Company: SOBR
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002746
Chunk: 925

Company: SOBR Safe, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 6
Chunk 925
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000 at December 31, 2024, provide adequate capital for operating activities for the next twelve months after the date these financial statements are issued. Management believes the release of its second generation SOBRsure device in the fourth quarter of 2024 and a comprehensive 2025 marketing plan have positioned the Company to generate positive improvement in revenue generation and positive cash flows from sales. These plans are contingent upon the actions to be performed by the Company and these conditions have not been met on or before December 31, 2024. Management believes despite limited revenue generation and positive operating cash flows being generated historically, adequate cash balances and working capital are available to support ongoing operations for the next twelve months and the Company will continue as a going concern as of December 31, 2024.   

NOTE 3. INVENTORY Inventories consist of the following:   December 31,  December 31,   2024  2023 Component parts $59,081  $59,157 Finished goods  165,794   283,625 Inventory $224,875  $342,782  For the year ended December 31, 2024, the Company disposed of its first generation SOBRsure device inventory resulting in an expense of $91,381 and a portion of its SOBRcheck devices of $24,360.

NOTE 4. PREPAID EXPENSES Prepaid expenses consist of the following:   December 31,  December 31,   2024  2023 Insurance $165,041  $156,724 Deposit  15,736   15,736 Rent  -   16,714 Other  11,860   24,087 Prepaid expenses  $192,637  $213,261  On July 1, 2024, the Company purchased annual general risk and director and officers insurance policies prepaying annual premiums of $330,083 through an eight-month financing arrangement on the same date (see Note 8). The Company recorded $366,305 of insurance expense related to the prepaid annual general risk and directors & officers insurance premiums during the year ended December 31, 2024. On May 18, 2023, the Company purchased annual general risk and directors and officers insurance prepaying annual premiums of $367,352 through a eight-month financing arrangement on