Company: SOBR
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002746
Chunk: 500

Company: SOBR Safe, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1C
Chunk 500
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 allocation of proceeds and the recognition of deemed dividends, requires careful evaluation of the terms of the convertible debt and the impact on the Company’s financial position. 

Addressing the matter involved performing procedures included, among others, evaluation of the Company’s accounting policies and methodologies for recognizing and measuring inducements and deemed dividends, and reviewing the assumptions and estimates used in determining the allocation of proceeds between debt and equity. We examined the underlying calculations, including the assessment of the impact on the effective interest rate and the appropriate recognition of deemed dividends. Additionally, we reviewed the disclosures in Note 9 to ensure they were in compliance with the applicable accounting standards and provided adequate transparency regarding the complexity of the transactions.

/s/ Haynie and Company

Salt Lake City, Utah

April 15, 2025

We have served as the Company’s auditor since 2023.

 F-3Table of Contents

SOBR SAFE, INC. CONSOLIDATED BALANCE SHEETS

  December 31,   December 31,    2024  2023        ASSETS             Current assets      Cash $8,384,042  $2,790,147 Accounts receivable, net  24,460   25,280 Inventory  224,875   342,782 Prepaid expenses  192,637   213,261 Other current assets  46,060   - Total current assets  8,872,074   3,371,470 Intellectual technology, net  2,087,965   2,473,429 Operating lease right-of-use assets, net  183,737   274,713 Other assets   27,427   27,427 Total Assets $11,171,203  $6,147,039          LIABILITIES & STOCKHOLDERS’ EQUITY                 Current liabilities        Accounts payable $422,557  $525,665 Accrued expenses  498,128   726,940 Accrued interest payable  105,501   96,988 Operating lease liabilities, current portion  111,303   97,108 Notes payable – related parties, net  11,810   11,810 Notes payable – non-related parties, net  127,590   64,331 Total current liabilities  1