Company: SOBR
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002746
Chunk: 1007

Company: SOBR Safe, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 1007
---
-related parties consist of the following:   December 31,2024  December 31,2023 Convertible notes payable with warrants – 2023 Debt Offering $-  $3,219,724 Convertible notes payable   9,183   9,183 Non-convertible notes payable   17,500   17,500 Premium financing note payable   100,907   37,648 Unamortized debt discount   -   (913,826 )Net non-related party notes payable 127,590  2,370,229 Current portion  (127,590 )  (64,331 )Net long-term portion $-  $2,305,898  Total interest expense for non-related party notes was $76,965 and $134,628 for the years ended December 31, 2024 and 2023, respectively. Convertible Notes Payable with Warrants – 2023 Debt Offering On March 7, 2023, the Company entered into a Debt Offering (the “2023 Debt Offering”) pursuant to a Purchase Agreement (the “Agreement”) and Registration Rights Agreement with institutional investors. The 2023 Debt Offering closed on March 9, 2023. The 2023 Debt Offering includes 15% Original Issue Discount Convertible Notes (the “Notes”) and Common Stock Purchase Warrants (the “Warrants”). Under the terms of the Agreement, the Company received $3,000,001 from the Purchasers and in exchange issued the Notes in principal amounts of $3,529,412 and Warrants to purchase up to 352 shares of the Company’s common stock. The Notes may be converted voluntarily by the Purchaser at any time the principal amounts are outstanding into shares of our common stock at a conversion price of $2,508. The Notes are due March 10, 2025, and accrue interest quarterly at 5% per annum. The accrued interest is compounded quarterly, payable on the maturity date, if not sooner converted. The Warrants are exercisable at any time through March 9, 2028, into shares of the Company’s common stock at an exercise price of $2,772 per share. The Company received approximately $2,500,000 of net proceeds from the 2023 Debt Offering after offering-related costs.  On May 10, 2023, noteholders elected to