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PARENT ONLY INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2019
PARENT ONLY INFORMATION |
Condensed Balance Sheets |
|  | December 31,
|  | 2018 |  | 2019
ASSETS |  |  |  |  |  |
Current assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 311 |  | $ | 134
Prepaid expenses and other current assets |  |  | 168 |  |  | 209
Amounts due from subsidiaries and VIEs |  |  | 166,636 |  |  | 164,146
TOTAL ASSETS |  | $ | 167,115 |  | $ | 164,489
LIABILITIES AND (DEFICIT) / EQUITY |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |
Convertible promissory notes |  |  | 51,922 |  |  | —
Accrued expenses and other current liabilities |  |  | 1,880 |  |  | 618
Deficit of investment in subsidiaries and VIEs |  |  | 121,113 |  |  | 132,044
TOTAL LIABILITIES |  | $ | 174,915 |  | $ | 132,662
(DEFICIT) / EQUITY |  |  |  |  |  |
Ordinary shares |  | $ | 11 |  | $ | 14
Additional paid-in capital |  |  | 239,269 |  |  | 262,888
Forward contracts |  |  | — |  |  | 15,769
Treasury shares, at cost |  |  | (27,261) |  |  | (27,512)
Accumulated deficit |  |  | (218,887) |  |  | (217,888)
Accumulated other comprehensive loss |  |  | (932) |  |  | (1,444)
TOTAL (DEFICIT) / EQUITY |  |  | (7,800) |  |  | 31,827
TOTAL LIABILITIES AND (DEFICIT) / EQUITY |  | $ | 167,115 |  | $ | 164,489
Condensed Statements of Comprehensive Income |
|  | Year ended December 31
|  | 2017 |  | 2018 |  | 2019
General and administrative |  |  | 2,246 |  |  | 1,145 |  |  | 1,113
Operating loss |  |  | (2,246) |  |  | (1,145) |  |  | (1,113)
Share of loss from subsidiaries and VIEs |  |  | (7,407) |  |  | (35,665) |  |  | (12,479)
Interest income |  |  | 105 |  |  | — |  |  | —
Change in fair value of convertible promissory notes |  |  | — |  |  | (22,791) |  |  | 14,591
(Loss) / Income before income taxes |  |  | (9,548) |  |  | (59,601) |  |  | 999
Income tax expense |  |  | — |  |  | — |  |  | —
Net (loss) / income |  |  | (9,548) |  |  | (59,601) |  |  | 999
Other comprehensive (loss) / income: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment, net of nil income taxes |  |  | 380 |  |  | (733) |  |  | (512)
Total comprehensive (loss) / income |  | $ | (9,168) |  | $ | (60,334) |  | $ | 487
Condensed Statements of Cash Flows |
|  | Year ended December 31,
|  | 2017 |  | 2018 |  | 2019
Net (loss) / income |  |  | (9,548) |  |  | (59,601) |  |  | 999
Share of loss from subsidiaries and VIEs |  |  | 7,407 |  |  | 35,665 |  |  | 12,479
Change in fair value of convertible promissory notes |  |  | — |  |  | 22,791 |  |  | (14,591)
Prepaid expenses and other current assets |  |  | 112 |  |  | 283 |  |  | (41)
Accrued expenses and other current liabilities |  |  | (126) |  |  | (1,469) |  |  | (1,262)
Net cash used in operating activities |  | $ | (2,155) |  | $ | (2,331) |  | $ | (2,416)
Changes in amounts due from subsidiaries and VIEs |  |  | (23,883) |  |  | 4,512 |  |  | 2,490
Net cash (used in) / provided by investing activities |  | $ | (23,883) |  | $ | 4,512 |  | $ | 2,490
Proceeds from private placement and options exercised |  |  | 37 |  |  | 13 |  |  | —
Repurchase of ordinary shares |  |  | (3,101) |  |  | (3,354) |  |  | (251)
Net cash used in financing activities |  | $ | (3,064) |  | $ | (3,341) |  | $ | (251)
Net decrease in cash and cash equivalents |  |  | (29,102) |  |  | (1,160) |  |  | (177)
Cash and cash equivalents at beginning of the year |  |  | 30,573 |  |  | 1,471 |  |  | 311
Cash and cash equivalents at end of the year |  |  | 1,471 |  |  | 311 |  |  | 134

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