# EDGAR Filing Document

**Accession Number:** 0001424657
**File Stem:** 0001213900-25-116045
**Filing Date:** 2025-11
**Character Count:** 92859
**Document Hash:** ac866707f1fb81f8d813390fc8f4b898
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-116045.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001213900-25-116045

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 42

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cuentas Inc.
- **CENTRAL INDEX KEY:** 0001424657
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-GROCERIES & RELATED PRODUCTS [5140]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 463243320
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39973
- **FILM NUMBER:** 251535380

**BUSINESS ADDRESS:**
- **STREET 1:** 235 LINCOLN ROAD
- **STREET 2:** SUITE 210
- **CITY:** MIAMI BEACH
- **STATE:** FL
- **ZIP:** 33139
- **BUSINESS PHONE:** (800) 611-3622

**MAIL ADDRESS:**
- **STREET 1:** 235 LINCOLN ROAD
- **STREET 2:** SUITE 210
- **CITY:** MIAMI BEACH
- **STATE:** FL
- **ZIP:** 33139

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEXT GROUP HOLDINGS, INC.
- **DATE OF NAME CHANGE:** 20160418

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Pleasant Kids, Inc.
- **DATE OF NAME CHANGE:** 20141223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NYBD Holding, Inc.
- **DATE OF NAME CHANGE:** 20130719

?xml version='1.0' encoding='ASCII'?

**UNITED STATES OF AMERICA**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 10-Q**

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED: JUNE 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ______________

Commission File Number: **001-39973**

**CUENTAS, INC.**

(Exact name of Registrant as specified in its charter)

---

| | |
|:---|:---|
| **Florida** | **20-3537265** |
| (State or Other Jurisdiction of <br> Incorporation or Organization) | (I.R.S. Employer<br> Identification No.) |

---

**235 Lincoln Rd., Suite 210, Miami Beach, FL 33139**

(Address of principal executive offices)

**305-537-6832**

(Registrant's telephone number)

Securities registered under Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.001 per share | CUEN | OTC |
| Warrants, each exercisable for one share of Common Stock | CUENW | OTC |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: As of November 28, 2025, the issuer had 2,730,058 shares of its common stock issued and outstanding.

**PART I – FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**CUENTAS, INC.**

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

AS OF JUNE 30, 2025

IN U.S. DOLLARS

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| **CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED):** |  |
| &nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Interim Balance Sheets](#a_001) | 1 |
| &nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Interim Statements of Comprehensive Loss](#a_002) | 2 |
| &nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Interim Statements of Stockholders' Deficit](#a_003) | 3 |
| &nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Interim Statements of Cash Flows](#a_004) | 4 |
| &nbsp;&nbsp;&nbsp;[Notes to Condensed Consolidated Interim Financial Statements](#a_005) | 5 - 13 |

---

i

**CUENTAS, INC.**

UNAUDITED CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS

(USD in thousands except share and per share data)

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| **Assets** |  |  |
| **Current Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1 | 15 |
| &nbsp;&nbsp;&nbsp;Accounts Receivables – related parties | 271 | 271 |
| &nbsp;&nbsp;&nbsp;Investment in unconsolidated entities held for sale | - | 800 |
| &nbsp;&nbsp;&nbsp;Other current assets | 8 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Current Assets** | 280 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**280** | **1111** |
| **Liabilities and Stockholders' Deficit** |  |  |
| **Current Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Trade payable | 1736 | 2122 |
| &nbsp;&nbsp;&nbsp;Other accounts liabilities | 1100 | 1107 |
| &nbsp;&nbsp;&nbsp;Warrants liability, net | 90 | 90 |
| &nbsp;&nbsp;&nbsp;Notes and Loan payable | 508 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Current Liabilities** | 3434 | 4281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | **3434** | **4281** |
| **Stockholders' Deficit** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, 0.001 par value each: 50,000,000 shares authorized as of June 30, 2025 and December 31, 2024, respectively; issued and outstanding 2,719,668 shares as of June 30, 2025 and December 31, 2024. | 3 | 3 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 55152 | 55115 |
| &nbsp;&nbsp;&nbsp;Treasury Stock | (33) | (33) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (58276) | (58255) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Stockholders' Deficit** | (3154) | (3170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Stockholders' Deficit** | $**280** | **1111** |

---

**The accompanying notes are an integral part of the condensed consolidated interim financial statements.**

**CUENTAS, INC.**

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS

(USD in thousands except share and per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** | **Six months ended** | **Three months ended** | **Three months ended** |
|  | **June 30** | **June 30** | **June 30** | **June 30** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues from related party | $- | $77 | $- | $33 |
| Revenues from other | - | 595 | - | 1 |
| &nbsp;&nbsp;&nbsp;**Total revenues** | - | 672 |  | 34 |
| Cost of revenues from related party | - | (565) | - | - |
| Other cost of revenues | - | (184) | - | (42) |
| &nbsp;&nbsp;&nbsp;**Total cost of revenues** | - | (749) | - | (42) |
| &nbsp;&nbsp;&nbsp;**Gross profit (loss)** | - | (77) | - | (8) |
| **Operating expenses** |  |  |  |  |
| Amortization of Intangible assets | - | (2) | - | - |
| Loss on impairment of intangible asset | - | (17) | - | (17) |
| Selling, General and administrative expenses | (603) | (1243) | (320) | (471) |
| &nbsp;&nbsp;&nbsp;**Total Operating expenses** | (603) | (1262) | (320) | (488) |
| **Operating loss** | (603) | (1339) | (320) | (496) |
| **Other income (expenses)** |  |  |  |  |
| Other income, net |  | 426 | - | 506 |
| Interest (expenses) income, net | (20) | (41) | (6) | (27) |
| Income (loss) upon extinguishment of debt and default costs to pay principal and interest, net | 602 | (199) | 704 | (199) |
| Gain from Change in fair value of derivative warrants liability, net | - | 599 | - | 107 |
| Loss on impairment of held for sale investment in unconsolidated entities | - | (1916) | - | (1916) |
| Loss on sale of investment in unconsolidated entity | - | (47) | - | (47) |
| **Total other income (expenses)** | 582 | (1178) | 698 | (1576) |
| **Net income (loss)** | $(21) | $(2517) | $378 | $(2072) |
| **Income (loss) per share (basic and diluted)** | (0.01) | (0.85) | 0.14 | (0.70) |
| **Basic and diluted weighted average number of shares of common stock outstanding** | 2719668 | 2972994 | 2719668 | 2972994 |

---

**The accompanying notes are an integral part of the condensed consolidated interim financial statements.**

**CUENTAS, INC.**

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT

(USD in thousands, except share and per share data)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Share (\*\*)** | **Amount** | **Additional<br> paid-in<br> capital** | **Treasury<br> stock** | **Accumulated<br> deficit** | **Total<br> stockholders'<br> deficit** |
| **BALANCE AT DECEMBER 31, 2024** | **2719669** | **3** | **55115** | **(33)** | **(58255)** | **(3170)** |
| &nbsp;&nbsp;&nbsp;Share based Compensation |  | - | 18 | - | - | **18** |
| &nbsp;&nbsp;&nbsp;Comprehensive loss for the period | - | - | - | - | (399) | **(399)** |
| **BALANCE AT MARCH 31, 2025** | **2719669** | **3** | **55133** | **(33)** | **(58654)** | **(3551)** |
| &nbsp;&nbsp;&nbsp;Share based Compensation |  | - | 19 | - | - | 19 |
| &nbsp;&nbsp;&nbsp;Comprehensive income for the period | - | - | - | - | 378 | 378 |
| **BALANCE AT JUNE 30, 2025** | **2719669** | **3** | **55152** | **(33)** | **(58276)** | **(3154)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of <br> Share (\*\*)** | **Amount** | **Additional <br> paid-in <br> capital** | **Treasury <br> stock** | **Accumulated <br> deficit** | **Total <br> stockholders' <br> deficit** |
| **BALANCE AT DECEMBER 31, 2023** | **2719668** | **3** | **54906** | **(33)** | **(54946)** | **(70)** |
| &nbsp;&nbsp;&nbsp;Share based Compensation |  | - | 120 | - | - | **120** |
| &nbsp;&nbsp;&nbsp;Comprehensive loss for the period | - | - | - | - | (445) | **(445)** |
| **BALANCE AT MARCH 31, 2024** | **2719668** | **3** | **55026** | **(33)** | **(55391)** | **(395)** |
| &nbsp;&nbsp;&nbsp;Share based Compensation |  | - | 41 | - | - | **41** |
| &nbsp;&nbsp;&nbsp;Net loss for the period | - | - | - | - | (2072) | **(2072)** |
| **BALANCE AT JUNE 30, 2024** | **2719668** | **3** | **55067** | **(33)** | **(57463)** | **(2426)** |

---

**The accompanying notes are an integral part of the condensed consolidated interim financial statements.**

**CUENTAS, INC.**

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

(USD in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Six months ended** |
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| Net loss | $(21) | $(2517) |
| **Adjustments required to reconcile net loss to net cash used in operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Stock based compensation and shares issued for services | 37 | 161 |
| &nbsp;&nbsp;&nbsp;Amortization of discounts and accrued interest on loans | 20 | 22 |
| &nbsp;&nbsp;&nbsp;(Income) loss upon extinguishment of debt and default costs to pay principal and interest, net | (602) | 199 |
| &nbsp;&nbsp;&nbsp;Loss on impairment of an investment in an unconsolidated entity | - | 1916 |
| &nbsp;&nbsp;&nbsp;Loss on sale of an unconsolidated entities | - | 65 |
| &nbsp;&nbsp;&nbsp;Loss on impairment of intangible asset | - | 17 |
| &nbsp;&nbsp;&nbsp;Gain from change in fair value of derivative warrants liability | - | (599) |
| &nbsp;&nbsp;&nbsp;Depreciation expense | - | 2 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | - | 2 |
| **Changes in Operating Assets and Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Increase in accounts receivable – related parties | - | (763) |
| &nbsp;&nbsp;&nbsp;Decrease (Increase) in other current assets | (8) | 64 |
| &nbsp;&nbsp;&nbsp;Changes in related parties, net | 545 | 94 |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in accounts payable | (930) | 1487 |
| &nbsp;&nbsp;&nbsp;Decrease in other accounts liabilities | (7) | (659) |
| &nbsp;&nbsp;&nbsp;Decrease in deferred revenue | - | (11) |
| Net cash used in operating activities | (966) | (520) |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Investment in unconsolidated entities | - | - |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of investments in unconsolidated entities | 825 | 50 |
| &nbsp;&nbsp;&nbsp;Purchase of intangible asset | - | - |
| Net cash provided by (used in) investing activities | 825 | 50 |
| **CASH FLOWS FROM FINANCE ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Short term loans received | 300 | 390 |
| &nbsp;&nbsp;&nbsp;Short term loans repaid | (173) | (69) |
| Net cash provided by finance activities | 127 | 321 |
| **DECREASE IN CASH AND CASH EQUIVALENTS** | (14) | (149) |
| **CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR** | 15 | 205 |
| **CASH AND CASH EQUIVALENTS AT END OF PERIOD** | $1 | $56 |
| &nbsp;&nbsp;&nbsp;Cash paid during the period for interest | - | - |
| &nbsp;&nbsp;&nbsp;Cash paid during the period for taxes | - | - |

---

**The accompanying notes are an integral part of the condensed consolidated interim financial statements**

**CUENTAS, INC.**

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited)

(USD in thousands, except share and per share data)

**NOTE 1 – GENERAL**

Cuentas, Inc. (the "Company") was incorporated under the laws of the State of Florida on September 21, 2005. The Company owns 100% of Meimoun & Mammon LLC, a wholly owned subsidiary that is licensed to provide telecommunications services, but currently has no operations. The Company owns 50% of CUENTASMAX LLC, which installs WiFi6 shared network ("WSN") systems in locations in the New York metropolitan tristate area using access points and small cells to provide users with access to the WSN.

On September 3, 2024, the Company signed a Non Binding Letter of Intent (LOI) with World Mobile Group Ltd ("World Mobile"), a UK limited company to leverage the World Mobile sharing economy to expand network coverage and provide affordable connectivity, while also offering Cuentas' digital products to customers.

Cuentas and World Mobile will collaborate to integrate Cuentas' fintech, banking, payments, remittance, and other financial services into the World Mobile app and ecosystem. This integration aims to enhance the user experience and expand the range of available services.

World Mobile transferred $50 to Cuentas as a refundable Security Deposit upon signing the LOI. This LOI serves as a preliminary expression of intent between World Mobile and Cuentas and is not legally binding, except where explicitly stated.

On April 21, 2025, the Company and World Mobile entered into a Contribution Agreement to form World Mobile LLC, a Delaware limited liability company (the "JV Company"), as a joint venture to operate a mobile virtual network operator ("MVNO") business. The Company will hold a 51% membership interest and World Mobile will hold a 49% membership interest in the JV Company, with World Mobile's appointee serving as the sole managing member. Profits, losses, and cash distributions of the JV Company are generally allocated 85% to World Mobile Group and 15% to the Company, except that for certain "Cuentas-related Brands," such allocations are 85% to Cuentas and 15% to World Mobile Group. The Company contributes rights, title, and interest in its MVNO business (including the PLUM contract) to the JV Company, while World Mobile contributes $300 in capital.

On April 23, 2025 and May 15, 2025, Cuentas executed related letter agreements confirming the assignment of its Reseller Master Services Agreement with UVNV, Inc. (d/b/a PLUM) to the JV Company and granting the Company management of certain Cuentas Mobile brands on the JV Company platform, with respective profit/loss sharing as noted above.

The Company is focusing its business mainly on developing internal and vertical markets for Cuentas Mobile, the Company's Cellular Telecommunications solution.

**CUENTAS, INC.**

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited)

(USD in thousands, except share and per share data)

**NOTE 1 – GENERAL (continued)**

GOING CONCERN

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As of June 30, 2025, the Company had $1 in cash and cash equivalents, $3,154 in negative working capital, shareholder's deficit of $3,154 and an accumulated deficit of $58,276. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Company's ability to continue as a going concern is dependent upon raising capital from financing transactions and revenue from operations. Management anticipates their business will require substantial additional investments that have not yet been secured. Management is continuing in the process of fund raising in the private equity and capital markets as the Company will need to finance future activities. After the balance sheet date the Company liquidated its interest in Brooksville and reached several settlement agreements with some of its creditors .These financial statements do not include any adjustments that may be necessary should the Company be unable to continue as a going concern.

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION** 

**Basis of presentation** 

The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiaries, prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the financial statements presented herein have not been audited by an independent registered public accounting firm but include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the financial condition, results of operations and cash flows for the for six-months ended June 30, 2025. However, these results are not necessarily indicative of results for any other interim period or for the year ended December 31, 2025. The preparation of financial statements in conformity with GAAP requires the Company to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues, and expenses. Actual amounts could differ from these estimates.

Certain information and footnote disclosures normally included in financial statements in accordance with generally accepted accounting principles have been omitted pursuant to the rules of the U.S. Securities and Exchange Commission ("SEC"). The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on November 19, 2025 (the "2024 Form 10-K"). For further information, reference is made to the consolidated financial statements and footnotes thereto included in the 2024 Form 10-K.

**CUENTAS, INC.**

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited)

(USD in thousands, except share and per share data)

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (continued)**

**Principles of Consolidation**

The accompanying unaudited condensed consolidated financial statements are prepared in accordance with GAAP. The unaudited condensed consolidated financial statements of the Company include the Company and its wholly-owned and majority-owned subsidiaries. All inter-company balances and transactions have been eliminated.

**Use of Estimates**

The preparation of unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, certain revenues and expenses, and disclosure of contingent assets and liabilities as of the date of the financial statements. Actual results could differ from those estimates.

**Fair Value Measurement**

Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels, and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities.

Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.

Level 3: Significant unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability.

**Recently Adopted Accounting Standards** 

 ****

During the six months ended June 30, 2025, the Company was not required to adopt any recently issued accounting standards.

**CUENTAS, INC.**

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited)

(USD in thousands, except share and per share data)

**NOTE 3 – EVENTS DURING THE PERIOD AND AFTER**

**OLB Group, Inc. settlement agreement.**

Further to Note 3c in the Consolidated Financial Statements as of December 31, 2024, on May 23, 2025 the Company and OLB signed a settlement agreement according to which to cover all outstanding balance, OLB will pay the Company upon singing the agreement $25 and additional $25 as credited..

**1800 Diagonal Lending, LLC**

Further to Note 5a in the Consolidated Financial Statements as of December 31, 2024, on May 14, 2025, the Company entered into a Settlement Agreement and Mutual Release (the "1800 Agreement") with 1800 Diagonal Lending, LLC for the obligations under the February Promissory Note and the April Promissory Note. According to the 1800 Agreement the Company will pay $112.5, for the full release from all liabilities associated with the related judgment and promissory notes.

On May 27, 2025, full payment of $112.5 was made and on September 6, 2025, the reserve of shares held at the transfer agent were retired.

**Disposal of Ownership Interest in Brooksville Development Partners**

Further to Note 3b in the Consolidated Financial Statements as of December 31, 2024, on May 22, 2025, the Company signed a Membership Interest Purchase Agreement (MIPA) with Brooksville FL Partners, LLC ("Buyer") the holder of the minority stake in Brooksville, for the sale of its full interests in Brooksville for total consideration of $800. Accordingly, the entire investment was classified to Investment in Unconsolidated Entities Held for Sale.

On May 27, 2025, the MIPA closing took place and the Escrow agent received $800 from the Buyer. The Escrow agent completed payments to Cuentas' 4 major creditors whose total debt of $1,140 was settled for approx. $666.3

**EAdvance Services LLC**.

Further to Note 5b in the Consolidated Financial Statements as of December 31, 2024, on May 22, 2025, the Company settled outstanding obligations with EAdvance Services LLC for $60, with cancellation of all prior UCC filings, liens, encumbrances, or personal guarantees relating to the claim. Mutual releases were also executed by both parties.

**Settlement of Legal and Other Contingencies**

Crosshair Media Placement, LLC: On May 13, 2025, Cuentas' President and CEO provided a Joint Personal Guaranty to Crosshair Media Placement, LLC for the full payment of amounts owed by Cuentas pursuant to a judgment totaling $454 plus interest and attorney's fees. On May 13, 2025, the Company's President and Chief Executive Officer executed a joint personal guaranty in favor of Crosshair Media Placement, LLC, securing the full payment of amounts owed by the Company pursuant to a judgment in the amount of $454, plus accrued interest and attorney's fees. Pursuant to an agreement with Crosshair Media Placement, LLC's legal counsel, the parties agreed to a full and final settlement in the amount of $466, inclusive of interest and legal fees. Payment was remitted on May 27, 2025, by the escrow agent in connection with the closing of the Membership Interest Purchase Agreement.

**CUENTAS, INC.**

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited)

(USD in thousands, except share and per share data)

**NOTE 3 – EVENTS DURING THE PERIOD AND AFTER (continued)**

On February 8, 2023, a former employee of the Company, filed a complaint for breach of employment agreement alleging the Company failed to pay her certain compensation she alleges she was entitled to upon her resignation. On May 22, 2025, the Company entered into a settlement agreement to resolve a previously adjudicated legal matter with a full and final payment of $28, inclusive of interest and legal fees. The settlement included mutual releases of claims by both parties.

**Convertible notes**

On September 22, 2025 and October 1, 2025, Cuentas, Inc. (the "Company") entered into two Convertible Note Purchase Agreements with World Mobile Group Ltd. (the "Investor") for aggregate principal of $385 (the "WM Notes"). The first agreement provided for $260 of notes (Sept. 22, 2025) and the second provided for $125 of notes (Oct. 1, 2025). The WM Notes are convertible into shares of the Company's common stock pursuant to their terms. Closings occurred on the agreement dates. As conditions to closing, the Company agreed to deliver an irrevocable transfer-agent instruction letter and to provide a customary reserve of shares for conversions. The September 22 agreement also provides the Investor the right to designate one director to the Company's board so long as the Investor and its affiliates beneficially own at least 5% of the Company, and it grants certain protective approval rights tied to covenants and event-of-default actions under the notes.

On September 18, 2025, the Company and Mr. De Prado executed a Confidential Separation Agreement and related financing documents. In connection with his departure, the Company agreed to pay $110 in cash and issued two secured promissory notes to Mr. De Prado: (i) Note One in the principal amount of $473, bearing interest at 2.0% per annum, maturing upon the earlier of (A) a qualified financing of at least $2,000 or (B) one year from issuance (default interest 18%); and (ii) Note Two in the principal amount of $200, maturing on the first anniversary of issuance, with the holder's exclusive option at maturity to require either cash payment of all outstanding principal and accrued interest or the transfer by the Company, via certificate of sale, of all non-telecom/MVNO assets that comprise the Company's Fintech division (no cash interest unless default; 8% default interest). Each De Prado note is secured by a first-priority security interest in the Company's Fintech (non-MVNO) assets pursuant to separate security agreements

On October 17, 2025, the Company issued three additional unsecured convertible promissory notes: (i) a note to Shalom Arik Maimon (CEO) in the principal amount of $586; (ii) a note to Schulman in the principal amount of $113; and (iii) a note to AM Law in the principal amount of $308. Each bear's interest at 2% per annum with 15% default interest and is voluntarily convertible at the holder's option into common stock at $0.42 per share; the notes also provide piggyback registration rights. After issuance, Mr. Maimon instructed conversion of 50% of his note ($293) into 697,723 shares, and AM Law instructed conversion of 50% of its note ($154) into 366,666 shares, in each case at $0.42 per share.

**Fintech license.**

Also on September 18, 2025, the Company entered into a 16-month license with Mr. De Prado granting use and access to the Fintech assets (as detailed in Schedule A) with those assets to be held in escrow by AM Law until the Note Two option is exercised. MVNO assets are expressly excluded. The various agreements with Mr. Michael De Prado were signed on September 18, 2025 but were not fully consummated until October 21, 2025 upon the release of the deliverables from escrow by the escrow agent.

**CUENTAS, INC.**

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited)

(USD in thousands, except share and per share data)

**NOTE 3 – EVENTS DURING THE PERIOD AND AFTER (continued)**

**Engagement Letter with Maxim Group LLC**

On October 13, 2025, the Company entered into an engagement letter with Maxim Group LLC ("Maxim"), a registered broker-dealer and investment bank, pursuant to which Maxim was engaged to act as the exclusive managing underwriter and sole book-running manager for a proposed follow-on public offering (the "Offering") of the Company's common stock, par value $0.001 per share, and/or units consisting of common stock and warrants.

Under the terms of the engagement letter, the Offering is expected to be conducted on a firm commitment basis and may include an overallotment option for up to 15% additional securities. Maxim is entitled to receive an underwriting discount of 8% of the public offering price and underwriter warrants equal to 8% of the total number of securities sold in the Offering. These warrants will be exercisable six months after the effective date of the registration statement, at an exercise price equal to 100% of the public offering price, and will expire five years after issuance.

The Company agreed to pay Maxim an advance of $15 upon execution of the engagement letter, plus an additional $10 upon filing the registration statement, as reimbursement for accountable out-of-pocket expenses. In addition, the Company shall be responsible for all legal, regulatory, and related offering expenses, including Maxim's legal fees up to $125 in the event of a closing, or $25 if no closing occurs.

The engagement letter also grants Maxim a right of first refusal for 18 months following the closing of the Offering to act as the Company's exclusive underwriter, placement agent, or financial advisor in any future public or private equity, equity-linked, or debt offering (excluding bank debt).

The engagement letter includes standard indemnification and contribution provisions in favor of Maxim and its affiliates, customary lock-up requirements for company officers, directors, and major shareholders for a period of six months post-offering, and requires that the Company maintain NASDAQ or NYSE listing, audited PCAOB financial statements, and key man insurance.

This engagement letter was approved and signed by the Company's Chief Executive Officer on October 13, 2025 and remains effective through August 31, 2026, unless earlier terminated under the conditions specified therein.

**Hallo 015 Agreement**

On November 1, 2025, the Company, through its subsidiary World Mobile LLC, entered into a Distribution Agreement with International Communications 015 Ltd (dba "Hallo 015"), an Israeli telecommunications distributor. Under the agreement, Hallo 015 was granted a non-exclusive worldwide right to distribute the Company's eSIM products through its authorized network of retailers and online channels. The initial term of the agreement is three years with automatic one-year renewals unless terminated earlier in accordance with its terms. The arrangement provides for an initial purchase of 1,000 eSIMs at $0.15 per month per unit, with weekly billing based on first-use activation and a credit facility of $5 established for the distributor. The Distributor is responsible for Israel termination at its own cost and for maintaining regulatory compliance and sales support within its territory. The Company retains all intellectual-property rights and may adjust discounts or terminate for convenience upon 90 days' written notice.

**CUENTAS, INC.**

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited)

(USD in thousands, except share and per share data)

**NOTE 3 – EVENTS DURING THE PERIOD AND AFTER (continued)**

**Directors and Executive Officers**

The names of our director and executive officers and their ages, positions, and biographies are set forth below. Our executive officers are appointed by, and serve at the discretion of, our board of directors.

On October 21, 2025, Michael De Prado resigned as President, Executive Vice Chairman and Chief Financial Officer. In connection with his separation, the Company paid $110 in cash and issued two secured promissory notes. Mr. De Prado's resignation did not involve any disagreement with the Company on any matter relating to operations, policies or practices. The Board has initiated a process to identify qualified Chief Financial Officer candidates.

**Changes in Internal Control over Financial Reporting**

On June 30, 2025 our former Chief Financial Officer Mr. Zakai resigned from his position as Company's CFO. On July 1, 2025, our Board of directors approved the nomination of Mr. Michael De Prado as Company's Interim CFO. On July 1, 2025, our Board of directors approved the nomination of Mr. Michael De Prado as Company's Interim CFO. On October 21, 2025, Michael De Prado resigned his position as Chief Financial Officer as part of his full separation agreement. On November 6, 2025, our Board of directors approved the nomination of Mr. Ofek Suchard as Company's Interim CFO.

**NOTE 4 – STOCK OPTIONS**

The following table presents the Company's stock option activity for employees and directors of the Company for the three months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Options** | **Weighted<br> Average<br> Exercise<br> Price** |
| Outstanding at December 31, 2024 | 346688 | $8.21 |
| Granted | - | - |
| Exercised | - | - |
| Forfeited or expired | - | - |
| Outstanding at June 30, 2025 | 346688 | $8.21 |
| Number of options exercisable at June 30, 2025 | 346688 | $8.21 |

---

The aggregate intrinsic value of the awards outstanding as of June 30, 2025 is $0. These amounts represent the total intrinsic value, based on the Company's stock price of $0.11 as of June 30, 2025, less the weighted exercise price. This represents the potential amount received by the option holders had all option holders exercised their options as of that date.

Costs incurred in respect of stock-options compensation for employees and directors, for the six months ended June 30, 2025 and 2024 were $37 and $161, respectively. These expenses are included in General and Administrative expenses in the Statements of Operations.

**CUENTAS, INC.**

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited)

(USD in thousands, except share and per share data)

**NOTE 4 – STOCK OPTIONS (continued)**

The stock options outstanding as of June 30, 2025 and December 31, 2024, have been separated into exercise prices, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Exercise price** | **Stock options<br> outstanding** | **Weighted<br> average<br> remaining<br> contractual<br> life – years** | **Stock options<br> exercisable** |
| 36.4 | 75768 | 5.07 | 75768 |
| 0.32 | 270920 | 9.15 | 270920 |
|  | 346688 |  | 346688 |

---

**NOTE 5 – RELATED PARTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Transactions and balances with related parties**

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br> June 30,** | **Six months ended<br> June 30,** |
|  | **2025** | **2024** |
| **Sales:** |  |  |
| &nbsp;&nbsp;&nbsp;Sales to SDI Cuentas LLC (formerly related party) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $77 |
| **Total sales to related parties** | $- | $77 |
| **Cost of sales:** |  |  |
| &nbsp;&nbsp;&nbsp;Cost of sales from Next Communications INC (a company controlled by Arik Maimon, Company's Chairman of the Board and CEO) (a) | $- | $565 |
| **Total sales to related parties** | $- | $565 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Balances with related parties and officers:**

---

| | | |
|:---|:---|:---|
|  | **As of<br> June 30,**<br>**2025** | **As of<br> December 31,**<br>**2024** |
| Next Communications INC (a company controlled by Arik Maimon Company's Chairman of the Board and CEO) | 271 | 271 |
| **Current assets – Accounts receivables** | 271 | 271 |
| **Total Due from related parties** | 271 | 271 |

---

(a) On
June 26, 2009 the Company and Next Communications Inc. ("Next") entered into Bilateral Wholesale Carrier Agreement according
to which the Company and Next will provide and purchase from time to time telecommunications transport services from each other and to
other carriers at price determined in the agreement and as may mutually change from time to time. The Agreement shall continue on a month-to-month
basis unless either Party notifies the other in writing not less than 30 days prior of its intent to terminate this Agreement.

**CUENTAS, INC.**

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited)

(USD in thousands, except share and per share data)

**NOTE 6 – SEGMENTS OF OPERATIONS**

The Company reports segment information based on the "management" approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company's reportable operating segments. The Company manages its business primarily on a product basis. The accounting policies of the various segments are the same as those described in Note 2, "Summary of Significant Accounting Policies." The Company evaluates the performance of its reportable operating segments based on net sales and gross profit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Revenue by product:**

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** |
|  | **2025** | **2024** |
| Telecommunications | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $26 |
| Wholesale telecommunication services | - | 569 |
| Digital products and General Purpose Reloadable Cards | - | 77 |
| Total revenues | $- | $672 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Gross profit (loss) by product:**

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** |
|  | **2025** | **2024** |
| Telecommunications | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12 |
| Wholesale telecommunication services | - | 4 |
| Digital products and General Purpose Reloadable Cards | - | (93) |
| Total Gross Loss | $- | $(77) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Long lived assets by product:**

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Telecommunications | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Wholesale telecommunication services | - | - |
| Digital products and General Purpose Reloadable Cards | - | 11 |
|  | $- | $13 |

---

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS AND RESULTS OF OPERATIONS**

*You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes included elsewhere in this Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2024. Some of the information contained in this discussion and analysis, particularly with respect to our plans and strategy for our business and related financing, includes forward-looking statements within the meanings of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, including statements regarding expectations, beliefs, intentions or strategies for the future. When used in this report, the terms "anticipate," "believe," "estimate," "expect," "can," "continue," "could," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" and words or phrases of similar import, as they relate to our company or our management, are intended to identify forward-looking statements. We intend that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and reflect our views as of the date they are made with respect to future events and financial performance, and we undertake no obligation to update or revise, nor do we have a policy of updating or revising, any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as may be required under applicable law. Forward-looking statements are subject to many risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements as a result of several factors including those set forth under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 and in subsequent reports filed pursuant to Section 13(a) of the Exchange Act.*

The Company notes that in addition to the description of historical facts contained herein, this report contains certain forward-looking statements that involve risks and uncertainties as detailed herein and from time to time in the Company's other filings with the Securities and Exchange Commission and elsewhere. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those, described in the forward-looking statements. These factors include, among others: (a) the Company's fluctuations in sales and operating results; (b) regulatory, competitive and contractual risks; (c) development risks; (d) the ability to achieve strategic initiatives, including but not limited to the ability to achieve sales growth across the business segments through a combination of enhanced sales force, new products, and customer service; and (e) pending litigation.

**OVERVIEW AND OUTLOOK**

The Company was incorporated under the laws of the State of Florida on September 21, 2005 to act as an operational company and as a holding company for its subsidiaries. Its wholly-owned subsidiary is Meimoun and Mammon, LLC (100% owned) ("M&M") which provides wholesale and retail telecommunications services. The Company also own 50% of CUENTASMAX LLC, which installs WiFi6 shared network ("WSN") systems in locations in the New York metropolitan tristate area using access points and small cells to provide users with access to the WSN.The Company is focusing its business mainly on developing internal and vertical markets for Cuentas Mobile, the Company's Cellular Telecommunications solution.

Since the first quarter of 2023, Cuentas made equity investments in real estate projects in Florida under the name Cuentas Casa. Cuentas Casa partners with leading edge developers and construction technology companies to create sustainable, inclusive and affordable residential communities specifically designed to provide high quality housing alternatives at extremely competitive pricing. Our goal was to source land zoned and ready for development of multi-family buildings in strategic areas where rental prices are increasing dramatically, placing financial stress and pressure on working class families. Our real estate investments were intended to broaden our reach into the unbanked, underbanked and underserved communities by using a patented, low cost, sustainable technology that should allow us to provide reasonably priced rental apartments to working class residents who have been priced out of rental communities due to severe rent hikes in Florida and other areas in the United States. We believed that providing affordable apartments to the Hispanic Latino and other immigrant communities in Florida will enable us to introduce them our fintech solutions and generate revenue. Due to liquidity issues impeding the operation and development of its core mobile fintech and carrier services, on April 3, 2024, the limited liability company in which Cuentas had a 63.9% equity interest ("Brooksville Development Partners, LLC" or "BDP"), entered into an agreement to sell the vacant land located in Brooksville, Florida (the "Brooksville Property") The Brooksville Property was originally purchased by BDP on April 28, 2023 for $5.05 million, $2 million of which was contributed by Cuentas. On May 27, 2025, Cuentas sold its 63.9% equity interest in the Brooksville Property for $800,000 to Brooksville FL Partners, LLC (the "Buyer"), an existing minority member of BDP. The funds were distributed by a mutually agreed escrow agent, and Cuentas settled debts with 4 major creditors. The remaining funds were used for operating expenses. With these funds, the Company was able to settle debts totaling approx. $1.132M with 4 major creditors for final actual cost of $666,356

On September 22, 2025 and October 1, 2025, the Company entered into two Convertible Note Purchase Agreements with World Mobile Group Ltd. for an aggregate principal amount of $385,000—$260,000 on September 22, 2025 and $125,000 on October 1, 2025. The notes are convertible into shares of the Company's common stock pursuant to their terms, and the closings occurred on the respective dates. As conditions to closing, the Company delivered an irrevocable transfer-agent instruction letter and reserved shares for conversions. The September 22 agreement provides the investor the right to designate one director while it and its affiliates beneficially own at least 5% of the Company and includes certain protective approval rights tied to covenant and event-of-default actions. The Company agreed to use a portion of proceeds to (i) pay $110,000 to Michael De Prado in connection with his separation and (ii) fund professional fees to bring SEC reporting current; the October 1 agreement provides that proceeds will be applied to the "Plum Contract."

On September 18, 2025, the Company and Michael De Prado executed a Confidential Separation Agreement and related financing documents. The Company agreed to pay $110,000 in cash and issued two secured promissory notes: (i) a $473,000 note bearing interest at 2.0% per annum, maturing upon the earlier of a qualified financing of at least $2,000,000 or one year from issuance (18% default interest), with the holder's right to convert up to 50% into common stock at $0.42 per share; and (ii) a $200,000 note maturing one year from issuance, with the holder's option at maturity to require either full cash payment or transfer, via certificate of sale, of all non-telecom/MVNO assets comprising the Company's Fintech division (no cash interest unless in default; 8% default interest). Each note is secured by a first-priority security interest in the Company's Fintech (non-MVNO) assets under separate security agreements. These agreements were fully consummated on October 21, 2025 upon release of escrowed deliverables by the escrow agent.

Also on September 18, 2025, the Company entered into a 16-month license with Mr. De Prado granting use and access to the Fintech assets (as detailed in Schedule A); MVNO assets are excluded. The Fintech assets are held in escrow by AM Law pending the holder's exercise of the Note Two option.

On October 17, 2025, the Company issued three additional unsecured convertible promissory notes: (i) to Shalom Arik Maimon (CEO) for $586,087.62; (ii) to Schulman for $112,900.11; and (iii) to AM Law for $308,000. Each bears interest at 2% per annum (default interest as provided in the notes), is convertible at the holder's option at $0.42 per share, and includes piggyback registration rights. After issuance, Mr. Maimon instructed conversion of 50% of his note ($293,043.81) into 697,723 shares, and AM Law instructed conversion of 50% of its note ($154,000) into 366,666 shares, in each case at $0.42 per share.

<u>World Mobile LLC</u>

World Mobile LLC is the Company's majority-owned joint venture with World Mobile Group formed to operate the Company's MVNO business. Through the JV, the Company now holds a 51% membership interest and consolidates the entity for financial reporting purposes. The JV Company's operating platform includes a range of infrastructure assets, such as licensed U.S. spectrum holdings, nationwide roaming agreements, a distributed AirNode network, and core network infrastructure that supports mobile connectivity across U.S. markets. World Mobile LLC operates in active commercial environments with real usag, an established market presence, and adherence to applicable regulatory requirements. Its infrastructure model is designed to scale as additional markets are launched, customer usage increases, and new network assets are deployed.

<u>The Latino Market</u> 

The name "Cuentas" is a Spanish word that has multiple meanings and was chosen for strategic reasons, to develop a close relationship with the Spanish speaking population. It means "Accounts" as in "bank accounts" and it can also mean "You can count on me" as in "*Cuentas conmigo*". Additionally, it can be used to "Pay or settle accounts" (*saldar cuentas*), "accountability" (*rendición de cuentas*), "to be accountable" (*rendir cuentas*) and other significant meanings.

The 2020 U.S. Census showed the Hispanic Latino population at over 62 million and at 18.7% of the total U.S. population. The FDIC defines the "unbanked" "as those adults without an account at a bank or other financial institution and are considered to be outside the mainstream for one reason or another. The Company believes that the Hispanic and Latino demographic generally have had more identification, credit, and former bank account issues than any other U.S. minority group leading to more difficulty in obtaining a traditional bank account.

**RESULTS OF OPERATIONS**

***Comparison of the six months ended June 30, 2025 to the six months ended June 30, 2024***

***Revenue***

Revenue by product for the six months ended June 30, 2025, and the six months ended June 30, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |
|  | **June 30** | **June 30** |
|  | **2025** | **2024** |
|  | **Dollars in thousands** | **Dollars in thousands** |
| Telecommunications | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $26 |
| Wholesale telecommunication services |  | 569 |
| Digital products and General Purpose Reloadable Cards | - | 77 |
| **Total revenue** | $- | $672 |

---

The Company generates revenues through the sale and distribution of Digital products, General Purpose Reloadable Cards, wholesale telecommunication services and other related telecom services. Revenues during the six months ended June 30, 2024, totaled $672,000. The Company had no revenue during Q1 of 2025 due to lack of funds which prohibited the acquisition, provisioning, marketing and distribution of mobile phone services. A minimal group of executives continued to work with delayed compensation to work towards SEC compliance, future contracts and revitalizing the company. These efforts including sale of a corporate asset for $800 and Special Purchase Agreements for $725 during 2025 have yielded success towards paying major creditors and legal settlements while streamlining corporate operations and relationships. Cuentas expects to be in compliance with SEC reporting by the first days of December 2025 and expects to reopen its mobile services in December 2025 with the target being known vertical markets.

***Costs of Revenue and Gross profit***

Cost of revenues during the six months ended June 30, 2024 totaled $749,000.

Cost of revenue consists of the purchase of wholesale minutes for resale, related telecom platform costs and purchase of digital products in the amount of $565,000 during the six months ended June 30, 2024,

Cost of revenue also consists of costs related to the sale of the Company's Digital products and GPR Card in the amount of $170,000 during the six months ended June 30, 2024 .

Gross loss by product for the six months ended June 30, 2025, and the six months ended June 30, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |
|  | **June 30** | **June 30** |
|  | **2025** | **2024** |
|  | **Dollars in thousands** | **Dollars in thousands** |
| Telecommunications | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $12 |
| Wholesale telecommunication services |  | 4 |
| Digital products and General Purpose Reloadable Cards | - | (93) |
| **Total Gross profit (loss)** | $- | $(77) |

---

***Operating Expenses***

Operating expenses consist of selling, general and administrative Expenses and amortization of Intangible assets as discussed below and totaled $603,000 during the six months ended June 30, 2025, compared to $1,262,000 during the six months ended June 30, 2024 representing a net decrease of $659,000.

***Selling, General and Administrative Expenses***

The Company had no revenue during Q1 of 2025 due to lack of funds which prohibited the acquisition, provisioning, marketing and distribution of mobile phone services. A minimal group of executives continued to work with delayed compensation to work towards SEC compliance, future contracts and revitalizing the company. These efforts including sale of a corporate asset for $800 and Special Purchase Agreements for $725 during 2025 have yielded success towards paying major creditors and legal settlements while streamlining corporate operations and relationships. Cuentas expects to be in compliance with SEC reporting by the first days of December 2025 and expects to reopen its mobile services in December 2025 with the target being known vertical markets.

The table below summarizes our general and administrative expenses incurred during the periods presented:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |
|  | **June 30** | **June 30** |
|  | **2025** | **2024** |
|  | **Dollars in thousands** | **Dollars in thousands** |
| Officers compensation | $381 | $152 |
| Directors fees | 84 | 84 |
| Share-based compensation | 37 | 162 |
| Professional services | 54 | 372 |
| Legal fees |  | 127 |
| Payments in accordance with the processing service agreement with Incomm |  | 100 |
| Selling and Marketing |  | 35 |
| Office expenses and other | 47 | 211 |
| **Total** | $603 | $1243 |

---

***Other Income (Expenses)***

Other Income totaled $582,000 during the six months ended June 30, 2025. Other income are comprised mostly of income upon extinguishment of debt net of default expenses to pay principal and interest.

Other expenses totaled $1,178,000 during the six months ended June 30, 2024. Other expenses are mainly comprised of gain of $599,000 from change in fair value of derivative warrants liability issued as part of our February 2023 and August 2023 security offering and from income resulting from our settlement with InComm in the amount of $517, offset by Loss on impairment of our investment in Brooksville and Lakewood amounting to a total of $1,916,000.

***Net Loss***

We incurred a net loss of $21,000 for the six-month period ended June 30, 2025, as compared to a net loss of $2,517,000 for the six-month period ended June 30, 2024.

***Comparison of the three months ended June 30, 2025 to the three months ended June 30, 2024***

***Revenue***

Revenue by product for the three months ended June 30, 2025, and the three months ended June 30, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **June 30** | **June 30** |
|  | **2025** | **2024** |
|  | **Dollars in thousands** | **Dollars in thousands** |
| Telecommunications | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Wholesale telecommunication services |  |  |
| Digital products | - | 22 |
| **Total revenue** | $- | $34 |

---

***Costs of Revenue and Gross profit***

Cost of revenues during the three months ended June 30, 2024 totaled $42,000 .

Cost of revenue consists of costs related to the sale of the Company's Digital products in the amount of $40,000 during the three months ended June 30, 2024.

Gross loss by product for the three months ended June 30, 2025, and the three months ended June 30, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **June 30** | **June 30** |
|  | **2025** | **2024** |
|  | **Dollars in thousands** | **Dollars in thousands** |
| Telecommunications | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
| Wholesale telecommunication services |  |  |
| Digital products | - | (7) |

---

***Operating Expenses***

Operating expenses consist of selling, general and administrative Expenses and amortization of Intangible assets as discussed below and totaled $320,000 during the three months ended June 30, 2025, compared to $488,000 during the three months ended June 30, 2024 .

***Selling, General and Administrative Expense***

The table below summarizes our general and administrative expenses incurred during the periods presented:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **June 30** | **June 30** |
|  | **2025** | **2024** |
|  | **Dollars in thousands** | **Dollars in thousands** |
| Officers compensation | $195 | $142 |
| Directors fees | 42 | 42 |
| Share-based compensation | 19 | 41 |
| Professional services | 54 | 81 |
| Legal fees |  | 54 |
| Payments in accordance with the processing service agreement with Incomm |  | 25 |
| Selling and Marketing |  | 17 |
| Office expenses and other | 10 | 69 |
| **Total** | $320 | $471 |

---

***Other Income (Expenses)***

Other income totaled $698,000 during the three months ended June 30, 2025. Other income are comprised mostly of income upon extinguishment of debt net of default expenses to pay principal and interest.

Other expenses totaled $1,576,000 during the three months ended June 30, 2024. Other income (expenses) are mainly comprised of gain of $107,000 from change in fair value of derivative warrants liability issued as part of our February 2023 and August 2023 security offering and from income resulting from our settlement with InComm in the amount of $517, offset by Loss on impairment of our investments in Brooksville and Lakewood of $1,916,000.

***Net Loss***

We incurred a net income of $378,000 for the three-month period ended June 30, 2025, as compared to a net loss of 2,072,000 for the three-month period ended June 30, 2023 due to the decrease in selling and general administrative expenses as described above.

**Liquidity and Capital Resources**

The Company was able to continue basic operations by working with executive management and a few select employees who were willing to work for the company and accept deferred and accrued compensation. This enabled the Company to continue efforts to manage legal issues, plan for the future, attempt to raise capital, renew operations and bring the company back to compliance.

Liquidity is the ability of a company to generate funds to support its current and future operations, satisfy its obligations, and otherwise operate on an ongoing basis. Significant factors in the management of liquidity are funds generated by operations, levels of accounts receivable and accounts payable and capital expenditures.

As of June 30, 2025, the Company had total current assets of $280,000, including $1,000 of cash, accounts receivables of $271,000 and other current assets of $8,000 and total current liabilities of $3,434,000 creating a working capital deficit of $3,154,000.

As of June 30, 2024, the Company had total current assets of $1,321,000, including $56,000 of cash, accounts receivables of $278,000, related parties in the amount of $78,000, fair value of our investment in Brooksville in the amount of $800,000 and other current assets of $109,000 and total current liabilities of $3,656,000 creating a working capital deficit of $2,335,000.

To date, we have principally financed our operations through the sale of our Common Stock. Nevertheless, management anticipates that our current cash and cash equivalents position and generating revenue from the sales of our digital products, General-Purpose Reloadable Cards and prepaid cellular phone services will provide us limited financial resources for the near future to continue implementing our business strategy of further developing our digital products, General Purpose Reloadable Card, enhance our digital products offering and increase our sales and marketing. Therefore management plans to secure additional financing sources, including but not limited to the sale of our Common Stock in future financings. This is expected to be used to further support our operations as described above and to complete the development of its new portal and financial technology capabilities. There can be no assurance, however, that the company will be successful in raising additional capital or that the company will have net income from operations to fund the business plan of the company for the near future or long term. As of June 30, 2025, the Company had approximately $1,000 in cash and cash equivalents, approximately $3,154,000 in negative working capital and an accumulated deficit of approximately $58,276,000. These conditions raise substantial doubt about the Company's ability to continue as a going concern as of June 30, 2025.

*Cash Flows – Operating Activities*

The Company's operating activities for the six months ended June 30, 2025, resulted in net cash used of $966,000. Net cash used in operating activities consisted of a net loss of $21,000, partially offset by non-cash expenses mainly consisting of share-based compensation of $37,000 and income upon default to pay principal and interest of Promissory Notes in the amount of $602,000, Changes in operating assets and liabilities utilized cash of $401,000.

The Company's operating activities for the six months ended June 30, 2024, resulted in net cash used of $520,000. Net cash used in operating activities consisted of a net loss of $2,517,000, partially offset by non-cash expenses mainly consisting of share-based compensation of $161,000 and loss on impairment of investments in unconsolidated subsidiaries of $1,916,000, Changes in operating assets and liabilities utilized cash of $339,000, resulting mainly from an increase in accounts receivable of $1,487,000 offset by increase in accounts receivable – related parties of $763,000 and decrease in other accounts liabilities of $659,000.

*Cash Flows – Investing Activities*

The Company's investment activities for the six months ended June 30, 2025 resulted in net cash provided by investment activities of $825,000 due to proceeds from sale of investments in unconsolidated entities.

The Company's investment activities for the six months ended June 30, 2024 resulted in net cash provided by investment activities of $50,000 due to proceeds from sale of an investment in an unconsolidated entity.

*Cash Flows – Financing Activities*

The Company's financing activities for the six months ended June 30, 2025, resulted in net cash received of $127,000, consisting of $300,000 received short term loans and the repayment of loans in the amount of $173,000.

The Company's financing activities for the three months ended June 30, 2024, resulted in net cash received of $321,000 mainly consisting of $390,000 received from short term loan received.

On September 22, 2025 and October 1, 2025, Cuentas, Inc. (the "Company") entered into two Convertible Note Purchase Agreements with World Mobile Group Ltd. (the "Investor") for aggregate principal of $385 (the "WM Notes"). The first agreement provided for $260,000 of notes (Sept. 22, 2025) and the second provided for $125 of notes (Oct. 1, 2025). The WM Notes are convertible into shares of the Company's common stock pursuant to their terms. Closings occurred on the agreement dates. As conditions to closing, the Company agreed to deliver an irrevocable transfer-agent instruction letter and to provide a customary reserve of shares for conversions. The September 22 agreement also provides the Investor the right to designate one director to the Company's board so long as the Investor and its affiliates beneficially own at least 5% of the Company, and it grants certain protective approval rights tied to covenants and event-of-default actions under the notes.

**Inflation and Seasonality**

In management's opinion, our results of operations have not been materially affected by inflation or seasonality, and management does not expect that inflation risk or seasonality would cause material impact on our operations in the future.

**Off-Balance Sheet Arrangements**

As of June 30, 2025, we had no off-balance sheet arrangements of any nature.

**Critical Accounting Policies**

The preparation of financial statements in conformity with GAAP in the United States requires our management to make assumptions, estimates and judgments that affect the amounts reported in the financial statements, including the notes thereto, and related disclosures of commitments and contingencies, if any. Note 2 to our consolidated audited financial statements filed with the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, describes the significant accounting policies and methods used in the preparation of our financial statements.

<u>Recently Issued Accounting Standards</u>

New pronouncements issued but not effective as of June 30, 2025, are not expected to have a material impact on the Company's consolidated financial statements.

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our financial statements upon adoption.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.**

As a smaller reporting company, we are not required to provide the information required by this item.

**ITEM 4. CONTROLS AND PROCEDURES.**

***Evaluation of Disclosure Controls and Procedures***

Evaluation of Disclosure Controls and Procedures. We maintain "disclosure controls and procedures" as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934. In designing and evaluating our disclosure controls and procedures, our management recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of disclosure controls and procedures are met. Additionally, in designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

The Company's Chief Financial Officer has evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on such evaluation, and as discussed in greater detail below, the Chief Financial Officer has concluded that, as of the end of the period covered by this report, disclosure controls and procedures are not effective:

● to give reasonable assurance that the information required to be disclosed in reports that are file under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and

● to ensure that information required to be disclosed in the reports that are file or submitted under the Securities Exchange Act of 1934 is accumulated and communicated to management, including our CEO and our Treasurer, to allow timely decisions regarding required disclosure.

***Changes in Internal Control over Financial Reporting***

On June 30, 2025 our former Chief Financial Officer Mr. Zakai resigned from his position as Company's CFO. On July 1, 2025, our Board of directors approved the nomination of Mr. Michael De Prado as Company's Interim CFO. On October 21, 2025, Michael De Prado resigned his position as Chief Financial Officer as part of his full separation agreement. On November 6, 2025, our Board of directors approved the nomination of Mr. Ofek Suchard as Company's Interim CFO.

**PART II – OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business.

On May 1, 2019, the Company received a notice of demand for arbitration from Secure IP Telecom, Inc. ("Secure IP), who allegedly had a Reciprocal Carrier Services Agreement ("RCS") exclusively with Limecom and not with the Company. The arbitration demand originated from another demand for arbitration that Secure IP received from VoIP Capital International ("VoIP") in March 2019, demanding $1,053 in damages allegedly caused by unpaid receivables that Limecom assigned to VoIP based on the RCS. On or about October 5, 2020, the trial court appointed a receiver over Limecom, Inc. ("Limecom") in the matter of Spectrum Intelligence Communications Agency, LLC. v. Limecom, Inc., case no. 2018-027150-CA-01 pending in the 11th Circuit for Miami-Dade County, Florida. On June 5, 2020, Secure IP Telecom, Inc. ("Secure IP") filed a complaint against Limecom, Heritage Ventures Limited ("Heritage"), an unrelated third party and owner of Limecom, and the Company, case no. 20-11972-CA-01. Secure IP alleges that the Company received certain transfers from Limecom during the period that the Company wholly owned Limecom that may be an avoidable under Florida Statute § 725.105. On July 13, 2021, the two cases were consolidated, and are now pending before the same trial court under the former case number. The Company has answered and denied any liability with respect to both complaints. To the extent the Company has exposure for any transfers from Limecom, Heritage has indemnified the Company for any such liability and the Company has a pending cross-claim against Heritage for purposes of enforcing the indemnification obligation. A review of the books and records of the Company reflect aggregate transfers from Limecom to the Company or its affiliates of less than $600,000. The Company's books and records reflect that the Company fully reimbursed Limecom through direct payment of expenses of Limecom and through issuance of shares by the Company to employees or other vendors on behalf of Limecom for settlement and release of claims the employees or vendors may have asserted against Limecom. The books and records of the Company therefore do not reflect an identifiable avoidable transfer, but this analysis may change as the discovery process continues. At this time, based upon an analysis of the Company's books and records, the loss contingency is not capable of reasonable estimation under the above circumstances, and the likelihood of an adverse judgment is not probable at this time. An adverse judgment in this matter is reasonably possible and based upon an analysis of litigation costs and likelihood of a settlement. As of December 31, 2023, the company accrued $300,000 due to this matter.

**ITEM 1A. RISK FACTORS**

Reference is made to the risks and uncertainties disclosed in Item 1A ("Risk Factors") of our Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Form 10-K"). Prospective investors are encouraged to consider the risks described in our 2024 Form 10-K, our Management's Discussion and Analysis of Financial Condition and Results of Operations contained in this Report and other information publicly disclosed or contained in reports and other documents we file with the Securities and Exchange Commission before purchasing our securities.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

Except as previously reported in the Company's reports filed pursuant to Section 13(a) of the Exchange Act, there were no sales of unregistered securities during the period covered by this report.

**ITEM 3. DEFAULTS UPON SENIOR DEBT**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

None.

**ITEM 5. OTHER INFORMATION**

None.

**ITEM 6. EXHIBITS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Incorporated by reference** | **Incorporated by reference** | **Incorporated by reference** | **Incorporated by reference** |
| <br>**Exhibit <br> Number** | <br>**Exhibit Description** | <br>**Filed herewith** | **Form** | **Period ending** | **Exhibit** | **Filing date** |
| 31.1 | [Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea026688501ex31-1_cuentas.htm) | X |  |  |  |  |
| 31.2 | [Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea026688501ex31-2_cuentas.htm) | X |  |  |  |  |
| 32.1 | [Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea026688501ex32-1_cuentas.htm) | X |  |  |  |  |
| 32.2 | [Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea026688501ex32-2_cuentas.htm) | X |  |  |  |  |
| 101.INS | Inline XBRL Instance Document. | X |  |  |  |  |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. | X |  |  |  |  |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | X |  |  |  |  |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | X |  |  |  |  |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | X |  |  |  |  |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |  |  |  |  |  |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | X |  |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Form** | **Exhibit Number** | **Description** | **Filing Date** |
| 8-K | 16.1 | [Limited Liability Company Agreement – World Mobile LLC](https://www.sec.gov/Archives/edgar/data/1424657/000121390025048144/ea024311901ex10-1_cuentas.htm) | 2025-05-28 |
| 8-K | 16.2 | [Contribution Agreement – Cuentas, World Mobile](https://www.sec.gov/Archives/edgar/data/1424657/000121390025048144/ea024311901ex10-2_cuentas.htm) | 2025-05-28 |
| 8-K | 16.3 | [Subscription Agreement – World Mobile Group, World Mobile](https://www.sec.gov/Archives/edgar/data/1424657/000121390025048144/ea024311901ex10-3_cuentas.htm) | 2025-05-28 |
| 8-K | 16.4 | [Side Letter One – Cuentas, World Mobile Group, World Mobile](https://www.sec.gov/Archives/edgar/data/1424657/000121390025048144/ea024311901ex10-4_cuentas.htm) | 2025-05-28 |
| 8-K | 16.5 | [Side Letter Two – Cuentas, World Mobile Group, World Mobile](https://www.sec.gov/Archives/edgar/data/1424657/000121390025048144/ea024311901ex10-5_cuentas.htm) | 2025-05-28 |
| 8-K | 16.6 | [Membership Interest Purchase Agreement – Cuentas, Brooksville FL Partners](https://www.sec.gov/Archives/edgar/data/1424657/000121390025048144/ea024311901ex10-6_cuentas.htm) | 2025-05-28 |
| 8-K | 16.7 | [Joint Personal Guaranty – Crosshair Media Placement](https://www.sec.gov/Archives/edgar/data/1424657/000121390025048144/ea024311901ex10-7_cuentas.htm) | 2025-05-28 |
| 8-K | 16.8 | [Settlement Agreement – Cuentas, 1800 Diagonal Lending](https://www.sec.gov/Archives/edgar/data/1424657/000121390025048144/ea024311901ex10-8_cuentas.htm) | 2025-05-28 |
| 8-K | 16.9 | [Settlement Agreement – Cuentas, Alexandra Calicchio](https://www.sec.gov/Archives/edgar/data/1424657/000121390025048144/ea024311901ex10-9_cuentas.htm) | 2025-05-28 |
| 8-K | 16.10 | [Settlement Agreement – Cuentas, EAdvance Services](https://www.sec.gov/Archives/edgar/data/1424657/000121390025048144/ea024311901ex10-10_cuentas.htm) | 2025-05-28 |
| 8-K | 17.1 | [Cuentas–World Mobile Convertible Note Purchase Agreement One](https://www.sec.gov/Archives/edgar/data/1424657/000121390025101868/ea026206601ex10-11_cuentas.htm) | 2025-10-24 |
| 8-K | 17.2 | [Cuentas–World Mobile Convertible Note Purchase Agreement Two](https://www.sec.gov/Archives/edgar/data/1424657/000121390025101868/ea026206601ex10-12_cuentas.htm) | 2025-10-24 |
| 8-K | 17.3 | [Cuentas – Michael De Prado Separation Agreement](https://www.sec.gov/Archives/edgar/data/1424657/000121390025101868/ea026206601ex10-13_cuentas.htm) | 2025-10-24 |
| 8-K | 17.4 | [Cuentas – Michael De Prado Secured Promissory Note One](https://www.sec.gov/Archives/edgar/data/1424657/000121390025101868/ea026206601ex10-14_cuentas.htm) | 2025-10-24 |
| 8-K | 17.5 | [Cuentas – Michael De Prado Security Agreement Note One](https://www.sec.gov/Archives/edgar/data/1424657/000121390025101868/ea026206601ex10-15_cuentas.htm) | 2025-10-24 |
| 8-K | 17.6 | [Cuentas – Michael De Prado Secured Promissory Note Two](https://www.sec.gov/Archives/edgar/data/1424657/000121390025101868/ea026206601ex10-16_cuentas.htm) | 2025-10-24 |
| 8-K | 17.7 | [Cuentas – Michael De Prado Security Agreement Note Two](https://www.sec.gov/Archives/edgar/data/1424657/000121390025101868/ea026206601ex10-17_cuentas.htm) | 2025-10-24 |
| 8-K | 17.8 | [Cuentas – Michael De Prado Licensing Agreement](https://www.sec.gov/Archives/edgar/data/1424657/000121390025101868/ea026206601ex10-18_cuentas.htm) | 2025-10-24 |
| 8-K | 17.9 | [Cuentas – Michael De Prado Allonge to Secured Promissory Note](https://www.sec.gov/Archives/edgar/data/1424657/000121390025101868/ea026206601ex10-19_cuentas.htm) | 2025-10-24 |
| 8-K | 17.10 | [Cuentas – Promissory Notes to AM Law](https://www.sec.gov/Archives/edgar/data/1424657/000121390025101868/ea026206601ex10-20_cuentas.htm) | 2025-10-24 |
| 8-K | 17.11 | [Cuentas – Promissory Notes to Shalom Arik Maimon](https://www.sec.gov/Archives/edgar/data/1424657/000121390025101868/ea026206601ex10-21_cuentas.htm) | 2025-10-24 |
| 8-K | 17.12 | [Cuentas – Promissory Notes to Matt Schulman](https://www.sec.gov/Archives/edgar/data/1424657/000121390025101868/ea026206601ex10-22_cuentas.htm) | 2025-10-24 |
| 8-K | 17.13 | [Cuentas – Notice of Conversion – Arik Maimon](https://www.sec.gov/Archives/edgar/data/1424657/000121390025101868/ea026206601ex10-23_cuentas.htm) | 2025-10-24 |
| 8-K | 17.14 | [Cuentas – Notice of Conversion – AM Law](https://www.sec.gov/Archives/edgar/data/1424657/000121390025101868/ea026206601ex10-24_cuentas.htm) | 2025-10-24 |

---

**SIGNATURES**

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Cuentas, Inc.** | **Cuentas, Inc.** |
|  | (Registrant) | (Registrant) |
| Date: November 28, 2025 | By: | /s/ Shalom Arik Maimon |
|  |  | Chief Executive Officer |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF**

**CHIEF EXECUTIVE OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF**

**THE SARBANES-OXLEY ACT OF 2002**

I, Arik Maimon, certify that:

1. I have reviewed this form 10-Q of Cuentas Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for,
the periods present in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financing reporting
that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board
of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involved management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: November 28, 2025 |
| /s/ Arik Maimon |
| Arik Maimon |
| Chief Executive Officer and Chairman of the Board |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF**

**INTERIM CHIEF FINANCIAL OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF**

**THE SARBANES-OXLEY ACT OF 2002**

I, Ofek Haim Suchard, certify that:

1. I have reviewed this Form 10-Q of Cuentas Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for,
the periods present in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financing reporting
that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board
of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involved management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: November 28, 2025 |
| /s/ Ofek Haim Suchard |
| Ofek Haim Suchard |
| Interim Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with this Annual Report on Form 10-Q of Cuentas Inc. (the "Company") for quarter ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Arik Maimon, Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: November 28, 2025 | Dated: November 28, 2025 |
| By: | /s/ Arik Maimon |
|  | Arik Maimon |
|  | Chief Executive Officer and |
|  | Charmain of the Board |

---

This certification accompanies each Report pursuant to §906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the SarbanesOxley Act of 2002, be deemed filed by the Company for purposes of §18 of the Securities Exchange Act of 1934, as amended. A signed original of this written statement required by §906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with this Annual Report on Form 10-Q of Cuentas Inc. (the "Company") for the quarter ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Ofek Haim Suchard, Interim Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.

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| | |
|:---|:---|
| Dated: November 28, 2025 | Dated: November 28, 2025 |
| By: | /s/ Ofek Haim Suchard |
|  | Ofek Haim Suchard |
|  | Interim Chief Financial Officer |

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This certification accompanies each Report pursuant to §906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the SarbanesOxley Act of 2002, be deemed filed by the Company for purposes of §18 of the Securities Exchange Act of 1934, as amended. A signed original of this written statement required by §906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.