# EDGAR Filing Document

**Accession Number:** 0001788841
**File Stem:** 0001079973-25-001217
**Filing Date:** 2025-8
**Character Count:** 118405
**Document Hash:** 44535c48d033ecd4f6adf3c5205f974d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001079973-25-001217.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001079973-25-001217

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 64

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** micromobility.com Inc.
- **CENTRAL INDEX KEY:** 0001788841
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 843015108
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39136
- **FILM NUMBER:** 251185634

**BUSINESS ADDRESS:**
- **STREET 1:** 500 BROOME ST.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 917-675-7157

**MAIL ADDRESS:**
- **STREET 1:** 500 BROOME ST.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Helbiz, Inc.
- **DATE OF NAME CHANGE:** 20210813

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GreenVision Acquisition Corp.
- **DATE OF NAME CHANGE:** 20190919

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

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**(MARK ONE)**

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

For the quarter 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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Commission file number: <u>001-39136</u>**

---

| |
|:---|
| **micromobility.com, Inc** **.** |
| (Exact Name of Registrant as Specified in Its Charter) |

---

---

| | |
|:---|:---|
| **Delaware** | **84-3015108** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

**500 Broome St., New York, NY 10013**

(Address of principal executive offices)

**(917) 675-7157**

(Issuer's telephone number)

(Former name or former address, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act: None.

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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, a smaller reporting company or an emerging growth company. See 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. ☐

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

As of August 1, 2025, 92,214,637 shares of common stock, par value $0.00001 per share, were issued and outstanding.

**MICROMOBILITY.COM, INC.**

**FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Part I. Financial Information](#a_001) |  |
| &nbsp;&nbsp;&nbsp;[Item 1. Unaudited Financial Statements](#a_001) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Condensed Consolidated Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024](#a_002) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2025 and 2024 (unaudited)](#a_002) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Stockholders' Deficit for the three and six months ended June 30, 2025 and 2024 (unaudited)](#a_003) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (unaudited)](#a_004) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to Unaudited Condensed Consolidated Financial Statements](#a_005) | 6 |
| &nbsp;&nbsp;&nbsp;[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_006) | 21 |
| &nbsp;&nbsp;&nbsp;[Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk](#a_007) | 30 |
| &nbsp;&nbsp;&nbsp;[Item 4. Controls and Procedures](#a_008) | 30 |
| [Part II. Other Information](#a_009) | 30 |
| &nbsp;&nbsp;&nbsp;[Item 1. Legal Proceedings](#a_009) | 31 |
| &nbsp;&nbsp;&nbsp;[Item 1A. Risk Factors](#a_010) | 31 |
| &nbsp;&nbsp;&nbsp;[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#a_011) | 31 |
| &nbsp;&nbsp;&nbsp;[Item 3. Defaults Upon Senior Securities](#a_012) | 31 |
| &nbsp;&nbsp;&nbsp;[Item 4. Mine Safety Disclosures](#a_013) | 31 |
| &nbsp;&nbsp;&nbsp;[Item 5. Other Information](#a_014) | 31 |
| &nbsp;&nbsp;&nbsp;[Item 6. Exhibits](#a_015) | 32 |
| [Part III. Signatures](#a_016) | 33 |

---

**PART 1 – FINANCIAL INFORMATION**

**Item 1. Interim Financial Statements.**

**Micromobility.com, Inc.**

**Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024**

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

&nbsp;&nbsp;&nbsp;&nbsp;***(unaudited)***

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $71 | $84 |
| &nbsp;&nbsp;&nbsp;&nbsp;VAT receivables | 20 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivables – Related Party | 231 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other current assets | 31 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current assets of discontinued operations | 659 | 1547 |
| **Total current assets** | **1012** | **1735** |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment, net | 57 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current assets of discontinued operations | 311 | 300 |
| **TOTAL ASSETS** | $**1399** | $**2136** |
| **LIABILITIES AND STOCKHOLDERS' DEFICIT** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $2608 | $1792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 435 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenues – Related Party |  | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short term financial liabilities, net | 4366 | 3949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short term financial liabilities, net – Related Party | 6943 | 6526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities of discontinued operations | 24822 | 21915 |
| **Total current Liabilities** | **39174** | **34448** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current liabilities of discontinued operations | 142 | 852 |
| **TOTAL LIABILITIES** | **39316** | **35300** |
| Commitments and contingencies | *Note 9* |  |
| **STOCKHOLDERS' DEFICIT** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.00001 par value; 100,000,000 shares authorized; none issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.00001 par value; 900,000,000 shares authorized and; 92,214,637 shares issued and outstanding at June 30, 2025 and December 31, 2024 | 210896 | 210896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (3644) | (848) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (245169) | (243212) |
| **Total Stockholders' deficit** | **(37917)** | **(33164)** |
| **TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT** | $**1399** | **2136** |

---

 ****

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

**Micromobility.com, Inc.**

**Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2025 and June 30, 2024**

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

&nbsp;&nbsp;&nbsp;&nbsp;***(unaudited)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenue – Related Party** | $**476** | $**398** | $**953** | $**525** |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue | 372 | 328 | 695 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 645 | 853 | 997 | 2083 |
| **Total operating expenses** | **1017** | **1181** | **1692** | **2586** |
| **Loss from operations** | **(541)** | **(783)** | **(739)** | **(2061)** |
| Non-operating income (expenses), net |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (148) | (803) | (327) | (1608) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in fair value of financial liabilities, net | (8) |  | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal claims - accruals |  | (41) |  | (2041) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (Loss) on extinguishment/issuance of financial debts, net | (250) | 94 | (250) | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;SEPA financial expenses, net | (500) |  | (500) | (102) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expenses), net | 11 | (14) | 10 | 33 |
| **Total non-operating expenses, net** | **(895)** | **(764)** | **(1075)** | **(2896)** |
| &nbsp;&nbsp;&nbsp;Income Taxes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net loss from continuing operations** | $**(1436)** | $**(1547)** | $**(1814)** | $**(4957)** |
| &nbsp;&nbsp;&nbsp;**Net loss from discontinued operations** | $**(292)** | $**(3)** | $**(143)** | $**(1112)** |
| &nbsp;&nbsp;&nbsp;**Net loss** | $**(1728)** | $**(1550)** | $**(1957)** | $**(6069)** |
| **Basic and diluted Earnings Per Common Share** |  |  |  |  |
| Net loss from continuing operations per share attributable to common stockholders, basic and diluted | (0.02) | (0.03) | (0.02) | (0.11) |
| Net loss from discontinued operations per share attributable to common stockholders, basic and diluted | (0.00) | (0.00) | (0.00) | (0.03) |
| **Net loss per share attributable to common stockholders, basic and diluted** | $**(0.02)** | $**(0.03)** | $**(0.02)** | $**(0.14)** |
| **Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted** | 92214637 | 60861682 | 92214637 | 43747124 |
| Net loss | (1728) | (1550) | (1957) | (6069) |
| &nbsp;&nbsp;&nbsp;Other comprehensive (loss) income, net of tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Changes in foreign currency translation adjustments | (2796) | 17 | (1887) | 594 |
| &nbsp;&nbsp;&nbsp;**Net loss and comprehensive loss** | $**(4524)** | $**(1533)** | $**(3844)** | $**(5475)** |

---

 ****

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

**Micromobility.com, Inc.**

**Condensed Consolidated Statements of Stockholders' Deficit for the three and six months ended June 30, 2025**

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

***(unaudited)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A Common Stock** | **Class A Common Stock** | | | |
|  | **Shares** | **Amount** | **Accumulated**<br>**Deficit** | **Accumulated Other Comprehensive (Loss)**<br>**Income** | **TOTAL STOCKHOLDERS'**<br>**DEFICIT** |
| **Balance as of April 1, 2025** | **92214637** | $**210896** | $**(243441)** | $**(1757)** | $**(34302)** |
| Changes in currency translation adjustment |  |  |  | (1887) | (1887) |
| Net loss |  |  | (1728) |  | (1728) |
| **Balance as of June 30, 2025** | **92214637** | $**210896** | $**(245169)** | $**(3644)** | $**(37917)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A Common Stock** | **Class A Common Stock** | | | |
|  | **Shares** | **Amount** | **Accumulated**<br>**Deficit** | **Accumulated Other Comprehensive**<br>**(Loss) Income** | **TOTAL STOCKHOLDERS'**<br>**DEFICIT** |
| **Balance as of January 1, 2025** | **92214637** | $**210896** | $**(243212)** | $**(848)** | **(33164)** |
| Changes in currency translation adjustment |  |  |  | (2796) | (2796) |
| Net loss |  |  | (1957) |  | (1957) |
| **Balance as of June 30, 2025** | **92214637** | **210896** | $**(245169)** | $**(3644)** | $**(37917)** |

---

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

 **Micromobility.com, Inc.**

**Condensed Consolidated Statements of Stockholders' Deficit for the three and six months ended June 30, 2024**

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

***(unaudited)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A Common Stock** | **Class A Common Stock** | | | |
|  | **Shares** | **Amount** | **Accumulated**<br>**Deficit** | **Accumulated Other Comprehensive (Loss)**<br>**Income** | **TOTAL STOCKHOLDERS'**<br>**DEFICIT** |
| **Balance as of April 1, 2024** | **45185172** | $**210950** | **(256516)** | **(1567)** | $**(47133)** |
| Issuance of common shares – for Conversion of Related Party - Promissory Note | 47029465 | 611 |  |  | 611 |
| Share based compensation |  | 67 |  |  | 67 |
| Changes in currency translation adjustment |  |  |  | 17 | 17 |
| Net loss |  |  | (1550) |  | (1550) |
| **Balance as of June 30, 2024** | **92214637** | $**211628** | **(258066)** | **(1550)** | $**(47988)** |

---

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A Common Stock** | **Class A Common Stock** | | | |
|  | **Shares** | **Amount** | **Accumulated**<br>**Deficit** | **Accumulated Other Comprehensive**<br>**(Loss) Income** | **TOTAL STOCKHOLDERS'**<br>**DEFICIT** |
| **Balance as of January 1, 2024** | **8856230** | $**210339** | $**(251997)** | $**(2144)** | **(43802)** |
| Issuance of common shares – for Advance Notices under SEPA | 35400000 | 564 |  |  | 564 |
| Issuance of common shares – for Settlement of financial liabilities | 928942 | 6 |  |  | 6 |
| Issuance of common shares – for Conversion of Related Party - Promissory Note | 47029465 | 611 |  |  | 611 |
| Share based compensation |  | 108 |  |  | 108 |
| Changes in currency translation adjustment |  |  |  | 594 | 594 |
| Net loss |  |  | (6069) |  | (6069) |
| **Balance as of June 30, 2024** | **92214637** | **211628** | $**(258066)** | $**(1550)** | $**(47988)** |

---

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

**Micromobility.com, Inc.**

**Condensed Consolidated Statements of Cash Flows**

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

***(unaudited)***

---

| | | |
|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | **2024** |
| **Operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;**Net loss** | $**(1957)** | $**(6069)** |
| &nbsp;&nbsp;&nbsp;**Net loss from discontinued operations** | **(143)** | **(1112)** |
| &nbsp;&nbsp;&nbsp;**Net loss from continuing operations** | **(1814)** | **(4957)** |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 32 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest expenses and amortization of debt discount | 327 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of Right-of-use assets |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation |  | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (Gain) on extinguishment/issuance financial debts | 250 | (822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accruals for legal contingencies |  | 2041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in fair value of Financial instruments | 8 | 1 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred Revenues – Related Party | (35) | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other assets | 53 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivables – Related Party | (231) | (129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payables | 816 | (224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 204 | 89 |
| **Net cash used in operating activities from continuing operations** | **(390)** | **(1641)** |
| **Net cash provided by (used in) operating activities from discontinued operations** | **746** | **(781)** |
| **Net cash provided by (used in) operating activities** | **356** | **(2422)** |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of equipment | (1) |  |
| **Net cash used in investing activities from continuing operations** | **(1)** |  |
| **Net cash used in investing activities from discontinued operations** |  | **(60)** |
| **Net cash used in investing activities** | **(1)** | **(60)** |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of financial liabilities | 2897 | 258 |
| &nbsp;&nbsp;&nbsp;Payments of offering costs and underwriting discounts and commissions | (250) |  |
| &nbsp;&nbsp;&nbsp;Repayment of financial liabilities | (2487) | (268) |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of financial liabilities, due to related party | 407 | 2403 |
| &nbsp;&nbsp;&nbsp;Repayment of financial liabilities, due to related party | (317) | (60) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of common shares, net |  | 564 |
| **Net cash provided by financing activities from continuing operations** | **250** | **2897** |
| **Net cash provided by (used in) financing activities from discontinued operations** | **34** | **(836)** |
| **Net cash provided by financing activities** | **284** | **2061** |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in cash and cash equivalents, and restricted cash | 639 | (421) |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate changes | (957) | 440 |
| &nbsp;&nbsp;&nbsp;Net change in cash and cash equivalents, and restricted cash | (318) | 19 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents at beginning of period - continuing operations | 84 | 82 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents at beginning of period - discontinued operations | 313 | 61 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents at beginning of year | 397 | 143 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents at end of the period | $79 | $162 |
| &nbsp;&nbsp;&nbsp;**Supplemental disclosure of cash flow information** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | $35 | $120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes, net of refunds | $— | $— |
| **Non-cash investing & financing activities from continuing operations** |  |  |
| Issuance of common shares – for conversion of financial liabilities |  | 6 |
| Issuance of common shares – for Conversion of Related-party Promissory Notes |  | 611 |
| **Non-cash investing & financing activities from discontinued operations** |  |  |
| Lease agreements early termination |  | 488 |
| New Lease agreement |  | 175 |

---

 ****

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

**Micromobility.com, Inc.**

**Notes to Condensed Consolidated Financial Statements**

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

***(Unaudited)***

**1. Description of Business and Basis of Presentation** 

***Description of Business***

 ****

micromobility.com, Inc. (together with its subsidiaries, "micromobility.com" or the "Company") with its headquarters in New York, New York.

During the year ended December 31, 2024, the Company shifted its core business from micromobility and media services to IT software services. In detail, during 2024 the Company entered into a Service agreement with Everli S.p.A., a related party (an entity controlled by the Company's major shareholder), for providing software development services, which became its core business.

*<u>Discontinued operations</u>*

The Company was an intra-urban transportation and media company, offering affordable, accessible, and sustainable forms of personal transportation, and providing live and non-live media content. During 2024, the Company decided to exit the mobility and media operations, both in Italy and the United States of America, due to the high costs and related cash burn.

Following the decision to reduce its mobility and media operations, the Company entered into two Securities Purchase Agreements for selling the mobility and media businesses.

In August 2024, following the indefinite suspension of the mobility business in the United States of America the Company entered into a Securities Purchase Agreement with a third-party, not considered a customer, for selling 100% of the equity interest of Wheels Lab, Inc. ("Wheels").

On December 31, 2024, following the decision to exit the mobility and media operations in Europe, the Company entered into a Stock Purchase Agreement with a related-party, Palella Holdings LLC, (qualified as a related party because it is the Company's major shareholder, and it is fully owned by the former Company's Chief Executive Officer) to sell 100% of the European mobility and media businesses, (excluding Helbiz Doo, the Serbian subsidiary who provides the software development services to Everli) and the rights, title and interests in all Helbiz brands and platforms owned by the Company. The Stock Purchase Agreement is conditioned on: a) the approval of the Supreme Court of the State of New York, involved in the action taken by a Note Holder for an unsecured note in default, or b) receiving a waiver from such Note Holder.

***Basis of Presentation***

These accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and the applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") for interim reporting. These accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated.

The Company uses the U.S. dollar as the functional currency. For foreign subsidiaries where the U.S. dollar is the functional currency, gains, and losses from remeasurement of foreign currency balances into U.S. dollars are included in the condensed consolidated statements of operations. For the foreign subsidiary where the local currency is the functional currency, translation adjustments of foreign currency financial statements into U.S. dollars are recorded to a separate component of accumulated other comprehensive loss.

**Micromobility.com, Inc.** **<br> Notes to Condensed Consolidated Financial Statements<br> *(in thousands, except share and per share data)*<br> *(Unaudited)***<br>

The condensed consolidated balance sheet as of December 31, 2024, included herein was derived from the audited financial statements as of that date. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of, and for the year ended, December 31, 2024, included in our Annual Report on Form 10-K.

The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company's financial position, results of operations, comprehensive loss, stockholders' equity, and cash flows, but are not necessarily indicative of the results of operations to be anticipated for any future annual or interim period.

**2.** **Going Concern and Management's Plans**

The Company has experienced recurring operating losses and negative cash flows from operating activities since its inception. To date, these operating losses have been funded primarily from outside sources of invested capital. The Company had, and expects to continue to have, an ongoing need to raise additional cash from outside sources to fund its operations. Successful transition to attaining profitable operations depends upon achieving a level of revenues adequate to support the Company's cost structure. These conditions raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued.

The Company plans to continue to fund its operations through debt and equity financing. Debt or equity financing may not be available on a timely basis on terms acceptable to the Company, or at all.

The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business and, as such, the financial statements do not include any adjustments relating to the recoverability and classification of recorded amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence.

**3. Summary of Significant Accounting Policies and Use of Estimates**

***Use of Estimates***

The preparation of financial statements in conformity with U.S. GAAP generally requires management to make estimates and assumptions that affect the reported amount of certain assets, liabilities, revenues, and expenses, and the related disclosure of contingent assets and liabilities. Specific accounts that require management estimates include determination of fair values of warrant and financial instruments.

Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

***Fair Value of Financial Instruments and Fair Value Measurements***

The Company determines the fair value of financial assets and liabilities using the fair value hierarchy established in the accounting standards. The hierarchy describes three levels of inputs that may be used to measure fair value, as follows:

Level 1 — Quoted prices in active markets for identical assets and liabilities.

Level 2— Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3— Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

**Micromobility.com, Inc.** **<br> Notes to Condensed Consolidated Financial Statements<br> *(in thousands, except share and per share data)*<br> *(Unaudited)***<br>

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.

The Company's financial instruments include cash and cash equivalents, warrants, convertible debts, and loans. Management believes that the carrying amounts of cash and cash equivalents, accounts payable, accounts receivable, and short-term debts approximate the fair value due to the short-term nature of those instruments. Certain convertible debts are classified as Level 3 in the fair value hierarchy as they are valued using significant unobservable inputs or data in inactive markets. We use a third-party valuation specialist to assist management in its determination of the fair value of its Level 3. These fair value measurements are highly sensitive to changes in these significant unobservable inputs and significant changes in these inputs would result in a significantly higher or lower fair value.

Certain warrants are classified Level 1 in the fair value hierarchy and they are now valued using the warrant price present in the active markets.

***Financial Liabilities***

The Company accounts Financial Liabilities between Current and Non-current liabilities based on the re-payment terms and conditions.

At the issuance of each financial instrument the Company evaluates the presence of embedded derivatives, other instruments issued in conjunction with the financial transactions such as warrants. In case the Company identified more than one financial instrument or embedded derivatives, unless it elects the fair value options of the entire financial instruments, the Company allocates the gross proceeds, at issuance date.

During 2025, the Company has elected the fair value option to account for the 2025 Convertible Note issued. The Company records the Convertible Note at fair value upon issuance. Any difference between the fair value and the cash proceeds received has been treated as gain/loss. The Note will be subsequently re-measured at each reporting date with changes in fair value recorded in earnings. Any changes to fair value resulting from changes in instrument-specific credit risk will be separately presented in other comprehensive income.

***Recent Accounting Pronouncements Not Yet Adopted***

In December 2023, the FASB issued ASU No. 2023-09, "Improvements to Income Tax Disclosures", which requires companies to provide disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The new requirements became effective for annual periods beginning after December 15, 2024. The Company is currently assessing the impact of adopting this standard on the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. This standard is effective for annual reporting periods beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact the adoption of this standard will have on disclosure.

In November 2024, the FASB issued ASU 2024-04, "Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments", which seeks to clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions. This amendment is effective for annual and interim reporting periods beginning after December 15, 2025. Early adoption is permitted. The Company is currently evaluating the impact of this standard on the consolidated financial statements.

**Micromobility.com, Inc.** **<br> Notes to Condensed Consolidated Financial Statements<br> *(in thousands, except share and per share data)*<br> *(Unaudited)***<br>

**4. Discontinued Operations – Mobility and Media businesses**

During the year ended December 31, 2024, the Company decided to indefinitely suspend the mobility operations in the United States of America and to sell the mobility and media operations in Italy, due to the high costs connected and the Company's strategy to reduce the operating cash burn.

In connection with the suspension of the mobility business in the United States, the sale of Wheels assets and the expected sales of the European entities, the Company concluded that the assets, liabilities and results of operations of the Mobility and Media businesses met the criteria for classification as discontinued operations. As a result, the Company has presented the results of operations, cash flows and financial position of the mobility and media businesses as discontinued operations in the accompanying condensed consolidated financial statements and notes for all periods presented.

The following table presents the assets and liabilities of mobility and media businesses, classified as Discontinued Operations as of June 30, 2025, and December 31, 2024.

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $8 | $313 |
| &nbsp;&nbsp;&nbsp;Accounts receivables | 483 | 414 |
| &nbsp;&nbsp;&nbsp;VAT receivables |  | 653 |
| &nbsp;&nbsp;&nbsp;Prepaid and other current assets | 168 | 167 |
| **Total current assets** | **659** | **1547** |
| &nbsp;&nbsp;&nbsp;Property, equipment and deposits, net | 12 | 14 |
| &nbsp;&nbsp;&nbsp;Right of use assets | 161 | 153 |
| &nbsp;&nbsp;&nbsp;Other assets | 138 | 133 |
| **TOTAL ASSETS** | $**970** | $**1847** |
| **LIABILITIES** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $2026 | $4500 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 3680 | 3203 |
| &nbsp;&nbsp;&nbsp;VAT payables | 760 |  |
| &nbsp;&nbsp;&nbsp;Deferred revenues | 507 | 785 |
| &nbsp;&nbsp;&nbsp;Deferred revenues – Related Party | 2349 | 765 |
| &nbsp;&nbsp;&nbsp;Short term financial liabilities, net | 15500 | 12662 |
| **Total current Liabilities** | **24822** | **21915** |
| &nbsp;&nbsp;&nbsp;Non-current financial liabilities, net |  | 714 |
| &nbsp;&nbsp;&nbsp;Other non-current liabilities | 142 | 138 |
| **TOTAL LIABILITIES** | **24964** | **22767** |

---

The following table presents the results of operations for the three and six months ended June 30, 2025, and 2024 for the mobility and media business, classified as Discontinued Operations.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues** | $**—** | $**389** | $**339** | $**833** |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues | 44 | 649 | 117 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing |  | 311 |  | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 56 | 316 | 115 | 614 |
| &nbsp;&nbsp;&nbsp;**Total operating expenses** | **100** | **1276** | **232** | **2757** |
| &nbsp;&nbsp;&nbsp;**Income (Loss) from discontinued operations** | **(100)** | **(887)** | **107** | **(1924)** |
| &nbsp;&nbsp;&nbsp;Gain on extinguishment of AP |  | 807 | 88 | 807 |
| &nbsp;&nbsp;&nbsp;Interest expenses, net | (144) | (37) | (283) | (95) |
| &nbsp;&nbsp;&nbsp;Other income (expenses), net | (48) | 114 | (55) | 100 |
| &nbsp;&nbsp;&nbsp;**Net loss from discontinued operations** | $**(292)** | $**(3)** | $**(143)** | $**(1112)** |

---

**Micromobility.com, Inc.** **<br> Notes to Condensed Consolidated Financial Statements<br> *(in thousands, except share and per share data)*<br> *(Unaudited)***<br>

***Revenues from discontinued operations***

Total Revenues from discontinued operations recorded for the six months ended June 30, 2025, amounting to $339; are fully related to a non-recurring event: the expiration and deletion of the US mobility wallets.

 ****

***Financial liabilities from discontinued operations***

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Unsecured loans, net | 1963 | 1916 |
| Advances from bank | 13537 | 11460 |
| **Total Financial Liabilities, net** | **15500** | **13376** |
| **Of which classified as Current Financial Liabilities, net** | **15500** | **12662** |
| **Of which classified as Non-Current Financial Liabilities, net** |  | **714** |

---

 

*<u>Unsecured loans</u>*

Unsecured loans amounting to $1,963 as of June 30, 2025, is composed of multiple loans: a) $1,558 of a long-term bank loan obtained in 2020 through one of the Company's wholly-owned Italian subsidiaries, and b) $405 long-term bank loans; the Company inherited these loans from the business combination with MiMoto. These unsecured loans are in default for non-payments under the original terms.

*<u>Advances from bank</u>*

During the year ended December 31, 2024, Helbiz Media, an Italian subsidiary of micromobility.com (fully owned by Helbiz Europe Limited) entered into a Service Supply agreement and into a Service agreement with Everli. Helbiz Media is one of the European entities expected to be sold to Palella Holdings LLC under the Stock Purchase Agreement entered on December 31, 2024.

The Service Supply Agreement requires Helbiz Media to provide design, development, and communication ideas and activities to Everli for one year. Under the terms of the agreement, Everli is to pay the Company $8,584 (including VAT, using June 30, 2025, EURO/USD exchange rate).

The Service Agreement is related to the use of Helbiz Media platform; in detail Helbiz Media grants Everli the exclusive rights to use the platform from December 1, 2024 to November 30, 2029. Under the terms of the service agreement, Everli is to pay the Company $16,418 (including VAT, using June 30, 2025 EURO/USD exchange rate) in two years from the signing date.

In connection with the two aforementioned agreements, the Company has entered into a financing arrangement with a banking institution whereby the Company receives advances, net of repayments, amounting to $12,767. These advances are secured solely by the underlying Everli receivables expected from the two service agreements.

During the three and six months ended June 30, 2025, the Company recorded $114 and $220, respectively, as Interest expenses from discontinued operations in the condensed consolidated statement of operations. As of June 30, 2025, the Company has $13,537 outstanding as principal and accrued interests, taking into consideration the repayments made by Everli directly to the bank.

**Micromobility.com, Inc.** **<br> Notes to Condensed Consolidated Financial Statements<br> *(in thousands, except share and per share data)*<br> *(Unaudited)***<br>

**5. Revenues**

The table below shows the revenues breakdown for the three and six months ended on June 30, 2025, and on June 30, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;IT Services Revenues – Related party | $476 | $398 | $953 | $525 |
| &nbsp;&nbsp;&nbsp;**Total Revenues from continuing operations – Related Party** | $**476** | $**398** | $**953** | $**525** |

---

During February 2024, Helbiz Doo, the Serbian subsidiary of micromobility.com, entered into a Business Cooperation Agreement with Everli (a related party) requiring the Company to provide software development services. Helbiz Doo is not involved in the Stock Purchase Agreement entered on December 31, 2024 with Palella Holdings LLC.

**6. Equipment, net**

Equipment, net consists of the following.

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Furniture and fixtures | $113 | $106 |
| R&D equipment |  | 177 |
| Computers and software | 201 | 175 |
| &nbsp;&nbsp;&nbsp;**Total equipment, gross** | **314** | **458** |
| Less: accumulated depreciation | (257) | (376) |
| &nbsp;&nbsp;&nbsp;**Total equipment, net from continuing operations** | $**57** | $**82** |

---

The following table summarizes the depreciation expenses recorded in the consolidated statement of operations from continuing operations for the three and six months ended on June 30, 2025, and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Schedule of consolidated income statement |  |  |  |  |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Cost of revenues | $— | $15 | $15 | $29 |
| General & administrative | 9 | $19 | 18 | $38 |
| &nbsp;&nbsp;&nbsp;**Total depreciation expenses related to assets recorded for continuing operations** | $**9** | $**34** | $**32** | $**67** |

---

**7. Financial liabilities, net**

The Company's Financial liabilities from continuing operations consisted of the following.

---

| | | | |
|:---|:---|:---|:---|
|  | **Weighted Average Interest Rate** | **June 30, 2025** | **December 31, 2024** |
| Secured Convertible loan, net (Related-Party) | 9% | 6625 | 6298 |
| Promissory Note (Related-Party) | 0% | 318 | 228 |
| 2025 Convertible note, net (Third-Party) | 5% | 415 |  |
| Unsecured loans, net (Third-Party) | N/A | 3854 | 3854 |
| Other financial liabilities (Third-Party) | N/A | 97 | 94 |
| **Total Current Financial Liabilities, net from continuing operations** |  | **11309** | **10475** |

---

**Micromobility.com, Inc.** **<br> Notes to Condensed Consolidated Financial Statements<br> *(in thousands, except share and per share data)*<br> *(Unaudited)***<br>

The table below shows the amounts recorded for interest expenses, net and change in fair values of financial liabilities, in the condensed consolidated statement of operations from continuing operations for the three and six months ended on June 30, 2025, and June 30, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Secured Convertible loan | $(148) | $(671) | $(327) | $(1339) |
| 2023 Convertible debt |  | (130) |  | (260) |
| Unsecured loans |  | (2) |  | (9) |
| &nbsp;&nbsp;&nbsp;**Total Interest expenses, net** | $**(148)** | $**(803)** | $**(327)** | $**(1608** |
| 2025 Convertible note, net (Third-Party) | $(10) | $— | $(10) | $— |
| Other financial liabilities (Third-Party) | 2 |  | 2 |  |
| &nbsp;&nbsp;&nbsp;**Total Changes in fair value of financial liabilities, net** | $**(8)** | $— | $**(8)** | $— |
| Promissory Note (Related-Party) |  | 94 |  | 94 |
| Unsecured loans |  |  |  | 728 |
| 2025 Convertible note, net (Third-Party) | (250) |  | (250) |  |
| &nbsp;&nbsp;&nbsp;**Total Gain (Loss) on extinguishment/issuance of financial debts, net** | **(250)** | **94** | **(250)** | **822** |

---

***Secured convertible loan (Related-Party)***

On December 8, 2023, the Company entered into a Secured Loan Agreement with YA II PN, Ltd. The secured loan has a principal amount of $5,750, with 37.5% issuance discount, December 8, 2024, as maturity date, 9.25% as annum interest rate and 13.25% as annum default interest rate, applicable only at the election and request of the lender. The secured loan shall be convertible into shares of the Company's common stock at the option of the Note Holder, who could convert any portion of the outstanding and unpaid conversion amount into fully paid and nonassessable shares of Common Stock in accordance with the Conversion Price defined as $1.25.

On December 9, 2024, YA II PN, Ltd. sold the Secured Loan agreement to Palella Holdings LLC, which is qualified as a related party because it is the Company's major shareholder, and it is fully owned by the former Company's Chief Executive Officer.

The Company was in default for non-payment under the terms of the Secured Loan Agreement. The Company continues to accrue interest based on 9.25% interest rate, considering that Palella Holdings LLC did not request the application of the default interest rate.

As of June 30, 2025, the Company has $6,625 outstanding as principal and accrued interests.

***Promissory Notes (Related-Party)***

During the six months ended June 30, 2025, Palella Holdings LLC, which is qualified as a related party because it is the Company's major shareholder, and it is fully owned by the former Company's Chief Executive Officer, provided to the Company $407, under the original Promissory Note with maturity date January 31, 2025, and on an interest free basis. Additionally, during the six months ended June 30, 2025, the Company repaid $317.

As a result of the above transactions, on June 30, 2025, the Company has $318 as outstanding principal. Considering the maturity date, January 31, 2025, the Company was in default for non-payment the principal under the terms of the Promissory Note.

**Micromobility.com, Inc.** **<br> Notes to Condensed Consolidated Financial Statements<br> *(in thousands, except share and per share data)*<br> *(Unaudited)***<br>

***2025 Convertible note, net (Third-Party)***

*<u>Terms and conditions</u>*

On April 21, 2025, the Company entered into a Convertible Note with YA II PN, Ltd. ("YA"), for a principal amount of $2,750, with April 21, 2026 as maturity date, 5% as annum interest rate and 18% as annum default interest rate; of such funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) $155 was used to settle a bridge loan in an equal amount from YA to the
Company dated April 15, 2025;

ii) $250 was used as payment of an implementation fee for the Convertible Note,

iii) $1,500 was deposited into escrow subject to an escrow agreement (the "Judgment Escrow Agreement") for the settlement of an outstanding judgment, and

iv) $845 was deposited into escrow subject to an escrow agreement (the "Company Escrow Agreement") for general administrative expenses.

The Company, at its option, has the right, but not the obligation, to redeem early a portion or all amounts outstanding under the Convertible Note.

The Convertible Note may be converted by YA into shares of Company's Class A common stock, such shares shall be valued at the lower of (i) $.006 per share ("Fixed Price") or (ii) 95% of the lowest daily VWAP during the 10 consecutive Trading Days immediately preceding the date of such conversion (the "Variable Price"), but which Variable Price shall not be lower than the Floor Price then in effect. On the fourth Trading Day following the listing of the common stock on a national exchange (the "Fixed Price Reset Date"), the Fixed Price shall be adjusted (downwards only) to equal the average VWAP for the three trading days immediately prior to the Fixed Price Reset Date. The Floor Price respect to the Variable Price, shall mean, (i) prior to an uplisting of the Common Stock to a national exchange, nil, and (ii) following such an uplisting, 20% of the initial listing price on such exchange.

If one of the following events occurred, then the Company shall make monthly cash payments amounting to $250 plus interest:

- daily VWAP is less than the Floor Price for five trading days during a period of seven consecutive trading days,

the Company has issued to the Investor, in excess of 99% of the Common Shares available under the Exchange Cap,

- YA is unable to utilize a Registration Statement to re-sell Class A Common Shares issued by the Company under the 2025 Convertible Note for ten consecutive days.

The aforementioned Company's obligation to make monthly cash payments will cease if the Company provides to YA with a reset notice setting forth a reduced Floor Price which shall be equal to no more than 75% of the closing price on the Trading Day immediately prior to such reset notice, or in the event of an Exchange Cap event, the date the Company has obtained stockholder approval to increase the number of Common Shares under the Exchange Cap and/or the Exchange Cap no longer applies, or in the event of a Registration Event, the condition or event causing the Registration Event has been cured or YA is able to resell the Common Shares issuable upon conversion of the 2025 Convertible Note in accordance with Rule 144 under the Securities Act.

The funds held in escrow pursuant to the Judgment Escrow Agreement are to be released upon the earlies to occur of (a) written instruction of the Company, YA and the judgment holder, (b) to YA if a resolution has not been reached with the judgment holder to YA's satisfaction by May 16, 2025, (c) to YA if a proposed business combination had not occurred within 120 days from the issuance of the Convertible Note and (d) to the judgment holder upon the occurrence of the proposed business combination. The funds held in escrow pursuant to the Company Escrow Agreement are to be released upon the earlies to occur of (a) written instruction of the Company and YA, (b) as directed in YA's written instruction to release received after May 16, 2025 and (c) to the Company upon the occurrence of the proposed business combination.

On May 16, 2025, the amounts held in escrows, amounting to $2,345, have been released to YA.

**Micromobility.com, Inc.** **<br> Notes to Condensed Consolidated Financial Statements<br> *(in thousands, except share and per share data)*<br> *(Unaudited)***<br>

*<u>Initial recognition – Remeasurement</u>*

At the issuance date of the 2025 Convertible Note, the Company has elected the fair value option to account for the financial instrument. The Company recorded the Note at fair value upon issuance, amounted to $2,750, based on a third-party valuation. The difference between the fair value and the cash proceeds received, amounting to $250 has been recorded in the condensed consolidated statement of operations for the six months ended June 30, 2025 as *Loss on extinguishment/issuance of financial debts, net*.

As mentioned above, in May 2025, $2,345 have been released from escrows to YA, in line with the original agreements.

The 2025 Convertible note fair value has been re-measured on June 30, 2025, and it resulted on $415. The difference between original fair value at inception less release from escrows and fair value on June 30, 2025 amounted to $10 has been recorded in the condensed consolidated statement of operations for the six months ended June 30, 2025 as *Changes in fair value of financial liabilities, net*. No change in fair value resulted from changes in instrument-specific credit risk.

As of June 20, 2025, the *2025 Convertible note, net* was in default and YA agreed to waive the application of the default interest rate.

***Unsecured loans***

*<u>2022 unsecured note</u>*

On July 15, 2022, the Company issued an Unsecured Note to an investor in exchange for 2,000 Euro (approximately $2,345, using June 30, 2025 exchange rate) with 6.75% as interest on an annual basis to be paid every three months. The Company was in default for not paying the interests.

On October 30, 2024, the Company received a judgment against it from the Supreme Court of the State of New York for the payment of the full principal, interest and costs and disbursements in connection with the 2022 unsecured note. The Company is currently identifying and evaluating the alternative paths for facing the judgement. The Company stopped accruing interest, starting from October 30, 2024.

As a result on June 30, 2025, the Company has $2,454 as outstanding principal and accrued interest recorded as Short-term financial liabilities.

*<u>Unsecured debts – assumed from previous business combination</u>*

As of June 30, 2025, the Company has $1,400 outstanding as principal and accrued interests under unsecured debts. In detail, the Company was in default for non-payment the principal and interests under the terms of the Loan Amendment. The Company is currently negotiating with the holders of the debts a new repayment plan.

 **8. Fair value measurements**

The fair value of the 2025 Convertible note, net, as of June 30, 2025, is comprised of a single financial liability in which the Company elected the fair value option under ASC 825, with changes in fair value recorded in *Changes in fair value of financial liabilities, net* in the condensed consolidated statement of operations from continuing operations for the three and six months ended on June 30, 2025.

The following tables summarize the fair value hierarchy of the Company's financial liabilities measured at fair value on a recurring basis as of June 30, 2025, and December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Total** | **Level 1** | **Level 2** | **Level 3** |
| 2025 Convertible note, net | $415 | $— | $— | $415 |
| Other financial liabilities | 1 | 1 |  |  |
| **Total** | $**416** | $**1** | $— | $**415** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Other financial liabilities | $3 | $3 | $— | $— |
| **Total** | $**3** | $**3** | $— | $— |

---

**Micromobility.com, Inc.** **<br> Notes to Condensed Consolidated Financial Statements<br> *(in thousands, except share and per share data)*<br> *(Unaudited)***<br>

As of June 30, 2025, the fair value of the 2025 Convertible Note was estimated at $415. and it has been recorded in the condensed consolidated balance sheet as *Current Financial Liabilities, net from continuing operations* The Company estimated and recorded the fair value of the 2025 Convertible Note upon its issuance date of April 21, 2025. The fair value of the 2025 Convertible Note as of inception date and June 30, 2025, were based on a Monte Carlo Simulation of stock price of the Company on a daily basis and a discounted cash flow model that incorporates the amortization schedule, contingent on the daily simulated stock price. The valuation utilized significant Level 3 unobservable inputs, including implied yield, volatility, and risky discount rate. Other significant assumptions include risk-free rate, principal value, the Company's common stock price and maturity date. Significant judgment is required in selecting the significant inputs and assumptions. Actual assumptions may differ from our current estimates and such differences could materially impact fair value of the 2025 Convertible Note.

The significant inputs to the calculation of the 2025 Convertible Note were as follows.

---

| | |
|:---|:---|
|  | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock price | $.0045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expected term | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk-free interest rate | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated volatility | 103% |

---

**9. Commitments and Contingencies**

***Litigation***

The Company is from time to time involved in legal proceedings, claims, and regulatory matters, indirect tax examinations or government inquiries and investigations that may arise in the ordinary course of business. Certain of these matters include speculative claims for substantial or indeterminate amounts of damages.

The Company records a liability when the Company believes that it is both probable that a loss has been incurred and the amount can be reasonably estimated. If the Company determines that a loss is reasonably possible and the loss or range of loss can be estimated, the Company discloses the possible loss in the condensed consolidated financial statements. The Company reviews the developments in contingencies that could affect the amount of the provisions that have been previously recorded. The Company adjusts provisions and changes to disclosures accordingly to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and updated information. Significant judgment is required to determine both the probability and the estimated amount of any potential losses and many of the legal proceedings are early in the discovery stage and unresolved.

During the year ended December 31, 2024, the Company was named as a defendant in an action brought in the Supreme Court of New York County, New York, for which a motion for summary judgment was entered into in October 2024 against the Company. The case is captioned Bernheim Investment Fund SICAV, vs. Micromobility.om Inc. The court's order granting summary judgment awarded the plaintiff for the full amount of principal and interest overdue. The amount is recorded as *Short-term financial liabilities* in the consolidated financial statement, amounting to $2,454; because it is related to the 2022 unsecured note that the Company issued in July, 2022 in exchange for 2,000 Euro with 6.75% as interest on an annual basis. The Company is currently identifying and evaluating the alternative paths for facing the judgement.

As of June 30, 2025, and December 31, 2024, the Company concluded that no losses on litigation were probable and reasonable estimable.

The Company is also involved in certain claims where the losses are not considered to be reasonably estimable or possible; for these claims the range of potential loss is between 0 to $300.

**Micromobility.com, Inc.** **<br> Notes to Condensed Consolidated Financial Statements<br> *(in thousands, except share and per share data)*<br> *(Unaudited)***<br>

 **10. Net Loss Per Share - Dilutive outstanding shares**

The following potentially dilutive outstanding shares were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended**<br> **June 30,** | **Three months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Equity Incentive Plan - Common Stock Purchase Option | 970 | 1050 | 970 | 1050 |
| 2025 Convertible note, net (Third-Party) | 69485667 |  | 69485667 |  |
| Secured Convertible loan, net (Related-Party) | 5300162 | 4935434 | 5300162 | 4935434 |
| Common Stocks to be issued outside equity incentive Plans |  | 28397 |  | 28397 |
| Common Stock Purchase Warrants | 2641 | 2641 | 2641 | 2641 |
| **Total number of Common Shares not included in the EPS Basic and diluted** | **74789440** | **4967522** | **74789440** | **4967522** |

---

**11. Standby Equity Purchase Agreements**

On April 21, 2025, the Company entered into a Standby Equity Purchase Agreement ("2025 SEPA) with YA, pursuant to which the Company has the right, but not the obligation, to issue and sell to YA, and YA shall purchase from the Company, up to $25,000 in aggregate gross purchase price of newly issued fully paid shares of the Company's Class A common stock. The 2025 SEPA shall terminate on the earliest of (i) April 21, 2028 and (ii) the date on which YA shall have made payment of any advances requested pursuant to the 2025 SEPA for shares of Common Stock equal to $25,000. Each sale that the Company requests under the 2025 SEPA (an "Advance") may be for a number of shares of Common Stock that the Company may determine, subject to certain limitations set forth in the 2025 SEPA. The shares of common stock purchased pursuant to an Advance delivered by the Company will be purchased at a price equal to 97% of the lowest daily VWAP of the shares of Common Stock during the three consecutive trading days commencing on the date of the delivery of the Advance, other than the daily VWAP on a day in which the daily VWAP is less than a minimum acceptable price as stated by the Company in the Advance Notice or there is no VWAP on the subject trading day. During the six months ended June 30, 2025, the Company did not deliver any Advance Notice.

In connection with the execution of the 2025 SEPA, the Company agreed to pay a commitment fee of $500 as consideration for YA's irrevocable commitment to purchase the shares of common stock pursuant to the SEPA. Half of such commitment fee is due within six months from April 21, 2025 while the remaining half is due within twelve months.

The 2025 SEPA terms and conditions represent: i) at inception - a *purchased put option* on the Company's Class A common shares and, ii) upon delivery of an advance notice - a *forward contract* on the Company's Class A common shares. Neither the *purchased put option* nor the *forward contract* qualifies for equity classification.

As a result of the above classification of the 2025 SEPA, at inception the Company expensed as *SEPA's transactions costs* the commitment fee.

The table below presents the impact on the condensed consolidated statements of operations related to the SEPAs for the three and six months ended June 30, 2025, and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| SEPAs transaction costs | $(500) | $— | $(500) | $— |
| Other SEPA financial expenses, net |  |  |  | (102) |
| Total SEPA financial expenses, net | $**(500)** | $— | $**(500)** | $**(102)** |

---

During the six months ended June 30, 2024, the Company delivered multiple advance notices, under the 2023 SEPA for the sale of 35,400,000 Class A Common Shares, resulting in cumulative gross proceeds of $564.

**Micromobility.com, Inc.** **<br> Notes to Condensed Consolidated Financial Statements<br> *(in thousands, except share and per share data)*<br> *(Unaudited)***<br>

**12. Segment and geographic information** 

The Company reports as one reporting segment related to software development services. The Company's CEO, who is the Company's Chief Operating Decision Maker ("CODM") assesses performance of our reporting segment and decides how to allocate resources based on consolidated net loss from operations that is also reported on the consolidated statement of operations as consolidated net loss from operations for continuing operations. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets from continuing operations. The Company does not have separate business units or segment managers or vertical leaders who report to CODM with respect to operations, operating results or planning for levels or components below the total Company level. The Company's reporting segment is strictly related to a Service Agreement with a related party, Everli S.p.A. for providing software development services.

The Company's segment operating performance measures are segment Revenue and Operating Expenses. The CODM does not evaluate operating segment using asset information and, accordingly, the Company does not report asset information by segment. The following table provides information about Company's segments and a reconciliation of the total segment Revenue and Operating Expenses to loss from operations.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br> **June 30,** | **Three Months Ended**<br> **June 30,** | **Six Months Ended**<br> **June 30,** | **Six Months Ended**<br> **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IT Services Revenues – Related Party | 476 | 398 | 953 | 525 |
| &nbsp;&nbsp;&nbsp;**Total Revenues** | $**476** | $**398** | $**953** | $**525** |
| Operating expenses: |  |  |  |  |
| **Cost of revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Developer Payroll | (370) | (308) | (676) | (460) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation |  | (15) | (15) | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Cost of revenues | (2) | (5) | (4) | (14) |
| &nbsp;&nbsp;&nbsp;**Total Cost of Revenues** | $**(372)** | $**(328)** | $**(695)** | $**(503)** |
| **General and administrative** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional services fees | (265) | (322) | (476) | (688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-income taxes | (222) |  | (222) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G&A Payroll | (60) | (142) | (112) | (641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software | (34) | (71) | (77) | (164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease expenses for offices and corporate houses | (18) | (23) | (31) | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization, depreciation and loss on disposal | (9) | (19) | (18) | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Corporate expenses | (37) | (276) | (61) | (502) |
| &nbsp;&nbsp;&nbsp; **Total General and administrative** | $**(645)** | $**(853)** | $**(997)** | $**(2083)** |
| **Loss from operations** | **(541)** | **(783)** | **(739)** | **(2061)** |
| Interest expense, net | (148) | (803) | (327) | (1608) |
| Changes in fair value of financial liabilities, net | (8) |  | (8) |  |
| Legal claims - accruals |  | (41) |  | (2041) |
| Gain (Loss) on extinguishment/issuance of financial debts | (250) | 94 | (250) | 822 |
| SEPA financial expenses, net | (500) |  | (500) | (102) |
| Other income (expenses), net | 11 | (14) | 10 | 33 |
| **Total non-operating expenses, net** | **(895)** | **(764)** | **(1075)** | **(2896)** |
| **Income Taxes** |  |  |  |  |
| **Net loss from continuing operations** | **(1436)** | **(1547)** | **(1814)** | **(4957)** |
| **Net loss from discontinued operations** | **(292)** | **(3)** | **(143)** | **(1112)** |
| **Net loss** | **(1728)** | **(1550)** | **(1957)** | **(6069)** |

---

**Micromobility.com, Inc.** **<br> Notes to Condensed Consolidated Financial Statements<br> *(in thousands, except share and per share data)*<br> *(Unaudited)***<br>

Revenue by geography is based on where the software development was generated. The following table set forth revenue by geographic area for the three and six months ended June 30, 2025, and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br> **June 30,** | **Three Months Ended**<br> **June 30,** | **Six Months Ended**<br> **June 30,** | **Six Months Ended**<br> **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serbia | 476 | 398 | 953 | 525 |
| &nbsp;&nbsp;&nbsp;**Total Revenue** | $**476** | $**398** | $**953** | $**525** |

---

Long-lived assets, net includes property and equipment, intangible assets, goodwill, and other assets. The following table sets forth long-lived assets, net by geographic area as of June 30, 2025, and December 31, 2024.

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **December 31,** |
|  | **2025** | **2024** |
| Serbia | $47 | $52 |
| United States | 29 | 49 |
| **Total long-lived assets** | $**76** | $**101** |

---

**13. Related Party Transactions** 

*<u>2024 Stock Purchase Agreement - Palella Holdings LLC</u>*

On December 31, 2024, following the decision to exit the mobility and media operations in Europe, the Company entered into a Stock Purchase Agreement with a related-party, Palella Holdings LLC, (qualified as related party because it is the Company's major shareholder, and it is fully owned by the former Company's President and Chief Executive Officer) for selling 100% of the equity interest of the European entities, excluding Helbiz Doo (the Serbian entity generating the IT revenues), and the rights, title and interests in all Helbiz brands and platforms owned by the Company. The Stock Purchase Agreement is conditioned on: a) the approval of the Supreme Court of the State of New York, involved in the action taken by a Note Holder for an unsecured note in default, or b) receiving a waiver from such Note Holder.

The Closing conditions had not been satisfied as of June 30, 2025.

*<u>Agreements between Helbiz Media and Everli S.p.A.</u>*

During the year ended December 31, 2024, Helbiz Media, (an Italian subsidiary of micromobility.com involved in the Stock Purchase agreement described above), entered into a Service Supply Agreement with Everli S.p.A. (which is a related party as the Company's major shareholder and former Chief Executive Officer has a majority equity interest in Everli S.p.A.) requiring Helbiz Media to provide design, development, and communication ideas and activities to Everli for one year. Under the terms of the agreement, Everli is to pay the Company $8,584 (including VAT, using June 30, 2025, EURO/USD exchange rate). During the six months ended June 30, 2025, Everli paid 1,515 Euro (approximately $1,786 using June 30, 2025, exchange rate) to Helbiz Media, the amount received, net of VAT, has been recorded as *Deferred Revenues – related party from discontinued operations*.

**Micromobility.com, Inc.** **<br> Notes to Condensed Consolidated Financial Statements<br> *(in thousands, except share and per share data)*<br> *(Unaudited)***<br>

On November 11, 2024, the Company entered into a service agreement with Everli. In detail, Helbiz Media, entered into a Service Agreement for the use of Helbiz Media platform, based on which Helbiz Media grants Everli the exclusive rights to use the platform from December 1, 2024, to November 30, 2029. Under the terms of the service agreement, Everli is to pay the Company $16,418 (including VAT, using June 30, 2025 exchange rate) in two years from the signing date. As of June 30, 2025, the Company does not grant access to the platform to Everli and does not issue any invoice to Everli.

No Revenues have been recorded in the discontinued operations for these two agreements during the six months ended June 30, 2025.

*<u>Agreement between Helbiz Doo and Everli S.p.A.</u>*

During the year ended 2024, Helbiz Doo, the Serbian subsidiary of micromobility.com, entered into a Business Cooperation Agreement with Everli S.p.A. (which is a related party as the Company's major shareholder and former Chief Executive Officer has a majority equity interest in Everli S.p.A.) requiring Helbiz Doo to provide software development services. During the three and six months ended June 30, 2025, pursuant to the Agreement and related amendment, the Company issued invoices amounting to $911, of which $700 have been paid during the six months ended June 30, 2025. The Company recorded $476 and $953 as *IT Services Revenues - Related Party* for the three and six months ended June 30, 2025, respectively, during the same periods of 2024, the Company recorded $398 and $525, respectively.

*<u>Related-Party Promissory Notes</u>*

During the six months ended June 30, 2025, Palella Holdings LLC, which is qualified as a related party because it is the Company's major shareholder, and it is fully owned by the former Company's Chief Executive Officer, provided to the Company $407, under the original Promissory Note with maturity date January 31, 2025, and on an interest free basis. Additionally, during the six months ended June 30, 2025, the Company repaid $317.

As a result of the above transactions, on June 30, 2025, the Company has $318 as outstanding principal. Considering the maturity date, January 31, 2025, the Company was in default for non-payment the principal under the terms of the Promissory Note.

**14. Subsequent Events**

None.

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes. Some of the information contained in this discussion and analysis or set forth elsewhere, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks, uncertainties and assumptions. You should read the "Special Note Regarding Forward-Looking Statements" and "Risk Factors" for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.*

*The following discussion refers to the financial results of micromobility.com, Inc. for the three and six months ended June 30, 2025, and 2024. For purposes of this following discussion the terms "we", 'our" or "us" or "the Company" and similar references refer to micromobility.com, Inc. and our affiliates. Except for per share data and as otherwise indicated, all dollar amounts set out herein are in thousands.* 

**Overview**

micromobility.com, Inc. (together with its subsidiaries, "micromobility.com" or the "Company") was incorporated in the state of Delaware in October 2015 with its headquarters in New York, New York.

During the year ended December 31, 2024, the Company shifted its core business from micromobility and media services to software services. In detail, during 2024 the Helbiz Doo, the Serbian subsidiary of the Company entered into a Service agreement with Everli S.p.A., a related party (an entity controlled by the Company's major shareholder and former President and Chief Executive Officer), for providing software development services and services for preparing it for an initial public offering.

The Company currently has offices in New York and Belgrade.

***Recent events – Discontinued operations***

The Company was an intra-urban transportation and media company, offering affordable, accessible, and sustainable forms of personal transportation, and providing live and non-live media content. During 2024, the Company decided to drastically reduce, and in some areas suspend, its mobility and media operations, both in Italy and the United States of America, due to the high costs and related cash burn.

Following the decision to reduce its mobility and media operations, the Company entered into two Securities Purchase Agreements for selling the mobility and media businesses.

On August 19, 2024, following the indefinite suspension of the mobility business in the United States of America the Company entered into a Securities Purchase Agreement with a third-party, not considered a customer, for selling 100% of the equity interest of Wheels Lab, Inc. ("Wheels"), no closing conditions were included in the Securities Purchase Agreement.

On December 31, 2024, following the decision to reduce the mobility and media operations in Europe, the Company entered into a Stock Purchase Agreement with a related-party, Palella Holdings LLC, (qualified as related party because it is the Company's major shareholder, and it is fully owned by the former Company's President and Chief Executive Officer) for selling 100% of the equity interest of Helbiz Europe Limited (excluding Helbiz Doo and including Helbiz Media) and micromobility.com Italia S.r.l. and the rights, title and interests in all Helbiz brands and platforms owned by the Company. The Stock Purchase Agreement is conditioned on: a) the approval of the Supreme Court of the State of New York, involved in the action taken by a Note Holder for an unsecured note in default, or b) receiving a waiver from such Note Holder.

In January 2025, Helbiz Media paid $1.6 million to LNPB as last payment of the settlement agreement entered in February 2024.

**Consolidated Results of Operations**

The following tables set forth our results of operations for the periods presented and as a percentage of our net revenue for those periods. Percentages presented in the following tables may not sum due to rounding.

***Comparison of the Three and Six months ended June 30, 2025, and 2024***

The following table summarizes our consolidated results of operations from continuing operations for the three and six months ended June 30, 2025, and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;**Revenue – Related Party** | $**476** | $**398** | $**953** | $**525** |
| &nbsp;&nbsp;&nbsp;Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue | 372 | 328 | 695 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 645 | 853 | 997 | 2083 |
| &nbsp;&nbsp;&nbsp;**Total operating expenses** | **1017** | **1181** | **1692** | **2586** |
| &nbsp;&nbsp;&nbsp;**Loss from operations** | **(541)** | **(783)** | **(739)** | **(2061)** |
| &nbsp;&nbsp;&nbsp;Total non-operating expenses, net | (895) | (764) | (1075) | (2896) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Taxes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net loss from continuing operations** | $**(1436)** | $**(1547)** | $**(1814)** | $**(4957)** |

---

The following table shows our results of operations from continuing operations as a percentage of our revenues from continuing operations for those periods. Percentages presented in the following tables may not sum due to rounding.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;**Revenue – Related Party** | **100%** | **100%** | **100%** | **100%** |
| &nbsp;&nbsp;&nbsp;Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue | 78% | 82% | 73% | 96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 136% | 214% | 105% | 397% |
| &nbsp;&nbsp;&nbsp;**Total operating expenses** | **214%** | **297%** | **178%** | **493%** |
| &nbsp;&nbsp;&nbsp;**Loss from operations** | **(114)%** | **(197)%** | **(78)%** | **(393)%** |
| &nbsp;&nbsp;&nbsp;Total non-operating expenses, net | (188)% | (192)% | (113)% | (552)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Taxes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net loss from continuing operations** | $**(302)%** | $**(389)%** | $**(190)%** | $**(944)%** |

---

The following table summarizes our consolidated results of operations from discontinued operations for the three and six months ended June 30, 2025, and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;**Revenue** | $— | $**389** | $**339** | $**833** |
| &nbsp;&nbsp;&nbsp;Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue | 44 | 649 | 117 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing |  | 311 |  | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 56 | 316 | 115 | 614 |
| &nbsp;&nbsp;&nbsp;**Total operating expenses** | **100** | **1276** | **232** | **2757** |
| &nbsp;&nbsp;&nbsp;**Income (Loss) from operations for discontinued operations** | **(100)** | **(887)** | **107** | **(1924)** |
| &nbsp;&nbsp;&nbsp;Total non-operating income (expenses), net | (192) | 884 | (250) | 812 |
| &nbsp;&nbsp;&nbsp;**Net loss from discontinued operations** | $**(292)** | $**(3)** | $**(143)** | $**(1112)** |

---

***Revenues***

The following table summarizes our net revenues for continuing and discontinued operations for the three and six months ended June 30, 2025, and 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | | **Six Months Ended June 30,** | **Six Months Ended June 30,** | |
|  | **2025** | **2024** |<br>**% Change** | **2025** | **2024** |<br>**% Change** |
| IT Services Revenues – Related party | $476 | $398 | 20% | $953 | $525 | 82% |
| **Total Revenues from continuing operations – Related Party** | $**476** | $**398** | **20%** | $**953** | $**525** | **82%** |
| **Total Revenues from discontinued operations – Third Party** |  | $**389** |  | $**339** | $**833** | **(59)%** |

---

 *Revenues from continuing operations*

 

Total Revenues from continuing operations are related to a service agreement entered in February 2024 between Helbiz Doo and Everli which is a related party as the Company's major shareholder and former Chief Executive Officer has a majority equity interest in Everli. The Service Agreement requires the Company to provide software development services for Everli.

The increase amounted to $78 and $428 comparing the three and six months ended June 30, 2025, with three and six months ended June 30, 2024, respectively, it's mainly explained by the increase in the IT activities requested by Everli to Helbiz Doo.

*Revenues from discontinued operations*

Total Revenues from discontinued operations recorded during the six months ended June 30, 2025 is related to a non-recurring event: the expiration and deletion of the US mobility wallets.

***Cost of Revenues***

The following table summarizes our Cost of Revenues for continuing and discontinued operations for the three and six months ended June 30, 2025, and 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | | **Six months ended June 30,** | **Six months ended June 30,** | |
|  | **2025** | **2024** |<br>**% Change** | **2025** | **2024** |<br>**% Change** |
| &nbsp;&nbsp;&nbsp;IT Developer Payroll | $370 | $308 | 20% | $676 | $460 | 47% |
| &nbsp;&nbsp;&nbsp;Depreciation |  | 15 |  | 15 | 29 | (49)% |
| &nbsp;&nbsp;&nbsp;Other Cost of revenues | 2 | 5 | (58)% | 4 | 14 | (71)% |
| **Total - Cost of revenues from continuing operations** | **372** | **328** | **13%** | **695** | **503** | **38%** |
| **Total - Cost of revenues from discontinued operations** | **44** | **649** | **(93)%** | **117** | **1557** | **(92)%** |

---

*Cost of Revenues from continuing operations*

Cost of Revenues from continuing operations increased by $44 or 13% from $328 for the three months ended June 30, 2024, to $372 for the three months ended June 30, 2025, and by $192 or 38% from $503 for the six months ended June 30, 2024, to $695 for the six months ended June 30, 2025.

The increase is mainly related to the increase in IT Developer payroll expenses which increased as a result of the IT workforce increase. In detail, IT developers employed by the Company are fully involved in the software development activities for Everli.

*Cost of Revenues from discontinued operations*

Cost of Revenue from discontinued operations is mainly related to media and mobility businesses expenses and showed a decrease of $605, or 93%, from $649 for the three months ended June 30, 2024, to $44 for the three months ended June 30, 2025, and a decrease of $1,440, or 92%, from $1,557 for the six months ended June 30, 2024, to $117 for the six months ended June 30, 2025. The decrease is in line with the Company decision to exit these businesses.

***General and Administrative***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended**<br> **June 30,** | **Three months ended**<br> **June 30,** | | **Six months ended** <br> **June 30,** | **Six months ended** <br> **June 30,** | |
|  | **2025** | **2024** |<br>**% Change** | **2025** | **2024** |<br>**% Change** |
| Professional services fees | $265 | $322 | (18)% | $476 | $688 | (31)% |
| Non-income taxes | 222 |  |  | 222 |  |  |
| G&A Payroll | 60 | 142 | (58)% | 112 | 641 | (83)% |
| Software | 34 | 71 | (52)% | 77 | 164 | (53)% |
| Lease expenses for offices and corporate houses | 18 | 23 | (22)% | 31 | 50 | (38)% |
| Amortization, depreciation and loss on disposal | 9 | 19 | (53)% | 18 | 38 | (53)% |
| Other Corporate expenses | 37 | 276 | (87)% | 61 | 502 | (88)% |
| **Total – General and administrative from continuing operations** | **645** | **853** | **(24)%** | **997** | **2083** | **(52)%** |
| **Total – General and administrative from discontinued operations** | **56** | **316** | **(82)%** | **115** | **614** | **(81)%** |

---

 

*General and administrative expenses from continuing operations*

General and Administrative expenses from continuing operations decreased by $208 or 24% from $853 for the three months ended June 30, 2024, to $645 for the three months ended June 30, 2025, and by $1,086 or 52% from $2,083 for the six months ended June 30, 2024, to $997 for the six months ended June 30, 2025. General and administrative expenses recorded for the three and six months ended June 30, 2025, is highly impacted by a non-recurring expenses amounted to $222 related to a non-income taxes due for filing tax extensions.

The decrease is mainly driven by the following reasons: a) reduction of professional services, highly impacted by the decrease of legal fees, b) decrease of workforce, including executives generating a decrease in G&A Payroll; c) reduction of Software expenses, several IT agreements were terminated and not renewed, d) exit from lease agreements related to offices, not renewed, e) general decrease of corporate expenses following the decision to drastically reduce the Company's cash burn.

*General and administrative expenses from discontinued operations*

General and Administrative expenses from discontinued operations decreased by $260 or 82% from $316 for the three months ended June 30, 2024, to $56 for the three months ended June 30, 2025, and by $499 or 81% from $614 for the six months ended June 30, 2024, to $115 for the six months ended June 30, 2025. The decrease is in line with the Company's disinvestment of media and mobility businesses and the decision to reduce the cash burn by these operations.

**Total non-operating income (expense), net from continuing operations**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended**<br> **June 30,** | **Three months ended**<br> **June 30,** | | **Six months ended** <br> **June 30,** | **Six months ended** <br> **June 30,** | |
|  | **2025** | **2024** |<br>**% Change** | **2025** | **2024** |<br>**% Change** |
| Interest expense, net | $(148) | $(803) | (82)% | $(327) | $(1608) | (80)% |
| Gain (loss) on extinguishment/issuance of financial debts | (250) | 94 | (366)% | (250) | 822 | (130)% |
| Changes in fair value of financial liabilities, net | (8) |  |  | (8) |  |  |
| Legal claims - accruals |  | (41) |  |  | (2041) |  |
| SEPA financial expenses, net | (500) |  |  | (500) | (102) | (390)% |
| Other income (expenses), net | 11 | (14) | (179)% | 10 | 33 | (70)% |
| **Total non-operating expenses, net from continuing operations** | $**(895)** | $**(764)** | **17%** | $**(1075)** | $**(2896)** | **(63)%** |

---

Non-operating expenses, net decreased by 17% or $131 comparing the three months ended June 30, 2025 with the three months ended June 30, 2024; and decreased by 63% or $1,821 comparing the six months ended June 30, 2025 with the six months ended June 30, 2024.

*Interest expenses, net*

Interest expenses decreased by $655, or 82%, from $803 for the three months ended June 30, 2024, to $148 for the three months ended June 30, 2025, and by $1,281, or 80%, from $1,608 for the six months ended June 30, 2024, to $327 for the six months ended June 30, 2025. The amount recorded as interest expenses, net for the three and six months ended June 30, 2025 is only related to the Secured Convertible loan (Related Party), because the other financial liabilities recorded in the consolidated condensed balance sheet as of June 30, 2025 are:

- Promissory note with zero interest rate;

- 2025 convertible note recorded at fair value with changes recorded in *Changes in fair value of financial liabilities, net;*

- Unsecured loans overdue for which the company is not accruing interest expenses.

*Gain (loss) on extinguishment/issuance of financial debts*

Loss on extinguishment/issuance of debts amounted to $250 for the six months ended June 30, 2025 is related to the issuance of the 2025 Convertible Note. In detail, the Company has elected the fair value option to account for the mentioned financial instrument. The Company recorded the Note at fair value upon issuance, amounted to $2,750, based on a third-party valuation. The difference between the fair value and the cash proceeds received, amounting to $250 has been recorded in the condensed consolidated statement of operations for the six months ended June 30, 2025 as *Loss on extinguishment of financial debts, net*.

Gain on extinguishment of debt amounted to $822 for the six months ended June 30, 2024 is related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) an Amendment Agreement entered by the Company with the holder of an unsecured
Note previously issued by Wheels Lab Inc (entity acquired in 2022). In detail, the Company settled $734 of the aforementioned Unsecured
Note by issuing 928,942 Class A Common Stock in March 2024, for the reduction of the Company's share price from the Amendment date
to the issuance date the Company recorded a gain amounted to $728, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) a conversion agreement was reached with Palella Holdings LLC (a related
party) for the conversion of a portion of a promissory note outstanding. In detail, on June 10, 2024, the Company and the Note holder
agreed to convert a portion of the Note amounting to $705 into 47,029,465 shares of the Company's Class A Common Stock using a conversion
price of $0.015, the Company records a gain amounted to $94 using the closing market price on the issuance date.

*SEPA financial expenses, net*

SEPA financial expenses, net, recorded during the first half of 2025 is related to a commitment fee for entering into the 2025 SEPA on April 21, 2025.

SEPA financial expenses, net, recorded during the first half of 2024 were related to the multiple advance notices delivered by the Company, under the 2023 SEPA, for the sale of 35,400,000 Class A Common Shares, resulting in cumulative gross proceeds of $564.

**Liquidity and Capital Resources** 

Since our inception, we have financed our operations primarily with proceeds from outside sources of invested capital. We have had, and expect that we will continue to have, an ongoing need to raise additional cash from outside sources to fund our operations and expand our business. If we are unable to raise additional capital when desired, our business, financial condition and results of operations would be harmed. Successful transition to attaining profitable operations depends upon achieving a level of revenues adequate to support our cost structure.

As of June 30, 2025, our principal sources of liquidity were cash and cash equivalents of $71.

On April 21, 2025, the Company entered into a Standby Equity Purchase Agreement ("2025 SEPA") with YA II PN, Ltd. Pursuant to the SEPA, the Company has the right, but not the obligation, to sell to YA II PN, Ltd up to $25 million, of its shares of Common Stock at any time during the 36 months. To request a purchase, the Company submits an Advance Notice to YA specifying the number of shares, it intends to sell.

We plan to continue to fund our operations and expansion plan, through debt and equity financing, for the next twelve months.

We may be required to seek additional equity or debt financing. Our future capital requirements will depend on many factors, including our growth and expanded operations. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all.

***Indebtedness***

The following table summarizes our indebtedness as of June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** |
|  | **Continuing Operations** | **Discontinued Operations** |
| Secured Convertible loan, net (Related-Party) | 6625 |  |
| Promissory Note (Related-Party) | 318 |  |
| 2025 Convertible note, net (Third-Party) | 415 |  |
| Unsecured loans, net (Third-Party) | 3854 | 1963 |
| Advances from bank (Third-Party) |  | 13537 |
| Other financial liabilities (Third-Party) | 97 |  |
| **Total Financial Liabilities, net** | **11309** | **15500** |
| **Of which classified as Current Financial Liabilities, net** | **11309** | **15500** |

---

As of June 30, 2025, the Company is in default for non-payment under the terms of the Secured Convertible loan, Promissory notes and the Unsecured loans. In October 30, 2024, the Company received a judgment against it from the Supreme Court of the State of New York for the payment of the full principal, interest and costs and disbursements in connection with the one of unsecured loan for approximately $2,454. The Company is currently identifying and evaluating the alternative paths for facing the judgement and for renegotiating with Palella Holdings LLC and the other unsecured loan holders new re-payment plans.

**Securities outstanding as of June 30, 2025**

As of June 30, 2025, we had the following outstanding securities:

---

| | |
|:---|:---|
|  | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;Class A Common Shares | 92214637 |
| **Total Common Shares outstanding** | **92214637** |
| &nbsp;&nbsp;&nbsp;Preferred stock |  |
| **Total Preferred Stock outstanding** |  |
| &nbsp;&nbsp;&nbsp;Warrants | 2641 |
| &nbsp;&nbsp;&nbsp;Stock Option Plans | 970 |
| &nbsp;&nbsp;&nbsp;Restricted Stocks granted | 21 |
| **Total Warrants, Restricted Stocks and Stock Options outstanding** | **3632** |

---

*Common Shares and Preferred stocks*

As of June 30, 2025, the Company's charter authorized the issuance of up to 900,000,000 shares of Class A common stock, $0.00001 par value per share, and 100,000,000 shares of preferred stock at $0.00001 par value per share.

**Related Party Transactions**

*<u>2024 Stock Purchase Agreement - Palella Holdings LLC</u>*

On December 31, 2024, following the decision to exit the mobility and media operations in Europe, the Company entered into a Stock Purchase Agreement with a related-party, Palella Holdings LLC, (qualified as related party because it is the Company's major shareholder, and it is fully owned by the former Company's President and Chief Executive Officer) for selling 100% of the equity interest of the European entities, excluding Helbiz Doo (the Serbian entity generating the IT revenues), and the rights, title and interests in all Helbiz brands and platforms owned by the Company. The Stock Purchase Agreement is conditioned on: a) the approval of the Supreme Court of the State of New York, involved in the action taken by a Note Holder for an unsecured note in default, or b) receiving a waiver from such Note Holder.

The Closing conditions had not been satisfied as of June 30, 2025.

*<u>Agreements between Helbiz Media and Everli S.p.A.</u>*

During the year ended December 31, 2024, Helbiz Media, (an Italian subsidiary of micromobility.com involved in the Stock Purchase agreement described above), entered into a Service Supply Agreement with Everli S.p.A. (which is a related party as the Company's major shareholder and former Chief Executive Officer has a majority equity interest in Everli S.p.A.) requiring Helbiz Media to provide design, development, and communication ideas and activities to Everli for one year. Under the terms of the agreement, Everli is to pay the Company $8,584 (including VAT, using June 30, 2025, EURO/USD exchange rate). During the six months ended June 30, 2025, Everli paid 1,515 Euro (approximately $1,786 using June 30, 2025, exchange rate) to Helbiz Media, the amount received, net of VAT, has been recorded as *Deferred Revenues – related party from discontinued operations*.

On November 11, 2024, the Company entered into a service agreement with Everli. In detail, Helbiz Media, entered into a Service Agreement for the use of Helbiz Media platform, based on which Helbiz Media grants Everli the exclusive rights to use the platform from December 1, 2024 to November 30, 2029. Under the terms of the service agreement, Everli is to pay the Company $16,418 (including VAT, using June 30, 2025 exchange rate) in two years from the signing date. As of June 30, 2025, the Company does not grant access to the platform to Everli and does not issue any

No Revenues have been recorded in the discontinued operations for these two agreements during the three and six months ended June 30, 2025.

*<u>Agreement between Helbiz Doo and Everli S.p.A.</u>*

During the year ended 2024, Helbiz Doo, the Serbian subsidiary of micromobility.com, entered into a Business Cooperation Agreement with Everli S.p.A. (which is a related party as the Company's major shareholder and former Chief Executive Officer has a majority equity interest in Everli S.p.A.) requiring Helbiz Doo to provide software development services. During the three and six months ended June 30, 2025, pursuant to the Agreement and related amendment, the Company issued invoices amounting to $911, of which $700 have been paid during the six months ended June 30, 2025. The Company recorded $476 and $953 as *IT Services Revenues - Related Party* for the three and six months ended June 30, 2025, respectively, during the same periods of 2024, the Company recorded $398 and $525, respectively.

*<u>Related-Party Promissory Notes</u>*

During the six months ended June 30, 2025, Palella Holdings LLC, which is qualified as a related party because it is the Company's major shareholder, and it is fully owned by the former Company's Chief Executive Officer, provided to the Company $407, under the original Promissory Note with maturity date January 31, 2025, and on an interest free basis. Additionally, during the six months ended June 30, 2025, the Company repaid $317.

As a result of the above transactions, on June 30, 2025, the Company has $318 as outstanding principal. Considering the maturity date, January 31, 2025, the Company was in default for non-payment the principal under the terms of the Promissory Note.

**Litigation**

The Company is from time to time involved in legal proceedings, claims, and regulatory matters, indirect tax examinations or government inquiries and investigations that may arise in the ordinary course of business. Certain of these matters include speculative claims for substantial or indeterminate amounts of damages.

The Company records a liability when the Company believes that it is both probable that a loss has been incurred and the amount can be reasonably estimated. If the Company determines that a loss is reasonably possible and the loss or range of loss can be estimated, the Company discloses the possible loss in the condensed consolidated financial statements. The Company reviews the developments in contingencies that could affect the amount of the provisions that have been previously recorded. The Company adjusts provisions and changes to disclosures accordingly to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and updated information. Significant judgment is required to determine both the probability and the estimated amount of any potential losses and many of the legal proceedings are early in the discovery stage and unresolved.

As of June 30, 2025, and December 31, 2024, the Company concluded that no losses on litigation were probable and reasonable estimable.

During the year ended December 31, 2024, the Company was named as a defendant in an action brought in the Supreme Court of New York County, New York, for which a motion for summary judgment was entered into in October 2024 against the Company. The case is captioned Bernheim Investment Fund SICAV, vs. Micromobility.om Inc. The court's order granting summary judgment awarded the plaintiff for the full amount of principal and interest overdue. The amount is recorded as *Short-term financial liabilities* in the consolidated financial statement, amounting to $2,454; because it is related to the 2022 unsecured note that the Company issued in July, 2022 in exchange for 2,000 Euro with 6.75% as interest on an annual basis. The Company is currently identifying and evaluating the alternative paths for facing the judgement.

The Company is also involved in certain claims where the losses are not considered to be reasonably estimable or possible; for these claims the range of potential loss is between 0 to $300.

**Critical Accounting Estimates**

Our management's discussion and analysis of financial condition and results of operations is based on our condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of our condensed consolidated financial statements and related disclosures requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, costs and expenses and the disclosure of contingent assets and liabilities in our condensed consolidated financial statements. We base our estimates on historical experience, known trends and events and various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We evaluate our estimates and assumptions on an ongoing basis. Our actual results may differ from these estimates under different assumptions or conditions.

We consider an accounting estimate to be critical if: (1) the accounting estimate requires us to make assumptions about matters that were highly uncertain at the time the accounting estimate was made, and (2) changes in the estimate that are reasonably likely to occur from period to period, or use of different estimates that we reasonably could have used in the current period, would have a material impact on our financial condition or results of operations. We did not identify any critical accounting estimate as defined above.

**Off-Balance Sheet Arrangements**

The Company did not have, during the periods presented, and it does not currently have, any off-balance sheet arrangements, as defined in the rules and regulations of the Securities and Exchange Commission.

**Item 3. Quantitative and Qualitative Disclosures about Market Risks**

Not applicable.

**Item 4. Controls and Procedures**

*Evaluation of Disclosure Controls and Procedures*

Our management, with the participation of our principal executive officer and our principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2025. Based on such evaluation, due to a material weakness in internal control over financial reporting described below, our principal executive officer and principal financial officer concluded our disclosure controls and procedures (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) were not effective as of such date to provide reasonable assurance that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

*Material Weakness*

Our management's conclusion that our disclosure controls and procedures were ineffective was due to the identification of a material weakness in our internal control over financial reporting in connection with the preparation of our Financial Statements. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim consolidated financial statements would not be prevented or detected on a timely basis. Our management identified the following material weakness in our internal control over financial reporting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have insufficiently designed and operating controls surrounding the
accounting policies and controls, including standardized reconciliation schedules to ensure the company's books and records are maintained
in accordance with U.S. GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Due to the company's size and nature, segregation of all duties may not be possible and may not be economically feasible.

Notwithstanding the identified material weakness, management believes that the condensed consolidated financial statements included in this Form 10-Q present fairly, in all material respects, our consolidated financial position, consolidated results of operations, and consolidated cash flows as of and for the periods presented in accordance with U.S. GAAP.

*Changes in Internal Control Over Financial Reporting*

There has been no change in our internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. However, we expect to make changes to our internal control over financial reporting in the future to remediate the material weakness identified above.

**PART II - OTHER INFORMATION**

**Item 1. Legal Proceedings**

From time to time, we are involved in legal proceedings arising in the ordinary course of business, and we may continue to be involved in such legal proceedings.

During the year ended December 31, 2024, we were named as a defendant in an action brought in the Supreme Court of New York County, New York, for which a motion for summary judgment was entered into in October 2024 against us. The case is captioned Bernheim Investment Fund SICAV, vs. Micromobility.om Inc. The court's order granting summary judgment awarded the plaintiff for the full amount of principal and interest overdue. The amount is recorded as *Short-term financial liabilities* in our condensed consolidated unaudited financial statements for the period ended June 30, 2025, amounting to $2,454 because it is related to the 2022 unsecured note that the Company issued in July, 2022 in exchange for 2,000 Euro with 6.75% as interest on an annual basis. The judgment remains outstanding as of the date hereof.

As of June 30, 2025, we concluded that no losses on litigations were probable and reasonable estimable.

Since our annual report on Form 10-K for the year ended December 31, 2024, we have not been named as a party to any additional legal proceedings, and there are no material updates to any previously disclosed legal proceedings.

**Item 1A. Risk Factors**

Although as a Smaller Reporting Company we are not required to provide this information, we refer you to the sections of our annual report on Form 10-K filed on April 15, 2025.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

There have been no sales of unregistered equity securities that we have not previously disclosed in filings with the U.S. Securities and Exchange Commission.

**Item 3. Defaults Upon Senior Securities**

As noted under legal proceedings and financial liabilities, we have failed to make payments that were due on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an unsecured note issued on July 15, 2022. As a result, the Supreme Court
of the State of New York issued a judgment against us for payment of $2.5 million in principal, interest and costs and disbursements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a secured convertible loan due on December 8, 2024, for principal and
interests amounted to $6.6 million as of June 30, 2025. The secured loan holder is a related party, Palella Holdings LLC (Company's
major shareholder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an unsecured promissory note issued on an interest free basis and due
on January 31, 2025, for principal amounted to $0.3 million as of June 30, 2025. The secured loan holder is a related party, Palella Holdings
LLC (Company's major shareholder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an unsecured promissory note assumed from a business combination due
on December 15, 2024, for principal amounted to $1.4 million as of June 30, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• long-term bank loan entered in 2020, for principal and interests amounted to $1.6 million as of June
30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• long-term bank loans assumed from a business combination, for principal and interests amounted to $0.4
million as of June 30, 2025.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

None

**Item 6. Exhibits**

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

---

| | |
|:---|:---|
| **Exhibit**<br>**No.** | <br>**Description** |
| 31.1\* | [Certification of Principal Executive Officer and Principal Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act](ex31x1.htm) |
| 32.1\*\* | [Certification of Principal Executive Officer and Principal Accounting Officer Pursuant to Section 906 of the Sarbanes-Oxley Act](ex32x1.htm) |
| 101.INS\* | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104\* | Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set. |

---

\* Filed herewith.

\*\* Furnished herewith.

**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.

---

| | | |
|:---|:---|:---|
|  | **micromobility.com, Inc.** | **micromobility.com, Inc.** |
| Date:August 5, 2025 | By: | /s/ Gian Luca Spriano |
|  | Name: | Gian Luca Spriano |
|  | Title: | Chief Executive Officer, Chief Financial Officer and Acting Principal Accounting Officer |

---

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER (ACTING PRINCIPAL ACCOUNTING OFFICER) PURSUANT TO RULE 13A-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Gian Luca Spriano, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of micromobility.com, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 presented in this report;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report my 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's
internal control over financial 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

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

---

| | |
|:---|:---|
| Date: August 5, 2025 | <u>/s/ Gian Luca Spriano</u><br> Gian Luca Spriano<br> Chief Executive Officer, Chief Financial Officer and<br> Acting Principal Accounting 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 the Quarterly Report of micromobility.com, Inc. (the "Company") on Form 10-Q for the quarterly period ended June 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Gian Luca Spriano, Chief Executive Officer and Chief Financial Officer (Acting Principal Accounting Officer) of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;2. To my knowledge, the information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

---

| | |
|:---|:---|
| Date: August 5, 2025 | <u>/s/ Gian Luca Spriano</u><br> Gian Luca Spriano<br> Chief Executive Officer, Chief Financial Officer and<br> Acting Principal Accounting Officer |

---