0001410578-24-000883 | 10-Q | XBRL Viewer

For the three months ended March 31,

Trucker Path

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SHARE-BASED COMPENSATION - Service period of award using the straight-line method (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 672	$ 765
Trucker Path
SHARE-BASED COMPENSATION
Share-based compensation expense	71	76
Lofty Inc
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 46	$ 44

LONG-TERM INVESTMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
LONG-TERM INVESTMENTS
Total equity method investments	$ 12,601	$ 13,104
Equity investment without readily determinable fair values	692	708
Total long-term investments	13,728	15,733
Fundrise, L.P.
LONG-TERM INVESTMENTS
Total equity method investments	12,601	12,504
Other
LONG-TERM INVESTMENTS
Total equity method investments		600
Kaixin Auto Holdings
LONG-TERM INVESTMENTS
Equity investment without readily determinable fair values	435	1,921
Suzhou Youge Interconnection Venture Capital Center
LONG-TERM INVESTMENTS
Equity investment without readily determinable fair values	$ 692	$ 708

- Definition

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

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
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

ORGANIZATION AND PRINCIPAL ACTIVITIES - Financial statement balances and amounts of the Company's VIE (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Condensed consolidated financial information of VIE and its subsidiaries
Total assets	$ 68,096		$ 69,700
Total liabilities	21,357		21,629
Revenue	14,023	$ 12,149
Net loss attributable to Moatable Inc.	(2,814)	5,970
Net cash (used in) provided by operating activities	(886)	(2,827)
Net cash used in investing activities	(106)	(1,088)
Net cash used in financing activities	885	1,417
Variable Interest Entity
Condensed consolidated financial information of VIE and its subsidiaries
Service fees	0		0
Total assets	6,443		7,001
Total liabilities	8,179		$ 11,877
Revenue	20	34
Net loss attributable to Moatable Inc.	(2,746)	(4,383)
Net cash (used in) provided by operating activities	167	306
Net cash used in investing activities	$ (88)	$ (8)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ (2,841)	$ 5,334
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Share-based compensation expense	672	765
Impairment on and (loss) gain in equity method investments	491	(144)
Amortization of the right-of-use assets	107	165
Depreciation and amortization	126	64
Impairment on intangible asset	207
Fair value change on long-term investment	1,488	(8,276)
Changes in operating assets and liabilities:
Accounts receivable	(438)	(490)
Prepaid expenses and other current assets	(409)	31
Other non-current assets	(43)
Accounts payable	(305)	(1)
Amounts due from/to related parties		1
Accrued expenses and other current liabilities	116	(50)
Deferred revenue	11	(11)
Operating lease liabilities	(123)	(215)
Income tax payable	55
Net cash used in operating activities	(886)	(2,827)
Cash flows from investing activities:
Purchase of short-term investments		(305)
Dividend received from equity investment		52
Proceeds from disposal of equipment and property		1
Purchases of property and refurbishment construction	(106)	(811)
Purchases of intangible assets		(25)
Net cash used in investing activities	(106)	(1,088)
Cash flows from financing activities:
Proceeds from exercise of share options	1,040	36
Ordinary share buyback	(155)	(1,249)
Dividend received from stipulation settlement		2,630
Net cash provided by financing activities	885	1,417
Net decrease in cash and cash equivalents and restricted cash	(107)	(2,498)
Cash and cash equivalents and restricted cash at the beginning of the period	38,969	27,960
Effect of exchange rate changes	25	151
Cash and cash equivalents and restricted cash at the end of the period	38,887	25,613
Reconciliation of cash, cash equivalents, and restricted cash reported within the condense consolidated balance sheets
Cash and cash equivalents	33,774	25,613
Restricted cash	5,113
Cash and cash equivalents and restricted cash at the end of the period	$ 38,887	25,613
Schedule of non-cash activities:
Obtaining right-of-use assets in exchange for operating lease liabilities		$ 262

SHARE-BASED COMPENSATION - Share-based compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 672	$ 765
Selling and marketing expenses
SHARE-BASED COMPENSATION
Share-based compensation expense	41	44
Research and development expenses
SHARE-BASED COMPENSATION
Share-based compensation expense	206	157
General and administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 425	$ 564

ORGANIZATION AND PRINCIPAL ACTIVITIES

3 Months Ended

Mar. 31, 2024

ORGANIZATION AND PRINCIPAL ACTIVITIES

ORGANIZATION AND PRINCIPAL ACTIVITIES

1. ORGANIZATION AND PRINCIPAL ACTIVITIES

Moatable, Inc. was incorporated in the Cayman Islands. Moatable, Inc., which includes its consolidated subsidiaries, variable interest entity (“VIE”) and VIE’s subsidiaries (collectively referred to as the “Company”), operates two SaaS businesses, 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 March 31, 2024, 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	Delaware, USA	77.8	%	SaaS business
Renren Giantly Philippines Inc.	March, 2018	Philippines	100	%	SaaS business
Qianxiang Shiji Technology Development (Beijing) Co., Ltd. (“Qianxiang Shiji”)	March 21, 2005	PRC	100	%	Investment holding

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

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

The VIE arrangements

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

Qianxiang Shiji (“WFOE”), the Company’s Wholly Foreign-Owned Enterprise, entered into a series of contractual arrangements, including: (1) Power of Attorney; (2) Business Operation Agreements; (3) Exclusive Equity Option Agreement; (4) Spousal Consent Agreement; (5) Exclusive Technical and Consulting Services Agreement; (6) Intellectual Property Licenses Agreement; (7) Loan Agreements, and (8) Equity Interest Pledge Agreement with the VIE that enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of the VIE, and (2) receive the economic benefits of the VIE that could be significant to the VIE. Accordingly, the WFOE is considered the primary beneficiary of the VIE and has consolidated the VIE’s financial results of operations, assets and liabilities in the Company’s consolidated financial statements. In making the conclusion that the Company is the primary beneficiary of the VIE, the Company believes the Company’s rights under the terms of the exclusive option agreement and power of attorney are substantive as they relate to operating matters, which provide the Company with a substantive kick-out right.

More specifically, the Company believes the terms of the contractual agreements are valid, binding, and enforceable under PRC laws and regulations currently in effect. In particular, the Company believes that the minimum amount of consideration permitted by the applicable PRC law to exercise the exclusive option does not represent a financial barrier or disincentive for the Company to exercise its rights under the exclusive option agreement. A simple majority vote of the Company’s board of directors is required to pass a resolution to exercise the Company’s rights under the exclusive option agreement, for which the consent from Mr. Joe Chen, who holds the most voting interests in the Company and is also the Company’s chairman and CEO, is not required. The Company’s rights under the exclusive option agreement give the Company the power to control the shareholders of the VIE and thus the power to direct the activities that most significantly impact the VIE’s economic performance. In addition, the Company’s rights under powers of attorney also reinforce the Company’s abilities to direct the activities that most significantly impact the VIE’s economic performance. The Company also believes that this ability to exercise control ensures that the VIE will continue to execute and renew service agreements that benefit the Company, currently largely comprised of Research and Development services to the Company’s SaaS businesses. By charging service fees at the sole discretion of the Company, and by ensuring that service agreements are executed and renewed indefinitely, the Company has the right to receive substantially all of the economic benefits from the VIE.

The VIE and its subsidiaries hold the requisite licenses and permits necessary to conduct the Company’s business in PRC under the current business arrangements.

The following financial statement balances and amounts of the Company’s VIE were included in the accompanying condensed consolidated financial statements after elimination of intercompany balances and transactions between the offshore companies, WFOE, VIE and VIE’s subsidiaries (in thousands). As of December 31, 2023 and March 31, 2024, the balance of the amounts payable by the VIE and its subsidiaries to the WFOE related to the service fees were nil.


	As of December 31,		As of March 31,
	2023		2024
Total assets	$	7,001	$	6,443
Total liabilities	$	11,877	$	8,179


	For the three months ended March 31,
	2023		2024
Revenues	$	34	$	20
Net Loss	$	(4,383)	$	(2,746)


	For the three months ended March 31,
	2023		2024
Net cash provided by operating activities	$	306	$	167
Net cash used in investing activities	$	(8)	$	(88)
Net cash used in financing activities	$	—	$	—

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

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

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2024


	Name	Relationship
(a)	Kaixin Automobile Holdings (“Kaixin”)	Equity investment of the Company (Note 3)
(b)	Infinities Technology (Cayman) Holding Limited (“Infinities”)	Equity investment of the Company
(c)	Oak Pacific Investment (“OPI”)	An entity controlled together by chief executive officer and chief operating officer of the Company.
(d)	Beijing Oak Yi Xin Technology Development Co., Ltd (“Beijing Oak Yi Xin”)	VIE of OPI
(e)	Beijing Zhenzhong Interactive Information Technology Co., Ltd. (Beijing Zhenzhong)	Subsidiary of a VIE of OPI
(f)	One Rent Inc.	Equity investment of the Company

Schedule of amount due from related parties

As of December 31, 2023 and March 31, 2024 amounts due from related parties were as follows (in thousands):


	Note	As of December 31, 2023		As of March 31, 2024
Gross amount due from Kaixin	(i)		3,690		3,643
Less: bad debt provision			(3,690)		(3,643)
Net amount due from Kaixin			—		—
Infinities	(ii)		671		657
OPI and its subsidiaries			13		13
Total		$	684	$	670

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

(ii)

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

Schedule of amount due to related parties

As of December 31, 2023 and March 31, 2024 amounts due to related parties were as follows (in thousands):


	As of December 31, 2023		As of March 31, 2024
Infinities	$	643	$	626
OPI and its subsidiaries		12		—
Total	$	655	$	626

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,814)	$ 5,970

- Definition

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

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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUBSEQUENT EVENTS (Details) - Subsequent event - ADS $ in Thousands	Apr. 03, 2024 USD ($)
SUBSEQUENT EVENTS
Trading day period	30 days
Average global market capitalization	$ 15,000

ORDINARY SHARES

3 Months Ended

Mar. 31, 2024

ORDINARY SHARES

ORDINARY SHARES

5. ORDINARY SHARES

Exercise of share options and restricted shares vesting

During the three months ended March 31, 2023 and 2024, 30,645,751 and 96,104,340 Class A ordinary shares were issued due to the exercise of share options or vesting of restricted share units under share-based compensation, respectively. The vesting of 21,267,315 restricted shares during the three months ended March 31, 2023 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.

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.

For the three months ended March 31, 2023 and 2024, the Company repurchased 678,882 and 177,586 ADSs, representing 30,549,690 and 7,991,370 Class A ordinary shares (each ADS is equivalent to 45 Ordinary Shares) for $1,249 and $155 on the open market, at a weighted average price of nil and $1.83 and $0.87 per ADS, respectively.

The following table sets forth repurchase activity under the Stock Repurchase Program for the three months ended March 31, 2024 (amount in thousands, except share and per share amounts):


				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 Paid		Announced		Purchased Under
	ADSs Purchased	Per ADS		Programs		the Programs
Periods
January 2024
Open market purchases	58,286	$	0.97	$	57	$	3,350
February 2024:
Open market purchases	49,299	$	0.9	$	44	$	3,306
March 2024:
Open market purchases	70,001	$	0.77	$	54	$	3,252
Total	177,586			$	155

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	Mar. 31, 2024	Dec. 31, 2023
Amounts due from related parties
Less: bad debt provision			$ (3,643)	$ (3,690)
Amounts due from related parties, net			670	684
Beijing Infinities
Amounts due from related parties
Receivable in cash classified as current	$ 20,000
Allowance for unpaid cash consideration	40,000
Proceeds from a related party debt		$ 6,866
Receivable in shares to be issued classified as non-current	$ 12,408
Amounts due from related parties, net			657	671
Kaixin Auto Holdings
Amounts due from related parties
Gross amount due from Kaixin			3,643	3,690
Beijing Oak Yi Xin
Amounts due from related parties
Amounts due from related parties, net			$ 13	$ 13

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Number of reportable segments \| segment	2
PRC
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Long-lived assets	$ 615	$ 682
Philippines
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Long-lived assets	247	257
United States
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Long-lived assets	$ 6,571	$ 6,844

LONG-TERM INVESTMENTS - Additional information (Details) $ in Thousands, ¥ in Millions	1 Months Ended			3 Months Ended
	Oct. 31, 2014 USD ($)	May 31, 2014 USD ($)	May 31, 2014 CNY (¥)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Equity method investments:
Share of loss and income under equity method				$ (491)	$ 144
Fundrise, L.P.
Equity method investments:
Total consideration	$ 10,000
Ownership percentage				98.04%		98.04%
Share of loss and income under equity method				$ 97	92
Beijing Fenghou Tianyuan Investment and Management Center L.P. (Tianyuan L.P.)
Equity method investments:
Total consideration		$ 1,385	¥ 10
Ownership percentage				12.38%		12.38%
Share of loss and income under equity method				$ 0	0
Recognized an impairment loss				$ 588
Kaixin Auto Holdings
Equity method investments:
Ownership percentage				16.60%
Unrealized loss				$ (1,488)	$ (8,276)
Equity method investment aggregate cost				$ 435		$ 1,921

SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2024

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

6. SHARE-BASED COMPENSATION

Moatable, Inc. Stock options

The following table summarizes information with respect to share options outstanding as of March 31, 2024:

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

—


		Weighted
		average
	Number of	exercise
	shares	price
Balance, December 31, 2023	91,646,055	$	0.01

Exercised	(91,646,055)	$	0.01

Balance, March 31, 2024	—	$	—

Share-based compensation is based on the fair value on the grant dates or the modification date over the requisite service period of award using the straight-line method. For employee stock options, the Company did not record any share-based compensation for the three months ended March 31, 2023 and 2024.

For the three months ended March 31, 2023 and 2024, there was no share-based compensation recorded for non-employee options. All outstanding share options have fully vested.

As of March 31, 2024, 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, 2023	20,538,376	$	0.07

Vested	(4,458,285)	$	0.09

Outstanding as of March 31, 2024	16,080,091	$	0.07

The Company recorded compensation expenses based on the fair value of nonvested restricted shares on the grant dates over the requisite service period of award using the straight-line vesting attribution method. The fair value of the nonvested restricted shares on the grant date was the closing market price of the ordinary shares as of the date. The Company recorded compensation expenses related to nonvested restricted shares of $644 and $555 for the three months ended March 31, 2023 and 2024, respectively.

Total unrecognized compensation expense amounting to $1,922 related to nonvested restricted shares granted as of March 31, 2024. The expense is expected to be recognized over a weighted-average period of 0.98 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.

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

For the three months ended March 31, 2023 and 2024, nil options were newly granted by Lofty and Trucker Path under 2020 Lofty Plan, 2020 Trucker Path Plan, 2021 Lofty Plan and 2021 Trucker Path Plan.

The Company recorded share-based compensation expense for Lofty and Trucker Path for the three months ended March 31, 2023 and 2024 as follows, based on the fair value on the grant dates over the requisite service period of award using the straight-line method (in thousands).

As of March 31, 2024 there were $381 and $470 unrecognized share-based compensation expense relating to share options of Lofty and Trucker Path, respectively. This amount is expected to be recognized over a weighted-average vesting period of 2.06 and 1.77 years for Lofty and Trucker Path, respectively.

The following table summarizes information with respect to share options outstanding of Lofty as of March 31, 2024:

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

7.26

28.03

25.07

37,401

6.88

20.87

30.68

47,673

25.07

37,401

30.68



		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2023	47,673	$	28.03	14.41
Forfeited	—	$	—	—
Balance, March 31, 2024	47,673	$	28.03	14.41
Exercisable, March 31, 2024	37,401	$	20.87
Expected to vest, March 31, 2024	10,272	$	54.11

The following table summarizes information with respect to share options outstanding of Trucker Path as of March 31, 2024:

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

7.10

46.01

31.24

43,227

6.88

34.80

35.47

48,649

31.24

43,227

35.47


		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2023	48,649	$	46.01	$	22.81
Forfeited	—	$	—		—
Balance, March 31, 2024	48,649	$	46.01	$	22.81
Exercisable, March 31, 2024	43,227	$	34.80
Expected to vest, March 31, 2024	5,422	$	134.47

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


	For the three months ended March 31,
	2023		2024
Selling and marketing expenses	$	44	$	41
Research and development expenses		157		206
General and administrative expenses		564		425
Total share-based compensation expense	$	765	$	672

There was no income tax benefit recognized in the statements of operations for share-based compensation for the three months ended March 31, 2023 and 2024.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Foreign currency translation, net of income taxes	$ 0	$ 0
Net unrealized gain on available-for-sale investments, net of tax	$ 0	$ 0

RELATED PARTY BALANCES AND TRANSACTIONS

3 Months Ended

Mar. 31, 2024

RELATED PARTY BALANCES AND TRANSACTIONS

7. 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 3)
(b)	Infinities Technology (Cayman) Holding Limited (“Infinities”)	Equity investment of the Company
(c)	Oak Pacific Investment (“OPI”)	An entity controlled together by chief executive officer and chief operating officer of the Company.
(d)	Beijing Oak Yi Xin Technology Development Co., Ltd (“Beijing Oak Yi Xin”)	VIE of OPI
(e)	Beijing Zhenzhong Interactive Information Technology Co., Ltd. (Beijing Zhenzhong)	Subsidiary of a VIE of OPI
(f)	One Rent Inc.	Equity investment of the Company

Amounts due from related parties

As of December 31, 2023 and March 31, 2024 amounts due from related parties were as follows (in thousands):


	Note	As of December 31, 2023		As of March 31, 2024
Gross amount due from Kaixin	(i)		3,690		3,643
Less: bad debt provision			(3,690)		(3,643)
Net amount due from Kaixin			—		—
Infinities	(ii)		671		657
OPI and its subsidiaries			13		13
Total		$	684	$	670

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

(ii)

Amounts due to related parties

As of December 31, 2023 and March 31, 2024 amounts due to related parties were as follows (in thousands):


	As of December 31, 2023		As of March 31, 2024
Infinities	$	643	$	626
OPI and its subsidiaries		12		—
Total	$	655	$	626

- 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))
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-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
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-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
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

ORDINARY SHARES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 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	$ 155
Repurchase of ordinary shares	177,586	678,882
Maximum
ORDINARY SHARES
Authorized stock repurchased					$ 15,000
Minimum
ORDINARY SHARES
Authorized stock repurchased					$ 10,000
Class A ordinary shares
ORDINARY SHARES
Ordinary shares, par value (in dollars per share)	$ 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	7,991,370	30,549,690
Stock issued during period value repurchase of open market shares	$ 155	$ 1,249
Weighted average price of repurchased shares	$ 0	$ 1.83	$ 0.87
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)	96,104,340	30,645,751

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and E Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with audited consolidated financial statements and accompanying notes in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Principles of consolidation

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

Use of estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the reported amounts of revenues and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Company’s consolidated financial statements include, but are not limited to, allowance for doubtful accounts, the fair value of share-based compensation awards, the realization of deferred income tax assets, impairment of long-lived assets, and impairment of long-term investments.

Fair value

Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows:

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

Level 2-inputs are based upon quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3-inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.

Restricted Cash

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 million restricted cash into an escrow account with U.S. Bank as required by the contractual agreement with U.S. Bank National Association.

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, current market conditions, reasonable and supportable forecasts of future economic conditions, 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 three months ended March 31, 2023 and 2024, the Company recorded nil allowance for credit loss for accounts receivable, respectively.

Revenue recognition

The Company recognizes revenue when control of the 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 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 Oak Pacific Investment (“OPI”) and revenue from non-recurring sources.

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

Contract balances: Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent amounts invoiced and 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, 2023 and March 31, 2024.

Deferred revenue mainly represents payments received from customers related to unsatisfied performance obligations for SaaS. The Company’s total deferred revenue was $4,322 and $4,333 as of December 31, 2023 and March 31, 2024, respectively, which is substantially recognized as revenue within one year. The amount of revenue recognized during the three months ended March 31, 2023 and 2024 that was previously included in the deferred revenue as of December 31, 2022 and 2023 were $2,228 and $2,445 respectively.

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 to be adopted retrospectively to all periods presented and 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 .is in the process of evaluation the impact of adopting this new guidance on its consolidated financial statement.

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 to be adopted on a prospective basis with the option to apply retrospectively and 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.

SHARE-BASED COMPENSATION - Summary of Nonvested restricted shares activity (Details) - Nonvested restricted shares	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Nonvested restricted shares
Outstanding at the beginning of the period (in shares) \| shares	20,538,376
Vested (in shares) \| shares	(4,458,285)
Outstanding at the end of the period (in shares) \| shares	16,080,091
Weighted average fair value per ordinary share at the grant dates
Outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 0.07
Vested (in dollars per share) \| $ / shares	0.09
Outstanding at the end of the period (in dollars per share) \| $ / shares	$ 0.07

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION - Disaggregated revenues by subscription, advertising, and other services (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	$ 14,023	$ 12,149
Trucker Path
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	6,033	5,254
Trucker Path \| Subscription services
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	5,638	4,886
Trucker Path \| Advertising services
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	405	396
Trucker Path \| Other SaaS revenue
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	(10)	(28)
Lofty Inc
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	7,949	6,826
Lofty Inc \| Subscription services
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	7,514	6,425
Lofty Inc \| Advertising services
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	359	401
Lofty Inc \| Other SaaS revenue
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	76
Other Operations \| Other services
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	$ 41	$ 69

- 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

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2024

SHARE-BASED COMPENSATION

Summary of information with respect to share options outstanding

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

remaining

average

Number

contractual

exercise

intrinsic

Number of

contractual

exercise

intrinsic

Range of exercise prices

outstanding

life

price

value

exercisable

life

price

value

—

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

7.26

28.03

25.07

37,401

6.88

20.87

30.68

47,673

25.07

37,401

30.68

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

7.10

46.01

31.24

43,227

6.88

34.80

35.47

48,649

31.24

43,227

35.47

Summary of the activity of the stock options granted


		Weighted
		average
	Number of	exercise
	shares	price
Balance, December 31, 2023	91,646,055	$	0.01

Exercised	(91,646,055)	$	0.01

Balance, March 31, 2024	—	$	—



		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2023	47,673	$	28.03	14.41
Forfeited	—	$	—	—
Balance, March 31, 2024	47,673	$	28.03	14.41
Exercisable, March 31, 2024	37,401	$	20.87
Expected to vest, March 31, 2024	10,272	$	54.11


		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2023	48,649	$	46.01	$	22.81
Forfeited	—	$	—		—
Balance, March 31, 2024	48,649	$	46.01	$	22.81
Exercisable, March 31, 2024	43,227	$	34.80
Expected to vest, March 31, 2024	5,422	$	134.47

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, 2023	20,538,376	$	0.07

Vested	(4,458,285)	$	0.09

Outstanding as of March 31, 2024	16,080,091	$	0.07

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

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


	For the three months ended March 31,
	2023		2024
Selling and marketing expenses	$	44	$	41
Research and development expenses		157		206
General and administrative expenses		564		425
Total share-based compensation expense	$	765	$	672

LONG-TERM INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2024

LONG-TERM INVESTMENTS

Schedule of long-term investments

Long-term investments consisted of the following (in thousands):


		As of December 31,		As of March 31,
	Note	2023		2024
Equity method investments:
Fundrise, L.P.	(i)	$	12,504	$	12,601
Other	(ii)		600		—
Total equity method investments			13,104		12,601

Equity investment with readily determinable fair values
Kaixin Auto Holdings	(iii)	$	1,921	$	435

Equity investment without readily determinable fair values
Suzhou Youge Interconnection Venture Capital Center			708		692
Total equity investments without readily determinable fair values			708		692

Total long-term investments		$	15,733	$	13,728

(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, 2023 and March 31, 2024 and recognized its share of income of $92 and $97 for the three months ended March 31, 2023 and 2024, 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 $1,385 (RMB10 million). The Company held 12.38% partnership interest as of December 31, 2023 and March 31, 2024 and recognized no share of income for the three months ended March 31, 2023 and 2024, respectively. For the three months ended March 31, 2024, the Company recognized an impairment loss of $588.

(iii)

As of March 31, 2024, the Company’s equity interest in Kaixin was 16.6% and the investment in Kaixin was accounted for as equity investment with readily determinable fair value. For the three months ended March 31, 2023 and 2024, the Company recognized a $8,276 unrealized income and $1,488 unrealized loss as a change of fair value to the investment of Kaixin, which was booked in gain (loss) from fair value change of a long-term investment. As of March 31, 2024, the market value of the Company’s equity investment in Kaixin Auto Holdings decreased to $435 from $1,921 as of December 31, 2023. The decrease in value is a result of a change in the quoted share price.

OPERATING LEASES - Maturities of lease liabilities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
OPERATING LEASES.
Remainder of 2024	$ 373
2025	191
Total undiscounted lease payment	564
Less: Imputed interest	(34)
Present value of lease liabilities	$ 530

OPERATING LEASES

3 Months Ended

Mar. 31, 2024

OPERATING LEASES

OPERATING LEASES

4. OPERATING LEASES

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

For the three months ended March 31, 2023 and 2024, cash paid for amounts included in the measurement of lease liabilities was $215 and $123, respectively.

The operating lease cost and short-term lease cost for the three months ended March 31, 2023 and 2024 were as follows (in thousands):


	For the three months ended March 31,
	2023		2024
Selling expenses	$	48	$	18
Research and development expenses		70		121
General and administrative expenses		51		20
Total operating lease cost		169		159

Short-term lease cost		59		9

Total lease cost	$	228	$	168

The weighted average remaining lease term as of December 31, 2023 and March 31, 2024 was 1.64 and 1.40 years, and the weighted average discount rate of the operating leases was 10.30% and 10.30%, respectively.

Maturities of lease liabilities as of March 31, 2024 were as follows (in thousands):


	Operating Lease
Remainder of 2024	$	373
2025		191
Total undiscounted lease payment		564
Less: Imputed interest		(34)
Present value of lease liabilities	$	530

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of amount due to related parties (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amounts due from related parties
Amounts due to related parties	$ 626	$ 655
Beijing Infinities
Amounts due from related parties
Amounts due to related parties	$ 626	643
Beijing Oak Yi Xin
Amounts due from related parties
Amounts due to related parties		$ 12

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 14,023	$ 12,149
Cost of revenues:
Total cost of revenues	3,316	2,723
Gross profit	10,707	9,426
Operating expenses
Selling and marketing	3,787	4,896
Research and development	4,458	4,902
General and administrative	3,398	3,047
Impairment of intangible assets	207
Total operating expenses	11,850	12,845
Loss from operations	(1,143)	(3,419)
Other (expense) income, net	34	(23)
Gain (Loss) from fair value change of a long-term investment	(1,488)	8,276
Interest income	362	356
Income (Loss) before provision of income tax and loss in equity method investments and non-controlling interest, net of tax	(2,235)	5,190
Income tax expenses	(115)
Income (Loss) before loss in equity method investments and noncontrolling interest, net of tax	(2,350)	5,190
Impairment on and income (loss) in equity method investments, net of tax	(491)	144
Net income (loss)	(2,841)	5,334
Net loss attributable to non-controlling interests	(27)	(636)
Net income (loss) attributable to Moatable Inc.	$ (2,814)	$ 5,970
Net income (loss) per share attributable to Moatable Inc. shareholders:
Basic	$ (0.004)	$ 0.005
Diluted	$ (0.004)	$ 0.005
Weighted average number of shares used in calculating net income (loss) per share attributable to Moatable Inc. shareholders:
Basic	719,825,245	1,143,950,029
Diluted	719,825,245	1,240,257,189
SaaS revenue
Revenues:
Total revenues	$ 13,982	$ 12,080
Cost of revenues:
Total cost of revenues	3,280	2,674
Other services
Revenues:
Total revenues	41	69
Cost of revenues:
Total cost of revenues	$ 36	$ 49

ORDINARY SHARES (Tables)

3 Months Ended

Mar. 31, 2024

ORDINARY SHARES

Schedule of repurchase activity under the stock repurchase program

The following table sets forth repurchase activity under the Stock Repurchase Program for the three months ended March 31, 2024 (amount in thousands, except share and per share amounts):


				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 Paid		Announced		Purchased Under
	ADSs Purchased	Per ADS		Programs		the Programs
Periods
January 2024
Open market purchases	58,286	$	0.97	$	57	$	3,350
February 2024:
Open market purchases	49,299	$	0.9	$	44	$	3,306
March 2024:
Open market purchases	70,001	$	0.77	$	54	$	3,252
Total	177,586			$	155

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2024

ORGANIZATION AND PRINCIPAL ACTIVITIES

Schedule of major subsidiaries, VIE and VIE's subsidiaries

As of March 31, 2024, 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	Delaware, USA	77.8	%	SaaS business
Renren Giantly Philippines Inc.	March, 2018	Philippines	100	%	SaaS business
Qianxiang Shiji Technology Development (Beijing) Co., Ltd. (“Qianxiang Shiji”)	March 21, 2005	PRC	100	%	Investment holding

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

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

Schedule of condensed consolidated financial information


	As of December 31,		As of March 31,
	2023		2024
Total assets	$	7,001	$	6,443
Total liabilities	$	11,877	$	8,179


	For the three months ended March 31,
	2023		2024
Revenues	$	34	$	20
Net Loss	$	(4,383)	$	(2,746)


	For the three months ended March 31,
	2023		2024
Net cash provided by operating activities	$	306	$	167
Net cash used in investing activities	$	(8)	$	(88)
Net cash used in financing activities	$	—	$	—

SHARE-BASED COMPENSATION - Summary of information with respect to share Options outstanding (Details) - Renren stock options	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Trucker Path
Options outstanding
Number outstanding (in shares) \| shares	48,649
Weighted average intrinsic value	$ 31.24
Options exercisable
Number of exercisable (in shares) \| shares	43,227
Weighted average intrinsic value	$ 35.47
Lofty Inc
Options outstanding
Number outstanding (in shares) \| shares	47,673
Weighted average intrinsic value	$ 25.07
Options exercisable
Number of exercisable (in shares) \| shares	37,401
Weighted average intrinsic value	$ 30.68
Range of exercise price from 6.00 and 73.35 \| Lofty Inc
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 3 months 3 days
Weighted average exercise price (in dollars per share)	$ 28.03
Weighted average intrinsic value	$ 25.07
Options exercisable
Number of exercisable (in shares) \| shares	37,401
Weighted average remaining contractual life	6 years 10 months 17 days
Weighted average exercise price (in dollars per share)	$ 20.87
Weighted average intrinsic value	30.68
Range of exercise price from 4.00 and 133.00 \| Trucker Path
SHARE-BASED COMPENSATION
Low end of range of exercise prices (in dollars per share)	4.00
High end of range of exercise prices (in dollars per share)	$ 133.00
Options outstanding
Number outstanding (in shares) \| shares	48,649
Weighted average remaining contractual life	7 years 1 month 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	43,227
Weighted average remaining contractual life	6 years 10 months 17 days
Weighted average exercise price (in dollars per share)	$ 34.80
Weighted average intrinsic value	$ 35.47

SHARE-BASED COMPENSATION (Details) $ in Thousands		3 Months Ended
SHARE-BASED COMPENSATION (Details) $ in Thousands	Jul. 13, 2020 shares	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 USD ($) shares	Nov. 04, 2021 shares
SHARE-BASED COMPENSATION
Share based compensation		$ 672	$ 765
Income tax benefit		0	0
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
Nonvested restricted shares
SHARE-BASED COMPENSATION
Share based compensation		555	644
Unrecognized compensation expense		$ 1,922
Expected weighted-average period for unrecognized compensation expense to be recognized		11 months 23 days
Chime
SHARE-BASED COMPENSATION
Unrecognized share-based compensation expense relating to share options		$ 381
Expected weighted-average period for unrecognized compensation expense to be recognized		2 years 21 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
Award vesting period		4 years
Trucker Path
SHARE-BASED COMPENSATION
Share based compensation		$ 71	$ 76
Unrecognized share-based compensation expense relating to share options		$ 470
Expected weighted-average period for unrecognized compensation expense to be recognized		1 year 9 months 7 days
Number of shares available for future grant \| shares	150,000			25,000
Number of aggregate options granted (in shares) \| shares		0	0

LONG-TERM INVESTMENTS

3 Months Ended

Mar. 31, 2024

LONG-TERM INVESTMENTS

LONG-TERM INVESTMENTS

3. LONG-TERM INVESTMENTS

Long-term investments consisted of the following (in thousands):


		As of December 31,		As of March 31,
	Note	2023		2024
Equity method investments:
Fundrise, L.P.	(i)	$	12,504	$	12,601
Other	(ii)		600		—
Total equity method investments			13,104		12,601

Equity investment with readily determinable fair values
Kaixin Auto Holdings	(iii)	$	1,921	$	435

Equity investment without readily determinable fair values
Suzhou Youge Interconnection Venture Capital Center			708		692
Total equity investments without readily determinable fair values			708		692

Total long-term investments		$	15,733	$	13,728

(i)

(ii)

(iii)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Aug. 28, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Escrow deposit				$ 5,000
Accounts and notes receivable, allowances (in dollars)	$ 0	$ 0
Contract assets	0		$ 0
Deferred revenue current	4,333		$ 4,322
Revenue recognized	$ 2,445	$ 2,228

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2024

SUBSEQUENT EVENTS.

SUBSEQUENT EVENTS

11. SUBSEQUENT EVENTS

The Company has evaluated all events or transactions that occurred after March 31, 2024, and determined that it does not have any subsequent event requiring recording or disclosure in the financial statements for the period ended March 31, 2024 except for the following.

On April 3, 2024, the Company’s American depository shares (“ADS) were suspended and delisted from trading on the NYSE because the Company had fallen below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15,000. Effective April 4, 2024, the Company’s ADS began trading on the OTC Pink Market.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 33,774	$ 33,913
Restricted cash	5,113	5,056
Accounts receivable, net	3,041	2,603
Amounts due from related parties	670	684
Prepaid expenses and other current assets, net	4,337	3,928
Total current assets	46,935	46,184
Non-current assets
Property and equipment, net	6,155	6,157
Intangible assets, net	457	727
Long-term investments	13,728	15,733
Right-of-use assets	623	744
Other non-current assets	198	155
Total non-current assets	21,161	23,516
TOTAL ASSETS	68,096	69,700
Current liabilities
Accounts payable	1,759	2,064
Accrued expenses and other current liabilities	10,673	10,557
Operating lease liabilities - current	432	461
Amounts due to related parties	626	655
Deferred revenue	4,333	4,322
Income tax payable	3,436	3,381
Total current liabilities	21,259	21,440
Non-current liabilities
Operating lease liabilities - non-current	98	189
Total non-current liabilities	98	189
TOTAL LIABILITIES	21,357	21,629
Commitments and contingencies
Shareholders' equity
Treasury stock	(2,157)	(2,002)
Additional paid in capital	783,864	782,365
Accumulated deficit	(719,129)	(716,315)
Statutory reserves	6,712	6,712
Accumulated other comprehensive loss	(8,825)	(8,778)
Total Moatable, Inc. shareholders' equity	61,339	62,760
Non-controlling interest	(14,600)	(14,689)
Total equity	46,739	48,071
TOTAL LIABILITIES AND EQUITY	68,096	69,700
Class A ordinary shares
Shareholders' equity
Ordinary shares	704	608
Class B ordinary shares
Shareholders' equity
Ordinary shares	$ 170	$ 170

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation	Basis of presentation The condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and E Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with audited consolidated financial statements and accompanying notes in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Principles of consolidation	Principles of consolidation The condensed consolidated financial statements of the Company include the financial statements of Moatable, Inc., its subsidiaries, its VIE and VIE’s subsidiaries. All inter-company transactions and balances are eliminated upon consolidation.
Use of estimates	Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the reported amounts of revenues and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Company’s consolidated financial statements include, but are not limited to, allowance for doubtful accounts, the fair value of share-based compensation awards, the realization of deferred income tax assets, impairment of long-lived assets, and impairment of long-term investments.
Fair value	Fair value Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows: Level 1-inputs are based upon unadjusted quoted prices for identical assets or liabilities traded in active markets. Level 2-inputs are based upon quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3-inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.
Restricted Cash	Restricted Cash 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 million restricted cash into an escrow account with U.S. Bank as required by the contractual agreement with U.S. Bank National Association.
Accounts receivable and allowance for credit loss	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, current market conditions, reasonable and supportable forecasts of future economic conditions, 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 three months ended March 31, 2023 and 2024, the Company recorded nil allowance for credit loss for accounts receivable, respectively.
Revenue recognition	Revenue recognition The Company recognizes revenue when control of the 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 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 Oak Pacific Investment (“OPI”) and revenue from non-recurring sources. The Company provides back-office services including accounting, legal, and business-related consulting services, which is a single performance obligation provided over the contract periods with pre-determined stand-alone selling price. The Company recognizes revenue over the contract periods. Contract balances: Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent amounts invoiced and 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, 2023 and March 31, 2024. Deferred revenue mainly represents payments received from customers related to unsatisfied performance obligations for SaaS. The Company’s total deferred revenue was $4,322 and $4,333 as of December 31, 2023 and March 31, 2024, respectively, which is substantially recognized as revenue within one year. The amount of revenue recognized during the three months ended March 31, 2023 and 2024 that was previously included in the deferred revenue as of December 31, 2022 and 2023 were $2,228 and $2,445 respectively.
Recent accounting pronouncements not yet adopted	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 to be adopted retrospectively to all periods presented and 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 .is in the process of evaluation the impact of adopting this new guidance on its consolidated financial statement. 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 to be adopted on a prospective basis with the option to apply retrospectively and 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.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ (2,841)	$ 5,334
Other comprehensive income (loss), net of tax
Foreign currency translation, net of nil income taxes	(48)	132
Net unrealized loss on available-for-sale investments, net of nil income taxes for the three months ended March 31, 2023 and 2024, respectively		(42)
Other comprehensive income (loss)	(48)	90
Comprehensive income (loss)	(2,889)	5,424
Less: total comprehensive loss attributable to non-controlling interest	(28)	(631)
Comprehensive income (loss) attributable to Moatable Inc.	$ (2,861)	$ 6,055

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

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

+ References

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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 07, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001509223
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
ADS
Document and Entity Information
Title of 12(b) Security	American depositary shares, each representing 45 Class A ordinary shares
Trading Symbol	MTBLY
Class A ordinary shares
Document and Entity Information
Title of 12(b) Security	Class A ordinary shares, par value $0.001 per share*
Entity Common Stock, Shares Outstanding		637,962,549
Class B ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding		170,258,970

STATUTORY RESERVE AND RESTRICTED NET ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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%
Appropriation of reserves of PRC subsidiaries	$ 0	$ 0
Aggregate amount of net assets of the relevant subsidiaries and VIE entities in the Company not available for distribution	$ 8,552

ORGANIZATION AND PRINCIPAL ACTIVITIES - Major subsidiaries, VIE and VIE's subsidiaries (Details)	3 Months Ended
	Mar. 31, 2024 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	Delaware, USA
Percentage of legal ownership by Moatable Inc	77.80%
Principal activities	SaaS business
Renren Giantly Philippines Inc.
ORGANIZATION AND PRINCIPAL ACTIVITIES
Later of date of incorporation or acquisition	Mar. 01, 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

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION - Information for the Company's segments, as well as for Other Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	$ 14,023	$ 12,149
Cost of sales	3,316	2,723
Gross profit	10,707	9,426
Trucker Path
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	6,033	5,254
Cost of sales	1,893	1,644
Gross profit	4,140	3,610
Lofty Inc
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	7,949	6,826
Cost of sales	1,387	1,011
Gross profit	6,562	5,815
Other Operations
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	41	69
Cost of sales	36	68
Gross profit	$ 5	$ 1

- 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

INCOME TAXES

3 Months Ended

Mar. 31, 2024

INCOME TAXES

INCOME TAXES

10. INCOME TAXES

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

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

OPERATING LEASES (Tables)

3 Months Ended

Mar. 31, 2024

OPERATING LEASES

Schedule of operating lease cost and short-term lease cost

The operating lease cost and short-term lease cost for the three months ended March 31, 2023 and 2024 were as follows (in thousands):


	For the three months ended March 31,
	2023		2024
Selling expenses	$	48	$	18
Research and development expenses		70		121
General and administrative expenses		51		20
Total operating lease cost		169		159

Short-term lease cost		59		9

Total lease cost	$	228	$	168

Schedule of maturities of lease liabilities

Maturities of lease liabilities as of March 31, 2024 were as follows (in thousands):


	Operating Lease
Remainder of 2024	$	373
2025		191
Total undiscounted lease payment		564
Less: Imputed interest		(34)
Present value of lease liabilities	$	530

OPERATING LEASES - Operating lease cost and short-term lease cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
OPERATING LEASES
Cash paid for amounts included in the measurement of lease liabilities	$ 123	$ 215
Total operating lease cost	159	169
Short-term lease cost	9	59
Total lease cost	$ 168	228
Weighted average remaining lease term	1 year 4 months 24 days		1 year 7 months 20 days
Weighted average discount rate of operating leases	10.30%		10.30%
Selling expenses
OPERATING LEASES
Total operating lease cost	$ 18	48
Research and development expenses
OPERATING LEASES
Total operating lease cost	121	70
General and administrative expenses
OPERATING LEASES
Total operating lease cost	$ 20	$ 51

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

Schedule of disaggregated revenue

The disaggregated revenues by subscription, advertising, and other services for the three months ended March 31, 2023 and 2024 were as following (in thousands):


	For the three months ended March 31,
	2023		2024
Lofty
Subscription services	$	6,425	$	7,514
Advertising services		401		359
Other SaaS revenue		—		76
	$	6,826	$	7,949
Trucker Path
Subscription services	$	4,886	$	5,638
Advertising services		396		405
Other SaaS revenue		(28)		(10)
	$	5,254	$	6,033
Other Operations
Other services	$	69	$	41
Total Revenue	$	12,149	$	14,023

Schedule of segment information

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 (in thousands):


	Lofty		Trucker Path		Other Operations		Consolidated
Three Months Ended March 31, 2024
Revenue	$	7,949	$	6,033	$	41	$	14,023
Cost of sales		1,387		1,893		36		3,316
Gross Margin	$	6,562	$	4,140	$	5	$	10,707

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

STATUTORY RESERVE AND RESTRICTED NET ASSETS

3 Months Ended

Mar. 31, 2024

STATUTORY RESERVE AND RESTRICTED NET ASSETS

STATUTORY RESERVE AND RESTRICTED NET ASSETS

9. STATUTORY RESERVE AND RESTRICTED NET ASSETS

In accordance with the Regulations on Enterprises with Foreign Investment in 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 three months ended March 31, 2023 and 2024, respectively.

As a result of these PRC laws and regulations and the requirement that distributions by PRC entities can only be paid out of distributable profits computed in accordance with PRC GAAP, the PRC entities are restricted from transferring a portion of their net assets to the Company. Amounts restricted include paid-in capital and the statutory reserves of the Company’s PRC subsidiaries and VIE entities. The aggregate amount 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 $8,552 as of March 31, 2024.

ORDINARY SHARES - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2024	Feb. 29, 2024	Jan. 31, 2024
ORDINARY SHARES
Total Number of ADSs Purchased	177,586
Approximate Dollar Value of ADSs That Purchased as Part of Publicly Announced Programs	$ 155
Open market purchases
ORDINARY SHARES
Total Number of ADSs Purchased	70,001	49,299	58,286
Average Price Paid Per ADS	$ 0.77	$ 0.9	$ 0.97
Approximate Dollar Value of ADSs That Purchased as Part of Publicly Announced Programs	$ 54	$ 44	$ 57
Approximate Dollar Value of ADSs That May Yet Be Purchased Under the Programs	$ 3,252	$ 3,306	$ 3,350

- 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.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
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)	703,529,281	607,424,941
Ordinary shares, shares outstanding (in shares)	638,345,746	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)	170,258,970	170,258,970
Ordinary shares, shares outstanding (in shares)	170,258,970	170,258,970
Number of shares into which each Class B ordinary share is convertible	1

CONDENSED 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 Total Moatable Inc.'s equity (deficit)	Class A ordinary shares	Class B ordinary shares 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, 2022	$ 833				$ 305		$ 779,002	$ (697,299)	$ 6,712	$ (8,951)	$ 80,602	$ (13,888)	$ 66,714
Balance (in shares) at Dec. 31, 2022	832,736,562				305,388,450
Increase (Decrease) in Shareholders' Equity
Stock-based compensation							644				644	121	765
Unrealized loss on short-term investments										(42)	(42)		(42)
Other comprehensive income (loss)										127	127	5	132
Repurchase of ordinary shares						$ (1,249)					(1,249)		$ (1,249)
Repurchase of ordinary shares (in shares)						(30,549,690)							678,882
Reclassification of additional paid in capital							838	(838)
Exercise of share option and restricted shares vesting	$ 3						33				36		$ 36
Exercise of share option and restricted shares vesting (in shares)	30,645,751
Net income (loss)								5,970			5,970	(636)	5,334
Balance at Mar. 31, 2023	$ 836				$ 305	$ (1,249)	780,517	(692,167)	6,712	(8,866)	86,088	(14,398)	71,690
Balance (in shares) at Mar. 31, 2023	863,382,313				305,388,450	(30,549,690)
Balance at Dec. 31, 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)
Increase (Decrease) in Shareholders' Equity
Stock-based compensation							555				555	117	672
Other comprehensive income (loss)										(47)	(47)	(1)	$ (48)
Repurchase of ordinary shares		$ (155)	$ (155)	$ (155)
Repurchase of ordinary shares (in shares)		(7,991,370)											177,586
Exercise of share option and restricted shares vesting	$ 96						944				1,040		$ 1,040
Exercise of share option and restricted shares vesting (in shares)	96,104,340
Net income (loss)								(2,814)			(2,814)	(27)	(2,841)
Balance at Mar. 31, 2024	$ 704				$ 170	$ (2,157)	$ 783,864	$ (719,129)	$ 6,712	$ (8,825)	$ 61,339	$ (14,600)	$ 46,739
Balance (in shares) at Mar. 31, 2024	703,529,281				170,258,970	(65,183,535)

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

3 Months Ended

Mar. 31, 2024

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

8. SEGMENT INFORMATION and GEOGRAPHIC INFORMATION

The disaggregated revenues by subscription, advertising, and other services for the three months ended March 31, 2023 and 2024 were as following (in thousands):


	For the three months ended March 31,
	2023		2024
Lofty
Subscription services	$	6,425	$	7,514
Advertising services		401		359
Other SaaS revenue		—		76
	$	6,826	$	7,949
Trucker Path
Subscription services	$	4,886	$	5,638
Advertising services		396		405
Other SaaS revenue		(28)		(10)
	$	5,254	$	6,033
Other Operations
Other services	$	69	$	41
Total Revenue	$	12,149	$	14,023

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.

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.


	Lofty		Trucker Path		Other Operations		Consolidated
Three Months Ended March 31, 2024
Revenue	$	7,949	$	6,033	$	41	$	14,023
Cost of sales		1,387		1,893		36		3,316
Gross Margin	$	6,562	$	4,140	$	5	$	10,707

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

The majority of the Company’s revenue for the three months ended March 31, 2023 and 2024 were generated from the United States.

As of December 31, 2023 and March 31, 2024, substantially all of the long-lived assets of the Company were located in the US. As of December 31, 2023, the long-lived assets of $682, $257 and $6,844 of the Company were located in the PRC, Philippines and United States, respectively. As of March 31, 2024, the long-lived assets in the carrying value of $615, $247 and $6,571 of the Company were located in the PRC, Philippines and United States, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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

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

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

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

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

Reference 6: 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 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
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

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

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

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

+ Details

SHARE-BASED COMPENSATION - Summary of activity of stock options granted (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Number of shares
Balance at the beginning of the period (in shares)	91,646,055
Exercised (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
Trucker Path
Number of shares
Granted (in shares)	0	0
Stock options \| Trucker Path
Number of shares
Balance at the beginning of the period (in shares)	48,649
Balance at the end of the period (in shares)	48,649
Exercisable, at the end of the period (in shares)	43,227
Expected to vest, at the end of the period (in shares)	5,422
Weighted average exercise price
Balance at the beginning of the period (in dollars per share)	$ 46.01
Balance at the end of the period (in dollars per share)	46.01
Exercisable, at the end of the period (in dollars per share)	34.80
Expected to vest, at the end of the period (in dollars per share)	134.47
Weighted average grant date fair value
Balance at the beginning of the period (in dollars per share)	22.81
Balance at the end of the period (in dollars per share)	$ 22.81
Renren stock options \| Lofty Inc
Number of shares
Balance at the beginning of the period (in shares)	47,673
Forfeited (in shares)	0
Balance at the end of the period (in shares)	47,673
Exercisable, at the end of the period (in shares)	37,401
Expected to vest, at the end of the period (in shares)	10,272
Weighted average exercise price
Balance at the beginning of the period (in dollars per share)	$ 28.03
Forfeited (in dollars per share)	0
Balance at the end of the period (in dollars per share)	28.03
Exercisable, at the end of the period (in dollars per share)	20.87
Expected to vest, at the end of the period (in dollars per share)	54.11
Weighted average grant date fair value
Balance at the beginning of the period (in dollars per share)	14.41
Balance at the end of the period (in dollars per share)	$ 14.41