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ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2020

ORGANIZATION AND PRINCIPAL ACTIVITIES

Schedule of loss per share before and after the retrospective adjustments

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​	​	​	​	​
​	​	Year ended December 31
​	​	2018
​		Before		After
​	​	adjustment	​	adjustment
Net loss per share attributable to KAH's shareholders – basic and diluted:
Loss per share from continuing operations		(0.56)		(3.56)
Loss per share from discontinued operations		(0.00)		(0.02)
Net loss per share attributable to Kaixin Auto Holdings’ shareholders – basic and diluted		(0.56)		(3.58)

Schedule of Assets and liabilities of KAH upon the consummation of the SPAC Transaction

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​	​	​	​
Cash		$	6
Prepaid expenses and other current assets		​	123
Amounts due to Renren Inc.		​	(1,050)
Amounts due to SVF		​	(2,614)
Other liabilities		​	(1,512)
Net liabilities assumed by KAG as of April 30, 2019	​	$	(5,047)

Summary of subsidiaries, VIEs and VIEs' major subsidiaries

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As of December 31, 2020, Kaixin Auto Holdings’ major subsidiaries, VIEs and VIEs’ major subsidiaries are as follows:

​

​	​	​	​	​	​	​	​	​
​		​		​		Percentage of		​
​	​	Later of date	​	​	​	legal ownership	​	​
​	​	of incorporation	​	Place of	​	by Kaixin Auto	​	​
Name of Subsidiaries	​	or acquisition	​	incorporation		Holdings	​	Principal activities
Major subsidiaries:	​	​	​	​	​	​	​	​
Kaixin Auto Group	​	January 25, 2018	​	Cayman Islands	​	100%	​	Investment holding
Renren Finance, Inc.		December 15, 2014		Cayman Islands		100%	​	Internet business
Jet Sound Hong Kong Company Limited	​	May 7, 2011		Hong Kong		100%	​	Investment holding
Shanghai Renren Financial Leasing Co., Ltd. (“Shanghai Financial”)	​	May 25, 2015		PRC		100%	​	Financing business
Shanghai Renren Automotive Technology Group Co., Ltd. (“Shanghai Auto”)	​	August 18, 2017		PRC		100%	​	Investment holding
Shanghai Lingding Automobile Technology Co., Ltd.	​	March 3, 2018	​	PRC	​	100%	​	Used car trading business
Variable Interest Entities:	​	​			​	​
Shanghai Qianxiang Changda Internet Information Technology Development Co., Ltd. (“Shanghai Changda”)	​	October 25, 2010		PRC		N/A		Internet business
Shanghai Jieying Automobile Sales Co., Ltd. (“Shanghai Jieying”)	​	February 27, 2017		PRC		N/A		Used car trading business
Major subsidiaries of Variable Interest Entities:	​	​			​	​
Beijing Kirin Wings Technology Development Co., Ltd.	​	January 16, 2013		PRC		N/A		Financing business
Shanghai Wangjing Investment Management Co., Ltd	​	April 20, 2015		PRC		N/A		Financing business
Jieying Baolufeng Automobile Sales (Shenyang) Co., Ltd.	​	June 14, 2017		PRC		N/A		Used car trading business
Chongqing Jieying Shangyue Automobile Sales Co., Ltd.	​	July 3, 2017		PRC		N/A		Used car trading business
Dalian Yiche Jieying Automobile Sales Co., Ltd.	​	June 27, 2017		PRC		N/A		Used car trading business
Neimenggu Jieying Kaihang Automobile Sales Co., Ltd.	​	July 14, 2017		PRC		N/A		Used car trading business
Hangzhou Jieying Yifeng Automobile Sales Co., Ltd.	​	August 1, 2017		PRC		N/A		Used car trading business
Jilin Jieying Taocheguan Automobile Sales Co., Ltd.	​	October 31, 2017		PRC		N/A		Used car trading business
Cangzhou Jieying Bole Automobile Sales Co., Ltd.	​	August 10, 2017		PRC		N/A		Used car trading business
Wuhan Jieying Chimei Automobile Sales Co., Ltd.	​	November 20, 2017		PRC		N/A		Used car trading business
Shanxi Jieying Weilan Automobile Sales and Service Co., Ltd.	​	March 13, 2018		PRC		N/A		Used car trading business

Summary of financial statement balances and amounts of the Company's VIEs were included in the accompanying consolidated financial statements

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​	​	​	​	​	​	​
​		As of December 31,
​	​	2019		​	2020
Cash	​	$	1,080	​	$	108
Accounts receivable	​		203	​		—
Prepaid expenses and other current assets	​		27,083	​		43,536
Inventory	​		20,598	​		—
Total current assets	​		48,964	​		43,644
Property and equipment, net	​		146	​		41
Right-of-use assets	​		1,691	​	​	73
Total non-current assets	​		1,837	​		114
Total assets	​	$	50,801	​	$	43,758
Accounts payable	​	$	4,035	​	$	306
Short-term debt (including short-term debt of the consolidated VIEs with recourse to Kaixin Auto Holdings of $7,900 and $nil as of December 31, 2019 and 2020, respectively)	​		14,630	​		13,116
Accrued expenses and other current liabilities	​		13,770	​		12,394
Amounts due to related parties	​		—	​		2,725
Advance from customers	​		1,622	​		—
Income tax payable	​		4,469	​		3,391
Deferred revenue	​		—	​		1,862
Lease liabilities - current	​	​	1,224	​	​	39
Total current liabilities	​		39,750	​		33,833
Lease liabilities - non-current	​		810	​	​	26
Total non-current liabilities	​		810	​		26
Total liabilities	​	$	40,560	​	$	33,859

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​	​	​	​	​	​	​	​	​	​
​		Years ended December 31,
​	​	2018		​	2019		​	2020
Revenues	​	$	428,492	​	$	332,629	​	$	32,823
Net loss	​	$	(38,561)	​	$	(2,151)	​	$	(653)
Loss from discontinued operations	​	$	(594)	​	$	—	​	$	—

​

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1. ORGANIZATION AND PRINCIPAL ACTIVITIES (cont.)

(d) The VIE arrangements (cont.)

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​	​	​	​	​	​	​	​	​	​
​		Years ended December 31,
​	​	2018		​	2019		​	2020
Net cash used in operating activities	​	$	(8,433)	​	$	(3,948)	​	$	(395)
Net cash used in investing activities	​	$	(9,980)	​	$	(68)	​	$	—
Net cash provided by (used in) financing activities	​	$	22,193	​	$	(1,205)	​	$	(634)

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