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].
Micromobility.com (MCOM) - 2024 Q2 - Quarterly Report