership Percentage		20.00%

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, 2021	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES
Loss before provision of income tax	$ (45,374)	$ (16,935)	$ (29,012)
PRC statutory income tax rate	25.00%	25.00%	25.00%
Income tax at statutory tax rate	$ (11,344)	$ (4,234)	$ (7,250)
Taxable deemed interest income from inter-company interest-free loans	(971)	(66)	2,218
Net operating loss not applicable for carryforward	1,167	14,820	13,548
Non-deductible expenses	2	44	(1,340)
Non-deductible expenses related to share-based compensation	2,117	3,830	2,102
Non-taxable income from fair value change gain of contingent consideration	(279)	(257)	(5,166)
Non-taxable loss from losses related to contingent liability settlement	3,312		0
Impairment of goodwill			2,322
Effect of income tax rate differences in jurisdictions other than the PRC	1,582	675	(87)
Effects of Company cancellation		(3,723)	205
Changes in valuation allowance	3,445	(11,154)	(4,608)
Total income tax expenses (benefit)	$ (969)	$ (65)	$ 1,944

OPERATING LEASES - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
OPERATING LEASES.
2022	$ 712
2023	93
Total undiscounted lease payment	805
Less: Imputed interest	(36)
Present value of lease liabilities	769
Operating Lease, Liability, Current	706	$ 1,409
Operating Lease, Liability, Noncurrent	$ 63	$ 589

LONG-TERM INVESTMENTS - Schedule of long-term investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
LONG-TERM INVESTMENTS
Total equity method investments	$ 48,936	$ 12,875
Total equity investments without readily determinable fair values	45,259	40,766
Preferred shares of Kaixin Auto Holdings	4,474
Less: impairment loss	1,526	0	$ 0
Total long-term investments	94,195	53,641
Fundrise LP [Member]
LONG-TERM INVESTMENTS
Total equity method investments	11,912	11,828
Infinites Technology (Cayman) Holding Limited [Member]
LONG-TERM INVESTMENTS
Total equity investments without readily determinable fair values	40,000	40,000
KaixinAutoHoldingsMember
LONG-TERM INVESTMENTS
Total equity method investments	32,045
Beijing Fenghou Tianyuan Investment and Management Center L.P. (Tianyuan L.P.) [Member]
LONG-TERM INVESTMENTS
Total equity method investments	4,979	1,047
Suzhou Youge Interconnection Venture Capital Center [Member]
LONG-TERM INVESTMENTS
Equity investment without readily determinable fair values	$ 785	$ 766

Goodwill - Schedule Of Changes In Carrying Amounts Of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Costs:
Beginning balance	$ 124	$ 124	$ 9,413
Impairment loss	0	0	(9,288)
Exchange difference	0	0	(1)
Ending balance	$ 124	$ 124	$ 124

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Total revenues	$ 32,219	$ 18,106	$ 15,085
Cost of revenues:
Total cost of revenues	6,839	3,451	6,718
Gross profit	25,380	14,655	8,367
Operating expenses
Selling and marketing	13,998	8,293	10,780
Research and development	10,721	11,347	22,791
General and administrative	20,130	22,242	10,089
Bad debt provision of prepaid expenses and other current assets	0	0	418
Provision of amount due from a related party	0	0	12,408
Impairment of goodwill	0	0	9,288
Total operating expenses	44,849	41,882	65,774
Loss from operations	(19,469)	(27,227)	(57,407)
Other income, net	792	3,543	1,523
Fair value change gain (loss) of contingent consideration	1,115	(1,027)	20,662
Impairment of available-for-sale investment	0	0	(2,000)
Impairment of equity investments without readily determinable fair values	(1,526)	0	0
Provision of restricted cash	(9,284)	0	0
Provision of amount due from the deconsolidated subsidiary	(3,943)	0	0
Interest income	238	8,079	8,776
Interest expenses	(51)	(303)	(566)
Loss related to contingent liability settlement	(13,246)	0	0
Loss before provision of income tax and earnings (loss) in equity method investments and noncontrolling interest, net of tax	(45,374)	(16,935)	(29,012)
Income tax (expenses) benefits	969	65	(1,944)
Loss before (loss) earnings in equity method investments and noncontrolling interest, net of tax	(44,405)	(16,870)	(30,956)
Impairment on and (Loss) earnings in equity method investments, net of tax	(59,001)	70	(7,464)
Loss from continuing operations	(103,406)	(16,800)	(38,420)
Discontinued operations:
Loss from the operations of the discontinued operations, net of income tax expenses for the years ended December 31, 2019, 2020 and 2021, respectively	(10,896)	(5,320)	(69,068)
Gain on deconsolidation of the discontinued operations, net of tax of nil for the years ended December 31, 2019, 2020 and 2021, respectively	123,667	0	0
(Loss) income from discontinued operations, net of tax expenses of nil for the years ended December 31, 2019, 2020 and 2021, respectively	112,771	(5,320)	(69,068)
Net (loss) income	9,365	(22,120)	(107,488)
Net loss from continuing operations attributable to non-controlling interests	(623)	(2,900)	(56,391)
Net loss from discontinued operations attributable to non-controlling interests	3,675	0	0
Net income (loss) from continuing operations attributable to Renren Inc.	(102,783)	(13,900)	17,971
Net (loss) income from discontinued operations attributable to Renren Inc.	116,446	(5,320)	(69,068)
Net (loss) income attributable to Renren Inc.	$ 13,663	$ (19,220)	$ (51,097)
Net income (loss) per share from continuing operations attributable to Renren Inc. shareholders:
Basic (in dollars per share)	$ (0.09)	$ (0.01)	$ 0.02
Diluted (in dollars per share)	(0.09)	(0.01)	0.02
Net (loss) income per share from discontinued operations attributable to Renren Inc. shareholders:
Basic (in dollars per share)	0.11	(0.01)	(0.07)
Diluted (in dollars per share)	0.10	(0.01)	(0.07)
Net (loss) income per share attributable to Renren Inc. shareholders:
Basic (in dollars per share)	0.01	(0.02)	(0.05)
Diluted (in dollars per share)	$ 0.01	$ (0.02)	$ (0.05)
Weighted average number of shares used in calculating net income (loss) per share from continuing operations attributable to Renren Inc. shareholders:
Basic (in shares)	1,099,535,481	1,063,651,105	1,049,024,096
Diluted (in shares)	1,099,535,481	1,063,651,105	1,049,024,096
Weighted average number of shares used in calculating net (loss) income per share from discontinued operations attributable to Renren Inc. shareholders:
Basic (in shares)	1,099,535,481	1,063,651,105	1,049,024,096
Diluted (in shares)	1,099,535,481	1,063,651,105	1,049,024,096
SaaS revenue
Revenues:
Total revenues	$ 31,849	$ 17,519	$ 8,261
Cost of revenues:
Total cost of revenues	6,826	3,353	1,743
Other services.
Revenues:
Total revenues	370	587	6,824
Cost of revenues:
Total cost of revenues	$ 13	$ 98	$ 4,975

SHORT - TERM DEBT AND LONG-TERM DEBT - Schedule Of Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Total	$ 1,585	$ 1,585

ORDINARY SHARES

12 Months Ended

Dec. 31, 2021

ORDINARY SHARES

ORDINARY SHARES

11. ORDINARY SHARES

During the years ended December 31, 2020 and 2021, 18,627,480 and 46,492,464 of Class A ordinary shares were issued due to the exercise of share options or vesting of restricted shares under share-based compensation.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of estimated useful lives of property and equipment (Details)	12 Months Ended
	Dec. 31, 2021
Server and Network Equipment [Member]
Property and equipment, net
Estimated useful lives	3 years
Computer equipment and application software [Member] \| Minimum [Member]
Property and equipment, net
Estimated useful lives	2 years
Computer equipment and application software [Member] \| Maximum [Member]
Property and equipment, net
Estimated useful lives	3 years
Furniture and vehicles [Member] \| Minimum [Member]
Property and equipment, net
Estimated useful lives	3 years
Furniture and vehicles [Member] \| Maximum [Member]
Property and equipment, net
Estimated useful lives	5 years

FAIR VALUE MEASUREMENTS - Summary of Company's financial assets measured and recorded at fair value on recurring basis (Details) - USD ($) shares in Thousands		1 Months Ended	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on changes in fair value of the Contingent Consideration			$ 1,115,000	$ (1,027,000)	$ 20,662,000
Number of equity shares transferred to settle Contingent Consideration	944
Consideration for value transferred		$ 0
Consideration for shares transferred		13,400
Settlement of contingent consideration	$ 13,246,000		(944,000)
Loss from settlement of contingent consideration			13,246,000	0	0
Recurring basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration-current			0	(407,000)
Contingent consideration-non-current			0	(1,652,000)
Total-Contingent consideration			0	2,059,000
Total			0	(2,059,000)
Transfer of assets or liabilities out of Level 3			0	0	$ 0
Recurring basis [Member] \| Quoted price in active markets for identical assets Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration-current			0
Contingent consideration-non-current			0
Total-Contingent consideration			0
Total			0
Recurring basis [Member] \| Significant other observable inputs Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration-current			0
Contingent consideration-non-current			0
Total-Contingent consideration			0
Total			0
Recurring basis [Member] \| Significant unobservable inputs Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration-current			0	(407,000)
Contingent consideration-non-current			0	(1,652,000)
Total-Contingent consideration			0	2,059,000
Total			$ 0	$ (2,059,000)

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2021

SEGMENT INFORMATION

Schedule of disaggregation of revenue by country


	Years ended December 31,
	2019				2020				2021

United States	$	8,261	55	%	$	17,519	97	%	$	31,849	99	%
PRC		6,824	45	%		587	3	%		370	1	%
Total Revenue	$	15,085	100	%	$	18,106	100	%	$	32,219	100	%

ORGANIZATION AND PRINCIPAL ACTIVITIES

12 Months Ended

Dec. 31, 2021

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 entity (“VIE”) and VIE’s subsidiaries (collectively referred to as the “Company”) are engaged in the SaaS business, which offers an all-in-one real estate acceleration and client lifecycle management platform and a driver-centric online transportation management platform in the United States.

Prior to 2019, the Company primarily engaged in the business of used car trading through Kaixin Auto Holdings (“Kaixin”). During the year ended December 31, 2020, the Company reached a resolution to dispose of Kaixin.

Deconsolidation 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, 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, 2019, 2020 and 2021 have been adjusted to reflect this change (See Note 4).

On June 25, 2021, Kaixin completed the Merger with Haitaoche. Upon completion of the Merger, the Company’s ownership interest in Kaixin decreased to 33.3% from 69.4% as of December 31, 2020. The Company deconsolidated the financial statements of Kaixin from its consolidated financial statements (the “Kaixin Deconsolidation”), and since June 25, 2021, the Company has accounted for its retained noncontrolling investment in Kaixin under the equity method of accounting.

As of December 31, 2021, Renren Inc.'s major subsidiaries, VIE and VIE’s 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	77.8	%	SaaS business
Trucker Path, Inc. (“Trucker Path”)	December 28, 2017	USA	77.8	%	SaaS business
Lucrativ Inc.	January 22, 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 Entity:
Beijing Qianxiang Tiancheng Technology Development Co., Ltd. ("Qianxiang Tiancheng")	October 28, 2002	PRC	N/A		Internet business

Subsidiaries of Variable Interest Entity:
Beijing Qianxiang Wangjing Technology Development Co., Ltd. ("Qianxiang Wangjing")	November 11, 2008	PRC	N/A		Internet business
Shandong Jieying Huaqi Automobile Service Co., Ltd ("Shandong Jieying")	July 20, 2017	PRC	N/A		Internet business

1. ORGANIZATION AND PRINCIPAL ACTIVITIES-continued

The VIE arrangements

PRC regulations currently limit direct foreign ownership of business entities providing value-added telecommunications services, online advertising services and internet services in the PRC where certain licenses are required for the provision of such services. Although the Company no longer operates businesses requiring the VIE, historically, the Company provided online advertising, Internet value-added services (“ IVAS”), and internet finance services through its VIE. Qianxiang Tiancheng, which is referred to as the “VIE”.

Qianxiang Shiji ("WFOE"), the Company’s Wholly Foreign-Owned Enterprise, 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 WFOE 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 VIE, 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 in PRC 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.

1. ORGANIZATION AND PRINCIPAL ACTIVITIES-continued

The VIE arrangements - continued

(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 VIE.

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.

1. ORGANIZATION AND PRINCIPAL ACTIVITIES-continued

The VIE arrangements - continued

(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.

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 its subsidiaries;

1. ORGANIZATION AND PRINCIPAL ACTIVITIES-continued

The VIE arrangements - continued

●

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

●

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

●

Require the WFOE, the VIE and its 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.

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 VIE 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.

1. ORGANIZATION AND PRINCIPAL ACTIVITIES-continued

The VIE arrangements - continued

The following financial statement balances and amounts of the Company’s VIE 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, 2020 and 2021, the balance of the amounts payable by the VIE and its subsidiaries to the WFOE related to the service fees were nil.


	As of December 31,
	2020		2021

Cash and cash equivalents	$	955	$	2,380
Accounts receivable, net		175		106
Prepaid expenses and other current assets		647		1,204
Amounts due from related parties, net		764		762

Total current assets		2,541		4,452

Property and equipment, net		178		91
Long-term investments		41,794		45,765
Right-of-use assets		659		386
Other non-current assets		76		98

Total non-current assets		42,707		46,340

Total assets	$	45,248	$	50,792

Accounts payable	$	299	$	290
Accrued expenses and other current liabilities		6,409		7,654
Operating lease liabilities - current		341		336
Payable to investors		15		16
Amounts due to related parties		690		714
Deferred revenue		16		—
Income tax payable		3,321		2,848

Total current liabilities		11,091		11,858

Operating lease liabilities - non-current		256		—

Total non-current liabilities		256		—

Total liabilities	$	11,347	$	11,858


	Years ended December 31,
	2019		2020		2021
Revenues	$	6,581	$	433	$	367
(Loss) income from continuing operations	$	(31,953)	$	1,874	$	1,434

1. ORGANIZATION AND PRINCIPAL ACTIVITIES-continued

The VIE arrangements – continued


	Years ended December 31,
	2019		2020		2021
Net cash (used in) provided by operating activities	$	(1,170)	$	2,031	$	971
Net cash provided by investing activities	$	8,735	$	1,566	$	454
Net cash used in financing activities	$	(10,340)	$	(3,088)	$	—

There are no consolidated VIE assets that are collateral for the VIE obligations and can only be used to settle the VIE obligations. There are no creditors (or beneficial interest holders) of the VIE that have recourse to the general credit of the Company or any of its consolidated subsidiaries. However, if the VIE 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 VIE through loans to the shareholders of the VIE or entrustment loans to the VIE.

Relevant PRC laws and regulations restrict the VIE 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 16 for disclosure of restricted net assets.

KAIXIN DECONSOLIDATION - Additional information (Details) - KaixinAutoHoldingsMember $ in Thousands	Dec. 31, 2020 USD ($)
Cash and cash equivalents	$ 3,162
Prepaid expenses and other current assets	43,624
Property and equipment, net	45
Right-of-use assets	74
Other non-current assets	1,562
Assets classified as held for sale	48,467
Accounts payable	402
Accrued expenses and other current payables	14,683
Amount due to related parties	2,960
Short-term debt	15,257
Income tax payable	4,042
Advance from customers	1,863
Lease liabilities- current	39
Warrant Liability	1,690
Lease liabilities - non-current	26
Liabilities classified as held for sale	$ 40,962

LONG-TERM INVESTMENTS (Details) $ in Thousands, ¥ in Millions	1 Months Ended				3 Months Ended	12 Months Ended
	Nov. 30, 2021 shares	Oct. 31, 2014 USD ($)	May 31, 2014 USD ($)	May 31, 2014 CNY (¥)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 25, 2021	Jun. 24, 2021
Equity method investments:
Ownership percentage									33.30%
Earnings (loss) in equity method investments, net of tax						$ (59,001)	$ 70	$ (7,464)
Purchases of preferred share						(6,000)	0	0
Impairment loss of the preferred shares						$ 1,526	$ 0	0
Bond discount rate
Equity method investments:
Equity Securities, FV-NI, Measurement Input						13.53
Volatility
Equity method investments:
Equity Securities, FV-NI, Measurement Input						44.62
Risk fee rate
Equity method investments:
Equity Securities, FV-NI, Measurement Input						1.66
KaixinAutoHoldingsMember
Equity method investments:
Number of Escrow Shares received \| shares	22,800,000
Ownership percentage						19.20%			33.30%
Earnings (loss) in equity method investments, net of tax						$ 63,388
Purchases of preferred share					$ (6,000)
Beijing Fenghou Tianyuan Investment and Management Center L.P. (Tianyuan L.P.) [Member]
Equity method investments:
Payment for equity method investments			$ 1,569	¥ 10
Ownership percentage						12.38%	12.38%
Earnings (loss) in equity method investments, net of tax						$ 4,304	$ 0	0
Fundrise LP [Member]
Equity method investments:
Payment for equity method investments		$ 10,000
Ownership percentage						98.04%	98.04%
Earnings (loss) in equity method investments, net of tax						$ 83	$ 174	$ 336
KaixinAutoHoldingsMember
Equity method investments:
Ownership interest held							69.40%			69.40%
Number of shares transferred \| shares	1.6
KaixinAutoHoldingsMember \| KaixinAutoHoldingsMember
Equity method investments:
Impairment loss of the preferred shares						$ 1,526

Financial Statement Schedule I Condensed Financial Information of Parent Company - STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
STATEMENTS OF CASH FLOWS
Net cash provided by (used in) operating activities	$ (18,108)	$ (15,601)	$ (33,147)
Cash flows from investing activities:
Proceeds from repayment of the note issued by OPI	67,985	31,529	9,564
Purchases of preferred share of Kaixin	(6,000)	0	0
Total cash provided by investing activities	58,038	32,802	18,883
Cash flows from financing activities:
Proceeds from exercise of share options	275	1	8
Repayment of borrowings	(11,451)	(4,751)	(31,000)
Total cash (used in) provided by financing activities	(10,909)	2,456	(25,793)
Reportable Legal Entities \| Parent Company
STATEMENTS OF CASH FLOWS
Net cash provided by (used in) operating activities	(50,323)	(30,170)	13,850
Cash flows from investing activities:
Proceeds from repayment of the note issued by OPI	67,985	31,529	9,564
Purchases of preferred share of Kaixin	(6,000)	0	0
Total cash provided by investing activities	61,985	31,529	9,564
Cash flows from financing activities:
Proceeds from exercise of share options	275	1	10
Proceeds from borrowings	0	400	7,000
Repayment of borrowings	(11,451)	0	(31,000)
Total cash (used in) provided by financing activities	(11,176)	401	(23,990)
Net increase (decrease) in cash and cash equivalents	486	1,760	(576)
Cash and cash equivalents at the beginning of year	1,933	173	749
Cash and cash equivalents at the end of year	$ 2,419	$ 1,933	$ 173

SUBSEQUENT EVENT - PPP loan (Details) - USD ($) $ in Thousands	Jan. 01, 2022	Dec. 31, 2021	Dec. 31, 2020
SUBSEQUENT EVENT
Remaining principal and interest outstanding		$ 1,585	$ 11,400
SUBSEQUENT EVENT \| PPP
SUBSEQUENT EVENT
Amount Invested In Shares	$ 1,585
Principal amount of debt forgiven	1,334
Interest amount of debt forgiven	24
Remaining principal and interest outstanding	$ 227

SHORT - TERM DEBT AND LONG-TERM DEBT

12 Months Ended

Dec. 31, 2021

SHORT-TERM DEBT AND LONG-TERM DEBT

SHORT-TERM DEBT AND LONG-TERM DEBT

7. SHORT -TERM DEBT AND LONG-TERM DEBT

Short-term debt


		As of December 31,
	Note	2020		2021
East West Bank	(i)	$	11,400	$	—
Silicon Valley Bank	(ii)		—		1,585
Total		$	11,400	$	1,585

(i)

(ii)

Long-term debt


		As of December 31,
	Note	2020		2021
Silicon Valley Bank		$	1,585	$	—
Total		$	1,585	$	—

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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-Paragraph 1B
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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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-Name Accounting Standards Codification
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-Paragraph 1I
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (g)
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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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-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1I
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

INCOME TAXES - Schedule Of Principal Components Of The Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Less valuation allowance	$ (46,013)	$ (41,905)
PRC [Member]
Deferred tax assets
Provision for doubtful accounts	4,875	4,761
Write-down for inventory	52
Allowance for prepaid expenses and other current assets	4,952	4,839
Accrued payroll and welfare	150	89
Provision of the restricted cash	571
Provision of amount due from the deconsolidated subsidiary	639
Accrued liabilities	2,475	2,424
Advertising fee	578	563
Employee education fee	19	19
Goodwill and intangible asset impairment	6,960	6,798
Net operating loss carry forwards	24,742	22,412
Total Deferred tax assets	46,013	41,905
Less valuation allowance	(46,013)	(41,905)
Deferred tax assets, net	0	$ 0
Net deferred income tax liabilities	$ 0

SHARE-BASED COMPENSATION - Summary of activity of stock Options granted (Details)	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Number of shares
Balance at the beginning of the period (in shares) \| shares	138,724,521
Exercised (in shares) \| shares	(24,518,970)
Forfeited (in shares) \| shares	(1,679,430)
Balance at the end of the period (in shares) \| shares	112,526,121
Exercisable, at the end of the period (in shares) \| shares	110,869,290
Vested and expected to vest, at the end of the period (in shares) \| shares	1,656,831
Weighted average exercise price
Balance at the beginning of the period (in dollars per share)	$ 0.01
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
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
Balance at the beginning of the period (in shares) \| shares	6,806,000
Forfeited (in shares) \| shares	(73,000)
Balance at the end of the period (in shares) \| shares	6,733,000
Exercisable, at the end of the period (in shares) \| shares	4,506,064
Vested and expected to vest, at the end of the period (in shares) \| shares	2,226,936
Weighted average exercise price
Balance at the beginning of the period (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
Balance at the beginning of the period (in dollars per share)	0.02
Forfeited (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	8,301,000
Granted (in shares) \| shares	0
Forfeited (in shares) \| shares	(1,563,000)
Balance at the end of the period (in shares) \| shares	6,738,000
Exercisable, at the end of the period (in shares) \| shares	4,368,218
Vested and expected to vest, at the end of the period (in shares) \| shares	2,369,782
Weighted average exercise price
Balance at the beginning of the period (in dollars per share)	$ 0.03
Granted (in dollars per share)	0
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
Balance at the beginning of the period (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

ORGANIZATION AND PRINCIPAL ACTIVITIES - Schedule of consolidated financial information of Company's VIEs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated financial information
Cash and cash equivalents	$ 65,247	$ 19,630
Accounts receivable, net	1,618	474
Prepaid expenses and other current assets	6,272	2,196
Amounts due from related parties, net	762	764
Total current assets	74,257	88,947
Property and equipment, net	216	439
Long-term investments	94,195	53,641
Right-of-use assets	888	2,135
Other non-current assets	170	77
Total non-current assets	95,918	124,726
Total assets	170,175	213,673
Accounts payable	1,652	951
Short-term Debt	1,585	11,400
Accrued expenses and other current liabilities	12,054	10,834
Amounts due to related parties	714	697
Deferred revenue	2,622	602
Income tax payable	13,767	13,841
Total current liabilities	33,100	81,103
Total non-current liabilities	63	3,826
Total liabilities	33,163	84,929
Revenues	32,219	18,106	$ 15,085
(Loss) income from continuing operations	(103,406)	(16,800)	(38,420)
Loss from discontinued operations	112,771	(5,320)	(69,068)
Net cash (used in) provided by operating activities	(18,108)	(15,601)	(33,147)
Net cash provided by investing activities	58,038	32,802	18,883
Net cash used in financing activities	(10,909)	2,456	$ (25,793)
Variable Interest Entity [Member]
Consolidated financial information
Revenues	367	433		$ 6,581
(Loss) income from continuing operations	1,434	1,874		(31,953)
Net cash (used in) provided by operating activities	971	2,031		(1,170)
Net cash provided by investing activities	454	1,566		8,735
Net cash used in financing activities		(3,088)		$ (10,340)
Variable Interest Entity. [Member]
Consolidated financial information
Cash and cash equivalents	2,380	955
Accounts receivable, net	106	175
Prepaid expenses and other current assets	1,204	647
Amounts due from related parties, net	762	764
Total current assets	4,452	2,541
Property and equipment, net	91	178
Long-term investments	45,765	41,794
Right-of-use assets	386	659
Other non-current assets	98	76
Total non-current assets	46,340	42,707
Total assets	50,792	45,248
Accounts payable	290	299
Accrued expenses and other current liabilities	7,654	6,409
Operating lease liabilities - current	336	341
Payable to investors	16	15
Amounts due to related parties	714	690
Deferred revenue		16
Income tax payable	2,848	3,321
Total current liabilities	11,858	11,091
Operating lease liabilities - non-current		256
Total non-current liabilities		256
Total liabilities	$ 11,858	$ 11,347

KAIXIN DECONSOLIDATION (Tables)

12 Months Ended

Dec. 31, 2021

KAIXIN DECONSOLIDATION

Schedule of calculation of gain (loss) on deconsolidation

On June 25, 2021, the Company calculated a gain regarding the deconsolidation of the Kaixin as follows.


	As of June 25,
	2021
Fair value of retaining noncontrolling interest in Kaixin	$	111,309
Preferred shares of Kaixin		6,000
Carrying amount of noncontrolling interest in Kaixin		23,608
Less: Net assets of Kaixin		(17,250)
Gain on deconsolidation of Kaixin	$	123,667

Summary of disclosures of discontinued operations


	As of December 31,
	2020

Cash and cash equivalents	$	3,162
Prepaid expenses and other current assets		43,624
Property and equipment, net		45
Long-term investments		—
Right-of-use assets		74
Other non-current assets		1,562
Assets classified as held for sale	$	48,467

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


			For the period
			from January 1
	For the years ended December 31,		to June 24,
	2019	2020	2021

Net cash (used in) provide by operating activities	(4,745)	(3,878)	870
Net cash provided by investing activities	1,223	—	—
Net cash (used in) provide by financing activities	(6,328)	3,917	267


					For the period
					from January 1
	For the years ended December 31,				to June 24,
	2019		2020		2021

Major classes of line items constituting pretax profit of discontinued operations
Net revenues	$	334,697	$	33,160	$	3,791
Cost of revenues		(340,174)		(32,160)		(3,766)
Selling, research and development, and general and administrative expenses		(53,866)		(7,256)		(9,953)
Other income		840		586		43
Interest income		69		5		—
Interest expense		(4,057)		(1,183)		(257)
Impairment of goodwill		(74,091)		—		—
Impairment of long-term investments		—		—		(646)
Fair value change of contingent consideration		65,594		—		—
Loss from the operations of the discontinued operations, before income tax		(70,988)		(6,848)		(10,788)
Income tax benefit (expenses)		1,920		1,528		(108)
Loss from the operations of the discontinued operations, net of tax		(69,068)		(5,320)		(10,896)

Gain on deconsolidation of the subsidiaries, net of tax		—		—		123,667

(Loss) income from the discontinued operations, net of tax	$	(69,068)	$	(5,320)	$	112,771

- 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

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2021

SEGMENT INFORMATION

SEGMENT INFORMATION

15. SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

The Company’s Chief Operating Decision Maker (the "CODM") is the CEO, who is responsible for decisions about allocating resources and assessing the 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 Kaixin was disposed, the Company reevaluated and concluded that it had only one reportable segment as of December 31, 2021.

15. SEGMENT INFORMATION - continued

The majority of the Company’s revenue for the years ended December 31, 2019, 2020 and 2021 was generated from the PRC and the United States. The following table sets forth the disaggregation of revenue by country:


	Years ended December 31,
	2019				2020				2021

United States	$	8,261	55	%	$	17,519	97	%	$	31,849	99	%
PRC		6,824	45	%		587	3	%		370	1	%
Total Revenue	$	15,085	100	%	$	18,106	100	%	$	32,219	100	%

As of December 31, 2020, substantially all of the long-lived assets of the Company were located in the PRC. As of December 31, 2021, the long-lived assets $189, $354 and $1,056 of the Company were located in the PRC, Philippines and United States, respectively.

- 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.

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+ Details

ORGANIZATION AND PRINCIPAL ACTIVITIES - Schedule of information related to Entity's subsidiary, VIEs And VIE's subsidiaries (Details)	12 Months Ended
	Dec. 31, 2021	Jun. 25, 2021	Jun. 24, 2021	Dec. 31, 2020
Investment Holdings
Percentage of interest		33.30%
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 interest held	100.00%
Percentage of interest	100.00%
Haitaoche Shareholders
Investment Holdings
Percentage of legal ownership by Renren Inc				51.00%
Ownership interest held				51.00%
Percentage of interest				51.00%
KaixinAutoHoldingsMember
Investment Holdings
Percentage of legal ownership by Renren Inc			69.40%	69.40%
Ownership interest held			69.40%	69.40%
Percentage of interest			69.40%	69.40%
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	77.80%
Principal activities	SaaS business
Ownership interest held	77.80%
Percentage of interest	77.80%
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	77.80%
Principal activities	SaaS business
Ownership interest held	77.80%
Percentage of interest	77.80%
Shandong Jieying Huaqi Automobile Service Co Ltd [Member]
Investment Holdings
Later of date of incorporation or acquisition	Jul. 20, 2017
Place of incorporation	PRC
Principal activities	Internet business
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 interest held	100.00%
Percentage of interest	100.00%
Renren Giantly Philippines Inc [Member]
Investment Holdings
Later of date of incorporation or acquisition	Mar. 31, 2018
Place of incorporation	Philippines
Percentage of legal ownership by Renren Inc	100.00%
Principal activities	SaaS business
Ownership interest held	100.00%
Percentage of interest	100.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Non current portion of restricted cash (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash and cash equivalents	$ 65,247	$ 19,630
Restricted cash	9,284	14,457
Less: Provision of restricted cash	(9,284)
Total cash, cash equivalents and restricted cash shown in the statements of cash flow	0	14,457
Valuation allowance recognized for the inventories	$ 250	$ 0	$ 0

SIGNIFICANT RISKS AND UNCERTAINTIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Foreign currency risk
Cash and cash equivalents denominated in RMB	$ 2,431	$ 3,418
Sales Revenue, Net \| Customer Concentration Risk \| Customer Concentration
Foreign currency risk
Concentration risk percentage	10.00%	10.00%	10.00%
Accounts Receivable \| Customer Concentration Risk \| Customer Concentration
Foreign currency risk
Concentration risk percentage	10.00%	10.00%

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2021

ORGANIZATION AND PRINCIPAL ACTIVITIES

Schedule of percentage of legal ownership by Renren Inc

As of December 31, 2021, Renren Inc.'s major subsidiaries, VIE and VIE’s 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	77.8	%	SaaS business
Trucker Path, Inc. (“Trucker Path”)	December 28, 2017	USA	77.8	%	SaaS business
Lucrativ Inc.	January 22, 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 Entity:
Beijing Qianxiang Tiancheng Technology Development Co., Ltd. ("Qianxiang Tiancheng")	October 28, 2002	PRC	N/A		Internet business

Subsidiaries of Variable Interest Entity:
Beijing Qianxiang Wangjing Technology Development Co., Ltd. ("Qianxiang Wangjing")	November 11, 2008	PRC	N/A		Internet business
Shandong Jieying Huaqi Automobile Service Co., Ltd ("Shandong Jieying")	July 20, 2017	PRC	N/A		Internet business

Schedule of consolidated financial information


	As of December 31,
	2020		2021

Cash and cash equivalents	$	955	$	2,380
Accounts receivable, net		175		106
Prepaid expenses and other current assets		647		1,204
Amounts due from related parties, net		764		762

Total current assets		2,541		4,452

Property and equipment, net		178		91
Long-term investments		41,794		45,765
Right-of-use assets		659		386
Other non-current assets		76		98

Total non-current assets		42,707		46,340

Total assets	$	45,248	$	50,792

Accounts payable	$	299	$	290
Accrued expenses and other current liabilities		6,409		7,654
Operating lease liabilities - current		341		336
Payable to investors		15		16
Amounts due to related parties		690		714
Deferred revenue		16		—
Income tax payable		3,321		2,848

Total current liabilities		11,091		11,858

Operating lease liabilities - non-current		256		—

Total non-current liabilities		256		—

Total liabilities	$	11,347	$	11,858


	Years ended December 31,
	2019		2020		2021
Revenues	$	6,581	$	433	$	367
(Loss) income from continuing operations	$	(31,953)	$	1,874	$	1,434

1. ORGANIZATION AND PRINCIPAL ACTIVITIES-continued

The VIE arrangements – continued


	Years ended December 31,
	2019		2020		2021
Net cash (used in) provided by operating activities	$	(1,170)	$	2,031	$	971
Net cash provided by investing activities	$	8,735	$	1,566	$	454
Net cash used in financing activities	$	(10,340)	$	(3,088)	$	—

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

SHARE-BASED COMPENSATION

Schedule of aggregate number of shares


		Maximum
		aggregate
		number of
		shares
2011 Plan		110,014,158
2016 Plan		53,596,236
2018 Plan		107,100,000
2021 Plan		56,000,000

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

112,526,121

2.61

0.01

14.67

110,869,290

2.58

0.01

14.67

112,526,121

14.67

110,869,290

14.67

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

6,738,000

8.53

0.03

0.29

4,368,218

8.53

0.03

0.29

6,738,000

0.29

4,368,218

0.29

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

6,733,000

8.53

0.02

0.53

4,506,064

8.53

0.02

0.53

6,733,000

0.53

4,506,064

0.53

Summary of the activity of the stock options granted


		Weighted
		average
	Number of	exercise
	shares	price
Balance, December 31, 2020	138,724,521	$	0.01

Exercised	(24,518,970)	$	0.01
Forfeited	(1,679,430)	$	0.01

Balance, December 31, 2021	112,526,121	$	0.01

Exercisable, December 31, 2021	110,869,290	$	0.01

Expected to vest, December 31, 2021	1,656,831	$	0.01



		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2020	8,301,000	$	0.03	$	0.02
Granted	—	$	—	$	—
Forfeited	(1,563,000)	$	0.03	$	0.02
Balance, December 31, 2021	6,738,000	$	0.03	$	0.02
Exercisable, December 31, 2021	4,368,218	$	0.03
Expected to vest, December 31, 2021	2,369,782	$	0.03


		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2020	6,806,000	$	0.02	$	0.02
Granted	—	$	—	$	—
Forfeited	(73,000)	$	0.02	$	0.01
Balance, December 31, 2021	6,733,000	$	0.02	$	0.01
Exercisable, December 31, 2021	4,506,064	$	0.02
Expected to vest, December 31, 2021	2,226,936	$	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, 2020	78,195,091	$	0.12

Granted	—	$	—
Vested	(21,970,935)	$	0.15
Forfeited	(7,863,152)	$	0.09

Outstanding as of December 31, 2021	48,361,004	$	0.12

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


	For the Years ended December 31,
	2019		2020		2021

Selling and marketing	$	524	$	185	$	50
Research and development		1,118		990		510
General and administrative		6,938		14,145		7,909
Total share-based compensation expense	$	8,580	$	15,320	$	8,469

OPERATING LEASES - Lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Total operating lease cost	$ 878	$ 1,814	$ 1,289
Short-term lease cost	59	83	276
Total lease cost	$ 937	$ 1,897	1,565
Weighted average remaining lease term	1 year 1 month 17 days	1 year 8 months 12 days
Weighted average discount rate of operating leases	10.60%	10.30%
Cost
Lessee, Lease, Description [Line Items]
Total operating lease cost		$ 297	90
Selling expenses
Lessee, Lease, Description [Line Items]
Total operating lease cost	$ 174		7
Research and development expenses
Lessee, Lease, Description [Line Items]
Total operating lease cost	171	1,221	977
General and administrative expenses
Lessee, Lease, Description [Line Items]
Total operating lease cost	$ 533	$ 296	$ 215

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
	Nov. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
FAIR VALUE MEASUREMENTS
Balance at beginning of the period		$ 2,059	$ 1,032
Fair value change		(1,115)	1,027
Settle with shares of Kaixin held by the Company	$ 13,246	$ (944)
Balance at ending of the period			$ 2,059

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS
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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3B
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721525-107759

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123586238&loc=d3e38679-109324

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109222160&loc=d3e1012-107759

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721523-107759

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32672-109319

+ Details

Goodwill

12 Months Ended

Dec. 31, 2021

Goodwill

Goodwill

6. Goodwill


	Amount
Balance at January 1, 2019		9,413
Impairment loss		(9,288)
Exchange difference		(1)
Balance at December 31, 2019		124
Exchange difference		—
Balance at December 31, 2020	$	124

Exchange difference		—
Balance at December 31, 2021	$	124

6. Goodwill - continued

During the year ended December 31, 2019, an impairment of goodwill of $1,460 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. The impairments were recorded primarily due to the suspension of Geographic Farming, LLC’s business and lower than expected performance in Trucker Path.

SUBSEQUENT EVENT

12 Months Ended

Dec. 31, 2021

SUBSEQUENT EVENT.

SUBSEQUENT EVENT

17. SUBSEQUENT EVENT

On January 1, 2022, the government forgave $1,334 in principle and $24 in interest of the original $1,585 PPP loan. The remaining principal and interest $227 will be repaid monthly until the maturity. Please refer to Note 7 for disclosure of short-term debt.

On January 1, 2022, Chime and Trucker Path granted 3,945,100 shares and 3,613,900 shares of stock options to their employees, respectively, and the Company granted 9,111,955 shares of restricted shares to its employees.

The Company has evaluated subsequent events through the issuance of the consolidated financial statements and no other subsequent event has been identified that would have required adjustment or disclosure in the consolidated financial statements.

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

12 Months Ended

Dec. 31, 2021

Financial Statement Schedule I Condensed Financial Information of Parent Company

Schedule of Condensed Balance Sheets

18. Parent Company Financial Information

Condensed Financial Information of Parent Company -BALANCE SHEETS


	As of December 31,
	2020		2021
ASSETS

Current assets:
Cash and cash equivalents	$	1,933	$	2,419
Prepaid expenses and other current assets		1,058		4,005
Amounts due from subsidiaries		432,494		475,011
Total current assets		435,485		481,435

Other non-current assets		—		75
Long-term investments		—		36,519
Amounts due from related parties non-current		67,985		—

TOTAL ASSETS	$	503,470	$	518,029

LIABILITIES AND EQUITY

Current liabilities:
Short-term loan		11,400		—
Accrued expenses and other current liabilities		2,167		1,732
Contingent consideration		407		—

Total current liabilities		13,974		1,732

Long-term contingent consideration		1,652		—
Deficit of investment in subsidiaries and VIE		382,687		366,660

TOTAL LIABILITIES	$	398,313	$	368,392

Equity:
Class A ordinary shares, $0.001 par value, 3,000,000,000 shares authorized, 769,444,113 and 815,936,577 shares issued and outstanding as of December 31, 2020 and 2021, respectively		770		816
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, 2020 and 2021, respectively; each Class B ordinary share is convertible into one Class A ordinary share		305		305
Additional paid-in capital		741,130		772,207
Accumulated deficit		(627,342)		(613,679)
Accumulated other comprehensive loss		(9,706)		(10,012)
Equity		105,157		149,637
TOTAL LIABILITIES AND EQUITY	$	503,470	$	518,029

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

18. Parent Company Financial Information – continued

Condensed Financial Information of Parent Company -STATEMENTS OF OPERATIONS


	Years ended December 31,
	2019		2020		2021
Selling and marketing	$	(524)	$	(98)	$	(52)
Research and development		(1,118)		(467)		(510)
General and administrative		(8,030)		(16,003)		(13,832)

Total operating expenses		(9,672)		(16,568)		(14,394)

Other income (expenses)		—		(2,765)		—
Interest income		7,904		7,756		—
Interest expenses		(565)		(302)		(51)
Fair value change of contingent consideration		20,662		(1,027)		1,115
Losses related to contingent liability settlement		—		—		(13,246)
Loss in equity method investments		(417)		—		(63,388)
Gain on deconsolidation of the subsidiaries		—		—		123,667
Provision of amount due from the deconsolidated subsidiary		—		—		(1,386)
Impairment of long-term investments		—		—		(1,526)
Equity in loss of subsidiaries and variable interest entity		(69,009)		(6,314)		(17,128)

Net income (loss)	$	(51,097)	$	(19,220)	$	13,663

Schedule of Condensed Statements of Cash Flows

18. Parent Company Financial Information – continued

Condensed Financial Information of Parent Company -STATEMENTS OF CASH FLOWS


	Years ended December 31,
	2019		2020		2021

Net cash provided by (used in) operating activities	$	13,850	$	(30,170)	$	(50,323)
Cash flows from investing activities:
Proceeds from repayment of the note issued by OPI		9,564		31,529		67,985
Purchases of preferred share of Kaixin		—		—		(6,000)

Net cash provided by investing activities		9,564		31,529		61,985

Cash flows from financing activities:
Proceeds from exercise of share options		10		1		275
Proceeds from borrowings		7,000		400		—
Repayment of borrowings		(31,000)		—		(11,451)
Net cash (used in) provided by financing activities		(23,990)		401		(11,176)

Net (decrease) increase in cash and cash equivalents		(576)		1,760		486
Cash and cash equivalents at the beginning of year		749		173		1,933
Cash and cash equivalents at the end of year	$	173	$	1,933	$	2,419

SUBSEQUENT EVENT - Chime and Trucker Path (Details)	Jan. 01, 2022 shares
Stock options
Subsequent Event [Line Items]
Number of stock options granted	3,945,100
Stock options \| Employees
Subsequent Event [Line Items]
Number of stock options granted	3,613,900
Restricted Stock \| Employees
Subsequent Event [Line Items]
Number of restricted shares granted	9,111,955

Financial Statement Schedule I Condensed Financial Information of Parent Company - BALANCE SHEETS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 65,247	$ 19,630
Prepaid expenses and other current assets	6,272	2,196
Amounts due from subsidiaries	0	2,255
Total current assets	74,257	88,947
Other non-current assets	170	77
Amount due from related parties non-current	0	67,985
TOTAL ASSETS	170,175	213,673
Current liabilities
Short-term debt	1,585	11,400
Accrued expenses and other current liabilities	12,054	10,834
Contingent consideration	0	407
Total current liabilities	33,100	81,103
Long-term contingent consideration	0	1,652
TOTAL LIABILITIES	33,163	84,929
Shareholders' equity
Additional paid-in capital	772,207	741,130
Accumulated deficit	(620,391)	(634,054)
Accumulated other comprehensive loss	(10,012)	(9,706)
Total Renren lnc. shareholders' equity	149,637	105,157
TOTAL LIABILITIES AND EQUITY	170,175	213,673
Class A ordinary shares
Shareholders' equity
Ordinary shares	816	770
Class B ordinary shares
Shareholders' equity
Ordinary shares	305	305
Reportable Legal Entities \| Parent Company
Current assets
Cash and cash equivalents	2,419	1,933
Prepaid expenses and other current assets	4,005	1,058
Amounts due from subsidiaries	475,011	432,494
Total current assets	481,435	435,485
Other non-current assets	75	0
Long-term investments	36,519	0
Amount due from related parties non-current	0	67,985
TOTAL ASSETS	518,029	503,470
Current liabilities
Short-term debt	0	11,400
Accrued expenses and other current liabilities	1,732	2,167
Contingent consideration	0	407
Total current liabilities	1,732	13,974
Long-term contingent consideration	0	1,652
Deficit of investment in subsidiaries and VIE	366,660	382,687
TOTAL LIABILITIES	368,392	398,313
Shareholders' equity
Additional paid-in capital	772,207	741,130
Accumulated deficit	(613,679)	(627,342)
Accumulated other comprehensive loss	(10,012)	(9,706)
Total Renren lnc. shareholders' equity	149,637	105,157
TOTAL LIABILITIES AND EQUITY	518,029	503,470
Reportable Legal Entities \| Parent Company \| Class A ordinary shares
Shareholders' equity
Ordinary shares	816	770
Reportable Legal Entities \| Parent Company \| Class B ordinary shares
Shareholders' equity
Ordinary shares	$ 305	$ 305

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of amounts due from related parties (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2020	Nov. 30, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amounts due from related parties [Line Items]
Repayments of principal from related party			$ 0	$ 0	$ 3,386
Less: bad debt provision			(3,943)
Amounts due from related parties - current	$ 764		762	764
Amount due from related parties non-current	67,985		0	67,985
Total	68,749		762	68,749
Line of credit facility, borrowing capacity			8,277
East West Bank \| Letter of Credit
Amounts due from related parties [Line Items]
Line of credit facility, borrowing capacity			8,277
OPI
Amounts due from related parties [Line Items]
Accrued interest income	18,000			18,000
Notes issued	50,000			50,000
Repayments of interests from related party	67,985
Amount due from related parties non-current	67,985			67,985
Beijing Infinities
Amounts due from related parties [Line Items]
Repayments of principal from related party					$ 6,866
Receivable in cash classified as current		$ 20,000
Receivable in shares to be issued classified as non-current		12,408
Allowance for unpaid cash consideration		$ 40,000
Amounts due from related parties - current	726		744	726
KaixinAutoHoldingsMember
Amounts due from related parties [Line Items]
Gross amount due from Kaixin			3,943
Provision of debt consideration			9,284
Beijing Oak Yi Xin Technology Development Co., Ltd [Member]
Amounts due from related parties [Line Items]
Amounts due from related parties - current	$ 38		$ 18	$ 38

SHARE-BASED COMPENSATION - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands							12 Months Ended
	Jan. 01, 2022	Apr. 01, 2021	Mar. 31, 2021	Jul. 13, 2020	May 24, 2020	Mar. 24, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Nov. 04, 2021
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Exercise price of the outstanding share options granted before modification (in dollars per ADS)						$ 0.0113
Exercise price of the outstanding share options granted after modification (in dollars per ADS)						$ 0.0113
Total incremental cost						$ 6,948
Share-based Payment Arrangement, Expense, Tax Benefit							$ 0	$ 0	$ 0
Unrecognized share-based compensation cost disclosure
Weighted-average vesting period for recognition of unrecognized share-based compensation cost							1 year 3 months 21 days
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
Share-based Compensation							$ 8,469	15,320	8,580
Stock options [Member]
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Vesting term							6 years
Unrecognized share-based compensation cost disclosure
Weighted-average vesting period for recognition of unrecognized share-based compensation cost							3 months
Award vesting period							6 years
Term of the options							10 years
Non-employee stock options [Member]
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Share based compensation							$ 0	0
Restricted Stock Units (RSUs) [Member]
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Number of shares issued				20,000,000
Stock options
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Share-based compensation expenses from continuing operations							4,959	11,576	4,628	$ 4,628
Unrecognized share-based compensation cost disclosure
Unrecognized share-based compensation expense relating to share options							485
Granted (in shares)	3,945,100
Restricted Stock
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Share based compensation							3,494	2,634	$ 3,952
Compensation expenses related to nonvested restricted shares							$ 5,577
Number of shares vested							21,970,935
Unrecognized share-based compensation cost disclosure
Weighted-average vesting period for recognition of unrecognized share-based compensation cost							1 year 4 months 24 days
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 aggregate number of shares							110,014,158
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 aggregate 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 aggregate number of shares							107,100,000
Stock Incentive Plan 2021 [Member]
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Options approved under the plan (in shares)							56,000,000
Unrecognized share-based compensation cost disclosure
Maximum aggregate number of shares							56,000,000
Chime Plan
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Share based compensation								632
Number of shares available for future grant				30,000,000							5,000,000
Term of the options							10 years
Vesting term							4 years
Weighted average grant date fair value of option per share							$ 0.02
Share-based compensation expenses from continuing operations							$ 6	699
Unrecognized share-based compensation cost disclosure
Unrecognized share-based compensation expense relating to share options							$ 49
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 \| Stock options
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Number of shares issued							8,346,000
Trucker Path Plan
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Share based compensation								365
Number of shares available for future grant				30,000,000							5,000,000
Weighted average grant date fair value of option per share							$ 0.01
Share-based compensation expenses from continuing operations							$ 10	$ 396
Percentage of holing		77.78%	100.00%
Unrecognized share-based compensation cost disclosure
Unrecognized share-based compensation expense relating to share options							$ 25
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
SHARE-BASED COMPENSATION : Stock Options [Line Items]
Number of shares issued							6,871,000

SHARE-BASED COMPENSATION - Summary of Nonvested restricted shares activity (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Weighted number of nonvested restricted shares
Outstanding at the beginning of the period (in shares) \| shares	78,195,091
Vested (in shares) \| shares	(21,970,935)
Forfeited (in shares) \| shares	(7,863,152)
Outstanding at the end of the period (in shares) \| shares	48,361,004
Weighted average fair value per ordinary share at the grant dates
Outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 0.12
Vested (in dollars per share) \| $ / shares	0.15
Forfeited (in dollars per share) \| $ / shares	0.09
Outstanding at the end of the period (in dollars per share) \| $ / shares	$ 0.12

INCOME TAXES

12 Months Ended

Dec. 31, 2021

INCOME TAXES

INCOME TAXES

10. 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, 2019, 2020 and 2021.

The Company’s subsidiaries incorporated in Hong Kong are subjected to Hong Kong profits tax. With effect from April 1, 2018, a two-tiered profits tax rate 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 in the fiscal years ended December 31, 2019, 2020 as there were no assessable profits. In fiscal year ended December 31,2021, the Hong Kong subsidiary Renren Giantly Limited had immaterial assessable profits.

10. INCOME TAXES - continued

Renren Giantly Philippines Inc was established in 2018 and incorporated in the Philippines, which is subject to 30% enterprise income tax rate for the years ended December 31, 2019 and 2020, and decreased to 25% for the years ended December 31, 2021 as the epidemic. Renren Giantly Philippines Inc did not have taxable income and no income tax expense was provided for in the fiscal years ended December 31, 2019, 2020 and 2021.

The Chinese Enterprise Income Tax (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 to be 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 to be subject to PRC’s 25% EIT. The EIT Law Implementation Rules provide that non-resident legal entities will be considered 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 VIE located in the PRC had aggregate accumulated deficits as of December 31, 2021. Accordingly, no deferred tax liability had been accrued for the Chinese dividend withholding taxes as of December 31, 2021.

10. INCOME TAXES-continued

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


	For the Years Ended December 31,
	2019		2020		2021

Current income tax expenses (benefit)	$	1,944	$	(65)	$	(969)
Deferred income tax expenses		—		—		—
Total income tax expenses (benefit)	$	1,944	$	(65)	$	(969)

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


	As of December 31,
	2020		2021

Deferred tax assets
Provision for doubtful accounts	$	4,761	$	4,875
Write-down for inventory		—		52
Allowance for prepaid expenses and other current assets		4,839		4,952
Accrued payroll and welfare		89		150
Provision of the restricted cash		—		571
Provision of amount due from the deconsolidated subsidiary		—		639
Accrued liabilities		2,424		2,475
Advertising fee		563		578
Employee education fee		19		19
Goodwill and intangible asset impairment		6,798		6,960
Net operating loss carry forwards		22,412		24,742
Total Deferred tax assets		41,905		46,013
Less valuation allowance		(41,905)		(46,013)

Deferred tax assets, net	$	—	$	—

The roll forward of valuation allowances of deferred tax assets for the year ended December 31, 2021 were as follows:


	The Year ended
	December 31, 2021
Balance as of beginning of year	$	(41,905)
Additions of valuation allowance		(4,693)
Expiration of NOL		1,170
Utilization of deferred tax assets		78
Foreign currency translation adjustments		(663)
Balance as of end of year	$	(46,013)

10. INCOME TAXES-continued

The Company operates through multiple subsidiaries, VIE, and the VIE's subsidiaries. The valuation allowance is considered on each entity an individual entity basis. The subsidiaries, VIE, and VIE’s subsidiaries have total deferred tax assets related to net operating loss carry forwards of $22,412 and $24,742 as of December 31, 2020 and 2021, 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, 2020 and 2021, 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, 2021, the Company had net operating losses of $31,524 from China and Philippines subsidiaries, which can be carried forward to offset future taxable profit. Net operating losses of $7,452, $11,209, $7,841, $3,822 and $1,200 will expire by 2022, 2023, 2024, 2025 and 2026 respectively, if not utilized. As of December 31, 2021, the Company had net operating loss of $68,412 from United States subsidiaries which do not have an expiring date. As of December 31, 2021, the Company had net operating loss of $68,412 from United States subsidiaries, which is subject to both federal income tax and state income tax in Arizona, California and Utah. For the federal income tax, the net operating loss does not have an expiring date. For the state income tax, the net operating loss begins to expire starting in the year of 2038 for all the three states.

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:


	For the Years Ended December 31,
	2019			2020			2021

Loss before provision of income tax	$	(29,012)		$	(16,935)		$	(45,374)
PRC statutory income tax rate		25	%		25	%		25	%
Income tax at statutory tax rate		(7,250)			(4,234)			(11,344)
Taxable deemed interest income from inter-company interest-free loans		2,218			(66)			(971)
Net operating loss not applicable for carryforward		13,548			14,820			1,167
Non-deductible expenses		(1,340)			44			2
Non-deductible expenses related to share-based compensation		2,102			3,830			2,117
Non-taxable income from fair value change gain of contingent consideration		(5,166)			(257)			(279)
Non-taxable loss from contingent liability settlement		—			—			3,312
Impairment of goodwill		2,322			—			—
Effect of income tax rate differences in jurisdictions other than the PRC		(87)			675			1,582
Effects of Company cancellation		205			(3,723)			—
Changes in valuation allowance		(4,608)			(11,154)			3,445
Income tax expenses (benefit)	$	1,944		$	(65)		$	(969)

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, VIE, and VIE’s subsidiaries remain subject to tax audits as of December 31, 2021, 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

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+ Details

SEGMENT INFORMATION (Details) $ in Thousands	12 Months Ended
SEGMENT INFORMATION (Details) $ in Thousands	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
SEGMENT INFORMATION
Number of Reportable Segments \| segment	1
Revenues	$ 32,219	$ 18,106	$ 15,085
Revenue (in percent)	100.00%	100.00%	100.00%
PRC [Member]
SEGMENT INFORMATION
Revenues	$ 370	$ 587	$ 6,824
Revenue (in percent)	1.00%	3.00%	45.00%
long-lived assets	$ 189
United States
SEGMENT INFORMATION
Revenues	$ 31,849	$ 17,519	$ 8,261
Revenue (in percent)	99.00%	97.00%	55.00%
long-lived assets	$ 1,056
PHILIPPINES
SEGMENT INFORMATION
long-lived assets	$ 354

- 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

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+ Details

Financial Statement Schedule I Condensed Financial Information of Parent Company - BALANCE SHEETS (Parenthetical) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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	815,936,577	769,444,113
Ordinary shares, shares outstanding	815,936,577	769,444,113
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
Number of shares into which each Class B ordinary share is convertible	1	1
Reportable Legal Entities \| Parent Company \| 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	815,936,577	769,444,113
Ordinary shares, shares outstanding	815,936,577	769,444,113
Reportable Legal Entities \| Parent Company \| 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
Number of shares into which each Class B ordinary share is convertible	1	1

OPERATING LEASES (Tables)

12 Months Ended

Dec. 31, 2021

OPERATING LEASES

Schedule of operating lease cost and short-term lease cost


	For the Years Ended December 31,
	2019		2020		2021
Cost	$	90	$	297	$	—
Selling expenses		7		—		174
Research and development expenses		977		1,221		171
General and administrative expenses		215		296		533
Total operating lease cost		1,289		1,814		878

Short-term lease cost		276		83		59

Total lease cost	$	1,565	$	1,897	$	937

Schedule of maturities of lease liabilities

Maturities of lease liabilities as of December 31, 2021 were as follows:


	Operating Lease
2022	$	712
2023		93
Total undiscounted lease payment		805
Less: Imputed interest		(36)
Present value of lease liabilities	$	769
Operating lease liability –current		706
Operating lease liability –noncurrent		63

INCOME TAXES - Rollforward of valuation allowances of deferred tax assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Balance as of beginning of year	$ (41,905)
Additions of valuation allowance	(4,693)
Expiration of NOL	1,170
Utilization of deferred tax assets	78
Foreign currency translation adjustments	(663)
Balance as of end of year	$ (46,013)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2021

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued

(c)Principles of consolidation

(d)Use of estimates

(d)Discontinued operation

(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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued

(f)Restricted cash - continued

(g) Fair value

●

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

●

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued

(h) Investments

Equity method investments

Under the equity method, the investment is initially recorded at cost and subsequently adjusted for the Company's share of undistributed earnings or losses of the investee.

Equity Investments without Readily Determinable Fair Values

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued

(h) Investments – continued

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.

(i)Accounts receivable and allowance for doubtful accounts

(j)Inventories

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued

(j)Inventories - continued

(k)Property and equipment, net

Property and equipment, net is carried at cost less accumulated depreciation and any impairment. 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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued

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

(n)Goodwill

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued

(n)Goodwill - continued

(o)Revenue recognition

The Company generated the majority of revenue from SaaS services.

SaaS revenue

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued

(o)Revenue recognition – continued

Other services

Other services mainly include revenue from the provision of back-office service and IVAS revenues.

Contract balances

(p)Cost of revenues

(q)Value added taxes

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued

(r)Income taxes

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

(s)Financial instruments

(t)Research and development expenses

(u)Foreign currency translation

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued

(v)Comprehensive (loss) income

(w)Share-based compensation

(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.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued

(y)Contingent consideration

(z)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.

(aa)COVID -19 Risks and Uncertainties

INCOME TAXES - Schedule Of Current And Deferred Component Of Income Tax Expenses Which Were Attributable To The Company's PRC Subsidiaries And VIE And VIEs Subsidiaries (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current and deferred component of income tax expenses (benefits)
Total income tax expenses (benefit)	$ (969)	$ (65)	$ 1,944
PRC [Member]
Current and deferred component of income tax expenses (benefits)
Current income tax expenses (benefit)	(969)	(65)	1,944
Deferred income tax expenses		0	0
Total income tax expenses (benefit)	$ (969)	$ (65)	$ 1,944

- Definition

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

+ References + Details

SHORT - TERM DEBT AND LONG-TERM DEBT - Short-term debt (Details) - USD ($) $ in Thousands	1 Months Ended
	Sep. 30, 2020	Apr. 30, 2020	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2019
SHORT-TERM DEBT [Line Items]
Face amount of debt				$ 18,000
Maximum borrowing capacity			$ 8,277
Short-term Debt			$ 1,585		$ 11,400
London Interbank Offered Rate (LIBOR) [Member]
SHORT-TERM DEBT [Line Items]
Face amount of debt						$ 7,000
Spread on variable rate basis (as a percent)	1.70%	1.20%
Short-term Debt	$ 11,000

KAIXIN DECONSOLIDATION - Schedule of condensed statement of operation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Major classes of line items constituting pretax profit of discontinued operations
Revenues	$ 32,219	$ 18,106	$ 15,085
Interest expenses	(51)	(303)	(566)
Other income, net	792	3,543	1,523
Income from the operations of the discontinued operations, net of tax	(10,896)	(5,320)	(69,068)
Loss from the operations of the discontinued operations, net of tax	112,771	(5,320)	(69,068)
Gain on deconsolidation of the subsidiaries, net of tax	123,667	0	0
KaixinAutoHoldingsMember
Major classes of line items constituting pretax profit of discontinued operations
Net revenues	3,791	33,160	334,697
Cost of revenues	(3,766)	(32,160)	(340,174)
Selling, research and development, and general and administrative expenses	(9,953)	(7,256)	(53,866)
Other income	43	586	840
Interest income		5	69
Interest expenses	(257)	(1,183)	(4,057)
Impairment of goodwill			74,091
Impairment of long-term investments	(646)
Fair value change of contingent consideration			65,594
Loss from the operations of the discontinued operations, before income tax	(10,788)	(6,848)	(70,988)
Income tax benefit (expenses)	(108)	1,528	1,920
Loss from the operations of the discontinued operations, net of tax	(10,896)	(5,320)	(69,068)
Gain on deconsolidation of the subsidiaries, net of tax	123,667
(Loss) gain from the discontinued operations, net of tax	$ 112,771	$ (5,320)	$ (69,068)

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2021

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, 2020								As of December 31, 2021
	Fair Value Measurement at the Reporting Date								Fair Value Measurement at the Reporting Date
	using								using
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Contingent consideration-current		—		—		(407)		(407)		—		—		—		—
Contingent consideration-non-current						(1,652)		(1,652)		—		—		—		—
Total-Contingent consideration	$	—	$	—	$	(2,059)	$	(2,059)	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	(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, 2020	$	1,032
Fair value change		1,027
Exchange difference		—
Balance at December 31, 2020	$	2,059
Fair value change		(1,115)
Settle with shares of Kaixin held by the Company		(944)
Exchange difference		—
Balance at December 31, 2021	$	—

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2021

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

13. 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”), the 2018 Share Incentive Plan (the “2018 Plan”) and the 2021 Share Incentive Plan (the “2021 Plan”), for the purpose of granting stock options and incentive stock options to employees and executives to provide incentives for future service and retention. 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. 2006 Plan, 2008 Plan and 2009 Plan expired as of December 31, 2021. On November 4, 2021, the board of directors of the Company approved the adoption of the 2021 Plan, which has not been formally granted as of December 31, 2021. The following is the maximum aggregate number of shares which may be issued pursuant to all awards under the 2009 Plan, 2011 Plan, 2016 Plan, 2018 Plan and 2021 Plan:


		Maximum
		aggregate
		number of
		shares
2011 Plan		110,014,158
2016 Plan		53,596,236
2018 Plan		107,100,000
2021 Plan		56,000,000

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 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.

13. SHARE-BASED COMPENSATION-continued

Stock options - continued

The following table summarizes information with respect to share options outstanding as of December 31, 2021:

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

112,526,121

2.61

0.01

14.67

110,869,290

2.58

0.01

14.67

112,526,121

14.67

110,869,290

14.67


		Weighted
		average
	Number of	exercise
	shares	price
Balance, December 31, 2020	138,724,521	$	0.01

Exercised	(24,518,970)	$	0.01
Forfeited	(1,679,430)	$	0.01

Balance, December 31, 2021	112,526,121	$	0.01

Exercisable, December 31, 2021	110,869,290	$	0.01

Expected to vest, December 31, 2021	1,656,831	$	0.01

For employee stock options, the Company recorded share-based compensation from continuing operations of $4,628, $11,576 and $4,959 for the years ended December 31, 2019, 2020 and 2021, respectively, based on the fair value on the grant dates or the modification date 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 the years ended December 31, 2019, 2020 and 2021, there was no share-based compensation recorded for non-employee options.

As of December 31, 2021, there was $485 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 0.25 years.

13. SHARE-BASED COMPENSATION-continued

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, 2020	78,195,091	$	0.12

Granted	—	$	—
Vested	(21,970,935)	$	0.15
Forfeited	(7,863,152)	$	0.09

Outstanding as of December 31, 2021	48,361,004	$	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 $3,952, $2,634 and $3,494 for the years ended December 31, 2019, 2020 and 2021, 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 $5,577 related to nonvested restricted shares granted as of December 31, 2021. The expense is expected to be recognized in continuing operations over a weighted-average period of 1.4 years.

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

On July 13, 2020, Chime Technologies, Inc. and Trucker Path, Inc. adopted 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. On November 4, 2021, Chime Technologies, Inc. and Trucker Path, Inc. approved the adoption of their 2021 stock incentive plans, whereby 5,000,000 ordinary shares of Chime Technologies, Inc. (“Chime Plan”) and 5,000,000 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. Those shares have not been formally granted as of December 31, 2021.

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 under the Chime Plan to certain of its directors, officers and employees as compensation for their services. 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 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.

13. SHARE-BASED COMPENSATION-continued

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

The Company recorded share-based compensation for Chime Plan and Trucker Path Plan from continuing operations of $699 and $396, respectively, for the year ended December 31, 2020, and $6 and $10, respectively, for the year ended December 31, 2021, 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, 2021, there were $49 and $25 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 1.31 years.

The following table summarizes information with respect to share options outstanding of Chime Plan as of December 31, 2021:

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

6,738,000

8.53

0.03

0.29

4,368,218

8.53

0.03

0.29

6,738,000

0.29

4,368,218

0.29



		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2020	8,301,000	$	0.03	$	0.02
Granted	—	$	—	$	—
Forfeited	(1,563,000)	$	0.03	$	0.02
Balance, December 31, 2021	6,738,000	$	0.03	$	0.02
Exercisable, December 31, 2021	4,368,218	$	0.03
Expected to vest, December 31, 2021	2,369,782	$	0.03

13. SHARE-BASED COMPENSATION-continued

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

The following table summarizes information with respect to share options outstanding of Trucker Path Plan as of December 31, 2021:

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

6,733,000

8.53

0.02

0.53

4,506,064

8.53

0.02

0.53

6,733,000

0.53

4,506,064

0.53


		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2020	6,806,000	$	0.02	$	0.02
Granted	—	$	—	$	—
Forfeited	(73,000)	$	0.02	$	0.01
Balance, December 31, 2021	6,733,000	$	0.02	$	0.01
Exercisable, December 31, 2021	4,506,064	$	0.02
Expected to vest, December 31, 2021	2,226,936	$	0.02

On July 13, 2020, Chime and Trucker Path each granted 20,000,000 restricted shares to an officer of Renren. The Company recorded compensation expenses of $632 and $365 related to the Chime Plan and Trucker Path Plan based on the fair value on the grant date respectively for the year ended December 31, 2020. The fair value of was determined with the assistance of an independent third -party appraiser.

The restricted shares immediately vested but were not officially and legally issued on the grant date. On April 1, 2021, the officer had been officially and legally issued those authorized shares and Renren's shareholding percentage in Chime and Trucker Path both decreased from 100% to 77.78%, resulting in a non-controlling interest since April 1, 2021 in the Company’s consolidated financial statements.

13. SHARE-BASED COMPENSATION-continued

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

The total amount of share-based compensation expense for options, nonvested restricted shares of the Company and 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:


	For the Years ended December 31,
	2019		2020		2021

Selling and marketing	$	524	$	185	$	50
Research and development		1,118		990		510
General and administrative		6,938		14,145		7,909
Total share-based compensation expense	$	8,580	$	15,320	$	8,469

There was no income tax benefit recognized in the statements of operations for share-based compensation for the years ended December 31, 2019, 2020 and 2021.

OPERATING LEASES

12 Months Ended

Dec. 31, 2021

OPERATING LEASES

OPERATING LEASES

9. 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.

For the year ended December 31, 2021, cash paid for amounts included in the measurement of lease liabilities was $744.

The operating lease cost and short-term lease cost for the years ended December 31, 2019, 2020 and 2021 were as follows:


	For the Years Ended December 31,
	2019		2020		2021
Cost	$	90	$	297	$	—
Selling expenses		7		—		174
Research and development expenses		977		1,221		171
General and administrative expenses		215		296		533
Total operating lease cost		1,289		1,814		878

Short-term lease cost		276		83		59

Total lease cost	$	1,565	$	1,897	$	937

The weighted average remaining lease term as of December 31, 2020 and 2021 was 1.70 and 1.13 years, and the weighted average discount rate of the operating leases was 10.30% and 10.60%.

Maturities of lease liabilities as of December 31, 2021 were as follows:


	Operating Lease
2022	$	712
2023		93
Total undiscounted lease payment		805
Less: Imputed interest		(36)
Present value of lease liabilities	$	769
Operating lease liability –current		706
Operating lease liability –noncurrent		63

KAIXIN DECONSOLIDATION

12 Months Ended

Dec. 31, 2021

KAIXIN DECONSOLIDATION

KAIXIN DECONSOLIDATION

4. KAIXIN DECONSOLIDATION

On June 25, 2021, Kaixin completed a reverse acquisition with Haitaoche, in which Kaixin issued (the “Issuance”) an aggregate of 74,035,502 ordinary shares to acquire 100% of the share capital of Haitaoche. Following the Issuance, Renren owned less than 50% of the Kaixin outstanding ordinary shares and lost control of Kaixin. The management of Haitaoche became the management of the post-merger Kaixin and obtained the right to elect a majority of Kaixin’s board of directors.

Accordingly, Renren deconsolidated Kaixin’s financial statements, effective June 25, 2021, referred to as the “Kaixin Deconsolidation”.

As a result of the Kaixin Deconsolidation, the Company reevaluated its operating segments (Note 15).

In connection with the Kaixin Deconsolidation, Renren recorded a gain on deconsolidation of $123,667 which is included in gain on deconsolidation of subsidiaries, net of tax of nil, in the consolidated statements of operation as part of income from discontinued operations for the year ended December 31, 2021.

4. KAIXIN DECONSOLIDATION - continued

On June 25, 2021, the Company calculated a gain regarding the deconsolidation of the Kaixin as follows.


	As of June 25,
	2021
Fair value of retaining noncontrolling interest in Kaixin	$	111,309
Preferred shares of Kaixin		6,000
Carrying amount of noncontrolling interest in Kaixin		23,608
Less: Net assets of Kaixin		(17,250)
Gain on deconsolidation of Kaixin	$	123,667

Upon completion of the Merger, the Company’s ownership interest in Kaixin from 69.4% as of December 31, 2020 decreased to 33.3% (Note 1). The Company accounts for its remaining equity interest in Kaixin under the equity method and have no plans to dispose of the investment within 12 months. The Company recognized its share of loss of $63,388 from Kaixin for the period from June 25, 2021 to December 31, 2021 (Note 5).

The Company also pledged its cash deposit of $9,284 as security for debt borrowing of Kaixin under an irrevocable standby letter of credit issued by East West Bank in the amount of $8,277 million and made provision of the restricted cash of $9,284(Note 2(f) and (Note 14)). The Company retained a balance of amount due from Kaixin and provided full provision of $3,943 for the year ended December 31, 2021 as the management considered that the balance would not be recoverable (Note 14).

Accordingly, assets, liabilities, revenues and expenses and cash flows related to Kaixin have been reclassified in the 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 deconsolidation of Kaixin, the Company reevaluated its operating segments. Refer to Note 15.

4. KAIXIN DECONSOLIDATION - continued

The following table summarizes the carrying amounts of the major classes of assets and liabilities of the discontinued operations in the consolidated balance sheet as of December 31, 2020:


	As of December 31,
	2020

Cash and cash equivalents	$	3,162
Prepaid expenses and other current assets		43,624
Property and equipment, net		45
Long-term investments		—
Right-of-use assets		74
Other non-current assets		1,562
Assets classified as held for sale	$	48,467

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

4. KAIXIN DECONSOLIDATION - continued

The condensed cash flows of Kaixin were as follows for the years ended December 31, 2019 and 2020 and for the period from January 1, 2021 through June 24, 2021, the date immediately preceding the Kaixin Deconsolidation, are included in the consolidated statements of cash flows of the Company as cash flow from discontinued operations:


			For the period
			from January 1
	For the years ended December 31,		to June 24,
	2019	2020	2021

Net cash (used in) provide by operating activities	(4,745)	(3,878)	870
Net cash provided by investing activities	1,223	—	—
Net cash (used in) provide by financing activities	(6,328)	3,917	267

Kaixin’s results of operations for the period from January 1, 2021 through June 24, 2021, the date immediately preceding the Kaixin Deconsolidation, and for the years ended December 31, 2019 and 2020, shown in the table below, are included in the consolidated results of operations of Renren as net (loss) income from the discontinued operations, net of income taxes for those respective periods, after intercompany eliminations, as applicable.


					For the period
					from January 1
	For the years ended December 31,				to June 24,
	2019		2020		2021

Major classes of line items constituting pretax profit of discontinued operations
Net revenues	$	334,697	$	33,160	$	3,791
Cost of revenues		(340,174)		(32,160)		(3,766)
Selling, research and development, and general and administrative expenses		(53,866)		(7,256)		(9,953)
Other income		840		586		43
Interest income		69		5		—
Interest expense		(4,057)		(1,183)		(257)
Impairment of goodwill		(74,091)		—		—
Impairment of long-term investments		—		—		(646)
Fair value change of contingent consideration		65,594		—		—
Loss from the operations of the discontinued operations, before income tax		(70,988)		(6,848)		(10,788)
Income tax benefit (expenses)		1,920		1,528		(108)
Loss from the operations of the discontinued operations, net of tax		(69,068)		(5,320)		(10,896)

Gain on deconsolidation of the subsidiaries, net of tax		—		—		123,667

(Loss) income from the discontinued operations, net of tax	$	(69,068)	$	(5,320)	$	112,771

SIGNIFICANT RISKS AND UNCERTAINTIES

12 Months Ended

Dec. 31, 2021

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 $3,418 and $2,431 at December 31, 2020 and 2021, respectively, which 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, accounts receivable and amounts due from related parties. The Company places their cash, cash equivalents, restricted cash 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, 2019, 2020 and 2021.

No customers accounted for 10% or more of the balance of accounts receivable as of December 31, 2020 and 2021.

Amount due from Kaixin accounted for 83.8% of the balance of amount due from related party as of December 31, 2021 and no related parties accounted for 10% or more of the balance of amount due from related party as of December 31, 2020.

The Company provided full provision of amount due from Kaixin for the year ended December 31, 2021, as the Company concludes the possibility of Kaixin paying the loans is remote.

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of transactions with related parties for amount due from related parties (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Cash deposit	$ 9,284
Interest accrued for Promissory note [Member] \| OPI
Related Party Transaction [Line Items]
Transactions with related parties for amount due from related parties	0	$ 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	(67,985)	(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	0	(40,000)
Amount received from disposition of Renren SNS [Member] \| Beijing Infinities
Related Party Transaction [Line Items]
Transactions with related parties for amount due from related parties	0	0	(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	0	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	0	(3,060)	(4,144)
KaixinAutoHoldingsMember
Related Party Transaction [Line Items]
Cash deposit	9,284
Beijing Infinities \| Repayment of related party loan
Related Party Transaction [Line Items]
Transactions with related parties for amount due from related parties	0	29	1,192
Beijing Infinities \| Loan from a related party
Related Party Transaction [Line Items]
Transactions with related parties for amount due from related parties	0	(1)	(1,879)
OPI \| Repayment of related party loan
Related Party Transaction [Line Items]
Transactions with related parties for amount due from related parties	0	0	27
One Rent Inc [Member] \| Equity method Investment
Related Party Transaction [Line Items]
Transactions with related parties for amount due from related parties	$ 0	$ 0	$ (600)

STATUTORY RESERVE AND RESTRICTED NET ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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 VIE'S shall be transferred	50.00%
Aggregate amount of net assets of the relevant subsidiaries and VIE entities in the Company not available for distribution	$ 268,844	$ 266,542
Appropriation of reserves of PRC subsidiaries	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2021

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

12. 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, short-term and long-term debt, and amount due from OPI (Note 14) at amortized cost. The carrying values of assets and liabilities disclosed at fair value are determined using the fair value hierarchy as described in Note 2 (g). Accordingly, 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 contingent consideration at fair value on a recurring basis as of December 31, 2020 and 2021. Contingent consideration as of December 31, 2020 and 2021 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, 2020 and 2021, respectively:


	As of December 31, 2020								As of December 31, 2021
	Fair Value Measurement at the Reporting Date								Fair Value Measurement at the Reporting Date
	using								using
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Contingent consideration-current		—		—		(407)		(407)		—		—		—		—
Contingent consideration-non-current						(1,652)		(1,652)		—		—		—		—
Total-Contingent consideration	$	—	$	—	$	(2,059)	$	(2,059)	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	(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, 2020 and 2021.

Settlement of contingent consideration

Pursuant to the equity purchase agreements entered between Kaixin and Kaixin’s original dealers and after-sale service center operators prior to Kaixin’s IPO in April 2019, Kaixin committed to make certain payments of its ordinary shares to such dealers and operators, subject to certain payment triggers including the operating performance of the dealerships and service centers and Kaixin stock price(Contingent Consideration). In connection with Kaixin’s IPO on April 30, 2019, the Company agreed to assume the Consideration from Kaixin.

The Contingent Consideration was recognized at fair value on the Company’s consolidated balance sheet, subject to periodic adjustment with the changes in fair value recognized as gain/loss in the statement of operations. The Company recorded a gain of $20,662, a loss of $1,027 and a gain of $1,115 from changes in fair value of the Contingent Consideration in the years ended December 31, 2019, 2020 and 2021, respectively.

12. FAIR VALUE MEASUREMENTS-continued

Settlement of contingent consideration - continued

On November 30, 2021, the Company transferred 13.4 million of shares in Kaixin it held, for no consideration, to AUTOD2D, LTD, to fully settle the Contingent Consideration. With the transfer of the Kaixin shares, the Contingent Consideration with balance of $944 was fully settled and a $13,246 difference between the balance of the Contingent Consideration and carrying value of the 13.4 million shares in Kaixin was recorded as a loss from settlement of the Contingent Consideration was recognized in the year ended December 31,2021.

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, 2020 and 2021:


	Amounts
Balance at January 1, 2020	$	1,032
Fair value change		1,027
Exchange difference		—
Balance at December 31, 2020	$	2,059
Fair value change		(1,115)
Settle with shares of Kaixin held by the Company		(944)
Exchange difference		—
Balance at December 31, 2021	$	—

Assets measured at fair value on a nonrecurring basis

The Company measures 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 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.

- 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

KAIXIN DECONSOLIDATION (Details)		12 Months Ended
KAIXIN DECONSOLIDATION (Details)	Jun. 25, 2021 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
DECONSOLIDATION OF SUBSIDIARIES
Maximum percentage of ownership interest to retain control	50
Gain on deconsolidation		$ 123,667,000	$ 0	$ 0
Discontinued operation
DECONSOLIDATION OF SUBSIDIARIES
Tax on gain on deconsolidation		0
Haitaoche Limited
DECONSOLIDATION OF SUBSIDIARIES
Percentage of voting interest acquired	100.00%
Number of shares issued \| shares	74,035,502
KaixinAutoHoldingsMember
DECONSOLIDATION OF SUBSIDIARIES
Gain on deconsolidation		123,667,000
KaixinAutoHoldingsMember \| Discontinued operation
DECONSOLIDATION OF SUBSIDIARIES
Gain on deconsolidation	$ 123,667,000	$ 123,667,000

SHORT - TERM DEBT AND LONG-TERM DEBT- Schedule Of Short Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Total	$ 1,585	$ 11,400

LONG-TERM INVESTMENTS - consolidated balance sheets and income statements of the Kaixin (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary of the consolidated balance sheets and income statements of the Kaixin which we have a significant equity method investment
Total current assets	$ 74,257	$ 74,257	$ 88,947
Total non-current assets	95,918	95,918	124,726
Total assets	170,175	170,175	213,673
Total current liabilities	33,100	33,100	81,103
Total non-current liabilities	63	63	3,826
Total liabilities	33,163	33,163	84,929
Total Kaixin Auto Holding' shareholders' equity	149,637	149,637	105,157
Non-controlling interests	(12,625)	(12,625)	23,587
Total shareholders' equity	137,012	137,012	128,744	$ 125,233	$ 180,938
Revenues		32,219	18,106	15,085
Gross profit		25,380	14,655	8,367
Pre-tax loss		(45,374)	(16,935)	(29,012)
Net loss		9,365	(22,120)	(107,488)
Net loss attributable to shareholders		13,663	$ (19,220)	$ (51,097)
KaixinAutoHoldingsMember
Summary of the consolidated balance sheets and income statements of the Kaixin which we have a significant equity method investment
Total current assets	58,937	58,937
Total non-current assets	15,223	15,223
Total assets	74,160	74,160
Total current liabilities	29,383	29,383
Total non-current liabilities	6,698	6,698
Total liabilities	36,081	36,081
Total Kaixin Auto Holding' shareholders' equity	29,662	29,662
Non-controlling interests	8,417	8,417
Total shareholders' equity	38,079	$ 38,079
Revenues	251,801
Gross profit	5,255
Pre-tax loss	(52,478)
Net loss	(51,749)
Net loss attributable to shareholders	$ (52,400)

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2021

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


	As of December 31,
	2020		2021

Other tax payable	$	3,849	$	4,467
Accrued professional fee and marketing expense		3,162		2,698
Employee payroll and welfare		364		1,122
Staff reimbursement		128		211
Accrued Rental		10		9
Others		3,321		3,547
Total	$	10,834	$	12,054

ORDINARY SHARES (Details) - $ / shares	12 Months Ended
ORDINARY SHARES (Details) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
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
Number of shares were issued due to the exercise of share options or vesting of restricted shares under share-based compensation	46,492,464	18,627,480
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
Number of shares into which each Class B ordinary share is convertible	1	1

KAIXIN DECONSOLIDATION- Schedule of condensed cash flow (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net cash (used in) provided by operating activities	$ 870,000	$ (3,878,000)	$ (4,745,000)
Net cash (used in) provided by investing activities	0	0	1,223,000
Net cash (used in) provided by financing activities from discontinued operations	267,000	3,917,000	(6,328,000)
KaixinAutoHoldingsMember
Net cash (used in) provided by operating activities	870,000	(3,878,000)	(4,745,000)
Net cash (used in) provided by investing activities			1,223,000
Net cash (used in) provided by financing activities from discontinued operations	$ 267,000	$ 3,917,000	$ (6,328,000)

Goodwill - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill, Impairment Loss	$ 0	$ 0	$ 9,288
Geographic Farming, LLC
Goodwill, Impairment Loss			1,460
Trucker Path
Goodwill, Impairment Loss			$ 7,828

INCOME TAXES - Additional information (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 01, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income taxes
Income tax expenses		$ (969)	$ (65)	$ 1,944
Statutory income tax rate (as a percent)		25.00%	25.00%	25.00%
Net operating loss carry forwards		$ 31,524
PRC [Member]
Income taxes
Income tax expenses		$ (969)	$ (65)	$ 1,944
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		$ 24,742	22,412
Deferred tax liabilities		0
PHILIPPINES
Income taxes
Income tax expenses		$ 0	$ 0
Effective Income Tax Rate Reconciliation, Percent		(25.00%)	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
Hong Kong
Income taxes
Income tax expenses		$ 0	$ 0	$ 0
United States
Income taxes
Income tax expenses		0	$ 0	$ 0
Expiration by 2022
Income taxes
Net operating loss carry forwards		7,452
Expiration by 2023
Income taxes
Net operating loss carry forwards		11,209
Expiration by 2024
Income taxes
Net operating loss carry forwards		7,841
Expiration by 2025
Income taxes
Net operating loss carry forwards		3,822
Expiration by 2026
Income taxes
Net operating loss carry forwards		1,200
No Expiration \| United States
Income taxes
Net operating loss carry forwards		$ 68,412

Goodwill (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill

Schedule of changes in carrying amounts of goodwill


	Amount
Balance at January 1, 2019		9,413
Impairment loss		(9,288)
Exchange difference		(1)
Balance at December 31, 2019		124
Exchange difference		—
Balance at December 31, 2020	$	124

Exchange difference		—
Balance at December 31, 2021	$	124

Financial Statement Schedule I Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2021

Financial Statement Schedule I Condensed Financial Information of Parent Company

Financial Statement Schedule I Condensed Financial Information of Parent Company

18. Parent Company Financial Information

Condensed Financial Information of Parent Company -BALANCE SHEETS


	As of December 31,
	2020		2021
ASSETS

Current assets:
Cash and cash equivalents	$	1,933	$	2,419
Prepaid expenses and other current assets		1,058		4,005
Amounts due from subsidiaries		432,494		475,011
Total current assets		435,485		481,435

Other non-current assets		—		75
Long-term investments		—		36,519
Amounts due from related parties non-current		67,985		—

TOTAL ASSETS	$	503,470	$	518,029

LIABILITIES AND EQUITY

Current liabilities:
Short-term loan		11,400		—
Accrued expenses and other current liabilities		2,167		1,732
Contingent consideration		407		—

Total current liabilities		13,974		1,732

Long-term contingent consideration		1,652		—
Deficit of investment in subsidiaries and VIE		382,687		366,660

TOTAL LIABILITIES	$	398,313	$	368,392

Equity:
Class A ordinary shares, $0.001 par value, 3,000,000,000 shares authorized, 769,444,113 and 815,936,577 shares issued and outstanding as of December 31, 2020 and 2021, respectively		770		816
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, 2020 and 2021, respectively; each Class B ordinary share is convertible into one Class A ordinary share		305		305
Additional paid-in capital		741,130		772,207
Accumulated deficit		(627,342)		(613,679)
Accumulated other comprehensive loss		(9,706)		(10,012)
Equity		105,157		149,637
TOTAL LIABILITIES AND EQUITY	$	503,470	$	518,029

18. Parent Company Financial Information – continued

Condensed Financial Information of Parent Company -STATEMENTS OF OPERATIONS


	Years ended December 31,
	2019		2020		2021
Selling and marketing	$	(524)	$	(98)	$	(52)
Research and development		(1,118)		(467)		(510)
General and administrative		(8,030)		(16,003)		(13,832)

Total operating expenses		(9,672)		(16,568)		(14,394)

Other income (expenses)		—		(2,765)		—
Interest income		7,904		7,756		—
Interest expenses		(565)		(302)		(51)
Fair value change of contingent consideration		20,662		(1,027)		1,115
Losses related to contingent liability settlement		—		—		(13,246)
Loss in equity method investments		(417)		—		(63,388)
Gain on deconsolidation of the subsidiaries		—		—		123,667
Provision of amount due from the deconsolidated subsidiary		—		—		(1,386)
Impairment of long-term investments		—		—		(1,526)
Equity in loss of subsidiaries and variable interest entity		(69,009)		(6,314)		(17,128)

Net income (loss)	$	(51,097)	$	(19,220)	$	13,663

18. Parent Company Financial Information – continued

Condensed Financial Information of Parent Company -STATEMENTS OF CASH FLOWS


	Years ended December 31,
	2019		2020		2021

Net cash provided by (used in) operating activities	$	13,850	$	(30,170)	$	(50,323)
Cash flows from investing activities:
Proceeds from repayment of the note issued by OPI		9,564		31,529		67,985
Purchases of preferred share of Kaixin		—		—		(6,000)

Net cash provided by investing activities		9,564		31,529		61,985

Cash flows from financing activities:
Proceeds from exercise of share options		10		1		275
Proceeds from borrowings		7,000		400		—
Repayment of borrowings		(31,000)		—		(11,451)
Net cash (used in) provided by financing activities		(23,990)		401		(11,176)

Net (decrease) increase in cash and cash equivalents		(576)		1,760		486
Cash and cash equivalents at the beginning of year		749		173		1,933
Cash and cash equivalents at the end of year	$	173	$	1,933	$	2,419

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2021


	Name	Relationship
(a)	Kaixin Automobile Holdings (“Kaixin”)	Equity investment of the Company (Note 4)
(b)	Infinities Technology (Cayman) Holding Limited (“Infinities”)	Equity investment of the Company
(c)	Oak Pacific Investment (“OPI”)	An entity controlled together by chief executive officer and chief operating officer.
(d)	Beijing Oak Yi Xin Technology Development Co., Ltd (“Beijing Oak Yi Xin”)	VIE of OPI
(e)	Beijing Zhenzhong Interactive Information Technology Co., Ltd. (Beijing Zhenzhong)	Subsidiary of a VIE of OPI
(f)	One Rent Inc.	Equity investment of the Company

Schedule of amount due from related parties


		As of December 31,
	Note	2020		2021
Gross amount due from Kaixin	(i)		—		3,943
Less: bad debt provision			—		(3,943)
Net amount due from Kaixin			—		—
Infinities	(ii)	$	726	$	744
Beijing Oak Yi Xin			38		18
Amounts due from related parties - current		$	764	$	762

OPI	(iii)	$	67,985	$	—
Amounts due from related parties – non current			67,985		—
Total		$	68,749	$	762

(i)

(ii)

(iii)

(2)

Amounts due to related parties

Schedule of amount due to related parties


	As of December 31,
	2020		2021
Infinities	$	697	$	714
Total	$	697	$	714

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


	For the Years ended December 31,
	2019		2020		2021
Interest accrued for Promissory note:
OPI	$	7,904	$	7,756	$	—

Promissory note principal received:
OPI		(10,027)		(31,529)		(67,985)

Amount received from disposition of Renren SNS:
Beijing Infinities		(6,067)		—		—

Conversion of a loan to Beijing Infinities to equity investment into Beijing Infinities		—		(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)		—

Repayment of related party loan:
Infinities		1,192		29		—
OPI		27		—		—

Equity method Investment:
One Rent		(600)		—		—

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of cash, cash equivalents and restricted cash

Schedule of property and equipment, net

Property and equipment, net is carried at cost less accumulated depreciation and any impairment. 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

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

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


	For the Years Ended December 31,
	2019		2020		2021

Current income tax expenses (benefit)	$	1,944	$	(65)	$	(969)
Deferred income tax expenses		—		—		—
Total income tax expenses (benefit)	$	1,944	$	(65)	$	(969)

Schedule of principal components of the deferred tax assets and liabilities


	As of December 31,
	2020		2021

Deferred tax assets
Provision for doubtful accounts	$	4,761	$	4,875
Write-down for inventory		—		52
Allowance for prepaid expenses and other current assets		4,839		4,952
Accrued payroll and welfare		89		150
Provision of the restricted cash		—		571
Provision of amount due from the deconsolidated subsidiary		—		639
Accrued liabilities		2,424		2,475
Advertising fee		563		578
Employee education fee		19		19
Goodwill and intangible asset impairment		6,798		6,960
Net operating loss carry forwards		22,412		24,742
Total Deferred tax assets		41,905		46,013
Less valuation allowance		(41,905)		(46,013)

Deferred tax assets, net	$	—	$	—

Schedule of rollforward of valuation allowances of deferred tax assets


	The Year ended
	December 31, 2021
Balance as of beginning of year	$	(41,905)
Additions of valuation allowance		(4,693)
Expiration of NOL		1,170
Utilization of deferred tax assets		78
Foreign currency translation adjustments		(663)
Balance as of end of year	$	(46,013)

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


	For the Years Ended December 31,
	2019			2020			2021

Loss before provision of income tax	$	(29,012)		$	(16,935)		$	(45,374)
PRC statutory income tax rate		25	%		25	%		25	%
Income tax at statutory tax rate		(7,250)			(4,234)			(11,344)
Taxable deemed interest income from inter-company interest-free loans		2,218			(66)			(971)
Net operating loss not applicable for carryforward		13,548			14,820			1,167
Non-deductible expenses		(1,340)			44			2
Non-deductible expenses related to share-based compensation		2,102			3,830			2,117
Non-taxable income from fair value change gain of contingent consideration		(5,166)			(257)			(279)
Non-taxable loss from contingent liability settlement		—			—			3,312
Impairment of goodwill		2,322			—			—
Effect of income tax rate differences in jurisdictions other than the PRC		(87)			675			1,582
Effects of Company cancellation		205			(3,723)			—
Changes in valuation allowance		(4,608)			(11,154)			3,445
Income tax expenses (benefit)	$	1,944		$	(65)		$	(969)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss from continuing operations	$ (103,406)	$ (16,800)	$ (38,420)
Net (loss) income from discontinued operations	112,771	(5,320)	(69,068)
Adjustments to reconcile net loss to net cash used in operating activities of continuing operations:
Share-based compensation expense	8,469	15,320	8,580
Impairment on and (Loss) earnings in equity method investments	59,001	(70)	7,464
Reduction in the carrying amount of the right-of-use assets	823	898	1,358
Depreciation and amortization	329	967	807
Write-down of Inventory	250	0	0
Impairment on available-for-sale investment	0	0	2,000
Impairment on long-term investment without readily determinable fair values	1,526	0	0
Impairment on goodwill	0	0	9,288
Write-offs of prepaid expenses and other current assets	2	281	418
Gain on settlement of accrued expenses and other current liabilities	(370)	0	0
Provision for doubtful accounts	0	0	(2)
Provision for amount due from a related party	0	0	12,408
Provision for amount due from the deconsolidated subsidiary	3,943	0	0
Consultant fee on security transfer	1,687	0	0
Fair value change of contingent consideration	(1,115)	1,027	(20,662)
Loss related to contingent liability settlement	13,246	0	0
Changes in operating assets and liabilities of continuing operations:
Accounts receivable	(1,144)	(44)	506
Prepaid expenses and other current assets	(4,078)	391	4,037
Inventory	96	287	256
Other non-current assets	(93)	603	82
Accounts payable	701	(320)	(1,216)
Amounts due from/to related parties	0	(7,909)	(6,495)
Amount due from subsidiary held for sale	(1,627)	(2,255)	0
Accrued expenses and other current liabilities	1,641	(3,055)	(7,877)
Deferred revenue	2,020	(148)	(24)
Operating lease liabilities	(805)	(2)	(2,392)
Income tax payable	(74)	(894)	1,482
Net cash used in operating activities from continuing operations	(18,978)	(11,723)	(28,402)
Net cash (used in) provided by operating activities from discontinued operations	870	(3,878)	(4,745)
Total cash used in operating activities	(18,108)	(15,601)	(33,147)
Cash flows from investing activities of continuing operations:
Proceeds from disposition of Renren SNS	0	0	6,090
Proceeds from repayment of the note issued by OPI	67,985	31,529	9,564
Proceeds from (purchase) sales of short-term investments	0	1,436	(1,436)
Proceeds from sales of long-term investments	(454)	0	0
Proceeds from disposal of equipment and property	1	58	111
Purchases of equipment and property	(103)	(221)	(412)
Cash disposed of from deconsolidation of subsidiaries	0	0	(343)
Purchases of preferred share	(6,000)	0	0
Proceeds from repayment of third-party loans	0	0	4,086
Net cash outflow from deconsolidation of a subsidiary	(4,299)	0	0
Net cash provided by investing activities from continuing operations	58,038	32,802	17,660
Net cash provided by (used in) investing activities from discontinued operations	0	0	1,223
Total cash provided by investing activities	58,038	32,802	18,883
Cash flows from financing activities of continuing operations:
Proceeds from exercise of share options	275	1	8
Repayment of convertible loans issued by Kaixin	0	0	(2,347)
Repayment of borrowings	(11,451)	(4,751)	(31,000)
Proceeds from borrowings	0	3,289	10,488
Advance from KAH's non-controlling Shareholder	0	0	3,386
Net cash used in financing activities from continuing operations	(11,176)	(1,461)	(19,465)
Net cash (used in) provided by financing activities from discontinued operations	267	3,917	(6,328)
Total cash (used in) provided by financing activities	(10,909)	2,456	(25,793)
Net (decrease) increase in cash and cash equivalents and restricted cash from continuing operations	27,884	19,618	(30,207)
Net (decrease) increase in cash and cash equivalents and restricted cash from discontinued operations	1,137	39	(9,850)
Cash and cash equivalents and restricted cash at beginning of year from continuing operations	34,087	14,733	43,745
Cash and cash equivalents and restricted cash at beginning of year from discontinued operations	3,162	3,189	13,768
Effect of exchange rate changes from continuing operations	(1,023)	(264)	1,195
Effect of exchange rate changes from discontinued operations	0	(66)	(729)
Cash and cash equivalents and restricted cash at end of year from continuing operations	65,247	34,087	14,733
Cash and cash equivalents and restricted cash at end of year from discontinued operations	0	3,162	3,189
Supplemental schedule of cash flows information from continuing operations:
Interest paid	51	337	565
Income taxes paid	0	0	0
Supplemental schedule of cash flows information from discontinued operations:
Interest paid	0	839	1,710
Income taxes paid	104	8	254
Schedule of non-cash activities from discontinued operations:
Right-of-use assets obtained in exchange for new operating lease liabilities	614	87	5,141
Gain On Deconsolidation	123,667	0	0
Continuing operations.
Schedule of non-cash activities from continuing operations:
Contingent consideration reclassification from liability to equity	0	0	20,849
Increase in equity method investments through the settlement of amount due from a related party	0	0	600
Conversion of a loan to a related party to equity investment into the related party	0	40,000	0
Discontinued operations
Schedule of non-cash activities from discontinued operations:
Beneficial conversion feature of a convertible loan issued by Kaixin	0	0	2,128
Conversion of convertible loans issued by Kaixin to kaixin's ordinary shares, including interest of $219	0	0	21,219
Acquisition of noncontrolling interest	0	0	1,512
Net assets disposal of a dealership	0	0	62
Net liabilities acquired in the reverse recapitalization, excluding cash acquired	0	0	5,053
Amount due to related party converted to ordinary shares	$ 0	$ (4,213)	$ 0

SHARE-BASED COMPENSATION - Summary of information with respect to share Options outstanding (Details) - Renren stock options [Member]	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Options outstanding
Number outstanding (in shares) \| shares	112,526,121
Weighted average intrinsic value	$ 14.67
Options exercisable
Number of exercisable (in shares) \| shares	110,869,290
Weighted average intrinsic value	$ 14.67
Stock Options Exercise Price Range 0.01 [Member]
Options outstanding
Number outstanding (in shares) \| shares	112,526,121
Weighted average remaining contractual life	2 years 7 months 9 days
Weighted average exercise price (in dollars per share)	$ 0.01
Weighted average intrinsic value	$ 14.67
Options exercisable
Number of exercisable (in shares) \| shares	110,869,290
Weighted average remaining contractual life	2 years 6 months 29 days
Weighted average exercise price (in dollars per share)	$ 0.01
Weighted average intrinsic value	14.67
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	6,738,000
Weighted average remaining contractual life	8 years 6 months 10 days
Weighted average exercise price (in dollars per share)	$ 0.03
Weighted average intrinsic value	$ 0.29
Options exercisable
Number of exercisable (in shares) \| shares	4,368,218
Weighted average remaining contractual life	8 years 6 months 10 days
Weighted average exercise price (in dollars per share)	$ 0.03
Weighted average intrinsic value	0.29
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	6,733,000
Weighted average remaining contractual life	8 years 6 months 10 days
Weighted average exercise price (in dollars per share)	$ 0.02
Weighted average intrinsic value	$ 0.53
Options exercisable
Number of exercisable (in shares) \| shares	4,506,064
Weighted average remaining contractual life	8 years 6 months 10 days
Weighted average exercise price (in dollars per share)	$ 0.02
Weighted average intrinsic value	$ 0.53