Acquisitions and Divestitures (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of assets acquired and liabilities assumed

The following table summarizes the fair value of the consideration transferred and the estimated fair values of the major classes of assets acquired and liabilities assumed as of the acquisition date.The recorded amounts for assets acquired and liabilities assumed are provisional and subject to change during the measurement period for certain items including the valuation of separately identified intangibles

(Dollars in thousands)	January 31, 2023
Fair value of consideration transferred:
Common shares	$	28,617
Preferred shares	4,825
SAFE note	581
Secured convertible note	5,165
Contingent consideration	73,627
Purchase price	$	112,815
Allocated to:
Current assets	1,757
Property and equipment, net	2,315
Operating lease right of use assets	5,064
Intangible assets – development technology	104,200
Intangible assets – trademark and tradename	11,410
Goodwill	13,020
Other assets	—
Current liabilities	(16,940)
Deferred tax liability	(4,227)
Other liabilities	(3,784)
Fair value of assets acquired, less liabilities assumed	$	112,815

(Dollars in thousands)	March 14, 2022
Cash paid at closing, including working capital estimates	$	58,140
Fair value of previously held interest	22,183
Fair value of non-controlling interest	24,778
Purchase price	$	105,101
Allocated to:
Current assets	$	19,708
Property and equipment, net	1,927
Intangible assets –Customer relationships	14,226
Intangible assets – Development technology	18,603
Intangible assets – Trademark and trade name	14,496
Goodwill	60,394
Other assets	1,024
Current liabilities	(16,894)
Other liabilities	(8,383)
Fair value of assets acquired, less liabilities assumed	$	105,101

Schedule of useful lives of the intangible assets acquired

The useful lives of the intangible assets acquired is as follows:

	January 31, 2023
Intangible assets – development technology	20
Intangible assets – trademark and tradename	20
Weighted average	20

The useful lives of the intangible assets acquired is as follows:

	March 14, 2022
Intangible assets – customer relationships	13.0
Intangible assets – development technology	8.0
Intangible assets – trademark and tradename	25.0
Weighted average	14.7

Schedule of estimated amortization expense related to intangible assets

The estimated amortization expense related to these intangible assets for each of the years subsequent to March 31, 2023, is as follows (amounts in thousands):

2023 remaining	$	12,627
2024	14,591
2025	12,487
2026	10,709
2027	9,178
Thereafter	53,212
Total	$	112,804

The estimated amortization expense related to these intangible assets for each of the years subsequent to March 31, 2023, is as follows (amounts in thousands):

2023 remaining	$	2,976
2024	3,967
2025	3,967
2026	3,967
2027	3,967
Thereafter	23,658
Total	$	42,502

The following table summarizes the expected amortization expense for the following years (in thousands):

	Amortization to be recognized
2023 (excluding the three months ended March 31, 2023)	$	15,766
2024	18,764
2025	16,651
2026	14,773
2027	13,168
2028 and thereafter	76,943
Total	$	156,065

Summary of unaudited pro forma financial information

	Three Months Ended
	March 31, 2023		March 31, 2022
(Amounts in thousands, except per share and share data)
Total revenue	$	10,581	$	25,411
Net loss attributable to Ideanomics, Inc. common shareholders	73,012		40,082