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SHARE-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2020
Kaixin Auto 2019 Plan |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Schedule of assumptions used in determining the fair value of share options granted | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31, |
​ | ​ | 2019 | ​ | 2020 |
Risk-free interest rate(1) | ​ | ​ | 2.50-3.00 | % | ​ | N/A | ​
Volatility(2) | ​ | ​ | 45%-46 | % | ​ | N/A | ​
Expected term (in years) (3) | ​ | ​ | 10 | ​ | ​ | N/A | ​
Exercise price(4) | ​ | $ | 0.01 | ​ | ​ | N/A | ​
Dividend yield(5) | ​ | ​ | — | ​ | ​ | N/A | ​
Fair value of underlying ordinary share(6) | ​ | $ | 2.12-$3.36 | ​ | ​ | N/A | ​
​
(1) | Risk-free interest rate
Risk-free interest rate was estimated based on the yield to maturity of treasury bonds of the United States with a maturity period close to the expected life of the options, and the country risk spread between China and United States was considered.
(2) | Volatility
The volatility of the underlying ordinary shares during the life of the options was estimated based on the historical stock price volatility of listed comparable companies over a period comparable to the expected term of the options.
(3) | Expected term
For the options granted to employees, the Company estimated the expected term based on the vesting and contractual terms and employee demographics. For the options granted to non-employees, the Company estimated the expected term as the original contractual term.
(4) | Exercise price
The exercise price of the options was determined by the Company’s board of directors.
(5) | Dividend yield
The dividend yield was estimated by the Company based on its expected dividend policy over the expected term of the options. ​ 16. SHARE-BASED COMPENSATION (cont.) (a) Kaixin incentive plans (cont.)
(6) | Fair value of underlying ordinary shares
Prior to the consummation of the SPAC Transaction, the estimated fair value of the ordinary shares underlying the options as of the valuation date was determined based on a contemporaneous valuation. When estimating the fair value of the ordinary shares on the valuation dates, management has considered a number of factors, including the result of a third party appraisal of the Company, while taking into account standard valuation methods and the achievement of certain events. The fair value of the ordinary shares in connection with the option grants on the valuation date was determined with the assistance of an independent third-party appraiser. The fair values of the underlying ordinary shares on each date of the grant after April 30, 2019, were the closing prices of the Company's ordinary shares traded in the Stock Exchange.
Summary of stock option activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | Weighted |  | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | average | ​ | Weighted | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | grant day | ​ | Average | ​ | ​
​ | ​ | ​ | ​ | Average | ​ | fair | ​ | Remaining | ​ | Aggregate
Options Granted to Employees | ​ | Number of | ​ | Exercise | ​ | Value per | ​ | Contractual | ​ | Intrinsic
and Directors | ​ | Shares | ​ | Price | ​ | shares | ​ | Years | ​ | value
Outstanding as of December 31, 2019 | ​ | 2,154,514 | ​ | $ | 0.01 | ​ | $ | 3.20 | ​ | 9.39 | ​ | $ | 4,007
Forfeited | ​ | (165,264) | ​ | $ | 0.01 | ​ | $ | 3.35 | ​ | ​ | ​ | ​ | ​
Granted | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​
Exercised | ​ | (499,456) | ​ | ​ | ​ | ​ | ​ | 3.23 | ​ | ​ | ​ | ​ | ​
Outstanding as of December 31, 2020 | ​ | 1,489,794 | ​ | $ | 0.02 | ​ | $ | 3.17 | ​ | 9.08 | ​ | $ | 7,524
Vested and expected to vest as of December 31, 2020 | ​ | 1,489,794 | ​ | $ | 0.01 | ​ | $ | 3.17 | ​ | 9.08 | ​ | ​ | 7,524
Exercisable as of December 31, 2020 | ​ | 425,460 | ​ | $ | 0.01 | ​ | $ | 1.87 | ​ | 8.32 | ​ | $ | 1,583
Summary of fair values of the options granted | ​
​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
​ | ​ | 2019 | ​ | 2020
​ | ​ | US$ | ​ | US$
Weighted average grant date fair value of option per share |  | 3.21 |  | —
Aggregate grant date fair value of options |  | 7,794,799 |  | —
Schedule of total share-based compensation expense of share-based awards granted to employees and directors | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
​ | ​ | 2018 | ​ | 2019 | ​ | 2020
Selling and marketing |  | — | ​ | 658 |  | 648
Research and development |  | — | ​ | 206 |  | 162
General and administrative |  | 11,436 | ​ | 2,949 |  | 2,552
Total share-based compensation expense |  | 11,436 | ​ | 3,813 |  | 3,362
Kaixin Auto 2019 Plan | Restricted Stock |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of stock option activity | ​
​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted average fair value
​ | ​ | Number of nonvested | ​ | per ordinary share
​ | ​ | restricted shares | ​ | at the grant dates
Outstanding as of December 31, 2019 |  | 1,446,111 |  | 3.36
Forfeited |  | (13,232) |  | 3.94
Granted |  | 200,000 |  | 4.73
Vested |  | (474,889) |  | —
Unvested as of December 31, 2020 |  | 1,157,990 |  | 3.36
Renren Plan |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of stock option activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted |  | Weighted
​ | ​ | ​ | ​ | average | ​ | average
​ | ​ | Number of | ​ | exercise | ​ | grant date
​ | ​ | Shares | ​ | price | ​ | fair value
Balance, January 1, 2018 |  | 141,481,616 | ​ | $ | 0.48 | ​ | $ | 0.64
Granted |  | — | ​ |  | — | ​ |  | —
Exercised |  | (2,268,420) | ​ | $ | 0.06 | ​ | $ | 0.66
Forfeited |  | (119,095) | ​ | $ | 0.16 | ​ | $ | 0.15
Balance, December 31, 2018 |  | 139,094,101 | ​ | $ | 0.06 | ​ | $ | 0.64
Exercisable, December 31, 2018 |  | 117,561,450 | ​ | $ | 0.06 | ​ |  | ​
Expected to vest, December 31, 2018 |  | 21,532,651 | ​ | $ | 0.06 | ​ |  | ​
Summary of the nonvested restricted shares activity | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted
​ | ​ | Weighted | ​ | average fair
​ | ​ | number of | ​ | value
​ | ​ | nonvested | ​ | per ordinary
​ | ​ | restricted | ​ | share at the
​ | ​ | shares | ​ | grant dates
Outstanding as of December 31, 2017 |  | 10,802,683 | ​ | $ | 0.95
Granted |  | 88,935,342 | ​ | $ | 0.14
Vested |  | (8,404,575) | ​ | $ | 0.47
Forfeited |  | (17,561,071) | ​ | $ | 0.18
Outstanding as of December 31, 2018 |  | 73,772,379 | ​ | $ | 0.21
Summary of information with respect to share options outstanding by exercise price | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | Options outstanding |  | Options exercisable
​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | average | ​ | Weighted | ​ | Weighted | ​ | ​ | ​ | average | ​ | Weighted |  | Weighted
​ | ​ | ​ | ​ | ​ | remaining | ​ | average | ​ | average | ​ | ​ | ​ | remaining | ​ | average |  | average
​ | ​ | ​ | Number | ​ | contractual | ​ | exercise | ​ | intrinsic | ​ | Number of | ​ | contractual | ​ | exercise |  | intrinsic
Range of exercise prices |  | outstanding |  | life |  | price | ​ | value |  | exercisable |  | life |  | price |  | value
$ | 0.01 ~ $0.18 |  | 139,094,101 |  | 5.40 | ​ | $ | 0.06 | ​ | $ | 5,754 |  | 117,561,450 |  | 5.11 | ​ | $ | 0.06 | ​ | $ | 4,863
​ | ​ |  | 139,094,101 |  | ​ | ​ | ​ | ​ | ​ | $ | 5,754 | ​ | 117,561,450 | ​ | ​ | ​ | ​ | ​ | ​ | $ | 4,863

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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