Company: MOBBW
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001013762-25-003365
Chunk: 125

Company: Mobilicom Ltd
Filing Date: 2025-03-27
Form: 20-F
Item: Item 19
Chunk 125
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 all those entities over which
the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement
with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are
fully consolidated from the date on which control is transferred to the Company. They are de-consolidated from the date that control
ceases.

Intercompany transactions, balances and unrealised
gains on transactions between entities in the Company are eliminated. Unrealised losses are also eliminated unless the transaction provides
evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Company.

Where the Company loses control over a subsidiary,
it derecognises the assets including goodwill, liabilities and non-controlling interest in the subsidiary together with any cumulative
translation differences recognised in equity. The Company recognises the fair value of the consideration received and the fair value
of any investment retained together with any gain or loss in profit or loss.

Financial statements in U. S. dollars (“ USD”):

Since the Company’s listing on the Nasdaq Capital Market (“ Nasdaq”)
in August 2022, all capital raises have been denominated in USD. In addition, a majority of the Company’s current assets are in
USD, as well as a significant portion of the costs incurred by the Company are in USD. Management believes that the USD is the primary
currency of the economic environment in which the Company operates. On January 1, 2024, the Company moved to USD as its presentation currency.
In these consolidated financial statement the change was accounted as a change of accounting policy on a retrospective application. The
change in presentation currency was triggered by change in the functional currency of the Company to USD, which was accounted prospectively
from January 1, 2024, requiring re-measurement from the local currency into USD for each of these entities. All exchange gains and losses
resulting from the re-measurement are reflected in the consolidated statement of profit or loss and other comprehensive income, as appropriate.

Prior to January 1, 2024, the functional currency
of the Company was the AUD. Accordingly, the financial statements of the Company were translated into USD. All statement of financial
position accounts were translated using the exchange rates in effect at the balance sheet date. Amounts recorded in the consolidated
statement of profit or loss and other