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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission File Number: 001-35561
IDEANOMICS, INC.
(Exact name of registrant as specified in its charter)
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Nevada | | 20-1778374 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
1441 Broadway, Suite 5116
New York, NY 10018
(Address of principal executive offices)
212-206-1216
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class: | | Trading Symbol(s) | | Name of each exchange on which registered: |
Common stock, $0.001 par value per share | | IDEX | | Nasdaq Capital Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “larger accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer | ☐ | Accelerated filer | ☐ |
Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
Emerging growth company | ☐ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 497,680,745 shares as of November 18, 2021.
QUARTERLY REPORT ON FORM 10-Q
OF IDEANOMICS, INC.
FOR THE PERIOD ENDED SEPTEMBER 30, 2021
TABLE OF CONTENTS
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| -OTHER INFORMATION | |
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Use of Terms
Except as otherwise indicated by the context, references in this report to “we,” “us,” “our,” “our Company,” “the Company,” “IDEX,” or “Ideanomics,” are to the business of Ideanomics, Inc. (formerly known as “Seven Star Cloud Group, Inc.,” “SSC” and “Wecast Network, Inc.,”) a Nevada corporation, and its consolidated subsidiaries and variable interest entities.
In addition, unless the context otherwise requires and for the purposes of this report only:
•“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 98% of the share capital Delaware Board of Trade Holdings, Inc. On September 20, 2021 the name was changed to Justly Holdings Inc.;
•“Exchange Act” refers to the Securities Exchange Act of 1934, as amended;
•“EV” refers to electric vehicles, particularly battery operated electric vehicles;
•“FINRA” refers to the Financial Industry Regulatory Authority;
•“Legacy YOD” business refers to the premium content and integrated value-added service solutions for the delivery of VOD (defined below) and paid video programing to digital cable providers, Internet Protocol Television (“IPTV”) providers, Over-the-Top (“OTT”) streaming providers, mobile manufacturers and operators, as well as direct customers;
•“MEG” refers to Mobile Energy Global, the subsidiary that holds the Company’s EV businesses in the PRC;
•“PRC,” “China,” and “Chinese,” refer to the People’s Republic of China;
•“Renminbi” and “RMB” refer to the legal currency of the PRC;
•“SEC” refers to the United States Securities and Exchange Commission;
•“Securities Act” refers to the Securities Act of 1933, as amended;
•"Solectrac" refers to Solectrac, Inc., which was acquired on June 11, 2021;
•“SSSIG” refers to Sun Seven Stars Investment Group Limited, a British Virgin Islands corporation, an affiliate of Bruno Wu (“Dr. Wu,”) the former Chairman of the Company;
•“Timios” refers to Timios Holdings Corp. and its affiliates which was acquired on January 8, 2021;
•“U.S. dollars,” “dollars,” “USD,” “US$,” and “$” refer to the legal currency of the United States;
•"US Hybrid" refers to US Hybrid Corporation, which was acquired on June 20, 2021;
•“VOD” refers to video on demand, which includes near video on demand (“NVOD,”) subscription video on demand (“SVOD,”) and transactional video on demand (“TVOD;”) and
•“Wecast SH” refers to Shanghai Wecast Supply Chain Management Limited, a PRC company that is 51% owned by the Company;
•“WAVE” refers to Wireless Advanced Vehicle Electrification, Inc. which was acquired on January 15, 2021.
Explanatory Note
On November 16, 2021, Ideanomics, Inc. (the “Company”, “we”, “our” or “us”) filed a Current Report on Form 8-K disclosing that the Company determined that our previously issued financial statements contained in our Quarterly Report on Form 10-Q for the period ended March 31, 2021 and Quarterly Report on Form 10-Q for the period ending June 30, 2021 should no longer be relied upon due to errors in such condensed consolidated financial statements related to revenue reported by our affiliate Timios Holding Corp. (“Timios”), that provides title and agency services.
The errors were uncovered as part of the preparation of the Company’s condensed consolidated financial statements as of and for the period ended September 30, 2021. The preparation of the Company’s condensed consolidated financial statements as of and for the period ended September 30, 2021 also identified additional transactions and accounting practices not in accordance with U.S. generally accepted accounting principles (“US GAAP”).
The amendments to our Quarterly Reports on Form 10-Q for the periods ended March 31, 2021 and June 30, 2021 reflect the correction of the following errors identified subsequent to the filing of our Quarterly Report on Form 10-Q for the period ended
March 31, 2021 and June 30, 2021, which were initially filed with the Securities and Exchange Commission (the “SEC”) on May 17, 2021 and August 16, 2021, respectively:
A.The Company determined that it did not present Timios title and agency services revenue and the related cost of revenue in accordance with US GAAP on the condensed consolidated statement of operations, as premiums from title insurance policies written by independent agencies were presented on a gross basis and did not properly present revenue and cost of revenue net of commission costs.
B.The Company discovered that it did not properly account for its investment in Technology Metals Market Limited (“TM2”) in accordance with the equity method of accounting. In addition, the Company determined that it incorrectly presented equity income (loss) on its equity method investments as a component of interest and other income (expense) on the condensed consolidated statements of operations rather than as a separate financial statement caption below income taxes.
C.The Company discovered certain errors in determining the estimated fair value of acquired intangible assets in its purchase price allocation for its acquisitions.
D.The Company determined that the errors in determining the estimated fair value of net assets acquired in its acquisitions resulted in an additional reduction to the Company’s deferred tax liabilities.
E.The Company determined that it did not properly recognize income tax expense (benefit) for certain acquired entities subsequent to their respective acquisitions during the periods ended March 31, 2021 and six months ended June 30, 2021.
See “Item 4 — Controls and Procedures” that discloses a material weakness in the Company’s internal controls associated with the restatements, as well as management’s restated conclusion that the Company’s internal controls over financial reporting were not effective as of March 31, 2021 and June 30, 2021.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
IDEANOMICS, INC.
INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
IDEANOMICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD in thousands)
| | | | | | | | | | | |
| September 30, 2021 | | December 31, 2020 |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 256,930 | | | $ | 165,764 | |
Accounts receivable, net | 4,494 | | | 7,400 | |
Available-for-sale securities | 58,441 | | | — | |
Inventory | 3,819 | | | — | |
Prepaid expenses | 23,384 | | | 2,629 | |
Amount due from related parties | 554 | | | 240 | |
Other current assets | 1,617 | | | 3,726 | |
Held for sale assets (Fintech Village) | 7,068 | | | — | |
Total current assets | 356,307 | | | 179,759 | |
Property and equipment, net | 1,627 | | | 330 | |
Fintech Village | — | | | 7,250 | |
Intangible assets, net | 74,246 | | | 29,705 | |
Goodwill | 111,458 | | | 1,165 | |
Long-term investments | 35,549 | | | 8,570 | |
Operating lease right of use assets | 8,759 | | | 155 | |
Other non-current assets | 7,933 | | | 7,478 | |
Total assets | $ | 595,879 | | | $ | 234,412 | |
| | | |
LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK, REDEEMABLE NON-CONTROLLING INTEREST AND EQUITY | | | |
Current liabilities | | | |
Accounts payable | $ | 6,943 | | | $ | 5,057 | |
Deferred revenue (including customer deposits of $3,527 and $31 as of September 30, 2021 and December 31, 2020, respectively) | 4,464 | | | 1,129 | |
Accrued salaries | 5,487 | | | 1,750 | |
Amount due to related parties | 1,112 | | | 882 | |
Other current liabilities | 8,670 | | | 2,235 | |
Current portion of operating lease liabilities | 2,308 | | | 115 | |
Current contingent consideration | 2,775 | | | 1,325 | |
Promissory note-short term | 417 | | | 568 | |
| | | |
Asset retirement obligations | 4,653 | | | — | |
Redeemable non-controlling interest | 7,832 | | | — | |
Total current liabilities | 44,661 | | | 13,061 | |
Asset retirement obligations | — | | | 4,653 | |
Deferred tax liabilities | 826 | | | — | |
Operating lease liability-long term | 6,479 | | | 19 | |
Non-current contingent consideration | 2,337 | | | 7,635 | |
Other long-term liabilities | 7,710 | | | 7,275 | |
Total liabilities | 62,013 | | | 32,643 | |
Commitments and contingencies (Note 18) | | | |
Convertible redeemable preferred stock and Redeemable non-controlling interest: | | | |
Series A - 7,000,000 shares issued and outstanding, liquidation and deemed liquidation preference of $3,500,000 as of September 30, 2021 and December 31, 2020 | 1,262 | | | 1,262 | |
Redeemable non-controlling interest | — | | | 7,485 | |
Equity: | | | |
Common stock - $0.001 par value; 1,500,000,000 shares authorized, 481,901,523 shares and 344,861,295 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 483 | | | 345 | |
Additional paid-in capital | 938,006 | | | 531,866 | |
Accumulated deficit | (411,409) | | | (346,883) | |
Accumulated other comprehensive income | 546 | | | 1,256 | |
Total Ideanomics, Inc. shareholders' equity | 527,626 | | | 186,584 | |
Non-controlling interest | 4,978 | | | 6,438 | |
Total equity | 532,604 | | | 193,022 | |
Total liabilities, convertible redeemable preferred stock, redeemable non-controlling interest and equity | $ | 595,879 | | | $ | 234,412 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
IDEANOMICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD in thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, 2021 | | September 30, 2020 | | September 30, 2021 | | September 30, 2020 |
Revenue from sales of products (including from a related party of $0, $2, $1 and $9 for the three and nine months ended September 30, 2021 and 2020, respectively) | $ | 9,977 | | | $ | 10,140 | | | $ | 21,934 | | | $ | 14,728 | |
Revenue from sales of services | 17,070 | | | 480 | | | 65,898 | | | 962 | |
Total revenue | 27,047 | | | 10,620 | | | 87,832 | | | 15,690 | |
Cost of revenue from sales of products (including from a related party of $9 ,$0, $20 and $2 for the three and nine months ended September 30, 2021 and 2020, respectively) | 9,893 | | | 9,455 | | | 20,838 | | | 13,779 | |
Cost of revenue from sales of services | 12,626 | | | 451 | | | 42,323 | | | 897 | |
Total cost of revenue | 22,519 | | | 9,906 | | | 63,161 | | | 14,676 | |
Gross profit | 4,528 | | | 714 | | | 24,671 | | | 1,014 | |
| | | | | | | |
Operating expenses: | | | | | | | |
Selling, general and administrative expenses | 28,876 | | | 7,636 | | | 53,650 | | | 20,188 | |
Research and development expense | 184 | | | 1,318 | | | 429 | | | 1,318 | |
Professional fees | 9,387 | | | 3,968 | | | 21,994 | | | 8,096 | |
Impairment losses | 21,033 | | | 3,275 | | | 21,033 | | | 10,363 | |
Change in fair value of contingent consideration, net | (5,099) | | | (4,179) | | | (7,006) | | | (2,900) | |
Litigation settlement | — | | | — | | | 5,000 | | | — | |
Depreciation and amortization | 1,682 | | | 695 | | | 4,445 | | | 1,651 | |
Total operating expenses | 56,063 | | | 12,713 | | | 99,545 | | | 38,716 | |
| | | | | | | |
Loss from operations | (51,535) | | | (11,999) | | | (74,874) | | | (37,702) | |
| | | | | | | |
Interest and other income (expense): | | | | | | | |
Interest income (expense), net | 109 | | | (2,014) | | | (871) | | | (14,061) | |
Loss on disposal of subsidiaries, net | — | | | — | | | (1,446) | | | — | |
Conversion expense | — | | | — | | | — | | | (2,266) | |
Gain on remeasurement of investment | — | | | — | | | 2,915 | | | — | |
Gain on extinguishment of debt | 300 | | | — | | | 300 | | | — | |
Other income, net | 8 | | | 5,283 | | | 689 | | | 6,272 | |
Loss before income taxes and non-controlling interest | (51,118) | | | (8,730) | | | (73,287) | | | (47,757) | |
| | | | | | | |
Income tax benefit | 842 | | | — | | | 9,667 | | | — | |
| | | | | | | |
Equity in gain (loss) of equity method investees | (819) | | | 7 | | | (1,517) | | | (8) | |
| | | | | | | |
Net loss | (51,095) | | | (8,723) | | | (65,137) | | | (47,765) | |
| | | | | | | |
Deemed dividend related to warrant repricing | — | | | — | | | — | | | (184) | |
| | | | | | | |
Net loss attributable to common shareholders | (51,095) | | | (8,723) | | | (65,137) | | | (47,949) | |
| | | | | | | |
Net loss attributable to non-controlling interest | 244 | | | 437 | | | 611 | | | 737 | |
| | | | | | | |
Net loss attributable to Ideanomics, Inc. common shareholders | $ | (50,851) | | | $ | (8,286) | | | $ | (64,526) | | | $ | (47,212) | |
| | | | | | | |
Earnings (loss) per share | | | | | | | |
Basic | $ | (0.11) | | | $ | (0.03) | | | $ | (0.15) | | | $ | (0.25) | |
Diluted | $ | (0.11) | | | $ | (0.03) | | | $ | (0.15) | | | $ | (0.25) | |
| | | | | | | |
Weighted average shares outstanding: | | | | | | | |
Basic | 473,829,962 | | | 237,535,999 | | | 432,989,602 | | | 191,976,856 | |
Diluted | 473,829,962 | | | 237,535,999 | | | 432,989,602 | | | 191,976,856 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
IDEANOMICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) (USD in thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, 2021 | | September 30, 2020 | | September 30, 2021 | | September 30, 2020 |
Net loss | $ | (51,095) | | | $ | (8,723) | | | $ | (65,137) | | | $ | (47,765) | |
Other comprehensive income (loss), net of nil tax: | | | | | | | |
Changes in fair value of available-for-sale securities | 4 | | | — | | | (16) | | | — | |
Foreign currency translation adjustments | (295) | | | 1,356 | | | (1,196) | | | 1,639 | |
Comprehensive loss | (51,386) | | | (7,367) | | | (66,349) | | | (46,126) | |
Deemed dividend related to warrant repricing | — | | | — | | | — | | | (184) | |
Comprehensive loss (gain) attributable to non-controlling interest | 350 | | | 122 | | | 1,113 | | | (51) | |
Comprehensive loss attributable to Ideanomics, Inc. common shareholders | $ | (51,036) | | | $ | (7,245) | | | $ | (65,236) | | | $ | (46,361) | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
IDEANOMICS, INC.
CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (USD in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2020 |
| 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, 2020 | 149,692,953 | | | $ | 150 | | | $ | 282,554 | | | $ | (248,481) | | | $ | (664) | | | $ | 33,559 | | | $ | 25,178 | | | $ | 58,737 | |
Share-based compensation | — | | | — | | | 2,202 | | | — | | | — | | | 2,202 | | | — | | | 2,202 | |
Common stock issuance for professional fee | 429,000 | | | — | | | 240 | | | — | | | — | | | 240 | | | — | | | 240 | |
Common stock issuance for convertible note | 1,454,424 | | | 1 | | | 613 | | | — | | | — | | | 614 | | | — | | | 614 | |
Common stock issuance for acquisition | 10,883,668 | | | 11 | | | 6,737 | | | — | | | — | | | 6,748 | | | — | | | 6,748 | |
Common stock issuance for warrant exercise | 1,000,000 | | | 1 | | | 999 | | | — | | | — | | | 1,000 | | | — | | | 1,000 | |
Measurement period adjustment | — | | | — | | | — | | | — | | | — | | | — | | | (11,454) | | | (11,454) | |
Non-controlling shareholder contribution | — | | | — | | | — | | | — | | | — | | | — | | | 100 | | | 100 | |
Net income (loss) | — | | | — | | | — | | | (12,348) | | | — | | | (12,348) | | | (378) | | | (12,726) | |
Foreign currency translation adjustments, net of nil tax | — | | | — | | | — | | | — | | | (16) | | | (16) | | | 23 | | | 7 | |
Balance, March 31, 2020 | 163,460,045 | | | 163 | | | 293,345 | | | (260,829) | | | (680) | | | 31,999 | | | 13,469 | | | 45,468 | |
Share-based compensation | — | | | — | | | 3,394 | | | — | | | — | | | 3,394 | | | — | | | 3,394 | |
Common stock issuance for acquisition | 459,180 | | | — | | | 293 | | | — | | | — | | | 293 | | | — | | | 293 | |
Common stock issuance for convertible note | 26,231,634 | | | 26 | | | 19,983 | | | — | | | — | | | 20,009 | | | — | | | 20,009 | |
Common stock issued to settle debt | 4,577,876 | | | 5 | | | 2,309 | | | — | | | — | | | 2,314 | | | — | | | 2,314 | |
Common stock issued under employee stock incentive plan | 293,857 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Common stock issuance for professional fee | 515,942 | | | 1 | | | 308 | | | — | | | — | | | 309 | | | — | | | 309 | |
Common stock issuance for warrant exercise | 6,995,906 | | | 7 | | | 5,621 | | | — | | | — | | | 5,628 | | | — | | | 5,628 | |
Common stock issuance | 34,473,719 | | | 35 | | | 32,467 | | | — | | | — | | | 32,502 | | | — | | | 32,502 | |
Measurement period adjustment | — | | | — | | | — | | | — | | | — | | | — | | | (131) | | | (131) | |
Net income (loss)** | — | | | — | | | — | | | (26,578) | | | — | | | (26,578) | | | (133) | | | (26,711) | |
Foreign currency translation adjustments, net of nil tax | — | | | — | | | — | | | — | | | 172 | | | 172 | | | 104 | | | 276 | |
Balance, June 30, 2020 | 237,008,159 | | | 237 | | | 357,720 | | | (287,407) | | | (508) | | | 70,042 | | | 13,309 | | | 83,351 | |
Share-based compensation | — | | | — | | | 3,252 | | | — | | | — | | | 3,252 | | | — | | | 3,252 | |
Common stock issuance for acquisition | 1,613,207 | | | 2 | | | 1,031 | | | — | | | — | | | 1,033 | | | — | | | 1,033 | |
Common stock issuance for professional fee | 250,000 | | | — | | | 343 | | | — | | | — | | | 343 | | | — | | | 343 | |
Net income (loss)* | — | | | — | | | — | | | (8,286) | | | — | | | (8,286) | | | (547) | | | (8,833) | |
Foreign currency translation adjustments, net of nil tax | — | | | — | | | — | | | — | | | 798 | | | 798 | | | 558 | | | 1,356 | |
Balance, September 30, 2020 | 238,871,366 | | | $ | 239 | | | $ | 362,346 | | | $ | (295,693) | | | $ | 290 | | | $ | 67,182 | | | $ | 13,320 | | | $ | 80,502 | |
__________________________
* Excludes accretion of dividend for redeemable non-controlling interest.
** Excludes deemed dividend related to warrant repricing
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
IDEANOMICS, INC.
CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (USD in thousands) Continued | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine months ended September 30, 2021 |
| 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, 2021 | 344,861,295 | | | $ | 345 | | | $ | 531,866 | | | $ | (346,883) | | | $ | 1,256 | | | $ | 186,584 | | | $ | 6,438 | | | $ | 193,022 | |
Share-based compensation | — | | | — | | | 2,040 | | | — | | | — | | | 2,040 | | | — | | | 2,040 | |
Common stock issuance for acquisition | 10,181,299 | | | 10 | | | 32,367 | | | — | | | — | | | 32,377 | | | — | | | 32,377 | |
Common stock issuance for professional fee | 440,909 | | | — | | | 1,162 | | | — | | | — | | | 1,162 | | | — | | | 1,162 | |
Common stock issued under employee stock incentive plan | 475,000 | | | — | | | 251 | | | — | | | — | | | 251 | | | — | | | 251 | |
Common stock issuance for at the market offering | 17,615,534 | | | 18 | | | 53,389 | | | — | | | — | | | 53,407 | | | — | | | 53,407 | |
Common stock issuance for convertible note | 45,895,763 | | | 46 | | | 140,080 | | | — | | | — | | | 140,126 | | | — | | | 140,126 | |
Net income (loss)* | — | | | — | | | — | | | (6,412) | | | — | | | (6,412) | | | (280) | | | (6,692) | |
Foreign currency translation adjustments, net of nil tax | — | | | — | | | — | | | — | | | (472) | | | (472) | | | (388) | | | (860) | |
Balance, March 31, 2021 | 419,469,800 | | | 419 | | | 761,155 | | | (353,295) | | | 784 | | | 409,063 | | | 5,770 | | | 414,833 | |
Share-based compensation | — | | | — | | | 2,007 | | | — | | | — | | | 2,007 | | | — | | | 2,007 | |
Common stock issuance for at the market offering | 25,301,190 | | | 25 | | | 74,322 | | | — | | | — | | | 74,347 | | | — | | | 74,347 | |
Common stock issued under employee stock incentive plan | 4,590,000 | | | 5 | | | 7,735 | | | — | | | — | | | 7,740 | | | — | | | 7,740 | |
Common stock issuance for acquisition | 6,733,497 | | | 7 | | | 21,120 | | | — | | | — | | | 21,127 | | | — | | | 21,127 | |
Common stock issued pursuant to SEDA | 10,000,000 | | | 10 | | | 27,290 | | | — | | | — | | | 27,300 | | | — | | | 27,300 | |
Common stock issuance for professional fee | 260,000 | | | — | | | 656 | | | — | | | — | | | 656 | | | — | | | 656 | |
Changes in available-for-sale securities fair value | — | | | — | | | — | | | — | | | (20) | | | (20) | | | — | | | (20) | |
Net income (loss)* | — | | | — | | | — | | | (7,263) | | | — | | | (7,263) | | | (319) | | | (7,582) | |
Foreign currency translation adjustments, net of nil tax | — | | | — | | | — | | | — | | | (34) | | | (34) | | | (7) | | | (41) | |
Balance, June 30, 2021 | 466,354,487 | | | 466 | | | 894,285 | | | (360,558) | | | 730 | | | 534,923 | | | 5,444 | | | 540,367 | |
Share-based compensation | — | | | |