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Table of Contents

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, 2020

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)

Nevada

    

20-1778374

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1441 Broadway, 5th Floor, 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 share

 

IDEX

 

The Nasdaq Stock 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, or 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 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: 238,971,366 shares as of November 5, 2020.

Table of Contents

QUARTERLY REPORT ON FORM 10-Q

OF IDEANOMICS, INC.

FOR THE PERIOD ENDED SEPTEMBER 30, 2020

TABLE OF CONTENTS

PART I

-FINANCIAL INFORMATION

 

 

 

Item 1.

Financial Statements

4

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

44

Item 3

Quantitative and Qualitative Disclosures About Market Risk

58

Item 4.

Controls and Procedures

58

 

 

 

PART II

-OTHER INFORMATION

 

 

 

Item 1.

Legal Proceedings

59

Item 1A.

Risk Factors

59

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

59

Item 3.

Defaults Upon Senior Securities

59

Item 4.

Mine Safety Disclosures

59

Item 5.

Other Information

59

Item 6.

Exhibits

59

Signatures

60

Table of Contents

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 99% of the share capital Delaware Board of Trade 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;
“HK SAR” refers to the Hong Kong Special Administrative Region of the People’s Republic of China;
“Intelligenta” refers to the BDCG investment which was rebranded as Intelligenta. As part of the rebranding, Intelligenta’s strategy will now include AI solutions to enhance corporation services, index services and products, and capital market services and products;
“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 all of the Company’s electric vehicles investments;
“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;
“SSF” refers to Tianjin Sevenstarflix Network Technology Limited, a PRC company controlled by YOD Hong Kong through contractual arrangements;
“Sinotop Beijing” refers to Beijing Sino Top Scope Technology Co., Ltd., a PRC company controlled by YOD Hong Kong through contractual arrangements;
“U.S. dollars,” “dollars,” “USD,” “US$,” and “$” refer to the legal currency of the United States;
“U.S. Tax Reform” refers to the Tax Cuts and Jobs Act, enacted by the United States of America on December 22, 2017;
“VIEs” refers to our variable interest entities Sinotop Beijing, and SSF;
“VOD” refers to video on demand, which includes near video on demand (“NVOD”), subscription video on demand (“SVOD”), and transactional video on demand (“TVOD”);
“Wecast SH” refers to Shanghai Wecast Supply Chain Management Limited, a PRC company that is 51% owned by the Company;
“Wide Angle” refers to Wide Angle Group Limited, a Hong Kong company that is 55% owned by the Company;
“YOD Hong Kong” refers to YOU On Demand (Asia) Limited, formerly Sinotop Group Limited, a Hong Kong company, which is wholly- owned by CB Cayman;
“YOD WFOE” refers to YOU On Demand (Beijing) Technology Co., Ltd., a PRC company and a “wholly foreign-owned enterprise,” which is wholly-owned by YOD Hong Kong;
“SSSIG” refers to Sun Seven Stars Investment Group Limited, a British Virgin Islands corporation, an affiliate of Dr. Wu; and
SEDA refers to the Standby Equity Distribution Agreement between the Company and YA II PN Ltd.

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

IDEANOMICS, INC.

INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

Page

Unaudited Condensed Consolidated Balance Sheets

5

Unaudited Condensed  Consolidated Statements of Operations

6

Unaudited Condensed  Consolidated Statements of Comprehensive Income (Loss)

7

Unaudited Condensed  Consolidated Statements of Equity

8

Unaudited Condensed  Consolidated Statements of Cash Flows

10

Notes to Unaudited Condensed  Consolidated Financial Statements

11

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IDEANOMICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD in thousands)

September 30, 2020

December 31, 2019

ASSETS

Current assets:

Cash and cash equivalents

$

27,605

$

2,633

Accounts receivable, net (including due from related parties of $586 and $2,284 as of September 30, 2020 and December 31, 2019, respectively)

 

4,315

 

2,405

Prepayments

999

572

Amount due from related parties

1,601

1,256

Notes receivable

464

Other current assets

 

581

 

587

Total current assets

 

35,565

 

7,453

Property and equipment, net

 

165

 

378

Fintech Village

9,337

12,561

Intangible assets, net

 

52,398

 

52,771

Goodwill

 

10,472

 

23,344

Long-term investments

 

22,651

 

22,621

Operating lease right of use assets

7,357

6,934

Other non-current assets

 

519

 

883

Total assets

$

138,464

$

126,945

LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK, REDEMABLE NON-CONTROLLING INTEREST AND EQUITY

Current liabilities

Accounts payable

$

4,738

$

3,380

Deferred revenue

 

1,178

 

477

Accrued salaries

 

906

 

923

Amount due to related parties

 

1,333

 

3,962

Other current liabilities

 

4,195

 

6,466

Current portion of operating lease liabilities

 

520

 

1,113

Current contingent consideration

4,082

12,421

Promissory note-short term

3,750

3,000

Convertible promissory note due to third-parties

9,033

1,753

Convertible promissory note due to related parties

3,260

Total current liabilities

 

29,735

 

36,755

Asset retirement obligations

 

4,653

 

5,094

Convertible promissory note due to third-parties-long term

 

 

5,089

Convertible promissory note due to related parties-long term

1,551

Other long-term liabilities

514

Operating lease liability-long term

6,820

6,222

Non-current contingent consideration

7,608

12,235

Total liabilities

 

49,330

 

66,946

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, 2020 and December 31, 2019

1,262

1,262

Redeemable non-controlling interest

7,370

Equity:

 

  

 

  

Common stock - $0.001 par value; 1,500,000,000 shares authorized, 238,871,366 shares and 149,692,953 shares issued and outstanding as of September 30, 2020 and December 31, 2019 , respectively

239

150

Additional paid-in capital

 

362,346

 

282,554

Accumulated deficit

 

(295,693)

 

(248,481)

Accumulated other comprehensive income (loss)

 

290

 

(664)

Total IDEX shareholders' equity

 

67,182

 

33,559

Non-controlling interest

 

13,320

 

25,178

Total equity

 

80,502

 

58,737

Total liabilities, convertible redeemable preferred stock, redeemable non-controlling interest and equity

$

138,464

$

126,945

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

5

Table of Contents

IDEANOMICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD in thousands, except per share amounts)

Three Months Ended

Nine Months Ended

    

September 30, 2020

    

September 30, 2019

    

September 30, 2020

    

September 30, 2019

Revenue from third-parties

$

10,618

$

250

$

15,681

$

950

Revenue from related parties

 

2

 

2,854

 

9

 

43,554

Total revenue

 

10,620

 

3,104

 

15,690

 

44,504

Cost of revenue from third-parties

 

9,906

 

244

 

14,674

 

751

Cost of revenue from related parties

 

 

 

2

 

467

Gross profit

 

714

 

2,860

 

1,014

 

43,286

Operating expenses:

 

  

 

  

 

  

 

  

Selling, general and administrative expenses

 

7,636

 

7,770

 

20,188

 

18,443

Research and development

 

1,318

 

 

1,318

 

Professional fees

3,968

1,389

8,096

3,918

Impairment loss

3,275

2,299

10,363

2,299

Change in fair value of contingent consideration, net

 

(4,179)

 

 

(2,900)

 

Depreciation and amortization

 

695

 

806

 

1,651

 

1,420

Total operating expenses

 

12,713

 

12,264

 

38,716

 

26,080

Income (loss) from operations

 

(11,999)

 

(9,404)

 

(37,702)

 

17,206

Interest and other income (expense):

 

  

 

  

 

  

 

  

Interest expense, net

 

(2,014)

 

(639)

 

(14,061)

 

(1,955)

Equity in income (loss) of equity method investees

7

(40)

(8)

(606)

Gain on disposal of subsidiaries

1,057

1,057

Loss on remeasurement of DBOT investment

(3,179)

(3,179)

Conversion expense

(2,266)

Other income (expense)

 

5,283

 

(100)

 

6,272

 

(156)

Income (loss) before income taxes and non-controlling interest

 

(8,723)

 

(12,305)

 

(47,765)

 

12,367

Income tax benefit

 

 

 

 

514

Net income (loss)

 

(8,723)

 

(12,305)

 

(47,765)

 

12,881

Deemed dividend related to warrant repricing

(184)

Net loss (income) attributable to non-controlling interest

 

437

 

(1,408)

 

737

 

(1,374)

Net income (loss) attributable to IDEX common shareholders

$

(8,286)

$

(13,713)

$

(47,212)

$

11,507

Earnings (loss) per share

Basic

$

(0.03)

$

(0.11)

$

(0.25)

$

0.10

Diluted

(0.03)

(0.11)

(0.25)

0.10

Weighted average shares outstanding:

Basic

237,535,999

127,609,748

191,976,856

113,964,933

Diluted

237,535,999

127,609,748

191,976,856

118,319,893

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 INCOME (LOSS) (Unaudited) (USD in thousands)

Three Months Ended

Nine Months Ended

    

September 30, 2020

    

September 30, 2019

    

September 30, 2020

    

September 30, 2019

Net income (loss)

$

(8,723)

$

(12,305)

$

(47,765)

$

12,881

Other comprehensive income (loss), net of nil tax

 

 

 

 

Foreign currency translation adjustments

 

1,356

 

24

 

1,639

 

103

Comprehensive income (loss)

 

(7,367)

 

(12,281)

 

(46,126)

 

12,984

Deemed dividend related to warrant repricing

(184)

Comprehensive income (loss) attributable to non-controlling interest

 

122

 

(1,470)

 

(51)

 

(1,420)

Comprehensive income (loss) attributable to IDEX common shareholders

$

(7,245)

$

(13,751)

$

(46,361)

$

11,564

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

7

Table of Contents

IDEANOMICS, INC.

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (USD in thousands)

Nine Months Ended September 30, 2019

Retained

Accumulated 

Additional

Earnings/

Other  

Ideanomics 

Non-

Common

Par

Paid-in 

Accumulated

Comprehensive

Shareholders'

controlling 

Total

  

Stock

  

Value

  

Capital

  

(Deficit)

  

Loss

  

equity

  

Interest

  

Equity

Balance, January 1, 2019

 

102,766,006

$

103

$

195,780

$

(149,975)

$

(1,665)

$

44,243

$

(1,031)

$

43,212

Share-based compensation

 

 

 

224

 

 

 

224

 

 

224

Common stock issuance for restricted shares

 

129,840

 

 

 

 

 

 

 

Common stock issuance for assets (SolidOpinion, Inc)

 

4,500,000

 

5

 

7,150

 

 

 

7,155

 

 

7,155

Common stock issuance for convertible debt

 

1,166,113

 

1

 

2,049

 

 

 

2,050

 

 

2,050

Net income (loss)

 

 

 

 

19,927

 

 

19,927

 

(18)

 

19,909

Foreign currency translation adjustments, net of nil tax

172

172

(25)

147

Balance, March 31, 2019

 

108,561,959

109

205,203

(130,048)

(1,493)

73,771

(1,074)

72,697

Share-based compensation

 

 

 

3,703

 

 

 

3,703

 

 

3,703

Common stock issuance for assets (Fintalk)

 

2,860,963

 

3

 

5,347

 

 

 

5,350

 

 

5,350

Common stock issuance for acquisition of non-controlling interest Grapevine1

 

590,671

 

1

 

491

 

 

 

492

 

(492)

 

Investment from SSSIG

 

575,431

 

 

 

 

 

 

 

Net income (loss)

 

 

 

 

5,292

 

 

5,292

 

(15)

 

5,277

Foreign currency translation adjustments, net of nil tax

 

 

 

(76)

 

(76)

 

8

 

(68)

Balance, June 30, 2019

 

112,589,024

113

214,744

(124,756)

(1,569)

88,532

(1,573)

86,959

Share-based compensation

 

 

 

2,547

 

 

 

2,547

 

 

2,547

Common stock issuance for acquisition of BlackHorse Ventures2

 

815,217

1

1,499

1,500

1,500

Common stock issuance for acquisition of Glory Connection

 

12,190,000

 

12

 

24,368

 

 

 

24,380

 

 

24,380

Common stock issuance for acquisition of DBOT

 

5,851,830

 

6

 

9,708

 

 

 

9,714

 

105

 

9,819

Common stock issuance for releasing Grapevine as collateral

 

250,000

 

 

372

 

 

 

372

 

 

372

Common stock issuance for releasing Grapevine as collateral Convertible note

 

1,000,000

 

1

 

2,499

 

 

 

2,500

 

 

2,500

Deconsolidation of Amer

 

 

 

 

 

 

 

446

 

446

Net income (loss)

 

 

 

 

(13,712)

 

 

(13,712)

 

1,407

 

(12,305)

Foreign currency translation adjustments, net of nil tax

 

 

 

 

 

11

 

11

 

13

 

24

Balance, September 30, 2019

 

132,696,071

$

133

$

255,737

$

(138,468)

$

(1,558)

$

115,844

$

398

$

116,242

Notes:

1 In 2018, the Company entered into a subscription agreement and amended agreements with SSSIG to purchase $1.1 million of Common Stock at the then market price. The Company has received $1.1 million in total in 2018 and issued 575,431 shares of common stock in June 2019.

2 On July 16, 2019, the Company entered into a share subscription agreement to subscribe 1,186 Pre-A preferred shares of BlackHorse Ventures, a Cayman Islands company, for a consideration of $1,500,290 paid in the form of common shares of the Company. The subscription shares represent 10% of the share capital of BlackHorse Ventures on a fully diluted basis.

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

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