Company: MFON
Filing Date: 2025-04-07
Form Type: 10-K
Source: 0001641172-25-002942
Chunk: 198

Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-04-07
Form: 10-K
Item: Item 1
Chunk 198
---
    Intangibles, net (non-recurring) 
    $—  
    $—  
    $55,689  
    $— 

The
following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023:

    Description 
    Level 1  
    Level 2  
    Level 3  
    Gains (Losses) 
  
    Goodwill (non-recurring) 
    $—  
    $—  
    $—  
    $— 
  
    Intangibles, net (non-recurring) 
    $—  
    $—  
    $65,916  
    $— 

The
Company recorded goodwill, intangible assets and an earn-out payable as a result its business combinations, and these assets were valued
with the assistance of a valuation consultant and consisted of Level 3 valuation techniques.

The
Company’s financial instruments consist of cash, accounts receivable, accounts payable, and accrued liabilities. The estimated
fair value of cash, accounts receivable, accounts payable and accrued liabilities approximate their carrying amounts due to the short-term
nature of these instruments. None of these instruments are held for trading purposes.

13.
Commitments and Contingencies

Litigation

As
of the date of this report, the company has two pending legal proceeding related to alleged violations of the TCPA (Telephone
Consumer Protection Act) Violation. The first proceeding is a putative class action complaint alleging that Defendant initiated
telephone solicitations through text messages to Plaintiff and members of a putative class in violation of the TCPA. The defense of
the matter was tendered to the Company by its client, and our firm took over the defense of the matter. We have not yet responded to
the complaint and no discovery has been conducted so we are unable to determine at this time whether it may result in a
“material” exposure as defined. The Company intends to seek an individual settlement of this matter and if one cannot be
reached it intends to vigorously defend the matter for its client.

The
second proceeding is a putative class action complaint alleging that Defendant initiated telephone solicitations through text
messages in violation of the Telephone Consumer Protection Act, 47 U.S.C § 227 et al. (“TCPA”). The defense of the
matter was tendered to the Company by its client, and our firm is managing the defense of the matter.