Ideanomics, Inc. Reports Q2 2023 Financial Results

IDEANOMICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

 (in thousands, except share and per share data)

June 30, 2023

December 31, 2022

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

$                       2,895

$                       3,759

Accounts receivable, net

6,556

5,783

Contract assets

373

3,579

Amount due from related parties

108

386

Notes receivable from third parties, net

42

31,653

Inventory, net

22,925

27,600

Prepaid expenses

9,535

10,382

Other current assets

3,237

5,592

Current assets of discontinued operations

15,089

25,304

Total current assets

60,760

114,038

Property and equipment, net

11,029

8,650

Intangible assets, net

150,652

43,624

Goodwill

51,237

37,775

Operating lease right of use assets

14,702

14,385

Long-term investments

—

7,500

Other non-current assets

3,147

2,825

Non-current assets of discontinued operations

1,110

14,004

Total assets

$                   292,637

$                   242,801

LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK, AND EQUITY

Current liabilities

Accounts payable

$                     57,737

$                     28,022

Accrued salaries

9,663

7,328

Accrued expenses

3,381

2,842

Deferred revenue

2,759

2,110

Amount due to related parties

2,279

2,152

Current portion of operating lease liabilities

3,383

3,189

Promissory note due to related party

2,123

2,021

Promissory note due to third parties

7,003

5,814

Convertible note due to third party

6,212

3,928

Current contingent consideration

827

867

Other current liabilities

13,266

9,824

Current liabilities of discontinued operations

10,886

8,764

Total current liabilities

119,519

76,861

Promissory note due to third parties

1,819

1,957

Operating lease liabilities – long term

14,093

11,347

Non-current contingent liabilities

60,721

—

Deferred tax liabilities

3,677

2,511

Other long-term liabilities

1,457

1,634

Non-current liabilities of discontinued operations

828

1,928

Total liabilities

202,114

96,238

Commitments and contingencies (Note 15)

Convertible redeemable preferred stock

Series A – 7,000,000 shares issued and outstanding, liquidation and deemed liquidation preference of $3,500,000 as of June 30, 2023 and December 31, 2022

1,262

1,262

Series B – 50,000,000.00 shares authorized, 20,000,000 and 10,000,000 shares issued and 6,000,000 and 10,000,000 shares outstanding as of  June 30, 2023 and December 31, 2022, respectively

5,310

8,850

Series C – 2,000,000 shares authorized, 1,159,276 and 0 shares issued and 1,159,276 and 0 shares outstanding as of June 30, 2023 and December 31, 2022, respectively

4,825

—

Equity

Common stock – $0.001 par value; 12,000,000 shares authorized, 11,264,709 and 4,786,290 shares issued and 10,976,787 and 4,786,289.768 shares outstanding as of June 30, 2023 and December 31, 2022, respectively

1,408

597

Additional paid-in capital

1,068,697

1,004,082

Accumulated deficit

(986,596)

(866,450)

Accumulated other comprehensive loss

(5,185)

(6,104)

Total Ideanomics, Inc. stockholders’ equity

78,324

132,125

Non-controlling interest

802

4,326

Total equity

79,126

136,451

Total liabilities, convertible redeemable preferred stock, and equity

$                   292,637

$                   242,801