0001410578-23-001278 | 10-Q | XBRL Viewer

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ORGANIZATION AND PRINCIPAL ACTIVITIES - Schedule of condensed consolidated financial information of Company's VIEs (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Condensed consolidated financial information of VIE and its subsidiaries
Total assets	$ 100,613		$ 95,656
Total liabilities	28,923		28,942
Revenues	12,149	$ 10,321
Net Loss	5,970	(3,317)
Net cash (used in) provided by operating activities	(2,827)	(1,824)
Net cash used in investing activities	(1,088)	(3,574)
Net cash used in financing activities	1,417	(174)
Variable Interest Entity
Condensed consolidated financial information of VIE and its subsidiaries
Service fees	0		0
Total assets	10,304		9,084
Total liabilities	13,180		$ 10,630
Revenues	34	34
Net Loss	(4,383)	(3,765)
Net cash (used in) provided by operating activities	306	$ (860)
Net cash used in investing activities	$ (8)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Net (loss) income	$ 5,334	$ (3,684)
Other comprehensive (loss) income, net of tax
Foreign currency translation, net of nil income taxes	132	(74)
Net unrealized gain on available-for-sale investments, net of tax of $nil for the three months ended March 31, 2022 and 2023, respectively	(42)	0
Other comprehensive (loss) income	90	(74)
Comprehensive (loss) income	5,424	(3,758)
Less: total comprehensive loss attributable to noncontrolling interest	(631)	(362)
Comprehensive (loss) income attributable to Renren Inc.	$ 6,055	$ (3,396)

- 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.

+ References

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+ Details

SHARE-BASED COMPENSATION - Summary of Nonvested restricted shares activity (Details) - Nonvested restricted shares	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Nonvested restricted shares
Outstanding at the beginning of the period (in shares) \| shares	35,263,634
Vested (in shares) \| shares	(6,228,436)
Outstanding at the end of the period (in shares) \| shares	29,035,198
Weighted average fair value per ordinary share at the grant dates
Outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 0.14
Vested (in dollars per share) \| $ / shares	0.15
Outstanding at the end of the period (in dollars per share) \| $ / shares	$ 0.14

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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


	For the three months ended March 31,
	2022		2023
Chime
Subscription services	$	5,110	$	6,425
Advertising services		524		401
	$	5,634	$	6,826
Trucker Path
Subscription services	$	3,923	$	4,886
Advertising services		353		396
Other SaaS revenue		351		(28)
	$	4,627	$	5,254
Other Operations
Other services	$	60	$	69
Total Revenue	$	10,321	$	12,149

LONG-TERM INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2023

LONG-TERM INVESTMENTS

Schedule of long-term investments


		December 31,		March 31,
	Note	2022		2023
Equity method investments:
Fundrise, L.P.	(i)		12,085		12,177
Other	(ii)		3,322		3,333
Total equity method investments			15,407		15,510

Equity investment with readily determinable fair values
Kaixin Auto Holdings	(iii)	$	9,636	$	17,911

Equity investment without readily determinable fair values
Suzhou Youge Interconnection Venture Capital Center			725		727

Total long-term investments		$	25,768	$	34,148

Summary of financial information of the equity method investments

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS - Selected consolidated balance sheets information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Stipulation disbursement receivable	$ 0	$ 2,630
Total current assets	56,506	60,800
Long-term investments	34,148	25,768
TOTAL ASSETS	100,613	95,656
Shareholders' equity
Accumulated deficit	(692,167)	(697,299)
Additional paid in capital	780,517	779,002
Accumulated other comprehensive loss	(8,866)	(8,951)
Total Renren lnc. shareholders' equity	$ 86,088	80,602
As previously reported
Assets
Total current assets		58,170
Long-term investments		27,450
TOTAL ASSETS		94,708
Shareholders' equity
Accumulated deficit		(695,635)
Additional paid in capital		776,372
Accumulated other comprehensive loss		(8,933)
Total Renren lnc. shareholders' equity		79,654
Adjustment
Assets
Stipulation disbursement receivable		2,630
Total current assets		2,630
Long-term investments		(1,682)
TOTAL ASSETS		948
Shareholders' equity
Accumulated deficit		1,664
Additional paid in capital		2,630
Accumulated other comprehensive loss		(18)
Total Renren lnc. shareholders' equity		948
As adjusted
Assets
Stipulation disbursement receivable		2,630
Total current assets		60,800
Long-term investments		25,768
TOTAL ASSETS		95,656
Shareholders' equity
Accumulated deficit		(697,299)
Additional paid in capital		780,517
Accumulated other comprehensive loss		(8,951)
Total Renren lnc. shareholders' equity		$ 80,602

LONG-TERM INVESTMENTS - Additional Information (Details) $ in Thousands, ¥ in Millions	1 Months Ended			3 Months Ended
	Oct. 31, 2014 USD ($)	May 31, 2014 USD ($)	May 31, 2014 CNY (¥)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022	Jun. 30, 2022
Equity method investments:
Share of loss and income under equity method				$ 144	$ (484)
Kaixin Auto Holdings
Equity method investments:
Ownership percentage							16.60%
Fundrise, L.P.
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		$ 1,454	¥ 10
Ownership percentage				12.38%		12.38%
Share of loss and income under equity method				$ 0	0
Fundrise, L.P.
Equity method investments:
Payment for equity method investments	$ 10,000
Share of loss and income under equity method				92	$ 82
Kaixin Auto Holdings
Equity method investments:
Share of loss and income under equity method				402
Unrealized income				$ 8,275

LONG-TERM INVESTMENTS - Schedule of long-term investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
LONG-TERM INVESTMENTS
Total equity method investments	$ 15,510	$ 15,407
Total long-term investments	34,148	25,768
Fundrise, L.P.
LONG-TERM INVESTMENTS
Total equity method investments	12,177	12,085
Other
LONG-TERM INVESTMENTS
Total equity method investments	3,333	3,322
Kaixin Auto Holdings
LONG-TERM INVESTMENTS
Equity investment with readily determinable fair values	17,911	9,636
Suzhou Youge Interconnection Venture Capital Center
LONG-TERM INVESTMENTS
Equity investment without readily determinable fair values	$ 727	$ 725

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2023

SHARE-BASED COMPENSATION

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

91,646,055

1.86

0.01

0.02

91,646,055

1.86

0.01

0.02

91,646,055

0.02

91,646,055

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

48,698

8.23

31.73

38.56

37,382

8.13

29.05

41.05

48,698

38.56

37,382

41.05

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

50,335

8.16

49.76

81.78

40,138

8.05

44.24

87.14

50,335

81.78

40,138

87.14

Summary of the activity of the stock options granted


		Weighted
		average
	Number of	exercise
	shares	price
Balance, December 31, 2022	95,021,055	$	0.01

Exercised	(3,150,000)	$	0.01
Forfeited	(225,000)	$	0.01

Balance, March 31, 2023	91,646,055	$	0.01

Exercisable, March 31, 2023	91,646,055	$	0.01

Expected to vest, March 31, 2023	—	$	—



		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2022	49,748	$	31.19	15.11
Forfeited	(1,050)	$	6.00	3.62
Balance, March 31, 2023	48,698	$	31.73	15.36
Exercisable, March 31, 2023	37,382	$	29.05
Expected to vest, March 31, 2023	11,316		40.61


		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2022	51,005	$	49.60	$	24.45
Forfeited	(670)	$	36.73	$	17.91
Balance, March 31, 2023	50,335	$	49.76	$	24.84
Exercisable, March 31, 2023	40,138	$	44.24
Expected to vest, March 31, 2023	10,197	$	71.01

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, 2022	35,263,634	$	0.14

Vested (i)	(6,228,436)	$	0.15

Outstanding as of March 31, 2023	29,035,198	$	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 share 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 share 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.

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


	For the Three Months Ended March 31,
	2022		2023
Selling and marketing	$	45	$	44
Research and development		174		157
General and administrative		1,313		564
Total share-based compensation expense	$	1,532	$	765

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
SEGMENT INFORMATION
Number of reportable segments \| segment	2
PRC
SEGMENT INFORMATION
Long-lived assets	$ 465	$ 108
Philippines
SEGMENT INFORMATION
Long-lived assets	226	231
United States
SEGMENT INFORMATION
Long-lived assets	$ 8,715	$ 8,202

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 20, 2023	Mar. 31, 2023	Mar. 31, 2022
REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS
Interest income		$ 356	$ 186
Renren shareholder derivative lawsuit
REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS
Interest income	$ 2,600

SHARE-BASED COMPENSATION - Summary of information with respect to share Options outstanding (Details) - Renren stock options	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Options outstanding
Number outstanding (in shares) \| shares	91,646,055
Weighted average intrinsic value	$ 0.02
Options exercisable
Number of exercisable (in shares) \| shares	91,646,055
Chime
Options outstanding
Number outstanding (in shares) \| shares	48,698
Weighted average intrinsic value	$ 38.56
Options exercisable
Number of exercisable (in shares) \| shares	37,382
Weighted average intrinsic value	$ 41.05
Trucker Path
Options outstanding
Number outstanding (in shares) \| shares	50,335
Weighted average intrinsic value	$ 81.78
Options exercisable
Number of exercisable (in shares) \| shares	40,138
Weighted average intrinsic value	$ 87.14
Range of exercise prices $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	91,646,055
Weighted average remaining contractual life	1 year 10 months 9 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	91,646,055
Weighted average remaining contractual life	1 year 10 months 9 days
Weighted average exercise price (in dollars per share)	$ 0.01
Range of exercise price from 6.00 and 73.35 \| Chime
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	48,698
Weighted average remaining contractual life	8 years 2 months 23 days
Weighted average exercise price (in dollars per share)	$ 31.73
Weighted average intrinsic value	$ 38.56
Options exercisable
Number of exercisable (in shares) \| shares	37,382
Weighted average remaining contractual life	8 years 1 month 17 days
Weighted average exercise price (in dollars per share)	$ 29.05
Weighted average intrinsic value	41.05
Range of exercise price from 4.00 and 133.00 \| 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	50,335
Weighted average remaining contractual life	8 years 1 month 28 days
Weighted average exercise price (in dollars per share)	$ 49.76
Weighted average intrinsic value	$ 81.78
Options exercisable
Number of exercisable (in shares) \| shares	40,138
Weighted average remaining contractual life	8 years 18 days
Weighted average exercise price (in dollars per share)	$ 44.24
Weighted average intrinsic value	$ 87.14

OPERATING LEASES - Maturities of lease liabilities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
OPERATING LEASES.
Remainder of 2023	$ 239
2024	107
Total undiscounted lease payment	346
Less: Imputed interest	(4)
Present value of lease liabilities	$ 342

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and E Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with audited consolidated financial statements and accompanying notes in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

Principles of consolidation

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

Use of estimates

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.

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.

Restricted cash

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 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 $9,159 and $9,159 as of December 31, 2022 and March 31, 2023, respectively. 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 Quarterly Report on Form 10-Q, approximately $5,860 had been claimed under our standby letter of credit in connection with the Kaixin Subsidiary’s default of certain guaranteed loan.

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 shareholders’ equity. Available-for-sale securities as of December 31, 2022 and March 31, 2023 were $24,004, and $24,267, respectively. For the three months ended March 31, 2022 and 2023, the increase in fair value of available-for-sale securities was recognized in other comprehensive loss amounting to nil and $42, respectively.

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 three months ended March 31,
	2022		2023
Chime
Subscription services	$	5,110	$	6,425
Advertising services		524		401
	$	5,634	$	6,826
Trucker Path
Subscription services	$	3,923	$	4,886
Advertising services		353		396
Other SaaS revenue		351		(28)
	$	4,627	$	5,254
Other Operations
Other services	$	60	$	69
Total Revenue	$	10,321	$	12,149

Contract balances: Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent amounts invoiced and contract assets are 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, 2022 and March 31, 2023.

Deferred revenue mainly represents payments received from customers related to unsatisfied performance obligations for SaaS. The Company’s total deferred revenue was $4,323 and $4,312 as of December 31, 2022 and March 31, 2023, which is expected to be substantially recognized as revenue within one year. The amount of revenue recognized during the three months ended March 31, 2022 and 2023 that was previously included in the deferred revenue as of December 31, 2021 and 2022 was $1,372 and $2,228, respectively.

Recently adopted accounting pronouncements

In June 2016, the Financial Accounting Standards Board (“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.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 25,613	$ 27,960
Short-term investments	24,267	24,004
Accounts receivable, net	2,544	2,054
Prepaid expenses and other current assets, net	4,082	4,152
Stipulation disbursement receivable	0	2,630
Total current assets	56,506	60,800
Non-current assets
Property and equipment, net	6,332	5,547
Intangible assets, net	2,415	2,425
Goodwill	553	547
Long-term investments	34,148	25,768
Other non-current assets	659	569
Total non-current assets	44,107	34,856
TOTAL ASSETS	100,613	95,656
Current liabilities
Accounts payable	1,569	1,570
Accrued expenses and other current liabilities	11,647	11,720
Operating lease liabilities - current	239	301
Amounts due to related parties	663	662
Deferred revenue	4,312	4,323
Income tax payable	10,390	10,366
Total current liabilities	28,820	28,942
Non-current liabilities
Operating lease liabilities - non-current	103	0
Total non-current liabilities	103	0
TOTAL LIABILITIES	28,923	28,942
Commitments and contingencies
Shareholders' equity
Treasury stock	(1,249)	0
Additional paid in capital	780,517	779,002
Accumulated deficit	(692,167)	(697,299)
Statutory reserves	6,712	6,712
Accumulated other comprehensive loss	(8,866)	(8,951)
Total Renren lnc. shareholders' equity	86,088	80,602
Non-controlling interest	(14,398)	(13,888)
Total equity	71,690	66,714
TOTAL LIABILITIES AND EQUITY	100,613	95,656
Class A ordinary shares
Shareholders' equity
Ordinary shares	836	833
Class B ordinary shares
Shareholders' equity
Ordinary shares	$ 305	$ 305

ORGANIZATION AND PRINCIPAL ACTIVITIES - Schedule of information related to Entity's subsidiary, VIEs And VIE's subsidiaries (Details)	3 Months Ended
	Mar. 31, 2023 segment
Investment Holdings
Number of operating segments	2
Percentage of revenue from US market	100.00%
Chime Technologies, Inc.("Chime")
Investment Holdings
Later of date of incorporation or acquisition	Sep. 07, 2012
Place of incorporation	Delaware, USA
Percentage of legal ownership by Renren Inc	77.80%
Principal activities	SaaS business
Trucker Path, Inc. ("Trucker Path")
Investment Holdings
Later of date of incorporation or acquisition	Dec. 28, 2017
Place of incorporation	Delaware, USA
Percentage of legal ownership by Renren Inc	77.80%
Principal activities	SaaS business
Lucrativ Inc.
Investment Holdings
Later of date of incorporation or acquisition	Jan. 22, 2018
Place of incorporation	Delaware, USA
Percentage of legal ownership by Renren Inc	100.00%
Principal activities	SaaS business
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
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
Beijing Qianxiang Tiancheng Technology Development Co., Ltd. ("Qianxiang Tiancheng")
Investment Holdings
Later of date of incorporation or acquisition	Oct. 28, 2002
Place of incorporation	PRC
Principal activities	Internet business
Beijing Qianxiang Wangjing Technology Development Co., Ltd. ("Qianxiang Wangjing")
Investment Holdings
Later of date of incorporation or acquisition	Nov. 11, 2008
Place of incorporation	PRC
Principal activities	Internet business
Shandong Jieying Huaqi Automobile Service Co., Ltd ("Shandong Jieying")
Investment Holdings
Later of date of incorporation or acquisition	Jul. 20, 2017
Place of incorporation	PRC
Principal activities	Internet business

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Foreign currency translation, net of income taxes	$ 0	$ 0
Net unrealized gain (loss) on available-for-sale investments, net of tax	$ 0	$ 0

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

3 Months Ended

Mar. 31, 2023

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

2. REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

Subsequent to the filing of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 with the SEC on March 31, 2023 (the “2022 Form 10-K”), management of the Company discovered that the Company’s share of loss in the equity investment of Beijing Fenghou Tianyuan Investment and Management Center L.P. (“FHTY”) was different than the amount previously included in its consolidated financial statements as of and for the year ended December 31, 2022. The difference was discovered upon receipt of additional financial information from FHTY that showed impairments on certain investments held by FHTY as of December 31, 2022. The differences resulted from a change in fair value of certain investments held by FHTY for which the Company should have picked up a loss in the amount of $1.6 million had the Company known of the impairments or had a policy in place to incorporate lag reporting for equity method investments.

Additionally, in connection with the settlement of the Renren shareholder derivative lawsuit, the Company received a one-time dividend of US$2.6 million on January 20, 2023 for ADSs that were held by the Company as of the payment date to settle tax withholdings for ADSs issued to participants under the Company’s share incentive plans. The Company concluded that the one-time dividend should have been recorded in the consolidated financial statements for the year ended December 31, 2022. The subsequent event provides a basis to estimate and record the dividend as of December 31, 2022 since the matter was ultimately settled on January 20, 2023 and prior to the filing of the consolidated financial statements for the year ended December 31, 2022 included in its Form 10-K.

In accordance with Staff Accounting Bulletin (“SAB”) No. 99, “Materiality,” and SAB No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the adjustments detailed above, and determined the related impact did not materially misstate its consolidated financial statements as of and for the year ended December 31, 2022. Although the Company concluded that the misstatement was not material to its consolidated financial statements as of and for the year ended December 31, 2022, the Company has determined it is appropriate to adjust its consolidated balance sheets as of December 31, 2022 on a prospective basis to provide appropriate context to stakeholders within comparative financial statements and due to the materiality to the fiscal period ending March 31, 2023. The impact on the statement of operations will be displayed on the Company’s consolidated financial statements for the year ended December 31, 2023. The following are the relevant line items from the Company’s consolidated balance sheet as of December 31, 2022 which illustrate the effect of the adjustments to the periods presented:

Selected consolidated balance sheets information as of December 31, 2022


	As previously reported	Adjustment	As adjusted
Assets
Stipulation disbursement receivable	—	2,630	2,630
Total current assets	58,170	2,630	60,800
Long-term investment	27,450	(1,682)	25,768
Total Assets	94,708	948	95,656
Shareholders’ equity
Accumulated deficit	(695,635)	1,664	(697,299)
Additional paid-in capital	776,372	2,630	780,517
Accumulated other comprehensive loss	(8,933)	(18)	(8,951)
Total Renren Inc. shareholders’ equity	79,654	948	80,602

ORDINARY SHARES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Nov. 07, 2022
ORDINARY SHARES
Number of shares were issued due to the exercise of share options or vesting of restricted shares under share-based compensation	21,267,315
Authorized stock repurchased	$ 1,249,312
Total Number of ADSs Purchased	678,882
Class A ordinary shares
ORDINARY SHARES
Authorized stock repurchased				$ 10,000
Ordinary shares, par value (in dollars per share)	$ 0.001		$ 0.001
Class A ordinary shares \| Stock Repurchase
ORDINARY SHARES
Stock issued during period share repurchase of open market shares	30,549,690
Stock issued during period value repurchase of open market shares	$ 1,249
Weighted average price per share	$ 1.83
Class A ordinary shares \| Stock Repurchase \| Board of Directors
ORDINARY SHARES
Ordinary shares, par value (in dollars per share)				$ 0.001
Class A ordinary shares \| Common Stock [Member]
ORDINARY SHARES
Exercise of share options and restricted shares vesting (in shares)	30,645,751	0

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 10, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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 Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001509223
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
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		825,439,048
Class B ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding		305,338,450

STATUTORY RESERVE AND RESTRICTED NET ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
STATUTORY RESERVE AND RESTRICTED NET ASSETS
Percentage of after-tax profits required to be allocated to general reserve	10.00%
General reserve as a percentage of registered capital up to which after-tax profit of PRC subsidiaries and VIE'S shall be transferred	50.00%		50.00%
Aggregate amount of net assets of the relevant subsidiaries and VIE entities in the Company not available for distribution	$ 255,364		$ 251,309
Appropriation of reserves of PRC subsidiaries	$ 0	$ 0

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

3 Months Ended

Mar. 31, 2023

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

8. SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

The Company provides SaaS platforms to customers primarily located in the United States. The Company’s conducts its operations 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 provides similar platform services in each of its segments. It is impractical to segregate and identify revenues, beyond what the Company have disclosed herein and in Note 2, 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
Three Months Ended March 31, 2023
Revenue	$	6,826	$	5,254	$	69	$	12,149
Cost of sales		1,011		1,644		68		2,723
Gross Margin	$	5,815	$	3,610	$	1	$	9,426

Three Months Ended March 31, 2022
Revenue	$	5,634	$	4,627	$	60	$	10,321
Cost of sales		730		1,696		21		2,447
Gross Margin	$	4,904	$	2,931	$	39	$	7,874

The majority of the Company’s revenue for the three months ended March 31, 2022 and 2023 was generated from the United States.

As of March 31, 2023, substantially all of the long-lived assets of the Company were located in the US. As of March 31, 2023, the long-lived assets $465, $226 and $8,715 of the Company were located in the PRC, Philippines and United States, respectively.

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.

+ References

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-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

STATUTORY RESERVE AND RESTRICTED NET ASSETS

3 Months Ended

Mar. 31, 2023

STATUTORY RESERVE AND RESTRICTED NET ASSETS

STATUTORY RESERVE AND RESTRICTED NET ASSETS

9. 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, 2022 and March 31, 2023, 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 three months ended March 31, 2022 and 2023.

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 were $251,309 and $255,364 as of December 31, 2022 and March 31, 2023, respectively.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
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	863,382,313	832,736,562
Ordinary shares, shares outstanding		832,736,562
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

LONG-TERM INVESTMENTS

3 Months Ended

Mar. 31, 2023

LONG-TERM INVESTMENTS

LONG-TERM INVESTMENTS

4. LONG-TERM INVESTMENTS


		December 31,		March 31,
	Note	2022		2023
Equity method investments:
Fundrise, L.P.	(i)		12,085		12,177
Other	(ii)		3,322		3,333
Total equity method investments			15,407		15,510

Equity investment with readily determinable fair values
Kaixin Auto Holdings	(iii)	$	9,636	$	17,911

Equity investment without readily determinable fair values
Suzhou Youge Interconnection Venture Capital Center			725		727

Total long-term investments		$	25,768	$	34,148

(i)

In October 2014, the Company entered into an agreement to purchase limited partnership interest of Fundrise, L.P. for a total consideration of $10,000. The Company held 98.04% equity interest as limited partner as of December 31, 2022 and March 31, 2023 and recognized its share of loss and income of $82 and $92 for the three months ended March 31, 2022 and 2023, respectively.

(ii)

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 $1,454 (RMB10 million). The Company held 12.38% partnership interest as of December 31, 2022 and March 31, 2023 and recognized its share of loss of nil and nil for the three months ended March 31, 2022 and 2023, respectively.

(iii)

From June 30, 2022, the Company’s equity interest in Kaixin Auto Holdings ("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 three months ended March 31, 2023, the Company recognized a $8,275 unrealized income as a change of fair value to the investment of Kaixin, which was booked in gain from fair value change of a long-term investment on the condensed consolidated statements of operations. Prior to the change in the accounting method, the Company recognized its share loss of $402 from Kaixin under equity method for the three months ended March 31, 2022.

SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2023

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

7. SHARE-BASED COMPENSATION

Renren Stock options

The following table summarizes information with respect to share options outstanding as of March 31, 2023:

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

91,646,055

1.86

0.01

0.02

91,646,055

1.86

0.01

0.02

91,646,055

0.02

91,646,055

0.02


		Weighted
		average
	Number of	exercise
	shares	price
Balance, December 31, 2022	95,021,055	$	0.01

Exercised	(3,150,000)	$	0.01
Forfeited	(225,000)	$	0.01

Balance, March 31, 2023	91,646,055	$	0.01

Exercisable, March 31, 2023	91,646,055	$	0.01

Expected to vest, March 31, 2023	—	$	—

For employee stock options, the Company recorded share-based compensation of $484 and $nil for the three months ended March 31, 2022 and 2023, 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 the three months ended March 31, 2022 and 2023, there was no share-based compensation recorded for non-employee options.

As of March 31, 2023, 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, 2022	35,263,634	$	0.14

Vested (i)	(6,228,436)	$	0.15

Outstanding as of March 31, 2023	29,035,198	$	0.14

(i)

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 $927 and $644 for the three months ended March 31, 2022 and 2023, respectively. For Renren share incentive plans, no compensation expense from restricted shares was recognized in discontinued operations for any period presented.

Total unrecognized compensation expense amounting to $4,188 related to nonvested restricted shares granted as of March 31, 2023. The expense is expected to be recognized in continuing operations over a weighted-average period of 0.85 years.

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

On July 13, 2020, Chime Technologies, Inc. and Trucker Path, Inc. adopted equity incentive plans, whereby, after adjustment 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 equity 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.

For the three months ended March 31, 2022, Chime granted 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.

For the three months ended March 31, 2022 Trucker Path granted an aggregate of 18,070 options under its 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.

For the three months ended March 31, 2023, nil options were newly granted by Chime and Trucker Path under 2020 Chime Plan, 2020 Trucker Path Plan, 2021 Chime Plan and 2021 Trucker Path Plan.

The Company recorded share-based compensation for Chime and Trucker Path of $44 and $77, respectively, for the three months ended March 31, 2022, and $44 and $77 respectively, for the three months ended March 31, 2023, based on the fair value on the grant dates over the requisite service period of award using the straight-line method

As of March 31, 2023 there were $449 and $826 unrecognized share-based compensation expense relating to share options of Chime and Trucker Path, respectively. This amount is expected to be recognized over a weighted-average vesting period of 2.68 and 2.73 years for Chime and Trucker Path, respectively.

The following table summarizes information with respect to share options outstanding of Chime as of March 31, 2023:

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

48,698

8.23

31.73

38.56

37,382

8.13

29.05

41.05

48,698

38.56

37,382

41.05



		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2022	49,748	$	31.19	15.11
Forfeited	(1,050)	$	6.00	3.62
Balance, March 31, 2023	48,698	$	31.73	15.36
Exercisable, March 31, 2023	37,382	$	29.05
Expected to vest, March 31, 2023	11,316		40.61

The following table summarizes information with respect to share options outstanding of Trucker Path as of March 31, 2023:

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

50,335

8.16

49.76

81.78

40,138

8.05

44.24

87.14

50,335

81.78

40,138

87.14


		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2022	51,005	$	49.60	$	24.45
Forfeited	(670)	$	36.73	$	17.91
Balance, March 31, 2023	50,335	$	49.76	$	24.84
Exercisable, March 31, 2023	40,138	$	44.24
Expected to vest, March 31, 2023	10,197	$	71.01

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 are as follows:


	For the Three Months Ended March 31,
	2022		2023
Selling and marketing	$	45	$	44
Research and development		174		157
General and administrative		1,313		564
Total share-based compensation expense	$	1,532	$	765

There was no income tax benefit recognized in the statements of operations for share-based compensation for the three months ended March 31, 2022 and 2023.

SHARE-BASED COMPENSATION - Share-based compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 765	$ 1,532
Selling and marketing
SHARE-BASED COMPENSATION
Share-based compensation expense	44	45
Research and development
SHARE-BASED COMPENSATION
Share-based compensation expense	157	174
General and administrative
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 564	$ 1,313

OPERATING LEASES - Lease cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Lessee, Lease, Description
Cash paid for amounts included in the measurement of lease liabilities	$ 215	$ 163
Total operating lease cost	169	390
Short-term lease cost	59	57
Total lease cost	$ 228	447
Weighted average remaining lease term	1 year 5 months 12 days		7 months 13 days
Weighted average discount rate of operating leases	10.30%		10.30%
Selling expenses
Lessee, Lease, Description
Total operating lease cost	$ 48	56
Research and development expenses
Lessee, Lease, Description
Total operating lease cost	70	61
General and administrative expenses
Lessee, Lease, Description
Total operating lease cost	$ 51	$ 273

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Class A ordinary shares	Class B ordinary shares	Treasury stock	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, 2021	$ 816	$ 305	$ 0	$ 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	0
Increase (Decrease) in Shareholders' Equity
Stock-based compensation				1,411				1,411	121	1,532
Unrealized loss on short-term investments										0
Other comprehensive income (loss)							(79)	(79)	5	(74)
Net income (loss)					(3,317)			(3,317)	(367)	(3,684)
Exercise of share options and restricted shares vesting (in shares)	0
Balance at Mar. 31, 2022	$ 816	$ 305		773,618	(623,708)	6,712	(10,091)	147,652	(12,866)	134,786
Balance (in shares) at Mar. 31, 2022	815,936,577	305,388,450
Balance at Dec. 31, 2022	$ 833	$ 305		779,002	(697,299)	6,712	(8,951)	80,602	(13,888)	66,714
Balance (in shares) at Dec. 31, 2022	832,736,562	305,388,450
Increase (Decrease) in Shareholders' Equity
Stock-based compensation				644				644	121	765
Repurchase of Class A ordinary shares			$ (1,249)					(1,249)		(1,249)
Repurchase of Class A ordinary shares (in shares)			(30,549,690)
Unrealized loss on short-term investments							(42)	(42)		(42)
Other comprehensive income (loss)							127	127	5	132
Reclassification of additional paid-in capital				838	(838)
Net income (loss)					5,970			5,970	(636)	5,334
Exercise of share options and restricted shares vesting	$ 3			33				36		36
Exercise of share options and restricted shares vesting (in shares)	30,645,751
Balance at Mar. 31, 2023	$ 836	$ 305	$ (1,249)	$ 780,517	$ (692,167)	$ 6,712	$ (8,866)	$ 86,088	$ (14,398)	$ 71,690
Balance (in shares) at Mar. 31, 2023	863,382,313	305,388,450	(30,549,690)

SHARE-BASED COMPENSATION (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Jul. 13, 2020 shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) shares	Nov. 04, 2021 shares
SHARE-BASED COMPENSATION
Share based compensation		$ 765	$ 1,532
Income tax benefit		0	0
Non-employee options
SHARE-BASED COMPENSATION
Share based compensation		0	0
Employee stock options
SHARE-BASED COMPENSATION
Share based compensation		0	484
Unrecognized share-based compensation expense relating to share options		0
Nonvested restricted shares
SHARE-BASED COMPENSATION
Share based compensation		644	927
Unrecognized compensation expense		$ 4,188
Expected weighted-average period for unrecognized compensation expense to be recognized		10 months 6 days
Chime
SHARE-BASED COMPENSATION
Share based compensation		$ 44	44
Unrecognized share-based compensation expense relating to share options			$ 449
Expected weighted-average period for unrecognized compensation expense to be recognized			2 years 8 months 4 days
Reverse stock split ratio	0.005
Number of shares available for future grant \| shares	150,000			25,000
Number of aggregate options granted (in shares) \| shares			19,726
Weighted average grant date fair value of option per share \| $ / shares		$ 34.00
Trucker Path
SHARE-BASED COMPENSATION
Share based compensation		$ 77	$ 77
Unrecognized share-based compensation expense relating to share options			$ 826
Expected weighted-average period for unrecognized compensation expense to be recognized			2 years 8 months 23 days
Number of shares available for future grant \| shares	150,000			25,000
Number of aggregate options granted (in shares) \| shares		18,070
Weighted average grant date fair value of option per share \| $ / shares		$ 66.00

ORDINARY SHARES

3 Months Ended

Mar. 31, 2023

ORDINARY SHARES

ORDINARY SHARES

6. ORDINARY SHARES

Exercise of share options and restricted shares vesting

During the three months ended March 31, 2022 and 2023, nil and 30,645,751 Class A ordinary shares were issued due to the exercise of share options or vesting of restricted share units under share-based compensation, among which 21,267,315 restricted shares were suspended due to the Stipulation Settlement until January 13, 2023, but expensed according to the original vesting schedule and experienced catch-up vesting applied upon the finalized settlement (See Note 2).

Stock Repurchase

On November 7, 2022, the Company’s Board of Directors (the “Board”) authorized the repurchase of up to an aggregate of $10.0 million of the Company’s Class A ordinary shares, par value $0.001 per share, to be executed from time to time in open market transactions effected through a broker at prevailing market prices under ordinary principles of best execution within one year after commencement (the “Stock Repurchase Program”). The Stock Repurchase Program took effect on January 16, 2023.

The Stock Repurchase Program does not obligate the Company to repurchase any particular amount of the Company’s ordinary shares, and may be modified, extended, suspended, or discontinued at any time. The timing and amount of repurchases will be determined by the Company’s management based on a variety of factors such as the market price of the Company’s ordinary shares, the Company’s corporate cash requirements, and overall market conditions. The Stock Repurchase Program is subject to applicable legal requirements, including federal and state securities laws and applicable Nasdaq rules.

For the three months ended March 31, 2023, the Company repurchased 678,882 ADSs, representing 30,549,690 Class A ordinary shares for $1,249 on the open market, at a weighted average price of $1.83 per ADS.

The following table sets forth repurchase activity under the Stock Repurchase Program from inception through March 31, 2023:


				Approximate Dollar
				Value of ADSs That		Approximate Dollar
	Total	Average		Purchased as		Value of ADSs That
	Number of	Price		Part of Publicly		May Yet Be
	ADSs	Paid Per		Announced		Purchased Under the
	Purchased	ADS		Programs		Programs
Periods
January 2023:
Open market purchases	258,661	$	2.04	$	527,515	$	9,472,485
February 2023:
Open market purchases	251,708	$	1.89	$	476,214	$	8,996,271
March 2023:
Open market purchases	168,513	$	1.41	$	245,583	$	8,750,688
Total	678,882			$	1,249,312

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION (Tables)

3 Months Ended

Mar. 31, 2023

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

Schedule of segment information


	Chime		Trucker Path		Other Operations		Consolidated
Three Months Ended March 31, 2023
Revenue	$	6,826	$	5,254	$	69	$	12,149
Cost of sales		1,011		1,644		68		2,723
Gross Margin	$	5,815	$	3,610	$	1	$	9,426

Three Months Ended March 31, 2022
Revenue	$	5,634	$	4,627	$	60	$	10,321
Cost of sales		730		1,696		21		2,447
Gross Margin	$	4,904	$	2,931	$	39	$	7,874

SUBSEQUENT EVENT (Details) - SUBSEQUENT EVENT - USD ($) $ in Thousands	May 01, 2023	May 31, 2023
SUBSEQUENT EVENT
Restructuring loss	$ 334
Intangible assets and goodwill	$ 308
Other net assets		$ 26

ORDINARY SHARES - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023
ORDINARY SHARES
Total Number of ADSs Purchased	678,882
Approximate Dollar Value of ADSs That Purchased as Part of Publicly Announced Programs	$ 1,249,312
Open market purchases
ORDINARY SHARES
Total Number of ADSs Purchased	168,513	251,708	258,661
Average Price Paid Per ADS	$ 1.41	$ 1.89	$ 2.04
Approximate Dollar Value of ADSs That Purchased as Part of Publicly Announced Programs	$ 245,583	$ 476,214	$ 527,515
Approximate Dollar Value of ADSs That May Yet Be Purchased Under the Programs	$ 8,750,688	$ 8,996,271	$ 9,472,485

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total revenues	$ 12,149	$ 10,321
Cost of revenues:
Total cost of revenues	2,723	2,447
Gross profit	9,426	7,874
Operating expenses
Selling and marketing	4,896	4,795
Research and development	4,902	3,598
General and administrative	3,047	4,272
Total operating expenses	12,845	12,665
Loss from operations	(3,419)	(4,791)
Other income (loss), net	(23)	1,405
Gain from fair value change of a long-term investment	8,276
Interest income	356	186
(Loss) Income before provision of income tax and loss in equity method investments and noncontrolling interest, net of tax	5,190	(3,200)
(Loss) Income before loss in equity method investments and noncontrolling interest, net of tax	5,190	(3,200)
(Loss) Income in equity method investments, net of tax	144	(484)
Net (loss) income	5,334	(3,684)
Net loss attributable to non-controlling interests	(636)	(367)
Net (loss) income attributable to Renren Inc.	$ 5,970	$ (3,317)
Net (loss) income per share attributable to Renren Inc. shareholders:
Basic	$ 0.005	$ (0.003)
Diluted	$ 0.005	$ (0.003)
Weighted average number of shares used in calculating net (loss) income per share attributable to Renren Inc. shareholders:
Basic	1,143,950,029	1,121,325,027
Diluted	1,240,257,189	1,121,325,027
SaaS revenue
Revenues:
Total revenues	$ 12,080	$ 10,261
Cost of revenues:
Total cost of revenues	2,674	2,426
Other services
Revenues:
Total revenues	69	60
Cost of revenues:
Total cost of revenues	$ 49	$ 21

OPERATING LEASES (Tables)

3 Months Ended

Mar. 31, 2023

OPERATING LEASES

Schedule of operating lease cost and short-term lease cost


	For the three months ended March 31,
	2022		2023
Selling expenses	$	56	$	48
Research and development expenses		61		70
General and administrative expenses		273		51
Total operating lease cost		390		169

Short-term lease cost		57		59

Total lease cost	$	447	$	228

Schedule of maturities of lease liabilities


	Operating Lease
Remainder of 2023	$	239
2024		107
Total undiscounted lease payment		346
Less: Imputed interest		(4)
Present value of lease liabilities	$	342

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

Principles of consolidation

Use of estimates

Fair value

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

Restricted Cash

Short-term investments

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 three months ended March 31,
	2022		2023
Chime
Subscription services	$	5,110	$	6,425
Advertising services		524		401
	$	5,634	$	6,826
Trucker Path
Subscription services	$	3,923	$	4,886
Advertising services		353		396
Other SaaS revenue		351		(28)
	$	4,627	$	5,254
Other Operations
Other services	$	60	$	69
Total Revenue	$	10,321	$	12,149

Recently adopted accounting pronouncements

beginning on January 1, 2023, and the adoption of ASU 2016-13 did not have a material impact on the consolidated financial statements.

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

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2023

ORGANIZATION AND PRINCIPAL ACTIVITIES

Schedule of principal subsidiaries and consolidated VIE

As of March 31, 2023, 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	Delaware, USA	77.8	%	SaaS business
Trucker Path, Inc. (“Trucker Path”)	December 28, 2017	Delaware, USA	77.8	%	SaaS business
Lucrativ Inc.	January 22, 2018	Delaware, 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 condensed consolidated financial information


	As of December 31,		As of March 31,
	2022		2023
Total assets	$	9,084	$	10,304
Total liabilities	$	10,630	$	13,180


	For the three months ended March 31,
	2022		2023
Revenues	$	34	$	34
Net Loss	$	(3,765)	$	(4,383)


	For the three months ended March 31,
	2022		2023
Net cash (used in) provided by operating activities	$	(860)	$	306
Net cash used in investing activities	$	—	$	(8)
Net cash used in financing activities	$	—	$	—

OPERATING LEASES

3 Months Ended

Mar. 31, 2023

OPERATING LEASES

OPERATING LEASES

5. OPERATING LEASES

The Company leases its facilities and offices under non-cancellable operating lease agreements. These leases expire through 2025 and are renewable upon negotiation.

For the three months ended March 31, 2022 and 2023, cash paid for amounts included in the measurement of lease liabilities was $163 and $215, respectively.

The operating lease cost and short-term lease cost for the three months ended March 31, 2022 and 2023 were as follows:


	For the three months ended March 31,
	2022		2023
Selling expenses	$	56	$	48
Research and development expenses		61		70
General and administrative expenses		273		51
Total operating lease cost		390		169

Short-term lease cost		57		59

Total lease cost	$	447	$	228

The weighted average remaining lease term as of December 31, 2022 and March 31, 2023 was 0.62 and 1.45 years, and the weighted average discount rate of the operating leases was 10.30% and 10.30%. Maturities of lease liabilities as of March 31, 2023 were as follows:


	Operating Lease
Remainder of 2023	$	239
2024		107
Total undiscounted lease payment		346
Less: Imputed interest		(4)
Present value of lease liabilities	$	342

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of disaggregate revenue by subscription, advertising, and other services (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of revenue
Revenue	$ 12,149	$ 10,321
Chime
Disaggregation of revenue
Revenue	6,826	5,634
Trucker Path
Disaggregation of revenue
Revenue	5,254	4,627
Other Operations
Disaggregation of revenue
Revenue	69	60
Subscription services \| Chime
Disaggregation of revenue
Revenue	6,425	5,110
Subscription services \| Trucker Path
Disaggregation of revenue
Revenue	4,886	3,923
Advertising services \| Chime
Disaggregation of revenue
Revenue	401	524
Advertising services \| Trucker Path
Disaggregation of revenue
Revenue	396	353
Other SaaS revenue \| Trucker Path
Disaggregation of revenue
Revenue	(28)	351
Other services \| Other Operations
Disaggregation of revenue
Revenue	$ 69	$ 60

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net (loss) income	$ 5,334	$ (3,684)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Share-based compensation expense	765	1,532
Loss (income) in equity method investments	(144)	484
Amortization of the right-of-use assets	165	199
Depreciation and amortization	64	52
Gain on debt forgiveness		(1,334)
Fair value change on long-term investment	(8,276)
Changes in operating assets and liabilities:
Accounts receivable	(490)	70
Prepaid expenses and other current assets	31	598
Accounts payable	(1)	(285)
Amounts due from/to related parties	1	(17)
Accrued expenses and other current liabilities	(50)	269
Deferred revenue	(11)	382
Operating lease liabilities	(215)	(163)
Income tax payable		73
Net cash used in operating activities	(2,827)	(1,824)
Cash flows from investing activities:
Redemption (purchase) of short-term investments	(305)	1,000
Dividend received from equity investment	52
Purchases of intangible assets	(25)
Proceeds from disposal of equipment and property	1	1
Purchase of property and refurbishment construction	(811)	(4,575)
Net cash used in investing activities	(1,088)	(3,574)
Cash flows from financing activities:
Proceeds from exercise of share options	36
Ordinary share buyback	(1,249)
Dividend from Stipulation Settlement	2,630
Repayment of borrowings		(174)
Net cash (used in)/provided by financing activities	1,417	(174)
Net decrease in cash and cash equivalents and restricted cash	(2,498)	(5,572)
Cash and cash equivalents and restricted cash at beginning of period	65,247	27,960
Effect of exchange rate changes	151	67
Cash and cash equivalents and restricted cash at end of period	25,613	$ 59,742
Schedule of non-cash activities:
Obtaining right-of-use assets in exchange for operating lease liabilities	$ 262

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Short-term investments	$ 24,267		$ 24,004
Unrealized loss on short-term investments	(42)	$ 0
Contract assets	0		0
Deferred revenue	4,312		4,323
Revenue recognized	2,228	$ 1,372
Cash deposits pledged as security	9,159		$ 9,159
Kaixin Subsidiary
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Letter of credit issued	8,277
Standby letter of credit claimed	$ 5,860

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS (Tables)

3 Months Ended

Mar. 31, 2023

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

Schedule of selected consolidated balance sheets information


	As previously reported	Adjustment	As adjusted
Assets
Stipulation disbursement receivable	—	2,630	2,630
Total current assets	58,170	2,630	60,800
Long-term investment	27,450	(1,682)	25,768
Total Assets	94,708	948	95,656
Shareholders’ equity
Accumulated deficit	(695,635)	1,664	(697,299)
Additional paid-in capital	776,372	2,630	780,517
Accumulated other comprehensive loss	(8,933)	(18)	(8,951)
Total Renren Inc. shareholders’ equity	79,654	948	80,602

ORGANIZATION AND PRINCIPAL ACTIVITIES

3 Months Ended

Mar. 31, 2023

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 generate nearly 100% of their revenue from the U.S. market and comprise the majority of our revenue.

As of March 31, 2023, 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	Delaware, USA	77.8	%	SaaS business
Trucker Path, Inc. (“Trucker Path”)	December 28, 2017	Delaware, USA	77.8	%	SaaS business
Lucrativ Inc.	January 22, 2018	Delaware, 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, including: (1) Power of Attorney; (2) Business Operation Agreements; (3) Exclusive Equity Option Agreement; (4) Spousal Consent Agreement; (5) Exclusive Technical and Consulting Services Agreement; (6) Intellectual Property Licenses Agreement; (7) Loan Agreements, and (8) Equity Interest Pledge Agreement 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 as they relate to operating matters, which provide the Company 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 following financial statement balances and amounts of the Company’s VIE were included in the accompanying condensed consolidated financial statements after elimination of intercompany balances and transactions between the offshore companies, WFOE, VIE and VIE’s subsidiaries. As of December 31, 2022 and March 31, 2023, 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,		As of March 31,
	2022		2023
Total assets	$	9,084	$	10,304
Total liabilities	$	10,630	$	13,180


	For the three months ended March 31,
	2022		2023
Revenues	$	34	$	34
Net Loss	$	(3,765)	$	(4,383)


	For the three months ended March 31,
	2022		2023
Net cash (used in) provided by operating activities	$	(860)	$	306
Net cash used in investing activities	$	—	$	(8)
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.

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION - Chime and Trucker Path other operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
SEGMENT INFORMATION
Revenue	$ 12,149	$ 10,321
Cost of sales	2,723	2,447
Gross profit	9,426	7,874
Chime
SEGMENT INFORMATION
Revenue	6,826	5,634
Cost of sales	1,011	730
Gross profit	5,815	4,904
Trucker Path
SEGMENT INFORMATION
Revenue	5,254	4,627
Cost of sales	1,644	1,696
Gross profit	3,610	2,931
Other Operations
SEGMENT INFORMATION
Revenue	69	60
Cost of sales	68	21
Gross profit	$ 1	$ 39

- Definition

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

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SUBSEQUENT EVENT

3 Months Ended

Mar. 31, 2023

SUBSEQUENT EVENT.

SUBSEQUENT EVENT

10. SUBSEQUENT EVENT

Effective May 1, 2023, the Company has ended operations of the Trucker Path Logistics, Inc. entity and has assigned all services and obligations subsequent to the effective date to Four Keys Logistics, LLC. The disposal is a result of the CODM’s decision not to pursue the dispatch service within the Trucker Path platform. As a result of the transaction, the Company will record a restructuring loss of $334 resulting primarily from the write-off of $308 intangible assets and goodwill, and $26 in other net assets.

LONG-TERM INVESTMENTS - Consolidated balance sheets and income statements of the Fundrise L P (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Summary of the consolidated balance sheets and income statements of the Fundrise which we have a significant equity method investment
Current assets	$ 56,506		$ 60,800
Noncurrent assets	44,107		34,856
Current liabilities	28,820		$ 28,942
Revenue	12,149	$ 10,321
(Loss) income from operations	(3,419)	(4,791)
Net (loss) income	5,334	(3,684)
Net loss attributable to the Company	$ 5,970	$ (3,317)

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+ Details

- Definition

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

+ References

+ Details

- 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

ORDINARY SHARES (Tables)

3 Months Ended

Mar. 31, 2023

ORDINARY SHARES

Schedule of repurchase activity under the Stock Repurchase Program


				Approximate Dollar
				Value of ADSs That		Approximate Dollar
	Total	Average		Purchased as		Value of ADSs That
	Number of	Price		Part of Publicly		May Yet Be
	ADSs	Paid Per		Announced		Purchased Under the
	Purchased	ADS		Programs		Programs
Periods
January 2023:
Open market purchases	258,661	$	2.04	$	527,515	$	9,472,485
February 2023:
Open market purchases	251,708	$	1.89	$	476,214	$	8,996,271
March 2023:
Open market purchases	168,513	$	1.41	$	245,583	$	8,750,688
Total	678,882			$	1,249,312

SHARE-BASED COMPENSATION - Summary of activity of stock options granted (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of shares
Balance at the beginning of the period (in shares) \| shares	95,021,055
Exercised (in shares) \| shares	3,150,000
Forfeited (in shares) \| shares	225,000
Balance at the end of the period (in shares) \| shares	91,646,055
Exercisable, at the end of the period (in shares) \| shares	91,646,055
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
Chime
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
Stock options \| Trucker Path
Number of shares
Balance at the beginning of the period (in shares) \| shares	51,005
Forfeited (in shares) \| shares	670
Balance at the end of the period (in shares) \| shares	50,335
Exercisable, at the end of the period (in shares) \| shares	40,138
Expected to vest, at the end of the period (in shares) \| shares	10,197
Weighted average exercise price
Balance at the beginning of the period (in dollars per share)	$ 49.60
Forfeited (in dollars per share)	36.73
Balance at the end of the period (in dollars per share)	49.76
Exercisable, at the end of the period (in dollars per share)	44.24
Expected to vest, at the end of the period (in dollars per share)	71.01
Weighted average grant date fair value
Balance at the beginning of the period (in dollars per share)	24.45
Forfeited (in dollars per share)	17.91
Balance at the end of the period (in dollars per share)	$ 24.84
Renren stock options \| Chime
Number of shares
Balance at the beginning of the period (in shares) \| shares	49,748
Forfeited (in shares) \| shares	1,050
Balance at the end of the period (in shares) \| shares	48,698
Exercisable, at the end of the period (in shares) \| shares	37,382
Expected to vest, at the end of the period (in shares) \| shares	11,316
Weighted average exercise price
Balance at the beginning of the period (in dollars per share)	$ 31.19
Forfeited (in dollars per share)	6.00
Balance at the end of the period (in dollars per share)	31.73
Exercisable, at the end of the period (in dollars per share)	29.05
Expected to vest, at the end of the period (in dollars per share)	40.61
Weighted average grant date fair value
Balance at the beginning of the period (in dollars per share)	15.11
Forfeited (in dollars per share)	3.62
Balance at the end of the period (in dollars per share)	$ 15.36