0001104659-24-039911 | 20-F | XBRL Viewer | Lightinthebox Holding Co LTD

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2023

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


	As of December 31,
	2022		2023

Accrued advertising fees⁽¹⁾	$	48,445	$	51,143
VAT and other taxes payable		28,680		29,194
Accrued payroll and staff welfare		6,971		3,524
Accrued sales return ⁽²⁾		2,348		1,376
Accrued professional fees		1,153		1,101
Individual income tax withheld		598		142
Credit card processing charges		106		42
Current portion of finance lease liabilities		44		34
Deposits received from a merchant		—		5,624
Others ⁽³⁾		2,012		2,442
Total	$	90,357	$	94,622

(1)	During the year ended December 31, 2023, the Group recognized advertising fees of $291,702 and paid the advertising fees of $289,004.

(2)	Accrued sales return represents the estimated sales return at the end of each of the respective year. Movements during the respective years are as follows:


	Years ended December 31,
	2022		2023
Balance at January 1	$	680	$	2,348
Allowance for sales return accrued in the year		14,950		15,732
Utilization of accrued sales return allowance		(13,282)		(16,704)
Balance at December 31	$	2,348	$	1,376

(3)Others mainly include deposits from vendors and accrued utilities.

INCOME TAXES (Details) $ in Thousands, $ in Thousands	12 Months Ended
INCOME TAXES (Details) $ in Thousands, $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 HKD ($)	Dec. 31, 2018
Income taxes
Assessable profits							$ 2,000
Half of the current tax rate (as a Percent)							8.25%
Income tax expense		$ 40		$ (12,707)	$ 9,802
Current income tax expense / (benefit)		0		(12,300)	9,517
Deferred tax expense / (benefit)		40		(407)	9,827
Deferred					285
Income tax expense/(benefit)		40		(12,707)	9,802
Schedule of Loss before income taxes
Loss before provision of income tax		(9,550)		(69,289)	23,256
Deferred tax assets:
Allowance for credit losses		154		156
Write-down for inventory		111		162
Lease liabilities		876		2,154
Net operating loss carry forwards		34,665		30,677
Gross deferred tax assets		35,806		33,149
Less: Valuation allowance		(34,500)		(30,324)	(28,195)
Total deferred tax assets		1,306		2,825
Deferred tax liabilities:
Property and equipment, net		(151)		(87)
Acquired intangible assets		(433)		(695)
Operating lease ROU assets		(876)		(2,154)
Total deferred tax liabilities		(1,460)		(2,936)
Net deferred tax assets		0		0
Total deferred tax liabilities		154		111
Movement of valuation allowance
Balance at beginning of the period	$ 34,500	30,324		28,195
Additions		4,210		3,145
Decrease related to subsidiaries' cancellation		(34)		(1,016)
Balance at end of the period		34,500		30,324	28,195
Reconciliation between the expense of income taxes computed by applying the PRC tax rate to loss before income taxes and the actual provision for income taxes
Income/(loss) before provision of income tax		$ (9,550)		$ (69,289)	$ 23,256
Statutory tax rate in the PRC		25.00%	25.00%	25.00%	25.00%
Income tax expense / (benefit) at statutory tax rate		$ (2,387)		$ (17,322)	$ 5,814
Non-deductible expenses		129		982	346
Non-deducible impairment loss		0		14,021	0
Statutory expense		(293)		(203)	(655)
R&D super deduction		(2,904)		(2,392)	(2,664)
Effect of preferential tax rate		(86)		344	122
Effect of income tax rate differences in jurisdictions other than the PRC		1,151		1,311	(892)
Deferred tax expense		0		(415)	381
Prior year true up		(71)		(157)	(594)
Unrecognized tax benefits-Fin 48		0		(12,302)	9,576
Changes in valuation allowances		4,501		3,426	(1,632)
Income tax expense/(benefit)		40		(12,707)	9,802
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 107	107		13,101	0
Additions		0		73	13,101
Decreases		0		(13,067)	0
Ending balance		107		107	13,101	$ 0
Unrecognized tax benefits		107		107	$ 13,101	$ 0
interest expense		$ 107		$ 107
Percentage of effective rate							100.00%	100.00%
Shenzhen Ruizhihe
Income taxes
Taxable income (as a percent)				20.00%	20.00%
PRC
Reconciliation between the expense of income taxes computed by applying the PRC tax rate to loss before income taxes and the actual provision for income taxes
Statute of limitations		4 years	4 years
PRC \| Guoshuihan 2009
Income taxes
Preferential tax term		3 years	3 years
PRC \| Shanghai Lanting
Income taxes
Preferential tax term		3 years	3 years
Cayman Islands
Schedule of Loss before income taxes
Loss before provision of income tax		$ (1,635)		$ (2,411)	$ (5,219)
Reconciliation between the expense of income taxes computed by applying the PRC tax rate to loss before income taxes and the actual provision for income taxes
Income/(loss) before provision of income tax		(1,635)		(2,411)	(5,219)
Hong Kong
Income taxes
Withholding taxes amount on remittance of dividends			$ 0
Assessable profits			$ 0
Accumulated tax losses of subsidiaries		162,999
Schedule of Loss before income taxes
Loss before provision of income tax		(9,307)		(66,872)	(12,136)
Reconciliation between the expense of income taxes computed by applying the PRC tax rate to loss before income taxes and the actual provision for income taxes
Income/(loss) before provision of income tax		$ (9,307)		$ (66,872)	$ (12,136)
Statutory tax rate in the PRC		16.50%	16.50%
PRC
Income taxes
Preferential income tax rate		15.00%	15.00%
Accumulated tax losses of subsidiaries		$ 30,916
Reconciliation between the expense of income taxes computed by applying the PRC tax rate to loss before income taxes and the actual provision for income taxes
Statutory tax rate in the PRC		25.00%	25.00%
PRC \| Guoshuihan 2009
Income taxes
Eligible for preferential tax rate					15.00%	15.00%	15.00%
PRC \| Shanghai Lanting
Income taxes
Eligible for preferential tax rate	15.00%	15.00%	15.00%	15.00%
PRC excluding Hong Kong SAR, and other countries
Schedule of Loss before income taxes
Loss before provision of income tax		$ 1,392		$ (6)	$ 40,611
Reconciliation between the expense of income taxes computed by applying the PRC tax rate to loss before income taxes and the actual provision for income taxes
Income/(loss) before provision of income tax		$ 1,392		$ (6)	$ 40,611
Hong Kong, PRC and Singapore \| Maximum
Reconciliation between the expense of income taxes computed by applying the PRC tax rate to loss before income taxes and the actual provision for income taxes
Statute of limitations		6 years	6 years
Hong Kong, PRC and Singapore \| Minimum
Reconciliation between the expense of income taxes computed by applying the PRC tax rate to loss before income taxes and the actual provision for income taxes
Statute of limitations		4 years	4 years
Singapore
Income taxes
Accumulated tax losses of subsidiaries		$ 7,399
Singapore \| Ching International service PTE.LTD
Income taxes
Percent of exemption on first SGD 10,000 of taxable income		75.00%	75.00%
Percent of exemption on next SGD 190,000 of taxable income		50.00%	50.00%
Reconciliation between the expense of income taxes computed by applying the PRC tax rate to loss before income taxes and the actual provision for income taxes
Statutory tax rate in the PRC		17.00%	17.00%
Singapore \| Avant E-Commerce Service PTE.LTD
Income taxes
Percent of exemption on first SGD 10,000 of taxable income		75.00%	75.00%
Percent of exemption on next SGD 190,000 of taxable income		50.00%	50.00%
Reconciliation between the expense of income taxes computed by applying the PRC tax rate to loss before income taxes and the actual provision for income taxes
Statutory tax rate in the PRC		17.00%	17.00%
Singapore \| Avant Logistic Service PTE.LTD
Income taxes
Percent of exemption on first SGD 10,000 of taxable income		75.00%	75.00%
Percent of exemption on next SGD 190,000 of taxable income		50.00%	50.00%
Reconciliation between the expense of income taxes computed by applying the PRC tax rate to loss before income taxes and the actual provision for income taxes
Statutory tax rate in the PRC		17.00%	17.00%
Other regions
Income taxes
Accumulated tax losses of subsidiaries		$ 643

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2023

ORGANIZATION AND PRINCIPAL ACTIVITIES

Schedule of consolidated financial information of the Group's VIEs and its subsidiary


	December 31,
	2022		2023

Total assets	$	126	$	—
Total liabilities	$	—	$	—


	Years ended December 31,
	2021		2022		2023

Revenues	$	790	$	—	$	—
Net loss	$	(295)	$	(424)	$	—


	Years ended December 31,
	2021		2022		2023

Net cash provided by / (used in) operating activities	$	3,758	$	(8,673)	$	—
Net cash provided by investing activities	$	381	$	2,778	$	—
Net cash used in financing activities	$	—	$	—	$	—

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 66,425	$ 88,575
Restricted cash	5,279	5,993
Accounts receivable, net of allowance for credit losses	634	695
Inventories	5,767	14,260
Prepaid expenses and other current assets	6,875	6,452
Total current assets	84,980	115,975
Property and equipment, net	2,789	2,946
Intangible assets, net	3,604	5,630
Goodwill	27,393	28,177
Operating lease right-of-use assets	6,559	10,874
Long-term rental deposits	392	1,211
Other non-current assets	592	0
TOTAL ASSETS	126,309	164,813
Current Liabilities
Accounts payable	15,846	26,518
Advance from customers	17,001	32,241
Operating lease liabilities	5,046	4,993
Accrued expenses and other current liabilities	94,622	90,357
Total current liabilities	132,515	154,109
Operating lease liabilities	1,915	6,576
Long-term payable	0	34
Deferred tax liabilities	154	111
Unrecognized tax benefits	107	107
TOTAL LIABILITIES	134,691	160,937
EQUITY / (DEFICIT)
Ordinary shares ($0.000067 par value; 750,000,000 shares authorized; 244,895,045 and 244,955,045 shares issued as of December 31, 2022 and 2023 respectively; 226,569,381 and 223,250,577 shares outstanding as of December 31, 2022 and 2023, respectively)	17	17
Additional paid-in capital	283,137	282,722
Treasury shares (18,311,418 and 21,666,222 shares as of December 31, 2022 and 2023, respectively)	(30,359)	(28,615)
Accumulated other comprehensive loss	(1,856)	(1,024)
Accumulated deficit	(259,321)	(249,224)
TOTAL EQUITY / (DEFICIT)	(8,382)	3,876
TOTAL LIABILITIES AND EQUITY / (DEFICIT)	$ 126,309	$ 164,813

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)
Foreign currency translation adjustment, net of income taxes	$ 0	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Acquired intangible assets, net (Details)	Dec. 31, 2023
Technology platform
Acquired intangible assets, net
Useful lives	1 year
Non-compete agreement
Acquired intangible assets, net
Useful lives	2 years
Customer base
Acquired intangible assets, net
Useful lives	4 years 3 months 18 days
Technology \| Minimum
Acquired intangible assets, net
Useful lives	3 years
Technology \| Maximum
Acquired intangible assets, net
Useful lives	5 years
Members
Acquired intangible assets, net
Useful lives	4 years
Branding
Acquired intangible assets, net
Useful lives	10 years
In-progress orders
Acquired intangible assets, net
Useful lives	1 month 6 days

ORDINARY SHARES

12 Months Ended

Dec. 31, 2023

Common Stock Disclosure [Abstract]

ORDINARY SHARES

10. ORDINARY SHARES

The Company sold 173,285 ADSs during the year ended December 31, 2021, representing 346,570 ordinary shares with a total consideration of approximately $898.

The Company sold 37,328 ADSs during the year ended December 31, 2023, representing 74,656 ordinary shares from its treasury shares with a total consideration of approximately $190.

On June 29, 2023, the Company announced the implementation and the execution of a share repurchase program of up to US$10 million of the ordinary shares in the form of American Depositary Shares through December 31, 2023. Pursuant to the share repurchase plan, the Company repurchased 1,785,730 ADSs during the year ended December 31, 2023, representing 3,571,460 ordinary shares with a total consideration of approximately $2,296.

NONVESTED SHARES - Summary of Nonvested Shares Granted and Vested (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted average grant date fair value
Incremental compensation expenses	$ 415	$ 340	$ 1,382
Nonvested shares
Number of Shares
Outstanding at the beginning of the period (in shares)	46,000
Granted (in shares)	298,000	313,000	1,275,200
Forfeited (in shares)	(16,000)
Vested (in shares)	(178,000)
Outstanding at the end of the period (in shares)	150,000	46,000
Weighted average grant date fair value
Outstanding at the beginning of the period (in dollars per share)	$ 0.55
Granted (in dollars per share)	0.45
Forfeited (in dollars per share)	0.60
Vested (in dollars per share)	0.57
Outstanding at the end of the period (in dollars per share)	$ 0.33	$ 0.55
Fair value of shares vested	$ 134	$ 186	$ 910
Incremental compensation expenses	134	$ 186	$ 953
Unrecognized compensation cost	$ 68
Weighted-average period of recognition of unrecognized compensation cost	1 year 1 month 6 days

SHARE OPTIONS - Summary of Stock Option Activity (Details) - 2008 Plan - Share options - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2020
Options granted
Balance at the beginning of the period (in shares)	4,423,900
Granted (in shares)	1,321,480	3,000,000
Exercised (in shares)	0
Forfeited (in shares)	(11,300)
Balance at the end of the period (in shares)	5,734,080
Weighted average exercise price per option
Balance at the beginning of the period (in dollars per share)	$ 0.38
Granted (in dollars per share)	0.32	$ 0.40
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	2.65
Balance at the end of the period (in dollars per share)	$ 0.36

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income / (loss)	$ (9,590)	$ (56,582)	$ 13,454
Adjustments to reconcile net income to net cash provided by / (used in) operating activities:
Depreciation and amortization	3,177	3,371	3,299
Loss / (gain) on disposal of property and equipment	(1)	17	3
Share-based compensation	415	340	1,382
Impairment loss on investment	0	56,083	0
Unrealized foreign exchange (gain) / loss	(1,114)	2,383	1,132
Fair value change of equity investment without readily determinable fair values under the measurement alternative	0	(849)	(38,834)
Allowance for credit losses	0	83	407
Inventory write-down	0	103	880
Interest income	(71)	0	0
Reversal of unrecognized tax benefits	0	12,302	0
Deferred income tax	40	(407)	9,827
Changes in operating assets and liabilities:
Accounts receivable	61	930	(731)
Inventories	8,493	(2,366)	(2,957)
Prepaid expenses and other current assets	(423)	1,412	(2,837)
Amounts due from related parties	0	0	62
Long-term rental deposits	819	7	(511)
Other non-current assets	(592)	0	0
Accounts payable	(10,672)	2,983	6,582
Amounts due to related parties	0	0	(167)
Advance from customers	(15,240)	7,452	(8,490)
Accrued expenses and other current liabilities	4,276	32,537	15,808
Operating lease right-of-use assets	5,414	5,506	660
Operating lease liabilities	(5,707)	(4,875)	(740)
Net cash provided by / (used in) operating activities	(20,715)	35,826	(1,771)
Cash flows from investing activities
Purchase of property and equipment	(1,149)	(817)	(1,013)
Purchase of intangible assets	0	0	(56)
Interest received	71	0	0
Loans to a third party	(2,824)	0	0
Repayment of loans by a third party	2,824	0	0
Capitalized internal use software	0	0	(827)
Proceeds from disposal of property and equipment	0	138	64
Proceeds from disposal of long-term investment	0	2,730	89
Net cash (used in) / provided by investing activities	(1,078)	2,051	(1,743)
Cash flows from financing activities
Principal repayment of finance leases	(44)	(43)	(44)
Issuance of ordinary shares from treasury shares	45	0	268
Repurchase of ordinary shares	(2,296)	0	0
Payment for acquisition of non-controlling interest	0	0	(1,544)
Net cash used in financing activities	(2,295)	(43)	(1,320)
Net (decrease) / increase in cash, cash equivalents and restricted cash	(24,088)	37,834	(4,834)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	1,224	(2,868)	(1,093)
Cash, cash equivalents and restricted cash at beginning of year	94,568	59,602	65,529
Cash, cash equivalents and restricted cash at end of year	71,704	94,568	59,602
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets
Cash and cash equivalents	66,425	88,575	55,942
Restricted cash	5,279	5,993	3,660
Total cash and cash equivalents and restricted cash	71,704	94,568	59,602
Supplemental cash flow information:
Income taxes paid	0	(17)	(11)
Interest expense paid	(4)	(5)	(13)
Noncash investing activities:
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$ 862	$ 5,498	$ 4,655

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Liquidity Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Current liabilities	$ 47,535
Working Capital Deficit	259,321
Net income(loss)	(9,590)	$ (56,582)	$ 13,454
Net change in cash, cash equivalents, and restricted cash	$ 71,704	$ 94,568	$ 59,602	$ 65,529

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
-Paragraph 1
-Subparagraph (b)(2)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

GOODWILL - Changes in the carrying amount of goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
GOODWILL
Goodwill, beginning balance	$ 28,177	$ 30,440
Effect of exchange rate changes on goodwill	(784)	(2,263)
Goodwill, ending balance	27,393	28,177
Ador Inc
GOODWILL
Goodwill, beginning balance	690	690
Effect of exchange rate changes on goodwill	0	0
Goodwill, ending balance	690	690
Ezbuy
GOODWILL
Goodwill, beginning balance	27,487	29,750
Effect of exchange rate changes on goodwill	(784)	(2,263)
Goodwill, ending balance	$ 26,703	$ 27,487

GOODWILL (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill Disclosure [Abstract]

Schedule of changes in the carrying amount of goodwill


	Ador		Ezbuy		Total
Balance at January 1, 2022	$	690	$	29,750	$	30,440
Effect of exchange rate changes on goodwill		—		(2,263)		(2,263)
Balance at December 31, 2022	$	690	$	27,487	$	28,177
Effect of exchange rate changes on goodwill		—		(784)		(784)
Balance at December 31, 2023	$	690	$	26,703	$	27,393

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

18. RELATED PARTY TRANSACTIONS

The Group signed a share transfer agreement with Yew Tee Global Investment Pte. Ltd., a company controlled by the Group’s managements, in 2021, to acquire the remaining 20% of the issued share capital of Avant Logistic. Upon the share transfer, Avant Logistic became a wholly-owned subsidiary of Ezbuy. The total purchase price was $1,544 and was fully settled as of December 31, 2021.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

INCOME/ (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

INCOME/ (LOSS) PER SHARE

Schedule of computation of basic and diluted net income / (loss) per ordinary share


	Years ended December 31,
	2021		2022		2023

Numerator:
Net income / (loss) attributable to ordinary shareholders of LightInTheBox Holding Co., Ltd.	$	13,129	$	(56,582)	$	(9,590)
Adjusted net income / (loss) attributable to ordinary shareholders of LightInTheBox Holding Co., Ltd. used in calculating net income/ (loss) per ordinary share —diluted		13,129		(56,582)		(9,590)
Denominator:
Weighted average number of shares used in calculating net income/ (loss) per ordinary share —basic		224,306,117		226,248,599		225,940,602
Weighted average number of shares used in calculating net income / (loss) per ordinary share —diluted		226,568,979		226,248,599		225,940,602
Net income / (loss) per ordinary share — basic	$	0.06	$	(0.25)	$	(0.04)
Net income / (loss) per ordinary share — diluted	$	0.06	$	(0.25)	$	(0.04)

SEGMENT REPORTING - Components of product sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment reporting
Total revenues	$ 629,428	$ 503,568	$ 446,103
Product sales
Segment reporting
Total revenues	617,240	491,949	435,170
Apparel
Segment reporting
Total revenues	518,272	399,518	274,212
Other general merchandises
Segment reporting
Total revenues	$ 98,968	$ 92,431	$ 160,958

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2023

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

15. EMPLOYEE BENEFIT PLANS

Full time employees in the PRC, Singapore and Malaysia participate in government-mandated defined contribution plans pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. The PRC labor regulations require the Group to make contributions based on certain percentages of the employees’ basic salaries. Other than the contribution, there is no further obligation under these plans. The total contribution for such employee benefits, which were expenses as incurred, was $7,072, $6,646 and $6,832 for the years ended December 31, 2021, 2022 and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

RELATED PARTY TRANSACTIONS (Details) - Related party - Share transfer agreement - Yew Tee Global Investment Pte. Ltd $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Related Party Transactions.
Amount of related party transaction	$ 1,544
Percentage of outstanding shares held	20.00%

ORGANIZATION AND PRINCIPAL ACTIVITIES

12 Months Ended

Dec. 31, 2023

ORGANIZATION AND PRINCIPAL ACTIVITIES

ORGANIZATION AND PRINCIPAL ACTIVITIES

1. ORGANIZATION AND PRINCIPAL ACTIVITIES

LightInTheBox Holding Co., Ltd. (the “Company”), incorporated in the Cayman Islands in March 2008, together with its consolidated subsidiaries (collectively referred to the “Group”), is an online retailer that delivers products directly to consumers around the world.

(1)	History of the Group and corporate reorganization

LightInTheBox Holding Co., Ltd. is a holding company with no material operations of its own. It conducts its operations primarily through its subsidiaries in Singapore, Hong Kong, the PRC, the United States and Netherlands.

●

Avant Logistic Service PTE. LTD.(“Avant Logistic”), Avant E-commerce Service PTE. LTD. and Ching International Service PTE. LTD., the Company’s wholly owned subsidiaries incorporated under the laws of Singapore, that primarily focus on the marketing and customer service, warehouse management services and local delivery in Southeast Asia;

●

Light In The Box Limited (“Light In The Box”), LightInTheBox International Logistic Co., Limited (“LightInTheBox Logistic”), Lanting International Holding Limited (“Lanting International”) and Ezbuy Holdings Limited (“Ezbuy HK”), the Company’s wholly owned subsidiaries incorporated in Hong Kong, that primarily engage in product sourcing, marketing and the operation of our websites and mobile applications and global distribution network;

●

LITB Netherlands B.V., the company’s wholly owned subsidiary incorporated in the Netherlands that primarily engages in marketing in Europe;

●

Ador E-commerce Inc., the company’s wholly owned subsidiary incorporated under the laws of the State of Oregon, the United States, that primarily engages in marketing and technology support; and

●

PRC subsidiaries, that primarily engage in providing supplier chain management, research and development, customer service, marketing services, warehousing and fulfillment services to overseas affiliates.

(2)	Termination of the VIE arrangements

As of December 31, 2023, there were no VIEs in the PRC. Historically, the Group conducted certain operations in the PRC through contractual arrangements with certain VIEs, that were incorporated in the PRC. To mitigate the uncertainties in the Group’s corporate structure and exert full control on its operating entities, the Group transferred operations in the VIEs to its wholly-owned entities and unwound the VIEs arrangements that were intended to support the operations of its PRC subsidiaries, which were no longer in operation.

In 2021, Shenzhen Xuyi International logistics Co., Ltd. and Chongqing Xuyi E-Commerce Co., Ltd. were closed and the shares of Shenzhen Lanting Huitong Technologies Co., Ltd., Jiaxing Xuyang Logistics Co., Ltd. (“Jiaxing Xuyang”), Dongguan Herui Supply Chain Management Co., Limited (“Dongguan Herui”) and Shenzhen Ruizhihe Supply Chain Management Co., Limited (“Shenzhen Ruizhihe”) were transferred from its nominee shareholders to the Group’s wholly-owned subsidiaries at nominal value. In 2022, The Group liquidated the two remaining VIEs, namely, Beijing Lanting Gaochuang Technologies Co., Ltd. (“Lanting Gaochuang”) and Chongqing Ruizhihe E-Commerce Co., Ltd. (“Chongqing Ruizhihe”). As a result, the contractual arrangements between the wholly-owned entities and the relevant VIEs were terminated, which included Exclusive and Technical Support and Consulting Service Agreements, Powers of Attorney, Exclusive Option Agreements, Loan Agreements, Share Pledge Agreements and Spousal Consent Letters. Thereafter the Group conducts its operations exclusively through wholly-owned subsidiaries.

The following condensed consolidated financial information of the Group’s VIEs and its subsidiary was included in the consolidated financial statements as of and for the years ended, after elimination of intercompany balances and transactions within the Group:


	December 31,
	2022		2023

Total assets	$	126	$	—
Total liabilities	$	—	$	—


	Years ended December 31,
	2021		2022		2023

Revenues	$	790	$	—	$	—
Net loss	$	(295)	$	(424)	$	—


	Years ended December 31,
	2021		2022		2023

Net cash provided by / (used in) operating activities	$	3,758	$	(8,673)	$	—
Net cash provided by investing activities	$	381	$	2,778	$	—
Net cash used in financing activities	$	—	$	—	$	—

As of December 31, 2022, there was no pledge or collateralization of the consolidated VIEs’ assets that can only be used to settle the VIEs’ obligations. The creditors of the VIEs do not have recourse to the general recourse of the Company or its consolidated subsidiaries.

SEGMENT REPORTING - Summary of revenues and percentage of revenues by geographical locations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment reporting
Total revenues	$ 629,428	$ 503,568	$ 446,103
Revenues (as a percent)	100.00%	100.00%	100.00%
Europe
Segment reporting
Total revenues	$ 313,559	$ 232,954	$ 218,915
Revenues (as a percent)	49.80%	46.30%	49.10%
North America
Segment reporting
Total revenues	$ 235,974	$ 171,553	$ 91,520
Revenues (as a percent)	37.50%	34.10%	20.50%
Other countries
Segment reporting
Total revenues	$ 79,895	$ 99,061	$ 135,668
Revenues (as a percent)	12.70%	19.60%	30.40%

- Definition

+ References

+ Details

SHARE OPTIONS (Tables)

12 Months Ended

Dec. 31, 2023

SHARE OPTIONS

Schedule of assumptions used for estimating the fair value of options


	Years ended December 31,
	2021			2022			2023
Risk-free interest rate per annum		1.56	%		4.43	%		3.85	%
Exercise multiple		2.8			2.8			2.8
Expected volatility		79.5	%		79.0	%		78.0	%
Expected dividend yield		0	%		0	%		0	%
Fair value of ordinary shares	$	0.45		$	0.369		$	0.52
Expected terms (in years)		10			10			10

Summary of share option activity


		Weighted average
		exercise price
	Options granted	per option

Outstanding at January 1, 2023	4,423,900	$	0.38
Granted	1,321,480	$	0.32
Exercised	—	$	—
Forfeited	(11,300)	$	2.65
Outstanding at December 31, 2023	5,734,080	$	0.36

Summary of information regarding the share options granted


	As of December 31, 2023
				Weighted-
		Weighted-		average remaining	Weighted-
		average exercise		contractual	Average
	Options Number	price per option		life (years)	intrinsic value

Options
Outstanding	5,734,080	$	0.36	7.95	$	0.19
Exercisable	5,734,080	$	0.36	7.95	$	0.19
Expected to vest	—	$	—	—	$	—

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	$ 9,028	$ 8,275
Less: Accumulated depreciation	(6,239)	(5,329)
Property and equipment, net	2,789	2,946
Depreciation expenses	1,280	1,223	$ 1,217
Leasehold improvements
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	1,466	1,451
Furniture, fixtures and office equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	3,386	3,069
IT equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	2,437	2,393
Vehicles
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	$ 1,739	$ 1,362

ORGANIZATION AND PRINCIPAL ACTIVITIES - Consolidated Financial Information of the Group's VIEs and Subsidiaries (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated financial information of the Group's VIE and its subsidiaries included in consolidated financial statements
Total assets	$ 126,309	$ 164,813
Total liabilities	134,691	160,937
Revenues	629,428	503,568	$ 446,103
Net loss	(9,590)	(56,582)	13,129
Net cash provided by / (used in) operating activities	(20,715)	35,826	(1,771)
Net cash provided by investing activities	(1,078)	2,051	(1,743)
Net cash used in financing activities	(2,295)	(43)	(1,320)
Consolidated VIEs
Consolidated financial information of the Group's VIE and its subsidiaries included in consolidated financial statements
Total assets	0	126
Total liabilities	0	0
Revenues	0	0	790
Net loss	0	(424)	(295)
Net cash provided by / (used in) operating activities	0	(8,673)	3,758
Net cash provided by investing activities	0	2,778	381
Net cash used in financing activities	$ 0	0	$ 0
Consolidated VIEs \| Pledge or collateralization
Consolidated financial information of the Group's VIE and its subsidiaries included in consolidated financial statements
Total assets		$ 0

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Allowance for credit losses	$ 192	$ 192
Additions for impairment losses	$ 0	$ 83	$ 0

INCOME/ (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2023

INCOME/ (LOSS) PER SHARE

INCOME/ (LOSS) PER SHARE

14. INCOME/ (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted net income / (loss) per ordinary share for the following years:


	Years ended December 31,
	2021		2022		2023

Numerator:
Net income / (loss) attributable to ordinary shareholders of LightInTheBox Holding Co., Ltd.	$	13,129	$	(56,582)	$	(9,590)
Adjusted net income / (loss) attributable to ordinary shareholders of LightInTheBox Holding Co., Ltd. used in calculating net income/ (loss) per ordinary share —diluted		13,129		(56,582)		(9,590)
Denominator:
Weighted average number of shares used in calculating net income/ (loss) per ordinary share —basic		224,306,117		226,248,599		225,940,602
Weighted average number of shares used in calculating net income / (loss) per ordinary share —diluted		226,568,979		226,248,599		225,940,602
Net income / (loss) per ordinary share — basic	$	0.06	$	(0.25)	$	(0.04)
Net income / (loss) per ordinary share — diluted	$	0.06	$	(0.25)	$	(0.04)

For the year ended December 31, 2021, certain outstanding options and nonvested shares were excluded from the computation of diluted net income per share as their inclusion would have been anti-dilutive.

For the year ended December 31, 2022, outstanding options of 4,423,900 and nonvested shares of 46,000 were excluded from the computation of diluted net loss per share as their inclusion would have been anti-dilutive.

For the year ended December 31, 2023, outstanding options of 5,734,080 and nonvested shares of 150,000 were excluded from the computation of diluted net loss per share as their inclusion would have been anti-dilutive.

SHARE OPTIONS - Options Details and Assumptions Used to Estimate Fair Value of Options Granted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 09, 2014	Dec. 31, 2008
2008 Plan
Share options
Capital shares reserved for future issuance						11,344,444	4,444,444
2008 Plan \| Share options
Share options
Shares options granted	1,321,480			3,000,000
Exercise price of shares options granted (in dollars per share)	$ 0.32			$ 0.40
Incremental share-based compensation expense			$ 425
Assumptions used for estimating the fair value of options granted on the date of grant
Risk-free interest rate per annum (as a percent)	3.85%	4.43%	1.56%
Exercise multiple	2.8	2.8	2.8
Expected volatility (as a percent)	78.00%	79.00%	79.50%
Expected dividend yield (as a percent)	0.00%	0.00%	0.00%
Fair value of ordinary shares (in dollars per share)	$ 0.52	$ 0.369	$ 0.45
Expected terms (in years)	10 years	10 years	10 years
2008 Plan \| Share options \| Employees
Share options
Shares options granted		1,300,000	80,000
Exercise price of shares options granted (in dollars per share)		$ 0.25	$ 0.40
2019 Plan
Share options
Shares authorized to grant					2,867,382
Additional shares authorized to issue					10,667,382
The Plans \| Share options \| Consultants \| Tranche One
Share options
Shares options granted	44,444
Exercise price of shares options granted (in dollars per share)	$ 0.01
The Plans \| Share options \| Consultants \| Tranche Two
Share options
Shares options granted	77,036
Exercise price of shares options granted (in dollars per share)	$ 0.81
The Plans \| Share options \| Consultants \| Tranche Three
Share options
Shares options granted	1,200,000
Exercise price of shares options granted (in dollars per share)	$ 0.30

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY / (DEFICIT) - USD ($) $ in Thousands	Ordinary Shares	Additional Paid-in Capital	Treasury Stock, Common [Member]	Accumulated Other Comprehensive (Loss) / Income	Accumulated Deficit	Non-controlling Interests	Total
Balance at Dec. 31, 2020	$ 17	$ 282,260		$ 1,795	$ (204,571)	$ 83	$ 49,377
Balance (in shares) at Dec. 31, 2020	224,038,611
Treasury Shares, Value, Beginning Balance at Dec. 31, 2020			$ (30,207)
Increase (Decrease) in Stockholders' Equity
Issuance of ordinary shares			898		(630)		268
Issuance of ordinary shares (in shares)	346,570
Issuance of ordinary shares upon vesting of nonvested shares (in shares)	1,695,200
Share-based compensation		1,382					1,382
Net income / (loss)					13,129	325	13,454
Acquisition of non-controlling interests		(1,260)				(284)	(1,544)
Foreign currency translation adjustment, net of nil income taxes				942			942
Balance at Dec. 31, 2021	$ 17	282,382		2,737	(192,072)	124	63,879
Balance (in shares) at Dec. 31, 2021	226,080,381
Treasury Shares, Value, Ending Balance at Dec. 31, 2021			(29,309)
Increase (Decrease) in Stockholders' Equity
Issuance of ordinary shares upon vesting of nonvested shares (in shares)	212,000
Exercise of options and employee transactions			694		(694)
Exercise of options and employee transactions (in shares)	277,000
Share-based compensation		340					340
Net income / (loss)					(56,582)		(56,582)
Disposal of subsidiaries with non-controlling interests					124	$ (124)
Foreign currency translation adjustment, net of nil income taxes				(3,761)			(3,761)
Balance at Dec. 31, 2022	$ 17	282,722		(1,024)	(249,224)		3,876
Balance (in shares) at Dec. 31, 2022	226,569,381
Treasury Shares, Value, Ending Balance at Dec. 31, 2022			(28,615)				28,615
Increase (Decrease) in Stockholders' Equity
Issuance of ordinary shares upon vesting of nonvested shares (in shares)	36,000
Share-based compensation		415					415
Issuance of ordinary shares from treasury shares upon vesting of nonvested shares			362		(362)
Issuance of ordinary shares from treasury shares upon vesting of nonvested shares (in shares)	142,000
Issuance of ordinary shares from treasury shares			190		(145)		45
Issuance of ordinary shares from treasury shares (in shares)	74,656
Repurchase of ordinary shares			(2,296)				(2,296)
Repurchase of ordinary shares (in shares)	(3,571,460)
Net income / (loss)					(9,590)		(9,590)
Foreign currency translation adjustment, net of nil income taxes				(832)			(832)
Balance at Dec. 31, 2023	$ 17	$ 283,137		$ (1,856)	$ (259,321)		(8,382)
Balance (in shares) at Dec. 31, 2023	223,250,577
Treasury Shares, Value, Ending Balance at Dec. 31, 2023			$ (30,359)				$ 30,359

PARENT ONLY INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

PARENT ONLY INFORMATION

Schedule of condensed balance sheets


	December 31,
	2022		2023
ASSETS
Current assets
Cash and cash equivalents	$	82	$	772
Prepaid expenses and other current assets		186		156
Amounts due from subsidiaries		153,746		149,541
TOTAL ASSETS	$	154,014	$	150,469

LIABILITIES AND EQUITY
Current Liabilities
Accrued expenses and other current liabilities	$	739	$	667
Deficit of investment in subsidiaries		149,399		158,184
TOTAL LIABILITIES	$	150,138	$	158,851

EQUITY / (DEFICIT）
Ordinary shares	$	17	$	17
Additional paid-in capital		282,722		283,137
Treasury shares, at cost		(28,615)		(30,359)
Accumulated deficit		(249,224)		(259,321)
Accumulated other comprehensive income		(1,024)		(1,856)
TOTAL EQUITY / (DEFICIT）		3,876		(8,382)
TOTAL LIABILITIES AND EQUITY	$	154,014	$	150,469

Schedule of condensed statements of operations and comprehensive (loss)


	Years ended December 31
	2021		2022		2023
General and administrative	$	3,050	$	2,234	$	1,222
Operating loss		(3,050)		(2,234)		(1,222)
Share of income / (loss) from subsidiaries and VIEs		16,179		(54,348)		(8,368)
Income / (loss) before income taxes		13,129		(56,582)		(9,590)
Income tax expense		—		—		—
Net income / (loss)		13,129		(56,582)		(9,590)
Other comprehensive income / (loss):
Foreign currency translation adjustment, net of nil income taxes		942		(3,761)		(832)
Total comprehensive income / (loss)	$	14,071	$	(60,343)	$	(10,422)

Schedule of condensed statements of cash flows


	Years ended December 31,
	2021		2022		2023
Net income / (loss)	$	13,129	$	(56,582)	$	(9,590)
Share of (loss) / income from subsidiaries and VIEs		(16,179)		54,348		8,368
Prepaid expenses and other current assets		5		101		30
Accrued expenses and other current liabilities		(465)		(95)		(72)
Net cash used in operating activities		(3,510)		(2,228)		(1,264)
Changes in amounts due from subsidiaries and VIEs		3,230		2,244		4,205
Net cash provided by investing activities		3,230		2,244		4,205
Issuance of ordinary shares from treasury shares		268		—		45
Repurchase of ordinary shares		—		—		(2,296)
Net cash provided by / (used in) financing activities		268		—		(2,251)
Net (decrease) / increase in cash and cash equivalents		(12)		16		690
Cash and cash equivalents at beginning of the year		78		66		82
Cash and cash equivalents at end of the year	$	66	$	82	$	772

PARENT ONLY INFORMATION - Condensed Statements of Operations and Comprehensive Loss - Additional (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Foreign currency translation adjustment, net of income taxes	$ 0	$ 0	$ 0
LightInTheBox Holding Co., Ltd.
Foreign currency translation adjustment, net of income taxes	$ 0	$ 0	$ 0

LEASES - Future minimum lease payments for operating and financing leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Future minimum lease payments under non-cancellable operating lease agreements
2024	$ 5,321
2025	1,883
2026	43
Total minimum operating lease payments	7,247
Less: Imputed interest	(286)
Total lease liability balance	$ 6,961
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Operating Lease, Liability, Current, Operating Lease, Liability, Noncurrent
Minimum payments related to leases not yet commenced	$ 0
Minimum future lease payments under the Finance Leases
2024	34
2025	0
2026	0
Total minimum lease payments	34
Less: Imputed interest	0
Total lease liability balance	$ 34
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities
Minimum payments related to leases not yet commenced	$ 0
Fulfillment
Lessee, Lease, Description [Line Items]
Total operating and short-term lease costs	3,360	$ 3,344	$ 3,299
Selling and marketing
Lessee, Lease, Description [Line Items]
Total operating and short-term lease costs	947	1,288	1,042
General and administrative
Lessee, Lease, Description [Line Items]
Total operating and short-term lease costs	$ 1,361	$ 1,454	$ 1,863

PARENT ONLY INFORMATION - Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current assets
Prepaid expenses and other current assets	$ 6,875	$ 6,452
TOTAL ASSETS	126,309	164,813
Current Liabilities
Accrued expenses and other current liabilities	94,622	90,357
TOTAL LIABILITIES	134,691	160,937
EQUITY / (DEFICIT)
Ordinary shares	17	17
Additional paid-in capital	283,137	282,722
Treasury shares, at cost	(30,359)	(28,615)
Accumulated deficit	(259,321)	(249,224)
Accumulated other comprehensive loss	(1,856)	(1,024)
TOTAL EQUITY / (DEFICIT)	(8,382)	3,876	$ 63,879	$ 49,377
TOTAL LIABILITIES AND EQUITY / (DEFICIT)	126,309	164,813
LightInTheBox Holding Co., Ltd.
Current assets
Cash and cash equivalents	772	82
Prepaid expenses and other current assets	156	186
Amounts due from subsidiaries	$ 149,541	$ 153,746
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	srt:SubsidiariesMember	srt:SubsidiariesMember
TOTAL ASSETS	$ 150,469	$ 154,014
Current Liabilities
Accrued expenses and other current liabilities	667	739
Deficit of investment in subsidiaries	158,184	149,399
TOTAL LIABILITIES	158,851	150,138
EQUITY / (DEFICIT)
Ordinary shares	17	17
Additional paid-in capital	283,137	282,722
Treasury shares, at cost	(30,359)	(28,615)
Accumulated deficit	(259,321)	(249,224)
Accumulated other comprehensive loss	(1,856)	(1,024)
TOTAL EQUITY / (DEFICIT)	(8,382)	3,876
TOTAL LIABILITIES AND EQUITY / (DEFICIT)	$ 150,469	$ 154,014

INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands	12 Months Ended
INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Acquired intangible assets, net
Gross carrying amount	$ 13,582	$ 13,868
Accumulated amortization	(8,956)	(7,216)
Accumulated impairment loss	(1,022)	(1,022)
Net carrying amount	3,604	5,630
Total amortization expenses	1,897	2,148	$ 2,082
Expected amortization expenses
2024	788
2025	665
2026	665
2027	665
2028	611
Impairment charges, intangible assets	0	0	$ 0
Technology platform
Acquired intangible assets, net
Intangible assets subject to amortization	90	90
Accumulated amortization	(90)	(90)
Accumulated impairment loss	0	0
Net carrying amount	0	0
Non-compete agreement
Acquired intangible assets, net
Intangible assets subject to amortization	9	9
Accumulated amortization	(7)	(7)
Accumulated impairment loss	(2)	(2)
Net carrying amount	0	0
Customer base
Acquired intangible assets, net
Intangible assets subject to amortization	32	32
Accumulated amortization	(22)	(22)
Accumulated impairment loss	(10)	(10)
Net carrying amount	0	0
Technology
Acquired intangible assets, net
Intangible assets subject to amortization	2,823	2,906
Accumulated amortization	(2,823)	(2,372)
Accumulated impairment loss	0	0
Net carrying amount	0	534
Branding
Acquired intangible assets, net
Intangible assets subject to amortization	6,654	6,849
Accumulated amortization	(3,382)	(2,797)
Accumulated impairment loss	0	0
Net carrying amount	3,272	4,052
In-progress orders
Acquired intangible assets, net
Intangible assets subject to amortization	186	192
Accumulated amortization	(186)	(192)
Accumulated impairment loss	0	0
Net carrying amount	0	0
Members
Acquired intangible assets, net
Intangible assets subject to amortization	20	20
Accumulated amortization	(20)	(20)
Accumulated impairment loss	0	0
Net carrying amount	0	0
Software
Acquired intangible assets, net
Intangible assets subject to amortization	74	76
Accumulated amortization	(66)	(42)
Accumulated impairment loss	0	0
Net carrying amount	8	34
Internal use software
Acquired intangible assets, net
Intangible assets subject to amortization	2,474	2,474
Accumulated amortization	(2,360)	(1,674)
Accumulated impairment loss	0	0
Net carrying amount	114	800
Trademark/domain name
Acquired intangible assets, net
Intangible assets not subject to amortization	1,220	1,220
Accumulated amortization	0	0
Accumulated impairment loss	(1,010)	(1,010)
Net carrying amount	$ 210	$ 210

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

(b) Basis of consolidation

The consolidated financial statements include the financial statements of the Group, its subsidiaries, VIEs and the VIE’s subsidiary, in which the Company has a controlling financial interest. Equity interests of the Company’s subsidiaries that are not owned by the Company are referred to as non-controlling interests. All inter-company transactions and balances between the Company, its subsidiaries, VIEs and subsidiary of the VIE are eliminated upon consolidation.

Non-controlling interests are classified as a separate component of equity in the consolidated balance sheets and consolidated statements of changes in equity. Additionally, net income attributable to non-controlling interests is reflected separately from consolidated net income in the consolidated statements of operations, comprehensive income / (loss) and changes in equity.

The Company records the non-controlling interests’ share of income or loss based on the percentage of ownership interest retained by the respective non-controlling interest holders. The net income attributable to the Company is the total consolidated net income / (loss) less the net income attributable to the non-controlling interests.

Changes in the Company’s ownership interest while the Company retains its controlling interest in its subsidiary shall be accounted for as equity transactions. Therefore, no gain or loss will be recognized in consolidated net income / (loss) or comprehensive income / (loss). The carrying amount of the non-controlling interest will be adjusted to reflect the change in its ownership interest in the subsidiary. Any difference between the fair value of the consideration received or paid and the amount by which the non-controlling interest is adjusted will be recognized in equity attributable to the Company.

(d) Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the reported amounts of revenues and expenses in the financial statements and accompanying notes. Actual results may differ from these estimates. The Group bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Group’s consolidated financial statements include the allowance for credit losses of accounts receivables, inventory valuation, the useful lives of property and equipment and intangibles assets with definite lives, impairment of goodwill and long-lived assets, realization of deferred income tax assets, incremental borrowing rates for lease liabilities, the fair value of equity investment without readily determinable fair value accounted for using the measurement alternative, impairment of equity investment without readily determinable fair value, the fair value determination and estimated forfeiture rates for share-based compensation awards, and sales returns allowances.

(e) Cash and cash equivalents

Cash and cash equivalents consist of cash on hand, demand deposits, highly liquid investments and term deposits with an original maturity of three months or less and are readily convertible to known amount of cash.

(f) Restricted cash

Restricted cash consists of cash which is held under the Group’s name in escrow accounts as deposits withheld by third party payment processing agencies which fluctuate with the volume of payment processed, and the cash reserved in bank supervised accounts for performance guarantees to the Group’s vendors which will be released to cash within the next 12 months.

(g) Accounts receivable, net of allowance for credit losses

The Group maintains an allowance for credit losses in accordance with ASC Topic 326, Credit Losses (“ASC 326”) and records the allowance for credit losses as an offset to accounts receivable. The estimated credit losses charged to the allowance is classified as “General and administrative” in the consolidated statements of operations. The Group assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist, primarily based on similar business line, service or product offerings and on an individual basis when the Group identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Group considers historical collectability based on past due status, the age of the accounts receivable balances, credit quality of the Group’s customers based on ongoing credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Group’s ability to collect from customers. Accounts receivables are written off after all collection efforts have ceased.

Accounts receivable represents amounts invoiced and revenue recognized prior to invoicing when the Group has satisfied its performance obligation and has the unconditional right to payment. As of December 31, 2022 and 2023, accounts receivable included account receivables for cash collected by supplemental online outlets, accounts receivable for logistic services, and accounts receivable for cash collected by the delivery service providers on behalf of the Group. The Group considers many factors in assessing the collectability of its accounts receivable, such as the age of the amounts due, the customer’s payment history, creditworthiness, financial conditions of the customers and industry trend. As of December 31, 2022 and 2023, the allowance for credit losses for accounts receivable was $1,841 and $1,841, respectively. For the years ended December 31, 2021, 2022 and 2023, the recognized credit losses were $968, $nil and $nil, respectively.

(h) Inventories

Inventories represent products available for sale and are accounted for using the first-in-first-out method and specific identification method, and are valued at the lower of cost or net realizable value. Adjustments are recorded to write down the cost of inventory to the net realizable value due to slow-moving merchandise and broken assortments, which are dependent upon factors such as historical trends with similar merchandise, inventory aging, and historical and forecasted consumer demand. Write down of $880, $103 and $nil were recorded in cost of revenues in the consolidated statements of operations for the years ended December 31, 2021, 2022 and 2023, respectively.

(i) Property and equipment, net

Property and equipment, net is stated at cost less accumulated depreciation and impairment if any.

Depreciation is calculated on a straight-line basis over the following estimated useful lives:


		Useful lives
Furniture, fixtures and office equipment		1 - 5 years
Leasehold improvements		Lesser of the lease term or estimated useful life of the assets
Vehicles		4 - 10 years
IT equipment		1 - 3 years

(j) Acquired intangible assets, net

Intangible assets, other than goodwill, resulting from the acquisitions of entities accounted for using the acquisition method of accounting are estimated by management based on the fair value of assets acquired at the acquisition date.

Identifiable intangible assets are carried at cost less accumulated amortization and impairment if any. Amortization of the intangible assets with definite life are computed using the straight-line method over the estimated useful lives.


		Useful lives
Domain name / Trade name		Indefinite life
Technology platform		1 year
Non-compete agreement		2 years
Customer base		4.3 years
Technology		3-5 years
Members		4 years
Branding		10 years
In-progress orders		0.1 year

(k) Internal use software

The Group capitalizes payroll costs incurred for the development of computer software for internal use pursuant to ASC Topic 350-40, Intangibles—Goodwill and Others—Internal use software. The Group capitalizes the costs during the development of the project, when it is determined that it is probable that the project will be completed, and the software will be used as intended. Costs related to preliminary project activities, post-implementation activities, training and maintenance are expensed as incurred. Internal use software is amortized on a straight-line basis over its estimated useful life, which is generally three years. Capitalized internal use software is recorded in “Intangible assets, net” on the consolidated balance sheets.

(l) Long-term investment

The Group’s long-term investment consists of an equity investment without readily determinable fair value.

Equity investment without readily determinable fair value

Equity investments, except for those accounted for under the equity method, those that result in consolidation of the investee and certain other investments, are measured at fair value, and any changes in fair value are recognized in earnings. For equity securities without readily determinable fair value and do not qualify for the existing practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) to estimate fair value using the net asset value per share (or its equivalent) of the investment, the Group elected to use the measurement alternative to measure those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any.

For those equity investments that the Group elects to use the measurement alternative, the Group makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the entity has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the entity has to recognize an impairment loss in net income / (loss) equal to the difference between the carrying value and fair value.

(m) Impairment of long-lived assets and definite-lived intangible assets

Long-lived assets, such as property and equipment and definite-lived intangible assets, are stated at cost less accumulated depreciation or amortization and any impairment.

The Group evaluates the recoverability of long-lived assets, including identifiable intangible assets with determinable useful lives, whenever events or changes in circumstances indicate that a long-lived asset’s carrying amount may not be recoverable. The Group compares the carrying amount of long-lived asset against the estimated undiscounted future cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the asset. Fair value is estimated based on various valuation techniques, including the discounted value of estimated future cash flows. The evaluation of asset impairment requires the Group to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts.

(n) Impairment of goodwill and indefinite-lived intangible assets

Goodwill and intangible assets deemed to have indefinite useful lives are not amortized, but tested for impairment annually as of December 31 or more frequently if events and circumstances indicate that they might be impaired.

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations.

The Group assesses goodwill for impairment in accordance with ASC 350-20, Intangibles – Goodwill and Other: Goodwill, which permits the Group to first assess qualitative factors to determine whether it is “more likely than not” that the fair value of a reporting unit is less than its carrying amount, including goodwill, as a basis for determining whether it is necessary to perform the quantitative impairment test. If this is the case, the quantitative goodwill impairment test is required. If it is more likely-than-not that the fair value of a reporting unit is greater than its carrying amount, the quantitative goodwill impairment test is not required.

Quantitative goodwill impairment test is used to identify both the existence of impairment and the amount of impairment loss, compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit is greater than its carrying amount, goodwill is not considered impaired. If the fair value of the reporting unit is less than its carrying amount, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.

The Company performs the annual goodwill and indefinite-lived intangible assets impairment assessment using qualitative impairment test on December 31 and no goodwill and indefinite-lived intangible assets impairment has been identified.

An intangible asset that is not subject to amortization is tested for impairment at least annually or if events or changes in circumstances indicate that the asset might be impaired. Such impairment test compares the fair values of assets with their carrying value amounts and an impairment loss is recognized if and when the carrying amounts exceed the fair values. The estimates of fair values of intangible assets not subject to amortization are determined using various discounted cash flow valuation methodologies. Significant assumptions are inherent in this process, including estimates of discount rates.

(o) Treasury shares

Treasury shares represent shares of the Company’s stock that have been issued, repurchased by the Company, and that have not been retired or canceled. These shares have no voting rights and are not entitled to receive dividends and are excluded from the weighted average outstanding shares in calculation of net income / (loss) per ordinary share. Treasury shares are recorded at cost.

Gains on sales of treasury stock not previously accounted for as constructively retired shall be credited to additional paid-in capital; losses may be charged to additional paid-in capital to the extent that previous net gains from sales or retirements of the same class of stock are included therein, otherwise to retained earnings.

(p) Revenue recognition

The Group recognizes revenue (i) from product sales of apparel and other general merchandise to customers through its websites and other online platforms, and to third-party sellers that sell through the Group’s platforms utilizing the Group’s supply chain, and (ii) from logistics services to companies and to individual customers.

The Group recognizes revenues upon the satisfaction of its performance obligation (upon transfer of control of promised goods or services to customers) in amounts that reflects the consideration to which the Group expects to be entitled to in exchange for those goods or services, excluding amounts collected on behalf of third parties (for example, value added taxes). For each performance obligation satisfied over time, the Group recognizes revenue over time by measuring the progress toward complete satisfaction of that performance obligation. If the Group does not satisfy a performance obligation over time, the performance obligation is satisfied at a point in time.

Product sales

The Group identified one performance obligation for product sales to consumers which is to sell products to customers through its websites and other online platforms, and also product sales to third-party sellers. Revenues of product sales are recognized on a gross basis and presented as product sales on the consolidated statements of operations, because (i) the Group is primarily responsible for fulfilling the promise to provide the specified products; (ii) the Group bears the physical and general inventory risk once the products are delivered to its warehouses; and (iii) the Group has discretion in establishing price.

The product sales to third-party sellers includes sales of products and fulfillment of orders. The Group considers that these elements are a series of combined promises in the context of the contract with third-party sellers that should be combined as one single performance obligation. Accordingly, the product sales together with the fulfillment services to third-party sellers are accounted for as one performance obligation.

The Group established a membership program whereby a registered member earns certain points for visiting one of the Group’s websites. Points could only be redeemed in connection with a future purchase. Such points, when redeemed, were treated as a reduction of revenues at the time of future purchase. Since the points are not earned based a concurrent sales transaction, no accruals are made at the time when points are earned by the registered members.

Prime membership revenues which are included in product sales, are amortized over the membership period on a straight-line basis. Prime is a subscription-based membership program. Items purchased from Prime shop enjoy flat international shipping per checkout. Prime membership revenues for the years ended December 31, 2021, 2022 and 2023 were $810, $479 and $1,899, respectively.

Product sales, net of discounts, an allowance for sales return and VAT, are recognized at the point in time when customers accept the products upon delivery. Revenues are measured as the amount of consideration the Group expects to receive in exchange for transferring products to consumers or third - party sellers. Sales return allowances, which reduce revenues, are estimated utilizing the expected value method based on historical experience of returns. The Group allowed customers to return the goods with no quality-related issues within 7 days of receipt of shipment. The Group allows customers to return most goods with quality-related issues within 30 days of receipt of shipment, and to return lamps and faucets with quality-related issues within 12 months. Liabilities for sales return allowances are included in “Accrued expenses and other current liabilities” and were $2,348 and $1,376 as of December 31, 2022 and 2023, respectively. The allowance for sales return were $9,377, $14,950 and $15,732 for the years ended December 31, 2021, 2022 and 2023.

The Group utilizes delivery service providers to deliver products to its consumers (“shipping activities”) but the delivery service for consumers is not considered as a separate obligation as the shipping activities are performed before the consumers obtain control of the products. Therefore, shipping activities for consumers and the third-party sellers are not considered a separate promised service to the consumers but rather are activities to fulfill the Group’s promise to transfer the products. Outbound shipping charges to customers are included as a part of the revenues and outbound shipping-related costs are recorded as cost of product sales. Shipping costs incurred for sales of products and recognized as cost of product sales were $90,576, $101,349 and $126,628 for the years ended December 31, 2021, 2022 and 2023, respectively.

Services and others

The Group derives services revenues mainly from provision of logistic services to companies and to individual customers. Revenues from logistic services are recognized over the delivery period since the customers simultaneously receive and consume benefits provided by the Group’s performance as the Group performs during the delivery period.

Contract liabilities

A contract liability is recognized when the Group has an obligation to transfer goods or services to a customer for which the Group has received consideration from the customer. It is included in advance from customers on the consolidated balance sheets.

Changes in the Group’s contract liabilities are presented in the following table for the years ended December 31, 2022 and 2023:


	Years ended December 31,
	2022		2023
Contract liabilities as of January 1	$	18,239	$	26,652
Cash received in advance, net of VAT		484,139		617,450
Revenue recognized from opening balance of contract liabilities		(18,239)		(26,652)
Revenue recognized from contract liabilities arising during current year		(457,487)		(606,249)
Contract liabilities as of December 31	$	26,652	$	11,201

The Company has elected the practical expedient not to disclose the information about remaining performance obligations which are part of contracts that have an original expected duration of one year or less.

(q) Cost of revenues

Product sales

Cost of goods sold primarily consists of the purchase price of consumer products sold by the Group on its websites and to third-party sellers, inbound and outbound shipping charges, packaging supplies and inventory write-downs. Shipping charges to receive products from its suppliers are included in inventory cost and recognized as cost of sales upon sale of products to customers.

Services

Cost of services primarily consists of the shipping charges and cost of packaging supplies directly incurred relating to logistic services.

(r) Fulfillment

Fulfillment costs represent those costs incurred in operating and staffing the Group’s fulfillment and customer service centers, including (i) costs attributable to buying, receiving, inspecting, and warehousing inventories, (ii) picking, packaging, and preparing customer orders for shipment, and (iii) payment processing and related transaction costs.

(s) Selling and marketing

Selling and marketing expenses consist primarily of search engine marketing and advertising, affiliate market program expenditures, public relations expenditures; and payroll and related expenses for personnel engaged in selling, marketing and business development. The Group pays to use certain relevant key words relating to its business on major search engines and the fees charged to the Group are on a “cost-per-click” basis. Advertising expense includes fees paid to on-line advertisers who assist the Group to advertise at targeted websites. Such fees are charged at a fixed rate or calculated based on traffic directed to the Group’s websites. The advertising expenses for the years ended December 31, 2021, 2022 and 2023 were $142,397, $210,817 and $291,702, respectively.

(t) General and administrative

General and administrative expenses consist of payroll and related expenses for employees involved in general corporate functions such as accounting, finance, tax, legal, and human resources; costs associated with the use by these functions of facilities and equipment, such as depreciation expense and rent; professional fees, provision for credit losses and other general corporate costs. Also included in general and administrative expenses are payroll and related expenses for employees involved in product research and development, and systems support, as well as server charges and costs associated with telecommunications. The research and development expenses for the years ended December 31, 2021, 2022 and 2023 were $20,338, $19,447 and $19,105, respectively.

General and administrative expenses also include chargebacks relating to fraudulent credit card activities from the payment processing agencies. The Group estimates chargebacks based on historical experience. The estimation of chargebacks is adjusted to the extent that actual chargebacks differ or are expected to differ. The chargeback expenses for the years ended December 31, 2021, 2022 and 2023 were $1,352, $2,209 and $2,338, respectively.

(u) Government subsidies

Government subsidies primarily consist of financial subsidies received from local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. There are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. For the government subsidies with no further conditions to be met, the amounts are recorded as operating income in “Other operating income”, or as a reduction of specific cost or expenses if such subsidies are intended to compensate such amounts. The government subsidies with certain operating conditions are recorded as liabilities when received and will be recorded as “Other operating income” or as a reduction of specific cost or expenses when the conditions are met.

(v) Fair value measurements

Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows:

●

Level 1-inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

●

Level 2-inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

●

Level 3-inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.

(w) Financial instruments and fair value measurements

Financial instruments of the Group primarily consist of cash and cash equivalents, restricted cash, accounts receivable, receivables from payment processing agencies, amounts due from related parties, long-term investments, long-term rental deposits, accounts payable, advance from customers, accrued expenses and other current liabilities and long-term payable.

The carrying values of cash and cash equivalents, restricted cash, accounts receivable, receivable from payment processing agencies, accounts payable, advance from customers, accrued expenses and other current liabilities as of December 31, 2022 and 2023 approximate their fair values due to short-term maturities.

The carrying amount of long-term payable approximates fair value as the related interest rates approximate rates currently offered by financial institutions for similar debt instruments of comparable maturities.

Goodwill, long-term investment and long-lived assets are measured at fair value on a nonrecurring basis only when impairment is recognized. The Group estimates the fair value of a reporting unit using the discounted cash flow method under the income approach. The discounted cash flows are based on a five-year financial forecasts developed by management for planning purposes. Cash flows beyond the forecasted period are estimated using a terminal value calculation. The fair values of long-lived assets are determined based on various valuation methods, including the replacement cost method, the relief from royalty method and the excess earning method. The fair value measurement of long-term investment is described in (l) Long-term investment.

The following table present the fair value hierarchy for the asset at December 31, 2022 and 2023:

Fair value measurement

at December 31, 2022 using

Quoted prices in

Significant

Carrying Value at

active markets

observable

unobservable

December 31, 2022

(Level 1)

inputs (Level 2)

inputs (Level 3)

Total losses

Non-recurring fair value measurements for:

Long-term investment

—

55,234

Fair value measurement

at December 31, 2023 using

Quoted prices in

Significant

Carrying Value at

active markets

observable

unobservable

December 31, 2023

(Level 1)

inputs (Level 2)

inputs (Level 3)

Total losses

Non-recurring fair value measurements for:

Long-term investment

—

For long-term investments which consists of an equity security accounted for under the measurement alternative, when there are observable price changes in orderly transactions for identical or similar investments of the same issuer, the investment is re-measured to fair value (Note 8). The non-recurring fair value measurements for this investment requires management to estimate a price adjustment for the different rights and obligations between a similar instrument of the same issuer with an observable price change in an orderly transaction and the investment held by the Group. These non-recurring fair value measurements were measured as of the observable transaction dates. The Company uses valuation methodologies including the back-solve method and an equity allocation model which requires management to use the observable transaction price at the transaction date and other unobservable inputs (level 3) such as expected volatility, discount for lack of marketability and probability of exit events as it relates to an initial public offering, liquidation and redemption preferences.

(x) Foreign currency translation

The Company’s functional currency is the U.S. dollar (“US$”). The Company’s subsidiaries, VIEs and its VIEs’ subsidiary determine their functional currencies based on the criteria of ASC Topic 830, Foreign Currency Matters.

Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange prevailing at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the consolidated statements of operations.

The Group’s entities with functional currency of Renminbi (“RMB”), Euro (“EUR”), Singapore Dollar (“SGD”), Malaysian Ringgit (“RM”) and Pound (“GBP”), translate their operating results and financial position into the US$, the Group’s reporting currency. Assets and liabilities are translated using the exchange rates in effect on the balance sheet date. Revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive income / (loss).

(y) Income taxes

Income taxes are provided using the asset and liability method. Under this method, deferred income taxes are recognized for tax credits and net operating losses available for carry forwards and significant temporary differences. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws and regulations applicable to the Group as enacted by the relevant tax authorities.

The impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. The Group’s estimated liability for unrecognized tax benefits is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and / or developments with respect to tax audits, and expiration of the statute of limitations. The actual benefits ultimately realized may differ from the Group’s estimates. As each audit is concluded, adjustments, if any, are recorded in the Group’s consolidated financial statements. Additionally, in future periods, changes in facts, circumstances, and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur.

The Group applies the provisions of ASC Topic 740, Income Taxes (“ASC 740”), in accounting for uncertainty in income taxes. ASC 740 clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the financial statements. The Group has elected to classify interest and penalties related to an uncertain tax position, if and when required as part of income tax expense in the consolidated statements of comprehensive income.

(z) Comprehensive income / (loss)

Comprehensive income / (loss) includes net income / (loss) and foreign currency translation adjustments and is reported in the consolidated statements of comprehensive income / (loss).

(aa) Share-based compensation

Share-based payment transactions with employees, including share options and nonvested shares are measured based on the grant date fair value of the equity instrument. The Group has elected to recognize compensation expense using the straight-line method for all employee equity awards granted with service conditions and graded vesting provided that the amount of compensation cost recognized at any date is at least equal to the portion of the grant-date value of the awards that are vested at that date, over the requisite service period of the award, which is generally the vesting period of the award. The estimate of forfeitures will be adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures will be recognized through a cumulative catch-up adjustment in the period of change and will also impact the amount of share-based compensation expense to be recognized in future periods.

Changes in the terms or conditions of equity awards are accounted as a modification under which the Group calculate whether there is any excess of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the share price and other pertinent factors at the modification date. For vested awards, the Group recognizes incremental compensation cost in the period of the modification occurred and for unvested awards, the Group recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date.

(bb) Leases

Leases are classified at the inception date as either a finance lease or an operating lease.

The Group classifies a lease as a finance lease when the lease meets any one of the following criteria at lease commencement:

a. The lease transfers ownership of the underlying asset to the lessee by the end of the lease term.

b. The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise.

c. The lease term is for a major part of the remaining economic life of the underlying asset.

d. The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset.

e. The underlying asset is of such a specialized nature that it is expected to have no alternative use to the Company at the end of the lease term.

For both operating and financing leases, the Group records a lease liability and corresponding right-of-use (ROU) asset at lease commencement. Lease terms are based on the non-cancellable term of the lease and may contain options to extend the lease when it is reasonably certain that the Group will exercise the option. Lease liabilities represent the present value of the lease payments not yet paid, discounted using the discount rate for the lease at lease commencement.

The Group estimates its incremental borrowing rate for its leases at the commencement date to determine the present value of future lease payments when the implicit rate is not readily determinable in the lease. In estimating its incremental borrowing rate, the Group considers its credit rating and publicly available data of borrowing rates for loans of similar amount, currency and term as the lease.

Operating leases are presented as “Operating lease ROU assets” and “Operating lease liabilities”. Lease liabilities that become due within one year of the balance sheet date are classified as current liabilities. At lease commencement, operating lease ROU assets represent the right to use underlying assets for their respective lease terms and are recognized at amounts equal to the lease liabilities adjusted for any lease payments made prior to the lease commencement date, less any lease incentives received and any initial direct costs incurred by the Group.

After lease commencement, operating lease liabilities are measured at the present value of the remaining lease payments using the discount rate determined at lease commencement. Operating lease ROU assets are measured at the amount of the lease liabilities and further adjusted for prepaid or accrued lease payments, the remaining balance of any lease incentives received, unamortized initial direct costs and impairment of the ROU assets, if any. Operating lease expense is recognized as a single cost on a straight-line basis over the lease term.

Financing lease ROU assets and liabilities are included in “property and equipment, net”, “accrued expenses and other current liabilities” and “long-term payable” on the consolidated balance sheets. Lease liabilities that become due within one year of the balance sheet date are classified as current liabilities. Financing lease ROU assets are amortized on a straight-line basis from the lease commencement date. After initial measurement, the carrying value of the lease liability is increased to reflect interest at a constant rate and reduced to reflect any lease payments made during the period.

Leases that have a term of 12 months or less at the commencement date (“short-term leases”) are not included in operating lease ROU assets and operating lease liabilities. Lease expense for the short-term leases is recognized on a straight-line basis over the lease term.

(cc) Income / (loss) per share

Basic income / (loss) per ordinary share is computed by dividing net income / (loss) attributable to ordinary shareholders by weighted average number of ordinary shares outstanding during the period.

Diluted income / (loss) per ordinary share reflects the potential dilution that could occur if securities were exercised or converted into ordinary shares and is calculated by dividing net income / (loss) attributable to ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the year. Ordinary equivalent shares consist of shares issuable upon convertible promissory notes using the if-converted method, and ordinary shares issuable upon the vest of nonvested shares or exercise of outstanding share options (using the treasury stock method). Ordinary equivalent shares are calculated based on the most advantageous conversion rate or exercise price from the standpoint of the security holder. Ordinary equivalent shares are not included in the denominator of the diluted income / (loss) per share calculation when inclusion of such shares would be anti-dilutive.

(dd) Significant risks and uncertainties

The Group participates in an industry with rapid changes in regulations, customer demand and competition and believes that changes in any of the following areas could have a material adverse effect on the Group’s future financial position, results of operations, or cash flows: advances and trends in e-commerce industry; changes in certain supplier and vendor relationships; regulatory or tax related factors; and risks associated with the Group’s ability to keep and increase the market coverage.

Liquidity risk

For the years ended December 31, 2021, 2022 and 2023, the Group had financed its operations primarily through some private placements and its own operations. As of December 31, 2023, the Group had net current liabilities of $47,535 and an accumulated deficit of $259,321, and the Group may continue to experience working capital deficit in the future. For the years ended December 31, 2021, 2022, and 2023, the Group made net income of $13,454, net loss of $56,582 and $9,590, respectively. As of December 31, 2023, the Group had approximately $71,704 in cash and cash equivalents and restricted cash on hand.

The Group believes that the current cash and cash equivalents and restricted cash which becomes unrestricted in twelve months will be sufficient to meet the Group’s anticipated cash needs, including the expenses and other expenditures required for its business operations, for at least the next 12 months from the date of issuance of its annual financial statements.

(ee) Concentration of credit risk

Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash, cash equivalents and restricted cash, accounts receivable, advances to suppliers, receivable from reputable payment processing agencies with high-credit ratings and long-term rental deposits. The Group places its cash and cash equivalents and restricted cash with financial institutions and third-party payment processing agencies located in the PRC, Hong Kong, the United States, Netherlands, Singapore, Malaysia. In the event of bankruptcy of one of these financial institutions and third-party payment processing agencies, the Group may not be able to claim its cash and demand deposits back in full. The Group continues to monitor the financial strength of the financial institutions and third-party payment processing agencies. There has been no recent history of default in relation to these financial institutions and third-party payment processing agencies. Accounts receivable mainly include amount generated from logistic services and the cash-on-delivery business. With respect to advances to product suppliers and long-term rental deposits, the Group performs on-going credit evaluations of the financial condition of its vendors. Receivable from payment processing agencies represented cash that had been received from customers but held by the payment processing agencies in the process of reconciliation and are collected by the Group subsequent to the year end.

(ff) Foreign currency risk

The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China foreign exchange trading system market. The Group’s cash and cash equivalents and restricted cash denominated in RMB amounted to $3,248 and $3,115 at December 31, 2022 and 2023, respectively.

(gg) Recent accounting pronouncements not yet adopted

In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), intended to improve segment disclosures requirements, primarily through enhanced disclosures about significant segment expenses. The amendments require the public entity disclose significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported, measure of segment profit or loss, an amount for other segment items by reportable segment and a description of its composition. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The amendments are required to be applied retrospectively to all prior periods presented in an entity’s financial statements. The Company does not expect that the adoption of ASU 2023-07 will have a material impact on its consolidated financial statements disclosures.

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which enhances the transparency of income tax disclosures. The amendments in ASU 2023-09 requires (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 on a prospective basis, with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating ASU 2023-09 to determine the impact it may have on its consolidated financial statements disclosures.

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Schedule of components of prepaid expenses and other current assets


	As of December 31,
	2022		2023

Prepayments to suppliers ⁽¹⁾	$	4,711	$	4,441
Deferred expenses		659		546
Rental deposits and prepaid rents		129		969
Others		953		919
Total	$	6,452	$	6,875

(1)	The prepayments primarily consist of shipping costs and advertising fee paid in advance.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

(a) Basis of presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Basis of consolidation

(b) Basis of consolidation

Non-controlling Interests

Use of estimates

(d) Use of estimates

Cash and cash equivalents

(e) Cash and cash equivalents

Restricted cash

(f) Restricted cash

Accounts receivable, net of allowance for credit losses

(g) Accounts receivable, net of allowance for credit losses

Inventories

(h) Inventories

Property and equipment, net

(i) Property and equipment, net

Property and equipment, net is stated at cost less accumulated depreciation and impairment if any.

Depreciation is calculated on a straight-line basis over the following estimated useful lives:


		Useful lives
Furniture, fixtures and office equipment		1 - 5 years
Leasehold improvements		Lesser of the lease term or estimated useful life of the assets
Vehicles		4 - 10 years
IT equipment		1 - 3 years

Acquired intangible assets, net

(j) Acquired intangible assets, net


		Useful lives
Domain name / Trade name		Indefinite life
Technology platform		1 year
Non-compete agreement		2 years
Customer base		4.3 years
Technology		3-5 years
Members		4 years
Branding		10 years
In-progress orders		0.1 year

Internal use software

(k) Internal use software

Long-term investment

(l) Long-term investment

The Group’s long-term investment consists of an equity investment without readily determinable fair value.

Equity investment without readily determinable fair value

Impairment of long-lived assets and definite-lived intangible assets

(m) Impairment of long-lived assets and definite-lived intangible assets

Long-lived assets, such as property and equipment and definite-lived intangible assets, are stated at cost less accumulated depreciation or amortization and any impairment.

Impairment of goodwill and indefinite-lived intangible assets

(n) Impairment of goodwill and indefinite-lived intangible assets

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations.

Treasury shares

(o) Treasury shares

Revenue recognition

(p) Revenue recognition

Product sales

Services and others

Contract liabilities

Contract liabilities

Changes in the Group’s contract liabilities are presented in the following table for the years ended December 31, 2022 and 2023:


	Years ended December 31,
	2022		2023
Contract liabilities as of January 1	$	18,239	$	26,652
Cash received in advance, net of VAT		484,139		617,450
Revenue recognized from opening balance of contract liabilities		(18,239)		(26,652)
Revenue recognized from contract liabilities arising during current year		(457,487)		(606,249)
Contract liabilities as of December 31	$	26,652	$	11,201

Cost of revenues

(q) Cost of revenues

Product sales

Services

Cost of services primarily consists of the shipping charges and cost of packaging supplies directly incurred relating to logistic services.

Fulfillment

(r) Fulfillment

Selling and marketing

(s) Selling and marketing

General and administrative

(t) General and administrative

Government subsidies

(u) Government subsidies

Fair value measurements

(v) Fair value measurements

●

Level 1-inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

●

Financial instruments and fair value measurements

(w) Financial instruments and fair value measurements

The following table present the fair value hierarchy for the asset at December 31, 2022 and 2023:

Fair value measurement

at December 31, 2022 using

Quoted prices in

Significant

Carrying Value at

active markets

observable

unobservable

December 31, 2022

(Level 1)

inputs (Level 2)

inputs (Level 3)

Total losses

Non-recurring fair value measurements for:

Long-term investment

—

55,234

Fair value measurement

at December 31, 2023 using

Quoted prices in

Significant

Carrying Value at

active markets

observable

unobservable

December 31, 2023

(Level 1)

inputs (Level 2)

inputs (Level 3)

Total losses

Non-recurring fair value measurements for:

Long-term investment

—

Foreign currency translation

(x) Foreign currency translation

Income taxes

(y) Income taxes

Comprehensive income / loss

(z) Comprehensive income / (loss)

Comprehensive income / (loss) includes net income / (loss) and foreign currency translation adjustments and is reported in the consolidated statements of comprehensive income / (loss).

Share-based compensation

(aa) Share-based compensation

Leases

(bb) Leases

Leases are classified at the inception date as either a finance lease or an operating lease.

The Group classifies a lease as a finance lease when the lease meets any one of the following criteria at lease commencement:

a. The lease transfers ownership of the underlying asset to the lessee by the end of the lease term.

b. The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise.

c. The lease term is for a major part of the remaining economic life of the underlying asset.

e. The underlying asset is of such a specialized nature that it is expected to have no alternative use to the Company at the end of the lease term.

Income / (loss) per share

(cc) Income / (loss) per share

Basic income / (loss) per ordinary share is computed by dividing net income / (loss) attributable to ordinary shareholders by weighted average number of ordinary shares outstanding during the period.

Significant risks and uncertainties

(dd) Significant risks and uncertainties

Liquidity risk

Liquidity risk

Concentration of credit risk

(ee) Concentration of credit risk

Foreign currency risk

(ff) Foreign currency risk

Recent accounting pronouncements not yet adopted

(gg) Recent accounting pronouncements not yet adopted

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventories and Property and Equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventories
Inventory (reversal when sold) / write-down	$ 0	$ 103	$ 880
Furniture, fixtures and office equipment \| Minimum
PROPERTY AND EQUIPMENT, NET
Useful lives	1 year
Furniture, fixtures and office equipment \| Maximum
PROPERTY AND EQUIPMENT, NET
Useful lives	5 years
Leasehold improvements
PROPERTY AND EQUIPMENT, NET
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
IT equipment \| Minimum
PROPERTY AND EQUIPMENT, NET
Useful lives	1 year
IT equipment \| Maximum
PROPERTY AND EQUIPMENT, NET
Useful lives	3 years
Vehicles \| Minimum
PROPERTY AND EQUIPMENT, NET
Useful lives	4 years
Vehicles \| Maximum
PROPERTY AND EQUIPMENT, NET
Useful lives	10 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of estimated useful lives of property and equipment


		Useful lives
Furniture, fixtures and office equipment		1 - 5 years
Leasehold improvements		Lesser of the lease term or estimated useful life of the assets
Vehicles		4 - 10 years
IT equipment		1 - 3 years

Schedule of estimated useful lives of identifiable intangible assets


		Useful lives
Domain name / Trade name		Indefinite life
Technology platform		1 year
Non-compete agreement		2 years
Customer base		4.3 years
Technology		3-5 years
Members		4 years
Branding		10 years
In-progress orders		0.1 year

Schedule of changes in contract liabilities


	Years ended December 31,
	2022		2023
Contract liabilities as of January 1	$	18,239	$	26,652
Cash received in advance, net of VAT		484,139		617,450
Revenue recognized from opening balance of contract liabilities		(18,239)		(26,652)
Revenue recognized from contract liabilities arising during current year		(457,487)		(606,249)
Contract liabilities as of December 31	$	26,652	$	11,201

Schedule of fair value hierarchy for the assets and liabilities

Fair value measurement

at December 31, 2022 using

Quoted prices in

Significant

Carrying Value at

active markets

observable

unobservable

December 31, 2022

(Level 1)

inputs (Level 2)

inputs (Level 3)

Total losses

Non-recurring fair value measurements for:

Long-term investment

—

55,234

Fair value measurement

at December 31, 2023 using

Quoted prices in

Significant

Carrying Value at

active markets

observable

unobservable

December 31, 2023

(Level 1)

inputs (Level 2)

inputs (Level 3)

Total losses

Non-recurring fair value measurements for:

Long-term investment

—

LONG-TERM INVESTMENT

12 Months Ended

Dec. 31, 2023

LONG-TERM INVESTMENT

LONG-TERM INVESTMENT

8. LONG-TERM INVESTMENT

Equity investments without readily determinable fair value

In 2017, the Group entered into an agreement with Shenzhen Maikailai Technologies Co., Ltd (“Maikailai”) to acquire 10.53% equity interest of Maikailai for a total cash consideration of $2,950. The Group does not have significant influence over Maikailai. In accordance with ASU 2016-01, as readily determinable fair value is not available for Maikailai, the Group elected to use the measurement alternative to measure such investment at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. As of December 31, 2022 and 2023, the carrying amount of the Group’s equity investments in Maikailai was $nil and $nil, respectively, net of $56,083 and $56,083 in accumulated impairment and downward adjustments, respectively.

Unrealized gains (upward adjustments) for the years ended December 31, 2021, 2022 and 2023 were $38,834, $849 and $nil, respectively, which were recognized in other income, net. Unrealized losses (downward adjustments and impairment) for the years ended December 31, 2021, 2022 and 2023 were $nil, $56,083 and $nil, respectively, which were recognized in impairment loss on investment. As of December 31, 2022 and 2023, cumulative upward/(downward) adjustments for the equity security held were negative $2,950 and negative $2,950, respectively.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued advertising fees	$ 51,143	$ 48,445
VAT and other taxes payable	29,194	28,680
Accrued payroll and staff welfare	3,524	6,971
Accrued sales return	1,376	2,348	$ 680
Accrued professional fees	1,101	1,153
Individual income tax withheld	142	598
Credit card processing charges	42	106
Current portion of finance lease liabilities	34	44
Deposits received from a merchant	5,624	0
Others	2,442	2,012
Total	94,622	90,357
Movements in accrued sales return
Balance at the beginning of the period	2,348	680
Allowance for sales return accrued in the year	15,732	14,950	9,377
Utilization of accrued sales return allowance	(16,704)	(13,282)
Balance at the end of the period	$ 1,376	$ 2,348	$ 680

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)
Net Income / (loss)	$ (9,590)	$ (56,582)	$ 13,454
Other comprehensive income / (loss):
Foreign currency translation adjustment, net of nil income taxes	(832)	(3,761)	942
Total comprehensive income / (loss)	(10,422)	(60,343)	14,396
Less: comprehensive income attributable to non-controlling interests	0	0	325
Comprehensive income / (loss) attributable to LightInTheBox Holding Co., Ltd.	$ (10,422)	$ (60,343)	$ 14,071

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

LONG-TERM INVESTMENT (Details) - USD ($) $ in Thousands	12 Months Ended
LONG-TERM INVESTMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2017
LONG-TERM INVESTMENT
Accumulated impairment on equity investment	$ 56,083	$ 56,083
Investment In Maikailai Technologies Co. Ltd.
LONG-TERM INVESTMENT
Long-term investments	0	0
Equity Securities, FV-NI, Unrealized Gain (Loss)	0	849	$ 38,834
Equity Securities, FV-NI, Realized Gain (Loss)	0	56,083	$ 0
Equity Securities without Readily Determinable Fair Value, Downward Price Adjustment, Annual Amount	$ 2,950	$ 2,950
Maikailai
LONG-TERM INVESTMENT
Percentage of equity interest				10.53%
Total consideration				$ 2,950

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

Schedule of components of (loss) / income before income taxes


	Years ended December 31,
	2021		2022		2023

Cayman Islands	$	(5,219)	$	(2,411)	$	(1,635)
Hong Kong SAR		(12,136)		(66,872)		(9,307)
PRC, excluding Hong Kong SAR, and other countries		40,611		(6)		1,392
Total	$	23,256	$	(69,289)	$	(9,550)

Schedule of income tax expense


	Years ended December 31,
	2021		2022		2023

Current income tax expense / (benefit)	$	9,517	$	(12,300)	$	—
Deferred tax expense / (benefit)		285		(407)		40
Total	$	9,802	$	(12,707)	$	40

Schedule of principal components of the deferred tax assets and liabilities


	As of December 31,
	2022		2023

Deferred tax assets:
Allowance for credit losses	$	156	$	154
Write-down for inventory		162		111
Lease liabilities		2,154		876
Net operating loss carry forwards		30,677		34,665
Gross deferred tax assets		33,149		35,806
Less: Valuation allowance		(30,324)		(34,500)
Total deferred tax assets, net	$	2,825	$	1,306

Deferred tax liabilities:
Property and equipment, net	$	(87)	$	(151)
Acquired intangible assets		(695)		(433)
Operating lease ROU assets		(2,154)		(876)
Total deferred tax liabilities	$	(2,936)	$	(1,460)
Net deferred tax assets		—		—
Net deferred tax liabilities	$	(111)	$	(154)

Schedule of movement of valuation allowance


	Years ended December 31,
	2022		2023
Balance at beginning of the period	$	28,195	$	30,324
Additions		3,145		4,210
Decrease related to subsidiaries’ cancellation		(1,016)		(34)
Balance at end of the period	$	30,324	$	34,500

Schedule of reconciliation between the expense or benefit of income taxes computed by applying the PRC tax rate to income (loss) before income taxes and the actual provision for income taxes


	Years ended December 31,
	2021			2022			2023

Income/(loss) before provision of income tax	$	23,256		$	(69,289)		$	(9,550)
Statutory tax rate in the PRC		25	%		25	%		25	%
Income tax expense / (benefit) at statutory tax rate		5,814			(17,322)			(2,387)
Non-deductible expenses		346			982			129
Non-deducible impairment loss		—			14,021			—
Statutory expense		(655)			(203)			(293)
R&D super deduction		(2,664)			(2,392)			(2,904)
Effect of preferential tax rates		122			344			(86)
Effect of income tax rate differences in jurisdictions other than the PRC		(892)			1,311			1,151
Deferred tax expense		381			(415)			—
Prior year true up		(594)			(157)			(71)
Unrecognized tax benefits-Fin 48		9,576			(12,302)			—
Changes in valuation allowances		(1,632)			3,426			4,501
Income tax expense/(benefit)	$	9,802		$	(12,707)		$	40

Schedule of Roll-forward of unrecognized tax benefits


	Years ended December 31,
	2021		2022		2023

Beginning balance	$	—	$	13,101	$	107
Additions		13,101		73		—
Decreases		—		(13,067)		—
Ending balance	$	13,101	$	107	$	107

PARENT ONLY INFORMATION

12 Months Ended

Dec. 31, 2023

PARENT ONLY INFORMATION

PARENT ONLY INFORMATION

21. PARENT ONLY INFORMATION

Basis of presentation

Condensed financial information is used for the presentation of the Company, or the parent company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Group’s consolidated financial statements except that the parent company used the equity method to account for its investment in its subsidiaries and VIEs.

Investments in subsidiaries and VIEs

The Company and its subsidiaries and VIEs were included in the consolidated financial statements where the intercompany transactions and balances were eliminated upon consolidation. For purpose of the Company’s standalone financial statements, its investments in subsidiaries were reported using the equity method of accounting. The Company’s deficit in subsidiaries were reported as equity in losses of subsidiaries in the accompanying parent company financial statements.

Ordinarily under the equity method, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to $nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of this parent only information, the Parent Company has continued to reflect its share, based on its proportionate interest, of the losses of subsidiaries, VIEs and VIEs’ subsidiary regardless of the carrying value of the investment even though the Parent Company is not obligated to provide continuing support or fund losses.

The following represents condensed unconsolidated financial information of LightInTheBox Holding Co., Ltd.

a.	Condensed Balance Sheets:


	December 31,
	2022		2023
ASSETS
Current assets
Cash and cash equivalents	$	82	$	772
Prepaid expenses and other current assets		186		156
Amounts due from subsidiaries		153,746		149,541
TOTAL ASSETS	$	154,014	$	150,469

LIABILITIES AND EQUITY
Current Liabilities
Accrued expenses and other current liabilities	$	739	$	667
Deficit of investment in subsidiaries		149,399		158,184
TOTAL LIABILITIES	$	150,138	$	158,851

EQUITY / (DEFICIT）
Ordinary shares	$	17	$	17
Additional paid-in capital		282,722		283,137
Treasury shares, at cost		(28,615)		(30,359)
Accumulated deficit		(249,224)		(259,321)
Accumulated other comprehensive income		(1,024)		(1,856)
TOTAL EQUITY / (DEFICIT）		3,876		(8,382)
TOTAL LIABILITIES AND EQUITY	$	154,014	$	150,469

b.	Condensed Statements of Operations and Comprehensive Loss:


	Years ended December 31
	2021		2022		2023
General and administrative	$	3,050	$	2,234	$	1,222
Operating loss		(3,050)		(2,234)		(1,222)
Share of income / (loss) from subsidiaries and VIEs		16,179		(54,348)		(8,368)
Income / (loss) before income taxes		13,129		(56,582)		(9,590)
Income tax expense		—		—		—
Net income / (loss)		13,129		(56,582)		(9,590)
Other comprehensive income / (loss):
Foreign currency translation adjustment, net of nil income taxes		942		(3,761)		(832)
Total comprehensive income / (loss)	$	14,071	$	(60,343)	$	(10,422)

(2)Condensed Statements of Cash Flows:


	Years ended December 31,
	2021		2022		2023
Net income / (loss)	$	13,129	$	(56,582)	$	(9,590)
Share of (loss) / income from subsidiaries and VIEs		(16,179)		54,348		8,368
Prepaid expenses and other current assets		5		101		30
Accrued expenses and other current liabilities		(465)		(95)		(72)
Net cash used in operating activities		(3,510)		(2,228)		(1,264)
Changes in amounts due from subsidiaries and VIEs		3,230		2,244		4,205
Net cash provided by investing activities		3,230		2,244		4,205
Issuance of ordinary shares from treasury shares		268		—		45
Repurchase of ordinary shares		—		—		(2,296)
Net cash provided by / (used in) financing activities		268		—		(2,251)
Net (decrease) / increase in cash and cash equivalents		(12)		16		690
Cash and cash equivalents at beginning of the year		78		66		82
Cash and cash equivalents at end of the year	$	66	$	82	$	772

CONTINGENCIES

12 Months Ended

Dec. 31, 2023

CONTINGENCIES

CONTINGENCIES

19. CONTINGENCIES

Prior to 2020, some of the Group’s PRC subsidiaries and VIEs, have not fully paid the contributions for employee benefit plans as required by applicable PRC regulations. While the Group believes it has made adequate provision of such outstanding amounts in the consolidated financial statements, prior failure to make payments may be in violation of applicable PRC labor-related laws and the Group may be required to settle the unpaid contributions amounted to $403 for employee benefit plans as of December 31, 2023, and there had been no actions initiated by the relevant authorities. The Group is unable to reasonably estimate the actual amount of fines and penalties that may rise if the authorities were to become aware of the non-compliance and were to take action.

The Group is subject to periodic legal or administrative proceedings in the ordinary course of business. The Group does not believe that any currently pending legal or administrative proceeding to which the Group is a party will have a material effect on its business or financial condition.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References + Details

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY / (DEFICIT) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY / (DEFICIT)
Foreign currency translation adjustment, net of income taxes	$ 0	$ 0	$ 0

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Additional information (Details)	Dec. 31, 2023 USD ($)
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Advertising fees	$ 291,702
Paid to Advertising fees	$ 289,004

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2023

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

20. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the date of issuance of the consolidated financial statements and does not identify any events with material financial impact on the Company’s consolidated financial statements.

NONVESTED SHARES

12 Months Ended

Dec. 31, 2023

Nonvested Shares Disclosure [Abstract]

NONVESTED SHARES

12. NONVESTED SHARES

In 2021, the Company granted 1,275,200 nonvested shares to certain officers and employees. The nonvested shares of 60,000 vested over a period of two years, nonvested shares of 40,000 vested over a period of one year and nonvested shares of 1,235,200 vested immediately.

In 2022, the Company granted 313,000 nonvested shares to certain officers and employees. These nonvested shares of 277,000 vested immediately, nonvested shares of 16,000 vested over a period of one year and nonvested shares of 20,000 vested over a period of two years.

In 2023, the Company granted 298,000 nonvested shares to certain employees. 126,000 of these shares vested immediately, 20,000 of these shares vest over a period of one year and 152,000 of these shares vest over a period of two years.

The holders of the nonvested shares are entitled to voting rights, but shall not be entitled to dividends before vesting.

The following table summarizes information regarding the nonvested shares granted and vested:


		Weighted average
		grant date
	Number of Shares	fair value

Outstanding at January 1, 2023	46,000	$	0.55
Granted	298,000	$	0.45
Forfeited	(16,000)	$	0.60
Vested	(178,000)	$	0.57
Outstanding at December 31, 2023	150,000	$	0.33

The total fair value of shares vested during the years ended December 31, 2021, 2022 and 2023 was $910, $186 and $134 respectively.

For the years ended December 31, 2021, 2022 and 2023, the Group recorded share-based compensation expenses of $953, $186 and $134 related to the nonvested shares, respectively. As of December 31, 2023, there was $68 of unrecognized compensation costs related to nonvested shares, which are expected to be recognized over a weighted average period of 1.1 years.

Total share-based compensation expenses for share options and nonvested shares for the years ended December 31, 2021, 2022 and 2023 were as follows:


	Years ended December 31,
	2021		2022		2023

Fulfillment	$	15	$	12	$	—
Selling and marketing		142		99		34
General and administrative		1,225		229		381
Total	$	1,382	$	340	$	415

SHARE OPTIONS

12 Months Ended

Dec. 31, 2023

SHARE OPTIONS

SHARE OPTIONS

11. SHARE OPTIONS

In 2008, the Company adopted the Amended and Reinstated 2008 Share Incentive Plan, or the 2008 Plan. The 2008 Plan is intended to promote the Company’s success and to increase shareholder value by providing an additional means to attract, motivate, retain and reward selected directors, officers, employees and other eligible persons. An aggregate of 4,444,444 ordinary shares were reserved for issuance under the 2008 Plan. On June 9, 2014, the 2008 Plan was amended to increase the maximum aggregate number of ordinary shares reserved for issuance under the 2008 Plan to 11,344,444.

In 2019, the Company adopted the 2019 Share Incentive Plan, or the 2019 plan. Pursuant to the 2019 Plan, total shares that the 2019 Plan was authorized to grant were 2,867,382 ordinary shares. Subsequently, the 2019 plan was amended to be authorized to grant a total of 10,667,382 ordinary shares.

The 2008 Plan and 2019 Plan are collectively referred to as the Plans.

In 2020, the Company granted 3,000,000 share options under the Plans to an officer at exercise prices of $0.40 per share. These share options vest immediately. Subsequently, on October 1, 2021, the exercise expiration period of the vested share options was amended and extended from October 1, 2021 to October 1, 2030. The incremental share-based compensation expense resulting from the modification of $425 was recognized in general and administrative expenses in 2021.

In 2021, the Company granted 80,000 share options under the Plans to employees at exercise prices of $0.40 per share. These share options vest immediately.

In 2022, the Company granted 1,300,000 share options under the Plans to employees at exercise prices of $0.25 per share. These share options vest immediately.

In 2023, the Company granted 44,444 share options at exercise prices of $0.01 per share, 77,036 share options at exercise prices of $0.81 per share and 1,200,000 share options at exercise prices of $0.30 per share under the Plans. These share options vest immediately.

The fair value of each option granted was estimated on the date of grant using a binomial option pricing model with the following assumptions during the applicable periods:


	Years ended December 31,
	2021			2022			2023
Risk-free interest rate per annum		1.56	%		4.43	%		3.85	%
Exercise multiple		2.8			2.8			2.8
Expected volatility		79.5	%		79.0	%		78.0	%
Expected dividend yield		0	%		0	%		0	%
Fair value of ordinary shares	$	0.45		$	0.369		$	0.52
Expected terms (in years)		10			10			10

(1)	Risk-free interest rates

Risk-free interest rates were estimated based on the yield to maturity of US treasury bonds with a maturity period close to the contractual term of the options for the years ended December 31, 2021, 2022 and 2023, respectively.

(2)	Exercise multiple

Exercise multiple represents the value of the underlying share as a multiple of exercise price of the option which, if achieved, results in exercise of the option.

(3)	Volatility

The volatility of the underlying ordinary shares during the life of the options was estimated based on the historical stock price volatility of the Company’s publicly traded stock.

(4)	Dividend yield

The dividend yield was estimated by the Group based on its expected dividend policy over the contractual term of the options.

(5)	Fair value of underlying ordinary shares

The fair value of the underlying ordinary shares is determined based on the closing market price of the ADS of the Company as of the grant date.

A summary of the share option activities under the Plans as of December 31, 2023, and changes during the year then ended is presented below:


		Weighted average
		exercise price
	Options granted	per option

Outstanding at January 1, 2023	4,423,900	$	0.38
Granted	1,321,480	$	0.32
Exercised	—	$	—
Forfeited	(11,300)	$	2.65
Outstanding at December 31, 2023	5,734,080	$	0.36

The following table summarizes information regarding the share options granted under the Plans as of December 31, 2023:


	As of December 31, 2023
				Weighted-
		Weighted-		average remaining	Weighted-
		average exercise		contractual	Average
	Options Number	price per option		life (years)	intrinsic value

Options
Outstanding	5,734,080	$	0.36	7.95	$	0.19
Exercisable	5,734,080	$	0.36	7.95	$	0.19
Expected to vest	—	$	—	—	$	—

The total intrinsic value of options exercised were $nil, $nil and $nil for the years ended December 31, 2021, 2022 and 2023.

The weighted average grant date fair value of options granted during the years ended December 31, 2021, 2022 and 2023 was $0.05, $0.12 and $0.21, respectively.

The total fair value of the equity awards vested during the years ended December 31, 2021, 2022 and 2023 were $4, $154 and $281, respectively.

For the years ended December 31, 2021, 2022 and 2023, the Group recorded share-based compensation expense of $429, $154 and $281 related to the options under the Plans, respectively. As of December 31, 2023, there was no unrecognized compensation cost related to the options.

STATUTORY RESERVES AND RESTRICTED NET ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
STATUTORY RESERVES AND RESTRICTED NET ASSETS
Minimum percentage of after-tax profit required to be transferred to general reserve till such reserve reaches specified percentage of registered capital	10.00%
General reserve as a percentage of registered capital up to which after-tax profit of PRC subsidiaries and VIEs shall be transferred	50.00%
Discretionary appropriations to enterprise expansion reserve, staff welfare and bonus reserve	$ 0	$ 0	$ 0
Amount of restricted net assets of subsidiaries and VIE not available for distribution	$ 2,398

INCOME/ (LOSS) PER SHARE - Computation of Basic and Diluted Net Income/(Loss) Per Ordinary Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income / (loss) attributable to ordinary shareholders of LightInTheBox Holding Co., Ltd.	$ (9,590)	$ (56,582)	$ 13,129
Adjusted net income / (loss) attributable to ordinary shareholders of LightInTheBox Holding Co., Ltd. used in calculating net income/ (loss) per ordinary share -diluted	$ (9,590)	$ (56,582)	$ 13,129
Denominator:
Weighted average number of shares used in calculating net income/ (loss) per ordinary share -basic	225,940,602	226,248,599	224,306,117
Weighted average number of shares used in calculating net income / (loss) per ordinary share -diluted	225,940,602	226,248,599	226,568,979
Net income / (loss) per ordinary share- basic	$ (0.04)	$ (0.25)	$ 0.06
Net income / (loss) per ordinary share- diluted	$ (0.04)	$ (0.25)	$ 0.06
Share options
Denominator:
Shares excluded from the calculation of diluted loss per share	5,734,080	4,423,900
Nonvested shares
Denominator:
Shares excluded from the calculation of diluted loss per share	150,000	46,000

CONTINGENCIES (Details) $ in Thousands	12 Months Ended
CONTINGENCIES (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Failure to make payments of contributions for employee benefit plans
Contingencies
Contributions for employee benefit plans	$ 403

NONVESTED SHARES - Share-based Compensation Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation expenses
Share-based compensation expense	$ 415	$ 340	$ 1,382
Fulfillment
Share-based compensation expenses
Share-based compensation expense	0	12	15
Selling and marketing
Share-based compensation expenses
Share-based compensation expense	34	99	142
General and administrative
Share-based compensation expenses
Share-based compensation expense	$ 381	$ 229	$ 1,225

Document and Entity Information - shares	12 Months Ended
Document and Entity Information - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-35942
Entity Registrant Name	LightInTheBox Holding Co., Ltd.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	4 pandan crescent #03-03
Entity Address, City or Town	Singapore
Entity Address, Postal Zip Code	128475
Entity Address, Country	SG
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Document Accounting Standard	U.S. GAAP
Entity Common Stock, Shares Outstanding	223,250,577
Entity Central Index Key	0001523836
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Marcum Asia CPAs LLP	Marcum Asia CPAs LLP	Ernst & Young Hua Ming LLP
Auditor Firm ID	5395	5395	1408
Auditor Location	New York, NY	New York, NY	Shanghai, The People’s Republic of China
Business Contact
Document Information [Line Items]
Contact Personnel Name	Jian He
Entity Address, Address Line One	4 pandan crescent #03 -03
Entity Address, City or Town	Singapore
Entity Address, Postal Zip Code	128475
Entity Address, Country	SG
City Area Code	65
Local Phone Number	6305 9667
Ordinary Shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary Shares, par value $0.000067 per share
Trading Symbol	LITB
Security Exchange Name	NYSE
ADS
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares, each representing two Ordinary Shares

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Schedule of accrued expenses and other current liabilities


	As of December 31,
	2022		2023

Accrued advertising fees⁽¹⁾	$	48,445	$	51,143
VAT and other taxes payable		28,680		29,194
Accrued payroll and staff welfare		6,971		3,524
Accrued sales return ⁽²⁾		2,348		1,376
Accrued professional fees		1,153		1,101
Individual income tax withheld		598		142
Credit card processing charges		106		42
Current portion of finance lease liabilities		44		34
Deposits received from a merchant		—		5,624
Others ⁽³⁾		2,012		2,442
Total	$	90,357	$	94,622

(1)	During the year ended December 31, 2023, the Group recognized advertising fees of $291,702 and paid the advertising fees of $289,004.

(2)	Accrued sales return represents the estimated sales return at the end of each of the respective year. Movements during the respective years are as follows:

(3)Others mainly include deposits from vendors and accrued utilities.

Schedule of movements in accrued sales return


	Years ended December 31,
	2022		2023
Balance at January 1	$	680	$	2,348
Allowance for sales return accrued in the year		14,950		15,732
Utilization of accrued sales return allowance		(13,282)		(16,704)
Balance at December 31	$	2,348	$	1,376

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Ordinary shares, par value (in dollars per share)	$ 0.000067	$ 0.000067
Ordinary shares, shares authorized	750,000,000	750,000,000
Ordinary shares, shares issued	244,955,045	244,895,045
Ordinary shares, shares outstanding	223,250,577	226,569,381
Treasury stock, shares	21,666,222	18,311,418

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2023

SEGMENT REPORTING

Schedule of components of net revenues


	Year ended December 31, 2023
	Product sales		Services		Consolidated

Revenues	$	617,240	$	12,188	$	629,428
Cost of revenues		265,964		3,532		269,496
Gross profit		351,276		8,656		359,932
Unallocated operating expenses						370,327
Loss from operations						(10,395)
Interest income						350
Interest expense						(4)
Other income, net						499
Loss before income taxes					$	(9,550)


	Year ended December 31, 2022
	Product sales		Services		Consolidated

Revenues	$	491,949	$	11,619	$	503,568
Cost of revenues		223,383		5,107		228,490
Gross profit		268,566		6,512		275,078
Unallocated operating expenses						289,318
Loss from operations						(14,240)
Interest income						57
Interest expense						(5)
Other income, net						982
Impairment loss on investment						(56,083)
Loss before income taxes					$	(69,289)


	Year ended December 31, 2021
	Product sales		Services		Consolidated

Revenues	$	435,170	$	10,933	$	446,103
Cost of revenues		235,237		4,156		239,393
Gross profit		199,933		6,777		206,710
Unallocated operating expenses						222,822
Loss from operations						(16,112)
Interest income						59
Interest expense						(13)
Other income, net						39,322
Income before income taxes					$	23,256

Schedule of components of the Group's cost


	Years ended December 31,
	2021		2022		2023

Apparel	$	274,212	$	399,518	$	518,272
Other general merchandises⁽¹⁾		160,958		92,431		98,968
Total product sales revenues	$	435,170	$	491,949	$	617,240

(1)	Other general merchandises mainly include products such as small accessories and gadgets, home garden, electronics and communication devices and others.

Summary of total revenues by geographic location


	Years ended December 31,
	2021			2022			2023
	Revenues		%	Revenues		%	Revenues		%

Europe	$	218,915	49.1	$	232,954	46.3	$	313,559	49.8
North America		91,520	20.5		171,553	34.1		235,974	37.5
Other countries		135,668	30.4		99,061	19.6		79,895	12.7
Total revenues	$	446,103	100.0	$	503,568	100.0	$	629,428	100.0

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Revenues	$ 629,428	$ 503,568	$ 446,103
Cost of revenues
Cost of revenues	269,496	228,490	239,393
Gross profit	359,932	275,078	206,710
Operating expenses:
Fulfillment	34,916	30,617	29,588
Selling and marketing	302,694	222,629	154,176
General and administrative	34,078	36,295	39,733
Other operating income	(1,361)	(223)	(675)
Total operating expenses	370,327	289,318	222,822
Loss from operations	(10,395)	(14,240)	(16,112)
Interest income	350	57	59
Interest expense	(4)	(5)	(13)
Other income, net	499	982	39,322
Impairment loss on investment	0	(56,083)	0
Total other income / (loss)	845	(55,049)	39,368
Income / (loss) before income taxes	(9,550)	(69,289)	23,256
Income tax (expense) / benefit	(40)	12,707	(9,802)
Net income / (loss)	(9,590)	(56,582)	13,454
Less: Net income attributable to non-controlling interests			325
Net Income / (loss) attributable to LightInTheBox Holding Co., Ltd.	$ (9,590)	$ (56,582)	$ 13,129
Net income / (loss) per ordinary share - basic	$ (0.04)	$ (0.25)	$ 0.06
Net income / (loss) per ordinary share - diluted	$ (0.04)	$ (0.25)	$ 0.06
Product sales
Revenues
Revenues	$ 617,240	$ 491,949	$ 435,170
Cost of revenues
Cost of revenues	265,964	223,383	235,237
Gross profit	351,276	268,566	199,933
Services and others
Revenues
Revenues	12,188	11,619	10,933
Cost of revenues
Cost of revenues	3,532	5,107	4,156
Gross profit	$ 8,656	$ 6,512	$ 6,777

SEGMENT REPORTING (Details) $ in Thousands	12 Months Ended
SEGMENT REPORTING (Details) $ in Thousands	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment reporting
Number of operating segments \| segment	2
Revenues	$ 629,428	$ 503,568	$ 446,103
Cost of revenues	269,496	228,490	239,393
Gross profit	359,932	275,078	206,710
Unallocated operating expenses	370,327	289,318	222,822
Loss from operations	(10,395)	(14,240)	(16,112)
Interest income	350	57	59
Interest expense	(4)	(5)	(13)
Other income, net	499	982	39,322
Impairment loss on investment	0	(56,083)	0
Income / (loss) before income taxes	(9,550)	(69,289)	23,256
Product sales
Segment reporting
Revenues	617,240	491,949	435,170
Cost of revenues	265,964	223,383	235,237
Gross profit	351,276	268,566	199,933
Services and others
Segment reporting
Revenues	12,188	11,619	10,933
Cost of revenues	3,532	5,107	4,156
Gross profit	$ 8,656	$ 6,512	$ 6,777

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Financial instruments and fair value measurements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Nonrecurring
Liabilities:
Total losses	$ 55,234

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	12 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
EMPLOYEE BENEFIT PLANS
Total contribution for employee benefits	$ 6,832	$ 6,646	$ 7,072

PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2023

PREPAID EXPENSES AND OTHER CURRENT ASSETS

PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET

3. PREPAID EXPENSES AND OTHER CURRENT ASSETS

The components of prepaid expenses and other current assets are as follows:


	As of December 31,
	2022		2023

Prepayments to suppliers ⁽¹⁾	$	4,711	$	4,441
Deferred expenses		659		546
Rental deposits and prepaid rents		129		969
Others		953		919
Total	$	6,452	$	6,875

(1)	The prepayments primarily consist of shipping costs and advertising fee paid in advance.

As of December 31, 2022 and 2023, the allowance of credit losses for other current assets are $192 and $192, respectively. Impairment losses are $nil, $83 and $nil for the years ended December 31, 2021, 2022 and 2023, respectively.

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Prepayments to suppliers	$ 4,441	$ 4,711
Deferred expenses	546	659
Rental deposits and prepaid rents	969	129
Others	919	953
Total	$ 6,875	$ 6,452

NONVESTED SHARES (Details) - Nonvested shares - shares	12 Months Ended
NONVESTED SHARES (Details) - Nonvested shares - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Nonvested shares
Nonvested shares granted	298,000	313,000	1,275,200
Vest over a period of two years
Nonvested shares
Nonvested shares granted	152,000	20,000	60,000
Vesting period	2 years	2 years	2 years
Vest over a period of one year
Nonvested shares
Nonvested shares granted	20,000	16,000	40,000
Vesting period	1 year	1 year	1 year
Vest immediately
Nonvested shares
Nonvested shares granted	126,000	277,000	1,235,200

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEASES

12 Months Ended

Dec. 31, 2023

LEASES

LEASES

7. LEASES

The Group has operating leases for office space, warehouses and servers and finance leases for vehicles as a lessee.

The Group’s lease agreements include lease payments that are fixed, do not contain material residual value guarantees or variable lease payments. The leases have terms ranging from one to four years. Certain lease agreements include terms with options to extend the lease, however none of these have been recognized in the Group’s operating lease ROU assets or operating lease liabilities since those options were not reasonably certain to be exercised. The Group’s leases do not contain restrictions or covenants that restrict the Group from incurring other financial obligations. The Group’s lease agreements may contain lease and non-lease components. Non-lease components primarily include payments for maintenance.

The components of lease costs were as follows:


	Years ended December 31,
	2021		2022		2023
Operating lease costs	$	5,089	$	5,434	$	5,359
Short-term lease costs		1,115		652		309
Financing lease costs:
Amortization of ROU assets		28		27		28
Interests		13		5		4
Total lease costs	$	6,245	$	6,118	$	5,700


	Years ended December 31,
Other information	2021			2022			2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		5,132			4,932			5,707
Operating cash flows from financing leases		44			43			44
Financing cash flows from financing leases		13			5			4
ROU assets obtained in exchange for new operating lease liabilities		4,655			5,498			862
Weighted-average remaining lease term (in years):
Operating leases		3.13			2.30			1.39
Financing leases		2.72			1.72			0.72
Weighted-average discount rate:
Operating leases		4.79	%		3.90	%		3.95	%
Financing leases		5.70	%		5.70	%		5.70	%

For the year ended December 31, 2021, total costs on operating lease and short-term lease of $3,299, $1,042, and $1,863 were recorded in fulfillment, selling and marketing, and general and administrative, respectively.

For the year ended December 31, 2022, total costs on operating lease and short-term lease of $3,344, $1,288, and $1,454 were recorded in fulfillment, selling and marketing, and general and administrative, respectively.

For the year ended December 31, 2023, total costs on operating lease and short-term lease of $3,360, $947, and $1,361 were recorded in fulfillment, selling and marketing, and general and administrative, respectively.

Future minimum lease payments for operating and financing leases as of December 31, 2023 are as follows:


	Operating Leases		Finance Leases
2024	$	5,321	$	34
2025		1,883		—
2026		43		—
Total minimum lease payments		7,247		34
Less: Imputed interest		(286)		—
Total lease liability balance	$	6,961	$	34
Minimum payments related to leases not yet commenced as of December 31, 2023		—		—

LEASES - Components of lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 5,359	$ 5,434	$ 5,089
Short-term lease costs	309	652	1,115
Amortization of ROU assets	28	27	28
Interests	4	5	13
Total lease costs	5,700	6,118	6,245
Operating cash flows from operating leases	5,707	4,932	5,132
Operating cash flows from financing leases	44	43	44
Financing cash flows from financing leases	4	5	13
ROU assets obtained in exchange for new operating lease liabilities	$ 862	$ 5,498	$ 4,655
Weighted-average remaining operating lease term (in years)	1 year 4 months 20 days	2 years 3 months 18 days	3 years 1 month 17 days
Weighted-average remaining financing lease term (in years)	8 months 19 days	1 year 8 months 19 days	2 years 8 months 19 days
Weighted-average discount rate, operating leases	3.95%	3.90%	4.79%
Weighted-average discount rate, financing leases	5.70%	5.70%	5.70%
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term of leases	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term of leases	4 years

ORDINARY SHARES (Details) - USD ($) $ in Thousands	12 Months Ended
ORDINARY SHARES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2021	Jun. 29, 2023
Total consideration to share repurchase plan	$ 2,296
Consideration received		$ 268
Issuance of ordinary shares from treasury shares	$ 45
Ordinary Shares
Repurchase of outstanding shares (in share)	(3,571,460)
Issuance of ordinary shares (in shares)		346,570
Issuance of ordinary shares from treasury shares (in shares)	74,656
Treasury Shares
Total consideration to share repurchase plan	$ 2,296
Consideration received		$ 898
Issuance of ordinary shares from treasury shares	$ 190
ADR [Member]
Authorized stock repurchase			$ 10,000
Repurchase of outstanding shares (in share)	1,785,730
Issuance of ordinary shares (in shares)	37,328	173,285
Ordinary Shares
Repurchase of outstanding shares (in share)	3,571,460
Total consideration to share repurchase plan	$ 2,296
Issuance of ordinary shares (in shares)		346,570
Consideration received		$ 898

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2023

SEGMENT REPORTING

SEGMENT REPORTING

17. SEGMENT REPORTING

The Group’s chief operating decision maker has been identified as the Chief Executive Officer who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. The Group uses the management approach to determine the operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker for making decisions, allocating resources and assessing the performance.

The Group operated and reviewed its performance in two segments: (i) Product sales which consisted of online retailing of consumer products and sales to third-party sellers, and (ii) Services which consisted of provision of logistic services to companies and to individual customers. Furthermore, the Group’s chief operating decision maker evaluates performance based on each reporting segment’s revenues, costs and gross profit.

There were no separate segment assets and segment liabilities information provided to the Group’s Chief Executive Officer, as he does not use this information to allocate resources to or evaluate the performance of the segments.

The following table presents selected financial information relating to the Group’s segments:


	Year ended December 31, 2023
	Product sales		Services		Consolidated

Revenues	$	617,240	$	12,188	$	629,428
Cost of revenues		265,964		3,532		269,496
Gross profit		351,276		8,656		359,932
Unallocated operating expenses						370,327
Loss from operations						(10,395)
Interest income						350
Interest expense						(4)
Other income, net						499
Loss before income taxes					$	(9,550)


	Year ended December 31, 2022
	Product sales		Services		Consolidated

Revenues	$	491,949	$	11,619	$	503,568
Cost of revenues		223,383		5,107		228,490
Gross profit		268,566		6,512		275,078
Unallocated operating expenses						289,318
Loss from operations						(14,240)
Interest income						57
Interest expense						(5)
Other income, net						982
Impairment loss on investment						(56,083)
Loss before income taxes					$	(69,289)


	Year ended December 31, 2021
	Product sales		Services		Consolidated

Revenues	$	435,170	$	10,933	$	446,103
Cost of revenues		235,237		4,156		239,393
Gross profit		199,933		6,777		206,710
Unallocated operating expenses						222,822
Loss from operations						(16,112)
Interest income						59
Interest expense						(13)
Other income, net						39,322
Income before income taxes					$	23,256


	Years ended December 31,
	2021		2022		2023

Apparel	$	274,212	$	399,518	$	518,272
Other general merchandises⁽¹⁾		160,958		92,431		98,968
Total product sales revenues	$	435,170	$	491,949	$	617,240

(1)	Other general merchandises mainly include products such as small accessories and gadgets, home garden, electronics and communication devices and others.

The following table summarizes the Group’s total revenues generated in different geographic locations and as a percentage of total revenues.


	Years ended December 31,
	2021			2022			2023
	Revenues		%	Revenues		%	Revenues		%

Europe	$	218,915	49.1	$	232,954	46.3	$	313,559	49.8
North America		91,520	20.5		171,553	34.1		235,974	37.5
Other countries		135,668	30.4		99,061	19.6		79,895	12.7
Total revenues	$	446,103	100.0	$	503,568	100.0	$	629,428	100.0

As of December 31, 2022 and 2023, substantially all of the Group’s long-lived assets of the Group are located in the PRC and Singapore.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

PARENT ONLY INFORMATION - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income / (loss)	$ (9,590)	$ (56,582)	$ 13,454
Prepaid expenses and other current assets	(423)	1,412	(2,837)
Accrued expenses and other current liabilities	4,276	32,537	15,808
Net cash provided by / (used in) operating activities	(20,715)	35,826	(1,771)
Net cash (used in) / provided by investing activities	(1,078)	2,051	(1,743)
Issuance of ordinary shares from treasury shares	45	0	268
Net cash used in financing activities	(2,295)	(43)	(1,320)
Net (decrease) / increase in cash, cash equivalents and restricted cash	(24,088)	37,834	(4,834)
Cash, cash equivalents and restricted cash at beginning of year	94,568	59,602	65,529
Cash, cash equivalents and restricted cash at end of year	71,704	94,568	59,602
LightInTheBox Holding Co., Ltd.
Net income / (loss)	(9,590)	(56,582)	13,129
Share of (loss) / income from subsidiaries and VIEs	8,368	54,348	(16,179)
Prepaid expenses and other current assets	30	101	5
Accrued expenses and other current liabilities	(72)	(95)	(465)
Net cash provided by / (used in) operating activities	(1,264)	(2,228)	(3,510)
Changes in amounts due from subsidiaries and VIEs	4,205	2,244	3,230
Net cash (used in) / provided by investing activities	4,205	2,244	3,230
Issuance of ordinary shares from treasury shares	45	0	268
Repurchase of ordinary shares	(2,296)	0	0
Net cash used in financing activities	(2,251)	0	268
Net (decrease) / increase in cash, cash equivalents and restricted cash	690	16	(12)
Cash, cash equivalents and restricted cash at beginning of year	82	66	78
Cash, cash equivalents and restricted cash at end of year	$ 772	$ 82	$ 66

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2023

INTANGIBLE ASSETS, NET

Schedule of carrying amounts of intangible assets


	December 31, 2022								December 31, 2023
	Gross				Accumulated		Net		Gross				Accumulated		Net
	carrying		Accumulated		impairment		carrying		carrying		Accumulated		impairment		carrying
	amount		amortization		loss		amount		amount		amortization		loss		amount
Intangible assets not subject to amortization:
Trademark/domain name	$	1,220	$	—	$	(1,010)	$	210	$	1,220	$	—	$	(1,010)	$	210

Intangible assets subject to amortization:
- Technology platform		90		(90)		—		—		90		(90)		—		—
- Non-compete agreement		9		(7)		(2)		—		9		(7)		(2)		—
- Customer base		32		(22)		(10)		—		32		(22)		(10)		—
- Technology		2,906		(2,372)		—		534		2,823		(2,823)		—		—
- Branding		6,849		(2,797)		—		4,052		6,654		(3,382)		—		3,272
- In-progress orders		192		(192)		—		—		186		(186)		—		—
- Members		20		(20)		—		—		20		(20)		—		—
- Software		76		(42)		—		34		74		(66)		—		8
- Internal use software		2,474		(1,674)		—		800		2,474		(2,360)		—		114
	$	13,868	$	(7,216)	$	(1,022)	$	5,630	$	13,582	$	(8,956)	$	(1,022)	$	3,604

PARENT ONLY INFORMATION - Condensed Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
General and administrative	$ 34,078	$ 36,295	$ 39,733
Loss from operations	(10,395)	(14,240)	(16,112)
Income / (loss) before income taxes	(9,550)	(69,289)	23,256
Income tax expense	40	(12,707)	9,802
Net income / (loss)	(9,590)	(56,582)	13,454
Other comprehensive (loss) / income:
Foreign currency translation adjustment, net of nil income taxes	(832)	(3,761)	942
Total comprehensive income / (loss)	(10,422)	(60,343)	14,396
Foreign currency translation adjustment, net of income taxes	0	0	0
LightInTheBox Holding Co., Ltd.
General and administrative	1,222	2,234	3,050
Loss from operations	(1,222)	(2,234)	(3,050)
Share of (loss) / income from subsidiaries and VIEs	(8,368)	(54,348)	16,179
Income / (loss) before income taxes	(9,590)	(56,582)	13,129
Income tax expense	0	0	0
Net income / (loss)	(9,590)	(56,582)	13,129
Other comprehensive (loss) / income:
Foreign currency translation adjustment, net of nil income taxes	(832)	(3,761)	942
Total comprehensive income / (loss)	(10,422)	(60,343)	14,071
Foreign currency translation adjustment, net of income taxes	$ 0	$ 0	$ 0

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2023

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

4. PROPERTY AND EQUIPMENT, NET

The components of property and equipment are as follows:


	As of December 31,
	2022		2023

Leasehold improvements	$	1,451	$	1,466
Furniture, fixtures and office equipment		3,069		3,386
IT equipment		2,393		2,437
Vehicles		1,362		1,739
Property and equipment, gross		8,275		9,028
Less: Accumulated depreciation		(5,329)		(6,239)
Property and equipment, net	$	2,946	$	2,789

Depreciation expenses incurred for the years ended December 31, 2021, 2022 and 2023 are $1,217, $1,223 and $1,280, respectively.

GOODWILL

12 Months Ended

Dec. 31, 2023

Goodwill Disclosure [Abstract]

GOODWILL

5. GOODWILL

All goodwill are allocated to the product sales reporting unit. The changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2023, are as follows:


	Ador		Ezbuy		Total
Balance at January 1, 2022	$	690	$	29,750	$	30,440
Effect of exchange rate changes on goodwill		—		(2,263)		(2,263)
Balance at December 31, 2022	$	690	$	27,487	$	28,177
Effect of exchange rate changes on goodwill		—		(784)		(784)
Balance at December 31, 2023	$	690	$	26,703	$	27,393

INCOME TAXES

12 Months Ended

Dec. 31, 2023

INCOME TAXES

INCOME TAXES

13. INCOME TAXES

Cayman Islands

The Company and Ezbuy Holding Co., Limited (“Ezbuy”) are two tax-exempted companies incorporated in the Cayman Islands and are not subject to tax on income or capital gains.

Hong Kong

Light In The Box, Lanting International, LightInTheBox Logistic, and Ezbuy HK are located in Hong Kong and subject to Hong Kong profits tax at 16.5% with respect to the profit generated from Hong Kong. It is exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. A two-tiered profits tax rates regime was introduced since year 2018 where the first HK$2,000 of assessable profits earned by a company will be taxed at half of the current tax rate (8.25%) whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the group to benefit from the progressive rates. The Group did not make any provisions for Hong Kong profit tax as there were no assessable profits derived from or earned in Hong Kong for any of the years presented.

PRC

The Company’s subsidiaries and VIEs in the PRC are subject to the statutory rate of 25%, in accordance with the Enterprise Income Tax law (the ‘‘EIT Law’’), which was effective since January 1, 2008, except for the following entities eligible for preferential tax rates.

Under the EIT Law, if an entity is certified as a “High and New Technology Enterprise” (“HNTE”), it is entitled to a preferential income tax rate of 15%. Lanting Gaochuang obtained the certificate of HNTE in 2016 and renewed it in 2019, and Shanghai Light In The Box Information Technology Co., Limited (“Shanghai Lanting”) obtained the certificate in 2022. Therefore,Lanting Gaochuang was eligible to a tax rate of 15% from 2019 to 2021, and Shanghai Lanting was eligible to a tax rate of 15% from 2022 to 2024.

Chengdu Light In The Box Information Technology Co., Limited was qualified as a software enterprise which allows it to utilize a two-year 100% exemption for 2018 and 2019 followed by a three-year half-reduced EIT rate effective for years from 2020 to 2022.

In addition, Beijing Light In The Box Information Technology Co., Limited and Shenzhen Light In The Box Information Technology Co., Limited qualified as Small and Micro-Sized Enterprises with low profits (“SMEs”) in 2021, Shenzhen Ruizhihe, Dongguan Herui and Jiaxing Ruili Supply Chain Management Co., Limited qualified as SMEs in 2021, 2022 and 2023, Light In The Box Trading (Shenzhen) Co., Limited, and Chongqing Ruizhihe qualified as SMEs in 2021 and 2022. Therefore their taxable income will be taxed at 20% subject to certain taxable income exemptions for the respective years.

Singapore

Ching International service PTE.LTD, Avant E-Commerce Service PTE.LTD and Avant Logistic Service PTE.LTD are located in Singapore and are subject to 17% statutory income tax rate with respect to the profit generated from Singapore, with 75% exemption on the first SGD 10,000 of taxable income and further 50% exemption on the next SGD 190,000 of taxable income.

The components of income / (loss) before income taxes are as follows:


	Years ended December 31,
	2021		2022		2023

Cayman Islands	$	(5,219)	$	(2,411)	$	(1,635)
Hong Kong SAR		(12,136)		(66,872)		(9,307)
PRC, excluding Hong Kong SAR, and other countries		40,611		(6)		1,392
Total	$	23,256	$	(69,289)	$	(9,550)

The income tax expense / (benefit) comprises:


	Years ended December 31,
	2021		2022		2023

Current income tax expense / (benefit)	$	9,517	$	(12,300)	$	—
Deferred tax expense / (benefit)		285		(407)		40
Total	$	9,802	$	(12,707)	$	40

The principal components of the deferred tax assets and liabilities are as follows:


	As of December 31,
	2022		2023

Deferred tax assets:
Allowance for credit losses	$	156	$	154
Write-down for inventory		162		111
Lease liabilities		2,154		876
Net operating loss carry forwards		30,677		34,665
Gross deferred tax assets		33,149		35,806
Less: Valuation allowance		(30,324)		(34,500)
Total deferred tax assets, net	$	2,825	$	1,306

Deferred tax liabilities:
Property and equipment, net	$	(87)	$	(151)
Acquired intangible assets		(695)		(433)
Operating lease ROU assets		(2,154)		(876)
Total deferred tax liabilities	$	(2,936)	$	(1,460)
Net deferred tax assets		—		—
Net deferred tax liabilities	$	(111)	$	(154)

As of December 31, 2023, the accumulated tax losses of subsidiaries incorporated in PRC, Hong Kong SAR, Singapore and other regions, subject to the agreement of the relevant tax authorities, of $30,916, $162,999, $7,399 and $643, respectively, are allowed to be carried forward to offset future taxable profits. The carry forward of tax losses in Hong Kong and Singapore generally have no time limit, while the tax loss in PRC will expire, if unused, in the years ending December 31, 2024 through 2028, and for the entity qualified as HNTE will expire, if unused, in the years ending December 31, 2024 through 2033.

The Group plans to indefinitely reinvest the undistributed earnings of its subsidiaries. As of December 31, 2023, all of the earnings distributable by our subsidiaries in China were reserved for permanent reinvestment in China, and no withholding tax has been accrued.

The Group’s valuation allowance is considered on each individual subsidiary. The Group has recognized the valuation allowance against deferred tax assets as the Group believes that it is more likely than not that its deferred tax assets will not be realized as it does not expect to generate sufficient taxable income in the near future.

Movement of valuation allowance


	Years ended December 31,
	2022		2023
Balance at beginning of the period	$	28,195	$	30,324
Additions		3,145		4,210
Decrease related to subsidiaries’ cancellation		(1,016)		(34)
Balance at end of the period	$	30,324	$	34,500

Reconciliation between the expense or benefit of income taxes computed by applying the PRC tax rate to income / (loss) before income taxes and the actual provision for income taxes is as follows:


	Years ended December 31,
	2021			2022			2023

Income/(loss) before provision of income tax	$	23,256		$	(69,289)		$	(9,550)
Statutory tax rate in the PRC		25	%		25	%		25	%
Income tax expense / (benefit) at statutory tax rate		5,814			(17,322)			(2,387)
Non-deductible expenses		346			982			129
Non-deducible impairment loss		—			14,021			—
Statutory expense		(655)			(203)			(293)
R&D super deduction		(2,664)			(2,392)			(2,904)
Effect of preferential tax rates		122			344			(86)
Effect of income tax rate differences in jurisdictions other than the PRC		(892)			1,311			1,151
Deferred tax expense		381			(415)			—
Prior year true up		(594)			(157)			(71)
Unrecognized tax benefits-Fin 48		9,576			(12,302)			—
Changes in valuation allowances		(1,632)			3,426			4,501
Income tax expense/(benefit)	$	9,802		$	(12,707)		$	40

Unrecognized Tax Benefits

As of December 31, 2022 and 2023, there were unrecognized tax benefits of $107 and $107, respectively.

As of December 31, 2021, the unrecognized tax benefits are primarily related to an investment transfer. During the year ended December 31, 2022, the corresponding unrecognized tax benefits was reversed as the subsidiary that transferred the investment had been closed and received the tax clearance certificate.

A roll-forward of unrecognized tax benefits is as follows:


	Years ended December 31,
	2021		2022		2023

Beginning balance	$	—	$	13,101	$	107
Additions		13,101		73		—
Decreases		—		(13,067)		—
Ending balance	$	13,101	$	107	$	107

During the years ended December 31, 2021, 2022 and 2023, the Group recorded insignificant late payment interest expense as part of income tax expense and did not incur any penalties. As of December 31, 2022 and 2023, accumulated interest expense recorded by the Group was $107 and $107, respectively.

The Company and its subsidiaries’ major tax jurisdictions are Hong Kong, PRC, and Singapore. Income tax returns of the Company and its subsidiaries remain open and subject to examination by the local tax authorities of Hong Kong, PRC and Singapore until the statute of limitations expire in each corresponding jurisdiction. The statute of limitations in Hong Kong, PRC and Singapore are between four and six years.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts receivable, net of allowance for credit losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue recognition
Accrued sales return	$ 1,376	$ 2,348	$ 680
Allowance for sales return	15,732	14,950	9,377
Revenues	629,428	503,568	446,103
Cost of goods sold	269,496	228,490	239,393
Allowance of credit losses	$ 1,841	1,841
Return period, subsequent to the receipt of shipment with quality-related issues	12 months
Movements in the allowance for credit losses
Allowance of credit losses	$ 1,841	1,841
Credit losses recognized	0		(968)
Revenue included in advance from customers
Contract liabilities as of January 1	26,652	18,239
Cash received in advance, net of VAT	617,450	484,139
Revenue recognized from opening balance of contract liabilities	(26,652)	(18,239)
Revenue recognized from contract liability arising during current year	(606,249)	(457,487)
Contract liabilities as of December 31	$ 11,201	26,652	18,239
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation [true false]	true
Selling and marketing
Advertising expense	$ 291,702	210,817	142,397
General and administrative
Research and development expense	19,105	19,447	20,338
Chargeback incurred	$ 2,338	2,209	1,352
Income taxes
Threshold Percentage For Not Recognizing Income Tax	50.00%
Accrued expenses and other current liabilities
Revenue recognition
Accrued sales return	$ 1,376	2,348
Shipping and handling
Revenue recognition
Cost of goods sold	126,628	101,349	90,576
Membership revenues
Revenue recognition
Revenues	1,899	479	$ 810
Foreign currency risk \| Denominated in RMB
Foreign currency risk
Cash and cash equivalents, term deposit and restricted cash	$ 3,115	$ 3,248
Maximum
Revenue recognition
Return period, subsequent to the receipt of shipment with no quality-related issues	7 days
Return period, subsequent to the receipt of shipment with quality-related issues	30 days

SHARE OPTIONS - Details of Share Options Granted (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Additional disclosures
Total fair value of the equity awards vested	$ 281,000	$ 154,000	$ 4,000
Share-based compensation expense	$ 415,000	$ 340,000	1,382,000
2008 Plan \| Share options
Options Number
Outstanding (in shares)	5,734,080	4,423,900
Exercisable (in shares)	5,734,080
Expected to vest (in shares)	0
Weighted-average exercise price per option
Outstanding (in dollars per share)	$ 0.36	$ 0.38
Exercisable (in dollars per share)	0.36
Expected to vest (in dollars per share)	$ 0
Weighted-average remaining contractual life (years)
Outstanding	7 years 11 months 12 days
Exercisable	7 years 11 months 12 days
Expected to vest (in years)	0 years
Average intrinsic value
Outstanding (in dollars)	$ 0.19
Exercisable (in dollars)	0.19
Expected to vest (in dollars)	0
Additional disclosures
Total intrinsic value of options exercised	$ 0	$ 0	$ 0
Weighted average grant date fair value of options (in dollars per share)	$ 0.21	$ 0.12	$ 0.05
Share-based compensation expense	$ 281,000	$ 154,000	$ 429,000
Unrecognized compensation cost	$ 0

STATUTORY RESERVES AND RESTRICTED NET ASSETS

12 Months Ended

Dec. 31, 2023

STATUTORY RESERVES AND RESTRICTED NET ASSETS

STATUTORY RESERVES AND RESTRICTED NET ASSETS

16. STATUTORY RESERVES AND RESTRICTED NET ASSETS

In accordance with the PRC laws and regulations, the Group is required to provide for certain statutory reserves, namely general reserve, enterprise expansion reserve, and staff welfare and bonus reserve, all of which are appropriated from net profit as reported in their PRC statutory accounts. The Group’s subsidiaries are required to allocate at least 10% of their after-tax profits to the general reserve until such reserve has reached 50% of their respective registered capital.

Appropriations to the enterprise expansion reserve and the staff welfare and bonus reserve are to be made at the discretion of the board of directors of each of the Group’s subsidiaries. There are no appropriations to these reserves by the Group’s PRC (mainland) subsidiaries for the years ended December 31, 2021, 2022 and 2023.

As a result of these PRC laws and regulations and the requirement that distributions by the PRC entities can only be paid out of distributable profits computed in accordance with the PRC GAAP, the PRC entities are restricted from transferring a portion of their net assets to the Group. Amounts restricted include paid-in capital and the statutory reserves of the Company’s PRC subsidiaries and VIEs. As of December 31, 2023, the amounts of capital represented the amount of net assets of the relevant subsidiaries in the Group not available for distribution amounted to $2,398.

NONVESTED SHARES (Tables)

12 Months Ended

Dec. 31, 2023

Nonvested Shares Disclosure [Abstract]

Summary of information regarding the nonvested shares granted and vested


		Weighted average
		grant date
	Number of Shares	fair value

Outstanding at January 1, 2023	46,000	$	0.55
Granted	298,000	$	0.45
Forfeited	(16,000)	$	0.60
Vested	(178,000)	$	0.57
Outstanding at December 31, 2023	150,000	$	0.33

Schedule of share-based compensation expenses


	Years ended December 31,
	2021		2022		2023

Fulfillment	$	15	$	12	$	—
Selling and marketing		142		99		34
General and administrative		1,225		229		381
Total	$	1,382	$	340	$	415

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2023

PROPERTY AND EQUIPMENT, NET

Schedule of components of property and equipment


	As of December 31,
	2022		2023

Leasehold improvements	$	1,451	$	1,466
Furniture, fixtures and office equipment		3,069		3,386
IT equipment		2,393		2,437
Vehicles		1,362		1,739
Property and equipment, gross		8,275		9,028
Less: Accumulated depreciation		(5,329)		(6,239)
Property and equipment, net	$	2,946	$	2,789

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

LEASES

Schedule of components of lease costs


	Years ended December 31,
	2021		2022		2023
Operating lease costs	$	5,089	$	5,434	$	5,359
Short-term lease costs		1,115		652		309
Financing lease costs:
Amortization of ROU assets		28		27		28
Interests		13		5		4
Total lease costs	$	6,245	$	6,118	$	5,700


	Years ended December 31,
Other information	2021			2022			2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		5,132			4,932			5,707
Operating cash flows from financing leases		44			43			44
Financing cash flows from financing leases		13			5			4
ROU assets obtained in exchange for new operating lease liabilities		4,655			5,498			862
Weighted-average remaining lease term (in years):
Operating leases		3.13			2.30			1.39
Financing leases		2.72			1.72			0.72
Weighted-average discount rate:
Operating leases		4.79	%		3.90	%		3.95	%
Financing leases		5.70	%		5.70	%		5.70	%

Schedule of future minimum lease payments for operating and financing leases


	Operating Leases		Finance Leases
2024	$	5,321	$	34
2025		1,883		—
2026		43		—
Total minimum lease payments		7,247		34
Less: Imputed interest		(286)		—
Total lease liability balance	$	6,961	$	34
Minimum payments related to leases not yet commenced as of December 31, 2023		—		—

INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2023

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

6. INTANGIBLE ASSETS, NET

The carry amounts of intangible assets, as of December 31, 2022 and 2023, consists of the below:


	December 31, 2022								December 31, 2023
	Gross				Accumulated		Net		Gross				Accumulated		Net
	carrying		Accumulated		impairment		carrying		carrying		Accumulated		impairment		carrying
	amount		amortization		loss		amount		amount		amortization		loss		amount
Intangible assets not subject to amortization:
Trademark/domain name	$	1,220	$	—	$	(1,010)	$	210	$	1,220	$	—	$	(1,010)	$	210

Intangible assets subject to amortization:
- Technology platform		90		(90)		—		—		90		(90)		—		—
- Non-compete agreement		9		(7)		(2)		—		9		(7)		(2)		—
- Customer base		32		(22)		(10)		—		32		(22)		(10)		—
- Technology		2,906		(2,372)		—		534		2,823		(2,823)		—		—
- Branding		6,849		(2,797)		—		4,052		6,654		(3,382)		—		3,272
- In-progress orders		192		(192)		—		—		186		(186)		—		—
- Members		20		(20)		—		—		20		(20)		—		—
- Software		76		(42)		—		34		74		(66)		—		8
- Internal use software		2,474		(1,674)		—		800		2,474		(2,360)		—		114
	$	13,868	$	(7,216)	$	(1,022)	$	5,630	$	13,582	$	(8,956)	$	(1,022)	$	3,604

The total amortization expenses incurred for the years ended December 31, 2021, 2022 and 2023 were $2,082, $2,148 and $1,897, respectively.The estimated amortization expense for intangible assets in each of the next five years and thereafter are $788, $665, $665, $665 and $611, respectively. There was no impairment for the years ended December 31, 2021, 2022 and 2023.