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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)
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 shareIDEXNasdaq 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.
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: 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

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. (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
3

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.

4

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
IDEANOMICS, INC.
INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

5

IDEANOMICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD in thousands)
September 30, 2021December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents$256,930 $165,764 
Accounts receivable, net4,494 7,400 
Available-for-sale securities58,441  
Inventory3,819  
Prepaid expenses23,384 2,629 
Amount due from related parties554 240 
Other current assets1,617 3,726 
Held for sale assets (Fintech Village)7,068  
Total current assets356,307 179,759 
Property and equipment, net1,627 330 
Fintech Village 7,250 
Intangible assets, net74,246 29,705 
Goodwill111,458 1,165 
Long-term investments35,549 8,570 
Operating lease right of use assets8,759 155 
Other non-current assets7,933 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 salaries5,487 1,750 
Amount due to related parties1,112 882 
Other current liabilities8,670 2,235 
Current portion of operating lease liabilities2,308 115 
Current contingent consideration2,775 1,325 
Promissory note-short term417 568 
Asset retirement obligations4,653  
Redeemable non-controlling interest7,832  
Total current liabilities44,661 13,061 
Asset retirement obligations 4,653 
Deferred tax liabilities826  
Operating lease liability-long term6,479 19 
Non-current contingent consideration2,337 7,635 
Other long-term liabilities7,710 7,275 
Total liabilities62,013 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 capital938,006 531,866 
Accumulated deficit(411,409)(346,883)
Accumulated other comprehensive income546 1,256 
Total Ideanomics, Inc. shareholders' equity527,626 186,584 
Non-controlling interest4,978 6,438 
Total equity532,604 193,022 
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.
6

IDEANOMICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD in thousands)
Three Months EndedNine Months Ended
September 30, 2021September 30, 2020September 30, 2021September 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 services17,070 480 65,898 962 
Total revenue27,047 10,620 87,832 15,690 
Cost of revenue from sales of products (including from a related party of $9 ,$0, $20 and $2 for the three and nine months ended September 30, 2021 and 2020, respectively)
9,893 9,455 20,838 13,779 
Cost of revenue from sales of services12,626 451 42,323 897 
Total cost of revenue22,519 9,906 63,161 14,676 
Gross profit4,528 714 24,671 1,014 
Operating expenses:
Selling, general and administrative expenses28,876 7,636 53,650 20,188 
Research and development expense184 1,318 429 1,318 
Professional fees9,387 3,968 21,994 8,096 
Impairment losses21,033 3,275 21,033 10,363 
Change in fair value of contingent consideration, net(5,099)(4,179)(7,006)(2,900)
Litigation settlement  5,000  
Depreciation and amortization1,682 695 4,445 1,651 
Total operating expenses56,063 12,713 99,545 38,716 
Loss from operations(51,535)(11,999)(74,874)(37,702)
Interest and other income (expense):
Interest income (expense), net109 (2,014)(871)(14,061)
Loss on disposal of subsidiaries, net  (1,446) 
Conversion expense   (2,266)
Gain on remeasurement of investment  2,915  
Gain on extinguishment of debt300  300  
Other income, net8 5,283 689 6,272 
Loss before income taxes and non-controlling interest(51,118)(8,730)(73,287)(47,757)
Income tax benefit842  9,667  
Equity in gain (loss) of equity method investees(819)7 (1,517)(8)
Net loss(51,095)(8,723)(65,137)(47,765)
Deemed dividend related to warrant repricing   (184)
Net loss attributable to common shareholders(51,095)(8,723)(65,137)(47,949)
Net loss attributable to non-controlling interest244 437 611 737 
Net loss attributable to Ideanomics, Inc. common shareholders$(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)$(0.25)
Weighted average shares outstanding:
Basic473,829,962 237,535,999 432,989,602 191,976,856 
Diluted473,829,962 237,535,999 432,989,602 191,976,856 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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IDEANOMICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) (USD in thousands)
Three Months EndedNine Months Ended
September 30, 2021September 30, 2020September 30, 2021September 30, 2020
Net loss$(51,095)$(8,723)$(65,137)$(47,765)
Other comprehensive income (loss), net of nil tax:
Changes in fair value of available-for-sale securities4  (16) 
Foreign currency translation adjustments(295)1,356 (1,196)1,639 
Comprehensive loss(51,386)(7,367)(66,349)(46,126)
Deemed dividend related to warrant repricing   (184)
Comprehensive loss (gain) attributable to non-controlling interest350 122 1,113 (51)
Comprehensive loss attributable to Ideanomics, Inc. common shareholders$(51,036)$(7,245)$(65,236)$(46,361)
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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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 DeficitAccumulated
Other
Comprehensive
Loss
Ideanomics
Shareholders’
equity
Non-
controlling
Interest*
Total
Equity
Balance, January 1, 2020149,692,953 $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 fee429,000 — 240 — — 240 — 240 
Common stock issuance for convertible note1,454,424 1 613 — — 614 — 614 
Common stock issuance for acquisition10,883,668 11 6,737 — — 6,748 — 6,748 
Common stock issuance for warrant exercise1,000,000 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, 2020163,460,045 163 293,345 (260,829)(680)31,999 13,469 45,468 
Share-based compensation— — 3,394 — — 3,394 — 3,394 
Common stock issuance for acquisition459,180 — 293 — — 293 — 293 
Common stock issuance for convertible note26,231,634 26 19,983 — — 20,009 — 20,009 
Common stock issued to settle debt4,577,876 5 2,309 — — 2,314 — 2,314 
Common stock issued under employee stock incentive plan293,857 — — — — — — — 
Common stock issuance for professional fee515,942 1 308 — — 309  309 
Common stock issuance for warrant exercise6,995,906 7 5,621 — — 5,628 — 5,628 
Common stock issuance34,473,719 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, 2020237,008,159 237 357,720 (287,407)(508)70,042 13,309 83,351 
Share-based compensation— — 3,252 — — 3,252 — 3,252 
Common stock issuance for acquisition1,613,207 2 1,031 — — 1,033 — 1,033 
Common stock issuance for professional fee250,000 — 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, 2020238,871,366 $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.


9

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 DeficitAccumulated
Other
Comprehensive
Loss
Ideanomics
Shareholders’
equity
Non-
controlling
Interest*
Total
Equity
Balance, January 1, 2021344,861,295 $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 acquisition10,181,299 10 32,367 — — 32,377 — 32,377 
Common stock issuance for professional fee440,909 — 1,162 — — 1,162 — 1,162 
Common stock issued under employee stock incentive plan475,000 — 251 — — 251 — 251 
Common stock issuance for at the market offering17,615,534 18 53,389 — — 53,407 — 53,407 
Common stock issuance for convertible note45,895,763 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, 2021419,469,800 419 761,155 (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 offering25,301,190 25 74,322 — — 74,347 — 74,347 
Common stock issued under employee stock incentive plan4,590,000 5 7,735 — — 7,740 — 7,740 
Common stock issuance for acquisition6,733,497 7 21,120 — — 21,127 — 21,127 
Common stock issued pursuant to SEDA10,000,000 10 27,290 — — 27,300 — 27,300 
Common stock issuance for professional fee260,000 — 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, 2021466,354,487 466 894,285 (360,558)730 534,923 5,444 540,367 
Share-based compensation—