0001410578-24-000425 | 10-K | XBRL Viewer

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SEGMENT INFORMATION and GEOGRAPHIC INFORMATION - Information for the Company's segments, as well as for Other Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	$ 52,073	$ 45,808
Cost of sales	11,212	10,410
Gross profit	40,861	35,398
Trucker Path
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	23,060	20,938
Cost of sales	6,783	6,731
Gross profit	16,277	14,207
Lofty Inc
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	28,858	24,700
Cost of sales	4,273	3,597
Gross profit	24,585	21,103
Other Operations
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	155	170
Cost of sales	156	82
Gross profit	$ (1)	$ 88

- 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.

+ References

+ Details

- Definition

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

+ References

+ Details

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2023

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

10.ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


	As of December 31,
	2022		2023
Other tax payable	$	4,551	$	3,237
Employee payroll and welfare		2,367		2,473
Accrued professional fee and marketing expense		1,254		1,718
Other payable related to legacy business		2,154		2,101
Others		1,394		1,028
Total	$	11,720	$	10,557

INCOME TAXES - Schedule Of Principal Components Of The Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Less valuation allowance	$ (37,987)	$ (43,925)
PRC
Deferred tax assets
Provision for doubtful accounts	4,457	4,504
Write-down for inventory	52	52
Allowance for prepaid expenses and other current assets	4,462	4,575
Capitalized R&D costs	2,018
Accrued payroll and welfare	135	138
Provision of the restricted cash		527
Provision of amount due from a related party	576	590
Accrued liabilities	2,230	2,287
Advertising fee	516	533
Employee education fee	2	18
Intangible asset impairment	6,587	6,430
Net operating loss carry forwards	16,952	24,271
Total Deferred tax assets	37,987	43,925
Less valuation allowance	(37,987)	(43,925)
Deferred tax assets, net	0	$ 0
Net deferred income tax liabilities	$ 0

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2023

PROPERTY AND EQUIPMENT, NET

Schedule of Property and equipment, net


	As of December 31,
	2022		2023
Building	$	5,281	$	5,899
Computer equipment and application software		3,034		1,815
Server & network equipment		329		325
Furniture and vehicles		61		194
Leasehold improvements		352		595
Total		9,057		8,828
Less: accumulated depreciation		(3,510)		(2,671)
Property and equipment, net	$	5,547	$	6,157

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Current assets

Cash and cash equivalents

$ 33,913

$ 27,960

^[1]

Restricted cash

5,056

Short-term investments

24,004

^[1]

Accounts receivable, net

2,603

2,054

^[1]

Inventories

^[1]

Amounts due from related parties

684

715

^[1]

Prepaid expenses and other current assets, net

3,928

3,418

^[1]

Stipulation disbursement receivable

^[1]

2,630

Total current assets

46,184

60,800

^[1]

Non-current assets

Property and equipment, net

6,157

5,547

^[1]

Intangible assets, net

727

2,425

^[1]

Goodwill

547

^[1]

Long-term investments

15,733

25,768

^[1]

Right-of-use assets

744

400

^[1]

Other non-current assets

155

169

^[1]

Total non-current assets

23,516

34,856

^[1]

TOTAL ASSETS

69,700

95,656

^[1]

Current liabilities

Accounts payable

2,064

1,570

^[1]

Accrued expenses and other current liabilities

10,557

11,720

^[1]

Operating lease liabilities - current

461

301

^[1]

Amounts due to related parties

655

662

^[1]

Deferred revenue

4,322

4,323

^[1]

Income tax payable

3,381

10,366

^[1]

Total current liabilities

21,440

28,942

^[1]

Non-current liabilities

Operating lease liabilities - non-current

189

Total non-current liabilities

189

TOTAL LIABILITIES

21,629

28,942

^[1]

Commitments and contingencies

^[1]

Shareholders' equity

Treasury stock

(2,002)

Additional paid in capital

782,365

779,002

^[1]

Accumulated deficit

(716,315)

(697,299)

^[1]

Statutory reserves

6,712

^[1]

Accumulated other comprehensive loss

(8,778)

(8,951)

^[1]

Total Moatable, Inc. shareholders' equity

62,760

80,602

^[1]

Non-controlling interest

(14,689)

(13,888)

^[1]

Total equity

48,071

66,714

^[1]

TOTAL LIABILITIES AND EQUITY

69,700

95,656

^[1]

Class A ordinary shares

Shareholders' equity

Ordinary shares

608

833

^[1]

Class B ordinary shares

Shareholders' equity

Ordinary shares

$ 170

$ 305

^[1]

[1]	See Note 2.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Foreign currency translation, net of income taxes	$ 0	$ 0
Net unrealized gain on available-for-sale investments, net of tax	$ 0	$ 0

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS - Selected consolidated statements of comprehensive loss information (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

Impairment on and loss in equity method investments, net of tax

$ (2,218)

$ (13,061)

Net loss

(9,911)

(78,082)

^[1]

Net loss attributable to Moatable Inc.

$ (8,992)

(76,908)

As previously reported

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

Impairment on and loss in equity method investments, net of tax

(11,397)

Net loss

(76,418)

Net loss attributable to Moatable Inc.

(75,244)

Adjustment

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

Impairment on and loss in equity method investments, net of tax

(1,664)

Net loss

(1,664)

Net loss attributable to Moatable Inc.

$ (1,664)

[1]	See Note 2.

- 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

- Definition

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

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+ Details

OPERATING LEASES

12 Months Ended

Dec. 31, 2023

OPERATING LEASES

OPERATING LEASES

11.OPERATING LEASES

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

For the year ended December 31, 2023, cash paid for amounts included in the measurement of lease liabilities was $509.

The operating lease cost and short-term lease cost for the years ended December 31, 2022 and 2023 were as follows:


	For the Years Ended December 31,
	2022		2023
Selling expenses	$	160	$	128
Research and development expenses		379		285
General and administrative expenses		717		285
Total operating lease cost		1,256		698

Short-term lease cost		88		101

Total lease cost	$	1,344	$	799

The weighted average remaining lease term as of December 31, 2022 and 2023 was 0.62 and 1.64 years, and the weighted average discount rate of the operating leases was 10.30% and 10.30%.

Maturities of lease liabilities as of December 31, 2023 were as follows:


	Operating Lease
2024	$	504
2025		195
Total undiscounted lease payment		699
Less: Imputed interest		(49)
Present value of lease liabilities	$	650

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of amounts due from related parties (Details) - USD ($)
$ in Thousands

1 Months Ended

12 Months Ended

Nov. 30, 2018

Dec. 31, 2019

Dec. 31, 2023

Dec. 31, 2022

Amounts due from related parties [Line Items]

Less: bad debt provision

$ (3,690)

$ (3,727)

Due from Other Related Parties, Current

684

715

Amounts due from related parties, net

684

715

Receivable from brokers

684

715

^[1]

OPI and its subsidiaries

Amounts due from related parties [Line Items]

Due from Other Related Parties, Current

Amounts due from related parties, net

Beijing Infinities

Amounts due from related parties [Line Items]

Proceeds from a related party debt

$ 6,866

Receivable in cash classified as current

$ 20,000

Receivable in shares to be issued classified as non-current

12,408

Allowance for unpaid cash consideration

$ 40,000

Due from Other Related Parties, Current

671

688

Amounts due from related parties, net

671

688

Kaixin Auto Holdings

Amounts due from related parties [Line Items]

Gross amount due from Kaixin

$ 3,690

$ 3,727

[1]	See Note 2.

INCOME TAXES - Additional information (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 01, 2018	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income taxes
Income tax expenses		$ (6,712)	$ (2,342)
Statutory income tax rate (as a percent)		21.00%	21.00%
Net operating loss carry forwards		$ 11,968
Reversed the income tax payable		7,467
Unrecognized uncertain tax positions		0
Interest and penalties amount		0
PRC
Income taxes
Income tax expenses		$ (6,712)	$ (2,342)
Statutory income tax rate (as a percent)		25.00%
Withholding income tax rate on dividends generated and payable by a foreign-invested enterprise in PRC to foreign non-resident enterprise investors (as a percent)		10.00%
Net operating loss carry forwards		$ 16,952	24,271
Deferred tax liabilities		0
PHILIPPINES
Income taxes
Income tax expenses		$ 0	$ 0
Effective Income Tax Rate Reconciliation, Percent		(25.00%)	(25.00%)	30.00%
Federal
Income taxes
Net operating loss carry forwards		$ 74,174	$ 54,240
Federal \| Profit Slab One
Income taxes
Effective Income Tax Rate Reconciliation, Percent	8.25%
Effective Tax Rate Terms And Conditions	profits tax rate for the first HKD 2 million
Federal \| Profit Slab Two
Income taxes
Effective Income Tax Rate Reconciliation, Percent	16.50%
Effective Tax Rate Terms And Conditions	profits exceeding HKD 2 million
State
Income taxes
Net operating loss carry forwards		$ 72,148	$ 17,758
UNITED STATES
Income taxes
Statutory income tax rate (as a percent)		21.00%
Expiration by 2024
Income taxes
Net operating loss carry forwards		$ 4,689
Expiration by 2025
Income taxes
Net operating loss carry forwards		3,595
Expiration by 2026
Income taxes
Net operating loss carry forwards		867
Expiration by 2027
Income taxes
Net operating loss carry forwards		1,161
Expiration by 2028
Income taxes
Net operating loss carry forwards		$ 1,656

OPERATING LEASES - Operating lease cost and short-term lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OPERATING LEASES
Cash paid for amounts included in the measurement of lease liabilities	$ 509
Total operating lease cost	698	$ 1,256
Short-term lease cost	101	88
Total lease cost	$ 799	$ 1,344
Weighted average remaining lease term	1 year 7 months 20 days	7 months 13 days
Weighted average discount rate of operating leases	10.30%	10.30%
Selling expenses
OPERATING LEASES
Total operating lease cost	$ 128	$ 160
Research and development expenses
OPERATING LEASES
Total operating lease cost	285	379
General and administrative expenses
OPERATING LEASES
Total operating lease cost	$ 285	$ 717

ORGANIZATION AND PRINCIPAL ACTIVITIES

12 Months Ended

Dec. 31, 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”) operate two SaaS businesses, Lofty and Trucker Path. Lofty 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 currently generate 100% of their revenue from the U.S. market and comprise the majority of the revenue.

As of December 31, 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 Moatable, Inc.		activities
Subsidiaries:
Lofty, Inc.(“Lofty“)	September 7, 2012	Delaware, USA	77.8	%	SaaS business
Trucker Path, Inc. (“Trucker Path”)	December 28, 2017	USA	77.8	%	SaaS business
Lucrativ Inc.	January 22, 2018	USA	100	%	SaaS business
Renren Giantly Philippines Inc.	March, 2018	Philippines	100	%	SaaS business
Qianxiang Shiji Technology Development (Beijing) Co., Ltd. (“Qianxiang Shiji”)	March 21, 2005	PRC	100	%	Investment holding

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

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

The VIE arrangements

PRC regulations 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.

1.ORGANIZATION AND PRINCIPAL ACTIVITIES - CONTINUED

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

(1)Power of Attorney: WFOE hold irrevocable power of attorney executed by the legal owners of the VIE to exercise their voting rights on, including but not limited to, dividend declaration and, all matters at meetings of the legal owners of the VIE. Further, through such power of attorney the Company has the right to control the operations of the VIE. The power of attorney for Qianxiang Tiancheng remained in force for ten years until December 22, 2020. The VIE agreements were extended for another ten years through December 22, 2030 and will automatically renew upon the extension of the terms of the relevant business operations agreements until the earlier of the following events: (i) nominee loses his/her position in Qianxiang Shiji or Qianxiang Shiji issue a written notice to dismiss or replace nominee; and (ii) the business operations agreements among Qianxiang Shiji, Qianxiang Tiancheng and Qianxiang Tiancheng’s shareholders terminate or expire.

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

The terms of the business operations agreements for Qianxiang Tiancheng are ten years and will be extended automatically for another ten years unless the WFOE provide a 30day advance written notice to the VIE and to each of the VIE’s shareholders requesting not to extend the term three months prior to the expiration dates of December 22, 2020. The agreements were extended for another ten years, through December 21, 2030. Neither the VIE nor any of the VIE’s shareholders may terminate the agreements during the terms or the extensions of the terms.

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

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

1.ORGANIZATION AND PRINCIPAL ACTIVITIES - CONTINUED

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

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

The term of each agreement is ten years and extends automatically for another ten years unless terminated by the WFOE. The WFOE can terminate the agreement at any time by providing a 30 day prior written notice. Qianxiang Tiancheng is not permitted to terminate the agreements prior to the expiration of the terms by December 21, 2030, unless the WFOE fails to comply with any of their obligations under this agreement and such breach makes the WFOE unable to continue to perform the agreements.

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

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

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

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

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

1.ORGANIZATION AND PRINCIPAL ACTIVITIES - CONTINUED

The following financial statement balances and amounts of the Company’s VIE were included in the accompanying consolidated financial statements after elimination of intercompany balances and transactions between the offshore companies, WFOE, VIE and VIE’s subsidiaries. As of December 31, 2022 and 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,
	2022		2023
Cash and cash equivalents	$	1,210	$	3,050
Accounts receivable		98		638
Prepaid expenses and other current assets		1,221		190
Amounts due from related parties, net		715		684

Total current assets		3,244		4,562

Property and equipment, net		82		79
Long-term investments		4,047		1,308
Right-of-use assets		—		578
Other non-current assets		27		474

Total non-current assets		4,156		2,439

Total assets	$	7,400	$	7,001

Accounts payable	$	111	$	109
Accrued expenses and other current liabilities		8,154		8,005
Operating lease liabilities - current		214		375
Payable to investors		15		—
Amounts due to related parties		662		631
Income tax payable		1,474		2,626

Total current liabilities		10,630		11,746

Operating lease liabilities - non-current		—		131

Total non-current liabilities		—		131

Total liabilities	$	10,630	$	11,877


	For the Years Ended December 31,
	2022		2023
Revenues	$	107	$	98
Net loss	$	(54,709)	$	(10,339)


	For the Years Ended December 31,
	2022		2023
Net cash (used in) provided by operating activities	$	(1,170)	$	1,902
Net cash used in investing activities	$	—	$	(62)
Net cash used in financing activities	$	—	$	—

1.ORGANIZATION AND PRINCIPAL ACTIVITIES - CONTINUED

There are no consolidated VIE assets that are collateral for the VIE obligations and can only be used to settle the VIE obligations. There are no creditors (or beneficial interest holders) of the VIE that have recourse to the general credit of the Company or any of its consolidated subsidiaries. However, if the VIE ever need financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIE through loans to the shareholders of the VIE or entrustment loans to the VIE.

Relevant PRC laws and regulations restrict the VIE from transferring a portion of its net assets, equivalent to the balance of its statutory reserve and its share capital, to the Company in the form of loans and advances or cash dividends. Please refer to Note 17 for disclosure of restricted net assets.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of estimated useful lives of property and equipment (Details)	Dec. 31, 2023
Building
Property and equipment, net
Estimated useful lives	30 years
Server & network equipment
Property and equipment, net
Estimated useful lives	3 years
Computer equipment and application software \| Minimum
Property and equipment, net
Estimated useful lives	2 years
Computer equipment and application software \| Maximum
Property and equipment, net
Estimated useful lives	3 years
Furniture and vehicles \| Minimum
Property and equipment, net
Estimated useful lives	3 years
Furniture and vehicles \| Maximum
Property and equipment, net
Estimated useful lives	5 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional information (Details)
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2023

CNY (¥)

Aug. 28, 2023

USD ($)

Jun. 01, 2023

USD ($)

Jun. 30, 2022

Dec. 31, 2021

USD ($)

Loss from operations

$ (10,741)

$ (16,163)

Cash used in operating activities

(3,822)

Net cash used in operating activities

(3,167)

(3,822)

Cash and cash equivalents

33,913

27,960

^[1]

Working Capital

24,744

Cash deposit

9,159

Transfer of rights, title and interest of defaulted loan of kaixin, guaranteed by company

$ 2,000

Unrestricted cash

1,151

Escrow deposit

$ 5,000

Impairment loss of equity investments

2,132

Fair value changes of long-term investments

7,715

10,422

Impairment loss of the preferred shares

44,474

Allowance for credit loss for accounts receivable

153

Valuation allowance

Impairment of long-lived asset

962

Impairment of intangible asset

1,500

962

Impairment for intangible assets with indefinite life

$ 1,500

$ 0

Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]

Impairment of intangible asset

Goodwill

Goodwill, Impairment Loss

$ 395

$ 0

Income taxes

Income tax due to uncertain tax position and interest and penalties related to potential underpaid income tax expenses

Working capital

24,744

Equity

48,071

66,714

^[1]

$ 137,012

Accumulated deficit

(716,315)

(697,299)

^[1]

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

48,071

66,714

^[1]

$ 137,012

Retained Earnings (Accumulated Deficit)

(716,315)

(697,299)

^[1]

Revenue

52,073

45,808

Goodwill impairment

395

Accounts Receivable, Net, Current

2,603

2,054

^[1]

Deferred revenue current

4,322

4,323

^[1]

Advance from customers recognized as revenue

4,323

2,596

Right-of-use lease assets

744

400

^[1]

Operating lease liabilities - current

$ 461

$ 301

^[1]

Antidilutive securities excluded from computation of earnings per share | shares

55,876,491

138,318,013

Kaixin Subsidiary

Standby letter of credit claimed in connection with default of certain guaranteed loan

$ 5,870

Kaixin Auto Holdings

Percentage of interest

16.60%

Kaixin RMB Loan

Maximum borrowing capacity | ¥

¥ 40,000

Kaixin USD Loan

Maximum borrowing capacity

$ 2,000

Maximum | Kaixin Auto Holdings

Percentage of interest

50.00%

Minimum | Kaixin Auto Holdings

Percentage of interest

20.00%

[1]	See Note 2.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Schedule of accrued expenses and other payables


	As of December 31,
	2022		2023
Other tax payable	$	4,551	$	3,237
Employee payroll and welfare		2,367		2,473
Accrued professional fee and marketing expense		1,254		1,718
Other payable related to legacy business		2,154		2,101
Others		1,394		1,028
Total	$	11,720	$	10,557

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

(a).

Basis of presentation

The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).

Liquidity

(b).

Liquidity

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

For the years ended December 31, 2022 and 2023, the Company incurred a loss from operations of $16,163 and $10,741, and used cash of $3,822 and $3,167 in operating activities, respectively. As of December 31, 2023, the Company had cash and cash equivalents of $33,913, excluding the restricted cash, and a working capital of $24,744. The Company assessed that it has the ability to continue as a going concern for the next 12 months following the issuance date of these financial statements.

Principles of consolidation

(c).Principles of consolidation

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

Reclassifications

(d).Reclassifications

Certain reclassifications have been made to the Company’s consolidated statements of cash flow of prior period to conform to current year reporting classifications.

Use of estimates

(e).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 long-lived assets, and impairment of long-term investments.

Business combination

(f).Business combination

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

Cash and cash equivalents

(g).Cash and cash equivalents

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

Restricted Cash

(h).Restricted cash

Restricted cash is the cash deposits pledged as security for the debt borrowings which are expected to be released in accordance with the debt agreement. The restriction will lapse when the related debt agreement is paid off. The restricted cash represents cash deposited into bank accounts which is not expected to be released within the next twelve months.

The cash deposits pledged as security were $9,159 and nil as of December 31, 2022 and 2023. The restricted cash balances represent cash deposits pledged as security for debt borrowing of Kaixin Auto Holdings, consolidated by the Company before June 2021, or Kaixin, a Cayman Islands company whose shares are listed on the Nasdaq Capital Market (NASDAQ: KXIN) and its subsidiary (“Kaixin Subsidiary”), under an irrevocable standby letter of credit (“SBLC”) issued by East West Bank. The letter of credit secured a loan of RMB40,000 (“Kaixin RMB Loan”) and loan of $2,000 (“Kaixin USD Loan”). The guarantees matured in March 2023 and August 2023, the Company has concluded the possibility of the Kaixin and Kaixin Subsidiary repaying the loans when due is remote and therefore, the Company will be required to extend the guarantee or pay the debt on their behalf. The Company has, therefore, recorded a full provision for the value of the guarantee.

On June 1, 2023, East West Bank assigned to the Company all of the its rights, title, and interest in and to the Kaixin USD Loan for a total consideration of approximately US$2,000. The Kaixin USD Loan was guaranteed by the letter of credit and secured by the pledged cash. The Company consequently used part of the pledged cash to purchase the Kaixin USD Loan. The Company is evaluating its options to pursue recovery from Kaixin after the assignment but considers any recovery remote.

East West Bank had claimed approximately US$5,870 under the SBLC in connection with Kaixin’s default, through Kaixin Subsidiary, of the Kaixin RMB Loan. In December, 2023, the Company reimbursed East West Bank for the full amount of the claim. As a result, East and West Bank released the remaining restricted cash and made them available to the Company as unrestricted cash for operation, and the Company recorded a gain related to the unrestricted cash of $1,151.

On August 28, 2023, the Company entered into an Escrow Agreement with U.S. Bank National Association to enhance directors and officers’ insurance coverage. The Company set aside $5,000 restricted cash into an escrow account with U.S. Bank as required by the contractual agreement with U.S. Bank National Association.


	As of December 31,
	2022		2023
Restricted cash	$	9,159	$	5,056
Less: Provision of restricted cash		(9,159)		—
Restricted cash, net		—		5,056

Short-term investments

(i).Short-term investments

Short-term investments, which are comprised of corporate bonds/notes and US treasuries, are accounted for in accordance with ASC 320, “Investments – Debt and Equity Securities” (“ASC 320”). The Company considers all of its securities for which there is a determinable fair market value, and there are no restrictions on the Company’s ability to sell within the next 12 months, as available for sale. Available-for-sale securities are carried at fair value, with unrealized gains and losses reported as a component of stockholders’ equity. Available-for-sale securities as of December 31, 2022 and 2023 were$24,004, and nil, respectively. For the years ended December 31, 2022 and 2023, the change in fair value of available-for-sale securities was recognized in other comprehensive loss amounting to $26, and nil, respectively.

Fair value measurements

(j).Fair value measurements

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.

Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, restricted cash, short-term investment, other receivables included in prepaid expenses and other current assets, amount due from related parties, long-term investment, accounts payable, other payables included in accrued expenses and other current liabilities, amount due to related parties and operating lease liabilities. Cash and cash equivalents and restricted cash approximated fair value and represented a level 1 measurement. Short-term investments were comprised of corporate bonds/notes and U.S. treasuries with determinable fair market value, and thus represented a level 1 measurement. Equity investments without readily determinable fair values represented a level 3 measurement considering inputs are unobservable and reflect management’s estimates of assumptions that market participants use in pricing the investments. Equity investments with readily determinable fair values represented a level 1 measurement considering the investment is in publicly-traded company and pricing information is provided on an ongoing basis. The carrying amounts of other current financial assets and liabilities approximate their fair values due to the short-term maturity. The carrying amount of non-current liabilities including operating lease liabilities approximates their fair value as the related interest rates approximate market rates for similar debt instruments of comparable maturities.

Investments

(k).Investments

Equity method investments

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

The Company considers subordination, risks and rewards of ownership, and the existence of obligations to transfer value when determining whether an investment in an entity is substantially similar to an investment in that entity’s common stock.

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

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

The Company recorded impairment losses on equity method investments of nil, and $2,132 in the impairment on and loss in equity method investments, net of tax in the consolidated statements of operations for the years ended December 31, 2022 and 2023, respectively.

Equity Investments with Readily Determinable Fair Values

Equity investments with readily determinable fair values is investment in publicly-traded company for which the Company does not exercise significant influence and are measured at fair value based on the respective closing stock price at the period end date. Equity investments with readily determinable fair values are classified within Level 1 in the fair value hierarchy as the valuation can be obtained from real-time quotes in active markets. Subsequent changes in fair value are recognized in net gain (loss) on investments on the consolidated statements of operations. The Company recorded loss from fair value changes of long-term investments of $10,422 and $7,715 for the years ended December 31, 2022 and 2023, respectively.

Equity Investments without Readily Determinable Fair Values

In January 2018, the Company adopted Accounting Standards Update (‘‘ASU’’) 2016-01, Financial Instruments—Recognition and Measurement of Financial Assets and Financial Liabilities, and accounts for equity investments that do not have a readily determinable fair value using the measurement alternative prescribed within ASU 2016-01, to the extent such investments are not subject to consolidation or the equity method. Under the measurement alternative, these financial instruments are carried at cost, less any impairment (assessed quarterly), plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. In addition, income is recognized when dividends are received only to the extent they are distributed from net accumulated earnings of the investee. Otherwise, such distributions are considered returns of investment and are recorded as a reduction of the cost of the investment. The Company recorded impairment losses of $44,474 and nil on equity securities without readily determinable fair values during the years ended December 31, 2022 and 2023, respectively.

Accounts receivable and allowance for credit loss

(l).Accounts receivable and allowance for credit loss

Accounts receivable are stated at the original amount less an allowance for credit loss. Accounts receivable are recognized in the period when the Company has provided services to its customers and when its right to consideration is unconditional. The Company evaluates its accounts receivable for expected credit losses on a regular basis. The Company maintains an estimated allowance for credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Company considers factors in assessing the collectability of its receivables, such as the age of the amounts due, the customer’s payment history, credit-worthiness and other specific circumstances related to the accounts. The Company adjusts the allowance percentage periodically when there are significant differences between estimated bad debts and actual bad debts. If there is strong evidence indicating that the accounts receivable is likely to be unrecoverable, the Company also makes specific allowance in the period in which a loss is determined to be probable. Accounts receivable balances are written off after all collection efforts have been exhausted. For the years ended December 31, 2022 and 2023, the Company recorded nil and $153 allowance for credit loss for accounts receivable.

Adoption of Accounting Standards Update (“ASU”) 2016-13

On January 1, 2023, the Company adopted ASU 2016-13, “Financial Instruments — Credit Losses (Accounting Standards Codification (“ASC”) Topic 326): Measurement on Credit Losses on Financial Instruments”, including certain subsequent amendments, transitional guidance and other interpretive guidance within ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-11, ASU 2020-02 and ASU 2020-03 (collectively, including ASU 2016-13, “ASC 326”). ASC 326 requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. The adoption of this ASU did not have a material impact on its consolidated financial statements.

Inventories

(m).Inventories

Inventories primarily consists of the purchased electronic logging devices for use of SaaS related business, which are stated at the lower of cost and net realizable value as of December 31, 2022 and 2023.

A valuation allowance is recorded to write down the cost of inventories to the estimated net realizable value, if lower than cost or products are slow-moving or damaged. When evaluating the need for a valuation allowance we evaluate factors such as historical and forecast consumer demand, obsolescence, and the economic environment. Net realizable value is determined by the estimated selling prices reduced by estimated additional cost of sale, selling expenses, and business taxes. No valuation allowance was recognized for the inventories for the years ended December 31, 2022, and 2023, respectively.

Property and equipment, net

(n).Property and equipment, net

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


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

Intangible assets

(o).Intangible assets

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


Category		Estimated useful life
Computer software		5 years
Customer relationships		10 years
Technology platform		8 years
Website domain name		Indefinite
Trade name		3 years

Leases

(p).Leases

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

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

Impairment of long-lived assets

(q).Impairment of long-lived assets

The Company evaluates the recoverability of long-lived assets or asset group, including identifiable intangible assets, with determinable useful lives whenever events or changes in circumstances indicate that long-lived asset or asset group’s carrying amount may not be recoverable. The Company measures the carrying amount of long-lived asset or asset group against the estimated undiscounted future cash flows associated with it. The long-lived asset or asset group is not recoverable when the sum of the expected undiscounted future net cash flows is less than the carrying value of the asset being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset exceeds its fair value. Fair value is estimated based on various valuation techniques, including the discounted value of estimated future cash flows. The evaluation of asset impairment requires the Company to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. For the years ended December 31, 2022 and 2023, the Company recorded $962 and nil impairment losses for long-lived assets or definite-lived intangible assets.

The Company evaluates indefinite-lived intangible assets as at each reporting period or more frequently if events or changes in circumstances indicate that it might be impaired to determine whether events and circumstances continue to support indefinite useful lives. The value of indefinite-lived intangible assets is not amortized, but tested for impairment annually or whenever events or changes in circumstances indicate that it is more likely than not that the asset is impaired in accordance with ASC 350. The Company first performs a qualitative assessment to assess all relevant events and circumstances that could affect the significant inputs used to determine the fair value of the indefinite-lived intangible asset. If after performing the qualitative assessment, the Company determines that it is more likely than not that the indefinite-lived intangible asset is impaired, the Company calculates the fair value of the intangible asset and performs the quantitative impairment test by comparing the fair value of the asset with its carrying amount. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, the Company recognizes an impairment loss in an amount equal to that excess.

Goodwill and Indefinite-lived Intangible Assets

(r).Goodwill and Indefinite-lived Intangible Assets

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

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

The Company tests goodwill and intangible assets that are not subject to amortization for impairment annually on December 31, and the Company’s goodwill impairment review involves the following steps: 1) qualitative assessment – evaluate qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The factors the Company considers include, but are not limited to, macroeconomic conditions, industry and market considerations, cost factors, financial performance, or events specific to that reporting unit. If, or when, the Company determines it is more likely than not that the fair value of a reporting unit is less than the carrying amount, including goodwill, the Company would move to the quantitative method; 2) quantitative method –the Company performs the quantitative fair value test by comparing the fair value of a reporting unit with its carrying amount and an impairment charge is measured as the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit.

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

The Company recorded goodwill impairment of nil and $395 for the years ended December 31, 2022 and 2023.

Certain of the Company's domain names have been assigned an indefinite life as the Company currently anticipate that they will contribute cash flows to the Company indefinitely. Indefinite-lived intangible assets are not amortized, but are evaluated at least annually to determine whether the indefinite useful life is appropriate. The Company measures the fair value of identifiable intangible assets upon acquisition and review for impairment annually on December 31, and whenever market or business events indicate there may be a potential impairment of that intangible. Impairment losses are recorded to the extent that the carrying value of the indefinite-lived intangible asset exceeds its fair value. The significant assumptions that are used to determine the estimated fair value for indefinite-lived intangible assets upon acquisition and subsequent impairment testing are: forecasted revenue growth rates; estimated future cash flows; and the market-participant discount rates.Nil and $1,500 impairment for intangible assets with indefinite life was recorded for the years ended December 31, 2022 and 2023, respectively.

Revenue recognition

(s).Revenue recognition

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

Revenue from Contracts with Customers (“ASC 606”) prescribes a five-step model that includes: (1) identify the contract; (2) identify the performance obligations; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations; and (5) recognize revenue when (or as) performance obligations are satisfied.

The Company generated the majority of revenue from SaaS services.

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

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

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

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


	For the Years Ended December 31,
	2022		2023

	(In thousands of US$)
Lofty
Subscription services	$	22,816	$	27,164
Advertising services		1,884		1,488
Other services		—		206
Subtotal	$	24,700	$	28,858
Trucker Path
Subscription services	$	17,982	$	21,063
Advertising services		2,325		1,830
Other services		631		167
Subtotal	$	20,938	$	23,060
Other Operations
Other services	$	170	$	155

Total revenues	$	45,808	$	52,073


	For the years ended December 31,
	2022		2023

	(In thousands of US$)
Timing of revenue recognition
Over time	$	40,798	$	48,433
At a point in time		5,010		3,640
Total revenue	$	45,808	$	52,073

Contract balances: Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent amounts invoiced and revenue recognized 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 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 $4,322 as of December 31, 2022 and 2023, respectively, which is substantially recognized as revenue within one year. Revenue recognized in the period that was included in the beginning of the period contract liability balance were $2,596 and $4,323 for the years ended December 31, 2022 and 2023, respectively.

Cost of revenues

(t).Cost of revenues

Cost of revenues consists of costs directly related to SaaS business and other services. The major cost components include direct amortization of purchased software, commission costs paid to third party distributors of the Company’s software such as Apple and Google Play Stores, and bandwidth costs paid to telecommunications carriers for hosting of servers.

Income taxes

(u).Income taxes

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

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

The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. The Company did not recognize any income tax due to uncertain tax position or incur any interest and penalties related to potential underpaid income tax expenses for the years ended December 31, 2022 and 2023.

Financial instruments

(v).Financial instruments

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

Research and development expenses

(w).Research and development expenses

Research and development expenses are primarily incurred for development of new services, features, and products for the Company’s SaaS business, to curate and append data to our applications, as well as to further improve the Company’s technology infrastructure to support these businesses. The Company expenses all research and development costs when incurred.

Foreign currency translation

(x).Foreign currency translation

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

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

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

Comprehensive loss

(y).Comprehensive loss

Comprehensive loss includes all changes in equity except those resulting from investments by owners and distributions to owners. For the years presented, comprehensive loss includes net loss, foreign currency translation adjustments and net unrealized gain on available-for-sale investments. For the years ended December 31, 2022 and 2023, comprehensive income related to net unrealized gain on available-for-sale investments were $26 and nil, respectively.

Share-based compensation

(z).Share-based compensation

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

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

Loss per share

(aa). Loss per share

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

Diluted loss per ordinary share reflects the potential dilution that could occur if securities were exercised or converted into ordinary shares. The Company had stock options and non-vested restricted shares, which could potentially dilute basic earnings per share in the future. Potential ordinary shares in the diluted net loss per share computation are excluded in periods of net loss as their effect would be anti-dilutive, which was 138,318,013 and 55,876,491 for the years ended December 31, 2022 and 2023, respectively.

Recent accounting pronouncements not yet adopted

(ab). Recent accounting pronouncements not yet adopted

In November 2023, the FASB issued ASU 2023-07, which modifies the disclosure and presentation requirements of reportable segments. The new guidance requires the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit and loss. In addition, the new guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. The update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect that the adoption of ASU 2023-07 will have a material impact on its consolidated financial statements disclosures.

In December 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosure. This standard requires more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for public business entities, for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. The Company is in the process of evaluation the impact of adopting this new guidance on its consolidated financial statement.

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

ORGANIZATION AND PRINCIPAL ACTIVITIES - Major subsidiaries, VIE and VIE's subsidiaries (Details)	12 Months Ended
	Dec. 31, 2023 segment
ORGANIZATION AND PRINCIPAL ACTIVITIES
Number of operating segments	2
Percentage of revenue from US market	100.00%
Lofty, Inc.("Lofty")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Later of date of incorporation or acquisition	Sep. 07, 2012
Place of incorporation	Delaware, USA
Percentage of legal ownership by Moatable Inc	77.80%
Principal activities	SaaS business
Trucker Path, Inc. ("Trucker Path")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Later of date of incorporation or acquisition	Dec. 28, 2017
Place of incorporation	USA
Percentage of legal ownership by Moatable Inc	77.80%
Principal activities	SaaS business
Lucrativ Inc.
ORGANIZATION AND PRINCIPAL ACTIVITIES
Later of date of incorporation or acquisition	Jan. 22, 2018
Place of incorporation	USA
Percentage of legal ownership by Moatable Inc	100.00%
Principal activities	SaaS business
Renren Giantly Philippines Inc.
ORGANIZATION AND PRINCIPAL ACTIVITIES
Later of date of incorporation or acquisition	Mar. 31, 2018
Place of incorporation	Philippines
Percentage of legal ownership by Moatable Inc	100.00%
Principal activities	SaaS business
Qianxiang Shiji Technology Development (Beijing) Co., Ltd. ("Qianxiang Shiji")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Later of date of incorporation or acquisition	Mar. 21, 2005
Place of incorporation	PRC
Percentage of legal ownership by Moatable Inc	100.00%
Principal activities	Investment holding
Beijing Qianxiang Tiancheng Technology Development Co., Ltd. ("Qianxiang Tiancheng")
ORGANIZATION AND PRINCIPAL ACTIVITIES
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")
ORGANIZATION AND PRINCIPAL ACTIVITIES
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")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Later of date of incorporation or acquisition	Jul. 20, 2017
Place of incorporation	PRC
Principal activities	Internet business

ORDINARY SHARES - Stock Repurchase from SoftBank (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Dec. 29, 2023	May 23, 2023	Dec. 31, 2023	Dec. 31, 2022
ORDINARY SHARES
Repurchase of ordinary shares			1,270,937
Excess amount paid over market price charged to retained earnings		$ 9,186
Class A ordinary shares
ORDINARY SHARES
Ordinary shares, par value (in dollars per share)	$ 0.001		$ 0.001	$ 0.001
Aggregate purchase price			$ 8,247
Common stock held			550,232,776
Class B ordinary shares
ORDINARY SHARES
Ordinary shares, par value (in dollars per share)			$ 0.001	$ 0.001
Aggregate purchase price			$ 3,346
Common stock held			170,258,970	305,388,450
Stock Repurchase from SoftBank
ORDINARY SHARES
Repurchase price	0.94
Aggregate purchase price		$ 7,132
Market price	$ 0.97	$ 0.93
Stock Repurchase from SoftBank \| Board of Directors, Chairman
ORDINARY SHARES
Percentage of holding in outstanding shares		46.40%
Percentage of voting power		82.90%
Stock Repurchase from SoftBank \| Class A ordinary shares
ORDINARY SHARES
Repurchase of ordinary shares	117,388,451	152,870,520
Aggregate purchase price	$ 2,459
Stock Repurchase from SoftBank \| Class A ordinary shares \| Board of Directors, Chairman
ORDINARY SHARES
Common stock held		163,628,956
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

STATUTORY RESERVE AND RESTRICTED NET ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	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%
Aggregate amount of net assets of the relevant subsidiaries and VIE entities in the Company not available for distribution	$ 8,732
Appropriation of reserves of PRC subsidiaries	$ 0	$ 0

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

12 Months Ended

Dec. 31, 2023

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

16.SEGMENT INFORMATION AND GEOGRAPHIC INFORMATION

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

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

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


	Lofty		Trucker Path		Other Operations		Consolidated
Fiscal year Ended December 31, 2023
Revenue	$	28,858		23,060		155		52,073
Cost of sales		4,273		6,783		156		11,212
Gross Margin	$	24,585		16,277		(1)		40,861

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

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

As of December 31, 2022, the long-lived assets in the carrying value of $108, $231 and $8,208 of the Company were located in the PRC, Philippines and United States, respectively. As of December 31, 2023, the long-lived assets $682, $257 and $6,844 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
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-Paragraph 15
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SHARE-BASED COMPENSATION (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 13, 2020 shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2020 $ / shares shares	Dec. 31, 2018 USD ($)	Nov. 04, 2021 shares
SHARE-BASED COMPENSATION
Weighted average grant date fair value of option per share \| $ / shares				$ 4.00
Income tax benefit \| $		$ 0	$ 0
Stock options
SHARE-BASED COMPENSATION
Vesting term		6 years
Award vesting period		6 years
Term of the options		10 years
Non-employee options
SHARE-BASED COMPENSATION
Share based compensation \| $		$ 0	0
Employee Stock Option
SHARE-BASED COMPENSATION
Unrecognized share-based compensation expense relating to share options \| $		0
Share-based compensation expenses from continuing operations \| $		0	484		$ 484
Nonvested restricted shares
SHARE-BASED COMPENSATION
Share based compensation \| $		2,525	$ 3,024
Unrecognized compensation expense \| $		$ 2,477
Expected weighted-average period for unrecognized compensation expense to be recognized		1 year 3 days
2011 Plan
SHARE-BASED COMPENSATION
Maximum aggregate number of shares \| shares		110,014,158
2016 Plan
SHARE-BASED COMPENSATION
Maximum aggregate number of shares \| shares		53,596,236
2018 Plan
SHARE-BASED COMPENSATION
Maximum aggregate number of shares \| shares		107,100,000
2021 Plan
SHARE-BASED COMPENSATION
Maximum aggregate number of shares \| shares		56,000,000
Chime
SHARE-BASED COMPENSATION
Unrecognized share-based compensation expense relating to share options \| $		$ 427
Expected weighted-average period for unrecognized compensation expense to be recognized		2 years 3 months 3 days
Reverse stock split ratio	0.005
Number of shares available for future grant \| shares	150,000					25,000
Term of the options		10 years
Vesting term		4 years
Weighted average grant date fair value of option per share \| $ / shares			$ 34.00
Award vesting period		4 years
Chime \| Employee Stock Option
SHARE-BASED COMPENSATION
Number of shares issued \| shares			19,726	41,730
Trucker Path
SHARE-BASED COMPENSATION
Share based compensation \| $		$ 254	$ 308
Unrecognized share-based compensation expense relating to share options \| $		$ 541
Expected weighted-average period for unrecognized compensation expense to be recognized		2 years 3 days
Number of shares available for future grant \| shares	150,000					25,000
Weighted average grant date fair value of option per share \| $ / shares		$ 16.81	$ 66.00	$ 2.00
Trucker Path \| Stock options
SHARE-BASED COMPENSATION
Number of aggregate options granted (in shares) \| shares		585
Weighted average grant date fair value of option per share \| $ / shares		$ 16.81
Trucker Path \| Employee Stock Option
SHARE-BASED COMPENSATION
Number of shares issued \| shares		585	18,070	34,355
Lofty Inc
SHARE-BASED COMPENSATION
Share based compensation \| $		$ 188	$ 176
Weighted average grant date fair value of option per share \| $ / shares		$ 24.71
Lofty Inc \| Employee Stock Option
SHARE-BASED COMPENSATION
Number of shares issued \| shares		3,861

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2023

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

2.REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

Subsequent to the filing of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 with the SEC (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, consolidated statement of operations and consolidated statements of cashflows for the year ended December 31, 2022 on a prospective basis to provide appropriate context to stakeholders within comparative financial statements as of and for the year ended December 31, 2023. The following are the relevant line items from the Company’s consolidated balance sheet as of December 31, 2022, consolidated statement of operations and consolidated statements of cashflows for the year ended December 31, 2022, which illustrate the effect of the adjustments to the periods presented:

2REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS - CONTINUED

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	779,002
Accumulated other comprehensive loss	(8,933)	(18)	(8,951)
Total Moatable, Inc. shareholders’ equity	79,654	948	80,602

Selected consolidated statements of comprehensive loss information for the year ended December 31, 2022


	As previously
	reported	Adjustment	As adjusted
Impairment on and loss in equity method investments, net of tax	(11,397)	(1,664)	(13,061)
Net loss	(76,418)	(1,664)	(78,082)
Net loss attributable to Moatable Inc.	(75,244)	(1,664)	(76,908)

Selected consolidated statements of cash flows information for the year ended December 31, 2022


	As previously
	reported	Adjustment	As adjusted
Net loss	(76,418)	(1,664)	(78,082)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss in equity method investments	11,397	1,664	13,061
Net cash used in operating activities	(3,822)	—	(3,822)

ORDINARY SHARES - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2023	Oct. 31, 2023	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023
ORDINARY SHARES
Total Number of ADSs Purchased	10,279,569
Approximate Dollar Value of ADSs That Purchased as Part of Publicly Announced Programs	$ 11,593
Open market purchases
ORDINARY SHARES
Total Number of ADSs Purchased	29,144	20,342	214,579	166,299	161,691	168,513	251,708	258,661
Average Price Paid Per ADS	$ 1.01	$ 0.97	$ 1.45	$ 1.06	$ 1.35	$ 1.41	$ 1.89	$ 2.04
Approximate Dollar Value of ADSs That Purchased as Part of Publicly Announced Programs	$ 29	$ 20	$ 309	$ 176	$ 219	$ 245	$ 476	$ 528
Approximate Dollar Value of ADSs That May Yet Be Purchased Under the Programs	$ 5,866	$ 5,895	$ 5,915	$ 13,356	$ 13,532	$ 13,751	$ 13,996	$ 14,472
Repurchase from Softbank
ORDINARY SHARES
Total Number of ADSs Purchased	2,608,632			6,400,000
Average Price Paid Per ADS	$ 0.94			$ 1.11
Approximate Dollar Value of ADSs That Purchased as Part of Publicly Announced Programs	$ 2,459			$ 7,132
Approximate Dollar Value of ADSs That May Yet Be Purchased Under the Programs	$ 3,407			$ 6,224

- 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
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-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

SHARE-BASED COMPENSATION

Schedule of aggregate number of shares


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

Summary of information with respect to share options outstanding

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

remaining

average

Number

contractual

exercise

intrinsic

Number of

contractual

exercise

intrinsic

Range of exercise prices

outstanding

life

price

value

exercisable

life

price

value

0.01

91,646,055

1.10

0.01

91,646,055

1.10

0.01

91,646,055

0.01

91,646,055

0.01

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

47,673

7.50

28.03

25.07

35,248

7.30

19.94

31.35

47,673

25.07

35,248

31.35

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

48,649

7.35

46.01

31.24

40,765

7.09

33.00

36.13

48,649

31.24

40,765

36.13

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, December 31, 2023	91,646,055	$	0.01

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

Expected to vest, December 31, 2023	—	$	—



		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2022	49,748	$	31.19	$	15.11
Granted	3,861	$	33.48	$	24.71
Exercised	(438)	$	73.35	$	33.48
Forfeited	(5,498)	$	56.81	$	26.42
Balance, December 31, 2023	47,673	$	28.03	$	14.41
Exercisable, December 31, 2023	35,248	$	19.94
Expected to vest, December 31, 2023	12,424	$	51.00


		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2022	51,005	$	49.60	$	24.45
Granted	585	$	64.70	$	16.81
Forfeited	(2,941)	$	111.05	$	55.24
Balance, December 31, 2023	48,649	$	46.01	$	22.81
Exercisable, December 31, 2023	40,765	$	33.00
Expected to vest, December 31, 2023	7,884	$	112.48

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

Granted	11,022,615	$	0.04
Vested ⁽ⁱ⁾	(20,530,035)		0.12
Forfeited	(5,217,838)	$	0.29

Outstanding as of December 31, 2023	20,538,376	$	0.07

(i)

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

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


	For the Years ended December 31,
	2022		2023
Lofty	$	176	$	188
Trucker Path	$	308	$	254

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


	For the Years ended December 31, 2023
	Lofty			Trucker Path
Risk-free interest rate (1)		3.52-4.29	%		4.22-4.29	%
Volatility (2)		43-44	%		48-49	%
Expected term (in years) (3)		10			10
Exercise price (4)	$	33.48		$	64.70
Dividend yield (5)		0.00	%		0.00	%
Fair value of underlying ordinary share (6)		23.77-25.33			14.90-17.22

(1)Risk-free interest rate

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

(2)Volatility

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

(3)Expected term

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

(4)Exercise price

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

(5)Dividend yield

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

(6)Fair value of underlying ordinary shares

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

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


	For the Years ended December 31,
	2022		2023
Selling and marketing	$	179	$	149
Research and development		669		723
General and administrative		3,144		2,095
Total share-based compensation expense	$	3,992	$	2,967

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of timing of revenue recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenue	$ 52,073	$ 45,808
Over time
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenue	48,433	40,798
At a point in time
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenue	$ 3,640	$ 5,010

- 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

- 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
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: 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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

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

+ Details

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 20, 2020	Dec. 31, 2023	Dec. 31, 2022
REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS
One-time dividend		$ 1,635	$ 602
Impairment loss of equity investments		2,132	0
Beijing Fenghou Tianyuan Investment and Management Center L.P. (Tianyuan L.P.)
REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS
Impairment loss of equity investments		$ 2,132	$ 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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of disaggregate revenue by subscription, advertising, and other services (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of revenue
Revenue	$ 52,073	$ 45,808
Lofty
Disaggregation of revenue
Revenue	28,858	24,700
Trucker Path
Disaggregation of revenue
Revenue	23,060	20,938
Subscription services \| Lofty
Disaggregation of revenue
Revenue	27,164	22,816
Subscription services \| Trucker Path
Disaggregation of revenue
Revenue	21,063	17,982
Advertising services \| Lofty
Disaggregation of revenue
Revenue	1,488	1,884
Advertising services \| Trucker Path
Disaggregation of revenue
Revenue	1,830	2,325
Other services \| Lofty
Disaggregation of revenue
Revenue	206
Other services \| Trucker Path
Disaggregation of revenue
Revenue	167	631
Other services \| Other Operations
Disaggregation of revenue
Revenue	$ 155	$ 170

- 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

- Definition

+ References

+ Details

RELATED PARTY BALANCES AND TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED PARTY BALANCES AND TRANSACTIONS

15.RELATED PARTY BALANCES AND TRANSACTIONS

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


	Name	Relationship
(a)	Kaixin Automobile Holdings (“Kaixin”)	Equity investment of the Company (Note 8)
(b)	Infinities Technology (Cayman) Holding Limited (“Infinities”)	Equity investment of the Company
(c)	Oak Pacific Investment (“OPI”) and its subsidiaries	An entity controlled together by chief executive officer and one of our independent board member, and its subsidiaries.

Amounts due from related parties

As of December 31, 2022 and 2023 amounts due from related parties including both current and non-current were as follows:


		As of December 31,
	Note	2022		2023
Gross amount due from Kaixin	(i)		3,727		3,690
Less: bad debt provision			(3,727)		(3,690)
Net amount due from Kaixin			—		—
Infinities	(ii)		688		671
OPI and its subsidiaries			27		13
Total		$	715	$	684

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

15.RELATED PARTY BALANCES AND TRANSACTIONS - CONTINUED

(ii)

The balance represents the receivable from Infinities in connection with the disposition of the SNS business. In November 2018, the Company’s Board of Directors approved a proposal for the sale of its SNS Business to Beijing Infinities for a combined consideration of $20,000 in cash and $40,000 in the form of Beijing Infinities shares to be issued to the Company. The Company collected $6,866 in 2019, however, by December 31, 2019, Beijing Infinities failed to make payments under the agreed extended repayment plan. Based on assessment of the collectability, the Company provided an allowance of $12,408 for the receivable. Additionally, the shares receivable in the form of Infinites Technology (Cayman) Holding Limited, which is the holding company of Beijing Infinities, were received as of December 31, 2020 and were recorded as long-term investments in the consolidated balance sheets as of December 31, 2020.

Amounts due to related parties


		As of December 31,
	Note	2022		2023
Infinities		$	660	$	643
OPI and its subsidiaries	(iii)		2		12
Total		$	662	$	655

(iii)

The Company received $9,179 transitory funding with no interest from OPI and its subsidiaries in August 2023 and returned the funds in December 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

SHARE-BASED COMPENSATION - Summary of information with respect to share Options outstanding (Details) - Renren stock options	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Options outstanding
Number outstanding (in shares) \| shares	91,646,055
Weighted average intrinsic value	$ 0.01
Options exercisable
Number of exercisable (in shares) \| shares	91,646,055
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 1 month 6 days
Weighted average exercise price (in dollars per share)	$ 0.01
Weighted average intrinsic value	$ 0.01
Options exercisable
Number of exercisable (in shares) \| shares	91,646,055
Weighted average remaining contractual life	1 year 1 month 6 days
Weighted average exercise price (in dollars per share)	$ 0.01
Range of exercise price from $0.3 \| 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	47,673
Weighted average remaining contractual life	7 years 6 months
Weighted average exercise price (in dollars per share)	$ 28.03
Weighted average intrinsic value	$ 25.07
Options exercisable
Number of exercisable (in shares) \| shares	35,248
Weighted average remaining contractual life	7 years 3 months 18 days
Weighted average exercise price (in dollars per share)	$ 19.94
Weighted average intrinsic value	31.35
Range of exercise price from $0.2 \| Trucker Path
SHARE-BASED COMPENSATION
Low end of range of exercise prices (in dollars per share)	4.00
High end of range of exercise prices (in dollars per share)	$ 133.00
Options outstanding
Number outstanding (in shares) \| shares	48,649
Weighted average remaining contractual life	7 years 4 months 6 days
Weighted average exercise price (in dollars per share)	$ 46.01
Weighted average intrinsic value	$ 31.24
Options exercisable
Number of exercisable (in shares) \| shares	40,765
Weighted average remaining contractual life	7 years 1 month 2 days
Weighted average exercise price (in dollars per share)	$ 33.00
Weighted average intrinsic value	$ 36.13

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule Of Accrued Expenses And Other Current Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Accrued expenses and other current liabilities

Other tax payable

$ 3,237

$ 4,551

Employee payroll and welfare

2,473

2,367

Accrued professional fee and marketing expense

1,718

1,254

Other payable related to legacy business

2,101

2,154

Others

1,028

1,394

Total

$ 10,557

$ 11,720

^[1]

[1]	See Note 2.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands

Class A ordinary shares

Ordinary shares

Class A ordinary shares

Treasury stock

Class A ordinary shares

Accumulated deficit

Class A ordinary shares

Total Moatable Inc.'s equity (deficit)

Class A ordinary shares

Class B ordinary shares

Ordinary shares

Class B ordinary shares

Accumulated deficit

Class B ordinary shares

Total Moatable Inc.'s equity (deficit)

Class B ordinary shares

Treasury stock

Additional paid-in capital

Accumulated deficit

Statutory reserves

Accumulated other comprehensive 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

3,992

Dividend from stipulation settlement

2,630

Unrealized loss on short-term investments

^[1]

Other comprehensive income (loss)

1,035

(89)

946

Exercise of share option and restricted shares vesting

$ 17

173

190

Exercise of share option and restricted shares vesting (in shares)

16,799,985

Net loss

(76,908)

(1,174)

(78,082)

Balance at Dec. 31, 2022

$ 833

$ 305

779,002

(697,299)

6,712

(8,951)

80,602

(13,888)

66,714

^[1]

Balance (in shares) at Dec. 31, 2022

832,736,562

305,388,450

Increase (Decrease) in Shareholders' Equity

Stock-based compensation

2,525

442

2,967

Unrealized loss on short-term investments

Other comprehensive income (loss)

173

(338)

$ (165)

Repurchase of ordinary shares

$ (270)

$ (2,002)

$ (5,975)

$ (8,247)

$ (135)

$ (3,211)

$ (3,346)

Repurchase of ordinary shares (in shares)

(270,258,971)

(57,192,165)

(135,129,480)

1,270,937

Reclassification of additional paid in capital

838

(838)

Exercise of share option and restricted shares vesting

$ 45

$ 59

Exercise of share option and restricted shares vesting (in shares)

44,947,350

Net loss

(8,992)

(919)

(9,911)

Balance at Dec. 31, 2023

$ 608

$ 170

$ (2,002)

$ 782,365

$ (716,315)

$ 6,712

$ (8,778)

$ 62,760

$ (14,689)

$ 48,071

Balance (in shares) at Dec. 31, 2023

607,424,941

170,258,970

(57,192,165)

[1]	See Note 2.

ORGANIZATION AND PRINCIPAL ACTIVITIES - Additional information (Details) - Variable Interest Entity - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Condensed consolidated financial information of VIE and its subsidiaries
Term of agreement	10 years
Service fees	$ 0	$ 0
Business Operations Agreement
Condensed consolidated financial information of VIE and its subsidiaries
Term of agreement	10 years
Advance written notice period for not extending term of agreement	30 days
Exclusive Equity Option Agreement
Condensed consolidated financial information of VIE and its subsidiaries
Term of agreement	10 years
Advance written notice period for not extending term of agreement	30 days
Exclusive Technical and Consulting Services Agreement
Condensed consolidated financial information of VIE and its subsidiaries
Term of agreement	10 years
Advance written notice period for not extending term of agreement	30 days
Intellectual Property License Agreement
Condensed consolidated financial information of VIE and its subsidiaries
Advance written notice period for not extending term of agreement	30 days

- 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

SHARE-BASED COMPENSATION - Summary of Nonvested restricted shares activity (Details) - Nonvested restricted shares	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Nonvested restricted shares
Outstanding at the beginning of the period (in shares) \| shares	35,263,634
Granted (in shares) \| shares	11,022,615
Vested (in shares) \| shares	(20,530,035)
Forfeited (in shares) \| shares	(5,217,838)
Outstanding at the end of the period (in shares) \| shares	20,538,376
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
Granted (in dollars per share) \| $ / shares	0.04
Vested (in dollars per share) \| $ / shares	0.12
Forfeited (in dollars per share) \| $ / shares	0.29
Outstanding at the end of the period (in dollars per share) \| $ / shares	$ 0.07

PROPERTY AND EQUIPMENT, NET - Schedule of property and equipment, net (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Property and equipment, net

Property and equipment, gross

$ 8,828

$ 9,057

Less: Accumulated impairment loss

(2,671)

(3,510)

Total property and equipment, net

6,157

5,547

^[1]

Depreciation expenses

262

196

Building

Property and equipment, net

Property and equipment, gross

5,899

5,281

Computer equipment and application software

Property and equipment, net

Property and equipment, gross

1,815

3,034

Server & network equipment

Property and equipment, net

Property and equipment, gross

325

329

Furniture and vehicles

Property and equipment, net

Property and equipment, gross

194

Leasehold improvements

Property and equipment, net

Property and equipment, gross

$ 595

$ 352

[1]	See Note 2.

SHARE-BASED COMPENSATION - Service period of award using the straight-line method (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Trucker Path
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 254	$ 308
Lofty Inc
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 188	$ 176

SIGNIFICANT RISKS AND UNCERTAINTIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Foreign currency risk
Cash and cash equivalents denominated in RMB	$ 5,359	$ 1,250
Total revenue \| Concentration of credit risk \| Customer concentration
Foreign currency risk
Concentration risk percentage	10.00%	10.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a).

Basis of presentation

(b).

Liquidity

3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

(c).Principles of consolidation

(d).Reclassifications

Certain reclassifications have been made to the Company’s consolidated statements of cash flow of prior period to conform to current year reporting classifications.

(e).Use of estimates

(f).Business combination

(g).Cash and cash equivalents

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

(h).Restricted cash

3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED


	As of December 31,
	2022		2023
Restricted cash	$	9,159	$	5,056
Less: Provision of restricted cash		(9,159)		—
Restricted cash, net		—		5,056

(i).Short-term investments

(j).Fair value measurements

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

3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

(k).Investments

Equity method investments

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

3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

Equity Investments with Readily Determinable Fair Values

Equity Investments without Readily Determinable Fair Values

(l).Accounts receivable and allowance for credit loss

Adoption of Accounting Standards Update (“ASU”) 2016-13

(m).Inventories

3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

(n).Property and equipment, net

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


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

(o).Intangible assets


Category		Estimated useful life
Computer software		5 years
Customer relationships		10 years
Technology platform		8 years
Website domain name		Indefinite
Trade name		3 years

(p).Leases

3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

(q).Impairment of long-lived assets

(r).Goodwill and Indefinite-lived Intangible Assets

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

3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

The Company recorded goodwill impairment of nil and $395 for the years ended December 31, 2022 and 2023.

(s).Revenue recognition

The Company generated the majority of revenue from SaaS services.

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

3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

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


	For the Years Ended December 31,
	2022		2023

	(In thousands of US$)
Lofty
Subscription services	$	22,816	$	27,164
Advertising services		1,884		1,488
Other services		—		206
Subtotal	$	24,700	$	28,858
Trucker Path
Subscription services	$	17,982	$	21,063
Advertising services		2,325		1,830
Other services		631		167
Subtotal	$	20,938	$	23,060
Other Operations
Other services	$	170	$	155

Total revenues	$	45,808	$	52,073


	For the years ended December 31,
	2022		2023

	(In thousands of US$)
Timing of revenue recognition
Over time	$	40,798	$	48,433
At a point in time		5,010		3,640
Total revenue	$	45,808	$	52,073

(t).Cost of revenues

(u).Income taxes

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

3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

(v).Financial instruments

(w).Research and development expenses

(x).Foreign currency translation

(y).Comprehensive loss

(z).Share-based compensation

3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

(aa). Loss per share

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

(ab). Recent accounting pronouncements not yet adopted

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

LONG-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

LONG-TERM INVESTMENTS

Schedule of long-term investments


		As of December 31,
	Note	2022		2023
Equity method investments:
Fundrise, L.P.	(i)	$	12,085	$	12,504
Other	(ii)		3,322		600
Total equity method investments			15,407		13,104

Equity investment with readily determinable fair values
Kaixin Auto Holdings	(iii)	$	9,636	$	1,921

Equity investment without readily determinable fair values
Suzhou Youge Interconnection Venture Capital Center			725		708
Total equity investments without readily determinable fair values			725		708

Total long-term investments		$	25,768	$	15,733

(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 2023 and recognized its share of gain of $173 and $419 for the years ended December 31, 2022 and 2023, respectively.

(ii)

In May 2014, the Company entered into an agreement to purchase limited partnership interest of Beijing Fenghou Tianyuan Investment and Management Center L.P. for a total consideration of $1,569 (RMB10 million). The Company held 12.38% partnership interest as of December 31, 2022 and 2023 and recognized its share of loss of $1,248 and $590 for the years ended December 31, 2022 and 2023, respectively. As of December 31, 2023, the Company recognized an impairment loss of $2,132 for the year ended December 31, 2023.

(iii)

On June 30, 2022, the Company’s equity interest in Kaixin decreased to 16.6% and the resignation of the Company’s representative from Kaixin’s Board of Directors, which combined resulted in a lack of significant influence in Kaixin. Thus, from June 30, 2022, the investment in Kaixin should be accounted for as equity investment with readily determinable fair value, a change in accounting the equity method. For the years ended December 31, 2022 and 2023, the Company recognized a $10,422 and $7,715 unrealized loss as a change of fair value to the investment of Kaixin, which was booked in loss from fair value change of a long-term investment. As of March 25, 2024, the market value of the Company’s equity investment in Kaixin Auto Holdings decreased to $0.4 million from $1.9 million as of December 31, 2023. The decrease in value is a result of a change in the quoted share price.

ACQUISITION (Tables)

12 Months Ended

Dec. 31, 2023

Rentancy

ACQUISITION

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


	Amount
	USD
Cash consideration	$	548

Current assets	$	5
Property, plant and equipment, net		6
Intangible assets		407
Goodwill		248
Current Liabilities		(8)
Non-current Liabilities		(110)
Total	$	548

Four Keys

ACQUISITION

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


	Amount
	USD
Cash consideration	$	334

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

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS - Selected consolidated balance sheets information (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

ASSETS

Stipulation disbursement receivable

^[1]

$ 2,630

Total current assets

$ 46,184

60,800

^[1]

Long-term investment

15,733

25,768

^[1]

Total Assets

69,700

95,656

^[1]

Shareholders' equity

Accumulated deficit

(716,315)

(697,299)

^[1]

Additional paid-in capital

782,365

779,002

^[1]

Accumulated other comprehensive loss

(8,778)

(8,951)

^[1]

Total Moatable, Inc. shareholders' equity

$ 62,760

80,602

^[1]

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

[1]	See Note 2.

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2023

INTANGIBLE ASSETS, NET

Schedule of intangible assets, net


	As of December 31,
	2022		2023
Website domain name	$	1,500		24
Technology platform		782		768
Customer relationships		741		610
Computer software		72		144
Trade name		540		540
Intangible assets, gross		3,635		2,086
Accumulated amortization		(1,210)		(1,359)
Intangible assets, net	$	2,425	$	727

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

2024	$	105
2025		96
2026		94
2027		83
2028		—
2029		—
Thereafter		—
Total	$	378

GOODWILL

12 Months Ended

Dec. 31, 2023

GOODWILL

GOODWILL

9.GOODWILL


	Amount
Balance at January 1, 2022		124
Addition		414
Exchange difference		9
Balance at December 31, 2022	$	547
Impairment loss ⁽ⁱ⁾		(395)
Disposal ⁽ⁱⁱ⁾		(166)
Exchange difference		14
Balance at December 31, 2023	$	—

(i)	The impairment of goodwill was primarily related to the Rentancy acquisition and was recorded as a result of reduction in LoftyWorks operating results compared to our original acquisition model.

(ii)	The disposal of goodwill was due to the disposal of Trucker Path Logistics, Inc on May 1, 2023.

LONG-TERM INVESTMENTS (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

LONG-TERM INVESTMENTS

Total equity method investments

$ 13,104

$ 15,407

Total equity investments without readily determinable fair values

708

725

Total long-term investments

15,733

25,768

^[1]

Fundrise, L.P.

LONG-TERM INVESTMENTS

Total equity method investments

12,504

12,085

Other

LONG-TERM INVESTMENTS

Total equity method investments

600

3,322

Kaixin Auto Holdings

LONG-TERM INVESTMENTS

Equity investment without readily determinable fair values

1,921

9,636

Suzhou Youge Interconnection Venture Capital Center

LONG-TERM INVESTMENTS

Equity investment without readily determinable fair values

$ 708

$ 725

[1]	See Note 2.

- 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/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
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-Paragraph 6
-Subparagraph (c)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 946
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 1
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 210
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org//1943274/2147483580/946-220-50-3

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

^[1]

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

Net income

$ (9,911)

$ (78,082)

Other comprehensive income (loss), net of tax

Foreign currency translation, net of nil income taxes

(165)

964

Net unrealized gain on available-for-sale investments, net of nil income taxes for the year ended December 31, 2022 and 2023, respectively

Other comprehensive income (loss)

(165)

990

Comprehensive loss

(10,076)

(77,092)

Less: total comprehensive loss attributable to noncontrolling interest

(1,257)

(1,263)

Comprehensive loss attributable to Moatable Inc.

$ (8,819)

$ (75,829)

[1]	See Note 2.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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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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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
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-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
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-Paragraph 3
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
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+ Details

INTANGIBLE ASSETS, NET (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Acquired Finite-Lived Intangible Assets [Line Items]

Intangible assets, gross

$ 2,086

$ 3,635

Accumulated amortization

(1,359)

(1,210)

Intangible assets, net

727

2,425

^[1]

Amortization expenses

175

560

Impairment of intangible asset

1,500

962

Amortization amount of intangible asset

105

378

Acquired Finite-Lived Intangible Assets [Line Items]

Intangible assets, gross

1,500

Technology platform

Acquired Finite-Lived Intangible Assets [Line Items]

Intangible assets, gross

768

782

Customer relationship

Acquired Finite-Lived Intangible Assets [Line Items]

Intangible assets, gross

610

741

Computer software

Acquired Finite-Lived Intangible Assets [Line Items]

Intangible assets, gross

144

Trade name

Acquired Finite-Lived Intangible Assets [Line Items]

Intangible assets, gross

$ 540

[1]	See Note 2.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (8,992)	$ (76,908)

- Definition

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

+ References

+ Details

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

Schedule of segment information


	Lofty		Trucker Path		Other Operations		Consolidated
Fiscal year Ended December 31, 2023
Revenue	$	28,858		23,060		155		52,073
Cost of sales		4,273		6,783		156		11,212
Gross Margin	$	24,585		16,277		(1)		40,861

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of cash, cash equivalents and restricted cash


	As of December 31,
	2022		2023
Restricted cash	$	9,159	$	5,056
Less: Provision of restricted cash		(9,159)		—
Restricted cash, net		—		5,056

Schedule of estimated economic useful lives of the assets


Category		Estimated useful life
Computer software		5 years
Customer relationships		10 years
Technology platform		8 years
Website domain name		Indefinite
Trade name		3 years

Schedule of property and equipment, net

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


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

Schedule of disaggregated revenue


	For the Years Ended December 31,
	2022		2023

	(In thousands of US$)
Lofty
Subscription services	$	22,816	$	27,164
Advertising services		1,884		1,488
Other services		—		206
Subtotal	$	24,700	$	28,858
Trucker Path
Subscription services	$	17,982	$	21,063
Advertising services		2,325		1,830
Other services		631		167
Subtotal	$	20,938	$	23,060
Other Operations
Other services	$	170	$	155

Total revenues	$	45,808	$	52,073


	For the years ended December 31,
	2022		2023

	(In thousands of US$)
Timing of revenue recognition
Over time	$	40,798	$	48,433
At a point in time		5,010		3,640
Total revenue	$	45,808	$	52,073

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2023

ORGANIZATION AND PRINCIPAL ACTIVITIES

Schedule of principal subsidiaries and consolidated VIE

As of December 31, 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 Moatable, Inc.		activities
Subsidiaries:
Lofty, Inc.(“Lofty“)	September 7, 2012	Delaware, USA	77.8	%	SaaS business
Trucker Path, Inc. (“Trucker Path”)	December 28, 2017	USA	77.8	%	SaaS business
Lucrativ Inc.	January 22, 2018	USA	100	%	SaaS business
Renren Giantly Philippines Inc.	March, 2018	Philippines	100	%	SaaS business
Qianxiang Shiji Technology Development (Beijing) Co., Ltd. (“Qianxiang Shiji”)	March 21, 2005	PRC	100	%	Investment holding

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

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

Schedule of condensed consolidated financial information


	As of December 31,
	2022		2023
Cash and cash equivalents	$	1,210	$	3,050
Accounts receivable		98		638
Prepaid expenses and other current assets		1,221		190
Amounts due from related parties, net		715		684

Total current assets		3,244		4,562

Property and equipment, net		82		79
Long-term investments		4,047		1,308
Right-of-use assets		—		578
Other non-current assets		27		474

Total non-current assets		4,156		2,439

Total assets	$	7,400	$	7,001

Accounts payable	$	111	$	109
Accrued expenses and other current liabilities		8,154		8,005
Operating lease liabilities - current		214		375
Payable to investors		15		—
Amounts due to related parties		662		631
Income tax payable		1,474		2,626

Total current liabilities		10,630		11,746

Operating lease liabilities - non-current		—		131

Total non-current liabilities		—		131

Total liabilities	$	10,630	$	11,877


	For the Years Ended December 31,
	2022		2023
Revenues	$	107	$	98
Net loss	$	(54,709)	$	(10,339)


	For the Years Ended December 31,
	2022		2023
Net cash (used in) provided by operating activities	$	(1,170)	$	1,902
Net cash used in investing activities	$	—	$	(62)
Net cash used in financing activities	$	—	$	—

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Cash flows from operating activities:

Net income

$ (9,911)

$ (78,082)

^[1]

Adjustments to reconcile net loss to net cash used in operating activities:

Share-based compensation expense

2,967

3,992

Impairment on and loss in equity method investments

2,218

13,061

Amortization of the right-of-use assets

493

721

Depreciation and amortization

437

756

Impairment on goodwill

395

Impairment on long-term investment without readily determinable fair values

44,474

Impairment on intangible asset

1,500

962

Fair value change on long-term investment

7,715

10,422

Reversal of tax payable

(8,767)

(2,342)

Loss from disposal of subsidiaries

308

Provision for credit loss

311

Changes in operating assets and liabilities:

Accounts receivable

(702)

(432)

Prepaid expenses and other current assets

(640)

2,853

Inventory

339

Other non-current assets

Accounts payable

491

(85)

Amounts due from/to related parties

(2)

Accrued expenses and other current liabilities

(52)

(404)

Deferred revenue

(1)

1,701

Operating lease liabilities

(509)

(700)

Income tax payable

563

(1,060)

Net cash used in operating activities

(3,167)

(3,822)

Cash flows from investing activities:

Payment for acquisition of subsidiaries, net of cash acquired

(1,836)

Redemption of short-term investments

24,004

Dividend received from equity investment

Purchase of short-term investments

(24,030)

Proceeds from disposal of equipment and property

Purchases of property and refurbishment construction

(927)

(5,537)

Purchases of intangible assets

(96)

(2,078)

Net cash (used in) provided by investing activities

23,034

(33,481)

Cash flows from financing activities:

Proceeds from exercise of share options

190

Ordinary share buyback

(11,593)

Dividend received from stipulation settlement

2,630

Repayment of borrowings

(1,644)

Net cash used in financing activities

(8,904)

(1,454)

Net (decrease) increase in cash and cash equivalents and restricted cash

10,963

(38,757)

Cash and cash equivalents and restricted cash at beginning of year

27,960

65,247

Effect of exchange rate changes

1,470

Cash and cash equivalents and restricted cash at end of year

38,969

27,960

Supplemental schedule of cash flows information:

Interest paid

Income taxes paid

162

Schedule of non-cash activities:

Obtaining right-of-use assets in exchange for operating lease liabilities

$ 933

$ 233

[1]	See Note 2.

LONG-TERM INVESTMENTS - Additional information (Details) $ in Thousands, ¥ in Millions	1 Months Ended			12 Months Ended
	Oct. 31, 2014 USD ($)	May 31, 2014 USD ($)	May 31, 2014 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 25, 2024 USD ($)	Jun. 30, 2022
Equity method investments:
Share of loss and income under equity method				$ (2,218)	$ (13,061)
Recognized an impairment loss				2,132	0
Kaixin Auto Holdings
Equity method investments:
Equity method investment aggregate cost				$ 1,900
Kaixin Auto Holdings \| SUBSEQUENT EVENTS
Equity method investments:
Equity method investment aggregate cost						$ 400
Fundrise, L.P.
Equity method investments:
Total consideration	$ 10,000
Ownership percentage				98.04%
Share of loss and income under equity method				$ 419	$ 173
Beijing Fenghou Tianyuan Investment and Management Center L.P. (Tianyuan L.P.)
Equity method investments:
Total consideration		$ 1,569	¥ 10
Ownership percentage				12.38%	12.38%
Share of loss and income under equity method				$ 590	$ 1,248
Recognized an impairment loss				2,132	1,600
Kaixin Auto Holdings
Equity method investments:
Ownership percentage							16.60%
Unrealized loss				$ 7,715	$ 10,422

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2023

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

Schedule of selected consolidated balance sheets, statement of operations and cashflows 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	779,002
Accumulated other comprehensive loss	(8,933)	(18)	(8,951)
Total Moatable, Inc. shareholders’ equity	79,654	948	80,602

Selected consolidated statements of comprehensive loss information for the year ended December 31, 2022


	As previously
	reported	Adjustment	As adjusted
Impairment on and loss in equity method investments, net of tax	(11,397)	(1,664)	(13,061)
Net loss	(76,418)	(1,664)	(78,082)
Net loss attributable to Moatable Inc.	(75,244)	(1,664)	(76,908)

Selected consolidated statements of cash flows information for the year ended December 31, 2022


	As previously
	reported	Adjustment	As adjusted
Net loss	(76,418)	(1,664)	(78,082)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss in equity method investments	11,397	1,664	13,061
Net cash used in operating activities	(3,822)	—	(3,822)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Mar. 20, 2024	Dec. 31, 2023
SUBSEQUENT EVENTS
Exercised (in shares)		3,150,000
SUBSEQUENT EVENTS \| Founder, chairman of the board of directors and chief executive officer
SUBSEQUENT EVENTS
Exercised (in shares)	91,600,000
Stock issued during period, value, stock options exercised	$ 1.0
Weighted average price per share	$ 0.51
SUBSEQUENT EVENTS \| Founder, chairman of the board of directors and chief executive officer \| ADS [Member]
SUBSEQUENT EVENTS
Exercised (in shares)	2,000,000.0

ORDINARY SHARES

12 Months Ended

Dec. 31, 2023

ORDINARY SHARES

ORDINARY SHARES

13.ORDINARY SHARES

Exercise of share options and restricted shares vesting

During the years ended December 31, 2022 and 2023, 16,799,985 and 44,947,350 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 14).

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. On October 13, 2023, the Board approved an extension and extra funding of the existing Stock Repurchase Program whereby the expiration date was extended to December 31, 2024 and the authorized repurchase amount was increased from $10.0 million to $15.0 million.

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 NYSE rules.

13.ORDINARY SHARES - CONTINUED

For year ended December 31, 2023, the Company repurchased 1,270,937 ADSs, excluding the ADSs repurchased from Softbank, representing 57,192,165 Class A ordinary shares (each ADS is equivalent to 45 Ordinary Shares) for $ 2,002 on the open market, at a weighted average price of $1.58 per ADS and recorded as treasure stock.

Stock Repurchase from SoftBank

On May 23, 2023, the Company entered into a 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. 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.

On December 29, 2023, the Company entered into a share repurchase agreement with SoftBank, pursuant to which the Company repurchased from SoftBank 117,388,451 Class A ordinary shares, par value US$0.001 per share, of the Company, for a total purchase price of US$2,459. (collectively with the foregoing transaction, the “Share Repurchase”), or approximately US$0.94 per ADS. The purchase price per share was less than the market price, which closed at $0.97 per share on the day of the share repurchase.

The Company used cash on hand for the Share Repurchase from Softbank and retired the Ordinary Shares purchased in the Share Repurchase. After the Share Repurchase, SoftBank is no longer a shareholder of the Company. In this Share Repurchase transaction, the excess of $9,186 over ordinary shares’ par value was charged entirely to retained earnings.

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 163,628,956 Class A ordinary shares and 170,258,970 Class B ordinary shares, representing 46.4% of total outstanding shares and 82.9% of total voting power of the Company.

The following table sets forth repurchase activity under the Stock Repurchase Program from inception through December 31, 2023, which included the stock repurchase from Softbank:


				Approximate Dollar
				Value of ADSs That		Approximate Dollar
				Purchased as		Value of ADSs That
				Part of Publicly		May Yet Be
	Total Number of	Average Price		Announced		Purchased Under the
	ADSs Purchased	Paid Per ADS		Programs		Programs
Periods
January 2023:
Open market purchases	258,661	$	2.04	$	528	$	14,472
February 2023:
Open market purchases	251,708	$	1.89	$	476	$	13,996
March 2023:
Open market purchases	168,513	$	1.41	$	245	$	13,751
April 2023:
Open market purchases	161,691	$	1.35	$	219	$	13,532
May 2023:
Open market purchases	166,299	$	1.06	$	176	$	13,356
Repurchase from Softbank	6,400,000	$	1.11	$	7,132		6,224
June 2023:
Open market purchases	214,579	$	1.45	$	309	$	5,915
October 2023:
Open market purchases	20,342	$	0.97	$	20	$	5,895
December 2023:
Open market purchases	29,144	$	1.01	$	29	$	5,866
Repurchase from Softbank	2,608,632	$	0.94	$	2,459	$	3,407
Total	10,279,569			$	11,593

INCOME TAXES

12 Months Ended

Dec. 31, 2023

INCOME TAXES

INCOME TAXES

12.INCOME TAXES

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

The Company’s subsidiaries incorporated in the US are subject to state income tax and federal income tax at different tax rates, depending upon taxable income levels. The U.S. federal statutory tax rate is 21%.

The Company’s subsidiaries incorporated in Hong Kong are subjected to Hong Kong profits tax. With effect from April 1, 2018, a two-tiered profits tax rate regime applies. The profits tax rate for the first HKD 2 million of corporate profits is 8.25%, while the standard profits tax rate of 16.5% remains for profits exceeding HKD 2 million. In fiscal year ended December 31, 2022 and 2023, the Hong Kong subsidiary Renren Giantly Limited and Renren Game Hongkong Limited had immaterial assessable profit or loss.

Renren Giantly Philippines Inc was established in 2018 and incorporated in the Philippines, which is subject to 30% enterprise income tax rate for the years ended December 31, 2020, and decreased to 25% for the years ended December 31, 2022 and 2023 due to the epidemic. Renren Giantly Philippines Inc did not have taxable income and no income tax expense was provided for in the fiscal years ended December 31, 2022 and 2023.

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

12.INCOME TAXES - CONTINUED

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

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

The Company’s subsidiaries and VIE located in the PRC had aggregate accumulated deficits as of December 31, 2023. Accordingly, no deferred tax liability had been accrued for the Chinese dividend withholding taxes as of December 31, 2023.

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


	For the Years Ended December 31,
	2022		2023
Current income tax benefit	$	(2,342)	$	(6,712)
Deferred income tax expenses		—		—
Total income tax benefit	$	(2,342)	$	(6,712)

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


	As of December 31,
	2022		2023
Deferred tax assets
Provision for doubtful accounts	$	4,504	$	4,457
Write-down for inventory		52		52
Allowance for prepaid expenses and other current assets		4,575		4,462
Capitalized R&D costs		—		2,018
Accrued payroll and welfare		138		135
Provision of the restricted cash		527		—
Provision of amount due from a related party		590		576
Accrued liabilities		2,287		2,230
Advertising fee		533		516
Employee education fee		18		2
Intangible asset impairment		6,430		6,587
Net operating loss carry forwards		24,271		16,952
Total Deferred tax assets		43,925		37,987
Less valuation allowance		(43,925)		(37,987)

Deferred tax assets, net	$	—	$	—

12.INCOME TAXES - CONTINUED

The roll forward of valuation allowances of deferred tax assets for the year ended December 31, 2023 were as follows:


	For the Year Ended
	December 31, 2023
Balance as of beginning of year	$	(43,925)
Addition		(1,980)
Expiration of NOL		1,870
Prior year true-up		3,525
Utilization of deferred tax assets		1,903
Foreign currency translation adjustments		620
Balance as of end of year	$	(37,987)

The Company operates through multiple subsidiaries, VIE, and the VIE’s subsidiaries. The valuation allowance is considered on each entity an individual entity basis. The subsidiaries, VIE, and VIE’s subsidiaries have total deferred tax assets related to net operating loss carry forwards of $24,271 and $16,952 as of December 31, 2022 and 2023, respectively. The Company assessed the available evidence to estimate if sufficient future taxable income would be generated to use the existing deferred tax assets. As of December 31, 2022 and 2023, valuation allowances were established because the Company believes that it is more likely than not that its deferred tax assets will not be realized as it does not expect to generate sufficient taxable income in the near future. As of December 31, 2023, the Company had net operating losses of $11,968 from China and Philippines subsidiaries, which can be carried forward to offset future taxable profit. Net operating losses of $4,689, $3,595, $867, $1,161 and $1,656 will expire by 2024, 2025, 2026, 2027 and 2028 respectively, if not utilized. As of December 31, 2022 and 2023, the Company had federal net operating loss of approximately $74,174 and $54,240, respectively, and state net operating loss carryforwards of approximately $72,148 and $17,758, respectively. The Company files state tax returns in Arizona and California. For the federal income tax, the federal net operating losses incurred after 2017 are limited to 80% of taxable income and do not have an expiring date. For the state income tax, the net operating loss begins to expire starting in the year of 2032 for the two states. Pursuant to Section 382 of the Internal Revenue Code, utilization of net operating losses and credits may be subject to annual limitations due to changes in its ownership structure. These annual limitations may result in the expiration of net operating losses and credits prior to utilization. As of December 31, 2023, the Company estimates that there has not been a change of control under Section 382 but no formal study has been completed. The Company will continue to monitor trading activity in our shares which may cause an ownership change.

Loss before provision for income tax is attributable to the following geographic locations for the years ended December 31, 2022 and 2023:


	For the Years Ended December 31,
	2022		2023

United States	$	(6,245)	$	(1,995)
Foreign		(61,118)		(12,410)
Total loss before provision of income tax	$	(67,363)	$	(14,405)

12.INCOME TAXES - CONTINUED

A reconciliation of the income tax amount computed by applying the U.S. statutory federal income tax rate (21% in 2022 and 2023) to loss before the provision of income taxes and the actual provision for income taxes is as follows:


	For the Years Ended December 31,
	2022			2023

Loss before provision of income tax	$	(67,363)		$	(14,405)
U.S. federal statutory income tax rate		21	%		21	%
Income tax at statutory rate		(14,146)			(3,025)
Reversal of tax payable		(2,317)			(7,467)
Prior year true-up		—			3,526
Net operating loss not applicable for carryforward		1,386			1,573
Non-deductible expenses		1			1
Non-deductible expenses related to share-based compensation		806			624
Non-taxable loss from fair value loss of a long-term investment		2,189			1,620
Effect of income tax rate differences in jurisdictions other than the US		9,756			1,754
Effects of Company cancellation		(116)			—
Changes in valuation allowance		99			(5,318)
Income tax benefit	$	(2,342)		$	(6,712)

The Company is subject to taxation and files income tax returns in the U.S. federal jurisdiction and many state and foreign jurisdictions. Tax years after 2019 for the U.S. federal jurisdiction and 2017 for PRC subsidiaries, VIE, and VIE’s subsidiaries remain subject to tax examination as of December 31, 2023, at the tax authority’s discretion. For the year ended December 31, 2023, the Company reversed the income tax payable amounted of $7,467 which has passed five years from original accrual date.

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2023, the Company did not have any unrecognized uncertain tax positions and the Company does not believe that its unrecognized tax benefits will change over the next twelve months. For the year ended December 31, 2023, the Company did not incur any interest and penalties related to potential underpaid income tax expenses.

- 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

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

INCOME TAXES - Schedule Of Reconciliation Between The Income Taxes Expense (Benefit) Computed By Applying PRC Tax Rate To Income (Loss) Before Income Taxes And Actual Provision For Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES
Loss before provision of income tax	$ (14,405)	$ (67,363)
U.S. federal statutory income tax rate	21.00%	21.00%
Income tax at statutory rate	$ (3,025)	$ (14,146)
Reversal of tax payable	(7,467)	(2,317)
Prior year true-up	3,526
Net operating loss not applicable for carryforward	1,573	1,386
Non-deductible expenses	1	1
Non-deductible expenses related to share-based compensation	624	806
Non-taxable loss from fair value loss of a long-term investment	1,620	2,189
Effect of income tax rate differences in jurisdictions other than the US	1,754	9,756
Effects of Company cancellation		(116)
Changes in valuation allowance	(5,318)	99
Total income tax benefit	$ (6,712)	$ (2,342)

INCOME TAXES - Rollforward of valuation allowances of deferred tax assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Balance as of beginning of year	$ (43,925)
Additions	(1,980)
Expiration of NOL	1,870
Prior year true-up	3,525
Utilization of deferred tax assets	1,903
Foreign currency translation adjustments	620
Balance as of end of year	$ (37,987)

SHARE-BASED COMPENSATION - Summary of activity of stock options granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
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	95,021,055
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	$ 0.01
Exercisable, at the end of the period (in dollars per share)	0.01
Weighted average grant date fair value
Granted (in dollars per share)			$ 4.00
Chime
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)	16.81	$ 66.00	$ 2.00
Lofty Inc
Weighted average grant date fair value
Granted (in dollars per share)	$ 24.71
Stock options \| Trucker Path
Number of shares
Balance at the beginning of the period (in shares)	51,005
Granted (in shares)	585
Forfeited (in shares)	(2,941)
Balance at the end of the period (in shares)	48,649	51,005
Exercisable, at the end of the period (in shares)	40,765
Expected to vest, at the end of the period (in shares)	7,884
Weighted average exercise price
Balance at the beginning of the period (in dollars per share)	$ 49.60
Granted (in dollars per share)	64.70
Forfeited (in dollars per share)	111.05
Balance at the end of the period (in dollars per share)	46.01	$ 49.60
Exercisable, at the end of the period (in dollars per share)	33.00
Expected to vest, at the end of the period (in dollars per share)	112.48
Weighted average grant date fair value
Balance at the beginning of the period (in dollars per share)	24.45
Granted (in dollars per share)	16.81
Forfeited (in dollars per share)	55.24
Balance at the end of the period (in dollars per share)	$ 22.81	$ 24.45
Renren stock options \| Chime
Number of shares
Balance at the beginning of the period (in shares)	49,748
Granted (in shares)	3,861
Exercised (in shares)	(438)
Forfeited (in shares)	(5,498)
Balance at the end of the period (in shares)	47,673	49,748
Exercisable, at the end of the period (in shares)	35,248
Expected to vest, at the end of the period (in shares)	12,424
Weighted average exercise price
Balance at the beginning of the period (in dollars per share)	$ 31.19
Granted (in dollars per share)	33.48
Exercised (in dollars per share)	73.35
Forfeited (in dollars per share)	56.81
Balance at the end of the period (in dollars per share)	28.03	$ 31.19
Exercisable, at the end of the period (in dollars per share)	19.94
Expected to vest, at the end of the period (in dollars per share)	51.00
Weighted average grant date fair value
Balance at the beginning of the period (in dollars per share)	15.11
Granted (in dollars per share)	24.71
Exercised (in dollars per share)	33.48
Forfeited (in dollars per share)	26.42
Balance at the end of the period (in dollars per share)	$ 14.41	$ 15.11

INCOME TAXES - Schedule Of Current And Deferred Component Of Income Tax Expenses Which Were Attributable To The Company's PRC Subsidiaries And VIE And VIEs Subsidiaries (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current and deferred component of income tax expenses (benefits)
Total income tax benefit	$ (6,712)	$ (2,342)
PRC
Current and deferred component of income tax expenses (benefits)
Current income tax benefit	(6,712)	(2,342)
Deferred income tax expenses	0	0
Total income tax benefit	$ (6,712)	$ (2,342)

- Definition

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

+ References + Details

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Mar. 15, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 11.8
Entity Central Index Key	0001509223
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Marcum Asia CPAs LLP
Auditor Firm ID	5395
Auditor Location	New York, NY
ADS
Document and Entity Information
Title of 12(b) Security	American depositary shares, each representing 45 Class A ordinary shares
Trading Symbol	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		639,122,365
Class B ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding		170,258,970

ORDINARY SHARES (Tables)

12 Months Ended

Dec. 31, 2023

ORDINARY SHARES

Schedule of repurchase activity under the stock repurchase program

The following table sets forth repurchase activity under the Stock Repurchase Program from inception through December 31, 2023, which included the stock repurchase from Softbank:


				Approximate Dollar
				Value of ADSs That		Approximate Dollar
				Purchased as		Value of ADSs That
				Part of Publicly		May Yet Be
	Total Number of	Average Price		Announced		Purchased Under the
	ADSs Purchased	Paid Per ADS		Programs		Programs
Periods
January 2023:
Open market purchases	258,661	$	2.04	$	528	$	14,472
February 2023:
Open market purchases	251,708	$	1.89	$	476	$	13,996
March 2023:
Open market purchases	168,513	$	1.41	$	245	$	13,751
April 2023:
Open market purchases	161,691	$	1.35	$	219	$	13,532
May 2023:
Open market purchases	166,299	$	1.06	$	176	$	13,356
Repurchase from Softbank	6,400,000	$	1.11	$	7,132		6,224
June 2023:
Open market purchases	214,579	$	1.45	$	309	$	5,915
October 2023:
Open market purchases	20,342	$	0.97	$	20	$	5,895
December 2023:
Open market purchases	29,144	$	1.01	$	29	$	5,866
Repurchase from Softbank	2,608,632	$	0.94	$	2,459	$	3,407
Total	10,279,569			$	11,593

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Class A ordinary shares
Ordinary shares, par value (in dollars per share)	$ 0.001	$ 0.001
Ordinary shares, shares authorized (in shares)	3,000,000,000	3,000,000,000
Ordinary shares, shares issued (in shares)	607,424,941	832,736,562
Ordinary shares, shares outstanding (in shares)	550,232,776
Class B ordinary shares
Ordinary shares, par value (in dollars per share)	$ 0.001	$ 0.001
Ordinary shares, shares authorized (in shares)	500,000,000	500,000,000
Ordinary shares, shares issued (in shares)	305,388,450	305,388,450
Ordinary shares, shares outstanding (in shares)	170,258,970	305,388,450
Number of shares into which each Class B ordinary share is convertible	1

ORGANIZATION AND PRINCIPAL ACTIVITIES - Schedule of consolidated financial information of Company's VIEs (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Condensed consolidated financial information of VIE and its subsidiaries

Cash and cash equivalents

$ 33,913

$ 27,960

^[1]

Accounts receivable

2,603

2,054

^[1]

Prepaid expenses and other current assets, net

3,928

3,418

^[1]

Amounts due from related parties, net

684

715

Total current assets

46,184

60,800

^[1]

Property and equipment, net

6,157

5,547

^[1]

Long-term investments

15,733

25,768

^[1]

Right-of-use assets

744

400

^[1]

Other non-current assets

155

169

^[1]

Total non-current assets

23,516

34,856

^[1]

Total assets

69,700

95,656

^[1]

Accounts payable

2,064

1,570

^[1]

Accrued expenses and other current liabilities

10,557

11,720

^[1]

Operating lease liabilities - current

461

301

^[1]

Amounts due to related parties

655

662

^[1]

Income tax payable

3,381

10,366

^[1]

Total current liabilities

21,440

28,942

^[1]

Operating lease liabilities - non-current

189

Total non-current liabilities

189

Total liabilities

21,629

28,942

^[1]

Revenue

52,073

45,808

Net loss

(9,911)

(78,082)

^[1]

Net cash (used in) provided by operating activities

(3,167)

(3,822)

Net cash used in investing activities

23,034

(33,481)

Net cash used in financing activities

(8,904)

(1,454)

Variable Interest Entity

Condensed consolidated financial information of VIE and its subsidiaries

Cash and cash equivalents

3,050

1,210

Accounts receivable

638

Prepaid expenses and other current assets, net

190

1,221

Amounts due from related parties, net

684

715

Total current assets

4,562

3,244

Property and equipment, net

Long-term investments

1,308

4,047

Right-of-use assets

578

Other non-current assets

474

Total non-current assets

2,439

4,156

Total assets

7,001

7,400

Accounts payable

109

111

Accrued expenses and other current liabilities

8,005

8,154

Operating lease liabilities - current

375

214

Payable to investors

Amounts due to related parties

631

662

Income tax payable

2,626

1,474

Total current liabilities

11,746

10,630

Operating lease liabilities - non-current

131

Total non-current liabilities

131

Total liabilities

11,877

10,630

Revenue

107

Net loss

(10,339)

(54,709)

Net cash (used in) provided by operating activities

1,902

$ (1,170)

Net cash used in investing activities

$ (62)

[1]	See Note 2.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Revenues:

Total revenues

$ 52,073

$ 45,808

Cost of revenues:

Total cost of revenues

11,212

10,410

Gross profit

40,861

35,398

Operating expenses

Selling and marketing

18,750

19,624

Research and development

18,358

16,187

General and administrative

12,599

14,788

Impairment of goodwill

395

Impairment of intangible asset

1,500

962

Total operating expenses

51,602

51,561

Loss from operations

(10,741)

(16,163)

Other income, net

2,416

3,169

Loss from fair value change of a long-term investment

(7,715)

(10,422)

Impairment of long-term investments without readily determinable fair values

(44,474)

Provision of restricted cash

(50)

Interest income

1,635

602

Interest expense

(25)

Loss before provision of income tax and loss in equity method investments and noncontrolling interest, net of tax

(14,405)

(67,363)

Income tax benefits

6,712

2,342

Loss before loss in equity method investments and noncontrolling interest, net of tax

(7,693)

(65,021)

Impairment on and loss in equity method investments, net of tax

(2,218)

(13,061)

Net loss

(9,911)

(78,082)

^[1]

Net loss attributable to non-controlling interests

(919)

(1,174)

Net loss attributable to Moatable Inc.

$ (8,992)

$ (76,908)

Net loss per share attributable to Moatable Inc. shareholders:

Basic

$ (0.009)

$ (0.068)

Diluted

$ (0.009)

$ (0.068)

Weighted average number of shares used in calculating net loss per share attributable to Moatable Inc. shareholders:

Basic

953,320,487

1,133,947,967

Diluted

953,320,487

1,133,947,967

SaaS revenue

Revenues:

Total revenues

$ 51,918

$ 45,309

Cost of revenues:

Total cost of revenues

10,876

10,036

Other services

Revenues:

Total revenues

155

499

Cost of revenues:

Total cost of revenues

$ 336

$ 374

[1]	See Note 2.

ORDINARY SHARES (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 23, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 29, 2023	Oct. 13, 2023	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		$ 11,593
Repurchase of ordinary shares		1,270,937
Maximum
ORDINARY SHARES
Authorized stock repurchased					$ 15,000
Minimum
ORDINARY SHARES
Authorized stock repurchased					$ 10,000
Stock Repurchase
ORDINARY SHARES
Weighted average price per share	$ 1.1144
Class A ordinary shares
ORDINARY SHARES
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		57,192,165
Stock issued during period value repurchase of open market shares		$ 2,002
Weighted average price of repurchased shares		$ 1.58
Class A ordinary shares \| Stock Repurchase \| Board of Directors
ORDINARY SHARES
Authorized stock repurchased						$ 10,000
Ordinary shares, par value (in dollars per share)						$ 0.001
Class A ordinary shares \| Common Stock
ORDINARY SHARES
Exercise of share option and restricted shares vesting (in shares)		44,947,350	16,799,985
Repurchase of ordinary shares		(270,258,971)

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of amount due to related parties (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Aug. 31, 2023

Dec. 31, 2022

Amounts due from related parties [Line Items]

Amounts due to related parties

$ 655

$ 662

^[1]

OPI and its subsidiaries

Amounts due from related parties [Line Items]

Amounts due to related parties

Transitory funding with no interest amount

$ 9,179

Beijing Infinities

Amounts due from related parties [Line Items]

Amounts due to related parties

$ 643

$ 660

[1]	See Note 2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Non current portion of restricted cash (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Restricted cash	$ 5,056	$ 9,159
Less: Provision of restricted cash	0	(9,159)
Total cash, cash equivalents and restricted cash shown in the statements of cash flow	5,056
Valuation allowance recognized for the inventories	$ 0	$ 0

INCOME TAXES - Schedule of Loss Before Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Total loss before provision of income tax	$ (14,405)	$ (67,363)
UNITED STATES
Income Taxes [Line Items]
Total loss before provision of income tax	(1,995)	(6,245)
Foreign
Income Taxes [Line Items]
Total loss before provision of income tax	$ (12,410)	$ (61,118)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-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

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-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 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

SIGNIFICANT RISKS AND UNCERTAINTIES

12 Months Ended

Dec. 31, 2023

SIGNIFICANT RISKS AND UNCERTAINTIES

SIGNIFICANT RISKS AND UNCERTAINTIES

4.SIGNIFICANT RISKS AND UNCERTAINTIES

Foreign currency risk

The RMB is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. Cash and cash equivalents of the Company included aggregate amounts of $1,250 and $5,359 on December 31, 2022 and 2023, respectively, which were denominated in RMB.

Concentration of credit risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable and amounts due from related parties. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents to the extent recorded in the balance sheets. Cash are held at multiple financial institutions. The Company has diversified its holding banks to reduce the impact of bank failures, such as Silicon Valley Bank (“SVB”), on its uninsured deposits and to facilitate international operations. The Company believes there is minimal risk relative to its cash and investment accounts.

There were no customers that accounted for 10% or more of total revenue for the years ended December 31, 2022 and 2023.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of finite lived intangible assets (Details)	Dec. 31, 2023
Computer software
Finite-Lived Intangible Assets [Line Items]
Finite-Lived intangible asset, useful life	5 years
Customer relationship
Finite-Lived Intangible Assets [Line Items]
Finite-Lived intangible asset, useful life	10 years
Technology platform
Finite-Lived Intangible Assets [Line Items]
Finite-Lived intangible asset, useful life	8 years
Trade name
Finite-Lived Intangible Assets [Line Items]
Finite-Lived intangible asset, useful life	3 years

OPERATING LEASES - Maturities of lease liabilities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
OPERATING LEASES.
2024	$ 504
2025	195
Total undiscounted lease payment	699
Less: Imputed interest	(49)
Present value of lease liabilities	$ 650

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 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	$ 682	$ 108
Philippines
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Long-lived assets	257	231
United States
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Long-lived assets	$ 6,844	$ 8,208

LONG-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2023

LONG-TERM INVESTMENTS

LONG-TERM INVESTMENTS

8.LONG-TERM INVESTMENTS


		As of December 31,
	Note	2022		2023
Equity method investments:
Fundrise, L.P.	(i)	$	12,085	$	12,504
Other	(ii)		3,322		600
Total equity method investments			15,407		13,104

Equity investment with readily determinable fair values
Kaixin Auto Holdings	(iii)	$	9,636	$	1,921

Equity investment without readily determinable fair values
Suzhou Youge Interconnection Venture Capital Center			725		708
Total equity investments without readily determinable fair values			725		708

Total long-term investments		$	25,768	$	15,733

(i)

8.LONG-TERM INVESTMENTS - CONTINUED

(ii)

(iii)

ACQUISITION (Details) - USD ($)
$ in Thousands

12 Months Ended

Aug. 19, 2022

Apr. 13, 2022

Apr. 06, 2022

Dec. 31, 2023

Dec. 31, 2022

^[1]

Dec. 31, 2021

ACQUISITION

Goodwill

$ 0

$ 547

$ 124

Rentancy

ACQUISITION

Percentage of voting interest acquired

100.00%

Cash consideration

$ 548

Current assets

Property, plant and equipment, net

Intangible assets

407

Goodwill

248

Current Liabilities

(8)

Non-current Liabilities

(110)

$ 548

417

ACQUISITION

Percentage of voting interest acquired

100.00%

Cash consideration

$ 962

962

Guangzhou Yupu | Technology platform

ACQUISITION

Intangible assets

$ 37

Guangzhou Yupu | Customer relationship

ACQUISITION

Intangible assets

$ 138

Four Keys

ACQUISITION

Percentage of voting interest acquired

100.00%

$ 334

166

(7)

$ 334

306

$ 656

[1]	See Note 2.

Goodwill - Schedule Of Changes In Carrying Amounts Of Goodwill (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Costs:

Beginning balance

$ 547

^[1]

$ 124

414

(395)

(166)

$ 0

$ 547

^[1]

[1]	See Note 2.

- Definition

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

+ References + Details

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2023

SUBSEQUENT EVENTS.

SUBSEQUENT EVENTS

18.SUBSEQUENT EVENT

On March 20, 2024, the Company’s founder, chairman of the board of directors and chief executive officer exercised his option to acquire 91.6 million shares (2.0 million ADS) for approximately $1.0 million or $0.51 per share.

The Company has evaluated the impact of events that have occurred subsequent to December 31, 2023, through the issuance date, April 3, 2024, of the consolidated financial statements, and concluded that no other subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements.

SHARE-BASED COMPENSATION - Share-based compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SHARE-BASED COMPENSATION
Share-based compensation expenses from continuing operations	$ 2,967	$ 3,992
Selling and marketing expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses from continuing operations	149	179
Research and development expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses from continuing operations	723	669
General and administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses from continuing operations	$ 2,095	$ 3,144

OPERATING LEASES (Tables)

12 Months Ended

Dec. 31, 2023

OPERATING LEASES

Schedule of operating lease cost and short-term lease cost


	For the Years Ended December 31,
	2022		2023
Selling expenses	$	160	$	128
Research and development expenses		379		285
General and administrative expenses		717		285
Total operating lease cost		1,256		698

Short-term lease cost		88		101

Total lease cost	$	1,344	$	799

Schedule of maturities of lease liabilities

Maturities of lease liabilities as of December 31, 2023 were as follows:


	Operating Lease
2024	$	504
2025		195
Total undiscounted lease payment		699
Less: Imputed interest		(49)
Present value of lease liabilities	$	650

SHARE-BASED COMPENSATION - Schedule of fair value of options granted, estimated on date of grant using Option-pricing models with assistance from Marsh, Independent Valuation Firm, With assumptions used (Details) - Binomial option pricing model	12 Months Ended
	Dec. 31, 2023 $ / shares
Lofty Inc
SHARE-BASED COMPENSATION
Risk-free interest rate, minimum (as a percent)	3.52%
Risk-free interest rate, maximum (as a percent)	4.29%
Volatility, minimum (as a percent)	43.00%
Volatility, maximum (as a percent)	44.00%
Expected term (in years)	10 years
Exercise price	$ 33.48
Dividend yield (as a percent)	0.00%
Lofty Inc \| Minimum
SHARE-BASED COMPENSATION
Fair value of underlying ordinary share	$ 23.77
Lofty Inc \| Maximum
SHARE-BASED COMPENSATION
Fair value of underlying ordinary share	$ 25.33
Trucker Path
SHARE-BASED COMPENSATION
Risk-free interest rate, minimum (as a percent)	4.22%
Risk-free interest rate, maximum (as a percent)	4.29%
Volatility, minimum (as a percent)	48.00%
Volatility, maximum (as a percent)	49.00%
Expected term (in years)	10 years
Exercise price	$ 64.70
Dividend yield (as a percent)	0.00%
Trucker Path \| Minimum
SHARE-BASED COMPENSATION
Fair value of underlying ordinary share	$ 14.90
Trucker Path \| Maximum
SHARE-BASED COMPENSATION
Fair value of underlying ordinary share	$ 17.22

ACQUISITION

12 Months Ended

Dec. 31, 2023

ACQUISITION

ACQUISITION

5.ACQUISITION

Acquisition of Rentancy, Ltd. (Rentancy)

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

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

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


	Amount
	USD
Cash consideration	$	548

Current assets	$	5
Property, plant and equipment, net		6
Intangible assets		407
Goodwill		248
Current Liabilities		(8)
Non-current Liabilities		(110)
Total	$	548

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

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

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

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

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

5.ACQUISITION - CONTINUED

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

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

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


	Amount
	USD
Cash consideration	$	334

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

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

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

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2023

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

6.PROPERTY AND EQUIPMENT, NET


	As of December 31,
	2022		2023
Building	$	5,281	$	5,899
Computer equipment and application software		3,034		1,815
Server & network equipment		329		325
Furniture and vehicles		61		194
Leasehold improvements		352		595
Total		9,057		8,828
Less: accumulated depreciation		(3,510)		(2,671)
Property and equipment, net	$	5,547	$	6,157

Depreciation expenses were $196 and $262 for the years ended December 31,2022 and 2023, respectively.

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

14.SHARE-BASED COMPENSATION

Moatable, Inc. Stock options

Moatable, Inc. adopted the 2006 Equity Incentive Plan (the “2006 Plan”), the 2008 Equity Incentive Plan (the “2008 Plan”), the 2009 Equity Incentive Plan (the “2009 Plan”), the 2011 Share Incentive Plan (the “2011 Plan”), the 2016 Share Incentive Plan (the “2016 Plan”), the 2018 Share Incentive Plan (the “2018 Plan”) and the 2021 Share Incentive Plan (the “2021 Plan”) (collectively the “Equity Incentive Plans”), for the purpose of granting stock options and incentive stock options to employees and executives to provide incentives for future service and retention. In 2006, Moatable, Inc. adopted the 2006 Plan to replace the equity incentive plans adopted during the years ended December 31, 2003, 2004 and 2005. 2006 Plan, 2008 Plan and 2009 Plan expired as of December 31, 2021. On November 4, 2021, the board of directors of the Company approved the adoption of the 2021 Plan. The following is the maximum aggregate number of shares which may be issued pursuant to all awards under the 2011 Plan, 2016 Plan, 2018 Plan and 2021 Plan:


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

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

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

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

1.10

0.01

91,646,055

1.10

0.01

91,646,055

0.01

91,646,055

0.01


		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, December 31, 2023	91,646,055	$	0.01

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

Expected to vest, December 31, 2023	—	$	—

For employee stock options, the Company recorded share-based compensation of $484 and nil for the years ended December 31, 2022 and 2023, respectively, based on the fair value on the grant dates or the modification date over the requisite service period of award using the straight-line method.

14.SHARE-BASED COMPENSATION - CONTINUED

For the years ended December 31, 2022 and 2023, there was no share-based compensation recorded for non-employee options.

As of December 31, 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

Granted	11,022,615	$	0.04
Vested ⁽ⁱ⁾	(20,530,035)		0.12
Forfeited	(5,217,838)	$	0.29

Outstanding as of December 31, 2023	20,538,376	$	0.07

(i)

The Company recorded compensation expenses based on the fair value of nonvested restricted shares on the grant dates over the requisite service period of award using the straight-line vesting attribution method. The fair value of the nonvested restricted shares on the grant date was the closing market price of the ordinary shares as of the date. The Company recorded compensation expenses related to nonvested restricted shares from continuing operations of $3,024 and $2,525 for the years ended December 31, 2022 and 2023, respectively.

Total unrecognized compensation expense amounting to $2,477 related to nonvested restricted shares granted as of December 31, 2023. The expense is expected to be recognized in continuing operations over a weighted-average period of 1.01 years.

Equity Incentive Plan of Lofty, Inc. and Trucker Path, Inc.

On July 13, 2020, Lofty, Inc. and Trucker Path, Inc. adopted equity incentive plans, whereby, after adjustment for a 1:200 reverse stock split, 150,000 ordinary shares of Lofty, Inc. (“2020 Lofty 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 Lofty and Trucker Path, respectively, either in the form of incentive share options or restricted shares. On November 4, 2021, Lofty, Inc. and Trucker Path, Inc. approved the adoption of their 2021 equity incentive plans, whereby 25,000 ordinary shares of Lofty, Inc. (“2021 Lofty 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 Lofty and Trucker Path, respectively, either in the form of incentive share options or restricted shares.

14.SHARE-BASED COMPENSATION - CONTINUED

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

During 2020, Lofty issued an aggregate of 41,730 options under the 2020 Lofty Plan to certain of its directors, officers and employees as compensation for their services. The weighted-average grant-date fair value of the share options granted during the period presented was $4.00 per option.

During 2020, Trucker Path issued an aggregate of 34,355 options under the 2020 Trucker Path Plan to certain of its directors, officers and employees to compensate their services. The weighted-average grant-date fair value of the share options granted during the period presented was $2.00 per option.

During 2022, Lofty issued an aggregate of 19,726 options under 2021 Lofty Plan to certain of its directors, officers and employees as compensation for their services. The weighted average grant-date fair value of the share options granted during the period presented was $34.00 per option.

During 2022, Trucker Path issued an aggregate of 18,070 options under the 2021 Trucker Path Plan to certain of its directors, officers and employees to compensate their services. The weighted-average grant-date fair value of the share options granted during the period presented was $66.00 per option.

During 2023, Lofty granted an aggregate of 3,861 options under 2021 Lofty 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 $24.71 per option. 12/48ths of these options will vest on the one-year anniversary of the vesting commencement date, and 1/48^th will vest on the last day of each month thereafter, subject to the option holder’s continuous service as of each such date.

During 2023, Trucker Path granted an aggregate of 585 options under the 2021 Trucker Path Plan to certain of its directors, officers and employees to compensate their services. The weighted-average grant-date fair value of the share options granted during the period presented was $16.81 per option. 12/48ths of these options will vest on the one-year anniversary of the vesting commencement date, and 1/48^th will vest on the last day of each month thereafter, subject to the option holder’s continuous service as of each such date.

The Company recorded share-based compensation expense for Lofty and Trucker Path for the years ended December 31, 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 Years ended December 31,
	2022		2023
Lofty	$	176	$	188
Trucker Path	$	308	$	254

14.SHARE-BASED COMPENSATION - CONTINUED

As of December 31, 2023, there were $427 and $541 unrecognized share-based compensation expense relating to share options of Lofty Plan and Trucker Path Plan, respectively. This amount is expected to be recognized over a weighted-average vesting period of 2.26 and 2.01 years for Lofty Plan and Trucker Path Plan, respectively.

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


	For the Years ended December 31, 2023
	Lofty			Trucker Path
Risk-free interest rate (1)		3.52-4.29	%		4.22-4.29	%
Volatility (2)		43-44	%		48-49	%
Expected term (in years) (3)		10			10
Exercise price (4)	$	33.48		$	64.70
Dividend yield (5)		0.00	%		0.00	%
Fair value of underlying ordinary share (6)		23.77-25.33			14.90-17.22

(1)Risk-free interest rate

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

(2)Volatility

(3)Expected term

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

(4)Exercise price

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

(5)Dividend yield

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

14.SHARE-BASED COMPENSATION - CONTINUED

(6)Fair value of underlying ordinary shares

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

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

remaining

average

Range of

Number

contractual

exercise

intrinsic

Number of

contractual

exercise

intrinsic

exercise prices

outstanding

life

price

value

exercisable

life

price

value

6.00 and 73.35

47,673

7.50

28.03

25.07

35,248

7.30

19.94

31.35

47,673

25.07

35,248

31.35



		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2022	49,748	$	31.19	$	15.11
Granted	3,861	$	33.48	$	24.71
Exercised	(438)	$	73.35	$	33.48
Forfeited	(5,498)	$	56.81	$	26.42
Balance, December 31, 2023	47,673	$	28.03	$	14.41
Exercisable, December 31, 2023	35,248	$	19.94
Expected to vest, December 31, 2023	12,424	$	51.00

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

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

Weighted

remaining

average

Range of

Number

contractual

exercise

average

Number of

contractual

exercise

intrinsic

exercise prices

outstanding

life

price

intrinsic value

exercisable

life

price

value

4.00 and 133.00

48,649

7.35

46.01

31.24

40,765

7.09

33.00

36.13

48,649

31.24

40,765

36.13


		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2022	51,005	$	49.60	$	24.45
Granted	585	$	64.70	$	16.81
Forfeited	(2,941)	$	111.05	$	55.24
Balance, December 31, 2023	48,649	$	46.01	$	22.81
Exercisable, December 31, 2023	40,765	$	33.00
Expected to vest, December 31, 2023	7,884	$	112.48

14.SHARE-BASED COMPENSATION - CONTINUED

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


	For the Years ended December 31,
	2022		2023
Selling and marketing	$	179	$	149
Research and development		669		723
General and administrative		3,144		2,095
Total share-based compensation expense	$	3,992	$	2,967

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

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS - Selected consolidated statements of cash flows information (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

Net loss

$ (9,911)

$ (78,082)

^[1]

Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]

Loss in equity method investments

2,218

13,061

Net cash used in operating activities

$ (3,167)

(3,822)

As previously reported

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

Net loss

(76,418)

Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]

Loss in equity method investments

11,397

Net cash used in operating activities

(3,822)

Adjustment

REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS

Net loss

(1,664)

Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]

Loss in equity method investments

$ 1,664

[1]	See Note 2.

- 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

- 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

OPERATING LEASES - Right of use assets and lease liabilities (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

OPERATING LEASES.

Right-of-use assets

$ 744

$ 400

^[1]

Operating lease liabilities - current

461

301

^[1]

Operating lease liabilities - non - current

189

Cash paid for amounts included in the measurement of lease liabilities

509

Total operating lease cost

$ 698

$ 1,256

[1]	See Note 2.

STATUTORY RESERVE AND RESTRICTED NET ASSETS

12 Months Ended

Dec. 31, 2023

STATUTORY RESERVE AND RESTRICTED NET ASSETS

STATUTORY RESERVE AND RESTRICTED NET ASSETS

17.STATUTORY RESERVE AND RESTRICTED NET ASSETS

In accordance with the Regulations on Enterprises with Foreign Investment of China and their articles of association, the Company’s subsidiaries and VIE entities located in the PRC, being foreign invested enterprises established in the PRC, are required to provide for certain statutory reserves. These statutory reserve funds include one or more of the following: (i) a general reserve, (ii) an enterprise expansion fund or discretionary reserve fund, and (iii) a staff bonus and welfare fund. Subject to certain cumulative limits, the general reserve fund requires a minimum annual appropriation of 10% of after-tax profit (as determined under accounting principles generally accepted in China at each year-end); the other fund appropriations are at the subsidiaries’ or the affiliated PRC entities’ discretion. These statutory reserve funds can only be used for specific purposes of enterprise expansion, staff bonus and welfare, and are not distributable as cash dividends except in the event of liquidation of the Company’s subsidiaries, the Company’s affiliated PRC entities and their respective subsidiaries. The Company’s subsidiaries and VIE entities are required to allocate at least 10% of their after-tax profits to the general reserve until such reserve has reached 50% of their respective registered capital.

Appropriations to the enterprise expansion reserve and the staff welfare and bonus reserve are to be made at the discretion of the board of directors of each of the Company’s subsidiaries. The appropriation to these reserves by the Company’s PRC subsidiaries was nil for the years ended December 31, 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 was $8,732 as of December 31, 2023, respectively.

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023


	Name	Relationship
(a)	Kaixin Automobile Holdings (“Kaixin”)	Equity investment of the Company (Note 8)
(b)	Infinities Technology (Cayman) Holding Limited (“Infinities”)	Equity investment of the Company
(c)	Oak Pacific Investment (“OPI”) and its subsidiaries	An entity controlled together by chief executive officer and one of our independent board member, and its subsidiaries.

Schedule of amount due from related parties


		As of December 31,
	Note	2022		2023
Gross amount due from Kaixin	(i)		3,727		3,690
Less: bad debt provision			(3,727)		(3,690)
Net amount due from Kaixin			—		—
Infinities	(ii)		688		671
OPI and its subsidiaries			27		13
Total		$	715	$	684

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

(ii)

Schedule of amount due to related parties


		As of December 31,
	Note	2022		2023
Infinities		$	660	$	643
OPI and its subsidiaries	(iii)		2		12
Total		$	662	$	655

(iii)

The Company received $9,179 transitory funding with no interest from OPI and its subsidiaries in August 2023 and returned the funds in December 2023.

GOODWILL (Tables)

12 Months Ended

Dec. 31, 2023

GOODWILL

Schedule of changes in carrying amounts of goodwill


	Amount
Balance at January 1, 2022		124
Addition		414
Exchange difference		9
Balance at December 31, 2022	$	547
Impairment loss ⁽ⁱ⁾		(395)
Disposal ⁽ⁱⁱ⁾		(166)
Exchange difference		14
Balance at December 31, 2023	$	—

(i)	The impairment of goodwill was primarily related to the Rentancy acquisition and was recorded as a result of reduction in LoftyWorks operating results compared to our original acquisition model.

(ii)	The disposal of goodwill was due to the disposal of Trucker Path Logistics, Inc on May 1, 2023.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

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


	For the Years Ended December 31,
	2022		2023
Current income tax benefit	$	(2,342)	$	(6,712)
Deferred income tax expenses		—		—
Total income tax benefit	$	(2,342)	$	(6,712)

Schedule of principal components of the deferred tax assets and liabilities


	As of December 31,
	2022		2023
Deferred tax assets
Provision for doubtful accounts	$	4,504	$	4,457
Write-down for inventory		52		52
Allowance for prepaid expenses and other current assets		4,575		4,462
Capitalized R&D costs		—		2,018
Accrued payroll and welfare		138		135
Provision of the restricted cash		527		—
Provision of amount due from a related party		590		576
Accrued liabilities		2,287		2,230
Advertising fee		533		516
Employee education fee		18		2
Intangible asset impairment		6,430		6,587
Net operating loss carry forwards		24,271		16,952
Total Deferred tax assets		43,925		37,987
Less valuation allowance		(43,925)		(37,987)

Deferred tax assets, net	$	—	$	—

Schedule of rollforward of valuation allowances of deferred tax assets


	For the Year Ended
	December 31, 2023
Balance as of beginning of year	$	(43,925)
Addition		(1,980)
Expiration of NOL		1,870
Prior year true-up		3,525
Utilization of deferred tax assets		1,903
Foreign currency translation adjustments		620
Balance as of end of year	$	(37,987)

Schedule of loss before provision for income tax on geographical locations


	For the Years Ended December 31,
	2022		2023

United States	$	(6,245)	$	(1,995)
Foreign		(61,118)		(12,410)
Total loss before provision of income tax	$	(67,363)	$	(14,405)

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


	For the Years Ended December 31,
	2022			2023

Loss before provision of income tax	$	(67,363)		$	(14,405)
U.S. federal statutory income tax rate		21	%		21	%
Income tax at statutory rate		(14,146)			(3,025)
Reversal of tax payable		(2,317)			(7,467)
Prior year true-up		—			3,526
Net operating loss not applicable for carryforward		1,386			1,573
Non-deductible expenses		1			1
Non-deductible expenses related to share-based compensation		806			624
Non-taxable loss from fair value loss of a long-term investment		2,189			1,620
Effect of income tax rate differences in jurisdictions other than the US		9,756			1,754
Effects of Company cancellation		(116)			—
Changes in valuation allowance		99			(5,318)
Income tax benefit	$	(2,342)		$	(6,712)

INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2023

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

7.INTANGIBLE ASSETS, NET


	As of December 31,
	2022		2023
Website domain name	$	1,500		24
Technology platform		782		768
Customer relationships		741		610
Computer software		72		144
Trade name		540		540
Intangible assets, gross		3,635		2,086
Accumulated amortization		(1,210)		(1,359)
Intangible assets, net	$	2,425	$	727

Amortization expenses for the years ended December 31, 2022 and 2023 were $560 and $175, respectively. The Company made impairment of intangible assets of $962 and 1,500 for the years ended December 2022 and 2023, respectively. The following schedule, by fiscal years, of amortization amount of intangible assets, excluding non-amortizable intangible assets, as of December 31, 2023:

2024	$	105
2025		96
2026		94
2027		83
2028		—
2029		—
Thereafter		—
Total	$	378