0001410578-23-001916 | 10-Q | XBRL Viewer

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REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS - Selected consolidated balance sheets information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Stipulation disbursement receivable	$ 0	$ 2,630
Total current assets	46,867	60,800
Long-term investment	26,357	25,768
Total Assets	82,679	95,656
Shareholders' equity
Accumulated deficit	(707,422)	(697,299)
Additional paid-in capital	781,081	779,002
Accumulated other comprehensive loss	(8,388)	(8,951)
Total Moatable, Inc. shareholders' equity	$ 70,916	80,602
As previously reported
ASSETS
Total current assets		58,170
Long-term investment		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 Moatable, Inc. shareholders' equity		79,654
Adjustment
ASSETS
Stipulation disbursement receivable		2,630
Total current assets		2,630
Long-term investment		(1,682)
Total Assets		948
Shareholders' equity
Accumulated deficit		(1,664)
Additional paid-in capital		2,630
Accumulated other comprehensive loss		(18)
Total Moatable, Inc. shareholders' equity		948
As adjusted
ASSETS
Stipulation disbursement receivable		2,630
Total current assets		60,800
Long-term investment		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 Moatable, Inc. shareholders' equity		$ 80,602

ORDINARY SHARES

6 Months Ended

Jun. 30, 2023

ORDINARY SHARES

ORDINARY SHARES

6. ORDINARY SHARES

Exercise of share options and restricted shares vesting

During the three months ended June 30, 2022 and 2023, 16,799,985 and 5,272,890 Class A ordinary shares were issued due to the exercise of share options or vesting of restricted share units under share-based compensation; and during the six months ended June 30, 2022 and 2023, 16,799,985 and 35,918,641 Class A ordinary shares were issued due to the exercise of share options or vesting of restricted share units under share-based compensation, respectively, among which the vesting of 21,267,315 restricted shares was suspended due to the Stipulation Settlement until January 13, 2023, but expensed according to the original vesting schedule. The catch-up vesting of all suspended shares was applied upon the completion of the settlement (See Note 7).

Stock Repurchase from public market

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 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 and six months ended June 30, 2023, the Company repurchased 542,569 and 1,221,451 ADSs, excluding the ADSs repurchased from Softbank, representing 24,415,605 and 54,965,295 Class A ordinary shares (each ADS is equivalent to 45 Ordinary Shares) for $704 and $1,953 on the open market, at a weighted average price of $1.30 and $1.60 per ADS, respectively.

Stock Repurchase from SoftBank

On May 23, 2023, the Company entered into a share repurchase agreement (the “Share Repurchase Agreement”) with SoftBank Group Capital Limited (“SoftBank”), pursuant to which the Company repurchased Class A and Class B ordinary shares of 152,870,520, and

135,129,480, respectively, from SoftBank (“Share Repurchase”). The repurchase price was $1.1144 per ADS, and the aggregate purchase price was $7,132. The purchase price per share was greater than the market price, which closed at $0.93 per share on the day of the share repurchase. The Company used cash on hand for the Share Repurchase and retired the ordinary shares purchased.

Prior to the Share Repurchase, no person owns more than 50% of the Company’s outstanding shares or voting power. A change in control of the Company occurred by virtue of the consummation of the Share Repurchase, with Mr. Joseph Chen (“Mr. Chen”), the Company’s founder, chairman of board of directors and chief executive officer, becoming the Company’s largest and controlling shareholder. Immediately after giving effect to the Share Repurchase, Mr. Chen holds 156,204,091 Class A ordinary shares and 170,258,970 Class B ordinary shares, representing 38.8% of total outstanding shares and 78.3% of total voting power of the Company.

Additionally, immediately after giving effect to the Share Repurchase, SoftBank holds 117,388,451 Class A ordinary shares of the Company, which is less than the Softbank Base Holding as defined in the Company’s currently effective Memorandum and Articles of Association. As a result, SoftBank is no longer entitled to the special rights set forth in the Company’s Memorandum and Articles of Association, including (i) the right to designate one director and (ii) approval rights with respect to certain matters such as a change-of-control event, election of directors at annual general meetings, new issuances of ordinary shares, and major acquisitions or disposals of assets.

In the Share Repurchase transaction, the Company initiated the transaction and thus paid a price greater than the market price at the transaction date without acquiring other rights or privileges, or entering other agreements. Therefore, the excess of $6,844 over ordinary shares’ par value was charged entirely to retained earnings.

The following table sets forth repurchase activity under the Stock Repurchase Program from for the three months ended June 30, 2023, which included the stock repurchase from Softbank:


				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
April 2023:
Open market purchases	161,691	$	1.35	$	219	$	8,532
May 2023:
Open market purchases	166,299	$	1.06	$	176	$	8,356
Repurchase from Softbank	6,400,000	$	1.11	$	7,132		1,224
June 2023:
Open market purchases	214,579	$	1.45	$	309	$	915
Total	6,942,569			$	7,836

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Class A ordinary shares	Class A Treasury stock	Class A Accumulated deficit	Class A Accumulated other comprehensive income (loss)	Class A Total Moatable Inc.'s equity (deficit)	Class A Non-controlling interest	Class A	Class B ordinary shares	Class B Accumulated deficit	Class B Total Moatable Inc.'s equity (deficit)	Class B	Treasury stock	Additional paid-in capital	Accumulated deficit	Statutory reserves	Accumulated other comprehensive income (loss)	Total Moatable Inc.'s equity (deficit)	Non-controlling interest	Total
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													1,411				1,411	121	1,532
Other comprehensive income (loss)				$ 79	$ 79	$ (5)	$ 74
Net income (loss)														(3,317)			(3,317)	(367)	(3,684)
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, 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
Unrealized loss on short-term investments																			0
Exercise of share options and RSUs vesting (in shares)	16,799,985
Balance at Jun. 30, 2022	$ 833							$ 305					774,748	(625,064)	6,712	(9,293)	148,241	(13,241)	135,000
Balance (in shares) at Jun. 30, 2022	832,736,562							305,388,450
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
Increase (Decrease) in Shareholders' Equity
Stock-based compensation													957				957	122	1,079
Unrealized loss on short-term investments																			0
Other comprehensive income (loss)																798	798	(305)	493
Exercise of share options and RSUs vesting	$ 17												173				190		190
Exercise of share options and RSUs vesting (in shares)	16,799,985
Net income (loss)														(1,356)			(1,356)	(192)	(1,548)
Balance at Jun. 30, 2022	$ 833							$ 305					774,748	(625,064)	6,712	(9,293)	148,241	(13,241)	135,000
Balance (in shares) at Jun. 30, 2022	832,736,562							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 ordinary shares		$ (1,249)			(1,249)		(1,249)
Repurchase of ordinary shares (in shares)		(30,549,690)
Unrealized loss on short-term investments																(42)	(42)		(42)
Other comprehensive income (loss)																127	127	5	132
Exercise of share options and RSUs vesting	$ 3												33				36		36
Exercise of share options and RSUs vesting (in shares)	30,645,751
Reclassification of additional paid-in capital													838	(838)
Net income (loss)														5,970			5,970	(636)	5,334
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)
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
Repurchase of ordinary shares (in shares)																			1,221,451
Unrealized loss on short-term investments																			$ (38)
Exercise of share options and RSUs vesting (in shares)	35,918,641
Balance at Jun. 30, 2023	$ 716							$ 170				$ (1,953)	781,081	(707,422)	6,712	(8,388)	70,916	(14,757)	56,159
Balance (in shares) at Jun. 30, 2023	715,784,683							170,258,970				(54,965,295)
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)
Increase (Decrease) in Shareholders' Equity
Stock-based compensation													597				597	116	$ 713
Repurchase of ordinary shares	$ (153)	$ (704)	$ (3,633)		$ (4,490)		$ (4,490)	$ (135)	$ (3,211)	$ (3,346)	$ (3,346)
Repurchase of ordinary shares (in shares)	(152,870,520)	(24,415,605)						(135,129,480)											542,569
Unrealized loss on short-term investments																4	4		$ 4
Other comprehensive income (loss)																474	474	(125)	349
Exercise of share options and RSUs vesting	$ 33												(33)
Exercise of share options and RSUs vesting (in shares)	5,272,890
Net income (loss)														(8,411)			(8,411)	(350)	(8,761)
Balance at Jun. 30, 2023	$ 716							$ 170				$ (1,953)	$ 781,081	$ (707,422)	$ 6,712	$ (8,388)	$ 70,916	$ (14,757)	$ 56,159
Balance (in shares) at Jun. 30, 2023	715,784,683							170,258,970				(54,965,295)

SHARE-BASED COMPENSATION - Summary of activity of stock options granted (Details) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Number of shares
Balance at the beginning of the period (in shares)	95,021,055
Exercised (in shares)	3,150,000
Forfeited (in shares)	225,000
Balance at the end of the period (in shares)	91,646,055
Exercisable, at the end of the period (in 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)	51,005
Forfeited (in shares)	1,720
Balance at the end of the period (in shares)	49,285
Exercisable, at the end of the period (in shares)	35,788
Expected to vest, at the end of the period (in shares)	13,497
Weighted average exercise price
Balance at the beginning of the period (in dollars per share)	$ 49.60
Forfeited (in dollars per share)	95.50
Balance at the end of the period (in dollars per share)	47.97
Exercisable, at the end of the period (in dollars per share)	28.61
Expected to vest, at the end of the period (in dollars per share)	98.56
Weighted average grant date fair value
Balance at the beginning of the period (in dollars per share)	24.45
Forfeited (in dollars per share)	46.47
Balance at the end of the period (in dollars per share)	$ 23.99
Renren stock options \| Chime
Number of shares
Balance at the beginning of the period (in shares)	49,748
Forfeited (in shares)	1,283
Balance at the end of the period (in shares)	48,465
Exercisable, at the end of the period (in shares)	32,554
Expected to vest, at the end of the period (in shares)	15,911
Weighted average exercise price
Balance at the beginning of the period (in dollars per share)	$ 31.19
Forfeited (in dollars per share)	18.20
Balance at the end of the period (in dollars per share)	31.53
Exercisable, at the end of the period (in dollars per share)	20.26
Expected to vest, at the end of the period (in dollars per share)	54.61
Weighted average grant date fair value
Balance at the beginning of the period (in dollars per share)	15.11
Forfeited (in dollars per share)	9.03
Balance at the end of the period (in dollars per share)	$ 15.27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 01, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash deposits pledged as security					$ 7,088		$ 9,159
Transfer of rights, title and interest of defaulted loan of kaixin, guaranteed by company	$ 2,000
Purchase of Kaixin defaulted loan	$ 2,000
Short-term investments		$ 19,061			19,061		24,004
Unrealized loss on short-term investments		4	$ (42)	$ 0	(38)	$ 0
Contract assets		0			0		0
Deferred revenue		4,363			4,363		$ 4,323
Revenue recognized					$ 3,371	$ 1,999
Kaixin Subsidiary
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Standby letter of credit claimed in connection with default of certain guaranteed loan		$ 5,870

ORDINARY SHARES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 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	$ 7,836			$ 7,836
Repurchase of ordinary shares	542,569			1,221,451
Class A ordinary shares
ORDINARY SHARES
Authorized stock repurchased							$ 10,000
Ordinary shares, par value (in dollars per share)	$ 0.001			$ 0.001		$ 0.001
Class A ordinary shares \| Board of Directors
ORDINARY SHARES
Number of Ordinary shares in an ADS				45
Class A ordinary shares \| Stock Repurchase
ORDINARY SHARES
Stock issued during period share repurchase of open market shares	24,415,605			54,965,295
Stock issued during period value repurchase of open market shares	$ 704			$ 1,953
Weighted average price of repurchased shares	$ 1.30			$ 1.60
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 RSUs vesting (in shares)	5,272,890	30,645,751	16,799,985	35,918,641	16,799,985
Repurchase of ordinary shares	(152,870,520)

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

6 Months Ended

Jun. 30, 2023

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

8. SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

The disaggregated revenues by subscription, advertising, and other services for the three and six months ended June 30, 2022 and 2023 were as following:


	For the three months ended June 30,				For the six months ended June 30,
	2022		2023		2022		2023
Chime
Subscription services	$	5,518	$	6,779	$	10,628	$	13,204
Advertising services		346		374		870		775
Other SaaS revenue		39		60		39		60
	$	5,903	$	7,213	$	11,537	$	14,039
Trucker Path
Subscription services	$	4,451	$	5,155	$	8,374	$	10,041
Advertising services		500		435		853		831
Other SaaS revenue		118		48		469		20
	$	5,069	$	5,638	$	9,696	$	10,892
Other Operations
Other services	$	13	$	17	$	73	$	86
Total Revenue	$	10,985	$	12,868	$	21,306	$	25,017

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 has disclosed herein, 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 revenues. 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 June 30, 2023
Revenue	$	7,213	$	5,638	$	17	$	12,868
Cost of revenues		1,025		1,581		15		2,621
Gross Margin	$	6,188	$	4,057	$	2	$	10,247

Three Months Ended June 30, 2022
Revenue	$	5,903	$	5,069	$	13	$	10,985
Cost of revenues		935		1,578		1		2,514
Gross Margin	$	4,968	$	3,491	$	12	$	8,471
Six Months Ended June 30, 2023
Revenue	$	14,039	$	10,892	$	86	$	25,017
Cost of revenues		2,036		3,225		83		5,344
Gross Margin	$	12,003	$	7,667	$	3	$	19,673

Six Months Ended June 30, 2022
Revenue	$	11,537	$	9,696	$	73	$	21,306
Cost of revenues		1,665		3,274		22		4,961
Gross Margin	$	9,872	$	6,422	$	51	$	16,345

The majority of the Company’s revenue for the three and six months ended June 30, 2022 and 2023 was generated from the United States.

As of December 31, 2022 and June 30, 2023, substantially all of the long-lived assets of the Company were located in the US. As of June 30, 2023, the long-lived assets $380, $129 and $8,553 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

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-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

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-SubTopic 10
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-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

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-SubTopic 10
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS (Tables)

6 Months Ended

Jun. 30, 2023

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

Schedule of selected consolidated balance sheets information

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 Moatable, Inc. shareholders’ equity	79,654	948	80,602

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3. 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 Moatable, 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 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 expected to be released within the next twelve months.

The cash deposits pledged as security were $9,159 and $7,088 as of December 31, 2022 and June 30, 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 (SBLC) issued by East West Bank (the “Bank). Kaixin and its subsidiary have defaulted on both loans guaranteed by the Company under the SBLC.

On June 1, 2023, East West Bank assigned to the Company all rights, title, and interest in and to that certain $2.0 million loan made by the Bank to Kaixin (the “Kaixin USD Loan”) for a total consideration of approximately $2.0 million paid for from the Company’s Restricted Cash. The Kaixin USD Loan was guaranteed by the Letters of Credit. The Company is evaluating its options to pursue recovery from Kaixin after the assignment but considers any recovery remote.

In addition, as of the date of this Quarterly Report on Form 10-Q, approximately $5,870 had been claimed under our standby letter of credit in connection with the Kaixin Subsidiary’s default of certain guaranteed loan. No payment has been made to the Bank in connection with such claim, but the Company expects to reimburse the Bank for the full amount of the claim and for the bank to make any restricted cash remaining, after full settlement of the claim, available to the company without restrictions.

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 June 30, 2023 were $24,004, and $19,061, respectively. For the three and six months ended June 30, 2022, the increase in fair value of available-for-sale securities was recognized in other comprehensive loss amounting to nil and nil, respectively; for the three and six months ended June 30, 2023, the change in fair value of available-for-sale securities was recognized in other comprehensive gain and loss amounting to $4 and $38, 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.

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 June 30, 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 $4,363 as of December 31, 2022 and June 30, 2023, which is expected to be substantially recognized as revenue within one year. The amount of revenue recognized during the six months ended June 30, 2022 and 2023 that was previously included in the deferred revenue as of December 31, 2021 and 2022 was $1,999 and $3,371, 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 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 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.

STATUTORY RESERVE AND RESTRICTED NET ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 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	$ 242,365		$ 242,365		$ 251,309
Appropriation of reserves of PRC subsidiaries	$ 0	$ 0	$ 0	$ 0

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Number of reportable segments \| segment	2
PRC
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Long-lived assets	$ 380	$ 108
Philippines
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Long-lived assets	129	231
United States
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Long-lived assets	$ 8,553	$ 8,202

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

6 Months Ended

Jun. 30, 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 (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 made available by FHTY following the filing of our Audited financial statements 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 would 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 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 was 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 as of and for the three months ended March 31, 2023 due to the materiality to the quarterly financial statements. The impact on the statement of operations will be displayed on the Company’s consolidated financial statements for the year ending 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 Moatable, Inc. shareholders’ equity	79,654	948	80,602

ORGANIZATION AND PRINCIPAL ACTIVITIES - Schedule of condensed consolidated financial information of Company's VIEs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Condensed consolidated financial information of VIE and its subsidiaries
Total assets	$ 82,679		$ 82,679		$ 95,656
Total liabilities	26,520		26,520		28,942
Revenues	12,868	$ 10,985	25,017	$ 21,306
Net Loss	(8,411)	(1,356)	(2,441)	(4,673)
Net cash (used in) provided by operating activities			(5,142)	(1,623)
Net cash used in investing activities			3,921	(6,456)
Net cash used in financing activities			(6,419)	(66)
Variable Interest Entity
Condensed consolidated financial information of VIE and its subsidiaries
Service fees			0		0
Total assets	10,744		10,744		9,084
Total liabilities	12,141		12,141		$ 10,630
Revenues	22	20	56	54
Net Loss	$ (2,355)	$ (3,004)	(6,738)	(6,769)
Net cash (used in) provided by operating activities			1,474	$ (1,469)
Net cash used in investing activities			$ (55)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (3,427)	$ (5,232)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	1,478	2,611
Loss (income) in equity method investments	(314)	11,638
Amortization of the right-of-use assets	248	294
Depreciation and amortization	270	113
Gain on debt forgiveness		(1,329)
Release of tax liabilities	(1,308)
Loss from disposal of subsidiaries	308
Fair value change on long-term investment	(521)	(13,363)
Changes in operating assets and liabilities:
Accounts receivable	(727)	(268)
Prepaid expenses and other current assets	23	2,180
Accounts payable	(185)	785
Amounts due from/to related parties	(2)	(46)
Accrued expenses and other current liabilities	(757)	290
Deferred revenue	40	1,033
Operating lease liabilities	(268)	(329)
Net cash used in operating activities	(5,142)	(1,623)
Cash flows from investing activities:
Payment for acquisition of subsidiaries, net of cash acquired		(1,164)
Redemption of short-term investments	4,905	1,000
Dividend received from equity investment	52
Purchases of intangible assets	(121)	(1,569)
Proceeds from disposal of equipment and property	1	1
Purchases of property and refurbishment construction	(916)	(4,724)
Net cash (used in) provided by investing activities	3,921	(6,456)
Cash flows from financing activities:
Proceeds from exercise of share options	36	190
Ordinary share buyback	(9,085)
Dividend from stipulation settlement	2,630
Repayment of borrowings		(256)
Net cash used in financing activities	(6,419)	(66)
Net decrease in cash and cash equivalents and restricted cash	(7,640)	(8,145)
Cash and cash equivalents and restricted cash at beginning of period	27,960	65,247
Effect of exchange rate changes	479	(268)
Cash and cash equivalents and restricted cash at end of period	20,799	$ 56,834
Schedule of non-cash activities:
Obtaining right-of-use assets in exchange for operating lease liabilities	$ 260

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Foreign currency translation, net of income taxes	$ 0	$ 0	$ 0	$ 0
Net unrealized gain (loss) on available-for-sale investments, net of tax	$ 0	$ 0	$ 0	$ 0

INCOME TAXES

6 Months Ended

Jun. 30, 2023

INCOME TAXES

INCOME TAXES

10. INCOME TAXES

Utilization of the federal and state net operating losses may be subject to certain annual limitations under IRC Section 382 due to the “change in ownership” provisions. The annual limitation may result in the expiration of net operating losses and credits before utilization. The Company has a full valuation allowance against U.S. federal and state net operating losses.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

SHARE-BASED COMPENSATION (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Jul. 13, 2020 shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($) $ / shares shares	Nov. 04, 2021 shares
SHARE-BASED COMPENSATION
Share based compensation		$ 713	$ 1,078	$ 1,478	$ 2,611
Income tax benefit		0	0	0	0
Non-employee options
SHARE-BASED COMPENSATION
Share based compensation		0	0	0	0
Employee stock options
SHARE-BASED COMPENSATION
Share based compensation		0		0	484
Unrecognized share-based compensation expense relating to share options		0		0
Nonvested restricted shares
SHARE-BASED COMPENSATION
Share based compensation		597	957	1,241	1,884
Unrecognized compensation expense		3,500		$ 3,500
Expected weighted-average period for unrecognized compensation expense to be recognized				7 months 24 days
Chime
SHARE-BASED COMPENSATION
Share based compensation		42	44	$ 86	$ 88
Unrecognized share-based compensation expense relating to share options		400		$ 400
Expected weighted-average period for unrecognized compensation expense to be recognized				2 years 5 months 8 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		74	$ 78	$ 151	$ 155
Unrecognized share-based compensation expense relating to share options		$ 706		$ 706
Expected weighted-average period for unrecognized compensation expense to be recognized				2 years 5 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

LONG-TERM INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2023

LONG-TERM INVESTMENTS

Schedule of long-term investments


		December 31,		June 30,
	Note	2022		2023
Equity method investments:
Fundrise, L.P.	(i)		12,085		12,343
Other	(ii)		3,322		3,163
Total equity method investments			15,407		15,506

Equity investment with readily determinable fair values
Kaixin Auto Holdings	(iii)	$	9,636	$	10,157

Equity investment without readily determinable fair values
Suzhou Youge Interconnection Venture Capital Center			725		694

Total long-term investments		$	25,768	$	26,357

(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 June 30, 2023 and recognized its share of income of $14 and $170 for the three months ended June 30, 2022 and 2023, and share of loss and income $68 and $262 for the six months ended June 30, 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 $1,380 (RMB10 million). The Company held 12.38% partnership interest as of December 31, 2022 and June 30, 2023 and recognized its share of income of $416 and nil for the three months ended June 30, 2022 and 2023, and $416 and nil for the six months ended June 30, 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 June 30, 2023, the Company recognized a $7,755 unrealized loss as a change of fair value to the investment of Kaixin. For the six months ended June 30, 2022 and 2023, the Company recognized a $13,363 and $521 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 $11,986 from Kaixin under equity method for the six months ended June 30, 2022.

LONG-TERM INVESTMENTS

6 Months Ended

Jun. 30, 2023

LONG-TERM INVESTMENTS

LONG-TERM INVESTMENTS

4. LONG-TERM INVESTMENTS


		December 31,		June 30,
	Note	2022		2023
Equity method investments:
Fundrise, L.P.	(i)		12,085		12,343
Other	(ii)		3,322		3,163
Total equity method investments			15,407		15,506

Equity investment with readily determinable fair values
Kaixin Auto Holdings	(iii)	$	9,636	$	10,157

Equity investment without readily determinable fair values
Suzhou Youge Interconnection Venture Capital Center			725		694

Total long-term investments		$	25,768	$	26,357

(i)

(ii)

(iii)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Total revenues	$ 12,868	$ 10,985	$ 25,017	$ 21,306
Cost of revenues:
Total cost of revenues	2,621	2,514	5,344	4,961
Gross profit	10,247	8,471	19,673	16,345
Operating expenses
Selling and marketing	4,639	4,833	9,535	9,628
Research and development	4,911	4,092	9,813	7,690
General and administrative	3,528	3,289	6,575	7,561
Total operating expenses	13,078	12,214	25,923	24,879
Loss from operations	(2,831)	(3,743)	(6,250)	(8,534)
Other (loss) income, net	1,218	(26)	1,195	1,379
Gain (Loss) from fair value change of a long-term investment	(7,755)	13,363	521	13,363
Interest income, net	437	12	793	198
Income (Loss) before provision of income tax and loss in equity method investments and noncontrolling interest, net of tax	(8,931)	9,606	(3,741)	6,406
Income (Loss) before loss in equity method investments and noncontrolling interest, net of tax	(8,931)	9,606	(3,741)	6,406
(Loss) Income in equity method investments, net of tax	170	(11,154)	314	(11,638)
Net loss	(8,761)	(1,548)	(3,427)	(5,232)
Net loss attributable to non-controlling interests	(350)	(192)	(986)	(559)
Net loss attributable to Moatable, Inc.	$ (8,411)	$ (1,356)	$ (2,441)	$ (4,673)
Net loss per share attributable to Moatable, Inc. shareholders:
Basic	$ (0.008)	$ (0.001)	$ (0.002)	$ (0.004)
Diluted	$ (0.008)	$ (0.001)	$ (0.002)	$ (0.004)
Weighted average number of shares used in calculating net loss per share attributable to Moatable, Inc. shareholders:
Basic	1,007,327,376	1,137,942,403	1,074,919,510	1,129,725,020
Diluted	1,007,327,376	1,137,942,403	1,074,919,510	1,129,725,020
SaaS revenue
Revenues:
Total revenues	$ 12,848	$ 10,854	$ 24,928	$ 21,115
Cost of revenues:
Total cost of revenues	2,549	2,500	5,223	4,926
Other services
Revenues:
Total revenues	20	131	89	191
Cost of revenues:
Total cost of revenues	$ 72	$ 14	$ 121	$ 35

SHARE-BASED COMPENSATION - Summary of information with respect to share Options outstanding (Details) - Renren stock options	6 Months Ended
	Jun. 30, 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	48,465
Weighted average intrinsic value	$ 38.74
Options exercisable
Number of exercisable (in shares) \| shares	32,554
Weighted average intrinsic value	$ 49.19
Trucker Path
Options outstanding
Number outstanding (in shares) \| shares	49,285
Weighted average intrinsic value	$ 83.52
Options exercisable
Number of exercisable (in shares) \| shares	35,788
Weighted average intrinsic value	$ 102.31
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 7 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 7 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	48,465
Weighted average remaining contractual life	7 years 11 months 23 days
Weighted average exercise price (in dollars per share)	$ 31.53
Weighted average intrinsic value	$ 38.74
Options exercisable
Number of exercisable (in shares) \| shares	32,554
Weighted average remaining contractual life	7 years 6 months 21 days
Weighted average exercise price (in dollars per share)	$ 20.26
Weighted average intrinsic value	49.19
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	49,285
Weighted average remaining contractual life	7 years 10 months 17 days
Weighted average exercise price (in dollars per share)	$ 47.97
Weighted average intrinsic value	$ 83.52
Options exercisable
Number of exercisable (in shares) \| shares	35,788
Weighted average remaining contractual life	7 years 6 months 3 days
Weighted average exercise price (in dollars per share)	$ 28.61
Weighted average intrinsic value	$ 102.31

OPERATING LEASES (Tables)

6 Months Ended

Jun. 30, 2023

OPERATING LEASES

Schedule of operating lease cost and short-term lease cost


	For the three months ended June 30,				For the six months ended June 30,
	2022		2023		2022		2023
Selling expenses	$	42	$	45	$	98	$	93
Research and development expenses		60		70		121		140
General and administrative expenses		250		10		523		61
Total operating lease cost		352		125		742		294

Short-term lease cost		—		21		57		80

Total lease cost	$	352	$	146	$	799	$	374

Schedule of maturities of lease liabilities


	Operating Lease
Remainder of 2023	$	135
2024		68
Total undiscounted lease payment		203
Less: Imputed interest		(15)
Present value of lease liabilities	$	188

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION - Disaggregated revenues by subscription, advertising, and other services (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	$ 12,868	$ 10,985	$ 25,017	$ 21,306
Chime
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	7,213	5,903	14,039	11,537
Chime \| Subscription services
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	6,779	5,518	13,204	10,628
Chime \| Advertising services
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	374	346	775	870
Chime \| Other SaaS revenue
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	60	39	60	39
Trucker Path
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	5,638	5,069	10,892	9,696
Trucker Path \| Subscription services
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	5,155	4,451	10,041	8,374
Trucker Path \| Advertising services
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	435	500	831	853
Trucker Path \| Other SaaS revenue
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	48	118	20	469
Other Operations
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	17	13	86	73
Other Operations \| Other services
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	$ 17	$ 13	$ 86	$ 73

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
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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 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

ORDINARY SHARES - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2023	May 31, 2023	Jan. 31, 2023
ORDINARY SHARES
Total Number of ADSs Purchased	6,942,569
Approximate Dollar Value of ADSs That Purchased as Part of Publicly Announced Programs	$ 7,836
Open market purchases
ORDINARY SHARES
Total Number of ADSs Purchased	214,579	166,299	161,691
Average Price Paid Per ADS	$ 1.45	$ 1.06	$ 1.35
Approximate Dollar Value of ADSs That Purchased as Part of Publicly Announced Programs	$ 309	$ 176	$ 219
Approximate Dollar Value of ADSs That May Yet Be Purchased Under the Programs	$ 915	$ 8,356	$ 8,532
Repurchase from Softbank
ORDINARY SHARES
Total Number of ADSs Purchased		6,400,000
Average Price Paid Per ADS		$ 1.11
Approximate Dollar Value of ADSs That Purchased as Part of Publicly Announced Programs		$ 7,132
Approximate Dollar Value of ADSs That May Yet Be Purchased Under the Programs		$ 1,224

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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+ Details

ORDINARY SHARES - Stock Repurchase from SoftBank (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	May 23, 2023 USD ($) person $ / shares shares	Jun. 30, 2023 USD ($) shares	Mar. 31, 2023 USD ($)	Jun. 30, 2023 shares	Dec. 31, 2022 shares
ORDINARY SHARES
Repurchase of ordinary shares		542,569		1,221,451
Number of persons holding more than 50% of common stock outstanding, voting power \| person	0
Class A ordinary shares
ORDINARY SHARES
Aggregate purchase price \| $		$ 4,490	$ 1,249
Common stock held		660,819,388		660,819,388	832,736,562
Class B ordinary shares
ORDINARY SHARES
Aggregate purchase price \| $		$ 3,346
Common stock held		170,258,970		170,258,970	305,388,450
Stock Repurchase from SoftBank
ORDINARY SHARES
Repurchase price \| $ / shares	$ 1.1144
Aggregate purchase price \| $	$ 7,132
Market price \| $ / shares	$ 0.93
Excess amount paid over market price charged to retained earnings \| $	$ 6,844
Stock Repurchase from SoftBank \| Soft Bank
ORDINARY SHARES
Common stock held	117,388,451
Stock Repurchase from SoftBank \| Board of Directors, Chairman
ORDINARY SHARES
Percentage of holding in outstanding shares	38.80%
Percentage of voting power	78.30%
Stock Repurchase from SoftBank \| Class A ordinary shares
ORDINARY SHARES
Repurchase of ordinary shares	152,870,520
Stock Repurchase from SoftBank \| Class A ordinary shares \| Board of Directors, Chairman
ORDINARY SHARES
Common stock held	156,204,091
Stock Repurchase from SoftBank \| Class B ordinary shares
ORDINARY SHARES
Repurchase of ordinary shares	135,129,480
Stock Repurchase from SoftBank \| Class B ordinary shares \| Board of Directors, Chairman
ORDINARY SHARES
Common stock held	170,258,970

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 20, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS
One-time dividend		$ 437	$ 12	$ 793	$ 198
Impairment loss of equity investments						$ 1,600
Renren shareholder derivative lawsuit
REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS
One-time dividend	$ 2,600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION (Tables)

6 Months Ended

Jun. 30, 2023

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

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


	For the three months ended June 30,				For the six months ended June 30,
	2022		2023		2022		2023
Chime
Subscription services	$	5,518	$	6,779	$	10,628	$	13,204
Advertising services		346		374		870		775
Other SaaS revenue		39		60		39		60
	$	5,903	$	7,213	$	11,537	$	14,039
Trucker Path
Subscription services	$	4,451	$	5,155	$	8,374	$	10,041
Advertising services		500		435		853		831
Other SaaS revenue		118		48		469		20
	$	5,069	$	5,638	$	9,696	$	10,892
Other Operations
Other services	$	13	$	17	$	73	$	86
Total Revenue	$	10,985	$	12,868	$	21,306	$	25,017

Schedule of segment information


	Chime		Trucker Path		Other Operations		Consolidated
Three Months Ended June 30, 2023
Revenue	$	7,213	$	5,638	$	17	$	12,868
Cost of revenues		1,025		1,581		15		2,621
Gross Margin	$	6,188	$	4,057	$	2	$	10,247

Three Months Ended June 30, 2022
Revenue	$	5,903	$	5,069	$	13	$	10,985
Cost of revenues		935		1,578		1		2,514
Gross Margin	$	4,968	$	3,491	$	12	$	8,471
Six Months Ended June 30, 2023
Revenue	$	14,039	$	10,892	$	86	$	25,017
Cost of revenues		2,036		3,225		83		5,344
Gross Margin	$	12,003	$	7,667	$	3	$	19,673

Six Months Ended June 30, 2022
Revenue	$	11,537	$	9,696	$	73	$	21,306
Cost of revenues		1,665		3,274		22		4,961
Gross Margin	$	9,872	$	6,422	$	51	$	16,345

LONG-TERM INVESTMENTS - Additional Information (Details) $ in Thousands, ¥ in Millions	1 Months Ended			3 Months Ended		6 Months Ended
	Oct. 31, 2014 USD ($)	May 31, 2014 USD ($)	May 31, 2014 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022
Equity method investments:
Share of loss and income under equity method				$ 170	$ (11,154)	$ 314	$ (11,638)
Fundrise, L.P.
Equity method investments:
Total consideration	$ 10,000
Ownership percentage				98.04%		98.04%		98.04%
Share of loss and income under equity method				$ 170	14	$ 262	68
Beijing Fenghou Tianyuan Investment and Management Center L.P. (Tianyuan L.P.)
Equity method investments:
Total consideration		$ 1,380	¥ 10
Ownership percentage				12.38%		12.38%		12.38%
Share of loss and income under equity method				$ 0	$ 416	$ 0	$ 416
Kaixin Auto Holdings
Equity method investments:
Ownership percentage					16.60%		16.60%
Share of loss and income under equity method							$ 11,986
Unrealized loss				$ 7,755		$ 521	$ 13,363

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 20,799	$ 27,960
Short-term investments	19,061	24,004
Accounts receivable, net	2,781	2,054
Prepaid expenses and other current assets, net	4,226	4,152
Stipulation disbursement receivable	0	2,630
Total current assets	46,867	60,800
Non-current assets
Property and equipment, net	6,274	5,547
Intangible assets, net	2,343	2,425
Goodwill	393	547
Long-term investments	26,357	25,768
Other non-current assets	445	569
Total non-current assets	35,812	34,856
TOTAL ASSETS	82,679	95,656
Current liabilities
Accounts payable	1,390	1,570
Accrued expenses and other current liabilities	10,210	11,720
Operating lease liabilities - current	122	301
Amounts due to related parties	627	662
Deferred revenue	4,363	4,323
Income tax payable	9,742	10,366
Total current liabilities	26,454	28,942
Non-current liabilities
Operating lease liabilities - non-current	66	0
Total non-current liabilities	66	0
TOTAL LIABILITIES	26,520	28,942
Commitments and contingencies
Shareholders' equity
Treasury stock	(1,953)	0
Additional paid in capital	781,081	779,002
Accumulated deficit	(707,422)	(697,299)
Statutory reserves	6,712	6,712
Accumulated other comprehensive loss	(8,388)	(8,951)
Total Moatable, Inc. shareholders' equity	70,916	80,602
Non-controlling interest	(14,757)	(13,888)
Total equity	56,159	66,714
TOTAL LIABILITIES AND EQUITY	82,679	95,656
Class A ordinary shares
Shareholders' equity
Ordinary shares	716	833
Class B ordinary shares
Shareholders' equity
Ordinary shares	$ 170	$ 305

OPERATING LEASES

6 Months Ended

Jun. 30, 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 June 30, 2022 and 2023, cash paid for amounts included in the measurement of lease liabilities was $166 and $53, respectively. For the six months ended June 30, 2022 and 2023, cash paid for amounts included in the measurement of lease liabilities was $329 and $268, respectively.

The operating lease cost and short-term lease cost for the three and six months ended June 30, 2022 and 2023 were as follows:


	For the three months ended June 30,				For the six months ended June 30,
	2022		2023		2022		2023
Selling expenses	$	42	$	45	$	98	$	93
Research and development expenses		60		70		121		140
General and administrative expenses		250		10		523		61
Total operating lease cost		352		125		742		294

Short-term lease cost		—		21		57		80

Total lease cost	$	352	$	146	$	799	$	374

The weighted average remaining lease term as of December 31, 2022 and June 30, 2023 was 0.62 and 1.75 years, and the weighted average discount rate of the operating leases was 10.30% and 10.30%, respectively. Maturities of lease liabilities as of June 30, 2023 were as follows:


	Operating Lease
Remainder of 2023	$	135
2024		68
Total undiscounted lease payment		203
Less: Imputed interest		(15)
Present value of lease liabilities	$	188

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation	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	Principles of consolidation The condensed consolidated financial statements of the Company include the financial statements of Moatable, Inc., its subsidiaries, its VIE and VIE’s subsidiaries. All inter-company transactions and balances are eliminated upon consolidation.
Use of estimates	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 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 expected to be released within the next twelve months. The cash deposits pledged as security were $9,159 and $7,088 as of December 31, 2022 and June 30, 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 (SBLC) issued by East West Bank (the “Bank). Kaixin and its subsidiary have defaulted on both loans guaranteed by the Company under the SBLC. On June 1, 2023, East West Bank assigned to the Company all rights, title, and interest in and to that certain $2.0 million loan made by the Bank to Kaixin (the “Kaixin USD Loan”) for a total consideration of approximately $2.0 million paid for from the Company’s Restricted Cash. The Kaixin USD Loan was guaranteed by the Letters of Credit. The Company is evaluating its options to pursue recovery from Kaixin after the assignment but considers any recovery remote. In addition, as of the date of this Quarterly Report on Form 10-Q, approximately $5,870 had been claimed under our standby letter of credit in connection with the Kaixin Subsidiary’s default of certain guaranteed loan. No payment has been made to the Bank in connection with such claim, but the Company expects to reimburse the Bank for the full amount of the claim and for the bank to make any restricted cash remaining, after full settlement of the claim, available to the company without restrictions.
Short-term investments	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 June 30, 2023 were $24,004, and $19,061, respectively. For the three and six months ended June 30, 2022, the increase in fair value of available-for-sale securities was recognized in other comprehensive loss amounting to nil and nil, respectively; for the three and six months ended June 30, 2023, the change in fair value of available-for-sale securities was recognized in other comprehensive gain and loss amounting to $4 and $38, respectively.
Revenue recognition	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. 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 June 30, 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 $4,363 as of December 31, 2022 and June 30, 2023, which is expected to be substantially recognized as revenue within one year. The amount of revenue recognized during the six months ended June 30, 2022 and 2023 that was previously included in the deferred revenue as of December 31, 2021 and 2022 was $1,999 and $3,371, respectively.
Recently adopted accounting pronouncements	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 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 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.

SHARE-BASED COMPENSATION - Share-based compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 713	$ 1,078	$ 1,478	$ 2,611
Selling and marketing expenses
SHARE-BASED COMPENSATION
Share-based compensation expense	36	45	80	90
Research and development expenses
SHARE-BASED COMPENSATION
Share-based compensation expense	132	174	289	348
General and administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 545	$ 859	$ 1,109	$ 2,173

ORGANIZATION AND PRINCIPAL ACTIVITIES - Schedule of information related to Entity's subsidiary, VIEs And VIE's subsidiaries (Details)	6 Months Ended
	Jun. 30, 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
Renren Giantly Philippines Inc.
Investment Holdings
Later of date of incorporation or acquisition	Mar. 01, 2018
Place of incorporation	Philippines
Percentage of legal ownership by Renren Inc	100.00%
Principal activities	SaaS business
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

SHARE-BASED COMPENSATION - Service period of award using the straight-line method (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 713	$ 1,078	$ 1,478	$ 2,611
Chime
SHARE-BASED COMPENSATION
Share-based compensation expense	42	44	86	88
Trucker Path
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 74	$ 78	$ 151	$ 155

SHARE-BASED COMPENSATION

6 Months Ended

Jun. 30, 2023

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

7. SHARE-BASED COMPENSATION

Moatable, Inc. Stock options

The following table summarizes information with respect to share options outstanding as of June 30, 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

1.61

0.01

0.02

91,646,055

1.61

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, June 30, 2023	91,646,055	$	0.01

Exercisable, June 30, 2023	91,646,055	$	0.01

Expected to vest, June 30, 2023	—	$	—

For employee stock options, the Company recorded share-based compensation of $nil and nil for the three months ended June 30, 2022 and 2023; and $484 and $nil for the six months ended June 30, 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 and six months ended June 30, 2022 and 2023, there was no share-based compensation recorded for non-employee options. All outstanding share options have fully vested.

As of June 30, 2023, there was no unrecognized share-based compensation expense relating to share options.

Moatable, Inc. 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)	(11,501,326)	$	0.14
Forfeited	(659,607)		0.13

Outstanding as of June 30, 2023	23,102,701	$	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.

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 of $957 and $597 for the three months ended June 30, 2022 and 2023, and $1,884 and $1,241 for the six months ended June 30, 2022 and 2023, respectively.

Total unrecognized compensation expense amounting to $3,500 related to nonvested restricted shares granted as of June 30, 2023. The expense is expected to be recognized in continuing operations over a weighted-average period of 0.65 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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 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 expense for Chime and Trucker Path for the three and six months ended June 30, 2022 and 2023 as follows, based on the fair value on the grant dates over the requisite service period of award using the straight-line method.


	For the three months ended June 30,				For the six months ended June 30,
	2022		2023		2022		2023
Chime	$	44	$	42	$	88	$	86
Trucker Path	$	78	$	74	$	155	$	151

As of June 30, 2023 there were $400 and $706 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 2.44 and 2.48 years for Chime and Trucker Path, respectively.

The following table summarizes information with respect to share options outstanding of Chime as of June 30, 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

48,465

7.98

31.53

38.74

32,554

7.56

20.26

49.19

48,465

38.74

32,554

49.19



		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2022	49,748	$	31.19	15.11
Forfeited	(1,283)	$	18.20	9.03
Balance, June 30, 2023	48,465	$	31.53	15.27
Exercisable, June 30, 2023	32,554	$	20.26
Expected to vest, June 30, 2023	15,911		54.61

The following table summarizes information with respect to share options outstanding of Trucker Path as of June 30, 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

49,285

7.88

47.97

83.52

35,788

7.51

28.61

102.31

49,285

83.52

35,788

102.31


		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2022	51,005	$	49.60	$	24.45
Forfeited	(1,720)	$	95.50	$	46.47
Balance, June 30, 2023	49,285	$	47.97	$	23.99
Exercisable, June 30, 2023	35,788	$	28.61
Expected to vest, June 30, 2023	13,497	$	98.56

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 June 30,				For the six months ended June 30,
	2022		2023		2022		2023
Selling and marketing expenses	$	45	$	36	$	90	$	80
Research and development expenses		174		132		348		289
General and administrative expenses		859		545		2,173		1,109
Total share-based compensation expense	$	1,078	$	713	$	2,611	$	1,478

There was no income tax benefit recognized in the statements of operations for share-based compensation for the three and six months ended June 30, 2022 and 2023.

SHARE-BASED COMPENSATION - Summary of Nonvested restricted shares activity (Details) - Nonvested restricted shares	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Nonvested restricted shares
Outstanding at the beginning of the period (in shares) \| shares	35,263,634
Vested (in shares) \| shares	(11,501,326)
Forfeited (in shares) \| shares	(659,607)
Outstanding at the end of the period (in shares) \| shares	23,102,701
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	0.14
Forfeited (in dollars per share) \| $ / shares	0.13
Outstanding at the end of the period (in dollars per share) \| $ / shares	$ 0.14

OPERATING LEASES - Maturities of lease liabilities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
OPERATING LEASES.
Remainder of 2023	$ 135
2024	68
Total undiscounted lease payment	203
Less: Imputed interest	(15)
Present value of lease liabilities	$ 188

ORGANIZATION AND PRINCIPAL ACTIVITIES

6 Months Ended

Jun. 30, 2023

ORGANIZATION AND PRINCIPAL ACTIVITIES

ORGANIZATION AND PRINCIPAL ACTIVITIES

1. ORGANIZATION AND PRINCIPAL ACTIVITIES

Moatable, Inc. was incorporated in the Cayman Islands. Moatable, Inc., which includes its consolidated subsidiaries, variable interest entity (“VIE”) and VIE’s subsidiaries (collectively referred to as the “Company”), operates 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 and nurture 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. The Company’s SaaS businesses generate nearly 100% of their revenue from the U.S. market.

As of June 30, 2023, Moatable, 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
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 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 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 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 June 30, 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 June 30,
	2022		2023
Total assets	$	9,084	$	10,744
Total liabilities	$	10,630	$	12,141


	For the three months ended June 30,				For the six months ended June 30,
	2022		2023		2022		2023
Revenues	$	20	$	22	$	54	$	56
Net Loss	$	(3,004)	$	(2,355)	$	(6,769)	$	(6,738)


	For the six months ended June 30,
	2022		2023
Net cash (used in) provided by operating activities	$	(1,469)	$	1,474
Net cash used in investing activities	$	—	$	(55)
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 needs 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.

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2023

ORGANIZATION AND PRINCIPAL ACTIVITIES

Schedule of major subsidiaries, VIE and VIE's subsidiaries

As of June 30, 2023, Moatable, 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
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 June 30,
	2022		2023
Total assets	$	9,084	$	10,744
Total liabilities	$	10,630	$	12,141


	For the three months ended June 30,				For the six months ended June 30,
	2022		2023		2022		2023
Revenues	$	20	$	22	$	54	$	56
Net Loss	$	(3,004)	$	(2,355)	$	(6,769)	$	(6,738)


	For the six months ended June 30,
	2022		2023
Net cash (used in) provided by operating activities	$	(1,469)	$	1,474
Net cash used in investing activities	$	—	$	(55)
Net cash used in financing activities	$	—	$	—

OPERATING LEASES - Lease cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Lessee, Lease, Description
Cash paid for amounts included in the measurement of lease liabilities	$ 53	$ 166	$ 268	$ 329
Total operating lease cost	125	352	294	742
Short-term lease cost	21		80	57
Total lease cost	$ 146	352	$ 374	799
Weighted average remaining lease term	1 year 9 months		1 year 9 months		7 months 13 days
Weighted average discount rate of operating leases	10.30%		10.30%		10.30%
Selling expenses
Lessee, Lease, Description
Total operating lease cost	$ 45	42	$ 93	98
Research and development expenses
Lessee, Lease, Description
Total operating lease cost	70	60	140	121
General and administrative expenses
Lessee, Lease, Description
Total operating lease cost	$ 10	$ 250	$ 61	$ 523

SUBSEQUENT EVENT

6 Months Ended

Jun. 30, 2023

SUBSEQUENT EVENT.

SUBSEQUENT EVENT

11. SUBSEQUENT EVENT

The Company has evaluated subsequent events through August 14, 2023, the date of issuance of the condensed consolidated financial statements, and noted that there are no other subsequent events.

SHARE-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 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

1.61

0.01

0.02

91,646,055

1.61

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

48,465

7.98

31.53

38.74

32,554

7.56

20.26

49.19

48,465

38.74

32,554

49.19

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

49,285

7.88

47.97

83.52

35,788

7.51

28.61

102.31

49,285

83.52

35,788

102.31

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, June 30, 2023	91,646,055	$	0.01

Exercisable, June 30, 2023	91,646,055	$	0.01

Expected to vest, June 30, 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	(1,283)	$	18.20	9.03
Balance, June 30, 2023	48,465	$	31.53	15.27
Exercisable, June 30, 2023	32,554	$	20.26
Expected to vest, June 30, 2023	15,911		54.61


		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2022	51,005	$	49.60	$	24.45
Forfeited	(1,720)	$	95.50	$	46.47
Balance, June 30, 2023	49,285	$	47.97	$	23.99
Exercisable, June 30, 2023	35,788	$	28.61
Expected to vest, June 30, 2023	13,497	$	98.56

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)	(11,501,326)	$	0.14
Forfeited	(659,607)		0.13

Outstanding as of June 30, 2023	23,102,701	$	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

Summary of service period of award using the straight-line method


	For the three months ended June 30,				For the six months ended June 30,
	2022		2023		2022		2023
Chime	$	44	$	42	$	88	$	86
Trucker Path	$	78	$	74	$	155	$	151

Summary of 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 June 30,				For the six months ended June 30,
	2022		2023		2022		2023
Selling and marketing expenses	$	45	$	36	$	90	$	80
Research and development expenses		174		132		348		289
General and administrative expenses		859		545		2,173		1,109
Total share-based compensation expense	$	1,078	$	713	$	2,611	$	1,478

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (8,761)	$ (1,548)	$ (3,427)	$ (5,232)
Other comprehensive income (loss) net of tax
Foreign currency translation, net of nil income taxes	349	493	481	419
Net unrealized gain (loss) on available-for-sale investments, net of tax of $nil for the three and six months ended June 30, 2022 and 2023, respectively	4	0	(38)	0
Other comprehensive income (loss)	353	493	443	419
Comprehensive loss	(8,408)	(1,055)	(2,984)	(4,813)
Less: total comprehensive loss attributable to noncontrolling interest	(475)	(497)	(1,106)	(859)
Comprehensive loss attributable to Moatable, Inc.	$ (7,933)	$ (558)	$ (1,878)	$ (3,954)

- 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

ORDINARY SHARES (Tables)

6 Months Ended

Jun. 30, 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
April 2023:
Open market purchases	161,691	$	1.35	$	219	$	8,532
May 2023:
Open market purchases	166,299	$	1.06	$	176	$	8,356
Repurchase from Softbank	6,400,000	$	1.11	$	7,132		1,224
June 2023:
Open market purchases	214,579	$	1.45	$	309	$	915
Total	6,942,569			$	7,836

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 08, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-35147
Entity Registrant Name	Moatable, 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
Entity Address, Postal Zip Code	85003
City Area Code	833
Local Phone Number	258-7482
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	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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	MTBL
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	MTBL
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		662,988,010
Class B ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding		170,258,970

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 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	715,784,683	832,736,562
Ordinary shares, shares outstanding	660,819,388	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	170,258,970	305,388,450

LONG-TERM INVESTMENTS - Schedule of long-term investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
LONG-TERM INVESTMENTS
Total equity method investments	$ 15,506	$ 15,407
Total long-term investments	26,357	25,768
Fundrise, L.P.
LONG-TERM INVESTMENTS
Total equity method investments	12,343	12,085
Other
LONG-TERM INVESTMENTS
Total equity method investments	3,163	3,322
Kaixin Auto Holdings
LONG-TERM INVESTMENTS
Equity investment with readily determinable fair values	10,157	9,636
Suzhou Youge Interconnection Venture Capital Center
LONG-TERM INVESTMENTS
Equity investment without readily determinable fair values	$ 694	$ 725

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Topic 946
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+ Details

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION - Information for the Company's segments, as well as for Other Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	$ 12,868	$ 10,985	$ 25,017	$ 21,306
Cost of sales	2,621	2,514	5,344	4,961
Gross profit	10,247	8,471	19,673	16,345
Chime
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	7,213	5,903	14,039	11,537
Cost of sales	1,025	935	2,036	1,665
Gross profit	6,188	4,968	12,003	9,872
Trucker Path
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	5,638	5,069	10,892	9,696
Cost of sales	1,581	1,578	3,225	3,274
Gross profit	4,057	3,491	7,667	6,422
Other Operations
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	17	13	86	73
Cost of sales	15	1	83	22
Gross profit	$ 2	$ 12	$ 3	$ 51

- Definition

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

+ References

+ Details

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

STATUTORY RESERVE AND RESTRICTED NET ASSETS

6 Months Ended

Jun. 30, 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 June 30, 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 and six months ended June 30, 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 $242,365 as of December 31, 2022 and June 30, 2023, respectively.