MCOM

micromobility.com is the wreckage of the former Helbiz mobility/media business, not a going concern you can underwrite. Continuing revenue fell 85.6% to just $1.42M in FY2024, and the MD&A is explicit that 100% of it ("Related party 1,422") came from a single software-services contract with Everli S.p.A., an entity controlled by the company's major shareholder and former CEO. That is not a market-tested business — it is intercompany billing. The core mobility and media operations were "drastically reduced" or "suspended" for high cash burn and sold off (Wheels to a third party; Helbiz Europe and micromobility.com Italia to related party Palella Holdings). The headline $8.15M net income is a bookkeeping mirage: operations lost $2.30M (operating margin -162%), and the profit exists only because discontinued operations booked a $13.97M non-operating gain on disposal. The '573% net margin' and '0.0 P/E' are artifacts, not earnings power.

The balance sheet is insolvent. Total liabilities of $35.3M dwarf $2.14M of assets, leaving stockholders' equity at -$33.2M against an accumulated deficit of -$243M. Cash is $84K — effectively nothing — against $34.4M of current liabilities, so current assets cover barely 5% of near-term obligations. The MD&A discloses a noteholder has already sued in the Supreme Court of the State of New York over an unsecured note in default, and the sale of the European business is *conditioned* on either that court's approval or a waiver from that noteholder. In other words, a creditor in default litigation effectively controls whether the company can complete its own restructuring.