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CONVERTIBLE NOTES (Tables) | 6 Months Ended
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Jun. 30, 2021
CONVERTIBLE NOTES [Abstract] |
Convertible Debts |
|  | As of |
|  | December 31, |  |  | June 30, |
|  | 2020 |  |  | 2021 |
|  | $_ |  |  | $_ |
2023 Convertible Notes |  |  | 41,263 |  |  |  | 29,190 |
2024 Convertible Notes |  |  | 916,560 |  |  |  | 348,137 |
2025 Convertible Notes |  |  | 882,583 |  |  |  | 905,169 |
|  |  | 1,840,406 |  |  |  | 1,282,496 |
Issuance of Convertible Notes and Terms | The Company issued the following convertible notes and the terms are as follow:
| 2023 Convertible Notes | 2024 Convertible Notes | 2025 Convertible Notes
Issuance date | June 18, 2018 | November 18, 2019 | May 22, 2020
Maturity date | July 1, 2023 | December 1, 2024 | December 1, 2025
Principal amount | $575,000 | $1,150,000 | $1,150,000
Interest rate | 2.25% | 1.00% | 2.375%
Initial conversion rate | 50.5165 American Depositary Shares (“ADSs”) per $1 principal amount, equivalent to $19.80 per ADS | 19.9475 ADSs per $1 principal amount, equivalent to $50.13 per ADS | 11.0549 ADSs per $1 principal amount, equivalent to $90.46 per ADS
Agreed conversion date | January 1, 2023 | June 1, 2024 | September 1, 2025
Convertible Notes With Cash Conversion Option | The 2023 Convertible Notes, 2024 Convertible Notes and 2025 Convertible Notes were accounted for under ASC 470-20 Cash Conversion Subsections as follow:
|  | 2023 Convertible Notes |  |  | 2024 Convertible Notes |  |  | 2025 Convertible Notes |
Liability component |  | $ | 410,926 |  |  | $ | 897,918 |  |  | $ | 856,635 |
Effective interest rate |  |  | 9.38 | % |  |  | 6.03 | % |  |  | 8.21 | %
Equity component |  | $ | 152,714 |  |  | $ | 240,582 |  |  | $ | 284,727 |
Debt issuance cost, allocated in proportion to the allocation of proceeds |  | $ | 11,360 |  |  | $ | 11,500 |  |  | $ | 8,638 |
Carrying Amount of the Liability Components | The liability component was initially measured at fair value and subsequently amortized to its redemption amount using the effective interest method. The residual value was allocated to the equity component, classified within “Additional Paid-up Capital” and not subsequently remeasured. The following table presents the carrying amount of the liability components of the 2023 Convertible Notes, 2024 Convertible Notes and 2025 Convertible Notes:
|  | December 31, 2020 |  |  | June 30, 2021 |
|  | 2023 Convertible Notes |  |  | 2024 Convertible Notes |  |  | 2025 Convertible Notes |  |  | Total |  |  | 2023 Convertible Notes |  |  | 2024 Convertible Notes |  |  | 2025 Convertible Notes |  |  | Total |
|  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
Principal |  |  | 49,000 |  |  |  | 1,112,320 |  |  |  | 1,149,500 |  |  |  | 2,310,820 |  |  |  | 33,530 |  |  |  | 412,402 |  |  |  | 1,149,500 |  |  |  | 1,595,432 |
Less: unamortized issuance cost and debt discount |  |  | (7,737 | ) |  |  | (195,760 | ) |  |  | (266,917 | ) |  |  | (470,414 | ) |  |  | (4,340 | ) |  |  | (64,265 | ) |  |  | (244,331 | ) |  |  | (312,936 | )
Net carrying amount |  |  | 41,263 |  |  |  | 916,560 |  |  |  | 882,583 |  |  |  | 1,840,406 |  |  |  | 29,190 |  |  |  | 348,137 |  |  |  | 905,169 |  |  |  | 1,282,496 |
Capped Calls | In connection with the offering of 2024 Convertible Notes and 2025 Convertible Notes, the Company entered into separately negotiated capped call transactions with certain counterparties (collectively, the “Capped Calls”). The details of the Capped Calls are as follows:
|  | 2024 Convertible Notes |  |  | 2025 Convertible Notes |
Initial strike price per share |  | $ | 50.13 |  |  | $ | 90.46 |
Initial cap price per share |  | $ | 70.36 |  |  | $ | 136.54 |

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- Definition Tabular disclosure of capped call transactions intended to reduce or offset the potential economic dilution to our Class A ordinary shares upon any conversion of the 2019 Convertible Notes and 2020 Convertible Notes, respectively, with such reduction or offset, as the case may be, subject to a cap based on the cap price. + References No definition available. + Details
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- Definition Tabular disclosure of convertible debt instrument. Includes, but is not limited to, principal amount and amortized premium or discount. + References No definition available. + Details
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