Revenue Performance - For the three months ended June 30, 2025, revenue from related parties increased by 20% to $476,000 compared to $398,000 in the same period of 2024[156]. - Total revenues from continuing operations for the six months ended June 30, 2025, rose by 82% to $953,000 from $525,000 in 2024[161]. - The Company recorded $476 and $953 as IT Services Revenues - Related Party for the three and six months ended June 30, 2025, respectively[192]. Cost and Expenses - Cost of revenues from continuing operations increased by 13% to $372,000 for the three months ended June 30, 2025, compared to $328,000 in 2024[167]. - General and administrative expenses from continuing operations decreased by 24% to $645,000 for the three months ended June 30, 2025, down from $853,000 in 2024[171]. - Cost of revenues from discontinued operations decreased by 93% to $44,000 for the three months ended June 30, 2025, from $649,000 in 2024[169]. - General and administrative expenses from discontinued operations decreased by $260 or 82% from $316 for the three months ended June 30, 2024, to $56 for the three months ended June 30, 2025[173]. - Total non-operating expenses, net from continuing operations decreased by 17% or $131 comparing the three months ended June 30, 2025 with the three months ended June 30, 2024[174]. - Interest expenses decreased by $655, or 82%, from $803 for the three months ended June 30, 2024, to $148 for the three months ended June 30, 2025[175]. Net Loss - The net loss from continuing operations for the three months ended June 30, 2025, was $1,436,000, a slight improvement from a loss of $1,547,000 in 2024[156]. - The company recorded a net loss from discontinued operations of $292,000 for the three months ended June 30, 2025, compared to a loss of $3,000 in 2024[159]. Strategic Changes - The company entered into a Service Agreement with Everli S.p.A. for software development services, marking a strategic shift towards software services[147]. - The company plans to exit its mobility and media operations, significantly reducing cash burn and operational costs[149]. - The company is in the process of selling its mobility and media businesses through Securities Purchase Agreements[150]. Financial Position - As of June 30, 2025, the Company had cash and cash equivalents of $71[180]. - Total financial liabilities, net as of June 30, 2025, amounted to $11,309 from continuing operations and $15,500 from discontinued operations[185]. - The Company has the right to sell up to $25 million of its shares of Common Stock under the Standby Equity Purchase Agreement with YA II PN, Ltd[180]. - The Company is in default for non-payment under the terms of the Secured Convertible loan, Promissory notes, and Unsecured loans as of June 30, 2025[185]. - The company plans to continue funding operations and expansion through debt and equity financing for the next twelve months[183]. Accounting and Risk - The company did not identify any critical accounting estimates that would materially impact its financial condition or results of operations[202]. - There are no off-balance sheet arrangements currently or during the periods presented[203]. - The company has not disclosed any quantitative or qualitative market risks applicable to its operations[204].
Micromobility.com (MCOM) - 2025 Q2 - Quarterly Report