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Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of discontinued operations The following table summarizes the operating results of the discontinued operations for the periods indicated:
Three months endedSix months ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Total revenue$5,456 $24,817 $10,366 $47,978 
Cost of revenue4,377 22,839 9,736 45,116 
Gross profit1,079 1,978 630 2,862 
Selling and administrative expenses3,900 4,967 8,035 11,028 
Depreciation and amortization2 509 274 1,019 
Asset impairments116 251 9,442 251 
Other operating costs10 42 10 42 
     Operating loss(2,949)(3,791)(17,131)(9,478)
Non-operating income (expense)141 1,277 (1,158)1,322 
Income tax benefit52 23 121 186 
     Loss from discontinued operations, net of tax$(2,756)$(2,491)$(18,168)$(7,970)

The following table summarizes the assets and liabilities of the Discontinued Operations included in the consolidated balance sheets for the periods indicated:

June 30, 2023December 31, 2022
Cash and cash equivalents$8,876 $18,169 
Accounts Receivables, net152 72 
Inventory, net— 647 
Prepaid expenses and other current assets6,061 6,416 
    Current assets of discontinued operations15,089 25,304 
Property and equipment, net— 423 
Intangible assets, net6 9,144 
Operating lease right of use assets1,046 1,594 
Other noncurrent assets58 2,843 
       Noncurrent assets of discontinued operations$1,110 $14,004 
Accounts payable and accrued expenses$5,099 $5,523 
Current portion of operating lease liabilities491 893 
Other current liabilities5,296 2,348 
Current liabilities of discontinued operations10,886 8,764 
    Operating lease liabilities – long term828 926 
    Deferred tax liabilities— 489 
    Other noncurrent liabilities— 513 
Noncurrent liabilities of discontinued operations$828 $1,928 
The following table summarizes the operating results of the held for sale businesses for the periods indicated:

Three months endedSix months ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Total revenue$8,138 $9,345 $13,664 $11,559 
Cost of revenue7,469 9,845 13,212 12,926 
Gross profit669 (500)452 (1,367)
Selling and administrative expenses9,500 12,160 19,060 19,075 
Depreciation and amortization1,363 1,483 2,712 1,979 
Asset impairments148 321 148 333 
Other operating costs815 679 1,558 1,500 
Operating loss$(11,157)$(15,143)$(23,026)$(24,254)

The following table summarizes the assets and liabilities of the held for sale businesses included in the consolidated balance sheets for the periods indicated:
June 30, 2023December 31, 2022
Cash and cash equivalents$1,994 $2,156 
Accounts Receivables, net6,540 5,753 
Inventory, net22,352 27,031 
Prepaid expenses and other current assets9,582 14,492 
    Current assets of businesses held for sale40,468 49,432 
Property and equipment, net7,594 7,194 
Intangible assets, net41,990 43,599 
Goodwill38,217 37,775 
Operating lease right of use assets9,498 10,169 
Other noncurrent assets2,672 2,664 
       Noncurrent assets of businesses held for sale$99,971 $101,401 
Accounts payable and accrued expenses$21,162 $21,748 
Current portion of operating lease liabilities2,092 2,134 
Other current liabilities18,931 17,784 
Current liabilities of businesses held for sale42,185 41,666 
    Operating lease liabilities – long term7,689 8,162 
    Deferred tax liabilities2,512 2,648 
    Other noncurrent liabilities3,227 3,543 
Noncurrent liabilities of businesses held for sale$13,428 $14,353 
Schedule of inventory
The composition of inventory is as follows (in thousands):
June 30, 2023December 31, 2022
Raw materials $7,887 $12,782 
Work in progress11,626 10,868 
Finished goods14,142 9,518 
Inventory Reserve(10,730)(5,568)
Total$22,925 $27,600 
Schedule of pro forma information The following table presents a balance sheet as of June 30, 2023 as if the sale of Energica, Wave Technologies, Solectrac and US Hybrid were complete and such businesses were presented as discontinued operations. In this event, the balance sheet below would reflect the assets and liabilities of the parent company Ideanomics, Inc. and VIA Motors as the sole remaining continuing operations in that hypothetical situation. However, the balance sheet below presents historical financial information and does not include cash or other assets we would receive from the sale of the businesses held for sale, nor does it show any liabilities that may be reduced or discharged with cash received. Additionally, as described above, we may decide not to sell one or more of the businesses held for sale.
June 30, 2023December 31, 2022
Cash and cash equivalents$901 $1,603 
Accounts Receivables, net15 30 
Inventory, net573 569 
Prepaid expenses and other current assets3,712 37,099 
Current assets of discontinued operation and businesses held for sale55,559 74,737 
Total current assets60,760 114,038 
Property and equipment, net3,434 1,455 
Intangible assets, net108,662 25 
Goodwill13,020 — 
Operating lease right of use assets5,204 4,217 
Other noncurrent assets477 7,660 
Noncurrent assets of discontinued operation and businesses held for sale101,080 115,406 
Total assets$292,637 $242,801 
Accounts payable and accrued expenses$49,619 $16,445 
Current portion of operating lease liabilities1,291 1,055 
Other current liabilities15,538 8,931 
Current liabilities of discontinued operation and businesses held for sale53,071 50,430 
Total current liabilities119,519 76,861 
Operating lease liabilities – long term6,404 3,185 
Deferred tax liabilities1,164 (137)
Non current contingent Liabilities60,721 — 
Other noncurrent liabilities50 53 
Noncurrent liabilities of discontinued operation and businesses held for sale14,256 16,276 
Total liabilities202,114 96,238 
Series A 1,262 1,262 
Series B5,310 8,850 
Series C4,825 — 
Equity:
Common stock1,408 597 
Additional paid-in capital1,068,697 1,004,082 
Accumulated deficit(986,596)(866,450)
Accumulated other comprehensive loss(5,185)(6,104)
Total Ideanomics, Inc. shareholder’s equity78,324 132,125 
Non-controlling interest802 4,326 
Total equity79,126 136,451 
Total liabilities, convertible redeemable preferred stock and equity$292,637 $242,801