0001802883-21-000011 | 20-F | XBRL Viewer

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Cover	12 Months Ended
Cover	Dec. 31, 2020 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity Shell Company	false
Entity File Number	001-39340
Entity Registrant Name	Agora, Inc.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Floor 8, Building 12
Entity Address, Address Line Two	Phase III of ChuangZhiTianDi
Entity Address, Address Line Three	333 Songhu RoadYangpu District
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Title of 12(b) Security	American depositary shares (each American depositary shares representing four Class A ordinary share, par value US$0.0001 each)
Trading Symbol	API
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Accounting Standard	U.S. GAAP
Entity Central Index Key	0001802883
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Emerging Growth Company	true
Business Contact
Document Information [Line Items]
Contact Personnel Name	Jingbo Wang
Entity Address, Address Line One	Floor 8, Building 12
Entity Address, Address Line Two	Phase III of ChuangZhiTianDi
Entity Address, Address Line Three	333 Songhu RoadYangpu District
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
City Area Code	86-400
Local Phone Number	632-6626
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Class A ordinary shares, with a par value of US$0.0001 each*
Entity Common Stock, Shares Outstanding	347,302,624
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	76,179,938

Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 111,217,606	$ 105,603,153
Short-term investments	524,220,154	0
Accounts receivable, net	27,840,149	16,247,565
Prepayments and other current assets	7,458,832	1,381,037
Total current assets	670,736,741	123,231,755
Non-current assets:
Property and equipment, net	16,753,850	6,281,990
Goodwill	3,089,432	0
Intangible assets	209,277	0
Deferred tax assets	510,500	836,514
Other non-current assets	1,603,937	808,862
Total non-current assets	22,166,996	7,927,366
Total assets	692,903,737	131,159,121
Current liabilities:
Accounts payable (including accounts payable of the variable interest entity (“VIE”) without recourse to the Company of US$2,992,628 and US$5,336,880 as of December 31, 2019 and 2020, respectively)	7,721,368	4,088,283
Advances from customers (including advances from customers of the VIE without recourse to the Company of US$733,518 and US$1,112,800 as of December 31, 2019 and 2020, respectively)	1,338,516	920,925
Taxes payable (including taxes payable of the VIE without recourse to the Company of US$756,020 and US$253,617 as of December 31, 2019 and 2020, respectively)	2,171,280	2,493,137
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the VIE without recourse to the Company of US$3,440,748 and US$5,035,100 as of December 31, 2019 and 2020, respectively)	23,925,523	10,978,932
Amounts due to related parties	1,150,000	0
Total current liabilities	36,306,687	18,481,277
Long term payable	81,569	0
Deferred tax liabilities	52,319	0
Total non-current liabilities	133,888	0
Total liabilities	36,440,575	18,481,277
Commitments and contingencies (Note 17)
Mezzanine equity	0	239,970,397
Stockholders' (deficit) equity
Ordinary shares	0	11,907
Additional paid-in-capital	818,427,919	0
Accumulated other comprehensive loss (income)	1,940,970	(988,417)
Accumulated deficit	(163,947,228)	(126,316,043)
Total shareholders’ equity (deficit)	656,463,162	(127,292,553)
Total liabilities, mezzanine equity and shareholders’ equity (deficit)	692,903,737	131,159,121
Series A Preferred Stock
Current liabilities:
Mezzanine equity	0	90,049,774
Series B Preferred Stock
Current liabilities:
Mezzanine equity	0	30,045,929
Series B+ Preferred Stock
Current liabilities:
Mezzanine equity	0	46,274,560
Series C Preferred Stock
Current liabilities:
Mezzanine equity	0	73,600,134
Common Class A
Stockholders' (deficit) equity
Ordinary shares	33,884	0
Common Class B
Stockholders' (deficit) equity
Ordinary shares	$ 7,617	$ 0

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Total revenues	$ 133,563,921	$ 64,428,690	$ 43,656,954
Cost of revenues	(47,199,851)	(20,417,464)	(12,634,565)
Gross profit	86,364,070	44,011,226	31,022,389
Operating expenses:
Research and development expenses	(49,494,413)	(23,622,830)	(14,425,536)
Sales and marketing expenses	(25,723,472)	(19,408,377)	(11,986,444)
General and administrative expenses	(18,010,124)	(7,176,816)	(5,372,990)
Total operating expenses	(93,228,009)	(50,208,023)	(31,784,970)
Other operating income	1,672,241	107,852	1,025,148
Income (loss) from operations	(5,191,698)	(6,088,945)	262,567
Exchange gain (loss)	(65,400)	86,874	(20,549)
Interest income	2,704,032	625,970	239,176
Income (loss) before income taxes	(2,553,066)	(5,376,101)	481,194
Income taxes	(561,794)	(801,337)	(105,078)
Net income (loss)	(3,114,860)	(6,177,438)	376,116
Less: cumulative undeclared dividends on convertible redeemable preferred shares	(6,714,852)	(9,961,473)	(9,961,473)
Less: accretion on convertible redeemable preferred shares to redemption value	(193,465,743)	(50,714,953)	(33,234,811)
Net loss attributable to Agora, Inc.’s ordinary shareholders	(203,295,455)	(66,853,864)	(42,820,168)
Other comprehensive income (loss):
Foreign currency translation adjustments	2,929,387	(358,083)	(749,030)
Total comprehensive loss attributable to Agora, Inc.’s ordinary shareholders	$ (200,366,068)	$ (67,211,947)	$ (43,569,198)
Net loss per share attributable to Agora, Inc.’s ordinary shareholders—basic and diluted (in dollars per share)	$ (0.76)	$ (0.58)	$ (0.39)
Weighted average number of ordinary shares—basic and diluted (in shares)	268,849,967	115,716,392	109,141,311
Share-based compensation expenses included in:
Share-based compensation	$ 11,975,159	$ 4,252,169	$ 2,850,352
Cost of revenues
Share-based compensation expenses included in:
Share-based compensation	357,053	79,552	49,893
Research and development expenses
Share-based compensation expenses included in:
Share-based compensation	5,312,704	1,472,528	919,773
Sales and marketing expenses
Share-based compensation expenses included in:
Share-based compensation	2,060,523	1,653,717	975,297
General and administrative expenses
Share-based compensation expenses included in:
Share-based compensation	4,244,879	1,046,372	905,389
Real-time engagement service revenues
Total revenues	131,148,297	63,925,303	43,199,085
Other revenues
Total revenues	$ 2,415,624	$ 503,387	$ 457,869

Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($)	Total	IPO	Private Placement	Common Class A	Common Class B	Ordinary shares	Ordinary shares Common Class A	Ordinary shares Common Class A IPO	Ordinary shares Common Class A Private Placement	Ordinary shares Common Class B	Additional paid-in capital	Additional paid-in capital IPO	Additional paid-in capital Private Placement	Accumulated other comprehensive income (loss)	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2017						106,527,778
Beginning balance at Dec. 31, 2017	$ (41,268,515)					$ 10,653					$ 0			$ 118,696	$ (41,397,864)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of shares (in shares)						(820,062)
Repurchase of shares	(784,799)					$ (82)									(784,717)
Vesting of restricted shares (Note 11) (in shares)						6,733,333
Vesting of restricted shares (Note 13)	165,711					$ 673					165,038
Share-based compensation expense (Note 13)	2,253,350										2,253,350
Accretion on convertible redeemable preferred shares to redemption value (Note 11)	(33,234,811)										(2,418,388)				(30,816,423)
Net income (loss)	376,116														376,116
Foreign currency translation adjustments	(749,030)													(749,030)
Ending balance (in shares) at Dec. 31, 2018						112,441,049
Ending balance at Dec. 31, 2018	(73,241,978)					$ 11,244					0			(630,334)	(72,622,888)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of shares (in shares)						(100,000)
Repurchase of shares	(84,440)					$ (10)					(84,430)
Vesting of restricted shares (Note 11) (in shares)						6,733,333
Vesting of restricted shares (Note 13)	77,441					$ 673					76,768
Share-based compensation expense (Note 13)	3,158,886										3,158,886
Reclassification of liability-classified awards to equity-classified awards (Note 13)	48,012										48,012
Accretion on convertible redeemable preferred shares to redemption value (Note 11)	(50,714,953)										(3,199,236)				(47,515,717)
Net income (loss)	(6,177,438)														(6,177,438)
Foreign currency translation adjustments	$ (358,083)													(358,083)
Ending balance (in shares) at Dec. 31, 2019	119,074,382			0	0	119,074,382	0
Ending balance at Dec. 31, 2019	$ (127,292,553)					$ 11,907	$ 0			$ 0	0			(988,417)	(126,316,043)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted shares (Note 11) (in shares)						2,805,557
Vesting of restricted shares (Note 13)	0					$ 280					(280)
Share-based compensation expense (Note 13)	8,522,453										8,522,453
Conversion of ordinary shares to Class A and Class B Ordinary Shares (in shares)						(121,879,939)	45,700,000			76,179,939
Conversion of ordinary shares to Class A and Class B Ordinary Shares	0					$ (12,187)	$ 4,570			$ 7,617
Accretion on convertible redeemable preferred shares to redemption value (Note 11)	(193,465,743)										(158,949,418)				(34,516,325)
Conversion of convertible redeemable preferred shares to Class A ordinary shares (Note 11) (in shares)							182,917,991
Conversion of convertible redeemable preferred shares to Class A ordinary shares (Note 11)	483,436,142						$ 18,292				483,417,850
Stock issued during period, new issues (in shares)								80,500,000	22,000,000
Stock issued during period, new issues		$ 373,637,872	$ 110,000,000					$ 8,050	$ 2,200			$ 373,629,822	$ 109,997,800
Net income (loss)	(3,114,860)														(3,114,860)
Foreign currency translation adjustments	2,929,387													2,929,387
Shares issued as part of an acquisition (in shares)							84,634
Shares issued as part of an acquisition (Note 3)	850,000						$ 8				849,992
Exercise of options (in shares)							7,632,431
Exercise of options	$ 960,464						$ 764				959,700
Ending balance (in shares) at Dec. 31, 2020	415,014,994			338,835,056	76,179,938	0	338,835,056			76,179,939
Ending balance at Dec. 31, 2020	$ 656,463,162					$ 0	$ 33,884			$ 7,617	$ 818,427,919			$ 1,940,970	$ (163,947,228)

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ (3,114,860)	$ (6,177,438)	$ 376,116
Share-based compensation expense	11,975,159	3,405,084	2,850,352
Depreciation of property and equipment	4,461,528	1,867,734	922,351
Changes in assets and liabilities, net of effects of businesses acquired:
Accounts receivable	(9,788,503)	(4,807,207)	(5,614,028)
Prepayments and other current assets	(5,140,608)	206,559	47,809
Deferred tax assets	378,008	(336,463)	(358,071)
Other non-current assets	(691,093)	(135,120)	(338,478)
Accounts payable	1,753,706	1,121,563	806,508
Advances from customers	334,578	302,655	292,655
Taxes payable	(450,594)	1,214,926	(1,134,236)
Accrued expenses and other liabilities	6,846,963	4,044,130	2,685,123
Net cash generated from operating activities	6,564,284	706,423	536,101
Cash flows from investing activities:
Purchase of short-term investments	(522,729,746)	(97,558,282)	(1,511,800)
Proceeds from sale and maturity of short-term investments	0	99,007,872	0
Purchase of property and equipment	(12,879,553)	(4,802,253)	(2,260,791)
Cash received from an acquisition	556,361	0	0
Net cash and cash equivalents used in investing activities	(535,052,938)	(3,352,663)	(3,772,591)
Cash flows from financing activities:
Repurchase of ordinary shares	0	0	(784,799)
Proceeds from the initial public offering and concurrent private placement, net of underwriter discounts and commissions and other offering costs paid	483,628,037	0	0
Proceeds from exercise of stock options	10,000	0	0
Net cash and cash equivalents used in financing activities	533,638,039	0	65,771,809
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	465,068	(268,646)	(555,985)
Net increase (decrease) in cash, cash equivalents and restricted cash	5,614,453	(2,914,886)	61,979,334
Cash, cash equivalents and restricted cash at beginning of year	105,683,153	108,598,039	46,618,705
Cash, cash equivalents and restricted cash at end of year	111,297,606	105,683,153	108,598,039
Supplemental disclosure of cash flow information:
Income taxes paid	742,049	411,068	421,560
Non-cash financing and investing activities:
Accretion to redemption value of convertible redeemable preferred shares	193,465,743	50,714,953	33,234,811
Payables for property and equipment	2,292,922	613,463	366,503
Consideration payable for the acquisition	3,150,001	0	0
Proceeds receivable from exercise of employees’ share options	611,745	0	0
Deposits utilized for employees’ share option exercises	(338,718)	0	0
Series C Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of Series C and C+ convertible redeemable preferred shares, net of issuances costs	0	0	66,556,608
Series C+ Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of Series C and C+ convertible redeemable preferred shares, net of issuances costs	$ 50,000,002	$ 0	$ 0

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Accounts payable (including accounts payable of the variable interest entity (“VIE”) without recourse to the Company of US$2,992,628 and US$5,336,880 as of December 31, 2019 and 2020, respectively)	$ 7,721,368	$ 4,088,283
Advances from customers (including advances from customers of the VIE without recourse to the Company of US$733,518 and US$1,112,800 as of December 31, 2019 and 2020, respectively)	1,338,516	920,925
Taxes payable (including taxes payable of the VIE without recourse to the Company of US$756,020 and US$253,617 as of December 31, 2019 and 2020, respectively)	2,171,280	2,493,137
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the VIE without recourse to the Company of US$3,440,748 and US$5,035,100 as of December 31, 2019 and 2020, respectively)	$ 23,925,523	$ 10,978,932
Ordinary shares issued (in shares)	415,014,994	119,074,382
Ordinary shares outstanding (in shares)	415,014,994	119,074,382
Series A Preferred Stock
Temporary equity, par value (in dollars per share)	$ 0.0001	$ 0.0001
Temporary equity, shares issued (in shares)	0	55,626,960
Temporary equity, shares outstanding (in shares)	0	55,626,960
Temporary equity, shares authorized (in shares)	55,626,960	55,626,960
Series B Preferred Stock
Temporary equity, par value (in dollars per share)	$ 0.0001	$ 0.0001
Temporary equity, shares issued (in shares)	0	50,783,698
Temporary equity, shares outstanding (in shares)	0	50,783,698
Temporary equity, shares authorized (in shares)	50,783,698	50,783,698
Series B+ Preferred Stock
Temporary equity, par value (in dollars per share)	$ 0.0001	$ 0.0001
Temporary equity, shares issued (in shares)	0	26,651,410
Temporary equity, shares outstanding (in shares)	0	26,651,410
Temporary equity, shares authorized (in shares)	26,651,410	26,651,410
Series C Preferred Stock
Temporary equity, par value (in dollars per share)	$ 0.0001	$ 0.0001
Temporary equity, shares issued (in shares)	0	34,793,413
Temporary equity, shares outstanding (in shares)	0	34,793,413
Temporary equity, shares authorized (in shares)	36,533,085	36,533,085
Common Class A
Ordinary shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares authorized (in shares)	800,000,000	0
Ordinary shares issued (in shares)	338,835,056	0
Ordinary shares outstanding (in shares)	338,835,056	0
Common Class B
Ordinary shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares authorized (in shares)	76,179,938	0
Ordinary shares issued (in shares)	76,179,938	0
Ordinary shares outstanding (in shares)	76,179,938	0
VIE
Accounts payable (including accounts payable of the variable interest entity (“VIE”) without recourse to the Company of US$2,992,628 and US$5,336,880 as of December 31, 2019 and 2020, respectively)	$ 5,336,880	$ 2,992,628
Advances from customers (including advances from customers of the VIE without recourse to the Company of US$733,518 and US$1,112,800 as of December 31, 2019 and 2020, respectively)	1,112,800	733,518
Taxes payable (including taxes payable of the VIE without recourse to the Company of US$756,020 and US$253,617 as of December 31, 2019 and 2020, respectively)	253,617	756,020
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the VIE without recourse to the Company of US$3,440,748 and US$5,035,100 as of December 31, 2019 and 2020, respectively)	$ 5,035,100	$ 3,440,748

Consolidated Statements of Cash Flows (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Payments of stock issuance costs	$ 0	$ 0
Series C Preferred Stock
Payments of stock issuance costs	$ 0		$ 110,059

Intangible Assets, Net

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible asset is comprised of following:


	As of December 31,
	2019		2020
	(US$)
Cost: Developed technology (Note 3)	$	—	$	212,824
Less: Accumulated amortization	—		(3,547)
Intangible assets, net	$	—	$	209,277

Amortization expense recognized for the year ended December 31, 2020 is recorded in general and administrative expenses. The Company will record estimated amortization expenses of US$42,565, US$42,565, US$42,565, US$42,565 and US$39,018 for the years ending December 31, 2021, 2022, 2023, 2024 and 2025, respectively.

Organization and Nature of Operations

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of Operations

(a)Principal Activities

Agora, Inc. (the “Company”), an exempted company with limited liability, was incorporated in Cayman Islands on November 29, 2013. The Company, through its consolidated subsidiaries and variable interest entity (“VIE”) (collectively referred to as the “Group”) engages primarily in providing Real-Time Engagement Platform-as-a-Service (“RTE-PaaS”), which offers developers software tools to embed real-time video, voice and messaging capabilities into their applications without the need to create and maintain the underlying infrastructure themselves. The Group’s real-time engagement products are delivered through its Software-Defined Real-Time Network (“SD-RTN”), which is a virtual network overlay on top of the public internet. The Group’s principal operation and geographic market is in the People’s Republic of China (“PRC”) and the United States.

(b)Reorganization

The Group commenced its operations in 2014 through Agora Lab, Inc. and Shanghai Zhaoyan Network Technology Co., Ltd. (“Zhaoyan”), both of which were established and controlled by Bin (Tony) Zhao (the “Founder”). In December 2014, Agora IO, Inc was formed as part of a reorganization through which the Company, Agora IO, Inc and their respective shareholders entered into a share swap arrangement resulting in the Company along with its subsidiary, Agora Lab, Inc., becoming Agora IO, Inc’s subsidiaries. Further, Agora IO Hongkong Limited and Dayin Network Technology Co., Ltd. (“Dayin”) were established. The Group then entered into a series of contractual arrangements among Dayin, Zhaoyan and Zhaoyan’s shareholders in June 2015, and thereafter Zhaoyan became the variable interest entity of the Group (collectively referred to as the “Historical Reorganization”).

In January 2020, the Group underwent another reorganization (the “Corporate Reorganization”) which ultimately resulted in Agora, Inc. becoming the parent company of the Group and the issuer in connection with its planned initial public offering in the following steps:

First, Agora IO, Inc contributed 100% of the shares of Agora IO Hongkong Limited into Agora, Inc., after which Agora, Inc. held 100% of the equity securities of Agora IO Hongkong, Limited. Second, the Company obtained shares of Agora IO, Inc by having the shareholders swap their current Agora IO, Inc shares for the same number of shares in Agora, Inc., which mirrored the restrictions, rights, preferences and privileges as stipulated in the current shareholder agreements governing Agora IO, Inc. Agora IO, Inc became a wholly owned subsidiary of Agora, Inc., and in return, the shareholders of Agora IO, Inc became shareholders of Agora, Inc. As a result of the Corporate Reorganization, Agora, Inc. became wholly owned by the former shareholders of Agora IO, Inc while Agora IO, Inc became wholly owned by Agora, Inc.

The Corporate Reorganization was completed on January 19, 2020. Through the Historical Reorganization and the Corporate Reorganization, the Group’s business continued to be carried out by Agora Lab, Inc. and Zhaoyan without a change in control. The Historical Reorganization and the Corporate Reorganization were accounted for as transactions under common control and therefore, the carryover basis was used to record assets and liabilities of Agora Lab, Inc. and Zhaoyan using historical costs for all periods presented as if the current corporate structure after the Corporate Reorganization had existed as of the beginning of the earliest period presented in the consolidated financial statements to reflect the final shares issued in the Corporate Reorganization. After the completion of the Corporate Reorganization, the Group’s consolidated financial statements include the financial statements of the Company, its subsidiaries and the consolidated VIE (Zhaoyan).

During 2020, the Company established Shanghai Jiyin Network Technology Co., Ltd. to further develop their business in the PRC.

The Company’s principal subsidiaries and VIE as of December 31, 2020 are as follows:

Date of Incorporation

Place of Incorporation

Percentage of Direct or Indirect

Ownership

Principal Activities

Subsidiaries:

Agora Lab, Inc.

January 13, 2014

California, United States

100%

Provision of services

Agora IO, Inc

December 2, 2014

Cayman Islands

100%

Investment holding

Agora IO Hongkong Limited

December 12, 2014

Hong Kong

100%

Investment holding

Dayin Network Technology Co., Ltd. (“Dayin”)

April 30, 2015

PRC

100%

Provision of services

Shanghai Jiyin Network Technology Co., Ltd. (“Jiyin”)

May 26, 2020

PRC

100%

Provision of services

Agora.IO Ltd

July 25, 2019

United Kingdom

100%

Startup

Agora IO Singapore PTE. Ltd.

November 4, 2020

Singapore

100%

Investment holding

VIE:

Shanghai Zhaoyan Network Technology Co., Ltd. (“Zhaoyan”)

March 28, 2014

PRC

100%

Provision of services

(c)Consolidated Variable Interest Entities

In order to comply with the PRC laws and regulations which prohibit or restrict foreign control of companies involved in the internet sector, the Group operates its businesses in the PRC through Zhaoyan, whose equity interests are controlled by the Founder of the Group. The Company obtained control over Zhaoyan by entering into a series of contractual arrangements with the legal shareholders who are also referred to as nominee shareholders. These nominee shareholders are the legal owners of Zhaoyan. However, the rights of those nominee shareholders have been transferred to the Company through a series of contractual arrangements.

The principal terms of the contractual arrangements entered into by and among Dayin, Zhaoyan and the nominee shareholders of Zhaoyan are described below:

Exclusive Technology Consulting and Services Agreement

Under the Exclusive Technology Consulting and Services Agreement between Dayin and Zhaoyan, Dayin has the exclusive right to provide Zhaoyan consulting services related to, among other things, information consulting, assisting in information collection and market research, and providing training to personnel. Dayin has the exclusive ownership of intellectual property rights created as a result of the performance of this agreement. Zhaoyan shall pay to Dayin an annual service fee, which may only be adjusted with the approval of Dayin and Agora IO Hongkong Limited. Unless otherwise agreed pursuant to the agreement, this agreement will remain effective until the earlier of: (1) the end of a ten-year term, which will automatically extend annually unless Dayin provides 30 days’ prior written notice to Zhaoyan; (2) Dayin terminates the agreement because of Zhaoyan’s breach of the agreement; and (3) termination of the term of operation of Zhaoyan. For the years ended December 31, 2018, 2019 and 2020, the service fee is US$20,034,954, US$32,889,678 and US$53,843,706, respectively.

Voting Rights Proxy Agreement and Irrevocable Powers of Attorney

Under the Voting Rights Proxy Agreement, by and among Zhaoyan, Dayin and each of the shareholders of Zhaoyan, and the related irrevocable powers of attorney executed by Zhaoyan’s shareholders on the same date pursuant to the Voting Rights Proxy Agreement, each of the shareholders of Zhaoyan irrevocably granted Dayin’s designated representative full power of attorney to exercise his or her rights as a shareholder of Zhaoyan including rights to convene and attend shareholders’ meeting, nominate and elect directors, and appoint and dismiss the senior management of Zhaoyan. Unless otherwise agreed pursuant to the Voting Rights Proxy Agreement, it will remain effective until the earlier of: (1) the end of a ten-year term, which will automatically extend annually unless Dayin provide 30 days’ prior written notice to Zhaoyan; (2) the termination of the term of operation of Zhaoyan. The related irrevocable powers of attorney will remain effective until the expiration or early termination of the Voting Rights Proxy Agreement.

Share Pledge Agreement

Pursuant to the Share Pledge Agreement, among Dayin, Zhaoyan and Zhaoyan’s shareholders, the shareholders of Zhaoyan pledged all of their equity interests in Zhaoyan to Dayin to guarantee their and Zhaoyan’s performance of their obligations under the contractual arrangements. In the event of a breach by Zhaoyan or Zhaoyan’s shareholders of contractual obligations under these agreements, Dayin, as pledgee, will be entitled the right to dispose of the pledged equity interests in Zhaoyan. The shareholders of Zhaoyan also undertakes that, during the term of the share pledge agreement, without the prior written consent to Dayin, they shall not dispose of the pledged equity interests or create or allow any encumbrance on the pledged equity interests or increase the registered capital of Zhaoyan. If there is any increased registered capital pursuant to the terms of this agreement, such increased registered capital would also be deemed as pledged equity interest. Following the terms of the Share Pledge Agreement, the shareholders of Zhaoyan have registered the pledge at the SAMR on July 29, 2015. The pledge will remain binding until Zhaoyan and their shareholders discharge all their obligations under the contractual arrangements and the de-registration at SAMR is completed.

Exclusive Option Agreement

Pursuant to the Exclusive Option Agreement, among Dayin, Zhaoyan and Zhaoyan’s shareholders, each of the shareholders of Zhaoyan irrevocably granted Dayin an exclusive option to purchase, or have its designated person to purchase, at its discretion, to the extent permitted under PRC law, all or part of their equity interests in Zhaoyan, and the purchase price shall be the registered capital of Zhaoyan pro rata to Zhaoyan’s shareholders’ shareholdings or the lowest price permitted by applicable PRC law. The shareholders of Zhaoyan undertakes that, without the prior written consent of Dayin, they shall not, among other things, increase or decrease the registered capital of Zhaoyan, dispose of its assets, incur any debts or guarantee liabilities, terminate any material agreements or enter into any agreements that are in conflict with any of the existing material agreements, distribute or vote to distribute any profits, interests or dividends, amend its articles of association or provide any loans to third parties. Unless otherwise agreed pursuant to the agreement, the Exclusive Option Agreement will remain effective until the earliest of: (1) the end of a ten-year term that is automatically extended annually unless Dayin gives Zhaoyan a termination notice 30 days before the term ends; (2) all equity interests in Zhaoyan held by Zhaoyan’s shareholders are transferred or assigned to Dayin or its designated representatives; and (3) the termination of the term of operation of Zhaoyan.

The contractual arrangements cannot be unilaterally terminated. Management concluded that the Company, through Dayin and the contractual arrangements, has the power and control to direct the activities that most significantly impact Zhaoyan’s economic performance, bears the risks and enjoys the rewards normally associated with ownership of Zhaoyan, receive substantially all of the economic benefits and residual returns, and absorb substantially all the risks and expected losses from Zhaoyan as if it was their sole shareholder and therefore the Company is the ultimate primary beneficiary of Zhaoyan. As such, the Group consolidates the financial results of Zhaoyan which are prepared in accordance with the basis of presentation as stated in Note 2 below.

The following financial information set forth the assets, liabilities, results of operations and changes in cash and cash equivalents of the consolidated VIE (Zhaoyan) taken as a whole of the Group as of December 31, 2019 and

2020 and for the years ended December 31, 2018, 2019 and 2020, which was included in the accompanying consolidated financial statements of the Group with intercompany transactions eliminated as follows:


	As of December 31,
	2019		2020
	(US$)
Assets
Current assets:
Cash and cash equivalents	$	17,308,887	$	2,362,068
Short-term investments	—		12,413,983
Accounts receivable, net	14,827,841		23,557,994
Amounts due from related parties	2,445,447		2,090,321
Prepayments and other current assets	886,022		2,704,275
Total current assets	35,468,197		43,128,641
Non-current assets:
Property and equipment, net	3,292,978		8,951,306
Deferred tax assets	387,950		510,500
Other non-current assets	69,968		205,147
Total non-current assets	3,750,896		9,666,953
Total assets	$	39,219,093	$	52,795,594
Liabilities
Current liabilities:
Accounts payable	2,992,628		5,336,880
Amounts due to related parties	27,780,440		34,198,167
Advances from customers	733,518		1,112,800
Taxes payable	756,020		253,617
Accrued expenses and other current liabilities	3,440,748		5,035,100
Total current liabilities	35,703,354		45,936,564
Total liabilities	$	35,703,354	$	45,936,564


	Year Ended December 31,
	2018	2019	2020
	(US$)
Total revenues	37,172,123	57,444,924	115,831,093
Net income (loss)	(146,806)	224,905	1,247,450


	Year Ended December 31,
	2018	2019	2020
	(US$)
Net cash and cash equivalents generated from operating activities	2,774,063	9,389,954	3,918,250
Net cash and cash equivalents used in investing activities	(2,251,153)	(998,141)	(18,865,069)
Net cash and cash equivalents used in financing activities	—	—	—

In accordance with the aforementioned agreements, the Company has power to direct activities of Zhaoyan, and can have assets transferred out of Zhaoyan. Therefore the Company considers that there is no asset in Zhaoyan

that can be used only to settle obligations of Zhaoyan, except for registered capital, as of December 31, 2019 and 2020. As Zhaoyan was formed as a limited liability company under the PRC Company Law, the creditors do not have recourse to the general credit of the Company for all the liabilities of Zhaoyan.

There is currently no contractual arrangement that would require the Company to provide additional financial support to Zhaoyan. As the Group is conducting certain businesses in the PRC through Zhaoyan, the Group may provide additional financial support on a discretionary basis in the future, which could expose the Group to a loss.

There is no variable interest entity where the Company has variable interest but is not the primary beneficiary.

The Group believes that the contractual arrangements among Zhaoyan’s shareholders, Zhaoyan and Dayin comply with PRC law and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements and if the shareholders of Zhaoyan were to reduce their interest in the Company, their interests may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms.

The Company’s ability to control Zhaoyan also depends on the voting rights proxy and the effect of the share pledge under the Share Pledge Agreement and Dayin has to vote on all matters requiring shareholders’ approval in Zhaoyan. As noted above, the Company believes this voting right proxy is legally enforceable but may not be as effective as direct equity ownership.

Principal Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Principal Accounting Policies

(a) Basis of Presentation

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

The Corporate Reorganization was a recapitalization with no substantial changes in the shareholding of the Company. Accordingly, the accompanying consolidated financial statements have been prepared as if the current corporate structure had been in existence throughout the periods.

Principal accounting policies followed by the Company in the preparation of the accompanying consolidated financial statements are summarized below.

(b) Basis of Consolidation

The Group’s consolidated financial statements include the financial statements of the Company, its subsidiaries and the VIE (Zhaoyan) for which the Company is the primary beneficiary. All transactions and balances among the Company, its subsidiaries, and Zhaoyan have been eliminated upon consolidation.

A subsidiary is an entity in which the Company, directly or indirectly: (1) controls more than one half of the voting power; (2) has the power to appoint or remove the majority of the members of the board of directors; (3) casts a majority of votes at the meeting of the board of directors; or (4) governs the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

The Company applies the guidance codified in Accounting Standard Codification (“ASC”) 810, Consolidations, which contains guidance of accounting for VIEs. The guidance requires certain variable interest entities to be consolidated by the primary beneficiary of the entity in which it has a controlling financial interest. A consolidated VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, bears the risks of, and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity.

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets, long-lived assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reporting periods in the consolidated financial statements and accompanying notes. The Company believes that the valuation of the Company’s preferred shares and share-based awards, and acquired intangible assets reflect more significant judgments and estimates used in the preparation of its consolidated financial statements. Estimates are based on historical experiences and on various assumptions that the Company believes are reasonable under current circumstances. However, changes in circumstances, facts and experience may cause the Company to revise its estimates; therefore, actual results could differ materially from those estimates.

(d) Functional Currencies and Foreign Currency Translation

The Group uses U.S. dollars (“US$”) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated outside of PRC is US$, while the functional currency of the PRC entities in the Group is Renminbi (“RMB”) as determined based on the criteria of ASC 830, Foreign Currency Matters.

Transactions denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Financial assets and liabilities denominated in other than the functional currency are re-measured at the balance sheet date exchange rate. The resulting exchange differences are recorded in the consolidated statements of comprehensive loss as foreign exchange related gain or loss.

The financial statements of the Group’s entities using functional currency other than US$ are translated from the functional currency to the reporting currency, US$. Assets and liabilities of the Group’s subsidiaries incorporated in PRC are translated into US$ at balance sheet date exchange rates, while income and expense items are translated at average exchange rates prevailing during the fiscal year, representing the index rates stipulated by the People’s Bank of China. Translation adjustments arising from these are reported as foreign currency translation adjustments and are shown as accumulated other comprehensive loss on the consolidated financial statement.

(e) Concentration of Credit Risk

Financial instruments that potentially subject the Group to concentration of credit risk consist of cash and cash equivalents, short-term investments and accounts receivable.

The Group deposits its cash and cash equivalents and short-term investments with major financial institutions which the Group believes that no significant credit risk with high credit quality. For the years ended December 31, 2019 and 2020, the amount of cash and cash equivalents held in banks in the PRC, as well as cash and cash equivalents denominated in RMB, were $19.0 million and $6.5 million, respectively.

The Group has not experienced any significant recoverability issue with respect to its accounts receivable. The Group assesses the creditworthiness of each customer when providing services and may require the customers to make advance payments or a deposit before the services are rendered. The Group typically offers payment terms in the range of 30 to 60 days to its customers. The Group also periodically determines an allowance for doubtful accounts based on the accounting policy indicated in Note 2(j) - Accounts Receivable.

The following table summarizes customers with greater than 10% of the accounts receivables:


	2019		2020
Customer A — Social media platform	24	%	12	%

The following table summarizes customers with greater than 10% of total revenues:


	2018		2019	2020
Customer A — Social media platform	16	%	*	*

*Less than 10%

(f) 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 Company 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.

The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value include:

• Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

• Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.

• Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

The Company’s financial instruments include cash and cash equivalents, short-term investments, accounts receivable, accounts payable, certain accrued expenses and other current liabilities. The carrying amounts of short-term financial instruments, approximate their fair values due to the short-term maturity of these instruments.

The following table sets forth the Group’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as of December 31, 2020:


	As of December 31, 2020
	Level 1	Level 2	Level 3	Balance at Fair value
Short-term investments — financial products issued by banks	—	24,046,345	—	24,046,345

The Group did not hold short-term investments as of December 31, 2019.

(g) Cash and Cash Equivalents

Cash and cash equivalents include cash in bank and time deposits placed with banks or other financial institutions which have original maturities of three months or less at the time of purchase and are readily convertible

to known amounts of cash. As of December 31, 2019 and 2020, the amount of cash equivalents was nil and US$10.0 million in the consolidated balance sheets, respectively.

(h) Restricted Cash

The Group’s restricted cash mainly represents secured deposits held in designated bank accounts to secure a letter of credit and is included within prepayments and other current assets. See Note 5—Prepayments and Other Current Assets.

(i) Short-term Investments

Short-term investments are comprised of (i) held-to-maturity investments such as time deposits, which have a due date that is longer than three months but within one year and is stated at amortized cost and; (ii) investments in financial products issued by banks or other financial institutions, which contain a fixed or variable interest rate and with original maturities between three months and one year. The Company measures the short-term investments in financial products issued by banks at fair value using the quoted subscription or redemption prices published by these banks.

These investments are stated at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive loss. There was no other-than-temporary impairment of short-term investments measured at amortized cost for the years ended December 31, 2018, 2019 and 2020.

(j) Accounts Receivable

Accounts receivable are stated at the amount management expects to collect from customers based on their outstanding invoices. Management reviews accounts regularly to determine if any receivable will potentially be uncollectible. The Company maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Company determines the allowance for doubtful accounts by taking into consideration various factors including but not limited to historical collection experience and credit-worthiness of the customers as well as the age of the individual receivables balance. Additionally, the Company makes specific bad debt provisions based on any specific knowledge the Company has acquired that might indicate that a receivable is uncollectible.

(k) Property and Equipment, Net

Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives, taking into account any estimated residual value. Expenditures for maintenance and repairs are expensed as incurred.

The estimated useful lives of property and equipment are as follows:


			Estimated Useful Lives
Electronic equipment			3 years
Furniture, computers and office equipment			3 years
Network equipment			3 years
Leasehold improvements			Shorter of the lease term or the estimated useful life

(l) Goodwill and intangible assets

Intangible assets

Intangible assets are recognized at fair value and consists of developed technology from an acquisition during 2020 (see Note 3). Intangible assets are amortized over the period of estimated benefit using the straight-line method and the estimated useful life of the developed technology is 5 years. The estimated life of intangible assets subject to amortization is reassessed if circumstances occur that indicate the life has changed. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. No impairment of intangible assets was recognized for the year ended December 31, 2020.

Goodwill

Goodwill represents the excess of the total cost of the acquisition over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed of the acquired entity as a result of the Company’s business acquisition during 2020 (see Note 3).

Goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The annual impairment test includes an option to perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying value. If as a result of the qualitative assessment, that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the quantitative goodwill impairment test is performed to determine if the fair value of the reporting unit exceeds its carrying value. Under the qualitative assessment, the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting unit and other specific information related to the operations. If the reporting unit does not pass the qualitative assessment, the Company estimates its fair value and compares the fair value with the carrying value of its reporting unit, including goodwill. If the fair value is greater than the carrying value of its reporting unit, no impairment is recorded. If the fair value is less than the carrying value, an impairment loss is recognized for the amount that the carrying amount of a reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. The impairment charge would be recorded to earnings in the consolidated statements of operations. As of December 31, 2020, there is no event or any circumstance that the Company identified, which indicated that the fair value of the Company’s reporting unit was below its carrying value. There was no impairment of goodwill for the year ended December 31, 2020.

Additionally, the Company’s policy is to update the fair value calculation of its reporting units and perform the quantitative goodwill impairment test on a periodic basis.

(m) Impairment of long-lived assets other than goodwill

Long-lived assets (including amortizable intangible assets) are evaluated for impairment whenever events or changes in circumstances occur that indicate that the carrying value of an asset may not be recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted 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, an impairment loss is recognized for the excess of the carrying value of the assets over the fair value of the assets. No impairment charges were recognized for the years ended December 31, 2018, 2019 and 2020.

(n) Advances from Customers

Certain customers pay in advance prior to the service usage. Payments received from customers are initially recorded as advances from customers and are recognized as revenues when revenue recognition criteria are met. See Note 2(r)—Revenue Recognition.

(o) Mezzanine Equity

Mezzanine equity represents the Series A, Series B, Series B+, Series C and Series C+ convertible redeemable preferred shares (collectively, the “Preferred Shares”) issued by the Company. Preferred Shares are

redeemable at the holders’ option any time after a certain date and were contingently redeemable upon the occurrence of certain liquidation events outside of the Company’s control. Therefore, the Group classifies the Preferred Shares as mezzanine equity. See Note 11—Convertible Redeemable Preferred Shares.

(p) Deferred Equity Offering Costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of an equity financing, these costs are recorded in shareholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the offering. Or in the case that the equity financing is related to mezzanine equity, these costs are recorded as a reduction of mezzanine equity. Should the in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the consolidated statements of comprehensive loss.

As of December 31, 2019 and 2020, deferred offering costs of US$287,331 and nil were recorded in the consolidated balance sheet, respectively. See Note 7—Other Non-current Assets.

(q) Value Added Taxes

The Group’s entities in the PRC are subject to value-added taxes (“VAT”) at a rate of 6% on their services, less any deductible VAT the Group has already paid or borne. They are also subject to surcharges on VAT payments in accordance with PRC law. VAT is not included in the revenue recognized for the Group.

(r) Revenue Recognition

The Group early adopted ASC Topic 606, Revenue from Contracts with Customers (ASC 606) for all periods presented. According to ASC 606, revenue is recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services. The Group determines revenue recognition through the following steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation.

The Group’s revenue is primarily derived from real-time engagement services, which are usage-based fees earned from customers accessing the Group’s enterprise cloud computing platform. The performance obligation associated with the platform access is a series of distinct services that have the same pattern of transfer, and the usage-based fees are recognized as revenue in the period in which the usage occurs.

The Group’s other revenues are comprised primarily of project revenues, which are arrangements with specific customers where the Company will customize a software development kit to be integrated with the customer’s system based on the customer’s specific requirements. The progress of the project is defined by the readiness of the system integration as specified in the contract. To date, the Group’s projects are considered a single performance obligation, as the individual components of the project are not sold on a standalone basis and does not provide benefit to the customer on its own. Revenue is recognized over time as the Group’s performance enhances an asset controlled by the customer. Revenue recognition is based on the measurement of progress toward complete satisfaction of the performance obligation, for which the Group utilizes the output method.

Timing of revenue recognition may differ from the timing of invoicing to customers. The Group records a contract asset when the Group has a right to consideration in exchange for goods or services that it has transferred to a customer and when that right is conditioned on something other than the passage of time (for example, the entity’s future performance). Accounts receivables represent amounts invoiced and revenue recognized prior to invoicing, when the Group has satisfied its performance obligations and has the unconditional right to payment. As of December 31, 2019 and 2020, contract assets recorded in the Group’s consolidated balance sheets was immaterial.

If a customer pays consideration, or the Group has a right to an amount of consideration that is unconditional (that is, a receivable), before the Group transfers a good or service to the customer, the Group shall present the contract as a contract liability when the payment is made or the payment is due (whichever is earlier). A contract liability is the Group’s obligation to transfer goods or services to a customer for which it has received consideration (or an amount of consideration is due) from the customer. Due to the generally short-term duration of the contracts, the majority of the performance obligations are satisfied in the following reporting period. As of December 31, 2019 and 2020, contract liabilities recorded as advances from customers are US$920,925 and US$1,338,516 as of December 31, 2019 and 2020, respectively, in the Group’s consolidated balance sheets. Revenue recognized for the years ended December 31, 2018, 2019 and 2020 that was included in the contract liabilities balance at the beginning of the period was US$358,213, US$628,954 and US$920,925, respectively.

Practical Expedients and Exemptions

Upon the election of the practical expedient under ASC 340-40-25-4, the incremental costs of obtaining a contract are expensed when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less. For the years ended December 31, 2019 and 2020, no incremental contract obtaining cost was capitalized as assets due to short term of the amortization period.

(s) Cost of Revenues

Cost of revenue consists primarily of costs of bandwidth purchased from network service providers and costs of hosting services purchased from data center operators, and personnel costs for the customer care and support services employees. These costs are charged to the consolidated statements of comprehensive loss as incurred.

(t) Research and Development Expenses

Research and development expenses consist primarily of employee wages and benefits for research and development personnel, cloud infrastructure fees for staging and development, third party software testing services, and an allocation of general overhead expenses. Research and development costs are expensed as incurred in accordance with ASC 730, Research and Development.

(u) Software Development Costs

The Group accounts for costs to develop or obtain internal use software in accordance with ASC 350-40, Internal-Use Software. For internal use software, the Group expenses costs incurred for the preliminary project stage and post implementation-operation stage of development, and costs associated with repair or maintenance of the existing applications. Costs incurred in the application development stage are capitalized and amortized on a straight-line basis over the estimated useful life. Development costs related to internal use software qualifying for capitalization have been immaterial, and as a result have been expensed as incurred.

(v) Sales and Marketing Expenses

Sales and marketing expenses consist primarily of marketing and promotional expenses, salaries and payroll expenses to the Group’s sales and marketing personnel. Advertising expenses consist primarily of costs for the promotion of corporate image and product marketing. The Group expenses all advertising costs as incurred and classifies these costs under sales and marketing. For the years ended December 31, 2018, 2019 and 2020, advertising and marketing costs totaled US$580,342, US$1,198,905 and US$1,630,954 respectively.

(w) General and Administrative Expenses

General and administrative expenses consist of employee wages and benefits for corporate employees, rental expenses, audit and legal fees, depreciation of property and equipment, and other corporate overhead costs.

(x) Operating Leases

Each lease is classified at the inception date as either a capital lease or an operating lease. For the lessee, a lease is a capital lease if any of the following conditions exist: a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the property’s estimated remaining economic life or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the leaser at the inception date. The Group had no capital leases for the years ended December 31, 2019 and 2020. Rental expense is recognized from the date of initial possession of the leased property on a straight-line basis over the term of the lease.

(y) Income Tax

Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Group accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Tax. Under this method, deferred tax assets and liabilities are recognized for the tax consequences attributable to differences between carrying amounts of existing assets and liabilities in the financial statements and their respective tax basis, and operating loss carry-forwards. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be received or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the statement of comprehensive loss in the period of the enactment of the change.

The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Company has considered possible sources of taxable income including (1) future reversals of existing taxable temporary differences, (2) future taxable income exclusive of reversing temporary differences and carry-forwards, (3) future taxable income arising from implementing tax planning strategies, and (4) specific known trend of profits expected to be reflected in the Company’s operations.

The Company recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Company’s liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company’s effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. For the years ended December 31, 2019 and 2020, there were no uncertain tax position liabilities or deferred tax recognized.

(z) Share-based Compensation

All share-based awards are measured at fair value on the grant date. The share-based compensation expenses have been categorized as either cost of revenues, research and development expenses, sales and marketing expenses or general and administrative expenses, depending on the job functions of the grantees.

Share Options Granted

For the service condition only options granted to employees without a repurchase feature, the compensation expense is recognized using the straight-line method over the requisite service period. The Group early adopted Accounting Standards Update (“ASU”) 2016-09, Compensation—Share-Based Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting from the earliest period presented to recognize the effect of forfeiture in compensation cost when they occur. In determining the fair value of the Company’s share options, the binomial option pricing model has been applied.

Liability Classified Awards

For the Venture Partners Plan awards (See Note 13-Share-based Compensation), these awards can be settled through the issuance of shares or cash to employees at the decision of the Company and the number of shares that an employee ultimately receives is variable based on the share price at the settlement date. The Company accounts for these awards as a liability and will remeasure the liability at each reporting period until the award is settled. For the annual shared profit, compensation is recognized using the straight-line method over the performance period, using the estimated liability of the award at service inception date and begin to recognize compensation expense. For the accumulated retained profit, if any, compensation is recognized using the straight-line method over the requisite service period, using the estimated liability of the award at service inception date and begin to recognize compensation expense. The Group will true-up the compensation cost each reporting period for changes in liability prorated for the portion of the requisite service period rendered, if applicable. Once vested (that is, the performance period or the requisite-service period is complete), the Group will immediately recognize compensation cost for any changes in liability upon settlement.

Restricted Shares and Restricted Share Units (“RSUs”)

For the restricted shares and RSUs granted with service conditions, the awards are measured at fair value on the grant date. Share-based compensation expense is recognized using the straight-line method over the requisite service period. The fair value of the restricted shares granted prior to the IPO was assessed using the income approaches, with a discount for lack of marketability given that the shares underlying the awards were not publicly traded at the time of grant. This assessment required complex and subjective judgments regarding the Company’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants were made. The fair value of restricted shares and RSUs granted post-IPO is determined based on the closing quoted price of the Company’s ordinary share on the date of grant.

For certain restricted shares that have a performance condition, the final number of restricted shares may vest and settle depending on the employee’s performance against performance metrics over predefined performance periods. Over the performance period, the number of restricted shares that may be issued and the related share-based compensation expense that is recognized is adjusted upward or downward based upon the probability of achieving the approved performance targets against the performance metrics.

Similar to options above, the Group recognizes the effect of forfeitures in compensation costs when they occur. For the restricted shares that the Company is obligated to repurchase at grantee’s election, they are classified as liability awards and are applied the accounting policy of liability classified awards as mentioned above. For the restricted shares granted by the Founder to the Company’s employees, the compensation expense of these awards is pushed down to the Company and recorded by the Company based on grant-date fair value with total compensation expense recognized over the grantee’s own requisite service period. See Note 13—Share-based Compensation.

Cancellation of an award accompanied by the grant of a replacement award is accounted for as a modification of the terms of the canceled award (“modification awards’’). The compensation costs associated with the modification awards are recognized if either the original vesting condition or the new vesting condition has been achieved. If the awards are expected to vest under the original vesting condition, the compensation cost would be recognized regardless of whether the employee satisfies the modified condition. Such compensation costs cannot be less than the grant-date fair value of the original award. The incremental compensation cost is measured as the excess of the fair value of the replacement award over the fair value of the canceled award at the cancellation date. Therefore, in relation to the modification awards, the Group recognizes share-based compensation over the vesting

periods of the new awards, which comprises (1) the amortization of the incremental portion of share-based compensation over the remaining vesting term and (2) any unrecognized compensation cost of original award, using either the original term or the new term, whichever is higher for each reporting period.

(aa) Related Parties

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation.

(bb) Dividends

Dividends are recognized when declared. No dividends were declared for the years ended December 31, 2019 and 2020, respectively. The Group does not have any present plan to pay any dividends on ordinary shares in the foreseeable future. The Group currently intends to retain the available funds and any future earnings to operate and expand its business.

(cc) Earnings (Losses) Per Share

Basic earnings (losses) per share is computed by dividing net income (loss) attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year using the two class method. The net loss will be adjusted by deducting (1) dividends declared in the period on preferred shares (if any), (2) cumulative dividends on preferred shares (whether or not declared) and (3) deemed dividends as required by U.S. GAAP. Using the two-class method, net income (loss) is allocated between ordinary shares and other participating securities (that is, the Preferred Shares) based on their participating rights.

Diluted earnings (losses) per share is calculated by dividing net income attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalents shares outstanding during the year. Dilutive equivalent shares are excluded from the computation of diluted loss per share if their effects would be anti-dilutive. Ordinary share equivalents consist of the ordinary shares issuable in connection with the Group’s convertible redeemable preferred shares using the if-converted method, and ordinary shares issuable upon the conversion of share options, restricted shares and RSUs, using the treasury stock method. Except for voting rights, the Class A and Class B ordinary shares have all the same rights and therefore the earnings (loss) per share for both classes of shares are identical.

(dd) Comprehensive Income (Loss)

Comprehensive income (loss) is defined to include all changes in equity (deficit) of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Other comprehensive income (loss), as presented in the consolidated balance sheets, consists of accumulated foreign currency translation adjustments.

(ee) Segment Reporting

ASC 280, Segment Reporting, establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available that is regularly evaluated by the Group’s chief operating decision makers in deciding how to allocate resources and assess performance. The Group’s chief operating decision maker has been identified as the Chief Executive Officer, who reviews consolidated results including revenue, gross profit and operating profit at a consolidated level only. The Group does not distinguish between markets for the purpose of making decisions about resources allocation and performance assessment. Hence, the Group has only one operating segment and one reportable segment.

The following table presents the Group’s revenues disaggregated by primary geographical markets:


	Year Ended December 31,
	2018		2019		2020
	(US$)
Primary geographical markets based on customers’ location
PRC	$	33,311,919	$	50,583,684	$	107,092,363
United States	4,582,105		5,296,269		10,019,248
Others	5,762,930		8,548,737		16,452,310
Total revenues	$	43,656,954	$	64,428,690	$	133,563,921

The majority of the Group’s long-lived assets are located and maintained within the PRC.

(ff) Recently Issued Accounting Pronouncements

New and Amended Standards Adopted by the Group

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. Under the guidance, public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The guidance is effective for all public entities for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, but entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. The Company adopted this standard on January 1, 2020, and the adoption did not have a material impact on the Company’s consolidated financial statements.

New and Amended Standards not yet Adopted by the Group

In February 2016, the FASB issued ASU 2016-02, Leases (“ASC 842”). Under the new guidance, lessees will be required to recognize a lease liability and a right-of use asset for each of its leases (other than leases that meet the definition of a short-term lease). Leases will be classified as either operating or finance. The update also expands the required quantitative and qualitative disclosures for leases. The standard is effective for the Company beginning January 1, 2021 and interim periods within the following fiscal year, with early adoption permitted. The Company will adopt the new standard in the first quarter of 2021 using the modified retrospective method with the optional transition that allows for a cumulative-effect adjustment to the opening balance of retained earnings recorded on January 1, 2021. The Company estimates that the total right-of-use assets and total lease liabilities expected to be recognized on its consolidated balance sheet as of January 1, 2021 is approximately $6.8 million. However, the Company does not expect the adoption to have a material impact to its Statement of Cash Flows or Statement of Comprehensive Loss.

Incremental disclosure will be made in accordance with the guidelines provided by the new standard since the adoption date on January 1, 2021.

Upon adoption of ASC 842, the Company intends to elect the following practical expedients:

–The Company intends to elect not to separate non-lease components from lease components and instead to account for each separate lease component and the non-lease components associated with that lease component as a single lease component.

–If at the lease commencement date, a lease has a lease term of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Company will elect not to apply ASC 842 recognition requirements.

–As the Company plans to apply the alternative transition method, the Company intends to elect not to reassess arrangements entered into prior to January 1, 2021 for whether an arrangement is or contains a lease, the lease classification applied or to separate initial direct costs.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which replaces the current incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology which changes how entities measure credit losses on financial instruments and the timing of when such losses are recorded. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including accounts receivable and other receivables. ASU 2016-13 is effective for fiscal years and interim periods within those years beginning after January 1, 2023 for the Company, with early adoption permitted. The Company will early adopt ASU 2016-13 on January 1, 2021 on a modified retrospective basis. The Company currently does not expect ASU 2016-13 to have a material impact to the Group’s consolidated financial statements. Amendments that have been issued by the FASB or other standard-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Group’s consolidated financial statements upon adoption.

In December 2019, the FASB issued ASU 2019-12—Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This update simplifies the accounting for income taxes as part of the FASB’s overall initiative to reduce complexity in accounting standards. The amendments in ASU 2019-12 simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for fiscal years and interim periods within those beginning after January 1, 2021 for the Company. Early adoption of the amendments is permitted. The adoption of this standard is not expected to have a material impact on the Company’s disclosures.

Business acquisition

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Business acquisition

The Company accounted for its acquisition in accordance with ASC 805, “Business Combination” (“ASC 805”). The result of the acquiree’s operation has been included in the consolidated financial statements since the acquisition date. The excess of the fair value of the acquired entity over the fair value of net tangible and intangible assets acquired was recorded as goodwill, which is not deductible for corporate income taxation purposes.

Acquisition of Netless

On November 27, 2020 (the “acquisition close date”), the Company acquired 100% equity interests of Netless, a real-time interactive whiteboard solution provider, from its shareholders for a cash and share consideration totaling to $4 million. The Company acquired Netless to enhance its ability to provide a more diverse product portfolio to developers around the world. After the acquisition close date, there were cash and share-based awards granted to Netless employees that joined the Company. Refer to Note 13 – Share-based compensation for additional details on the post-combination share arrangement.

The acquisition was recorded as a business combination. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition, as well as the fair value of the consideration transferred (amounts in US$, except share data):


	As of acquisition close date
	2020
	(US$)
Fair value of consideration transferred
Cash(1)	$	3,150,001
Ordinary shares	850,000
Number of ordinary shares issued	84,634

Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash-equivalents	$	556,361
Accounts receivable	203,115
Prepayments and other current assets	22,991
Property and equipment, net	15,190
Intangible assets, net	212,824
Salary and welfare payable	(30,520)
Taxes payable and other accrued liabilities	(16,186)
Deferred tax liabilities(2)	(53,206)
Total identifiable net assets acquired	910,569
Goodwill	3,089,432
Total purchase consideration	$	4,000,001

(1)The cash payment for Netless was made subsequent to the fiscal year end. As of December 31, 2020, the amount was recorded as a payable in accrued expenses and other current liabilities (Note 10).

(2)As part of the business combination, the Company acquired developed technology at a gross amount of US$212,824, with an estimated useful life of 5 years that will be amortized on a straight-line basis; amortization expense of US$3,547 recorded in general and administrative expense for the year ended December 31, 2020.

A deferred tax liability of US$53,206 arising from the difference between the accounting basis and tax basis of the identifiable intangible asset is recognized and will be realized over 5 years which is in line with the developed technology’s amortization period. The recognition of the deferred tax liability related to the intangible asset in turn increases the book basis of the asset.

The excess of purchase price over tangible assets and identifiable intangible assets acquired and liabilities assumed was recorded as goodwill. Goodwill associated with acquisition of Netless was attributed to expected synergies arising from the acquisition. The acquired goodwill is not deductible for tax purposes. Acquisition-related costs were immaterial and were included in general and administrative expenses for the year ended December 31, 2020.

The Company has not presented pro forma combined results for this acquisition because the impact to the consolidated statements of operations and comprehensive loss would not have been material individually or in the aggregate.

Accounts Receivable, Net

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Accounts Receivable, Net


	As of December 31,
	2019		2020
	(US$)
Accounts receivable	$	17,283,107	$	29,374,687
Less: allowance for doubtful accounts	(1,035,542)		(1,534,538)
Accounts receivable, net	$	16,247,565	$	27,840,149

Movement of allowance of doubtful accounts was as follows:


	As of December 31,
	2019		2020
	(US$)
At beginning of the period	$	(367,044)	$	(1,035,542)
Addition	(779,671)		(1,365,327)
Write-off	100,276		921,061
Foreign currency translation impact	10,897		(54,730)
At end of the period	$	(1,035,542)	$	(1,534,538)

Prepayments and Other Current Assets

12 Months Ended

Dec. 31, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepayments and Other Current Assets

The prepayments and other current assets consisted of the following:


	As of December 31,
	2019		2020
	(US$)
Employee advances(1)	$	15,885	$	2,186,438
Interest receivables	—		1,446,414
VAT recoverable(2)	776,141		1,352,594
Prepayments(3)	419,376		1,218,771
Proceeds receivable for employee share option exercises	—		611,745
Restricted cash	80,000		80,000
Others	89,635		562,870
	$	1,381,037	$	7,458,832

(1)Employee advances are primarily loans to employees that are business related or taxes paid on behalf of employees related to their options. The interest associated with these loans are based on the one year risk-free interest rate stipulated by the People’s Bank of China, and the loan plus interest will be repaid by the employee within one year.

(2)VAT recoverable represented the balances that the Group can utilize to deduct its VAT liabilities within the next 12 months.

(3)Prepayments are primarily related to prepayments for company events, prepaid rental expenses and other deposits.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following:


	As of December 31,
	2019		2020
	(US$)
Cost:
Network equipment	$	6,976,107	$	19,900,918
Leasehold improvements	1,089,970		1,950,310
Electronic equipment	1,170,866		2,232,004
Furniture, computers and office equipment	443,453		873,626
Total cost	9,680,396		24,956,858
Less: accumulated depreciation	(3,398,406)		(8,203,008)
Property and equipment, net	$	6,281,990	$	16,753,850

Depreciation expense recognized for the years ended December 31, 2018, 2019 and 2020 were US$922,351, US$1,867,734 and US$4,457,981, respectively.

Other Non-current Assets

12 Months Ended

Dec. 31, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Non-current Assets

Other non-current assets consisted of the following:


	As of December 31,
	2019		2020
	(US$)
Long-term deposits	$	470,086	$	1,023,755
Deferral of initial public offering costs	287,331		—
Others	51,445		580,182
	$	808,862	$	1,603,937

Taxes Payable

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Taxes Payable

Taxes payable consisted of the following:


	As of December 31,
	2019		2020
	(US$)
VAT payable	$	868,270	$	1,182,311
Corporate income taxes payable	1,165,660		626,454
Other taxes payable	459,207		362,515
	$	2,493,137	$	2,171,280

Payables and Accruals

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	As of December 31,
	2019		2020
	(US$)
Accrued salary and social welfare costs	$	8,388,819	$	14,007,700
Liability classified awards for share-based compensation (Note 13)	—		3,950,457
Payables for acquisition (Note 3)	—		2,000,001
Accrued professional service fees	788,313		987,969
Accrued advertising and marketing fees	286,218		566,738
Accrued staff reimbursements	332,578		508,438
Accrued office expense	159,668		428,203
Accrued recruitment service fee	15,976		298,580
Share option deposit held on behalf of employees	400,680		262,181
Accrued rental fee	204,669		236,888
Others	402,011		678,368
	$	10,978,932	$	23,925,523

Convertible Redeemable Preferred Shares

12 Months Ended

Dec. 31, 2020

Temporary Equity Disclosure [Abstract]

Convertible Redeemable Preferred Shares

On December 16, 2013, Agora, Inc. issued 57,200,000 Series A Convertible Redeemable Preferred Shares (“Former Series A Preferred Shares”) for a total cash consideration of US$5,720,000. As part of the Historical Reorganization in December 2014, the Former Series A Preferred Shares were exchanged for Series A Convertible Redeemable Preferred Shares of Agora IO, Inc. (“Series A Preferred Shares”).

On December 20, 2014, Agora IO, Inc. issued 50,783,698 Series B Convertible Redeemable Preferred Shares (“Series B Preferred Shares”) for cash consideration of US$20,250,000.

On May 18, 2017, Agora IO, Inc. issued 26,651,410 Series B+ Convertible Redeemable Preferred Shares (“Series B+ Preferred Shares”) for a total cash consideration of US$31,881,749.

On May 18, 2017, 1,573,040 Series A Preferred Shares were repurchased and retired by Agora IO, Inc. for a total cash consideration of US$1,599,487. On the same date, Agora IO, Inc. repurchased 2,777,778 Series A

Preferred Shares for a total cash consideration of US$278 from the Founder and reissued the shares to a third party entity at the same nominal cash consideration. As the third party entity assisted the Group in finding a new investor to participate in the Series B+ Preferred Shares financing, the 2,777,778 Series A Preferred Shares were considered a commission to the third party entity, and were considered a Series B+ issuance cost that was net off the proceeds received during that round of financing.

On October 1, 2018 and October 23, 2018, Agora IO, Inc. issued an aggregate of 34,793,413 Series C Convertible Redeemable Preferred Shares (“Series C Preferred Shares”) for a total cash consideration of US$66,666,667.

On February 12, 2020, Agora, Inc. issued an aggregate of 15,062,510 Series C+ Convertible Redeemable Preferred Shares (“Series C+ Preferred Shares”) for a total cash consideration of US$50,000,002.

The above mentioned Series A, Series B, Series B+, Series C and Series C+ Preferred Shares are collectively referred as the “Preferred Shares.”

As disclosed in Note 1(b), the Group had undergone two reorganizations and each reorganization changed the issuer of the Preferred Shares to be the reporting entity through share swaps. The major terms and number of shares of the Preferred Shares have remained the same. Thus, there is no accounting impact on the Preferred Shares as a result of the Historical Reorganization or the Corporate Reorganization at the consolidated level. As further discussed in Note 1(b), the Historical Reorganization and the Corporate Reorganization were transactions by Group entities under common control. The equity section of the Company after the Corporate Reorganization is assumed to have existed from the earliest period presented in the consolidated financial statements.

The key terms of the Preferred Shares issued by the Company are as follows:

Conversion Rights

Optional Conversion

Each Series A, B, B+, C or C+ Preferred Share shall be convertible, at the option of the holder thereof, at any time and without the payment of additional consideration by the holder thereof, into such number of Ordinary Shares as is determined by the quotient of the applicable issue price divided by the then effective applicable conversion price with respect to such particular series of Preferred Shares, which shall initially be the applicable issue price for the Series A Preferred Shares, Series B Preferred Shares, Series B+ Preferred Shares, Series C Preferred Shares or Series C+ Preferred Shares as the case may be, resulting in an initial conversion ratio for the Preferred Shares of 1:1, and shall be subject to adjustment and readjustment from time to time, including but not limited to additional equity securities issuances, share dividends, distributions, subdivisions, redemptions, combinations, or reorganizations, mergers, consolidations, reclassifications, exchanges or substitutions.

Automatic Conversion

Upon the closing of a Qualified IPO (as defined in the Company’s memorandum and articles of association), all outstanding Preferred Shares shall automatically be converted into Ordinary Shares, at the then effective conversion price.

The Company determined that there were no beneficial conversion features identified for any of the Preferred Shares during any of the periods. In making this determination, the Company compared the fair value of the Ordinary Shares into which the Preferred Shares are convertible with the respective effective conversion price at the issuance date. In all instances, the effective conversion price was greater than the fair value of the Ordinary Shares.

To the extent a conversion price adjustment occurs, as described above, the Company will re-evaluate whether or not a beneficial conversion feature should be recognized.

Voting Rights

Each holder of Series A, Series B, Series B+, Series C and Series C+ Preferred Shares is entitled to cast the number of votes equal to the number of Ordinary Shares such Preferred Shares would be entitled to convert into at the then effective conversion price. There was a modification to the voting rights of the shares controlled by the Founder when the Series B and Series B+ Preferred Shares were issued as follows:

•the voting rights of shares controlled by the Founder was modified to carry 2 votes in connection with the Series B Preferred Shares financing; and

•the voting rights of shares controlled by the Founder was modified to carry 3 votes in connection with the Series B+ Preferred Shares financing

Dividend Rights

First, each holder of Series C+ Preferred Shares is entitled to receive cumulative dividends out of any funds legally available of the Company, at the simple rate per annum of 8% of the Series C+ issue price, payable if and when declared by the board of directors.

Second, after full payment of dividends to the holders of the Series C+ Preferred Shares, each holder of the Series C Preferred Shares is entitled to receive cumulative dividends out of any funds legally available of the Company, at the simple rate per annum of 8% of the Series C issue price, payable if and when declared by the board of directors.

Third, after full payment of dividends to the holders of the Series C Preferred Shares, each holder of the Series B+ Preferred Shares is entitled to receive cumulative dividends out of any funds legally available of the Company, at the simple rate per annum of 8% of the Series B+ issue price, payable if and when declared by the board of directors.

Fourth, after full payment of dividends to the holders of the Series B+ Preferred Shares, each holder of the Series B Preferred Shares is entitled to receive cumulative dividends out of any funds legally available of the Company, at the simple rate per annum of 8% of the Series B issue price, payable if and when declared by the board of directors.

Fifth, after full payment of dividends to the holders of the Series B Preferred Shares, each holder of the Series A Preferred Shares is entitled to receive cumulative dividends out of any funds legally available of the Company, at the simple rate per annum of 8% of the Series B issue price, payable if and when declared by the board of directors.

Lastly, if after the preferential dividends relating to the Preferred Shares as described above have been paid in full or declared and set apart for payment in any fiscal year of the Company, the board of directors shall decide to declare a dividend or similar distribution to the holders of Ordinary Shares, then, in each such case, the holders of Preferred Shares shall be entitled to a proportionate share of any such dividend or distribution as though the holders of Preferred Shares were holders of the number of Ordinary Shares into which their Preferred Shares are convertible as of the record date fixed for the determination of the holders of Ordinary Shares entitled to receive such distribution.

Liquidation Preference

In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, or in the event of a Trade Sale (as defined in the Company’s memorandum and articles of association to include, among other things, a merger, share exchange, amalgamation or consolidation of any Group company resulting in a change of control of such Group company), collectively defined as “Deemed Liquidation Events”, the consideration payable to shareholders in such liquidation shall be distributed among the holders of the outstanding shares in the following order and manner:

First, the holders of Series C+ Preferred Shares then outstanding shall be entitled to be paid an amount per share equal to 150% of the Series C+ issue price, plus all accrued or declared but unpaid dividends (if applicable) on such Series C+ Preferred Share, out of funds legally available of the Company (the “Series C+ Preference Amount”). If the legally available funds are insufficient to permit the payment to all holders of Series C+ Preferred Shares the full Series C+ Preference Amount, then the entire assets and funds of the Company legally available for distribution shall be distributed pro rata among the holders of the Series C+ Preferred Shares.

Second, the holders of Series C Preferred Shares then outstanding shall be entitled to be paid an amount per share equal to 150% of the Series C issue price, plus all accrued or declared but unpaid dividends (if applicable) on such Series C Preferred Share, out of funds legally available of the Company (the “Series C Preference Amount”). If the legally available funds are insufficient to permit the payment to all holders of Series C Preferred Shares the full Series C Preference Amount, then the entire assets and funds of the Company legally available for distribution shall be distributed pro rata among the holders of the Series C Preferred Shares.

Third, the holders of Series B+ Preferred Shares then outstanding shall be entitled to be paid an amount per share equal to 150% of the Series B+ issue price, plus all accrued or declared but unpaid dividends (if applicable) on such Series B+ Preferred Shares, out of funds legally available of the Company (the “Series B+ Preference Amount”). If the legally available funds are insufficient to permit the payment to all holders of Series B+ Preferred Shares the full Series B+ Preference Amount, then the entire assets and funds of the Company legally available for distribution shall be distributed pro rata among the holders of the Series B+ Preferred Shares.

Fourth, the holders of Series B Preferred Shares then outstanding shall be entitled to be paid an amount per share equal to 150% of the Series B issue price, plus all accrued or declared but unpaid dividends (if applicable) on such Series B Preferred Shares, out of funds legally available of the Company (the “Series B Preference Amount”). If the legally available funds are insufficient to permit the payment to all holders of Series B Preferred Shares the full Series B Preference Amount, then the entire assets and funds of the Company legally available for distribution shall be distributed pro rata among the holders of the Series B Preferred Shares.

Fifth, the holders of Series A Preferred Shares then outstanding shall be entitled to be paid an amount per share equal to 150% of the Series A issue price, plus all accrued or declared but unpaid dividends (if applicable) on such Series A Preferred Shares, out of funds legally available of the Company (the “Series A Preference Amount”). If the legally available funds are insufficient to permit the payment to all holders of Series A Preferred Shares the full Series A Preference Amount, then the entire assets and funds of the Company legally available for distribution shall be distributed pro rata among the holders of the Series A Preferred Shares.

Lastly, if there are any assets or funds remaining after the aggregate of the Series C+ Preference Amount, Series C Preference Amount, Series B+ Preference Amount, Series B Preference Amount and Series A Preference Amount has been distributed or paid in full to the applicable holders of Series C+ Preferred Shares, Series C Preferred Shares, Series B+ Preferred Shares, Series B Preferred Shares and Series A Preferred Shares, respectively, the remaining assets and funds of the Company available for distribution to the members shall be distributed pro rata

among all members based on the number of Ordinary Shares held by such member (including Preferred Shares on as-converted basis).

Redemption Right

The Series C+, Series C, Series B+, and Series B Preferred Shares can be redeemed (1) at any time and from time to time commencing on the fifth anniversary of October 1, 2018 (the “Maturity Date”) or on such earlier date as another series of Preferred Shares is redeemable, or (2) upon the occurrence of a material breach of any of the warranties, undertakings or covenants specified under the Series C+ Convertible Redeemable Share Purchase Agreement (the “Series C+ Share Purchase Agreement”) or certain other agreements entered into in connection with the Series C+ Preferred Shares financing, or where the Company fails to deliver the annual financial statements as set forth in the Shareholders Agreement entered into in connection with the Series C+ Preferred Shares financing, or where any arrangement contemplated under certain other agreements identified in the Series C+ Share Purchase Agreement become void as a result of material adverse change of applicable laws or regulations. Upon the occurrence of an event described in (1) or (2) above, each holder of the then outstanding Series C+, Series C, Series B+, and Series B Preferred Shares is entitled to, by written request to the Company, request the Company to redeem all or part of the Series C+, Series C, Series B+, and Series B Preferred Shares then outstanding held by such holder. The redemption request shall be given by hand or by mail to the registered office of the Company at least 60 days prior to the date set forth therein on which the Series C+, Series C, Series B+, or Series B Preferred Shares are to be redeemed.

The Series A Preferred Shares can be redeemed (1) at any time and from time to time commencing on the Maturity Date, if there has not occurred any Qualified IPO, or (2) on such earlier date as another series of Preferred Shares is redeemable. Upon the occurrence of an event described in (1) or (2)above, each holder of the then outstanding Series A Preferred Shares is entitled to, by written request to the Company, request the Company to redeem all or part of the Series A Preferred Shares then outstanding held by such holder. The redemption request shall be given by hand or by mail to the registered office of the Company at least 60 days prior to the date set forth therein on which the Series A Preferred Shares are to be redeemed.

The Maturity Date definition has been modified upon the issuance of Series C Preferred Shares. Previously, the applicable Maturity Date for Series B+, Series B and Series A Preferred Shares was the fifth anniversary of their respective issuance dates.

The redemption price for each Series C+ Preferred Share that is redeemed (the “Series C+ Redemption Price”) shall be (1) in the event of a redemption requested at any time and from time to time commencing on the Maturity Date or on such earlier date as another series of shares is redeemable, an amount equal to 150% of the Series C+ issue price plus all accrued or declared but unpaid dividends on such Series C+ Preferred Share, and (2) in the event of a redemption requested upon the occurrence of a material breach, the greater of (a) an amount equal to 160% of the Series C+ issue price plus all accrued or declared but unpaid dividend on such Series C+ Preferred Share, and (b) the fair market value of the Series C+ Preferred Share determined by an independent third party appraising firm jointly selected by the board of directors and the Series C+ requesting holder.

The redemption price for each Series C Preferred Share that is redeemed (the “Series C Redemption Price”) shall be (1) in the event of a redemption requested at any time and from time to time commencing on the Maturity Date or on such earlier date as another series of shares is redeemable, an amount equal to 150% of the Series C issue price plus all accrued or declared but unpaid dividends on such Series C Preferred Share, and (2) in the event of a redemption requested upon the occurrence of a material breach, the greater of (a) an amount equal to 160% of the Series C issue price plus all accrued or declared but unpaid dividend on such Series C Preferred Share, and (b) the

fair market value of the Series C Preferred Share determined by an independent third party appraising firm jointly selected by the board of directors and the Series C requesting holder.

The redemption price for each Series B+ Preferred Share that is redeemed (the “Series B+ Redemption Price”) shall be (1) in the event of a redemption requested at any time and from time to time commencing on the Maturity Date or on such earlier date as another series of shares is redeemable, an amount equal to 150% of the Series B+ issue price plus all accrued or declared but unpaid dividends on such Series B+ Preferred Share, and (2) in the event of a redemption requested upon the occurrence of a material breach, the greater of (a) an amount equal to 160% of the Series B+ issue price plus all accrued or declared but unpaid dividends on such Series B+ Preferred Share, and (b) the fair market value of the Series B+ Preferred Share determined by an independent third party appraising firm jointly selected by the board of directors and the Series B+ requesting holder

The redemption price for each Series B Preferred Share that is redeemed (the “Series B Redemption Price”) shall be (1) in the event of a redemption requested at any time and from time to time commencing on the Maturity Date or on such earlier date as another series of shares is redeemable, an amount equal to 150% of the Series B issue price plus all accrued or declared but unpaid dividends on such Series B Preferred Share, and (2) in the event of a redemption requested upon the occurrence of a material breach, the greater of (a) an amount equal to 160% of the Series B issue price plus all accrued or declared but unpaid dividends on such Series B Preferred Share, and (b) the fair market value of the Series B Preferred Share determined by an independent third party appraising firm jointly selected by the board of directors and the Series B requesting holder.

The redemption price for each Series A Preferred Share redeemed (the “Series A Redemption Price”) shall be the greater of:

(a)an amount equal to the Series A issue price, plus all accrued or declared but unpaid dividends on such Series A Preferred Share (for a partial year, the dividends shall be calculated proportionally), plus an amount that would accrue on the Series A issue price at a rate of 15% per annum, compounding annually, during the period commencing from December 16, 2013 and ending on the date of the Series A redemption notice, and

(b)the fair market value of the Series A Preferred Share determined by an independent third party appraising firm selected jointly by the board of directors and the requesting holder, provided however, that any redemption of all or any part of Series A Preferred Shares held by a holder of Series A Preferred Shares at a price determined by an independent third party appraising firm shall not cause any material adverse effect to the Group companies taken as a whole.

Accounting for Preferred Shares

The Company classifies the Preferred Shares as mezzanine equity in the consolidated balance sheets because they are redeemable at the holders’ option any time after a certain date or are contingently redeemable upon the occurrence of certain Deemed Liquidation Events outside of the Company’s control. The Preferred Shares are recorded initially at fair value, net of issuance costs. For the years ended December 31, 2019 and 2020, the issuance costs incurred were nil and nil, respectively. The aggregate amount of cumulative undeclared dividends in arrears on convertible redeemable preferred shares was US$31,241,486 and nil as of December 31, 2019 and 2020, respectively. The cumulative undeclared dividends are not recorded in the consolidated balance sheet as the Company does not have the obligation to pay the cumulative dividend before it is declared by the board of directors.

For each reporting period, the Company recorded accretions on the Series C+, C, B+ and B Preferred Shares to the respective redemption value by using the effective interest rate method from the issuance dates to the earliest

redemption dates as set forth in the original issuance. For the Series A Preferred Shares, the redemption price is recorded at higher of (1) issuance price with 15% compounding annually and (2) fair value of Series A Preferred Shares on each reporting date.

The accretion is recorded against retained earnings, or in the absence of retained earnings, by charges against additional paid-in-capital, or in the absence of additional paid-in-capital, by charges to accumulated deficit. The accretion of the Preferred Shares was US$50,714,953 and US$193,465,743 for the years ended December 31, 2019 and 2020.

All classes of Preferred Shares of the Company were converted to ordinary shares upon completion of the IPO and CPP (See Note 12 – Ordinary Shares).

The Company’s Preferred Shares activities for the years ended December 31, 2019 and 2020 are summarized in the following table:


	Series A Preferred Shares			Series B Preferred Shares			Series B+ Preferred Shares			Series C Preferred Shares			Series C+ Preferred Shares			Total
	Number of shares	Amount (US$)		Number of shares	Amount (US$)		Number of shares	Amount (US$)		Number of shares	Amount (US$)		Number of shares	Amount (US$)		Amount (US$)
Balances as of January 1, 2019	55,626,960	$	45,578,868	50,783,698	$	29,955,293	26,651,410	$	45,876,440	34,793,413	$	67,844,843	—	$	—	$	189,255,444
Accretion on convertible redeemable preferred shares to redemption value	—	44,470,906		—	90,636		—	398,120		—	5,755,291		—	—		50,714,953
Balances as of December 31, 2019	55,626,960	$	90,049,774	50,783,698	$	30,045,929	26,651,410	$	46,274,560	34,793,413	$	73,600,134	—	$	—	$	239,970,397
Issuance of convertible redeemable preferred shares, net of issuance costs	—	—		—	—		—	—		—	—		15,062,510	50,000,002		50,000,002
Accretion on convertible redeemable preferred shares to redemption value	—	188,085,026		—	44,664		—	197,006		—	3,006,220		—	2,132,827		193,465,743
Conversion of convertible redeemable preferred shares upon completion of the IPO	(55,626,960)	(278,134,800)		(50,783,698)	(30,090,593)		(26,651,410)	(46,471,566)		(34,793,413)	(76,606,354)		(15,062,510)	(52,132,829)		(483,436,142)
Balances as of December 31, 2020	—	$	—	—	$	—	—	$	—	—	$	—	—	$	—	$	—

Ordinary Shares	12 Months Ended
Ordinary Shares	Dec. 31, 2020
Equity [Abstract]
Ordinary Shares	Ordinary Shares As of December 31, 2019 and 2020 the Company had in aggregate of 119,074,382 and 415,014,994 ordinary shares issued and outstanding, respectively. Initial public offering and concurrent private placement In June 2020, the Company completed its initial public offering (“IPO”) on the Nasdaq Global Select Market of 20,125,000 American Depositary Shares (“ADS”) (including 2,625,000 ADSs sold upon the full exercise of the underwriters’ over-allotment option) (every four Class A ordinary shares represents one ADS), and completed the concurrent private placement (“CPP”) of 22,000,000 ordinary shares, for a total ordinary shares offering of 102,500,000 shares at a price of US$20.00 per ADS. The net proceeds raised from the IPO amounted to approximately US$484 million after deducting underwriting discounts and commissions and other offering expenses. Upon the completion of the IPO and CPP, all classes of preferred shares of the Company were converted and designated as Class A ordinary shares on a one-for-one basis. 76,179,938 ordinary shares were designated as Class B ordinary share on a one-for-one basis. The remaining ordinary shares were designated as Class A ordinary shares on a one-for-one basis. In respect of all matters subject to shareholders’ vote, each holder of Class A ordinary share is entitled to one and each holder of Class B ordinary share is entitled to twenty votes.

Share-based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Share-based Compensation

Compensation expenses recognized for share-based awards of the Company were as follows:


	Year Ended December 31,
	2018		2019		2020
	(US$)
Cost of revenues	$	49,893	$	79,552	$	357,053
Research and development expenses	919,773		1,472,528		5,312,704
Sales and marketing expenses	975,297		1,653,717		2,060,523
General and administrative expenses	905,389		1,046,372		4,244,879
	$	2,850,352	$	4,252,169	$	11,975,159

Compensation expenses recognized for different awards were summarized as below:


	Year Ended December 31,
	2018		2019		2020
	(US$)
Equity award – share options	$	1,250,676	$	2,177,975	$	7,193,332
Equity award – restricted shares(1)(2)	1,002,674		980,911		1,192,946
Equity award – restricted share units	—		—		136,175
Liability award – share options	428,855		960,177		—
Liability award – restricted shares	168,147		133,106		—
Liability award – Venture Partners Plan	—		—		3,452,706
	$	2,850,352	$	4,252,169	$	11,975,159

(1)Including restricted shares granted by the Founder for equity classified award of US$843,139, US$790,643 and US$851,665 for the years ended December 31, 2018, 2019 and 2020, respectively.

(2)Including restricted shares granted to employees as part of post-combination compensation of nil, nil, and US$264,406 for the years ended December 31, 2018, 2019 and 2020, respectively.

The income tax benefit recognized in the consolidated statements of comprehensive loss for share-based compensation expenses is immaterial and the Company did not capitalize any of the share-based compensation expenses as part of the cost of any assets for the years ended December 31, 2018, 2019 and 2020, respectively.

Equity Incentive Plans

On August 8, 2014, the board of directors of the Company adopted the Company’s 2014 Equity Incentive Plan (“2014 Plan”) and reserved 20,000,000 ordinary shares for issuance under share options to be granted to employees, directors and consultants of the Group in its U.S. and PRC operations.

Before the Corporate Reorganization plan was formed and implemented, the Group intended to use Agora IO, Inc. as the issuer in connection with the Group’s initial public offering. As such, in January 2019, the board of directors of Agora IO, Inc. approved and adopted the 2018 Equity Incentive Plan (“2018 Plan”) to provide incentives to employees, directors and consultants of the Group and reserved 25,740,835 ordinary shares for issuance under share options to be granted under the 2018 Plan. The terms of the 2018 Plan adopted by Agora IO, Inc. are substantively the same as the terms of the 2014 Plan adopted by the Company and the 2014 Plan was not terminated. However, in December 2019, management decided to instead use the Company as the issuer in connection with the Group’s initial public offering and in January 2020, as part of the Corporate Reorganization, the Company assumed from Agora IO, Inc., each option granted under the 2018 Plan. As a result, the options to purchase shares of Agora IO, Inc. granted under the 2018 Plan became options to purchase shares of the Company, and the Company otherwise assumed the same obligations and duties in respect of such options while maintaining their respective terms and vesting schedules. This replacement of awards did not have any accounting consequence. The Company’s board of directors also resolved to amend the 2014 Plan to provide that the maximum number of shares of the Company which may be subject to awards granted under the 2014 Plan would be 34,613,165 ordinary shares minus the aggregate of (x) any shares issued pursuant to awards granted under the 2018 Plan prior to shareholder approval of the amendment and (y) any shares subject to share options or similar awards granted under the 2018 Plan outstanding as of the date of shareholder approval of the amendment

At the end of June 2020, the board of directors approved and the Company adopted the Global Equity Incentive Plan (“Global Plan”). The terms of the Global Plan adopted by the Company are substantively the same as the terms of the 2018 Plan and 2014 Plan, which allows for the grant of nonstatutory share options, share appreciation rights, restricted shares, restricted share units, and performance awards to employees, directors and consultants and parent and subsidiary corporations’ employees and consultants. The 2014 Plan and 2018 Plan will continue to govern the outstanding awards thereunder, while new award grants will be subject to the terms of the Global Plan.

An option granted under the 2014 Plan, 2018 Plan and Global Plan has a contractual term of ten years from the grant date, and will generally vest over a period of four years of continuous service, 25% of which vest upon the first anniversary of the stated vesting commencement date and the remaining vest ratably over the following 36 months.

As at the end of December 31, 2018, 2019 and 2020, the Company’s total outstanding granted options to the employees, directors and consultants are to purchase 34,811,741, 38,011,964 and 39,614,883 of ordinary shares, respectively. Among all the options granted, a portion of the awards to three key employees (a defined percentage of their respective grants) were with repurchase obligation by the Company that these holders can request the Company to purchase back their share options upon unsuccessful IPO or acquisition by another company by December 31, 2018 at the fair market value on the request date. This repurchase clause is provided only within the option grant agreements to these three employees with specified amounts to incentivize them with special contributions to the business. Therefore, the portion of the awards subject to the repurchase obligation are liability-classified awards.

In April 2019, the Company repurchased a portion of share options subject to repurchase obligation from the three key employees with a total consideration of US$1,576,168. The repurchase right was also waived and terminated by the grantees for the remaining portion, if any, of the awards originally subject to repurchase. Accordingly, the classification of the liability-classified awards for the unexercised portion changed back to be equity- classified, and the related share-based award liability was reclassified to additional paid-in capital on the modification date. There was no other accounting impact as a result of the repurchase and termination of repurchase right on remaining portion. The Company recognized an additional compensation expense of US$788,236 for the excess amount of repurchase price over fair value of liability-classified awards on the repurchase date for the year ended December 31, 2019.

The following table summarizes activities of the Company’s share options activity for the years ended December 31, 2018, 2019 and 2020:

Equity Classified Share Options


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value		Weighted Average Grant Date Fair Value
		(US$)		In Years	(US$)		(US$)
Outstanding at January 1, 2018	20,412,350	$	0.10	7.84	$	5,087,933	$	0.12
Granted	14,689,473	0.12					0.37
Forfeited	(1,440,866)	0.10
Outstanding at December 31, 2018	33,660,957	0.11		7.91	19,994,575		0.23
Granted	5,087,648	0.24					0.86
Forfeited	(787,425)	0.13
Reclassified from liability award	50,784	0.10
Outstanding at December 31, 2019	38,011,964	0.12		7.22	51,303,638		0.31
Granted	9,941,500	0.19					3.16
Exercised	(7,632,431)
Forfeited	(706,150)	0.16
Outstanding at December 31, 2020	39,614,883	0.17		8.23	466,460,320		1.08
Vested and expected to vest at December 31, 2020	34,982,436	0.11		5.85	339,504,760		1.20
Exercisable at December 31, 2020	34,982,436	0.11		5.85	339,504,760		1.20

Liability Classified Share Options


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value		Weighted Average Grant Date Fair Value
		(US$)		In Years	(US$)		(US$)
Outstanding at January 1, 2018	1,150,784	$	0.10	6.97	$	286,842	$	0.07
Granted	—	—		—	—		—
Forfeited	—	—		—	—		—
Outstanding at December 31, 2018	1,150,784	0.10		5.97	$	689,258	0.07
Granted	—	—
Repurchased	(1,100,000)	0.10		5.67	818,845		0.07
Forfeited	—	—
Vested and expected to vest at Reclassified to equity classified award	(50,784)	0.10		6.81	37,804		0.10
Outstanding at December 31, 2019 and 2020	—	—

The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the estimated fair value of the underlying shares of US$20,683,833, US$51,303,638 and US$466,460,320 at December 31, 2018, 2019 and 2020, respectively.

The total fair value of share options vested during the years ended December 31, 2018 2019 and 2020 was US$607,735, US$2,275,531 and US$4,894,328, respectively. The share-based compensation expenses in relation to the share option recognized for the years ended December 31, 2018, 2019 and 2020 were US$1,679,531, US$3,138,152 and US$7,193,332, respectively.

As of December 31, 2019 and 2020, there were US$7,157,467 and US$31,040,576 of unrecognized share-based compensation expenses related to share options granted by the Company, which were expected to be recognized over a weighted-average vesting period of 1.4 and 1.5 years, respectively.

The fair value of options granted under the Company’s Plans for the years ended December 31, 2018, 2019 and 2020 used the binomial option pricing model, with the assumptions (or ranges thereof) in the following table:


	Year Ended December 31,
	2018				2019			2020
Exercise price	US$0.10	-	US$1.00		US$0.10	-	US$0.50	US$0.10	-	US$1.74
Fair value of the ordinary shares on the date of option grant	US$0.3493	-	US$0.6989		US$0.6989	-	US$1.4751	US$0.8415	-	US$8.9816
Risk-free interest rate(1)	2.54%	-	3.18	%	1.80%	-	2.83%	0.28%	-	1.46%
Expected term (in years)	10				10			10
Expected dividend yield(2)	0%				0%			0%
Expected volatility(3)	49.18%	-	50.36%		47.54%	-	50.01%	42.39%	-	59.65%
Expected forfeiture rate (post-vesting)	3%				3%			3%

(1)The risk-free interest rate of periods within the contractual life of the share option is based on the market yield of the U.S. treasury bonds with a maturity life equal to the expected life to expiration.

(2)The Company has no history or expectation of paying dividends on its ordinary shares.

(3)Expected volatility is estimated based on the average of historical volatilities of the comparable companies in the same industry as at the valuation dates.

Restricted Shares

Granted by the Company

On December 16, 2013, the Company’s board of directors issued 30,800,000, 15,000,000 and 77,000,000 ordinary shares subject to certain restrictions to VoiceCrew Holdings Limited, management personnel and Sounds of Nature Limited, respectively. The 15,000,000 ordinary shares were held by VoiceCrew Holdings Limited on behalf of the management personnel. VoiceCrew Holdings Limited and Sounds of Nature Limited are both entities controlled by the Founder.

The restricted shares to the Founder-controlled entities and 5,000,000 of the restricted shares to the management personnel were released in accordance with the following schedule: (1) 25% of such restricted shares to the Founder shall be released from the restriction on the first anniversary of December 16, 2013; and (2) the remaining restricted shares shall be released in 36 equal monthly installments commencing from the first anniversary of the December 16, 2013, provided that in each case that the holder remains as an employee on a continuing full time basis of any Group entity as of the date of such respective release.

10 million of the restricted shares to the management personnel shall be released in accordance with the following schedule: (1) 25% of such restricted shares shall be released from the restriction on the first anniversary from November 7, 2014; and (2) the remaining restricted shares shall be released in 36 equal monthly installments commencing on November 7, 2015, as long as each holder remained a continuing full-time employee of any Group entity as of the date of such respective release

On May 18, 2017, the Company entered into an amended restricted shares agreement with VoiceCrew Limited, Soundscape Limited and the management personnel to extend the releasing period for unvested shares to be released monthly over another three years from May 18, 2017, provided that in each case the holder remains as an employee on a continuing full time basis of any Group entity as of the date of such respective release.

In connection with the Historical Reorganization and the Corporate Reorganization, the above mentioned restricted shares were swapped to Agora IO, Inc. in December 2014, and swapped back to the Company in January 2020. There were no changes to the terms and conditions of the restricted shares arrangement and hence there was no accounting impact.

Among all the shares granted to the management personnel, a portion of the awards totaling 500,000 shares contained repurchase obligations by the Company such that a holder could request the Company to repurchase their share options upon an unsuccessful IPO or acquisition by another company by December 31, 2018 at the fair market value on the request date. This repurchase clause was provided within the restricted shares agreement to this group of management personnel to incentivize special contributions to the business and therefore the portion of the awards subject to the repurchase obligation were liability-classified awards.

In April 2019, the Company repurchased 100,000 restricted shares subject to repurchase obligation but already vested by then from the management personnel for a total consideration of US$143,288. The repurchase right was also waived and terminated by the grantee for the remaining 400,000 shares originally subject to repurchase. Accordingly, the classification of the liability-classified awards for the un-repurchased portion changed back to be equity-classified, and the share-based award liability related to unvested restricted shares were reclassified to additional paid-in capital on the modification date. There was no other accounting impact as a result of the repurchase and termination of repurchase right on remaining portion. The Company recognized an additional compensation expense of US$58,849 for the excess amount of repurchase price over fair value of liability-classified awards on the repurchase date for the year ended December 31, 2019.

The following table summarizes the restricted shares activities:

Equity Classified Restricted Shares


	Numbers of Shares	Weighted-average Grant Date Fair Value
		(US$)
Outstanding at January 1, 2018	16,121,181	$	0.02
Granted	—	—
Vested	(6,670,833)	0.02
Outstanding at December 31, 2018	9,450,348	0.02
Granted	—	—
Reclassified from liability classified restricted shares	26,042	0.02
Vested	(6,670,833)	0.02
Outstanding at December 31, 2019	2,805,557	0.02
Granted(1)	512,782	10.16
Vested	(2,805,557)	0.02
Outstanding at December 31, 2020	512,782	10.16

(1)During 2020, the Company granted shares to employees that joined the Company following the business combination (Note 3) as well as a related party who was a previous shareholder in Netless (Note 18). Share agreements were signed with the employees contingent on their continuing employment with the Group as well as their ability to meet certain established performance targets. Of the restricted shares to the management employees, 70% of the awards will be released over a period of three years of continuous service, in equal installments starting from the stated vesting commencement date. The remaining 30% portion of the restricted shares are also subject to performance metrics based on an initial target number, and performance is measured over predefined performance periods which is one to three years; depending on the probability of achieving the performance targets, the number of restricted shares could range from 0 to 30% of the target amount.

Liability Classified Restricted Shares


	Numbers of Shares	Weighted-average Grant Date Fair Value
		(US$)
Outstanding at January 1, 2018	151,042	$	0.02
Granted	—	—
Vested	(62,500)	0.02
Outstanding at December 31, 2018	88,542	0.02
Granted	—	—
Vested	(62,500)	0.02
Reclassified to equity classified restricted shares	(26,042)	0.02
Outstanding at December 31, 2019 and 2020	—

The share-based compensation expenses in relation to the restricted shares granted by the Company recognized for the years ended December 31, 2018, 2019 and 2020 were US$327,682, US$323,374 and US$341,281, respectively.

As of December 31, 2019 and 2020, there were US$76,874 and US$4,946,744 of unrecognized share-based compensation expenses related to restricted shares, which is expected to be recognized over a weighted-average period of 0.4 and 2.0 years, respectively.

Granted by the Founder

From the years of 2015 to 2019, the Founder further granted his restricted shares that were vested from VoiceCrew Limited to select management employees of the Group. Restricted shares agreements were signed with the management employees in consideration of their continuing employment with the Group.

The restricted shares to the management employees will be further released over a period of four years of continuous service, 25% of which vest upon the first anniversary of the stated vesting commencement date and the remaining vest ratably over the following 36 months.

The share-based compensation expenses in relation to the restricted shares granted by the Founder recognized for the years ended December 31, 2018, 2019 and 2020 were US$843,139, US$790,643 and US$851,665, respectively.

Restricted Share Units

Granted by the Company

A restricted share unit (“RSU”) granted under the Global Plan will generally vest over a period of two years of continuous service, 50% of which vest upon the first anniversary of the stated vesting commencement date and the remaining vest ratably over the following 12 months. The following table summarizes the RSU activities:


	Numbers of Shares	Weighted-average Grant Date Fair Value
		(US$)
Outstanding at December 31, 2019	—	$	—
Granted	263,621	10.30
Vested	—	—
Outstanding at December 31, 2020	263,621	10.30

The share-based compensation expenses in relation to the restricted share units granted by the Company recognized for the year ended December 2020 was US$136,175.

As of December 31, 2020, there were US$2,580,143 unrecognized share-based compensation expenses related to restricted shares, which is expected to be recognized over a weighted-average period of 1.8 years.

Venture Partners Plan

In November 2020, the Company adopted and board of directors approved the Venture Partners Plan (“VPP Program”) as a complement to the current bonus and equity incentive plans.

Under the VPP Program, the Company grants VPPs to employees, consultants and directors to participate in the program; the VPPs will be converted to and paid out in cash or settled in shares at the discretion of the Company. The VPP Program is administered by the compensation committee of the board of directors or any personnel appointed by the compensation committee (“administrator”). The administrator has the authority and discretion necessary or appropriate to administer the VPP Program and to control its operation, including determining the adjusted profits for each performance year which will be allocated as the annual shared profit and the accumulated retained profit (if any), determining the method and timing of settlement. The compensation committee of the board of directors may, at any time, amend, alter, suspend or terminate the VPP Program.

The VPP Program stipulates that a participant is entitled to the annual shared profit contingent on their service through the annual performance period, while their receipt of the accumulated retained profit (if any) is contingent on their employment through the date of payment. While the annual shared profit is typically settled in the year following the performance year, the accumulated retained profit will be settled at a future period that is determined by the administrator.

In 2020, no cash or shares have been settled under the VPP Program, and no accumulated retained profit was allocated to the payout associated with the 2020 performance year. For the year ended in December 31, 2020, share-based compensation expenses in relation to the program for the 2020 performance year was US$3,452,706, which represents the estimated liability that is expected to be settled. As of December 31, 2020, there was no unrecognized share-based compensation expenses related to the program as the performance period has ended.

Employee Benefits	12 Months Ended
Employee Benefits	Dec. 31, 2020
Compensation Related Costs [Abstract]
Employee Benefits	Employee BenefitsThe full-time employees of the Company’s subsidiaries and the VIE that are incorporated in the PRC are entitled to staff welfare benefits including medical insurance, basic pensions, unemployment insurance, work injury insurance, maternity insurance and housing funds. These companies are required to contribute to these benefits based on certain percentages of the employees’ salaries in accordance with the relevant regulations and charge the amount contributed to these benefits to the consolidated statements of comprehensive loss. The total amounts charged to the consolidated statements of comprehensive loss for such employee benefits amounted to US$3,003,978, US$4,603,077 and US$4,714,418 for the years ended December 31, 2018, 2019 and 2020, respectively. The PRC government is responsible for the welfare and medical benefits and ultimate pension liability to these employees.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

Hong Kong

The Company’s subsidiary in Hong Kong is subject to Hong Kong Profits Tax on the taxable income as reported in the statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5% in Hong Kong. Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax.

PRC

On March 16, 2007, the National People’s Congress of PRC enacted the Enterprise Income Tax Law (the “EIT Law”), under which foreign invested enterprises (“FIEs”) and domestic companies would be subject to enterprise income tax (“EIT”) at a uniform rate of 25%.

The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The implementing rules of the EIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC company is located.”

The EIT Law also imposes a withholding income tax of 10% on dividends distributed by a FIE to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. The Cayman Islands, where the Company is incorporated, does not have such a tax treaty with China. According to the Arrangement between the Mainland of China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income, which was promulgated in August 2006, dividends paid by a FIE in China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate of no more than 5% if the immediate holding company in Hong Kong owns directly at least 25% of the shares of the FIE and could be recognized as a beneficial owner of the dividend from a PRC tax perspective.

Dayin obtained a software company certificate in 2018. Pursuant to such certificate, Dayin qualifies for a tax holiday during which it is entitled to an exemption from EIT for two years commencing from its first profit-making

year of operation and a 50% reduction of EIT for the following three years. Dayin qualifies for a 50% EIT reduction in 2019 and a 50% EIT reduction in 2020.

United States

The Company’s subsidiary in California, United States is subject to U.S. federal corporate tax and California corporate franchise tax on its taxable income as reported in its statutory financial statements adjusted in accordance with relevant U.S. tax laws. The applicable U.S. federal corporate tax rate is 21% and the California corporate franchise tax rate is 8.84% in 2018, 2019 and 2020.

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code including, but not limited to: (1) reducing the U.S. federal corporate tax rate from 35% to 21%; (2) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; (3) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; (4) requiring a current inclusion in U.S. federal taxable income of certain earnings of controlled foreign corporations; (5) eliminating the corporate alternative minimum tax (“AMT”) and changing how existing AMT credits can be realized; (6) creating the base erosion anti-abuse tax (“BEAT”), a new minimum tax; (7) creating a new limitation on deductible interest expense; and (8) changing rules related to uses and limitations of net operating loss carry-forwards created in tax years beginning after December 31, 2017. See the tax loss carry-forwards disclosure below for the impact of the Tax Act on the Group. In addition, the California corporate franchise tax remained the same after the enactment of the Tax Act.

United Kingdom

The Company’s subsidiary in the United Kingdom is subject to the UK corporate income tax rate of 17%.

Singapore

The Company’s subsidiary in Singapore is subject to the corporate income tax rate of 17% for the year ended December 31, 2020.

As the Group incurred income tax expense mainly from PRC tax jurisdictions, the following information is based mainly on PRC income taxes.

Pre-tax Income (Loss)

The following table presents the composition of pre-tax income (loss) for the years ended December 31, 2018, 2019 and 2020:


	Year Ended December 31,
	2018		2019		2020
	(US$)
Pre-tax income from PRC entities	$	4,813,122	$	6,790,182	$	8,034,879
Pre-tax loss from non-PRC entities	(4,331,928)		(12,166,283)		(10,587,945)
Total pre-tax loss	$	481,194	$	(5,376,101)	$	(2,553,066)

Reconciliation of the Differences between Statutory Tax Rate and the Effective Tax Rate

The following table sets forth a reconciliation between the statutory PRC EIT rate of 25% and the effective tax rate:


	Year Ended December 31,
	2018		2019		2020
Statutory income tax rate	25.00	%	25.00	%	25.00	%
Permanent differences(1)	(105.06)	%	9.07	%	124.93	%
Tax rate difference from statutory rate in other jurisdictions(2)	(51.95)	%	12.70	%	30.23	%
Change in valuation allowance(3)	236.64	%	(64.00)	%	(191.36)	%
Effect of tax holiday(4)	(82.96)	%	2.34	%	(10.78)	%
Others	17.00	%	(0.01)	%	(0.03)	%
Effective tax rate	21.84	%	(14.90)	%	(22.01)	%

(1)The permanent differences are primarily related to additional tax deductions for qualified research and development expenses offset by non-deductible share-based compensation expenses.

(2)The tax rate difference is attributed to varying rates in other jurisdictions where the Group is established or operates, such as the Cayman Islands or the United States.

(3)The change in valuation allowance is primarily attributed to fully provisioning for net operating loss carry-forwards of Agora Lab, Inc.

(4)Dayin obtained its software enterprise certificate in 2018 and is entitled to a tax exemption from EIT for the year of 2018 and a 50% EIT rate reduction for the year of 2019 and 2020.

For the years ended December 31, 2018, 2019 and 2020, substantially all the amounts of current and deferred income tax expense are attributable to PRC entities.


	Year Ended December 31,
	2018		2019		2020
	(US$)
Current income tax expense	$	463,149	$	1,137,800	$	183,786
Deferred income tax expense (tax benefit)	(358,071)		(336,463)		378,008
Income tax expense	$	105,078	$	801,337	$	561,794

The aggregate amount and per share effect of reduction of EIT for Dayin as a result of tax holidays are as follows:


	Year Ended December 31,
	2018	2019	2020
	(US$)
The aggregate amount of effect	399,028	125,630	(275,247)

The tax holiday effect disclosed above did not have a material impact to the Company’s net loss per share for the years ended December 31, 2018, 2019 and 2020.

Deferred Tax Assets and Liabilities

The principle components of the deferred tax assets were as follows:


	As of December 31,
	2019		2020
	(US$)
Deferred tax assets:
Tax loss carry-forwards	$	7,614,276	$	12,285,078
Payroll liabilities	627,010		297,834
Allowance for doubtful accounts	269,560		457,028
Other deductible temporary difference	52,955		158,337
Deferred tax assets	8,563,801		13,198,277
Less valuation allowance	(7,727,287)		(12,687,777)
Deferred tax assets, net	$	836,514	$	510,500


Deferred tax liabilities:
Recognition of intangible assets arising from business combination	—		(52,319)
Deferred tax liabilities, net	$	—	$	(52,319)

As of December 31, 2019 and 2020, the Group had tax loss carryforwards of approximately US$25,517,011 and US$45,505,732, which can be carried forward to offset taxable income. As of December 31, 2019 and 2020, Agora Lab, Inc., a California corporation, had U.S. federal tax loss carry-forwards of approximately US$25,517,011 and US$35,521,448, respectively, and had U.S. state tax loss carry-forwards of approximately US$25,417,389 and US$35,421,826, respectively. Under the U.S. tax law, federal tax loss carry-forwards arising in tax years beginning after December 31, 2017 can be carried forward indefinitely but the maximum deduction for any such loss carried forward to tax years beginning on or after January 1, 2021 is reduced to 80% of Agora Lab, Inc.’s taxable income, while loss carry-forwards arising in 2017 or prior years can be carried back two tax years and carried forward up to 20 years (and are not subject to the 80% limitation). California state tax loss carry-forwards may be carried forward for up to 20 years and are subject to limitation on use through the end of 2022 (during which the period of carryforward may be extended). On June 29, 2020, Governor Gavin Newson signed the 2020 Budget Act Assembly Bill 85 (A.B.85) - a US$202.1 billion spending plan that strengthens emergency response, protects public health and safety, and promotes economic recovery while closing a US$54.3 billion budget shortfall caused by the COVID-19 recession. A.B.85, which includes several tax measures, provides for a three-year suspension of the use of NOLs for medium and large business and a three-year cap on the use of business incentive tax credits to offset no more than US$5 million of tax per year. Under both sections, the suspension applies to “any taxable year beginning on or after January 1, 2020 and before January 1, 2023”. Based on the Company’s current year and projected future year profitability level, the Company believes there will not be a material impact on the Company’s financial statements after considering the above provisions.

Agora Lab, Inc.’s federal tax loss carry-forwards arisen in 2017 or prior will begin to expire in varying amounts between 2035 and 2038 and the state tax loss carry-forwards will begin to expire in varying amounts between 2035 and 2041.

Movement of Valuation Allowance


	Year Ended December 31,
	2018		2019		2020
	(US$)
Balance at beginning of the year	$	(3,147,795)	$	(4,286,495)	$	(7,727,287)
Addition in current year	(1,138,700)		(3,440,792)		(4,960,490)
Reversals in current year	—		—		—
Balance at the end of the year	$	(4,286,495)	$	(7,727,287)	$	(12,687,777)

- 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 + Details

Basic and Diluted Net Loss per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Basic and Diluted Net Loss per Share

Basic and diluted net loss per share have been calculated in accordance with ASC 260, Earnings Per Share. Basic net loss per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted net loss per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the period. The computation of earnings per share for the years ended December 31, 2018, 2019 and 2020 is as follows:


	Year Ended December 31,
	2018		2019		2020
	(US$)
Numerator:
Net income (loss)	$	376,116	$	(6,177,438)	$	(3,114,860)
Cumulative undeclared dividends on convertible redeemable preferred shares	(9,961,473)		(9,961,473)		(6,714,852)
Accretion on convertible redeemable preferred shares to redemption value (Note 10)	(33,234,811)		(50,714,953)		(193,465,743)
Net loss attributable to Agora, Inc.’s ordinary shareholders - basic and diluted	(42,820,168)		(66,853,864)		(203,295,455)
Denominator:
Denominator for basic and diluted loss per share weighted-average ordinary shares outstanding	109,141,311		115,716,392		268,849,967
Basic and diluted loss per share	$	(0.39)	$	(0.58)	$	(0.76)

The following ordinary shares equivalent were excluded from the computation of diluted net loss per ordinary share for the periods presented because including them would have had an anti-dilutive effect:


	Year Ended December 31,
	2018	2019	2020
Preferred shares - weighted average	141,543,341	167,855,481	86,731,855
Share options - weighted average	17,280,175	26,923,735	39,846,432
Restricted share - weighted average	11,358,874	5,154,272	479,275
Restricted share units - weighted average	—	—	32,870
VPP shares – weighted average	—	—	39,311

Commitment and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and ContingenciesOperating Lease Commitments

The Group has entered into non-cancellable agreements with initial or remaining terms in excess of one year for the rental and property management fee of office premises and for the lease of office equipment. As of December 31, 2020, future minimum payments under non-cancellable operating leases for office rental, office equipment and property management fee of office premises consist of the following:


	Operating Leases
Years Ending December 31,
2021	$	2,913,548
2022	2,316,861
2023	1,438,938
2024	106,163
2025	—
	$	6,775,510

Rental expenses for the years ended December 31, 2018, 2019 and 2020 $1,211,936, $1,424,998 and $2,303,599, respectively.

Contractual Purchase Obligations

The Group has entered into non-cancellable agreements related to the purchase of network equipment from third party vendors. As of December 31, 2020, contractual purchase obligations with respect to these servers consist of the following:


	Contractual Purchase Obligations
2021	$	2,304,744

Related Party Transactions

12 Months Ended

Dec. 31, 2020

Related Party Transactions

For the years ended December 31, 2018, 2019 and 2020, the significant related party transactions and balances were as follows:


	Year Ended December 31,
	2018	2019	2020
	(US$)
Rental fee charged by a related party	153,920	168,349	202,153
Consideration to a related party for Netless acquisition	—	—	1,300,000

The rental fee charged by a related party represented the costs charged from a company under common control of a principal shareholder for a renewable one-year operating lease for an office facility used by the Company.

Prior to the Netless acquisition (Note 3), a company under common control of a principal shareholder held a 10% preferred share investment in the acquiree company. As part of the acquisition, the related party’s preferred share investment was liquidated, and the related party was entitled to a $1,300,000 worth of payment in a combination of $1,150,000 and 14,935 ordinary shares, as well additional payout which is contingent on certain conditions. The total payout the related party is entitled to, including subsequent payments, is equivalent to 100% of

the issuance price plus the related party’s ratable portion of the remaining purchase price as a 10% shareholder. The cash consideration was recorded as a payable as of December 31, 2020 and was subsequently settled in January 2021.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 27, 2021, the Company announced that it has entered into a definitive agreement to acquire Easemob, a leading provider of instant messaging APIs and customer engagement cloud services in China, with a total estimated consideration of $54 million. The transaction was closed during the first quarter of 2021. On February 1, 2021, the Company announced that an accredited investor had agreed to purchase through a private placement a total of US$250 million of newly issued Class A ordinary shares of the Company, representing approximately 4.5% of the Company’s total outstanding shares. The private placement was completed in February 2021.

Restricted Net Assets	12 Months Ended
Restricted Net Assets	Dec. 31, 2020
Receivables [Abstract]
Restricted Net Assets	Restricted Net Assets Relevant PRC laws and regulations permit payments of dividends by the Group’s subsidiaries and the VIE incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Group’s subsidiaries and the VIE in the PRC are required to annually appropriate 10% of their net after-tax income to the statutory general reserve fund prior to payment of any dividends, unless such reserve funds have reached 50% of their respective registered capital. As a result of these and other restrictions under PRC laws and regulations, the Group’s subsidiaries and the VIE subsidiary incorporated in the PRC are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances. There are no significant differences between U.S. GAAP and PRC accounting standards in connection with the reported net assets of the legally owned subsidiaries in the PRC and the VIE. Even though the Company currently does not require any such dividends, loans or advances from the PRC entities for working capital and other funding purposes, the Company may in the future require additional cash resources from them due to changes in business conditions, to fund future acquisitions and development, or merely to declare and pay dividends or distributions to our shareholders. Except for the above, there is no other restriction on use of proceeds generated by the Group’s subsidiaries and the VIE to satisfy any obligations of the Company. As of December 31, 2019 and 2020, the total restricted net assets of the Company’s subsidiaries and the VIE incorporated in PRC and subjected to restriction amounted to approximately US$22,691,472 and US$21,035,648 respectively. Rules 12-04(a) and 4-08(e)(3) of Regulation S-X require condensed financial information as to the financial position, cash flows and results of operations of a parent company as of and for the same periods for which the audited consolidated financial statements have been presented when the restricted net assets of the consolidated and unconsolidated subsidiaries together exceed 25% of consolidated net assets as of the end of the most recently completed fiscal year. The Company performed a test on the restricted net assets of consolidated subsidiaries in accordance S-X Rule4-08 (e)(3) and concluded that it was not applicable for the Company to disclose the financial statements for the parent company since the 25% threshold was not met for the year ended December 31, 2020.

Principal Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation

The accompanying 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

Use of Estimates

Use of EstimatesThe preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets, long-lived assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reporting periods in the consolidated financial statements and accompanying notes. The Company believes that the valuation of the Company’s preferred shares and share-based awards, and acquired intangible assets reflect more significant judgments and estimates used in the preparation of its consolidated financial statements. Estimates are based on historical experiences and on various assumptions that the Company believes are reasonable under current circumstances. However, changes in circumstances, facts and experience may cause the Company to revise its estimates; therefore, actual results could differ materially from those estimates.

Functional Currencies and Foreign Currency Translation

Concentration of Credit Risk

Financial instruments that potentially subject the Group to concentration of credit risk consist of cash and cash equivalents, short-term investments and accounts receivable.

Fair Value Measurements

• Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

• Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.

• Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Cash and Cash Equivalents

Cash and Cash EquivalentsCash and cash equivalents include cash in bank and time deposits placed with banks or other financial institutions which have original maturities of three months or less at the time of purchase and are readily convertible to known amounts of cash.

Restricted Cash

Restricted CashThe Group’s restricted cash mainly represents secured deposits held in designated bank accounts to secure a letter of credit and is included within prepayments and other current assets.

Short-term Investment

Short-term InvestmentsShort-term investments are comprised of (i) held-to-maturity investments such as time deposits, which have a due date that is longer than three months but within one year and is stated at amortized cost and; (ii) investments in financial products issued by banks or other financial institutions, which contain a fixed or variable interest rate and with original maturities between three months and one year. The Company measures the short-term investments in financial products issued by banks at fair value using the quoted subscription or redemption prices published by these banks.These investments are stated at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive loss.

Accounts Receivable

Accounts ReceivableAccounts receivable are stated at the amount management expects to collect from customers based on their outstanding invoices. Management reviews accounts regularly to determine if any receivable will potentially be uncollectible. The Company maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Company determines the allowance for doubtful accounts by taking into consideration various factors including but not limited to historical collection experience and credit-worthiness of the customers as well as the age of the individual receivables balance. Additionally, the Company makes specific bad debt provisions based on any specific knowledge the Company has acquired that might indicate that a receivable is uncollectible.

Property and Equipment, Net

The estimated useful lives of property and equipment are as follows:


			Estimated Useful Lives
Electronic equipment			3 years
Furniture, computers and office equipment			3 years
Network equipment			3 years
Leasehold improvements			Shorter of the lease term or the estimated useful life

Goodwill and intangible assets

Goodwill and intangible assets Intangible assets

Goodwill

Impairment of long-lived assets other than goodwill

Impairment of long-lived assets other than goodwillLong-lived assets (including amortizable intangible assets) are evaluated for impairment whenever events or changes in circumstances occur that indicate that the carrying value of an asset may not be recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted 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, an impairment loss is recognized for the excess of the carrying value of the assets over the fair value of the assets.

Advances from Customers

Advances from CustomersCertain customers pay in advance prior to the service usage. Payments received from customers are initially recorded as advances from customers and are recognized as revenues when revenue recognition criteria are met.Revenue Recognition

Practical Expedients and Exemptions

(s) Cost of Revenues

Mezzanine Equity

Mezzanine EquityMezzanine equity represents the Series A, Series B, Series B+, Series C and Series C+ convertible redeemable preferred shares (collectively, the “Preferred Shares”) issued by the Company. Preferred Shares are redeemable at the holders’ option any time after a certain date and were contingently redeemable upon the occurrence of certain liquidation events outside of the Company’s control. Therefore, the Group classifies the Preferred Shares as mezzanine equity.

Deferred Equity Offering Costs

Deferred Equity Offering CostsThe Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of an equity financing, these costs are recorded in shareholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the offering. Or in the case that the equity financing is related to mezzanine equity, these costs are recorded as a reduction of mezzanine equity. Should the in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the consolidated statements of comprehensive loss.

Value Added Taxes

Value Added TaxesThe Group’s entities in the PRC are subject to value-added taxes (“VAT”) at a rate of 6% on their services, less any deductible VAT the Group has already paid or borne. They are also subject to surcharges on VAT payments in accordance with PRC law. VAT is not included in the revenue recognized for the Group.

Revenue Recognition

Practical Expedients and Exemptions

(s) Cost of Revenues

Research and Development Expenses

Research and Development ExpensesResearch and development expenses consist primarily of employee wages and benefits for research and development personnel, cloud infrastructure fees for staging and development, third party software testing services, and an allocation of general overhead expenses. Research and development costs are expensed as incurred in accordance with ASC 730, Research and Development.

Software Development Costs

Software Development CostsThe Group accounts for costs to develop or obtain internal use software in accordance with ASC 350-40, Internal-Use Software. For internal use software, the Group expenses costs incurred for the preliminary project stage and post implementation-operation stage of development, and costs associated with repair or maintenance of the existing applications. Costs incurred in the application development stage are capitalized and amortized on a straight-line basis over the estimated useful life. Development costs related to internal use software qualifying for capitalization have been immaterial, and as a result have been expensed as incurred.

Sales and Marketing Expenses

Sales and Marketing ExpensesSales and marketing expenses consist primarily of marketing and promotional expenses, salaries and payroll expenses to the Group’s sales and marketing personnel. Advertising expenses consist primarily of costs for the promotion of corporate image and product marketing. The Group expenses all advertising costs as incurred and classifies these costs under sales and marketing.

General and Administrative Expenses

General and Administrative ExpensesGeneral and administrative expenses consist of employee wages and benefits for corporate employees, rental expenses, audit and legal fees, depreciation of property and equipment, and other corporate overhead costs.

Operating Leases

Operating LeasesEach lease is classified at the inception date as either a capital lease or an operating lease. For the lessee, a lease is a capital lease if any of the following conditions exist: a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the property’s estimated remaining economic life or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the leaser at the inception date. The Group had no capital leases for the years ended December 31, 2019 and 2020. Rental expense is recognized from the date of initial possession of the leased property on a straight-line basis over the term of the lease.

Income Tax

Share-based Compensation

Share Options Granted

Liability Classified Awards

Restricted Shares and Restricted Share Units (“RSUs”)

Related Parties

Related PartiesParties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation.

Dividends

DividendsDividends are recognized when declared. No dividends were declared for the years ended December 31, 2019 and 2020, respectively. The Group does not have any present plan to pay any dividends on ordinary shares in the foreseeable future. The Group currently intends to retain the available funds and any future earnings to operate and expand its business.

Earnings (Losses) Per Share

Comprehensive Income (Loss)

Comprehensive Income (Loss)Comprehensive income (loss) is defined to include all changes in equity (deficit) of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Other comprehensive income (loss), as presented in the consolidated balance sheets, consists of accumulated foreign currency translation adjustments.

Segment Reporting

Segment ReportingASC 280, Segment Reporting, establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available that is regularly evaluated by the Group’s chief operating decision makers in deciding how to allocate resources and assess performance. The Group’s chief operating decision maker has been identified as the Chief Executive Officer, who reviews consolidated results including revenue, gross profit and operating profit at a consolidated level only. The Group does not distinguish between markets for the purpose of making decisions about resources allocation and performance assessment. Hence, the Group has only one operating segment and one reportable segment.

The following table presents the Group’s revenues disaggregated by primary geographical markets:


	Year Ended December 31,
	2018		2019		2020
	(US$)
Primary geographical markets based on customers’ location
PRC	$	33,311,919	$	50,583,684	$	107,092,363
United States	4,582,105		5,296,269		10,019,248
Others	5,762,930		8,548,737		16,452,310
Total revenues	$	43,656,954	$	64,428,690	$	133,563,921

The majority of the Group’s long-lived assets are located and maintained within the PRC.

Recently Issued Accounting Pronouncements

New and Amended Standards Adopted by the Group

New and Amended Standards not yet Adopted by the Group

Incremental disclosure will be made in accordance with the guidelines provided by the new standard since the adoption date on January 1, 2021.

Upon adoption of ASC 842, the Company intends to elect the following practical expedients:

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible asset is comprised of following:


	As of December 31,
	2019		2020
	(US$)
Cost: Developed technology (Note 3)	$	—	$	212,824
Less: Accumulated amortization	—		(3,547)
Intangible assets, net	$	—	$	209,277

Organization and Nature of Operations (Tables)

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Subsidiaries and Variable Interest Entities

The Company’s principal subsidiaries and VIE as of December 31, 2020 are as follows:

Date of Incorporation

Place of Incorporation

Percentage of Direct or Indirect

Ownership

Principal Activities

Subsidiaries:

Agora Lab, Inc.

January 13, 2014

California, United States

100%

Provision of services

Agora IO, Inc

December 2, 2014

Cayman Islands

100%

Investment holding

Agora IO Hongkong Limited

December 12, 2014

Hong Kong

100%

Investment holding

Dayin Network Technology Co., Ltd. (“Dayin”)

April 30, 2015

PRC

100%

Provision of services

Shanghai Jiyin Network Technology Co., Ltd. (“Jiyin”)

May 26, 2020

PRC

100%

Provision of services

Agora.IO Ltd

July 25, 2019

United Kingdom

100%

Startup

Agora IO Singapore PTE. Ltd.

November 4, 2020

Singapore

100%

Investment holding

VIE:

Shanghai Zhaoyan Network Technology Co., Ltd. (“Zhaoyan”)

March 28, 2014

PRC

100%

Provision of services


	As of December 31,
	2019		2020
	(US$)
Assets
Current assets:
Cash and cash equivalents	$	17,308,887	$	2,362,068
Short-term investments	—		12,413,983
Accounts receivable, net	14,827,841		23,557,994
Amounts due from related parties	2,445,447		2,090,321
Prepayments and other current assets	886,022		2,704,275
Total current assets	35,468,197		43,128,641
Non-current assets:
Property and equipment, net	3,292,978		8,951,306
Deferred tax assets	387,950		510,500
Other non-current assets	69,968		205,147
Total non-current assets	3,750,896		9,666,953
Total assets	$	39,219,093	$	52,795,594
Liabilities
Current liabilities:
Accounts payable	2,992,628		5,336,880
Amounts due to related parties	27,780,440		34,198,167
Advances from customers	733,518		1,112,800
Taxes payable	756,020		253,617
Accrued expenses and other current liabilities	3,440,748		5,035,100
Total current liabilities	35,703,354		45,936,564
Total liabilities	$	35,703,354	$	45,936,564


	Year Ended December 31,
	2018	2019	2020
	(US$)
Total revenues	37,172,123	57,444,924	115,831,093
Net income (loss)	(146,806)	224,905	1,247,450


	Year Ended December 31,
	2018	2019	2020
	(US$)
Net cash and cash equivalents generated from operating activities	2,774,063	9,389,954	3,918,250
Net cash and cash equivalents used in investing activities	(2,251,153)	(998,141)	(18,865,069)
Net cash and cash equivalents 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

Principal Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of Concentration of Risk

The following table summarizes customers with greater than 10% of the accounts receivables:


	2019		2020
Customer A — Social media platform	24	%	12	%

The following table summarizes customers with greater than 10% of total revenues:


	2018		2019	2020
Customer A — Social media platform	16	%	*	*

*Less than 10%

Schedule Assets and Liabilities Measured at Fair Value

The following table sets forth the Group’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as of December 31, 2020:


	As of December 31, 2020
	Level 1	Level 2	Level 3	Balance at Fair value
Short-term investments — financial products issued by banks	—	24,046,345	—	24,046,345

Schedule of Useful lives of Property and Equipment

The estimated useful lives of property and equipment are as follows:


			Estimated Useful Lives
Electronic equipment			3 years
Furniture, computers and office equipment			3 years
Network equipment			3 years
Leasehold improvements			Shorter of the lease term or the estimated useful life

Property and equipment, net consisted of the following:


	As of December 31,
	2019		2020
	(US$)
Cost:
Network equipment	$	6,976,107	$	19,900,918
Leasehold improvements	1,089,970		1,950,310
Electronic equipment	1,170,866		2,232,004
Furniture, computers and office equipment	443,453		873,626
Total cost	9,680,396		24,956,858
Less: accumulated depreciation	(3,398,406)		(8,203,008)
Property and equipment, net	$	6,281,990	$	16,753,850

Schedule of Disaggregation of Revenue

The following table presents the Group’s revenues disaggregated by primary geographical markets:


	Year Ended December 31,
	2018		2019		2020
	(US$)
Primary geographical markets based on customers’ location
PRC	$	33,311,919	$	50,583,684	$	107,092,363
United States	4,582,105		5,296,269		10,019,248
Others	5,762,930		8,548,737		16,452,310
Total revenues	$	43,656,954	$	64,428,690	$	133,563,921

Business acquisition (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Schedule of Estimated Fair Value of Assets Acquired and Liabilities Assumed


	As of acquisition close date
	2020
	(US$)
Fair value of consideration transferred
Cash(1)	$	3,150,001
Ordinary shares	850,000
Number of ordinary shares issued	84,634

Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash-equivalents	$	556,361
Accounts receivable	203,115
Prepayments and other current assets	22,991
Property and equipment, net	15,190
Intangible assets, net	212,824
Salary and welfare payable	(30,520)
Taxes payable and other accrued liabilities	(16,186)
Deferred tax liabilities(2)	(53,206)
Total identifiable net assets acquired	910,569
Goodwill	3,089,432
Total purchase consideration	$	4,000,001

(1)The cash payment for Netless was made subsequent to the fiscal year end. As of December 31, 2020, the amount was recorded as a payable in accrued expenses and other current liabilities (Note 10).

Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Schedule of Accounts Receivable Activity


	As of December 31,
	2019		2020
	(US$)
Accounts receivable	$	17,283,107	$	29,374,687
Less: allowance for doubtful accounts	(1,035,542)		(1,534,538)
Accounts receivable, net	$	16,247,565	$	27,840,149

Schedule of Movement of Allowance of Doubtful Accounts

Movement of allowance of doubtful accounts was as follows:


	As of December 31,
	2019		2020
	(US$)
At beginning of the period	$	(367,044)	$	(1,035,542)
Addition	(779,671)		(1,365,327)
Write-off	100,276		921,061
Foreign currency translation impact	10,897		(54,730)
At end of the period	$	(1,035,542)	$	(1,534,538)

Prepayments and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepayments and Other Current Assets

The prepayments and other current assets consisted of the following:


	As of December 31,
	2019		2020
	(US$)
Employee advances(1)	$	15,885	$	2,186,438
Interest receivables	—		1,446,414
VAT recoverable(2)	776,141		1,352,594
Prepayments(3)	419,376		1,218,771
Proceeds receivable for employee share option exercises	—		611,745
Restricted cash	80,000		80,000
Others	89,635		562,870
	$	1,381,037	$	7,458,832

(2)VAT recoverable represented the balances that the Group can utilize to deduct its VAT liabilities within the next 12 months.

(3)Prepayments are primarily related to prepayments for company events, prepaid rental expenses and other deposits.

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

The estimated useful lives of property and equipment are as follows:


			Estimated Useful Lives
Electronic equipment			3 years
Furniture, computers and office equipment			3 years
Network equipment			3 years
Leasehold improvements			Shorter of the lease term or the estimated useful life

Property and equipment, net consisted of the following:


	As of December 31,
	2019		2020
	(US$)
Cost:
Network equipment	$	6,976,107	$	19,900,918
Leasehold improvements	1,089,970		1,950,310
Electronic equipment	1,170,866		2,232,004
Furniture, computers and office equipment	443,453		873,626
Total cost	9,680,396		24,956,858
Less: accumulated depreciation	(3,398,406)		(8,203,008)
Property and equipment, net	$	6,281,990	$	16,753,850

Other Non-current Assets (Tables)

12 Months Ended

Dec. 31, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Non-current Assets

Other non-current assets consisted of the following:


	As of December 31,
	2019		2020
	(US$)
Long-term deposits	$	470,086	$	1,023,755
Deferral of initial public offering costs	287,331		—
Others	51,445		580,182
	$	808,862	$	1,603,937

Taxes Payable (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Taxes Payable

Taxes payable consisted of the following:


	As of December 31,
	2019		2020
	(US$)
VAT payable	$	868,270	$	1,182,311
Corporate income taxes payable	1,165,660		626,454
Other taxes payable	459,207		362,515
	$	2,493,137	$	2,171,280

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	As of December 31,
	2019		2020
	(US$)
Accrued salary and social welfare costs	$	8,388,819	$	14,007,700
Liability classified awards for share-based compensation (Note 13)	—		3,950,457
Payables for acquisition (Note 3)	—		2,000,001
Accrued professional service fees	788,313		987,969
Accrued advertising and marketing fees	286,218		566,738
Accrued staff reimbursements	332,578		508,438
Accrued office expense	159,668		428,203
Accrued recruitment service fee	15,976		298,580
Share option deposit held on behalf of employees	400,680		262,181
Accrued rental fee	204,669		236,888
Others	402,011		678,368
	$	10,978,932	$	23,925,523

Convertible Redeemable Preferred Shares (Tables)

12 Months Ended

Dec. 31, 2020

Temporary Equity Disclosure [Abstract]

Schedule of Preferred Shares Activity

The Company’s Preferred Shares activities for the years ended December 31, 2019 and 2020 are summarized in the following table:


	Series A Preferred Shares			Series B Preferred Shares			Series B+ Preferred Shares			Series C Preferred Shares			Series C+ Preferred Shares			Total
	Number of shares	Amount (US$)		Number of shares	Amount (US$)		Number of shares	Amount (US$)		Number of shares	Amount (US$)		Number of shares	Amount (US$)		Amount (US$)
Balances as of January 1, 2019	55,626,960	$	45,578,868	50,783,698	$	29,955,293	26,651,410	$	45,876,440	34,793,413	$	67,844,843	—	$	—	$	189,255,444
Accretion on convertible redeemable preferred shares to redemption value	—	44,470,906		—	90,636		—	398,120		—	5,755,291		—	—		50,714,953
Balances as of December 31, 2019	55,626,960	$	90,049,774	50,783,698	$	30,045,929	26,651,410	$	46,274,560	34,793,413	$	73,600,134	—	$	—	$	239,970,397
Issuance of convertible redeemable preferred shares, net of issuance costs	—	—		—	—		—	—		—	—		15,062,510	50,000,002		50,000,002
Accretion on convertible redeemable preferred shares to redemption value	—	188,085,026		—	44,664		—	197,006		—	3,006,220		—	2,132,827		193,465,743
Conversion of convertible redeemable preferred shares upon completion of the IPO	(55,626,960)	(278,134,800)		(50,783,698)	(30,090,593)		(26,651,410)	(46,471,566)		(34,793,413)	(76,606,354)		(15,062,510)	(52,132,829)		(483,436,142)
Balances as of December 31, 2020	—	$	—	—	$	—	—	$	—	—	$	—	—	$	—	$	—

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Compensation Expense

Compensation expenses recognized for share-based awards of the Company were as follows:


	Year Ended December 31,
	2018		2019		2020
	(US$)
Cost of revenues	$	49,893	$	79,552	$	357,053
Research and development expenses	919,773		1,472,528		5,312,704
Sales and marketing expenses	975,297		1,653,717		2,060,523
General and administrative expenses	905,389		1,046,372		4,244,879
	$	2,850,352	$	4,252,169	$	11,975,159

Compensation expenses recognized for different awards were summarized as below:


	Year Ended December 31,
	2018		2019		2020
	(US$)
Equity award – share options	$	1,250,676	$	2,177,975	$	7,193,332
Equity award – restricted shares(1)(2)	1,002,674		980,911		1,192,946
Equity award – restricted share units	—		—		136,175
Liability award – share options	428,855		960,177		—
Liability award – restricted shares	168,147		133,106		—
Liability award – Venture Partners Plan	—		—		3,452,706
	$	2,850,352	$	4,252,169	$	11,975,159

(1)Including restricted shares granted by the Founder for equity classified award of US$843,139, US$790,643 and US$851,665 for the years ended December 31, 2018, 2019 and 2020, respectively.

(2)Including restricted shares granted to employees as part of post-combination compensation of nil, nil, and US$264,406 for the years ended December 31, 2018, 2019 and 2020, respectively.

Schedule of Share Options Activity

The following table summarizes activities of the Company’s share options activity for the years ended December 31, 2018, 2019 and 2020:

Equity Classified Share Options


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value		Weighted Average Grant Date Fair Value
		(US$)		In Years	(US$)		(US$)
Outstanding at January 1, 2018	20,412,350	$	0.10	7.84	$	5,087,933	$	0.12
Granted	14,689,473	0.12					0.37
Forfeited	(1,440,866)	0.10
Outstanding at December 31, 2018	33,660,957	0.11		7.91	19,994,575		0.23
Granted	5,087,648	0.24					0.86
Forfeited	(787,425)	0.13
Reclassified from liability award	50,784	0.10
Outstanding at December 31, 2019	38,011,964	0.12		7.22	51,303,638		0.31
Granted	9,941,500	0.19					3.16
Exercised	(7,632,431)
Forfeited	(706,150)	0.16
Outstanding at December 31, 2020	39,614,883	0.17		8.23	466,460,320		1.08
Vested and expected to vest at December 31, 2020	34,982,436	0.11		5.85	339,504,760		1.20
Exercisable at December 31, 2020	34,982,436	0.11		5.85	339,504,760		1.20

Liability Classified Share Options


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value		Weighted Average Grant Date Fair Value
		(US$)		In Years	(US$)		(US$)
Outstanding at January 1, 2018	1,150,784	$	0.10	6.97	$	286,842	$	0.07
Granted	—	—		—	—		—
Forfeited	—	—		—	—		—
Outstanding at December 31, 2018	1,150,784	0.10		5.97	$	689,258	0.07
Granted	—	—
Repurchased	(1,100,000)	0.10		5.67	818,845		0.07
Forfeited	—	—
Vested and expected to vest at Reclassified to equity classified award	(50,784)	0.10		6.81	37,804		0.10
Outstanding at December 31, 2019 and 2020	—	—

Schedule of Share Options, Fair Value Assumptions


	Year Ended December 31,
	2018				2019			2020
Exercise price	US$0.10	-	US$1.00		US$0.10	-	US$0.50	US$0.10	-	US$1.74
Fair value of the ordinary shares on the date of option grant	US$0.3493	-	US$0.6989		US$0.6989	-	US$1.4751	US$0.8415	-	US$8.9816
Risk-free interest rate(1)	2.54%	-	3.18	%	1.80%	-	2.83%	0.28%	-	1.46%
Expected term (in years)	10				10			10
Expected dividend yield(2)	0%				0%			0%
Expected volatility(3)	49.18%	-	50.36%		47.54%	-	50.01%	42.39%	-	59.65%
Expected forfeiture rate (post-vesting)	3%				3%			3%

(2)The Company has no history or expectation of paying dividends on its ordinary shares.

(3)Expected volatility is estimated based on the average of historical volatilities of the comparable companies in the same industry as at the valuation dates.

Schedule of Restricted Share Activity

Equity Classified Restricted Shares


	Numbers of Shares	Weighted-average Grant Date Fair Value
		(US$)
Outstanding at January 1, 2018	16,121,181	$	0.02
Granted	—	—
Vested	(6,670,833)	0.02
Outstanding at December 31, 2018	9,450,348	0.02
Granted	—	—
Reclassified from liability classified restricted shares	26,042	0.02
Vested	(6,670,833)	0.02
Outstanding at December 31, 2019	2,805,557	0.02
Granted(1)	512,782	10.16
Vested	(2,805,557)	0.02
Outstanding at December 31, 2020	512,782	10.16

Liability Classified Restricted Shares


	Numbers of Shares	Weighted-average Grant Date Fair Value
		(US$)
Outstanding at January 1, 2018	151,042	$	0.02
Granted	—	—
Vested	(62,500)	0.02
Outstanding at December 31, 2018	88,542	0.02
Granted	—	—
Vested	(62,500)	0.02
Reclassified to equity classified restricted shares	(26,042)	0.02
Outstanding at December 31, 2019 and 2020	—

The following table summarizes the RSU activities:


	Numbers of Shares	Weighted-average Grant Date Fair Value
		(US$)
Outstanding at December 31, 2019	—	$	—
Granted	263,621	10.30
Vested	—	—
Outstanding at December 31, 2020	263,621	10.30

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Composition of Pre-Tax Income (Loss)

The following table presents the composition of pre-tax income (loss) for the years ended December 31, 2018, 2019 and 2020:


	Year Ended December 31,
	2018		2019		2020
	(US$)
Pre-tax income from PRC entities	$	4,813,122	$	6,790,182	$	8,034,879
Pre-tax loss from non-PRC entities	(4,331,928)		(12,166,283)		(10,587,945)
Total pre-tax loss	$	481,194	$	(5,376,101)	$	(2,553,066)

Schedule of Reconciliation of Effective Tax Rate

The following table sets forth a reconciliation between the statutory PRC EIT rate of 25% and the effective tax rate:


	Year Ended December 31,
	2018		2019		2020
Statutory income tax rate	25.00	%	25.00	%	25.00	%
Permanent differences(1)	(105.06)	%	9.07	%	124.93	%
Tax rate difference from statutory rate in other jurisdictions(2)	(51.95)	%	12.70	%	30.23	%
Change in valuation allowance(3)	236.64	%	(64.00)	%	(191.36)	%
Effect of tax holiday(4)	(82.96)	%	2.34	%	(10.78)	%
Others	17.00	%	(0.01)	%	(0.03)	%
Effective tax rate	21.84	%	(14.90)	%	(22.01)	%

(1)The permanent differences are primarily related to additional tax deductions for qualified research and development expenses offset by non-deductible share-based compensation expenses.

(2)The tax rate difference is attributed to varying rates in other jurisdictions where the Group is established or operates, such as the Cayman Islands or the United States.

(3)The change in valuation allowance is primarily attributed to fully provisioning for net operating loss carry-forwards of Agora Lab, Inc.

(4)Dayin obtained its software enterprise certificate in 2018 and is entitled to a tax exemption from EIT for the year of 2018 and a 50% EIT rate reduction for the year of 2019 and 2020.

Schedule of Current and Deferred Income Tax Expense (Benefit)


	Year Ended December 31,
	2018		2019		2020
	(US$)
Current income tax expense	$	463,149	$	1,137,800	$	183,786
Deferred income tax expense (tax benefit)	(358,071)		(336,463)		378,008
Income tax expense	$	105,078	$	801,337	$	561,794

Schedule of Impact of Tax Holidays

The aggregate amount and per share effect of reduction of EIT for Dayin as a result of tax holidays are as follows:


	Year Ended December 31,
	2018	2019	2020
	(US$)
The aggregate amount of effect	399,028	125,630	(275,247)

Components of Deferred Tax Assets

The principle components of the deferred tax assets were as follows:


	As of December 31,
	2019		2020
	(US$)
Deferred tax assets:
Tax loss carry-forwards	$	7,614,276	$	12,285,078
Payroll liabilities	627,010		297,834
Allowance for doubtful accounts	269,560		457,028
Other deductible temporary difference	52,955		158,337
Deferred tax assets	8,563,801		13,198,277
Less valuation allowance	(7,727,287)		(12,687,777)
Deferred tax assets, net	$	836,514	$	510,500


Deferred tax liabilities:
Recognition of intangible assets arising from business combination	—		(52,319)
Deferred tax liabilities, net	$	—	$	(52,319)

Schedule of Movement of Valuation Allowance

Movement of Valuation Allowance


	Year Ended December 31,
	2018		2019		2020
	(US$)
Balance at beginning of the year	$	(3,147,795)	$	(4,286,495)	$	(7,727,287)
Addition in current year	(1,138,700)		(3,440,792)		(4,960,490)
Reversals in current year	—		—		—
Balance at the end of the year	$	(4,286,495)	$	(7,727,287)	$	(12,687,777)

Basic and Diluted Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Computation

The computation of earnings per share for the years ended December 31, 2018, 2019 and 2020 is as follows:


	Year Ended December 31,
	2018		2019		2020
	(US$)
Numerator:
Net income (loss)	$	376,116	$	(6,177,438)	$	(3,114,860)
Cumulative undeclared dividends on convertible redeemable preferred shares	(9,961,473)		(9,961,473)		(6,714,852)
Accretion on convertible redeemable preferred shares to redemption value (Note 10)	(33,234,811)		(50,714,953)		(193,465,743)
Net loss attributable to Agora, Inc.’s ordinary shareholders - basic and diluted	(42,820,168)		(66,853,864)		(203,295,455)
Denominator:
Denominator for basic and diluted loss per share weighted-average ordinary shares outstanding	109,141,311		115,716,392		268,849,967
Basic and diluted loss per share	$	(0.39)	$	(0.58)	$	(0.76)

Schedule of Antidilutive Ordinary Shares Excluded from Computation of Earnings Per Share


	Year Ended December 31,
	2018	2019	2020
Preferred shares - weighted average	141,543,341	167,855,481	86,731,855
Share options - weighted average	17,280,175	26,923,735	39,846,432
Restricted share - weighted average	11,358,874	5,154,272	479,275
Restricted share units - weighted average	—	—	32,870
VPP shares – weighted average	—	—	39,311

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Payments Under Non-cancellable Operating Leases

As of December 31, 2020, future minimum payments under non-cancellable operating leases for office rental, office equipment and property management fee of office premises consist of the following:


	Operating Leases
Years Ending December 31,
2021	$	2,913,548
2022	2,316,861
2023	1,438,938
2024	106,163
2025	—
	$	6,775,510

Unrecorded Unconditional Purchase Obligations Disclosure

As of December 31, 2020, contractual purchase obligations with respect to these servers consist of the following:


	Contractual Purchase Obligations
2021	$	2,304,744

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Significant Related Party Transactions

For the years ended December 31, 2018, 2019 and 2020, the significant related party transactions and balances were as follows:


	Year Ended December 31,
	2018	2019	2020
	(US$)
Rental fee charged by a related party	153,920	168,349	202,153
Consideration to a related party for Netless acquisition	—	—	1,300,000

Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Cost: Developed technology (Note 3)	$ 212,824	$ 0
Less: Accumulated amortization	(3,547)	0
Intangible assets	$ 209,277	$ 0

Intangible Assets, Net - Narrative (Details) - USD ($)	12 Months Ended
Intangible Assets, Net - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Forecast
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization	$ 39,018	$ 42,565	$ 42,565	$ 42,565	$ 42,565

Organization and Nature of Operations - Summary of Ownership of Subsidiaries and VIEs (Details)	12 Months Ended
	Dec. 31, 2020
Agora Lab, Inc.
Variable Interest Entity [Line Items]
Percent ownership of subsidiary	100.00%
Agora IO, Inc
Variable Interest Entity [Line Items]
Percent ownership of subsidiary	100.00%
Agora IO Hongkong Limited
Variable Interest Entity [Line Items]
Percent ownership of subsidiary	100.00%
Dayin Network Technology Co., Ltd. (“Dayin”)
Variable Interest Entity [Line Items]
Percent ownership of subsidiary	100.00%
Shanghai Jiyin Network Technology Co., Ltd. (“Jiyin”)
Variable Interest Entity [Line Items]
Percent ownership of subsidiary	100.00%
Agora.IO Ltd
Variable Interest Entity [Line Items]
Percent ownership of subsidiary	100.00%
Agora IO Singapore PTE. Ltd.
Variable Interest Entity [Line Items]
Percent ownership of subsidiary	100.00%
Shanghai Zhaoyan Network Technology Co., Ltd. (“Zhaoyan”) \| VIE
Variable Interest Entity [Line Items]
Percent ownership of variable interest entity	100.00%

Organization and Nature of Operations - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Service agreement, contractual term, minimum	10 years
Notice to terminate contractual agreement, period required	30 days
Professional fees	$ 53,843,706	$ 32,889,678	$ 20,034,954
Shareholder voting rights agreement, term, minimum	10 years
Notice to terminate shareholder voting rights agreement, period requirement	30 days
Exclusive option agreement, term, minimum	10 years
Notice to terminate exclusive option agreement, period requirement	30 days
Agora IO Hongkong Limited
Variable Interest Entity [Line Items]
Percent ownership of subsidiary	100.00%
Agora IO Hongkong Limited \| Agora IO, Inc
Variable Interest Entity [Line Items]
Percentage of shares contributed	100.00%

Organization and Nature of Operations - Financial Information of VIEs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 111,217,606	$ 105,603,153
Short-term investments	524,220,154	0
Accounts receivable, net	27,840,149	16,247,565
Prepayments and other current assets	7,458,832	1,381,037
Total current assets	670,736,741	123,231,755
Non-current assets:
Property and equipment, net	16,753,850	6,281,990
Deferred tax assets	510,500	836,514
Other non-current assets	1,603,937	808,862
Total non-current assets	22,166,996	7,927,366
Total assets	692,903,737	131,159,121
Current liabilities:
Accounts payable	7,721,368	4,088,283
Amounts due to related parties	1,150,000	0
Advances from customers	1,338,516	920,925
Taxes payable	2,171,280	2,493,137
Total current liabilities	36,306,687	18,481,277
Total liabilities	36,440,575	18,481,277
Income Statement [Abstract]
Total revenues	133,563,921	64,428,690	$ 43,656,954
Net income (loss)	(3,114,860)	(6,177,438)	376,116
Statement of Cash Flows [Abstract]
Net cash and cash equivalents generated from operating activities	6,564,284	706,423	536,101
Net cash and cash equivalents used in investing activities	(535,052,938)	(3,352,663)	(3,772,591)
Net cash and cash equivalents used in financing activities	533,638,039	0	65,771,809
VIE
Current assets:
Cash and cash equivalents	2,362,068	17,308,887
Short-term investments	12,413,983	0
Accounts receivable, net	23,557,994	14,827,841
Amounts due from related parties	2,090,321	2,445,447
Prepayments and other current assets	2,704,275	886,022
Total current assets	43,128,641	35,468,197
Non-current assets:
Property and equipment, net	8,951,306	3,292,978
Deferred tax assets	510,500	387,950
Other non-current assets	205,147	69,968
Total non-current assets	9,666,953	3,750,896
Total assets	52,795,594	39,219,093
Current liabilities:
Accounts payable	5,336,880	2,992,628
Amounts due to related parties	34,198,167	27,780,440
Advances from customers	1,112,800	733,518
Taxes payable	253,617	756,020
Accrued expenses and other current liabilities	5,035,100	3,440,748
Total current liabilities	45,936,564	35,703,354
Total liabilities	45,936,564	35,703,354
Income Statement [Abstract]
Total revenues	115,831,093	57,444,924	37,172,123
Net income (loss)	1,247,450	224,905	(146,806)
Statement of Cash Flows [Abstract]
Net cash and cash equivalents generated from operating activities	3,918,250	9,389,954	2,774,063
Net cash and cash equivalents used in investing activities	(18,865,069)	(998,141)	(2,251,153)
Net cash and cash equivalents used in financing activities	$ 0	$ 0	$ 0

Principal Accounting Policies - Narrative (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) operatingSegment reportableSegment	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jan. 01, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Finite-Lived Intangible Assets [Line Items]
Cash and cash equivalents	$ 111,217,606	$ 105,603,153
Cash equivalents	10,000,000.0	0
Other than temporary impairment losses, investments	0	0
Impairment of long-lived assets (excluding goodwill)	0
Goodwill impairment	0
Impairment of long-lived assets	0	0
Deferred offering costs	$ 0	287,331
Value added tax rate	6.00%
Advances from customers	$ 1,338,516	920,925
Contract with customer, liability, revenue recognized	920,925	628,954	$ 358,213
Capitalized contract cost, net	0	0
Marketing and advertising costs	1,630,954	1,198,905	$ 580,342
Capital lease obligations	0	0
Deferred tax liabilities, uncertain tax positions	0	0
Unrecognized tax benefits	0	0
Dividends	$ 0	$ 0
Number of operating segments \| operatingSegment	1
Number of reportable segments \| reportableSegment	1
PRC
Finite-Lived Intangible Assets [Line Items]
Cash and cash equivalents \| ¥					¥ 6.5	¥ 19.0
Cumulative Effect, Period of Adoption, Adjustment \| Subsequent Event
Finite-Lived Intangible Assets [Line Items]
Right-of-use asset				$ 6,800,000
Operating lease, liability				$ 6,800,000
Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	5 years

Principal Accounting Policies - Summary of Concentration Risk (Details) - Customer Concentration Risk - Customer A	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%	24.00%
Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage			16.00%

Principal Accounting Policies - Fair Value of Assets and Liabilities (Details) - Fair Value, Recurring - Short-Term Investments, Financial Products Issued By Banks	Dec. 31, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 24,046,345
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	24,046,345
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 0

Principal Accounting Policies - Property and Equipment, Net (Details)	12 Months Ended
	Dec. 31, 2020
Electronic equipment
Property, Plant and Equipment [Line Items]
Property equipment, useful life	3 years
Furniture, computers and office equipment
Property, Plant and Equipment [Line Items]
Property equipment, useful life	3 years
Network equipment
Property, Plant and Equipment [Line Items]
Property equipment, useful life	3 years

Principal Accounting Policies - Disaggregation of Revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 133,563,921	$ 64,428,690	$ 43,656,954
PRC
Disaggregation of Revenue [Line Items]
Total revenues	107,092,363	50,583,684	33,311,919
United States
Disaggregation of Revenue [Line Items]
Total revenues	10,019,248	5,296,269	4,582,105
Others
Disaggregation of Revenue [Line Items]
Total revenues	$ 16,452,310	$ 8,548,737	$ 5,762,930

- Definition

Amount, excluding 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Business acquisition - Narrative (Details)	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Business acquisition, goodwill, expected tax deductible amount	$ 0
Netless
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired	100.00%
Total purchase consideration	$ 4,000,000

Business acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Recognized amounts of identifiable assets acquired and liabilities assumed
Goodwill	$ 3,089,432	$ 3,089,432	$ 0
Network Bridges Inc.
Business Combination, Consideration Transferred [Abstract]
Cash(1)	3,150,001
Number of ordinary shares issued	$ 850,000
Number of ordinary shares issued (in shares)	84,634
Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash-equivalents	$ 556,361	556,361
Accounts receivable	203,115	203,115
Prepayments and other current assets	22,991	22,991
Property and equipment, net	15,190	15,190
Intangible assets, net	212,824	212,824
Salary and welfare payable	(30,520)	(30,520)
Taxes payable and other accrued liabilities	(16,186)	(16,186)
Deferred tax liabilities(2)	53,206	53,206
Total identifiable net assets acquired	910,569	910,569
Goodwill	3,089,432	3,089,432
Total purchase consideration	4,000,001	$ 4,000,001
Deferred tax liability, period of recognition		5 years
Network Bridges Inc. \| Developed Technology
Recognized amounts of identifiable assets acquired and liabilities assumed
Intangible assets, net	$ 212,824	$ 212,824
Finite-lived intangible asset, useful life	5 years
Amortization of intangible assets	$ 3,547

Accounts Receivable, Net - Accounts Receivable Activity (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Accounts receivable	$ 29,374,687	$ 17,283,107
Less: allowance for doubtful accounts	(1,534,538)	(1,035,542)	$ (367,044)
Accounts receivable, net	$ 27,840,149	$ 16,247,565

Accounts Receivable, Net -Schedule of Movement of Allowance of Doubtful Accounts (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
At beginning of the period	$ (1,035,542)	$ (367,044)
Addition	(1,365,327)	(779,671)
Write-off	921,061	100,276
Foreign currency translation impact	(54,730)	10,897
At end of the period	$ (1,534,538)	$ (1,035,542)

Prepayments and Other Current Assets - Schedule of Prepayments (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Employee advances	$ 2,186,438	$ 15,885
Interest receivables	1,446,414	0
VAT recoverable	1,352,594	776,141
Prepayments	1,218,771	419,376
Proceeds receivable for employee share option exercises	611,745	0
Restricted cash	80,000	80,000
Others	562,870	89,635
Prepayments and other current assets	$ 7,458,832	$ 1,381,037

Property and Equipment, Net (Details) - USD ($)	12 Months Ended
Property and Equipment, Net (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 24,956,858	$ 9,680,396
Less: accumulated depreciation	(8,203,008)	(3,398,406)
Property and equipment, net	16,753,850	6,281,990
Depreciation	4,457,981	1,867,734	$ 922,351
Network equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	19,900,918	6,976,107
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,950,310	1,089,970
Electronic equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,232,004	1,170,866
Furniture, computers and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 873,626	$ 443,453

Other Non-current Assets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Long-term deposits	$ 1,023,755	$ 470,086
Deferred offering costs	0	287,331
Others	580,182	51,445
Other non-current assets	$ 1,603,937	$ 808,862

Taxes Payable (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
VAT payable	$ 1,182,311	$ 868,270
Corporate income taxes payable	626,454	1,165,660
Other taxes payable	362,515	459,207
Taxes payable	$ 2,171,280	$ 2,493,137

Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued salary and social welfare costs	$ 14,007,700	$ 8,388,819
Liability classified awards for share-based compensation (Note 13)	3,950,457	0
Payables for acquisition (Note 3)	2,000,001	0
Accrued professional service fees	987,969	788,313
Accrued advertising and marketing fees	566,738	286,218
Accrued staff reimbursements	508,438	332,578
Accrued office expense	428,203	159,668
Accrued recruitment service fee	298,580	15,976
Share option deposit held on behalf of employees	262,181	400,680
Accrued rental fee	236,888	204,669
Others	678,368	402,011
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the VIE without recourse to the Company of US$3,440,748 and US$5,035,100 as of December 31, 2019 and 2020, respectively)	$ 23,925,523	$ 10,978,932

Convertible Redeemable Preferred Shares - Narrative (Details)					1 Months Ended	12 Months Ended
	Feb. 12, 2020 USD ($) shares	May 18, 2017 USD ($) shares	Dec. 20, 2014 USD ($) shares	Dec. 16, 2013 USD ($) shares	Oct. 23, 2018 USD ($) shares	Dec. 31, 2020 USD ($) vote	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum days prior to redemption date required for redemption requests						60 days
Additional amount that would accrue on the issue price, percent						15.00%
Payments of stock issuance costs						$ 0	$ 0
Temporary equity, amount of preferred dividends in arrears							31,241,486
Accretion of preferred shares						$ 193,465,743	50,714,953	$ 33,234,811
Series A Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Temporary equity, stock issued during period, shares, new issues \| shares				57,200,000
Proceeds from issuance of preferred stock				$ 5,720,000
Temporary equity, liquidation preference, percent						150.00%
Series A Preferred Stock \| Agora IO, Inc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Temporary equity, stock issued during period, shares, new issues \| shares		2,777,778
Stock repurchased and retired during period (in shares) \| shares		1,573,040
Stock repurchased and retired during period , value		$ 1,599,487
Temporary equity, stock repurchased during period (in shares) \| shares		2,777,778
Payments for repurchase of redeemable convertible preferred stock		$ 278,000
Series B Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Temporary equity, number of votes per share \| vote						2
Temporary equity, dividend rate, percentage						8.00%
Temporary equity, liquidation preference, percent						150.00%
Temporary equity, redemption price per share, percentage						150.00%
Temporary equity, redemption price per share upon material breach, percentage						160.00%
Series B Preferred Stock \| Agora IO, Inc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Temporary equity, stock issued during period, shares, new issues \| shares			50,783,698
Proceeds from issuance of preferred stock			$ 20,250,000
Series B+ Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Temporary equity, number of votes per share \| vote						3
Temporary equity, dividend rate, percentage						8.00%
Temporary equity, liquidation preference, percent						150.00%
Temporary equity, redemption price per share, percentage						150.00%
Temporary equity, redemption price per share upon material breach, percentage						160.00%
Series B+ Preferred Stock \| Agora IO, Inc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Temporary equity, stock issued during period, shares, new issues \| shares		26,651,410
Proceeds from issuance of preferred stock		$ 31,881,749
Series C Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of preferred stock						$ 0	0	66,556,608
Temporary equity, dividend rate, percentage						8.00%
Temporary equity, liquidation preference, percent						150.00%
Temporary equity, redemption price per share, percentage						160.00%
Payments of stock issuance costs						$ 0		110,059
Series C Preferred Stock \| Agora IO, Inc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Temporary equity, stock issued during period, shares, new issues \| shares					34,793,413
Proceeds from issuance of preferred stock					$ 66,666,667
Series C+ Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of preferred stock						$ 50,000,002	$ 0	$ 0
Temporary equity, dividend rate, percentage						8.00%
Temporary equity, liquidation preference, percent						150.00%
Temporary equity, redemption price per share, percentage						150.00%
Temporary equity, redemption price per share upon material breach, percentage						160.00%
Series C+ Preferred Stock \| Agora IO, Inc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Temporary equity, stock issued during period, shares, new issues \| shares	15,062,510
Proceeds from issuance of preferred stock	$ 50,000,002

Convertible Redeemable Preferred Shares - Preferred Shares Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock outstanding, beginning balance	$ 239,970,397	$ 189,255,444
Issuance of convertible redeemable preferred shares, net of issuance costs	50,000,002
Accretion on convertible redeemable preferred shares to redemption value	193,465,743	50,714,953
Conversion of convertible redeemable preferred shares upon completion of the IPO	(483,436,142)
Preferred stock outstanding, ending balance	$ 0	$ 239,970,397
Series A Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock, shares outstanding, beginning balance (in shares)	55,626,960	55,626,960
Preferred stock outstanding, beginning balance	$ 90,049,774	$ 45,578,868
Accretion on convertible redeemable preferred shares to redemption value	$ 188,085,026	$ 44,470,906
Conversion of convertible redeemable preferred shares upon completion of the IPO (in shares)	(55,626,960)
Conversion of convertible redeemable preferred shares upon completion of the IPO	$ (278,134,800)
Preferred stock, shares outstanding, ending balance (in shares)	0	55,626,960
Preferred stock outstanding, ending balance	$ 0	$ 90,049,774
Series B Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock, shares outstanding, beginning balance (in shares)	50,783,698	50,783,698
Preferred stock outstanding, beginning balance	$ 30,045,929	$ 29,955,293
Accretion on convertible redeemable preferred shares to redemption value	$ 44,664	$ 90,636
Conversion of convertible redeemable preferred shares upon completion of the IPO (in shares)	(50,783,698)
Conversion of convertible redeemable preferred shares upon completion of the IPO	$ (30,090,593)
Preferred stock, shares outstanding, ending balance (in shares)	0	50,783,698
Preferred stock outstanding, ending balance	$ 0	$ 30,045,929
Series B+ Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock, shares outstanding, beginning balance (in shares)	26,651,410	26,651,410
Preferred stock outstanding, beginning balance	$ 46,274,560	$ 45,876,440
Accretion on convertible redeemable preferred shares to redemption value	$ 197,006	$ 398,120
Conversion of convertible redeemable preferred shares upon completion of the IPO (in shares)	(26,651,410)
Conversion of convertible redeemable preferred shares upon completion of the IPO	$ (46,471,566)
Preferred stock, shares outstanding, ending balance (in shares)	0	26,651,410
Preferred stock outstanding, ending balance	$ 0	$ 46,274,560
Series C Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock, shares outstanding, beginning balance (in shares)	34,793,413	34,793,413
Preferred stock outstanding, beginning balance	$ 73,600,134	$ 67,844,843
Accretion on convertible redeemable preferred shares to redemption value	$ 3,006,220	$ 5,755,291
Conversion of convertible redeemable preferred shares upon completion of the IPO (in shares)	(34,793,413)
Conversion of convertible redeemable preferred shares upon completion of the IPO	$ (76,606,354)
Preferred stock, shares outstanding, ending balance (in shares)	0	34,793,413
Preferred stock outstanding, ending balance	$ 0	$ 73,600,134
Series C+ Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock, shares outstanding, beginning balance (in shares)	0	0
Preferred stock outstanding, beginning balance	$ 0	$ 0
Issuance of convertible redeemable preferred shares, net of issuance costs (in shares)	15,062,510
Issuance of convertible redeemable preferred shares, net of issuance costs	$ 50,000,002
Accretion on convertible redeemable preferred shares to redemption value	$ 2,132,827
Conversion of convertible redeemable preferred shares upon completion of the IPO (in shares)	(15,062,510)
Conversion of convertible redeemable preferred shares upon completion of the IPO	$ (52,132,829)
Preferred stock, shares outstanding, ending balance (in shares)	0	0
Preferred stock outstanding, ending balance	$ 0	$ 0

Ordinary Shares (Details) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2020 vote shares	Dec. 31, 2019 shares
Subsidiary, Sale of Stock [Line Items]
Ordinary shares issued (in shares)		415,014,994	119,074,382
Ordinary shares outstanding (in shares)		415,014,994	119,074,382
Common Class A
Subsidiary, Sale of Stock [Line Items]
Ordinary shares issued (in shares)		338,835,056	0
Ordinary shares outstanding (in shares)		338,835,056	0
Number of shares issued in transaction (in shares)	102,500,000
Entity listing, depository receipt ratio	0.25
Number of votes per share \| vote		1
Common Class B
Subsidiary, Sale of Stock [Line Items]
Ordinary shares issued (in shares)		76,179,938	0
Ordinary shares outstanding (in shares)		76,179,938	0
Conversion of stock, shares issued (in shares)	76,179,938
Number of votes per share \| vote		20
ADS Shares
Subsidiary, Sale of Stock [Line Items]
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 20.00
IPO
Subsidiary, Sale of Stock [Line Items]
Proceeds from initial public offering \| $	$ 484
IPO \| ADS Shares
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares)	20,125,000
Over-Allotment Option \| ADS Shares
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares)	2,625,000
Private Placement \| Common Class A
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares)	22,000,000

Share-based Compensation - Compensation Expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 11,975,159	$ 4,252,169	$ 2,850,352
Equity award – share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	7,193,332	2,177,975	1,250,676
Equity award - restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	1,192,946	980,911	1,002,674
Share-based compensation, amount capitalized	0	0	0
Equity award - restricted shares \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	851,665	790,643	843,139
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	136,175	0	0
Liability award – share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	0	960,177	428,855
Liability award – restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	0	133,106	168,147
Liability award – Venture Partners Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	3,452,706	0	0
Restricted Shares, Post-Combination Compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	264,406	0	0
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	357,053	79,552	49,893
Research and development expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	5,312,704	1,472,528	919,773
Sales and marketing expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	2,060,523	1,653,717	975,297
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 4,244,879	$ 1,046,372	$ 905,389

Share-based Compensation - Narrative (Details)		1 Months Ended	12 Months Ended
Share-based Compensation - Narrative (Details)	Dec. 16, 2013 shares	Apr. 30, 2019 USD ($) shares	Dec. 31, 2020 USD ($) vote shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares	Jan. 31, 2019 shares	Aug. 08, 2014 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares) \| shares			39,614,883	38,011,964	34,811,741
Number of employees with options granted that include repurchase obligations \| vote			3
Payments for repurchases of share options		$ 1,576,168
Aggregate intrinsic value, outstanding			$ 466,460,320	$ 51,303,638	$ 20,683,833
Fair value of options vested in period			4,894,328	2,275,531	607,735
Share-based compensation			$ 11,975,159	4,252,169	2,850,352
Stock repurchases, consideration				$ 84,440	784,799
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards to be released as a percent of target, percent			0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards to be released as a percent of target, percent			30.00%
Equity Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation expense, share options, period for recognition (in years)			1 year 6 months	1 year 4 months 24 days
Equity award – share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, expiration period			10 years
Award vesting period (in years)			4 years
Share-based payment arrangement, additional expense			$ 788,236
Share-based compensation			7,193,332	$ 3,138,152	1,679,531
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount			$ 31,040,576	7,157,467
Equity award – share options \| Vest upon the first anniversary of stated commencement date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			1 year
Award vesting rights, percentage			25.00%
Equity award – share options \| Vest after the first anniversary of stated commencement date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			36 months
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Share-based payment arrangement, additional expense			$ 58,849
Share-based compensation			$ 341,281	$ 323,374	327,682
Unrecognized share based compensation expense, share options, period for recognition (in years)			2 years	4 months 24 days
Number of awards to be released not subject to performance metrics, as a percent			70.00%
Unrecognized share based compensation expenses related to restricted shares			$ 4,946,744	$ 76,874
Restricted Shares \| VoiceCrew Holdings Limited
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares) \| shares	30,800,000
Restricted Shares \| Sounds of Nature Limited
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares) \| shares	77,000,000
Restricted Shares \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			4 years
Share-based compensation			$ 851,665	790,643	$ 843,139
Restricted shares granted (in shares) \| shares	15,000,000
Number of shares granted with repurchase obligations (in shares) \| shares					500,000
Shares repurchased during period (in shares) \| shares		100,000
Stock repurchases, consideration		$ 143,288
Shares granted with repurchase obligations waived (in shares) \| shares		400,000
Restricted Shares \| Management \| VoiceCrew Holdings Limited
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares) \| shares	15,000,000
Restricted Shares \| Vest upon the first anniversary of stated commencement date \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			1 year
Award vesting rights, percentage	25.00%		25.00%
Restricted shares granted (in shares) \| shares	10,000,000
Restricted Shares \| Vest upon the first anniversary of stated commencement date \| Founder-Controlled Entities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			1 year
Award vesting rights, percentage	25.00%
Restricted shares granted (in shares) \| shares	5,000,000
Restricted Shares \| Vest after the first anniversary of stated commencement date \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			36 months
Restricted Shares \| Vest after the first anniversary of stated commencement date \| Founder-Controlled Entities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			36 months
Restricted Shares Subject To Performance Metrics
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards subject to performance metrics, percent			30.00%
Restricted Shares Subject To Performance Metrics \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			1 year
Restricted Shares Subject To Performance Metrics \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			2 years
Share-based compensation			$ 136,175	$ 0	$ 0
Unrecognized share based compensation expense, share options, period for recognition (in years)			1 year 9 months 18 days
Restricted shares granted (in shares) \| shares				263,621
Unrecognized share based compensation expenses related to restricted shares				$ 2,580,143
Restricted Stock Units (RSUs) \| Vest upon the first anniversary of stated commencement date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			1 year
Award vesting rights, percentage	50.00%
Restricted Stock Units (RSUs) \| Vest after the first anniversary of stated commencement date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			12 months
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for future issuance (in shares) \| shares							20,000,000
Share-based compensation arrangement, shares authorized (in shares) \| shares				34,613,165
2018 Plan \| Agora IO, Inc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for future issuance (in shares) \| shares						25,740,835
VPP shares – weighted average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation					$ 3,452,706

Share-based Compensation - Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Options
Beginning balance (in shares)	38,011,964	34,811,741
Ending balance (in shares)	39,614,883	38,011,964	34,811,741
Aggregate Intrinsic Value
Aggregate intrinsic value, outstanding	$ 466,460,320	$ 51,303,638	$ 20,683,833
Liability award – share options
Number of Options
Beginning balance (in shares)	0	1,150,784	1,150,784
Granted (in shares)		0	0
Repurchased (in shares)		(1,100,000)
Forfeited (in shares)		0	0
Reclassified to equity classified award (in shares)		(50,784)
Ending balance (in shares)	0	0	1,150,784	1,150,784
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 0	$ (0.10)	$ (0.10)
Granted (in dollars per share)		0	0
Forfeited (in dollars per share)		0	0
Repurchased (in dollars per share)		0.10
Reclassified to equity classified award (in dollars per share)		0.10
Ending balance (in dollars per share)	$ 0	$ 0	$ 0.10	$ 0.10
Weighted Average Remaining Contractual Life
Weighted-average remaining contractual term, outstanding			5 years 11 months 19 days	6 years 11 months 19 days
Weighted average remaining contractual term, repurchased (in years)		5 years 8 months 1 day
Weighted average remaining contractual term, reclassified to equity classified award (in years)		6 years 9 months 21 days
Aggregate Intrinsic Value
Aggregate intrinsic value, repurchased		$ 818,845
Aggregate intrinsic value, outstanding			$ 689,258	$ 286,842
Aggregate intrinsic value, reclassified		$ 37,804
Weighted Average Grant Date Fair Value
Options outstanding, weighted average grant date fair value (in dollars per share)			$ 0.07	$ 0.07
Options repurchased, weighted average grant date fair value (in dollars per share)		$ 0.07
Options reclassified to equity classified award, weighted average grant date fair value (in dollars per share)		$ 0.10
Equity award – share options
Number of Options
Beginning balance (in shares)	38,011,964	33,660,957	20,412,350
Granted (in shares)	9,941,500	5,087,648	14,689,473
Exercised (in shares)	(7,632,431)
Forfeited (in shares)	(706,150)	(787,425)	(1,440,866)
Reclassified from liability award (in shares)		50,784
Ending balance (in shares)	39,614,883	38,011,964	33,660,957	20,412,350
Vested and expected to vest, end of period (in shares)	34,982,436
Exercisable, end of period (in shares)	34,982,436
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ (0.12)	$ (0.11)	$ (0.10)
Granted (in dollars per share)	0.19	0.24	0.12
Forfeited (in dollars per share)	0.16	0.13	0.10
Reclassified from liability award (in dollars per share)		0.10
Ending balance (in dollars per share)	0.17	$ 0.12	$ 0.11	$ 0.10
Vested and expected to vest, end of period (in dollars per share)	0.11
Exercisable, end of period (in dollars per share)	$ 0.11
Weighted Average Remaining Contractual Life
Weighted-average remaining contractual term, outstanding	8 years 2 months 23 days	7 years 2 months 19 days	7 years 10 months 28 days	7 years 10 months 2 days
Weighted average remaining contractual term, vested and expected to vest	5 years 10 months 6 days
Weighted average remaining contractual term, exercisable	5 years 10 months 6 days
Aggregate Intrinsic Value
Aggregate intrinsic value, outstanding	$ 466,460,320	$ 51,303,638	$ 19,994,575	$ 5,087,933
Aggregate intrinsic value, vested and expected to vest	339,504,760
Aggregate intrinsic value, exercisable	$ 339,504,760
Weighted Average Grant Date Fair Value
Options outstanding, weighted average grant date fair value (in dollars per share)	$ 1.08	$ 0.31	$ 0.23	$ 0.12
Options granted, weighted-average grant-date fair value per share (in dollars per share)	3.16	$ 0.86	$ 0.37
Options vested and expected to vest, weighted average grant date fair value (in dollars per share)	1.20
Options exercisable, weighted average grant date fair value (in dollars per share)	$ 1.20

Share-based Compensation - Assumptions (Details) - Equity award – share options - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	28.00%	180.00%	254.00%
Risk-free interest rate, maximum	146.00%	283.00%	3.18%
Expected term (in years)	10 years	10 years	10 years
Expected dividend yield	0.00%	0.00%	0.00%
Expected volatility, minimum	42.39%	47.54%	49.18%
Expected volatility, maximum	59.65%	50.01%	50.36%
Expected forfeiture rate (post-vesting)	300.00%	300.00%	300.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share)	$ 0.10	$ 0.10	$ 0.10
Fair value of the ordinary shares on the date of option grant (in dollars per share)	0.8415	0.6989	0.3493
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share)	1.74	0.50	1.00
Fair value of the ordinary shares on the date of option grant (in dollars per share)	$ 8.9816	$ 1.4751	$ 0.6989

Share Based Compensation - Restricted Shares Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity award - restricted shares
Numbers of Shares
Beginning balance (in shares)	2,805,557	9,450,348	16,121,181
Granted (in shares)	512,782	0	0
Reclassified from liability classified restricted shares (in shares)		26,042
Vested (in shares)	(2,805,557)	(6,670,833)	(6,670,833)
Ending balance (in shares)	512,782	2,805,557	9,450,348
Weighted-average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 0.02	$ 0.02	$ 0.02
Granted (in dollars per share)	10.16	0	0
Reclassified from liability classified restricted shares (in dollars per share)		0.02
Vested (in dollars per share)	0.02	0.02	0.02
Ending balance (in dollars per share)	$ 10.16	$ 0.02	$ 0.02
Liability award – restricted shares
Numbers of Shares
Beginning balance (in shares)	0	88,542	151,042
Granted (in shares)		0	0
Reclassified to equity classified restricted shares (in shares)		(26,042)
Vested (in shares)		(62,500)	(62,500)
Ending balance (in shares)	0	0	88,542
Weighted-average Grant Date Fair Value
Beginning balance (in dollars per share)		$ 0.02	$ 0.02
Granted (in dollars per share)		0	0
Reclassified to equity classified restricted shares (in dollars per share)		0.02
Vested (in dollars per share)		0.02	0.02
Ending balance (in dollars per share)			$ 0.02
Restricted Stock Units (RSUs)
Numbers of Shares
Beginning balance (in shares)	0
Granted (in shares)		263,621
Vested (in shares)		0
Ending balance (in shares)	263,621	0
Weighted-average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)		$ 10.30
Vested (in dollars per share)		0
Ending balance (in dollars per share)	$ 10.30	$ 0

Employee Benefits (Details) - USD ($)	12 Months Ended
Employee Benefits (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Compensation Related Costs [Abstract]
Employee benefits	$ 4,714,418	$ 4,603,077	$ 3,003,978

Income Taxes - Pre-tax Income (Loss) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Pre-tax income from PRC entities	$ 8,034,879	$ 6,790,182	$ 4,813,122
Pre-tax loss from non-PRC entities	(10,587,945)	(12,166,283)	(4,331,928)
Income (loss) before income taxes	$ (2,553,066)	$ (5,376,101)	$ 481,194

Income Taxes - Reconciliation of Effective Tax Rates (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Statutory income tax rate	25.00%	25.00%	25.00%
Permanent differences	124.93%	9.07%	(105.06%)
Tax rate difference from statutory rate in other jurisdictions	30.23%	12.70%	(51.95%)
Change in valuation allowance	(191.36%)	(64.00%)	236.64%
Effect of tax holiday	(10.78%)	2.34%	(82.96%)
Others	(0.03%)	(0.01%)	17.00%
Effective tax rate	(22.01%)	(14.90%)	21.84%

Income Taxes - Current and Deferred Income Tax Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Current income tax expense	$ 183,786	$ 1,137,800	$ 463,149
Deferred income tax expense (tax benefit)	378,008	(336,463)	(358,071)
Income taxes	$ 561,794	$ 801,337	$ 105,078

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Effect of Tax Holidays (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
The aggregate amount of effect	$ (275,247)	$ 125,630	$ 399,028

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Tax loss carry-forwards	$ 12,285,078	$ 7,614,276
Payroll liabilities	297,834	627,010
Allowance for doubtful accounts	457,028	269,560
Other deductible temporary difference	158,337	52,955
Deferred tax assets	13,198,277	8,563,801
Less valuation allowance	(12,687,777)	(7,727,287)
Deferred tax assets, net	510,500	836,514
Recognition of intangible assets arising from business combination	(52,319)	0
Deferred tax liabilities, net	$ (52,319)	$ 0

Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 45,505,732	$ 25,517,011
Domestic Tax Authority \| United States \| Agora Lab, Inc.
Income Tax Contingency [Line Items]
Operating loss carryforwards	35,521,448	25,517,011
State and Local Jurisdiction \| United States \| Agora Lab, Inc.
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 35,421,826	$ 25,417,389

Income Taxes - Valuation Allowance Activity (Details) - SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred Tax Asset, Valuation Allowance [Roll Forward]
Valuation allowance, beginning balance	$ (7,727,287)	$ (4,286,495)	$ (3,147,795)
Addition in current year	(4,960,490)	(3,440,792)	(1,138,700)
Reversals in current year	0	0	0
Valuation allowance, ending balance	$ (12,687,777)	$ (7,727,287)	$ (4,286,495)

Basic and Diluted Net Loss per Share -Earnings Per Share Computation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net income (loss)	$ (3,114,860)	$ (6,177,438)	$ 376,116
Less: cumulative undeclared dividends on convertible redeemable preferred shares	(6,714,852)	(9,961,473)	(9,961,473)
Less: accretion on convertible redeemable preferred shares to redemption value	(193,465,743)	(50,714,953)	(33,234,811)
Net loss attributable to Agora, Inc.’s ordinary shareholders	$ (203,295,455)	$ (66,853,864)	$ (42,820,168)
Denominator:
Weighted average number of ordinary shares—basic and diluted (in shares)	268,849,967	115,716,392	109,141,311
Net loss per share attributable to Agora, Inc.’s ordinary shareholders—basic and diluted (in dollars per share)	$ (0.76)	$ (0.58)	$ (0.39)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Basic and Diluted Net Loss per Share - Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Preferred shares - weighted average
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	86,731,855	167,855,481	141,543,341
Share options - weighted average
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	39,846,432	26,923,735	17,280,175
Restricted share - weighted average
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	479,275	5,154,272	11,358,874
Restricted share units - weighted average
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	32,870	0	0
VPP shares – weighted average
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	39,311	0	0

Commitment and Contingencies - Schedule of Lease Maturities (Details)	Dec. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021	$ 2,913,548,000
2022	2,316,861,000
2023	1,438,938,000
2024	106,163,000
2025	0
Total	$ 6,775,510,000

Commitment and Contingencies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 2,303,599	$ 1,424,998	$ 1,211,936

Commitment and Contingencies - Contractual Purchase Obligations (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021	$ 2,304,744

Related Party Transactions (Details) - USD ($)	3 Months Ended	12 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2020
Related Party Transaction [Line Items]
Related party transaction		$ 202,153	$ 168,349	$ 153,920
Affiliated Entity
Related Party Transaction [Line Items]
Business combination, equity interest in acquiree, percentage					10.00%
Business combination, consideration transferred		1,300,000
Payments to acquire businesses	$ 1,150,000
Acquisition consideration, shares issued (in shares)	14,935
Affiliated Entity \| Netless
Related Party Transaction [Line Items]
Related party transaction		$ 1,300,000	$ 0	$ 0

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions	Feb. 01, 2021	Jan. 27, 2021
Common Class A \| Private Placement
Subsequent Event [Line Items]
Proceeds from initial public offering	$ 250
Percentage of ownership after transaction	4.50%
Easemob
Subsequent Event [Line Items]
Business combination, consideration transferred		$ 54

Restricted Net Assets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
VIE \| Shanghai Zhaoyan Network Technology Co., Ltd. (“Zhaoyan”)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Restricted net assets for subsidiaries	$ 21,035,648	$ 22,691,472