Company: MFON
Filing Date: 2025-06-06
Form Type: 10-Q
Source: 0001641172-25-014006
Chunk: 53

Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-06-06
Form: 10-Q
Item: Part I, Item 8
Chunk 53
---

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”). Given that the effect of the Asset Purchase
Agreement meets all the initial criteria of ASC Topic 205-20, Presentation of Financial Statements – Discontinued
Operations for the classification of discontinued operations, the assets, liabilities, and operating results of Mobivity
Holdings Corp have been classified as discontinued operations as of September 30, 2024 and December 31, 2024 and for the three months ended March 31, 2025 and 2024. The consolidated financial statements for the prior periods have been adjusted to
reflect comparable information.

The accompanying unaudited condensed consolidated
financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”)
for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X promulgated by the Securities
and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and disclosures required by GAAP
for annual financial statements. The accompanying unaudited condensed consolidated financial statements should be read in conjunction
with the audited consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2024 filed with the SEC on April 16, 2024.

In the opinion of management, such statements include
all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of our condensed consolidated
financial statements as of March 31, 2025, and for the three months ended March 31, 2025 and 2024. The results of operations for the three
months ended March 31, 2025 are not necessarily indicative of the operating results for the full year ending December 31, 2024.

2. Summary of Significant Accounting Policies

Principles of Consolidation

The consolidated financial statements include the
accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated.

    5
    Table of Contents

Use of Estimates

The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses