Company: MFON
Filing Date: 2025-04-07
Form Type: 10-K
Source: 0001641172-25-002942
Chunk: 905

Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-04-07
Form: 10-K
Item: Item 7A
Chunk 905
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 the accretion of the lease liability, which is included in depreciation and amortization
in the consolidated statement of operations.

Rent
expense was $58,769 and $355,343 for the years ended December 31, 2024 and 2023, respectively.

We
entered into our current lease starting in February of 2021 for 8,898 square feet of office space located at 3133 W. Frye Road, Suite
215, Chandler, Arizona. Monthly rental payments, excluding common area maintenance charges, will be $25,953 to $28,733. The first twelve
months of the lease includes a 50% abatement period. An operating lease asset and liability will be recorded when the lease commences
in accordance with Topic 842.

The
Company entered in to a sublease to lease our existing office space at located at 3133 W. Frye Road, Suite 215, Chandler,
Arizona, on March 1, 2024 for its office facilities in Chandler, AZ through February 28, 2025. Monthly rental payments
including rental of office furniture and excluding taxes, are $24,470.

The
maturity analysis below summarizes the remaining future undiscounted cash flows for our operating leases, a reconciliation to operating
lease liabilities reported on the Condensed Consolidated Balance Sheet, our weighted-average remaining lease term and weighted average
discount rate:

 Schedule of Lessee, Operating Lease Liability

    Year ending December 31, 
    Amount 
  
    2025 
    $337,568 
  
    2026 
     344,241 
  
    2027 
     28,733 
  
    2028 
     — 
  
    2029 
     — 
  
    Thereafter 
     — 
  
    Total future lease payments 
     710,542 
  
    Less: imputed interest 
     (49,690)
  
    Total 
    $660,852 

Schedule
of Lease Cost

    Weighted Average Remaining Lease Term (years) 

    Operating leases 
     2.33 

    Weighted Average Discount Rate 

    Operating leases 
     6.75%

    -32-

8.
Notes Payable and Related Party Notes Payable

The
following table presents details of our notes payable as of December 31, 2024 and 2023:

Schedule
of Debt 

    Facility