SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Summary of estimated useful lives of property and equipment

Computer equipment and application software	2 – 3 years
Furniture and vehicles	5 years

Summary of disaggregation of revenue

	Years ended December 31,
	2018		2019		2020
Automobile sales	$	420,005	$	332,634	$	32,996
Used car financing income		2,317		—		—
Others		9,082		2,063		164
Total	$	431,404	$	334,697	$	33,160

Summary of effect on consolidated balance sheet as a result of adopting ASC 842

	As of December 31,		Effect of		As of January 1,
	2018		Adoption		2019
Right-of-use assets	$	—	$	5,141	$	5,141
Lease liabilities - current		—		(1,760)		(1,760)
Lease liabilities - non-current		—		(1,975)		(1,975)
Prepaid expenses and other current assets		38,714		(1,422)		37,292
Accrued expenses and other current liabilities		(10,644)		16		(10,628)