SOBR Safe, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>SOBR Safe, Inc. has filed its 2023 annual report (10-K) detailing its fiscal performance and corporate actions.</b>

AI Summary

SOBR Safe, Inc. (SOBR) filed a Annual Report (10-K) with the SEC on April 1, 2024. SOBR Safe, Inc. filed its 2023 Form 10-K on April 1, 2024, reporting on its fiscal year ending December 31, 2023. The company's principal business address is 6400 S. Fiddlers Green Circle, Suite 1400, Greenwood Village, CO 80111. SOBR Safe, Inc. was formerly known as TransBiotec, Inc. and IMAGINE MEDIA LTD. The filing includes data related to stock options, restricted stock units (RSUs), and stock warrants for the fiscal years 2022 and 2023. Key dates mentioned include various grant and exercise dates for stock options and RSUs, as well as warrant issuance dates.

Why It Matters

For investors and stakeholders tracking SOBR Safe, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of SOBR Safe's financial health, operational activities, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. The detailed information on stock-based compensation, including RSUs and stock options, offers insights into executive incentives and potential dilution, impacting shareholder value.

Risk Assessment

Risk Level: medium — SOBR Safe, Inc. shows moderate risk based on this filing. The company's financial performance and operational details are presented in a 10-K filing, which is a standard disclosure for public companies, but specific financial figures and growth rates are not detailed in the provided header information, requiring a deeper dive into the full document for a complete risk assessment.

Analyst Insight

Review the full 10-K filing to analyze SOBR Safe's financial statements, revenue streams, and any disclosed risks to make informed investment decisions.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period for the 10-K.)
• 2024-04-01 — Filing Date (The date the 10-K was filed with the SEC.)
• 2023-01-01 — Fiscal Year Start (The start date of the reporting period for the 10-K.)

Key Players & Entities

• SOBR Safe, Inc. (company) — Filer name and subject of the 10-K filing.
• TransBiotec, Inc. (company) — Former name of SOBR Safe, Inc.
• IMAGINE MEDIA LTD (company) — Former name of SOBR Safe, Inc.
• David Gandini (person) — Mentioned in relation to employment agreement and RSUs.
• Jerry Wenzel (person) — Mentioned in relation to employment agreement and RSUs.
• Greenwood Village, CO (location) — Location of the company's business and mailing address.

FAQ

Industry Context

SOBR Safe, Inc. operates in the technology sector, likely focusing on safety or monitoring solutions, as indicated by its name and the nature of its filings concerning stock and executive compensation.

Regulatory Implications

The filing is a Form 10-K, an annual report required by the U.S. Securities and Exchange Commission (SEC) for public companies, providing a comprehensive summary of their financial performance.

What Investors Should Do

1. Thoroughly review the financial statements within the 10-K for revenue, expenses, and profitability trends.
2. Examine the 'Risk Factors' section of the 10-K to understand potential challenges and threats to the company's business.
3. Analyze the executive compensation details to assess management incentives and potential impact on shareholder value.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-01: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing. Comparative data from previous filings would be needed for a direct comparison.

Key Financial Figures

• $0.00001 — nge on which registered Common Stock, $0.00001 par value SOBR The Nasdaq Market LL
• $1.71 — last reported sales price of such stock $1.71 on June 30, 2023. The voting stock held
• $87,765,981 — 31, 2023, had an accumulated deficit of $87,765,981. We believe that we will continue to in

Filing Documents

• sobr_10k.htm (10-K) — 1651KB
• sobr_ex211.htm (EX-21.1) — 1KB
• sobr_ex231.htm (EX-23.1) — 2KB
• sobr_ex232.htm (EX-23.2) — 2KB
• sobr_ex311.htm (EX-31.1) — 8KB
• sobr_ex312.htm (EX-31.2) — 8KB
• sobr_ex321.htm (EX-32.1) — 4KB
• sobr_ex322.htm (EX-32.2) — 4KB
• sobr_ex971.htm (EX-97.1) — 27KB
• sobr_10kimg2.jpg (GRAPHIC) — 10KB
• sobr_10kimg1.jpg (GRAPHIC) — 7KB
• sobr_10kimg3.jpg (GRAPHIC) — 5KB
• 0001477932-24-001629.txt (&nbsp;) — 6847KB
• sobr-20231231.xsd (EX-101.SCH) — 82KB
• sobr-20231231_lab.xml (EX-101.LAB) — 428KB
• sobr-20231231_cal.xml (EX-101.CAL) — 55KB
• sobr-20231231_pre.xml (EX-101.PRE) — 359KB
• sobr-20231231_def.xml (EX-101.DEF) — 243KB
• sobr_10k_htm.xml (XML) — 887KB

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. 23 ITEM 7A –

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 31 ITEM 8 –

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. 31 ITEM 9 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. 31 ITEM 9A –

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES. 32 ITEM 9B – OTHER INFORMATION. 33 ITEM 9C – DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. 33 PART III ITEM 10 – DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE. 34 ITEM 11 –

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION. 38 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. 44 ITEM 13 – CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE. 46 ITEM 14 – PRINCIPAL ACCOUNTING FEES AND SERVICES. 47 PART IV ITEM 15 – EXHIBITS, FINANCIAL STATEMENT SCHEDULES. 50 ITEM 16 – FORM 10-K SUMMARY 51 2 Table of Contents PART I Special Note Regarding Forward Looking Statements This Annual Report includes forwardlooking statements within the meaning of the Securities Exchange Act of 1934 (the "Exchange Act"). These statements are based on management's beliefs and assumptions, and on information currently available to management. Forwardlooking statements include the information concerning possible or assumed future results of operations of the Company set forth under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forwardlooking statements also include statements in which words such as "expect," "anticipate," "intend," "plan," "believe," "estimate," "consider," or similar expressions are used. Forwardlooking statements are not guarantees of future performance. They involve risks, uncertainties, and assumptions. The Company's future results and shareholder values may differ materially from those expressed in these forwardlooking statements. Readers are cautioned not to put undue reliance on any forwardlooking statements.

– BUSINESS

ITEM 1 – BUSINESS Corporate History On September 19, 2011, we, Imagine Media, Ltd., a Delaware corporation, acquired approximately 52% of the outstanding shares of TransBiotec, Inc. ("TBT"), a California corporation, from TBT's directors in exchange for 124,439 shares of our common stock. In January 2012, our Board of Directors amended our Certificate of Incorporation changing our name from Imagine Media, Ltd. to TransBiotec, Inc., and we acquired approximately 45% of the remaining outstanding shares of TBT in exchange for 109,979 shares of our common stock. With the acquisitions in September 2011 and January 2012 of TBT common stock, we own approximately 99% of the outstanding shares of TBT. As a result of the acquisitions, TBT's business is our business, and, unless otherwise indicated, any references to "we" or "us" include the business and operations of TBT. On March 9, 2020, our Board of Directors approved the amendment to our Certificate of Incorporation and stockholders holding 52.24% of our then outstanding voting stock approved an amendment to our Certificate of Incorporation. The Certificate of Amendment to our Certificate of Incorporation was for the purpose of, among other things, changing our name from "TransBiotec, Inc." to "SOBR Safe, Inc." The Certificate of Amendment to our Certificate of Incorporation became effective with the State of Delaware on April 24, 2020. At the open of market on April 28, 2022, our 1-for-3 reverse split of our common stock went effective with the OTC Markets. As a result, all common stock share amounts, as well as share amounts and exercise and conversion prices in derivative security instruments have been adjusted to reflect the reverse stock split. Pursuant to approval of an application with the Nasdaq Captial Market ("Nasdaq") to up list our common stock to their exchange under the ticker symbol "SOBR," our common stock began trading and quoted on the Nasdaq on May 16, 2022. Prior to this up list to the Nasdaq, o

– RISK FACTORS

ITEM 1A. – RISK FACTORS. As a smaller reporting company, we are not required to provide a statement of risk factors. However, we believe this information may be valuable to our shareholders for this filing. We reserve the right to not provide risk factors in our future filings. Our primary risk factors and other considerations include: We have a limited operating history and historical financial information upon which you may evaluate our performance. You should consider, among other factors, our prospects for success in light of the risks and uncertainties encountered by companies that, like us, are in their early stages of development. We may not successfully address these risks and uncertainties or successfully implement our existing and new products. If we fail to do so, it could materially harm our business and impair the value of our common stock. Even if we accomplish these objectives, we may not generate positive cash flows or profits. We were incorporated in Delaware on August 10, 2007. Our business to date has focused on developing and improving our technologies, potential products, filing patents, and hiring management and staff personnel. Unanticipated problems, expenses and delays are frequently encountered in establishing a new business and developing new products. These include, but are not limited to, inadequate funding, lack of consumer acceptance, competition, product development, and inadequate sales and marketing. The failure by us to meet any of these conditions would have a materially adverse effect upon us and may force us to reduce or curtail operations. No assurance can be given that we can or will ever operate profitably. We may not be able to meet our future capital needs. To date, we have generated limited revenue. Our future capital requirements will depend on many factors, including our ability to develop our products, generate cash flow from operations, and competing market developments. Our ability to achieve future profitabil

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View this 10-K filing on SEC EDGAR