v3.26.1
Consolidated Statements of Cash Flows
€ in Thousands, $ in Millions
12 Months Ended
Dec. 31, 2025
EUR (€)
Dec. 31, 2024
EUR (€)
Cash Flows from Operating Activities    
Income for the period € 4,015 € 65,026
Adjustments to reconcile net income to net cash used in operating activities    
Depreciation of property, plant and equipment 31 18
Stock based compensation 0 (19)
Gain on reconsolidation 0 (62,554)
Income from changes in fair value of convertible note payable carried at fair value (11,108) (8,923)
Non-cash lease expense 56 49
Other non-cash (income) / expense (632) 357
Changes in operating assets and liabilities:    
Inventory (25) (304)
Prepaid taxes (428) 150
Prepaid expenses and other (15) 675
Accounts payable and accrued expenses 535 5,106
Lease Liability (56) (49)
VAT payable (487) (13,862)
Other current liabilities 4 0
Net cash used in operating activities (7,254) (14,330)
Cash Flows from Investing Activities    
Acquisition of property and equipment 0 (80)
Reconsolidation (deconsolidation) of the Subsidiary cash balance 0 1,305
Net cash provided by (used in) investing activities 0 1,225
Cash Flows from Financing Activities    
Proceeds from the issuance of convertible notes 5,990 7,000
Proceeds from the issuance of shares from conversion of employee options 3 0
Proceeds from issue of shares in private placement 85 0
Cash at December 31, 2024 1,354 7,412
Cash at December 31, 2025 206 1,354
Net cash provided by financing activities 6,078 7,000
Effect of currency translation on cash 28 47
Net (decrease) in cash (1,148) € (6,058)
Non-cash investing and financing activities:    
Convertible debt exchanged for preferred stock € 18,471