Company: SOBR
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002746
Chunk: 384

Company: SOBR Safe, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 384
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   2024  2023 Revenue $212,736  $157,292 Cost of goods and services  193,568   94,942 Gross profit  19,168   62,350          Operating expenses:        General and administrative  6,217,762   6,400,723 Stock-based compensation expense  729,712   2,245,871 Research and development  747,525   1,016,302 Total operating expenses  7,694,999   9,662,896          Loss from operations  (7,675,831 )  (9,600,546 )         Other income (expense):        Other income  110,212   216,211 Loss on debt extinguishment, net  -   (26,125 )Notes payable – conversion expense  (585,875 )  - Interest expense  (457,662 )  (804,261 )Total other expense, net  (933,325 )  (614,175 )         Net loss $(8,609,156 ) $(10,214,721 )

Revenue 

The Company progressed to commercial production of its first generation SOBRsure devices in the third quarter of 2023 and progressed to commercial production of its second generation SOBRsure devices in the fourth quarter of 2024. The Company progressed to commercial production of its SOBRcheck devices in the first quarter of 2023. Both the SOBRcheck and SOBRsure devices are used in conjunction with our SOBRsafe software solution. We have executed customer agreements, invoiced customers and recognized revenue of $212,736 and $157,292 during the years ended December 31, 2024 and 2023.

Gross Profit

The cost of goods and services for the year ended December 31, 2024 was $193,568 resulting in a gross profit of $19,168 and a gross margin of 9.0%, compared to cost of goods and services for the year ended December 31, 2023 of $94,942 resulting in a gross profit of $62,350 and a gross margin of 39.6%. The decrease in gross margin year over year is due to the Company’s disposal of its first generation SOBRsure devices in the amount of $91,381 due to substantial