Immaterial Corrections of Prior Period Financial Statements (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Changes and Error Corrections [Abstract]

Schedule of error corrections and prior period adjustments

The following table reflects the impact of the immaterial corrections discussed above on the Company’s previously reported condensed consolidated statement of comprehensive loss for the three months ended March 31, 2021 (in thousands, except per share amounts):

	Previously Reported		Adjustment		As Revised
Cost of revenue – sales of products	$	4,354	$	161	$	4,515
Cost of revenue – sales of services	14,742		6		14,748
Total cost of revenue	19,096		130		19,226
Gross profit	10,842		(129)		10,713
Selling, general and administrative	17,019		(130)		16,889
Depreciation and amortization	1,128		200		1,328
Total operating expenses	23,651		70		23,721
Loss from operations	(12,809)		(199)		(13,008)
Loss on disposal of subsidiaries, net	(212)		182		(30)
Other income (expense), net	(156)		(182)		(338)
Loss before income taxes and non-controlling interest	(13,594)		(199)		(13,793)
Income tax benefit	7,256		89		7,345
Equity in loss of equity method investees	(237)		83		(154)
Net loss	(6,575)		(27)		(6,602)
Foreign currency translation adjustments	(860)		167		(693)
Comprehensive loss	(7,435)		140		(7,295)
Comprehensive loss attributable to non-controlling interest	552		(119)		433
Comprehensive loss attributable to Ideanomic, Inc. shareholders	$	(6,883)	$	21	$	(6,862)

The following table reflects the impact of the immaterial corrections discussed above on the Company’s previously reported condensed consolidated statement of cash flows for the three months ended March 31, 2021 (in thousands):

	Previously Reported		Adjustment		As Revised
Cash flows from operating activities:
Net loss	$	(6,575)	$	(27)	$	(6,602)
Equity in losses of equity method investees	237		(83)		154
Accounts receivable	2,600		(456)		2,144
Inventory	117		(369)		(252)
Prepaid expenses and other assets	1,653		(74)		1,579
Accrued expenses, salary and other current liabilities	$	4,534	$	808	$	5,342