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Restatement of Previously Reported Condensed Consolidated Financial Statements (Tables)
6 Months Ended
Jun. 30, 2021
Restatement of Previously Reported Condensed Consolidated Financial Statements  
Schedule of restatement adjustments recorded in connection with the restatement

The following reflects the restatement adjustments recorded in connection with the Company’s restatement of its condensed consolidated financial statements:

Consolidated Balance Sheet

June 30, 2021

As

Previously

    

Reported

    

Adjustment

    

As Restated

    

Notes

Assets

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

395,642

$

$

395,642

 

  

Accounts receivable, net

 

4,039

 

 

4,039

 

  

Available for sale security

 

15,360

 

 

15,360

 

  

Inventory

 

3,573

 

 

3,573

 

  

Prepaid expenses

 

12,069

 

 

12,069

 

  

Amount due from related parties

 

294

 

 

294

 

  

Other current assets

 

1,291

 

 

1,291

 

  

Current assets held for sale

 

7,068

 

 

7,068

 

  

Total current assets

 

439,336

 

 

439,336

 

  

Property and equipment, net

 

1,058

 

 

1,058

 

  

Intangible assets, net

 

107,352

 

(17,400)

 

89,952

 

C

Goodwill

 

104,193

 

12,879

 

117,072

 

C

Long-term investments

 

32,457

 

(281)

 

32,176

 

B

Operating lease – right of use assets

 

12,423

 

(6,774)

 

5,649

 

*

Other noncurrent assets

 

1,232

 

6774

 

8,006

 

*

Total assets

$

698,051

$

(4,802)

$

693,249

 

  

Liabilities and Stockholders’ Equity

 

  

 

  

 

  

 

  

Accounts payable

$

8,456

$

$

8,456

 

  

Deferred revenue

 

1,707

 

 

1,707

 

  

Accrued salaries

 

5,710

 

 

5,710

 

  

Due to related party

 

1,111

 

 

1,111

 

  

Other current liabilities

 

8,210

 

47

 

8,257

 

*, E

Current portion of lease liabilities

 

1,940

 

(322)

 

1,618

 

*

Current contingent consideration

 

11,712

 

 

11,712

 

  

Note payable

 

1,228

 

 

1,228

 

  

Note payable – related party

 

 

 

 

  

Convertible promissory note to third parties

 

81,224

 

 

81,224

 

  

Asset retirement obligations

 

4,653

 

 

4,653

 

  

Total current liabilities

 

125,971

 

(275)

 

125,696

 

  

Asset retirement obligations

 

 

 

 

  

Deferred tax liabilities

 

2,971

 

(1,215)

 

1,756

 

C, D, E

Operating lease liability – long term

 

10,530

 

(6,577)

 

3,953

 

*

Non-current contingent consideration

 

4,637

 

 

4,637

 

  

Other long-term liabilities

 

1,284

 

6,577

 

7,861

 

*

Total liabilities

 

145,393

 

(1,490)

 

143,903

 

  

Convertible redeemable preferred stock and Redeemable non-controlling interest:

 

  

 

  

 

  

 

  

Series A Preferred stock

 

1,262

 

 

1,262

 

  

Redeemable non-controlling interest

 

7,716

 

 

7,716

 

  

Stockholders’ equity:

 

  

 

  

 

  

 

  

Preferred stock, $0.0001 par value

 

 

 

 

  

Common stock, $0.0001 par value

 

466

 

 

466

 

  

Additional paid-in capital

 

894,285

 

 

894,285

 

  

Accumulated deficit

 

(357,245)

 

(3,312)

 

(360,557)

 

Accumulated other comprehensive income

 

730

 

 

730

 

  

Total IDEX stockholders’ equity

 

538,236

 

(3,312)

 

534,294

 

  

Noncontrolling interests

 

5,444

 

 

5,444

 

  

Total stockholders’ equity

 

543,680

 

(3,312)

 

540,368

 

  

Total liabilities and stockholders’ equity

$

698,051

$

(4,802)

$

693,249

 

  

* Represents revision for immaterial error correction – see Note 1

Condensed Consolidated State of Operations for three months ended June 30, 2021

As

Restatement

As

    

Reported **

    

Adjustments

    

Restated

    

Notes

Revenue - sales of products

$

7,410

$

$

7,410

 

Revenue - sales of services

 

25,807

 

(2,371)

 

23,436

 

A

Total Revenue

 

33,217

 

(2,371)

 

30,846

 

  

Cost of revenue - sales of products

 

6,591

 

 

6,591

 

Cost of revenue - sales of services

 

17,325

 

(2,371)

 

14,954

 

A

Total Cost of revenue

 

23,916

 

(2,371)

 

21,545

 

  

Gross Profit

 

9,301

 

 

9,301

 

  

Operating Expenses

 

  

 

  

 

  

 

  

Selling, general and administrative

 

13,076

 

(154)

 

12,922

 

(1)

Research and development

 

235

 

 

235

 

  

Professional fees

 

7,439

 

 

7,439

 

  

Impairment losses

 

 

 

 

  

Change -fair value of contingent consideration

 

(2,402)

 

 

(2,402)

 

  

Litigation settlement

 

_

 

 

_

 

  

Depreciation and amortization

 

1,635

 

 

1,635

 

  

Total operating expenses

 

19,983

 

(154)

 

19,829

 

  

Loss from operations

 

(10,682)

 

154

 

(10,528)

 

  

Interest and other income (expense):

 

  

 

  

 

  

 

  

Interest expense, net

 

(563)

 

 

(563)

 

  

Loss on disposal of subsidiaries

 

(1,234)

 

 

(1,234)

 

  

Conversion expense

 

 

 

 

  

Gain on measurement of investments

 

2,915

 

 

2,915

 

  

Other income, net

 

990

 

(154)

 

836

 

(1)

Loss before income taxes and non-controlling interest

 

(8,574)

 

 

(8,574)

 

  

Income tax (expense) benefit

 

(1,061)

 

2,631

 

1,570

 

C, D, E

Equity in loss of equity method investees

(358)

(103)

(461)

B

Net loss

 

(9,993)

 

2,528

 

(7,465)

 

  

Deemed dividend related to warrant repricing

 

 

 

 

Net loss attributable to common shareholders

 

(9,993)

 

2,528

 

(7,465)

 

  

Net loss attributable to non-controlling interest

 

203

 

 

203

 

  

Net loss attributable to IDEX common shareholders

$

(9,790)

$

2,528

$

(7,262)

 

  

Earnings per share, basic & fully diluted

$

(0.02)

$

$

(0.02)

 

  

Weighted average number of common shares

 

433,098,279

 

0

 

433,098,279

 

  

Condensed Consolidated Statement of Operations for Six Months ended June 30, 2021

    

As

    

Restatement

    

As

    

    

Reported **

Adjustments

Restated

Notes

Revenue - sales of products

$

11,957

$

$

11,957

 

Revenue - sales of services

 

53,969

 

(5,141)

 

48,828

 

A

Total Revenue

 

65,926

 

(5,141)

 

60,785

 

  

Cost of revenue - sales of products

 

10,945

 

 

10,945

 

Cost of revenue - sales of services

 

34,838

 

(5,141)

 

29,697

 

A

Total Cost of revenue

 

45,783

 

(5,141)

 

40,642

 

  

Gross Profit

 

20,143

 

 

20,143

 

  

Operating Expenses

 

  

 

  

 

  

 

  

Selling, general and administrative

 

25,081

 

(308)

 

24,773

 

(1)

Research and development

 

245

 

 

245

 

  

Professional fees

 

12,607

 

 

12,607

 

  

Impairment losses

 

 

 

 

  

Change -fair value of contingent consideration

 

(1,907)

 

 

(1,907)

 

  

Litigation settlement

 

5,000

 

 

5,000

 

  

Depreciation and amortization

 

2,763

 

 

2,763

 

  

Total operating expenses

 

43,789

 

(308)

 

43,481

 

  

Loss from operations

 

(23,646)

 

308

 

(23,338)

 

  

Interest and other income (expense):

 

  

 

  

 

  

 

  

Interest expense, net

 

(980)

 

 

(980)

 

  

Loss on disposal of subsidiaries

 

(1,446)

 

 

(1,446)

 

  

Conversion expense

 

 

 

 

  

Gain on measurement of investments

 

2,915

 

 

2,915

 

  

Other income, net

 

988

 

(308)

 

680

 

(1)

Loss before income taxes and non-controlling interest

 

(22,169)

 

 

(22,169)

 

  

Income tax benefit

 

11,855

 

(3,030)

 

8,825

 

C, .D,E,

Equity in loss of equity method investees

(417)

(281)

(698)

B

Net loss

 

(10,731)

 

(3,311)

 

(14,042)

 

  

Deemed dividend related to warrant repricing

 

 

 

 

Net loss attributable to common shareholders

 

(10,731)

 

(3,311)

 

(14,042)

 

  

Net loss attributable to non-controlling interest

 

367

 

 

367

 

  

Net loss attributable to IDEX common shareholders

$

(10,364)

$

(3,311)

$

(13,675)

 

  

Earnings per share, basic & fully diluted

$

(0.03)

$

$

(0.03)

 

  

Weighted average number of common shares

 

412,230,966

 

0

 

412,230,966

 

  

** Reflects the presentation of equity in loss of equity method as a separate financial statement caption below income tax (expense) benefit.

(1)

Reflects immaterial error correction for the classification of other income.

Condensed Consolidated Statement of Comprehensive Loss for the Three Months ended June 30, 2021

    

As

    

Restatement

    

As

    

    

Reported

Adjustments

Restated

Notes

Net loss

$

(9,993)

$

2,528

$

(7,465)

 

  

Other comprehensive loss, net of tax:

 

  

 

  

 

  

 

  

Change in fair value of AFS securities

 

(20)

 

 

(20)

 

  

Foreign currency translation adjustments

 

(41)

 

 

(41)

 

  

Comprehensive loss

 

(10,054)

 

2,528

 

(7,526)

 

  

Comprehensive loss attributable to non-controlling interest

 

210

 

 

210

 

  

Comprehensive loss attributable to IDEX

$

(9,844)

 

2,528

$

(7,316)

 

  

Condensed Consolidated Statement of Comprehensive Loss for the Six Months Ended June 30, 2021

    

As

    

Restatement

    

As

    

    

Reported

Adjustments

Restated

Notes

Net loss

$

(10,731)

$

(3,311)

$

(14,042)

 

  

Other comprehensive loss, net of tax:

 

  

 

  

 

  

 

  

Change in fair value of AFS securities

 

(20)

 

 

(20)

 

  

Foreign currency translation adjustments

 

(901)

 

 

(901)

 

  

Comprehensive loss

 

(11,652)

 

(3,311)

 

(14,963)

 

  

Comprehensive loss attributable to non-controlling interest

 

763

 

 

763

 

  

Comprehensive loss attributable to IDEX

$

(10,889)

 

(3,311)

$

(14,200)

 

  

Condensed Consolidated Statement of Equity for the Six Months Ended June 30, 2021

    

Common

    

Par

    

    

    

Accumulated

    

    

    

IDEX

    

    

    

Total

Stock

Value

APIC

Deficit

AOCI

Equity

NCI

Equity

Balance - March 31, 2021 (as reported)

 

419,469,800

$

419

$

761,155

$

(347,457)

$

784

$

414,901

$

5,770

$

420,671

Adjustments

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Equity method investment

 

 

 

 

(178)

 

  

 

(178)

 

  

 

(178)

Income tax effects

(5,660)

(5,660)

(5,660)

Balance - March 31, 2021 (as restated)

 

419,469,800

$

419

$

761,155

$

(353,295)

$

784

$

409,063

$

5,770

$

414,833

Balance - June 30, 2021 (as reported)

 

466,354,487

$

466

$

894,285

$

(357,245)

$

730

$

538,236

$

5,444

$

543,680

Adjustments

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Equity method investment

 

 

 

 

(281)

 

  

 

(281)

 

  

 

(281)

Income tax effects

(3,030)

(3,030)

(3,030)

Balance - June 30, 2021 (as restated)

 

466,354,487

$

466

$

894,285

$

(360,556)

$

730

$

534,925

$

5,444

$

540,369

Condensed Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2021

    

As

    

Restatement

    

As

    

    

Reported

Adjustments

Restated

Notes

Cash flows from operating activities:

 

  

 

  

 

  

 

  

Net loss

$

(10,731)

$

(3,311)

$

(14,042)

 

B, C, D, E

Adjustments to reconcile net loss to net cash used in operating activities:

 

  

 

  

 

  

 

  

Share-based compensation

 

4,047

 

 

4,047

 

  

Depreciation and amortization

 

2,763

 

 

2,763

 

  

Non-cash interest expense

 

991

 

 

991

 

  

Allowance for doubtful accounts

 

340

 

 

340

 

Litigation settlement

 

5,000

 

(5,000)

 

 

(1)

Income tax benefit

 

(12,222)

 

(3,030)

 

(9,192)

 

C, D, E

Loss on disposal of subsidiaries

 

1,446

 

 

1,446

 

  

Equity in losses of equity method investees

 

417

 

281

 

698

 

B

Issuance of common stock for professional fees

1,819

1,819

(1)

Gain on extinguishment of liability

 

(777)

 

 

(777)

 

  

Gain on remeasurement of investment

 

(2,915)

 

 

(2,915)

 

  

Impairment losses

 

 

 

 

  

Settlement of ROU operating lease liabilities

 

 

 

 

  

Change in fair value of contingent consideration

 

(1,907)

 

 

(1,907)

 

  

Change in assets and liabilities:

 

  

 

  

 

  

 

  

Accounts receivable

 

5,503

 

 

5,503

 

  

Inventory

 

379

 

 

379

 

  

Prepaid expenses and other assets

 

(7,711)

 

 

(7,711)

 

  

Accounts payable

 

(60)

 

 

(60)

 

  

Deferred revenue

 

(1,497)

 

 

(1,497)

 

  

Amount due to related parties

 

770

 

 

770

 

  

Accrued expenses, salary and other current liabilities

 

5,794

 

3,181

 

8,975

 

(1)

Net cash used in operating liabilities

 

(10,370)

 

 

(10,370)

 

  

Cash flows from investing activities:

 

  

 

  

 

  

 

  

Acquisition of property and equipment

 

(603)

 

 

(603)

 

  

Disposal of subsidiaries

 

(44)

 

 

(44)

 

  

Acquisition of subsidiaries

 

(100,579)

 

 

(100,579)

 

  

Investment in long-term investment

 

(26,083)

 

 

(26,083)

 

  

Notes receivable

 

 

 

 

  

Investment in debt securities

 

(15,528)

 

 

(15,528)

 

  

Net cash used in investing activities

 

(142,837)

 

 

(142,837)

 

  

Cash flows from financing activities

 

  

 

  

 

  

 

  

Proceeds from issuance of convertible notes

 

220,000

 

 

220,000

 

  

Proceeds from exercise of options and warrants

 

163,046

 

 

163,046

 

  

Proceeds from noncontrolling interest shareholder

 

 

 

 

  

Borrowings from SBA PPP

 

 

 

 

  

Repayment of amounts due to related parties

 

 

 

 

  

Net cash provided by financing activities

 

383,046

 

 

383,046

 

  

Effect of exchange rate changes on cash

 

39

 

 

39

 

  

Net increase in cash and cash equivalents

 

229,878

 

 

229,878

 

  

Cash and cash equivalents - beginning of period

 

165,764

 

 

165,764

 

  

Cash and cash equivalents - end of period

$

395,642

 

$

395,642