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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

Schedule of current and deferred component of income tax expenses (benefit)

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​	​	​	​	​	​	​	​	​	​
​	​	For the years ended December 31,
​		2020			2021			2022
Current income tax benefit (expense)	​	$	—	​	$	729	​	$	(74)
Deferred income tax expense	​		—	​	​	—	​	​	—
Total income tax benefit (expense)	​	$	—	​	$	729	​	$	(74)

​

Schedule of reconciliations of statutory income tax rate and the Group's effective income tax rate

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​	​	​	​	​	​	​	​	​	​	​
​	​	For the years ended December 31,
​		2020			2021			2022
Net loss before provision for income taxes	​	$	166	​	$	196,657	​	$	84,545	​
PRC statutory tax rate	​		25	%	​	25	%	​	25	%
Income tax at statutory tax rate	​		42	​	​	49,164	​	​	21,136	​
Impairment of goodwill	​		—	​	​	(35,914)	​	​	—	​
Reversal of taxable deemed interest income from inter-company interest-free loans	​		—	​	​	1,354	​	​	—	​
Fair value change on warrants	​		—	​	​	500	​	​	(79)	​
Non-deductible loss and SBC expenses not deductible for tax purposes	​		—	​	​	(13,262)	​	​	(13,427)	​
Effect of income tax rate differences in jurisdictions other than the PRC	​		—	​	​	(437)	​	​	(1,721)	​
NOL not applicable for carryforward	​		(56)	​	​	(193)	​	​	(288)	​
Change in valuation allowance	​		14	​	​	(483)	​	​	(5,339)	​
Income tax benefit	​	$	—	​	$	729	​	$	(74)	​
Effective tax rates	​		—	%	​	0.38	%	​	(0.00)	%

​

Schedule of principal components of the deferred tax assets and liabilities

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​	​	​	​	​	​	​	​	​	​
​	​	As of December 31,
​		2020			2021			2022
Deferred tax assets:	​	​	​	​	​	​	​	​	​
Write-down of Prepaid expenses and other current assets	​	$	—	​	$	4,249	​	$	477
Write-down of inventory	​	​	—	​	​	3,874	​	​	—
Provision for doubtful accounts	​	​	—	​	​	2,315	​	​	—
Write down of other non-current assets	​	​	—	​	​	1,054	​	​	—
Accrued expense	​		—	​		207	​		—
Accrued payroll and welfare	​		—	​		61	​		—
Advertising expense	​		—	​		6	​		—
Net operating loss carry forwards	​		388	​		13,474	​		584
Subtotal	​	​	388	​	​	25,240	​	​	1,061
Valuation allowance	​		(388)	​		(25,240)	​		(1,061)
Deferred tax assets, net	​	$	—	​	$	—	​	$	—

​

Summary of movements of the valuation allowance

​

​	​	​	​	​	​	​	​	​	​
​		As of December 31,
​		2020			2021			2022
Balance at the beginning of the year	​	$	402	​	$	388	​	$	25,240
Current year addition	​	​	63	​	​	1,454	​	​	5,267
Current year reversal	​	​	—	​	​	(753)	​	​	(7,039)
Reduction due to usage of NOL	​	​	(21)	​	​	(25)	​	​	(42)
Reduction due to statute expiration	​	​	(56)	​	​	(193)	​	​	(288)
Decrease in disposal of subsidiaries	​	​	—	​	​	—	​	​	(22,077)
Reverse acquisition	​	​	—	​	​	23,843	​	​	—
Exchange rate effect	​		—	​	​	526	​	​	—
Balance at the end of the year	​	$	388	​	$	25,240	​	$	1,061

​

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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