Company: MFON
Filing Date: 2025-04-07
Form Type: 10-K
Source: 0001641172-25-002942
Chunk: 1007

Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-04-07
Form: 10-K
Item: Item 8
Chunk 1007
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 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. 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.

Operating
Lease

We
entered into a new lease starting in February of 2021 for 8,898 square feet of office space located at 3133 W. Frye Road, Suite 215,
Chandler, Arizona. Monthly rental payments, excluding common area maintenance charges, will be $25,953 to $28,733. The first twelve months
of the lease included a 50% abatement period. As of December 31, 2024, we have an operating lease asset balance for this lease of $541,618
and an operating lease liability balance for this lease of $660,852 recorded in accordance with ASC 842.

14.
Employee Benefit Plan

The
Company has an employee savings plan (the “Plan”) pursuant to Section 401(k) of the Internal Revenue Code (the “Code”),
covering all of its employees. Participants in the Plan may contribute a percentage of compensation, but not in excess of the maximum
allowed under the Code. The Company may make contributions at the discretion of its Board of Directors. During the years ended December
31, 2024 and 2023, the Company made no contributions to the Plan.

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15.
Related Party Transactions

Related
Party