Company: MFON
Filing Date: 2025-06-06
Form Type: 10-Q
Source: 0001641172-25-014006
Chunk: 15

Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-06-06
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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. Changes in such standards may have an impact on the Company’s future financial statements. The following is a summary
of recent accounting developments.

In November 2023 FASB issued ASU 2023-07, Segment
Reporting – Improvements to Reportable Segment Disclosures. ASU 2023-07 requires public entities “improve reportable
segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.” The Company adopted
AS 2023-07 as of December 31, 2024. The Company’s CODM has determined that Mobivity Holdings Corp has one reportable segment. This
will result in no changes to the reporting of our or presentation our financial statements. The measure of segment assets is reported
on the balance sheet as total consolidated assets.

    8

3. Discontinued Operations

On September 25, 2024, the Company entered into an
Asset Purchase Agreement (the “Asset Purchase Agreement”) with SMS Factory, Inc., a Florida corporation (“SMS Factory”).
Pursuant to the Asset Purchase Agreement, SMS Factory purchased all of the right, title and interest in the Company’s SMS/MMS text
messaging customer accounts, excluding certain Excluded Assets (as defined in the Asset Purchase Agreement) utilized in the operation
of the Company’s SMS/MMS text messaging platform business (the “Business Assets”) effective as of September 25, 2024
(the “Closing Date”).

The following table presents a reconciliation of the carrying amounts of
the major classes of these assets and liabilities to the current assets and liabilities of discontinued operations as presented on the
Company’s Consolidated Balance Sheet:

 Schedule
of Consolidated Balance Sheets and Statements of Loss

    As of March 31, 2025  
    As of December 31,2024 
  
    Assets 

    Current assets 

    Accounts receivable 
    $46,238  
    $214,779 

    Total Assets 
    $46,238  
    $214,779 

The following table provides details about the
major classes of line items constituting “Income from discontinued operations” as presented on the Company’s
Consolidated Statements of Loss:

    Three Months Ended 

    March 31, 

    2025  
    2024 
  
    Revenues 
    $393,540  
    $1,301,671 
  
    Cost of Revenue 
     251,151