0001410578-23-000594 | 10-K | XBRL Viewer

For the years ended December 31,

Promissory note principal received:

OPERATING LEASES (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of operating lease cost and short-term lease cost


	For the Years Ended December 31,
	2021		2022
Selling expenses	$	174	$	160
Research and development expenses		171		379
General and administrative expenses		533		717
Total operating lease cost		878		1,256

Short-term lease cost		59		88

Total lease cost	$	937	$	1,344

Schedule of maturities of lease liabilities

Maturities of lease liabilities as of December 31, 2022 were as follows:


	Operating Lease
2023	$	301
2024		—
Total undiscounted lease payment		301
Less: Imputed interest		—
Present value of lease liabilities	$	301

ORGANIZATION AND PRINCIPAL ACTIVITIES

12 Months Ended

Dec. 31, 2022

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”) operate two SaaS businesses, Chime and Trucker Path. Chime offers an all-in-one real estate sales acceleration and client lifecycle management platform that allows real estate professionals to obtain leads, close transactions, and retain their clients. Trucker Path provides trip planning, navigation, freight sourcing, and a marketplace that offers truckers goods and services to operate their businesses. Our SaaS businesses currently generate 100% of their revenue from the U.S. market and comprise the majority of our revenue. 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 issued a number of ordinary shares of Kaixin to the shareholders of Haitaoche (the “Haitaoche Shareholders”) so that the Haitaoche Shareholders collectively held 51% of Kaixin’s share capital upon the closing of the Merger. The disposal of Kaixin represented a strategic shift and had a major effect on the Company’s results 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 relevant periods presented. The consolidated balance sheet consolidated statements of operations, statements of comprehensive income, and consolidated statements of cash flows for the year ended December 31, 2021 have been adjusted to reflect this change.

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. On June 30, 2022, the Company determined that the investment in Kaixin should be accounted for as equity investment with readily determinable fair value, a change in accounting from the equity method. This determination is substantiated by the decrease in ownership to 16.6% compared to 19.2% as of December 31, 2021 and the Company’s representative resigned from Kaixin’s Board of Directors which, combined, resulted in a lack of significant influence in Kaixin. Kaixin is a Cayman Islands company whose shares are listed on the Nasdaq Capital Market (NASDAQ: KXIN).

As of December 31, 2022, 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

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 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 that benefit the Company, currently largely comprised of Research and Development services to the Company’s SaaS businesses.. 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 right 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 and, all matters at meetings of the legal owners of the VIE. Further, through such power of attorney the Company has the right to control the operations of the VIE. The power of attorney for Qianxiang Tiancheng remained in force for ten years until December 22, 2020. The VIE agreements were extended for another ten years through December 22, 2030 and will automatically renew 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.

(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, through December 21, 2030. 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 agreement is ten years and extends 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 21, 2030, unless the WFOE fails to comply with any of their obligations under this agreement and such breach makes the WFOE unable to continue to perform the agreements.

(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’ consent. 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. 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 on their obligations under other above-stated agreements.

The equity interest pledge is 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.

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, 2021 and 2022, 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,
	2021		2022
Cash and cash equivalents	$	2,380	$	1,210
Accounts receivable		106		98
Prepaid expenses and other current assets		1,204		1,221
Amounts due from related parties, net		762		715

Total current assets		4,452		3,244

Property and equipment, net		91		82
Long-term investments		45,765		5,731
Right-of-use assets		386		—
Other non-current assets		98		27

Total non-current assets		46,340		5,840

Total assets	$	50,792	$	9,084

Accounts payable	$	290	$	111
Accrued expenses and other current liabilities		7,654		8,154
Operating lease liabilities - current		336		214
Payable to investors		16		15
Amounts due to related parties		714		662
Income tax payable		2,848		1,474

Total current liabilities		11,858		10,630

Total non-current liabilities		—		—

Total liabilities	$	11,858	$	10,630


	Years ended December 31,
	2021		2022
Revenues	$	367	$	107
Income (Loss) from continuing operations	$	1,434	$	(53,045)


	Years ended December 31,
	2021		2022
Net cash provided by (used in) operating activities	$	971	$	(1,170)
Net cash provided by investing activities	$	454	$	—
Net cash used in financing activities	$	—	$	—

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 19 for disclosure of restricted net assets.

LONG-TERM INVESTMENTS (Details) $ in Thousands, ¥ in Millions, shares in Millions		1 Months Ended				12 Months Ended
	Mar. 31, 2021 USD ($)	Nov. 30, 2021 shares	Oct. 31, 2014 USD ($)	May 31, 2014 USD ($)	May 31, 2014 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2022	Jun. 25, 2021	Jun. 24, 2021
Equity method investments:
Recognition share of gain loss under equity method						$ (11,397)	$ (59,001)
Impairment loss of the preferred shares						44,474	1,526
Kaixin Auto Holdings
Equity method investments:
Number of Escrow Shares received \| shares		22.8
Payment for equity method investments	$ 6,000
Ownership percentage								16.60%	33.30%	69.40%
Recognition share of gain loss under equity method							63,388
Impairment loss of the preferred shares						4,474	$ 1,526
Dividend received						$ 74
Fundrise LP
Equity method investments:
Ownership percentage						98.04%	98.04%
Beijing Fenghou Tianyuan Investment and Management Center L.P. (Tianyuan L.P.)
Equity method investments:
Payment for equity method investments				$ 1,569	¥ 10
Ownership percentage						12.38%	12.38%
Recognition share of gain loss under equity method						$ 416	$ 4,304
Fundrise LP
Equity method investments:
Payment for equity method investments			$ 10,000
Recognition share of gain loss under equity method						173	$ 83
Kaixin Auto Holdings
Equity method investments:
Ownership interest held										69.40%
Number of shares transferred \| shares		1.6
Recognition share of gain loss under equity method						11,986
Unrealized loss						$ 10,422
Kaixin Auto Holdings \| Kaixin Auto Holdings
Equity method investments:
Ownership percentage							19.20%

OPERATING LEASES - Maturities of lease liabilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
OPERATING LEASES.
2023	$ 301
Total undiscounted lease payment	301
Present value of lease liabilities	$ 301

INCOME TAXES - Schedule of Loss Before Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Total loss before provision of income tax	$ (67,363)	$ (45,374)
United States
Income Taxes [Line Items]
Total loss before provision of income tax	(6,245)	(2,043)
Foreign
Income Taxes [Line Items]
Total loss before provision of income tax	$ (61,118)	$ (43,331)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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+ Details

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2022	Mar. 24, 2023	Jun. 30, 2022
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-35147
Entity Registrant Name	Renren Inc.
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	45 West Buchanan Street,
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
City Area Code	833
Local Phone Number	258-7482
Entity Address, Postal Zip Code	85003
Entity Well-known Seasoned Issuer	No
Entity Interactive Data Current	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	false
Entity Central Index Key	0001509223
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Public Float			$ 229
Auditor Name	Marcum Asia CPAs LLP
Auditor Firm ID	5395
Auditor Location	New York, NY
ADS
Document and Entity Information
Title of 12(b) Security	American depositary shares, each representing 45 Class A ordinary shares
Trading Symbol	RENN
Security Exchange Name	NYSE
Class A ordinary shares
Document and Entity Information
Title of 12(b) Security	Class A ordinary shares, par value $0.001 per share*
Trading Symbol	RENN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		859,903,002
Class B ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding		305,338,450

ACQUISITION

12 Months Ended

Dec. 31, 2022

ACQUISITION

ACQUISITION

4.ACQUISITION

Acquisition of Rentancy, Ltd. (Rentancy)

On August 19, 2022, for the purpose of entering into the high growth rental property management business the Company acquired 100% equity interest of Rentancy from third parties for cash consideration of $548.

The acquisition was accounted for as a business combination. Accordingly, the acquired assets and liabilities were recorded at their fair value at the date of acquisition. The purchase price allocation was based on a valuation analysis that utilized and considered generally accepted valuation methodologies such as the income and cost approach. The determination and allocation of fair values to the identifiable assets acquired and liabilities assumed are based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Company determined discount rates to be used based on the risk inherent in the acquired company’s current business model and industry comparisons. Terminal values are based on the expected life of assets, stage in the company’s life cycle, and forecast terminal growth rate.

The table below presented the allocation of purchase price to the major classes of assets and liabilities acquired as of August 19, 2022:


	Amount
	USD
Cash consideration	$	548
Total	$	548

Current assets	$	5
Property, plant and equipment, net		6
Intangible assets		407
Goodwill		248
Current Liabilities		(8)

Non-current Liabilities			(110)
Total		$	548

The net revenue and net loss of Rentancy since the acquisition date and that were included in the Company’s consolidated statements of operations for the year ended December 31, 2022 are $35 and $417, respectively.

Prior to the acquisition, Rentancy did not prepare its financial statements in accordance with US GAAP. The Company determined that the cost of reconstructing the financial statement of Rentancy for the periods prior to the acquisition outweighed the benefits. Based on an assessment of the financial performance and a comparison of Rentancy’s and the Company’s financial performance for the fiscal year prior to the acquisition, the Company did not consider on its own to be material to the Company. Thus the Company’s management believes that the presentation of pro forma financial information with respect to the results of operations of the Company for the business combination is impractical.

Assets from acquisition of Guangzhou Yupu Software Technology Co., Ltd. (“Guangzhou Yupu”)

On April 6, 2022, for the purpose of entering into the full-service freight management business the Company acquired 100% of certain assets of Guangzhou Yupu, a third party, for a cash consideration of $962.

The acquisition was accounted for as an asset acquisition. Accordingly, the acquired assets and liabilities were based on the cost accumulation method. As of December 31, 2022, the Group made full impairment of $962 of the indefinite-lived intangible assets acquired in the acquisition of Guangzhou Yupu due to the scalability of the asset in the highly competitive full-service freight management industry, the volatility in global economic policies, and the lack of interoperability with our existing platform services.

Acquisition of Four Keys Logistics, LLC (“Four Keys”)

On April 13, 2022, for the purpose of entering the full-service dispatch business for the trucking industry the Company acquired 100% of certain assets of Four Keys from third parties for a cash consideration of $334.

The table below presented the allocation of purchase price to the major classes of assets and liabilities acquired as of April 13, 2022:


	Amount
	USD
Cash consideration	$	334

Intangible assets identified from the acquisition
- Technology platform		37
- Customer relationship		138
Goodwill		166
Current liabilities		(7)
Total	$	334

The net revenue and net loss of Four Keys since the acquisition date and that were included in the Company’s consolidated statements of operations for the year ended December 31, 2022 are $306 and $656, respectively.

The assets acquired and liabilities assumed and operations of Four Keys prior to the acquisition were not material.

ORGANIZATION AND PRINCIPAL ACTIVITIES - Schedule of consolidated financial information of Company's VIEs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Consolidated financial information
Short-term investment	$ 24,004	$ 0
Cash and cash equivalents	27,960	65,247
Accounts receivable	2,054	1,618
Prepaid expenses and other current assets, net	3,418	6,272
Total current assets	58,170	74,257
Property and equipment, net	5,547	216
Long-term investments	27,450	94,195
Right-of-use assets	400	888
Other non-current assets	169	170
Total non-current assets	36,538	95,918
TOTAL ASSETS	94,708	170,175
Accounts payable	1,570	1,652
Short-term Debt	0	1,585
Accrued expenses and other current liabilities	11,720	12,054
Amounts due to related parties	662	714
Deferred revenue	4,323	2,622
Income tax payable	10,366	13,767
Total current liabilities	28,942	33,100
Total non-current liabilities	0	63
Total liabilities	28,942	33,163
Revenues	45,808	32,219
(Loss) income from continuing operations	(76,418)	(103,406)
Loss from discontinued operations		112,771
Net cash (used in) provided by operating activities	(3,822)	(18,108)
Net cash provided by investing activities	(33,481)	58,038
Net cash used in financing activities	(1,454)	(10,909)
Variable Interest Entity
Consolidated financial information
Revenues	107	367
(Loss) income from continuing operations	(53,045)	1,434
Net cash (used in) provided by operating activities	(1,170)	971
Net cash provided by investing activities		454
Variable Interest Entity.
Consolidated financial information
Cash and cash equivalents	1,210	2,380
Accounts receivable	98	106
Prepaid expenses and other current assets, net	1,221	1,204
Amounts due from related parties, net	715	762
Total current assets	3,244	4,452
Property and equipment, net	82	91
Long-term investments	5,731	45,765
Right-of-use assets		386
Other non-current assets	27	98
Total non-current assets	5,840	46,340
TOTAL ASSETS	9,084	50,792
Accounts payable	111	290
Accrued expenses and other current liabilities	8,154	7,654
Operating lease liabilities - current	214	336
Payable to investors	15	16
Amounts due to related parties	662	714
Income tax payable	1,474	2,848
Total current liabilities	10,630	11,858
Total non-current liabilities		0
Total liabilities	$ 10,630	$ 11,858

INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2022

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

6.INTANGIBLE ASSETS, NET


	As of December 31,
	2021		2022
Website domain name	$	—		1,500
Technology platform		325		782
Customer relationships		610		741
Computer software		—		72
Trade name		540		540
Intangible assets, gross		1,475		3,635
Accumulated amortization		(1,150)		(1,210)
Intangible assets, net	$	325	$	2,425

Amortization expenses for the years ended December 31, 2021 and 2022 were $nil and $560, respectively. The Company made impairment of intangible assets of nil and $962 for the years ended December 2021 and 2022, respectively. The following schedule, by fiscal years, of amortization amount of intangible assets, excluding non-amortizable intangible assets, as of December 31, 2022:


2023	$	80
2024		80
2025		80
2026		80
2027		80
2028		80
Thereafter		445
Total	$	925

SHARE-BASED COMPENSATION - Schedule of fair value of options granted, estimated on date of grant using Option-pricing models with assistance from Marsh, Independent Valuation Firm, With assumptions used (Details) - Binomial option pricing model	12 Months Ended
	Dec. 31, 2022 $ / shares
Trucker Path
SHARE-BASED COMPENSATION
Risk-free interest rate (1)	1.52%
Volatility (as a percent)	43.00%
Expected term (in years) (3)	10 years
Exercise price	$ 73.35
Fair value of underlying ordinary share	$ 34.00
Chime Plan
SHARE-BASED COMPENSATION
Risk-free interest rate (1)	1.52%
Volatility (as a percent)	48.00%
Expected term (in years) (3)	10 years
Exercise price	$ 133.00
Fair value of underlying ordinary share	$ 66.46

KAIXIN DECONSOLIDATION (Tables)

12 Months Ended

Dec. 31, 2022

KAIXIN DECONSOLIDATION

Schedule of calculation of gain (loss) on deconsolidation


	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

SHARE-BASED COMPENSATION - Nonvested restricted shares (Details) - Restricted Stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Other disclosures
Compensation expense	$ 3,024	$ 3,494
Unrecognized compensation expense	$ 4,869
Expected weighted-average period for unrecognized compensation expense to be recognized	1 year 1 month 6 days

ORDINARY SHARES (Details) - shares	12 Months Ended
ORDINARY SHARES (Details) - shares	Dec. 31, 2022	Dec. 31, 2021
Class A ordinary shares
Number of shares were issued due to the exercise of share options or vesting of restricted shares under share-based compensation	16,799,985	46,492,464

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Class A Ordinary shares	Class B Ordinary shares	Additional paid-in capital	Accumulated deficit	Statutory reserves	Accumulated other comprehensive income (loss)	Total Renren Inc.'s equity (deficit)	Non-controlling interest	Total
Balance at Dec. 31, 2020	$ 770	$ 305	$ 741,130	$ (634,054)	$ 6,712	$ (9,706)	$ 105,157	$ 23,587	$ 128,744
Balance (in shares) at Dec. 31, 2020	769,444,113	305,388,450
Increase (Decrease) in Shareholders' Equity
Stock-based compensation			18,646				18,646	5,177	23,823
Unrealized gain on short-term investments									0
Disposal of Kaixin								(23,608)	(23,608)
Accretion of convertible redeemable preferred shares to redemption value			(951)				(951)	(484)	(1,435)
Net loss				13,663			13,663	(4,298)	9,365
Exercise of share option and restricted shares vesting	$ 46	$ 0	229	0	0	0	275	0	275
Exercise of share option and restricted shares vesting (in shares)	46,492,464	0
Other comprehensive loss						(306)	(306)	154	(152)
Restricted shares of subsidiaries issued to officer			13,153				13,153	(13,153)
Balance at Dec. 31, 2021	$ 816	$ 305	772,207	(620,391)	6,712	(10,012)	149,637	(12,625)	137,012
Balance (in shares) at Dec. 31, 2021	815,936,577	305,388,450
Increase (Decrease) in Shareholders' Equity
Stock-based compensation			3,992				3,992		3,992
Unrealized gain on short-term investments						26	26		26
Other Comprehensive Income Loss Net						1,053	1,053	(89)	964
Net loss				(75,244)			(75,244)	(1,174)	(76,418)
Exercise of share option and restricted shares vesting	$ 17		173				190		190
Exercise of share option and restricted shares vesting (in shares)	16,799,985
Balance at Dec. 31, 2022	$ 833	$ 305	$ 776,372	$ (695,635)	$ 6,712	$ (8,933)	$ 79,654	$ (13,888)	$ 65,766
Balance (in shares) at Dec. 31, 2022	832,736,562	305,388,450

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2022

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

11.ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


	As of December 31,
	2021		2022
Other tax payable	$	4,467	$	4,551
Accrued professional fee and marketing expense		2,698		1,254
Employee payroll and welfare		1,122		2,367
Staff reimbursement		211		93
Others		3,556		3,455
Total	$	12,054	$	11,720

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
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	832,736,562	815,936,577
Ordinary shares, shares outstanding	832,736,562	815,936,577
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

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION - Chime and Trucker Path other operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 45,808	$ 32,219
Cost of sales	10,410	6,839
Gross profit	35,398	25,380
Chime Plan
Segment Reporting Information [Line Items]
Revenue	24,700	18,653
Cost of sales	3,597	2,649
Gross profit	21,103	16,004
Trucker Path
Segment Reporting Information [Line Items]
Revenue	20,938	13,144
Cost of sales	6,731	4,177
Gross profit	14,207	8,967
Other Operations
Segment Reporting Information [Line Items]
Revenue	170	422
Cost of sales	82	13
Gross profit	$ 88	$ 409

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of estimated useful lives of property and equipment (Details)	12 Months Ended
	Dec. 31, 2022
Building [Member]
Property and equipment, net
Estimated useful lives	30 years
Server and Network Equipment [Member]
Property and equipment, net
Estimated useful lives	3 years
Computer equipment and application software \| Minimum
Property and equipment, net
Estimated useful lives	2 years
Computer equipment and application software \| Maximum
Property and equipment, net
Estimated useful lives	3 years
Furniture and vehicles \| Minimum
Property and equipment, net
Estimated useful lives	3 years
Furniture and vehicles \| Maximum
Property and equipment, net
Estimated useful lives	5 years

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2022

INTANGIBLE ASSETS, NET

Schedule of intangible assets, net


	As of December 31,
	2021		2022
Website domain name	$	—		1,500
Technology platform		325		782
Customer relationships		610		741
Computer software		—		72
Trade name		540		540
Intangible assets, gross		1,475		3,635
Accumulated amortization		(1,150)		(1,210)
Intangible assets, net	$	325	$	2,425

Schedule, by fiscal years, of amortization amount of intangible asset


2023	$	80
2024		80
2025		80
2026		80
2027		80
2028		80
Thereafter		445
Total	$	925

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

12 Months Ended

Dec. 31, 2022

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

18.SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

The Company is engaged in provided SaaS platforms to customers primarily located in the United States. The Company’s operations are conducted in two reportable segments: Chime, and Trucker Path. The Company defines its segments as those operations whose results the chief operating decision maker (“CODM”) regularly reviews to analyze performance and allocate resources. The Company sells similar platform services in each of its segments, it is impracticable to segregate and identify revenues for each of these individual products and services.

The Chime segment includes the Company’s all-in-one real estate sales acceleration and client lifecycle management platform. The Trucker Path segment includes the Company’s driver-centric online transportation management platform. The Other Operations segment consists of other items not allocated to any of the Company’s segments.

The Company measures the results of its segments using, among other measures, each segment’s revenue and cost of sales. Information for the Company’s segments, as well as for Other Operations, is provided in the following table:


	Chime		Trucker Path		Other Operations		Consolidated
Fiscal year Ended December 31, 2022
Revenue	$	24,700	$	20,938	$	170	$	45,808
Cost of sales		3,597		6,731		82		10,410
Gross Margin	$	21,103	$	14,207	$	88	$	35,398

Fiscal year Ended December 31, 2021
Revenue	$	18,653	$	13,144	$	422	$	32,219
Cost of sales		2,649		4,177		13		6,839
Gross Margin	$	16,004	$	8,967	$	409	$	25,380

The majority of the Company’s revenue for the years ended December 31, 2021 and 2022 was generated from the United States.

As of December 31, 2021, substantially all of the long-lived assets of the Company were located in the PRC. As of December 31, 2022, the long-lived assets $108, $231 and $8,202 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

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule Of Accrued Expenses And Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued expenses and other current liabilities
Other tax payable	$ 4,551	$ 4,467
Accrued professional fee and marketing expense	1,254	2,698
Employee payroll and welfare	2,367	1,122
Staff reimbursement	93	211
Others	3,455	3,556
Total	$ 11,720	$ 12,054

LONG-TERM INVESTMENTS - Schedule of long-term investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
LONG-TERM INVESTMENTS
Total equity method investments	$ 17,089	$ 48,936
Total equity investments without readily determinable fair values	725	45,259
Preferred shares of Kaixin Auto Holdings		4,474
Less: impairment loss	44,474	1,526
Total long-term investments	27,450	94,195
Fundrise LP
LONG-TERM INVESTMENTS
Total equity method investments	12,085	11,912
Infinites Technology (Cayman) Holding Limited
LONG-TERM INVESTMENTS
Total equity investments without readily determinable fair values		40,000
Kaixin Auto Holdings
LONG-TERM INVESTMENTS
Total equity method investments		32,045
Equity investment without readily determinable fair values	9,636
Less: impairment loss	4,474	1,526
Beijing Fenghou Tianyuan Investment and Management Center L.P. (Tianyuan L.P.)
LONG-TERM INVESTMENTS
Total equity method investments	5,004	4,979
Suzhou Youge Interconnection Venture Capital Center
LONG-TERM INVESTMENTS
Equity investment without readily determinable fair values	$ 725	$ 785

KAIXIN DECONSOLIDATION - Deconsolidation of the Kaxin (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 25, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022	Jun. 24, 2021
KAIXIN DECONSOLIDATION
Recognition share of gain loss under equity method		$ (11,397)	$ (59,001)
Kaixin Auto Holdings
KAIXIN DECONSOLIDATION
Ownership percentage	33.30%			16.60%	69.40%
Recognition share of gain loss under equity method			$ 63,388
Kaixin Auto Holdings \| Discontinued operation
KAIXIN DECONSOLIDATION
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

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of transactions with related parties for amount due from related parties (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Cash deposit	$ 9,159	$ 9,284
Promissory note principal received \| OPI
Related Party Transaction [Line Items]
Transactions with related parties for amount due from related parties	0	$ (67,985)
Kaixin Auto Holdings
Related Party Transaction [Line Items]
Cash deposit	$ 9,159

- Definition

Receivables to be collected from (obligations owed to) related parties, net as of the balance sheet date where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth.

+ References

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ (76,418)	$ 9,365
Other comprehensive (loss) income, net of tax
Foreign currency translation, net of nil income taxes	964	(152)
Net unrealized gain on available-for-sale investments, net of tax of $nil for the years ended December 31, 2021 and 2022, respectively	26	0
Other comprehensive (loss) income	990	(152)
Comprehensive income (loss)	(75,428)	9,213
Less: total comprehensive loss attributable to noncontrolling interest	(1,263)	(4,144)
Comprehensive income (loss) attributable to Renren Inc.	$ (74,165)	$ 13,357

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

ACQUISITION (Details) - USD ($) $ in Thousands				12 Months Ended
ACQUISITION (Details) - USD ($) $ in Thousands	Aug. 19, 2022	Apr. 13, 2022	Apr. 06, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ACQUISITION
Goodwill				$ 547	$ 124	$ 124
Rentancy
ACQUISITION
Percentage of voting interest acquired	100.00%
Cash consideration	$ 548
Total	548
Current assets	5
Property, plant and equipment, net	6
Intangible assets	407
Goodwill	248
Current Liabilities	(8)
Non-current Liabilities	(110)
Total	$ 548
Net revenue				35
Net loss				417
Guangzhou Yupu
ACQUISITION
Percentage of voting interest acquired			100.00%
Cash consideration			$ 962	962
Guangzhou Yupu \| Technology
ACQUISITION
Intangible assets		$ 37
Guangzhou Yupu \| Customer relationship
ACQUISITION
Intangible assets		$ 138
Four Keys
ACQUISITION
Percentage of voting interest acquired		100.00%
Cash consideration		$ 334
Goodwill		166
Current Liabilities		(7)
Total		$ 334
Net revenue				306
Net loss				$ 656

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

Schedule of segment information


	Chime		Trucker Path		Other Operations		Consolidated
Fiscal year Ended December 31, 2022
Revenue	$	24,700	$	20,938	$	170	$	45,808
Cost of sales		3,597		6,731		82		10,410
Gross Margin	$	21,103	$	14,207	$	88	$	35,398

Fiscal year Ended December 31, 2021
Revenue	$	18,653	$	13,144	$	422	$	32,219
Cost of sales		2,649		4,177		13		6,839
Gross Margin	$	16,004	$	8,967	$	409	$	25,380

Financial Statement Schedule I Condensed Financial Information of Parent Company - BALANCE SHEETS (Parenthetical) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
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	832,736,562	815,936,577
Ordinary shares, shares outstanding	832,736,562	815,936,577
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

SHORT - TERM DEBT AND LONG-TERM DEBT

12 Months Ended

Dec. 31, 2022

SHORT-TERM DEBT AND LONG-TERM DEBT

SHORT-TERM DEBT AND LONG-TERM DEBT

10.SHORT -TERM DEBT


		As of December 31,
	Note	2021		2022
Silicon Valley Bank	(i)	$	1,585	$	—

(i)	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. The PPP loan was forgiven in 2022.

- 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.

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+ Details

LONG-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2022

LONG-TERM INVESTMENTS.

Schedule of long-term investments


		As of December 31,
	Note	2021		2022
Equity method investments:
Kaixin Auto Holdings	(i)	$	32,045	$	—
Fundrise, L.P.	(ii)		11,912		12,085
Other	(iii)		4,979		5,004

Total equity method investments			48,936		17,089

Equity investment with readily determinable fair values
Kaixin Auto Holdings	(i)	$	—	$	9,636

Equity investment without readily determinable fair values
Infinites Technology (Cayman) Holding Limited	(iv)		40,000		—
Preferred shares of Kaixin Auto Holdings	(v)		4,474		—
Suzhou Youge Interconnection Venture Capital Center			785		725
Total equity investments without readily determinable fair values			45,259		725

Total long-term investments		$	94,195	$	27,450

(i)

Upon completion of the Kaixin Deconsolidation, shares transfer related to the settlement of contingent liabilities (Note 15). 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.

On June 30, 2022, the Company’s equity interest in Kaixin decreased to 16.6% and the resignation of the Company’s representative from Kaixin’s Board of Directors, which combined resulted in a lack of significant influence in Kaixin. Thus, from June 30, 2022, the investment in Kaixin should be accounted for as equity investment with readily determinable fair value, a change in accounting the equity method. For the year ended December 31, 2022, the Company recognized a $10,422 unrealized loss as a change of fair

value to the investment of Kaixin, which was booked in loss from fair value change of a long-term investment on the consolidated statements of operations. Prior to the change in accounting method, the Company recognized its share of loss of $11,986 from Kaixin under equity method in the year ended December 31, 2022 and recorded in Impairment on and earnings (loss) in equity method investments, net of tax in the consolidated statement of operations.

(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, 2021 and 2022 and recognized its share of gain of $83 and $173 for the years ended December 31, 2021 and 2022, 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, 2021 and 2022 and recognized its share of gain of $4,304 and $416 for the years ended December 31, 2021 and 2022, respectively.

(iv)

The investment of Infinites Technology (Cayman) Holding Limited (“Infinites”), which is the holding company of Beijing Infinities, was acquired in connection with the disposition of the SNS business in 2018. For the year ended December 31, 2022, the Company made full impairment of the investment of Infinites as a result of adverse change in the government regulatory, economic and technological environment, the continuing worsened general market condition of both the geographic area and the industry in which the investees operate, and negative financial trends within the investee.

(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. For the years ended December 31, 2021 and 2022, the Company respectively recorded $1,526 and $4,474 impairment loss of the preferred shares based on its fair value determined by management’s consideration of the investee’s negative financial trends and the Kaixin Subsidiary default on the standby letter of credit guaranteed by the Company. As of December 31, 2022, the Company has received $74 in dividend income related to the Kaixin preferred shares.

Summary of financial information of the equity method investments


	As of December 31,
	2021		2022
Current assets	$	9,591	$	9,754
Noncurrent assets	$	2,613	$	2,613
Current liabilities	$	49	$	36


	For the years ended
	December 31,
	2021		2022
Revenue	$	128	$	346
Income from operations	$	85	$	309
Net income	$	85	$	176
Net income attributable to the Company	$	83	$	173

SIGNIFICANT RISKS AND UNCERTAINTIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Foreign currency risk
Cash and cash equivalents denominated in RMB	$ 1,250	$ 2,431
Total revenue \| Concentration of credit risk \| Customer concentration
Foreign currency risk
Concentration risk percentage	10.00%	10.00%
Accounts receivable \| Concentration of credit risk \| Customer concentration
Foreign currency risk
Concentration risk percentage	10.00%	10.00%
Accounts receivable \| Concentration of credit risk \| Customer concentration \| Kaixin
Foreign currency risk
Concentration risk percentage	83.90%	83.80%

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, 2022	Dec. 31, 2021
SHARE-BASED COMPENSATION
Share-based compensation expenses from continuing operations	$ 3,992	$ 8,469
Selling expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses from continuing operations	179	50
Research and development expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses from continuing operations	669	510
General and administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses from continuing operations	$ 3,144	$ 7,909

SHARE-BASED COMPENSATION - Summary of activity of stock Options granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020
Number of shares
Balance at the beginning of the period (in shares)	112,526,121
Exercised (in shares)	16,799,985
Forfeited (in shares)	705,081
Balance at the end of the period (in shares)	95,021,055
Exercisable, at the end of the period (in shares)	95,021,055
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
Weighted average grant date fair value
Granted (in dollars per share)		$ 4.00
Chime Plan
Weighted average grant date fair value
Granted (in dollars per share)	34.00
Trucker Path
Weighted average grant date fair value
Granted (in dollars per share)	$ 66.00	$ 2.00
Stock options \| Trucker Path
Number of shares
Balance at the beginning of the period (in shares)	33,665
Granted (in shares)	18,070
Forfeited (in shares)	730
Balance at the end of the period (in shares)	51,005
Exercisable, at the end of the period (in shares)	30,937
Vested and expected to vest, at the end of the period (in shares)	20,068
Weighted average exercise price
Balance at the beginning of the period (in dollars per share)	$ 4.00
Granted (in dollars per share)	133.00
Forfeited (in dollars per share)	38.05
Balance at the end of the period (in dollars per share)	49.60
Exercisable, at the end of the period (in dollars per share)	22.98
Vested and expected to vest, at the end of the period (in dollars per share)	90.62
Weighted average grant date fair value
Balance at the beginning of the period (in dollars per share)	2.00
Granted (in dollars per share)	66.46
Forfeited (in dollars per share)	17.78
Balance at the end of the period (in dollars per share)	$ 24.45
Renren stock options \| Chime Plan
Number of shares
Balance at the beginning of the period (in shares)	33,690
Granted (in shares)	19,726
Forfeited (in shares)	3,668
Balance at the end of the period (in shares)	49,748
Exercisable, at the end of the period (in shares)	28,816
Vested and expected to vest, at the end of the period (in shares)	20,932
Weighted average exercise price
Balance at the beginning of the period (in dollars per share)	$ 6.00
Granted (in dollars per share)	73.35
Forfeited (in dollars per share)	26.72
Balance at the end of the period (in dollars per share)	31.19
Exercisable, at the end of the period (in dollars per share)	16.87
Vested and expected to vest, at the end of the period (in dollars per share)	51.34
Weighted average grant date fair value
Balance at the beginning of the period (in dollars per share)	4.00
Granted (in dollars per share)	34.00
Forfeited (in dollars per share)	18.29
Balance at the end of the period (in dollars per share)	$ 15.11

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Foreign currency translation, net of income taxes	$ 0	$ 0
Net unrealized gain (loss) on available-for-sale investments, net of tax	$ 0	$ 0

STATUTORY RESERVE AND RESTRICTED NET ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
STATUTORY RESERVE AND RESTRICTED NET ASSETS
Percentage of after-tax profits required to be allocated to general reserve	10.00%	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%	50.00%
Aggregate amount of net assets of the relevant subsidiaries and VIE entities in the Company not available for distribution		$ 251,309
Appropriation of reserves of PRC subsidiaries	$ 0	$ 0

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues	$ 45,808	$ 32,219
Cost of revenues:
Total cost of revenues	10,410	6,839
Gross profit	35,398	25,380
Operating expenses
Selling and marketing	19,624	13,998
Research and development	16,187	10,721
General and administrative	14,788	20,130
Impairment on intangible asset	962	0
Impairment of goodwill	0	0
Total operating expenses	51,561	44,849
Loss from operations	(16,163)	(19,469)
Other income, net	3,169	792
Loss from fair value change of a long-term investment	(10,422)
Gain from fair value change of contingent consideration	0	1,115
Impairment of equity investments without readily determinable fair values	(44,474)	(1,526)
Provision of restricted cash	(50)	(9,284)
Provision of amount due from the deconsolidated subsidiary		(3,943)
Interest income	602	238
Interest expenses	(25)	(51)
Loss related to contingent liability settlement		(13,246)
Loss before provision of income tax and loss in equity method investments and noncontrolling interest, net of tax	(67,363)	(45,374)
Income tax benefit	2,342	969
Loss before loss in equity method investments and noncontrolling interest, net of tax	(65,021)	(44,405)
Impairment on and earnings (loss) in equity method investments, net of tax	(11,397)	(59,001)
Loss from continuing operations	(76,418)	(103,406)
Discontinued operations:
Loss from the operations of the discontinued operations, net of tax expenses of $nil for the years ended December 31, 2021 and 2022, respectively		(10,896)
Gain on deconsolidation of subsidiary, net of tax of $nil for the years ended December 31, 2021 and 2022, respectively		123,667
Income from discontinued operations, net of tax expenses of $nil for the years ended December 31, 2021 and 2022		112,771
Net income (loss)	(76,418)	9,365
Net loss attributable to non-controlling interests	(1,174)	(623)
Net loss from discontinued operations attributable to non-controlling interests		(3,675)
Net loss from continuing operations attributable to Renren Inc.	(75,244)	(102,783)
Net income from discontinued operations attributable to Renren Inc.		116,446
Net income (loss) attributable to Renren Inc.	$ (75,244)	$ 13,663
Net loss per share from continuing operations attributable to Renren Inc. shareholders:
Basic (in dollars per share)	$ (0.07)	$ (0.09)
Diluted (in dollars per share)	(0.07)	(0.09)
Basic (in dollars per share)		0.10
Basic (in dollars per share)	(0.07)	0.01
Diluted (in dollars per share)		0.10
Diluted (in dollars per share)	$ (0.07)	$ 0.01
Weighted average number of shares used in calculating net (loss) income per share from continuing operations attributable to Renren Inc. shareholders:
Basic (in shares)	1,133,947,967	1,099,535,481
Diluted (in shares)	1,133,947,967	1,099,535,481
Weighted average number of shares used in calculating net (loss) income per share from discontinued operations attributable to Renren Inc. shareholders:
Basic (in shares)	1,133,947,967	1,099,535,481
Diluted (in shares)	1,133,947,967	1,099,535,481
SaaS revenue
Revenues:
Total revenues	$ 45,309	$ 31,849
Cost of revenues:
Total cost of revenues	10,036	6,826
Other services
Revenues:
Total revenues	499	370
Cost of revenues:
Total cost of revenues	$ 374	$ 13

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss from continuing operations	$ (76,418)	$ (103,406)
Net income from discontinued operations		112,771
Adjustments to reconcile net loss to net cash used in operating activities of continuing operations:
Share-based compensation expense	3,992	8,469
Impairment on and earnings (loss) in equity method investments	11,397	59,001
Reduction in the carrying amount of the right-of-use assets	721	823
Depreciation and amortization	756	329
Write-down of Inventory		250
Impairment on long-term investment without readily determinable fair values	44,474	1,526
Impairment on goodwill	0	0
Impairment on intangible asset	962	0
Write-offs of prepaid expenses and other current assets		2
Gain on settlement of accrued expenses and other current liabilities		(370)
Provision for amount due from the deconsolidated subsidiary		3,943
Consultant fee on security transfer		1,687
Fair value change of contingent consideration		(1,115)
Fair value change on long-term investment	10,422
Loss related to contingent liability settlement		13,246
Changes in operating assets and liabilities of continuing operations:
Accounts receivable	(432)	(1,144)
Prepaid expenses and other current assets	2,853	(4,078)
Inventory	339	96
Other non-current assets	4	(93)
Accounts payable	(85)	701
Amounts due from/to related parties	(2)
Amount due from subsidiary held for sale		(1,627)
Accrued expenses and other current liabilities	(404)	1,641
Deferred revenue	1,701	2,020
Operating lease liabilities	(700)	(805)
Income tax payable	(3,402)	(74)
Net cash used in operating activities from continuing operations	(3,822)	(18,978)
Net cash provided by operating activities from discontinued operations		870
Total cash used in operating activities	(3,822)	(18,108)
Cash flows from investing activities of continuing operations:
Payment for acquisition of subsidiaries, net of cash acquired	(1,836)
Proceeds from repayment of the note issued by OPI		67,985
Proceeds from sales (purchase) of short-term investments	(24,030)
Proceeds from sales of long-term investments		(454)
Proceeds from disposal of equipment and property		1
Purchases of equipment and property	(5,537)	(103)
Purchases of intangible assets	(2,078)
Purchases of preferred share		(6,000)
Net cash outflow from deconsolidation of a subsidiary		(4,299)
Net cash provided by (used in) investing activities from continuing operations	(33,481)	58,038
Net cash provided by (used in) investing activities from discontinued operations	0	0
Total cash provided by (used in) investing activities	(33,481)	58,038
Cash flows from financing activities of continuing operations:
Proceeds from exercise of share options	190	275
Repayment of borrowings	(1,644)	(11,451)
Net cash used in financing activities from continuing operations	(1,454)	(11,176)
Net cash provided by financing activities from discontinued operations		267
Total cash used in by financing activities	(1,454)	(10,909)
Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations	(38,757)	27,884
Net increase in cash and cash equivalents and restricted cash from discontinued operations		1,137
Cash and cash equivalents and restricted cash at beginning of year from continuing operations	65,247	34,087
Cash and cash equivalents and restricted cash at beginning of year from discontinued operations	0	3,162
Effect of exchange rate changes from continuing operations	1,470	(1,023)
Cash and cash equivalents and restricted cash at end of year from continuing operations	27,960	65,247
Cash and cash equivalents and restricted cash at end of year from discontinued operations	0	0
Supplemental schedule of cash flows information from continuing operations:
Interest paid	25	51
Income taxes paid	0	0
Supplemental schedule of cash flows information from discontinued operations:
Interest paid	0	0
Income taxes paid		104
Schedule of non-cash activities from continuing operations:
Obtaining right-of-use assets in exchange for operating lease liabilities	$ 233
Schedule of non-cash activities from discontinued operations:
Obtaining right-of-use assets in exchange for operating lease liabilities		614
Gain on deconsolidation of subsidiaries		$ 123,667

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 27,960	$ 65,247
Short-term investment	24,004	0
Accounts receivable, net	2,054	1,618
Prepaid expenses and other current assets, net	3,418	6,272
Inventories	19	358
Amounts due from related parties, net	715	762
Total current assets	58,170	74,257
Non-current assets
Property and equipment, net	5,547	216
Intangible assets, net	2,425	325
Goodwill	547	124
Long-term investments	27,450	94,195
Right-of-use assets	400	888
Other non-current assets	169	170
Total non-current assets	36,538	95,918
TOTAL ASSETS	94,708	170,175
Current liabilities
Accounts payable	1,570	1,652
Short-term debt	0	1,585
Accrued expenses and other current liabilities	11,720	12,054
Operating lease liabilities - current	301	706
Amounts due to related parties	662	714
Deferred revenue	4,323	2,622
Income tax payable	10,366	13,767
Total current liabilities	28,942	33,100
Non-current assets
Operating lease liabilities - non-current	0	63
Total non-current liabilities	0	63
TOTAL LIABILITIES	28,942	33,163
Commitments and contingencies
Shareholders' equity
Additional paid in capital	776,372	772,207
Accumulated deficit	(695,635)	(620,391)
Statutory reserves	6,712	6,712
Accumulated other comprehensive loss	(8,933)	(10,012)
Total Renren lnc. shareholders' equity	79,654	149,637
Non-controlling interest	(13,888)	(12,625)
Total equity	65,766	137,012
TOTAL LIABILITIES AND EQUITY	94,708	170,175
Class A ordinary shares
Shareholders' equity
Ordinary shares	833	816
Class B ordinary shares
Shareholders' equity
Ordinary shares	$ 305	$ 305

ORDINARY SHARES

12 Months Ended

Dec. 31, 2022

ORDINARY SHARES

ORDINARY SHARES

14.ORDINARY SHARES

During the years ended December 31, 2021 and 2022, 46,492,464 and 16,799,985 of Class A ordinary shares were issued due to the exercise of share options or vesting of restricted shares under share-based compensation.

SHORT - TERM DEBT AND LONG-TERM DEBT - Long-term debt (Details) - Long-term Debt $ in Thousands	1 Months Ended
	Apr. 30, 2020 USD ($)
LONG-TERM DEBT
Face amount of debt	$ 1,585
Debt Instrument, Description of Variable Rate Basis	1.0%
Debt Instrument Term	24 months

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2022

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

15.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 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. Short-term investments were comprised of corporate bonds/notes and U.S. treasuries with determinable fair market value, and thus represented a level 1 measurement. Equity investments without readily determinable fair values represented a level 3 measurement considering inputs are unobservable and reflect management’s estimates of assumptions that market participants use in pricing the investments. Equity investments with readily determinable fair values represented a level 1 measurement considering the investment is in publicly-traded company and pricing information is provided on an ongoing basis. 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 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 did not transfer any assets or liabilities in or out of Level 3 during the years ended December 31, 2021 and 2022.

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 $1,115 and nil from changes in fair value of the Contingent Consideration in the years ended December 31, 2021 and 2022, respectively.

On November 30, 2021, the Company transferred 13.4 million 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 year ended December 31, 2021:


	Amounts
Balance at January 1, 2021	$	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, intangible assets, and equity investment without readily determinable fair value 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.

- 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

SHORT - TERM DEBT AND LONG-TERM DEBT- Schedule Of Short Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Short-term debt	$ 0	$ 1,585
Silicon Valley Bank
Short-term debt		$ 1,585

LONG-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2022

LONG-TERM INVESTMENTS.

LONG-TERM INVESTMENTS

8.LONG-TERM INVESTMENTS


		As of December 31,
	Note	2021		2022
Equity method investments:
Kaixin Auto Holdings	(i)	$	32,045	$	—
Fundrise, L.P.	(ii)		11,912		12,085
Other	(iii)		4,979		5,004

Total equity method investments			48,936		17,089

Equity investment with readily determinable fair values
Kaixin Auto Holdings	(i)	$	—	$	9,636

Equity investment without readily determinable fair values
Infinites Technology (Cayman) Holding Limited	(iv)		40,000		—
Preferred shares of Kaixin Auto Holdings	(v)		4,474		—
Suzhou Youge Interconnection Venture Capital Center			785		725
Total equity investments without readily determinable fair values			45,259		725

Total long-term investments		$	94,195	$	27,450

(i)

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

(ii)

(iii)

(iv)

(v)

Summarized Financial Data for Equity-Method Investment

The Company’s investment in Fundrise, L.P. is material in relation to its financial position.

The financial statements information of Fundrise. L.P. as of and for the years ended December 31, 2021 and 2022 were summarized below:


	As of December 31,
	2021		2022
Current assets	$	9,591	$	9,754
Noncurrent assets	$	2,613	$	2,613
Current liabilities	$	49	$	36


	For the years ended
	December 31,
	2021		2022
Revenue	$	128	$	346
Income from operations	$	85	$	309
Net income	$	85	$	176
Net income attributable to the Company	$	83	$	173

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2022


	Name	Relationship
(a)	Kaixin Automobile Holdings (“Kaixin”)	Equity investment of the Company (Note 8)
(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	2021		2022
Gross amount due from Kaixin	(i)		3,943		3,727
Less: bad debt provision			(3,943)		(3,727)
Net amount due from Kaixin			—		—
Infinities	(ii)		744		688
Beijing Oak Yi Xin			18		27
Total		$	762	$	715

(i)	The balances mainly represented the advances made to Kaixin daily operational purposes. The Company provided full bad debt provision 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 for the 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.

Schedule of amount due to related parties


	As of December 31,
	2021		2022
Infinities	$	714	$	660
Beijing Oak Yi Xin		—		2
Total	$	714	$	662

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of disaggregate revenue by subscription, advertising, and other services (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 45,808	$ 32,219
Chime
Disaggregation of Revenue [Line Items]
Revenue	24,700	18,653
Trucker Path
Disaggregation of Revenue [Line Items]
Revenue	20,938	13,144
Other Operations
Disaggregation of Revenue [Line Items]
Revenue	170	422
Subscription and Circulation \| Chime
Disaggregation of Revenue [Line Items]
Revenue	22,816	16,612
Subscription and Circulation \| Trucker Path
Disaggregation of Revenue [Line Items]
Revenue	17,982	11,194
Advertising \| Chime
Disaggregation of Revenue [Line Items]
Revenue	1,884	2,026
Advertising \| Trucker Path
Disaggregation of Revenue [Line Items]
Revenue	2,325	1,906
Other services \| Chime
Disaggregation of Revenue [Line Items]
Revenue		14
Other services \| Trucker Path
Disaggregation of Revenue [Line Items]
Revenue	630	45
Other services \| Other Operations
Disaggregation of Revenue [Line Items]
Revenue	$ 170	$ 422

- Definition

+ References

+ Details

FAIR VALUE MEASUREMENTS - Summary of Company's financial assets measured and recorded at fair value on recurring basis (Details) - USD ($) shares in Millions		12 Months Ended
	Nov. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on changes in fair value of the Contingent Consideration		$ 0	$ 1,115,000
Consideration for value transferred	$ 0
Consideration for shares transferred	13.4
Contingent consideration balance settled	$ 944,000
Loss from settlement of contingent consideration	$ 13,246,000		13,246,000
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer of assets or liabilities out of Level 3		$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2022	Jun. 25, 2021	Jun. 24, 2021
Intangible assets with indefinite lives
Impairment loss of indefinite-lived intangible assets	$ 962	$ 0
Income taxes
Income tax due to uncertain tax position and interest and penalties related to potential underpaid income tax expenses	0	0
Loss from operations	(16,163)	(19,469)
Cash used in operating activities	(3,822)	(18,978)
Cash and cash equivalents	27,960	65,247
short-term investments	24,004	0
Unrealized gain on short-term investments	$ 26	$ 0
Antidilutive securities excluded from computation of earnings per share	138,318,013	132,013,001
Working capital	$ 29,228
Impairment loss of equity investments	0	$ 0
impairment loss of available-for-sale of investment	0	250
Inventory Write-down		250
Goodwill impairment	0	0
Fair value changes of long-term investments	10,422	0
Valuation allowance recognized for the inventories		250
Revenue recognized	45,808	32,219
Gain from fair value change of contingent consideration	0	1,115
Accounts Receivable, Net, Current	2,054	1,618
Restricted cash	9,159	9,284
Cash deposit	9,159	9,284
Maximum borrowing capacity	8,277
Deferred revenue		2,596	$ 585
Goodwill
Goodwill, Impairment Loss	0	0
Deferred Revenue, Current	$ 4,323	$ 2,622
Kaixin Auto Holdings
Income taxes
Equity Method Investment, Ownership Percentage				16.60%	33.30%	69.40%
Maximum \| Kaixin Auto Holdings
Income taxes
Equity Method Investment, Ownership Percentage	50.00%	19.20%
Minimum \| Kaixin Auto Holdings
Income taxes
Equity Method Investment, Ownership Percentage	20.00%	16.60%

OPERATING LEASES

12 Months Ended

Dec. 31, 2022

OPERATING LEASES

OPERATING LEASES

12.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, 2022, cash paid for amounts included in the measurement of lease liabilities was $700.

The operating lease cost and short-term lease cost for the years ended December 31, 2021 and 2022 were as follows:


	For the Years Ended December 31,
	2021		2022
Selling expenses	$	174	$	160
Research and development expenses		171		379
General and administrative expenses		533		717
Total operating lease cost		878		1,256

Short-term lease cost		59		88

Total lease cost	$	937	$	1,344

The weighted average remaining lease term as of December 31, 2021 and 2022 was 1.13 and 0.62 years, and the weighted average discount rate of the operating leases was 10.60% and 10.30%.

Maturities of lease liabilities as of December 31, 2022 were as follows:


	Operating Lease
2023	$	301
2024		—
Total undiscounted lease payment		301
Less: Imputed interest		—
Present value of lease liabilities	$	301

OPERATING LEASES - Lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description
Cash paid for amounts included in the measurement of lease liabilities	$ 700
Total operating lease cost	1,256	$ 878
Short-term lease cost	88	59
Total lease cost	$ 1,344	$ 937
Weighted average remaining lease term	7 months 13 days	1 year 1 month 17 days
Weighted average discount rate of operating leases	10.30%	10.60%
Selling expenses
Lessee, Lease, Description
Total operating lease cost	$ 160	$ 174
Research and development expenses
Lessee, Lease, Description
Total operating lease cost	379	171
General and administrative expenses
Lessee, Lease, Description
Total operating lease cost	$ 717	$ 533

GOODWILL (Tables)

12 Months Ended

Dec. 31, 2022

GOODWILL

Schedule of changes in carrying amounts of goodwill


	Amount
Balance at January 1, 2021		124
Exchange difference		—
Balance at December 31, 2021	$	124
Addition		414
Exchange difference		9
Balance at December 31, 2022	$	547

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Financial Statement Schedule I Condensed Financial Information of Parent Company - STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financial Statement Schedule I Condensed Financial Information of Parent Company
Net cash used in operating activities	$ (3,822)	$ (18,108)
Cash flows from investing activities:
Proceeds from repayment of the note issued by OPI		67,985
Purchases of preferred share		(6,000)
Total cash provided by (used in) investing activities	(33,481)	58,038
Cash flows from financing activities:
Proceeds from exercise of share options	190	275
Repayment of borrowings	(1,644)	(11,451)
Total cash used in by financing activities	$ (1,454)	$ (10,909)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of finite lived intangible assets (Details)	12 Months Ended
	Dec. 31, 2022
Computer software
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years
Customer relationship
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	10 years
Technology platform
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	8 years

SHARE-BASED COMPENSATION - Summary of Nonvested restricted shares activity (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Weighted number of nonvested restricted shares
Outstanding at the beginning of the period (in shares) \| shares	48,361,004
Granted (in shares) \| shares	9,044,460
Vested (in shares) \| shares	(21,267,315)
Forfeited (in shares) \| shares	(874,515)
Outstanding at the end of the period (in shares) \| shares	35,263,634
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
Granted (in dollars per share) \| $ / shares	0.33
Vested (in dollars per share) \| $ / shares	0.14
Forfeited (in dollars per share) \| $ / shares	0.21
Outstanding at the end of the period (in dollars per share) \| $ / shares	$ 0.14

KAIXIN DECONSOLIDATION

12 Months Ended

Dec. 31, 2022

KAIXIN DECONSOLIDATION

KAIXIN DECONSOLIDATION

7.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”.

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. 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 Kaixin Deconsolidation, 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 (Note 8).

Accordingly, revenues and expenses and cash flows related to Kaixin have been reclassified in the consolidated financial statements as discontinued operations for the year ended December 31, 2021. As a result of the deconsolidation of Kaixin, the Company reevaluated its operating segments. Refer to Note 18.

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of amounts due from related parties (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2018	Dec. 31, 2022	Dec. 31, 2019	Dec. 31, 2021
Amounts due from related parties [Line Items]
Less: bad debt provision		$ (3,727)		$ (3,943)
Total		715		762
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
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		688		744
Kaixin Auto Holdings
Amounts due from related parties [Line Items]
Gross amount due from Kaixin		3,727		3,943
Provision of debt consideration		9,159
Beijing Oak Yi Xin
Amounts due from related parties [Line Items]
Amounts due from related parties - current		$ 27		$ 18

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2022

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

5.PROPERTY AND EQUIPMENT, NET


	As of December 31,
	2021		2022
Building	$	—	$	5,281
Computer equipment and application software		3,224		3,034
Server & network equipment		1,137		329
Furniture and vehicles		66		61
Leasehold improvements		381		352
Less: accumulated depreciation		(4,592)		(3,510)
Property and equipment, net	$	216	$	5,547

Depreciation expenses were $329 and $196 for the years ended December 31,2021 and 2022, respectively.

RELATED PARTY BALANCES AND TRANSACTIONS

12 Months Ended

Dec. 31, 2022

RELATED PARTY BALANCES AND TRANSACTIONS

17.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 8)
(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

Amounts due from related parties

As of December 31, 2021 and 2022 amounts due from related parties including both current and non-current were as follows:


		As of December 31,
	Note	2021		2022
Gross amount due from Kaixin	(i)		3,943		3,727
Less: bad debt provision			(3,943)		(3,727)
Net amount due from Kaixin			—		—
Infinities	(ii)		744		688
Beijing Oak Yi Xin			18		27
Total		$	762	$	715

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

(ii)

Amounts due to related parties


	As of December 31,
	2021		2022
Infinities	$	714	$	660
Beijing Oak Yi Xin		—		2
Total	$	714	$	662

Details of major related party transactions for the years ended December 31, 2021 and 2022 are as follows:

The Company pledged its cash deposit of $9,159 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 borrowings for which the Company provided the security are March 2023 and August 2023, respectively. Based on the Company’s assessment of the collectability, the Company recorded a provision of $9,159 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.

Financial Statement Schedule I Condensed Financial Information of Parent Company - STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Financial Statement Schedule I Condensed Financial Information of Parent Company
Selling and marketing		$ 19,624	$ 13,998
Research and development		16,187	10,721
General and administrative		14,788	20,130
Total operating expenses		51,561	44,849
Other income (expenses)		3,169	792
Interest income		602	238
Interest expenses		(25)	(51)
Fair value change of contingent consideration		0	(1,115)
Loss related to contingent liability settlement	$ 13,246		13,246
Loss in equity method investments		(11,397)	(59,001)
Provision for amount due from the deconsolidated subsidiary			3,943
Net income (loss)		$ (76,418)	$ 9,365

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2022

ORGANIZATION AND PRINCIPAL ACTIVITIES

Schedule of percentage of legal ownership by Renren Inc

As of December 31, 2022, 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,
	2021		2022
Cash and cash equivalents	$	2,380	$	1,210
Accounts receivable		106		98
Prepaid expenses and other current assets		1,204		1,221
Amounts due from related parties, net		762		715

Total current assets		4,452		3,244

Property and equipment, net		91		82
Long-term investments		45,765		5,731
Right-of-use assets		386		—
Other non-current assets		98		27

Total non-current assets		46,340		5,840

Total assets	$	50,792	$	9,084

Accounts payable	$	290	$	111
Accrued expenses and other current liabilities		7,654		8,154
Operating lease liabilities - current		336		214
Payable to investors		16		15
Amounts due to related parties		714		662
Income tax payable		2,848		1,474

Total current liabilities		11,858		10,630

Total non-current liabilities		—		—

Total liabilities	$	11,858	$	10,630


	Years ended December 31,
	2021		2022
Revenues	$	367	$	107
Income (Loss) from continuing operations	$	1,434	$	(53,045)


	Years ended December 31,
	2021		2022
Net cash provided by (used in) operating activities	$	971	$	(1,170)
Net cash provided by investing activities	$	454	$	—
Net cash used in financing activities	$	—	$	—

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2022

PROPERTY AND EQUIPMENT, NET

Schedule of Property and equipment, net


	As of December 31,
	2021		2022
Building	$	—	$	5,281
Computer equipment and application software		3,224		3,034
Server & network equipment		1,137		329
Furniture and vehicles		66		61
Leasehold improvements		381		352
Less: accumulated depreciation		(4,592)		(3,510)
Property and equipment, net	$	216	$	5,547

SIGNIFICANT RISKS AND UNCERTAINTIES

12 Months Ended

Dec. 31, 2022

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 $2,431 and $1,250 on December 31, 2021 and 2022, 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 maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents to the extent recorded in the balance sheets. While the Company has not experienced any losses in such accounts, the recent failure of Silicon Valley Bank (SVB), at which the Company held cash and cash equivalents in multiple accounts, exposed the Company to significant credit risk prior to the completion by the Federal Deposit Insurance Corporation (FDIC) of the resolution of SVB in a manner that fully protected all depositors. The Company is in the process of transferring its accounts to one or more alternate depository institutions, the financial position of which management believes does not expose the Company to significant credit risk. Where possible, the Company will also continue to hold its excess cash in short-term investments and money market accounts to further limit exposure.

There were no customers that accounted for 10% or more of total revenue for the years ended December 31, 2021 and 2022.

No customers accounted for 10% or more of the balance of accounts receivable as of December 31, 2021 and 2022.

Amount due from Kaixin accounted for 83.8% and 83.9% of the balance of amount due from related party as of December 31, 2021 and 2022.

The Company provided full provision of amount due from Kaixin for the year ended December 31, 2021 and 2022, as the Company concludes the possibility of Kaixin paying the loans is remote.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Schedule of accrued expenses and other payables


	As of December 31,
	2021		2022
Other tax payable	$	4,467	$	4,551
Accrued professional fee and marketing expense		2,698		1,254
Employee payroll and welfare		1,122		2,367
Staff reimbursement		211		93
Others		3,556		3,455
Total	$	12,054	$	11,720

INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands	12 Months Ended
INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 3,635	$ 1,475
Accumulated amortization	(1,210)	(1,150)
Intangible assets, net	2,425	325
Amortization expenses	560	0
Impairment on intangible asset	962	0
Amortization amount of intangible asset
2023	80
2024	80
2025	80
2026	80
2027	80
2028	80
Thereafter	445
Total	925
Website domain name
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	1,500
Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	782	325
Customer relationship
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	741	610
Computer software
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	72
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 540	$ 540

INCOME TAXES

12 Months Ended

Dec. 31, 2022

INCOME TAXES

INCOME TAXES

13.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. The U.S. federal statutory tax rate is 21%.

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. In fiscal year ended December 31, 2021 and 2022, the Hong Kong subsidiary Renren Giantly Limited had immaterial assessable profits.

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, 2020, and decreased to 25% for the years ended December 31, 2021 and 2022 due to 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, 2021 and 2022.

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, 2022. Accordingly, no deferred tax liability had been accrued for the Chinese dividend withholding taxes as of December 31, 2022.

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,
	2021		2022
Current income tax benefit	$	(969)	$	(2,342)
Deferred income tax expenses		—		—
Total income tax benefit	$	(969)	$	(2,342)

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


	As of December 31,
	2021		2022
Deferred tax assets
Provision for doubtful accounts	$	4,875	$	4,504
Write-down for inventory		52		52
Allowance for prepaid expenses and other current assets		4,952		4,575
Accrued payroll and welfare		150		138
Provision of the restricted cash		571		527
Provision of amount due from a related party		639		590
Accrued liabilities		2,475		2,287
Advertising fee		578		533
Employee education fee		19		18
Goodwill and intangible asset impairment		6,960		6,430
Net operating loss carry forwards		24,742		24,271
Total Deferred tax assets		46,013		43,925
Less valuation allowance		(46,013)		(43,925)

Deferred tax assets, net	$	—	$	—

The roll forward of valuation allowances of deferred tax assets for the year ended December 31, 2022 were as follows:


	The Year ended
	December 31, 2022
Balance as of beginning of year	$	(46,013)
Addition		(2,274)
Expiration of NOL		1,668
Utilization of deferred tax assets		506
Decrease relating to disposal of entities		1
Foreign currency translation adjustments		2,187
Balance as of end of year	$	(43,925)

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 $24,742 and $24,271 as of December 31, 2021 and 2022, 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, 2021 and 2022, 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, 2022, the Company had net operating losses of $25,248 from China and Philippines subsidiaries, which can be carried forward to offset future taxable profit. Net operating losses of $10,384, $7,579, $3,682, $1,110 and $2,493 will expire by 2023, 2024, 2025, 2026 and 2027 respectively, if not utilized. As of December 31, 2022 and 2021, the Company had federal net operating loss of approximately $74,174 and $68,412, respectively, and state net operating loss carryforwards of approximately $72,148 and $68,412, respectively. The Company files state tax returns 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.

Loss before provision for income tax is attributable to the following geographic locations for the years ended December 31, 2021 and 2022:


	For the Years Ended December 31,
	2021		2022

United States	$	(2,043)	$	(6,245)
Foreign		(43,331)		(61,118)
Total loss before provision of income tax	$	(45,374)	$	(67,363)

A reconciliation of the income tax amount computed by applying the statutory federal income tax rate (21% in 2021 and 2022) to loss before the provision of income taxes and the actual provision for income taxes is as follows:


	For the Years Ended December 31,
	2021			2022

Loss before provision of income tax	$	(45,374)		$	(67,363)
Federal statutory income tax rate		21	%		21	%
Income tax at statutory rate		(9,529)			(14,146)
Taxable deemed interest income from inter-company interest-free loans		(971)			(2,317)
Net operating loss not applicable for carryforward		980			1,386
Non-deductible expenses		2			1
Non-deductible expenses related to share-based compensation		1,778			806
Non-taxable income from fair value change gain of contingent consideration		(234)			—
Non-taxable loss from fair value loss of a long-term investment		—			2,189
Non-taxable loss from losses related to contingent liability settlement		2,782			—
Effect of income tax rate differences in jurisdictions other than the US		778			9,756
Effects of Company cancellation		—			(116)
Changes in valuation allowance		3,445			99
Income tax benefit	$	(969)		$	(2,342)

The Company is subject to taxation and files income tax returns in the U.S. federal jurisdiction and many state and foreign jurisdictions. Tax years after 2017 for the U.S. federal jurisdiction and PRC subsidiaries, VIE, and VIE’s subsidiaries remain subject to tax examination as of December 31, 2022, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: 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.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

ORGANIZATION AND PRINCIPAL ACTIVITIES - Schedule of information related to Entity's subsidiary, VIEs And VIE's subsidiaries (Details) - segment	12 Months Ended
	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Jun. 25, 2021	Jun. 24, 2021	Dec. 31, 2020
Investment Holdings
Number of operating segments	2
Percentage of revenue from US market	100.00%
Kaixin Auto Holdings
Investment Holdings
Percentage of interest		16.60%		33.30%	69.40%
Qianxiang Tiancheng
Investment Holdings
Later of date of incorporation or acquisition	Oct. 28, 2002
Place of incorporation	PRC
Principal activities	Internet business
Qianxiang Wangjing
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 \| Kaixin Auto Holdings
Investment Holdings
Percentage of legal ownership by Renren Inc						51.00%
Ownership interest held						51.00%
Percentage of interest						51.00%
Kaixin Auto Holdings
Investment Holdings
Percentage of legal ownership by Renren Inc					69.40%
Ownership interest held					69.40%
Percentage of interest					69.40%
Kaixin Auto Holdings \| Kaixin Auto Holdings
Investment Holdings
Percentage of interest			19.20%
Chime Technologies, Inc
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
Investment Holdings
Later of date of incorporation or acquisition	Jul. 20, 2017
Place of incorporation	PRC
Principal activities	Internet business
Lucrativ Inc
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
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%

KAIXIN DECONSOLIDATION (Details)		12 Months Ended
KAIXIN DECONSOLIDATION (Details)	Jun. 25, 2021 USD ($) shares	Dec. 31, 2022 USD ($)
KAIXIN DECONSOLIDATION
Maximum percentage of ownership interest to retain control	50
Kaixin Auto Holdings \| Discontinued operation
KAIXIN DECONSOLIDATION
Tax on gain on deconsolidation		$ 0
Kaixin Auto Holdings \| Haitaoche Limited
KAIXIN DECONSOLIDATION
Number of shares issued \| shares	74,035,502
Percentage of voting interest acquired	100.00%
Kaixin Auto Holdings \| Discontinued operation
KAIXIN DECONSOLIDATION
Gain on deconsolidation of Kaixin	$ 123,667,000	$ 123,667,000

Goodwill - Schedule Of Changes In Carrying Amounts Of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Costs:
Beginning balance	$ 124	$ 124
Addition in goodwill related to acquisitions		414
Impairment loss	0	0
Addition		414
Exchange difference	9	0
Ending balance	$ 547	$ 124

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of cash, cash equivalents and restricted cash


	As of December 31,
	2021		2022
Restricted cash	$	9,284	$	9,159
Less: Provision of restricted cash		(9,284)		(9,159)
Restricted cash, net		—		—

Schedule of estimated economic useful lives of the assets


Category		Estimated useful life
Computer software		5 years
Customer relationships		10 years
Technology		8 years
Website domain name		Indefinite

Schedule of disaggregate revenue by subscription, advertising, and other services


	For the Years Ended December 31,
	2021		2022
Chime
Subscription services	$	16,612	$	22,816
Advertising services		2,026		1,884
Other services		14		—
	$	18,653	$	24,700
Trucker Path
Subscription services	$	11,194	$	17,982
Advertising services		1,906		2,325
Other services		45		630
	$	13,144	$	20,938
Other Operations
Other services	$	422	$	170

	$	32,219	$	45,808

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:


Category		Estimated useful life
Server & network equipment		3 years
Computer equipment and application software		2-3 years
Furniture and vehicles		3-5 years
Building		30 years
Leasehold improvements		Over the lesser of the lease term or useful life of the assets

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a).	Basis of presentation

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

(b).

Liquidity

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

For the years ended December 31, 2021 and 2022, the Company incurred a loss from operations of $19,469 and $16,163, and used cash of $18,978 and $3,822 in operating activities from continuing operations, respectively. As of December 31, 2022, the Company had cash and cash equivalents of $27,960, short-term investments of $24,004, and a working capital of $29,228. 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.

(c).Principles of consolidation

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

(d).Use of estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the reported amounts of revenues and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Company’s consolidated financial statements include, but are not limited to, allowance for doubtful accounts, 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.

(e).Business combination

Business combinations are recorded using the acquisition method of accounting. The assets acquired, the liabilities assumed, and any non-controlling interests of the acquiree at the acquisition date, if any, are measured at their fair values as of the acquisition date. Goodwill is recognized and measured as the excess of the total consideration transferred plus the fair value of any non-controlling interest of the acquiree and fair value of previously held equity interest in the acquiree, if any, at the acquisition date over the fair values of the identifiable net assets acquired. Common forms of the consideration made in acquisitions include cash and common equity instruments. Consideration transferred in a business acquisition is measured at the fair value as of the date of acquisition. Acquisition-related expenses and restructuring costs are expensed as incurred.

(f).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 sheet. The results of operations of discontinued operation for the year ended December 31, 2021 have been reflected separately in the consolidated statements of operations as a single line item. Cash flows from discontinued operation of the three categories for the year ended December 31, 2021 was separately presented in the consolidated statements of cash flows.

(g).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.

(h).Restricted cash

Restricted cash is the cash deposits pledged as security for the debt borrowings which are 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.

The cash deposits pledged as security were $9,284 and $9,159 as of December 31, 2021 and 2022. The restricted cash balances represent cash deposits pledged as security for debt borrowing of Kaixin and its subsidiary (“Kaixin Subsidiary”), under an irrevocable standby letter of credit issued by East West Bank in the amount of $8,277. The guarantees mature in March 2023 and August 2023, the Company has concluded the possibility of the Kaixin and Kaixin Subsidiary repaying the loans when due is remote and therefore, the Company will be required to extend the guarantee or pay the debt on their behalf. The Company believes the guarantee will not be released in the foreseeable future. The Company has, therefore, recorded a full provision for the value of the guarantee. As of the date of this filing, there have been no payments made on the letter of credit by Kaixin or Kaixin Subsidiary.


	As of December 31,
	2021		2022
Restricted cash	$	9,284	$	9,159
Less: Provision of restricted cash		(9,284)		(9,159)
Restricted cash, net		—		—

(i).Short-term investments

Short-term investments, which are comprised of corporate bonds/notes and US treasuries, are accounted for in accordance with ASC 320, “Investments – Debt and Equity Securities” (“ASC 320”). The Company considers all of its securities for which there is a determinable fair market value, and there are no restrictions on the Company’s ability to sell within the next 12 months, as available for sale. Available-for-sale securities are carried at fair value, with unrealized gains and losses reported as a component of stockholders’ equity. Available-for-sale securities as of December 31, 2021 and 2022 were nil, and $24,004, respectively. For the years ended December 31, 2021 and 2022, the change in fair value of available-for-sale securities was recognized in other comprehensive income amounting to nil, and $26, respectively.

(j).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.

(k).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 recorded impairment losses on equity method investments of 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, 2021 and 2022, respectively.

Equity Investments with Readily Determinable Fair Values

Equity investments with readily determinable fair values is investment in publicly-traded company for which the Company does not exercise significant influence and are measured at fair value based on the respective closing stock price at the period end date. Equity investments with readily determinable fair values are classified within Level 1 in the fair value hierarchy as the valuation can be obtained from real-time quotes in active markets. Subsequent changes in fair value are recognized in net gain (loss) on investments on the consolidated statements of operations. The Company recorded loss on fair value changes of long-term investments of nil and $10,422 for the years ended December 31, 2021 and 2022, respectively.

Equity Investments without Readily Determinable Fair Values

In January 2018, the Company adopted Accounting Standards Update (‘‘ASU’’) 201601, 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 201601, 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 $1,526 and $44,474 on equity securities without readily determinable fair values during the years ended December 31, 2021 and 2022, respectively.

(l).Accounts receivable and allowance for doubtful accounts

Accounts receivable represent 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.

(m).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, 2021 and 2022.

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, 2021, and 2022 was $250 and nil, respectively.

(n).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:


Category		Estimated useful life
Server & network equipment		3 years
Computer equipment and application software		2-3 years
Furniture and vehicles		3-5 years
Building		30 years
Leasehold improvements		Over the lesser of the lease term or useful life of the assets

(o).Intangible assets

Intangible assets consist of computer software, customer relationships, technology and website domain name, etc. The Company performs valuation of the intangible assets arising from business combination to determine the relative fair value to be assigned to each asset acquired. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. The acquired intangible assets are recognized and measured at fair value. Intangible assets with useful lives are amortized using the straight-line approach over the estimated economic useful lives of the assets as follows:


Category		Estimated useful life
Computer software		5 years
Customer relationships		10 years
Technology		8 years
Website domain name		Indefinite

(p).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.

(q).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, 2021 and 2022, the Company recorded no impairment losses for long-lived assets or definite-lived intangible assets, and $962 impairment of intangible assets for the year ended December 31, 2022.

(r).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 events 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.

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 are 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 no goodwill impairment for the years ended December 31, 2021 and 2022.

(s).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 platform. The Company recognizes revenue for advertising services over the advertising periods.

Other services: Other services mainly include revenue from the provision of back-office services to OPI and revenue from non-recurring sources.

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.

The following tables disaggregate revenue by subscription, advertising, and other services:


	For the Years Ended December 31,
	2021		2022
Chime
Subscription services	$	16,612	$	22,816
Advertising services		2,026		1,884
Other services		14		—
	$	18,653	$	24,700
Trucker Path
Subscription services	$	11,194	$	17,982
Advertising services		1,906		2,325
Other services		45		630
	$	13,144	$	20,938
Other Operations
Other services	$	422	$	170

	$	32,219	$	45,808

Contract balances: Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent 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, 2021 and 2022.

Deferred revenue mainly represents payments received from customers related to unsatisfied performance obligations for SaaS. The Company’s total deferred revenue was $2,622 and $4,323 as of December 31, 2021 and 2022, which is substantially recognized as revenue within one year. The amount of revenue recognized during the years ended December 31, 2021 and 2022 that was previously included in the deferred revenue as of December 31, 2020 and 2021 was $585 and $2,596, respectively.

(t).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 costs paid to third party distributors of our software such as Apple and Google Play Stores, and bandwidth costs paid to telecommunications carriers for hosting of servers.

(u).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, 2021 and 2022.

(v).Financial instruments

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

(w).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.

(x).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, United Kingdom and Philippines are maintained in their local currencies, Renminbi (“RMB”), Hong Kong Dollar (“HKD”), British Pound Sterling (“GBP”) 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, GBP and PHP translate their operating results and financial positions into US dollars, 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).

(y).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, foreign currency translation adjustments and net unrealized gain on available-for-sale investments. For the years ended December 31, 2021 and 2022, comprehensive income related to net unrealized gain on available-for-sale investments were nil and $26, respectively.

(z).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.

(aa). (Loss) income per share

Basic (loss) income per ordinary share is computed by dividing net (loss) income 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-dilutive, which was 132,013,001 and 138,318,013 for the years ended December 31, 2021 and 2022, respectively.

(bb). 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.

(cc). 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 has adopted this standard beginning on January 1, 2023, and the adoption of ASU 2016-13 did not have a material impact on the consolidated financial statements.

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 (“ASU 2021-08”). 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 Company has adopted this standard beginning on January 1, 2023, and the adoption of ASU 2021-08 did not have a material impact on the consolidated financial.

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.

INCOME TAXES - Additional information (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 01, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income taxes
Income tax expenses		$ (2,342)	$ (969)
Statutory income tax rate (as a percent)		21.00%	21.00%
Net operating loss carry forwards		$ 25,248
PRC
Income taxes
Income tax expenses		$ (2,342)	$ (969)
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		$ 24,271	24,742
Deferred tax liabilities		0
Philippines
Income taxes
Income tax expenses		$ 0	$ 0
Effective Income Tax Rate Reconciliation, Percent		(25.00%)	(25.00%)	30.00%
Federal
Income taxes
Net operating loss carry forwards		$ 74,174	$ 68,412
Federal \| Profit Slab One
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
Federal \| Profit Slab Two
Income taxes
Effective Income Tax Rate Reconciliation, Percent	16.50%
Effective Tax Rate Terms And Conditions	profits exceeding HKD 2 million
State
Income taxes
Net operating loss carry forwards		$ 72,148	$ 68,412
United States
Income taxes
Statutory income tax rate (as a percent)		21.00%
Expiration by 2023
Income taxes
Net operating loss carry forwards		$ 10,384
Expiration by 2024
Income taxes
Net operating loss carry forwards		7,579
Expiration by 2025
Income taxes
Net operating loss carry forwards		3,682
Expiration by 2026
Income taxes
Net operating loss carry forwards		1,110
Expiration by 2027
Income taxes
Net operating loss carry forwards		$ 2,493

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, 2022	Dec. 31, 2021
INCOME TAXES
Loss before provision of income tax	$ (67,363)	$ (45,374)
Federal statutory income tax rate	21.00%	21.00%
Income tax at statutory rate	$ (14,146)	$ (9,529)
Taxable deemed interest income from inter-company interest-free loans	(2,317)	(971)
Net operating loss not applicable for carryforward	1,386	980
Non-deductible expenses	1	2
Non-deductible expenses related to share-based compensation	806	1,778
Non-taxable income from fair value change gain of contingent consideration		(234)
Non-taxable loss from fair value loss of a long-term investment	2,189
Non-taxable loss from losses related to contingent liability settlement		2,782
Effect of income tax rate differences in jurisdictions other than the US	9,756	778
Effects of Company cancellation	(116)
Changes in valuation allowance	99	3,445
Total income tax benefit	$ (2,342)	$ (969)

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of amount due to related parties (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Amounts due from related parties [Line Items]
Total	$ 662	$ 714
Beijing Infinities
Amounts due from related parties [Line Items]
Total	660	$ 714
Beijing Oak Yi Xin
Amounts due from related parties [Line Items]
Total	$ 2

- 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

+ Details

STATUTORY RESERVE AND RESTRICTED NET ASSETS

12 Months Ended

Dec. 31, 2022

STATUTORY RESERVE AND RESTRICTED NET ASSETS

STATUTORY RESERVE AND RESTRICTED NET ASSETS

19.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, 2021 and 2022.

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 $251,309 as of December 31, 2022.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2022

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

Principles of consolidation

(c).Principles of consolidation

Use of estimates

(d).Use of estimates

Business combinations

(e).Business combination

Discontinued operation

(f).Discontinued operation

Cash and cash equivalents

(g).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

(h).Restricted cash


	As of December 31,
	2021		2022
Restricted cash	$	9,284	$	9,159
Less: Provision of restricted cash		(9,284)		(9,159)
Restricted cash, net		—		—

Short-term investments

(i).Short-term investments

Fair value

(j).Fair value

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

Investments

(k).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 with Readily Determinable Fair Values

Equity Investments without Readily Determinable Fair Values

Accounts receivable and allowance for doubtful accounts

(l).Accounts receivable and allowance for doubtful accounts

Inventories, net

(m).Inventories

Property and equipment, net

(n).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:


Category		Estimated useful life
Server & network equipment		3 years
Computer equipment and application software		2-3 years
Furniture and vehicles		3-5 years
Building		30 years
Leasehold improvements		Over the lesser of the lease term or useful life of the assets

Intangible assets

(o).Intangible assets


Category		Estimated useful life
Computer software		5 years
Customer relationships		10 years
Technology		8 years
Website domain name		Indefinite

Leases

(p).Leases

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

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

Goodwill

(r).Goodwill

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

The Company recorded no goodwill impairment for the years ended December 31, 2021 and 2022.

Revenue recognition

(s).Revenue recognition

The Company generated the majority of revenue from SaaS services.

Other services: Other services mainly include revenue from the provision of back-office services to OPI and revenue from non-recurring sources.

The following tables disaggregate revenue by subscription, advertising, and other services:


	For the Years Ended December 31,
	2021		2022
Chime
Subscription services	$	16,612	$	22,816
Advertising services		2,026		1,884
Other services		14		—
	$	18,653	$	24,700
Trucker Path
Subscription services	$	11,194	$	17,982
Advertising services		1,906		2,325
Other services		45		630
	$	13,144	$	20,938
Other Operations
Other services	$	422	$	170

	$	32,219	$	45,808

Cost of revenues

(t).Cost of revenues

Income taxes

(u).Income taxes

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

Financial instruments

(v).Financial instruments

Research and development expenses

(w).Research and development expenses

Foreign currency translation

(x).Foreign currency translation

Comprehensive (loss) income

(y).Comprehensive (loss) income

Share-based compensation

(z).Share-based compensation

(Loss) income per share

(aa). (Loss) income per share

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

Contingent consideration

(bb). Contingent consideration

Recent accounting pronouncements not yet adopted

(cc). 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.

GOODWILL

12 Months Ended

Dec. 31, 2022

GOODWILL

GOODWILL

9.GOODWILL


	Amount
Balance at January 1, 2021		124
Exchange difference		—
Balance at December 31, 2021	$	124
Addition		414
Exchange difference		9
Balance at December 31, 2022	$	547

SHARE-BASED COMPENSATION - Summary of information with respect to share Options outstanding (Details) - Renren stock options	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Options outstanding
Number outstanding (in shares) \| shares	95,021,055
Weighted average intrinsic value	$ 0.02
Options exercisable
Number of exercisable (in shares) \| shares	95,021,055
Stock Options Exercise Price Range 0.01
SHARE-BASED COMPENSATION
Low end of range of exercise prices (in dollars per share)	$ 0.01
Options outstanding
Number outstanding (in shares) \| shares	95,021,055
Weighted average remaining contractual life	2 years 14 days
Weighted average exercise price (in dollars per share)	$ 0.01
Weighted average intrinsic value	$ 0.02
Options exercisable
Number of exercisable (in shares) \| shares	95,021,055
Weighted average remaining contractual life	2 years 14 days
Weighted average exercise price (in dollars per share)	$ 0.01
Range of exercise price from $0.3 \| Chime Plan
SHARE-BASED COMPENSATION
Low end of range of exercise prices (in dollars per share)	6.00
High end of range of exercise prices (in dollars per share)	$ 73.35
Options outstanding
Number outstanding (in shares) \| shares	49,748
Weighted average remaining contractual life	8 years 5 months 15 days
Weighted average exercise price (in dollars per share)	$ 31.19
Weighted average intrinsic value	$ 39.06
Options exercisable
Number of exercisable (in shares) \| shares	28,816
Weighted average remaining contractual life	7 years 11 months 4 days
Weighted average exercise price (in dollars per share)	$ 16.87
Weighted average intrinsic value	52.33
Range of exercise price from $0.2 \| Trucker Path
SHARE-BASED COMPENSATION
Low end of range of exercise prices (in dollars per share)	4.00
High end of range of exercise prices (in dollars per share)	$ 133.00
Options outstanding
Number outstanding (in shares) \| shares	51,005
Weighted average remaining contractual life	8 years 4 months 24 days
Weighted average exercise price (in dollars per share)	$ 49.60
Weighted average intrinsic value	$ 81.94
Options exercisable
Number of exercisable (in shares) \| shares	30,937
Weighted average remaining contractual life	7 years 10 months 24 days
Weighted average exercise price (in dollars per share)	$ 22.98
Weighted average intrinsic value	$ 107.78

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment
SEGMENT INFORMATION
Number of reportable segments \| segment	2
PRC
SEGMENT INFORMATION
Long-lived assets	$ 108
Philippines
SEGMENT INFORMATION
Long-lived assets	231
United States
SEGMENT INFORMATION
Long-lived assets	$ 8,202

SHARE-BASED COMPENSATION - Stock Options (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Apr. 01, 2021	Mar. 31, 2021	Jul. 13, 2020 shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2018 USD ($)	Nov. 04, 2021 shares
SHARE-BASED COMPENSATION
Reverse stock split ratio				0.005
Weighted average grant date fair value of option per share \| $ / shares						$ 4.00
Income tax benefit				$ 0	$ 0
Unrecognized share-based compensation cost disclosure
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares						$ 4.00
Share-Based Payment Arrangement, Noncash Expense				$ 3,992	8,469
Employee Non Employee Stock Option
SHARE-BASED COMPENSATION
Vesting term				6 years
Unrecognized share-based compensation cost disclosure
Award vesting period				6 years
Term of the options				10 years
Non-employee stock options
SHARE-BASED COMPENSATION
Share based compensation				$ 0	0
Restricted Stock Units (RSUs)
SHARE-BASED COMPENSATION
Number of shares issued \| shares			100,000
Employee Stock Option
SHARE-BASED COMPENSATION
Share-based compensation expenses from continuing operations				484	4,959		$ 4,959
Unrecognized share-based compensation cost disclosure
Unrecognized share-based compensation expense relating to share options				0
Restricted Stock
SHARE-BASED COMPENSATION
Share based compensation				3,024	3,494
Compensation expenses related to nonvested restricted shares				$ 4,869
Number of shares vested \| shares				21,267,315
Unrecognized share-based compensation cost disclosure
Weighted-average vesting period for recognition of unrecognized share-based compensation cost				1 year 1 month 6 days
Number of awards granted (in shares) \| shares				9,044,460
2011 Plan
SHARE-BASED COMPENSATION
Maximum aggregate number of shares \| shares				110,014,158
2016 Plan
SHARE-BASED COMPENSATION
Maximum aggregate number of shares \| shares				53,596,236
2018 Plan
SHARE-BASED COMPENSATION
Maximum aggregate number of shares \| shares				107,100,000
2021 Plan
SHARE-BASED COMPENSATION
Maximum aggregate number of shares \| shares				56,000,000
Chime Plan
SHARE-BASED COMPENSATION
Share based compensation						$ 632
Reverse stock split ratio			0.005
Number of shares available for future grant \| shares			150,000					25,000
Term of the options				10 years
Vesting term				4 years
Weighted average grant date fair value of option per share \| $ / shares				$ 34.00
Share-based compensation expenses from continuing operations				$ 176	6
Unrecognized share-based compensation cost disclosure
Unrecognized share-based compensation expense relating to share options				$ 498
Weighted-average vesting period for recognition of unrecognized share-based compensation cost				2 years 11 months 4 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares				$ 34.00
Award vesting period				4 years
Chime Plan \| Employee Stock Option
SHARE-BASED COMPENSATION
Number of shares issued \| shares				19,726		41,730
Trucker Path
SHARE-BASED COMPENSATION
Share based compensation						$ 365
Number of shares available for future grant \| shares			150,000					25,000
Weighted average grant date fair value of option per share \| $ / shares				$ 66.00		$ 2.00
Share-based compensation expenses from continuing operations				$ 308	$ 10
Percentage of holing	77.78%	100.00%
Unrecognized share-based compensation cost disclosure
Unrecognized share-based compensation expense relating to share options				$ 911
Weighted-average vesting period for recognition of unrecognized share-based compensation cost				2 years 11 months 23 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares				$ 66.00		$ 2.00
Trucker Path \| Employee Non Employee Stock Option
SHARE-BASED COMPENSATION
Weighted average grant date fair value of option per share \| $ / shares				66.46
Unrecognized share-based compensation cost disclosure
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares				$ 66.46
Granted (in shares) \| shares				18,070
Trucker Path \| Employee Stock Option
SHARE-BASED COMPENSATION
Number of shares issued \| shares				18,070		34,355

SUBSEQUENT EVENT

12 Months Ended

Dec. 31, 2022

SUBSEQUENT EVENT.

SUBSEQUENT EVENT

20.SUBSEQUENT EVENT

Banking Relationship with SVB

As of the closure of SVB on March 10, 2023, the Company held approximately $9,400 in cash and cash equivalents at SVB, which represented approximately 19% of its total cash, cash equivalents and investments as of that date. SVB also managed approximately $33,000 short-term investments which were held in custody for us at U.S. Bank. SVB was closed on March 10, 2023 by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver. On March 12, 2023, the U.S. Treasury, Federal Reserve, and FDIC announced that SVB depositors will have access to all of their money starting March 13, 2023. On March 13, 2023, the Company was able to access all $9,400 in cash and cash equivalents held at SVB. Except customary liquidity restrictions inherent to short-term investments, the Company’s access to investment accounts held in custody by U.S. Bank was never restricted. While the Company has not experienced any losses in such accounts, the recent failure of SVB exposed a portion of its cash and cash equivalents to significant credit risk prior to the completion by the FDIC of the resolution that fully protected all SVB depositors. The Company is in the process of transferring its accounts to one or more alternate depository institutions, the financial position of which management believes does not expose the Company to significant credit risk or jeopardizes its liquidity.

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS
Loss from the operations of the discontinued operations, net of tax expenses	$ 0	$ 0
Gain on deconsolidation of the subsidiaries, tax expense	0	0
(Loss) income from discontinued operations, net of tax expenses	$ 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.

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+ Details

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, 2022	Dec. 31, 2021
Current and deferred component of income tax expenses (benefits)
Total income tax benefit	$ (2,342)	$ (969)
PRC
Current and deferred component of income tax expenses (benefits)
Current income tax benefit	(2,342)	(969)
Deferred income tax expenses	0	0
Total income tax benefit	$ (2,342)	$ (969)

- Definition

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

+ References + Details

LONG-TERM INVESTMENTS - Consolidated balance sheets and income statements of the Fundrise L P (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Summary of the consolidated balance sheets and income statements of the Fundrise which we have a significant equity method investment
Current assets	$ 58,170	$ 74,257
Noncurrent assets	36,538	95,918
Current liabilities	28,942	33,100
Revenue	45,808	32,219
Income from operations	(16,163)	(19,469)
Net income	(76,418)	9,365
Net income attributable to the Company	(75,244)	13,663
Fundrise LP
Summary of the consolidated balance sheets and income statements of the Fundrise which we have a significant equity method investment
Current assets	9,754	9,591
Noncurrent assets	2,613	2,613
Current liabilities	36	49
Revenue	346	128
Income from operations	309	85
Net income	176	85
Net income attributable to the Company	$ 173	$ 83

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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- 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).

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Non current portion of restricted cash (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Restricted cash	$ 9,159	$ 9,284
Less: Provision of restricted cash	(9,159)	(9,284)
Total cash, cash equivalents and restricted cash shown in the statements of cash flow	$ 0
Valuation allowance recognized for the inventories		$ 250

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2021		2022
Current income tax benefit	$	(969)	$	(2,342)
Deferred income tax expenses		—		—
Total income tax benefit	$	(969)	$	(2,342)

Schedule of principal components of the deferred tax assets and liabilities


	As of December 31,
	2021		2022
Deferred tax assets
Provision for doubtful accounts	$	4,875	$	4,504
Write-down for inventory		52		52
Allowance for prepaid expenses and other current assets		4,952		4,575
Accrued payroll and welfare		150		138
Provision of the restricted cash		571		527
Provision of amount due from a related party		639		590
Accrued liabilities		2,475		2,287
Advertising fee		578		533
Employee education fee		19		18
Goodwill and intangible asset impairment		6,960		6,430
Net operating loss carry forwards		24,742		24,271
Total Deferred tax assets		46,013		43,925
Less valuation allowance		(46,013)		(43,925)

Deferred tax assets, net	$	—	$	—

Schedule of rollforward of valuation allowances of deferred tax assets


	The Year ended
	December 31, 2022
Balance as of beginning of year	$	(46,013)
Addition		(2,274)
Expiration of NOL		1,668
Utilization of deferred tax assets		506
Decrease relating to disposal of entities		1
Foreign currency translation adjustments		2,187
Balance as of end of year	$	(43,925)

Schedule of loss before provision for income tax on geographical locations


	For the Years Ended December 31,
	2021		2022

United States	$	(2,043)	$	(6,245)
Foreign		(43,331)		(61,118)
Total loss before provision of income tax	$	(45,374)	$	(67,363)

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,
	2021			2022

Loss before provision of income tax	$	(45,374)		$	(67,363)
Federal statutory income tax rate		21	%		21	%
Income tax at statutory rate		(9,529)			(14,146)
Taxable deemed interest income from inter-company interest-free loans		(971)			(2,317)
Net operating loss not applicable for carryforward		980			1,386
Non-deductible expenses		2			1
Non-deductible expenses related to share-based compensation		1,778			806
Non-taxable income from fair value change gain of contingent consideration		(234)			—
Non-taxable loss from fair value loss of a long-term investment		—			2,189
Non-taxable loss from losses related to contingent liability settlement		2,782			—
Effect of income tax rate differences in jurisdictions other than the US		778			9,756
Effects of Company cancellation		—			(116)
Changes in valuation allowance		3,445			99
Income tax benefit	$	(969)		$	(2,342)

FAIR VALUE MEASUREMENTS - Summary of additional information about the reconciliation of the fair value measurements using significant unobservable inputs level 3 (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
FAIR VALUE MEASUREMENTS
Balance at beginning of the period	$ 2,059
Fair value change	$ (1,115)
Fair Value, Liability, Recurring Basis	Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability
Settle with shares of Kaixin held by the Company	$ (944)
Balance at ending of the period	$ 0

ACQUISITION (Tables)

12 Months Ended

Dec. 31, 2022

Rentancy

ACQUISITION

Schedule of allocation of purchase price to the major classes of assets and liabilities acquired


	Amount
	USD
Cash consideration	$	548
Total	$	548

Current assets	$	5
Property, plant and equipment, net		6
Intangible assets		407
Goodwill		248
Current Liabilities		(8)

Non-current Liabilities			(110)
Total		$	548

Four Keys

ACQUISITION

Schedule of allocation of purchase price to the major classes of assets and liabilities acquired


	Amount
	USD
Cash consideration	$	334

Intangible assets identified from the acquisition
- Technology platform		37
- Customer relationship		138
Goodwill		166
Current liabilities		(7)
Total	$	334

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2022

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

16.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”) (collectively the “Equity Incentive Plans”), 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. 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.

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

The following table summarizes information with respect to share options outstanding as of December 31, 2022:

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

95,021,055

2.04

0.01

0.02

95,021,055

2.04

0.01

0.02

95,021,055

0.02

95,021,055

0.02


		Weighted
		average
	Number of	exercise
	shares	price
Balance, December 31, 2021	112,526,121	$	0.01

Exercised	(16,799,985)	$	0.01
Forfeited	(705,081)	$	0.01

Balance, December 31, 2022	95,021,055	$	0.01

Exercisable, December 31, 2022	95,021,055	$	0.01

Expected to vest, December 31, 2022	—	$	—

For employee stock options, the Company recorded share-based compensation from continuing operations of $4,959 and $484 for the years ended December 31, 2021 and 2022, 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, 2021 and 2022, there was no share-based compensation recorded for non-employee options.

As of December 31, 2022, there was no unrecognized share-based compensation expense relating to share options.

Renren Nonvested restricted shares

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


		Weighted
		average fair
		value
	Nonvested	per ordinary
	restricted	share at the
	shares	grant dates
Outstanding as of December 31, 2021	48,361,004	$	0.12

Granted	9,044,460	$	0.33
Vested (i)	(21,267,315)	$	0.14
Forfeited	(874,515)	$	0.21

Outstanding as of December 31, 2022	35,263,634	$	0.14

(i)

On October 7, 2021, the Company entered into a Stipulation of Settlement (the “Stipulation”) as a nominal defendant with respect to the consolidated shareholder derivative lawsuits. Pursuant to the Stipulation, the Company shall set the record date for determining holders of the Company’s Class A ordinary shares and American Depositary Shares who are entitled to receive distributions from the Settlement (the “Record Date”) on the earliest practicable date after the Stipulation and the settlement of the action is approved by the court and such approval has become final. On December 10, 2021, the court issued a written order formally denying the motion to approve the Stipulation and Settlement (the “Order”), which prevented the Company from setting the Record Date as originally contemplated under the Stipulation and, consequently, may cause a material increase in the amount of the Settlement. In order to mitigate the Order’s impact on the settlement, including the amount of the Settlement, and pursuant to the Board’s general administrative authority under the Equity Incentive Plans, the Board deems it to be in the best interest of the Company and its shareholders as a whole to suspend vesting of the equity awards, including share options and restricted shares under Equity Incentive Plans, from January 1, 2022, through and until the completion of the Settlement (the “Vesting Suspension”) The Vesting Suspension had been lifted on January 13, 2023. During suspended vesting, the Company continued to record expenses for all granted shares consistent with the vesting schedules.

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 $3,494 and $3,024 for the years ended December 31, 2021 and 2022, 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 $4,869 related to nonvested restricted shares granted as of December 31, 2022. The expense is expected to be recognized in continuing operations over a weighted-average period of 1.10 years.

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

The following disclosure reflects the impact of a 1:200 reverse stock split authorized during 2022. The reverse split has no impact on the financial statements of the company or equity of the plan companies.

On July 13, 2020, Chime Technologies, Inc. and Trucker Path, Inc. adopted stock incentive plans, whereby affected for a 1:200 reverse stock split, 150,000 ordinary shares of Chime Technologies, Inc. (“2020 Chime Plan”) and 150,000 ordinary shares of Trucker Path, Inc. (“2020 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 25,000 ordinary shares of Chime Technologies, Inc. (“2021 Chime Plan”) and 25,000 ordinary shares of Trucker Path, Inc. (“2021 Trucker Path Plan”) are made available for future grant for employees or consultants of Chime and Trucker Path, respectively, either in the form of incentive share options or restricted shares.

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

During 2020, Chime issued an aggregate of 41,730 options under the 2020 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 $4.00 per option.

During 2020, Trucker Path issued an aggregate of 34,355 options under the 2020 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 $2.00 per option.

During 2022, Chime issued an aggregate of 19,726 options under 2021 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 $34.00 per option.

During 2022, Trucker Path issued an aggregate of 18,070 options under the 2021 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 $66.00 per option.

The Company recorded share-based compensation for Chime Plan and Trucker Path Plan from continuing operations of $6 and $10, respectively, for the year ended December 31, 2021, and $176 and $308, respectively, for the year ended December 31, 2022, 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, 2022, there were $498 and $911 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 2.93 and 2.98 years for Chime Plan and Trucker Path Plan, respectively.

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


	For the Years ended December 31, 2022
	Chime			Trucker Path
Risk-free interest rate (1)		1.52	%		1.52	%
Volatility (2)		43	%		48	%
Expected term (in years) (3)		10			10
Exercise price (4)	$	73.35		$	133.00
Dividend yield (5)		—			—
Fair value of underlying ordinary share (6)		34.00			66.46

(1)	Risk-free interest rate

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

(2)	Volatility

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

(3)	Expected term

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

(4)	Exercise price

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

(5)	Dividend yield

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

(6)	Fair value of underlying ordinary shares

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

The following table summarizes information with respect to share options outstanding of Chime Plan as of December 31, 2022:

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

6.00 and 73.35

49,748

8.46

31.19

39.06

28,816

7.93

16.87

52.33

49,748

39.06

28,816

52.33



		Weighted	Weighted
		average	average
	Number of	exercise	grant date
	shares	price	fair value
Balance, December 31, 2021	33,690	6.00	4.00
Granted	19,726	73.35	34.00
Forfeited	(3,668)	26.72	18.29
Balance, December 31, 2022	49,748	31.19	15.11
Exercisable, December 31, 2022	28,816	16.87
Expected to vest, December 31, 2022	20,932	51.34

The following table summarizes information with respect to share options outstanding of Trucker Path Plan as of December 31, 2022:

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

Weighted

remaining

average

Range of

Number

contractual

exercise

average

Number of

contractual

exercise

intrinsic

exercise prices

outstanding

life

price

intrinsic value

exercisable

life

price

value

4.00 and 133.00

51,005

8.40

49.60

81.94

30,937

7.90

22.98

107.78

51,005

81.94

30,937

107.78


		Weighted	Weighted
		average	average
	Number of	exercise	grant date
	shares	price	fair value
Balance, December 31, 2021	33,665	4.00	2.00
Granted	18,070	133.00	66.46
Forfeited	(730)	38.05	17.78
Balance, December 31, 2022	51,005	49.60	24.45
Exercisable, December 31, 2022	30,937	22.98
Expected to vest, December 31, 2022	20,068	90.62

On July 13, 2020, Chime and Trucker Path each granted 100,000 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, an 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.

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,
	2021	2022
Selling and marketing	50	179
Research and development	510	669
General and administrative	7,909	3,144
Total share-based compensation expense	8,469	3,992

There was no income tax benefit recognized in the statements of operations for share-based compensation for the years ended December 31, 2021 and 2022.

ORGANIZATION AND PRINCIPAL ACTIVITIES - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
VIE arrangements
Revenues	$ 45,808	$ 32,219
Haitaoche Shareholders \| Kaixin Auto Holdings
VIE arrangements
Ownership interest held			51.00%
Percentage of legal ownership by Renren Inc			51.00%
Variable Interest Entity
VIE arrangements
Term of agreement	10 years
Service fees	$ 0	0
Revenues	$ 107	$ 367
Variable Interest Entity \| Power of Attorney
VIE arrangements
Term of agreement	10 years
Variable Interest Entity \| Business Operations Agreement
VIE arrangements
Advance written notice period for not extending term of agreement	30 days
Variable Interest Entity \| Exclusive Equity Option Agreement
VIE arrangements
Term of agreement	10 years
Advance written notice period for not extending term of agreement	30 days
Variable Interest Entity \| Exclusive Technical and Consulting Services Agreement
VIE arrangements
Term of agreement	10 years
Advance written notice period for not extending term of agreement	30 days
Variable Interest Entity \| Intellectual Property License Agreement
VIE arrangements
Advance written notice period for not extending term of agreement	30 days

INCOME TAXES - Schedule Of Principal Components Of The Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Less valuation allowance	$ (43,925)	$ (46,013)
PRC
Deferred tax assets
Provision for doubtful accounts	4,504	4,875
Write-down for inventory	52	52
Allowance for prepaid expenses and other current assets	4,575	4,952
Accrued payroll and welfare	138	150
Provision of the restricted cash	527	571
Provision of amount due from a related party	590	639
Accrued liabilities	2,287	2,475
Advertising fee	533	578
Employee education fee	18	19
Goodwill and intangible asset impairment	6,430	6,960
Net operating loss carry forwards	24,271	24,742
Total Deferred tax assets	43,925	46,013
Less valuation allowance	(43,925)	(46,013)
Deferred tax assets, net	0	$ 0
Net deferred income tax liabilities	$ 0

PROPERTY AND EQUIPMENT, NET - Schedule of property and equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property and equipment, net
Less: Accumulated impairment loss	$ (3,510)	$ (4,592)
Total property and equipment, net	5,547	216
Depreciation expenses	196	329
Building
Property and equipment, net
Property and equipment, gross	5,281
Computer equipment and application software
Property and equipment, net
Property and equipment, gross	3,034	3,224
Server & network equipment
Property and equipment, net
Property and equipment, gross	329	1,137
Furniture and vehicles
Property and equipment, net
Property and equipment, gross	61	66
Leasehold improvements
Property and equipment, net
Property and equipment, gross	$ 352	$ 381

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Right-of-use assets	$ 400	$ 888
Lease liabilities	301
Operating lease liabilities - current	(301)	(706)
Operating lease liabilities - non - current	0	(63)
Prepaid expenses and other current assets, net	3,418	6,272
Accrued expenses and other current liabilities	$ (11,720)	$ (12,054)

INCOME TAXES - Rollforward of valuation allowances of deferred tax assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Balance as of beginning of year	$ (46,013)
Additions	(2,274)
Expiration of NOL	1,668
Utilization of deferred tax assets	506
Decrease relating to disposal of entities	1
Foreign currency translation adjustments	2,187
Balance as of end of year	$ (43,925)

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

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

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


	For the Years ended December 31, 2022
	Chime			Trucker Path
Risk-free interest rate (1)		1.52	%		1.52	%
Volatility (2)		43	%		48	%
Expected term (in years) (3)		10			10
Exercise price (4)	$	73.35		$	133.00
Dividend yield (5)		—			—
Fair value of underlying ordinary share (6)		34.00			66.46

(1)	Risk-free interest rate

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

(2)	Volatility

(3)	Expected term

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

(4)	Exercise price

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

(5)	Dividend yield

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

(6)	Fair value of underlying ordinary shares

Summary of information with respect to share options outstanding

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

remaining

average

Number

contractual

exercise

intrinsic

Number of

contractual

exercise

intrinsic

Range of exercise prices

outstanding

life

price

value

exercisable

life

price

value

0.01

95,021,055

2.04

0.01

0.02

95,021,055

2.04

0.01

0.02

95,021,055

0.02

95,021,055

0.02

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

6.00 and 73.35

49,748

8.46

31.19

39.06

28,816

7.93

16.87

52.33

49,748

39.06

28,816

52.33

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

Weighted

remaining

average

Range of

Number

contractual

exercise

average

Number of

contractual

exercise

intrinsic

exercise prices

outstanding

life

price

intrinsic value

exercisable

life

price

value

4.00 and 133.00

51,005

8.40

49.60

81.94

30,937

7.90

22.98

107.78

51,005

81.94

30,937

107.78

Summary of the activity of the stock options granted


		Weighted
		average
	Number of	exercise
	shares	price
Balance, December 31, 2021	112,526,121	$	0.01

Exercised	(16,799,985)	$	0.01
Forfeited	(705,081)	$	0.01

Balance, December 31, 2022	95,021,055	$	0.01

Exercisable, December 31, 2022	95,021,055	$	0.01

Expected to vest, December 31, 2022	—	$	—



		Weighted	Weighted
		average	average
	Number of	exercise	grant date
	shares	price	fair value
Balance, December 31, 2021	33,690	6.00	4.00
Granted	19,726	73.35	34.00
Forfeited	(3,668)	26.72	18.29
Balance, December 31, 2022	49,748	31.19	15.11
Exercisable, December 31, 2022	28,816	16.87
Expected to vest, December 31, 2022	20,932	51.34


		Weighted	Weighted
		average	average
	Number of	exercise	grant date
	shares	price	fair value
Balance, December 31, 2021	33,665	4.00	2.00
Granted	18,070	133.00	66.46
Forfeited	(730)	38.05	17.78
Balance, December 31, 2022	51,005	49.60	24.45
Exercisable, December 31, 2022	30,937	22.98
Expected to vest, December 31, 2022	20,068	90.62

Summary of the nonvested restricted shares activity


		Weighted
		average fair
		value
	Nonvested	per ordinary
	restricted	share at the
	shares	grant dates
Outstanding as of December 31, 2021	48,361,004	$	0.12

Granted	9,044,460	$	0.33
Vested (i)	(21,267,315)	$	0.14
Forfeited	(874,515)	$	0.21

Outstanding as of December 31, 2022	35,263,634	$	0.14

(i)

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,
	2021	2022
Selling and marketing	50	179
Research and development	510	669
General and administrative	7,909	3,144
Total share-based compensation expense	8,469	3,992

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2022

FAIR VALUE MEASUREMENTS

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


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

SUBSEQUENT EVENT (Details) - USD ($) $ in Thousands	Mar. 13, 2023	Mar. 10, 2023	Dec. 31, 2022	Dec. 31, 2021
SUBSEQUENT EVENT
Cash and Cash Equivalents, at Carrying Value			$ 27,960	$ 65,247
Short-term Investments			$ 24,004	$ 0
Banking relationship with SVB
SUBSEQUENT EVENT
Cash and Cash Equivalents, at Carrying Value	$ 9,400	$ 9,400
Short-term Investments		$ 33,000
Total cash, cash equivalents and investments		19.00%

Financial Statement Schedule I Condensed Financial Information of Parent Company - BALANCE SHEETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 27,960	$ 65,247
Prepaid expenses and other current assets, net	3,418	6,272
Total current assets	58,170	74,257
Non-current assets:
Other non-current assets	169	170
Total non-current assets	36,538	95,918
TOTAL ASSETS	94,708	170,175
Current liabilities
Short-term debt	0	1,585
Accounts payable	1,570	1,652
Accrued expenses and other current liabilities	11,720	12,054
Total current liabilities	28,942	33,100
Total non-current liabilities	0	63
TOTAL LIABILITIES	28,942	33,163
Shareholders' equity
Additional paid in capital	776,372	772,207
Accumulated deficit	(695,635)	(620,391)
Accumulated other comprehensive loss	(8,933)	(10,012)
Equity	79,654	149,637
TOTAL LIABILITIES AND EQUITY	94,708	170,175
Class A ordinary shares
Shareholders' equity
Ordinary shares	833	816
Class B ordinary shares
Shareholders' equity
Ordinary shares	$ 305	$ 305