Siyata Mobile Inc. Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>Siyata Mobile Inc. has filed its 2023 annual report on Form 20-F, detailing its financial status and operations.</b>

AI Summary

Siyata Mobile Inc. (CHAI) filed a Foreign Annual Report (20-F) with the SEC on April 8, 2024. Siyata Mobile Inc. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The company's common shares trade on the Nasdaq Capital Market under the symbol SYTA, and its warrants trade under SYTAW. As of December 31, 2023, Siyata Mobile Inc. had 570,462 common shares outstanding. The filing indicates the company is incorporated in British Columbia, Canada. The principal executive offices are located at 7404 King George Blvd., Suite 200, King's Cross, Surrey, British Columbia, V3W 1N6, Canada.

Why It Matters

For investors and stakeholders tracking Siyata Mobile Inc., this filing contains several important signals. This filing provides investors with a comprehensive overview of Siyata Mobile's performance and financial health for the past fiscal year, crucial for investment decisions. The 20-F report is a mandatory filing for foreign private issuers like Siyata Mobile, ensuring transparency and compliance with SEC regulations.

Risk Assessment

Risk Level: medium — Siyata Mobile Inc. shows moderate risk based on this filing. The company's financial performance and operational status are detailed in this annual report, which is essential for assessing its current health and future prospects, but specific financial figures beyond share count are not yet available in this excerpt.

Analyst Insight

Investors should review the full 20-F filing to understand Siyata Mobile's financial results, operational strategies, and risk factors for the fiscal year 2023.

Key Numbers

• 570,462 — Common Shares Outstanding (As of December 31, 2023.)
• 20231231 — Fiscal Year End (The period covered by the annual report.)
• 20240408 — Filing Date (Date the 20-F report was filed.)

Key Players & Entities

• Siyata Mobile Inc. (company) — Filer of the 20-F annual report.
• Nasdaq Capital Market (company) — Exchange where Siyata Mobile's common shares and warrants are registered.
• SYTA (company) — Trading symbol for Siyata Mobile's common shares.
• SYTAW (company) — Trading symbol for Siyata Mobile's common share purchase warrants.
• Marc Seelenfreund (person) — Company Contact Person for Siyata Mobile Inc.

FAQ

Industry Context

Siyata Mobile Inc. operates in the radio telephone communications industry, providing communication solutions.

Regulatory Implications

As a foreign private issuer incorporated in Canada, Siyata Mobile Inc. is subject to SEC regulations and files annual reports on Form 20-F.

What Investors Should Do

1. Review the complete Form 20-F for detailed financial statements and management discussion.
2. Analyze the company's operational segments and revenue streams.
3. Assess the company's liquidity and capital structure based on the full report.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 20-F filing.
• 2024-04-08: Filing Date — Date Siyata Mobile Inc. submitted its 20-F annual report.

Year-Over-Year Comparison

This is the initial filing excerpt provided, so a comparison to a previous filing is not possible.

Key Financial Figures

• $1.235 billion — which our annual gross revenues exceed $1.235 billion; (ii) the last day of the fiscal year f
• $700 million — nts, held by non-affiliates is at least $700 million as of the last business day of our most
• $1.0 billion — date on which we have issued more than $1.0 billion in non-convertible debt securities duri

Filing Documents

• ea0202694-20f_siyata.htm (20-F) — 2445KB
• ea020269401ex8-1_siyata.htm (EX-8.1) — 5KB
• ea020269401ex10-10_siyata.htm (EX-10.10) — 528KB
• ea020269401ex12-1_siyata.htm (EX-12.1) — 9KB
• ea020269401ex12-2_siyata.htm (EX-12.2) — 9KB
• ea020269401ex13-1_siyata.htm (EX-13.1) — 6KB
• ex10-10_001.jpg (GRAPHIC) — 4KB
• ex10-10_002.jpg (GRAPHIC) — 27KB
• ex10-10_003.jpg (GRAPHIC) — 4KB
• ex10-10_004.jpg (GRAPHIC) — 4KB
• ex10-10_005.jpg (GRAPHIC) — 8KB
• ex10-10_006.jpg (GRAPHIC) — 12KB
• ex10-10_007.jpg (GRAPHIC) — 3KB
• ex10-10_008.jpg (GRAPHIC) — 4KB
• ex10-10_009.jpg (GRAPHIC) — 4KB
• fin_001.jpg (GRAPHIC) — 17KB
• image_001.jpg (GRAPHIC) — 5KB
• image_002.jpg (GRAPHIC) — 26KB
• image_003.jpg (GRAPHIC) — 4KB
• image_004.jpg (GRAPHIC) — 5KB
• image_005.jpg (GRAPHIC) — 8KB
• image_006.jpg (GRAPHIC) — 12KB
• image_007.jpg (GRAPHIC) — 3KB
• image_008.jpg (GRAPHIC) — 4KB
• image_009.jpg (GRAPHIC) — 4KB
• 0001213900-24-031251.txt (&nbsp;) — 12373KB
• syta-20231231.xsd (EX-101.SCH) — 189KB
• syta-20231231_cal.xml (EX-101.CAL) — 46KB
• syta-20231231_def.xml (EX-101.DEF) — 506KB
• syta-20231231_lab.xml (EX-101.LAB) — 1024KB
• syta-20231231_pre.xml (EX-101.PRE) — 532KB
• ea0202694-20f_siyata_htm.xml (XML) — 1390KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company. Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No TABLE OF CONTENTS Page NOTE ON PRESENTATION iii CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS v PART I ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1 ITEM 3. KEY INFORMATION 1 A. [Reserved.] 1 B. Capitalization and Indebtedness 1 C. Reasons for the Offer and Use of Proceeds 1 D.

Risk Factors

Risk Factors 1 ITEM 4. INFORMATION ON THE COMPANY 37 A. History and Development of the Company 37 B. Business Overview 39 C. Organizational Structure 46 D. Property, Plants and Equipment 46 ITEM 4A. UNRESOLVED STAFF COMMENTS 46 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 46 A. Operating Results 46 B. Liquidity and Capital Resources 55 C. Research and development, patents and licenses, etc. 64 D. Trend information. 66 E. Critical Accounting Estimates 66 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 69 A. Directors and Senior Management 69 B. Compensation 71 C. Board Practices 76 D. Employees 79 E. Share Ownership 79 F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation. 79 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 79 A. Major Shareholders 79 B. Related Party Transactions 81 C. Interests of Experts and Counsel 81 ITEM 8. FINANCIAL INFORMATION 81 A. Consolidated Statements and Other Financial Information 81 B. Significant Changes 82 ITEM 9. THE OFFER AND LISTING 82 A. Offer and Listing Details 82 B. Plan of Distribution 82 C. Markets 82 D. Selling Shareholders 82 E.

Dilution

Dilution 82 F. Expenses of the Issue 82 i ITEM 10. ADDITIONAL INFORMATION 83 A. Share Capital 83 B. Articles 83 C. Material Contracts 83 D. Exchange Controls 83 E. Taxation 83 F. Dividends and Paying Agents 91 G. 91 H. Documents on Display 91 I. Subsidiary Information 91 J. Annual Report to Security Holders 92 ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 92 ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 92 A. Debt Securities 92 B. Warrants and Rights 92 C. Other Securities 93 D. American Depositary Shares 93 PART II ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 93 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 93 ITEM 15. CONTROLS AND PROCEDURES 93 ITEM 16 [RESERVED]. ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 94 ITEM 16B. CODE OF ETHICS 94 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 95 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 96 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 96 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 96 ITEM 16G. CORPORATE GOVERNANCE 96 ITEM 16H. MINE SAFETY DISCLOSURE 97 ITEM 16I DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 97 ITEM 16J INSIDER TRADING POLICIES 97 ITEM 16K CYBERSECURITY 97 PART III ITEM 17. FINANCIAL 98 ITEM 18. FINANCIAL 98 ITEM 19. EXHIBITS 98

SIGNATURES

SIGNATURES 100 ii CERTAIN DEFINED TERMS Unless otherwise indicated, all references to "Siyata," the "Company," "we," "our," "us" or similar terms refer to Siyata Mobile Inc. and its subsidiaries. NOTE ON PRESENTATION Our audited consolidated financial statements for the year ended December 31, 2023, included elsewhere in this annual report on Form 20-F, or the Annual Report, are prepared in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB, and none of the financial statements were prepared in accordance with International Financial Reporting Standards ("IFRS"). On September 24, 2020, we effected a reverse share split of our issued and outstanding Common Shares on the basis of one (1) Common Share for one hundred and forty-five (145) Common Shares, or the Reverse Split. Unless otherwise indicated, the share and per share information in this Annual Report, reflects the Reverse Split. On August 9, 2023, we effected a reverse share split of our issued and outstanding Common Shares on the basis of one (1) Common Share for one hundred (100) Common Shares, or the Reverse Split. Unless otherwise indicated, the share and per share information in this Annual Report, reflects the Reverse Split. On December 4, 2023, we effected a reverse share split of our issued and outstanding Common Shares on the basis of one (1) Common Share for seven (7) Common Shares, or the Reverse Split. Unless otherwise indicated, the share and per share information in this Annual Report, reflects the Reverse Split. References to "U.S. dollars" and "US$" are to currency of the United States of America, references to "CAD$" are to the currency of Canada, also known as the Canadian dollar and references to "NIS" are to the New Israeli Shekel, the currency of Israel. All financial information presented in this Annual Report is in U.S. dollars unless otherwise expressly stated. Certain monetary amoun

Risk Factors

Risk Factors You should carefully consider the risks described below, together with all of the other information in this Annual Report. The risks described below are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business operations. If any of these risks actually occurs, our business and financial condition could suffer and the price of our Common Shares and warrants to purchase Common Shares, or the Warrants, could decline. Summary of Risk Factors Risks Related to Our Financial Condition and Capital Requirements We have a history of operating losses and we may never achieve or maintain profitability. Our consolidated audited financial statements for the fiscal year ended December 31, 2023 includes a "going concern" explanatory paragraph expressing substantial doubt about our ability to continue as an ongoing business for the next twelve months. Our consolidated financial statements do not include any adjustments that may result from the outcome of this uncertainty. If we cannot secure the financing needed to continue as a viable business, our shareholders may lose some or all of their investment in us. In 2023, 2022 and 2021 our independent registered public accountants identified material weaknesses in our internal controls over financial reporting which have been partially remediated. If we are unable to remediate these material weaknesses, we may not be able to report our financial results accurately, prevent fraud or file our periodic reports as a public company in a timely manner. Risks Related to Our Business and Industry We rely on our channel partners to generate a substantial majority of our revenues. If these channel partners fail to perform or if we cannot enter into agreements with channel partners on favorable terms, our operating results could be significantly harmed. We are materially dependent on the

View Full Filing

View this 20-F filing on SEC EDGAR