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micromobility.com, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The company reported a revenue decrease to $775,000 from $1,225,000 in the same quarter the previous year. The decline is attributed to reduced media revenues and European mobility revenues.
Cost of revenues for the quarter was $484,000, representing 62% of revenues, compared to 107% in the same quarter of the previous year. This improvement is due to the company's strategy to exit non-profitable markets.
The company reported a net loss from continuing operations of $1,658,000, compared to $7,456,000 in the previous year. This reduction in loss is primarily due to decreased general and administrative expenses.
Net income from discontinued operations was $6,632,000, primarily due to the sale of Wheels Lab, Inc., which resulted in a gain from the derecognition of liabilities.
Total net income for the quarter was $4,974,000, compared to a net loss of $9,477,000 in the previous year.
Cash and cash equivalents as of September 30, 2024, were $141,000, with a net cash used in operating activities of $1,363,000 for the nine months ended September 30, 2024.
The company continues to fund its operations through debt and equity financing, with total financial liabilities of $16,973,000 as of September 30, 2024.
micromobility.com has indefinitely suspended its mobility operations in the United States, focusing its efforts on European markets and software development services.
The filing also details various related party transactions, including agreements with Everli S.p.A. and promissory notes provided by the company's CEO.
Legal proceedings include a judgment against the company for an unsecured note, with a recorded liability of $2,454,000 as of September 30, 2024.
The company identified a material weakness in its internal controls over financial reporting due to insufficiently designed accounting policies and controls.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the micromobility.com Inc. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.