Wed, Jul 17, 8:21 PM (52 days ago)
Micromobility.com, Inc. reported a significant decline in revenue for Q2 2024, with a 77% decrease to $787,000 compared to $3.5 million in Q2 2023. Operating expenses also dropped by 93% due to reduced media costs and exiting unprofitable markets. Despite these cuts, the company reported a net loss of $1.55 million, significantly less than the $34.2 million loss in the same quarter last year. Cash and cash equivalents were $162,000, with total assets at $4.7 million against liabilities of $52.7 million, indicating ongoing financial strain. The company remains reliant on external funding and is currently in default on a $2.4 million unsecured note. Legal contingencies are estimated between $0.7 million and $10 million. Future operations depend heavily on obtaining additional financing.