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Immaterial Corrections of Prior Period Financial Statements
 12 Months Ended
Dec. 31, 2021
Accounting Changes and Error Corrections [Abstract]  
Immaterial Corrections of Prior Period Financial Statements Immaterial Corrections of Prior Period Financial StatementsThe Company has determined that there were immaterial errors in the consolidated financial statements as of and for the year ended December 31, 2020 related to its accounting of the acquisition of 51% of the ownership interests of Tree Technologies, a Malaysian company engaged in the EV market, in December 2019. The Company determined that it did not recognize a deferred tax liability and consequently, additional goodwill, in the initial purchase price allocation of Tree Technologies as of December 31, 2019, which also resulted in certain income tax benefits not being recognized during the year ended December 31, 2020. In addition, the Company determined that it did not recognize certain measurement period adjustments for the Tree
Technologies acquisition as of December 31, 2020 and income tax benefits associated with the impairment of the marketing and distribution agreement acquired in the acquisition during the year ended December 31, 2020.

The Company also determined that a legal agreement the Company entered into whereby the Company took possession of a property in Qingdao, China for no consideration was incorrectly accounted for as a lease in accordance with ASC 842.

Additionally, the Company changed the accounting model for one investment from that of a cost method investment to an equity method investment.

The Company assessed the materiality of these errors in accordance with Staff Accounting Bulletin No. 99, Materiality, and the Company determined that, qualitatively, the amounts, individually and in the aggregate, would have no bearing on the decision-making process of a reasonable investor. Accordingly, the Company is correcting the relevant consolidated financial statements and related footnotes as of and for the year ended December 31, 2020 within these consolidated financial statements.

The Company intends to revise its condensed consolidated financial statements for the periods ended March 31, 2021, June 30, 2021, and September 30, 2021 through subsequent periodic filings.

The following table reflects the impact of the immaterial corrections discussed above on the Company’s previously reported consolidated balance sheet as of December 31, 2020 (in thousands):

Previously
Reported

Adjustments

As Revised
Assets
Goodwill
$1,165 $(460)$705 
Operating lease right of use assets7,117 (6,962)155 
Long-term investments8,570 (83)8,487 
Other non-current assets517 6,961 7,478 
Total assets
234,412 (543)233,869 
Liabilities
Other current liabilities1,920 315 2,235 
Current portion of operating lease liabilities430 (315)115 
Operating lease liability – long term6,759 (6,740)19 
Deferred tax liabilities
— 5,045 5,045 
Other long-term liabilities535 6,740 7,275 
Total liabilities
32,643 5,045 37,688 
Stockholders’ Equity
Accumulated deficit
(346,883)(2,864)(349,747)
Accumulated other comprehensive income
1,256 (25)1,231 
Total Ideanomics, Inc. shareholders’ equity
186,584 (2,889)183,695 
Non-controlling interest
6,438 (2,699)3,739 
Total equity
193,022 (5,588)187,434 
Total liabilities, convertible redeemable preferred stock. redeemable non-controlling interest and stockholders’ equity
$234,412 $(543)$233,869 

The following table reflects the impact of the immaterial corrections discussed above on the Company’s previously reported consolidated statement of operations for the year ended December 31, 2020 (in thousands, except per share amounts):
Previously Reported
Adjustment
As Revised
Goodwill impairment$9,323 $8,766 $18,089 
Loss from operations(86,879)(8,765)(95,644)
Income tax benefit— 3,308 3,308 
Impairment of and equity in loss of equity method investees(16,698)(82)(16,780)
Net loss(106,043)(5,538)(111,581)
Net loss attributable to Ideanomics, Inc. common shareholders(98,400)(2,864)(101,264)
Basic and diluted loss per share$(0.46)$(0.01)$(0.47)

The following table reflects the impact of the immaterial corrections discussed above on the Company’s previously reported consolidated statement of comprehensive loss for the year ended December 31, 2020 (in thousands, except per share amounts):

Previously Reported
Adjustment
As Revised
Net loss$(106,043)$(5,538)$(111,581)
Foreign currency translation adjustments3,208 (50)3,158 
Comprehensive loss(102,835)(5,588)(108,423)
Comprehensive loss attributable to non-controlling interest6,539 2,699 9,238 
Comprehensive loss attributable to Ideanomics, Inc. shareholders$(96,480)$(2,889)$(99,369)

In addition, certain additional temporary differences between financial statement amounts and tax amounts at December 31, 2020, relating to the PRC companies were identified after issuance of the financial statements. These resulted in the recognition of $0.3 million additional deferred tax assets, offset by $5,000 additional deferred tax liabilities and $0.3 million additional valuation allowance with no effect on the balance sheet or income statement.

The following table reflects the impact of the immaterial corrections discussed above on the Company’s previously reported consolidated statement of cash flows for the year ended December 31, 2020 (in thousands):

Previously Reported
Adjustment
As Revised
Cash flows from operating activities
Net loss$(106,043)$(5,538)$(111,581)
Income tax benefit— (3,308)(3,308)
Impairment of and equity in loss of equity method investees$16,698 $82 $16,780 
Impairment losses42,554 8,765 51,319 
Net cash used in operating activities$41,468 $— $41,468