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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, 2022
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 shareIDEXThe 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: 563,602,888 shares as of November 7, 2022.



QUARTERLY REPORT ON FORM 10-Q
OF IDEANOMICS, INC.
FOR THE PERIOD ENDED September 30, 2022
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.
The following is a glossary of certain terms used in this report:

$refers to the legal currency of the United States.
ASCrefers to Accounting Standards Codification.
ASC 205
refers to Accounting Standards Codification Topic 205, Presentation of Financial Statements.
ASC 718
refers to Accounting Standards Codification Topic 718, Stock Compensation.
ASC 810
refers to Accounting Standards Codification Topic 810, Consolidation.
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 2019-12
refers to Accounting Standards Update 2019-12, Income Taxes (Topic 740).
ASU 2020-06
refers to Accounting Standards Update 2020-06, Debt (Topic 470).
ASU 2021-04
refers to Accounting Standards Update 2021-04, Earning Per Share.
BEVrefers to battery electric vehicles.
Boardrefers to the Company's Board of Directors.
CaaSrefers to Charging as a Service.
Chinarefers to the People’s Republic of China.
Chineserefers to the People’s Republic of China.
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.
FINRArefers to the Financial Industry Regulatory Authority.
Fintechrefers to financial technology.
Fintech Villagerefers to the Global Headquarters for Technology and Innovation in Connecticut.
FNLrefers to FNL Technologies, Inc., the owner and operator of the social media platform Hoo.be.
GAAPrefers to generally accepted accounting principles in the United States of America.
Gloryrefers to Glory Connection Sdn. Bhd.
Grapevine
refers to Grapevine Logic, Inc. a previously wholly-owned subsidiary of Ideanomics focused on influencer marketing.
Ideanomics Chinarefers to Mobile Energy Global (MEG) the subsidiary that holds all of the Company’s EV.
Ideanomics refers to Ideanomics Inc.
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).
MDI Fund
refers to the Minority Depository Institution Keepers Fund.
3

Medicirefers to Medici Motor Works.
NASDAQrefers to the Nasdaq Stock Market.
New Energyrefers to Qingdao Medici New Energy Vehicle Co., Ltd. , formerly known as Qingdao Chengyang Mobo New Energy Vehicle Sales Service Company Limited.
OEMrefers to original equipment manufacturer.
OPEXrefers to the day-to-day operating expenses of a business.
Orangegridrefers to Orangegrid LLC.
PEArefers to Prettl Electronics Automotive.
Qianxirefers to Guizhou Qianxi Green Environmentally Friendly Taxi Service Co.
PCAOB
refers to the Public Company Accounting Oversight Board.
PRCrefers to the People’s Republic of China.
RMBrefers to the legal currency of the PRC.
SAFErefers to Simple Agreement for Future Equity.
Sarbanes-Oxley Actrefers to Section 404 of the Sarbanes-Oxley Act of 2002, as amended.
SECrefers to the United States Securities and Exchange Commission.
SEDArefers to standby equity distribution agreement.
SDPArefers to secured debenture purchase agreement.
Securities Actrefers to the Securities Act of 1933, as amended.
Shenma
refers to Sichuan Shenma Zhixing Technology Co.
Silkrefers to Silk EV Cayman LP, is an Italian engineering and design services company.
Silk-FAWrefers to Silk, an Italian engineering and design services company that has recently partnered with FAW to form a new company (Silk-FAW) to produce fully electric, luxury vehicles for the Chinese and Global auto markets.
Silk EV Noterefers to the convertible promissory note Ideanomics entered into with Silk EV Cayman LP.
Solectrac refers to Solectrac, Inc., which was acquired on June 11, 2021.
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.
The 2010 Plan
refers to the 2010 Stock Incentive Plan.
The Companyrefers to Ideanomics Inc.
Timiosrefers to Timios Holdings Corp. and its affiliates which was acquired on January 8, 2021.
Timios New Sharesrefers to the new common stock of Timios.
TM2refers to Technology Metals Market Limited, a London based digital commodities issuance and trading platform for technology metals.
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. dollars refers to the legal currency of the United States.
U.S. GAAPrefers to accounting principles generally accepted in the United States of America.
US Hybrid refers to US Hybrid Corporation, which was acquired on June 20, 2021.
USDrefers to the legal currency of the United States.
VaaSrefers to Vehicle as a Service.
VIArefers to VIA Motors International, Inc. a business that produces commercial battery electric skateboard architecture.
WAVErefers to Wireless Advanced Vehicle Electrification, Inc. which was acquired on January 15, 2021.
WAVE Agreement
refers to the agreement and plan of merger the Company entered into to acquire 100% of 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 TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

5

IDEANOMICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD in thousands)
September 30, 2022December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents$25,186 $269,863 
Accounts receivable, net6,000 3,338 
Contract assets3,767 2,772 
Amount due from related parties534 266 
Notes receivable from third parties83,863 54,907 
Notes receivable from related party400 697 
Inventory29,530 6,159 
Prepaid expenses15,075 20,015 
Other current assets5,673 4,490 
Total current assets170,028 362,507 
Property and equipment, net10,170 2,905 
Intangible assets, net78,645 42,546 
Goodwill68,711 16,161 
Operating lease right of use assets16,835 12,827 
Financing lease right of use assets1,376  
Long-term investments23,319 35,588 
Other non-current assets1,235 903 
Total assets$370,319 $473,437 
LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK, REDEEMABLE NON-CONTROLLING INTEREST AND EQUITY
Current liabilities
Accounts payable$22,782 $6,674 
Deferred revenue (including customer deposits of $2,681 and $3,163 as of September 30, 2022 and December 31, 2021, respectively)
3,540 5,392 
Accrued salaries7,916 8,957 
Amount due to related parties2,223 1,102 
Other current liabilities8,831 7,137 
Current portion of operating lease liabilities3,878 3,086 
Current portion of financing lease liabilities348  
Current contingent consideration767 648 
Promissory note-short term2,424 312 
Convertible promissory note due to third-parties-short term9,250 57,809 
Total current liabilities61,959 91,117 
Promissory note-long term1,559  
Operating lease liability-long term12,808 9,647 
Financing lease liability-long term1,253  
Non-current contingent consideration100 350 
Deferred tax liabilities7,972 5,073 
Other long-term liabilities770 620 
Total liabilities86,421 106,807 
Commitments and contingencies (Note 19)
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, 2022 and December 31, 2021
1,262 1,262 
Equity:
Common stock - $0.001 par value; 1,500,000,000 shares authorized, 517,134,223 shares issued and outstanding as of September 30, 2022 and 497,272,525 and 344,861,295 shares issued and outstanding as of December 31, 2021,
517 497 
Treasury Stock4,639  
Additional paid-in capital980,232 968,066 
Accumulated deficit(709,451)(605,758)
Accumulated other comprehensive income(13,162)222 
Total Ideanomics, Inc. shareholders' equity262,775 363,027 
Non-controlling interest19,861 2,341 
Total equity282,636 365,368 
Total liabilities, convertible redeemable preferred stock, redeemable non-controlling interest and equity$370,319 $473,437 
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, 2022September 30, 2021September 30, 2022September 30, 2021
Revenue from sales of products (including from a related party of $10, $0 and $10, $1, for the three and nine months ended September 30, 2022 and 2021, respectively)
$15,746 $9,676 $55,157 $21,149 
Revenue from sales of services 8,412 16,336 28,461 64,339 
Other revenue120 $569 253 $1,159 
Total revenue24,278 26,581 83,871 86,647 
Cost of revenue from sales of products (including from a related party of $0, $4 and $0, $8 for the three and nine months ended September 30, 2022 and 2021, respectively)
18,198 9,934 58,963 20,445 
Cost of revenue from sales of services6,691 12,165 23,879 41,441 
Cost of other revenue48 531 179 1,063 
Total cost of revenue24,937 22,630 83,021 62,949 
Gross profit(659)3,951 850 23,698 
Operating expenses:
Selling, general and administrative expenses37,710 37,750 113,555 74,419 
Research and development expense849 184 2,543 429 
Asset impairment378 15,183 1,030 15,183 
Goodwill impairment 5,850  5,850 
Change in fair value of contingent consideration, net (5,099)(131)(7,006)
Litigation settlement2 216 44 5,216 
Depreciation and amortization2,271 1,779 5,838 4,548 
Total operating expenses41,210 55,863 122,879 98,639 
Loss from operations(41,869)(51,912)(122,029)(74,941)
Interest and other income (expense):
Interest income957 417 2,560 812 
Interest expense(456)(308)(1,523)(1,683)
Gain on extinguishment of debt 300  300 
Loss on disposal of subsidiaries, net(30) (218)(1,264)
Gain on remeasurement of investment  10,965 2,915 
Other income, net2,574 8 4,460 507 
Loss before income taxes and non-controlling interest(38,824)(51,495)(105,785)(73,354)
Income tax benefit400 944 925 9,971 
Impairment of and equity in gain (loss) of equity method investees(429)(1,447)(2,357)(2,062)
Net loss(38,853)(51,998)(107,217)(65,445)
Net loss attributable to common shareholders(38,853)(51,998)(107,217)(65,445)
Net loss attributable to non-controlling interest1,439 187 3,525 459 
Net loss attributable to Ideanomics, Inc. common shareholders$(37,414)$(51,811)$(103,692)$(64,986)
Earnings (loss) per share
Basic$(0.08)$(0.11)$(0.21)$(0.15)
Diluted$(0.08)$(0.11)$(0.21)$(0.15)
Weighted average shares outstanding:
Basic494,061,205 473,829,962 496,392,410 432,989,602 
Diluted494,061,205 473,829,962 496,392,410 432,989,602 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
7

IDEANOMICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) (USD in thousands)
Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Net loss$(38,853)$(51,998)$(107,217)$(65,445)
Other comprehensive income (loss), net of nil tax:
Changes in fair value of available-for-sale securities 4  (16)
Foreign currency translation adjustments(8,127)(951)(15,930)(1,683)
Comprehensive loss(46,980)(52,945)(123,147)(67,144)
Comprehensive loss (gain) attributable to non-controlling interest3,075 273 6,756 864 
Comprehensive loss attributable to Ideanomics, Inc. common shareholders$(43,905)$(52,672)$(116,391)$(66,280)
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
8

IDEANOMICS, INC.
CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (USD in thousands)
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 $(349,747)$1,231 $183,695 $3,739 $187,434 
Share-based compensation— — 2,040 — — 2,040 — 2,040 
Contingent shares— — 7,658 — — 7,658 — 7,658 
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 issuance17,615,534 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)— — — (6,483)— (6,483)(236)(6,719)
Foreign currency translation adjustments, net of nil tax
— — — — (380)(380)(313)(693)
Balance, March 31, 2021419,469,800 $419 $768,813 $(356,230)$851 $413,853 $3,190 $417,043 
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 pertain 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)*— — — (6,695)— (6,695)(267)(6,962)
Foreign currency translation adjustments, net of nil tax
— — — — (33)(33)(7)(40)
Balance, June 30, 2021466,354,487 $466 $901,943 $(362,925)$798 $540,282 $2,916 $543,198 
Share-based compensation— — 15,187 — — 15,187 — 15,187 
Contingent Shares— — (6,138)— — (6,138)— (6,138)
Common stock issuance for at the market offering7,495,997 7 17,737 — — 17,744 — 17,744 
Common stock issued under employee Stock Incentive Plan4,051,021 6 293 — — 299 — 299 
Common stock issuance for Controlled Equity Offering Sales1,988,401 2 4,201 — — 4,203 — 4,203 
Changes in available-for-sale securities fair value— — — — 4 4 — 4 
The effects of changes in exchange rate of RNCI— — (9)— — (9)— (9)
Common stock issuance for acquisition2,011,617 2 6,302 — — 6,304 — 6,304 
Net income (loss)— — — (51,811)— (51,811)(303)(52,114)
Foreign currency translation adjustments, net of nil tax
— — — — (866)(866)(85)(951)
Balance, September 30, 2021481,901,523 $483 $939,516 $(414,736)$(64)$525,199 $2,528 $527,727 
__________________________
*    Excludes accretion of dividend for redeemable non-controlling interest.
9

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, 2022
Common
Stock
Par
Value
Additional
Paid-in 
Capital
Treasury StockAccumulated DeficitAccumulated
Other
Comprehensive
Loss
Ideanomics
Shareholders’
equity
Non-
controlling
Interest*
Total
Equity
Balance, January 1, 2022497,272,525 497 $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 fee350,000 1 434 — — — 435 — 435 
Common stock issued under employee stock incentive plan125,000 — 66 — — — 66 — 66 
Tax withholding paid for net share settlement of equity awards— — (83)— — — (83)— (83)
Deconsolidation of subsidiary— — — — — — — (236)(236)
Acquisition of Energica— — — — —