Revenue Performance - Total net revenues decreased by $3,348, or 85%, from $3,919 for the three months ended March 31, 2023, to $571 for the three months ended March 31, 2024[89]. - Mobility revenues decreased by $1,146, or 73%, from $1,578 for the three months ended March 31, 2023, to $432 for the three months ended March 31, 2024[90]. - Media revenues decreased by $2,074, or 99%, from $2,086 for the three months ended March 31, 2023, to $12 for the three months ended March 31, 2024[92]. Operating Expenses - Total operating expenses decreased by $14,494, or 75%, from $19,381 for the three months ended March 31, 2023, to $4,887 for the three months ended March 31, 2024[88]. - General and administrative expenses decreased by $2,703, or 43%, from $6,232 for the three months ended March 31, 2023, to $3,529 for the three months ended March 31, 2024[98]. - Sales and marketing expenses decreased by $964, or 78%, from $1,239 for the three months ended March 31, 2023, to $275 for the three months ended March 31, 2024[100]. - Research and development expenses decreased by $668, or 79%, from $843 for the three months ended March 31, 2023, to $175 for the three months ended March 31, 2024[102]. Financial Performance - Net loss decreased by $15,035, or 77%, from $19,554 for the three months ended March 31, 2023, to $4,519 for the three months ended March 31, 2024[88]. - Cash and cash equivalents as of March 31, 2024, were $127[114]. Financing and Liabilities - The company plans to continue funding operations and expansion through debt and equity financing for the next twelve months[114]. - Financial liabilities increased by 6% or $913, from $15,370 million as of December 31, 2023, to $16,283 million as of March 31, 2024[117]. - The Company issued a Promissory Note to the CEO amounting to $1,505 million, which contributed to the increase in financial liabilities[118]. - Future annual minimum lease payments total $917 million, with $330 million due in 2024[121]. - The Company entered into a Standby Equity Purchase Agreement allowing the sale of up to $50,000 million of Class A Common Stock over 24 months, with gross proceeds of $462 million from the sale of 35,400,000 shares in early 2024[124]. Legal and Compliance - Legal contingencies accrued amounted to $5,968 million as of December 31, 2023, increasing from $3,978 million[133]. - The Company recorded $2,000 million in General & Administrative expenses for additional contingency losses related to litigation for the three months ended March 31, 2024[134]. - The range of loss for legal contingencies is estimated between $800 million to $10,173 million[136]. - The Company has no off-balance sheet arrangements as defined by SEC regulations[141]. - The Company is classified as an emerging growth company and is utilizing an extended transition period for compliance with new accounting standards[140].
Micromobility.com (MCOM) - 2024 Q1 - Quarterly Report