Financial Performance - Revenues from continuing operations increased by 276% from $127,000 in Q1 2024 to $477,000 in Q1 2025[111] - Total operating expenses decreased by 52% from $1,405,000 in Q1 2024 to $675,000 in Q1 2025[106] - Net loss from continuing operations improved from $3,410,000 in Q1 2024 to $378,000 in Q1 2025[107] - Revenues from discontinued operations decreased by 24% from $444,000 in Q1 2024 to $339,000 in Q1 2025[115] Cost Management - Cost of revenues from continuing operations increased by 85% from $175,000 in Q1 2024 to $323,000 in Q1 2025, primarily due to a 103% increase in IT developer payroll[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 from continuing operations decreased by 78% from $806,000 in Q1 2024 to $179,000 in Q1 2025[125] Business Strategy - The company shifted its core business focus from micromobility and media services to software services in 2024[98] - The company entered into Securities Purchase Agreements to sell its mobility and media businesses due to high costs and cash burn[100] - The company entered into a Stock Purchase Agreement with Palella Holdings LLC to sell 100% of its European entities, contingent on court approval or a waiver from a note holder[140] Financial Position - As of March 31, 2025, the company had cash and cash equivalents of $100 and a Standby Equity Purchase Agreement allowing the sale of up to $25 million in shares over 36 months[130] - The company's total financial liabilities increased by 4% or $851, from $23,851 to $24,702, primarily due to interest expenses for the three months ended March 31, 2025[135] - The company is in default for non-payment under the terms of its Secured Convertible loan, Promissory Note, and Unsecured loans, with a judgment against it for approximately $2,454[136] - The company has a total of $10,612 in current financial liabilities and $14,090 in discontinued operations as of March 31, 2025[134] - As of March 31, 2025, the company had 92,214,637 common shares outstanding and 3,712 total warrants, restricted stocks, and stock options[138] Future Outlook - The company plans to continue funding operations and expansion through debt and equity financing for the next twelve months[131] Accounting and Compliance - The company has no off-balance sheet arrangements as defined by SEC regulations[156] - The company has not identified any critical accounting estimates that would materially impact its financial condition or results of operations[155] - The company recorded $326 in IT Services Revenues from related-party transactions during the three months ended March 31, 2025[145]
HELBIZ(HLBZ) - 2025 Q1 - Quarterly Report