Company: MFON
Filing Date: 2025-04-07
Form Type: 10-K
Source: 0001641172-25-002942
Chunk: 900

Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-04-07
Form: 10-K
Item: Item 7A
Chunk 900
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 SMS Factory,
Inc., a Florida corporation (“SMS Factory”). Pursuant to the Asset Purchase Agreement, SMS Factory purchased all of the right,
title and interest in the Company’s SMS/MMS text messaging customer accounts, excluding certain Excluded Assets (as defined in
the Asset Purchase Agreement) utilized in the operation of the Company’s SMS/MMS text messaging platform business (the “Business
Assets”) effective as of September 25, 2024 (the “Closing Date”).

The
following table presents a reconciliation of the carrying amounts of the major classes of these assets and liabilities to the current
assets and liabilities of discontinued operations as presented on the Company’s Consolidated Balance Sheets:

 Schedule
of Consolidated Balance Sheets and Statements of Loss

    As of December 31, 2024  
    As of December 31, 2023 
  
    Assets 

    Current Assets 

    Accounts Receivable 
    $214,779  
    $720,611 

    Total Assets 
    $214,779  
    $720,611 

The
following table provides details about the major classes of line items constituting “Income (loss) from discontinued operations”
as presented on the Company’s Consolidated Statements of Loss:

    Twelve Months Ended  
    Twelve Months Ended 

    December 31,  
    December 31, 

    Revenue 

    Revenue 
    $3,640,455  
    $5,910,028 
  
    Cost of Revenue 
     2,585,997  
     4,353,744 
  
    Gross Profit 
     1,054,458  
     1,556,284 

    Operating Expenses 

    Bad Debt 
     89,121  
     (7,119)
  
    General and Administrative 
    1,369,545  
     2,205,362 
  
    Sales and Marketing 
     296,403  
     555,652 
  
    Engineering, Research and Development 
     356,368  
     417,444 
  
    Total Operating Expenses 
     2,111,437  
     3,171,339 
  
    Loss on Operations 
     (1,056,979) 
     (1,615,055)

    Other Income (Expense) 

    Foreign currency loss 
     (18) 
     (3)