Ambow Education Holding (AMBO) 6-K28 Nov 232023 Q2 Ambow Education Announces Second Quarter and First Half of 2023 Financial ResultsFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2023
Document and Entity Information [Abstract]
Document Type	6-K
Document Period End Date	Jun. 30, 2023
Entity Registrant Name	Ambow Education Holding Ltd.
Entity Central Index Key	0001494558
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Current assets:
Cash and cash equivalents	$ 6,913	$ 3,276
Restricted cash	5,490	4,320
Accounts receivable, net	3,690	1,958
Prepaid and other current assets	4,230	6,119
Total current assets	20,323	15,673
Non-current assets:
Property and equipment, net	19	274
Intangible assets, net	527	532
Other non-current assets	1,944	1,951
Operating lease right-of-use asset	5,946	6,842
Total non-current assets	8,436	9,599
Total assets	28,759	25,272
Current liabilities:
Short-term borrowings	5,439	3,000
Accounts payable	1,957	2,409
Accrued and other liabilities	6,080	3,702
Income taxes payable	510	523
Operating lease liability, current	2,451	2,197
Total current liabilities	16,437	11,831
Non-current liabilities:
Operating lease liability, non-current	4,900	5,688
Total non-current liabilities	4,900	5,688
Total liabilities	21,337	17,519
Commitments and contingencies
EQUITY
(US$ 0.003 par value; 1,666,667 shares authorized, nil issued and outstanding as of December 31, 2022 and June 30, 2023)	0	0
Additional paid-in capital	517,031	515,182
Accumulated deficit	(509,768)	(507,573)
Total equity	7,422	7,753
Total liabilities and equity	28,759	25,272
Class A Ordinary Shares
EQUITY
Ordinary shares	146	131
Class C Ordinary Shares
EQUITY
Ordinary shares	$ 13	$ 13

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Preferred shares, par value (in dollars per share)	$ 0.003	$ 0.003
Preferred shares, shares authorized	1,666,667	1,666,667
Preferred shares, shares issued	0	0
Preferred shares, shares outstanding	0	0
Class A Ordinary Shares
Ordinary shares, par value (in dollars per share)	$ 0.003	$ 0.003
Ordinary shares, shares authorized	66,666,667	66,666,667
Ordinary shares, shares issued	52,419,109	47,419,109
Ordinary shares, shares outstanding	52,419,109	47,419,109
Class C Ordinary Shares
Ordinary shares, par value (in dollars per share)	$ 0.003	$ 0.003
Ordinary shares, shares authorized	8,333,333	8,333,333
Ordinary shares, shares issued	4,708,415	4,708,415
Ordinary shares, shares outstanding	4,708,415	4,708,415

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
COST OF REVENUES
GROSS PROFIT	$ 1,220	$ 1,506	$ 2,015	$ 2,360
Operating expenses:
Selling and marketing	(148)	(486)	(425)	(1,170)
General and administrative	(1,829)	(3,273)	(3,449)	(5,288)
Total operating expenses	(1,977)	(3,759)	(3,874)	(6,458)
OPERATING LOSS	(757)	(2,253)	(1,859)	(4,098)
OTHER EXPENSES
Interest expense, net	(26)	(33)	(33)	(72)
Foreign exchange loss, net	(9)		(9)
Other expenses, net	(196)	(87)	(281)	(134)
Loss on disposal of subsidiaries		(173)		(173)
Total other expenses	(231)	(293)	(323)	(379)
LOSS BEFORE INCOME TAX AND NON-CONTROLLING INTERESTS	(988)	(2,546)	(2,182)	(4,477)
Income tax benefit (expense)	(13)	34	(13)	34
LOSS FROM CONTINUING OPERATIONS	(1,001)	(2,512)	(2,195)	(4,443)
Loss from discontinued operations, net of income tax		(8,642)		(9,467)
NET LOSS	(1,001)	(11,154)	(2,195)	(13,910)
-Less: Net loss attributable to non-controlling interests from discontinued operations		(134)		(180)
NET LOSS ATTRIBUTABLE TO ORDINARY SHAREHOLDERS FROM CONTINUING OPERATIONS	(1,001)	(2,512)	(2,195)	(4,443)
NET LOSS ATTRIBUTABLE TO ORDINARY SHAREHOLDERS FROM DISCONTINUED OPERATIONS		(8,508)		(9,287)
NET LOSS ATTRIBUTABLE TO ORDINARY SHAREHOLDERS	(1,001)	(11,020)	(2,195)	(13,730)
OTHER COMPREHENSIVE LOSS, NET OF TAX
Foreign currency translation adjustments		(90)		(166)
Other comprehensive loss		(90)		(166)
TOTAL COMPREHENSIVE LOSS	$ (1,001)	$ (11,244)	$ (2,195)	$ (14,076)
Net loss from continuing operations per share - basic	$ (0.02)	$ (0.05)	$ (0.04)	$ (0.10)
Net loss from continuing operations per share - diluted	$ (0.02)	(0.05)	$ (0.04)	(0.10)
Net loss from discontinued operations per share-basic		(0.18)		(0.20)
Net loss from discontinued operations per share-diluted		$ (0.18)		$ (0.20)
Weighted average shares used in calculating basic net loss per share	57,127,524	46,825,968	55,525,314	46,756,368
Weighted average shares used in calculating diluted net loss per share	57,127,524	46,825,968	55,525,314	46,756,368
Educational programs and services
NET REVENUES
Total net revenues	$ 2,728	$ 4,955	$ 6,097	$ 9,724
COST OF REVENUES
Total cost of revenues	$ (1,508)	$ (3,449)	$ (4,082)	$ (7,364)

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Class A Ordinary Shares Ordinary shares	Class C Ordinary Shares Ordinary shares	Additional paid-in capital	Statutory reserves	Accumulated deficit	Accumulated other comprehensive income	Non- controlling Interest	Total
Balance at Dec. 31, 2021	$ 115	$ 13	$ 514,116	$ 556	$ (495,240)	$ 1,637	$ 70	$ 21,267
Balance (in shares) at Dec. 31, 2021	41,973,276	4,708,415
Increase (Decrease) in Shareholders' Equity
Share-based compensation			31					31
Issuance of ordinary shares for restricted stock award	$ 0		0
Issuance of ordinary shares for restricted stock award (in shares)	12,500
Foreign currency translation adjustment						(76)		(76)
Capital injection from minority shareholders							15	15
Net loss					(2,710)		(46)	(2,756)
Balance at Mar. 31, 2022	$ 115	$ 13	514,147	556	(497,950)	1,561	39	18,481
Balance (in shares) at Mar. 31, 2022	41,985,776	4,708,415
Balance at Dec. 31, 2021	$ 115	$ 13	514,116	556	(495,240)	1,637	70	21,267
Balance (in shares) at Dec. 31, 2021	41,973,276	4,708,415
Increase (Decrease) in Shareholders' Equity
Net loss								(13,910)
Balance at Jun. 30, 2022	$ 131	$ 13	515,137	556	(508,970)	1,471	6	8,344
Balance (in shares) at Jun. 30, 2022	47,398,276	4,708,415
Balance at Mar. 31, 2022	$ 115	$ 13	514,147	556	(497,950)	1,561	39	18,481
Balance (in shares) at Mar. 31, 2022	41,985,776	4,708,415
Increase (Decrease) in Shareholders' Equity
Share-based compensation			1,006					1,006
Issuance of ordinary shares for restricted stock award	$ 16		(16)
Issuance of ordinary shares for restricted stock award (in shares)	5,412,500
Foreign currency translation adjustment						(90)		(90)
Disposal of subsidiaries (OOOK)							94	94
Capital injection from minority shareholders							7	7
Net loss					(11,020)		(134)	(11,154)
Balance at Jun. 30, 2022	$ 131	$ 13	515,137	$ 556	(508,970)	$ 1,471	$ 6	8,344
Balance (in shares) at Jun. 30, 2022	47,398,276	4,708,415
Balance at Dec. 31, 2022	$ 131	$ 13	515,182		(507,573)			7,753
Balance (in shares) at Dec. 31, 2022	47,419,109	4,708,415
Increase (Decrease) in Shareholders' Equity
Issuance of ordinary shares and warrants to purchase ordinary shares	$ 15		1,849					1,864
Issuance of ordinary shares and warrants to purchase ordinary shares (in shares)	5,000,000
Net loss					(1,194)			(1,194)
Balance at Mar. 31, 2023	$ 146	$ 13	517,031		(508,767)			8,423
Balance (in shares) at Mar. 31, 2023	52,419,109	4,708,415
Balance at Dec. 31, 2022	$ 131	$ 13	515,182		(507,573)			7,753
Balance (in shares) at Dec. 31, 2022	47,419,109	4,708,415
Increase (Decrease) in Shareholders' Equity
Net loss								(2,195)
Balance at Jun. 30, 2023	$ 146	$ 13	517,031		(509,768)			7,422
Balance (in shares) at Jun. 30, 2023	52,419,109	4,708,415
Balance at Mar. 31, 2023	$ 146	$ 13	517,031		(508,767)			8,423
Balance (in shares) at Mar. 31, 2023	52,419,109	4,708,415
Increase (Decrease) in Shareholders' Equity
Net loss					(1,001)			(1,001)
Balance at Jun. 30, 2023	$ 146	$ 13	$ 517,031		$ (509,768)			$ 7,422
Balance (in shares) at Jun. 30, 2023	52,419,109	4,708,415

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net cash used in operating activities, continuing operations	$ (2,933)	$ (3,246)
Net cash provided by (used in) operating activities, discontinued operations	0	(2,427)
Cash flows from investing activities
Net cash used in investing activities, discontinued operations		(11,082)
Cash flows from financing activities
Proceeds from issuance of ordinary shares and warrants to purchase ordinary shares	1,864
Proceeds from short-term borrowing	2,439
Proceeds from third-party loans	3,450
Net cash provided by (used in) financing activities, continuing operations	7,753
Net cash provided by financing activities, discontinued operations	0	2,536
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(13)	(78)
Net change in cash, cash equivalents and restricted cash	4,807	(14,297)
Cash, cash equivalents and restricted cash at beginning of periods	7,596	32,389
Cash, cash equivalents and restricted cash at end of periods	12,403	18,092
Less: Cash, restricted cash and cash equivalents of discontinued operations		16,874
Cash, cash equivalents and restricted cash at end of year from continuing operations	12,403	1,218
Supplemental disclosure of cash flow information
Income tax paid	(27)
Interest paid	(74)
Supplemental disclosure of non-cash investing and financing activities:
Derecognition of assets other than cash of disposed subsidiaries/deregistered subsidiaries		67
Derecognition of liabilities of disposed subsidiaries/deregistered subsidiaries, net of recognized amount due to the disposed subsidiaries/deregistered subsidiaries		141
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$ 129	$ 43

ORGANIZATION AND PRINCIPAL ACTI

ORGANIZATION AND PRINCIPAL ACTIVITIES	6 Months Ended
ORGANIZATION AND PRINCIPAL ACTIVITIES	Jun. 30, 2023
ORGANIZATION AND PRINCIPAL ACTIVITIES
ORGANIZATION AND PRINCIPAL ACTIVITIES	1. ORGANIZATION AND PRINCIPAL ACTIVITIES a. Background The accompanying condensed consolidated financial statements include the financial statements of Ambow Education Holding Ltd. (hereafter referred to as the “Company”) and its subsidiaries. The Company and its subsidiaries are hereinafter collectively referred to as the “Group.”

LIQUIDITY AND CAPITAL RESOURCES

LIQUIDITY AND CAPITAL RESOURCES	6 Months Ended
LIQUIDITY AND CAPITAL RESOURCES	Jun. 30, 2023
LIQUIDITY AND CAPITAL RESOURCES
LIQUIDITY AND CAPITAL RESOURCES	2. LIQUIDITY AND CAPITAL RESOURCES As of June 30, 2023, the Group’s consolidated current assets exceeded its consolidated current liabilities by $ 3,886. The Group’s consolidated net assets were $ 7,422 as of June 30, 2023. The Group’s principal sources of liquidity have been cash provided by operating activities, bank borrowings, third-party loans, and ordinary share issuances. The Group had net cash used in operating activities from continuing operations of $ 3,246 and $ 2,933 for the six months ended June 30, 2022 and 2023, respectively. As of June 30, 2023, the Group had $ 6,913 in unrestricted cash and cash equivalents. The Group’s operating results for future periods are subject to numerous uncertainties, and it is uncertain if the Group will be able to achieve a net income position for the foreseeable future. If management is not able to increase revenues and/or manage cost and operating expenses in line with revenue forecasts, the Group may not be able to achieve profitability. The Group believes that available cash and cash equivalents, short-term investments available for sale and short-term investments held to maturity, cash provided by operating activities, together with cash available from the activities mentioned above, should enable the Group to meet presently anticipated cash needs for at least the next 12 months after the date that the condensed consolidated financial statements are issued, and the Group has prepared the condensed consolidated financial statements on a going concern basis. However, the Group continues to have ongoing obligations, and it expects that it will require additional capital in order to execute its longer-term business plan. If the Group encounters unforeseen circumstances that place constraints on its capital resources, management will be required to take various measures to conserve liquidity, which could include, but not necessarily be limited to, initiating additional public offerings, obtaining credit facilities, streamlining business units, controlling rental, overhead, and other operating expenses and seeking to further dispose of non-cash generating units. Management cannot provide any assurance that the Group will raise additional capital if needed. Risks and Uncertainties On January 19, 2023, the New England Commission of Higher Education (“NECHE”) informed Bay State College (“BSC”) of its intention to withdraw BSC’s accreditation as of August 31, 2023. Following the rejection of Ambow’s appeal, on April 11, 2023, the Board of Trustees voted to permanently close Bay State College at the end of the 2022-2023 academic year, and this permanent closer has been completed. The College provided academic, support and transitional services to students through August 31, 2023, and signed agreements with several area universities to provide program completion pathways to Bay State students, often with enhanced transfer and other opportunities.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2023
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	3. SIGNIFICANT ACCOUNTING POLICIES a. Basis of presentation The accompanying condensed consolidated financial statements of the Group have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial reporting. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly state the operating results for the respective periods. Certain information and footnote disclosures normally present in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the financial statements and footnotes thereto, included in the Company’s 2022 Annual Report filed with the SEC on April 27, 2023. The interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year or any future periods. b. Foreign currency translation The Group uses US$ as its reporting currency. The functional currency of the Company and its subsidiaries incorporated in the Cayman Islands, United States, is US$. In the consolidated financial statements, the financial information of the Company and its subsidiaries, which use US$ or their respective local currency as their functional currency, have been translated into US$. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains, and losses are translated using the average exchange rate for the period. Translation adjustments arising from these are reported as foreign currency translation adjustments and are shown as a component of other comprehensive income or loss in the statement of comprehensive income. Foreign currency transactions denominated in currencies other than functional currency are translated into functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are remeasured at the applicable rates of exchange in effect at that date. Foreign exchange gains and losses resulting from the settlement of such transactions and from remeasurement at year-end are recognized in foreign currency exchange gains/losses, net in the consolidated statement of comprehensive income. Historically, we presented our financial results in Renminbi. Starting from January 1, 2023, we changed our reporting currency from Renminbi to U.S. dollars since a majority of our revenues and expenses are now denominated in U.S. dollars. We believe the alignment of the reporting currency with the underlying operations would better illustrate our results of operations for each period. We have applied the change of reporting currency retrospectively to our historical results of operations and financial statements included in this interim report. c. Revenue recognition The Group’s revenue is generated from delivering educational programs and services. Contract Balances The transferred control of promised services to customers results in the Group’s unconditional rights and conditional consideration receivable on passage of time. There were no contract assets as of December 31, 2022 and June 30, 2023. The contract liabilities consist of deferred revenue, which relates to unsatisfied performance obligations at the end of each reporting period and consists of tuition received in advance from students. As of December 31, 2022 and June 30, 2023, the Group’s deferred revenue amounted to nil for both periods. d. Allowance for doubtful accounts Management used an expected credit loss model under ASC 326 for the impairment of trading receivables as of period ends. Management believes the aging of accounts receivable is a reasonable parameter to estimate expected credit loss and determines expected credit losses for accounts receivables using an aging schedule as of period ends. The expected credit loss rates under each aging schedule were developed on the basis of the average historical loss rates from previous years and adjusted to reflect the effects of those differences in current conditions and forecasted changes. Management measured the expected credit losses of accounts receivable on a collective basis. When an accounts receivable does not share risk characteristics with other accounts receivables, management will evaluate such accounts receivable for expected credit loss on an individual basis. Doubtful accounts balances are written off and deducted from allowance, when receivables are deemed uncollectible, after all collection efforts have been exhausted and the potential for recovery is considered remote.

CASH, CASH EQUIVALENTS AND REST

CASH, CASH EQUIVALENTS AND RESTRICTED CASH	6 Months Ended
CASH, CASH EQUIVALENTS AND RESTRICTED CASH	Jun. 30, 2023
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
CASH, CASH EQUIVALENTS AND RESTRICTED CASH	4. CASH, CASH EQUIVALENTS AND RESTRICTED CASH The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited condensed consolidated statements of cash flows. As of December 31, 2022 June 30, 2023 $ $ Unaudited Cash and cash equivalents 3,276 6,913 Restricted cash (Note i) 4,320 5,490 Total cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statements of cash flows 7,596 12,403 (Note i) Restricted cash required by the Department of Education and the deposits necessary to secure lines of credit from financial institutions.

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET	6 Months Ended
ACCOUNTS RECEIVABLE, NET	Jun. 30, 2023
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET	5. ACCOUNTS RECEIVABLE, NET Accounts receivable consisted of the following: As of December 31, 2022 June 30, 2023 $ $ Unaudited Accounts receivable 3,063 5,012 Less: Allowance for doubtful accounts (1,105) (1,322) Accounts receivable, net 1,958 3,690 Allowance for doubtful accounts of $ 908 and $ 318 was provided during the six months ended June 30, 2022 and 2023, respectively. Allowance for doubtful accounts in $ 4 and $ 101 was written off during the six months ended June 30, 2022 and 2023, respectively.

PREPAID AND OTHER CURRENT ASSET

PREPAID AND OTHER CURRENT ASSETS	6 Months Ended
PREPAID AND OTHER CURRENT ASSETS	Jun. 30, 2023
PREPAID AND OTHER CURRENT ASSETS
PREPAID AND OTHER CURRENT ASSETS	6. PREPAID AND OTHER CURRENT ASSETS Prepaid and other current assets consisted of the following: As of December 31, 2022 June 30, 2023 $ $ Unaudited Receivables for third-party acquisitions (Note i) 6,000 4,000 Prepayments to suppliers 103 208 Loans to third parties 6 6 Others 10 16 Total 6,119 4,230 (Note i) Representing consideration receivable from the disposal of Ambow China after $8.0 million has been received as of June 30, 2023, and the remaining balance of $4.0 million has been received before the issuance of the condensed consolidated financial statements.

OTHER NON-CURRENT ASSETS

OTHER NON-CURRENT ASSETS	6 Months Ended
OTHER NON-CURRENT ASSETS	Jun. 30, 2023
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS	7. OTHER NON-CURRENT ASSETS Other non-current assets consisted of the following: As of December 31,2022 June 30,2023 $ $ Unaudited Long-term restricted cash (Note i) 1,714 1,714 Long-term lease deposits 194 194 Others 43 36 Total 1,951 1,944 (Note i) It includes cash in collateral bank accounts for the issuance of letters of credit.

SHORT-TERM BORROWING

SHORT-TERM BORROWING	6 Months Ended
SHORT-TERM BORROWING	Jun. 30, 2023
SHORT-TERM BORROWING
SHORT-TERM BORROWING	8. SHORT-TERM BORROWINGS The following table sets forth the loan agreements of short-term borrowings from banks: Amount Annual Repayment Date Borrower Lender ($) Interest Rate Due Date October 11, 2022 Ambow Education Inc. Cathy Bank 1,500 4.46 % October 11, 2023 November 14, 2022 Ambow Education Inc. EAST WEST BANK 1,500 2.50 % November 14, 2023 January 6, 2023 Ambow Education Inc. EAST WEST BANK 2,439 2.50 % January 6, 2024 In 2022 and January 2023, the Group pledged its restricted cash amount of $ 5,439 to obtain respectively On October 11, 2022, the Group received a loan from Cathy Bank in the amount of $ 1,500 with a maturity date of October 11, 2023, and bearing interest at 4.46% per annum. On November 14, 2022, the Group received a loan from EAST WEST BANK in the amount of $ 1,500 with a maturity date of November 14, 2023, and bearing interest at 2.50% per annum, and the loan has been fully repaid before the issuance of the condensed consolidated financial statements. On January 6, 2023, the Group received a loan from EAST WEST BANK in the amount of $ 2,439 with a maturity date of January 6, 2024, and bearing interest at 2.50% per annum. The pledge shall be terminated once all borrowings are repaid, and pledge cancellation registration procedures are completed.

ACCRUED AND OTHER LIABILITIES

ACCRUED AND OTHER LIABILITIES	6 Months Ended
ACCRUED AND OTHER LIABILITIES	Jun. 30, 2023
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES	9. ACCRUED AND OTHER LIABILITIES Accrued and other liabilities consisted of the following: As of December 31, 2022 June 30, 2023 $ $ Unaudited Accrued payroll and welfare 858 663 Payable for purchase of equipment and services 387 231 Receipt in advance 10 4 Amounts due to students 1,576 1,512 Loans from third parties (Note i) 700 3,450 Others 171 220 Total 3,702 6,080 (Note i) The loans from third-party providers have been fully repaid before the issuance of the condensed consolidated financial statements.

ORDINARY SHARES

ORDINARY SHARES	6 Months Ended
ORDINARY SHARES	Jun. 30, 2023
ORDINARY SHARES
ORDINARY SHARES	10. ORDINARY SHARES The addition of ordinary shares during the six months ended June 30, 2023 came from a registered public offering in February 28, 2023. On February 28, 2023, the Company completed the issuance of 2,500,000 ADSs (representing 5,000,000 Class A Ordinary Shares of the Company) at a purchase price of $0.80 per ADS and an accompanying warrant to purchase of 1,000,000 ADSs (representing 2,000,000 Class A Ordinary Shares of the Company) at a purchase price of $0.80 per ADS, in a private placement. The net proceeds from the private placement, after deducting the offering expenses, totaled $1,849, of which $1,449 was allocated to the ordinary shares and $400 to the warrants, respectively. The Company classified the warrant in each of the aforementioned issuances on its consolidated balance sheets as equity, and valued the respective warrant issued in conjunction with private placements using the Black-Scholes model.

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION	6 Months Ended
SHARE BASED COMPENSATION	Jun. 30, 2023
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION	11. SHARE-BASED COMPENSATION Amended and Restated 2010 Equity Incentive Plan On June 1, 2010, the Group adopted the 2010 Equity Incentive Plan, or the “2010 Plan”, which became effective upon the completion of the IPO on August 5, 2010 and terminated automatically ten years after its adoption. On December 21, 2018, the Group amended and restated the 2010 Plan, or the “Amended and Restated 2010 Plan”, which became effective upon the approval from the Board of Directors and shareholders. The plan will continue in effect for ten years from the date adopted by the Board, unless terminated earlier under section 18 of the plan. Restricted stock awards On November 22, 2018, the Board of Directors approved to grant 200,000 Class A ordinary shares of the restricted stock to senior employees of the Group. Twenty-five percent of the awards vested on the one-year anniversary of the vesting commence date, and the remainder shall vest in equal and continuous monthly installments over the following thirty-six months thereafter, subject to the participant’s continuing service of the Group through each vesting date. In the six months ended June 30, 2023 and 2022, nil and 25,000 shares of restricted stock were vested, respectively. On May 27, 2022, the Board of Directors approved the grant of 200,000 fully vested Class A ordinary shares of the restricted stock to a consultant as consideration for its service rendered. On June 30, 2022, the Board of Directors approved the grant of 5,200,000 fully vested Class A ordinary shares of the restricted stock to senior employees of the Group for their services rendered in the past years. The Group recorded share-based compensation expenses of $ 1,037 and nil in general and administrative expenses for the restricted stock awards for the six months ended June 30, 2022 and 2023, respectively. The unrecognized share-based compensation expenses were amounting to nil as of June 30, 2023.

TAXATION

TAXATION	6 Months Ended
TAXATION	Jun. 30, 2023
TAXATION
TAXATION	12. TAXATION a. Income taxes Cayman Islands Under the current laws of the Cayman Islands, the Company and its subsidiaries incorporated in the Cayman Islands are not subject to tax on income or capital gains. In addition, upon payment of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed. U.S. Significant components of the provision for income taxes on earnings for the six months ended June 30, 2022 and 2023 are as follows: Six months ended June 30, 2022 2023 $ $ Unaudited Unaudited Current: 34 (13) Deferred: — — Provision for income tax expenses 34 (13) Reconciliation between total income tax expense and the amount computed by applying the U.S. statutory income tax rate to income before income taxes is as follows: Six months ended June 30, 2022 2023 % % Unaudited Unaudited Weighted average statuary tax rate 21 % 21 % States taxes, net of federal benefit 7 % 7 % Tax effect of non-deductible expenses — % — % Tax effect of non-taxable income — % — % Changes in valuation allowance (28) % (29) % Effective tax rate — % (1) %

NET INCOME_LOSS PER SHARE

NET INCOME/LOSS PER SHARE	6 Months Ended
NET INCOME/LOSS PER SHARE	Jun. 30, 2023
NET INCOME/LOSS PER SHARE
NET INCOME/LOSS PER SHARE	13. NET LOSS PER SHARE The following table sets forth the computation of basic and diluted net loss per share for the periods indicated: Six months ended June 30, 2022 2023 $ $ Unaudited Unaudited Numerator: Numerator for basic and diluted net loss per share from continuing operations (4,443) (2,195) Numerator for basic and diluted net loss per share from discontinued operations (9,287) — Denominator: Denominator for basic and diluted net loss per share weighted average ordinary shares outstanding 46,756,368 55,525,314 Basic and diluted net loss per share from continuing operations (0.10) (0.04) Basic and diluted net loss per share from discontinued operations (0.20) — Basic loss per share is computed using the weighted average number of the ordinary shares outstanding during the six months ended June 30, 2022 and 2023. Diluted loss per share is computed using the weighted average number of ordinary shares and ordinary equivalent shares outstanding during six months ended June 30, 2022 and 2023.

LEASES

LEASES	6 Months Ended
LEASES	Jun. 30, 2023
LEASES
LEASES	14. LEASES The Group has operating leases for classrooms, dormitories, and corporate offices. The components of lease expense were as follows: Six Months ended June 30, 2022 2023 $ $ Unaudited Unaudited Operating lease expense 2,470 1,171 Supplemental cash flow information related to leases was as follows: Six Months ended June 30, 2022 2023 $ $ Unaudited Unaudited Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 1,829 809 Supplemental balance sheet information related to leases was as follows: Six Months ended June 30, 2022 2023 Unaudited Unaudited Weighted-average Remaining Lease Term Operating leases 6.70 Years 2.67 Years Weighted-average Discount Rate Operating leases 4.26 % 4.25 % The Group’s lease agreements do not have a discount rate that is readily determinable. The incremental borrowing rate is determined at lease commencement or lease modification and represents the rate of interest the Group would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. The weighted-average discount rate was calculated using the discount rate for the lease that was used to calculate the lease liability balance for each lease and the remaining balance of the lease payments for each lease as of June 30, 2022 and 2023, respectively. The weighted-average remaining lease terms were calculated using the remaining lease term and the lease liability balance for each lease as of June 30, 2022 and 2023, respectively. As of June 30, 2023, maturities of lease liabilities were as follows: Amount $ Unaudited For the six months ending December 31, 2023 (remaining) 2,449 For the year ending December 31, 2024 2,548 2025 2,294 2026 441 2027 8 Total lease payments 7,740 Less: interest (389) Total 7,351 Less: current portion (2,451) Non-current portion 4,900 As of June 30, 2023, the Group had no material operating or finance leases that had not yet commenced.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS Ambow received a continued listing deficiency notice (the “Notice”) from the NYSE American LLC (the “NYSE American”) dated September 21, 2023, stating that the Company’s securities had been selling for a low price per share for a substantial period of time and the Company is not in compliance with the continued listing standards as set forth in Section 1003(f)(v) of the NYSE American Company Guide (“Company Guide”). NYSE American staff determined that Ambow’s continued listing is predicated on it effecting a reverse stock split of its common stock or otherwise demonstrating sustained price improvement no later than March 21, 2024. The Company intends to complete a reverse stock split in order to regain compliance with the NYSE American’s continued listing standards set forth in the Company Guide in a timely manner. The Company has evaluated subsequent events through November 28, 2023, the date of issuance of these condensed consolidated financial statements, other than disclosed above, the Company does not identify any events with material financial impact on the Company’s condensed consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2023
SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation	a. Basis of presentation The accompanying condensed consolidated financial statements of the Group have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial reporting. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly state the operating results for the respective periods. Certain information and footnote disclosures normally present in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the financial statements and footnotes thereto, included in the Company’s 2022 Annual Report filed with the SEC on April 27, 2023. The interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year or any future periods.
Foreign currency translation	b. Foreign currency translation The Group uses US$ as its reporting currency. The functional currency of the Company and its subsidiaries incorporated in the Cayman Islands, United States, is US$. In the consolidated financial statements, the financial information of the Company and its subsidiaries, which use US$ or their respective local currency as their functional currency, have been translated into US$. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains, and losses are translated using the average exchange rate for the period. Translation adjustments arising from these are reported as foreign currency translation adjustments and are shown as a component of other comprehensive income or loss in the statement of comprehensive income. Foreign currency transactions denominated in currencies other than functional currency are translated into functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are remeasured at the applicable rates of exchange in effect at that date. Foreign exchange gains and losses resulting from the settlement of such transactions and from remeasurement at year-end are recognized in foreign currency exchange gains/losses, net in the consolidated statement of comprehensive income. Historically, we presented our financial results in Renminbi. Starting from January 1, 2023, we changed our reporting currency from Renminbi to U.S. dollars since a majority of our revenues and expenses are now denominated in U.S. dollars. We believe the alignment of the reporting currency with the underlying operations would better illustrate our results of operations for each period. We have applied the change of reporting currency retrospectively to our historical results of operations and financial statements included in this interim report.
Revenue recognition	c. Revenue recognition The Group’s revenue is generated from delivering educational programs and services. Contract Balances The transferred control of promised services to customers results in the Group’s unconditional rights and conditional consideration receivable on passage of time. There were no contract assets as of December 31, 2022 and June 30, 2023. The contract liabilities consist of deferred revenue, which relates to unsatisfied performance obligations at the end of each reporting period and consists of tuition received in advance from students. As of December 31, 2022 and June 30, 2023, the Group’s deferred revenue amounted to nil for both periods.
Allowance for doubtful accounts	d. Allowance for doubtful accounts Management used an expected credit loss model under ASC 326 for the impairment of trading receivables as of period ends. Management believes the aging of accounts receivable is a reasonable parameter to estimate expected credit loss and determines expected credit losses for accounts receivables using an aging schedule as of period ends. The expected credit loss rates under each aging schedule were developed on the basis of the average historical loss rates from previous years and adjusted to reflect the effects of those differences in current conditions and forecasted changes. Management measured the expected credit losses of accounts receivable on a collective basis. When an accounts receivable does not share risk characteristics with other accounts receivables, management will evaluate such accounts receivable for expected credit loss on an individual basis. Doubtful accounts balances are written off and deducted from allowance, when receivables are deemed uncollectible, after all collection efforts have been exhausted and the potential for recovery is considered remote.

CASH, CASH EQUIVALENTS AND RE_2

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	6 Months Ended
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	Jun. 30, 2023
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Schedule of reconciliation of cash, cash equivalents, and restricted cash	As of December 31, 2022 June 30, 2023 $ $ Unaudited Cash and cash equivalents 3,276 6,913 Restricted cash (Note i) 4,320 5,490 Total cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statements of cash flows 7,596 12,403

ACCOUNTS RECEIVABLE, NET (Table

ACCOUNTS RECEIVABLE, NET (Tables)	6 Months Ended
ACCOUNTS RECEIVABLE, NET (Tables)	Jun. 30, 2023
ACCOUNTS RECEIVABLE, NET
Schedule of accounts receivable, net	As of December 31, 2022 June 30, 2023 $ $ Unaudited Accounts receivable 3,063 5,012 Less: Allowance for doubtful accounts (1,105) (1,322) Accounts receivable, net 1,958 3,690

PREPAID AND OTHER CURRENT ASS_2

PREPAID AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
PREPAID AND OTHER CURRENT ASSETS (Tables)	Jun. 30, 2023
PREPAID AND OTHER CURRENT ASSETS
Schedule of prepaid and other current assets	As of December 31, 2022 June 30, 2023 $ $ Unaudited Receivables for third-party acquisitions (Note i) 6,000 4,000 Prepayments to suppliers 103 208 Loans to third parties 6 6 Others 10 16 Total 6,119 4,230

OTHER NON-CURRENT ASSETS (Table

OTHER NON-CURRENT ASSETS (Tables)	6 Months Ended
OTHER NON-CURRENT ASSETS (Tables)	Jun. 30, 2023
OTHER NON-CURRENT ASSETS
Schedule of other non-current assets	As of December 31,2022 June 30,2023 $ $ Unaudited Long-term restricted cash (Note i) 1,714 1,714 Long-term lease deposits 194 194 Others 43 36 Total 1,951 1,944 (Note i) It includes cash in collateral bank accounts for the issuance of letters of credit.

SHORT-TERM BORROWING (Tables)

SHORT-TERM BORROWING (Tables)	6 Months Ended
SHORT-TERM BORROWING (Tables)	Jun. 30, 2023
SHORT-TERM BORROWING
Schedule of short-term borrowings from bank	Amount Annual Repayment Date Borrower Lender ($) Interest Rate Due Date October 11, 2022 Ambow Education Inc. Cathy Bank 1,500 4.46 % October 11, 2023 November 14, 2022 Ambow Education Inc. EAST WEST BANK 1,500 2.50 % November 14, 2023 January 6, 2023 Ambow Education Inc. EAST WEST BANK 2,439 2.50 % January 6, 2024

ACCRUED AND OTHER LIABILITIES (

ACCRUED AND OTHER LIABILITIES (Tables)	6 Months Ended
ACCRUED AND OTHER LIABILITIES (Tables)	Jun. 30, 2023
ACCRUED AND OTHER LIABILITIES
Schedule of accrued and other liabilities	As of December 31, 2022 June 30, 2023 $ $ Unaudited Accrued payroll and welfare 858 663 Payable for purchase of equipment and services 387 231 Receipt in advance 10 4 Amounts due to students 1,576 1,512 Loans from third parties (Note i) 700 3,450 Others 171 220 Total 3,702 6,080 (Note i) The loans from third-party providers have been fully repaid before the issuance of the condensed consolidated financial statements.

TAXATION (Tables)

TAXATION (Tables)	6 Months Ended
TAXATION (Tables)	Jun. 30, 2023
TAXATION
Schedule of significant components of provision for income taxes on earnings	Six months ended June 30, 2022 2023 $ $ Unaudited Unaudited Current: 34 (13) Deferred: — — Provision for income tax expenses 34 (13)
Summary of reconciliation between total income tax expense and the amount computed by applying the US statutory income tax rate to income before income taxes	Six months ended June 30, 2022 2023 % % Unaudited Unaudited Weighted average statuary tax rate 21 % 21 % States taxes, net of federal benefit 7 % 7 % Tax effect of non-deductible expenses — % — % Tax effect of non-taxable income — % — % Changes in valuation allowance (28) % (29) % Effective tax rate — % (1) %

NET INCOME_LOSS PER SHARE (Tabl

NET INCOME/LOSS PER SHARE (Tables)	6 Months Ended
NET INCOME/LOSS PER SHARE (Tables)	Jun. 30, 2023
NET INCOME/LOSS PER SHARE
Schedule of computation of basic and diluted net (loss) income per share	Six months ended June 30, 2022 2023 $ $ Unaudited Unaudited Numerator: Numerator for basic and diluted net loss per share from continuing operations (4,443) (2,195) Numerator for basic and diluted net loss per share from discontinued operations (9,287) — Denominator: Denominator for basic and diluted net loss per share weighted average ordinary shares outstanding 46,756,368 55,525,314 Basic and diluted net loss per share from continuing operations (0.10) (0.04) Basic and diluted net loss per share from discontinued operations (0.20) —

LEASES (Tables)

LEASES (Tables)	6 Months Ended
LEASES (Tables)	Jun. 30, 2023
LEASES
Schedule of components of lease expense	Six Months ended June 30, 2022 2023 $ $ Unaudited Unaudited Operating lease expense 2,470 1,171
Schedule of supplemental cash flow information	Six Months ended June 30, 2022 2023 $ $ Unaudited Unaudited Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 1,829 809
Schedule of lease terms and discount rates	Six Months ended June 30, 2022 2023 Unaudited Unaudited Weighted-average Remaining Lease Term Operating leases 6.70 Years 2.67 Years Weighted-average Discount Rate Operating leases 4.26 % 4.25 %
Schedule of maturities of lease liabilities	Amount $ Unaudited For the six months ending December 31, 2023 (remaining) 2,449 For the year ending December 31, 2024 2,548 2025 2,294 2026 441 2027 8 Total lease payments 7,740 Less: interest (389) Total 7,351 Less: current portion (2,451) Non-current portion 4,900

LIQUIDITY AND CAPITAL RESOURC_2

LIQUIDITY AND CAPITAL RESOURCES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
LIQUIDITY AND CAPITAL RESOURCES
Liabilities in excess of assets	$ 3,886
Equity	7,422	$ 8,344	$ 8,423	$ 7,753	$ 18,481	$ 21,267
Net cash used in operating activities, continuing operations	(2,933)	$ (3,246)
Unrestricted cash and cash equivalents	$ 6,913			$ 3,276

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Contract asset balances	$ 0	$ 0
Deferred revenue	$ 0	$ 0

CASH, CASH EQUIVALENTS AND RE_3

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	$ 6,913	$ 3,276
Restricted cash (Note i)	5,490	4,320
Total cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statements of cash flows	$ 12,403	$ 7,596	$ 18,092	$ 32,389

ACCOUNTS RECEIVABLE, NET (Detai

ACCOUNTS RECEIVABLE, NET (Details) - USD ($) $ in Thousands	6 Months Ended
ACCOUNTS RECEIVABLE, NET (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
ACCOUNTS RECEIVABLE, NET
Accounts receivable	$ 5,012		$ 3,063
Less: Allowance for doubtful accounts	(1,322)		(1,105)
Accounts receivable, net	3,690		$ 1,958
Allowance for doubtful accounts	318	$ 908
Allowance for doubtful accounts, written off	$ 101	$ 4

PREPAID AND OTHER CURRENT ASS_3

PREPAID AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
PREPAID AND OTHER CURRENT ASSETS
Receivables for third-party acquisitions (Note i)	$ 4,000	$ 6,000
Prepayments to suppliers	208	103
Loans to third parties	6	6
Others	16	10
Total	$ 4,230	$ 6,119

PREPAID AND OTHER CURRENT ASS_4

PREPAID AND OTHER CURRENT ASSETS - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Ambow subsidiaries
Consideration from disposal receivable in cash	$ 4,000	$ 6,000
Ambow Subsidiaries \| Discontinued Operations \| Purchase Agreement
Ambow subsidiaries
Consideration from disposal received in cash	8,000
Consideration from disposal receivable in cash	$ 4,000

OTHER NON-CURRENT ASSETS (Detai

OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
OTHER NON-CURRENT ASSETS
Long-term restricted cash (Note i)	$ 1,714	$ 1,714
Long-term lease deposits	194	194
Others	36	43
Total	$ 1,944	$ 1,951

SHORT-TERM BORROWING (Details)

SHORT-TERM BORROWING (Details) - USD ($) $ in Thousands				1 Months Ended	12 Months Ended
SHORT-TERM BORROWING (Details) - USD ($) $ in Thousands	Jan. 06, 2023	Nov. 14, 2022	Oct. 11, 2022	Jan. 31, 2023	Dec. 31, 2022	Jun. 30, 2023	Mar. 11, 2022	Jan. 07, 2022	Dec. 10, 2021
SHORT-TERM BORROWING
Short-term borrowings					$ 3,000	$ 5,439
Cathy Bank
SHORT-TERM BORROWING
Interest rate (as a percent)			4.46%
Mortgaged property amount					5,439
Line of credit					$ 5,439
Loan received			$ 1,500
East West Bank
SHORT-TERM BORROWING
Interest rate (as a percent)	2.50%	2.50%
Mortgaged property amount				$ 5,439
Line of credit				$ 5,439
Loan received	$ 2,439	$ 1,500
Ambow Education Inc \| Cathy Bank
SHORT-TERM BORROWING
Short-term borrowings			$ 1,500
Interest rate (as a percent)									4.46%
Ambow Education Inc \| East West Bank
SHORT-TERM BORROWING
Short-term borrowings	$ 2,439	$ 1,500
Interest rate (as a percent)							2.50%	2.50%

ACCRUED AND OTHER LIABILITIES_2

ACCRUED AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ACCRUED AND OTHER LIABILITIES
Accrued payroll and welfare	$ 663	$ 858
Payable for purchase of equipment and services	231	387
Receipt in advance	4	10
Amounts due to students	1,512	1,576
Loan from third parties (Note i)	3,450	700
Others	220	171
Total	$ 6,080	$ 3,702

ORDINARY SHARES (Details)

ORDINARY SHARES (Details) $ / shares in Units, $ in Thousands	Feb. 28, 2023 USD ($) $ / shares shares
ORDINARY SHARES
Issue price (per share) \| $ / shares	$ 0.80
Net proceeds from issuance of ordinary shares and warrants \| $	$ 1,849
Net proceeds from ordinary shares \| $	1,449
Net proceeds from warrant \| $	$ 400
Direct offering
ORDINARY SHARES
Issue price (per share) \| $ / shares	$ 0.80
Class A Ordinary Shares
ORDINARY SHARES
Issuance of ordinary shares and warrants to purchase ordinary shares (in shares)	5,000,000
Class A Ordinary Shares \| Direct offering
ORDINARY SHARES
Issuance of ordinary shares and warrants to purchase ordinary shares (in shares)	2,000,000
American Depositary Shares
ORDINARY SHARES
Issuance of ordinary shares and warrants to purchase ordinary shares (in shares)	2,500,000
American Depositary Shares \| Direct offering
ORDINARY SHARES
Issuance of ordinary shares and warrants to purchase ordinary shares (in shares)	1,000,000

SHARE BASED COMPENSATION (Detai

SHARE BASED COMPENSATION (Details)	Dec. 21, 2018	Jun. 01, 2010
2010 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Automatic termination period of the plan		10 years
Amended and Restated 2010 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration term	10 years

SHARE BASED COMPENSATION - Rest

SHARE BASED COMPENSATION - Restricted stock (Details) - CNY (¥) ¥ in Thousands			6 Months Ended
	May 27, 2022	Nov. 22, 2018	Jun. 30, 2023	Jun. 30, 2022
Restricted stock
Unrecognized share-based compensation expenses			¥ 0
Restricted stock awards \| General and administrative
Restricted stock
Share-based compensation expense			¥ 0	¥ 1,037
Restricted stock awards \| Senior employee
Restricted stock
Granted (in shares)		200,000		5,200,000
Vesting percentage		25%
Vested (in shares)			0	25,000
Restricted stock awards \| Consultant
Restricted stock
Granted (in shares)	200,000

TAXATION - Provision for Income

TAXATION - Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Provision for income taxes on earnings
Current:			$ (13)	$ 34
Provision for income tax expenses	$ (13)	$ 34	$ (13)	$ 34

TAXATION - Reconciliation (Deta

TAXATION - Reconciliation (Details) - PRC	6 Months Ended
TAXATION - Reconciliation (Details) - PRC	Jun. 30, 2023	Jun. 30, 2022
Reconciliation between total income tax expense and the amount computed by applying the weighted average statutory income tax rate to income before income taxes
Weighted average statuary tax rate	21%	21%
States taxes, net of federal benefit	7%	7%
Changes in valuation allowance	(29.00%)	(28.00%)
Effective tax rate	(1.00%)

NET INCOME_LOSS PER SHARE - Com

NET INCOME/LOSS PER SHARE - Computation of basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Numerator for basic net loss per share from continuing operations			$ (2,195)	$ (4,443)
Numerator for diluted net loss per share from continuing operations			$ (2,195)	(4,443)
Numerator for basic net loss per share from discontinued operations				(9,287)
Numerator for diluted net loss per share from discontinued operations				$ (9,287)
Denominator:
Denominator for basic net loss per share weighted average ordinary shares outstanding (in shares)	57,127,524	46,825,968	55,525,314	46,756,368
Denominator for diluted net loss per share weighted average ordinary shares outstanding (in shares)	57,127,524	46,825,968	55,525,314	46,756,368
Basic net loss per share from continuing operations (in dollars per share)			$ (0.04)	$ (0.10)
Diluted net loss per share from continuing operations (in dollars per share)			$ (0.04)	(0.10)
Basic net loss per share from discontinued operations (in dollars per share)		$ (0.18)		(0.20)
Diluted net loss per share from discontinued operations (in dollars per share)		$ (0.18)		$ (0.20)

LEASES - Lease expenses (Detail

LEASES - Lease expenses (Details) - USD ($) $ in Thousands	6 Months Ended
LEASES - Lease expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2021
LEASES
Operating lease expense	$ 2,470	$ 1,171

LEASES - Supplemental cash flow

LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2021
LEASES
Operating cash flows from operating leases	$ 1,829	$ 809

LEASES - Supplemental balance s

LEASES - Supplemental balance sheet information (Details)	Jun. 30, 2023	Jun. 30, 2022
LEASES
Weighted-average Remaining Lease Term, Operating leases	2 years 8 months 1 day	6 years 8 months 12 days
Weighted-average Discount Rate, Operating leases	4.25%	4.26%

LEASES - Maturities of lease li

LEASES - Maturities of lease liabilities (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 USD ($)
Operating leases- ASU842
For the six months ending December 31, 2023 (remaining)		¥ 2,449
2024		2,548
2025		2,294
2026		441
2027		8
Total lease payments		7,740
Less: interest		(389)
Total		7,351
Less: current portion	$ (2,451)	(2,451)	$ (2,197)
Non-current portion	$ 4,900	¥ 4,900	$ 5,688