SHARE-BASED COMPENSATION (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| SHARE-BASED COMPENSATION |
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| Summary of information with respect to share options outstanding |
The following table summarizes information with respect to share options outstanding as of September 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | 11,250,000 | | 8.74 | | $ | 0.01 | | $ | 0.05 | | 3,750,000 | | 8.74 | | $ | 0.01 | | $ | 0.05 | | | | 11,250,000 | | | | | | | $ | 0.05 | | 3,750,000 | | | | | | | $ | 0.05 |
The following table summarizes information with respect to share options outstanding of Lofty as of September 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | Options outstanding | | Options exercisable | | | | | | Weighted | | | | | | | | | | Weighted | | | | | | | | | | | | average | | Weighted | | Weighted | | | | average | | Weighted | | Weighted | | | | | | remaining | | average | | average | | | | remaining | | average | | average | Range of | | Number | | contractual | | exercise | | intrinsic | | Number of | | contractual | | exercise | | intrinsic | exercise prices | | outstanding | | life | | price | | value | | exercisable | | life | | price | | value | $ | 6.00, 33.48 and 73.35 | | 46,554 | | | 6.34 | | $ | 30.61 | | $ | 35.11 | | 38,928 | | 5.95 | | $ | 29.26 | | $ | 40.14 | | | | 46,554 | | | | | | | | $ | 35.11 | | 38,928 | | | | | | | $ | 40.14 |
The following table summarizes information with respect to share options outstanding of Trucker Path as of September 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | Options outstanding | | Options exercisable | | | | | | Weighted | | | | | | | | | | Weighted | | | | | | | | | | | | average | | Weighted | | | | | | | average | | Weighted | | Weighted | | | | | | remaining | | average | | Weighted | | | | remaining | | average | | average | Range of | | Number | | contractual | | exercise | | average | | Number of | | contractual | | exercise | | intrinsic | exercise prices | | outstanding | | life | | price | | intrinsic value | | exercisable | | life | | price | | value | $ | 4.00, 64.70 and 133.00 | | 49,015 | | 6.41 | | $ | 57.96 | | $ | 34.50 | | 41,115 | | 5.99 | | $ | 55.04 | | $ | 41.13 | | | | 49,015 | | | | | | | $ | 34.50 | | 41,115 | | | | | | | $ | 41.13 |
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| Summary of the activity of the stock options granted |
| | | | | | | | | | Weighted | | | | | average | | | Number of | | exercise | | | shares | | price | Balance, December 31, 2024 | | 11,250,000 | | $ | 0.01 | | | | | | | Balance, September 30, 2025 | | 11,250,000 | | $ | 0.01 | | | | | | | Exercisable, September 30, 2025 | | 3,750,000 | | $ | 0.01 | | | | | | | Expected to vest, September 30, 2025 | | 7,500,000 | | $ | 0.01 |
| | | | | | | | | | | | | | | | | | | | | | Weighted | | Weighted | | | | | average | | average | | | Number of | | exercise | | grant date | | | shares | | price | | fair value | Balance, December 31, 2024 | | 46,748 | | $ | 30.79 | | $ | 18.21 | Forfeited | | (194) | | $ | 73.35 | | $ | 33.48 | Balance, September 30, 2025 | | 46,554 | | $ | 30.61 | | $ | 18.15 | Exercisable, September 30, 2025 | | 38,928 | | $ | 29.26 | | | | Expected to vest, September 30, 2025 | | 7,626 | | $ | 37.48 | | | |
| | | | | | | | | | | | | Weighted | | Weighted | | | | | average | | average | | | Number of | | exercise | | grant date | | | shares | | price | | fair value | Balance, December 31, 2024 | | 49,015 | | $ | 57.96 | | $ | 28.23 | | | | | | | | | | Balance, September 30, 2025 | | 49,015 | | $ | 57.96 | | $ | 28.23 | Exercisable, September 30, 2025 | | 41,115 | | $ | 55.04 | | | | Expected to vest, September 30, 2025 | | 7,900 | | $ | 73.05 | | | |
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| Summary of the nonvested restricted shares activity |
| | | | | | | | | | Weighted | | | | | average fair | | | | | value | | | Nonvested | | per ordinary | | | restricted | | share at the | | | shares | | grant dates | Outstanding as of December 31, 2024 | | 2,493,075 | | $ | 0.03 | | | | | | | Vested | | (763,335) | | $ | 0.03 | True-up | | 11,520 | | | — | Forfeited | | (30) | | $ | 0.10 | | | | | | | Outstanding as of September 30, 2025 | | 1,741,230 | | $ | 0.03 |
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| Summary of service period of award using the straight-line method |
The Company recorded share-based compensation expense for Lofty and Trucker Path for the three and nine months ended September 30, 2024 and 2025 as follows, based on the fair value on the grant dates over the requisite service period of award using the straight-line method (in thousands). | | | | | | | | | | | | | | | For the three months ended September 30, | | For the nine months ended September 30, | | | 2024 | | 2025 | | 2024 | | 2025 | Lofty | | $ | 45 | | $ | 53 | | $ | 138 | | $ | 189 | Trucker Path | | $ | 65 | | $ | 84 | | $ | 200 | | $ | 264 |
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| Summary of share-based compensation attributable to selling and marketing, research and development and general and administrative expenses of the discontinued operations |
The total amount of share-based compensation expense for options and nonvested restricted shares of the Company, Lofty and Trucker Path, attributable to selling and marketing, research and development, general and administrative expenses are as follows (in thousands): | | | | | | | | | | | | | | | For the three months ended September 30, | | For the nine months ended September 30, | | | 2024 | | 2025 | | 2024 | | 2025 | Selling and marketing | | $ | 34 | | $ | 30 | | $ | 116 | | $ | 78 | Research and development | | | 85 | | | 18 | | | 497 | | | 57 | General and administrative | | | 155 | | | 117 | | | 986 | | | 404 | Total share-based compensation expense | | $ | 274 | | $ | 165 | | $ | 1,599 | | $ | 539 |
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