UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K/A
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of July 2018
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Commission File Number: 001-35147
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Renren Inc.
5/F, North Wing
18 Jiuxianqiao Middle Road
Chaoyang District, Beijing 100016
People’s Republic of China
+86 (10) 8448-1818
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ___X____ Form 40-F _________
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):________________
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):________________
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Renren Inc. | ||
| /s/ Thomas Jintao Ren | ||
| Name: | Thomas Jintao Ren | |
| Title: | Chief Financial Officer | |
Date: July 5, 2018
EXPLANATORY NOTE
This report on Form 6-K/A amends Renren’s report on Form 6-K furnished to the U.S. Securities and Exchange Commission on June 19, 2018 to add the financial tables that were part of the press release. Other than this correction, no part of the Form 6-K filed on June 19, 2018, is being amended.
Exhibit Index
Exhibit 99.1—Press release
Exhibit 99.1
RENREN INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
| (Amounts in US dollars, in thousands, except shares, | December 31, | March 31, | ||||||
| per share, ADS, and per ADS data) | 2017 | 2018 | ||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 128,595 | $ | 128,956 | ||||
| Restricted Cash | 47,253 | 49,468 | ||||||
| Accounts receivable, net | 6,260 | 2,199 | ||||||
| Financing receivable, net | 125,478 | 45,957 | ||||||
| Prepaid expenses and other current assets | 50,183 | 61,021 | ||||||
| Amounts due from related parties | 15,224 | 16,807 | ||||||
| Inventory | 95,012 | 99,288 | ||||||
| Total current assets | 468,005 | 403,696 | ||||||
| Non-current assets: | ||||||||
| Long-term financing receivable, net | 8 | 4 | ||||||
| Property and equipment, net | 29,532 | 30,789 | ||||||
| Goodwill and intangible assets, net | 104,197 | 112,479 | ||||||
| Long-term investments | 565,366 | 565,550 | ||||||
| Other non-current assets | 27,056 | 28,142 | ||||||
| Total non-current assets | 726,159 | 736,964 | ||||||
| TOTAL ASSETS | $ | 1,194,164 | $ | 1,140,660 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 20,046 | $ | 16,986 | ||||
| Short-term debt | 61,479 | 97,567 | ||||||
| Accrued expenses and other current liabilities | 45,898 | 48,847 | ||||||
| Payable to investors | 142,689 | 48,146 | ||||||
| Amounts due to related parties | 17,746 | 15,153 | ||||||
| Deferred revenue and advance from customers | 11,489 | 14,143 | ||||||
| Income tax payable | 12,652 | 13,793 | ||||||
| Contingent consideration | 5,944 | 7,121 | ||||||
| Long-term debt current | 52,604 | 52,604 | ||||||
| Total current liabilities | 370,547 | 314,360 | ||||||
| Non-current liabilities: | ||||||||
| Long-term debt | 47,665 | 47,899 | ||||||
| Long-term Contingent consideration | 60,850 | 74,398 | ||||||
| Other non-current liabilities | 6,356 | 6,123 | ||||||
| Total non-current liabilities | 114,871 | 128,420 | ||||||
| TOTAL LIABILITIES | $ | 485,418 | $ | 442,780 | ||||
| Shareholders' Equity: | ||||||||
| Class A ordinary shares | 727 | 729 | ||||||
| Class B ordinary shares | 305 | 305 | ||||||
| Additional paid-in capital | 1,303,117 | 1,322,077 | ||||||
| Statutory reserves | 6,712 | 6,712 | ||||||
| Accumulated deficit | (653,173 | ) | (694,723 | ) | ||||
| Accumulated other comprehensive income | 17,116 | 22,747 | ||||||
| Total Renren Inc. shareholders' equity | 674,804 | 657,847 | ||||||
| Noncontrolling Interests | 33,942 | 40,033 | ||||||
| TOTAL EQUITY | 708,746 | 697,880 | ||||||
| TOAL LIABILITIES AND EQUITY | $ | 1,194,164 | $ | 1,140,660 | ||||
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RENREN INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| For the Three Months Ended | ||||||||||||
| (Amounts in US dollars, in thousands, except shares, | March 31, | December 31, | March 31, | |||||||||
| per shares, ADS, and per ADS data) | 2017 | 2017 | 2018 | |||||||||
| Net revenues | ||||||||||||
| IVAS and others | $ | 11,599 | $ | 14,531 | $ | 14,669 | ||||||
| Financing income | 9,347 | 4,733 | 2,203 | |||||||||
| Used car sales | - | 77,797 | 123,606 | |||||||||
| Total net revenues | 20,946 | 97,061 | 140,478 | |||||||||
| Cost of revenues | (14,499 | ) | (96,878 | ) | (128,550 | ) | ||||||
| Gross profit | 6,447 | 183 | 11,928 | |||||||||
| Operating expenses: | ||||||||||||
| Selling and marketing | (6,148 | ) | (8,399 | ) | (11,860 | ) | ||||||
| Research and development | (5,784 | ) | (6,993 | ) | (7,339 | ) | ||||||
| General and administrative | (12,112 | ) | (12,233 | ) | (18,240 | ) | ||||||
| Total operating expenses | (24,044 | ) | (27,625 | ) | (37,439 | ) | ||||||
| Loss from operations | (17,597 | ) | (27,442 | ) | (25,511 | ) | ||||||
| Other expenses | (6 | ) | (5,997 | ) | (10,443 | ) | ||||||
| Interest income | 315 | 623 | 807 | |||||||||
| Interest expenses | (2,305 | ) | (2,760 | ) | (2,819 | ) | ||||||
| Realized gain on short-term investments | 100 | - | - | |||||||||
| Realized gain on disposal of long-term investments | - | 4,585 | - | |||||||||
| Impairment of long term investments | - | (17,052 | ) | - | ||||||||
| Total non-operating loss | (1,896 | ) | (20,601 | ) | (12,455 | ) | ||||||
| Loss before provision of income tax and income (loss) in equity method investments, net of tax | (19,493 | ) | (48,043 | ) | (37,966 | ) | ||||||
| Income tax expenses | (780 | ) | (1,936 | ) | (831 | ) | ||||||
| Loss before income (loss) in equity method investments, net of tax | (20,273 | ) | (49,979 | ) | (38,797 | ) | ||||||
| Income (loss) in equity method investments, net of tax | 4,095 | (4,211 | ) | (2,773 | ) | |||||||
| Net loss | (16,178 | ) | (54,190 | ) | (41,570 | ) | ||||||
| Net loss (income) attributable to noncontrolling interests | - | (99 | ) | 20 | ||||||||
| Net loss attributable to Renren Inc. | $ | (16,178 | ) | $ | (54,289 | ) | $ | (41,550 | ) | |||
| Net loss per share attributable to Renren Inc. shareholders: | ||||||||||||
| Basic | $ | (0.02 | ) | $ | (0.05 | ) | $ | (0.04 | ) | |||
| Diluted | $ | (0.02 | ) | $ | (0.05 | ) | $ | (0.04 | ) | |||
| Net loss attributable to Renren Inc. shareholders per ADS*: | ||||||||||||
| Basic | $ | (0.24 | ) | $ | (0.79 | ) | $ | (0.60 | ) | |||
| Diluted | $ | (0.24 | ) | $ | (0.79 | ) | $ | (0.60 | ) | |||
| Weighted average number of shares used in calculating net loss per ordinary share attributable to Renren Inc. shareholders: | ||||||||||||
| Basic | 1,026,375,051 | 1,030,786,885 | 1,033,468,103 | |||||||||
| Diluted | 1,026,375,051 | 1,030,786,885 | 1,033,468,103 | |||||||||
* Each ADS represents 15 Class A ordinary shares.
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Reconciliation of Non-GAAP results of operations measures to the comparable GAAP financial measures
Adjusted loss from operations and net loss
| For the Three Months Ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| (Amounts in US dollars, in thousands) | 2017 | 2017 | 2018 | |||||||||
| Loss from operations | $ | (17,597 | ) | $ | (27,442 | ) | $ | (25,511 | ) | |||
| Add back: Shared-based compensation expenses | 5,143 | 5,494 | 12,327 | |||||||||
| Add back: Amortization of intangible assets | - | 35 | 131 | |||||||||
| Adjusted loss from operations | $ | (12,454 | ) | $ | (21,913 | ) | $ | (13,053 | ) | |||
| Net loss | $ | (16,178 | ) | $ | (54,289 | ) | $ | (41,550 | ) | |||
| Add back: Shared-based compensation expenses | 5,143 | 5,494 | 12,327 | |||||||||
| Add back: Fair value change of contingent consideration | - | 2,601 | * | 10,265 | ||||||||
| Add back: Amortization of intangible assets | - | 35 | 131 | |||||||||
| Adjusted net loss | $ | (11,035 | ) | $ | (46,159 | ) | $ | (18,827 | ) | |||
* We have retrospectively presented adjusted net loss (non GAAP) for the three months ended December 31, 2017, by adding back US$2.6 million of fair value change of contingent consideration during that quarter. See “About Non-GAAP Financial Measures”.
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