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].
Micromobility.com (MCOM) - 2024 Q3 - Quarterly Report