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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Schedule of estimated useful lives of property and equipment |
|  | Useful lives |
Leasehold improvements |  | Lesser of the lease term or estimated useful life of the assets |
Furniture, fixtures and office equipment |  | 0.2 - 5 | years
Software and IT equipment |  | 0.1 - 3 | years
Vehicles |  | 0.6 - 9 | years
Schedule of estimated useful lives of identifiable intangible assets |
|  | Useful lives
Domain name/Trade name |  | Indefinite life |
Technology |  | 3-5 | years
Members |  | 4 | years
Branding |  | 10 | years
In-progress orders |  | 0.1 | year
Schedule of changes in contract liability |
|  | For the year ended
|  | December 31, 2018 |  | December 31, 2019
Contract liability as of January 1 |  | $ | 5,248 |  | 10,246
Cash received in advance, net of VAT |  |  | 199,899 |  | 240,460
Revenue recognized from opening balance of contract liability |  |  | (5,248) |  | (10,246)
Revenue recognized from contract liability arising during current year |  |  | (189,653) |  | (226,130)
Contract liability as of December 31 |  | $ | 10,246 |  | 14,330
Schedule of liabilities measured at fair value on a recurring basis |
|  | December 31, 2018 |  |  |
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Convertible promissory notes |  | $ | — |  | $ | — |  | $ | 51,922 |  | $ | 51,922
ASU 2016-02 |
Schedule of the impact of adoption of the new revenue standard requirements on the consolidated balance sheet |
|  |  |  | Adjustments due |  |
|  | Balance as of |  | to the adoption of |  | Balance as of
|  | December 31, 2018 |  | ASU 2016-02 |  | January 1, 2019
Assets: |  |  |  |  |  |
Prepaid expenses and other current assets |  | 5,811 |  | (257) |  | 5,554
Operating lease right-of-use assets |  | — |  | 6,263 |  | 6,263
Liabilities: |  |  |  |  |  |
Operating lease liabilities (current) |  | — |  | 3,752 |  | 3,752
Operating lease liabilities (non-current) |  | — |  | 2,360 |  | 2,360
Accrued expenses and other current liabilities |  | 22,688 |  | (106) |  | 22,582
|  |  |  | Effect of the |  |
|  |  |  | adoption of ASU |  |
|  | Legacy |  | 2016-02 |  | Balance as of
|  | GAAP |  | Higher/(lower) |  | December 31, 2019
Assets: |  |  |  |  |  |
Prepaid expenses and other current assets |  | 4,141 |  | (522) |  | 3,619
Operating lease right-of-use assets |  | — |  | 12,233 |  | 12,233
Liabilities: |  |  |  |  |  |
Operating lease liabilities (current) |  | — |  | 3,470 |  | 3,470
Operating lease liabilities (non-current) |  | — |  | 8,801 |  | 8,801
Accrued expenses and other current liabilities |  | 29,202 |  | (560) |  | 28,642

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- Definition Tabular disclosure of the useful life of long-lived, physical assets which are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. + References No definition available. + Details
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- Definition Tabular disclosure of the estimated average useful life of finite-lived intangibles assets and indefinite-lived intangible assets. + References No definition available. + Details
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- Definition Tabular disclosure of contract balances and changes in contract balances. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=118956577&loc=SL49130551-203045 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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