Micromobility.com (MCOM) - 2021 Q1 - Quarterly Report

Part I Unaudited Financial Statements This section presents GreenVision Acquisition Corp.'s unaudited condensed consolidated financial statements for Q1 2021, covering balance sheet, operations, equity, and cash flows Condensed Consolidated Balance Sheets As of March 31, 2021, total assets were $59.2 million, primarily marketable securities, with liabilities increasing to $4.1 million Condensed Consolidated Balance Sheet Highlights (unaudited) | Metric | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Assets | | | | Cash | $169,151 | $4,282 | | Marketable securities held in Trust Account | $58,967,365 | $58,390,918 | | Total Assets | $59,206,304 | $58,413,629 | | Liabilities & Equity | | | | Total Liabilities | $4,116,304 | $3,411,210 | | Common stock subject to possible redemption | $50,089,995 | $50,002,415 | | Total Stockholders' Equity | $5,000,005 | $5,000,004 | Condensed Consolidated Statement of Operations For Q1 2021, the company reported a net loss of $487,419, a reversal from prior-year net income, driven by operating costs and warrant liability changes Statement of Operations Summary (unaudited) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Operating and formation costs | $269,292 | $156,889 | | Interest earned on marketable securities | $1,448 | $325,611 | | Change in fair value of warrant liability | ($219,575) | $429,775 | | Net income (loss) | ($487,419) | $563,065 | | Basic and diluted net income (loss) per common share | ($0.22) | $0.16 | Condensed Consolidated Statement of Changes in Stockholders' Equity Total stockholders' equity remained stable at $5.0 million for Q1 2021, influenced by a net loss and an extension fee contribution - Total stockholders' equity remained flat at approximately $5.0 million as of March 31, 2021, compared to January 1, 2021[16] - Key changes during the quarter included a net loss of $487,419 and an extension fee contribution of $575,000[16] Condensed Consolidated Statement of Cash Flows Net cash used in operations was $319,066, offset by $1,058,935 from financing activities, resulting in a $164,869 net cash increase for Q1 2021 Cash Flow Summary (unaudited) | Metric | Three Months Ended March 31, 2021 | | :--- | :--- | | Net cash used in operating activities | ($319,066) | | Net cash provided by investing activities | ($575,000) | | Net cash provided by financing activities | $1,058,935 | | Net Change in Cash | $164,869 | | Cash – Ending | $169,151 | Notes to Unaudited Condensed Consolidated Financial Statements These notes detail accounting policies, SPAC operations, merger agreements, related party transactions, and significant liquidity concerns, including going concern doubts - The company is a SPAC formed to effect a business combination, focusing on life sciences and healthcare industries outside of China[22][23] - The company extended its combination period to May 21, 2021, by depositing $575,000 into the Trust Account, funded by a transaction deposit from Helbiz[37] - Subsequent to quarter end, on May 12, 2021, the combination period was further extended to August 19, 2021, triggering redemption of 3,838,447 shares for approximately $39.2 million, leaving $19.5 million in the trust account[39][134] - Management concluded that conditions raise substantial doubt about the Company's ability to continue as a going concern through August 19, 2021, if a Business Combination is not consummated[49] Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses Q1 2021 financial performance, including a net loss, merger developments, liquidity challenges, and a restatement related to warrant classification - The company terminated its merger agreement with Accountable Healthcare America, Inc. (AHA) on November 24, 2020, and is entitled to a break-up fee of $3,175,000, though receipt is not determinable[138] - On February 8, 2021, the company entered into a merger agreement with Helbiz, Inc., with an agreed valuation of $300 million, subject to adjustments for net debt[139] - The company restated its historical financial results to reclassify its Private Warrants as derivative liabilities instead of equity, impacting the financial statements[144] - As of March 31, 2021, the company had only $169,151 of cash held outside the Trust Account for working capital, raising substantial doubt about its ability to continue as a going concern through its August 19, 2021 deadline[153][156] Quantitative and Qualitative Disclosures Regarding Market Risk The company's investments in short-term U.S. government treasury securities and money market funds result in no material interest rate risk exposure - The company's investments are held in short-term U.S. government treasury securities or money market funds, minimizing material exposure to interest rate risk[168] Controls and Procedures Disclosure controls were ineffective as of March 31, 2021, due to a material weakness in warrant classification, with remediation efforts underway - Disclosure controls and procedures were deemed ineffective as of March 31, 2021[170] - The ineffectiveness was due to a material weakness related to the misclassification of Private Warrants as equity instead of derivative liabilities[170] - Remediation steps are being implemented, including an improved review process for complex securities and accounting standards[171] Part II. Other Information Legal Proceedings A lawsuit was filed on April 27, 2021, alleging breach of fiduciary duty and a deficient proxy statement related to the Helbiz merger - A lawsuit was filed against the company and its Board of Directors on April 27, 2021, related to the proposed merger with Helbiz[175] - Allegations include breach of fiduciary duty and a materially deficient proxy statement; the plaintiff seeks to enjoin the merger or recover damages[175] Risk Factors No material changes to risk factors have occurred since the amended 10-K/A filing for the year ended December 31, 2020 - There have been no material changes to the company's risk factors since the filing of its amended 10-K/A for the year ended December 31, 2020[176] Unregistered Sales of Equity Securities and Use of Proceeds No unregistered sales of equity securities or use of proceeds were reported during the period - None[177] Defaults Upon Senior Securities No defaults upon senior securities were reported during the period - None[178] Mine Safety Disclosures This item is not applicable as the company is not involved in mine operations - None[179] Other Information No other information required to be disclosed under this item was reported - None[180] Exhibits This section lists exhibits filed with the 10-Q, including SOX certifications and XBRL data files - Exhibits filed include CEO and CFO certifications (31.1, 31.2, 32.1, 32.2) and XBRL Instance Documents[182] Part III. Signatures