0001788841 false 12/31 2021 Q3 0001788841 2021-01-01 2021-09-30 0001788841 hlbz:ClassCommonStock0.00001ParValueMember 2021-01-01 2021-09-30 0001788841 hlbz:RedeemableWarrantsEachWarrantExercisableForOneShareOfClassCommonStockMember 2021-01-01 2021-09-30 0001788841 2021-11-11 0001788841 2021-09-30 0001788841 2020-12-31 0001788841 hlbz:ConvertiblePreferredStockSeriesAMember 2021-09-30 0001788841 hlbz:ConvertiblePreferredStockSeriesAMember 2020-12-31 0001788841 hlbz:ConvertiblePreferredStockSeriesBMember 2021-09-30 0001788841 hlbz:ConvertiblePreferredStockSeriesBMember 2020-12-31 0001788841 hlbz:ConvertiblePreferredStockSeriesBMember 2021-09-30 0001788841 hlbz:ClassACommonStockMember 2021-09-30 0001788841 hlbz:ClassACommonStockMember 2020-12-31 0001788841 hlbz:ClassBCommonStockMember 2021-09-30 0001788841 hlbz:ClassBCommonStockMember 2020-12-31 0001788841 2021-07-01 2021-09-30 0001788841 2020-07-01 2020-09-30 0001788841 2020-01-01 2020-09-30 0001788841 us-gaap:CommonStockMember 2020-12-31 0001788841 hlbz:SubscriptionreceivablesMember 2020-12-31 0001788841 us-gaap:RetainedEarningsMember 2020-12-31 0001788841 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001788841 hlbz:ConvertiblePreferredStockSeriesAMember 2021-01-01 2021-03-31 0001788841 hlbz:ConvertiblePreferredStockSeriesBMember 2021-01-01 2021-03-31 0001788841 hlbz:ClassACommonStockMember 2021-01-01 2021-03-31 0001788841 hlbz:ClassBCommonStockMember 2021-01-01 2021-03-31 0001788841 us-gaap:CommonStockMember 2021-01-01 2021-03-31 0001788841 hlbz:SubscriptionreceivablesMember 2021-01-01 2021-03-31 0001788841 us-gaap:RetainedEarningsMember 2021-01-01 2021-03-31 0001788841 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-03-31 0001788841 2021-01-01 2021-03-31 0001788841 hlbz:ConvertiblePreferredStockSeriesAMember 2021-03-31 0001788841 hlbz:ConvertiblePreferredStockSeriesBMember 2021-03-31 0001788841 hlbz:ClassACommonStockMember 2021-03-31 0001788841 hlbz:ClassBCommonStockMember 2021-03-31 0001788841 us-gaap:CommonStockMember 2021-03-31 0001788841 hlbz:SubscriptionreceivablesMember 2021-03-31 0001788841 us-gaap:RetainedEarningsMember 2021-03-31 0001788841 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-31 0001788841 2021-03-31 0001788841 hlbz:ConvertiblePreferredStockSeriesAMember 2021-04-01 2021-06-30 0001788841 hlbz:ConvertiblePreferredStockSeriesBMember 2021-04-01 2021-06-30 0001788841 hlbz:ClassACommonStockMember 2021-04-01 2021-06-30 0001788841 hlbz:ClassBCommonStockMember 2021-04-01 2021-06-30 0001788841 us-gaap:CommonStockMember 2021-04-01 2021-06-30 0001788841 hlbz:SubscriptionreceivablesMember 2021-04-01 2021-06-30 0001788841 us-gaap:RetainedEarningsMember 2021-04-01 2021-06-30 0001788841 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-04-01 2021-06-30 0001788841 2021-04-01 2021-06-30 0001788841 hlbz:ConvertiblePreferredStockSeriesAMember 2021-06-30 0001788841 hlbz:ConvertiblePreferredStockSeriesBMember 2021-06-30 0001788841 hlbz:ClassACommonStockMember 2021-06-30 0001788841 hlbz:ClassBCommonStockMember 2021-06-30 0001788841 us-gaap:CommonStockMember 2021-06-30 0001788841 hlbz:SubscriptionreceivablesMember 2021-06-30 0001788841 us-gaap:RetainedEarningsMember 2021-06-30 0001788841 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30 0001788841 2021-06-30 0001788841 hlbz:ConvertiblePreferredStockSeriesAMember 2021-07-01 2021-09-30 0001788841 hlbz:ConvertiblePreferredStockSeriesBMember 2021-07-01 2021-09-30 0001788841 hlbz:ClassACommonStockMember 2021-07-01 2021-09-30 0001788841 hlbz:ClassBCommonStockMember 2021-07-01 2021-09-30 0001788841 us-gaap:CommonStockMember 2021-07-01 2021-09-30 0001788841 hlbz:SubscriptionreceivablesMember 2021-07-01 2021-09-30 0001788841 us-gaap:RetainedEarningsMember 2021-07-01 2021-09-30 0001788841 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-07-01 2021-09-30 0001788841 us-gaap:CommonStockMember 2021-09-30 0001788841 hlbz:SubscriptionreceivablesMember 2021-09-30 0001788841 us-gaap:RetainedEarningsMember 2021-09-30 0001788841 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-09-30 0001788841 hlbz:ConvertiblePreferredStockSeriesAMember 2019-12-31 0001788841 hlbz:ConvertiblePreferredStockSeriesBMember 2019-12-31 0001788841 hlbz:ClassACommonStockMember 2019-12-31 0001788841 hlbz:ClassBCommonStockMember 2019-12-31 0001788841 us-gaap:CommonStockMember 2019-12-31 0001788841 hlbz:SubscriptionreceivablesMember 2019-12-31 0001788841 us-gaap:RetainedEarningsMember 2019-12-31 0001788841 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001788841 2019-12-31 0001788841 hlbz:ConvertiblePreferredStockSeriesAMember 2020-01-01 2020-03-31 0001788841 hlbz:ConvertiblePreferredStockSeriesBMember 2020-01-01 2020-03-31 0001788841 hlbz:ClassACommonStockMember 2020-01-01 2020-03-31 0001788841 hlbz:ClassBCommonStockMember 2020-01-01 2020-03-31 0001788841 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0001788841 hlbz:SubscriptionreceivablesMember 2020-01-01 2020-03-31 0001788841 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0001788841 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0001788841 2020-01-01 2020-03-31 0001788841 hlbz:ConvertiblePreferredStockSeriesAMember 2020-03-31 0001788841 hlbz:ConvertiblePreferredStockSeriesBMember 2020-03-31 0001788841 hlbz:ClassACommonStockMember 2020-03-31 0001788841 hlbz:ClassBCommonStockMember 2020-03-31 0001788841 us-gaap:CommonStockMember 2020-03-31 0001788841 hlbz:SubscriptionreceivablesMember 2020-03-31 0001788841 us-gaap:RetainedEarningsMember 2020-03-31 0001788841 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0001788841 2020-03-31 0001788841 hlbz:ConvertiblePreferredStockSeriesAMember 2020-04-01 2020-06-30 0001788841 hlbz:ConvertiblePreferredStockSeriesBMember 2020-04-01 2020-06-30 0001788841 hlbz:ClassACommonStockMember 2020-04-01 2020-06-30 0001788841 hlbz:ClassBCommonStockMember 2020-04-01 2020-06-30 0001788841 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0001788841 hlbz:SubscriptionreceivablesMember 2020-04-01 2020-06-30 0001788841 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001788841 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0001788841 2020-04-01 2020-06-30 0001788841 hlbz:ConvertiblePreferredStockSeriesAMember 2020-06-30 0001788841 hlbz:ConvertiblePreferredStockSeriesBMember 2020-06-30 0001788841 hlbz:ClassACommonStockMember 2020-06-30 0001788841 hlbz:ClassBCommonStockMember 2020-06-30 0001788841 us-gaap:CommonStockMember 2020-06-30 0001788841 hlbz:SubscriptionreceivablesMember 2020-06-30 0001788841 us-gaap:RetainedEarningsMember 2020-06-30 0001788841 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001788841 2020-06-30 0001788841 hlbz:ConvertiblePreferredStockSeriesAMember 2020-07-01 2020-09-30 0001788841 hlbz:ConvertiblePreferredStockSeriesBMember 2020-07-01 2020-09-30 0001788841 hlbz:ClassACommonStockMember 2020-07-01 2020-09-30 0001788841 hlbz:ClassBCommonStockMember 2020-07-01 2020-09-30 0001788841 us-gaap:CommonStockMember 2020-07-01 2020-09-30 0001788841 hlbz:SubscriptionreceivablesMember 2020-07-01 2020-09-30 0001788841 us-gaap:RetainedEarningsMember 2020-07-01 2020-09-30 0001788841 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-07-01 2020-09-30 0001788841 hlbz:ConvertiblePreferredStockSeriesAMember 2020-09-30 0001788841 hlbz:ConvertiblePreferredStockSeriesBMember 2020-09-30 0001788841 hlbz:ClassACommonStockMember 2020-09-30 0001788841 hlbz:ClassBCommonStockMember 2020-09-30 0001788841 us-gaap:CommonStockMember 2020-09-30 0001788841 hlbz:SubscriptionreceivablesMember 2020-09-30 0001788841 us-gaap:RetainedEarningsMember 2020-09-30 0001788841 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-09-30 0001788841 2020-09-30 0001788841 hlbz:GRNMember 2021-08-01 2021-08-12 0001788841 hlbz:GRNMember 2021-08-12 0001788841 hlbz:GRNMember us-gaap:WarrantMember 2021-08-12 0001788841 hlbz:GRNVMember 2021-08-01 2021-08-12 0001788841 us-gaap:OtherIntangibleAssetsMember 2020-12-31 0001788841 2021-04-02 0001788841 2021-03-25 2021-04-02 0001788841 hlbz:MiMotoMember 2021-04-02 0001788841 hlbz:GovernmentRelationshipMember 2021-04-02 0001788841 us-gaap:CustomerRelationshipsMember 2021-04-02 0001788841 2021-04-01 2021-09-30 0001788841 2021-08-12 0001788841 hlbz:GRNVSponsorsMember 2021-08-01 2021-08-12 0001788841 hlbz:GRNVSponsorsMember 2021-08-12 0001788841 hlbz:GRNVsunderwriterMember 2021-08-01 2021-08-12 0001788841 hlbz:GRNVsunderwriterMember 2021-08-12 0001788841 hlbz:MobilityRevenuesMember 2021-07-01 2021-09-30 0001788841 hlbz:MobilityRevenuesMember 2020-07-01 2020-09-30 0001788841 hlbz:MobilityRevenuesMember 2021-01-01 2021-09-30 0001788841 hlbz:MobilityRevenuesMember 2020-01-01 2020-09-30 0001788841 hlbz:PayPerRideMember 2021-07-01 2021-09-30 0001788841 hlbz:PayPerRideMember 2020-07-01 2020-09-30 0001788841 hlbz:PayPerRideMember 2021-01-01 2021-09-30 0001788841 hlbz:PayPerRideMember 2020-01-01 2020-09-30 0001788841 hlbz:SubscriptionsMember 2021-07-01 2021-09-30 0001788841 hlbz:SubscriptionsMember 2020-07-01 2020-09-30 0001788841 hlbz:SubscriptionsMember 2021-01-01 2021-09-30 0001788841 hlbz:SubscriptionsMember 2020-01-01 2020-09-30 0001788841 hlbz:PartnershipRevenuesMember 2021-07-01 2021-09-30 0001788841 hlbz:PartnershipRevenuesMember 2020-07-01 2020-09-30 0001788841 hlbz:PartnershipRevenuesMember 2021-01-01 2021-09-30 0001788841 hlbz:PartnershipRevenuesMember 2020-01-01 2020-09-30 0001788841 hlbz:LiveRevenueMember 2021-07-01 2021-09-30 0001788841 hlbz:LiveRevenueMember 2020-07-01 2020-09-30 0001788841 hlbz:LiveRevenueMember 2021-01-01 2021-09-30 0001788841 hlbz:LiveRevenueMember 2020-01-01 2020-09-30 0001788841 hlbz:CommercializationOfMediaRightsMember 2021-07-01 2021-09-30 0001788841 hlbz:CommercializationOfMediaRightsMember 2020-07-01 2020-09-30 0001788841 hlbz:CommercializationOfMediaRightsMember 2021-01-01 2021-09-30 0001788841 hlbz:CommercializationOfMediaRightsMember 2020-01-01 2020-09-30 0001788841 hlbz:SubscriptionsOneMember 2021-07-01 2021-09-30 0001788841 hlbz:SubscriptionsOneMember 2020-07-01 2020-09-30 0001788841 hlbz:SubscriptionsOneMember 2021-01-01 2021-09-30 0001788841 hlbz:SubscriptionsOneMember 2020-01-01 2020-09-30 0001788841 hlbz:OtherRevenuesMember 2021-07-01 2021-09-30 0001788841 hlbz:OtherRevenuesMember 2020-07-01 2020-09-30 0001788841 hlbz:OtherRevenuesMember 2021-01-01 2021-09-30 0001788841 hlbz:OtherRevenuesMember 2020-01-01 2020-09-30 0001788841 hlbz:MobilityPrepaidCustomerWalletMember 2020-12-31 0001788841 hlbz:MobilityPrepaidCustomerWalletMember 2021-01-01 2021-06-30 0001788841 hlbz:MobilityPrepaidCustomerWalletMember 2021-06-30 0001788841 hlbz:MobilityPrepaidCustomerWalletMember 2021-07-01 2021-09-30 0001788841 hlbz:MobilityPrepaidCustomerWalletMember 2021-09-30 0001788841 hlbz:MobilityPartnershipMember 2020-12-31 0001788841 hlbz:MobilityPartnershipMember 2021-01-01 2021-06-30 0001788841 hlbz:MobilityPartnershipMember 2021-06-30 0001788841 hlbz:MobilityPartnershipMember 2021-07-01 2021-09-30 0001788841 hlbz:MobilityPartnershipMember 2021-09-30 0001788841 hlbz:LiveMediaRightsMember 2020-12-31 0001788841 hlbz:LiveMediaRightsMember 2021-01-01 2021-06-30 0001788841 hlbz:LiveMediaRightsMember 2021-01-01 2021-09-30 0001788841 hlbz:LiveMediaRightsMember 2021-09-30 0001788841 2021-01-01 2021-06-30 0001788841 hlbz:LNPBMember 2021-07-01 2021-09-30 0001788841 hlbz:LNPBMember 2021-01-01 2021-09-30 0001788841 hlbz:RentalEScootersMember srt:MinimumMember 2021-01-01 2021-09-30 0001788841 hlbz:RentalEScootersMember srt:MaximumMember 2021-01-01 2021-09-30 0001788841 hlbz:RentalEScootersMember 2021-09-30 0001788841 hlbz:RentalEScootersMember 2020-12-31 0001788841 hlbz:RentalEScootersMember 2021-01-01 2021-09-30 0001788841 hlbz:RentalEBikesMember 2021-09-30 0001788841 hlbz:RentalEBikesMember 2020-12-31 0001788841 hlbz:RentalEBikesMember 2021-01-01 2021-09-30 0001788841 hlbz:RentalEMopedsMember 2021-09-30 0001788841 hlbz:RentalEMopedsMember 2020-12-31 0001788841 us-gaap:FurnitureAndFixturesMember srt:MinimumMember 2021-01-01 2021-09-30 0001788841 us-gaap:FurnitureAndFixturesMember srt:MaximumMember 2021-01-01 2021-09-30 0001788841 us-gaap:FurnitureAndFixturesMember 2021-09-30 0001788841 us-gaap:FurnitureAndFixturesMember 2020-12-31 0001788841 us-gaap:SoftwareDevelopmentMember 2021-01-01 2021-09-30 0001788841 us-gaap:SoftwareDevelopmentMember 2021-09-30 0001788841 us-gaap:SoftwareDevelopmentMember 2020-12-31 0001788841 us-gaap:LeaseholdImprovementsMember 2021-09-30 0001788841 us-gaap:LeaseholdImprovementsMember 2020-12-31 0001788841 hlbz:GovernmentRelationshipsMember 2021-09-30 0001788841 hlbz:GovernmentRelationshipsMember 2020-12-31 0001788841 us-gaap:CustomerRelationshipsMember 2021-09-30 0001788841 us-gaap:CustomerRelationshipsMember 2020-12-31 0001788841 us-gaap:LicenseMember 2021-09-30 0001788841 us-gaap:LicenseMember 2020-12-31 0001788841 us-gaap:CostOfSalesMember 2021-07-01 2021-09-30 0001788841 us-gaap:CostOfSalesMember 2020-07-01 2020-09-30 0001788841 us-gaap:CostOfSalesMember 2021-01-01 2021-09-30 0001788841 us-gaap:CostOfSalesMember 2020-01-01 2020-09-30 0001788841 us-gaap:SellingAndMarketingExpenseMember 2021-07-01 2021-09-30 0001788841 us-gaap:SellingAndMarketingExpenseMember 2020-07-01 2020-09-30 0001788841 us-gaap:SellingAndMarketingExpenseMember 2021-01-01 2021-09-30 0001788841 us-gaap:SellingAndMarketingExpenseMember 2020-01-01 2020-09-30 0001788841 us-gaap:GeneralAndAdministrativeExpenseMember 2021-07-01 2021-09-30 0001788841 us-gaap:GeneralAndAdministrativeExpenseMember 2020-07-01 2020-09-30 0001788841 us-gaap:GeneralAndAdministrativeExpenseMember 2021-01-01 2021-09-30 0001788841 us-gaap:GeneralAndAdministrativeExpenseMember 2020-01-01 2020-09-30 0001788841 hlbz:GRNVSponsorPrivateWarrantsMember 2021-09-30 0001788841 hlbz:GRNVSponsorPrivateWarrantsMember 2020-12-31 0001788841 hlbz:WarrantPurchaseAgreement2020Member 2021-09-30 0001788841 hlbz:WarrantPurchaseAgreement2020Member 2020-12-31 0001788841 hlbz:TwoThousandTwentyWarrantPurchaseAgreementMember us-gaap:WarrantMember 2021-07-01 2021-09-30 0001788841 hlbz:TwoThousandTwentyWarrantPurchaseAgreementMember us-gaap:WarrantMember 2020-07-01 2020-09-30 0001788841 hlbz:TwoThousandTwentyWarrantPurchaseAgreementMember us-gaap:WarrantMember 2021-01-01 2021-09-30 0001788841 hlbz:TwoThousandTwentyWarrantPurchaseAgreementMember us-gaap:WarrantMember 2020-01-01 2020-09-30 0001788841 hlbz:TwoThousandNineteenWarrantPurchaseAgreementMember us-gaap:WarrantMember 2021-07-01 2021-09-30 0001788841 hlbz:TwoThousandNineteenWarrantPurchaseAgreementMember us-gaap:WarrantMember 2020-07-01 2020-09-30 0001788841 hlbz:TwoThousandNineteenWarrantPurchaseAgreementMember us-gaap:WarrantMember 2021-01-01 2021-09-30 0001788841 hlbz:TwoThousandNineteenWarrantPurchaseAgreementMember us-gaap:WarrantMember 2020-01-01 2020-09-30 0001788841 hlbz:GRNVSponsorWarrantsMember us-gaap:WarrantMember 2021-07-01 2021-09-30 0001788841 hlbz:GRNVSponsorWarrantsMember us-gaap:WarrantMember 2020-07-01 2020-09-30 0001788841 hlbz:GRNVSponsorWarrantsMember us-gaap:WarrantMember 2021-01-01 2021-09-30 0001788841 hlbz:GRNVSponsorWarrantsMember us-gaap:WarrantMember 2020-01-01 2020-09-30 0001788841 hlbz:GRNVUnderwritersWarrantsMember us-gaap:WarrantMember 2021-07-01 2021-09-30 0001788841 hlbz:GRNVUnderwritersWarrantsMember us-gaap:WarrantMember 2020-07-01 2020-09-30 0001788841 hlbz:GRNVUnderwritersWarrantsMember us-gaap:WarrantMember 2021-01-01 2021-09-30 0001788841 hlbz:GRNVUnderwritersWarrantsMember us-gaap:WarrantMember 2020-01-01 2020-09-30 0001788841 us-gaap:WarrantMember 2021-07-01 2021-09-30 0001788841 us-gaap:WarrantMember 2020-07-01 2020-09-30 0001788841 us-gaap:WarrantMember 2021-01-01 2021-09-30 0001788841 us-gaap:WarrantMember 2020-01-01 2020-09-30 0001788841 hlbz:TwoThousandTwentyWarrantPurchaseAgreementMember 2021-01-01 2021-09-30 0001788841 hlbz:TwoThousandTwentyWarrantPurchaseAgreementMember 2021-09-30 0001788841 us-gaap:FairValueInputsLevel1Member hlbz:TwoThousandTwentyWarrantPurchaseAgreementMember 2021-09-30 0001788841 us-gaap:FairValueInputsLevel2Member hlbz:TwoThousandTwentyWarrantPurchaseAgreementMember 2021-09-30 0001788841 us-gaap:FairValueInputsLevel3Member hlbz:TwoThousandTwentyWarrantPurchaseAgreementMember 2021-09-30 0001788841 us-gaap:FairValueInputsLevel1Member 2021-09-30 0001788841 us-gaap:FairValueInputsLevel2Member 2021-09-30 0001788841 us-gaap:FairValueInputsLevel3Member 2021-09-30 0001788841 hlbz:TwoThousandTwentyWarrantPurchaseAgreementMember 2020-01-01 2020-12-31 0001788841 hlbz:TwoThousandTwentyWarrantPurchaseAgreementMember 2020-12-31 0001788841 us-gaap:FairValueInputsLevel1Member hlbz:TwoThousandTwentyWarrantPurchaseAgreementMember 2020-12-31 0001788841 us-gaap:FairValueInputsLevel2Member hlbz:TwoThousandTwentyWarrantPurchaseAgreementMember 2020-12-31 0001788841 us-gaap:FairValueInputsLevel3Member hlbz:TwoThousandTwentyWarrantPurchaseAgreementMember 2020-12-31 0001788841 us-gaap:FairValueInputsLevel1Member 2020-12-31 0001788841 us-gaap:FairValueInputsLevel2Member 2020-12-31 0001788841 us-gaap:FairValueInputsLevel3Member 2020-12-31 0001788841 hlbz:GRNVSponsorPrivateWarrantsMember 2021-01-01 2021-09-30 0001788841 hlbz:GRNVUnderwriterPrivateWarrantsMember 2021-08-12 0001788841 hlbz:GRNVUnderwriterPrivateWarrantsMember 2021-09-21 0001788841 hlbz:GRNVUnderwriterPrivateWarrantsMember 2021-09-01 2021-09-21 0001788841 hlbz:GRNVUnderwriterPrivateWarrantsMember us-gaap:WarrantMember 2021-09-01 2021-09-21 0001788841 hlbz:TwoThousandTwentyWarrantPurchaseAgreementMember 2021-03-01 2021-03-26 0001788841 hlbz:SecuredLongTermLoanNetMember 2021-09-30 0001788841 hlbz:SecuredLongTermLoanNetMember 2021-01-01 2021-09-30 0001788841 hlbz:SecuredLongTermLoanNetMember 2020-12-31 0001788841 hlbz:LongTermLoanNetMember 2021-09-30 0001788841 hlbz:LongTermLoanNetMember 2021-01-01 2021-09-30 0001788841 hlbz:LongTermLoanNetMember 2020-12-31 0001788841 hlbz:LongTermLoanNetOneMember 2021-09-30 0001788841 hlbz:LongTermLoanNetOneMember 2021-01-01 2021-09-30 0001788841 hlbz:LongTermLoanNetOneMember 2020-12-31 0001788841 hlbz:RevolvingCreditMember 2021-09-30 0001788841 hlbz:RevolvingCreditMember 2021-01-01 2021-09-30 0001788841 hlbz:RevolvingCreditMember 2020-12-31 0001788841 hlbz:PromissoryNotesMember 2021-09-30 0001788841 hlbz:PromissoryNotesMember 2021-01-01 2021-09-30 0001788841 hlbz:PromissoryNotesMember 2020-12-31 0001788841 hlbz:LongTermLoanNetTwoMember 2021-09-30 0001788841 hlbz:LongTermLoanNetTwoMember 2021-01-01 2021-09-30 0001788841 hlbz:LongTermLoanNetTwoMember 2020-12-31 0001788841 hlbz:PromissoryNotesOneMember 2021-09-30 0001788841 hlbz:PromissoryNotesOneMember 2021-01-01 2021-09-30 0001788841 hlbz:PromissoryNotesOneMember 2020-12-31 0001788841 hlbz:LongTermLoanNetThreeMember 2021-09-30 0001788841 hlbz:LongTermLoanNetThreeMember 2021-01-01 2021-09-30 0001788841 hlbz:LongTermLoanNetThreeMember 2020-12-31 0001788841 hlbz:OtherPromissoryNotesMember 2021-09-30 0001788841 hlbz:OtherPromissoryNotesMember 2021-01-01 2021-09-30 0001788841 hlbz:OtherPromissoryNotesMember 2020-12-31 0001788841 hlbz:LongTermLoanNetFourMember 2021-09-30 0001788841 hlbz:LongTermLoanNetFourMember 2021-01-01 2021-09-30 0001788841 hlbz:LongTermLoanNetFourMember 2020-12-31 0001788841 hlbz:OtherCurrentFfinancialDebtsMember 2021-09-30 0001788841 hlbz:OtherCurrentFfinancialDebtsMember 2020-12-31 0001788841 hlbz:SecuredLongTermLoanMember 2021-07-01 2021-09-30 0001788841 hlbz:SecuredLongTermLoanMember 2020-07-01 2020-09-30 0001788841 hlbz:SecuredLongTermLoanMember 2021-01-01 2021-09-30 0001788841 hlbz:SecuredLongTermLoanMember 2020-01-01 2020-09-30 0001788841 hlbz:PromissoryNotesMember 2021-07-01 2021-09-30 0001788841 hlbz:PromissoryNotesMember 2020-07-01 2020-09-30 0001788841 hlbz:PromissoryNotesMember 2020-01-01 2020-09-30 0001788841 hlbz:LongTermLoansMember 2021-07-01 2021-09-30 0001788841 hlbz:LongTermLoansMember 2020-07-01 2020-09-30 0001788841 hlbz:LongTermLoansMember 2021-01-01 2021-09-30 0001788841 hlbz:LongTermLoansMember 2020-01-01 2020-09-30 0001788841 hlbz:RevolvingCreditMember 2021-07-01 2021-09-30 0001788841 hlbz:RevolvingCreditMember 2020-07-01 2020-09-30 0001788841 hlbz:RevolvingCreditMember 2020-01-01 2020-09-30 0001788841 hlbz:OtherCurrentFfinancialDebtsMember 2021-07-01 2021-09-30 0001788841 hlbz:OtherCurrentFfinancialDebtsMember 2020-07-01 2020-09-30 0001788841 hlbz:OtherCurrentFfinancialDebtsMember 2021-01-01 2021-09-30 0001788841 hlbz:OtherCurrentFfinancialDebtsMember 2020-01-01 2020-09-30 0001788841 hlbz:ConvertibleDebtsMember 2021-07-01 2021-09-30 0001788841 hlbz:ConvertibleDebtsMember 2020-07-01 2020-09-30 0001788841 hlbz:ConvertibleDebtsMember 2021-01-01 2021-09-30 0001788841 hlbz:ConvertibleDebtsMember 2020-01-01 2020-09-30 0001788841 hlbz:SecuredLongTermLoanNetTwelveSevenMember 2021-03-01 2021-03-03 0001788841 hlbz:SecuredLongTermLoanNetTwelveSevenMember 2021-01-01 2021-09-30 0001788841 hlbz:PromissoryNoteIssuedIn2021Member hlbz:TwoUnsecuredPromissoryNoteMember 2021-06-01 2021-06-18 0001788841 hlbz:PromissoryNoteIssuedIn2021Member hlbz:TwoUnsecuredPromissoryNoteMember 2021-06-19 2021-07-02 0001788841 hlbz:PromissoryNoteIssuedIn2021Member hlbz:TwoUnsecuredPromissoryNoteMember 2021-08-01 2021-08-12 0001788841 hlbz:PromissoryNoteIssuedIn2021Member 2021-08-01 2021-08-12 0001788841 2021-05-11 2021-05-31 0001788841 srt:ChiefExecutiveOfficerMember 2021-06-01 2021-06-30 0001788841 us-gaap:DebtMember 2021-09-30 0001788841 2021-08-15 0001788841 2020-11-01 2020-11-05 0001788841 hlbz:LongTermLoanNetFourPointFiveMember 2021-07-01 2021-09-30 0001788841 hlbz:LongTermLoanNetFourPointFiveMember 2021-01-01 2021-09-30 0001788841 hlbz:LongTermLoanNetFIvePointFourMember 2021-03-01 2021-03-15 0001788841 hlbz:LongTermLoanNetFIvePointFourMember 2021-07-01 2021-09-30 0001788841 hlbz:LongTermLoanNetFIvePointFourMember 2021-01-01 2021-09-30 0001788841 hlbz:MiMotoFfinancialLliabilityMember 2021-05-01 2021-05-31 0001788841 hlbz:MiMotoFfinancialLliabilityMember 2021-04-02 0001788841 hlbz:LongTermLoanNetTwoPointFourMember 2020-05-11 2020-05-21 0001788841 hlbz:LongTermLoanNetTwoPointFourMember 2021-04-02 0001788841 hlbz:LongTermLoanNetThreePointFiveMember 2017-10-01 2017-10-17 0001788841 hlbz:LongTermLoanNetThreePointFiveMember 2021-04-02 0001788841 hlbz:TwoUnsecuredPromissoryNoteMember 2020-03-04 0001788841 hlbz:TwoUnsecuredPromissoryNoteMember 2020-04-03 0001788841 hlbz:PromissoryNoteIssuedIn2020Member hlbz:TwoUnsecuredPromissoryNoteMember 2020-03-01 2020-03-03 0001788841 hlbz:PromissoryNoteIssuedIn2020Member hlbz:TwoUnsecuredPromissoryNoteMember 2020-04-01 2020-04-03 0001788841 hlbz:PromissoryNoteIssuedIn2020Member hlbz:TwoUnsecuredPromissoryNoteMember 2021-07-01 2021-09-30 0001788841 hlbz:PromissoryNoteIssuedIn2020Member hlbz:TwoUnsecuredPromissoryNoteMember 2021-01-01 2021-09-30 0001788841 hlbz:TwoUnsecuredPromissoryNoteMember 2021-08-26 0001788841 hlbz:TwoPromissoryNoteMember 2020-05-25 0001788841 hlbz:TwoPromissoryNoteMember 2020-05-11 2020-05-25 0001788841 us-gaap:CommonClassAMember 2021-09-30 0001788841 us-gaap:CommonClassBMember 2021-09-30 0001788841 hlbz:PublicWarrantsMember 2021-09-30 0001788841 us-gaap:WarrantMember 2021-09-30 0001788841 hlbz:EquityIncentivePlanMember 2020-04-02 0001788841 hlbz:EquityIncentivePlanMember us-gaap:StockOptionMember 2021-08-01 2021-08-12 0001788841 hlbz:EquityIncentivePlanMember 2020-12-31 0001788841 hlbz:EquityIncentivePlanMember 2020-01-01 2020-12-31 0001788841 hlbz:EquityIncentivePlanMember 2021-09-30 0001788841 hlbz:EquityIncentivePlanMember 2021-01-01 2021-09-30 0001788841 hlbz:EquityIncentivePlanMember 2021-07-01 2021-09-30 0001788841 hlbz:EquityIncentivePlanMember 2020-07-01 2020-09-30 0001788841 hlbz:EquityIncentivePlanMember 2020-01-01 2020-09-30 0001788841 hlbz:CEOPerformanceAwardMember 2020-04-02 0001788841 hlbz:CEOPerformanceAwardMember 2021-09-30 0001788841 hlbz:CEOPerformanceAwardMember 2021-01-01 2021-09-30 0001788841 hlbz:MonteCarloMember 2021-08-01 2021-08-12 0001788841 hlbz:TwentyTranchesMember 2021-07-01 2021-09-30 0001788841 hlbz:TwentyTranchesMember 2021-01-01 2021-09-30 0001788841 us-gaap:StockOptionMember 2021-08-12 0001788841 us-gaap:StockOptionMember 2021-08-01 2021-08-12 0001788841 2021-08-01 2021-08-12 0001788841 us-gaap:StockOptionMember 2021-01-01 2021-09-30 0001788841 us-gaap:StockOptionMember 2021-07-01 2021-09-30 0001788841 us-gaap:StockOptionMember 2020-07-01 2020-09-30 0001788841 us-gaap:CommonClassAMember 2020-09-30 0001788841 us-gaap:ServiceMember 2021-07-01 2021-09-30 0001788841 us-gaap:ServiceMember 2020-07-01 2020-09-30 0001788841 us-gaap:ServiceMember 2021-01-01 2021-09-30 0001788841 us-gaap:ServiceMember 2020-01-01 2020-09-30 0001788841 hlbz:HelbizMember 2021-09-30 0001788841 hlbz:StockOptionPlan2020Member 2021-07-01 2021-09-30 0001788841 hlbz:StockOptionPlan2020Member 2020-07-01 2020-09-30 0001788841 hlbz:StockOptionPlan2020Member 2021-01-01 2021-09-30 0001788841 hlbz:StockOptionPlan2020Member 2020-01-01 2020-09-30 0001788841 hlbz:PublicWarrantsMember 2021-07-01 2021-09-30 0001788841 hlbz:PublicWarrantsMember 2020-07-01 2020-09-30 0001788841 hlbz:PublicWarrantsMember 2021-01-01 2021-09-30 0001788841 hlbz:PublicWarrantsMember 2020-01-01 2020-09-30 0001788841 hlbz:GRNVSponsorPrivateWarrantsMember 2021-07-01 2021-09-30 0001788841 hlbz:GRNVSponsorPrivateWarrantsMember 2020-07-01 2020-09-30 0001788841 hlbz:GRNVSponsorPrivateWarrantsMember 2020-01-01 2020-09-30 0001788841 hlbz:ClassBCommonSharesHeldEscrowMember 2021-07-01 2021-09-30 0001788841 hlbz:ClassBCommonSharesHeldEscrowMember 2020-07-01 2020-09-30 0001788841 hlbz:ClassBCommonSharesHeldEscrowMember 2021-01-01 2021-09-30 0001788841 hlbz:ClassBCommonSharesHeldEscrowMember 2020-01-01 2020-09-30 0001788841 hlbz:CEOPerformanceAward2020Member 2021-07-01 2021-09-30 0001788841 hlbz:CEOPerformanceAward2020Member 2020-07-01 2020-09-30 0001788841 hlbz:CEOPerformanceAward2020Member 2021-01-01 2021-09-30 0001788841 hlbz:CEOPerformanceAward2020Member 2020-01-01 2020-09-30 0001788841 hlbz:StockOptionsGrantedMember 2021-07-01 2021-09-30 0001788841 hlbz:StockOptionsGrantedMember 2020-07-01 2020-09-30 0001788841 hlbz:StockOptionsGrantedMember 2021-01-01 2021-09-30 0001788841 hlbz:StockOptionsGrantedMember 2020-01-01 2020-09-30 0001788841 hlbz:ConvertiblePreferredStockSeriesBMember 2021-07-01 2021-09-30 0001788841 hlbz:ConvertiblePreferredStockSeriesBMember 2020-07-01 2020-09-30 0001788841 hlbz:ConvertiblePreferredStockSeriesBMember 2021-01-01 2021-09-30 0001788841 hlbz:ConvertiblePreferredStockSeriesBMember 2020-01-01 2020-09-30 0001788841 hlbz:ViennaWarrantsMember 2021-07-01 2021-09-30 0001788841 hlbz:ViennaWarrantsMember 2020-07-01 2020-09-30 0001788841 hlbz:ViennaWarrantsMember 2021-01-01 2021-09-30 0001788841 hlbz:ViennaWarrantsMember 2020-01-01 2020-09-30 0001788841 hlbz:SeriesAWarrantsMember 2021-07-01 2021-09-30 0001788841 hlbz:SeriesAWarrantsMember 2020-07-01 2020-09-30 0001788841 hlbz:SeriesAWarrantsMember 2021-01-01 2021-09-30 0001788841 hlbz:SeriesAWarrantsMember 2020-01-01 2020-09-30 0001788841 hlbz:OtherLiabilityWarrantsMember 2021-07-01 2021-09-30 0001788841 hlbz:OtherLiabilityWarrantsMember 2020-07-01 2020-09-30 0001788841 hlbz:OtherLiabilityWarrantsMember 2021-01-01 2021-09-30 0001788841 hlbz:OtherLiabilityWarrantsMember 2020-01-01 2020-09-30 0001788841 hlbz:EquityWarrantsMember 2021-07-01 2021-09-30 0001788841 hlbz:EquityWarrantsMember 2020-07-01 2020-09-30 0001788841 hlbz:EquityWarrantsMember 2021-01-01 2021-09-30 0001788841 hlbz:EquityWarrantsMember 2020-01-01 2020-09-30 0001788841 hlbz:EquityAwardForNonEmployeesMember 2021-07-01 2021-09-30 0001788841 hlbz:EquityAwardForNonEmployeesMember 2020-07-01 2020-09-30 0001788841 hlbz:EquityAwardForNonEmployeesMember 2021-01-01 2021-09-30 0001788841 hlbz:EquityAwardForNonEmployeesMember 2020-01-01 2020-09-30 0001788841 hlbz:MobilityMember 2021-07-01 2021-09-30 0001788841 hlbz:MobilityMember 2020-07-01 2020-09-30 0001788841 hlbz:MobilityMember 2021-01-01 2021-09-30 0001788841 hlbz:MobilityMember 2020-01-01 2020-09-30 0001788841 hlbz:LiveMember 2021-07-01 2021-09-30 0001788841 hlbz:LiveMember 2020-07-01 2020-09-30 0001788841 hlbz:LiveMember 2021-01-01 2021-09-30 0001788841 hlbz:LiveMember 2020-01-01 2020-09-30 0001788841 hlbz:AllOtherMember 2021-07-01 2021-09-30 0001788841 hlbz:AllOtherMember 2020-07-01 2020-09-30 0001788841 hlbz:AllOtherMember 2021-01-01 2021-09-30 0001788841 hlbz:AllOtherMember 2020-01-01 2020-09-30 0001788841 country:IT 2021-07-01 2021-09-30 0001788841 country:IT 2020-07-01 2020-09-30 0001788841 country:IT 2021-01-01 2021-09-30 0001788841 country:IT 2020-01-01 2020-09-30 0001788841 country:US 2021-07-01 2021-09-30 0001788841 country:US 2020-07-01 2020-09-30 0001788841 country:US 2021-01-01 2021-09-30 0001788841 country:US 2020-01-01 2020-09-30 0001788841 hlbz:AllOtherCountriesMember 2021-07-01 2021-09-30 0001788841 hlbz:AllOtherCountriesMember 2020-07-01 2020-09-30 0001788841 hlbz:AllOtherCountriesMember 2021-01-01 2021-09-30 0001788841 hlbz:AllOtherCountriesMember 2020-01-01 2020-09-30 0001788841 country:IT 2021-09-30 0001788841 country:IT 2020-12-31 0001788841 country:US 2021-09-30 0001788841 country:US 2020-12-31 0001788841 hlbz:AllOtherCountriesMember 2021-09-30 0001788841 hlbz:AllOtherCountriesMember 2020-12-31 0001788841 hlbz:LentHelbizMember 2021-06-01 2021-06-30 0001788841 hlbz:LentHelbizMember 2021-05-11 2021-05-31 0001788841 hlbz:LentHelbizMember 2021-01-01 2021-09-30 0001788841 us-gaap:SubsequentEventMember hlbz:PublicWarrantsMember 2021-10-01 2021-10-31 0001788841 us-gaap:SubsequentEventMember hlbz:PublicWarrantsMember 2021-10-31 0001788841 hlbz:FirstConvertibleNoteMember us-gaap:SubsequentEventMember hlbz:SecuritiesPurchaseAgreementMember 2021-10-01 2021-10-12 0001788841 hlbz:FirstConvertibleNoteMember us-gaap:SubsequentEventMember hlbz:SecuritiesPurchaseAgreementMember 2021-10-12 0001788841 hlbz:SecondConvertibleNoteMember us-gaap:SubsequentEventMember hlbz:SecuritiesPurchaseAgreementMember 2021-10-12 0001788841 hlbz:SecondConvertibleNoteMember us-gaap:SubsequentEventMember hlbz:SecuritiesPurchaseAgreementMember 2021-10-01 2021-10-12 0001788841 hlbz:ThirdConvertibleNoteMember us-gaap:SubsequentEventMember hlbz:SecuritiesPurchaseAgreementMember 2021-11-12 0001788841 hlbz:ThirdConvertibleNoteMember us-gaap:SubsequentEventMember hlbz:SecuritiesPurchaseAgreementMember 2021-10-01 2021-10-12 0001788841 hlbz:ConvertibleNoteMember us-gaap:SubsequentEventMember hlbz:SecuritiesPurchaseAgreementMember 2021-10-01 2021-10-12 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure iso4217:EUR

 

 

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 September 30, 2021

 

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

 

For the transition period from                      to                     

 

Commission file number: 001-39136

 

Helbiz, Inc.
(Exact Name of Registrant as Specified in Its Charter) 

 

 

Delaware   84-3015108

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

32 Old Slip, New York, NY 10005

(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:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which
registered
Class A Common Stock, $0.00001 par value   HLBZ   The Nasdaq Stock Market LLC
Redeemable warrants, each warrant exercisable for one share of Class A Common Stock   HLBZW   The Nasdaq Stock Market LLC

 

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
Non-accelerated filer Smaller reporting company
  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 November 11, 2021, 30,515,107 shares of common stock, par value $0.00001 per share, were issued and outstanding.

 

 

 
 
 

 

HELBIZ, INC.

 

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2021 

 

TABLE OF CONTENTS

 

  Page 
Part I. Financial Information  
Item 1. Unaudited Financial Statements 3
Condensed Consolidated Balance Sheets as of September 30, 2021 (Unaudited) and December 31, 2020 3
Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2021 and 2020 (unaudited) 4
Condensed Consolidated Statements Changes in Convertible Preferred Stock and Stockholders’ Deficit for the three and nine months ended September 30, 2021 and 2020 (unaudited) 5
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (unaudited) 7
Notes to Unaudited Condensed Consolidated Financial Statements 8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 27
Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk 44
Item 4. Controls and Procedures 44
Part II. Other Information 45
Item 1. Legal Proceedings 45
Item 1A. Risk Factors 45
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45
Item 3. Defaults Upon Senior Securities 45
Item 4. Mine Safety Disclosures 45
Item 5. Other Information 45
Item 6. Exhibits 45
Part III. Signatures 46

 

 

 

2 
 
 

 

PART 1 – FINANCIAL INFORMATION

 

Item 1. Interim Financial Statements.

 

Helbiz, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

(unaudited)

 

           
   September 30,   December 31, 
   2021   2020 
ASSETS          
Current assets:          
Cash and cash equivalents  $7,943   $757 
Accounts receivable   619    96 
Contract assets   2,367       
Prepaid and other current assets   8,042    1,166 
Total current assets   18,972    2,019 
Property and equipment, net   4,200    3,723 
Goodwill   10,708       
Intangible assets, net   2,388    167 
Other assets   1,216    451 
TOTAL ASSETS  $37,483   $6,360 
           
LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ DEFICIT          
Current liabilities:          
       Accounts payable  $10,357   $2,970 
       Accrued expenses and other current liabilities   2,828    1,073 
       Deferred revenues   1,685    146 
       Warrant liability   5,330    6,439 
       Short term financial liabilities, net   1,659    2,861 
    Total current liabilities   21,859    13,489 
Other non-current liabilities   364    149 
Non-current financial liabilities, net   18,215    4,028 
TOTAL LIABILITIES   40,438    17,666 
           
CONVERTIBLE PREFERRED STOCK          
Convertible Preferred Stock Series A, $0.0001 par value; 4,000,000 shares authorized at December 31, 2020; no shares issued and outstanding at December 31, 2020. Convertible Preferred stock Series A has been eliminated with the Business Combination on August 12, 2021.             
Convertible Preferred Stock Series B, $0.0001 par value; 2,000 shares authorized at December 31, 2020; 453 shares issued and outstanding at December 31, 2020. Convertible Preferred stock Series B has been eliminated with the Business Combination on August 12, 2021.          4,040 
Preferred stock, $0.00001 par value; 100,000,000 shares authorized; none issued and outstanding            
           
STOCKHOLDERS’ DEFICIT          
Class A Common stock, $0.00001 par value; 285,774,102 shares authorized and; 15,435,625 and 20,359,154 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively.   84,592    24,872 
Class B Common stock, $0.00001 par value; 14,225,898 shares authorized and; 14,225,898 shares issued and outstanding at September 30, 2021 and 0 shares issued and outstanding at December 31, 2020.   0       
Subscription receivables         (4,033)
Accumulated other comprehensive (loss) income   (290)   36 
Accumulated deficit   (87,256)   (36,221)
Total stockholders’ deficit   (2,954)   (15,346)
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT  $37,483    6,360 

 

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

 

 

3 
 
 

 

Helbiz, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except share and per share data)

(unaudited)

 

                     
   Three Months Ended September 30,   Nine Months Ended September 30, 
   2021   2020   2021   2020 
Revenue  $4,702   $2,013   $8,700   $2,876 
Operating expenses:                    
Cost of revenue   9,844    2,235    20,421    4,806 
Research and development   853    441    2,017    1,031 
Sales and marketing   4,374    1,717    6,782    3,298 
General and administrative   9,298    3,237    15,891    6,891 
Total operating expenses   24,370    7,631    45,111    16,026 
                     
Loss from operations   (19,668)   (5,618)   (36,411)   (13,150)
                     
Other income (expenses)                    
Interest expense, net   (562)   (410)   (1,627)   (1,076)
Gain (Loss) on extinguishment of debts         1,055          323 
Change in fair value of warrant liability   (8,038)   (653)   (12,166)   (1,233)
Other income (expenses)   (41)   (18)   (301)   (25)
Total other expenses, net   (8,641)   (26)   (14,094)   (2,011)
                     
Income Taxes   (7)   (11)   (40)   (17)
Net loss  $(28,316)  $(5,655)  $(50,545)  $(15,176)
                     
Deemed Dividends and Deemed Dividends equivalents  $(418)  $(35)  $(490)  $(388)
                     
Net loss per share attributable to common stockholders  $(28,734)  $(5,690)  $(51,035)  $(15,564)
                     
Net loss per share attributable to common stockholders, basic and diluted  $(1.09)  $(0.29)  $(2.17)  $(0.88)
                     
Other comprehensive (loss) income, net of tax:                    
Changes in foreign currency translation adjustments  $(287)  $20   $(326)  $(0)
                     
Net loss and comprehensive income, excluded Deemed Dividends and Deemed Dividends equivalents  $(28,603)  $(5,635)  $(50,871)  $(15,176)

 

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

 

4 
 
 

 

HELBIZ, Inc.

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Deficit

(in thousands, except share and per share data)

(unaudited)

 

                                                       
    SERIES A – CONVERTIBLE PREFERRED     SERIES B – CONVERTIBLE PREFERRED     Class A Common Stock     Class B Common Stock  

Common

Stock

  Subscription     Accumulated     Accumulated Other Comprehensive (Loss)     TOTAL STOCKHOLDERS’  
    STOCK     STOCK     Shares   Amount     Shares Amount   Shares  Amount   Receivables     Deficit     Income     DEFICIT
Balance at January 1, 2021       $ 4,040       4,392,919    $ 24,872          $            (4,033 )    $ (36,221 )   $ 36     $ (15,346 )
Retroactive Application of the conversion ratio 4.63 applied on the reverse merger (Note 4)                    20,359,154              —                                                 
Issuance of common shares – for Sale                      127,116     923       —                                             923  
Issuance of common stock – for Warrant conversion                      1,075,867     10,567       —                                             10,567  
Issuance of common shares – for settlement of Lease                      177,827     1,747       —                                             1,747  
Settlement of Subscription Receivables                      —                —                  4,033                         4,033  
Share based compensation                      15,706     1,716       —                                             1,716  
Dividends and dividend equivalents for Preferred Stockholders             35       —                —                           (35 )              (35 )
Changes in currency translation adjustment                      —                —                                    7       7  
Net loss                  —                —                       (14,065 )              (14,065 )
Balance at March 31, 2021       $ 4,075       21,755,670   $ 39,825          $        $        $ (50,321 )   $ 43     $ (10,453 )
Issuance of common stock – MiMoto Smart Mobility S.r.l. Acquisition                      1,057,740     10,389       —                                             10,389  
Share based compensation                      —       447       —                                             447  
Exchange of Class A Common Stock to Class B Common Stock                      (14,225,898 )          14,225,898   0                                      0  
Dividends and dividend equivalents for Preferred Stockholders             37       —                —                           (37 )              (37 )
Changes in currency translation adjustment                      —                —                                    (46 )     (46 )
Net loss                    —                —                         (8,164 )              (8,164 )
Balance at June 30, 2021         $ 4,112       8,587,511   $ 50,661       14,225,898 $ 0       $        $ (58,522 )   $ (3 )   $ (7,864 )
Dividends and dividend equivalents for Preferred Stockholders             418       —                —                           (418 )              (418 )
Issuance of common stock – for Conversion of Series B Convertible Redeemable Preferred Stocks        (4,530 )   1,313,754      4,530     —                                       4,530  
Reverse recapitalization and issuance of PIPE units - Net of offering costs                      4,988,551     20,392       —                                            20,392  
Share based compensation                      380,520     4,343       —                                             4,343  
Issuance of shares – Exercise of Liability warrant                      165,289     4,666       —                                             4,666  
Changes in currency translation adjustment                      —                —                                    (287 )     (287 )
Net loss                    —                —                         (28,316 )             (28,316 )
Balance at September 30, 2021         $          15,435,625   $ 84,592       14,225,898 $ 0       $        $ (87,256 )   $ (290 )   $ (2,954 )

 

 

5 
 
 

 

HELBIZ, Inc.

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Deficit

(in thousands, except share and per share data)

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

 

 

                                                   
    SERIES A – CONVERTIBLE PREFERRED     SERIES B – CONVERTIBLE PREFERRED   Class A Common Stock

Class B Common

Stock

  Common Stock      Subscription     Accumulated     Accumulated Other Comprehensive (loss)      TOTAL STOCKHOLDERS   
    STOCK     STOCK   Amount Amount   Shares     Amount     Receivables     Deficit     Income     DEFICIT  
Balance at January 1, 2020 - Pre Conversion   $ 6,200                3,393,504     $ 1,223     $        $ (11,224 )   $ (2 )   $ (10,003 )
Retroactive Application of the conversion ratio applied on the reverse merger (Note 4)                           15,727,326                                               
Share based compensation                           13,612       65                                  65  
Dividends and dividend equivalents for Preferred Stockholders     189                    —                           (189 )              (189 )
Changes in currency translation adjustment                           —                                    (26 )     (26 )
Net loss                       —                           (2,334 )              (2,334 )
Balance at March 31, 2020   $ 6,389                15,740,938     $ 1,288     $        $ (13,747 )   $ (28 )   $ (12,487 )
Issuance of Convertible Series B Preferred Stocks – Conversion of Series A Convertible Redeemable Preferred Stocks     (3,091 )     3,079                                          
Issuance of Convertible Series B Preferred Stocks – Sale              879           —                                                 
Issuance of common stock – for settlement of  0% Convertible Note and warrant                           440,189       1,430                                  1,430  
Sale of common stock                           552,029       2,001                                  2,001  
Issuance of Equity warrant                           —         600                                  600  
Issuance of common stock – for exercise of 2019 Warrant Purchase Agreement                           417,989       479                                  479  
Issuance of common stock – for Conversion of Series A Convertible Redeemable Preferred Stocks     (3,450 )                  790,156       3,450                                  3,450  
Share based compensation                           24,841       1,670                                  1,670  
Dividends and Dividend equivalents for Preferred Stockholders     152       12           —                           (164 )              (164 )
Changes in currency translation adjustment                           —                                    6       6  
Net loss                       —                           (7,187 )              (7,187 )
Balance at June 30, 2020   $        $ 3,970       17,966,143     $ 10,918     $        $ (21,098 )   $ (22 )   $ (10,202 )
Issuance of common stock – for settlement of  10% Convertible Notes                           619,105       2,013                                  2,013  
Sale of common stock                           645,948       2,430                                  2,430  
Issuance of Equity warrant                           —         490                                  490  
Issuance of common stock – for settlement of Promissory Notes                           6,122       21                                  21  
Share based compensation                           27,733       1,681                                  1,681  
Dividends and Dividend equivalents for Preferred Stockholders              35           —                           (35 )              (35 )
Changes in currency translation adjustment                           —                                    20       20  
                                                                     
Net loss                       —                           (5,655 )              (5,655 )
Balance at September 30, 2020   $        $ 4,005       19,265,051     $ 17,553     $        $ (26,788 )   $ (2 )   $ (9,237 )

 

 

6 
 
 

 

HELBIZ, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands, except share and per share data)

(unaudited)

 

           
   Nine months ended September 30, 
   2021   2020 
Operating activities          
Net loss  $(50,545)  $(15,176)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
Depreciation and amortization   5,142    1,407 
Loss on disposal of assets   264    718 
Non-cash Interest expenses   1,031    1,077 
Change in fair value of warrant liability   12,166    1,232 
(Gain) or Loss on extinguishment of Debts         (323)
Share-based compensation   6,433    3,417 
Other non-cash items related to licensing   1,390       
Changes in operating assets and liabilities:          
Prepaid and other current assets   (8,508)   19 
Security deposits   (540)   (118)
Accounts receivable   (461)   145 
Accounts payable   7,017    1,528 
Accrued expenses and other current liabilities   2,856    421 
Other non current liabilities   46    47 
Net cash used in operating activities    (23,707)   (5,605)
           
Investing activities          
Purchase of property and equipment   (5,007)   (3,873)
Purchase of operating licenses   (308)   (289)
Acquisition of business, net of cash acquired   (1,987)      
Proceeds from repayment of Receivable, due from related party – Officer         1,042 
Net cash used in investing activities   (7,302)   (3,120)
           
Financing activities          
Proceeds from issuance of financial liabilities, net   19,253    2,933 
Repayment of financial liabilities   (2,748)   (990)
Proceeds from issuance of financial liabilities, due to related party - Officer   2,010      
Repayment of financial liabilities, to related party - Officer   (2,010)     
Proceeds from sale of Convertible Series B Preferred Stock         997 
Proceeds from settlement of Subscription receivables   4,033       
Proceeds from sale of Class A common shares, net   922    5,542 
    Proceeds from Business Combination and PIPE financing   20,281       
    Payments of offering costs and underwriting discounts and commissions   (3,024)      
Net cash provided by financing activities   38,717    8,482 
           
Effect of exchange rate changes   (443)   20 
Net increase (decrease) in cash and cash equivalents, and restricted cash   7,263    (26)
Cash and cash equivalents, and restricted cash, beginning of year   790    1,611 
Cash and cash equivalents, and restricted cash, end of year  $8,053   $1,585 
           
RECONCILIATION OF CASH, CASH EQUIVALENT AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEET          
Cash and cash equivalents   7,943    1,529 
   Restricted cash, included in Other Assets, non-current   110    56 
Supplemental disclosure of cash flow information          
Cash paid for interest  $596   $   
Cash paid for income taxes  $2   $   
           
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES          
Issuance of Class A common shares – for Warrant exercise  $15,234   $811 
Issuance of Class A common shares – for settlement of Lease   1,747       
Issuance of Class A common shares – MiMoto Smart Mobility S.r.l. Acquisition   10,389       
Issuance of Class A common shares – for Convertible Preferred Stock Series B   4,530       
Issuance of Class A common shares (PIPE units) – for settlement of Promissory Notes   5,000       
Convertible debts converted into Common Shares         1,431 
Convertible Preferred Stock Series A converted into Common Shares         3,450 
Convertible Preferred Stock Series A converted into Convertible Preferred Stock Series B         3,091 
Prepaid expenses related to D&O insurance, included in Account payable   3,826       

 

 

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

 

 

7 
 
 

 

HELBIZ, Inc.

Notes to Condensed Consolidated Financial Statements

(in thousands, except share and per share data)

(Unaudited)

1. Business and Basis of Presentation

Description of Business

Helbiz, Inc. and Subsidiaries, (“Helbiz” or the “Company”) was incorporated in the state of Delaware in October 2015 with headquarter in New York, New York. The Company is an intra-urban transportation company that seeks to help urban areas reduce their dependence on individually owned cars by offering affordable, accessible and sustainable forms of personal transportation, specifically addressing first and last mile transport. Beginning in 2020, the Company increased its services offered to customers by including monthly subscriptions for accessing its network of electric vehicles. On April 1, 2021, the Company, through the acquisition of MiMoto Smart Mobility S.r.l, added electric mopeds on its sharing services offer (See Note 3. MiMoto Smart Mobility S.r.l. – Acquisition).

Founded on a proprietary technology platform, the Company offers a sharing economy for electric scooters bikes and mopeds. Through its App, Helbiz offers an intra-urban transportation solution that allows users to instantly rent electric vehicles directly from the Helbiz mobile application. The Company currently has a strategic footprint in growing markets with offices in New York, Milan, Belgrade and Singapore, with additional operational teams around the world. The Company currently has electric vehicles operating in the United States and Europe.

During 2021, the Company decided to enter into a new business line: the acquisition, commercialization and distribution of contents including live sport events. The Company developed a new app, Helbiz Live, separated from the micro-mobility platform. Starting from August 2021, the Company will broadcast the Italian Serie B Soccer League in the United States, Italy and Serbia.

During 2021, the Company decided to expand its offering to final customers, through its wholly-owned Italian subsidiary, Helbiz Kitchen Italia S.r.l. In July 2021, the Company launched a delivery-only “ghost kitchen” restaurant concept that specializes in preparing healthy-inspired, high-quality, fresh, made-to-order meals, in Milan. The service is in an early-stage phase, and it is available through the micro-mobility platform.

Business Combination and Organization

On August 12, 2021, Helbiz consummated a business combination, by and among GreenVision Acquisition Corp. (“GRNV”) and its subsidiary, Helbiz Holdings Inc (name of Helbiz, Inc. as private Company, before August 12, 2021) and Salvatore Palella (as representative of the shareholders of Helbiz Holdings Inc.). On the Closing Date, GRNV changed its name to Helbiz, Inc. as the name of the entity surviving the business combination.

In connection with the execution of the business combination, GRNV entered into subscription agreements with multiple investors for an aggregate of 2,650,000 GRNV units at $10.00 per unit, with each unit consisting of one Class A Common Stock and a warrant to purchase one Class A Common Stock exercisable at $11.50, for aggregate gross proceeds of $26.5 million (the “PIPE Investment”), of which proceeds $5 million was in the form of cancelation of Helbiz Holdings Inc. promissory notes. Refer to Note 4. GreenVision Acquisition Corp. – Business Combination, for further information regarding the Net Asset acquired.

As a result of the aforementioned business combination, each Helbiz Holdings share issued and outstanding immediately prior to the business combination date was canceled and automatically converted into the right to receive 4.63 (the “conversion ratio”) GRNV shares of the respective class.

8 
 
 

Going Concern

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 may potentially continue to have, an ongoing need to raise additional cash from outside sources to fund its expansion plan and related operations. Successful transition to attaining profitable operations is dependent 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 and expansion plan 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. Refer to Note 20. Subsequent Events for further details over the funding activities after September 30, 2021.

The accompanying 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.

Impact of COVID-19

Various governments continue to implement, lift, and in some regions reinstate restrictions, including business activities and travel restrictions. These restrictions have caused decreased demand for transportation services as well as decreased earning opportunities for our platform, and disruptions in global supply chains and significant volatility and disruption of financial markets.

COVID-19 has produced uncertainty around the world, and it is not possible to predict the COVID-19 pandemic’s cumulative and ultimate impact on our future business operations, results of operations, financial position, liquidity, and cash flows. The extent of the impact of the pandemic on our business and financial results will depend largely on future developments, including the duration of the spread of the outbreak and any resurgences of the outbreak or variants of the virus, both globally and within the United States, the administration, adoption and efficacy of vaccines in the United States and internationally, the impact on capital, foreign currencies exchange and financial markets, governmental or regulatory orders that impact our business and whether the impacts may result in permanent changes to our end-users’ behavior, all of which are highly uncertain and cannot be predicted.

The Company continues to closely monitor the impact of the COVID-19 pandemic. The Company has concluded that the specific impact is not readily determinable as of the date of these condensed consolidated financial statements. The condensed consolidated financial statements presented do not include any adjustments that might result from the outcome of this uncertainty.

2. Significant Accounting Policies and Use of Estimates

Basis of Presentation

These accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X pf the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. The condensed consolidated balance sheet as of December 31, 2020, included herein was derived from the audited financial statements as of that date. 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, 2020 included in the S-1 IPO Investment Prospectus, filed on October 27, 2021. The results for the interim periods are not necessarily indicative of results for the full year.

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. 

 

 

9 
 
 

 

In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, comprehensive loss, cash flows and the change in equity for the periods presented.

Reclassifications

Certain reclassifications have been made to the prior year’s consolidated financial statements to conform to the current interim financials’ presentation. These reclassifications had no impact on net loss including stockholders’ deficit or cash flows as previously reported. In detail, the Company reclassified the Security deposit balance of $416 as of December 31, 2020, from Current assets to Other assets and the Intangible assets balance of $167 as of December 31, 2020, from Other assets to Intangible assets, net.

Use of Estimates

The preparation of financial statements in conformity with US 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 common stock and financial instruments at fair value, useful lives of property and equipment, including scooters and valuation allowance for deferred income taxes.

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.

Warrant Liability

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and subsequently remeasured at each balance sheet date thereafter.

Acquisitions

The Company accounts for acquisitions of entities or asset groups that qualify as businesses in accordance with ASC 805, “Business Combinations” (“ASC 805”). The purchase price of the acquisition is allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition dates. The excess of the purchase price over those fair values is recorded as goodwill. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the consolidated statements of operations. Refer to Note 3. MiMoto Smart Mobility S.r.l. – Acquisition, for further information.

10 
 
 

Goodwill

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination and is allocated to reporting units expected to benefit from the business combination. The Company tests goodwill for impairment at least annually, in the fourth quarter, or whenever events or changes in circumstances indicate that goodwill might be impaired.

There were no impairment indicators for the nine months ended September 30, 2021.

Intangible assets, net

Intangible assets are carried at cost and amortized on a straight-line basis over their estimated useful lives, which range from one to three years. The Company tests intangible assets for impairment whenever events or changes in circumstances indicate that intangible assets might be impaired.

There were no impairment indicators for the nine months ended September 30, 2021.

Accounting Pronouncements Issued but Not Yet Adopted

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The lease assets and liabilities to be recognized are both measured initially based on the present value of the lease payments. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for the Company starting from January 1, 2022. The Company plans to adopt this standard as of the effective date for private companies using the modified retrospective approach of all leases entered into before the effective date. While the Company is currently reviewing its lease portfolio and evaluating and interpreting the requirements under the new guidance, including available accounting policy elections, it expects that its non-cancellable operating lease commitments will be subject to the new guidance and recognized as right-of-use assets and operating lease liabilities on the Company’s condensed consolidated balance sheets. The Company is currently assessing the impact of this accounting standard on its shared vehicles revenues and rental leases.

In August 2020, the FASB issued ASU No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”, which simplifies the accounting for convertible instruments by eliminating the requirement to separate embedded conversion features from the host contract when the conversion features are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging, or that do not result in substantial premiums accounted for as paid-in capital. By removing the separation model, a convertible debt instrument will be reported as a single liability instrument with no separate accounting for embedded conversion features. This new standard also removes certain settlement conditions that are required for contracts to qualify for equity classification and simplifies the diluted earnings per share calculations by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in diluted earnings per share calculations. This new standard will be effective for the Company for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company is currently assessing the impact of adopting this standard on the condensed consolidated financial statements.

In May 2021, the FASB issued ASU 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, (“ASU 2021-04”) which clarifies the accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. Specifically, ASU 2021-04 requires the issuer to treat a modification of an equity-classified warrant as an exchange of the original warrant. The difference between the fair value of the modified warrant and the fair value of the warrant immediately before modification is then recognized as an issuance cost or discount of the related transaction. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption permitted. ASU 2021-04 should be applied prospectively to modifications or exchanges occurring after the effective date. Either the full or modified retrospective adoption method is allowed. The Company is currently assessing the impact of adopting this standard on the condensed consolidated financial statements.

 

11 
 
 

 

In October 2021, the FASB issued ASU No. 2021-8, “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”, creating an exception to the recognition and measurement principles in ASC 805, Business Combinations. The amendments require an acquirer to use the guidance in ASC 606, Revenue from Contracts with Customers, rather than using fair value, when recognizing and measuring contract assets and contract liabilities related to customer contracts assumed in a business combination. In addition, the amendments clarify that all contracts requiring the recognition of assets and liabilities in accordance with the guidance in ASC 606, such as contract liabilities derived from the sale of nonfinancial assets within the scope of ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets, fall within the scope of the amended guidance in ASC 805. This new standard will be effective for the Company for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently assessing the impact of adopting this standard on the condensed consolidated financial statements.

3. MiMoto Smart Mobility S.r.l. – Acquisition

On April 1, 2021, the Company acquired 100% of the equity interest of MiMoto Smart Mobility S.r.l. (“MiMoto”), a dockless e-moped sharing private company based in Milan, Italy. The acquisition of MiMoto has been accounted for as a business combination. The purchase price of $12,544 (paid in 1,057,740 shares of the Company’s common stock assuming a retroactive application of the conversion ratio, and $2,155 in cash ).

The fair value of the Company’s Common Stocks issued to MiMoto shareholders have been estimated assuming a “Public Company scenario”. The Company assigned a 100% probability to the mentioned scenario, supported by the issuance of a Proxy Statement to the SEC by GreenVision, a NASDAQ listed entity. The Company valued the estimated equity value at listing date using a discount rate, derived from the capital asset pricing model (“CAPM”). On April 1, 2021, the discount rate applied was 7.4% and the equity value estimate was driven from the trading price of GreenVision stock and expected conversion ratio with Helbiz common shares. Fair value measurements are highly sensitive to changes in these inputs; significant changes in these inputs would result in a significantly higher or lower fair value.

The MiMoto purchase price has been allocated as follows: $1,870 to government relationship, $887 to customer relationship, $664 to assets acquired and $1,848 to liabilities assumed based on their estimated fair value on the acquisition date, and the excess of $10,971 of the purchase price over the fair value of net assets acquired was recorded as goodwill. Goodwill is primarily attributable to the expected synergies and monetization opportunities arising from the acquisition, including the ability to obtain further licenses in the electric sharing environment and gain efficiencies with the use of MiMoto’s know-how, technology and existing processes. Government relationships and Customer relationships accounted as Intangible Assets are amortized on a straight-line basis over their estimated useful life, 3 years. Government relationships represent the operating e-mopeds sharing agreements with municipalities, entered by MiMoto in previous years. Customer relationships represent the customer based owned by MiMoto through its platform.

Amounts of assets and liabilities recognized as of the acquisition date are provisional and subject to change within the measurement period as the fair value assessments are finalized.

Acquisition costs were immaterial and are included in general and administrative expenses in the condensed consolidated statements of operations.

The following table summarizes the allocation of the fair value of the assets acquired and liabilities assumed at the Closing Date, April 1, 2021.

 

    
Government relationships  $1,870 
Customer relationships   887 
Other current Assets   169 
Cash and cash equivalents   168 
Security Deposits   143 
Property and Equipment, net   111 
Account Receivables   62 
Other non current Assets   11 
Total identifiable assets acquired  $3,421 
Financial liabilities   (920)
Other liabilities   (928)
Total Liabilities assumed  $(1,848)
Goodwill   10,971 
Total acquisition consideration  $12,544 

The results of operations for the acquired business have been included in the condensed consolidated statements of operations for the period after the Company's acquisition of MiMoto: April 1, 2021.

 

12 
 
 

 

Revenues and Net Loss of MiMoto included in the Company’s consolidated income statement from the acquisition date through September 30, 2021 are as follows.

 

     
  

For the period

April 1, 2021 to

September 30, 2021

 
Revenues  $676 
Net Loss   (976)

Pro forma consolidated revenues and earnings for the three and nine months ended September 30, 2021, and September 30, 2020, calculated as if MiMoto had been acquired as of January 1, 2020 are as follows.

 

                    
  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
   2021   2020   2021   2020 
Revenues  $4,702   $2,351   $8,885   $3,656 
Net Loss   (28,316)   (5,574)   (51,226)   (15,936)

The pro forma adjustments reflect the transaction accounting adjustments, in accordance with U.S. GAAP. No autonomous entity adjustments have been identified and recorded as pro forma adjustments. Additionally, the pro forma adjustments do not reflect management’s adjustments for potential synergies and dis-synergies. The pro forma combined financial statements do not necessarily reflect what the combined results of operations would have been had the acquisition occurred on the dates indicated. In detail, the pro forma adjustments are mainly related to the amortization of Government and Customer relationships and alignment of MiMoto accounting policies to the Company’s accounting policies. They also may not be useful in predicting the future results of operations of the combined company. The actual results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors.

 

4. GreeVision Acquisition Corp. – Business combination

On August 12, 2021 (the “Closing Date”), the business combination between Helbiz and GRNV, and the PIPE Investment were closed. The business combination was accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance with ASC 805-10-55-12. Based on the analysis performed GRNV is treated as the “acquired” company for financial reporting purposes. This determination was based primarily on Helbiz Holdings having the ability to appoint a majority of the initial Board of the combined entity, Helbiz Holdings's senior management comprising the majority of the senior management of the combined company, and the ongoing operations of Helbiz Holdings comprising the ongoing operations of the combined company. Accordingly, for accounting purposes, the business combination was treated as the equivalent of Helbiz issuing shares for the net assets of GRNV, accompanied by a recapitalization.

The Company’s net assets acquired through the consummation of the business combination consisted of:

 

    
   August 12, 2021 
Cash and cash equivalents  $20,281 
Subscription receivable – PIPE Investment in the form of cancelation of Helbiz Holdings promissory notes   5,000 
Prepaid expenses and other current assets   739 
    Liability Warrants   (1,958)
Liabilities toward Helbiz   (570)
Accounts payable and accrued expenses   (54)
Net Asset Acquired, excluding Helbiz transaction costs  $23,438 
Helbiz transaction costs   (3,046)
Net Asset Acquired from the business combination   20,392 

 

13 
 
 

The Liabilities assumed by Helbiz as result of the business combination are mainly related to the Warrants classified as Liabilities and amounted to $1,958 on August 12, 2021. The Warrant liabilities are composed of the following:

(a)2,100,000 Private Warrants issued to GRNV Sponsors (“GRNV Sponsor Private Warrants”). Each Private Warrant is exercisable to purchase one share of Class A common stock at an exercise price of $11.50 per share, (see Note 13. Financial liabilities). On August 12, 2021, the fair value of these Private Warrants recorded as a liability were $1,829.
(b)287,500 Private Warrants issued to GRNV’s underwriter, I-Bankers Securities, Inc. (“GRNV Underwriter Private Warrants”). Each Private Warrant is exercisable to purchase one share of Class A common stock at an exercise price of $12.00 per share, (see Note 13. Financial liabilities). The warrants are exercisable for cash or on a cashless basis, at the holder’s option. On August 12, 2021, the fair value of the 287,500 Private Warrants recorded as liability was $129.

5. Revenue Recognition

The table below shows the revenues breakdown for the three and nine months ended on September 30, 2021, and on September 30, 2020.

 

                    
  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
   2021   2020   2021   2020 
Mobility revenues  $3,890   $2,013   $7,888   $2,671 
Pay per ride   3,093    1,689    6,192    2,145 
Subscriptions   541    195    1,156    209 
Partnership revenues   256    129    540    317 
Live Revenue  $760         $760       
    Commercialization of Media rights   671          671       
    Subscriptions   89          89       
Other revenues  $52   $     $52   $205 
Total Revenue  $4,702   $2,013   $8,700   $2,876 

 

The table below shows the Deferred revenues breakdown from December 31, 2020, to September 30, 2021. 

 

                                   
Deferred revenues 

December 31,

2020

   Additions   Utilization   June 30, 2021   Additions   Utilization   September 30, 2021 
                             
Mobility - Prepaid Customer wallet  $89    1,627    (1,162)   554    1,480    (1,087)   947 
Mobility - Partnership   57    189    (25)   221          (71)   150 
Live - Media Rights                           588          588 
Total   146   $1,816   $(1,187)  $775   $2,068   $(1,158)  $1,685 

Deferred revenues related to prepaid customer wallet will be recorded as Revenues when riders will take a ride or make a subscription, while deferred revenues related to Media rights will be mainly recorded as Revenues in the three months ended December 31, 2021.

Helbiz Mobility

The Company generates revenue from single-use ride fees paid by riders of owned e-bikes, e-mopeds and e-scooters. The Company also generated revenues from partnership related to marketing activities and co-branding of Helbiz vehicles.

 

14 
 
 

Helbiz Live

Starting from July 2021, the Company recorded revenues related to: (i) the commercialization and distribution of media contents, and (ii) user subscriptions.

The commercialization and distribution of media contents

The Company evaluated multi-year media distribution agreements entered into in Fiscal 2021. The Company concluded that it acts as the principal in those agreements, because the Company: (i) has inventory risk, (ii) has discretion in establishing the prices, and (iii) obtained control over the media content rights.

The Company recognizes revenue over the period with which the content is distributed. In detail, the Company identified one performance obligation related to those agreements: the delivery of media content. The Company recognizes revenues ratably over the licensing period which correlates with the period the media content is available.

User Subscriptions

The Company records revenues related to the monthly and yearly subscriptions. In detail, Helbiz Media entered into contracts with customers every time they accept the Terms of Conditions (“ToC”), included in the Helbiz Live App, and pay the monthly or annual fees. The ToC defines the fees that the Company charges customers for each subscription, each party’s rights and obligations regarding the services to be transferred and payment terms. The performance obligation related to the mentioned contract is represented by the availability of the media contents to the final customer. The Company recognizes revenues over time by measuring the progress of occurrence of the media contents, toward complete satisfaction of the performance obligation.

6. Contract assets

As of September 30, 2021, contract assets amounted to $2,367 are mainly composed of the LNPB audiovisual rights to broadcast the 390 Serie B regular season games for the next three seasons. For those contracts entered with LNPB, the Company recorded $2,694 in Cost of revenues for the three and nine months ended on September 30, 2021.

7. Prepaid and other current assets

Prepaid and other current assets consist of the following:

 

Schedule of Prepaid and other current assets          
   September 30,   December 31, 
   2021   2020 
D&O Insurance Coverage  $4,861   $   
VAT   1,443    169 
Prepaid   1,126    671 
Other current assets   612    326 
Total prepaid and other current assets  $8,042   $1,166 

D&O Insurance coverage is related to a one-year agreement entered with a third party on August 12, 2021.

8. Property and equipment, net

Property and equipment consist of the following:

 

            
   Estimated Useful Life   September 30,   December 30, 
   (in years)   2021   2020 
Rental e-scooters   1-1.5   $7,084   $4,390 
Rental e-bikes   2    401    703 
Rental e-mopeds   4    453       
Furniture, fixtures, and equipment   7-5    1,084    545 
Computers and software   3    966    875 
Leasehold improvements   Note 1    679    81 
Total property and equipment, gross        10,667    6,594 
Less: accumulated depreciation        (6,467)   (2,871)
Total property and equipment, net       $4,200   $3,723 

Note 1 — Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining term of the lease, or the useful life of the assets.

 

15 
 
 

 

The Company recorded in Cost of Revenues, a loss on disposal for Rental vehicles of $23 and $261 for the three and nine months ended on September 30, 2021, and $185 and $692 for the three and nine months ended on September 30, 2020.

Depreciation expense was $1,531 and $4,391 for the three and nine months ended on September 30, 2021, and $528 and $1,206 for the three and nine months ended on September 30, 2020.

9. Intangible assets, net

Intangible assets consist of the following:

          
   September 30,   December 31, 
   2021   2020 
Government Relationships   1,831       
Customer Relationships   869       
Licenses   618    438 
Other Intangible assets   50    44 
Total Intangible assets, Gross  $3,368   $482 
Less: accumulated amortization   (980)   (315)
Total Intangible assets, net  $2,388   $167 

Government relationships and customer relationships are related to the MiMoto acquisition, refer to Note 3. MiMoto Smart Mobility S.r.l. – Acquisition, for further information.

The following table summarizes the amortization expenses for the three and nine months ended on September 30, 2021, and for the three and nine months ended on September 30, 2020.

 

                    
   Three Months Ended September 30,   Nine Months Ended September 30, 
   2021   2020   2021   2020 
Cost of revenues  $249   $75   $643   $199 
Sales & marketing   72          146       
General & administrative   2    1    6    2 
Total Amortization expenses  $323   $76   $795   $201 

10. Other Assets

Other assets consist of the following: 

          
   September 30,   December 31, 
   2021   2020 
Security Deposit   1,106    418 
Other   110    33 
Total Other Assets  $1,216   $451 

11. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:

          
   September 30,   December 31, 
   2021   2020 
Payroll Liabilities  $2,447   $1,007 
Other Miscellaneous Accruals   381    66 
Total accrued expenses and other current liabilities  $2,828   $1,073 

 

16 
 
 

12. Liability warrants

The Company’s Warrants, classified as a liability, consisted of the following:

          
   September 30,   December 31, 
   2021   2020 
GRNV Sponsor Private Warrants  $5,330   $   
2020 Warrant Purchase Agreement         6,439 
Total Liability warrants  $5,330   $6,439 

 

The table below shows the impact on the statements of operations, Change in fair value of warrant liability account, related to the Liability warrants for the three and nine months ended September 30, 2021, and September 20, 2020.

 

                    
   Three Months Ended September 30,   Nine Months Ended September 30, 
Change in fair value of warrant liability  2021   2020   2021   2020 
2020 Warrant Purchase Agreement – converted on March 26, 2021  $     $     $(4,127)  $   
2019 Warrant Purchase Agreement – converted on June 25, 2020         (1,702)         (579)
GRNV Sponsor Warrants   (3,501)         (3,501)      
GRNV Underwriter’s Warrants   (4,537)         (4,537)      
Total Change in fair value of warrant liability  $(8,038)   (1,702)  $(12,165)  $(579)

The following tables summarize the fair value hierarchy of the Company’s warrants carried at fair value on a recurring basis as of September 30, 2021, and December 31, 2020. No Financial liabilities, net was measured at fair value on a recurring basis as of September 30, 2021, and December 31, 2020.

            
           September 30, 2021 
   Fair Value   Expected term   Total   Level 1   Level 2   Level 3 
2020 Warrant Purchase Agreement  $2.54 each    4.36   $5,330               $5,330 
Total            $5,330   $     $     $5,330 

 

           December 31, 2020 
   Fair Value   Expected term   Total   Level 1   Level 2   Level 3 
2020 Warrant Purchase Agreement  $26.19 each    N/A   $6,439               $6,439 
Total            $6,439   $     $     $6,439 

GRNV Sponsor Private Warrants

The 2,100,000 GRNV Sponsor Private Warrants are identical to the Public Warrants (refer to Note 14. Common stock) underlying the Units sold in the GRNV Initial Public Offering and PIPE transaction. Additionally, the GRNV Sponsor Private Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the GRNV Sponsor Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the GRNV Sponsor Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

The GRNV Sponsor Private Warrants are accounted as liability in accordance with ASC 815-40 and categorized as Level 3 financial liabilities for the absence of an active market. Changes in fair value