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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 11/21/23 Ideanomics, Inc. 10-Q 9/30/23 88:11M Workiva Inc Wde… FA01/FA |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 2.13M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 29K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 29K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 26K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 26K 11: R1 Cover HTML 78K 12: R2 Condensed Consolidated Balance Sheets (Unaudited) HTML 201K 13: R3 Condensed Consolidated Balance Sheets (Unaudited) HTML 56K (Parentheticals) 14: R4 Condensed Consolidated Statements of Operations HTML 177K (Unaudited) 15: R5 Condensed Consolidated Statements of Comprehensive HTML 54K Loss (Unaudited) 16: R6 Condensed Consolidated Statements of Comprehensive HTML 29K Loss (Unaudited) (Parentheticals) 17: R7 Condensed Consolidated Statement of Equity HTML 195K (Unaudited) 18: R8 Condensed Consolidated Statement of Equity HTML 28K (Unaudited) (Parentheticals) 19: R9 Condensed Consolidated Statements of Cash Flows HTML 214K (Unaudited) 20: R10 Summary of Significant Accounting Policies HTML 191K 21: R11 New Accounting Pronouncements HTML 38K 22: R12 Revenue HTML 62K 23: R13 Acquisitions and Divestitures HTML 98K 24: R14 Restructuring HTML 38K 25: R15 Property and Equipment, net HTML 39K 26: R16 Goodwill and Intangible Assets HTML 86K 27: R17 Debt HTML 74K 28: R18 Convertible Preferred Stock HTML 35K 29: R19 Related Party Transactions HTML 49K 30: R20 Share-Based Compensation HTML 66K 31: R21 Net Loss Per Common Share HTML 61K 32: R22 Income Taxes HTML 33K 33: R23 Commitments and Contingencies HTML 40K 34: R24 Contingent Consideration HTML 78K 35: R25 Subsequent Events HTML 29K 36: R26 Summary of Significant Accounting Policies HTML 56K (Policies) 37: R27 Summary of Significant Accounting Policies HTML 173K (Tables) 38: R28 Revenue (Tables) HTML 57K 39: R29 Acquisitions and Divestitures (Tables) HTML 88K 40: R30 Restructuring (Tables) HTML 35K 41: R31 Property and Equipment, net (Tables) HTML 38K 42: R32 Goodwill and Intangible Assets (Tables) HTML 95K 43: R33 Debt (Tables) HTML 57K 44: R34 Related Party Disclosures (Tables) HTML 29K 45: R35 Share-Based Compensation (Tables) HTML 62K 46: R36 Net Loss Per Common Share (Tables) HTML 62K 47: R37 Contingent Consideration (Tables) HTML 79K 48: R38 Summary of Significant Accounting Policies - HTML 98K Narrative (Details) 49: R39 Summary of Significant Accounting Policies - HTML 66K Schedule of Operating Results of Discontinued Operations (Details) 50: R40 Summary of Significant Accounting Policies - HTML 100K Schedule of Assets and Liabilities of Discontinued Operations (Details) 51: R41 Summary of Significant Accounting Policies - HTML 189K Schedule of Balance Sheet Excluding Held for Sale Businesses (Details) 52: R42 Summary of Significant Accounting Policies - HTML 37K Schedule of Inventory (Details) 53: R43 New Accounting Pronouncements (Details) HTML 72K 54: R44 Revenue (Details) HTML 61K 55: R45 Acquisitions and Divestitures - Narrative HTML 129K (Details) 56: R46 Acquisitions and Divestitures - Provisional HTML 101K Estimates of Assets Acquired and Liabilities Assumed (Details) 57: R47 Acquisitions and Divestitures - Pro Forma HTML 30K Financial Information (Details) 58: R48 Acquisitions and Divestitures - Estimated HTML 45K Amortization Expense (Details) 59: R49 Restructuring - Narrative (Details) HTML 34K 60: R50 Restructuring - Schedule of Restructuring Charges HTML 33K (Details) 61: R51 Property and Equipment, net (Details) HTML 50K 62: R52 Goodwill and Intangible Assets - Narrative HTML 34K (Details) 63: R53 Goodwill and Intangible Assets - Schedule of HTML 39K Goodwill (Details) 64: R54 Goodwill and Intangible Assets - Schedule of HTML 68K Amortizing and Indefinite-lived Intangible Assets (Details) 65: R55 Goodwill and Intangible Assets - Schedule of HTML 40K Estimated Amortization Expense Related to Intangible Assets (Details) 66: R56 Debt - Schedule of Outstanding Promissory Notes HTML 79K (Details) 67: R57 Debt - Narrative (Details) HTML 137K 68: R58 Convertible Preferred Stock (Details) HTML 81K 69: R59 Related Party Transactions - Narrative (Details) HTML 130K 70: R60 Related Party Transactions - Lease Agreement HTML 40K (Details) 71: R61 Share-Based Compensation - Narrative (Details) HTML 84K 72: R62 Share-Based Compensation - Schedule of Stock HTML 74K Option Activity (Details) 73: R63 Share-Based Compensation - Schedule of Assumptions HTML 48K Used to Estimate the Fair Value (Details) 74: R64 Share-Based Compensation - Schedule of Warrants HTML 33K Outstanding and Exercisable (Details) 75: R65 Net Loss Per Common Share - Schedule of Basic and HTML 85K Diluted Loss Per Common Share (Details) 76: R66 Net Loss Per Common Share - Schedule of HTML 45K Computation of Diluted Loss Per Share (Details) 77: R67 Income Taxes (Details) HTML 52K 78: R68 Commitments and Contingencies (Details) HTML 54K 79: R69 Contingent Consideration - Schedule of Financial HTML 58K Instruments Measured at Fair Value on a Recurring Basis (Details) 80: R70 Contingent Consideration - Schedule of Significant HTML 56K Inputs and Assumptions (Details) 81: R71 Contingent Consideration - Narrative (Details) HTML 33K 82: R72 Contingent Consideration - Schedule of HTML 36K Reconciliation of Level 3 Fair Value Measurements (Details) 83: R73 Subsequent Events (Details) HTML 53K 86: XML IDEA XML File -- Filing Summary XML 160K 84: XML XBRL Instance -- idex-20230930_htm XML 2.65M 85: EXCEL IDEA Workbook of Financial Report Info XLSX 204K 7: EX-101.CAL XBRL Calculations -- idex-20230930_cal XML 311K 8: EX-101.DEF XBRL Definitions -- idex-20230930_def XML 1.08M 9: EX-101.LAB XBRL Labels -- idex-20230930_lab XML 2.37M 10: EX-101.PRE XBRL Presentations -- idex-20230930_pre XML 1.46M 6: EX-101.SCH XBRL Schema -- idex-20230930 XSD 220K 87: JSON XBRL Instance as JSON Data -- MetaLinks 647± 1.01M 88: ZIP XBRL Zipped Folder -- 0001628280-23-039768-xbrl Zip 488K
idex-20230930 |
i Nevada | i 20-1778374 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class: | Trading Symbol(s) | Name of each exchange on which registered: | ||||||||||||
i Common stock, $0.001 par value per share | i IDEX | The i Nasdaq Capital Market |
Large accelerated filer | ☐ | i Accelerated filer | ☒ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | ||||||||
Emerging growth company | i ☐ |
FINANCIAL INFORMATION | ||||||||
OTHER INFORMATION | ||||||||
2010 Plan | refers to the 2010 Stock Incentive Plan. | ||||
Acuitas | refers to Acuitas Capital, LLC. | ||||
AI | refers to artificial intelligence. | ||||
ASC 205 | refers to Accounting Standards Codification Topic 205, Presentation of Financial Statements. | ||||
ASC 606 | refers to Accounting Standards Codification Topic 606, Revenue From Contracts
With Customers. | ||||
ASC 718 | refers to Accounting Standards Codification Topic 718, Stock Compensation. | ||||
ASC 820 | refers to Accounting Standards Codification Topic 820, Fair Value Measurement. | ||||
ASEAN | refers to the Association of Southeast Asian Nations. | ||||
ASU 2016-13 | refers to Accounting Standards Update 2016-13, Financial Instruments-Credit Losses (Topic 326). | ||||
ASU 2021-08 | refers to Accounting Standards Update 2021-08, Business Combinations (Topic 805). | ||||
BEV | refers to battery electric vehicles. | ||||
Board | refers to the Company's Board of Directors. | ||||
CaaS | refers to Charging as a Service. | ||||
Cantor | refers to Cantor Fitzgerald, LLC | ||||
CapEx | refers to funds used by a company to acquire, upgrade, and maintain physical assets. | ||||
China | refers to the People’s Republic of China. | ||||
Chinese | refers to the People’s Republic of China. | ||||
COVID-19 | refers to Coronavirus 2019. | ||||
DBOT | refers to the Delaware Board of Trade Holdings, Inc. which is holding company for the Company’s FINRA Registered Broker Dealer. The Company owns 99% of the share capital Delaware Board of Trade Holdings, Inc. On September 20, 2021 the name was changed to Justly Holdings Inc. (JUSTLY). | ||||
Dr. Wu | refers to Dr. Bruno Wu, the former Chairman of the Company as of December 31, 2020. | ||||
Energica | refers to Energica Motor Company, S.p.A., manufacturer of high-performance electric motorcycles. | ||||
EV | refers to electric vehicles, particularly battery operated electric vehicles. | ||||
Exchange Act | refers to the Securities Exchange Act of 1934, as amended. | ||||
FASB | refers to the Financial Accounting Standards Board. | ||||
FCEV | refers to fuel cell electric vehicles. | ||||
Fiducia | refers to Fiducia Real Estate Solutions, Inc. | ||||
FINRA | refers to the Financial Industry Regulatory Authority. | ||||
Fintech | refers to financial technology. | ||||
FNL | refers to FNL Technologies, Inc., the owner and operator of the social media platform Hoo.be. | ||||
Glory | refers to Glory Connection Sdn. Bhd. | ||||
Hong Kong | refers to the Hong Kong Special Administrative Region of the People’s Republic of China. | ||||
Ideanomics China | refers to the company's China division. | ||||
JUSTLY | refers to the company formerly known as DBOT - Delaware Board of Trade Holdings, Inc. which is holding company for the Company’s FINRA Registered Broker Dealer. The Company owns 99% of the share capital Delaware Board of Trade Holdings, Inc. On September 20, 2021 the name was changed to Justly Holdings Inc. (JUSTLY). | ||||
MaaS | refers to Mobility as a Service. | ||||
OpEx | refers to the day-to-day operating expenses of a business. |
PRC | refers to the People’s Republic of China. | ||||
RMB | refers to the legal currency of the PRC. | ||||
RSU | refers to restricted stock unit | ||||
SAFE | refers to Simple Agreement for Future Equity. | ||||
SDPA | refer to Secured Debenture Purchase Agreement. | ||||
SEC | refers to the United States Securities and Exchange Commission. | ||||
SEPA | refers to Standby Equity Purchase Agreement. | ||||
SBA PPP | refers to Small Business Association Paycheck Protection Program. | ||||
Solectrac | refers to Solectrac, Inc. | ||||
SPA | refers to Securities Purchase Agreement. | ||||
SSE | refers to Seven Stars Energy PTD LTD. | ||||
SSSIG | refers to Sun Seven Stars Investment Group Limited, a British Virgin Islands corporation, an affiliate of Dr. Wu, the former Chairman of the Company. | ||||
Tillou | refers to Tilllou Management and Consulting LLC, an entity controlled by Vince McMahon, the father of Shane McMahon, Executive Chairman of the Company. | ||||
Timios | refers to Timios Holdings Corp. and its affiliates. | ||||
Tree Technologies | refers to Tree Technologies Sdn. Bhd., headquartered in Kuala Lumpur, Malaysia and through its Treeletrik brand sells EV bikes, scooters, and batteries throughout the ASEAN region. | ||||
U.S. GAAP | refers to accounting principles generally accepted in the United States of America. | ||||
US Hybrid | refers to US Hybrid Corporation. | ||||
VaaS | refers to Vehicle as a Service. | ||||
VIA | refers to VIA Motors International, Inc. a business that produces commercial battery electric skateboard architecture. | ||||
VIEs | refers to variable interest entities. | ||||
WAVE | refers to Wireless Advanced Vehicle Electrification, Inc. | ||||
YA II PN | refers to YA II PN, Ltd. |
Page | |||||
(in thousands, except share and per share data) | September 30, 2023 | December 31, 2022 | |||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | i 1,884 | $ | i 3,245 | |||||||
Accounts receivable, net | i 3,066 | i 4,269 | |||||||||
Contract assets | i 1,926 | i 3,579 | |||||||||
Amount due from related parties | i 90 | i 90 | |||||||||
Notes receivable from third parties, net | i 41 | i 31,653 | |||||||||
Inventory, net | i 16,781 | i 23,192 | |||||||||
Prepaid expenses | i 6,863 | i 9,618 | |||||||||
Other current assets | i 5,046 | i 5,096 | |||||||||
Current assets of discontinued operations | i 10,463 | i 33,296 | |||||||||
Total current assets | i 46,160 | i 114,038 | |||||||||
Property and equipment, net | i 11,128 | i 7,845 | |||||||||
Intangible assets, net | i 39,980 | i 43,622 | |||||||||
Goodwill | i 37,254 | i 37,775 | |||||||||
Operating lease right of use assets | i 10,814 | i 10,533 | |||||||||
Long-term investments | i — | i 7,500 | |||||||||
Other non-current assets | i 2,866 | i 2,276 | |||||||||
Non-current assets of discontinued operations | i 3,082 | i 19,212 | |||||||||
Total assets | $ | i 151,284 | $ | i 242,801 | |||||||
LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK, AND EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | i 56,271 | $ | i 25,448 | |||||||
Accrued salaries | i 4,119 | i 6,851 | |||||||||
Accrued expenses | i 2,436 | i 2,674 | |||||||||
Deferred revenue | i 2,900 | i 2,105 | |||||||||
Amount due to related parties | i 1,942 | i 1,927 | |||||||||
Current portion of operating lease liabilities | i 2,828 | i 2,031 | |||||||||
Promissory note due to related party | i 2,286 | i 2,021 | |||||||||
Promissory note due to third parties | i 7,957 | i 5,814 | |||||||||
Convertible note due to third party | i 6,149 | i 3,928 | |||||||||
Current contingent consideration | i 78 | i 867 | |||||||||
Other current liabilities | i 14,874 | i 9,288 | |||||||||
Current liabilities of discontinued operations | i 7,499 | i 13,909 | |||||||||
Total current liabilities | i 109,339 | i 76,863 | |||||||||
Promissory note due to third parties | i 1,673 | i 1,957 | |||||||||
Operating lease liabilities - long term | i 11,244 | i 8,566 | |||||||||
Deferred tax liabilities | i 2,841 | i 2,511 | |||||||||
Other long-term liabilities | i 1,116 | i 1,131 | |||||||||
Non-current liabilities of discontinued operations | i 1,938 | i 5,210 | |||||||||
Total liabilities | i 128,151 | i 96,238 | |||||||||
Commitments
and contingencies (Note 14) | i | i | |||||||||
Convertible redeemable preferred stock | |||||||||||
Series
A - i i i i 7,000,000 / / /
shares issued and outstanding, liquidation and deemed liquidation preference of $ i i 3,500,000 /
as of September 30, 2023 and December 31, 2022 | i 1,262 | i 1,262 | |||||||||
Series
B - i i 50,000,000.00 / shares authorized, i 20,000,000
and i 10,000,000 shares issued and i 2,105,200 and i 10,000,000
shares outstanding as of September 30, 2023 and December 31, 2022, respectively | i 1,863 | i 8,850 | |||||||||
Series
C - i i 2,000,000 / shares authorized, i 1,159,276
and i 0 shares issued and i 608,680 and i 0
shares outstanding as of September 30, 2023 and December 31, 2022, respectively | i 4,825 | i — | |||||||||
Equity | |||||||||||
Common
stock - $ i i 0.001 / par value; i i 12,000,000 /
shares authorized, i 11,992,765 and i 4,786,290 shares issued and i 11,923,955
and i 4,786,290 shares outstanding as of September 30, 2023 and December 31, 2022, respectively | i 1,499 | i 597 | |||||||||
Additional paid-in capital | i 1,071,219 | i 1,004,082 | |||||||||
Accumulated deficit | ( i 1,049,603) | ( i 866,450) | |||||||||
Accumulated other comprehensive loss | ( i 6,684) | ( i 6,104) | |||||||||
Total Ideanomics, Inc. stockholders' equity | i 16,431 | i 132,125 | |||||||||
Non-controlling interest | ( i 1,248) | i 4,326 | |||||||||
Total equity | i 15,183 | i 136,451 | |||||||||
Total liabilities, convertible redeemable preferred stock, and equity | $ | i 151,284 | $ | i 242,801 |
(in thousands, except per share data) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue from sales of products | $ | i 583 | $ | i 7,625 | $ | i 11,038 | $ | i 17,428 | |||||||||||||||
Revenue from sales of services | i 19 | i 426 | i 99 | i 1,205 | |||||||||||||||||||
Other revenue | i 63 | i 170 | i 506 | i 310 | |||||||||||||||||||
Total revenue | i 665 | i 8,221 | i 11,643 | i 18,943 | |||||||||||||||||||
Cost
of revenue from sales of products | i 1,047 | i 8,712 | i 11,841 | i 17,834 | |||||||||||||||||||
Cost of revenue from sales of services | i 255 | i 110 | i 451 | i 829 | |||||||||||||||||||
Cost of other revenue | i 816 | i 56 | i 1,639 | i 198 | |||||||||||||||||||
Total cost of revenue | i 2,118 | i 8,878 | i 13,931 | i 18,861 | |||||||||||||||||||
Gross (loss) profit | ( i 1,453) | ( i 657) | ( i 2,288) | i 82 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling, general and administrative expenses | i 8,146 | i 31,024 | i 69,830 | i 91,604 | |||||||||||||||||||
Research and development expense | i 1,540 | i 830 | i 9,563 | i 2,420 | |||||||||||||||||||
Asset impairments | i 104,386 | i 298 | i 142,370 | i 699 | |||||||||||||||||||
Goodwill impairments | i 10,712 | i — | i 10,712 | i — | |||||||||||||||||||
Depreciation and amortization | i 5,635 | i 1,652 | i 15,399 | i 4,011 | |||||||||||||||||||
Change in fair value of contingent consideration, net | ( i 61,469) | i — | ( i 74,416) | ( i 131) | |||||||||||||||||||
Other general expenses | ( i 261) | i — | i 89 | i — | |||||||||||||||||||
Total operating expenses | i 68,689 | i 33,804 | i 173,547 | i 98,603 | |||||||||||||||||||
Loss from operations | ( i 70,142) | ( i 34,461) | ( i 175,835) | ( i 98,521) | |||||||||||||||||||
Interest and other income (expense): | |||||||||||||||||||||||
Interest income | i — | i 941 | i 401 | i 2,522 | |||||||||||||||||||
Interest expense | ( i 1,366) | ( i 222) | ( i 2,636) | ( i 1,256) | |||||||||||||||||||
Gain on remeasurement of investment | i — | i — | i — | i 10,965 | |||||||||||||||||||
Loss on disposal of investment | ( i 1,153) | ( i 30) | ( i 1,153) | ( i 218) | |||||||||||||||||||
Other income, net | i 9,560 | i 567 | i 11,598 | i 1,143 | |||||||||||||||||||
Loss before income taxes | ( i 63,101) | ( i 33,205) | ( i 167,625) | ( i 85,365) | |||||||||||||||||||
Income tax benefit | i 876 | i 312 | i 4,258 | i 742 | |||||||||||||||||||
Impairment of and equity in loss of equity method investees | i — | ( i 429) | i — | ( i 2,357) | |||||||||||||||||||
Net loss from continuing operations | ( i 62,225) | ( i 33,322) | ( i 163,367) | ( i 86,980) | |||||||||||||||||||
Net loss from discontinued operations, net of tax | ( i 2,368) | ( i 5,531) | ( i 24,206) | ( i 20,237) | |||||||||||||||||||
Net loss | ( i 64,593) | ( i 38,853) | ( i 187,573) | ( i 107,217) | |||||||||||||||||||
Net loss attributable to non-controlling interest | i 1,586 | i 1,439 | i 4,753 | i 3,525 | |||||||||||||||||||
Net loss attributable to Ideanomics, Inc. common shareholders | $ | ( i 63,007) | $ | ( i 37,414) | $ | ( i 182,820) | $ | ( i 103,692) | |||||||||||||||
Basic and diluted loss per share from continuing operations | $ | ( i i 5.19 / ) | $ | ( i i 8.07 / ) | $ | ( i i 17.07 / ) | $ | ( i i 21.02 / ) | |||||||||||||||
Basic and diluted loss per share from discontinued operations | $ | ( i i 0.20 / ) | $ | ( i i 1.40 / ) | $ | ( i i 2.61 / ) | $ | ( i i 5.10 / ) | |||||||||||||||
Basic and diluted loss per share | $ | ( i i 5.39 / ) | $ | ( i i 9.47 / ) | $ | ( i i 19.68 / ) | $ | ( i i 26.11 / ) | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic and diluted | i i 11,692,394 / | i i 3,952,490 / | i i 9,291,974 / | i i 3,971,139 / | |||||||||||||||||||
(in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net loss | $ | ( i 64,593) | $ | ( i 38,853) | $ | ( i 187,573) | $ | ( i 107,217) | |||||||||||||||
Other
comprehensive income, net of i i i i nil / / /
tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | ( i 1,963) | ( i 8,127) | ( i 1,138) | ( i 15,930) | |||||||||||||||||||
Comprehensive loss | ( i 66,556) | ( i 46,980) | ( i 188,711) | ( i 123,147) | |||||||||||||||||||
Comprehensive loss attributable to non-controlling interest | i 2,050 | i 3,075 | i 5,311 | i 6,756 | |||||||||||||||||||
Comprehensive loss attributable to Ideanomics, Inc. common shareholders | $ | ( i 64,506) | $ | ( i 43,905) | $ | ( i 183,400) | $ | ( i 116,391) |
Nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Par Value | Additional Paid-in Capital | Treasury Stock | Retained Earnings/ Accumulated (Deficit) | Accumulated Other Comprehensive Loss | Ideanomics Shareholders’ equity | Non- controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2022 | i 3,978,180 | $ | i 497 | $ | i 968,066 | $ | i — | $ | ( i 605,758) | $ | i 222 | $ | i 363,027 | $ | i 2,341 | $ | i 365,368 | ||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | i 2,355 | — | — | — | i 2,355 | — | i 2,355 | ||||||||||||||||||||||||||||||||||||||||||||
Common stock issuance for professional fee | i 2,800 | i 1 | i 434 | — | — | — | i 435 | — | i 435 | ||||||||||||||||||||||||||||||||||||||||||||
Tax withholding paid for net share settlement of equity awards | — | — | ( i 83) | — | — | — | ( i 83) | — | ( i 83) | ||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under employee stock incentive plan | i 1,000 | — | i 66 | — | — | — | i 66 | — | i 66 | ||||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of subsidiary | — | — | — | — | — | — | — | ( i 236) | ( i 236) | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition
of subsidiaries | — | — | — | — | — | — | — | i 24,778 | i 24,778 | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( i 28,512) | — | ( i 28,512) | ( i 580) | ( i 29,092) | ||||||||||||||||||||||||||||||||||||||||||||
Foreign
currency translation adjustments, net of i nil tax | — | — | — | — | — | i 925 | i 925 | i 284 | i 1,209 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March, 31, 2022 | i 3,981,980 | i 498 | i 970,838 | i — | ( i 634,270) | i 1,147 | i 338,213 | i 26,587 | i 364,800 | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | i 2,863 | — | — | — | i 2,863 | — | i 2,863 | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition
of subsidiaries | — | — | — | — | — | — | — | i 49 | i 49 | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( i 37,767) | — | ( i 37,767) | ( i 1,506) | ( i 39,273) | ||||||||||||||||||||||||||||||||||||||||||||
Foreign
currency translation adjustments, net of i nil tax | — | — | — | — | — | ( i 6,838) | ( i 6,838) | ( i 2,174) | ( i 9,012) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June, 30, 2022 | i 3,981,980 | i 498 | i 973,701 | i — | ( i 672,037) | ( i 5,691) | i 296,471 | i 22,956 | i 319,427 | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | i 2,234 | — | — | — | i 2,234 | — | i 2,234 | ||||||||||||||||||||||||||||||||||||||||||||
Common
stock issuance for professional fees | i 8,472 | i 1 | i 689 | — | — | — | i 690 | — | i 690 | ||||||||||||||||||||||||||||||||||||||||||||
Common
stock issuance for convertible note | i 187,642 | i 23 | i 7,500 | — | — | — | i 7,523 | — | i 7,523 | ||||||||||||||||||||||||||||||||||||||||||||
Shares issued for US Hybrid acquisition | ( i 53,021) | ( i 7) | ( i 4,633) | i 4,639 | — | — | ( i 1) | — | ( i 1) | ||||||||||||||||||||||||||||||||||||||||||||
Investments
from noncontrolling shareholders | — | — | — | — | — | — | — | i 264 | i 264 | ||||||||||||||||||||||||||||||||||||||||||||
Option
repurchase | — | — | ( i 11) | — | — | — | ( i 11) | — | ( i 11) | ||||||||||||||||||||||||||||||||||||||||||||
Equity
Adjustment from Foreign Currency Translation | — | — | — | — | — | ( i 1,264) | ( i 1,264) | — | ( i 1,264) | ||||||||||||||||||||||||||||||||||||||||||||
SEPA Inducement shares | i 12,000 | i 2 | i 752 | — | — | — | i 754 | — | i 754 | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( i 37,414) | — | ( i 37,414) | ( i 1,439) | ( i 38,853) | ||||||||||||||||||||||||||||||||||||||||||||
Foreign
currency translation adjustments, net of i nil tax | — | — | — | — | — | ( i 6,207) | ( i 6,207) | ( i 1,920) | ( i 8,127) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | i 4,137,074 | $ | i 517 | $ | i 980,232 | $ | i 4,639 | $ | ( i 709,451) | $ | ( i 13,162) | $ | i 262,775 | $ | i 19,861 | $ | i 282,636 |
Nine months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Par Value | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Ideanomics Shareholders’ equity | Non- controlling Interest | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2023 | i 4,781,930 | $ | i 597 | $ | i 1,004,082 | $ | ( i 866,450) | $ | ( i 6,104) | $ | i 132,125 | $ | i 4,326 | $ | i 136,451 | ||||||||||||||||||||||||||||||||||||||||||||
Cumulative
effect of changes in accounting principle | — | — | — | ( i 332) | — | ( i 332) | — | ( i 332) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | i 2,470 | — | — | i 2,470 | — | i 2,470 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend accrued for Preferred Stock Series B | — | — | ( i 214) | — | — | ( i 214) | — | ( i 214) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock series B warrants | — | — | ( i 17,402) | — | — | ( i 17,402) | — | ( i 17,402) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issuance for acquisition | i 1,011,372 | i 126 | i 26,182 | — | — | i 26,308 | — | i 26,308 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issuance for professional fee | i 234,239 | i 29 | i 3,348 | — | — | i 3,377 | — | i 3,377 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Tax withholding paid for net share settlement of equity awards | i 21,359 | i 3 | ( i 357) | — | — | ( i 354) | — | ( i 354) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issuance for preferred stock Series B conversion | i 392,157 | i 49 | i 8,801 | — | — | i 8,850 | — | i 8,850 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Share issuance pertinent to SEPA | i 885,733 | i 111 | i 15,046 | — | — | i 15,157 | — | i 15,157 | |||||||||||||||||||||||||||||||||||||||||||||||||||
RSUs issued to employees | i 4,800 | i 1 | ( i 1) | — | — | — | — | i — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( i 84,317) | — | ( i 84,317) | ( i 1,575) | ( i 85,892) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign
currency translation adjustments, net of i nil tax | — | — | — | — | i 1,056 | i 1,056 | i 305 | i 1,361 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | i 7,331,590 | i 916 | i 1,041,955 | ( i 951,099) | ( i 5,048) | i 86,724 | i 3,056 | i 89,780 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | i 1,816 | — | — | i 1,816 | — | i 1,816 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend accrued for preferred stock | — | — | ( i 130) | — | — | ( i 130) | — | ( i 130) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issuance for series B preferred stock conversion | i 280,422 | i 35 | i 3,505 | — | — | i 3,540 | — | i 3,540 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issuance for warrants exercise | i 3,191,555 | i 399 | i 17,117 | — | — | i 17,516 | — | i 17,516 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants expiration | — | — | i 1,037 | — | — | i 1,037 | — | i 1,037 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issuance for professional fee | i 173,542 | i 22 | i 1,036 | — | — | i 1,058 | — | i 1,058 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Share issuance pertain to SEPA | i 167,600 | i 21 | i 876 | — | — | i 897 | — | i 897 | |||||||||||||||||||||||||||||||||||||||||||||||||||
RSU issued to employees | i 120,000 | i 15 | i 1,485 | — | — | i 1,500 | — | i 1,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling shareholders withdraw | — | — | — | — | — | — | ( i 263) | ( i 263) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( i 35,497) | — | ( i 35,497) | ( i 1,592) | ( i 37,089) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign
currency translation adjustments, net of i nil tax | — | — | — | — | ( i 137) | ( i 137) | ( i 399) | ( i 536) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | i 11,264,709 | i 1,408 | i 1,068,697 | ( i 986,596) | ( i 5,185) | i 78,324 | i 802 | i 79,126 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | i 720 | — | — | i 720 | — | i 720 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend accrued for preferred stock | — | — | ( i 84) | — | — | ( i 84) | — | ( i 84) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issuance for series B preferred stock conversion | i 728,056 | i 91 | i 3,356 | — | — | i 3,447 | — | i 3,447 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common
stock reservation for acquisition | — | — | ( i 1,470) | — | — | ( i 1,470) | — | ( i 1,470) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( i 63,007) | — | ( i 63,007) | ( i 1,586) | ( i 64,593) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign
currency translation adjustments, net of i nil tax | — | — | — | — | ( i 1,499) | ( i 1,499) | ( i 464) | ( i 1,963) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | i 11,992,765 | $ | i 1,499 | $ | i 1,071,219 | $ | ( i 1,049,603) | $ | ( i 6,684) | $ | i 16,431 | $ | ( i 1,248) | $ | i 15,183 |
(in thousands) | Nine Months Ended | ||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | ( i 187,573) | $ | ( i 107,217) | |||||||
Net loss from discontinued operations | ( i 24,206) | ( i 20,237) | |||||||||
Net loss from continuing operations | ( i 163,367) | ( i 86,980) | |||||||||
Adjustments to reconcile net loss to net cash used in operating activities | |||||||||||
Share-based compensation expense | i 6,505 | i 7,453 | |||||||||
Depreciation and amortization | i 16,160 | i 4,011 | |||||||||
Obsolescence of inventory | i — | i 49 | |||||||||
Noncash lease expense | i 1,627 | i 1,412 | |||||||||
Non-cash
interest expense (income) | i 1,458 | ( i 2,265) | |||||||||
Allowance for doubtful accounts | ( i 76) | i 559 | |||||||||
Income tax benefit | ( i 4,258) | ( i 742) | |||||||||
Issuance of common stock for professional fees | i 4,416 | i 1,766 | |||||||||
Other (income) expense | i 150 | ( i 453) | |||||||||
Change in fair value of contingent consideration | ( i 74,416) | ( i 131) | |||||||||
Impairment losses | i 153,084 | i 700 | |||||||||
Foreign currency exchange losses | i 52 | i 2,096 | |||||||||
Impairment of and equity in losses of equity method investees | i — | i 2,357 | |||||||||
Loss
(gain) on disposal of subsidiary | ( i 2,869) | i 180 | |||||||||
Gain on remeasurement of investment | i — | ( i 10,965) | |||||||||
Change in assets and liabilities (net of amounts acquired): | |||||||||||
Accounts receivable | i 1,002 | ( i 1,996) | |||||||||
Inventory | i 6,461 | ( i 10,602) | |||||||||
Prepaid expenses and other assets | i 2,506 | ( i 4,335) | |||||||||
Accounts payable | i 17,100 | i 11,962 | |||||||||
Deferred revenue | i 692 | ( i 653) | |||||||||
Amount due to related parties | i 14 | ( i 130) | |||||||||
Accrued expenses, salary and other current liabilities | ( i 353) | ( i 7,074) | |||||||||
Net cash used in operating activities from continuing operations | ( i 34,112) | ( i 93,781) | |||||||||
Net cash used in operating activities from discontinued operations | ( i 10,652) | ( i 15,506) | |||||||||
Net cash used in operating activities | ( i 44,764) | ( i 109,287) | |||||||||
Cash flows from investing activities: | |||||||||||
Acquisition of property and equipment | i — | ( i 6,995) | |||||||||
Acquisition of intangible asset | i — | ( i 563) | |||||||||
Disposal of subsidiaries, net of cash disposed | i — | ( i 417) | |||||||||
Acquisition of subsidiaries, net of cash acquired | i 831 | ( i 54,889) | |||||||||
Proceeds from selling available for sales securities | i 2,078 | i 4,032 | |||||||||
Investment in debt securities | ( i 2,900) | ( i 27,646) | |||||||||
Investments in long-term investment | i — | ( i 274) | |||||||||
Proceed
from selling long-term investment | i — | i 659 | |||||||||
Notes receivable from related party | i — | ( i 1,000) | |||||||||
Investment in available for sales securities | i — | ( i 165) | |||||||||
Net cash provided by (used in) investing activities from continuing operations | i 9 | ( i 87,258) | |||||||||
Net cash used in investing activities from discontinued operations | ( i 2,856) | ( i 3,590) | |||||||||
Net cash used in investing activities | ( i 2,847) | ( i 90,848) | |||||||||
Cash flows from financing activities |
Proceeds from issuance of shares, stock options and warrants | i 4,026 | ( i 11) | |||||||||
Proceeds from issuance of convertible notes | i 7,650 | i — | |||||||||
Proceeds from issuance of preferred stock | i 9,850 | i — | |||||||||
Borrowings from related parties | i 2,070 | i — | |||||||||
Borrowings from third parties | i 8,700 | i 297 | |||||||||
Proceeds from revolving line of credit | i 5,973 | i — | |||||||||
Repayments to third parties | ( i 1,439) | ( i 2,019) | |||||||||
Principal payments on revolving line of credit | ( i 7,031) | i — | |||||||||
Repayment of convertible notes | i — | ( i 40,833) | |||||||||
Proceeds from noncontrolling interest shareholder | i — | i 49 | |||||||||
Tax withholding paid for net share settlement of equity awards | i — | ( i 84) | |||||||||
Payment of finance lease obligations | ( i 27) | ( i 160) | |||||||||
Repayments to related parties | ( i 2,070) | i — | |||||||||
Net cash provided by (used in) financing activities from continuing operations | i 27,702 | ( i 42,761) | |||||||||
Net cash provided by financing activities from discontinued operations | i 4,217 | ( i 27) | |||||||||
Net cash provided by (used in) financing activities | i 31,919 | ( i 42,788) | |||||||||
Effect of exchange rate changes on cash | ( i 42) | ( i 1,755) | |||||||||
Net
decrease in cash and cash equivalents | ( i 15,734) | ( i 244,678) | |||||||||
Cash, beginning of period - continuing operations | i 3,245 | i 233,184 | |||||||||
Cash, beginning of period - discontinued operations | i 18,684 | i 36,679 | |||||||||
Total cash, beginning of period | i 21,929 | i 269,863 | |||||||||
Cash, end of period - continuing operations | i 1,884 | i 5,062 | |||||||||
Cash, end of period - discontinued operations | i 4,311 | i 20,123 | |||||||||
Total cash, end of period | $ | i 6,195 | $ | i 25,185 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for income tax | $ | i — | $ | i — | |||||||
Cash paid for interest | $ | i 485 | $ | i 1,383 | |||||||
Issuance of shares for acquisition | $ | i 26,308 | $ | i — | |||||||
Issuance of shares for repayment of convertible note and accrued interest | $ | i 16,054 | $ | i 7,523 | |||||||
Purchases of property and equipment with unpaid costs accrued in accounts payable | $ | i 868 | $ | i — | |||||||
Purchases of intangibles with unpaid costs accrued in accounts payable | $ | i 40 | $ | i — | |||||||
Issuance of shares for preferred stock conversion | $ | i 15,837 | $ | i — | |||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | i 693 | $ | i — | |||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Total revenue | $ | i 1,820 | $ | i 16,057 | $ | i 15,043 | $ | i 64,928 | |||||||||||||||
Cost of revenue | i 2,010 | i 16,059 | i 13,200 | i 64,160 | |||||||||||||||||||
Gross profit | ( i 190) | ( i 2) | i 1,843 | i 768 | |||||||||||||||||||
Selling and administrative expenses | i 3,831 | i 6,686 | i 15,918 | i 21,951 | |||||||||||||||||||
Depreciation and amortization | i 35 | i 619 | i 433 | i 1,827 | |||||||||||||||||||
Asset impairments | i 1,133 | i 80 | i 10,575 | i 331 | |||||||||||||||||||
Other operating costs | i 20 | i 21 | i 40 | i 167 | |||||||||||||||||||
Operating loss | ( i 5,209) | ( i 7,408) | ( i 25,123) | ( i 23,508) | |||||||||||||||||||
Non-operating income (expense) | i 2,841 | i 1,789 | i 796 | i 3,088 | |||||||||||||||||||
Income tax benefit | i — | i 88 | i 121 | i 183 | |||||||||||||||||||
Loss from discontinued operations, net of tax | $ | ( i 2,368) | $ | ( i 5,531) | $ | ( i 24,206) | $ | ( i 20,237) |
September 30, 2023 | December 31, 2022 | ||||||||||
Cash and cash equivalents | $ | i 4,311 | $ | i 18,683 | |||||||
Accounts Receivables, net | i 897 | i 1,587 | |||||||||
Inventory, net | i 4,160 | i 5,054 | |||||||||
Prepaid expenses and other current assets | i 1,095 | i 7,972 | |||||||||
Current assets of discontinued operations | $ | i 10,463 | $ | i 33,296 | |||||||
Property and equipment, net | i 236 | i 1,227 | |||||||||
Intangible assets, net | i 7 | i 9,147 | |||||||||
Operating lease right of use assets | i 2,465 | i 5,446 | |||||||||
Other noncurrent assets | i 374 | i 3,392 | |||||||||
Noncurrent assets of discontinued operations | $ | i 3,082 | $ | i 19,212 | |||||||
Accounts payable and accrued expenses | $ | i 3,066 | $ | i 8,741 | |||||||
Current portion of operating lease liabilities | i 962 | i 2,051 | |||||||||
Other current liabilities | i 3,471 | i 3,117 | |||||||||
Current liabilities of discontinued operations | $ | i 7,499 | $ | i 13,909 | |||||||
Operating lease liabilities – long term | i 1,532 | i 3,707 | |||||||||
Deferred tax liabilities | i — | i 489 | |||||||||
Other noncurrent liabilities | i 406 | i 1,014 | |||||||||
Noncurrent liabilities of discontinued operations | $ | i 1,938 | $ | i 5,210 |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Total revenue | $ | i 637 | $ | i 8,172 | $ | i 11,477 | $ | i 18,887 | |||||||||||||||
Cost of revenue | i 2,110 | i 8,870 | i 13,893 | i 18,842 | |||||||||||||||||||
Gross profit | ( i 1,473) | ( i 698) | ( i 2,416) | i 45 | |||||||||||||||||||
Selling and administrative expenses | i 5,372 | i 9,766 | i 21,488 | i 25,836 | |||||||||||||||||||
Depreciation and amortization | i 1,380 | i 1,428 | i 4,045 | i 3,389 | |||||||||||||||||||
Asset impairments | i — | ( i 321) | i 148 | i 12 | |||||||||||||||||||
Other operating costs | i 531 | i 830 | i 2,089 | i 2,250 | |||||||||||||||||||
Operating loss | $ | ( i 8,756) | $ | ( i 12,401) | $ | ( i 30,186) | $ | ( i 31,442) |
September 30, 2023 | December 31, 2022 | ||||||||||
Cash and cash equivalents | $ | i 1,498 | $ | i 2,142 | |||||||
Accounts Receivables, net | i 3,052 | i 4,239 | |||||||||
Inventory, net | i 16,776 | i 23,192 | |||||||||
Prepaid expenses and other current assets | i 8,696 | i 13,973 | |||||||||
Current assets of businesses held for sale | $ | i 30,022 | $ | i 43,546 | |||||||
Property and equipment, net | $ | i 8,216 | $ | i 7,063 | |||||||
Intangible assets, net | i 39,918 | i 43,597 | |||||||||
Goodwill | i 37,254 | i 37,775 | |||||||||
Operating lease right of use assets | i 6,304 | i 7,017 | |||||||||
Other noncurrent assets | i 2,392 | i 2,115 | |||||||||
Noncurrent assets of businesses held for sale | $ | i 94,084 | $ | i 97,567 | |||||||
Accounts payable and accrued expenses | $ | i 17,746 | $ | i 18,941 | |||||||
Current portion of operating lease liabilities | i 1,026 | i 1,213 | |||||||||
Other current liabilities | i 22,486 | i 17,184 | |||||||||
Current liabilities of businesses held for sale | $ | i 41,258 | $ | i 37,338 | |||||||
Operating lease liabilities – long term | $ | i 5,546 | $ | i 5,904 | |||||||
Deferred tax liabilities | i 2,528 | i 2,648 | |||||||||
Other noncurrent liabilities | i 2,790 | i 3,088 | |||||||||
Noncurrent liabilities of businesses held for sale | $ | i 10,864 | $ | i 11,640 |
September 30, 2023 | December 31, 2022 | ||||||||||
Cash and cash equivalents | $ | i 386 | $ | i 1,103 | |||||||
Accounts Receivables, net | i 14 | i 30 | |||||||||
Inventory, net | i 5 | i — | |||||||||
Prepaid expenses and other current assets | i 5,267 | i 36,062 | |||||||||
Current assets of discontinued operation and businesses held for sale | i 40,485 | i 76,843 | |||||||||
Total current assets | i 46,157 | i 114,038 | |||||||||
Property and equipment, net | i 2,911 | i 782 | |||||||||
Intangible assets, net | i 62 | i 25 | |||||||||
Operating lease right of use assets | i 4,510 | i 3,516 | |||||||||
Other noncurrent assets | i 477 | i 7,798 | |||||||||
Noncurrent assets of discontinued operation and businesses held for sale | i 97,167 | i 116,780 | |||||||||
Total assets | $ | i 151,284 | $ | i 242,939 | |||||||
Accounts payable and accrued expenses | $ | i 45,080 | $ | i 16,037 | |||||||
Current portion of operating lease liabilities | i 1,802 | i 818 | |||||||||
Other current liabilities | i 13,701 | i 8,764 | |||||||||
Current liabilities of discontinued operation and businesses held for sale | i 48,757 | i 51,247 | |||||||||
Total current liabilities | i 109,340 | i 76,866 | |||||||||
Operating lease liabilities – long term | i 5,699 | i 2,662 | |||||||||
Deferred tax liabilities | i 310 | i — | |||||||||
Noncurrent liabilities of discontinued operation and businesses held for sale | i 12,802 | i 16,848 | |||||||||
Total liabilities | i 128,151 | i 96,376 | |||||||||
Series A | i 1,262 | i 1,262 | |||||||||
Series B | i 1,863 | i 8,850 | |||||||||
Series C | i 4,825 | i — | |||||||||
Equity: | |||||||||||
Common stock | i 1,499 | i 597 | |||||||||
Additional paid-in capital | i 1,071,219 | i 1,004,082 | |||||||||
Accumulated deficit | ( i 1,049,603) | ( i 866,450) | |||||||||
Accumulated other comprehensive loss | ( i 6,684) | ( i 6,104) | |||||||||
Total Ideanomics, Inc. shareholder’s equity | i 16,431 | i 132,125 | |||||||||
Non-controlling interest | ( i 1,248) | i 4,326 | |||||||||
Total equity | i 15,183 | i 136,451 | |||||||||
Total liabilities, convertible redeemable preferred stock and equity | $ | i 151,284 | $ | i 242,939 |
September 30, 2023 | December 31, 2022 | ||||||||||
Raw materials | $ | i 7,231 | $ | i 5,674 | |||||||
Work in progress | i 10,584 | i 10,695 | |||||||||
Finished goods | i 6,167 | i 9,291 | |||||||||
Inventory Reserve | ( i 7,201) | ( i 2,468) | |||||||||
Total | $ | i 16,781 | $ | i 23,192 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September
30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Geographic Markets | |||||||||||||||||||||||
North America | $ | ( i 367) | $ | i 3,971 | $ | i 6,695 | $ | i 10,164 | |||||||||||||||
Europe | i 1,032 | i 4,250 | i 4,948 | i 8,779 | |||||||||||||||||||
Total | $ | i 665 | $ | i 8,221 | $ | i 11,643 | $ | i 18,943 | |||||||||||||||
Product or Service | |||||||||||||||||||||||
EV products | $ | ( i 1,312) | $ | i 3,170 | $ | i 2,753 | $ | i 8,066 | |||||||||||||||
EV services | i 17 | i — | i 29 | i — | |||||||||||||||||||
Electric motorcycle products and services | i 1,415 | i 4,249 | i 6,300 | i 8,779 | |||||||||||||||||||
Electric motorcycle sponsorship services | i — | i — | i 36 | i — | |||||||||||||||||||
Charging, batteries and powertrain products | i 482 | i 206 | i 1,989 | i 583 | |||||||||||||||||||
Charging, batteries and powertrain services | i — | i 426 | i 30 | i 1,205 | |||||||||||||||||||
Other revenue | i 63 | i 170 | i 506 | i 310 | |||||||||||||||||||
Total | $ | i 665 | $ | i 8,221 | $ | i 11,643 | $ | i 18,943 | |||||||||||||||
(Dollars in thousands) | January 31, 2023 | |||||||
Fair value of consideration transferred: | ||||||||
Common shares | $ | i 28,617 | ||||||
Preferred shares | i 4,825 | |||||||
SAFE note | i 581 | |||||||
Secured convertible note | i 5,165 | |||||||
Contingent consideration | i 73,627 | |||||||
Purchase price | $ | i 112,815 | ||||||
Allocated to: | ||||||||
Current assets | i 1,757 | |||||||
Property and equipment, net | i 2,315 | |||||||
Operating lease right of use assets | i 5,064 | |||||||
Intangible assets – development technology | i 104,200 | |||||||
Intangible assets – trademark and tradename | i 11,410 | |||||||
Goodwill | i 13,020 | |||||||
Other assets | i — | |||||||
Current liabilities | ( i 16,940) | |||||||
Deferred tax liability | ( i 4,227) | |||||||
Other liabilities | ( i 3,784) | |||||||
Fair value of assets acquired, less liabilities assumed | $ | i 112,815 |
January 31, 2023 | |||||
Intangible assets – development technology | i 20 | ||||
Intangible assets – trademark and tradename | i 20 | ||||
Weighted average | i 20 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||
(Amounts in thousands, except per share and share data) | ||||||||||||||||||||||||||||||||||||||
Total revenue | $ | i 665 | $ | i 8,242 | $ | i 11,644 | $ | i 19,004 | ||||||||||||||||||||||||||||||
Net loss attributable to Ideanomics, Inc. common shareholders | ( i 63,007) | ( i 57,411) | ( i 166,369) | ( i 134,115) | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | March 14, 2022 | |||||||
Cash paid at closing, including working capital estimates | $ | i 58,140 | ||||||
Fair value of previously held interest | i 22,183 | |||||||
Fair value of non-controlling interest | i 24,778 | |||||||
Purchase price | $ | i 105,101 | ||||||
Allocated to: | ||||||||
Current assets | $ | i 19,708 | ||||||
Property and equipment, net | i 1,927 | |||||||
Intangible assets –Customer relationships | i 14,226 | |||||||
Intangible assets – Development technology | i 18,603 | |||||||
Intangible assets – Trademark and trade name | i 14,496 | |||||||
Goodwill | i 60,394 | |||||||
Other assets | i 1,024 | |||||||
Current liabilities | ( i 16,894) | |||||||
Other liabilities | ( i 8,383) | |||||||
Fair value of assets acquired, less liabilities assumed | $ | i 105,101 |
March 14, 2022 | |||||
Intangible assets – customer relationships | i 13.0 | ||||
Intangible assets – development technology | i 8.0 | ||||
Intangible assets – trademark and tradename | i 25.0 | ||||
Weighted average | i 14.7 |
2023 remaining | $ | i 963 | |||
2024 | i 3,854 | ||||
2025 | i 3,854 | ||||
2026 | i 3,854 | ||||
2027 | i 3,854 | ||||
Thereafter | i 22,982 | ||||
Total | $ | i 39,361 |
Nine Months Ended | ||||||||||||||||||||
September 30, 2023 | September 30, 2022 | |||||||||||||||||||
Balance at the beginning of the period | $ | i 1,056 | $ | i — | ||||||||||||||||
Increase/(decrease) | i 608 | i — | ||||||||||||||||||
Payment | $ | ( i 349) | $ | i — | ||||||||||||||||
Balance at the end of the period | $ | i 1,314 | $ | i — |
September 30, 2023 | December 31, 2022 | ||||||||||
Furniture and office equipment | $ | i 1,627 | $ | i 1,756 | |||||||
Vehicle | i 731 | i 1,028 | |||||||||
Leasehold improvements | i 3,312 | i 3,783 | |||||||||
Shop equipment | i 4,457 | i 3,129 | |||||||||
Total property and equipment | i 10,127 | i 9,696 | |||||||||
Less: accumulated depreciation | ( i 3,165) | ( i 1,851) | |||||||||
i 6,962 | i 7,845 | ||||||||||
Construction in progress | i 4,166 | i — | |||||||||
Property and equipment, net | $ | i 11,128 | $ | i 7,845 |
Balance as of December 31, 2022 | $ | i 37,775 | |||
Impairment losses (a) | ( i 10,712) | ||||
Goodwill acquired during the year (a) | i 13,020 | ||||
Measurement period adjustments | ( i 2,308) | ||||
Effect of change in foreign currency exchange rates | ( i 521) | ||||
Balance as of September 30, 2023 | $ | i 37,254 |
September 30, 2023 | |||||||||||||||||||||||||||||
Weighted Average Remaining Useful Life (in years) | Intangible before impairment | Accumulated amortization | Accumulated impairment charge | Net balance | |||||||||||||||||||||||||
Definite lived intangible assets* | |||||||||||||||||||||||||||||
Patents, trademarks and brands | i 21.1 | $ | i 25,980 | $ | ( i 1,628) | $ | ( i 11,030) | $ | i 13,322 | ||||||||||||||||||||
Customer relationships | i 13.0 | i 13,745 | ( i 1,674) | i — | i 12,071 | ||||||||||||||||||||||||
Licenses | i 3.7 | i 105 | ( i 28) | i — | i 77 | ||||||||||||||||||||||||
Software | i 2.6 | i 132 | ( i 68) | i — | i 64 | ||||||||||||||||||||||||
Technology | i 6.5 | i 122,178 | ( i 14,401) | ( i 93,356) | i 14,421 | ||||||||||||||||||||||||
Total | i 162,140 | ( i 17,799) | ( i 104,386) | i 39,955 | |||||||||||||||||||||||||
Indefinite lived intangible assets | |||||||||||||||||||||||||||||
Website name | i 25 | — | — | i 25 | |||||||||||||||||||||||||
Total | $ | i 162,165 | $ | ( i 17,799) | $ | ( i 104,386) | $ | i 39,980 |
December 31, 2022 | ||||||||||||||||||||||||||
Gross carrying amount | Accumulated amortization | Accumulated impairment charge | Net balance | |||||||||||||||||||||||
Definite lived intangible assets* | ||||||||||||||||||||||||||
Patents, trademarks and brands | $ | i 14,734 | $ | ( i 660) | $ | i — | $ | i 14,074 | ||||||||||||||||||
Customer relationships | i 13,937 | ( i 824) | i — | i 13,113 | ||||||||||||||||||||||
Licenses | i 141 | ( i 16) | i — | i 125 | ||||||||||||||||||||||
Software | i 2,981 | ( i 667) | ( i 2,299) | i 15 | ||||||||||||||||||||||
Technology | i 18,225 | ( i 1,955) | i — | i 16,270 | ||||||||||||||||||||||
Total | i 50,018 | ( i 4,122) | ( i 2,299) | i 43,597 | ||||||||||||||||||||||
Indefinite lived intangible assets | ||||||||||||||||||||||||||
Website name | i 25 | — | — | i 25 | ||||||||||||||||||||||
Total | $ | i 50,043 | $ | ( i 4,122) | $ | ( i 2,299) | $ | i 43,622 |
Amortization to be recognized | ||||||||
2023 (excluding the nine months ended September 30, 2023) | $ | i 1,013 | ||||||
2024 | i 4,053 | |||||||
2025 | i 4,044 | |||||||
2026 | i 3,913 | |||||||
2027 | i 3,876 | |||||||
2028 and thereafter | i 23,056 | |||||||
Total | $ | i 39,955 |
September
30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
Interest Rate | Principal Amount | Carrying Amount | Principal Amount | Carrying Amount | |||||||||||||||||||||||||
YA II PN Convertible Debenture | i 8.0% | $ | i 250 | $ | i 261 | $ | i 4,442 | $ | i 3,928 | ||||||||||||||||||||
YA II PN Convertible Debenture first amendment | i 8.0% | i 1,400 | i 1,457 | i — | i — | ||||||||||||||||||||||||
YA II PN Convertible Debenture second amendment | i 8.0% | i 750 | i 777 | i — | i — | ||||||||||||||||||||||||
YA II PN Convertible Debenture third amendment | i 8.0% | i 1,730 | i 1,721 | i — | i — | ||||||||||||||||||||||||
YA II PN Convertible Debenture forth amendment | i 8.0% | i 2,050 | i 1,932 | i — | i — | ||||||||||||||||||||||||
Tillou promissory note | i 22.0% | i 2,000 | i 2,236 | i 2,000 | i 2,021 | ||||||||||||||||||||||||
Therese promissory note | i 22.0% | i 775 | i 1,038 | i — | i — | ||||||||||||||||||||||||
Commercial Insurance Premium Finance | i 6% | i 530 | i 530 | i 992 | i 992 | ||||||||||||||||||||||||
SBA PPP due April 10, 2025 | i 1.0% | i 149 | i 149 | i 219 | i 219 | ||||||||||||||||||||||||
Other lending agreements | i 0.1%- i 18% | i 7,914 | i 7,964 | i 6,561 | i 6,561 | ||||||||||||||||||||||||
Total | $ | i 17,548 | i 18,065 | $ | i 14,214 | i 13,721 | |||||||||||||||||||||||
Less: Current portion | ( i 16,392) | ( i 11,764) | |||||||||||||||||||||||||||
Long-term Note, less current portion | $ | i 1,673 | $ | i 1,957 |
September 30, 2023 | |||||
Operating lease right of use assets | $ | i 286 | |||
Current portion of operating lease liabilities | i 46 | ||||
Operating lease liabilities - long term | i 240 | ||||
Selling, general and administrative expenses | i 42 |
Options Outstanding | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||||||||||||
Outstanding at January 1, 2023 | i 268,323 | $ | i 146.35 | i 7.8 | $ | i — | |||||||||||||||||
Granted | i 2,800 | i 4.75 | |||||||||||||||||||||
Expired | ( i 37,896) | i 161.59 | |||||||||||||||||||||
Forfeited | ( i 21,463) | i 105.76 | |||||||||||||||||||||
Outstanding at September 30, 2023 | i 211,764 | i 145.66 | i 7.1 | i — | |||||||||||||||||||
Vested as of September 30, 2023 | i 183,442 | i 154.14 | i 6.86 | i — | |||||||||||||||||||
Expected to vest as of September 30, 2023 | i 28,322 | i 90.70 | i 8.68 | i — |
Nine Months Ended | |||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||
Expected term (in years) | i 5.38 | i 5.51- i 5.53 | |||||||||
Expected volatility | i 128% | i 123%- i 124% | |||||||||
Expected dividend yield | i — | % | i — | % | |||||||
Risk free interest rate | i 3.91% | i 1.69%- i 2.87% |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Warrants Outstanding | Number of Warrants Outstanding and Exercisable | Number of Warrants Outstanding and Exercisable | Exercise Price | Expiration Date | ||||||||||||||||||||||
Acuitas | i — | i 40,000 | $ | i 36.25 | ||||||||||||||||||||||
Acuitas | i — | i 40,000 | $ | i 36.25 | ||||||||||||||||||||||
Total | i — | i 80,000 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Net loss from continuing operations | $ | ( i 60,639) | $ | ( i 31,883) | $ | ( i 158,614) | $ | ( i 83,455) | |||||||||||||||
Net loss from discontinued operations | ( i 2,368) | ( i 5,531) | ( i 24,206) | ( i 20,237) | |||||||||||||||||||
Net loss attributable to Ideanomics, Inc. common stockholders | $ | ( i 63,007) | $ | ( i 37,414) | $ | ( i 182,820) | $ | ( i 103,692) | |||||||||||||||
Basic and diluted weighted average common shares outstanding | i i 11,692,394 / | i i 3,952,490 / | i i 9,291,974 / | i i 3,971,139 / | |||||||||||||||||||
Net loss per share: | |||||||||||||||||||||||
Basic and diluted | |||||||||||||||||||||||
Continuing operations | $ | ( i i 5.19 / ) | $ | ( i i 8.07 / ) | $ | ( i i 17.07 / ) | $ | ( i i 21.02 / ) | |||||||||||||||
Discontinued operations | $ | ( i i 0.20 / ) | $ | ( i i 1.40 / ) | $ | ( i i 2.61 / ) | $ | ( i i 5.10 / ) | |||||||||||||||
Basic and diluted loss per share of Common Stock | $ | ( i i 5.39 / ) | $ | ( i i 9.47 / ) | $ | ( i i 19.68 / ) | $ | ( i i 26.11 / ) |
September 30, 2023 | December
31, 2022 | ||||||||||
Warrants | i — | i 80 | |||||||||
Options and RSUs | i 237 | i 336 | |||||||||
Series A Preferred Stock | i 7 | i 7 | |||||||||
Series B Preferred Stock | i 866 | i 500 | |||||||||
Series C Preferred Stock | i 186 | i — | |||||||||
Contingent shares | i — | i 12 | |||||||||
Convertible promissory note and interest | i 3,099 | i 243 | |||||||||
Total | i 4,395 | i 1,178 |
September 30, 2023 | |||||||||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||||||||
DBOT
- Contingent consideration1 | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||||||
Tree
Technology - Contingent consideration2 | i — | i — | i 78 | i 78 | |||||||||||||||||||
Solectrac
- Contingent consideration3 | i — | i — | i — | i — | |||||||||||||||||||
VIA
- Contingent consideration4 | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||||||
Total | $ | i — | $ | i — | $ | i 78 | $ | i 78 |
December 31, 2022 | |||||||||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||||||||
DBOT - Contingent consideration1 | $ | i — | $ | i — | $ | i 649 | $ | i 649 | |||||||||||||||
Tree
Technology - Contingent consideration2 | i — | i — | i 118 | i 118 | |||||||||||||||||||
Solectrac
- Contingent consideration3 | i — | i — | $ | i 100 | i 100 | ||||||||||||||||||
Total | $ | i — | $ | i — | $ | i 867 | $ | i 867 |
December 31, 2022 | |||||||||||
Risk-free interest rate | i 0.1% | ||||||||||
Expected volatility | i 30% | ||||||||||
Expected term (years) | i 0.08
| ||||||||||
Expected dividend yield | i — | % |
December 31, 2022 | |||||
Weighted-average cost of capital | i 15.0% | ||||
Probability | i 5%- i 20% |
December 31, 2022 | |||||
Risk-free interest rate | i 3.4% | ||||
Expected volatility | i 25.0% | ||||
Expected discount rate | i 13.1% |
January 31, 2023 | |||||
Risk-free interest rate | i 3.7 | % | |||
Expected volatility | i 65.0 | % | |||
Expected discount rate | i 13.9 | % |
Contingent Consideration | |||||
January 1, 2023 | $ | i 867 | |||
Addition | i 73,628 | ||||
Remeasurement loss/(gain) recognized in the statement of operations | ( i 74,417) | ||||
September 30, 2023 | $ | i 78 |
Three Months Ended | |||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Amount Change | % Change | ||||||||||||||||||||
Revenue | $ | 665 | $ | 8,221 | $ | (7,556) | (91.9) | ||||||||||||||||
Cost of revenue | 2,118 | 8,878 | (6,760) | (76.1) | |||||||||||||||||||
Gross (loss) profit | (1,453) | (657) | (796) | n/m | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling, general and administrative expenses | 8,146 | 31,024 | (22,878) | (73.7) | |||||||||||||||||||
Research and development expense | 1,540 | 830 | 710 | 85.5 | |||||||||||||||||||
Asset impairments | 104,386 | 298 | 104,088 | n/m | |||||||||||||||||||
Goodwill impairments | 10,712 | — | 10,712 | n/m | |||||||||||||||||||
Depreciation and amortization | 5,635 | 1,652 | 3,983 | n/m | |||||||||||||||||||
Change in fair value of contingent consideration, net | (61,469) | — | (61,469) | n/m | |||||||||||||||||||
Other general expenses | (261) | — | (261) | n/m | |||||||||||||||||||
Total operating expenses | 68,689 | 33,804 | 34,885 | n/m | |||||||||||||||||||
Loss from operations | (70,142) | (34,461) | (35,681) | n/m | |||||||||||||||||||
Interest and other income (expense): | |||||||||||||||||||||||
Interest income | — | 941 | (941) | n/m | |||||||||||||||||||
Interest expense | (1,366) | (222) | (1,144) | n/m | |||||||||||||||||||
Loss on disposal of investment | (1,153) | (30) | (1,123) | n/m | |||||||||||||||||||
Other income, net | 9,560 | 567 | 8,993 | n/m | |||||||||||||||||||
Loss before income taxes | (63,101) | (33,205) | (29,896) | 90.0 | |||||||||||||||||||
Income tax benefit | 876 | 312 | 564 | n/m | |||||||||||||||||||
Impairment of and equity in loss of equity method investees | — | (429) | 429 | n/m | |||||||||||||||||||
Net loss from continuing operations | (62,225) | (33,322) | (28,903) | 86.7 | |||||||||||||||||||
Net loss from discontinued operations, net of tax | (2,368) | (5,531) | 3,163 | (57.2) | |||||||||||||||||||
Net loss | (64,593) | (38,853) | (25,740) | 66.2 | |||||||||||||||||||
Net loss attributable to common shareholders | (64,593) | (38,853) | (25,740) | 66.2 | |||||||||||||||||||
Net loss attributable to non-controlling interest | 1,586 | 1,439 | 147 | 10.2 | |||||||||||||||||||
Net loss attributable to Ideanomics, Inc. common shareholders | $ | (63,007) | $ | (37,414) | $ | (25,593) | 68.4 | ||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Amount Change | % Change | ||||||||||||||||||||
Revenue | $ | 11,643 | $ | 18,943 | $ | (7,300) | (38.5) | ||||||||||||||||
Cost of revenue | 13,931 | 18,861 | (4,930) | (26.1) | |||||||||||||||||||
Gross profit (loss) | (2,288) | 82 | (2,370) | n/m | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling, general and administrative expenses | 69,830 | 91,604 | (21,774) | (23.8) | |||||||||||||||||||
Research and development expense | 9,563 | 2,420 | 7,143 | n/m | |||||||||||||||||||
Asset impairments | 142,370 | 699 | 141,671 | n/m | |||||||||||||||||||
Goodwill impairments | 10,712 | — | 10,712 | n/m | |||||||||||||||||||
Depreciation and amortization | 15,399 | 4,011 | 11,388 | n/m | |||||||||||||||||||
Change in fair value of contingent consideration, net | (74,416) | (131) | (74,285) | n/m | |||||||||||||||||||
Other general expenses | 89 | — | 89 | n/m | |||||||||||||||||||
Total operating expenses | 173,547 | 98,603 | 74,944 | 76.0 | |||||||||||||||||||
Loss from operations | (175,835) | (98,521) | (77,314) | 78.5 | |||||||||||||||||||
Interest and other income (expense): | |||||||||||||||||||||||
Interest income | 401 | 2,522 | (2,121) | (84.1) | |||||||||||||||||||
Interest expense | (2,636) | (1,256) | (1,380) | n/m | |||||||||||||||||||
Gain on remeasurement of investment | — | 10,965 | (10,965) | n/m | |||||||||||||||||||
Loss on disposal of investment | (1,153) | (218) | (935) | n/m | |||||||||||||||||||
Other income, net | 11,598 | 1,143 | 10,455 | n/m | |||||||||||||||||||
Loss before income taxes | (167,625) | (85,365) | (82,260) | 96.4 | |||||||||||||||||||
Income tax benefit | 4,258 | 742 | 3,516 | n/m | |||||||||||||||||||
Impairment of and equity in loss of equity method investees | — | (2,357) | 2,357 | n/m | |||||||||||||||||||
Net loss from continuing operations | (163,367) | (86,980) | (76,387) | 87.8 | |||||||||||||||||||
Net loss from discontinued operations, net of tax | (24,206) | (20,237) | (3,969) | 19.6 | |||||||||||||||||||
Net loss | (187,573) | (107,217) | (80,356) | 74.9 | |||||||||||||||||||
Net loss attributable to common shareholders | (187,573) | (107,217) | (80,356) | 74.9 | |||||||||||||||||||
Net loss attributable to non-controlling interest | 4,753 | 3,525 | 1,228 | 34.8 | |||||||||||||||||||
Net loss attributable to Ideanomics, Inc. common shareholders | $ | (182,820) | $ | (103,692) | $ | (79,128) | 76.3 | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Amount Change | % Change | September 30, 2023 | September 30, 2022 | Amount Change | % Change | |||||||||||||||||||||||||||||||||||||
EV products | $ | (1,312) | $ | 3,170 | $ | (4,482) | n/m | $ | 2,753 | $ | 8,066 | $ | (5,313) | (65.9) | ||||||||||||||||||||||||||||||
EV services | 17 | — | 17 | n/m | 29 | — | 29 | n/m | ||||||||||||||||||||||||||||||||||||
Charging, batteries and powertrain products | 482 | 206 | 276 | n/m | 1,989 | 583 | 1,406 | n/m | ||||||||||||||||||||||||||||||||||||
Charging, batteries and powertrain services | — | 426 | (426) | n/m | 30 | 1,205 | (1,175) | (97.5) | ||||||||||||||||||||||||||||||||||||
Electric motorcycle products and services | 1,415 | 4,249 | (2,834) | (66.7) | 6,300 | 8,779 | (2,479) | (28.2) | ||||||||||||||||||||||||||||||||||||
Electric motorcycle sponsorship services | — | — | — | n/m | 36 | — | 36 | n/m | ||||||||||||||||||||||||||||||||||||
Other revenue | 63 | 170 | (107) | (62.9) | 506 | 310 | 196 | n/m | ||||||||||||||||||||||||||||||||||||
Total | $ | 665 | $ | 8,221 | $ | (7,556) | (92) | % | $ | 11,643 | $ | 18,943 | $ | (7,300) | (39) | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Amount Change | % Change | September 30, 2023 | September 30, 2022 | Amount Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||
EV products | $ | (357) | $ | 3,236 | $ | (3,593) | n/m | $ | 3,273 | $ | 8,394 | $ | (5,121) | (61.0) | |||||||||||||||||||||||||||||||||||||||
EV services | 7 | — | 7 | n/m | 30 | — | 30 | n/m | |||||||||||||||||||||||||||||||||||||||||||||
Charging, batteries and powertrain products | (232) | 640 | (872) | n/m | 1,132 | 1,212 | (80) | (6.6) | |||||||||||||||||||||||||||||||||||||||||||||
Charging, batteries and powertrain services | — | 110 | (110) | n/m | — | 829 | (829) | n/m | |||||||||||||||||||||||||||||||||||||||||||||
Electric motorcycle products and services | 1,855 | 4,836 | (2,981) | (61.6) | 7,658 | 8,228 | (570) | (6.9) | |||||||||||||||||||||||||||||||||||||||||||||
Electric motorcycle sponsorship services | 29 | — | 29 | n/m | 199 | — | 199 | n/m | |||||||||||||||||||||||||||||||||||||||||||||
Other revenue | 816 | 56 | 760 | n/m | 1,639 | 198 | 1,441 | n/m | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,118 | $ | 8,878 | $ | (6,760) | (76.1) | $ | 13,931 | $ | 18,861 | $ | (4,930) | (26.1) |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Amount Change | % Change | September 30, 2023 | September 30, 2022 | Amount Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EV products | $ | (955) | $ | (66) | $ | (889) | n/m | $ | (520) | $ | (328) | $ | (192) | 58.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EV services | 10 | — | 10 | n/m | (1) | — | (1) | n/m | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charging, batteries and powertrain products | 714 | (434) | 1,148 | n/m | 857 | (629) | 1,486 | n/m | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charging, batteries and powertrain services | — | 316 | (316) | n/m | 30 | 376 | (346) | (92.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric motorcycle products and services | (440) | (587) | 147 | (25.0) | (1,358) | 551 | (1,909) | n/m | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric motorcycle sponsorship services | (29) | — | (29) | n/m | (163) | — | (163) | n/m | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other revenue | (753) | 114 | (867) | n/m | (1,133) | 112 | (1,245) | n/m | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | (1,453) | $ | (657) | $ | (796) | n/m | $ | (2,288) | $ | 82 | $ | (2,370) | n/m |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||
EV products | n/m | (2.1) | % | n/m | (4.1) | % | ||||||||||||||||||||||||||
EV services | 58.8 | % | — | % | (3.4) | % | — | % | ||||||||||||||||||||||||
Charging, batteries and powertrain products | 148.1 | % | (210.7) | % | 43.1 | % | (107.9) | % | ||||||||||||||||||||||||
Charging, batteries and powertrain services | — | % | 74.2 | % | 100.0 | % | 31.2 | % | ||||||||||||||||||||||||
Electric motorcycle products and services | (31.1) | % | (13.8) | % | (21.6) | % | 6.3 | % | ||||||||||||||||||||||||
Electric motorcycle sponsorship services | — | % | — | % | (452.8) | % | — | % | ||||||||||||||||||||||||
Other revenue | (1195.2) | % | 67.1 | % | (223.9) | % | 36.1 | % | ||||||||||||||||||||||||
Total | (218.5) | % | (8.0) | % | (19.7) | % | 0.4 | % |
Nine Months Ended | |||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||
Net cash used in operating activities | $ | (44,764) | $ | (109,287) | |||||||
Net cash used in investing activities | (2,847) | (90,848) | |||||||||
Net cash provided by (used) financing activities | 31,919 | (42,788) | |||||||||
Effect of exchange rate changes on cash | (42) | (1,755) | |||||||||
Net increase in cash and cash equivalents | (15,734) | (244,678) | |||||||||
Cash and cash equivalents at beginning of period | 21,929 | 269,863 | |||||||||
Cash and cash equivalents at end of period | $ | 6,195 | $ | 25,185 | |||||||
Less: Cash of discontinued operations at end of period | $ | 4,311 | $ | 20,123 | |||||||
Cash and restricted cash of continuing operations at end of period | $ | 1,884 | $ | 5,062 |
Exhibit No. | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 | ||||||||
3.5 | ||||||||
3.6 | ||||||||
3.7 | ||||||||
3.8 | ||||||||
3.9 | ||||||||
3.10 | ||||||||
3.11 | ||||||||
3.12 | ||||||||
3.13 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
10.6 | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1** | ||||||||
32.2** | ||||||||
101.INS | XBRL Instance Document | |||||||
101.SCH | Taxonomy Extension Schema Document | |||||||
101.CAL | Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Taxonomy Extension Definition Linkbase Document |
101.LAB | Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101) |
Date: November 21, 2023 | By: | /s/ Scott Morrison | ||||||
Scott Morrison | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
1/31/29 | ||||
4/10/25 | ||||
1/31/24 | ||||
Filed on: | 11/21/23 | |||
11/17/23 | ||||
11/7/23 | ||||
11/1/23 | ||||
10/27/23 | ||||
10/23/23 | ||||
10/6/23 | PRE 14A | |||
10/1/23 | ||||
For Period end: | 9/30/23 | NT 10-Q | ||
9/7/23 | 8-K | |||
8/31/23 | ||||
8/22/23 | 8-K, 8-K/A | |||
8/7/23 | 8-K | |||
7/25/23 | ||||
7/18/23 | ||||
7/14/23 | 8-K | |||
7/3/23 | 8-K/A | |||
6/30/23 | 10-Q, NT 10-Q | |||
6/9/23 | 8-K | |||
5/30/23 | ||||
5/2/23 | ||||
5/1/23 | 8-K | |||
4/22/23 | ||||
4/20/23 | 8-K | |||
4/17/23 | ||||
4/12/23 | ||||
4/6/23 | ||||
3/31/23 | 10-Q, 8-K, NT 10-Q | |||
3/30/23 | 10-K, 10-K/A, 8-K | |||
3/21/23 | 8-K | |||
3/19/23 | 8-K | |||
3/14/23 | 8-K | |||
3/7/23 | ||||
3/6/23 | ||||
2/8/23 | ||||
2/2/23 | EFFECT | |||
2/1/23 | 8-K, EFFECT | |||
1/31/23 | 8-K, CORRESP | |||
1/15/23 | ||||
1/13/23 | 8-K | |||
1/10/23 | ||||
1/1/23 | ||||
12/31/22 | 10-K, 10-K/A, NT 10-K | |||
12/15/22 | ||||
12/14/22 | ||||
12/13/22 | 8-K | |||
11/14/22 | 8-K | |||
9/30/22 | 10-Q, PRE 14A | |||
9/12/22 | 8-K | |||
6/30/22 | 10-Q, 10-Q/A | |||
6/15/22 | 8-K | |||
6/7/22 | ||||
5/20/22 | 8-K | |||
4/14/22 | ||||
3/31/22 | 10-Q | |||
3/15/22 | 8-K | |||
3/14/22 | ||||
2/9/22 | SC 13D/A | |||
1/11/22 | ||||
1/1/22 | ||||
12/7/21 | ||||
12/2/21 | ||||
11/5/21 | S-4 | |||
10/22/21 | ||||
9/20/21 | ||||
9/15/21 | 8-K | |||
8/30/21 | 425, 8-K | |||
6/30/21 | 10-Q, 10-Q/A | |||
6/7/21 | ||||
5/6/21 | ||||
4/20/21 | 8-K | |||
4/1/21 | 8-K | |||
3/3/21 | 8-K | |||
12/31/20 | 10-K, 8-K | |||
11/4/20 | ||||
10/22/20 | DEF 14A | |||
7/7/20 | ||||
6/28/20 | ||||
4/17/20 | ||||
12/31/19 | 10-K, 8-K, S-1/A | |||
9/30/19 | 10-Q, 10-Q/A, 8-K | |||
8/3/18 | 8-K | |||
12/3/10 | 8-K | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 9/14/23 Ideanomics, Inc. 8-K:1,2,9 9/07/23 11:330K Toppan Merrill/FA 8/25/23 Ideanomics, Inc. 8-K:3,5,7,9 8/22/23 12:916K Toppan Merrill/FA 7/20/23 Ideanomics, Inc. 8-K:1,9 7/14/23 15:1.1M Toppan Merrill/FA 2/01/23 Ideanomics, Inc. 8-K:1,2,3,7 1/25/23 14:1.6M Toppan Merrill/FA 11/18/22 Ideanomics, Inc. 8-K:1,3,5,911/14/22 18:6.7M Toppan Merrill/FA 11/23/21 Ideanomics, Inc. 10-Q 9/30/21 110:15M Workiva Inc Wde… FA01/FA 11/24/15 Ideanomics, Inc. 8-K:1,3,5,811/23/15 7:783K Toppan Vite NY Inc./FA 3/30/15 Ideanomics, Inc. 10-K 12/31/14 95:9M Newsfile Corp./FA 2/06/14 Ideanomics, Inc. 8-K:1,3,5,8 2/06/14 10:653K Newsfile Corp./FA 3/30/12 Ideanomics, Inc. 10-K 12/31/11 43:12M Broadridge Fin’l So… Inc 8/23/10 Ideanomics, Inc. 10-Q 6/30/10 27:3.6M Toppan Merrill/FA |