Company: MOBBW
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001013762-25-003365
Chunk: 60

Company: Mobilicom Ltd
Filing Date: 2025-03-27
Form: 20-F
Item: Item 5
Chunk 60
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, compared to $2,088,200 for the year ended December 31, 2023, a decrease of $(122,774), or (6)%. The decrease was primarily due
to costs related with certain changes in headcount and lower levels of overhead costs allocation.

Research and Development
expenses.

Research and development expenses
were $2,127,409 for the year ended December 31, 2024, compared to $1,936,802 for the year ended December 31, 2023, an increase of $190,607,
or 10%. The increase was mainly due to changes in headcount and increases in subcontractor and consultant costs related with release of
the new comprehensive security, safety and standards compliance solution for uncrewed missions (OS3) and research and development of future
planned new products, and higher levels of overhead costs allocation.

General and Administrative
expenses.

General and administrative expenses were $1,970,849 for the year ended
December 31, 2024, compared to $2,256,408 for the year ended December 31, 2023, a decrease of $(285,559), or (13)%. The decrease was primarily
due to lower premium costs of our directors and officers insurance, lower levels of overhead costs allocation and a decrease in public
company-related costs in Australia.

Financial costs.

Financial costs were $27,052
for the year ended December 31, 2024, compared to $14,734 for the year ended December 31, 2023, an increase of $12,318 or 84%. Financial
costs are primarily related to interest paid under our lease agreements.

Fair value losses from
financial liability

Fair value losses from financial liability were $4,251,756 for the
year ended December 31, 2024, compared to $330,208 for the year ended December 31, 2023, an increase of $3,921,548, or 1,088%. Fair value
losses from financial liability are attributed to revaluation gain/(loss) between measured periods related with warrants issued under
our initial public offering in the United States in August 2022 and under our registered direct offering in the United States in January
2024 (a non-cash item).

Comparison of the years ended December 31,
2023 and 2022

Revenue and Other income

                                                 For the twelve months ended December 31,                                                                                 
  Revenue