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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
or
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)
Nevada20-1778374
(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:
Title of each class:Trading Symbol(s)Name of each exchange on which registered:
Common stock, $0.001 par value per shareIDEX
The 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 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.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller 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: 11,972,346 shares as of November 17, 2023.



QUARTERLY REPORT ON FORM 10-Q
OF IDEANOMICS, INC.
FOR THE PERIOD ENDED September 30, 2023
TABLE OF CONTENTS

2

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., a Nevada corporation, and its consolidated subsidiaries.
The following is a glossary of certain terms used in this report:

2010 Plan
refers to the 2010 Stock Incentive Plan.
Acuitasrefers to Acuitas Capital, LLC.
AIrefers 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.
ASEANrefers 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).
BEVrefers to battery electric vehicles.
Boardrefers to the Company's Board of Directors.
CaaSrefers to Charging as a Service.
Cantorrefers to Cantor Fitzgerald, LLC
CapExrefers to funds used by a company to acquire, upgrade, and maintain physical assets.
Chinarefers to the People’s Republic of China.
Chineserefers to the People’s Republic of China.
COVID-19refers to Coronavirus 2019.
DBOTrefers 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.
Energicarefers to Energica Motor Company, S.p.A., manufacturer of high-performance electric motorcycles.
EVrefers to electric vehicles, particularly battery operated electric vehicles.
Exchange Actrefers to the Securities Exchange Act of 1934, as amended.
FASBrefers to the Financial Accounting Standards Board.
FCEVrefers to fuel cell electric vehicles.
Fiduciarefers to Fiducia Real Estate Solutions, Inc.
FINRArefers to the Financial Industry Regulatory Authority.
Fintechrefers to financial technology.
FNLrefers to FNL Technologies, Inc., the owner and operator of the social media platform Hoo.be.
Gloryrefers to Glory Connection Sdn. Bhd.
Hong Kongrefers to the Hong Kong Special Administrative Region of the People’s Republic of China.
Ideanomics China
refers to the company's China division.
JUSTLYrefers 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).
MaaSrefers to Mobility as a Service.
OpExrefers to the day-to-day operating expenses of a business.
3

PRCrefers to the People’s Republic of China.
RMBrefers to the legal currency of the PRC.
RSUrefers to restricted stock unit
SAFErefers to Simple Agreement for Future Equity.
SDPArefer to Secured Debenture Purchase Agreement.
SECrefers to the United States Securities and Exchange Commission.
SEPA
refers to Standby Equity Purchase Agreement.
SBA PPPrefers to Small Business Association Paycheck Protection Program.
Solectrac refers to Solectrac, Inc.
SPArefers to Securities Purchase Agreement.
SSErefers 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.
Timiosrefers to Timios Holdings Corp. and its affiliates.
Tree Technologiesrefers 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. GAAPrefers to accounting principles generally accepted in the United States of America.
US Hybrid refers to US Hybrid Corporation.
VaaSrefers to Vehicle as a Service.
VIArefers to VIA Motors International, Inc. a business that produces commercial battery electric skateboard architecture.
VIEsrefers to variable interest entities.
WAVErefers to Wireless Advanced Vehicle Electrification, Inc.
YA II PN
refers to YA II PN, Ltd.
4

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
IDEANOMICS, INC.
INDEX

5

IDEANOMICS, INC. AND SUBSIDIARIES
6

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands, except share and per share data)
September 30, 2023December 31, 2022
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents$1,884 $3,245 
Accounts receivable, net3,066 4,269 
Contract assets1,926 3,579 
Amount due from related parties90 90 
Notes receivable from third parties, net41 31,653 
Inventory, net16,781 23,192 
Prepaid expenses6,863 9,618 
Other current assets5,046 5,096 
Current assets of discontinued operations10,463 33,296 
Total current assets46,160 114,038 
Property and equipment, net11,128 7,845 
Intangible assets, net39,980 43,622 
Goodwill37,254 37,775 
Operating lease right of use assets10,814 10,533 
Long-term investments 7,500 
Other non-current assets2,866 2,276 
Non-current assets of discontinued operations3,082 19,212 
Total assets$151,284 $242,801 
LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK, AND EQUITY
Current liabilities
Accounts payable$56,271 $25,448 
Accrued salaries4,119 6,851 
Accrued expenses2,436 2,674 
Deferred revenue2,900 2,105 
Amount due to related parties1,942 1,927 
Current portion of operating lease liabilities2,828 2,031 
Promissory note due to related party2,286 2,021 
Promissory note due to third parties7,957 5,814 
Convertible note due to third party6,149 3,928 
Current contingent consideration78 867 
Other current liabilities14,874 9,288 
Current liabilities of discontinued operations7,499 13,909 
Total current liabilities109,339 76,863 
Promissory note due to third parties1,673 1,957 
Operating lease liabilities - long term11,244 8,566 
Deferred tax liabilities2,841 2,511 
Other long-term liabilities1,116 1,131 
Non-current liabilities of discontinued operations1,938 5,210 
Total liabilities128,151 96,238 
Commitments and contingencies (Note 14)
Convertible redeemable preferred stock
Series A - 7,000,000 shares issued and outstanding, liquidation and deemed liquidation preference of $3,500,000 as of September 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 2,105,200 and 10,000,000 shares outstanding as of September 30, 2023 and December 31, 2022, respectively
1,863 8,850 
Series C - 2,000,000 shares authorized, 1,159,276 and 0 shares issued and 608,680 and 0 shares outstanding as of September 30, 2023 and December 31, 2022, respectively
4,825  
Equity
Common stock - $0.001 par value; 12,000,000 shares authorized, 11,992,765 and 4,786,290 shares issued and 11,923,955 and 4,786,290 shares outstanding as of September 30, 2023 and December 31, 2022, respectively
1,499 597 
Additional paid-in capital1,071,219 1,004,082 
Accumulated deficit(1,049,603)(866,450)
Accumulated other comprehensive loss(6,684)(6,104)
Total Ideanomics, Inc. stockholders' equity16,431 132,125 
Non-controlling interest(1,248)4,326 
Total equity15,183 136,451 
Total liabilities, convertible redeemable preferred stock, and equity$151,284 $242,801 
7

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
IDEANOMICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in thousands, except per share data)Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Revenue from sales of products
$583 $7,625 $11,038 $17,428 
Revenue from sales of services 19 426 99 1,205 
Other revenue63 170 506 310 
Total revenue665 8,221 11,643 18,943 
Cost of revenue from sales of products
1,047 8,712 11,841 17,834 
Cost of revenue from sales of services255 110 451 829 
Cost of other revenue816 56 1,639 198 
Total cost of revenue2,118 8,878 13,931 18,861 
Gross (loss) profit(1,453)(657)(2,288)82 
Operating expenses:
Selling, general and administrative expenses8,146 31,024 69,830 91,604 
Research and development expense1,540 830 9,563 2,420 
Asset impairments104,386 298 142,370 699 
Goodwill impairments10,712  10,712  
Depreciation and amortization5,635 1,652 15,399 4,011 
Change in fair value of contingent consideration, net(61,469) (74,416)(131)
Other general expenses(261) 89  
Total operating expenses68,689 33,804 173,547 98,603 
Loss from operations(70,142)(34,461)(175,835)(98,521)
Interest and other income (expense):
Interest income 941 401 2,522 
Interest expense(1,366)(222)(2,636)(1,256)
Gain on remeasurement of investment   10,965 
Loss on disposal of investment(1,153)(30)(1,153)(218)
Other income, net9,560 567 11,598 1,143 
Loss before income taxes(63,101)(33,205)(167,625)(85,365)
Income tax benefit876 312 4,258 742 
Impairment of and equity in loss of equity method investees (429) (2,357)
Net loss from continuing operations(62,225)(33,322)(163,367)(86,980)
Net loss from discontinued operations, net of tax(2,368)(5,531)(24,206)(20,237)
Net loss(64,593)(38,853)(187,573)(107,217)
Net loss attributable to non-controlling interest1,586 1,439 4,753 3,525 
Net loss attributable to Ideanomics, Inc. common shareholders$(63,007)$(37,414)$(182,820)$(103,692)
Basic and diluted loss per share from continuing operations$(5.19)$(8.07)$(17.07)$(21.02)
Basic and diluted loss per share from discontinued operations$(0.20)$(1.40)$(2.61)$(5.10)
Basic and diluted loss per share$(5.39)$(9.47)$(19.68)$(26.11)
Weighted average shares outstanding:
Basic and diluted11,692,394 3,952,490 9,291,974 3,971,139 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
8

IDEANOMICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)

(in thousands)Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Net loss$(64,593)$(38,853)$(187,573)$(107,217)
Other comprehensive income, net of nil tax:
Foreign currency translation adjustments(1,963)(8,127)(1,138)(15,930)
Comprehensive loss(66,556)(46,980)(188,711)(123,147)
Comprehensive loss attributable to non-controlling interest2,050 3,075 5,311 6,756 
Comprehensive loss attributable to Ideanomics, Inc. common shareholders$(64,506)$(43,905)$(183,400)$(116,391)
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
9

IDEANOMICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited)

(in thousands, except per share data)
Nine months ended September 30, 2022
Common
Stock
Par
Value
Additional
Paid-in 
Capital
Treasury StockRetained
Earnings/
Accumulated
(Deficit)
Accumulated
Other
Comprehensive
Loss
Ideanomics
Shareholders’
equity
Non-
controlling
Interest
Total
Equity
Balance, January 1, 20223,978,180 $497 $968,066 $ $(605,758)$222 $363,027 $2,341 $365,368 
Share-based compensation— — 2,355 — — — 2,355 — 2,355 
Common stock issuance for professional fee2,800 1 434 — — — 435 — 435 
Tax withholding paid for net share settlement of equity awards— — (83)— — — (83)— (83)
Common stock issued under employee stock incentive plan1,000 — 66 — — — 66 — 66 
Deconsolidation of subsidiary— — — — — — — (236)(236)
Acquisition of subsidiaries
— — — — — — — 24,778 24,778 
Net loss— — — — (28,512)— (28,512)(580)(29,092)
Foreign currency translation adjustments, net of nil tax
— — — — — 925 925 284 1,209 
Balance, March, 31, 20223,981,980 498 970,838  (634,270)1,147 338,213 26,587 364,800 
Share-based compensation— — 2,863 — — — 2,863 — 2,863 
Acquisition of subsidiaries
— — — — — — — 49 49 
Net loss— — — — (37,767)— (37,767)(1,506)(39,273)
Foreign currency translation adjustments, net of nil tax
— — — — — (6,838)(6,838)(2,174)(9,012)
Balance, June, 30, 20223,981,980 498 973,701  (672,037)(5,691)296,471 22,956 319,427 
Share-based compensation— — 2,234 — — — 2,234 — 2,234 
Common stock issuance for professional fees
8,472 1 689 — — — 690 — 690 
Common stock issuance for convertible note
187,642 23 7,500 — — — 7,523 — 7,523 
Shares issued for US Hybrid acquisition(53,021)(7)(4,633)4,639 — — (1)— (1)
Investments from noncontrolling shareholders
— — — — — — — 264 264 
Option repurchase
— — (11)— — — (11)— (11)
Equity Adjustment from Foreign Currency Translation
— — — — — (1,264)(1,264)— (1,264)
SEPA Inducement shares12,000 2 752 — — — 754 — 754 
Net loss— — — — (37,414)— (37,414)(1,439)(38,853)
Foreign currency translation adjustments, net of nil tax
— — — — — (6,207)(6,207)(1,920)(8,127)
Balance, September 30, 20224,137,074 $517 $980,232 $4,639 $(709,451)$(13,162)$262,775 $19,861 $282,636 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

















10



IDEANOMICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited)
11

(in thousands, except per share data)
Nine months ended September 30, 2023
Common
Stock
Par
Value
Additional
Paid-in 
Capital
Accumulated DeficitAccumulated
Other
Comprehensive
Loss
Ideanomics
Shareholders’
equity
Non-
controlling
Interest
Total
Equity
Balance, January 1, 20234,781,930 $597 $1,004,082 $(866,450)$(6,104)$132,125 $4,326 $136,451 
Cumulative effect of changes in accounting principle
— — — (332)— (332)— (332)
Share-based compensation— — 2,470 — — 2,470 — 2,470 
Dividend accrued for Preferred Stock Series B— — (214)— — (214)— (214)
Preferred stock series B warrants— — (17,402)— — (17,402)— (17,402)
Common stock issuance for acquisition1,011,372 126 26,182 — — 26,308 — 26,308 
Common stock issuance for professional fee234,239 29 3,348 — — 3,377 — 3,377 
Tax withholding paid for net share settlement of equity awards21,359 3 (357)— — (354)— (354)
Common stock issuance for preferred stock Series B conversion392,157 49 8,801 — — 8,850 — 8,850 
Share issuance pertinent to SEPA885,733 111 15,046 — — 15,157 — 15,157 
RSUs issued to employees4,800 1 (1)— — — —  
Net loss— — — (84,317)— (84,317)(1,575)(85,892)
Foreign currency translation adjustments, net of nil tax
— — — — 1,056 1,056 305 1,361 
Balance, March 31, 20237,331,590 916 1,041,955 (951,099)(5,048)86,724 3,056 89,780 
Share-based compensation— — 1,816 — — 1,816 — 1,816 
Dividend accrued for preferred stock— — (130)— — (130)— (130)
Common stock issuance for series B preferred stock conversion280,422 35 3,505 — — 3,540 — 3,540 
Common stock issuance for warrants exercise3,191,555 399 17,117 — — 17,516 — 17,516 
Warrants expiration— — 1,037 — — 1,037 — 1,037 
Common stock issuance for professional fee173,542 22 1,036 — — 1,058 — 1,058 
Share issuance pertain to SEPA167,600 21 876 — — 897 — 897 
RSU issued to employees120,000 15 1,485 — — 1,500 — 1,500 
Non-controlling shareholders withdraw— — — — — — (263)(263)
Net loss— — — (35,497)— (35,497)(1,592)(37,089)
Foreign currency translation adjustments, net of nil tax
— — — — (137)(137)(399)(536)
Balance, June 30, 202311,264,709 1,408 1,068,697 (986,596)(5,185)78,324 802 79,126 
Share-based compensation— — 720 — — 720 — 720 
Dividend accrued for preferred stock— — (84)— — (84)— (84)
Common stock issuance for series B preferred stock conversion728,056 91 3,356 — — 3,447 — 3,447 
Common stock reservation for acquisition
— — (1,470)— — (1,470)— (1,470)
Net loss— — — (63,007)— (63,007)(1,586)(64,593)
Foreign currency translation adjustments, net of nil tax
— — — — (1,499)(1,499)(464)(1,963)
Balance, September 30, 202311,992,765 $1,499 $1,071,219 $(1,049,603)$(6,684)$16,431 $(1,248)$15,183 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

12




13

IDEANOMICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in thousands)Nine Months Ended
September 30, 2023September 30, 2022
Cash flows from operating activities:
Net loss$(187,573)$(107,217)
Net loss from discontinued operations(24,206)(20,237)
Net loss from continuing operations(163,367)(86,980)
Adjustments to reconcile net loss to net cash used in operating activities
Share-based compensation expense6,505 7,453 
Depreciation and amortization16,160 4,011 
Obsolescence of inventory 49 
Noncash lease expense1,627 1,412 
Non-cash interest expense (income)
1,458 (2,265)
Allowance for doubtful accounts(76)559 
Income tax benefit(4,258)(742)
Issuance of common stock for professional fees4,416 1,766 
Other (income) expense150 (453)
Change in fair value of contingent consideration(74,416)(131)
Impairment losses153,084 700 
Foreign currency exchange losses52 2,096 
Impairment of and equity in losses of equity method investees 2,357 
Loss (gain) on disposal of subsidiary
(2,869)180 
Gain on remeasurement of investment (10,965)
Change in assets and liabilities (net of amounts acquired):
Accounts receivable1,002 (1,996)
Inventory6,461 (10,602)
Prepaid expenses and other assets2,506 (4,335)
Accounts payable17,100 11,962 
Deferred revenue692 (653)
Amount due to related parties14 (130)
Accrued expenses, salary and other current liabilities(353)(7,074)
Net cash used in operating activities from continuing operations(34,112)(93,781)
Net cash used in operating activities from discontinued operations(10,652)(15,506)
Net cash used in operating activities(44,764)(109,287)
Cash flows from investing activities:
Acquisition of property and equipment (6,995)
Acquisition of intangible asset (563)
Disposal of subsidiaries, net of cash disposed (417)
Acquisition of subsidiaries, net of cash acquired831 (54,889)
Proceeds from selling available for sales securities2,078 4,032 
Investment in debt securities(2,900)(27,646)
Investments in long-term investment (274)
Proceed from selling long-term investment
 659 
Notes receivable from related party (1,000)
Investment in available for sales securities (165)
Net cash provided by (used in) investing activities from continuing operations9 (87,258)
Net cash used in investing activities from discontinued operations(2,856)(3,590)
Net cash used in investing activities(2,847)(90,848)
Cash flows from financing activities
14

Proceeds from issuance of shares, stock options and warrants4,026 (11)
Proceeds from issuance of convertible notes7,650  
Proceeds from issuance of preferred stock9,850  
Borrowings from related parties2,070  
Borrowings from third parties8,700 297 
Proceeds from revolving line of credit5,973  
Repayments to third parties(1,439)(2,019)
Principal payments on revolving line of credit(7,031) 
Repayment of convertible notes (40,833)
Proceeds from noncontrolling interest shareholder 49 
Tax withholding paid for net share settlement of equity awards (84)
Payment of finance lease obligations(27)(160)
Repayments to related parties(2,070) 
Net cash provided by (used in) financing activities from continuing operations27,702 (42,761)
Net cash provided by financing activities from discontinued operations4,217 (27)
Net cash provided by (used in) financing activities31,919 (42,788)
Effect of exchange rate changes on cash(42)(1,755)
Net decrease in cash and cash equivalents
(15,734)(244,678)
Cash, beginning of period - continuing operations3,245 233,184 
Cash, beginning of period - discontinued operations18,684 36,679 
Total cash, beginning of period21,929 269,863 
Cash, end of period - continuing operations1,884 5,062 
Cash, end of period - discontinued operations4,311 20,123 
Total cash, end of period$6,195 $25,185 
Supplemental disclosure of cash flow information:
Cash paid for income tax$ $ 
Cash paid for interest$485 $1,383 
Issuance of shares for acquisition$26,308 $ 
Issuance of shares for repayment of convertible note and accrued interest$16,054 $7,523 
Purchases of property and equipment with unpaid costs accrued in accounts payable$868 $ 
Purchases of intangibles with unpaid costs accrued in accounts payable$40 $ 
Issuance of shares for preferred stock conversion$15,837 $ 
Right-of-use assets obtained in exchange for new operating lease liabilities$693 $ 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
15

IDEANOMICS, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1.    Summary of Significant Accounting Policies
Unaudited Interim Financial Statements
The consolidated financial statements of the Company, including the consolidated balance sheet as of September 30, 2023, the consolidated statements of operations, the consolidated statements of comprehensive loss, the consolidated statements of equity, and the consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022, as well as other information disclosed in the accompanying notes, are unaudited. The consolidated balance sheet as of December 31, 2022 was derived from the audited consolidated financial statements as of that date. The interim consolidated financial statements and the accompanying notes should be read in conjunction with the annual consolidated financial statements and the accompanying notes contained in our Annual Report on Form 10-K for the year ended December 31, 2022 filed on March 30 2023.
The interim consolidated financial statements and the accompanying notes have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. The consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future years or interim periods.
Reclassifications
Certain prior year amounts have been reclassified for comparative purposes to conform to the current-period financial statement presentation.

Discontinued Operations

During the nine months ended September 30, 2023, our business components Timios, US Hybrid, Tree Technologies and China met the criteria for classification as discontinued operations and are no longer presented as continuing operations. Assets and liabilities associated with these components are presented in our consolidated balance sheets as Discontinued Operations. The results of operations related to these components are included in the consolidated statements of operations as "Loss from discontinued operations, net of tax." The cash flows of these components are also presented separately in our consolidated statements of cash flows. All corresponding prior year periods presented in our financial statements and related information in the accompanying notes have been reclassified to reflect the Discontinued Operations presentation.

On July 25, 2023, we completed the sale of the Timios Operations for cash proceeds of $450,000 (net of $150,000 in transactions costs paid for by the buyer) and the extinguishment of outstanding payables to YA PN II of $2.4 million. There was no material gain or loss on the sale of the Timios operations. On November 7, 2023, the Company received the deposit of $0.5 million from a potential buyer of US Hybrid. As of September 30, 2023, the China business component completed all commercial vehicle resale activities and does not expect to generate material revenues prior to the wind up of the legal entities in China.

The following table summarizes the operating results of the discontinued operations for the periods indicated:

16

Three months endedNine months ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Total revenue$1,820 $16,057 $15,043 $64,928 
Cost of revenue2,010 16,059 13,200 64,160 
Gross profit(190)(2)1,843 768 
Selling and administrative expenses3,831 6,686 15,918 21,951 
Depreciation and amortization35 619 433 1,827 
Asset impairments1,133 80 10,575 331 
Other operating costs20 21 40 167 
     Operating loss(5,209)(7,408)(25,123)(23,508)
Non-operating income (expense)2,841 1,789 796 3,088 
Income tax benefit 88 121 183 
     Loss from discontinued operations, net of tax$(2,368)$(5,531)$(24,206)$(20,237)

The following table summarizes the assets and liabilities of the Discontinued Operations included in the consolidated balance sheets for the periods indicated:

September 30, 2023December 31, 2022
Cash and cash equivalents$4,311 $18,683 
Accounts Receivables, net897 1,587 
Inventory, net4,160 5,054 
Prepaid expenses and other current assets1,095 7,972 
    Current assets of discontinued operations$10,463 $33,296 
Property and equipment, net236 1,227 
Intangible assets, net7 9,147 
Operating lease right of use assets2,465 5,446 
Other noncurrent assets374 3,392 
       Noncurrent assets of discontinued operations$3,082 $19,212 
Accounts payable and accrued expenses$3,066 $8,741 
Current portion of operating lease liabilities962 2,051 
Other current liabilities3,471 3,117 
Current liabilities of discontinued operations$7,499 $13,909 
    Operating lease liabilities – long term1,532 3,707 
    Deferred tax liabilities 489