Moatable (MTBLY) 10-Q 14 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 07, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Q2
Amendment Flag	false
ADS
Document and Entity Information
Title of 12(b) Security	American depositary shares, each representing 45 Class A ordinary shares
Trading Symbol	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		641,643,346
Class B ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding		170,258,970

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 34,067	$ 33,913
Restricted cash	5,170	5,056
Accounts receivable, net	3,231	2,603
Amounts due from related parties	665	684
Prepaid expenses and other current assets, net	3,950	3,928
Total current assets	47,083	46,184
Non-current assets
Property and equipment, net	6,109	6,157
Intangible assets, net	448	727
Long-term investments	13,783	15,733
Right-of-use assets	507	744
Other non-current assets	185	155
Total non-current assets	21,032	23,516
TOTAL ASSETS	68,115	69,700
Current liabilities
Accounts payable	1,999	2,064
Accrued expenses and other current liabilities	9,821	10,557
Operating lease liabilities - current	405	461
Amounts due to related parties	609	655
Deferred revenue	4,551	4,322
Income tax payable	3,533	3,381
Total current liabilities	20,918	21,440
Non-current liabilities
Operating lease liabilities - non-current	8	189
Total non-current liabilities	8	189
TOTAL LIABILITIES	20,926	21,629
Commitments and contingencies
Shareholders' equity
Treasury stock	(2,189)	(2,002)
Additional paid in capital	784,406	782,365
Accumulated deficit	(719,291)	(716,315)
Statutory reserves	6,712	6,712
Accumulated other comprehensive loss	(8,936)	(8,778)
Total Moatable, Inc. shareholders' equity	61,581	62,760
Non-controlling interest	(14,392)	(14,689)
Total equity	47,189	48,071
TOTAL LIABILITIES AND EQUITY	68,115	69,700
Class A ordinary shares
Shareholders' equity
Ordinary shares	709	608
Class B ordinary shares
Shareholders' equity
Ordinary shares	$ 170	$ 170

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 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)	708,736,861	607,424,941
Ordinary shares, shares outstanding (in shares)	641,148,841	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 STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total revenues	$ 15,289	$ 12,868	$ 29,312	$ 25,017
Cost of revenues:
Total cost of revenues	3,500	2,621	6,816	5,344
Gross profit	11,789	10,247	22,496	19,673
Operating expenses
Selling and marketing	4,576	4,639	8,363	9,535
Research and development	4,555	4,911	9,013	9,813
General and administrative	3,136	3,528	6,534	6,575
Impairment of intangible assets			207
Total operating expenses	12,267	13,078	24,117	25,923
Loss from operations	(478)	(2,831)	(1,621)	(6,250)
Other income (expense), net	(52)	1,218	(18)	1,195
(Loss) Gain from fair value change of a long-term investment	(133)	(7,755)	(1,621)	521
Interest income	409	437	771	793
Loss before provision of income tax and income (loss) in equity method investments and non-controlling interest, net of tax	(254)	(8,931)	(2,489)	(3,741)
Income tax expenses	(121)		(236)
Loss before income (loss) in equity method investments and non-controlling interest, net of tax	(375)	(8,931)	(2,725)	(3,741)
Impairment on and income (loss) in equity method investments, net of tax	193	170	(298)	314
Net loss	(182)	(8,761)	(3,023)	(3,427)
Net loss attributable to non-controlling interests	(20)	(350)	(47)	(986)
Net loss attributable to Moatable Inc.	$ (162)	$ (8,411)	$ (2,976)	$ (2,441)
Net loss per share attributable to Moatable Inc. shareholders:
Basic	$ (0.0002)	$ (0.008)	$ (0.004)	$ (0.002)
Diluted	$ (0.0002)	$ (0.008)	$ (0.004)	$ (0.002)
Weighted average number of shares used in calculating net loss per share attributable to Moatable Inc. shareholders:
Basic	809,022,314	1,007,327,376	764,182,360	1,074,919,510
Diluted	809,022,314	1,007,327,376	764,182,360	1,074,919,510
SaaS revenue
Revenues:
Total revenues	$ 15,249	$ 12,851	$ 29,231	$ 24,931
Cost of revenues:
Total cost of revenues	3,464	2,606	6,744	5,261
Other services
Revenues:
Total revenues	40	17	81	86
Cost of revenues:
Total cost of revenues	$ 36	$ 15	$ 72	$ 83

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net loss	$ (182)	$ (8,761)	$ (3,023)	$ (3,427)
Other comprehensive income (loss), net of tax
Foreign currency translation, net of nil income taxes	6	349	(42)	481
Net unrealized gain (loss) on available-for-sale investments, net of nil income taxes for the three and six months ended June 30, 2023 and 2024, respectively		4		(38)
Other comprehensive income (loss)	6	353	(42)	443
Comprehensive loss	(176)	(8,408)	(3,065)	(2,984)
Less: total comprehensive (loss) income attributable to non-controlling interest	97	(475)	69	(1,106)
Comprehensive loss attributable to Moatable Inc.	$ (273)	$ (7,933)	$ (3,134)	$ (1,878)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Foreign currency translation, net of income taxes	$ 0	$ 0
Net unrealized gain (loss) on available-for-sale investments, net of nil income taxes for the three and six months ended June 30, 2023 and 2024, respectively	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_4

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 Accumulated deficit	Class A ordinary shares Total Moatable Inc.'s equity (deficit)	Class A ordinary shares	Class B ordinary shares Ordinary shares	Class B ordinary shares Accumulated deficit	Class B ordinary shares Total Moatable Inc.'s equity (deficit)	Class B ordinary shares	Treasury stock	Additional paid-in capital	Accumulated deficit	Statutory reserves	Accumulated other comprehensive loss	Total Moatable Inc.'s equity (deficit)	Non-controlling interest	Total
Balance at Dec. 31, 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)
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, 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
Unrealized loss on short-term investments																	$ (38)
Repurchase of ordinary shares (in shares)																	1,221,451
Exercise of share option and restricted shares vesting (in shares)																	35,918,641
Balance at Jun. 30, 2023	$ 716					$ 170				$ (1,953)	781,081	(707,422)	6,712	(8,388)	70,916	(14,757)	$ 56,159
Balance (in shares) at Jun. 30, 2023	715,784,683					170,258,970				(54,965,295)
Balance at Mar. 31, 2023	$ 836					$ 305				$ (1,249)	780,517	(692,167)	6,712	(8,866)	86,088	(14,398)	71,690
Balance (in shares) at Mar. 31, 2023	863,382,313					305,388,450				(30,549,690)
Increase (Decrease) in Shareholders' Equity
Stock-based compensation											597				597	116	713
Unrealized loss on short-term investments														4	4		4
Other comprehensive income (loss)														474	474	(125)	$ 349
Repurchase of ordinary shares	$ (153)	$ (704)	$ (3,633)	(4,490)	(4,490)	$ (135)	$ (3,211)	$ (3,346)	$ (3,346)
Repurchase of ordinary shares (in shares)	(152,870,520)	(24,415,605)				(135,129,480)											542,569
Exercise of share option and restricted shares vesting	$ 33										(33)
Exercise of share option and restricted shares vesting (in shares)	5,272,890
Net income (loss)												(8,411)			(8,411)	(350)	$ (8,761)
Balance at Jun. 30, 2023	$ 716					$ 170				$ (1,953)	781,081	(707,422)	6,712	(8,388)	70,916	(14,757)	56,159
Balance (in shares) at Jun. 30, 2023	715,784,683					170,258,970				(54,965,295)
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)
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)
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
Repurchase of ordinary shares (in shares)																	231,019
Exercise of share option and restricted shares vesting (in shares)																	101,311,920
Balance at Jun. 30, 2024	$ 709					$ 170				$ (2,189)	784,406	(719,291)	6,712	(8,936)	61,581	(14,392)	$ 47,189
Balance (in shares) at Jun. 30, 2024	708,736,861					170,258,970				(67,588,020)
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)
Increase (Decrease) in Shareholders' Equity
Stock-based compensation											542				542	111	653
Other comprehensive income (loss)														(111)	(111)	117	$ 6
Repurchase of ordinary shares		$ (32)		$ (32)	$ (32)
Repurchase of ordinary shares (in shares)		(2,404,485)															53,433
Exercise of share option and restricted shares vesting	$ 5														5		$ 5
Exercise of share option and restricted shares vesting (in shares)	5,207,580
Net income (loss)												(162)			(162)	(20)	(182)
Balance at Jun. 30, 2024	$ 709					$ 170				$ (2,189)	$ 784,406	$ (719,291)	$ 6,712	$ (8,936)	$ 61,581	$ (14,392)	$ 47,189
Balance (in shares) at Jun. 30, 2024	708,736,861					170,258,970				(67,588,020)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (3,023)	$ (3,427)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	1,325	1,478
Impairment on and (income) loss in equity method investments	298	(314)
Amortization of the right-of-use assets	216	248
Depreciation and amortization	209	270
Release of tax liabilities		(1,308)
Loss from disposal of subsidiaries		308
Impairment on intangible asset	207
Provision on other receivable	737
Fair value change on long-term investment	1,621	(521)
Changes in operating assets and liabilities:
Accounts receivable	(628)	(727)
Prepaid expenses and other current assets	(755)	23
Other non-current assets	(30)
Accounts payable	(62)	(185)
Amounts due from/to related parties		(2)
Accrued expenses and other current liabilities	(540)	(757)
Deferred revenue	229	40
Operating lease liabilities	(245)	(268)
Income tax payable	152
Net cash used in operating activities	(289)	(5,142)
Cash flows from investing activities:
Redemption of short-term investments		4,905
Dividend received from equity investment		52
Proceeds from disposal of equipment and property		1
Purchases of equipment and refurbishment construction	(136)	(916)
Purchases of intangible assets		(121)
Net cash provided by (used in) investing activities	(136)	3,921
Cash flows from financing activities:
Proceeds from exercise of share options	1,045	36
Ordinary share buyback	(187)	(9,085)
Dividend received from stipulation settlement		2,630
Net cash (used in) provided by financing activities	858	(6,419)
Net (decrease) increase in cash and cash equivalents and restricted cash	433	(7,640)
Cash and cash equivalents and restricted cash at beginning of period	38,969	27,960
Effect of exchange rate changes	(165)	479
Cash and cash equivalents and restricted cash at end of period	39,237	20,799
Reconciliation of cash, cash equivalents, and restricted cash reported within the condense consolidated balance sheets
Cash and cash equivalents	34,067	20,799
Restricted cash	5,170
Cash and cash equivalents and restricted cash at the end of the period	$ 39,237	20,799
Schedule of non-cash activities:
Obtaining right-of-use assets in exchange for operating lease liabilities		$ 260

ORGANIZATION AND PRINCIPAL ACTI

ORGANIZATION AND PRINCIPAL ACTIVITIES	6 Months Ended
	Jun. 30, 2024
ORGANIZATION AND PRINCIPAL ACTIVITIES
ORGANIZATION AND PRINCIPAL ACTIVITIES	1. 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 generates the majority of their revenue from the U.S. market, which comprises the majority of the Company’s revenue. As of June 30, 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 76.4 % SaaS business Trucker Path, Inc. (“Trucker Path”) ​ December 28, 2017 Delaware, USA 76.1 % 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 ​ Software developer ​ ​ ​ ​ ​ ​ ​ Subsidiaries of Variable Interest Entity: ​ ​ ​ ​ ​ ​ Beijing Qianxiang Wangjing Technology Development Co., Ltd. (“Qianxiang Wangjing”) ​ November 11, 2008 PRC N/A ​ Software developer ​ 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 June 30, 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 June 30, ​ 2023 2024 Total assets ​ $ 7,001 ​ $ 6,448 Total liabilities ​ $ 11,877 ​ $ 7,995 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ For the six months ended June 30, ​ 2023 2024 2023 2024 Revenues ​ $ 22 ​ $ 21 ​ $ 56 ​ $ 41 Net Loss ​ $ (2,355) ​ $ (3,779) ​ $ (6,738) ​ $ (6,525) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, ​ 2023 2024 Net cash provided by operating activities ​ $ 1,474 ​ $ 244 Net cash used in investing activities ​ $ (55) ​ $ (5) 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. 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 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. Certain reclassifications have been made to the Company’s consolidated statements of operations of prior period to conform to current year reporting classifications. 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 and six months ended June 30, 2023 and 2024, the Company recorded no allowance for credit loss for accounts receivable. 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: Other services: ​ 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 June 30, 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 $4,551 as of December 31, 2023 and June 30, 2024, respectively, which is expected to be recognized as revenue within one year. The amount of revenue recognized during the six months ended June 30, 2023 and 2024 that was previously included in the deferred revenue as of December 31, 2022 and 2023 were $3,371 and $3,310, 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 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. ​

LONG-TERM INVESTMENTS

LONG-TERM INVESTMENTS	6 Months Ended
	Jun. 30, 2024
LONG-TERM INVESTMENTS
LONG-TERM INVESTMENTS	3. ​ Long-term investments consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ As of June 30, ​ Note 2023 2024 Equity method investments: ​ ​ Fundrise, L.P. (i) ​ $ 12,504 ​ $ 12,794 Other ​ (ii) ​ ​ 600 ​ ​ — Total equity method investments ​ 13,104 ​ 12,794 ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity investment with readily determinable fair values ​ ​ ​ ​ ​ ​ ​ Kaixin Auto Holdings ​ (iii) ​ $ 1,921 ​ $ 300 ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity investment without readily determinable fair values ​ ​ Suzhou Youge Interconnection Venture Capital Center ​ ​ ​ ​ 708 ​ ​ 689 Total equity investments without readily determinable fair values ​ 708 ​ 689 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total long-term investments ​ $ 15,733 ​ $ 13,783 (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 June 30, 2024 and recognized its share of income of $170 and $193 for the three months ended June 30, 2023 and 2024, and share of income of $262 and $290 for the six months ended June 30, 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 (RMB 10 million). The Company held 12.38% partnership interest as of December 31, 2023 and June 30, 2024 and recognized no share of income for the three and six months ended June 30, 2023 and 2024. For the three and six months ended June 30, 2024, the Company recognized an impairment loss of nil and $588 , respectively. (iii) As of June 30, 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 June 30, 2023 and 2024, the Company recognized a $7,755 and $135 unrealized loss as a change of fair value to the investment of Kaixin. For the six months ended June 30, 2023 and 2024, the Company recognized a $521 unrealized income and $1,621 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 June 30, 2024, the market value of the Company’s equity investment in Kaixin Auto Holdings decreased to $300 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

OPERATING LEASES	6 Months Ended
	Jun. 30, 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 June 30, 2023 and 2024, cash paid for amounts included in the measurement of lease liabilities was $53 and $122, respectively. For the six months ended June 30, 2023 and 2024, cash paid for amounts included in the measurement of lease liabilities was $268 and $245, respectively. The operating lease cost and short-term lease cost for the three and six months ended June 30, 2023 and 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ For the six months ended June 30, ​ 2023 2024 2023 2024 Selling expenses ​ $ 45 ​ $ 21 ​ $ 93 ​ $ 39 Research and development expenses ​ ​ 70 ​ ​ 73 ​ ​ 140 ​ ​ 194 General and administrative expenses ​ ​ 10 ​ ​ 14 ​ ​ 61 ​ ​ 34 Total operating lease cost ​ ​ 125 ​ ​ 108 ​ ​ 294 ​ ​ 267 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term lease cost ​ ​ 21 ​ ​ 76 ​ ​ 80 ​ ​ 85 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total lease cost ​ $ 146 ​ $ 184 ​ $ 374 ​ $ 352 ​ The weighted average remaining lease term as of December 31, 2023 and June 30, 2024 was 1.64 and 1.16 years, and the weighted average discount rate of the operating leases was 10.30% and 10.30%, respectively. Maturities of lease liabilities as of June 30, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ Operating Lease Remainder of 2024 $ 247 2025 188 Total undiscounted lease payment 435 Less: Imputed interest (22) Present value of lease liabilities $ 413 ​

ORDINARY SHARES

ORDINARY SHARES	6 Months Ended
	Jun. 30, 2024
ORDINARY SHARES
ORDINARY SHARES	5. Exercise of share options and restricted shares vesting ​ During the three months ended June 30, 2023 and 2024, 5,272,890 and 5,207,580 Class A ordinary shares were issued due to the exercise of share options or vesting of restricted share units under share-based compensation, respectively; and during the six months ended June 30, 2023 and 2024, 35,918,641 and 101,311,920 Class A ordinary shares were issued due to the exercise of share options or vesting of restricted share units under share - based compensation, respectively. 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 June 30, 2023 and 2024, the Company repurchased 542,569 and 53,433 ADSs, representing 24,415,605 and 2,404,485 Class A ordinary shares (each ADS is equivalent to 45 Ordinary Shares) for $704 and $32 on the open market, at a weighted average price of $1.30 and $0.61 per ADS, respectively. For the six months ended June 30, 2023 and 2024, the Company repurchased 1,221,451 and 231,019 ADSs, representing 54,965,295 and 10,395,855 Class A ordinary shares (each ADS is equivalent to 45 Ordinary Shares) for $1,953 and $187 on the open market, at a weighted average price of $1.60 and $0.81 per ADS, respectively. The following table sets forth repurchase activity under the Stock Repurchase Program for the three months ended June 30, 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Open market purchases 36,131 ​ $ 0.52 ​ $ 19 ​ $ 3,233 May 2024: ​ ​ ​ ​ ​ Open market purchases 17,302 ​ $ 0.75 ​ $ 13 ​ $ 3,220 June 2024: ​ ​ ​ ​ ​ Open market purchases — ​ $ — ​ $ — ​ $ 3,220 Total 53,433 ​ ​ ​ ​ $ 32 ​ ​

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2024
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION	6 . Moatable, Inc. Stock options The following table summarizes information with respect to share options outstanding as of June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding ​ Options exercisable ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ average ​ Weighted ​ Weighted ​ ​ ​ average ​ Weighted ​ Weighted ​ ​ ​ ​ ​ remaining ​ average ​ average ​ ​ ​ remaining ​ average ​ average ​ ​ ​ Number ​ contractual ​ exercise ​ intrinsic ​ Number of ​ contractual ​ exercise ​ intrinsic Range of exercise prices outstanding life price value exercisable life price value $ 0.01 ​ 250,000 ​ 9.99 ​ $ 0.01 ​ $ 0.01 ​ — ​ — ​ $ — ​ $ — ​ ​ ​ 250,000 ​ ​ ​ ​ ​ ​ $ 0.01 ​ — ​ ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ Number of ​ exercise ​ ​ shares ​ price Balance, December 31, 2023 91,646,055 ​ $ 0.01 ​ ​ ​ ​ ​ ​ Granted 250,000 ​ $ 0.01 Exercised (91,646,055) ​ $ 0.01 ​ ​ ​ ​ ​ ​ Balance, June 30, 2024 250,000 ​ $ 0.01 ​ ​ ​ ​ ​ ​ Exercisable, June 30, 2024 — ​ $ — ​ ​ ​ ​ ​ ​ Expected to vest, June 30, 2024 250,000 ​ $ 0.01 ​ 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 the three and six months ended June 30, 2024, the Company granted an aggregate of 250,000 options to Joseph Chen, the chairman and the chief executive of the Company to compensate for his service. The weighted average grant - date fair value of the options granted during the period presented was $0.01 per option. 25% of these options will vest on the yearly anniversary of the vesting commencement date for a total of four years, subject to the option holder’s continuous service as of each such date. For employee stock options, the Company did not record any share-based compensation expense for the three months and six months ended June 30, 2023 and 2024, respectively. For the three and six months ended June 30, 2023 and 2024, there was no share-based compensation recorded for non-employee options. As of June 30, 2024, there was $4 unrecognized share-based compensation expense relating to share options. This amount is expected to be recognized over a weighted - average vesting period of 4.00 years. 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 ​ ​ ​ ​ ​ ​ Granted 1,313,865 ​ ​ 0.05 Vested (9,665,865) ​ $ 0.09 Forfeited (4,890,645) ​ ​ 0.04 ​ ​ ​ ​ ​ ​ Outstanding as of June 30, 2024 7,295,731 ​ $ 0.06 ​ 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 $597 and $542 for the three months ended June 30, 2023 and 2024, and $1,241 and $1,097 for the six months ended June 30, 2023 and 2024, respectively. Total unrecognized compensation expense amounting to $1,380 related to nonvested restricted shares granted as of June 30, 2024. The expense is expected to be recognized over a weighted-average period of 0.83 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 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 and six months ended June 30, 2024, Lofty granted an aggregate of 7,800 options under 2021 Lofty Plan to Joseph Chen, the chairman and the chief executive of the Company as compensation and Grant Moon, a director of the Company, for their service. The weighted average grant-date fair value of the options granted during the period presented was $25.20 per option. 25% of these options will vest on the yearly anniversary of the vesting commencement date for a total of four years, subject to the option holder’s continuous service as of each such date. For the three and six months ended June 30, 2024, Trucker Path granted an aggregate of 7,800 options under 2021 Trucker Path Plan to Joseph Chen, the chairman and the chief executive of the Company as compensation and Grant Moon, a director of the Company, for their service. The weighted average grant-date fair value of the options granted during the period presented was $14.77 per option. 25% of these options will vest on the yearly anniversary of the vesting commencement date for a total of four years, subject to the option holder’s continuous service as of each such date. The Company recorded share-based compensation expense for Lofty and Trucker Path for the three and six months ended June 30, 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). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, For the six months ended June 30, ​ 2023 2024 2023 2024 Lofty $ 42 ​ $ 47 ​ $ 86 ​ $ 93 Trucker Path ​ $ 74 ​ $ 64 ​ $ 151 ​ $ 135 ​ As of June 30, 2024 there were $352 and $402 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 1.86 and 1.53 years for Lofty and Trucker Path, respectively. The following table summarizes information with respect to share options outstanding of Lofty as of June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding Options exercisable ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ average ​ Weighted ​ Weighted ​ ​ ​ average ​ Weighted ​ Weighted ​ ​ ​ ​ ​ remaining ​ average ​ average ​ ​ ​ remaining ​ average ​ 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 46,748 ​ ​ 9.02 ​ $ 30.79 ​ $ 19.43 ​ 31,562 ​ 6.81 ​ $ 23.71 ​ $ 28.61 ​ ​ ​ 46,748 ​ ​ ​ ​ ​ ​ ​ $ 19.43 ​ 31,562 ​ ​ ​ ​ ​ ​ $ 28.61 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ average ​ average ​ ​ Number of ​ exercise ​ grant date ​ shares price fair value Balance, December 31, 2023 47,673 ​ $ 28.03 ​ $ 14.41 Granted 7,800 ​ $ 33.48 ​ $ 25.20 Exercised ​ (7,150) ​ $ 6.00 ​ $ 3.77 Forfeited (1,575) ​ $ 73.35 ​ $ 33.48 Balance, June 30, 2024 46,748 ​ $ 30.79 ​ $ 17.20 Exercisable, June 30, 2024 31,562 ​ $ 23.71 ​ ​ ​ Expected to vest, June 30, 2024 15,186 ​ $ 45.50 ​ ​ ​ ​ The following table summarizes information with respect to share options outstanding of Trucker Path as of June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding Options exercisable ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ average ​ Weighted ​ ​ ​ ​ ​ ​ average ​ Weighted ​ Weighted ​ ​ ​ ​ ​ remaining ​ average ​ Weighted ​ ​ ​ remaining ​ average ​ 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 46,915 8.96 ​ 57.66 ​ $ 22.93 32,930 6.83 ​ 42.74 ​ $ 32.46 ​ ​ ​ 46,915 ​ ​ ​ ​ ​ $ 22.93 ​ 32,930 ​ ​ ​ ​ ​ $ 32.46 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ average ​ average ​ Number of exercise grant date ​ shares price fair value Balance, December 31, 2023 48,649 ​ $ 46.01 ​ $ 22.81 Granted 7,800 ​ $ 64.70 ​ $ 14.77 Exercised (9,534) ​ $ 4.00 ​ $ 2.00 Balance, June 30, 2024 46,915 ​ $ 57.66 ​ $ 22.81 Exercisable, June 30, 2024 32,930 ​ $ 42.74 ​ ​ ​ Expected to vest, June 30, 2024 13,985 ​ $ 92.36 ​ ​ ​ ​ 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 June 30, ​ For the six months ended June 30, ​ 2023 2024 2023 2024 Selling and marketing ​ $ 36 ​ $ 41 ​ ​ 80 ​ $ 82 Research and development ​ 132 ​ ​ 206 ​ ​ 289 ​ ​ 412 General and administrative ​ 545 ​ ​ 406 ​ ​ 1,109 ​ ​ 831 Total share-based compensation expense ​ $ 713 ​ $ 653 ​ ​ 1,478 ​ ​ 1,325 ​ There was no income tax benefit recognized in the statements of operations for share-based compensation for the three and six months ended June 30, 2023 and 2024.

RELATED PARTY BALANCES AND TRAN

RELATED PARTY BALANCES AND TRANSACTIONS	6 Months Ended
	Jun. 30, 2024
RELATED PARTY BALANCES AND TRANSACTIONS
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”) and its subsidiaries ​ An entity (and its subsidiaries) controlled together by chief executive officer and one of our board members. ​ Amounts due from related parties As of December 31, 2023 and June 30, 2024 amounts due from related parties were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Note ​ As of December 31, 2023 ​ As of June 30, 2024 Gross amount due from Kaixin (i) ​ 3,690 ​ 3,628 Less: bad debt provision ​ ​ ​ (3,690) ​ (3,628) Net amount due from Kaixin ​ ​ ​ — ​ — Infinities (ii) ​ 671 ​ 652 OPI and its subsidiaries ​ ​ ​ 13 ​ 13 Total ​ ​ ​ $ 684 ​ $ 665 (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. Amounts due to related parties ​ As of December 31, 2023 and June 30, 2024 amounts due to related parties were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 As of June 30, 2024 Infinities ​ $ 643 ​ $ 609 OPI and its subsidiaries ​ 12 ​ — Total ​ $ 655 ​ $ 609 ​

SEGMENT INFORMATION and GEOGRAP

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION	6 Months Ended
	Jun. 30, 2024
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION	8 . The disaggregated revenues by subscription, advertising, and other services for the three and six months ended June 30, 2023 and 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, For the six months ended June 30, ​ 2023 2024 2023 2024 Lofty ​ ​ ​ ​ ​ ​ ​ ​ Subscription services ​ $ 6,779 ​ $ 8,045 ​ $ 13,204 ​ $ 15,559 Advertising services ​ ​ 374 ​ ​ 375 ​ ​ 775 ​ ​ 734 Other SaaS revenue ​ ​ 60 ​ ​ 71 ​ 60 ​ 147 ​ ​ $ 7,213 ​ $ 8,491 ​ $ 14,039 ​ $ 16,440 Trucker Path ​ ​ ​ ​ ​ ​ ​ ​ Subscription services ​ $ 5,155 ​ $ 6,234 ​ $ 10,041 ​ $ 11,872 Advertising services ​ ​ 435 ​ ​ 476 ​ 831 ​ 881 Other SaaS revenue ​ ​ 48 ​ ​ 48 ​ 20 ​ 38 ​ ​ $ 5,638 ​ $ 6,758 ​ $ 10,892 ​ $ 12,791 Other Operations ​ ​ ​ ​ ​ ​ ​ ​ Other services ​ $ 17 ​ $ 40 ​ $ 86 ​ $ 81 Total Revenue ​ $ 12,868 ​ $ 15,289 ​ $ 25,017 ​ $ 29,312 ​ 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 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. ​ 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 June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ 8,491 ​ $ 6,758 ​ $ 40 ​ $ 15,289 Cost of sales ​ ​ 1,382 ​ ​ 2,082 ​ ​ 36 ​ ​ 3,500 Gross Margin ​ $ 7,109 ​ $ 4,676 ​ $ 4 ​ $ 11,789 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ 7,213 ​ $ 5,638 ​ $ 17 ​ $ 12,868 Cost of sales ​ ​ 1,025 ​ ​ 1,581 ​ ​ 15 ​ ​ 2,621 Gross Margin ​ $ 6,188 ​ $ 4,057 ​ $ 2 ​ $ 10,247 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ 16,440 ​ $ 12,791 ​ $ 81 ​ $ 29,312 Cost of sales ​ 2,769 ​ 3,975 ​ 72 ​ 6,816 Gross Margin ​ $ 13,671 ​ $ 8,816 ​ $ 9 ​ $ 22,496 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ 14,039 ​ $ 10,892 ​ $ 86 ​ $ 25,017 Cost of sales ​ 2,036 ​ 3,225 ​ 83 ​ 5,344 Gross Margin ​ $ 12,003 ​ $ 7,667 ​ $ 3 ​ $ 19,673 ​ The majority of the Company’s revenue for the three and six months ended June 30, 2023 and 2024 were generated from the United States. As of December 31, 2023 and June 30, 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 June 30, 2024, the long-lived assets in the carrying value of $478, $237 and $6,534 of the Company were located in the PRC, Philippines and United States, respectively.

STATUTORY RESERVE AND RESTRICTE

STATUTORY RESERVE AND RESTRICTED NET ASSETS	6 Months Ended
	Jun. 30, 2024
STATUTORY RESERVE AND RESTRICTED NET ASSETS
STATUTORY RESERVE AND RESTRICTED NET ASSETS	9 . 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 and six months ended June 30, 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 $8,496 as of June 30, 2024.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2024
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTS	11. SUBSEQUENT EVENTS The Company has evaluated subsequent events through August 14, 2024, the date of issuance of the condensed consolidated financial statements, and noted that there are no other subsequent events.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (162)	$ (8,411)	$ (2,976)	$ (2,441)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 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

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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 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. Certain reclassifications have been made to the Company’s consolidated statements of operations of prior period to conform to current year reporting classifications.
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 and six months ended June 30, 2023 and 2024, the Company recorded no allowance for credit loss for accounts receivable.
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: Other services: ​ 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 June 30, 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 $4,551 as of December 31, 2023 and June 30, 2024, respectively, which is expected to be recognized as revenue within one year. The amount of revenue recognized during the six months ended June 30, 2023 and 2024 that was previously included in the deferred revenue as of December 31, 2022 and 2023 were $3,371 and $3,310, 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 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. ​

ORGANIZATION AND PRINCIPAL AC_2

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2024
ORGANIZATION AND PRINCIPAL ACTIVITIES
Schedule of major subsidiaries, VIE and VIE's subsidiaries	As of June 30, 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 76.4 % SaaS business Trucker Path, Inc. (“Trucker Path”) ​ December 28, 2017 Delaware, USA 76.1 % 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 ​ Software developer ​ ​ ​ ​ ​ ​ ​ Subsidiaries of Variable Interest Entity: ​ ​ ​ ​ ​ ​ Beijing Qianxiang Wangjing Technology Development Co., Ltd. (“Qianxiang Wangjing”) ​ November 11, 2008 PRC N/A ​ Software developer
Schedule of condensed consolidated financial information	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, ​ As of June 30, ​ 2023 2024 Total assets ​ $ 7,001 ​ $ 6,448 Total liabilities ​ $ 11,877 ​ $ 7,995 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ For the six months ended June 30, ​ 2023 2024 2023 2024 Revenues ​ $ 22 ​ $ 21 ​ $ 56 ​ $ 41 Net Loss ​ $ (2,355) ​ $ (3,779) ​ $ (6,738) ​ $ (6,525) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, ​ 2023 2024 Net cash provided by operating activities ​ $ 1,474 ​ $ 244 Net cash used in investing activities ​ $ (55) ​ $ (5) Net cash used in financing activities ​ $ — ​ $ — ​

LONG-TERM INVESTMENTS (Tables)

LONG-TERM INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
LONG-TERM INVESTMENTS
Schedule of long-term investments	Long-term investments consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ As of June 30, ​ Note 2023 2024 Equity method investments: ​ ​ Fundrise, L.P. (i) ​ $ 12,504 ​ $ 12,794 Other ​ (ii) ​ ​ 600 ​ ​ — Total equity method investments ​ 13,104 ​ 12,794 ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity investment with readily determinable fair values ​ ​ ​ ​ ​ ​ ​ Kaixin Auto Holdings ​ (iii) ​ $ 1,921 ​ $ 300 ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity investment without readily determinable fair values ​ ​ Suzhou Youge Interconnection Venture Capital Center ​ ​ ​ ​ 708 ​ ​ 689 Total equity investments without readily determinable fair values ​ 708 ​ 689 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total long-term investments ​ $ 15,733 ​ $ 13,783 (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 June 30, 2024 and recognized its share of income of $170 and $193 for the three months ended June 30, 2023 and 2024, and share of income of $262 and $290 for the six months ended June 30, 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 (RMB 10 million). The Company held 12.38% partnership interest as of December 31, 2023 and June 30, 2024 and recognized no share of income for the three and six months ended June 30, 2023 and 2024. For the three and six months ended June 30, 2024, the Company recognized an impairment loss of nil and $588 , respectively. (iii) As of June 30, 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 June 30, 2023 and 2024, the Company recognized a $7,755 and $135 unrealized loss as a change of fair value to the investment of Kaixin. For the six months ended June 30, 2023 and 2024, the Company recognized a $521 unrealized income and $1,621 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 June 30, 2024, the market value of the Company’s equity investment in Kaixin Auto Holdings decreased to $300 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 (Tables)

OPERATING LEASES (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2023 and 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ For the six months ended June 30, ​ 2023 2024 2023 2024 Selling expenses ​ $ 45 ​ $ 21 ​ $ 93 ​ $ 39 Research and development expenses ​ ​ 70 ​ ​ 73 ​ ​ 140 ​ ​ 194 General and administrative expenses ​ ​ 10 ​ ​ 14 ​ ​ 61 ​ ​ 34 Total operating lease cost ​ ​ 125 ​ ​ 108 ​ ​ 294 ​ ​ 267 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term lease cost ​ ​ 21 ​ ​ 76 ​ ​ 80 ​ ​ 85 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total lease cost ​ $ 146 ​ $ 184 ​ $ 374 ​ $ 352
Schedule of maturities of lease liabilities	Maturities of lease liabilities as of June 30, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ Operating Lease Remainder of 2024 $ 247 2025 188 Total undiscounted lease payment 435 Less: Imputed interest (22) Present value of lease liabilities $ 413 ​

ORDINARY SHARES (Tables)

ORDINARY SHARES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Open market purchases 36,131 ​ $ 0.52 ​ $ 19 ​ $ 3,233 May 2024: ​ ​ ​ ​ ​ Open market purchases 17,302 ​ $ 0.75 ​ $ 13 ​ $ 3,220 June 2024: ​ ​ ​ ​ ​ Open market purchases — ​ $ — ​ $ — ​ $ 3,220 Total 53,433 ​ ​ ​ ​ $ 32 ​ ​

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2024
SHARE-BASED COMPENSATION
Summary of information with respect to share options outstanding	The following table summarizes information with respect to share options outstanding as of June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding ​ Options exercisable ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ average ​ Weighted ​ Weighted ​ ​ ​ average ​ Weighted ​ Weighted ​ ​ ​ ​ ​ remaining ​ average ​ average ​ ​ ​ remaining ​ average ​ average ​ ​ ​ Number ​ contractual ​ exercise ​ intrinsic ​ Number of ​ contractual ​ exercise ​ intrinsic Range of exercise prices outstanding life price value exercisable life price value $ 0.01 ​ 250,000 ​ 9.99 ​ $ 0.01 ​ $ 0.01 ​ — ​ — ​ $ — ​ $ — ​ ​ ​ 250,000 ​ ​ ​ ​ ​ ​ $ 0.01 ​ — ​ ​ ​ ​ ​ ​ $ — ​ The following table summarizes information with respect to share options outstanding of Lofty as of June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding Options exercisable ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ average ​ Weighted ​ Weighted ​ ​ ​ average ​ Weighted ​ Weighted ​ ​ ​ ​ ​ remaining ​ average ​ average ​ ​ ​ remaining ​ average ​ 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 46,748 ​ ​ 9.02 ​ $ 30.79 ​ $ 19.43 ​ 31,562 ​ 6.81 ​ $ 23.71 ​ $ 28.61 ​ ​ ​ 46,748 ​ ​ ​ ​ ​ ​ ​ $ 19.43 ​ 31,562 ​ ​ ​ ​ ​ ​ $ 28.61 The following table summarizes information with respect to share options outstanding of Trucker Path as of June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding Options exercisable ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ average ​ Weighted ​ ​ ​ ​ ​ ​ average ​ Weighted ​ Weighted ​ ​ ​ ​ ​ remaining ​ average ​ Weighted ​ ​ ​ remaining ​ average ​ 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 46,915 8.96 ​ 57.66 ​ $ 22.93 32,930 6.83 ​ 42.74 ​ $ 32.46 ​ ​ ​ 46,915 ​ ​ ​ ​ ​ $ 22.93 ​ 32,930 ​ ​ ​ ​ ​ $ 32.46
Summary of the activity of the stock options granted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ average ​ average ​ ​ Number of ​ exercise ​ grant date ​ shares price fair value Balance, December 31, 2023 47,673 ​ $ 28.03 ​ $ 14.41 Granted 7,800 ​ $ 33.48 ​ $ 25.20 Exercised ​ (7,150) ​ $ 6.00 ​ $ 3.77 Forfeited (1,575) ​ $ 73.35 ​ $ 33.48 Balance, June 30, 2024 46,748 ​ $ 30.79 ​ $ 17.20 Exercisable, June 30, 2024 31,562 ​ $ 23.71 ​ ​ ​ Expected to vest, June 30, 2024 15,186 ​ $ 45.50 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ average ​ average ​ Number of exercise grant date ​ shares price fair value Balance, December 31, 2023 48,649 ​ $ 46.01 ​ $ 22.81 Granted 7,800 ​ $ 64.70 ​ $ 14.77 Exercised (9,534) ​ $ 4.00 ​ $ 2.00 Balance, June 30, 2024 46,915 ​ $ 57.66 ​ $ 22.81 Exercisable, June 30, 2024 32,930 ​ $ 42.74 ​ ​ ​ Expected to vest, June 30, 2024 13,985 ​ $ 92.36 ​ ​ ​
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 ​ ​ ​ ​ ​ ​ Granted 1,313,865 ​ ​ 0.05 Vested (9,665,865) ​ $ 0.09 Forfeited (4,890,645) ​ ​ 0.04 ​ ​ ​ ​ ​ ​ Outstanding as of June 30, 2024 7,295,731 ​ $ 0.06 ​
Summary of service period of award using the straight-line method	The Company recorded share-based compensation expense for Lofty and Trucker Path for the three and six months ended June 30, 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). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, For the six months ended June 30, ​ 2023 2024 2023 2024 Lofty $ 42 ​ $ 47 ​ $ 86 ​ $ 93 Trucker Path ​ $ 74 ​ $ 64 ​ $ 151 ​ $ 135 ​
Summary of share-based compensation attributable to selling and marketing, research and development and general and administrative expenses of the discontinued operations	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 June 30, ​ For the six months ended June 30, ​ 2023 2024 2023 2024 Selling and marketing ​ $ 36 ​ $ 41 ​ ​ 80 ​ $ 82 Research and development ​ 132 ​ ​ 206 ​ ​ 289 ​ ​ 412 General and administrative ​ 545 ​ ​ 406 ​ ​ 1,109 ​ ​ 831 Total share-based compensation expense ​ $ 713 ​ $ 653 ​ ​ 1,478 ​ ​ 1,325

RELATED PARTY BALANCES AND TR_2

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2024
RELATED PARTY BALANCES AND TRANSACTIONS
Schedule of related parties and their relationships	​ ​ ​ 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”) and its subsidiaries ​ An entity (and its subsidiaries) controlled together by chief executive officer and one of our board members.
Schedule of amount due from related parties	As of December 31, 2023 and June 30, 2024 amounts due from related parties were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Note ​ As of December 31, 2023 ​ As of June 30, 2024 Gross amount due from Kaixin (i) ​ 3,690 ​ 3,628 Less: bad debt provision ​ ​ ​ (3,690) ​ (3,628) Net amount due from Kaixin ​ ​ ​ — ​ — Infinities (ii) ​ 671 ​ 652 OPI and its subsidiaries ​ ​ ​ 13 ​ 13 Total ​ ​ ​ $ 684 ​ $ 665 (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 June 30, 2024 amounts due to related parties were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 As of June 30, 2024 Infinities ​ $ 643 ​ $ 609 OPI and its subsidiaries ​ 12 ​ — Total ​ $ 655 ​ $ 609 ​

SEGMENT INFORMATION and GEOGR_2

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Schedule of disaggregated revenue	The disaggregated revenues by subscription, advertising, and other services for the three and six months ended June 30, 2023 and 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, For the six months ended June 30, ​ 2023 2024 2023 2024 Lofty ​ ​ ​ ​ ​ ​ ​ ​ Subscription services ​ $ 6,779 ​ $ 8,045 ​ $ 13,204 ​ $ 15,559 Advertising services ​ ​ 374 ​ ​ 375 ​ ​ 775 ​ ​ 734 Other SaaS revenue ​ ​ 60 ​ ​ 71 ​ 60 ​ 147 ​ ​ $ 7,213 ​ $ 8,491 ​ $ 14,039 ​ $ 16,440 Trucker Path ​ ​ ​ ​ ​ ​ ​ ​ Subscription services ​ $ 5,155 ​ $ 6,234 ​ $ 10,041 ​ $ 11,872 Advertising services ​ ​ 435 ​ ​ 476 ​ 831 ​ 881 Other SaaS revenue ​ ​ 48 ​ ​ 48 ​ 20 ​ 38 ​ ​ $ 5,638 ​ $ 6,758 ​ $ 10,892 ​ $ 12,791 Other Operations ​ ​ ​ ​ ​ ​ ​ ​ Other services ​ $ 17 ​ $ 40 ​ $ 86 ​ $ 81 Total Revenue ​ $ 12,868 ​ $ 15,289 ​ $ 25,017 ​ $ 29,312
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 June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ 8,491 ​ $ 6,758 ​ $ 40 ​ $ 15,289 Cost of sales ​ ​ 1,382 ​ ​ 2,082 ​ ​ 36 ​ ​ 3,500 Gross Margin ​ $ 7,109 ​ $ 4,676 ​ $ 4 ​ $ 11,789 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ 7,213 ​ $ 5,638 ​ $ 17 ​ $ 12,868 Cost of sales ​ ​ 1,025 ​ ​ 1,581 ​ ​ 15 ​ ​ 2,621 Gross Margin ​ $ 6,188 ​ $ 4,057 ​ $ 2 ​ $ 10,247 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ 16,440 ​ $ 12,791 ​ $ 81 ​ $ 29,312 Cost of sales ​ 2,769 ​ 3,975 ​ 72 ​ 6,816 Gross Margin ​ $ 13,671 ​ $ 8,816 ​ $ 9 ​ $ 22,496 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ 14,039 ​ $ 10,892 ​ $ 86 ​ $ 25,017 Cost of sales ​ 2,036 ​ 3,225 ​ 83 ​ 5,344 Gross Margin ​ $ 12,003 ​ $ 7,667 ​ $ 3 ​ $ 19,673

ORGANIZATION AND PRINCIPAL AC_3

ORGANIZATION AND PRINCIPAL ACTIVITIES - Major subsidiaries, VIE and VIE's subsidiaries (Details)	6 Months Ended
	Jun. 30, 2024 segment
ORGANIZATION AND PRINCIPAL ACTIVITIES
Number of operating segments	2
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	76.40%
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	76.10%
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%
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%
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	Software developer
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	Software developer

ORGANIZATION AND PRINCIPAL AC_4

ORGANIZATION AND PRINCIPAL ACTIVITIES - Financial statement balances and amounts of the Company's VIE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Condensed consolidated financial information of VIE and its subsidiaries
Total assets	$ 68,115		$ 68,115		$ 69,700
Total liabilities	20,926		20,926		21,629
Revenue	15,289	$ 12,868	29,312	$ 25,017
Net loss attributable to Moatable Inc.	(162)	(8,411)	(2,976)	(2,441)
Net cash (used in) provided by operating activities			(289)	(5,142)
Net cash used in investing activities			(136)	3,921
Net cash used in financing activities			858	(6,419)
Variable Interest Entity
Condensed consolidated financial information of VIE and its subsidiaries
Service fees			0		0
Total assets	6,448		6,448		7,001
Total liabilities	7,995		7,995		$ 11,877
Revenue	21	22	41	56
Net loss attributable to Moatable Inc.	$ (3,779)	$ (2,355)	(6,525)	(6,738)
Net cash (used in) provided by operating activities			244	1,474
Net cash used in investing activities			$ (5)	$ (55)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 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	4,551		$ 4,322
Revenue recognized	$ 3,310	$ 3,371

LONG-TERM INVESTMENTS (Details)

LONG-TERM INVESTMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
LONG-TERM INVESTMENTS
Total equity method investments	$ 12,794	$ 13,104
Equity investment without readily determinable fair values	689	708
Total long-term investments	13,783	15,733
Fundrise, L.P.
LONG-TERM INVESTMENTS
Total equity method investments	12,794	12,504
Other
LONG-TERM INVESTMENTS
Total equity method investments		600
Kaixin Auto Holdings
LONG-TERM INVESTMENTS
Equity investment without readily determinable fair values	300	1,921
Suzhou Youge Interconnection Venture Capital Center
LONG-TERM INVESTMENTS
Equity investment without readily determinable fair values	$ 689	$ 708

LONG-TERM INVESTMENTS - Additio

LONG-TERM INVESTMENTS - Additional information (Details) $ in Thousands, ¥ in Millions	1 Months Ended			3 Months Ended		6 Months Ended
	Oct. 31, 2014 USD ($)	May 31, 2014 USD ($)	May 31, 2014 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Equity method investments:
Share of loss and income under equity method				$ 193	$ 170	$ (298)	$ 314
Fundrise, L.P.
Equity method investments:
Total consideration	$ 10,000
Ownership percentage				98.04%		98.04%		98.04%
Share of loss and income under equity method				$ 193	170	$ 290	262
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%		12.38%
Share of loss and income under equity method				$ 0	0
Recognized an impairment loss				$ 0		$ 588
Kaixin Auto Holdings
Equity method investments:
Ownership percentage				16.60%		16.60%
Unrealized loss				$ (135)	$ (7,755)	$ 1,621	$ 521
Equity method investment aggregate cost				$ 300		$ 300		$ 1,921

OPERATING LEASES - Operating le

OPERATING LEASES - Operating lease cost and short-term lease cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
OPERATING LEASES
Cash paid for amounts included in the measurement of lease liabilities	$ 122	$ 53	$ 245	$ 268
Total operating lease cost	108	125	267	294
Short-term lease cost	76	21	85	80
Total lease cost	$ 184	146	$ 352	374
Weighted average remaining lease term	1 year 1 month 28 days		1 year 1 month 28 days		1 year 7 months 20 days
Weighted average discount rate of operating leases	10.30%		10.30%		10.30%
Selling expenses
OPERATING LEASES
Total operating lease cost	$ 21	45	$ 39	93
Research and development expenses
OPERATING LEASES
Total operating lease cost	73	70	194	140
General and administrative expenses
OPERATING LEASES
Total operating lease cost	$ 14	$ 10	$ 34	$ 61

OPERATING LEASES - Right of use

OPERATING LEASES - Right of use assets and lease liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
OPERATING LEASES.
Right-of-use assets	$ 507		$ 507		$ 744
Operating lease liabilities - current	405		405		461
Operating lease liabilities - non - current	8		8		$ 189
Cash paid for amounts included in the measurement of lease liabilities	122	$ 53	245	$ 268
Total operating lease cost	$ 108	$ 125	$ 267	$ 294

OPERATING LEASES - Maturities o

OPERATING LEASES - Maturities of lease liabilities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
OPERATING LEASES.
Remainder of 2024	$ 247
2025	188
Total undiscounted lease payment	435
Less: Imputed interest	(22)
Present value of lease liabilities	$ 413

ORDINARY SHARES (Details)

ORDINARY SHARES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Oct. 13, 2023	Nov. 07, 2022
ORDINARY SHARES
Exercise of share option and restricted shares vesting (in shares)					101,311,920	35,918,641
Authorized stock repurchased	$ 32				$ 32
Repurchase of ordinary shares	53,433		542,569		231,019	1,221,451
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		$ 0.001
Class A ordinary shares | Board of Directors
ORDINARY SHARES
Ordinary shares, par value (in dollars per share)									$ 0.001
Number of Ordinary shares in an ADS	45				45
Class A ordinary shares | Common Stock
ORDINARY SHARES
Exercise of share option and restricted shares vesting (in shares)	5,207,580	96,104,340	5,272,890	30,645,751
Repurchase of ordinary shares			(152,870,520)
Class A ordinary shares | Stock Repurchase
ORDINARY SHARES
Stock issued during period share repurchase of open market shares	2,404,485		24,415,605		10,395,855	54,965,295
Stock issued during period value repurchase of open market shares	$ 32		$ 704		$ 187	$ 1,953
Weighted average price of repurchased shares	$ 0.61		$ 1.30		$ 0.81	$ 1.60
Class A ordinary shares | Stock Repurchase | Board of Directors
ORDINARY SHARES
Authorized stock repurchased									$ 10,000

ORDINARY SHARES - Stock Repurch

ORDINARY SHARES - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2024	May 31, 2024	Apr. 30, 2024
ORDINARY SHARES
Total Number of ADSs Purchased	53,433
Approximate Dollar Value of ADSs That Purchased as Part of Publicly Announced Programs	$ 32
Open market purchases
ORDINARY SHARES
Total Number of ADSs Purchased		17,302	36,131
Average Price Paid Per ADS		$ 0.75	$ 0.52
Approximate Dollar Value of ADSs That Purchased as Part of Publicly Announced Programs		$ 13	$ 19
Approximate Dollar Value of ADSs That May Yet Be Purchased Under the Programs	$ 3,220	$ 3,220	$ 3,233

SHARE-BASED COMPENSATION - Summ

SHARE-BASED COMPENSATION - Summary of information with respect to share Options outstanding (Details) - Renren stock options	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Options outstanding
Number outstanding (in shares) | shares	250,000
Weighted average intrinsic value	$ 0.01
Trucker Path
Options outstanding
Number outstanding (in shares) | shares	46,915
Weighted average intrinsic value	$ 22.93
Options exercisable
Number of exercisable (in shares) | shares	32,930
Weighted average intrinsic value	$ 32.46
Lofty Inc
Options outstanding
Number outstanding (in shares) | shares	46,748
Weighted average intrinsic value	$ 19.43
Options exercisable
Number of exercisable (in shares) | shares	31,562
Weighted average intrinsic value	$ 28.61
Range of exercise prices $0.01
SHARE-BASED COMPENSATION
Low end of range of exercise prices (in dollars per share)	$ 0.01
Options outstanding
Number outstanding (in shares) | shares	250,000
Weighted average remaining contractual life	9 years 11 months 26 days
Weighted average exercise price (in dollars per share)	$ 0.01
Weighted average intrinsic value	0.01
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
High end of range of exercise prices (in dollars per share)	$ 73.35
Options outstanding
Number outstanding (in shares) | shares	46,748
Weighted average remaining contractual life	9 years 7 days
Weighted average exercise price (in dollars per share)	$ 30.79
Weighted average intrinsic value	$ 19.43
Options exercisable
Number of exercisable (in shares) | shares	31,562
Weighted average remaining contractual life	6 years 9 months 21 days
Weighted average exercise price (in dollars per share)	$ 23.71
Weighted average intrinsic value	28.61
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
High end of range of exercise prices (in dollars per share)	$ 133
Options outstanding
Number outstanding (in shares) | shares	46,915
Weighted average remaining contractual life	8 years 11 months 15 days
Weighted average exercise price (in dollars per share)	$ 57.66
Weighted average intrinsic value	$ 22.93
Options exercisable
Number of exercisable (in shares) | shares	32,930
Weighted average remaining contractual life	6 years 9 months 29 days
Weighted average exercise price (in dollars per share)	$ 42.74
Weighted average intrinsic value	$ 32.46

SHARE-BASED COMPENSATION - Su_2

SHARE-BASED COMPENSATION - Summary of activity of stock options granted (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Number of shares
Balance at the beginning of the period (in shares)		91,646,055
Granted (in shares)		250,000
Exercised (in shares)		(91,646,055)
Balance at the end of the period (in shares)	250,000	250,000
Expected to vest, at the end of the period (in shares)	250,000	250,000
Weighted average exercise price
Balance at the beginning of the period (in dollars per share)		$ 0.01
Granted (in dollars per share)		0.01
Exercised (in dollars per share)		0.01
Balance at the end of the period (in dollars per share)	$ 0.01	0.01
Expected to vest, at the end of the period (in dollars per share)	$ 0.01	$ 0.01
Trucker Path
Number of shares
Granted (in shares)	7,800	7,800
Weighted average exercise price
Granted (in dollars per share)	$ 14.77	$ 14.77
Lofty Inc
Number of shares
Granted (in shares)	7,800	7,800
Weighted average exercise price
Granted (in dollars per share)	$ 25.20	$ 25.20
Stock options | Trucker Path
Number of shares
Balance at the beginning of the period (in shares)		48,649
Granted (in shares)		7,800
Forfeited (in shares)		(9,534)
Balance at the end of the period (in shares)	46,915	46,915
Exercisable, at the end of the period (in shares)	32,930	32,930
Expected to vest, at the end of the period (in shares)	13,985	13,985
Weighted average exercise price
Balance at the beginning of the period (in dollars per share)		$ 46.01
Granted (in dollars per share)		64.70
Forfeited (in dollars per share)		4
Balance at the end of the period (in dollars per share)	$ 57.66	57.66
Exercisable, at the end of the period (in dollars per share)	42.74	42.74
Expected to vest, at the end of the period (in dollars per share)	92.36	92.36
Weighted average grant date fair value
Balance at the beginning of the period (in dollars per share)		22.81
Granted (in dollars per share)		14.77
Forfeited (in dollars per share)		2
Balance at the end of the period (in dollars per share)	$ 22.81	$ 22.81
Renren stock options | Lofty Inc
Number of shares
Balance at the beginning of the period (in shares)		47,673
Granted (in shares)		7,800
Exercised (in shares)		(7,150)
Forfeited (in shares)		(1,575)
Balance at the end of the period (in shares)	46,748	46,748
Exercisable, at the end of the period (in shares)	31,562	31,562
Expected to vest, at the end of the period (in shares)	15,186	15,186
Weighted average exercise price
Balance at the beginning of the period (in dollars per share)		$ 28.03
Granted (in dollars per share)		33.48
Exercised (in dollars per share)		6
Forfeited (in dollars per share)		73.35
Balance at the end of the period (in dollars per share)	$ 30.79	30.79
Exercisable, at the end of the period (in dollars per share)	23.71	23.71
Expected to vest, at the end of the period (in dollars per share)	45.50	45.50
Weighted average grant date fair value
Balance at the beginning of the period (in dollars per share)		14.41
Granted (in dollars per share)		25.20
Exercised (in dollars per share)		3.77
Forfeited (in dollars per share)		33.48
Balance at the end of the period (in dollars per share)	$ 17.20	$ 17.20

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Jul. 13, 2020 shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Nov. 04, 2021 shares
SHARE-BASED COMPENSATION
Number of aggregate options granted (in shares) | shares				250,000
Granted (in dollars per share) | $ / shares				$ 0.01
Share based compensation		$ 653	$ 713	$ 1,325	$ 1,478
Income tax benefit		0	0	0	0
Non-employee options
SHARE-BASED COMPENSATION
Share based compensation		$ 0	0	$ 0	0
Employee Stock Option
SHARE-BASED COMPENSATION
Number of aggregate options granted (in shares) | shares		250,000		250,000
Granted (in dollars per share) | $ / shares				$ 0.01
Vesting rights (as a percent)				25%
Vesting term				4 years
Unrecognized share-based compensation expense relating to share options		$ 4		$ 4
Expected weighted-average period for unrecognized compensation expense to be recognized				4 years
Nonvested restricted shares
SHARE-BASED COMPENSATION
Share based compensation		542	597	$ 1,097	1,241
Unrecognized compensation expense		$ 1,380		$ 1,380
Expected weighted-average period for unrecognized compensation expense to be recognized				9 months 29 days
Trucker Path
SHARE-BASED COMPENSATION
Number of aggregate options granted (in shares) | shares		7,800		7,800
Granted (in dollars per share) | $ / shares		$ 14.77		$ 14.77
Vesting rights (as a percent)		25%		25%
Vesting term		4 years		4 years
Share based compensation		$ 64	74	$ 135	151
Unrecognized share-based compensation expense relating to share options		$ 402		$ 402
Expected weighted-average period for unrecognized compensation expense to be recognized				1 year 6 months 10 days
Number of shares available for future grant | shares	150,000					25,000
Trucker Path | Stock options
SHARE-BASED COMPENSATION
Number of aggregate options granted (in shares) | shares				7,800
Granted (in dollars per share) | $ / shares				$ 64.70
Weighted average grant date fair value of option per share | $ / shares				$ 14.77
Lofty Inc
SHARE-BASED COMPENSATION
Number of aggregate options granted (in shares) | shares		7,800		7,800
Granted (in dollars per share) | $ / shares		$ 25.20		$ 25.20
Vesting rights (as a percent)		25%		25%
Vesting term		4 years		4 years
Share based compensation		$ 47	$ 42	$ 93	$ 86
Unrecognized share-based compensation expense relating to share options		$ 352		$ 352
Expected weighted-average period for unrecognized compensation expense to be recognized				1 year 10 months 9 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

SHARE-BASED COMPENSATION - Su_3

SHARE-BASED COMPENSATION - Summary of Nonvested restricted shares activity (Details) - Nonvested restricted shares	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Nonvested restricted shares
Outstanding at the beginning of the period (in shares) | shares	20,538,376
Granted (in shares) | shares	1,313,865
Vested (in shares) | shares	(9,665,865)
Forfeited (in shares) | shares	(4,890,645)
Outstanding at the end of the period (in shares) | shares	7,295,731
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
Granted (in dollars per share) | $ / shares	0.05
Vested (in dollars per share) | $ / shares	0.09
Forfeited (in dollars per share) | $ / shares	0.04
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 0.06

SHARE-BASED COMPENSATION - Serv

SHARE-BASED COMPENSATION - Service period of award using the straight-line method (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 653	$ 713	$ 1,325	$ 1,478
Trucker Path
SHARE-BASED COMPENSATION
Share-based compensation expense	64	74	135	151
Lofty Inc
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 47	$ 42	$ 93	$ 86

SHARE-BASED COMPENSATION - Shar

SHARE-BASED COMPENSATION - Share-based compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 653	$ 713	$ 1,325	$ 1,478
Selling and marketing
SHARE-BASED COMPENSATION
Share-based compensation expense	41	36	82	80
Research and development
SHARE-BASED COMPENSATION
Share-based compensation expense	206	132	412	289
General and administrative
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 406	$ 545	$ 831	$ 1,109

RELATED PARTY BALANCES AND TR_3

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	Jun. 30, 2024	Dec. 31, 2023
Amounts due from related parties
Less: bad debt provision			$ (3,628)	$ (3,690)
Amounts due from related parties, net			665	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			652	671
Kaixin Auto Holdings
Amounts due from related parties
Gross amount due from Kaixin			3,628	3,690
Beijing Oak Yi Xin
Amounts due from related parties
Amounts due from related parties, net			$ 13	$ 13

RELATED PARTY BALANCES AND TR_4

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of amount due to related parties (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Amounts due from related parties
Amounts due to related parties	$ 609	$ 655
Beijing Infinities
Amounts due from related parties
Amounts due to related parties	$ 609	643
Beijing Oak Yi Xin
Amounts due from related parties
Amounts due to related parties		$ 12

SEGMENT INFORMATION and GEOGR_3

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION - Disaggregated revenues by subscription, advertising, and other services (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	$ 15,289	$ 12,868	$ 29,312	$ 25,017
Lofty Inc
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	8,491	7,213	16,440	14,039
Lofty Inc | Subscription services
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	8,045	6,779	15,559	13,204
Lofty Inc | Advertising services
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	375	374	734	775
Lofty Inc | Other SaaS revenue
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	71	60	147	60
Trucker Path
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	6,758	5,638	12,791	10,892
Trucker Path | Subscription services
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	6,234	5,155	11,872	10,041
Trucker Path | Advertising services
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	476	435	881	831
Trucker Path | Other SaaS revenue
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	48	48	38	20
Other Operations | Other services
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	$ 40	$ 17	$ 81	$ 86

SEGMENT INFORMATION and GEOGR_4

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION (Details) $ in Thousands	6 Months Ended
	Jun. 30, 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	$ 478	$ 682
Philippines
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Long-lived assets	237	257
United States
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Long-lived assets	$ 6,534	$ 6,844

SEGMENT INFORMATION and GEOGR_5

SEGMENT INFORMATION and GEOGRAPHIC INFORMATION - Information for the Company's segments, as well as for Other Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	$ 15,289	$ 12,868	$ 29,312	$ 25,017
Cost of sales	3,500	2,621	6,816	5,344
Gross profit	11,789	10,247	22,496	19,673
Lofty Inc
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	8,491	7,213	16,440	14,039
Cost of sales	1,382	1,025	2,769	2,036
Gross profit	7,109	6,188	13,671	12,003
Trucker Path
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	6,758	5,638	12,791	10,892
Cost of sales	2,082	1,581	3,975	3,225
Gross profit	4,676	4,057	8,816	7,667
Other Operations
SEGMENT INFORMATION and GEOGRAPHIC INFORMATION
Revenue	40	17	81	86
Cost of sales	36	15	72	83
Gross profit	$ 4	$ 2	$ 9	$ 3

STATUTORY RESERVE AND RESTRIC_2

STATUTORY RESERVE AND RESTRICTED NET ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
STATUTORY RESERVE AND RESTRICTED NET ASSETS
Percentage of after-tax profits required to be allocated to general reserve			10%
General reserve as a percentage of registered capital up to which after-tax profit of PRC subsidiaries and VIE'S shall be transferred			50%
Appropriation of reserves of PRC subsidiaries	$ 0	$ 0	$ 0	$ 0
Aggregate amount of net assets of the relevant subsidiaries and VIE entities in the Company not available for distribution	$ 8,496		$ 8,496