Revenue Performance - Revenues from continuing operations increased by 276% from $127,000 in Q1 2024 to $477,000 in Q1 2025[111] - Revenues from discontinued operations decreased by 24% from $444,000 in Q1 2024 to $339,000 in Q1 2025[115] - The company recorded $326 in IT Services Revenues from related-party transactions during the three months ended March 31, 2025[145] - No revenues were recorded in discontinued operations for two agreements with Everli S.p.A. during the three months ended March 31, 2025[144] Expense Management - Total operating expenses decreased by 52% from $1,405,000 in Q1 2024 to $675,000 in Q1 2025[106] - Cost of revenues from continuing operations increased by 85% from $175,000 in Q1 2024 to $323,000 in Q1 2025[118] - Cost of revenues from discontinued operations decreased by 92% from $908,000 in Q1 2024 to $73,000 in Q1 2025[119] - General and administrative expenses from continuing operations decreased by 71% from $1,230,000 in Q1 2024 to $352,000 in Q1 2025[121] - Interest expenses, net from continuing operations decreased by 78% from $806,000 in Q1 2024 to $179,000 in Q1 2025[125] Financial Position - Net loss from continuing operations improved from $3,410,000 in Q1 2024 to $378,000 in Q1 2025, a reduction of 89%[107] - As of March 31, 2025, the company had cash and cash equivalents of $100[130] - Financial liabilities increased by 4% or $851 from $23,851 as of December 31, 2024, to $24,702 as of March 31, 2025[135] - The company has a total of $10,612 in current financial liabilities from continuing operations as of March 31, 2025[134] Business Strategy - The company entered into Securities Purchase Agreements to sell its mobility and media businesses due to high costs and cash burn[100] - The company shifted its core business focus from micromobility and media services to software services in 2024[98] - The company plans to continue funding operations and expansion through debt and equity financing over the next twelve months[131] Legal and Compliance - The company is in default for non-payment under the terms of several loans, including a judgment for approximately $2,454 related to an unsecured loan[136] - The company entered into a Stock Purchase Agreement with Palella Holdings LLC to sell 100% of the equity interest of European entities, pending court approval[140] - As of March 31, 2025, the company had total outstanding securities of 92,214,637 common shares and 3,712 warrants, restricted stocks, and stock options[138] - The company has the right to sell up to $25 million of its shares under a Standby Equity Purchase Agreement with YA II PN, Ltd[130]

Revenue and Operations - For the year ended December 31, 2024, the Company reported revenue of $1,422,000 from continuing operations, a shift from micromobility and media services to IT software services [81]. - Total revenues from discontinued operations decreased by $8,352, or 85%, from $9,844,000 in 2023 to $1,493,000 in 2024, primarily due to the exit from mobility and media operations [89]. - The Company has suspended its mobility operations in the United States and reduced operations in Europe due to high costs and cash burn [75]. Expenses and Losses - Cost of revenues from continuing operations amounted to $1,114,000, with personnel-related costs representing 93% of this total [92]. - General and administrative expenses from continuing operations decreased by $15,371, or 85%, from $17,982,000 in 2023 to $2,611,000 in 2024 [100]. - The Company recorded a net loss from continuing operations of $2,364,000 for the year ended December 31, 2024, compared to a loss of $18,876,000 in 2023 [82]. - Total operating expenses from discontinued operations decreased by $48,965, or 91%, from $53,916,000 in 2023 to $4,951,000 in 2024 [83]. - Sales and marketing expenses from discontinued operations decreased by $2,205, or 78%, from $2,837,000 in 2023 to $632,000 in 2024 [104]. Financial Liabilities and Defaults - As of December 31, 2024, the company had total financial liabilities of $23,851, an increase of 55% or $8,480 from $15,371 in 2023 [121]. - The company is in default for non-payment under the terms of the Secured Convertible loan and Unsecured loans, with a judgment against it for approximately $2,454 [122]. - As of December 31, 2024, the Company has $6,298 outstanding as principal and accumulated interests, and it was in default for non-payment under the terms of the Secured Loan Agreement [136]. Gains and Income - The company recorded a gain of $85 from the early termination of the New York store lease, resulting in a write-off of leasehold improvements amounting to $937 [106]. - The gain on extinguishment of financial debts was $822 in 2024, compared to $11,405 in 2023, with the 2023 gain related to a secured loan settlement [109]. - The company recognized a gain of $7,008 from the extinguishment of certain outstanding accounts payable, primarily from settlements with vendors [114]. - Non-operating income from discontinued operations increased by 1,465% or $13,077, from an income of $893 in 2023 to $13,970 in 2024 [113]. Strategic Agreements and Changes - The Company entered into a Service Agreement with Everli S.p.A. for software development services, marking a strategic shift in its core business [73]. - The company entered into a Stock Purchase Agreement with Palella Holdings LLC to sell 100% of the equity interest of its European entities, pending court approval [125]. - During the year ended December 31, 2024, the Company fully repaid convertible debt totaling $3,741, including $3,619 to Palella Holdings LLC and $122 to YA II PN, Ltd. [138]. Legal and Contingencies - As of December 31, 2023, the Company recorded Accruals for legal contingencies of $3,978, with $1,711 related to Wheels classified as Liabilities from discontinued operations [149]. - The Company was awarded a summary judgment for $2,454 related to an overdue unsecured note issued in July 2022 [150]. - During the year ended December 31, 2024, the Company released $2,250 previously accrued for a claim with a former investor who withdrew a claim for $4,000 [151]. Other Financial Information - Total non-operating income (expense), net from continuing operations decreased by 101% or $1,190, from an income of $1,176 in 2023 to an expense of $14 in 2024 [107]. - Interest expenses decreased by $2,650, or 46%, from $5,718 in 2023 to $3,068 in 2024, primarily due to a reduction in financial liabilities [108]. - The Lease Assignment agreement with Revolving Store Inc. resulted in a gain of $85 for the Company, with derecognition of Operating Lease liabilities amounting to $643 [139]. - The Company had $86 of overdue monthly rents for the period from February 2024 to July 2024, assumed by the new tenant, Revolving Store Inc. [139]. - Board members converted deferred salaries totaling $69 into 1,062 Warrants to purchase shares of Class A Common Stock [144]. - The former CEO converted $78 of deferred salaries into 87 shares of Class A Common Stock during the year ended December 31, 2023 [140]. - The Company recorded $56 as Cost of Revenues from discontinued operations for shipping services provided by a related party [143].

Revenue Performance - Total net revenue from continuing operations decreased by $450, or 37%, from $1,225 for the three months ended September 30, 2023, to $775 for the three months ended September 30, 2024[136]. - European Mobility revenues decreased by $601, or 65%, from $918 for the three months ended September 30, 2023, to $317 for the three months ended September 30, 2024[138]. - Media revenues decreased by $234, or 97%, from $241 for the three months ended September 30, 2023, to $7 for the three months ended September 30, 2024[141]. Operational Changes - The company suspended mobility operations in the United States and sold 100% of the equity interest of Wheels Lab, Inc. on August 19, 2024[126]. - The company provided e-mobility services in various Italian cities during the first nine months of 2024[139]. - The company’s strategy to exit unprofitable markets contributed to the decrease in European Mobility revenues[138]. Financial Performance - Net loss from continuing operations was $1,658 for the three months ended September 30, 2024, compared to a loss of $7,456 for the same period in 2023[132]. - Net income from discontinued operations was $6,632 for the three months ended September 30, 2024, compared to a loss of $2,021 for the same period in 2023[134]. Cost Management - Total operating expenses for the three months ended September 30, 2024, were $1,359, compared to $6,724 for the same period in 2023[132]. - Cost of revenues from continuing operations decreased by $830 or 63% for the three months ended September 30, 2024, and by $16,441 or 92% for the nine months ended September 30, 2024, compared to the same periods in 2023[143]. - Mobility cost of revenues decreased by $584 or 81% for the three months ended September 30, 2024, and by $5,034 or 91% for the nine months ended September 30, 2024, compared to the same periods in 2023[145]. - General and administrative expenses from continuing operations decreased by $3,944 or 82% for the three months ended September 30, 2024, and by $10,476 or 66% for the nine months ended September 30, 2024, compared to the same periods in 2023[150]. - Sales and marketing expenses from continuing operations decreased by $112 or 93% for the three months ended September 30, 2024, and by $1,070 or 95% for the nine months ended September 30, 2024, compared to the same periods in 2023[152]. Non-Operating Income and Expenses - Total non-operating income (expense), net from continuing operations decreased by $872 or 45% for the three months ended September 30, 2024, and by $6,494 or 85% for the nine months ended September 30, 2024, compared to the same periods in 2023[156]. - Interest expenses decreased by $215 or 20% for the three months ended September 30, 2024, and by $2,075 or 45% for the nine months ended September 30, 2024, compared to the same periods in 2023[157]. - Gain on extinguishment of debt amounted to $822 for the nine months ended September 30, 2024, related to an amendment agreement and a conversion agreement with a related party[158][159]. - Other income (expenses), net increased by $496 or 221% for the nine months ended September 30, 2024, compared to the same period in 2023, mainly due to a settlement agreement with a media vendor[160]. - Total non-operating income (expenses), net from discontinued operations amounted to $7,681 for the nine months ended September 30, 2024, compared to a loss of $208 in the same period in 2023[162]. Asset and Liability Management - As of September 30, 2024, the Company had cash and cash equivalents of $141[170]. - Total financial liabilities increased by 15% or $2,189, from $14,784 as of December 31, 2023, to $16,973 as of September 30, 2024[173]. - The Company has outstanding principal of $2,454 related to an unsecured note issued in 2022, which is currently in default[175]. - Operating lease liabilities from continuing operations decreased from $623 as of December 31, 2023, to $170 as of September 30, 2024[176]. - The Company has a total of 92,214,637 Class A Common Shares outstanding as of September 30, 2024[180]. Legal and Contingency Matters - The Company recorded $4,290 as accruals for legal contingencies as of September 30, 2024[192]. - The Company entered into a Settlement agreement with LNPB, agreeing to pay $5,392 to satisfy obligations under terminated agreements[189]. - The Company derecognized legal contingencies related to Wheels claims amounting to $1,539 million as of August 19, 2024[195]. - Legal contingencies recorded for a lawsuit with Greenvision Capital Holdings LLC total $2,250 million, with a potential damage claim of $4,000 million[196]. - The range of loss for the Company's legal contingencies is estimated between $0 to $7,120 million, with additional claims having a potential loss range of $0 to $1,250 million[197]. Company Status and Compliance - The Company has not identified any critical accounting estimates that would materially impact its financial condition or results of operations[199]. - The Company qualifies as an emerging growth company and has elected to use an extended transition period for complying with new accounting standards[200]. - There are currently no off-balance sheet arrangements reported by the Company[201].

Revenue Performance - Total net revenue decreased by $2,708, or 77%, from $3,495 for the three months ended June 30, 2023, to $787 for the three months ended June 30, 2024[102]. - Mobility revenues decreased by $1,314, or 78%, from $1,694 for the three months ended June 30, 2023, to $380 for the three months ended June 30, 2024[103]. - Media revenues decreased by $1,514, or 100%, from $1,521 for the three months ended June 30, 2023, to $7 for the three months ended June 30, 2024[105]. Operating Expenses - Total operating expenses decreased by $33,399, or 93%, from $35,897 for the three months ended June 30, 2023, to $2,498 for the three months ended June 30, 2024[100]. - General and administrative expenses decreased by $4,029, or 77%, from $5,239 for the three months ended June 30, 2023, to $1,210 for the three months ended June 30, 2024[110]. - Sales and marketing expenses decreased by $614, or 66%, from $925 for the three months ended June 30, 2023, to $311 for the three months ended June 30, 2024[112]. - Cost of revenue decreased by $11,545, or 92%, from $12,522 for the three months ended June 30, 2023, to $977 for the three months ended June 30, 2024[108]. Net Loss - The net loss for the three months ended June 30, 2024, was $1,550 compared to a net loss of $34,219 for the same period in 2023[100]. Future Revenue Plans - The company plans to record additional revenues in 2024 based on an agreement for software development services with a related party[107]. Location Closures - The company has closed multiple locations in Italy and the United States as part of its strategy to reduce operating cash[104]. Non-Operating Income and Expenses - Non-operating income (expense), net decreased by 109% or $1,944 from the three months ended June 30, 2023, to June 30, 2024, and decreased by 99% or $5,828 from the six months ended June 30, 2023, to June 30, 2024[116]. - Interest expenses decreased by $1,025, or 55%, from $1,865 for the three months ended June 30, 2023, to $840 for the three months ended June 30, 2024, and by $1,863, or 52%, from $3,566 for the six months ended June 30, 2023, to $1,703 for the six months ended June 30, 2024[117]. - Gain on extinguishment of financial debts amounted to $822 for the six months ended June 30, 2024, primarily due to the settlement of an unsecured note and a conversion agreement with a related party[118]. - SEPA financial expenses, net decreased by $2,601, or 96%, from $2,703 for the six months ended June 30, 2023, to $102 for the six months ended June 30, 2024[119]. - Other income (expenses), net increased by $761, or 521%, from $146 for the three months ended June 30, 2023, to $907 for the three months ended June 30, 2024, and by $972, or 3,038%, from expenses of $32 for the six months ended June 30, 2023, to an income of $940 for the six months ended June 30, 2024[120]. Financial Position - As of June 30, 2024, the total financial liabilities, net increased by 10% or $1,542 from $15,370 as of December 31, 2023, to $16,912[131]. - The principal sources of liquidity as of June 30, 2024, included cash and cash equivalents of $162[128]. - The Company plans to continue funding operations and expansion through debt and equity financing for the next twelve months[128]. - As of June 30, 2024, the Company had 92,214,637 Class A Common Shares outstanding[136]. Legal Contingencies - The Company recorded accruals for legal contingencies of $5,829 as of June 30, 2024, compared to $3,978 as of December 31, 2023[148]. - As of June 30, 2024, the company recorded legal contingencies of $2,250 related to ongoing lawsuits, with a total range of loss for legal contingencies between $660 to $10,033[150]. - The company is involved in claims with previous investors, including a lawsuit for breach of contract with a potential damage claim of $4,000[150]. - The company has been named in various lawsuits concerning the classification of individuals as independent contractors rather than employees, as well as California Labor Code violations[150]. Accounting and Reporting - The company has not identified any critical accounting estimates that would materially impact its financial condition or results of operations[153]. - The company qualifies as an "emerging growth company" and has elected to use an extended transition period for complying with new or revised accounting standards[154]. - There are no off-balance sheet arrangements currently in place for the company[155]. - The company does not have any quantitative and qualitative disclosures about market risks as it is classified as a "smaller reporting company"[156].

Revenue Performance - Total net revenues decreased by $3,348, or 85%, from $3,919 for the three months ended March 31, 2023, to $571 for the three months ended March 31, 2024[89]. - Mobility revenues decreased by $1,146, or 73%, from $1,578 for the three months ended March 31, 2023, to $432 for the three months ended March 31, 2024[90]. - Media revenues decreased by $2,074, or 99%, from $2,086 for the three months ended March 31, 2023, to $12 for the three months ended March 31, 2024[92]. Operating Expenses - Total operating expenses decreased by $14,494, or 75%, from $19,381 for the three months ended March 31, 2023, to $4,887 for the three months ended March 31, 2024[88]. - General and administrative expenses decreased by $2,703, or 43%, from $6,232 for the three months ended March 31, 2023, to $3,529 for the three months ended March 31, 2024[98]. - Sales and marketing expenses decreased by $964, or 78%, from $1,239 for the three months ended March 31, 2023, to $275 for the three months ended March 31, 2024[100]. - Research and development expenses decreased by $668, or 79%, from $843 for the three months ended March 31, 2023, to $175 for the three months ended March 31, 2024[102]. Financial Performance - Net loss decreased by $15,035, or 77%, from $19,554 for the three months ended March 31, 2023, to $4,519 for the three months ended March 31, 2024[88]. - Cash and cash equivalents as of March 31, 2024, were $127[114]. Financing and Liabilities - The company plans to continue funding operations and expansion through debt and equity financing for the next twelve months[114]. - Financial liabilities increased by 6% or $913, from $15,370 million as of December 31, 2023, to $16,283 million as of March 31, 2024[117]. - The Company issued a Promissory Note to the CEO amounting to $1,505 million, which contributed to the increase in financial liabilities[118]. - Future annual minimum lease payments total $917 million, with $330 million due in 2024[121]. - The Company entered into a Standby Equity Purchase Agreement allowing the sale of up to $50,000 million of Class A Common Stock over 24 months, with gross proceeds of $462 million from the sale of 35,400,000 shares in early 2024[124]. Legal and Compliance - Legal contingencies accrued amounted to $5,968 million as of December 31, 2023, increasing from $3,978 million[133]. - The Company recorded $2,000 million in General & Administrative expenses for additional contingency losses related to litigation for the three months ended March 31, 2024[134]. - The range of loss for legal contingencies is estimated between $800 million to $10,173 million[136]. - The Company has no off-balance sheet arrangements as defined by SEC regulations[141]. - The Company is classified as an emerging growth company and is utilizing an extended transition period for compliance with new accounting standards[140].

Revenue Performance - Total net revenues decreased by $5,694, or 37%, from $15,538 for the year ended December 31, 2022, to $9,844 for the year ended December 31, 2023[491]. - Mobility revenues decreased by $3,161, or 37%, from $8,430 for the year ended December 31, 2022, to $5,269 for the year ended December 31, 2023[515]. - Media revenues decreased by $2,532, or 39%, from $6,507 for the year ended December 31, 2022, to $3,975 for the year ended December 31, 2023[516]. - Revenue for the year ended December 31, 2023, was $9,844 million, a decrease of 36.4% compared to $15,538 million in 2022[613]. - The Company operates in two segments: Mobility and Media, generating revenues primarily in the United States and Europe[649][650]. Expense Management - Total cost of revenues decreased by $12,650, or 30%, from $41,625 for the year ended December 31, 2022, to $28,975 for the year ended December 31, 2023[518]. - Sales and marketing expenses decreased by $5,875, or 67%, from $8,712 for the year ended December 31, 2022, to $2,837 for the year ended December 31, 2023[496]. - Research and development expenses decreased by $302, or 11%, from $2,741 for the year ended December 31, 2022, to $2,439 for the year ended December 31, 2023[497]. - General and administrative expenses decreased by $2,652, or 10%, from $25,569 for the year ended December 31, 2022, to $22,917 for the year ended December 31, 2023[522]. - Total operating expenses for 2023 were $73,851 million, down 16.9% from $89,037 million in 2022[613]. Financial Position - The company's total financial liabilities decreased by 62% or $25,048, from $40,418 in 2022 to $15,370 in 2023, indicating a significant reduction in financial exposure[556]. - Total current liabilities decreased to $48,089 million in 2023 from $70,732 million in 2022, a reduction of 32.1%[610]. - Total liabilities, including convertible preferred stock and stockholders' deficit, were $50,834 million as of December 31, 2023, down from $80,058 million in 2022, a decrease of 36.4%[610]. - The company had cash and cash equivalents of $128 as of December 31, 2023, and plans to fund operations and expansion through debt and equity financing over the next twelve months[532][533]. - The total cash and cash equivalents, and restricted cash at the end of the year was $143,000, down from $737,000 at the beginning of the year, indicating a significant decrease in liquidity[617]. Net Loss and Improvement - Net loss for the year ended December 31, 2023, was $62,055 million, compared to a net loss of $82,074 million in 2022, representing a 24.5% improvement[613]. - The company reported a loss from operations of $64,007 million in 2023, an improvement from a loss of $73,499 million in 2022[613]. - The net loss per share attributable to common stockholders for 2023 was $(42.90), compared to $(9,360.49) in 2022[613]. - The company experienced recurring operating losses and negative cash flows since inception, raising substantial doubt about its ability to continue as a going concern[646]. Gains and Settlements - A gain of $12,032 was recorded for the year ended December 31, 2023, compared to a loss of $2,065 for the year ended December 31, 2022, related to the settlement of financial debts[502]. - The company experienced a gain on extinguishment of financial debts amounting to $12,032 million in 2023, contrasting with a loss of $2,065 million in 2022[613]. Legal and Contingencies - The company recorded $2,701 in general and administrative expenses related to litigation for the year ended December 31, 2023, compared to $650 in 2022[544]. - The company’s legal contingencies accrued amounted to $3,978 as of December 31, 2023, with a potential loss range between $800 to $7,041[567][568]. Shareholder and Stock Information - The company has outstanding securities including 8,856,230 Class A Common Shares and 2,641 Warrants as of December 31, 2023[560]. - The company’s majority shareholder and CEO converted $78 of deferred salaries into 87 shares of Class A Common Stock during the year ended December 31, 2023[539]. - The company had no Series A Convertible Preferred Stock issued and outstanding as of December 31, 2023, compared to 6,751,823 shares in 2022[609]. Future Plans and Market Expansion - The company plans to continue its market expansion in the U.S., having provided e-mobility services in 34 areas as of 2023[531]. - The company plans to continue funding operations through debt and equity financing, although there is uncertainty regarding the availability of such financing on acceptable terms[621]. Accounting Policies and Standards - The company has made an accounting policy election to treat the entire consideration received from subscribers as lease rental, recognized on a straight-line basis[627]. - The Company has made an accounting policy election to present revenues net of sales taxes and VAT, impacting the reported revenue figures[654]. - The Company assesses the impact of new accounting standards, including ASU No. 2023-07, which will enhance segment disclosure requirements starting after December 15, 2023[684]. Asset Management - Intangible assets are primarily composed of operating permits and licenses, tested for impairment when qualitative indicators suggest potential impairment[679]. - The Company classifies assets and liabilities measured at fair value into Level 2 and Level 3 based on the observability of inputs, with Level 3 inputs being unobservable and significant to fair value measurements[710]. - Financial liabilities are categorized between current and non-current based on repayment terms and conditions[711].

Revenue Performance - Total revenue decreased by $2,121, or 58%, for the three months ended September 30, 2023, compared to the same period in 2022, and decreased by $2,377, or 21% for the nine months ended September 30, 2023[134]. - Mobility revenues decreased by $2,239, or 33%, in the nine months ended September 30, 2023, compared to the same period in 2022, and decreased by $1,216, or 49%, for the three months ended September 30, 2023[135]. - Media revenues decreased by $376, or 9%, in the nine months ended September 30, 2023, and decreased by $842, or 78%, for the three months ended September 30, 2023, primarily due to the early termination of agreements with LNPB[137]. Operating Expenses - Total operating expenses for the three months ended September 30, 2023, were $9,074, compared to $26,523 for the same period in 2022, reflecting a significant reduction in costs[132]. - Cost of revenue decreased by $5,092, or 61%, for the three months ended September 30, 2023, compared to the same period in 2022, and by $3,109, or 10% for the nine months ended September 30, 2023[138]. - Mobility Cost of Revenues decreased by $2,566 or 49% for the three months ended September 30, 2023, compared to the same period in 2022[140]. - Media Cost of Revenues decreased by $2,594 or 96% for the three months ended September 30, 2023, compared to the same period in 2022[141]. - Sales and marketing expenses decreased by $1,192 or 69% for the three months ended September 30, 2023, compared to the same period in 2022[142]. - Research and Development expenses decreased by $170 or 26% for the three months ended September 30, 2023, compared to the same period in 2022[144]. - General and Administrative expenses decreased by $604 or 11% for the three months ended September 30, 2023, compared to the same period in 2022[145]. - Interest expenses decreased by $415 or 28% for the three months ended September 30, 2023, compared to the same period in 2022[152]. Net Loss - The net loss for the three months ended September 30, 2023, was $9,477, compared to a net loss of $24,562 for the same period in 2022[133]. Business Decisions - The Company decided to close the food delivery services business line during the three months ended September 30, 2023, which was in a start-up phase[127]. - The Company is focusing on reducing operating cash burn and exiting unprofitable markets to achieve cash positivity[135]. Financial Position - The Company had cash and cash equivalents of $962 as of September 30, 2023, excluding restricted cash of $291[165]. - Total financial liabilities as of September 30, 2023, amounted to $27,228, with $21,938 classified as current and $5,290 as non-current[173]. - The company repaid $3,865 of the 2023 SEPA March Convertible Notes, leaving an outstanding principal and interest of $837[178]. - The company issued 103,689 Class A Common Shares for conversion requests totaling $1,296 in principal and interest during the nine months ended September 30, 2023[184]. - Future annual minimum lease payments total $1,843 for operating leases and $282 for finance leases as of September 30, 2023[190]. Financing Activities - Financing activities provided $31,124 of cash, primarily from common stock issuance of $46,164 and financial liabilities of $6,213, offset by repayments of $21,253[172]. - The Company plans to continue funding operations and expansion through debt and equity financing for the next twelve months[166]. Impairments and Adjustments - The Company impaired the net carrying value of Goodwill by $13,826 and Intangible assets by $2,619 during the nine months ended September 30, 2023[147]. - The company recorded a gain of $637 from waiving overdue invoices related to the leasing of 2,950 E-scooters[188]. Shareholder Information - A reverse stock split of one-for-fifty (1:50) was approved and became effective on March 30, 2023, reducing the number of shares from approximately 285 million to approximately 1.9 million[126]. - The Company plans to authorize an increase in the number of authorized shares from 400 million to 1 billion, which includes 900 million shares of common stock[128]. - The company has 225,726,127 Class A Common Shares outstanding as of September 30, 2023[191]. - The CEO converted $78 of deferred salaries into 13,000 Class A Common Shares during the nine months ended September 30, 2023[197]. Regulatory and Accounting Matters - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to take advantage of certain reporting exemptions[207]. - The company has elected to use the extended transition period for new or revised financial accounting standards, which may complicate financial comparisons with other public companies[208]. - There are currently no off-balance sheet arrangements reported by the company[209]. - The company adopted ASU 2016-13 on January 1, 2023, which requires a current expected credit loss methodology for measuring impairments, but the impact on financial statements was not material[210]. - There are no applicable quantitative and qualitative disclosures about market risks for the company[211].

Financial Data and Key Metrics Changes - For the first half of 2023, revenue remained steady at $7.4 million, with Q2 revenue reaching $3.5 million, primarily driven by the mobility sector and media contributions [5][11] - Operational expenses saw a reduction of approximately 6%, excluding asset impairment, with significant decreases in sales and marketing (73%) and general and administrative expenses (19%), although total operating expenses rose by 73% due to a $16 million asset impairment [6][11] - Financial liabilities experienced a reduction of 21%, reflecting a substantial decrease in financial commitments [15] Business Line Data and Key Metrics Changes - The media segment experienced a notable 15% decrease in revenue, attributed to the termination of streaming contracts, which is expected to yield cost savings exceeding EUR 14 million [14] - Mobility revenue sources showed resilience, with pay-per-ride and subscription offerings accounting for 82% and 15% of revenue, respectively, despite a 21% reduction in trips from the previous quarter [21] - The Kitchen segment displayed robust growth, marked by substantial revenue surges in both Q2 and the overall first half [5] Market Data and Key Metrics Changes - The company strategically exited unprofitable markets, reallocating resources to focus on the micromobility sector, which has shown positive results since the rebranding [11][20] - The company expanded its fleet in the U.S. and made its first expansion into Europe, indicating a focus on geographical growth [12] Company Strategy and Development Direction - The company made a strategic choice to exit the streaming business to align with its overarching goals [3] - There is a strong focus on achieving profitability through cost-saving measures, innovative technologies, and potential mergers and acquisitions [7][22] - The company plans to support operational expansion through additional debt and equity financing as required [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's capacity for enduring growth despite the dynamic environment for micromobility [7][16] - The company is committed to operational efficiency and strategic measures to enhance financial performance and shareholder value [16][18] Other Important Information - The company is collaborating with market integrity monitors as part of an investigation into trading imbalances, transitioning to Phase 2 of this investigation [18] - The flagship store in SoHo, New York City, is set to open shortly after Labor Day, marking a significant retail expansion [19] Q&A Session Summary - The Q&A session did not contain specific questions or answers as the call concluded without further discussion [8]

Revenue Performance - Total revenue decreased by $863, or 20%, for the three months ended June 30, 2023, compared to the same period in 2022, and decreased by $256, or 3%, for the six months ended June 30, 2023 [117]. - Mobility revenues decreased by $1,021, or 24%, in the six months ended June 30, 2023, compared to the same period in 2022, and decreased by $1,022, or 38%, for the three months ended June 30, 2023 [118]. - Media revenues increased by $463, or 15%, in the six months ended June 30, 2023, compared to the same period in 2022, and increased by $32, or 2%, for the three months ended June 30, 2023 [119]. Operating Expenses and Losses - Total operating expenses increased to $35,897 for the three months ended June 30, 2023, compared to $20,756 for the same period in 2022, representing a 73% increase [116]. - Net loss for the three months ended June 30, 2023, was $34,219, compared to a net loss of $19,740 for the same period in 2022, reflecting a 73% increase in losses [116]. - Cost of revenues increased by $2,254, or 22%, for the three months ended June 30, 2023, compared to the same period in 2022 [122]. Cost Management - Mobility cost of revenues for the three months ended June 30, 2023, was $5,019, down from $7,220 in the same period in 2022, a decrease of 44% [121]. - Sales and marketing expenses decreased by $2,490 or 73% in Q2 2023 compared to Q2 2022, and by $3,849 or 64% in the first half of 2023 compared to the same period in 2022 [126][128]. - General and Administrative expenses decreased by $1,197 or 19% in Q2 2023 compared to Q2 2022, and by $1,644 or 13% in the first half of 2023 compared to the same period in 2022 [131]. Future Outlook - The Company anticipates a decrease in media revenues in future periods due to the early termination of agreements with LNPB, which will impact commercialization of media rights [120]. - The Company aims to achieve cash positivity by reducing operating cash used in the micro-mobility business, resulting in the closure of some operating markets [118]. Financial Liabilities and Equity - As of June 30, 2023, the total financial liabilities of the company amounted to $31,877 million, with $25,156 million classified as current financial liabilities [155]. - The company partially repaid $9,228 million of the 2022 Convertible Notes during the six months ended June 30, 2023, including $8,047 million in principal [158]. - The company issued 103,689 Class A Common Shares in satisfaction of conversion requests totaling $1,296 million in principal and interest during the same period [159]. Cash Flow and Financing - Net cash used in operating activities was $21,836 for the six months ended June 30, 2023, compared to $23,206 for the same period in 2022 [149]. - Cash and cash equivalents as of June 30, 2023, were $512, excluding restricted cash of $688 [147]. - The Company plans to continue funding operations and expansion through debt and equity financing for the next twelve months [148]. Impairments and Adjustments - The Company recorded an impairment of Goodwill amounting to $13,826 and Intangible assets of $2,619, totaling $16,444 for the six months ended June 30, 2023 [135][132]. - Interest expenses increased by $353 or 23% in Q2 2023 compared to Q2 2022, and by $74 or 2% in the first half of 2023 compared to the same period in 2022 [137]. - The company adopted ASU 2016-13 effective January 1, 2023, which requires a current expected credit loss methodology for measuring impairments of certain financial assets [187]. Shareholder Actions - The CEO converted $78 million of deferred salaries into 13,000 Class A Common Shares during the six months ended June 30, 2023 [175]. - The 2023 SEPA Convertible Note has a principal amount of $4,500 million with a maturity date of September 15, 2023, and a fixed conversion price of $25 [162]. Operational Highlights - The number of Quarterly Active Platform Users (QAPUs) is used to assess platform adoption and transaction frequency [141]. - The Company provided sharing electric mobility services in multiple cities across Italy and the United States during the six months ended June 30, 2023 [145]. - The company recorded a gain of $637 million for waiving overdue invoices related to the leasing of 2,950 E-scooters [165]. - Future annual minimum lease payments as of June 30, 2023, are projected to total $2,044 million for operating leases and $488 million for finance leases [167]. - The company has a total of $11,269 million in overdue invoices related to media rights agreements following the early termination of agreements with LNPB [171].

Revenue Performance - Net revenue for the three months ended March 31, 2023, was $3,919,000, an increase of 18% compared to $3,312,000 for the same period in 2022[109]. - Mobility revenues remained flat at $1,578,000 for both periods, with a slight decrease in active markets and trips[110]. - Media revenues increased by $430,000, or 26%, driven by a rise in live subscribers from $310,000 to $685,000[111]. Operating Expenses - Total operating expenses decreased to $19,381,000 from $21,362,000, a reduction of 9% year-over-year[108]. - Sales and marketing expenses decreased by $1,359,000, or 52%, due to the termination of consultancy agreements and reduction of marketing staff[117]. - Research and development expenses increased by $99,000, or 13%, reflecting ongoing investments in the in-house Global IT engineering team[118]. - General and administrative expenses decreased by $449,000, or 7%, primarily due to a reduction in stock-based compensation[119]. Non-Operating Expenses - Total non-operating expenses increased by 204% to $4,088,000, mainly due to SEPA financial expenses and a significant decrease in the fair value of warrant liabilities[120]. Stock and Financial Position - The company executed a one-for-fifty reverse stock split on March 30, 2023, to improve stock price and market perception[104]. - As of March 31, 2023, the company reported cash and cash equivalents of $647 million, excluding restricted cash of $310 million[131]. - The company entered into two Standby Equity Purchase Agreements (SEPA) in January and March 2023, allowing it to sell up to $70 million of its Class A Common Stock over 24 months[133]. - Total financial liabilities as of March 31, 2023, amounted to $35.837 million, with $28.956 million classified as current financial liabilities[138]. Cash Flow - For the three months ended March 31, 2023, the company experienced a net cash used in operating activities of $12.886 million, an improvement from $16.539 million in the same period of 2022[133]. Investments and Services - During the three months ended March 31, 2023, the company invested $356 million in property, equipment, and intangible assets[136]. - The company provided sharing electric mobility services in 13 cities across Italy and 10 cities in the United States during the three months ended March 31, 2023[129]. Loss and Expenses - The company reported a net loss of $19.554 million for the three months ended March 31, 2023[134]. - The company recorded content licensing expenses of $4.070 million for the three months ended March 31, 2023[152]. - Media rights-related accounts payable stood at $7.913 million as of March 31, 2023, with future minimum payments related to media rights agreements totaling $27.202 million[150][152]. Lease Obligations - The company has future annual minimum lease payments of $2.450 million for operating leases and $2.046 million for finance leases as of March 31, 2023[145]. Regulatory and Accounting Matters - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to take advantage of certain reporting exemptions[158]. - The company has elected to use the extended transition period for new or revised financial accounting standards, which may complicate financial statement comparisons with other public companies[159]. - There are currently no off-balance sheet arrangements reported by the company[160]. - The company adopted ASU 2016-13 regarding credit losses effective January 1, 2023, with no material impact on its financial statements[161].