Mynd.ai (MYND) 6-K 22 Jun 23 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2022
Document Information [Line Items]
Document Type	6-K
Document Period End Date	Dec. 31, 2022
Entity Registrant Name	Gravitas Education Holdings, Inc.
Entity Central Index Key	0001708441
Amendment Flag	true
Amendment Description	Exhibit 99.1 to this Form 6-K the audited combined carve-out financial statements of the Company’s Singapore operations, excluding the Company’s education business in China which will be divested by the Company pursuant to the Divestiture (the “Company’s Singapore Operations”) for the years ended December 31, 2020, 2021 and 2022.
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY

COMBINED CARVE-OUT BALANCE SHEE

COMBINED CARVE-OUT BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 20,510	$ 30,272	$ 29,383
Accounts receivable (net of allowance for doubtful accounts of $361 $433 and $402 as of December 31, 2020,2021 and 2022, respectively)	658	778	651
Amount due from related parties	504	421	1,107
Inventories	96	116	69
Prepaid expenses and other current assets	691	666	615
Total current assets	22,459	32,253	31,825
Non-current assets
Property, plant and equipment, net	4,780	4,052	3,435
Goodwill		19,177	19,203
Intangible assets, net	5,647	10,320	11,477
Deferred tax assets	34	22	32
Prepayments to related parties	1,009	910
Other non-current assets	1,354	1,873	2,579
Operating lease right-of-use assets	5,559	7,395	9,684
TOTAL ASSETS	40,842	76,002	78,235
Current liabilities
Prepayments from customers	53
Accrued expenses and other current liabilities - third parties	3,670	3,304	3,420
Accrued expenses and other current liabilities - related parties	232	16
Income tax payable	949	1,254	826
Operating lease liabilities, current portion	2,928	3,092	3,522
Deferred revenue	892	802	559
Long-term debt - current			7
Total current liabilities	8,724	8,468	8,334
Non-current liabilities
Other non-current liabilities	3,604	3,126	3,212
Deferred income tax liabilities	959	1,754	1,949
Operating lease liabilities, non-current portion	2,468	4,109	5,968
TOTAL LIABILITIES	15,755	17,457	19,463
EQUITY
Ordinary shares (par value of $0.001 per share; 990,000,000 shares authorized; 29,213,801 shares issued and 28,035,934 shares outstanding as of December 31, 2021; 29,213,801 shares issued and 28,200,755 shares outstanding as of December 31, 2022)	29	29	29
Treasury stock	(7,445)	(8,667)	(10,321)
Additional paid-in capital	87,540	91,570	93,985
Accumulated other comprehensive (loss)	(523)	(399)	(505)
Accumulated deficit	(56,152)	(29,779)	(31,151)
Total Gravitas Education Holdings, Inc. shareholders' equity	23,449	52,754	52,037
Non-controlling interests	1,638	5,791	6,735
TOTAL EQUITY	25,087	58,545	58,772
TOTAL LIABILITIES AND EQUITY	$ 40,842	$ 76,002	$ 78,235

COMBINED CARVE-OUT BALANCE SH_2

COMBINED CARVE-OUT BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement
Allowance for doubtful accounts, net	$ 402	$ 433	$ 361	$ 216
Ordinary shares, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Ordinary shares, shares authorized (in shares)	990,000,000	990,000,000	990,000,000
Ordinary shares, shares issued (in shares)	29,213,801	29,213,801	29,213,801
Ordinary shares, shares outstanding (in shares)	28,200,755	28,035,934	27,812,754

COMBINED CARVE-OUT STATEMENTS O

COMBINED CARVE-OUT STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net revenues:
Total net revenues	$ 30,752	$ 31,007	$ 25,964
Cost of revenues:
Total cost of revenues	28,779	26,100	22,247
Gross (loss) profit	1,973	4,907	3,717
Operating expenses:
Selling expenses	428	320	158
General and administrative expenses	6,027	4,338	4,879
Impairment loss on goodwill	19,156	0	0
Impairment loss on long-lived assets	3,505	0	0
Total operating expenses	29,116	4,658	5,037
Operating Income(loss)	(27,143)	249	(1,320)
Interest income	30	67	252
Government subsidy income	1,682	2,176	4,348
Income(loss) before income tax	(25,431)	2,492	3,280
Less: Income tax (benefits) expenses	(789)	443	321
Net (loss) income	(24,642)	2,049	2,959
Net income(loss) attributable to non-controlling interest	(2,472)	677	1,084
Net (loss) income attributable to ordinary shareholders of Gravitas Education Holdings, Inc.	$ (22,170)	$ 1,372	$ 1,875
Net income (loss) per share
Basic (in dollars per share)	$ (0.78)	$ 0.05	$ 0.07
Diluted (in dollars per share)	$ (0.78)	$ 0.05	$ 0.06
Weighted average shares, Basic	28,291,887	28,208,734	28,122,851
Weighted average shares, Diluted	28,291,887	28,962,480	28,870,450
Services
Net revenues:
Total net revenues	$ 30,646	$ 30,933	$ 25,916
Net revenues, third parties	30,535	30,528	25,444
Net revenues, related parties	111	405	472
Cost of revenues:
Total cost of revenues	28,691	26,065	22,225
Products
Net revenues:
Total net revenues	106	74	48
Net revenues, third parties	106	74	48
Cost of revenues:
Total cost of revenues	$ 88	$ 35	$ 22

COMBINED CARVE-OUT STATEMENTS_2

COMBINED CARVE-OUT STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
COMBINED CARVE-OUT STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ (24,642)	$ 2,049	$ 2,959
Other comprehensive income (loss), net of tax of nil:
Change in cumulative foreign currency translation adjustments	(221)	(51)	(645)
Total comprehensive income (loss)	(24,863)	1,998	2,314
Less: comprehensive income (loss) attributable to non-controlling interests	(2,569)	520	1,228
Comprehensive income (loss) attributable to Gravitas Education Holdings, Inc.	$ (22,294)	$ 1,478	$ 1,086

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
COMBINED CARVE-OUT STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Other comprehensive income, tax	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total RYB Education, Inc. shareholders' equity | ASU 326 | Cumulative effect adjustment
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the year			$ (100)
Total RYB Education, Inc. shareholders' equity | ASU 326 | Cumulative effect adjustment balance
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the year			50,342
Total RYB Education, Inc. shareholders' equity | Global Eduhub Holding Limited
Increase (Decrease) in Stockholders' Equity
Share-based payments	$ 272	$ 189	507
Total RYB Education, Inc. shareholders' equity
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the year	52,754	52,037	50,442
Net loss (income) for the year	(22,170)	1,372	1,875
Share-based payments	665	1,832	2,423
Acquisition on minority interest	101	258
Intercompany debt forgiven during carve-out	(3,846)	(3,040)	2,321
Foreign currency translation adjustment	(124)	106	(789)
Distribution to minority interest	(4,203)
Balance at end of the year	$ 23,449	$ 52,754	$ 52,037
Ordinary share | ASU 326 | Cumulative effect adjustment balance
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the year (in shares)			29,213,801
Balance at beginning of the year			$ 29
Ordinary share
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the year (in shares)	29,213,801	29,213,801	29,213,801
Balance at beginning of the year	$ 29	$ 29	$ 29
Balance at end of the year (in shares)	29,213,801	29,213,801	29,213,801
Balance at end of the year	$ 29	$ 29	$ 29
Treasury stock | ASU 326 | Cumulative effect adjustment balance
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the year			(12,000)
Treasury stock
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the year	(8,667)	(10,321)	(12,000)
Settlement of vested shares using treasury shares	1,222	1,654	1,679
Balance at end of the year	(7,445)	(8,667)	(10,321)
Additional paid-in capital | ASU 326 | Cumulative effect adjustment balance
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the year			95,055
Additional paid-in capital | Global Eduhub Holding Limited
Increase (Decrease) in Stockholders' Equity
Share-based payments	272	189	507
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the year	91,570	93,985	95,055
Settlement of vested shares using treasury shares	(1,222)	(1,654)	(1,679)
Share-based payments	665	1,832	2,423
Acquisition on minority interest	101	258
Intercompany debt forgiven during carve-out	(3,846)	(3,040)	2,321
Balance at end of the year	87,540	91,570	93,985
Accumulated other comprehensive Income (loss) | ASU 326 | Cumulative effect adjustment balance
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the year			284
Accumulated other comprehensive Income (loss)
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the year	(399)	(505)	284
Foreign currency translation adjustment	(124)	106	(789)
Balance at end of the year	(523)	(399)	(505)
Accumulated deficit | ASU 326 | Cumulative effect adjustment
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the year			(100)
Accumulated deficit | ASU 326 | Cumulative effect adjustment balance
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the year			(33,026)
Accumulated deficit
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the year	(29,779)	(31,151)	(32,926)
Net loss (income) for the year	(22,170)	1,372	1,875
Distribution to minority interest	(4,203)
Balance at end of the year	(56,152)	(29,779)	(31,151)
Non-controlling interests | ASU 326 | Cumulative effect adjustment balance
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the year			5,507
Non-controlling interests
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the year	5,791	6,735	5,507
Net loss (income) for the year	(2,472)	677	1,084
Acquisition on minority interest	(822)	(1,464)
Foreign currency translation adjustment	(97)	(157)	144
Distribution to minority interest	(762)
Balance at end of the year	1,638	5,791	6,735
ASU 326 | Cumulative effect adjustment
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the year			(100)
ASU 326 | Cumulative effect adjustment balance
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the year			55,849
Global Eduhub Holding Limited
Increase (Decrease) in Stockholders' Equity
Share-based payments	272	189	507
Balance at beginning of the year	58,545	58,772	55,949
Net loss (income) for the year	(24,642)	2,049	2,959
Share-based payments	665	1,832	2,423
Acquisition on minority interest	(721)	(1,206)
Intercompany debt forgiven during carve-out	(3,846)	(3,040)	2,321
Foreign currency translation adjustment	(221)	(51)	(645)
Distribution to minority interest	(4,965)
Balance at end of the year	$ 25,087	$ 58,545	$ 58,772

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) $ in Thousands	Oct. 25, 2022 USD ($) $ / shares
Global Eduhub Holding Limited
Statement
Dividend paid | $	$ 4,965
Dividend paid per share | $ / shares	$ 4.965

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (24,642)	$ 2,049	$ 2,959
Adjustments to reconcile net income (loss) to net cash generated from operating activities:
Depreciation of property, plant and equipment	971	884	708
Amortization of intangible assets	1,121	1,150	1,112
Reduction in the carrying amount of the right-of-use assets	3,609	3,802	3,196
Share-based compensation	272	189	507
Change in allowance for doubtful accounts receivable and other receivables	(34)	81	136
Loss on disposal of property, plant and equipment	20	80	68
Impairment of intangible assets	3,505	0	0
Impairment loss on goodwill	19,156	0	0
Deferred tax benefit	(808)	(184)	(187)
Changes in operating assets and liabilities, net of the effect of acquisition:
Accounts receivable	69	(198)	466
Amount due from related parties	1,477	2,345	532
Inventories	20	(47)	(4)
Prepaid expenses and other current assets	(24)	(50)	400
Prepayments to related parties	(99)	(910)
Other non-current assets	519	706	(784)
Prepayments from customers	53
Accrued expenses and other current liabilities	367	(117)	(751)
Accrued expenses and other current liabilities - related parties	215	16	(395)
Operating lease liabilities	(3,577)	(3,803)	(3,500)
Income tax payable	(304)	427	550
Deferred revenue	90	243	(114)
Other non-current liabilities	478	(93)	1,263
Net cash generated from operating activities	2,454	6,570	6,162
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of businesses, net of cash acquired			(417)
Purchase of property, plant and equipment	(1,675)	(1,663)	(849)
Amount due from related parties	(4,660)	(2,836)	(934)
Net cash used in investing activities	(6,335)	(4,499)	(2,200)
CASH FLOWS FROM FINANCING ACTIVITIES
Acquisition of additional equity interest from non-controlling shareholders	(721)	(1,206)
Dividend to shareholder	(4,203)
Dividend to non-controlling interests	(762)
Net cash (used in) financing activities	(5,686)	(1,206)
Exchange rate effect on cash and cash equivalents, and restricted cash	(195)	24	(714)
Net (decrease) increase in cash and cash equivalents, and restricted cash	(9,762)	889	3,248
Cash and cash equivalents, and restricted cash at beginning of the year	30,272	29,383	26,135
Cash and cash equivalents, and restricted cash at end of the year	20,510	30,272	$ 29,383
Supplemental schedule of cash flow information
income tax paid	$ 303	$ 199

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2022
ORGANIZATION AND BASIS OF PRESENTATION
ORGANIZATION AND BASIS OF PRESENTATION	1. ORGANIZATION AND BASIS OF PRESENTATION Top Margin Limited was incorporated under the laws of the Cayman Islands on January 11, 2007. In June 2017, Top Margin Limited changed the corporate name into RYB Education, Inc. In May 2022, RYB Education, Inc. changed the corporate name into Gravitas Education Holdings, Inc. (the “Company” or “GEHI”). The Company and its subsidiaries are primarily engaged in providing kindergarten educational services and student care services in the People’s Republic of China (“PRC”) and in Singapore before April 30, 2022. After April 30, 2022, the Company and its subsidiary, Global Eduhub Holding Limited.(“GEH”) are primarily engaged in providing kindergarten educational services and student care services in Singapore. On April 18, 2022, GEHI announced that it has entered into an agreement and plan of merger with a controlled subsidiary of NetDragon Websoft Holdings Ltd. “NetDragon”), a Cayman Islands exempted company and a Hong Kong listed company. The transaction will be completed by way of an arrangement agreement, which will result in the disposal of the Company’s businesses in the People’s Republic of China (“PRC”) to the Company’s founding shareholders (“Disposal”), and merge of the education business of NetDragon outside of the PRC into the Company. The combined carve-out financial statements represent the activities, assets and liabilities of the Company and its subsidiary, GEH, using a legal entity approach. GEH was acquired by GEHI on April 1, 2019. GEH operates kindergartens and student care centers in Singapore. GEHI and GEH are collectively referred as “the Group” in the combined carve-out financial statements. As of December 31, 2022, details of the GEHI’s major subsidiaries included in the combined carve-out financial statements were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date of ​ ​ ​ Percentage of ​ ​ ​ ​ establishment ​ Place of ​ legal ownership ​ ​ Name or acquisition establishment by the Company Principal activities Major subsidiaries: ​ ​ ​ ​ ​ ​ Mulberry Learning Centre International Pte Ltd ​ April 1, 2019 ​ Singapore ​ 85% ​ Kindergarten services Mulberry Learning Centre Tanjong Pagar Pte Ltd ​ April 1, 2019 ​ Singapore ​ 85% ​ Kindergarten services Alphabet Playhouse Childcare and Learning Centre Pte Ltd ​ April 1, 2019 ​ Singapore ​ 85% ​ Kindergarten services Alphabet Playhouse East Coast Pte Ltd ​ April 1, 2019 ​ Singapore ​ 85% ​ Kindergarten services Mulberry Learning Centre Alexandra Pte Ltd ​ November 1, 2019 ​ Singapore ​ 85% ​ Kindergarten services Little Greenhouse Bukit Batok Pte Ltd April 1, 2019 Singapore 85% ​ Kindergarten services Little Greenhouse Sengkang Pte Ltd ​ April 1, 2019 ​ Singapore ​ 85% ​ Kindergarten services Little Greenhouse S540 Pte Ltd April 1, 2019 Singapore 85% ​ Kindergarten services Little Greenhouse Childcare & Development Pte Ltd ​ April 1, 2019 ​ Singapore ​ 85% ​ Kindergarten services Allegiance (Edu) Ptd Ltd April 1, 2020 Singapore 85% ​ Kindergarten services Little Greenhouse S553 Pte Ltd April 1, 2019 Singapore 85% ​ Kindergarten services ​

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The combined carve-out financial statements have been prepared for the purpose of presenting the balance sheet, statements of operations, comprehensive income (loss), changes in shareholders’ equity, and cash flows of GEHI and GEH on a combined basis.All of the assets and liabilities presented are recorded at carrying value. All intercompany balances, transactions, revenues and expenses have been eliminated. As of December 31, 2020, 2021 and 2022, there was amount due from PRC business totaling $47,096 , $50,135 and $53,981 , respectively, which will be forgiven after the Disposal. The forgiven amounts represent GEHI's investment in PRC business and are accounted for as equity transaction in the combined carve-out financial statements. For all periods, the Company’s combined carve-out financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The accompanying combined carve-out financial statements present the historical financial position, results of operations, changes in net assets and cash flows of the Company and GEH, excluding the PRC portion of the Company’s business as it was historically conducted, as more fully described below. The combined carve-out statements of comprehensive income reflect direct revenues and expenses of GEH and allocations of indirect expenses related to certain support functions that are provided on a centralized basis by GEHI. These corporate costs have been allocated to GEH on the basis of direct usage where identifiable, with the remainder allocated based on management’s best estimate of costs attributable to GEH. This allocation has been completed based on the following general process: • • Management believes the assumptions underlying the combined carve-out financial statements, including the assumptions regarding allocated expenses, reasonably reflect the utilization of services provided to or the benefit received by GEH during the periods presented. However, due to the inherent limitations of carving out the operations from the Group, these combined carve-out financial statements may not necessarily reflect the company’s financial position, results of operations and cash flow for future periods, nor do they necessarily reflect the financial position, results of operations and cash flow that would have been realized had the company been a stand-alone entity during the periods presented. The accompanying combined carve-out financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The combined carve-out financial statements have been prepared in accordance with the accounting policies set out below. 2. SIGNIFICANT ACCOUNTING POLICIES - continued Use of estimates The preparation of combined carve-out financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in the Group’s combined carve-out financial statements include, but are not limited to, purchase price allocation relating to business acquisitions, allowance for doubtful accounts, useful lives of property, plant and equipment and intangible assets, impairment of long-lived assets, goodwill and intangible assets, and incremental borrowing rate for leases. Actual results could materially differ from those estimates. Principles of combination The combined carve-out financial statements include the financial statements of the Company, Global Eduhub Holding Limited, Global Edu (SG) Holding Pte Ltd, GEH and GEH’s subsidiaries, excluding the PRC portion of GEHI’s business. All profits, transactions and balances among the Company, GEH, and GEH’s subsidiaries have been eliminated. Foreign currency translation The Company’s functional currency is the United States dollar. The functional currency of GEH and its subsidiaries is the Singapore dollar (“SGD$”). Assets and liabilities are translated from each entity’s functional currency to the reporting currency at the exchange rate on the balance sheet date. Equity accounts are translated at historical exchange rates, and revenues and expenses are translated using the average rate of exchange in effect during the reporting period. Translation adjustments are reported and shown as a separate component of other comprehensive income in the combined carve-out statements of changes in shareholders’ equity and combined carve-out statements of comprehensive (loss) income. Transactions in currencies other than the functional currencies during the year are converted into the applicable functional currencies at the applicable rates of exchange prevailing at the dates of the transactions. Monetary assets and liabilities denominated in currencies other than the functional currencies are remeasured into the functional currency using the applicable exchange rate at the balance sheet date. Exchange gains and losses are recognized in the combined carve-out statements of operations. Business Combinations Business combinations are recorded using the acquisition method of accounting. The purchase price of the acquisition is allocated to the tangible assets, liabilities, identifiable intangible assets acquired and non-controlling interest, if any, based on their estimated fair values as of the acquisition date. The excess of the purchase price over those fair values is recorded as goodwill. Acquisition-related expenses are expensed as incurred. Cash and cash equivalents Cash and cash equivalents consist of cash on hand, cash in banks and highly liquid investments which are unrestricted as to withdrawal or use, with an original maturity of three months or less and are readily convertible to known amount of cash. 2. SIGNIFICANT ACCOUNTING POLICIES - continued Inventories Inventories, mainly consisting of teaching aids, and textbooks, are stated at the lower of cost or net realized value. Cost is determined using the weighted average method. Inventory is written down for damaged and slow-moving goods, which is dependent upon factors such as historical and forecasted consumption of the inventories. Fair value measurements Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group 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 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Financial instruments The Group’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, other receivables and amount due from related parties. The carrying amounts of cash and cash equivalents, accounts receivable and other receivable approximate their fair values due to the short-term maturities of these instruments. For the impairment of the financial instruments other than accounts receivable, the Group has identified the relevant risk characteristics which include size and nature or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. When specific debtors are identified as no longer sharing the same risk profile as their current pool, they are removed from the pool and evaluated separately. 2. SIGNIFICANT ACCOUNTING POLICIES - continued Allowance for doubtful accounts On January 1, 2020, the Group adopted ASC 326 Financial Instruments – Credit Losses Management used an expected credit loss model for the impairment of financial instruments mentioned above as of period ends. For the allowance of the accounts receivable, management believes the aging of accounts receivable is a reasonable parameter to estimate expected credit loss, and determines expected credit losses for accounts receivables using an aging schedule as of period ends. The expected credit loss rates under each aging schedule were developed on basis of the average historical loss rates from previous years, and adjusted to reflect the effects of those differences in current conditions and forecasted changes. Management measured the expected credit losses of accounts receivable on a collective basis. When an accounts receivable does not share risk characteristics with other accounts receivables, management will evaluate such accounts receivable for expected credit loss on an individual basis. Doubtful accounts balances are written off and deducted from allowance for credit loss, when receivables are deemed uncollectible, after all collection efforts have been exhausted and the potential for recovery is considered remote. Property, plant and equipment, net Property, plant and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: ​ ​ ​ ​ Category Estimated useful life Furniture, fixture and equipment 5 years Leasehold improvement Shorter of lease term or economic life ​ Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterment that extends the useful lives of property, plant and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the assets and accumulated depreciation accounts with any resulting gain or loss reflected in the combined carve-out statements of operations. ​ 2. SIGNIFICANT ACCOUNTING POLICIES - continued Leases The Group applies Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) when accounting for leases. The Group has lease contracts for offices, kindergartens and student care centers in different cities in Singapore under operating leases. The Group determines whether an arrangement constitutes a lease and records lease liabilities and right-of-use assets on its combined carve-out balance sheets at lease commencement. The Group measures its lease liabilities based on the present value of the total lease payments not yet paid discounted based on the more readily determinable of the rate implicit in the lease or its incremental borrowing rate, which is the estimated rate the Group would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease. The Group estimates its incremental borrowing rate based on an analysis of publicly traded debt securities of companies with credit and financial profiles similar to its own. The Group measures right-of-use assets based on the corresponding lease liability adjusted for payments made to the lessor at or before the commencement date, and initial direct costs it incurred under the lease. The Group begins recognizing lease expense when the lessor makes the underlying asset available to the Group. For leases with lease term less than one year (short-term leases), the Group records operating lease expense in its combined carve-out statements of operations on a straight-line basis over the lease term and record variable lease payments as incurred. In April 2020, the FASB issued guidance for lease concessions provided to lessees in response to the effects of COVID-19. Such guidance allows lessees to make an election not to evaluate whether a lease concession provided by a lessor should be accounted for as a lease modification, in the event the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. Such concessions would be recorded as negative lease expense in the period of relief. The Group has elected to apply the practical expedient. See Note 11. Intangible assets, net Intangible assets with definite lives are carried at cost less accumulated amortization and impairment. The amortization of such intangible assets is recognized over the expected useful lives of the assets. Intangible assets with indefinite lives are not amortized, but tested for impairment annually or more frequently if event and circumstances indicate that it might be impaired. Impairment of long-lived assets with definite lives Long-lived assets, including property, plant and equipment, operating lease right-of-use assets, intangible assets with definite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset or asset group may not be recoverable. When these events occur, the Group measures impairment by comparing the carrying value of the long-lived assets or assets group to the estimated undiscounted future cash flows expected to result from the use of the assets or asset group and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets or assets group, the Group would recognize an impairment loss based on the fair value of the assets or assets group. The Group recorded impairment loss on property, plant, and equipment and operating lease right-of-use assets of $Nil , $ Nil and $ Nil during the years ended December 31,2020, 2021 and 2022. The Group recorded impairment losses on intangible assets with definite lives of $ Nil , $ Nil and $1,365 during the years ended December 31, 2020, 2021 and 2022, respectively. 2. SIGNIFICANT ACCOUNTING POLICIES - continued Impairment of goodwill and indefinite-lived intangible assets Goodwill is not amortized, but tested for impairment annually or more frequently if event and circumstances indicate that it might be impaired. The guidance permits the Group to first assess qualitative factors to determine whether it is “more likely than not” that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the goodwill impairment test. Absent from any impairment indicators, the Group performs its annual impairment test on the last day of each fiscal year. On January 1, 2020, the Group adopted ASU No. 2017-04, Intangibles—Goodwill and Other Simplifying the Test for Goodwill Impairment Goodwill is tested for impairment annually for the reporting unit or more frequently if events or changes in circumstances indicate that it might be impaired. The Group performs its annual quantitative impairment assessment considering the weighting of both an income and a market approach. The income approach is based on estimated present value of future cash flows for the reporting unit carrying a goodwill balance. The market approach is based on assumptions about how market data relates to the reporting unit carrying a goodwill balance. The weighting of these two approaches is based on their individual correlation to the economics of each reporting unit carrying a goodwill balance. When using discounted cash flow model to determine the fair value of a reporting unit, the discounted cash flow model includes a number of significant unobservable inputs. Key assumptions used to determine the estimated fair value include: (a) internal cash flows forecasts including expected revenue growth, operating margins and estimated capital needs, (b) an estimated terminal value using a terminal year long-term future growth rate determined based on the growth prospects of the reporting units; and (c) a discount rate that reflects the weighted-average cost of capital adjusted for the relevant risk associated with the reporting unit’s operation and the uncertainty inherent in the Group’s internally developed forecast. The impairment test for intangible assets not subject to amortization consists of a comparison of the fair value of the intangible asset with its carrying value. If the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The Group recorded impairment losses on goodwill of $Nil, $Nil and $19,156 during the years ended December 31, 2020, 2021 and 2022, respectively. The Group recorded impairment losses on the indefinite-lived intangible assets of $Nil, $Nil and $2,140 during the years ended December 31, 2020, 2021 and 2022, respectively. Revenue recognition The Group follows five steps for its revenue recognition under ASC 606: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Group generated its revenues from the following revenue sources: (i) Tuition fees generated from kindergarten services and student care services The Group provides private kindergarten services and students care centers services to students. Tuition fees are collected in advance and are initially recorded as deferred revenue. 2. SIGNIFICANT ACCOUNTING POLICIES - continued Revenue recognition – continued Kindergarten services consist of a series of classes which are highly interdependent and interrelated in the context of the contract and each class is not distinct and not sold standalone. Therefore, the kindergarten services are accounted for as a single performance obligation. Student care services provide a separate series of classes which are highly interdependent and interrelated in the context of the contract and each class is not distinct and not sold standalone. Therefore, student care services are accounted for as a single performance obligation. The transaction prices for kindergarten services and student care services are determined by the contract amount net of refund. For the kindergarten program, the students can claim certain amount of the tuition refund, upon withdrawal, if more than a certain number of classes are missed. For the student care services, the students can claim refund, upon withdrawal, if classes are missed due to illness. The refund amount is subject to the refund policy at each facility and the timing of the student’s withdrawal. No refund is provided for kindergarten and student care services provided in Singapore. Revenues for the kindergarten services and student care center services are recognized on a straight line basis over the service period. (ii) Franchising fees GEH generates revenues by franchising kindergartens., and collects from franchisees the initial franchising fees and annual franchise fee. As the initial franchising service and annual franchising service are distinct from each other, the Group identifies two performance obligations accordingly. The transaction price is allocated to each performance obligation based on a relative stand-alone selling price. Initial franchising fees represent provision of initial set-up services which are typically received upfront and recorded as prepayment from customers. The set-up period usually begins with the site renovation or training services, whichever is earlier, to the time point when kindergartens commence operations, which is approximately 7 or 8 months. Initial franchising fees are recognized over time throughout the set-up period. (ii) Franchising fees – continued Annual franchise fees represent supporting services provided by the Group to the franchised kindergartens. The related annual franchise fees are received upfront and recorded as deferred revenue. Annual franchise fees are recognized over time throughout the contract terms. (iii) Sales of educational merchandise The Group’s educational merchandise consists of teaching aids, textbooks and other goods. The Group considers both franchisees and end-users as its customers. Prepayments for sales of educational merchandise are recognized as prepayments from customers. Sales of educational merchandise is accounted for as a single performance obligation, and recognized at the point of time when the control of promised goods is transferred to the customers. ​ ​ 2. SIGNIFICANT ACCOUNTING POLICIES - continued Revenue recognition – continued The following table presents the Group’s revenues disaggregated by revenue types. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2020 2021 2022 Services: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tuition fees from kindergartens and student care centers 24,914 ​ 29,941 29,595 Franchise fees 1,000 ​ 869 941 Others ​ 2 ​ 123 ​ 110 ​ ​ ​ ​ ​ ​ ​ Products: ​ ​ ​ ​ Sale of educational merchandise 48 ​ 74 106 ​ ​ ​ ​ ​ ​ ​ Total net revenues 25,964 ​ 31,007 30,752 ​ The following table presents the Group’s revenues recognized over time or point in time. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2020 2021 2022 Recognized over time 25,916 30,933 30,646 Recognized point in time 48 74 106 Total net revenues 25,964 31,007 30,752 ​ Contract liabilities The Group’s contract liabilities consists of prepayments from customers and deferred revenue, primarily relate to the advance consideration received from customers, which include tuition fees received from customers, initial franchise fees and annual franchise fees received from franchisees, advance consideration of educational merchandise received from customers, and royalty fees received from other business partners. The amount from customers before provision of service is recognized as prepayments The prepayments from customers and deferred revenue are recognized as revenue once the criteria for revenue recognition are met. The table below reflects the Group’s contract liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 2022 Prepayments from customers — ​ — 53 Deferred revenue, current portion 559 ​ 802 892 ​ The Group recognized $668, $559 and $ 802 in revenue for the years ended December 31, 2020, December 31, 2020, 2021 and December 31, 2022, respectively, which related to contract liabilities that existed at December 31, 2019, 2020 and 2021, respectively. The balances as of December 31, 2020,2021 and 2022 are expected to be recognized as revenue within one year. There was no contract asset recorded as of December 31, 2020 and 2021 and 2022. 2. SIGNIFICANT ACCOUNTING POLICIES - continued Goods and Services Tax Goods and Services Tax (“GST”) is a broad-based value added tax in Singapore, which is imposed on all supplies of goods and services in Singapore made by a taxable person for business purposes. GST rate is 7% of the gross sales. Singapore’s entities whose taxable turnover for the past 12 months exceeds SGD$1 million or the taxable turnover in the next 12 months to be more than SGD$1 million should be registered as GST-registered companies. For GST-registered entities, their revenue generated from kindergarten services, student care services and others, is reported net of GST collected on behalf of Singapore tax authorities. For Non-GST registered entities, they are qualified for GST exemption for all kinds of revenue. Income taxes Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the combined carve-out financial statements. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that a portion of or all of the deferred tax assets will not be realized. The impact of an uncertain income tax position is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. Government subsidies Government subsidies represent government grants received from Singapore government authority to encourage the Company’s services. The Company records such government subsidies as income when it has fulfilled all of its obligation related to the subsidy. The Company recorded $4,348, $2,176, and $1,682 of subsidy income for the years ended December 31, 2020, 2021 and 2022, respectively. Net (loss) income per share Basic net (loss) income per share is computed by dividing net loss or income attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period. The share options exercisable for little to no consideration are considered as issuable ordinary shares, and therefore included in basic shares outstanding. Diluted net (loss) income per share reflects the potential dilution that could occur if securities to issue ordinary shares were exercised or converted into ordinary shares. The dilutive effect of outstanding share-based awards is reflected in the diluted net (loss) income per share by application of the treasury stock method. Comprehensive (loss) income Comprehensive (loss) income includes net (loss) income and foreign currency translation adjustments and is reported in the combined carve-out statements of comprehensive (loss) income. The Group presents the components of net (loss) income, the components of other comprehensive (loss) income and total comprehensive (loss) income in two separate but consecutive statements. 2. SIGNIFICANT ACCOUNTING POLICIES - continued Significant risks and uncertainties Concentration of credit risk Financial instruments that potentially expose the Group to significant concentration of credit risk primarily consist of cash and cash equivalents, accounts receivable, and prepaid expenses and other current assets. As of December 31, 2020, 2021 and 2022, all of the Group’s cash and cash equivalents were deposited in financial institutions located in the United States of America and Singapore. Accounts receivable are typically unsecured and are derived from revenue earned from customers inSingapore. The risk with respect to accounts receivable is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring process of outstanding balances. Concentration of customers No customer accounts for 10% or more of revenue for the years ended 2022 and accounts receivable as of December 31, 2020, 2021 and 2022. Recent accounting pronouncements not yet adopted In August 2020, the FASB issued ASU No.2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity(Subtopic 815-40):Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity(ASU 2020-06),which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. The amendments are effective for fiscal years beginning after December 15 2021, including interim periods within those fiscal years, with early adoption permitted. The Group adopted ASU 2020-06 on January 1, 2022, and the adoption had no material impact on the Group’s combined carve-out financial statements. In May 2021 the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718). and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40)to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity -classified written call options (for example warrants) that remain equity classified after modification or exchange. The amendments in this update are effective for all entities for fiscal years beginning after December15, 2022, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. The Group is currently evaluating the impact of the new guidance on our combined carve-out financial statements. In October 2021, the FASB issued ASU No.2021-08 Business Combinations (Tonic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU2021-08),which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606 Revenue from Contracts with Customers. The new amendments are effective for us are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments with early adoption permitted. The Group is currently evaluating the impact of the new guidance on our combined carve-out financial statements.

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET	12 Months Ended
	Dec. 31, 2022
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET	3. ACCOUNTS RECEIVABLE, NET Accounts receivable, net consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2021 2022 Accounts receivable 1,012 1,211 1,060 Less: allowance for doubtful accounts (361) (433) (402) Accounts receivable, net 651 778 658 ​ Movement of allowance for doubtful accounts was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2021 ​ 2022 Balance at beginning of the year (216) (361) ​ (433) Adoption of ASC 326 ​ (100) ​ — ​ — (Addition) reverse ​ (39) ​ (81) ​ 34 Foreign currency adjustment (6) 9 ​ (3) Balance at end of the year (361) (433) ​ (402) ​ The following is an ageing analysis of Accounts receivable based on the date of delivery of goods/date of rendering of services which approximated the respective revenue recognition dates. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2021 2022 Trade debtors 0 – 30 days 225 281 249 31 – 60 days 88 95 86 61 – 90 days 12 21 10 91 – 180 days 126 209 161 181 days – 1 year 285 185 216 1 year – 2 years 182 254 180 Over 2 years 94 166 158 ​ ​ ​ ​ ​ ​ ​ ​ 1,012 1,211 1,060 ​

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2022
INVENTORIES
INVENTORIES	4. INVENTORIES Inventories consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2021 2022 Educational merchandise 69 116 96 ​ The Group recorded $Nil, $Nil and $Nil write-downs of inventories from the carrying amount to their net realizable values for the years ended December 31, 2020, 2021 and 2022, respectively.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2022
PREPAID EXPENSES AND OTHER CURRENT ASSETS
PREPAID EXPENSES AND OTHER CURRENT ASSETS	5. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2021 2022 Prepaid service fees 498 522 502 Others 131 158 203 ​ ​ ​ ​ ​ ​ ​ Less: allowance for doubtful accounts ​ (14) ​ (14) ​ (14) ​ ​ ​ ​ ​ ​ ​ ​ ​ 615 ​ 666 ​ 691 ​

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2022
PROPERTY, PLANT AND EQUIPMENT, NET
PROPERTY, PLANT AND EQUIPMENT, NET	6. PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2021 2022 Furniture, fixture and equipment 2,359 2,458 2,921 Leasehold improvement 4,260 5,280 6,456 Less: accumulated depreciation (3,184) (3,686) (4,597) ​ ​ 3,435 ​ 4,052 ​ 4,780 ​ For the years ended December 31, 2020, 2021 and 2022, depreciation expenses were $708, $884 and $971 respectively. For the years ended December 31, 2020, 2021 and 2022, the Group recorded impairment loss for the property, plant and equipment of $Nil, $Nil and $Nil respectively.

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2022
GOODWILL
GOODWILL	7. GOODWILL The Group has three reporting unit where it carries goodwill resulting from acquisitions. The changes in carrying amount of goodwill for the years ended December 31, 2020, 2021 and 2022 were as follows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2021 2022 Costs: ​ ​ ​ ​ ​ ​ Beginning balance 18,959 19,203 19,177 Addition 228 — — Foreign currency adjustment 16 (26) 10 Ending balance 19,203 19,177 19,187 Goodwill impairment — — (19,187) Goodwill, net 19,203 19,177 — ​ ​ 7. GOODWILL - continued Goodwill was tested for impairment in the fourth quarter of 2020, 2021 and 2022 for the reporting unit. The Group performed its quantitative impairment assessment considering the income approach. The income approach is based on estimated present value of future cash flows for the reporting unit carrying a goodwill balance. The fair value of the reporting unit was estimated using a discounted cash flow methodology after considered and weighed the market approach. The discounted cash flow analysis requires significant estimates, including projections of future operating results and cash flows of the reporting unit that are based on internal budgets and strategic plans, expected long-term growth rates, terminal values, weighted average cost of capital and the effects of external factors and market conditions. When using discounted cash flow model to determine the fair value of the reporting unit, the discounted cash flow model included a number of significant unobservable inputs. Key assumptions used to determine the estimated fair value include: (a) internal cash flows forecasts including expected revenue growth, operating margins and estimated capital needs, (b) an estimated terminal value using a terminal year long-term future growth rate determined based on the growth prospects of the reporting units; and (c) a discount rate that reflects the weighted-average cost of capital (“WACC”) adjusted for the relevant risk associated with the reporting unit’s operation and the uncertainty inherent in the Group’s internally developed forecast. The following key assumptions were made in the discounted cash flow model to determine the fair value of the reporting unit in the impairment test for the reporting unit of Global Eduhub Holding Limited (“GEH”). ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2020 ​ 2021 ​ 2022 Revenue growth 8%-12% ​ 8%-12% ​ 3%-13% WACC 14% ​ 14% ​ 14% Income tax rate 17% ​ 17% ​ 17% Terminal growth rate 2% ​ 2% ​ 2% Forecasted inflation rate 2% ​ 2% ​ 2% ​ While management believes the assumptions used in our impairment test are reasonable, the fair value estimate is most sensitive to our discount rate and market multiple assumptions as these amounts are reflective of the market’s perception of our ability to achieve our projected cash flows. Based on the impairment analysis of December 31, 2022, the Group concluded that the goodwill of the reporting unit of GEH were impaired. As such, $19,156 impairment loss of goodwill was recorded for the year ended December 31, 2022. The Group recorded $Nil, $Nil and $19,156 impairment of goodwill for the years ended December 31, 2020, 2021 and 2022 respectively.

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	12 Months Ended
	Dec. 31, 2022
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET	8. INTANGIBLE ASSETS, NET ​ Intangible assets, net, consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 ​ 2021 2022 Intangible assets not subject to amortization: ​ ​ ​ ​ ​ ​ Trademark 7,766 ​ 7,766 7,841 Intangible assets subject to amortization: ​ ​ ​ ​ ​ ​ Student base 4,006 ​ 3,998 4,036 Initial franchise ​ 1,626 ​ 1,626 ​ 1,641 Software and courses ​ 19 ​ 19 ​ 27 Total costs 13,417 ​ 13,409 13,545 Less: accumulated amortization (1,940) ​ (3,089) (4,293) impairment ​ — ​ — ​ (3,605) Intangible assets, net 11,477 ​ 10,320 5,647 ​ For the years ended December 31, 2020, 2021 and 2022, amortization expenses for intangible assets recorded were $1,112, $1,150 and $1,121 respectively. For the years ended December 31, 2020, 2021 and 2022, the Group recorded impairment loss for for the intangible assets of $Nil, $Nil and $3,505 respectively. As of December 31, 2022, the estimated amortization expenses related to intangible assets for next five years is expected to be as follows: ​ ​ ​ ​ Years ending December 31, ​ ​ 2023 1 2024 ​ 1 2025 ​ 1 2026 ​ 1 2027 ​ 1 2028 and thereafter ​ — Total expected amortization expense ​ 5 ​

OTHER NON-CURRENT ASSETS

OTHER NON-CURRENT ASSETS	12 Months Ended
	Dec. 31, 2022
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS	9. OTHER NON-CURRENT ASSETS Other non-current assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2021 2022 Rental deposits (1) 1,375 1,302 1,288 Prepayment for property, plant and equipment ​ 1,069 ​ 511 ​ 21 Others ​ 135 ​ 60 ​ 45 ​ 2,579 1,873 1,354 ​ (1) Rental deposits represent office and kindergartens rental deposits for the Group’s operations, which will not be refunded within one year.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2022
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	10. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES The components of accrued expenses and other current liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2021 2022 Trade payables 426 765 573 Salary and welfare payable 1,454 1,562 1,432 Accrued expenses 816 358 1,054 Other tax payable 284 310 315 Others 440 309 296 ​ 3,420 3,304 3,670 ​ The following is an ageing analysis of Trade payables based on the invoice date or the date of receipt of goods/date of accepting of services which approximated the respective cost recognition dates. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2020 2021 2022 0-90 Days 263 624 432 91-180 Days 27 8 3 181-365 Days 25 10 22 over 1 Years 111 123 116 ​ 426 765 573 ​

LEASES

LEASES	12 Months Ended
	Dec. 31, 2022
LEASES
LEASES	11. LEASES Operating leases The Group’s leases consist of various operating lease contracts for offices, kindergartens and student care centers in Singapore. The Group determines if an arrangement is a lease at inception. The Group’s leases have remaining lease terms of up to four years, none of them include options to extend or terminate the leases. Some lease agreements contain lease and non-lease components, which the Group chooses to account for as separate components. The allocation of the consideration between the lease and the non-lease components is based on the relative stand-alone prices included in the lease contracts. None of the amounts disclosed below for these leases contains variable payments, residual value guarantees or options that were recognized as part of the right-of-use assets and lease liabilities. As of December 31, 2020, 2021 and 2022, the Group had no leases that were classified as a financing lease. As of December 31, 2020, 2021 and 2022, the Group did not have additional operating leases that have not yet commenced but create significant rights and obligations for the Group. Total operating lease expense for the years ended December 31, 2020, 2021 and 2022 was $3,468, $3,956, and $3,837, respectively. The operating lease expense was recorded in cost of revenues, and general and administrative expenses on the combined carve-out statements of operations. ​ 11. LEASES - continued Operating leases - continued The short term lease expense for the years ended December 31, 2020, 2021 and 2022 was $Nil, $Nil and $Nil, respectively. The short term lease expense was recorded in cost of revenues, and general and administrative expenses on the combined carve-out statements of operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2020 ​ 2021 2022 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ Operating cash flows used in operating leases 3,778 ​ 3,978 ​ 3,789 ​ Right-of-use assets obtained in exchange for new lease obligations: 4,388 ​ 1,675 ​ 1,828 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term 2.83 ​ 2.24 ​ 1.65 ​ Weighted average discount rate 3.02 % 2.61 % 3.09 % ​ The following is a maturity analysis of the annual undiscounted cash flows for the annual periods ended December 31, 2022: ​ ​ ​ ​ Years ending December 31, ​ 2023 3,197 2024 1,833 2025 538 2026 35 2027 — 2028 and thereafter ​ — Less: imputed interest (207) Total operating lease liabilities ​ 5,396 Less: current operating lease liabilities ​ 2,928 Non-current operating lease liabilities ​ 2,468 ​

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	12 Months Ended
	Dec. 31, 2022
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT	12. FAIR VALUE MEASUREMENT Measured or disclosed at fair value on a recurring basis The Group’s financial assets and liabilities primarily include cash and cash equivalents and accounts receivable The carrying amounts of the Group’s financial assets and liabilities, primarily including cash and cash equivalents, accounts receivable,and prepayment from customers, approximate their fair values. Measured or disclosed at fair value on a non-recurring basis The Group’s goodwill and intangible assets are primarily acquired through business acquisition. Purchase price allocation are measured at fair value on a nonrecurring basis as of the acquisition dates. The Group measures its goodwill and intangible assets at fair value on a nonrecurring basis annually or whenever events or changes in circumstances indicate that carrying amount of a reporting unit exceeds its fair value. Intangible assets are measured using the income approach - discounted cash flow method when events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. For goodwill impairment testing, refer to Note 7 for details. The Group recognized impairment loss of $Nil, $Nil and $19,156 related to goodwill for the years ended December 31, 2020, 2021 and 2022. The Group recognized impairment loss of $Nil, $Nil and $3,505 related to intangible assets acquired for the years ended December 31, 2020, 2021 and 2022. 12. FAIR VALUE MEASUREMENT - continued The Group measures property, plant and equipment and operating lease right-of-use assets at fair value on a non-recurring basis when events or changes in circumstances indicate that the carrying amount of these assets or asset group may not be recoverable. The fair value is determined using models with significant unobservable inputs (Level 3 inputs), primarily the management projection of discounted future cash flow and the discount rate. The Group recorded impairment loss on property, plant, and equipment and operating lease right-of-use assets of $Nil, $Nil and $Nil during the years ended December 31, 2020, 2021 and 2022. The Group measures long-term equity method investment at fair value on a non-recurring basis whenever events or changes in circumstances indicate that the carrying value may no longer be recoverable. The fair value is determined using models with significant unobservable inputs (Level 3 inputs), primarily the management projection of discounted future cash flow and the discount rate. The Group recognized impairment loss of $Nil $Nil and $Nil related to the long-term equity method investment for the years ended December 31, 2020, 2021 and 2022,. ​

ORDINARY SHARES

ORDINARY SHARES	12 Months Ended
	Dec. 31, 2022
ORDINARY SHARES
ORDINARY SHARES	13. ORDINARY SHARES The Company’s fifth amended and restated Memorandum and Article of Association authorized the Company to issue 990,000,000 ordinary shares with a par value of $0.001 per share. As of December 31, 2020, there were 22,264,660 and 6,949,141 shares issued for Class A and Class B ordinary shares, respectively; and there were 20,863,613 and 6,949,141 shares outstanding for Class A and Class B ordinary shares, respectively. As of December 31, 2021, there were 22,264,660 and 6,949,141 shares issued for Class A and Class B ordinary shares, respectively; and there were 21,086,793 and 6,949,141 shares outstanding for Class A and Class B ordinary shares, respectively. As of December 31, 2022, there were 22,264,660 and 6,949,141 shares issued for Class A and Class B ordinary shares, respectively; and there were 21,251,614 and 6,949,141 shares outstanding for Class A and Class B ordinary shares, respectively. Share repurchase program On November 24, 2017, the Company announced that the board of directors of the Company has approved a share repurchase program whereby the Company is authorized to repurchase its own ordinary shares in the form of American depositary shares with an aggregate value of up to $50,000 during the next 12 months. As of December 31, 2022, the Company did not repurchase any shares under this program. On December 18, 2018, the Company announced that the board of directors of the Company approved another share repurchase program whereby the Company is authorized to repurchase its own ordinary shares in the form of American depositary shares with an aggregate value of up to $12,000 during the next 12 months. Pursuant to this share repurchase plan, the Company repurchased 1,627,455 shares in 2019, with a total consideration of approximately $12,000 at a price range of $6.50 to $8.00 per share, including brokerage commissions. The shares repurchased by the Company were accounted for at cost as treasury stock. The Company has re-issued 226,408, 449,588 and 614,409 repurchased shares for settlement of restricted shares vested as of December 31, 2020, 2021 and 2022, respectively.

SHARE INCENTIVE PLAN

SHARE INCENTIVE PLAN	12 Months Ended
	Dec. 31, 2022
SHARE INCENTIVE PLAN
SHARE INCENTIVE PLAN	14 SHARE INCENTIVE PLAN The Company adopted the 2009 and 2017 Share Incentive Plans for the grant of share options to employees, directors and non-employees to provide incentive for their services. The maximum number of ordinary shares that may be delivered pursuant to compensatory awards granted to the employees, directors and non-employees under the 2009 Share Incentive Plan should not exceed 2,573,756 ordinary shares of par value $0.001 per share. The maximum aggregate number of ordinary shares that may be issued pursuant to all awards is initially 2,059,005, plus an annual increase on the first day of each of the Company’s fiscal years the term of the 2017 Share Incentive Plan, commencing with the fiscal year beginning January 1, 2018, by an amount equal to 2.0% of the total number of ordinary shares issued and outstanding on the last day of the immediately preceding fiscal year. On June 22, 2017, the Company granted a total of 1,286,878 share options to directors at an exercise price of $11.66 per option. The options will vest in accordance with the vesting schedules set out in the respective share option agreements. If the Company completes a qualified IPO before June 22, 2018, the vesting and expiration terms are: (i) 25% of the share options will be vested and exercisable on June 22, 2018, and will expire on June 21, 2027; (ii) 75% of the share options will be vested quarterly in twelve quarters with equal quarterly installments after June 22, 2018, and will expire on June 21, 2027. If the Company does not complete a qualified IPO before June 22, 2018, the vesting and expiration terms are: (i) 25% of the share options will be vested and exercisable on the date of 1 st trading date of the IPO, and will expire on June 21, 2027; (ii) 75% of the share options will be vested quarterly in twelve quarters with equal quarterly installments after the 1 st trading date of the IPO, and will expire on June 21, 2027. As the Company completed the qualified IPO on September 27, 2017, the first vesting schedule applied. On June 22, 2017, the Company granted a total of 772,127 share options to employees at an exercise price of $11.66 per option. The options will vest in accordance with the vesting schedules set out in the respective share option agreements. The vesting and expiration terms are: (i) 25% of the share options will be vested and exercisable on June 22, 2018, and will expire on June 21, 2027; (ii) 75% of the share options will be vested quarterly in twelve quarters with equal quarterly installments after June 22, 2018, and will expire on June 21, 2027. On July 1, 2017, the Company granted a total of 50,300 share options to a director and a consultant at weighted average exercise price of $1.48 per option. The options were fully vested on the grant date and will expire on June 30, 2027. 14 . SHARE INCENTIVE PLAN - continued On April 2, 2018, the Company granted 20,000 share options to an employee at an exercise price of $0.01 per option. The options will vest in accordance with the vesting schedules set out in the respective share option agreements. The vesting and expiration terms are: (i) 25% of the share options will be vested and exercisable on April 1, 2019, and will expire on April 1, 2028; (ii) 75% of the share options will be vested quarterly in twelve quarters with equal quarterly installments after April 1, 2019, and will expire on April 1, 2028. In 2020, the Company granted 554,000 share options to employees at an exercise price of $0.001 per option. 25% of the share options will be vested and exercisable upon 1st anniversary year following the grant date, and the remaining 75% of the share options will be vested quarterly in twelve quarters with equal quarterly installments from the vesting date of the first installment, and the contract term is 10 years from grant date. In 2022, the Company granted 530,757 share options to employees at an exercise price of $0.001 per option. 25% of the share options will be vested and exercisable upon 1st anniversary year following the grant date, and the remaining 75% of the share options will be vested quarterly in twelve quarters with equal quarterly installments from the vesting date of the first installment, and the contract term is 10 years from grant date. A summary of the share option activities is as follows: ​ ​ Number Weighted Weighted average Weighted average Aggregate ​ ​ of options ​ average ​ grant-date ​ remaining contractual ​ intrinsic ​ ​ outstanding ​ exercise price ​ fair value per option ​ term (years) ​ value Options outstanding at January 1, 2020 4,008,558 7.02 3.54 5.14 6,084 Granted 554,000 0.01 2.69 9.82 1,312 Exercised — — — Forfeited (6,100) 8.49 8.51 — — Expired — — — — — Options outstanding at December 31, 2020 4,556,458 6.16 3.43 5.36 2,175 Options expected to vest at December 31, 2020 4,556,458 6.16 3.43 5.36 2,175 Vested and exercisable at December 31, 2020 3,754,683 6.70 3.40 4.62 2,175 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding at January 1, 2021 4,556,458 6.16 3.43 5.36 2,175 Granted — — — — — Exercised — — — — — Forfeited (26,300) 7.20 4.04 — — Expired — — — — — Options outstanding at December 31, 2021 4,530,158 6.15 3.43 4.29 2,846 Options expected to vest at December 31, 2021 4,530,158 6.15 3.43 4.29 2,846 Vested and exercisable at December 31, 2021 4,114,358 6.77 3.51 3.83 1,730 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding at January 1, 2022 4,530,158 6.15 3.43 4.29 2,846 Granted 530,757 0.001 1.69 — — Exercised — — — — — Forfeited (594,366) 4.58 0.19 — — Expired (193,000) 1.08 2.62 — — Options outstanding at December 31, 2022 4,273,549 5.83 3.47 4.09 571 Options expected to vest at December 31, 2022 4,273,549 5.83 3.47 4.09 571 Vested and exercisable at December 31, 2022 3,537,509 7.05 3.79 3.12 571 ​ 14 . SHARE INCENTIVE PLAN - continued The weighted average grant date fair value of options granted during the years ended December 31, 2020, 2021 and 2022 were $2.69, $nil and $1.69, respectively. The total fair value of options vested during the year ended December 31, 2020, 2021 and 2022 were $2,990, $1,910 and $62, respectively. The total intrinsic value of options exercised during the year ended December 31, 2020, 2021 and 2022 were $nil, $nil and $nil, respectively. For share options that vest on grant date, the cost of award is expensed on the grant date. For the graded vesting share options, the Company recognizes the compensation cost over the requisite service period for each separately vesting portion of the award as if the award is, in substance, multiple awards. The Company recorded share-based compensation expenses relating to share options of $1,198, $924 and $673 for the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2020, total unrecognized compensation expenses relating to share options were $1,469, which is expected to be recognized over a weighted average period of 1.51 years. As of December 31, 2021, total unrecognized compensation expenses relating to share options were $544, which is expected to be recognized over a weighted average period of 1.77 years. As of December 31, 2022, total unrecognized compensation expenses relating to share options were $714, which is expected to be recognized over a weighted average period of 2.64 years. The fair value of the options granted is estimated on the dates of grant using the binomial option pricing model with the following assumptions used. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Grant date 2020 2022 ​ Risk-free interest rate ​ 0.86 % - 0.93 % 1.88 % - 2.93 % Expected volatility ​ ​ ​ ​ 40 % 76 % - 77 % Expected dividend yield ​ ​ ​ — ​ ​ ​ ​ — ​ Exercise multiples ​ ​ ​ 2.2 ​ ​ ​ ​ 2.2 ​ Fair value of underlying ordinary share ​ 2.38 ~ 2.7 ​ 0.86 ​ - 1.88 ​ ​ (1) Risk-free interest rate Risk-free interest rate was estimated based on the treasury long term rate of U.S. Treasury Department with a maturity period close to the expected term of the options. (2) Expected volatility Expected volatility of the underlying ordinary shares during the lives of the options was estimated based on the historical stock price volatility of comparable listed companies over a period comparable to the expected term of the options. (3) Expected dividend yield Expected dividend yield was estimated by the Company based on its expected dividend policy over the expected term of the options. (4) Exercise multiples Exercise multiple represents the value of the underlying share as a multiple of exercise price of the option which, if achieved, results in exercise of the option. 14 . SHARE INCENTIVE PLAN - continued (5) Fair value of underlying ordinary shares The estimated fair value of the ordinary shares underlying the options as of the respective grant dates was determined based on the Company’s share price. Nonvested shares On March 14, 2018, the Company granted 200,000 nonvested shares to three directors and executive officers. 25% of the nonvested shares will be vested on March 14, 2019. 75% of the nonvested will be vested quarterly in twelve quarters with equal quarterly installments after March 14, 2019. The grant date fair value of the nonvested shares was $20.43 per share, which was the closing price of the Company’s ordinary share on New York Stock Exchange (“NYSE”) on March 14, 2018. This grant resulted in a total share-based compensation of $4,086, to be recognized ratably over the requisite service period of 4 years. On October 24, 2018, the Company granted 18,000 nonvested shares to a non-employee. 25% of the nonvested will be vested on October 23, 2019. 75% of the nonvested will be vested quarterly in twelve quarters with equal quarterly installments after October 23, 2019. The grant date fair value of the nonvested shares was $17.11 per share, which was the closing price of the Company’s ordinary share on NYSE on October 24, 2018. This grant resulted in a total share-based compensation of $308, to be recognized ratably over the requisite service period of 4 years. On July 29, 2019, the Company granted 8,388 nonvested shares to an employee. 25% of the nonvested will be vested on July 29, 2020. 75% of the nonvested will be vested quarterly in twelve quarters with equal quarterly installments after July 29, 2020. The grant date fair value of the nonvested shares was $6.06 per share, which was the closing price of the Company’s ordinary share on NYSE on July 29, 2019. This grant resulted in a total share-based compensation of $51, to be recognized ratably over the requisite service period of 4 years. On August 20, 2019, the Company granted 240,000 nonvested shares to two directors and executive officers. 25% of the nonvested will be vested on August 20, 2020. 75% of the nonvested will be vested quarterly in twelve quarters with equal quarterly installments after August 20, 2020. The grant date fair value of the nonvested shares was $6.69 per share, which was the closing price of the Company’s ordinary share on NYSE on August 20, 2019. This grant resulted in a total share-based compensation of $1,606, to be recognized ratably over the requisite service period of 4 years. On December 4, 2019, the Company granted 9,146 nonvested shares to an employee. 25% of the nonvested will be vested on December 4, 2020. 75% of the nonvested will be vested quarterly in twelve quarters with equal quarterly installments after December 4, 2020. The grant date fair value of the nonvested shares was $5.55 per share, which was the closing price of the Company’s ordinary share on NYSE on December 4, 2019. This grant resulted in a total share-based compensation of $51, to be recognized ratably over the requisite service period of 4 years. On August 27, 2020, the Company granted 333,750 nonvested shares to three directors and executive officers. 25% of the nonvested will be vested on August 27, 2021. 75% of the nonvested will be vested quarterly in twelve quarters with equal quarterly installments after August 27, 2020. The grant date fair value of the nonvested shares was $3.03 per share, which was the closing price of the Company’s ordinary share on NYSE on August 27, 2020. This grant resulted in a total share-based compensation of $1,011, to be recognized ratably over the requisite service period of 4 years. 14 . SHARE INCENTIVE PLAN - continued A summary of the nonvested shares activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number Weighted ​ ​ of nonvested shares ​ average grant date ​ Aggregate ​ ​ outstanding ​ fair value ​ intrinsic value Nonvested shares outstanding at January 1, 2020 383,534 11.05 2,090 Granted 333,750 3.03 — Vested (134,408) 12.12 — ​ ​ ​ ​ ​ ​ ​ Nonvested shares outstanding at December 31, 2020 582,876 6.21 1,381 Granted — — — Vested (223,180) 8.25 — ​ ​ ​ ​ ​ ​ ​ Nonvested shares outstanding at December 31, 2021 359,696 4.94 712 Granted — — — Vested (164,821) 6.14 — ​ ​ ​ ​ ​ ​ ​ Nonvested shares outstanding at December 31, 2022 194,875 3.93 110 ​ The weighted average grant date fair value of nonvested shares granted during the years ended December 31, 2020, 2021 and 2022 were $3.03, $nil and $nil, respectively. The total fair value of nonvested shares vested during the years ended December 31, 2020, 2021 and 2022 were $403, $656, and $1,012 respectively. The Group recognized compensation expense over the requisite service period for each separately vesting portion of the award as if the award is in substance, multiple awards. The Company recorded share-based compensation expenses relating to nonvested shares of $1,732, $1,097 and $375 for the years ended December 31, 2020, 2021 and 2022, respectively for continuing operations. As of December 31, 2020, total unrecognized compensation expenses relating to nonvested shares were $1,610, which is expected to be recognized over a weighted average period of 1.58 years. As of December 31, 2021, total unrecognized compensation expenses relating to nonvested shares were $513, which is expected to be recognized over a weighted average period of 1.45 years. As of December 31, 2022, total unrecognized compensation expenses relating to nonvested shares were $105, which is expected to be recognized over a weighted average period of 1.93 years. ​ No options and non-vested shares have been granted to GEH’s employees. $507, $189 and $272 share-based compensation was allocated to the combined carve-out financial statements for the years ended December 31, 2020, 2021, and 2022 respectively based on the allocation method described in Basis of Presentation (Note 2).

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
INCOME TAXES
INCOME TAXES	15. INCOME TAXES Continued operation Cayman Islands The Company is a tax-exempt entity incorporated in Cayman Islands. Hong Kong The Company’s subsidiary located in Hong Kong and are subject to a profits tax rate of 8.25% on assessable profits on the first Hong Kong Dollars (“HK$”) 2 million and 16.5% for any assessable profits in excess of HK$2 million starting from the financial commencing on April 1, 2018. For the years ended December 31, 2020, 2021 and 2022, the subsidiary located in Hong Kong had no assessable profits. ​ 15. INCOME TAXES - continued Continued operation Singapore The Company’s subsidiaries located in Singapore are generally subject to Singapore corporate income tax at a rate of 17% in 2020, 2021 and 2022. Under the group relief system, subject to meeting the requisite conditions, the companies may deduct unutilized capital allowances, trade losses, and donations for the current year against the assessable income of another company in the same group. The Company’s subsidiaries located in Singapore should also benefit from the partial tax exemption scheme, which provides 75% exemption from tax for the first SGD$10 thousand chargeable income and 50% exemption from tax for the next SGD$190 thousand chargeable income for the years ended December 31, 2020, 2021 and 2022. The current and deferred components of the income tax expense appearing in the combined carve-out statements of operations are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2020 2021 2022 Current tax expenses 510 627 (2) Deferred tax benefits (189) (184) (787) ​ 321 443 (789) ​ The principal components of deferred tax assets and deferred tax liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2020 2021 2022 Deferred tax assets Operating lease liabilities 1,613 1,224 917 Total deferred tax assets 1,613 1,224 917 Less: valuation allowance ​ — ​ — ​ — Total deferred tax assets, net ​ 1,613 ​ 1,224 ​ 917 ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities ​ ​ ​ ​ ​ ​ Acquired intangible assets, net ​ 1,949 ​ 1,754 ​ 959 Operating lease right-of-use assets ​ 1,581 ​ 1,202 ​ 883 Total deferred tax liabilities 3,530 2,956 1,842 Deferred income tax assets, net ​ 32 ​ 22 ​ 34 Deferred tax liabilities, net ​ 1,949 ​ 1,754 ​ 959 ​ ​ 15. INCOME TAXES - continued Continued operation The reconciliation of the effective tax rate and the statutory income tax rate applicable to Singapore is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2020 2021 2022 Income(loss) before income tax 3,280 2,492 (25,431) Income tax expense computed at an applicable tax rate of 17% ​ 558 ​ 424 ​ (4,323) Impairment loss of goodwill ​ — ​ — ​ 3,257 Depreciation of plant and equipment 125 138 137 Capital allowance (257) — (107) Non deductible expenses allocated to GEH 158 148 349 Partial tax exemption (196) (240) (20) Other items not included for tax purpose (67) (27) (78) ​ 321 443 (789) ​ The Group did not identify significant unrecognized tax benefits for the years ended December 31, 2020, 2021 and 2022. The Group did not incur any interest and penalties related to potential underpaid income tax expenses and also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from December 31, 2022.

NET (LOSS) INCOME PER SHARE

NET (LOSS) INCOME PER SHARE	12 Months Ended
	Dec. 31, 2022
NET (LOSS) INCOME PER SHARE
NET (LOSS) INCOME PER SHARE	16. NET (LOSS) INCOME PER SHARE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2020 2021 2022 Numerator: Net loss attributable to Gravitas Education Holdings, Inc. ​ 1,875 ​ 1,372 ​ (22,170) Denominator: ​ ​ ​ ​ ​ ​ Weighted average ordinary shares outstanding used in computing basic net income per ordinary share ​ ​ ​ Basic 28,122,851 28,208,734 28,291,887 Diluted 28,870,450 28,962,480 28,291,887 ​ ​ ​ ​ ​ ​ ​ Net (loss) per share attributable to ordinary shareholders ​ ​ ​ ​ ​ ​ Basic ​ 0.07 ​ 0.05 ​ (0.78) Diluted 0.06 0.05 (0.78) ​

RELATED PARTY TRANSACTION

RELATED PARTY TRANSACTION	12 Months Ended
	Dec. 31, 2022
RELATED PARTY TRANSACTION
RELATED PARTY TRANSACTION	17. RELATED PARTY TRANSACTION (1) Related parties ​ ​ ​ ​ Name of related parties Relationship with the Group ​ Koh Chew Chee ​ The CEO of GEH ​ 44 to 24 Pte Ltd ​ Controlled by Koh Chew Chee ​ Allegiance (Clementi) Pte Ltd ​ Controlled by Koh Chew Chee ​ Allegiance (Jurong East) Pte Ltd ​ Controlled by Koh Chew Chee ​ Mulberry Learning Centre CBP Pte Ltd ​ Controlled by Koh Chew Chee ​ Mulberry Learning Centre Central Pte Ltd ​ Controlled by the spouse of Koh Chew Chee ​ Randsdale Resources Limited ​ Controlled by Koh Chew Chee, held 15% equity interest in GEH ​ Strategic Eduhub Pte Ltd ​ Controlled by Koh Chew Chee ​ The Sunbird Child Development Centre Pte Ltd ​ Controlled by Koh Chew Chee ​ ​ (2) The related party transactions are as follows: Sale of merchandise,management fee and royalty fee. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2020 ​ 2021 ​ 2022 44 to 24 Pte Ltd 3 4 3 Allegiance (Clementi) Pte Ltd ​ 30 ​ 38 ​ 41 Allegiance (Jurong East) Pte Ltd ​ 31 ​ 38 ​ 41 Mulberry Learning Centre CBP Pte Ltd ​ — ​ 15 ​ — Mulberry Learning Centre Central Pte Ltd ​ 365 ​ 265 ​ 13 The Sunbird Child Development Centre Pte Ltd — — 9 Strategic Eduhub Pte Ltd 43 45 4 ​ ​ 17. RELATED PARTY TRANSACTION - continued Service fee revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2020 ​ 2021 ​ 2022 Allegiance (Clementi) Pte Ltd — 2 — Allegiance (Jurong East) Pte Ltd ​ 3 ​ — ​ — Mulberry Learning Centre CBP Pte Ltd ​ — ​ 6 ​ — Mulberry Learning Centre Central Pte Ltd ​ 81 ​ 29 ​ 11 The Sunbird Child Development Centre Pte Ltd — — 2 ​ Purchase of service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2020 2021 2022 Allegiance (Clementi) Pte Ltd ​ — — 3 Mulberry Learning Centre CBP Pte Ltd ​ — ​ 12 ​ 3 Mulberry Learning Centre Central Pte Ltd ​ 11 ​ 245 ​ 203 Strategic Eduhub Pte Ltd — — 4 ​ ​ ​ ​ ​ ​ ​ (3) The related party amount balances are as follows: Amount due from related parties Amount due from related parties represents service fee receivables due from the kindergartens controlled by GEH’s CEO or her spouse. The credit term is one month. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31 ​ ​ 2020 2021 2022 Allegiance (Clementi) Pte Ltd 129 171 222 Allegiance (Jurong East) Pte Ltd 135 176 224 Mulberry Learning Centre CBP Pte Ltd ​ 2 ​ 27 ​ — Mulberry Learning Centre Central Pte Ltd ​ 841 ​ — ​ — Strategic Eduhub Pte Ltd ​ — ​ 47 ​ 49 The Sunbird Child Development Centre Pte Ltd ​ — ​ — ​ 9 ​ 1,107 ​ 421 ​ 504 ​ ​ ​ ​ ​ ​ ​ Prepayment for investment Prepayment for investment represents service fee receivable due from a company controlled by the spouse of Koh Chew Chee. The receivable will be deducted from acquisition consideration to acquire the equity interest in this company. ​ ​ ​ ​ ​ ​ ​ ​ As of December 31 ​ ​ 2020 2021 2022 Mulberry Learning Centre Central Pte Ltd — 910 1,009 ​ — 910 1,009 ​ ​ 17. RELATED PARTY TRANSACTION - continued Accrued expenses and other current liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31 ​ ​ 2020 2021 2022 Allegiance (Clementi) Pte Ltd — — 3 Mulberry Learning Centre CBP Pte Ltd — 11 — Mulberry Learning Centre Central Pte Ltd — 5 229 ​ — 16 232 ​

EMPLOYEE DEFINED CONTRIBUTION P

EMPLOYEE DEFINED CONTRIBUTION PLAN	12 Months Ended
	Dec. 31, 2022
EMPLOYEE DEFINED CONTRIBUTION PLAN
EMPLOYEE DEFINED CONTRIBUTION PLAN	18. EMPLOYEE DEFINED CONTRIBUTION PLAN There is no employee defined contribution plan offered to employees of the Group

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	19. COMMITMENTS AND CONTINGENCIES As of December 31, 2020, 2021 and 2022, there was no commitments and contingencies.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2022
SEGMENT INFORMATION
SEGMENT INFORMATION	20. SEGMENT INFORMATION The Group’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer of the Company, who reviews financial information of operating segments when making decisions about allocating resources and assessing performance of the Group. An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur costs, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Group’s CODM. For the years ended December 31, 2020, 2021 and 2022, the Group has only one operating segment.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	12 Months Ended
	Dec. 31, 2022
SUBSEQUENT EVENT
SUBSEQUENT EVENTS	21. SUBSEQUENT EVENT ​ On January 19, 2023, the Board of Directors (“Board”) of the Company received a non-binding letter of intent from NetDragon. In a 6-K filed on April 18, 2023, the Company announced that it has entered into an agreement and plan of merger (the “Merger Agreement”) with Bright Sunlight Limited, a Cayman Islands exempted company and a direct, wholly owned subsidiary of the Company (“Merger Sub”), Best Assistant Education Online Limited, a Cayman Islands exempted company (“Best Assistant”) and a controlled subsidiary of NetDragon, and solely for purposes of certain named sections thereof, NetDragon. It’s contemplated that Best Assistant will form a Cayman Islands exempted company limited by shares (“eLMTree”) as its wholly owned subsidiary and transfer the education business of NetDragon outside of the PRC to eLMTree. Pursuant to the Merger Agreement, Merger Sub will merge with and into eLMTree with eLMTree continuing as the surviving company and becoming a wholly owned subsidiary of the Company (the “Merger”). 21. SUBSEQUENT EVENT - continued The Company is valued at US$50 million by equity value (the “GEHI Equity Value”) on a fully-diluted basis (after consummation of the Disposal (as defined below)) assuming that the net cash of the Company will be US$15 million at the closing of the Merger (the “Closing”), implying an enterprise value of GEHI at US$35 million (the “GEHI Implied Enterprise Value”), and eLMTree is valued at US$750 million by equity value on a fully-diluted basis (the “eLMTree Equity Value”) assuming a normalized level of working capital at Closing. The Merger Agreement also contemplates that the Company will change its name to “Mynd.ai, Inc.” or such other name as determined by Best Assistant and adopt an amended and restated memorandum and articles of association (the “GEHI A&R MAA”), in each case immediately before the effective time of the Merger (the “Effective Time”), following which the authorized share capital of the Company shall only consist of ordinary shares (“GEHI Shares”). Pursuant to the Merger Agreement, at the Effective Time (which is expected to occur on the date of Closing), each ordinary share of eLMTree issued and outstanding immediately prior to the Effective Time (excluding the Dissenting Shares and the Excluded Shares, each as defined in the Merger Agreement) will be cancelled in exchange for the right to receive a number of validly issued, fully paid and non-assessable GEHI Shares equal to (a) the eLMTree per share value (which is in turn calculated by (i) the eLMTree Equity Value divided by (ii) the number of ordinary shares of eLMTree that are outstanding immediately prior to the Effective Time), divided by (b) the GEHI per share value (which is in turn calculated by (i) the GEHI Equity Value, divided by (ii) the number of all GEHI Class A ordinary shares that are outstanding immediately prior to the Effective Time on a fully-diluted basis) (the aggregate number of GEHI Shares to be issued by GEHI, the “Merger Consideration”). Concurrent with the execution of the Merger Agreement, NetDragon WebSoft, Inc. (“ND BVI”), a company incorporated in the British Virgin Islands and a wholly-owned subsidiary of NetDragon, has entered into a share purchase agreement (the “Secondary SPA”) with Joy Year Limited, Bloom Star Limited, Ascendent Rainbow (Cayman) Limited (and its affiliates, “ACP”), Trump Creation Limited and China Growth Capital Limited (collectively, the “Founding Shareholders”), pursuant to which ND BVI will acquire 8,588,960 Class A ordinary shares of the Company (representing approximately 30% of the outstanding share capital of the Company as of the date hereof) from the Founding Shareholders immediately prior to the Closing at an aggregate consideration of US$15 million (the “Secondary Sale”). Concurrent with the execution of the Merger Agreement, the Company has entered into a share purchase agreement (the “Disposal Agreement”) with Rainbow Companion, Inc. (the “Disposal Purchaser”), a purchaser consortium formed by the Founding Shareholders and their affiliates. Pursuant to Disposal Agreement, immediately prior to the Closing, the Company will transfer all its education business in China to the Disposal Purchaser (the “Disposal”) at a consideration of US$15 million (the “Disposal Consideration”). Upon completion of the Disposal, the Company will cease to operate any education business in China. 21. SUBSEQUENT EVENT - continued Concurrent with the execution of the Merger Agreement, ACP, the Company and Best Assistant have also entered into a senior secured convertible note purchase agreement (the “Note Purchase Agreement”, together with the Disposal Agreement, the Merger Agreement, the Secondary SPA and the exhibits and schedules thereto, collectively, the “Transaction Documents”), pursuant to which, at the Closing, ACP will purchase US$65 million principal amount of secured convertible notes issued by the Company (the “ACP CB”) at the Closing (the “ACP CB Investment”, together with the Disposal, the Merger, the Secondary Sale and other transactions as contemplated by the Transaction Documents, the “Transactions”). Upon consummation of the Merger, the Disposal and the Secondary Sale, NetDragon will become the controlling shareholder of the Company holding approximately 72.9% of all outstanding GEHI Shares (after a special dividend is made to the shareholders of NetDragon by way of the distribution in specie of certain GEHI Shares to be held by NetDragon (indirectly through ND BVI) after the Closing but assuming the ACP CB is not converted and the share awards are not granted under the new equity compensation plan that the Company plans to adopt after the Closing). The Company’s Board, acting upon the unanimous recommendation of the special committee of the Board (the “Special Committee”) consisting solely of independent and disinterested directors, approved the Transaction Documents and the Transactions and resolved to recommend that the Company’s shareholders vote to authorize and approve the Transaction Documents and the Transactions when and if they are submitted for shareholder approval. The Special Committee received a fairness opinion from its independent financial advisor, Somerley Capital Limited, covering that each of (a) the consideration to be received by the Company from the Disposal, (b) the Merger Consideration payable by the Company for the acquisition of eLMTree, and (c) the GEHI Implied Enterprise Value, is, as of such date and based upon and subject to the assumptions, limitations and qualifications set forth in the written fairness opinion, from a financial point of view, fair to GEHI. The Company and Netdragon anticipate that the Transactions will be completed by the end of the third quarter of 2023, subject to the satisfaction of closing conditions set forth in the Transaction Documents, including, among other things, receipt of NetDragon’s shareholder approval, the Company’s shareholder approval and certain regulatory approvals. No audited financial statements of Group, GEHI, or any of its subsidiaries have been prepared in respect of any period subsequent to December 31, 2022.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The combined carve-out financial statements have been prepared for the purpose of presenting the balance sheet, statements of operations, comprehensive income (loss), changes in shareholders’ equity, and cash flows of GEHI and GEH on a combined basis.All of the assets and liabilities presented are recorded at carrying value. All intercompany balances, transactions, revenues and expenses have been eliminated. As of December 31, 2020, 2021 and 2022, there was amount due from PRC business totaling $47,096 , $50,135 and $53,981 , respectively, which will be forgiven after the Disposal. The forgiven amounts represent GEHI's investment in PRC business and are accounted for as equity transaction in the combined carve-out financial statements. For all periods, the Company’s combined carve-out financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The accompanying combined carve-out financial statements present the historical financial position, results of operations, changes in net assets and cash flows of the Company and GEH, excluding the PRC portion of the Company’s business as it was historically conducted, as more fully described below. The combined carve-out statements of comprehensive income reflect direct revenues and expenses of GEH and allocations of indirect expenses related to certain support functions that are provided on a centralized basis by GEHI. These corporate costs have been allocated to GEH on the basis of direct usage where identifiable, with the remainder allocated based on management’s best estimate of costs attributable to GEH. This allocation has been completed based on the following general process: • • Management believes the assumptions underlying the combined carve-out financial statements, including the assumptions regarding allocated expenses, reasonably reflect the utilization of services provided to or the benefit received by GEH during the periods presented. However, due to the inherent limitations of carving out the operations from the Group, these combined carve-out financial statements may not necessarily reflect the company’s financial position, results of operations and cash flow for future periods, nor do they necessarily reflect the financial position, results of operations and cash flow that would have been realized had the company been a stand-alone entity during the periods presented. The accompanying combined carve-out financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The combined carve-out financial statements have been prepared in accordance with the accounting policies set out below.
Use of estimates	Use of estimates The preparation of combined carve-out financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in the Group’s combined carve-out financial statements include, but are not limited to, purchase price allocation relating to business acquisitions, allowance for doubtful accounts, useful lives of property, plant and equipment and intangible assets, impairment of long-lived assets, goodwill and intangible assets, and incremental borrowing rate for leases. Actual results could materially differ from those estimates.
Principles of consolidation	Principles of combination The combined carve-out financial statements include the financial statements of the Company, Global Eduhub Holding Limited, Global Edu (SG) Holding Pte Ltd, GEH and GEH’s subsidiaries, excluding the PRC portion of GEHI’s business. All profits, transactions and balances among the Company, GEH, and GEH’s subsidiaries have been eliminated.
Foreign currency translation	Foreign currency translation The Company’s functional currency is the United States dollar. The functional currency of GEH and its subsidiaries is the Singapore dollar (“SGD$”). Assets and liabilities are translated from each entity’s functional currency to the reporting currency at the exchange rate on the balance sheet date. Equity accounts are translated at historical exchange rates, and revenues and expenses are translated using the average rate of exchange in effect during the reporting period. Translation adjustments are reported and shown as a separate component of other comprehensive income in the combined carve-out statements of changes in shareholders’ equity and combined carve-out statements of comprehensive (loss) income. Transactions in currencies other than the functional currencies during the year are converted into the applicable functional currencies at the applicable rates of exchange prevailing at the dates of the transactions. Monetary assets and liabilities denominated in currencies other than the functional currencies are remeasured into the functional currency using the applicable exchange rate at the balance sheet date. Exchange gains and losses are recognized in the combined carve-out statements of operations.
Business Combinations	Business Combinations Business combinations are recorded using the acquisition method of accounting. The purchase price of the acquisition is allocated to the tangible assets, liabilities, identifiable intangible assets acquired and non-controlling interest, if any, based on their estimated fair values as of the acquisition date. The excess of the purchase price over those fair values is recorded as goodwill. Acquisition-related expenses are expensed as incurred.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents consist of cash on hand, cash in banks and highly liquid investments which are unrestricted as to withdrawal or use, with an original maturity of three months or less and are readily convertible to known amount of cash.
Inventories	Inventories Inventories, mainly consisting of teaching aids, and textbooks, are stated at the lower of cost or net realized value. Cost is determined using the weighted average method. Inventory is written down for damaged and slow-moving goods, which is dependent upon factors such as historical and forecasted consumption of the inventories.
Fair value measurements	Fair value measurements Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group 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 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.
Financial instruments	Financial instruments The Group’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, other receivables and amount due from related parties. The carrying amounts of cash and cash equivalents, accounts receivable and other receivable approximate their fair values due to the short-term maturities of these instruments. For the impairment of the financial instruments other than accounts receivable, the Group has identified the relevant risk characteristics which include size and nature or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. When specific debtors are identified as no longer sharing the same risk profile as their current pool, they are removed from the pool and evaluated separately.
Allowance for doubtful accounts	Allowance for doubtful accounts On January 1, 2020, the Group adopted ASC 326 Financial Instruments – Credit Losses Management used an expected credit loss model for the impairment of financial instruments mentioned above as of period ends. For the allowance of the accounts receivable, management believes the aging of accounts receivable is a reasonable parameter to estimate expected credit loss, and determines expected credit losses for accounts receivables using an aging schedule as of period ends. The expected credit loss rates under each aging schedule were developed on basis of the average historical loss rates from previous years, and adjusted to reflect the effects of those differences in current conditions and forecasted changes. Management measured the expected credit losses of accounts receivable on a collective basis. When an accounts receivable does not share risk characteristics with other accounts receivables, management will evaluate such accounts receivable for expected credit loss on an individual basis. Doubtful accounts balances are written off and deducted from allowance for credit loss, when receivables are deemed uncollectible, after all collection efforts have been exhausted and the potential for recovery is considered remote.
Property, plant and equipment, net	Property, plant and equipment, net Property, plant and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: ​ ​ ​ ​ Category Estimated useful life Furniture, fixture and equipment 5 years Leasehold improvement Shorter of lease term or economic life ​ Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterment that extends the useful lives of property, plant and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the assets and accumulated depreciation accounts with any resulting gain or loss reflected in the combined carve-out statements of operations.
Leases	Leases The Group applies Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) when accounting for leases. The Group has lease contracts for offices, kindergartens and student care centers in different cities in Singapore under operating leases. The Group determines whether an arrangement constitutes a lease and records lease liabilities and right-of-use assets on its combined carve-out balance sheets at lease commencement. The Group measures its lease liabilities based on the present value of the total lease payments not yet paid discounted based on the more readily determinable of the rate implicit in the lease or its incremental borrowing rate, which is the estimated rate the Group would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease. The Group estimates its incremental borrowing rate based on an analysis of publicly traded debt securities of companies with credit and financial profiles similar to its own. The Group measures right-of-use assets based on the corresponding lease liability adjusted for payments made to the lessor at or before the commencement date, and initial direct costs it incurred under the lease. The Group begins recognizing lease expense when the lessor makes the underlying asset available to the Group. For leases with lease term less than one year (short-term leases), the Group records operating lease expense in its combined carve-out statements of operations on a straight-line basis over the lease term and record variable lease payments as incurred. In April 2020, the FASB issued guidance for lease concessions provided to lessees in response to the effects of COVID-19. Such guidance allows lessees to make an election not to evaluate whether a lease concession provided by a lessor should be accounted for as a lease modification, in the event the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. Such concessions would be recorded as negative lease expense in the period of relief. The Group has elected to apply the practical expedient. See Note 11.
Intangible assets, net	Intangible assets, net Intangible assets with definite lives are carried at cost less accumulated amortization and impairment. The amortization of such intangible assets is recognized over the expected useful lives of the assets. Intangible assets with indefinite lives are not amortized, but tested for impairment annually or more frequently if event and circumstances indicate that it might be impaired.
Impairment of long-lived assets with definite lives	Impairment of long-lived assets with definite lives Long-lived assets, including property, plant and equipment, operating lease right-of-use assets, intangible assets with definite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset or asset group may not be recoverable. When these events occur, the Group measures impairment by comparing the carrying value of the long-lived assets or assets group to the estimated undiscounted future cash flows expected to result from the use of the assets or asset group and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets or assets group, the Group would recognize an impairment loss based on the fair value of the assets or assets group. The Group recorded impairment loss on property, plant, and equipment and operating lease right-of-use assets of $Nil , $ Nil and $ Nil during the years ended December 31,2020, 2021 and 2022. The Group recorded impairment losses on intangible assets with definite lives of $ Nil , $ Nil and $1,365 during the years ended December 31, 2020, 2021 and 2022, respectively.
Impairment of goodwill and indefinite-lived intangible assets	Impairment of goodwill and indefinite-lived intangible assets Goodwill is not amortized, but tested for impairment annually or more frequently if event and circumstances indicate that it might be impaired. The guidance permits the Group to first assess qualitative factors to determine whether it is “more likely than not” that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the goodwill impairment test. Absent from any impairment indicators, the Group performs its annual impairment test on the last day of each fiscal year. On January 1, 2020, the Group adopted ASU No. 2017-04, Intangibles—Goodwill and Other Simplifying the Test for Goodwill Impairment Goodwill is tested for impairment annually for the reporting unit or more frequently if events or changes in circumstances indicate that it might be impaired. The Group performs its annual quantitative impairment assessment considering the weighting of both an income and a market approach. The income approach is based on estimated present value of future cash flows for the reporting unit carrying a goodwill balance. The market approach is based on assumptions about how market data relates to the reporting unit carrying a goodwill balance. The weighting of these two approaches is based on their individual correlation to the economics of each reporting unit carrying a goodwill balance. When using discounted cash flow model to determine the fair value of a reporting unit, the discounted cash flow model includes a number of significant unobservable inputs. Key assumptions used to determine the estimated fair value include: (a) internal cash flows forecasts including expected revenue growth, operating margins and estimated capital needs, (b) an estimated terminal value using a terminal year long-term future growth rate determined based on the growth prospects of the reporting units; and (c) a discount rate that reflects the weighted-average cost of capital adjusted for the relevant risk associated with the reporting unit’s operation and the uncertainty inherent in the Group’s internally developed forecast. The impairment test for intangible assets not subject to amortization consists of a comparison of the fair value of the intangible asset with its carrying value. If the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The Group recorded impairment losses on goodwill of $Nil, $Nil and $19,156 during the years ended December 31, 2020, 2021 and 2022, respectively. The Group recorded impairment losses on the indefinite-lived intangible assets of $Nil, $Nil and $2,140 during the years ended December 31, 2020, 2021 and 2022, respectively.
Revenue recognition	Revenue recognition The Group follows five steps for its revenue recognition under ASC 606: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Group generated its revenues from the following revenue sources: (i) Tuition fees generated from kindergarten services and student care services The Group provides private kindergarten services and students care centers services to students. Tuition fees are collected in advance and are initially recorded as deferred revenue. 2. SIGNIFICANT ACCOUNTING POLICIES - continued Revenue recognition – continued Kindergarten services consist of a series of classes which are highly interdependent and interrelated in the context of the contract and each class is not distinct and not sold standalone. Therefore, the kindergarten services are accounted for as a single performance obligation. Student care services provide a separate series of classes which are highly interdependent and interrelated in the context of the contract and each class is not distinct and not sold standalone. Therefore, student care services are accounted for as a single performance obligation. The transaction prices for kindergarten services and student care services are determined by the contract amount net of refund. For the kindergarten program, the students can claim certain amount of the tuition refund, upon withdrawal, if more than a certain number of classes are missed. For the student care services, the students can claim refund, upon withdrawal, if classes are missed due to illness. The refund amount is subject to the refund policy at each facility and the timing of the student’s withdrawal. No refund is provided for kindergarten and student care services provided in Singapore. Revenues for the kindergarten services and student care center services are recognized on a straight line basis over the service period. (ii) Franchising fees GEH generates revenues by franchising kindergartens., and collects from franchisees the initial franchising fees and annual franchise fee. As the initial franchising service and annual franchising service are distinct from each other, the Group identifies two performance obligations accordingly. The transaction price is allocated to each performance obligation based on a relative stand-alone selling price. Initial franchising fees represent provision of initial set-up services which are typically received upfront and recorded as prepayment from customers. The set-up period usually begins with the site renovation or training services, whichever is earlier, to the time point when kindergartens commence operations, which is approximately 7 or 8 months. Initial franchising fees are recognized over time throughout the set-up period. (ii) Franchising fees – continued Annual franchise fees represent supporting services provided by the Group to the franchised kindergartens. The related annual franchise fees are received upfront and recorded as deferred revenue. Annual franchise fees are recognized over time throughout the contract terms. (iii) Sales of educational merchandise The Group’s educational merchandise consists of teaching aids, textbooks and other goods. The Group considers both franchisees and end-users as its customers. Prepayments for sales of educational merchandise are recognized as prepayments from customers. Sales of educational merchandise is accounted for as a single performance obligation, and recognized at the point of time when the control of promised goods is transferred to the customers. ​ ​ 2. SIGNIFICANT ACCOUNTING POLICIES - continued Revenue recognition – continued The following table presents the Group’s revenues disaggregated by revenue types. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2020 2021 2022 Services: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tuition fees from kindergartens and student care centers 24,914 ​ 29,941 29,595 Franchise fees 1,000 ​ 869 941 Others ​ 2 ​ 123 ​ 110 ​ ​ ​ ​ ​ ​ ​ Products: ​ ​ ​ ​ Sale of educational merchandise 48 ​ 74 106 ​ ​ ​ ​ ​ ​ ​ Total net revenues 25,964 ​ 31,007 30,752 ​ The following table presents the Group’s revenues recognized over time or point in time. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2020 2021 2022 Recognized over time 25,916 30,933 30,646 Recognized point in time 48 74 106 Total net revenues 25,964 31,007 30,752 ​ Contract liabilities The Group’s contract liabilities consists of prepayments from customers and deferred revenue, primarily relate to the advance consideration received from customers, which include tuition fees received from customers, initial franchise fees and annual franchise fees received from franchisees, advance consideration of educational merchandise received from customers, and royalty fees received from other business partners. The amount from customers before provision of service is recognized as prepayments The prepayments from customers and deferred revenue are recognized as revenue once the criteria for revenue recognition are met. The table below reflects the Group’s contract liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 2022 Prepayments from customers — ​ — 53 Deferred revenue, current portion 559 ​ 802 892 ​ The Group recognized $668, $559 and $ 802 in revenue for the years ended December 31, 2020, December 31, 2020, 2021 and December 31, 2022, respectively, which related to contract liabilities that existed at December 31, 2019, 2020 and 2021, respectively. The balances as of December 31, 2020,2021 and 2022 are expected to be recognized as revenue within one year. There was no contract asset recorded as of December 31, 2020 and 2021 and 2022.
Goods and Services Tax	Goods and Services Tax Goods and Services Tax (“GST”) is a broad-based value added tax in Singapore, which is imposed on all supplies of goods and services in Singapore made by a taxable person for business purposes. GST rate is 7% of the gross sales. Singapore’s entities whose taxable turnover for the past 12 months exceeds SGD$1 million or the taxable turnover in the next 12 months to be more than SGD$1 million should be registered as GST-registered companies. For GST-registered entities, their revenue generated from kindergarten services, student care services and others, is reported net of GST collected on behalf of Singapore tax authorities. For Non-GST registered entities, they are qualified for GST exemption for all kinds of revenue.
Income taxes	Income taxes Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the combined carve-out financial statements. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that a portion of or all of the deferred tax assets will not be realized. The impact of an uncertain income tax position is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes.
Government subsidies	Government subsidies Government subsidies represent government grants received from Singapore government authority to encourage the Company’s services. The Company records such government subsidies as income when it has fulfilled all of its obligation related to the subsidy. The Company recorded $4,348, $2,176, and $1,682 of subsidy income for the years ended December 31, 2020, 2021 and 2022, respectively.
Net (loss) income per share	Net (loss) income per share Basic net (loss) income per share is computed by dividing net loss or income attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period. The share options exercisable for little to no consideration are considered as issuable ordinary shares, and therefore included in basic shares outstanding. Diluted net (loss) income per share reflects the potential dilution that could occur if securities to issue ordinary shares were exercised or converted into ordinary shares. The dilutive effect of outstanding share-based awards is reflected in the diluted net (loss) income per share by application of the treasury stock method.
Comprehensive (loss) income	Comprehensive (loss) income Comprehensive (loss) income includes net (loss) income and foreign currency translation adjustments and is reported in the combined carve-out statements of comprehensive (loss) income. The Group presents the components of net (loss) income, the components of other comprehensive (loss) income and total comprehensive (loss) income in two separate but consecutive statements.
Significant risks and uncertainties	Significant risks and uncertainties Concentration of credit risk Financial instruments that potentially expose the Group to significant concentration of credit risk primarily consist of cash and cash equivalents, accounts receivable, and prepaid expenses and other current assets. As of December 31, 2020, 2021 and 2022, all of the Group’s cash and cash equivalents were deposited in financial institutions located in the United States of America and Singapore. Accounts receivable are typically unsecured and are derived from revenue earned from customers inSingapore. The risk with respect to accounts receivable is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring process of outstanding balances. Concentration of customers No customer accounts for 10% or more of revenue for the years ended 2022 and accounts receivable as of December 31, 2020, 2021 and 2022.
Recent accounting pronouncements not yet adopted	Recent accounting pronouncements not yet adopted In August 2020, the FASB issued ASU No.2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity(Subtopic 815-40):Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity(ASU 2020-06),which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. The amendments are effective for fiscal years beginning after December 15 2021, including interim periods within those fiscal years, with early adoption permitted. The Group adopted ASU 2020-06 on January 1, 2022, and the adoption had no material impact on the Group’s combined carve-out financial statements. In May 2021 the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718). and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40)to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity -classified written call options (for example warrants) that remain equity classified after modification or exchange. The amendments in this update are effective for all entities for fiscal years beginning after December15, 2022, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. The Group is currently evaluating the impact of the new guidance on our combined carve-out financial statements. In October 2021, the FASB issued ASU No.2021-08 Business Combinations (Tonic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU2021-08),which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606 Revenue from Contracts with Customers. The new amendments are effective for us are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments with early adoption permitted. The Group is currently evaluating the impact of the new guidance on our combined carve-out financial statements.

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Tables)	12 Months Ended
	Dec. 31, 2022
ORGANIZATION AND BASIS OF PRESENTATION
Schedule of Company's subsidiary, its VIE and VIE's major significant subsidiaries and kindergartens	As of December 31, 2022, details of the GEHI’s major subsidiaries included in the combined carve-out financial statements were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date of ​ ​ ​ Percentage of ​ ​ ​ ​ establishment ​ Place of ​ legal ownership ​ ​ Name or acquisition establishment by the Company Principal activities Major subsidiaries: ​ ​ ​ ​ ​ ​ Mulberry Learning Centre International Pte Ltd ​ April 1, 2019 ​ Singapore ​ 85% ​ Kindergarten services Mulberry Learning Centre Tanjong Pagar Pte Ltd ​ April 1, 2019 ​ Singapore ​ 85% ​ Kindergarten services Alphabet Playhouse Childcare and Learning Centre Pte Ltd ​ April 1, 2019 ​ Singapore ​ 85% ​ Kindergarten services Alphabet Playhouse East Coast Pte Ltd ​ April 1, 2019 ​ Singapore ​ 85% ​ Kindergarten services Mulberry Learning Centre Alexandra Pte Ltd ​ November 1, 2019 ​ Singapore ​ 85% ​ Kindergarten services Little Greenhouse Bukit Batok Pte Ltd April 1, 2019 Singapore 85% ​ Kindergarten services Little Greenhouse Sengkang Pte Ltd ​ April 1, 2019 ​ Singapore ​ 85% ​ Kindergarten services Little Greenhouse S540 Pte Ltd April 1, 2019 Singapore 85% ​ Kindergarten services Little Greenhouse Childcare & Development Pte Ltd ​ April 1, 2019 ​ Singapore ​ 85% ​ Kindergarten services Allegiance (Edu) Ptd Ltd April 1, 2020 Singapore 85% ​ Kindergarten services Little Greenhouse S553 Pte Ltd April 1, 2019 Singapore 85% ​ Kindergarten services

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Schedule of property, plant and equipment estimated useful life and residual value	​ ​ ​ ​ Category Estimated useful life Furniture, fixture and equipment 5 years Leasehold improvement Shorter of lease term or economic life ​
Schedule of revenues disaggregated by revenue sources and revenue types	​ ​ The following table presents the Group’s revenues disaggregated by revenue types. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2020 2021 2022 Services: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tuition fees from kindergartens and student care centers 24,914 ​ 29,941 29,595 Franchise fees 1,000 ​ 869 941 Others ​ 2 ​ 123 ​ 110 ​ ​ ​ ​ ​ ​ ​ Products: ​ ​ ​ ​ Sale of educational merchandise 48 ​ 74 106 ​ ​ ​ ​ ​ ​ ​ Total net revenues 25,964 ​ 31,007 30,752 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2020 2021 2022 Recognized over time 25,916 30,933 30,646 Recognized point in time 48 74 106 Total net revenues 25,964 31,007 30,752
Schedule of contract liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 2022 Prepayments from customers — ​ — 53 Deferred revenue, current portion 559 ​ 802 892

ACCOUNTS RECEIVABLE, NET (Table

ACCOUNTS RECEIVABLE, NET (Tables)	12 Months Ended
	Dec. 31, 2022
ACCOUNTS RECEIVABLE, NET
Schedule of accounts receivable, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2021 2022 Accounts receivable 1,012 1,211 1,060 Less: allowance for doubtful accounts (361) (433) (402) Accounts receivable, net 651 778 658 ​
Schedule of movement of allowance for doubtful accounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2021 ​ 2022 Balance at beginning of the year (216) (361) ​ (433) Adoption of ASC 326 ​ (100) ​ — ​ — (Addition) reverse ​ (39) ​ (81) ​ 34 Foreign currency adjustment (6) 9 ​ (3) Balance at end of the year (361) (433) ​ (402)
Schedule of ageing analysis of accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2021 2022 Trade debtors 0 – 30 days 225 281 249 31 – 60 days 88 95 86 61 – 90 days 12 21 10 91 – 180 days 126 209 161 181 days – 1 year 285 185 216 1 year – 2 years 182 254 180 Over 2 years 94 166 158 ​ ​ ​ ​ ​ ​ ​ ​ 1,012 1,211 1,060

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2022
INVENTORIES
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2021 2022 Educational merchandise 69 116 96

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Schedule of prepaid expenses and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2021 2022 Prepaid service fees 498 522 502 Others 131 158 203 ​ ​ ​ ​ ​ ​ ​ Less: allowance for doubtful accounts ​ (14) ​ (14) ​ (14) ​ ​ ​ ​ ​ ​ ​ ​ ​ 615 ​ 666 ​ 691

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2022
PROPERTY, PLANT AND EQUIPMENT, NET
Summary of Property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2021 2022 Furniture, fixture and equipment 2,359 2,458 2,921 Leasehold improvement 4,260 5,280 6,456 Less: accumulated depreciation (3,184) (3,686) (4,597) ​ ​ 3,435 ​ 4,052 ​ 4,780

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2022
GOODWILL
Schedule of changes in carrying amount of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2021 2022 Costs: ​ ​ ​ ​ ​ ​ Beginning balance 18,959 19,203 19,177 Addition 228 — — Foreign currency adjustment 16 (26) 10 Ending balance 19,203 19,177 19,187 Goodwill impairment — — (19,187) Goodwill, net 19,203 19,177 —
Schedule of key assumptions were made in the discounted cash flow model to determine the fair value of each reporting unit	​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2020 ​ 2021 ​ 2022 Revenue growth 8%-12% ​ 8%-12% ​ 3%-13% WACC 14% ​ 14% ​ 14% Income tax rate 17% ​ 17% ​ 17% Terminal growth rate 2% ​ 2% ​ 2% Forecasted inflation rate 2% ​ 2% ​ 2%

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2022
INTANGIBLE ASSETS, NET
Schedule of intangible assets, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 ​ 2021 2022 Intangible assets not subject to amortization: ​ ​ ​ ​ ​ ​ Trademark 7,766 ​ 7,766 7,841 Intangible assets subject to amortization: ​ ​ ​ ​ ​ ​ Student base 4,006 ​ 3,998 4,036 Initial franchise ​ 1,626 ​ 1,626 ​ 1,641 Software and courses ​ 19 ​ 19 ​ 27 Total costs 13,417 ​ 13,409 13,545 Less: accumulated amortization (1,940) ​ (3,089) (4,293) impairment ​ — ​ — ​ (3,605) Intangible assets, net 11,477 ​ 10,320 5,647
Schedule of estimated amortization expenses for future period	​ ​ ​ ​ Years ending December 31, ​ ​ 2023 1 2024 ​ 1 2025 ​ 1 2026 ​ 1 2027 ​ 1 2028 and thereafter ​ — Total expected amortization expense ​ 5

OTHER NON-CURRENT ASSETS (Table

OTHER NON-CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
OTHER NON-CURRENT ASSETS
Schedule of other non-current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2021 2022 Rental deposits (1) 1,375 1,302 1,288 Prepayment for property, plant and equipment ​ 1,069 ​ 511 ​ 21 Others ​ 135 ​ 60 ​ 45 ​ 2,579 1,873 1,354 ​ (1) Rental deposits represent office and kindergartens rental deposits for the Group’s operations, which will not be refunded within one year.

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Schedule components of accrued expenses and other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2021 2022 Trade payables 426 765 573 Salary and welfare payable 1,454 1,562 1,432 Accrued expenses 816 358 1,054 Other tax payable 284 310 315 Others 440 309 296 ​ 3,420 3,304 3,670
Schedule of ageing analysis of Trade payables	​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2020 2021 2022 0-90 Days 263 624 432 91-180 Days 27 8 3 181-365 Days 25 10 22 over 1 Years 111 123 116 ​ 426 765 573

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2022
LEASES
Summary of total operating lease expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2020 ​ 2021 2022 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ Operating cash flows used in operating leases 3,778 ​ 3,978 ​ 3,789 ​ Right-of-use assets obtained in exchange for new lease obligations: 4,388 ​ 1,675 ​ 1,828 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term 2.83 ​ 2.24 ​ 1.65 ​ Weighted average discount rate 3.02 % 2.61 % 3.09 %
Summary of maturity analysis of the annual undiscounted cash flows	​ ​ ​ ​ Years ending December 31, ​ 2023 3,197 2024 1,833 2025 538 2026 35 2027 — 2028 and thereafter ​ — Less: imputed interest (207) Total operating lease liabilities ​ 5,396 Less: current operating lease liabilities ​ 2,928 Non-current operating lease liabilities ​ 2,468

SHARE INCENTIVE PLAN (Tables)

SHARE INCENTIVE PLAN (Tables)	12 Months Ended
	Dec. 31, 2022
SHARE INCENTIVE PLAN
Summary of stock option activity	​ ​ Number Weighted Weighted average Weighted average Aggregate ​ ​ of options ​ average ​ grant-date ​ remaining contractual ​ intrinsic ​ ​ outstanding ​ exercise price ​ fair value per option ​ term (years) ​ value Options outstanding at January 1, 2020 4,008,558 7.02 3.54 5.14 6,084 Granted 554,000 0.01 2.69 9.82 1,312 Exercised — — — Forfeited (6,100) 8.49 8.51 — — Expired — — — — — Options outstanding at December 31, 2020 4,556,458 6.16 3.43 5.36 2,175 Options expected to vest at December 31, 2020 4,556,458 6.16 3.43 5.36 2,175 Vested and exercisable at December 31, 2020 3,754,683 6.70 3.40 4.62 2,175 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding at January 1, 2021 4,556,458 6.16 3.43 5.36 2,175 Granted — — — — — Exercised — — — — — Forfeited (26,300) 7.20 4.04 — — Expired — — — — — Options outstanding at December 31, 2021 4,530,158 6.15 3.43 4.29 2,846 Options expected to vest at December 31, 2021 4,530,158 6.15 3.43 4.29 2,846 Vested and exercisable at December 31, 2021 4,114,358 6.77 3.51 3.83 1,730 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding at January 1, 2022 4,530,158 6.15 3.43 4.29 2,846 Granted 530,757 0.001 1.69 — — Exercised — — — — — Forfeited (594,366) 4.58 0.19 — — Expired (193,000) 1.08 2.62 — — Options outstanding at December 31, 2022 4,273,549 5.83 3.47 4.09 571 Options expected to vest at December 31, 2022 4,273,549 5.83 3.47 4.09 571 Vested and exercisable at December 31, 2022 3,537,509 7.05 3.79 3.12 571
Schedule of fair value assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Grant date 2020 2022 ​ Risk-free interest rate ​ 0.86 % - 0.93 % 1.88 % - 2.93 % Expected volatility ​ ​ ​ ​ 40 % 76 % - 77 % Expected dividend yield ​ ​ ​ — ​ ​ ​ ​ — ​ Exercise multiples ​ ​ ​ 2.2 ​ ​ ​ ​ 2.2 ​ Fair value of underlying ordinary share ​ 2.38 ~ 2.7 ​ 0.86 ​ - 1.88 ​
Summary of the nonvested shares activities	​ ​ ​ ​ ​ ​ ​ ​ ​ Number Weighted ​ ​ of nonvested shares ​ average grant date ​ Aggregate ​ ​ outstanding ​ fair value ​ intrinsic value Nonvested shares outstanding at January 1, 2020 383,534 11.05 2,090 Granted 333,750 3.03 — Vested (134,408) 12.12 — ​ ​ ​ ​ ​ ​ ​ Nonvested shares outstanding at December 31, 2020 582,876 6.21 1,381 Granted — — — Vested (223,180) 8.25 — ​ ​ ​ ​ ​ ​ ​ Nonvested shares outstanding at December 31, 2021 359,696 4.94 712 Granted — — — Vested (164,821) 6.14 — ​ ​ ​ ​ ​ ​ ​ Nonvested shares outstanding at December 31, 2022 194,875 3.93 110

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
INCOME TAXES
Schedule of current and deferred components of the income tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2020 2021 2022 Current tax expenses 510 627 (2) Deferred tax benefits (189) (184) (787) ​ 321 443 (789)
Schedule of principle components of deferred tax assets and deferred tax liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2020 2021 2022 Deferred tax assets Operating lease liabilities 1,613 1,224 917 Total deferred tax assets 1,613 1,224 917 Less: valuation allowance ​ — ​ — ​ — Total deferred tax assets, net ​ 1,613 ​ 1,224 ​ 917 ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities ​ ​ ​ ​ ​ ​ Acquired intangible assets, net ​ 1,949 ​ 1,754 ​ 959 Operating lease right-of-use assets ​ 1,581 ​ 1,202 ​ 883 Total deferred tax liabilities 3,530 2,956 1,842 Deferred income tax assets, net ​ 32 ​ 22 ​ 34 Deferred tax liabilities, net ​ 1,949 ​ 1,754 ​ 959
Schedule of reconciliation of the effective tax rate and statutory income tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2020 2021 2022 Income(loss) before income tax 3,280 2,492 (25,431) Income tax expense computed at an applicable tax rate of 17% ​ 558 ​ 424 ​ (4,323) Impairment loss of goodwill ​ — ​ — ​ 3,257 Depreciation of plant and equipment 125 138 137 Capital allowance (257) — (107) Non deductible expenses allocated to GEH 158 148 349 Partial tax exemption (196) (240) (20) Other items not included for tax purpose (67) (27) (78) ​ 321 443 (789)

NET (LOSS) INCOME PER SHARE (Ta

NET (LOSS) INCOME PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2022
NET (LOSS) INCOME PER SHARE
Schedule of computation of basic and diluted net (loss) income per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2020 2021 2022 Numerator: Net loss attributable to Gravitas Education Holdings, Inc. ​ 1,875 ​ 1,372 ​ (22,170) Denominator: ​ ​ ​ ​ ​ ​ Weighted average ordinary shares outstanding used in computing basic net income per ordinary share ​ ​ ​ Basic 28,122,851 28,208,734 28,291,887 Diluted 28,870,450 28,962,480 28,291,887 ​ ​ ​ ​ ​ ​ ​ Net (loss) per share attributable to ordinary shareholders ​ ​ ​ ​ ​ ​ Basic ​ 0.07 ​ 0.05 ​ (0.78) Diluted 0.06 0.05 (0.78)

RELATED PARTY TRANSACTION (Tabl

RELATED PARTY TRANSACTION (Tables)	12 Months Ended
	Dec. 31, 2022
RELATED PARTY TRANSACTION
Schedule of transactions with related parties	(1) Related parties ​ ​ ​ ​ Name of related parties Relationship with the Group ​ Koh Chew Chee ​ The CEO of GEH ​ 44 to 24 Pte Ltd ​ Controlled by Koh Chew Chee ​ Allegiance (Clementi) Pte Ltd ​ Controlled by Koh Chew Chee ​ Allegiance (Jurong East) Pte Ltd ​ Controlled by Koh Chew Chee ​ Mulberry Learning Centre CBP Pte Ltd ​ Controlled by Koh Chew Chee ​ Mulberry Learning Centre Central Pte Ltd ​ Controlled by the spouse of Koh Chew Chee ​ Randsdale Resources Limited ​ Controlled by Koh Chew Chee, held 15% equity interest in GEH ​ Strategic Eduhub Pte Ltd ​ Controlled by Koh Chew Chee ​ The Sunbird Child Development Centre Pte Ltd ​ Controlled by Koh Chew Chee ​ ​ (2) The related party transactions are as follows: Sale of merchandise,management fee and royalty fee. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2020 ​ 2021 ​ 2022 44 to 24 Pte Ltd 3 4 3 Allegiance (Clementi) Pte Ltd ​ 30 ​ 38 ​ 41 Allegiance (Jurong East) Pte Ltd ​ 31 ​ 38 ​ 41 Mulberry Learning Centre CBP Pte Ltd ​ — ​ 15 ​ — Mulberry Learning Centre Central Pte Ltd ​ 365 ​ 265 ​ 13 The Sunbird Child Development Centre Pte Ltd — — 9 Strategic Eduhub Pte Ltd 43 45 4 ​ ​ 17. RELATED PARTY TRANSACTION - continued Service fee revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2020 ​ 2021 ​ 2022 Allegiance (Clementi) Pte Ltd — 2 — Allegiance (Jurong East) Pte Ltd ​ 3 ​ — ​ — Mulberry Learning Centre CBP Pte Ltd ​ — ​ 6 ​ — Mulberry Learning Centre Central Pte Ltd ​ 81 ​ 29 ​ 11 The Sunbird Child Development Centre Pte Ltd — — 2 ​ Purchase of service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2020 2021 2022 Allegiance (Clementi) Pte Ltd ​ — — 3 Mulberry Learning Centre CBP Pte Ltd ​ — ​ 12 ​ 3 Mulberry Learning Centre Central Pte Ltd ​ 11 ​ 245 ​ 203 Strategic Eduhub Pte Ltd — — 4 ​ ​ ​ ​ ​ ​ (3) The related party amount balances are as follows: Amount due from related parties Amount due from related parties represents service fee receivables due from the kindergartens controlled by GEH’s CEO or her spouse. The credit term is one month. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31 ​ ​ 2020 2021 2022 Allegiance (Clementi) Pte Ltd 129 171 222 Allegiance (Jurong East) Pte Ltd 135 176 224 Mulberry Learning Centre CBP Pte Ltd ​ 2 ​ 27 ​ — Mulberry Learning Centre Central Pte Ltd ​ 841 ​ — ​ — Strategic Eduhub Pte Ltd ​ — ​ 47 ​ 49 The Sunbird Child Development Centre Pte Ltd ​ — ​ — ​ 9 ​ 1,107 ​ 421 ​ 504 ​ ​ ​ ​ ​ ​ ​ Prepayment for investment Prepayment for investment represents service fee receivable due from a company controlled by the spouse of Koh Chew Chee. The receivable will be deducted from acquisition consideration to acquire the equity interest in this company. ​ ​ ​ ​ ​ ​ ​ ​ As of December 31 ​ ​ 2020 2021 2022 Mulberry Learning Centre Central Pte Ltd — 910 1,009 ​ — 910 1,009 ​ ​ 17. RELATED PARTY TRANSACTION - continued Accrued expenses and other current liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31 ​ ​ 2020 2021 2022 Allegiance (Clementi) Pte Ltd — — 3 Mulberry Learning Centre CBP Pte Ltd — 11 — Mulberry Learning Centre Central Pte Ltd — 5 229 ​ — 16 232

ORGANIZATION AND BASIS OF PRE_3

ORGANIZATION AND BASIS OF PRESENTATION (Details)	Dec. 31, 2022
Mulberry Learning Centre International Pte Ltd
Investments in and advances to affiliates
Percentage of legal ownership by the Company	85%
Mulberry Learning Centre @ Tanjong Pagar Pte Ltd
Investments in and advances to affiliates
Percentage of legal ownership by the Company	85%
Alphabet Playhouse Childcare and Learning Centre Pte Ltd
Investments in and advances to affiliates
Percentage of legal ownership by the Company	85%
Alphabet Playhouse @ East Coast Pte Ltd
Investments in and advances to affiliates
Percentage of legal ownership by the Company	85%
Mulberry Learning Centre Alexandra Pte Ltd
Investments in and advances to affiliates
Percentage of legal ownership by the Company	85%
Little Greenhouse @ Bukit Batok Pte Ltd
Investments in and advances to affiliates
Percentage of legal ownership by the Company	85%
Little Greenhouse @ Sengkang Pte Ltd
Investments in and advances to affiliates
Percentage of legal ownership by the Company	85%
Little Greenhouse @ S540 Pte Ltd
Investments in and advances to affiliates
Percentage of legal ownership by the Company	85%
Little Greenhouse Childcare & Development Pte Ltd
Investments in and advances to affiliates
Percentage of legal ownership by the Company	85%
Allegiance (Edu) Ptd Ltd
Investments in and advances to affiliates
Percentage of legal ownership by the Company	85%
Little Greenhouse @ S553 Pte Ltd
Investments in and advances to affiliates
Percentage of legal ownership by the Company	85%

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
Amount due from PRC business	$ 53,981	$ 50,135	$ 47,096

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Property, plant and equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Allowance for doubtful accounts
Accumulated deficit	$ (56,152)	$ (29,779)	$ (31,151)
Lessee, Operating Lease, Description
Remaining lease term	1 year
Lessee, Operating Lease, Option to Extend	expense
Impairment of long-lived assets with definite lives
Impairment loss on property, plant, and equipment and operating lease right-of-use assets	$ 0	0	0
Impairment losses on intangible assets with definite lives	$ 1,365	$ 0	$ 0
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment of Intangible Assets (Excluding Goodwill)	Impairment of Intangible Assets (Excluding Goodwill)	Impairment of Intangible Assets (Excluding Goodwill)
Impairment of goodwill and indefinite-lived intangible assets
Impairment loss on goodwill	$ 19,156	$ 0	$ 0
Impairment losses for indefinite-lived intangible assets	$ 2,140	$ 0	$ 0
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment of Intangible Assets (Excluding Goodwill)	Impairment of Intangible Assets (Excluding Goodwill)	Impairment of Intangible Assets (Excluding Goodwill)
Long-term investments
Impairment losses on its equity method investments	$ 0	$ 0	$ 0
ASU 2016-13
Allowance for doubtful accounts
Accumulated deficit				$ 100
Furniture, fixture and equipment
Property, plant and equipment, net
Estimated useful life	5 years

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Revenue recognition (Details) - Franchise fees	12 Months Ended
	Dec. 31, 2022 item
Franchising fees
Number of performance obligations	2
Minimum
Franchising fees
Estimate of time required to set up kindergartens and play-and-learn centers (in months)	7 months
Maximum
Franchising fees
Estimate of time required to set up kindergartens and play-and-learn centers (in months)	8 months

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Net revenues & Contract liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net revenues
Total net revenues	$ 30,752	$ 31,007	$ 25,964
Contract liabilities
Prepayments from customers	53
Deferred revenue, current portion	892	802	559
Deferred revenue, non-current portion	892	802	559
Revenue recognized related to contract liabilities that existed in previous year	802	559	668
Contract asset recorded		0
Recognized over time
Net revenues
Total net revenues	30,646	30,933	25,916
Recognized point in time
Net revenues
Total net revenues	106	74	48
Services
Net revenues
Total net revenues	30,646	30,933	25,916
Tuition fees from kindergartens, play-and-learn centers and student care centers
Net revenues
Total net revenues	29,595	29,941	24,914
Franchise fees
Net revenues
Total net revenues	941	869	1,000
Others
Net revenues
Total net revenues	110	123	2
Products
Net revenues
Total net revenues	106	74	48
Sale of educational merchandise
Net revenues
Total net revenues	$ 106	$ 74	$ 48

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES - Value added taxes (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 SGD ($)
SIGNIFICANT ACCOUNTING POLICIES
GST rate	7%
Minimum taxable turnover for the past 12 months for gst rate of 7%	$ 1
Minimum taxable turnover in the next 12 months for gst rate of 7%	$ 1

SIGNIFICANT ACCOUNTING POLICI_9

SIGNIFICANT ACCOUNTING POLICIES - Government subsidies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
Government subsidy income	$ 1,682	$ 2,176	$ 4,348

ACCOUNTS RECEIVABLE, NET (Detai

ACCOUNTS RECEIVABLE, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ACCOUNTS RECEIVABLE, NET
Accounts receivable	$ 1,060	$ 1,211	$ 1,012
Less: allowance for doubtful accounts	(402)	(433)	(361)	$ (216)
Accounts receivable, net	$ 658	$ 778	$ 651

ACCOUNTS RECEIVABLE, NET - Move

ACCOUNTS RECEIVABLE, NET - Movement of allowance for doubtful accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Movement of allowance for doubtful accounts
Balance at beginning of the year	$ 433	$ 361	$ 216
(Addition) reverse	34	(81)	(39)
Foreign currency adjustment	(3)	9	(6)
Balance at end of the year	$ 402	$ 433	361
Cumulative effect adjustment
Movement of allowance for doubtful accounts
Balance at beginning of the year			$ (100)

ACCOUNTS RECEIVABLE, NET - Acco

ACCOUNTS RECEIVABLE, NET - Accounts receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ACCOUNTS RECEIVABLE, NET
Total	$ 1,060	$ 1,211	$ 1,012
0 - 30 days
ACCOUNTS RECEIVABLE, NET
Total	249	281	225
31 - 60 days
ACCOUNTS RECEIVABLE, NET
Total	86	95	88
61 - 90 days
ACCOUNTS RECEIVABLE, NET
Total	10	21	12
91 - 180 days
ACCOUNTS RECEIVABLE, NET
Total	161	209	126
181 days - 1 year
ACCOUNTS RECEIVABLE, NET
Total	216	185	285
1 year - 2 years
ACCOUNTS RECEIVABLE, NET
Total	180	254	182
Over 2 years
ACCOUNTS RECEIVABLE, NET
Total	$ 158	$ 166	$ 94

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INVENTORIES
Educational merchandise	$ 96	$ 116	$ 69

INVENTORIES - Additional inform

INVENTORIES - Additional information (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Inventory
Inventory write-down

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Prepaid service fees	$ 502	$ 522	$ 498
Others	203	158	131
Less: allowance for doubtful accounts	(14)	(14)	(14)
Prepaid expenses and other current assets, Total	$ 691	$ 666	$ 615

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
PROPERTY, PLANT AND EQUIPMENT, NET
Less: Accumulated depreciation	$ (4,597)	$ (3,686)	$ (3,184)
Property, plant and equipment, net	4,780	4,052	3,435
Depreciation expenses	971	884	708
Impairment loss for property, plant and equipment	0	0	0
Furniture, fixture and equipment
PROPERTY, PLANT AND EQUIPMENT, NET
Property plant and equipment, gross	2,921	2,458	2,359
Leasehold improvement
PROPERTY, PLANT AND EQUIPMENT, NET
Property plant and equipment, gross	$ 6,456	$ 5,280	$ 4,260

GOODWILL (Details)

GOODWILL (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
GOODWILL
Reporting unit | segment	3
Costs:
Beginning balance	$ 19,177	$ 19,203	$ 18,959
Addition			228
Foreign currency adjustment	10	(26)	16
Ending balance	19,187	19,177	19,203
Goodwill impairment	(19,187)
Goodwill, net		19,177	19,203
Impairment of goodwill	$ 19,156	$ 0	$ 0

GOODWILL - Key assumptions were

GOODWILL - Key assumptions were made in the discounted cash flow model to determine the fair value of each reporting unit (Details) - segment	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
GOODWILL
Number of Reporting Units	3
GEH
GOODWILL
WACC	14%	14%	14%
Income tax rate	17%	17%	17%
Terminal growth rate	2%	2%	2%
Forecasted inflation rate	2%	2%	2%
GEH | Minimum
GOODWILL
Revenue growth	3%	8%	8%
GEH | Maximum
GOODWILL
Revenue growth	13%	12%	12%

INTANGIBLE ASSETS, NET (Details

INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INTANGIBLE ASSETS, NET
Intangible assets subject to amortization	$ 13,545	$ 13,409	$ 13,417
Less: accumulated amortization	(4,293)	(3,089)	(1,940)
impairment	(3,605)
Intangible assets, net	5,647	10,320	11,477
Estimated amortization expenses
2023	1
2024	1
2025	1
2026	1
2027	1
Total expected amortization expense	5
Trademark
INTANGIBLE ASSETS, NET
Intangible assets not subject to amortization	7,841	7,766	7,766
Student base
INTANGIBLE ASSETS, NET
Intangible assets subject to amortization	4,036	3,998	4,006
Initial franchise
INTANGIBLE ASSETS, NET
Intangible assets subject to amortization	1,641	1,626	1,626
Software and courses
INTANGIBLE ASSETS, NET
Intangible assets subject to amortization	$ 27	$ 19	$ 19

INTANGIBLE ASSETS, NET - Amorti

INTANGIBLE ASSETS, NET - Amortization, impairment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INTANGIBLE ASSETS, NET
Amortization expenses for intangible assets	$ 1,121	$ 1,150	$ 1,112
Impairment of intangible assets	$ 3,505	$ 0	$ 0

OTHER NON-CURRENT ASSETS (Detai

OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OTHER NON-CURRENT ASSETS
Rental deposits	$ 1,288	$ 1,302	$ 1,375
Prepayment for Property, Plant and Equipment	21	511	1,069
Others	45	60	135
Other non-current assets	$ 1,354	$ 1,873	$ 2,579

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Trade payables	$ 573	$ 765	$ 426
Salary and welfare payable	1,432	1,562	1,454
Accrued expenses	1,054	358	816
Other tax payable	315	310	284
Others	296	309	440
Total accrued expenses and other current liabilities	$ 3,670	$ 3,304	$ 3,420

ACCRUED EXPENSES AND OTHER CU_4

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Trade payables (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Total	$ 573	$ 765	$ 426
0-90 Days
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Total	432	624	263
91-180 Days
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Total	3	8	27
over 1 Years
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Total	22	10	25
181-365 Days
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Total	$ 116	$ 123	$ 111

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
LEASES
Total operating lease expenses	$ 3,837	$ 3,956	$ 3,468
Short term lease expenses	0	0	0
Operating cash flows used in operating leases	3,789	3,978	3,778
Right-of-use assets obtained in exchange for new lease obligations:	$ 1,828	$ 1,675	$ 4,388
Weighted average remaining lease term	1 year 7 months 24 days	2 years 2 months 26 days	2 years 9 months 29 days
Weighted average discount rate	3.09%	2.61%	3.02%

LEASES - Maturity analysis of t

LEASES - Maturity analysis of the annual undiscounted cash flows (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Maturity analysis of the annual undiscounted cash flows
2023	$ 3,197
2024	1,833
2025	538
2026	35
Less: imputed interest	(207)
Total operating lease liabilities	5,396
Less: current operating lease liabilities	2,928	$ 3,092	$ 3,522
Non-current operating lease liabilities	$ 2,468	$ 4,109	$ 5,968

FAIR VALUE MEASUREMENT (Details

FAIR VALUE MEASUREMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
FAIR VALUE MEASUREMENT
Impairment loss on goodwill	$ 19,156	$ 0	$ 0
Impairment of intangible assets	3,505	0	0
Impairment loss on property, plant, and equipment and operating lease right-of-use assets	0	0	0
Impairment loss on long-term equity method investment	$ 0	$ 0	$ 0

ORDINARY SHARES (Details)

ORDINARY SHARES (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 18, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 24, 2017
ORDINARY SHARES
Ordinary shares, shares authorized (in shares)		990,000,000	990,000,000	990,000,000
Ordinary shares, par value (in dollars per share)		$ 0.001	$ 0.001	$ 0.001
Ordinary shares, shares issued (in shares)		29,213,801	29,213,801	29,213,801
Ordinary shares, shares outstanding (in shares)		28,200,755	28,035,934	27,812,754
Number of share repurchased					1,627,455
Total consideration	$ 12,000
Re-issuance of repurchased shares for settlement of restricted shares vested		614,409	449,588	226,408
Minimum
ORDINARY SHARES
Price per share	$ 6.50
Maximum
ORDINARY SHARES
Price per share	$ 8
Class A Ordinary Shares
ORDINARY SHARES
Ordinary shares, shares issued (in shares)		22,264,660	22,264,660	22,264,660
Ordinary shares, shares outstanding (in shares)		21,251,614	21,086,793	20,863,613
Class B Ordinary Shares
ORDINARY SHARES
Ordinary shares, shares issued (in shares)		6,949,141	6,949,141	6,949,141
Ordinary shares, shares outstanding (in shares)		6,949,141	6,949,141	6,949,141
ADR
ORDINARY SHARES
Share repurchase program, authorized amount	$ 12,000					$ 50,000

SHARE INCENTIVE PLAN (Details)

SHARE INCENTIVE PLAN (Details) $ / shares in Units, $ in Thousands						12 Months Ended
	Oct. 24, 2018 installment $ / shares	Apr. 02, 2018 installment $ / shares shares	Mar. 14, 2018 installment $ / shares	Jul. 01, 2017 $ / shares shares	Jun. 22, 2017 installment $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 $ / shares
SHARE INCENTIVE PLAN
Ordinary shares, par value (in dollars per share)						$ 0.001	$ 0.001	$ 0.001
Share options granted (in shares) | shares						530,757		554,000
Exercise price per share of the options granted						$ 0.001		$ 0.01
Fair value of shares granted								3.03
Weighted average grant date fair value of options granted						$ 1.69	$ 0	$ 2.69
Total fair value of options vested | $						$ 62	$ 1,910	$ 2,990
Total intrinsic value of options exercised | $						$ 0	$ 0	$ 0
Grant date fair value						$ 3.93	$ 4.94	$ 6.21	$ 11.05
Total fair value of nonvested shares vested | $						$ 1,012	$ 656	$ 403
Non Vested Shares [Member]
SHARE INCENTIVE PLAN
Fair value of shares granted						$ 0	$ 0	$ 3.03
Vested and exercisable upon 1st anniversary year
SHARE INCENTIVE PLAN
Vesting of share-based compensation (as a percent)						25%		25%
Vested quarterly in twelve quarters with equal quarterly installments
SHARE INCENTIVE PLAN
Vesting of share-based compensation (as a percent)						75%		75%
Board of Directors
SHARE INCENTIVE PLAN
Share options granted (in shares) | shares					1,286,878
Exercise price per share of the options granted					$ 11.66
Employees
SHARE INCENTIVE PLAN
Share options granted (in shares) | shares		20,000				530,757		554,000
Exercise price per share of the options granted		$ 0.01				$ 0.001		$ 0.001
Vesting of share-based compensation (as a percent)		25%
Shares vesting quarterly in twelve quarters (as a percent)		75%
Number of quarters of vesting | installment		12
Contract term						10 years		10 years
Director and consultant
SHARE INCENTIVE PLAN
Share options granted (in shares) | shares				50,300
Exercise price per share of the options granted				$ 1.48
Directors and executive officers | Non Vested Shares [Member]
SHARE INCENTIVE PLAN
Vesting of share-based compensation (as a percent)			25%
Shares vesting quarterly in twelve quarters (as a percent)			75%
Number of quarters of vesting | installment			12
Grant date fair value			$ 20.43
Non-employees | Non Vested Shares [Member]
SHARE INCENTIVE PLAN
Vesting of share-based compensation (as a percent)	25%
Shares vesting quarterly in twelve quarters (as a percent)	75%
Number of quarters of vesting | installment	12
Grant date fair value	$ 17.11
Completion of IPO before June 22, 2018 | Board of Directors
SHARE INCENTIVE PLAN
Vesting of share-based compensation (as a percent)					25%
Shares vesting quarterly in twelve quarters (as a percent)					75%
Number of quarters of vesting | installment					12
Non completion of IPO before June 22, 2018 | Board of Directors
SHARE INCENTIVE PLAN
Vesting of share-based compensation (as a percent)					25%
Shares vesting quarterly in twelve quarters (as a percent)					75%
Number of quarters of vesting | installment					12
Completion of IPO on September 27, 2018 | Employees
SHARE INCENTIVE PLAN
Share options granted (in shares) | shares					772,127
Exercise price per share of the options granted					$ 11.66
Vesting of share-based compensation (as a percent)					25%
Shares vesting quarterly in twelve quarters (as a percent)					75%
Number of quarters of vesting | installment					12
2009 Share Incentive Plan
SHARE INCENTIVE PLAN
Total number shares authorized | shares						2,573,756
Ordinary shares, par value (in dollars per share)						$ 0.001
2017 Share Incentive Plan
SHARE INCENTIVE PLAN
Total number shares authorized | shares						2,059,005
Additional annual increase in number of shares (as a percent)						2%

SHARE INCENTIVE PLAN - Share op

SHARE INCENTIVE PLAN - Share option activities (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of options outstanding
Outstanding at beginning of year				4,530,158	4,556,458	4,008,558
Granted				530,757		554,000
Forfeited				(594,366)	(26,300)	(6,100)
Expired				(193,000)
Outstanding at end of year	4,530,158	4,556,458	4,008,558	4,273,549	4,530,158	4,556,458
Vested and expected to vest	4,530,158	4,556,458		4,273,549	4,530,158	4,556,458
Exercisable at end of year	4,114,358	3,754,683		3,537,509	4,114,358	3,754,683
Weighted average exercise price
Outstanding at beginning of year				$ 6.15	$ 6.16	$ 7.02
Granted				0.001		0.01
Forfeited				4.58	7.20	8.49
Expired				1.08
Outstanding at end of year	$ 6.15	$ 6.16	$ 7.02	5.83	6.15	6.16
Vested and expected to vest	6.15	6.16		5.83	6.15	6.16
Exercisable at end of the year	6.77	6.70		7.05	6.77	6.70
Weighted average grant-date fair value per option
Outstanding at beginning of year				3.43	3.43	3.54
Granted				1.69		2.69
Forfeited				0.19	4.04	8.51
Expired				2.62
Outstanding at end of year	3.43	3.43	$ 3.54	3.47	3.43	3.43
Vested and expected to vest	3.43	3.43		3.47	3.43	3.43
Exercisable at end of the year	$ 3.51	$ 3.40		$ 3.79	$ 3.51	$ 3.40
Weighted-average remaining contractual term (years)
Weighted-average remaining contractual term (in years)	4 years 3 months 14 days	5 years 4 months 9 days	5 years 1 month 20 days	4 years 1 month 2 days	4 years 3 months 14 days	5 years 4 months 9 days
Weighted-average remaining contractual term, granted (in years)						9 years 9 months 25 days
Vested and expected to vest				4 years 1 month 2 days	4 years 3 months 14 days	5 years 4 months 9 days
Weighted-average remaining contractual term, exercisable at end of the year (in years)				3 years 1 month 13 days	3 years 9 months 29 days	4 years 7 months 13 days
Aggregate intrinsic value
Aggregate intrinsic value	$ 2,846	$ 2,175	$ 6,084	$ 571	$ 2,846	$ 2,175
Aggregate intrinsic value, granted		1,312				1,312
Vested and expected to vest	2,846	2,175		571	2,846	2,175
Aggregate intrinsic value, exercisable at end of the year	$ 1,730	$ 2,175		$ 571	$ 1,730	$ 2,175

SHARE INCENTIVE PLAN - Share-ba

SHARE INCENTIVE PLAN - Share-based compensation expenses (Details) - Share-Based Payment Arrangement, Option [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SHARE INCENTIVE PLAN
Share-based compensation recognized	$ 673	$ 924	$ 1,198
Total unrecognized compensation expenses relating to unvested share options	$ 714	$ 544	$ 1,469
Weighted average period	2 years 7 months 20 days	1 year 9 months 7 days	1 year 6 months 3 days

SHARE INCENTIVE PLAN - Fair val

SHARE INCENTIVE PLAN - Fair value of the options granted, assumptions used (Details)	12 Months Ended
	Dec. 31, 2022 multiple $ / shares	Dec. 31, 2020 multiple $ / shares
Assumptions used
Expected volatility		40%
Exercise multiples | multiple	2.2	2.2
Minimum
Assumptions used
Risk-free interest rate	1.88%	0.86%
Expected volatility	76%
Fair value of underlying ordinary share	$ 0.86	$ 2.38
Maximum
Assumptions used
Risk-free interest rate	2.93%	0.93%
Expected volatility	77%
Fair value of underlying ordinary share	$ 1.88	$ 2.7

SHARE INCENTIVE PLAN - Nonveste

SHARE INCENTIVE PLAN - Nonvested Shares (Details) $ / shares in Units, $ in Thousands							12 Months Ended
	Aug. 27, 2020 USD ($) director installment $ / shares shares	Dec. 04, 2019 USD ($) installment $ / shares shares	Aug. 20, 2019 USD ($) installment director $ / shares shares	Jul. 29, 2019 USD ($) installment $ / shares shares	Oct. 24, 2018 USD ($) installment $ / shares shares	Mar. 14, 2018 USD ($) installment director $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 $ / shares
SHARE INCENTIVE PLAN
Shares granted | shares									333,750
Grant date fair value | $ / shares							$ 3.93	$ 4.94	$ 6.21	$ 11.05
Non Vested Shares [Member]
SHARE INCENTIVE PLAN
Share-based compensation recognized | $							$ 375	$ 1,097	$ 1,732
Total unrecognized compensation expenses relating to unvested nonvested shares expected to be recognized over weighted average period							1 year 11 months 4 days	1 year 5 months 12 days	1 year 6 months 29 days
Employee one | Non Vested Shares [Member]
SHARE INCENTIVE PLAN
Shares granted | shares				8,388
Vesting of share-based compensation (as a percent)				25%
Shares vesting quarterly in twelve quarters (as a percent)				75%
Number of quarters of vesting | installment				12
Grant date fair value | $ / shares				$ 6.06
Share-based compensation recognized | $				$ 51
Requisite service period				4 years
Two directors and executive officers | Non Vested Shares [Member]
SHARE INCENTIVE PLAN
Shares granted | shares	333,750
Number of directors and executive officers | director	3
Vesting of share-based compensation (as a percent)	25%
Shares vesting quarterly in twelve quarters (as a percent)	75%
Number of quarters of vesting | installment	12
Grant date fair value | $ / shares	$ 3.03
Share-based compensation recognized | $	$ 1,011
Requisite service period	4 years
Employee two | Non Vested Shares [Member]
SHARE INCENTIVE PLAN
Shares granted | shares		9,146	240,000
Number of directors and executive officers | director			2
Vesting of share-based compensation (as a percent)		25%	25%
Shares vesting quarterly in twelve quarters (as a percent)		75%	75%
Number of quarters of vesting | installment		12	12
Grant date fair value | $ / shares		$ 5.55	$ 6.69
Share-based compensation recognized | $		$ 51	$ 1,606
Requisite service period		4 years	4 years
Directors and executive officers | Non Vested Shares [Member]
SHARE INCENTIVE PLAN
Shares granted | shares						200,000
Number of directors and executive officers | director						3
Vesting of share-based compensation (as a percent)						25%
Shares vesting quarterly in twelve quarters (as a percent)						75%
Number of quarters of vesting | installment						12
Grant date fair value | $ / shares						$ 20.43
Share-based compensation recognized | $						$ 4,086
Requisite service period						4 years
Non-employees | Non Vested Shares [Member]
SHARE INCENTIVE PLAN
Shares granted | shares					18,000
Vesting of share-based compensation (as a percent)					25%
Shares vesting quarterly in twelve quarters (as a percent)					75%
Number of quarters of vesting | installment					12
Grant date fair value | $ / shares					$ 17.11
Share-based compensation recognized | $					$ 308
Requisite service period					4 years

SHARE INCENTIVE PLAN - Summary

SHARE INCENTIVE PLAN - Summary of nonvested shares (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of nonvested shares outstanding
Nonvested shares outstanding at the beginning	359,696	582,876	383,534
Granted			333,750
Vested	(164,821)	(223,180)	(134,408)
Nonvested shares outstanding at the end	194,875	359,696	582,876
Weighted average grant date fair value
Outstanding at beginning of year	$ 4.94	$ 6.21	$ 11.05
Granted			3.03
Vested	6.14	8.25	12.12
Outstanding at end of year	$ 3.93	$ 4.94	$ 6.21
Aggregate intrinsic value
Aggregate intrinsic value	$ 110	$ 712	$ 1,381	$ 2,090
Share-based Compensation	$ 272	$ 189	$ 507
Non Vested Shares [Member]
Weighted average grant date fair value
Granted	$ 0	$ 0	$ 3.03
Aggregate intrinsic value
Share-based compensation expenses relating to nonvested shares	$ 375	$ 1,097	$ 1,732
Total unrecognized compensation expenses relating to unvested nonvested shares	$ 105	$ 513	$ 1,610
Total unrecognized compensation expenses relating to unvested nonvested shares expected to be recognized over weighted average period	1 year 11 months 4 days	1 year 5 months 12 days	1 year 6 months 29 days

INCOME TAXES (Details)

INCOME TAXES (Details) - SGD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Hong Kong | Assessable profits of HK$2 million
Income taxes
Profits tax rate (as a percent)	8.25%	8.25%	8.25%
Hong Kong | Assessable profits in excess of HK$2 Million
Income taxes
Profits tax rate (as a percent)	16.50%	16.50%	16.50%
Singapore
Income taxes
Unified income tax rate	17%	17%	17%
Singapore | Tax Exempted for First SGD$10K
Income taxes
Exempted tax amount	$ 10
Exempted tax percentage	75%
Singapore | Tax Exempted for Next SGD$190K
Income taxes
Exempted tax amount	$ 190
Exempted tax percentage	50%	50%	50%

INCOME TAXES - Current and defe

INCOME TAXES - Current and deferred components of the income tax expense of continuing operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current and deferred components of the income tax expense
Current tax expenses	$ (2)	$ 627	$ 510
Deferred tax benefits	(787)	(184)	(189)
Income tax expense net	$ (789)	$ 443	$ 321

INCOME TAXES - Components of de

INCOME TAXES - Components of deferred tax assets and deferred tax liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Operating lease liabilities	$ 917	$ 1,224	$ 1,613
Total deferred tax assets	917	1,224	1,613
Less: valuation allowance	0	0	0
Total deferred tax assets, net	917	1,224	1,613
Deferred tax liabilities
Acquired intangible assets, net	959	1,754	1,949
Operating lease right-of-use assets	883	1,202	1,581
Total deferred tax liabilities	1,842	2,956	3,530
Deferred income tax assets, net	34	22	32
Deferred tax liabilities, net	$ 959	$ 1,754	$ 1,949

INCOME TAXES - Roll forward of

INCOME TAXES - Roll forward of valuation allowances of deferred tax assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Balance as of beginning of year	$ 0	$ 0
Balance as of end of year	$ 0	$ 0

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of the effective tax rate and the statutory income tax rate applicable to PRC operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of the effective tax rate and the statutory income tax rate
Income(loss) before income tax	$ (25,431)	$ 2,492	$ 3,280
Income tax expense computed at an applicable tax rate of 17%	(4,323)	424	558
Impairment loss of goodwill	3,257
Depreciation of plant and equipment	137	138	125
Capital allowance	(107)		(257)
Non deductible expenses allocated to GEH	349	148	158
Partial tax exemption	(20)	(240)	(196)
Other items not included for tax purpose	(78)	(27)	(67)
Income tax expense net	$ (789)	$ 443	$ 321

NET (LOSS) INCOME PER SHARE - B

NET (LOSS) INCOME PER SHARE - Basic and diluted net loss per share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss attributable to Gravitas Education Holdings, Inc. from continuing operations	$ (22,170)	$ 1,372	$ 1,875
Denominator:
Weighted average ordinary shares outstanding used in computing basic net income per ordinary share	28,291,887	28,208,734	28,122,851
Weighted average ordinary shares outstanding used in computing diluted net income per ordinary share	28,291,887	28,962,480	28,870,450
Effect of dilutive securities
Net (loss) income per share-basic	$ (0.78)	$ 0.05	$ 0.07
Net (loss) income per share-diluted	$ (0.78)	$ 0.05	$ 0.06

RELATED PARTY TRANSACTION - Rel

RELATED PARTY TRANSACTION - Related party transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Randsdale Resources Limited
RELATED PARTY TRANSACTION
Ownership percentage	15%
44 to 24 Pte Ltd | Sale of merchandise, management fee and royalty fee
RELATED PARTY TRANSACTION
Amount of related party transactions	$ 3	$ 4	$ 3
Allegiance (Clementi) Pte Ltd | Sale of merchandise, management fee and royalty fee
RELATED PARTY TRANSACTION
Amount of related party transactions	41	38	30
Allegiance (Clementi) Pte Ltd | Service fee revenue
RELATED PARTY TRANSACTION
Amount of related party transactions		2
Allegiance (Clementi) Pte Ltd | Purchase of service
RELATED PARTY TRANSACTION
Amount of related party transactions	3
Allegiance (Jurong East) Pte Ltd | Sale of merchandise, management fee and royalty fee
RELATED PARTY TRANSACTION
Amount of related party transactions	41	38	31
Allegiance (Jurong East) Pte Ltd | Service fee revenue
RELATED PARTY TRANSACTION
Amount of related party transactions			3
Mulberry Learning Centre @ CBP Pte Ltd | Sale of merchandise, management fee and royalty fee
RELATED PARTY TRANSACTION
Amount of related party transactions		15
Mulberry Learning Centre @ CBP Pte Ltd | Service fee revenue
RELATED PARTY TRANSACTION
Amount of related party transactions		6
Mulberry Learning Centre @ CBP Pte Ltd | Purchase of service
RELATED PARTY TRANSACTION
Amount of related party transactions	3	12
Mulberry Learning Centre Central Pte Ltd | Sale of merchandise, management fee and royalty fee
RELATED PARTY TRANSACTION
Amount of related party transactions	13	265	365
Mulberry Learning Centre Central Pte Ltd | Service fee revenue
RELATED PARTY TRANSACTION
Amount of related party transactions	11	29	81
Mulberry Learning Centre Central Pte Ltd | Purchase of service
RELATED PARTY TRANSACTION
Amount of related party transactions	203	245	11
The Sunbird Child Development Centre Pte Ltd | Sale of merchandise, management fee and royalty fee
RELATED PARTY TRANSACTION
Amount of related party transactions	9
The Sunbird Child Development Centre Pte Ltd | Service fee revenue
RELATED PARTY TRANSACTION
Amount of related party transactions	2
Strategic Eduhub Pte Ltd | Sale of merchandise, management fee and royalty fee
RELATED PARTY TRANSACTION
Amount of related party transactions	4	$ 45	$ 43
Strategic Eduhub Pte Ltd | Purchase of service
RELATED PARTY TRANSACTION
Amount of related party transactions	$ 4

RELATED PARTY TRANSACTION - R_2

RELATED PARTY TRANSACTION - Related party amount balance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
RELATED PARTY TRANSACTION
Related party credit term	1 month
Amount due from related parties	$ 504	$ 421	$ 1,107
Prepayment for investment	1,009	910
Accrued expenses and other current liabilities	232	16
Allegiance (Clementi) Pte Ltd
RELATED PARTY TRANSACTION
Amount due from related parties	222	171	129
Accrued expenses and other current liabilities	3
Allegiance (Jurong East) Pte Ltd
RELATED PARTY TRANSACTION
Amount due from related parties	224	176	135
Mulberry Learning Centre @ CBP Pte Ltd
RELATED PARTY TRANSACTION
Amount due from related parties		27	2
Accrued expenses and other current liabilities		11
Mulberry Learning Centre Central Pte Ltd
RELATED PARTY TRANSACTION
Amount due from related parties			$ 841
Prepayment for investment	1,009	910
Accrued expenses and other current liabilities	229	5
Strategic Eduhub Pte Ltd
RELATED PARTY TRANSACTION
Amount due from related parties	49	$ 47
The Sunbird Child Development Centre Pte Ltd
RELATED PARTY TRANSACTION
Amount due from related parties	$ 9

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
Commitment and contingencies	$ 0	$ 0	$ 0

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - segment	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEGMENT INFORMATION
Number of operating segments	1	1	1

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - USD ($) $ in Thousands	Apr. 18, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SUBSEQUENT EVENTS
Equity value		$ 23,449	$ 52,754	$ 52,037
Subsequent event | NetDragon Websoft Holdings Limited [Member]
SUBSEQUENT EVENTS
Ownership percentage	72.90%
Subsequent event | Merger Agreement
SUBSEQUENT EVENTS
Equity value	$ 50,000
Net cash	15,000
Enterprise value	35,000
Subsequent event | Merger Agreement | eLMTree
SUBSEQUENT EVENTS
Equity value	$ 750,000
Subsequent event | Secondary SPA | Class A ordinary shares
SUBSEQUENT EVENTS
Number of shares issued	8,588,960
Number of shares issued as a percentage of outstanding share capital	30%
Aggregate consideration	$ 15,000
Subsequent event | Disposal Agreement | Disposed by sale
SUBSEQUENT EVENTS
Consideration received for disposal	15,000
Subsequent event | Note Purchase Agreement
SUBSEQUENT EVENTS
Principal amount of notes issued	$ 65,000

INCOME TAXES -Profit (loss) bef

INCOME TAXES -Profit (loss) before provision for income taxes is attributable to the following geographic locations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
Income(loss) before income tax	$ (25,431)	$ 2,492	$ 3,280