Company: MFON
Filing Date: 2025-04-07
Form Type: 10-K
Source: 0001641172-25-002942
Chunk: 707

Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-04-07
Form: 10-K
Item: Item 4
Chunk 707
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 for the twelve months ended December 31, 2024 were $0, a decrease of $19,250 or 100%, compared to $19,250 in the twelve months
ended December 31, 2023. The decrease is due to a decrease in the number of TCPA claim settlement payments.

Loss
on Settlement of Debt

Loss
on Settlement of debt consists of the expense from the settlement of notes payable when they are settled into shares.

Loss
on settlement of debt for the twelve months ended December 31, 2024 and 2023 was $106,252 and $10,857, respectively.

Foreign
Currency

The
Company’s financial results are impacted by volatility in the Canadian/U.S. Dollar exchange rate. The average U.S. Dollar exchange
rate for the year ended December 31, 2024 and 2023 was $1 Canadian equals $0.73 and $0.74 U.S. Dollars, respectively. The Company’s
functional or measurement currency is the U.S. Dollar. Based on a U.S. Dollar functional currency, the following are the key areas impacted
by foreign currency volatility:

    ●
    The
    Company sells products primarily in U.S. Dollars; therefore, reported revenues are not highly impacted by foreign currency volatility.

    ●
    A
    portion of the Company’s expenses are incurred in Canadian Dollars and therefore fluctuate in U.S. Dollars as the U.S. Dollar
    varies. A weaker U.S. Dollar results in an increase in translated expenses, and a stronger U.S. Dollar results in a decrease.

    ●
    Changes
    in foreign currency rates also impact the translated value of the Company’s working capital that is held in Canadian Dollars.
    Foreign exchange rate fluctuations result in foreign exchange gains or losses based upon movement in the translated value of Canadian
    working capital into U.S. Dollars.

The
change in foreign currency was a loss of $29 and a loss of $391 for the years ended December 31, 2024 and 2023, respectively.

-17-

Liquidity
and Capital Resources

We
have 1,261,240 of cash as of December 31, 2024. We had a net loss of $10.2 million for the year ended 2024, and we used $6.1
million of cash in our operating activities during 2024. We raised $6.9 million in cash Convertible Notes issued during