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Acquisitions and Divestitures (Tables)
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Schedule of assets acquired and liabilities assumed
The table below reflects the Company’s estimates of the acquisition date fair values of the assets acquired and liabilities assumed for the 2021 Acquisitions (in thousands):
SolectracUS HybridTimiosWAVE
Purchase Price
Cash paid at closing, including working capital estimates$18,025 $30,139 $46,576 $15,000 
Fair value of previously held interest5,287 — 
Fair value of common stock— 20,877 — 28,616 
Fair value of contingent consideration1,640 — — 11,418 
Total purchase consideration24,952 51,016 46,576 55,034 
Purchase Price Allocation
Assets acquired
Current assets2,700 3,793 7,292 2,820 
Property, plant and equipment30 5 429 — 
Other assets45 52 48 — 
Intangible assets – tradename4,210 1,740 8,426 12,630 
Intangible assets – lender relationships— — 16,600 — 
Intangible assets - technology2,350 5,110 
Intangible assets – patents— — — 13,000 
Intangible assets - non-compete— 520 — — 
Intangible assets – licenses— — 1,000 — 
Indefinite lived title plant— — 500 — 
Goodwill17,714 42,218 21,824 35,689 
Total assets acquired27,049 53,438 56,119 64,139 
Liabilities assumed:
Current liabilities(509)(1,602)(4,306)(4,578)
Deferred tax liability(1,588)(820)(5,237)(4,527)
Total liabilities assumed(2,097)(2,422)(9,543)(9,105)
Net assets acquired$24,952 $51,016 $46,576 $55,034 
The useful lives of the intangible assets acquired is as follows:
SolectracUS HybridTimiosWAVE
Intangible assets – tradename671515
Intangible assets – lender relationships— — 7— 
Intangible assets – technology1013— — 
Intangible assets – patents— — — 14
Intangible assets - non-compete— 5— — 
Intangible assets – licenses— — 15— 
Weighted average useful life7.4111014.5
The following table summarizes the acquisition-date fair value of assets acquired and liabilities assumed, as well as the fair value of the non-controlling interest in Tree Technologies recognized. The Company has completed the fair value analysis of the assets acquired, liabilities assumed, the noncontrolling interest, and the contingent consideration, and therefore the adjustments are incorporated in the table below (in thousands):
Land use rights$27,140 
Accounts payable(743)
Noncontrolling interest(15,452)
Goodwill468 
Marketing and distribution agreement12,590 
Total$24,003 
The following table summarizes the acquisition-date fair value of assets acquired and liabilities assumed, as well as the fair value of the non-controlling interest in DBOT recognized (in thousands):
Cash$247 
Other financial assets1,686 
Financial liabilities(4,411)
Noncontrolling interest(105)
Goodwill9,324 
Intangible asset – continuing membership agreement8,255 
Intangible asset – customer list59 
Total$15,055 
Schedule of amortization expense Excluding the impact of any impairments, the estimated amortization expense related to these intangible assets for each of the years subsequent to December 31, 2021 is as follows (amounts in thousands):
2022 remaining$6,511 
20236,511 
20246,511 
20256,511 
20266,511 
2027 and beyond27,473 
Total$60,028 
The following table summarizes future expected amortization expense (in thousands):
Years ending December 31,Amortization to be
recognized
2022$4,199 
20234,183 
20243,918 
20253,454 
20263,404 
2027 and thereafter22,857 
Total$42,015 
Summary of supplemental information on an unaudited pro forma basis
The unaudited pro forma results presented below include the effects of the Company’s acquisitions as if the acquisitions had occurred on January 1, 2020. The Company filed an Amended Form 8-K on April 6, 2021 to disclose unaudited pro forma financial information, and explanatory notes, related to the acquisition of Timios as it met the criteria of a significant acquisition. The remainder of the 2021 Acquisitions did not meet the criteria of a significant acquisition, in aggregate or individually.
The pro forma adjustments are based on historically reported transactions by the acquired companies. The pro forma results do not include any material, nonrecurring adjustments directly attributable to the 2021 Acquisitions. The pro forma results do not include any anticipated synergies or other expected benefits of the acquisitions. The unaudited pro forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisitions occurred on January 1, 2020.
Year Ended
December 31, 2021December 31, 2020
(Amounts in thousands, except per share and share data)
Total revenue$117,617 $114,588 
Net loss attributable to IDEX common shareholders(257,281)(94,097)
Earnings (loss) per share
Basic and Diluted$(0.57)$(0.40)
Weighted average shares outstanding
Basic and Diluted447,829,204 232,707,448 
The following table summarizes supplemental information on an unaudited pro forma basis, as if the acquisition had been consummated as of January 1, 2019 (in thousands):
December 31, 2019
Revenue$44,675 
Net loss attributable to IDEX common shareholders$(99,417)