SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2025

SHARE-BASED COMPENSATION

7. SHARE-BASED COMPENSATION

Moatable, Inc. Stock options

The following table summarizes information with respect to share options outstanding as of March 31, 2025:

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

remaining

average

Number

contractual

exercise

intrinsic

Number of

contractual

exercise

intrinsic

Range of exercise prices

outstanding

life

price

value

exercisable

life

price

value

0.01

11,250,000

9.24

0.01

0.02

2,343,750

9.24

0.01

0.02

11,250,000

0.02

2,343,750

0.02


		Weighted
		average
	Number of	exercise
	shares	price
Balance, December 31, 2024	11,250,000	$	0.01

Balance, March 31, 2025	11,250,000	$	0.01

Exercisable, March 31, 2025	2,343,750	$	0.01

Expected to vest, March 31, 2025	8,906,250	$	0.01

Share-based compensation is based on the fair value on the grant dates or the modification date over the requisite service period of award using the straight-line method.

For employee stock options, the Company recorded share-based compensation of nil and $10 for the three months ended March 31, 2024 and 2025, respectively, based on the fair value on the grant dates over the requisite service period of award using the straight-line method.

For the three months ended March 31, 2024 and 2025, there was no share-based compensation recorded for non-employee options.

As of March 31, 2025, there was $129 unrecognized share-based compensation expense relating to share options. This amount is expected to be recognized over a weighted - average vesting period of 3.17 years.

Moatable, Inc. Nonvested restricted shares

A summary of the nonvested restricted shares activity is as follows:


		Weighted
		average fair
		value
	Nonvested	per ordinary
	restricted	share at the
	shares	grant dates
Outstanding as of December 31, 2024	2,493,075	$	0.03

Vested	(256,545)	$	0.03
Forfeited	(30)	$	0.10

Outstanding as of March 31, 2025	2,236,500	$	0.03

The Company recorded compensation expenses based on the fair value of nonvested restricted shares on the grant dates over the requisite service period of award using the straight-line vesting attribution method. The fair value of the nonvested restricted shares on the grant

date was the closing market price of the ordinary shares as of the date. The Company recorded compensation expenses related to nonvested restricted shares of $555 and $18 for the three months ended March 31, 2024 and 2025, respectively.

Total unrecognized compensation expense amounting to $1,195 related to nonvested restricted shares granted as of March 31, 2025. The expense is expected to be recognized over a weighted-average period of 0.64 years.

Equity Incentive Plan of Lofty, Inc. and Trucker Path, Inc.

On July 13, 2020, Lofty, Inc. and Trucker Path, Inc. adopted equity incentive plans, whereby, after adjustment for a 1:200 reverse stock split, 150,000 ordinary shares of Lofty, Inc. (“2020 Lofty Plan”) and 150,000 ordinary shares of Trucker Path, Inc. (“2020 Trucker Path Plan”) are made available for future grant for employees or consultants of Lofty and Trucker Path, respectively, either in the form of incentive share options or restricted shares. On November 4, 2021, Lofty, Inc. and Trucker Path, Inc. approved the adoption of their 2021 equity incentive plans, whereby 25,000 ordinary shares of Lofty, Inc. (“2021 Lofty Plan”) and 25,000 ordinary shares of Trucker Path, Inc. (“2021 Trucker Path Plan”) are made available for future grant for employees or consultants of Lofty and Trucker Path, respectively, either in the form of incentive share options or restricted shares.

The term of the options may not exceed ten years from the date of the grant. The awards under the above plans are subject to vesting schedules ranging from immediately upon grant to four years subsequent to grant date.

For the three months ended March 31, 2024 and 2025, no options were newly granted by Lofty and Trucker Path under 2020 Lofty Plan, 2020 Trucker Path Plan, 2021 Lofty Plan and 2021 Trucker Path Plan.

The Company recorded share-based compensation expense for Lofty and Trucker Path for the three months ended March 31, 2024 and 2025 as follows, based on the fair value on the grant dates over the requisite service period of award using the straight-line method (in thousands).

As of March 31, 2025 there were $351 and $440 unrecognized share-based compensation expense relating to share options of Lofty Plan and Trucker Path Plan, respectively. This amount is expected to be recognized over a weighted-average vesting period of 2.59 and 2.23 years for Lofty Plan and Trucker Path Plan, respectively.

The following table summarizes information with respect to share options outstanding of Lofty as of March 31, 2025:

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

remaining

average

Range of

Number

contractual

exercise

intrinsic

Number of

contractual

exercise

intrinsic

exercise prices

outstanding

life

price

value

exercisable

life

price

value

6.00, 33.48 and 73.35

46,554

6.84

30.61

35.11

35,985

6.29

27.22

43.01

46,554

35.11

35,985

43.01



		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2024	46,748	$	30.79	$	18.21
Forfeited	(194)	$	73.35	$	33.48
Balance, March 31, 2025	46,554	$	30.61	$	18.15
Exercisable, March 31, 2025	35,985	$	27.22
Expected to vest, March 31, 2025	10,569	$	42.15

The following table summarizes information with respect to share options outstanding of Trucker Path as of March 31, 2025:

Options outstanding

Options exercisable

Weighted

average

Weighted

average

Weighted

remaining

average

Weighted

remaining

average

Range of

Number

contractual

exercise

average

Number of

contractual

exercise

intrinsic

exercise prices

outstanding

life

price

intrinsic value

exercisable

life

price

value

4.00, 64.70 and 133.00

49,015

6.91

57.96

34.50

37,873

6.33

50.68

44.65

49,015

34.50

37,873

44.65


		Weighted		Weighted
		average		average
	Number of	exercise		grant date
	shares	price		fair value
Balance, December 31, 2024	49,015	$	57.96	$	28.23

Balance, March 31, 2025	49,015	$	57.96	$	28.23
Exercisable, March 31, 2025	37,873	$	50.68
Expected to vest, March 31, 2025	11,142	$	82.46

The total amount of share-based compensation expense for options and nonvested restricted shares of the Company, Lofty and Trucker Path, attributable to selling and marketing, research and development, general and administrative expenses are as follows (in thousands):


	For the three months ended March 31,
	2024		2025
Selling and marketing expenses	$	41	$	24
Research and development expenses		206		21
General and administrative expenses		425		84
Total share-based compensation expense	$	672	$	129

There was no income tax benefit recognized in the statements of operations for share-based compensation for the three months ended March 31, 2024 and 2025.

For the three months ended March 31,

Trucker Path

Moatable, Inc. 10-Q