2022 Q4 Form 10-Q Financial Statement

#000121390022071670 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q4

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $500.3M $68.35M $94.93M
YoY Change 427.02% -35.08% 227.34%
Cash & Equivalents $500.3M $70.74M $97.35M
Short-Term Investments
Other Short-Term Assets $5.828M $10.32M $9.554M
YoY Change -39.0% 1.03% 430.78%
Inventory $10.39M
Prepaid Expenses $1.019M $797.0K $1.715M
Receivables $11.54M $9.084M $17.88M
Other Receivables $13.49M $10.26M $5.134M
Total Short-Term Assets $531.2M $96.29M $127.5M
YoY Change 316.62% -30.39% 282.87%
LONG-TERM ASSETS
Property, Plant & Equipment $855.1M $611.0K $677.0K
YoY Change 126210.93% -81.42% 62.35%
Goodwill $101.2M $19.79M $19.79M
YoY Change 411.66%
Intangibles $185.4M $19.06M $21.44M
YoY Change 764.69%
Long-Term Investments $700.0K $924.0K $1.481M
YoY Change -52.73% -47.62% -50.63%
Other Assets $6.400M $5.789M $5.005M
YoY Change 27.87% 2979.26% 615.0%
Total Long-Term Assets $1.151B $47.88M $50.31M
YoY Change 2188.0% 9.23% 13.32%
TOTAL ASSETS
Total Short-Term Assets $531.2M $96.29M $127.5M
Total Long-Term Assets $1.151B $47.88M $50.31M
Total Assets $1.682B $144.2M $177.8M
YoY Change 846.15% -20.85% 128.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.09M $8.536M $14.42M
YoY Change -23.06% -53.91% 1702.0%
Accrued Expenses $2.431M $1.025M $1.298M
YoY Change 87.29% -34.84%
Deferred Revenue
YoY Change
Short-Term Debt $460.0K $761.0K $1.657M
YoY Change -72.24%
Long-Term Debt Due $500.0K $761.0K $1.657M
YoY Change -69.82% 84.11%
Total Short-Term Liabilities $265.4M $19.67M $25.39M
YoY Change 945.27% -22.37% 262.71%
LONG-TERM LIABILITIES
Long-Term Debt $400.0K $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.000M $812.0K $747.0K
YoY Change 33.87% -31.53% -6.63%
Total Long-Term Liabilities $90.93M $4.152M $4.699M
YoY Change 1835.07% 250.08% 487.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $265.4M $19.67M $25.39M
Total Long-Term Liabilities $90.93M $4.152M $4.699M
Total Liabilities $356.3M $23.82M $30.09M
YoY Change 1084.23% -20.19% 91.65%
SHAREHOLDERS EQUITY
Retained Earnings -$123.5M -$107.1M -$76.39M
YoY Change 61.61%
Common Stock $158.0K $129.0K $122.0K
YoY Change 29.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $770.6M $117.4M $144.1M
YoY Change
Total Liabilities & Shareholders Equity $1.682B $144.2M $177.8M
YoY Change 846.15% -20.85% 128.84%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q4

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
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dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
07645
dei City Area Code
CityAreaCode
(201)
dei Local Phone Number
LocalPhoneNumber
225-0190
dei Security12b Title
Security12bTitle
Common Stock, par value $0.001 per share
dei Trading Symbol
TradingSymbol
MICT
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2022-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
001-35850
dei Entity Registrant Name
EntityRegistrantName
MICT, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
27-0016420
dei Entity Address Address Line1
EntityAddressAddressLine1
28 West Grand Avenue
dei Entity Address Address Line2
EntityAddressAddressLine2
Suite 3
dei Entity Address City Or Town
EntityAddressCityOrTown
Montvale
dei Entity Address State Or Province
EntityAddressStateOrProvince
NJ
dei Entity Current Reporting Status
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Yes
dei Entity Interactive Data Current
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dei Entity Filer Category
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CY2021Q3 us-gaap Other Comprehensive Income Loss Before Tax
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CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
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CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
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us-gaap Stock Issued During Period Value Share Based Compensation
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us-gaap Profit Loss
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us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
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CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2022Q3 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2022Q3 us-gaap Profit Loss
ProfitLoss
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CY2022Q3 us-gaap Other Comprehensive Income Loss Before Tax
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CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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mict Loss From Loss Of Control In Micronet Ltd
LossFromLossOfControlInMicronetLtd
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
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us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
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us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
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mict Increase Decrease Change In Longterm Deposit And Prepaid Expense
IncreaseDecreaseChangeInLongtermDepositAndPrepaidExpense
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mict Increase Decrease Change In Longterm Deposit And Prepaid Expense
IncreaseDecreaseChangeInLongtermDepositAndPrepaidExpense
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mict Increase Decrease In Right Of Use Assets
IncreaseDecreaseInRightOfUseAssets
210000 usd
mict Increase Decrease In Right Of Use Assets
IncreaseDecreaseInRightOfUseAssets
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mict Increase Decrease In Lease Liability
IncreaseDecreaseInLeaseLiability
200000 usd
mict Increase Decrease In Lease Liability
IncreaseDecreaseInLeaseLiability
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mict Due To Related Party
DueToRelatedParty
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mict Due To Related Party
DueToRelatedParty
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mict Accrued Interest And Exchange Rate Differences On Shortterm Loan
AccruedInterestAndExchangeRateDifferencesOnShorttermLoan
173000 usd
mict Decrease In Accrued Severance Pay Net
DecreaseInAccruedSeverancePayNet
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mict Decrease In Accrued Severance Pay Net
DecreaseInAccruedSeverancePayNet
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us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
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us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
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us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
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us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
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us-gaap Increase Decrease In Assets Held For Sale
IncreaseDecreaseInAssetsHeldForSale
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us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
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us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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mict Cash Acquired Through Consolidation
CashAcquiredThroughConsolidation
1834000 usd
mict Payment On Business Acquired Beijing Fucheng Appendix A
PaymentOnBusinessAcquiredBeijingFuchengAppendixA
4891000 usd
mict Loan To Related Party
LoanToRelatedParty
857000 usd
mict Net Cash Acquired On An Variable Interest Entity Acquired Guangxi Zhongtong
NetCashAcquiredOnAnVariableInterestEntityAcquiredGuangxiZhongtong
460000 usd
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
-755000 usd
mict Loan To Related Party Shareholders Of All Weather
LoanToRelatedPartyShareholdersOfAllWeather
776000 usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
534000 usd
mict Loan To Tingo Pursuant To The Merger Agreement
LoanToTingoPursuantToTheMergerAgreement
3700000 usd
mict Payments To Acquire Deconsolidation Of Micronet
PaymentsToAcquireDeconsolidationOfMicronet
2466000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3297000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6487000 usd
mict Proceeds From Payment For Long Term Loans For Related Parties
ProceedsFromPaymentForLongTermLoansForRelatedParties
-195000 usd
us-gaap Repayments Of Other Short Term Debt
RepaymentsOfOtherShortTermDebt
723000 usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
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us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-99000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
207000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-26608000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
76240000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
97347000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
29049000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
70739000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
105289000 usd
us-gaap Interest Paid Net
InterestPaidNet
5000 usd
us-gaap Interest Paid Net
InterestPaidNet
27000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
254000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
195000 usd
CY2022Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
68351000 usd
CY2021Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
105289000 usd
CY2022Q3 us-gaap Restricted Cash
RestrictedCash
2388000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations
70739000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations
105289000 usd
CY2020Q2 mict Total Consideration Amount
TotalConsiderationAmount
3100000 ils
CY2020Q4 mict Total Consideration Amount
TotalConsiderationAmount
4961000 ils
CY2020Q4 mict Total Purchase Price
TotalPurchasePrice
3000000 usd
CY2020Q4 mict Share Capital Percentage
ShareCapitalPercentage
0.09 pure
CY2020Q4 mict Remaining Share Capital Percentage
RemainingShareCapitalPercentage
0.91 pure
mict Loss From Operations
LossFromOperations
490 usd
CY2022Q3 mict Loss From Operations
LossFromOperations
-722 usd
CY2021Q3 mict Loss From Operations
LossFromOperations
-603 usd
mict Net Income Loss Attributable To Redeemable Noncontrolling Interests
NetIncomeLossAttributableToRedeemableNoncontrollingInterests
996 usd
mict Net Income Loss Attributable To Redeemable Noncontrolling Interests
NetIncomeLossAttributableToRedeemableNoncontrollingInterests
490 usd
CY2022Q3 mict Net Income Loss Attributable To Redeemable Noncontrolling Interests
NetIncomeLossAttributableToRedeemableNoncontrollingInterests
-508 usd
CY2021Q3 mict Net Income Loss Attributable To Redeemable Noncontrolling Interests
NetIncomeLossAttributableToRedeemableNoncontrollingInterests
-603 usd
CY2020Q4 mict Business Acquisitions Description
BusinessAcquisitionsDescription
On November 11, 2020, BI Intermediate closed on its acquisition of the first 9% and paid 9% of the Purchase Price. Additionally, pursuant to the Strategic Agreement upon the initial closing, BI Intermediate loaned Magpie an amount equivalent to the remaining 91% of the Purchase Price. Upon closing on the remaining 91%, which remained subject to SFC approval, the loan will be cancelled, and BI Intermediate will acquire the remaining 91% of Magpie. The loan was secured against the pledge of 91% of the share capital of Magpie purchased at such time by BI Intermediate. The obligations of Magpie have been guaranteed by its majority shareholder. On February 26, 2021, we finalized the acquisition of Magpie. The acquisition was consummated following the receipt of approval from the SFC effecting the change in the majority shareholder of Magpie. In consideration for the entire share capital of Magpie, we paid a total Purchase Price of $2,947 (reflecting the net asset value of Magpie estimated at $2,034 recorded as a working capital, and a premium $902 that was recorded as a license in the intangible assets). The Company, through and together with the Company’s wholly owned subsidiaries, Beijing Magpie Securities Consulting Services Co., Ltd (“Beijing Magpie”) and Shenzhen Magpie Information Consulting Technology Co., Ltd (“Shenzhen Magpie”), are in the process of integrating its mobile app platform with Magpie’s licensed trading assets.
CY2022Q3 mict Equity Method Investments Ownership Percentage
EquityMethodInvestmentsOwnershipPercentage
1 pure
CY2021Q2 mict Gross Proceeds
GrossProceeds
26864000 ils
CY2021Q2 mict Gross Proceeds
GrossProceeds
8290000 usd
CY2021Q3 mict Work Loan Amount
WorkLoanAmount
30000000 cny
CY2021Q3 mict Work Loan Amount
WorkLoanAmount
4700000 usd
CY2022Q3 us-gaap Debt Securities
DebtSecurities
776000 usd
mict Equity Holds
EquityHolds
0.996 pure
CY2022Q2 us-gaap Derivative Assets
DerivativeAssets
94000 usd
CY2022Q2 us-gaap Revenue Information Used To Determine Transaction Price
RevenueInformationUsedToDetermineTransactionPrice
zero
CY2022Q2 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
94000 usd
CY2021Q3 us-gaap Investment Owned Underlying Face Amount At Market Value
InvestmentOwnedUnderlyingFaceAmountAtMarketValue
30000000 cny
CY2021Q3 us-gaap Investment Owned Underlying Face Amount At Market Value
InvestmentOwnedUnderlyingFaceAmountAtMarketValue
-4700000 usd
CY2021Q4 mict Noncontrolling Interest Ownership Percentage By Parents
NoncontrollingInterestOwnershipPercentageByParents
0.60 pure
CY2022Q3 us-gaap Loans Receivable Basis Spread On Variable Rate
LoansReceivableBasisSpreadOnVariableRate
0.76 pure
mict Agreement Term
AgreementTerm
P1Y
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
32915 usd
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
31710 usd
CY2022Q3 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
13322 usd
CY2021Q3 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
17445 usd
mict Loss From Operations
LossFromOperations
1599 usd
mict Required Reserve Capital Percentage
RequiredReserveCapitalPercentage
0.10 pure
CY2022Q3 us-gaap Restricted Cash
RestrictedCash
2388000 usd
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
2417000 usd
CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
3369000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2606000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Use of Estimates and Assumptions</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in our consolidated financial statements include the useful lives of plant and equipment and intangible assets, capitalized development costs, impairment of long-lived assets, goodwill, intangible assets, allowance for doubtful accounts, revenue recognition, allowance for deferred tax assets and uncertain tax position. Actual results could differ from these estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>  </b></p>
CY2020Q4 us-gaap Warrant Exercise Price Increase
WarrantExercisePriceIncrease
0.8
CY2021Q1 mict Preferred Stock Exchange Agreements Description
PreferredStockExchangeAgreementsDescription
The gross proceeds to the Company from the February Offering were expected to be approximately $60.0 million. The Series A warrants will be exercisable nine months after the date of issuance, have an exercise price of $2.80 per share and will expire five and one-half years from the date of issuance. The Series B warrants will be exercisable nine months after the date of issuance, have an exercise price of $2.80 per share and will expire three and one-half years from the date of issuance. The Company received net proceeds of $54.0 million on February 16, 2021 after deducting the placement agent’s fees and other expenses.
CY2021Q2 us-gaap Excess Capital
ExcessCapital
140000000 usd
mict Stock Incentive Plan Description
StockIncentivePlanDescription
the “2012 Incentive Plan”) was initially adopted by the Board on November 26, 2012 and approved by our stockholders on January 7, 2013 and subsequently amended on September 30, 2014, October 26, 2015, November 15, 2017 and November 8, 2018. Under the 2012 Incentive Plan, as amended, up to 5,000,000 shares of our common stock, are currently authorized to be issued pursuant to option awards granted thereunder. On May 17, 2021, May 23, 2021 and June 28, 2021, the Company granted an aggregate of 125,000, 370,000 and 245,000 respectively, options under the 2012 Incentive Plan, with an exercise price of $1.41, $1.81 and $2.49, respectively, of which 310,000 options vested as of September 30, 2022. This resulted in a stock-based compensation expense of approximately $284,973 recorded for the nine months ended September 30, 2022, based on a fair value determined using a Black-Scholes model.On March 22, 2021, 20,000 shares of common stock were issued to an employee who exercised their options at an exercise price of $1.41. In September 2021, the Board unanimously approved a grant of 87,000 fully vested shares of common stock of the Company to some of our employees. On September 13, 2021, 40,000 shares of common stock were issued to an employee who exercised their options at an exercise price of $1.32. On September 28, 2021, MICT granted 823,020 shares of common stock of the Company to China Strategic Investments Limited. On May 10, 2022, MICT granted 1,659,500 shares of common stock of the Company to Cushman Holdings Limited, an unrelated third party, as an introducer fee for Tingo, Inc. On May 10, 2022, MICT granted 858,631 shares of common stock of the Company to China Strategic Investments Limited, an unrelated third party, in connection with the GFHI acquisition as discussed in Note 1. On May 10, 2022, MICT granted 612,500 shares of common stock of the Company to some of our Directors and employees. The shares were issued pursuant to the 2020 Incentive Plan. 
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
4000000 shares
CY2022Q2 us-gaap Capital Units Net Amount
CapitalUnitsNetAmount
140000000 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1558000 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.74
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1158000 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.24
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
740000 shares
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.97
CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
60000 shares
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.35
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
818000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.54
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
280000 shares
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.41
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
740000 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.97
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1558000 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.74
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
484167 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.82
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1118000 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.57
CY2022Q3 mict Share Based Compensation Arrangement By Share Based Payment Award Options Number Of Warrants Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsNumberOfWarrantsOutstanding
62863879 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
2.854
CY2021Q4 mict Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Contractual Terms Remaining Contractual Life
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageContractualTermsRemainingContractualLife
P4Y6M
CY2021Q4 mict Share Based Compensation Arrangement By Share Based Payment Award Options Number Of Warrants Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsNumberOfWarrantsOutstanding
62863879 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
2.854
CY2022Q3 mict Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Contractual Terms Remaining Contractual Life
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageContractualTermsRemainingContractualLife
P4Y3M
CY2021Q1 mict Issued And Outstanding Percentage
IssuedAndOutstandingPercentage
0.5031 pure
CY2021Q2 mict Ownership Interest Was Diluted Percentage
OwnershipInterestWasDilutedPercentage
0.4988 pure
CY2021Q2 mict Loss Of Control Of Micronet Description
LossOfControlOfMicronetDescription
Pursuant to the offering, Micronet sold an aggregate number of 18,400 securities units (the “Units”) at a price of 14.6 NIS per Unit with each Unit consisting of 100 ordinary shares, 25 series A options and 75 series B options, resulting in the issuance of 1,840,000 ordinary shares, 460,000 series A options and 1,380,000 series B options. Micronet raised total gross proceeds of 26,864,000 NIS (approximately $8,290,000) in the Offering.
us-gaap Debt Conversion Description
DebtConversionDescription
The Company did not participate in the Offering, and, as a result, the Company owned 31.47% of the outstanding ordinary shares of Micronet and 26.77% on a fully diluted basis as of September 30, 2022.
CY2019Q4 mict Loan Agreement
LoanAgreement
500000000 usd
CY2019Q4 us-gaap Effective Income Tax Rate Reconciliation Minority Interest Income Expense
EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense
0.0395 pure
CY2019Q4 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.38
CY2019Q4 mict Class Of Warrant Or Right Exercise Price Of Warrants Or Right
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRight
0.6
CY2020Q3 us-gaap Common Stock Convertible Conversion Price Increase
CommonStockConvertibleConversionPriceIncrease
0.08
CY2020Q3 mict Per Share
PerShare
5.7
CY2020Q3 mict Loan Agreement
LoanAgreement
175000 usd
CY2021Q1 us-gaap Sale Of Stock Percentage Of Ownership After Transaction
SaleOfStockPercentageOfOwnershipAfterTransaction
0.24 pure
CY2022Q3 mict Total Cash Considerations
TotalCashConsiderations
5711000 usd
CY2022Q3 mict Total Purchase Consideration
TotalPurchaseConsideration
5711000 usd
CY2022Q3 mict Net Working Capital
NetWorkingCapital
926000 usd
CY2022Q3 mict Property And Equipments
PropertyAndEquipments
26000 usd
CY2022Q3 mict License
License
4814000 usd
CY2022Q3 mict Current Liabilities Other
CurrentLiabilitiesOther
-55000 usd
CY2022Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
5711000 usd
CY2021Q1 us-gaap Construction Loan
ConstructionLoan
40000 cny
CY2021Q1 us-gaap Construction Loan
ConstructionLoan
6125000 usd
CY2022Q3 us-gaap Construction Loan
ConstructionLoan
8010 cny
CY2022Q3 us-gaap Construction Loan
ConstructionLoan
1243000 usd
CY2022Q3 mict Working Capitals
WorkingCapitals
919000 usd
CY2020Q4 mict Noncontrolling Interest Ownership Percentage By Noncontrolling Owner
NoncontrollingInterestOwnershipPercentageByNoncontrollingOwner
0.24 pure
CY2020Q4 mict Equity Interest
equityInterest
0.76 pure
CY2021Q1 mict Noncontrolling Interest Ownership Percentage By Noncontrolling Owner
NoncontrollingInterestOwnershipPercentageByNoncontrollingOwner
1 pure
CY2022Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-6816000 usd
CY2021Q4 mict Noncontrolling Interest Ownership Percentage By Noncontrolling Owner
NoncontrollingInterestOwnershipPercentageByNoncontrollingOwner
0.60 pure
CY2022Q3 mict Noncontrolling Interest Ownership Percentage By Noncontrolling Owner
NoncontrollingInterestOwnershipPercentageByNoncontrollingOwner
0.26 pure
CY2022Q3 mict Working Capital
WorkingCapital
30000 cny
CY2022Q3 mict Working Capital
WorkingCapital
4700000 usd
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.25 pure
CY2021Q4 us-gaap Disposal Group Including Discontinued Operation Intangible Assets Current
DisposalGroupIncludingDiscontinuedOperationIntangibleAssetsCurrent
1222000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
25875000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
25885000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-4443000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
19059000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
21442000 usd
CY2022Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
12453000 usd
CY2021Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
20485000 usd
CY2022Q3 mict Allowance For Doubtful Accounts
AllowanceForDoubtfulAccounts
-3369000 usd
CY2021Q4 mict Allowance For Doubtful Accounts
AllowanceForDoubtfulAccounts
-2606000 usd
CY2022Q3 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
9084000 usd
CY2021Q4 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
17879000 usd
CY2022Q3 mict Doubtful Accounts Receivable Beginning Balance
DoubtfulAccountsReceivableBeginningBalance
2606000 usd
CY2021Q4 mict Doubtful Accounts Receivable Beginning Balance
DoubtfulAccountsReceivableBeginningBalance
5000 usd
CY2022Q3 mict Doubtful Accounts Receivable Provisionrecovery
DoubtfulAccountsReceivableProvisionrecovery
1114000 usd
CY2021Q4 mict Doubtful Accounts Receivable Provisionrecovery
DoubtfulAccountsReceivableProvisionrecovery
2574000 usd
CY2022Q3 mict Exchange Fluctuation
ExchangeFluctuation
-351000 usd
CY2021Q4 mict Exchange Fluctuation
ExchangeFluctuation
32000 usd
CY2021Q4 mict Decrease Due To Deconsolidation Of Micronet
DecreaseDueToDeconsolidationOfMicronet
5000 usd
CY2022Q3 mict Doubtful Accounts Receivable Net
DoubtfulAccountsReceivableNet
3369000 usd
CY2021Q4 mict Doubtful Accounts Receivable Net
DoubtfulAccountsReceivableNet
2606000 usd
mict Carried Forward Term
CarriedForwardTerm
P5Y
CY2022Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
797000 usd
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1715000 usd
CY2022Q3 us-gaap Supplies
Supplies
5951000 usd
CY2021Q4 us-gaap Supplies
Supplies
4027000 usd
CY2022Q3 us-gaap Deposits Assets Current
DepositsAssetsCurrent
262000 usd
CY2021Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
1335000 usd
CY2022Q3 us-gaap Advance Royalties
AdvanceRoyalties
1578000 usd
CY2021Q4 us-gaap Advance Royalties
AdvanceRoyalties
1444000 usd
CY2022Q3 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
1731000 usd
CY2021Q4 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
1033000 usd
CY2022Q3 us-gaap Other Assets
OtherAssets
10319000 usd
CY2021Q4 us-gaap Other Assets
OtherAssets
9554000 usd
CY2022Q3 mict Current Assets Related Parties
CurrentAssetsRelatedParties
8533000 usd
CY2021Q4 mict Current Assets Related Parties
CurrentAssetsRelatedParties
5134000 usd
CY2022Q2 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
3000000 usd
CY2022Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.05 pure
CY2022Q3 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
3500000 usd
CY2022Q3 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
3700 usd
CY2022Q3 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
728000 usd
CY2021Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
4000 usd
mict Operating Lease Term
OperatingLeaseTerm
P4Y
mict Operating Lease Initial Term
OperatingLeaseInitialTerm
P12M
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1711000 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1921000 usd
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1025000 usd
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1298000 usd
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
763000 usd
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
691000 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
1788000 usd
CY2021Q4 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
1989000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1203000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1111000 usd
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
530000 usd
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
581000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1185000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
622000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
77000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
12000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
13000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1909000 usd
CY2022Q3 us-gaap Unrecorded Unconditional Purchase Obligation Imputed Interest
UnrecordedUnconditionalPurchaseObligationImputedInterest
88000 usd
CY2022Q3 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
1821000 usd
mict Operating Leases Weighted Average Remaining Lease Term
OperatingLeasesWeightedAverageRemainingLeaseTerm
P2Y3M18D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0546 pure
mict Operating Loss Carry Forward Desription
OperatingLossCarryForwardDesription
As of September 30, 2022 the operating loss carry forward were $47,939, among which there was $5,115 expiring from 2025 through 2037, and the remaining $42,824 has no expiration date.
mict Expiry Date Description
ExpiryDateDescription
As of September 30, 2022 the operating loss carry forward was $11,511, which will expire from 2023 through 2027.
mict Profits Tax
ProfitsTax
Hong Kong profits tax for a corporation from the year of assessment 2018/2019 onwards is generally 8.25% on assessable profits up to HK$2,000; and 16.5% on any part of assessable profits over HK$2,000.
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.17 pure
CY2022Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
104000 usd
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
248000 usd
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
72000 usd
CY2021Q3 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
29000 usd
us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
123000 usd
CY2021Q3 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
92000 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
248000 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
195000 usd
CY2021Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
121000 usd
us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-2030000 usd
us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-605000 usd
CY2022Q3 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-701000 usd
CY2021Q3 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-191000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2030000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-605000 usd
CY2022Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-701000 usd
CY2021Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-191000 usd
CY2022Q3 mict Provisions For Employee Rights And Other Temporary Differences
ProvisionsForEmployeeRightsAndOtherTemporaryDifferences
170000 usd
CY2021Q4 mict Provisions For Employee Rights And Other Temporary Differences
ProvisionsForEmployeeRightsAndOtherTemporaryDifferences
260000 usd
CY2022Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Other
DeferredTaxAssetsTaxDeferredExpenseOther
842000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Other
DeferredTaxAssetsTaxDeferredExpenseOther
696000 usd
CY2022Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
18306000 usd
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
12034000 usd
CY2022Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
16425000 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
11226000 usd
CY2022Q3 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
2893000 usd
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
1764000 usd
CY2022Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
-3340000 usd
CY2021Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
-3952000 usd
CY2022Q3 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
447000 usd
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
2188000 usd
us-gaap Business Combination Control Obtained Description
BusinessCombinationControlObtainedDescription
As consideration for the Business Combination, Tingo shall receive from the MICT: (i) 25,783,675 shares of MICT Common Stock equal to approximately 19.9% of the total issued and outstanding MICT Common Stock calculated as at Closing; (ii) 2,604.28 shares of Series A Preferred Stock convertible into 26,042,808 shares of MICT Common Stock equal to approximately 20.1% of the total issued and outstanding MICT Common Stock calculated as at Closing; and (iii) 33,687.21 shares of Series B Preferred Stock convertible into 336,872,138 shares of MICT Common Stock following which Tingo will hold MICT Common Stock equal to 75% of MICT’s outstanding common stock, provided that 5% of the foregoing consideration shall be withheld in Escrow. 
mict Escrow Agreement Percentage
EscrowAgreementPercentage
0.05 pure
mict Issued And Outstanding Shares Percentage
IssuedAndOutstandingSharesPercentage
0.27 pure
us-gaap Convertible Preferred Stock Terms Of Conversion
ConvertiblePreferredStockTermsOfConversion
If approval by Nasdaq of the change of control of MICT or if approval by MICT’s stockholders of the Series B Conversion is not obtained by June 30, 2023, Tingo shall have the right to (i) cause the Series A Redemption to take place within 90 days; and (ii) cause MICT to redeem all of the Series B Preferred Stock in exchange for (x) $666,666 in cash or (y) an amount of common stock of Delaware Sub equivalent in value to $666,666 (reduced from the aggregate value of the Series B Preferred Stock at issuance, which is $1,000,000). 
mict Principal Loan Amount
PrincipalLoanAmount
23700000 usd
CY2022Q3 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.05 pure
CY2022Q3 mict Principal Loan Amount
PrincipalLoanAmount
3700 usd
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06
mict Loss From Loss Of Control In Micronet Ltd
LossFromLossOfControlInMicronetLtd
usd
us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
usd
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
usd
mict Accrued Interest And Exchange Rate Differences On Shortterm Loan
AccruedInterestAndExchangeRateDifferencesOnShorttermLoan
usd
us-gaap Increase Decrease In Assets Held For Sale
IncreaseDecreaseInAssetsHeldForSale
usd
mict Cash Acquired Through Consolidation
CashAcquiredThroughConsolidation
usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
usd
mict Loan To Tingo Pursuant To The Merger Agreement
LoanToTingoPursuantToTheMergerAgreement
usd
mict Proceeds From Payment For Long Term Loans For Related Parties
ProceedsFromPaymentForLongTermLoansForRelatedParties
usd
us-gaap Repayments Of Other Short Term Debt
RepaymentsOfOtherShortTermDebt
usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
usd
CY2021Q3 us-gaap Restricted Cash
RestrictedCash
usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
mict Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Warrants Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInWarrantsPeriodGross
shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures And Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirations
shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
mict Stock Issued During Period Shares Stock Options Exercised Warrants
StockIssuedDuringPeriodSharesStockOptionsExercisedWarrants
shares
mict Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number Warrants Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumberWarrantsExercised
shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
CY2022Q3 mict Decrease Due To Deconsolidation Of Micronet
DecreaseDueToDeconsolidationOfMicronet
usd
CY2022Q3 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
usd
us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
usd
CY2022Q3 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
usd
CY2022Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
usd
us-gaap Interest Income Domestic Deposits
InterestIncomeDomesticDeposits
usd
us-gaap Interest Income Domestic Deposits
InterestIncomeDomesticDeposits
usd
CY2022Q3 us-gaap Interest Income Domestic Deposits
InterestIncomeDomesticDeposits
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0000854800

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