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Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The following table summarizes changes in the carrying amount of goodwill (in thousands):
Balance as of January 1, 2020$23,344 
Measurement period adjustments(12,848)
Effect of change in foreign currency exchange rates(8)
Impairment loss(9,323)
Balance as of December 31, 20201,165 
Measurement period adjustments*3,291 
Acquisitions100,455 
Effect of change in foreign currency exchange rates(14)
Disposal of Grapevine**(704)
Balance as of June 30, 2021$104,193 
*During the first quarter of 2021, the Company completed the acquisition of 100% interest in WAVE, a provider of wireless charging solutions for medium and heavy-duty electric vehicles. The Company adjusted the goodwill balance in connection with the completion of the acquisition accounting. Refer to Note 6 for additional information.
**During the second quarter of 2021, the Company completed the sale of Grapevine. Refer to Note 6 for additional information.
Intangible Assets
The following table summarizes information regarding amortizing and indefinite lived intangible assets (in thousands):
June 30, 2021December 31, 2020
Weighted
Average
Remaining
Useful Life		Gross
Carrying
Amount		Accumulated
Amortization		Net
Balance		Gross
Carrying
Amount		Accumulated
Amortization		Net 
Balance
Amortizing Intangible Assets
Influencer network (a,g)—$— $— $— $1,137 $(462)$675 
Customer contract (a,g)—— — — 500 (389)111 
Continuing membership agreement (b)181,179 (634)545 1,179 (619)560 
Trade name (a,g)—— — — 110 (17)93 
Technology platform (a,g)—— — — 290 (97)193 
Land use rights (c)97.527,279 (276)27,003 28,162 (142)28,020 
Timios licenses (d)14.51,000 (32)968 — — — 
Timios tradename (d)14.57,180 (228)6,952 — — — 
Timios lender relationships (d)6.513,570 (928)12,642 — — — 
Timios software in development (e)—425 — 425 — — — 
WAVE patents (f)39.521,600 (493)21,107 — — — 
WAVE tradename (f)14.512,630 (385)12,245 — — — 
Software - Solectrac (h)2.945 — 45 — — — 
USH - Brand (i)6.91,740 (12)1,728 — — — 
USH - Technology (i)12.916,250 (66)16,184 — — — 
Solectrac - Brand (h)9.94,570 (24)4,546 — — — 
Solectrac - Technology (h)9.92,450 (13)2,437 — — — 
Total109,918 (3,091)106,827 31,378 (1,726)29,652 
Indefinite lived intangible assets
Timios Title plant (d)500 — 500 — — — 
Website name25 — 25 25 — 25 
Patent— — — 28 — 28 
Total$110,443 $(3,091)$107,352 $31,431 $(1,726)$29,705 
______________________________________________
(a)During the third quarter of 2018, the Company completed the acquisition of 65.7% share of Grapevine. In connection with the business analysis of Grapevine, the Company determined that the attrition rate of the influencer network had accelerated, and performed an impairment analysis, and recorded an impairment loss of $0.8 million during the year ended December 31, 2020. As a result of this analysis of the influencer network, the Company determined that the remaining useful life of the influencer network should be reduced to two years, effective January 1, 2021 and also determined that remaining useful life of the technology should be reduced to one year, effective January 1, 2021.
(b)During the third quarter of 2019 the Company completed the acquisition of additional shares in DBOT, which increased its ownership to 99.0%. Intangible assets of $8.3 million were recognized on the date of acquisition. As part of the determination of the fair value of DBOT’s intangible assets during the year ended December 31, 2020, the Company utilized the cost method to determine the fair value of the continuing membership agreement, and determined the fair value was $0.6 million, and recorded an impairment loss of $7.1 million during the year ended December 31 2020.
(c)During the fourth quarter of 2019, the Company completed the acquisition of a 51.0% interest in Tree Technologies, a Malaysian company engaged in the EV market. Tree Technologies holds the land use rights for 250 acres of vacant land zoned for industrial development in the Begeng Industrial Area adjacent to Kuantan Port. Kuantan is the capital city of the state of Pahang on the east coast of Peninsular Malaysia.
(d)During the first quarter of 2021, the Company completed the acquisition of 100.0% interest in Timios. Refer to Note 6 for additional information related to the acquisition.
(e)Relates to software development costs capitalized during the six months ended June 30, 2021 at Timios. The asset is yet to be placed into service; amortization of the completed asset will commence once it is ready to be placed into service.
(f)During the first quarter of 2021, the Company completed the acquisition of 100.0% interest in WAVE. Refer to Note 6 for additional information related to the acquisition.
(g)During the second quarter of 2021, the Company completed a stock purchase agreement with FNL Technologies, Inc., the owner and operator of the social media platform Hoo.be, pursuant to which Ideanomics made an investment into FNL, including cash, Ideanomics common stock, and 100% of the common stock outstanding of Grapevine Logic, Inc. (“Grapevine,”) a wholly-owned subsidiary of the Company focused on influencer marketing.
(h)During the second quarter 2021, the Company completed the acquisition of privately held Solectrac. Solectrac develops 100 percent battery-powered, all-electric tractors for agriculture and utility operations. Refer to Note 6 for additional information related to the acquisition.
(i)During the second quarter 2021, the Company completed the acquisition of privately held US Hybrid Corporation. US Hybrid specializes in the design and manufacturing of zero-emission electric powertrain components. Refer to Note 6 for additional information related to the acquisition.

Amortization expense relating to intangible assets was $1.5 million and $0.5 million for the three months ended June 30, 2021 and 2020, respectively, and $2.6 million and $0.9 million for the six months ended June 30, 2021 and 2020, respectively.
The following table summarizes the expected amortization expense for the following years (in thousands):
Years ending December 31,Amortization to be
recognized
2021 (excluding the six months ended June 30, 2021)$3,296 
20226,592 
20236,592 
20246,585 
20256,577 
2026 and thereafter77,185 
Total$106,827