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Published: 2023-03-29 21:59:16 ET
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EX-99.1 2 tm2310975d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

Timios Holdings Corp.

Consolidated Financial Information as of and for the Years

Ended December 31, 2022, 2021 and 2020

 

Statement of Operations

(Unaudited)

 

   Years Ended December 31, 
   2020   2021   2022 
Revenues               
Title revenue, net   40,146,613    33,892,207    16,029,524 
Closing revenue   35,750,578    36,746,084    15,255,240 
Appraisal revenue   4,247,375    3,334,431    938,149 
Total revenues   80,144,566    73,972,722    32,222,912 
                
Operating Expenses               
Agent expenses   32,585,974    24,953,569    12,277,071 
Personnel costs   30,162,412    33,831,361    21,564,795 
Other operating expenses   4,861,415    6,293,155    5,661,277 
Sales and marketing   717,991    891,762    729,399 
Depreciation and amortization   258,098    570,870    1,002,880 
Total operating expenses   68,585,890    66,540,717    41,235,422 
                
Operating Income   11,558,676    7,432,005    -9,012,510 
                
Other Expense               
Interest income   13,869         435 
Other expense, net   -79,296    -545,066    3,210,769 
Total other expense   -65,427    -545,066    3,211,204 
                
Income before provision for income taxes   11,493,249    6,886,939    -5,801,305 
Provision for income taxes   2,532,550    1,759,118    367,012 
Net income   8,960,699    5,127,821    -6,168,318 

 

 

 

 

Timios Holdings Corp.

Consolidated Financial Information as of and for the Years

Ended December 31, 2022, 2021 and 2020

 

Balance Sheet

(Unaudited)

 

   December 31,
2020		   December 31,
2021		   December 31,
2022		 
ASSETS               
Current Assets               
Cash and cash equivalents  $7,196,722   $8,805,814   $2,684,806 
Accounts receivable, trade and non-trade, net   157,753    149,157    3,018,396 
Notes receivable   0         0 
Prepaid expenses and other current assets   604,568    730,537    916,119 
Total Current Assets   7,959,043    9,685,508    6,619,321 
                
Noncurrent Assets               
Property and equipment, net   427,665    726,562    326,764 
Deposits   98,382    114,155    107,816 
Notes receivable Non Current   56,288    66,207    60,440 
Intangible assets, net   392,476    1,962,800    1,148,181 
Deferred tax asset   395,859    71,036    171,655 
              0 
Long Term Investment             2,783,975 
Right of use asset        2,137,297    1,330,720 
Title plant   127,742    127,742    127,742 
Goodwill   1,839,832    1,839,832    1,885,354 
                
Total assets  $11,297,287   $16,731,139   $14,561,969 
                
LIABILITIES AND STOCKHOLDERS' EQUITY               
Current Liabilities               
Accounts payable   2,415,656    1,787,746    2,458,046 
Accrued expenses   3,068,868    1,542,158    658,290 
Notes payable             1,455,457 
Notes Payable Affiliated Party             2,933,716 
Income taxes payable   10,814    326,714    901,291 
Operating lease liability, current        669,751    629,826 
Total Current Liabilities   5,495,338    4,326,369    9,036,626 
                
Operating lease liability, net of current portion        1,475,000    926,157 
Total Liabilities   5,495,338    5,801,369    9,962,783 
                
Stockholders' Equity               
Preferred stock, $0.00001 par value, 5,000,000 shares authorized, no shares issued               
Common stock, $0.0000081 par value, 10,000,000 shares authorized, 9,543,157 issued   81    81    81 
    -    -    0 
Additional paid-in capital   76,565,337    76,565,337    76,562,787 
Accumulated deficit   (70,763,469)   (65,635,648)   (71,963,682)
Total Stockholders' Equity   5,801,949    10,929,770    4,599,186 
Total Liabilities and Stockholders' Equity  $11,297,287   $16,731,139   $14,561,969 

 

Note 1:  The above consolidated financial information of Timios Holding Corp. and subsidiaries has been prepared for purposes of the preparation of the consolidated financial statements of Ideanomics, Inc.  It omits all disclosures required by generally accepted accounting principles in the United States of America.

 

 

 

 

Timios Holdings Corp.

Consolidated Financial Information as of and for the Years

Ended December 31, 2022, 2021 and 2020

 

Statement of Cash Flows

(Unaudited)

 

   Year Ended
December 31,
2020		   Year Ended
December 31,
2021		   Year Ended
December 31,
2022		 
CASH FLOWS FROM OPERATING ACTIVITIES               
Net income   8,960,699    5,127,821    -6,168,318 
Adjustments to reconcile net income to net               
cash provided by operating activities:               
Depreciation   79,496    188,954    425,054 
Loss on disposal of property and equipment        6,051    99,009 
Loss on disposal of right of use assets             301,975 
Loss from equity method investment             291,952 
Amortization   178,602    381,916    814,619 
Deferred taxes   -31,817    324,823    2,200,501 
                
Changes in assets and liabilities:               
Accounts receivable   462,871    17,165    -2,869,239 
Notes receivable        -27,057    5,767 
Deposits        -15,773    6,339 
Prepaid expenses and other current assets   -23,128    -125,969    -185,582 
Right of use asset        -2,137,297    504,601 
Accounts payable   843,898    -627,910    -383,826 
Accrued expenses   1,510,677    -1,526,710    -1,391,836 
Income taxes payable   -700,758    315,900    -326,714 
Operating lease liability        2,144,751    -588,768 
NET CASH PROVIDED BY OPERATING ACTIVITIES   11,280,540    4,046,665    -7,264,467 
                
CASH FLOWS FROM INVESTING ACTIVITIES:               
Purchase of property and equipment   -398,536    -911,624    -124,266 
Purchase of equity method investment             -3,075,927 
Purchase of Subsidiary             -45,522 
Purchase of intangible assets - software   -367,530    -1,534,518      
NET CASH USED IN INVESTING ACTIVITIES   -766,066    -2,446,142    -3,245,715 
                
CASH FLOWS FROM FINANCING ACTIVITIES:               
Receipt of payments from notes receivable - related party   1,110,000    8,569      
Proceeds from line of credit             1,800,000 
Repayments of line of credit             -800,000 
Proceeds from long-term debt             700,783 
Repayment of long-term debt             -245,326 
Receipt of payments from notes receivable - other   27,406           
Proceeds from related party             2,933,716 
Dividends paid   -10,974,631         0 
NET CASH PROVIDED BY FINANCING ACTIVITIES   -9,837,225    8,569    4,389,173 
                
Proceeds               
NET INCREASE IN CASH AND CASH EQUIVALENTS   677,249    1,609,092    -6,121,009 
                
CASH AND CASH EQUIVALENTS, BEGINNING OF THE YEAR   6,519,473    7,196,722    8,805,814 
                
CASH AND CASH EQUIVALENTS, END OF THE YEAR   7,196,722    8,805,814    2,684,805 

 

Note 1:  The above consolidated financial information of Timios Holding Corp. and subsidiaries has been prepared for purposes of the preparation of the consolidated financial statements of Ideanomics, Inc.  It omits all disclosures required by generally accepted accounting principles in the United States of America.

 

 

 

 

Timios Holdings Corp.

Consolidated Financial Information as of and for the Years

Ended December 31, 2022, 2021 and 2020

 

Statement of Stockholders’ Equity

(Unaudited)

 

   Common Stock   Treasury Stock   Additional   Accumulated     
   Shares   Value   Shares   Value   Paid-in Capital   Deficit   Total 
Balance at
January 1, 2020		   9,568,157   $81   $25,000   $(50,000)  $76,615,337   $(68,749,537)  $7,815,881 
Retirement of treasury stock   (25,000)   -    (25,000)   50,000    (50,000)   -    - 
Dividends declared and paid   -    -    -    -    -    (10,974,631)   (10,974,631)
Net income   -    -    -    -    -    8,960,699    8,960,699 
Balance at December 31, 2020   9,543,157   $81   $-   $-   $76,565,337   $(70,763,469)  $5,801,949 

 

   Common Stock   Treasury Stock   Additional   Accumulated     
   Shares   Value   Shares   Value   Paid-in Capital   Deficit   Total 
Balance at
January 1, 2021		   9,543,157   $81        $     -   $76,565,337   $(70,763,469)  $5,801,949 
Retirement of treasury stock        -              -    -    - 
Dividends declared and paid   -    -    -    -    -    -    - 
Net income   -    -             -    -    -    5,127,821    5,127,821 
Balance at December 31, 2021   9,543,157   $81   $-   $-   $76,565,337   $(65,635,648)  $10,929,770 

 

   Common Stock   Treasury Stock   Additional   Accumulated     
   Shares   Value   Shares   Value   Paid-in Capital   Deficit   Total 
Balance at
January 1, 2022		   9,543,157   $81        $       -   $76,565,337   $(65,635,648)  $10,929,770 
Retirement of treasury stock        -              -    -    - 
Dividends declared and paid   -    -           -    -    -    -    - 
Net income   -    -    -    -    -    (6,168,318)  $(6,168,318)
Balance at December 31, 2022   9,543,157   $81   $-   $-   $76,565,337   $(71,803,966)  $4,761,452 

 

Note 1:  The above consolidated financial information of Timios Holding Corp. and subsidiaries has been prepared for purposes of the preparation of the consolidated financial statements of Ideanomics, Inc.  It omits all disclosures required by generally accepted accounting principles in the United States of America.