Company: SONM
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001641172-25-009749
Chunk: 8

Company: SONIM TECHNOLOGIES INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 8
Chunk 8
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ertain new products, the Company began purchasing raw materials in 2024 that will be used by the third-party manufacturers to build
the products. These purchased parts represent most of the raw materials in inventory at March 31, 2025 and December 31, 2024.

The
following table presents the components of the Company’s prepaid expenses and other current assets:

 Schedule of Prepaid Expenses and Other Current Assets

    March 31, 2025  
    December 31,
                                                                                2024 
  
    Deposits for inventory 
    $2,805  
    $2,697 
  
    Other 
     1,913  
     1,865 
  
    Prepaid expenses and
    other current assets 
    $4,718  
    $4,562 

The
following table presents the components of the Company’s accrued liabilities:

 Schedule of Accrued Expenses

    March 31,
                                                                                2025  
    December 31,
                                                                                2024 
  
    Customer allowances 
    $5,355  
    $11,421 
  
    Contract fulfillment liabilities 
     3,205  
     2,939 
  
    Inventory received, not billed 
     2,037  
     1,563 
  
    Employee-related liabilities 
     2,024  
     2,247 
  
    Other 
     2,497  
     2,722 
  
    Accrued liabilities 
    $15,118  
    $20,892 

Receivables
Financing Agreement

On
September 23, 2024, the Company entered into an invoice purchase agreement (the “Receivables Financing Agreement”) with LS
DE LLC (“LS”), pursuant to which LS will provide receivables factoring to the Company. Pursuant to the terms of the Receivables
Financing Agreement, LS will advance 80% of the face value of the receivables being sold by the Company, up to a maximum of $2,500 of
eligible customer invoices from the Company. In consideration of the advances, LS is entitled to receive (i) an invoice purchase fee
equal to 0.20% of the face amount of each purchased invoice payable at the time of the purchase and (ii) a daily funds usage fee equal
to 0.0388%, payable monthly in arrears on the last day of each