Mobivity Holdings Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Mobivity Holdings Corp. has filed its 2023 Form 10-K, providing a comprehensive overview of its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

MOBIVITY HOLDINGS CORP. (MFON) filed a Annual Report (10-K) with the SEC on April 17, 2024. Mobivity Holdings Corp. filed its 2023 Form 10-K on April 17, 2024, reporting on its fiscal year ending December 31, 2023. The filing details financial performance and business operations for the fiscal year 2023. Key financial data and balance sheet information for fiscal years 2021, 2022, and 2023 are presented. The report includes information on customer concentration risk, with specific mentions of three and four customers impacting accounts receivable and sales revenue. Details on intangible assets, employee stock options, and restricted stock units are also provided for the fiscal years 2022 and 2023.

Why It Matters

For investors and stakeholders tracking MOBIVITY HOLDINGS CORP., this filing contains several important signals. This 10-K filing is crucial for investors and stakeholders to assess Mobivity's financial health, operational performance, and strategic direction over the past fiscal year. Understanding the customer concentration risk highlighted in the filing is important for evaluating potential revenue stability and the company's reliance on a few key clients.

Risk Assessment

Risk Level: — MOBIVITY HOLDINGS CORP. shows moderate risk based on this filing. The company faces medium risk due to customer concentration, as the filing explicitly states that three customers accounted for significant portions of accounts receivable and sales revenue in both 2022 and 2023, indicating potential vulnerability if these relationships change.

Analyst Insight

Investors should closely examine the company's strategies for customer retention and diversification to mitigate the identified customer concentration risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-17 — Filing Date (Filed as of date)
• Three Customers — Customer Concentration (Accounts Receivable) (Impact on accounts receivable in 2023)
• Three Customers — Customer Concentration (Sales Revenue) (Impact on sales revenue in 2023)

Key Players & Entities

• MOBIVITY HOLDINGS CORP. (company) — Filer name
• MFON (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-04-17 (date) — Filing date
• NV (state) — State of incorporation
• CHANDLER (city) — Business address city
• AZ (state) — Business address state
• 85226 (zip_code) — Business address zip

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: The company faces significant customer concentration risk, with three customers accounting for a substantial portion of accounts receivable and sales revenue in both 2022 and 2023.

Industry Context

Mobivity Holdings Corp. operates in the software and services sector, specifically focusing on prepackaged software solutions.

Regulatory Implications

The filing is a standard SEC requirement for publicly traded companies to disclose financial and operational information annually.

What Investors Should Do

1. Review the detailed financial statements within the 10-K for a deeper understanding of revenue, expenses, and assets.
2. Analyze the company's strategies for mitigating customer concentration risk as outlined in the risk factors section.
3. Investigate any forward-looking statements or management discussions regarding future business prospects and challenges.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-04-17: 10-K Filing Date — Date Mobivity Holdings Corp. submitted its annual report.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $700,000 — es in the principal aggregate amount of $700,000, that was rolled into the Credit Facili
• $5,873,125 — harge. As of December 31, 2023, we have $5,873,125 as a remaining balance of the 2022 Secu
• $812,928 — 2 Secured Notes and accrued interest of $812,928. A total of $391,319 of accrued interes
• $391,319 — ccrued interest of $812,928. A total of $391,319 of accrued interest was settled into 36
• $10,315 — on debt settlement of interest payable $10,315. A total of $425,502 in accrued interes
• $425,502 — of interest payable $10,315. A total of $425,502 in accrued interest was accrued for the
• $4,466,043 — nding convertible note in the amount of $4,466,043 (the "Convertible Note"). The A&R Credi
• $6 million — allows for the Company to borrow up to $6 million in advances. The Convertible Note accru
• $271,875 — harge. As of December 31, 2023, we have $271,875 as a remaining balance of these 2023 Un
• $0 — Talkot Capital and accrued interest of $0. A total of $10,352 of interest was con
• $10,352 — and accrued interest of $0. A total of $10,352 of interest was converted into 9,585 sh
• $542 — ss on settlement of interest payable of $542.A total of $20,617 was accrued and reco
• $20,617 — of interest payable of $542.A total of $20,617 was accrued and recorded to equity paya
• $1.00 — 587,487 shares at the exercise price of $1.00 per share, resulting in additional capi
• $3,557,487 — are, resulting in additional capital of $3,557,487. As an inducement for the holder's exer

Filing Documents

• form10-k.htm (10-K) — 1337KB
• ex10-4.htm (EX-10.4) — 104KB
• ex10-5.htm (EX-10.5) — 99KB
• ex10-7.htm (EX-10.7) — 43KB
• ex10-8.htm (EX-10.8) — 44KB
• ex10-9.htm (EX-10.9) — 44KB
• ex10-10.htm (EX-10.10) — 47KB
• ex31-1.htm (EX-31.1) — 13KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 8KB
• form10-k_001.jpg (GRAPHIC) — 9KB
• 0001493152-24-014966.txt (&nbsp;) — 8373KB
• mfon-20231231.xsd (EX-101.SCH) — 56KB
• mfon-20231231_cal.xml (EX-101.CAL) — 78KB
• mfon-20231231_def.xml (EX-101.DEF) — 293KB
• mfon-20231231_lab.xml (EX-101.LAB) — 529KB
• mfon-20231231_pre.xml (EX-101.PRE) — 442KB
• form10-k_htm.xml (XML) — 1122KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 12 Item 1C. Cybersecurity 12 Item 2.

Properties

Properties 13 Item 3.

Legal Proceedings

Legal Proceedings 13 Item 4. Mine Safety 13 Part II 13 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 13 Item 6. [Reserved] 13 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 20 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 21 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 44 Item 9A.

Controls and Procedures

Controls and Procedures 44 Item 9B. Other Information 45 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 45 Part III 45 Item 10. Directors, Executive Officers and Corporate Governance 45 Item 11.

Executive Compensation

Executive Compensation 46 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 46 Item 13. Certain Relationships and Related Transactions, and Director Independence 46 Item 14. Principal Accounting Fees and Services 46 Part IV 46 Item 15. Exhibits and Financial Statement Schedules 46

Signatures

Signatures 48 -i- Table of Contents FORWARD-LOOKING This Annual Report on Form 10-K, or Form 10-K, contains " forward-looking statements " that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially and adversely from those expressed or implied by such forward-looking statements. The forward-looking statements are contained principally in Item 1 —" Business, " Item 1A —" Risk Factors " and Item 7 —" Management ' s Discussion and Analysis of Financial Condition and Results of Operations " but appear throughout the Form 10-K. Examples of forward-looking statements include, but are not limited to our expectations, beliefs or intentions regarding our potential product offerings, business, financial condition, results of operations, strategies or prospects and other matters that do not relate strictly to historical facts or statements of assumptions underlying any of the foregoing. These statements are often identified by the use of words such as " anticipate, " " believe, " " continue, " " could, " " estimate, " " expect, " " intend, " " may, " " ongoing, " " opportunity, " " plan, " " potential, " " predicts, " " seek, " " should, " " will, " or " would, " and similar expressions and variations or negatives of these words. These forward-looking statements are based on the expectations, estimates, projections, beliefs and assumptions of our management based on information currently available to management, all of which are subject to change. Such forward-looking statements are subject to risks, uncertainties and other factors that are difficult to predict and could cause our actual results and the timing of certain events to differ materially and adversely from future results expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below in Item

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View this 10-K filing on SEC EDGAR