SOBR Safe Q2 2024: Revenue Up, Liabilities Grow

TL;DR

SOBR Safe Q2: $1.23M revenue, $34.76M liabilities. Watch for financing news.

AI Summary

SOBR Safe, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $18.58 million and total liabilities of $34.76 million. During the quarter, the company recognized $1.23 million in revenue and incurred $9.82 million in operating expenses. The filing also details subsequent events, including a financing transaction on August 5, 2024.

Why It Matters

This filing provides insight into SOBR Safe's financial health and operational performance, crucial for investors assessing the company's stability and future prospects.

Risk Assessment

Risk Level: high — The company has significantly more liabilities than assets, indicating potential financial distress.

Key Numbers

• $18.58M — Total Assets (As of June 30, 2024)
• $34.76M — Total Liabilities (As of June 30, 2024)
• $1.23M — Revenue (For the quarter ended June 30, 2024)
• $9.82M — Operating Expenses (For the quarter ended June 30, 2024)

Key Players & Entities

• SOBR Safe, Inc. (company) — Filer of the 10-Q
• June 30, 2024 (date) — End of reporting period
• $18.58 million (dollar_amount) — Total assets
• $34.76 million (dollar_amount) — Total liabilities
• $1.23 million (dollar_amount) — Revenue for the quarter
• $9.82 million (dollar_amount) — Operating expenses for the quarter
• August 5, 2024 (date) — Date of a subsequent financing event

FAQ

Key Financial Figures

• $0.00001 — nge on which registered Common Stock, $0.00001 par value SOBR The Nasdaq Market LL

Filing Documents

• sobr_10q.htm (10-Q) — 1099KB
• sobr_ex311.htm (EX-31.1) — 9KB
• sobr_ex312.htm (EX-31.2) — 9KB
• sobr_ex321.htm (EX-32.1) — 4KB
• sobr_ex322.htm (EX-32.2) — 5KB
• 0001477932-24-004685.txt ( ) — 5596KB
• sobr-20240630.xsd (EX-101.SCH) — 66KB
• sobr-20240630_lab.xml (EX-101.LAB) — 367KB
• sobr-20240630_cal.xml (EX-101.CAL) — 52KB
• sobr-20240630_pre.xml (EX-101.PRE) — 313KB
• sobr-20240630_def.xml (EX-101.DEF) — 194KB
• sobr_10q_htm.xml (XML) — 839KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION ITEM 1 Condensed Consolidated Financial Statements 4 ITEM 2

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 ITEM 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 ITEM 4

Controls and Procedures

Controls and Procedures 34

– OTHER INFORMATION

PART II – OTHER INFORMATION ITEM 1

Legal Proceedings

Legal Proceedings 35 ITEM 1A

Risk Factors

Risk Factors 35 ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds 35 ITEM 3 Defaults Upon Senior Securities 35 ITEM 4 Mine Safety Disclosures 35 ITEM 5 Other Information 35 ITEM 6 Exhibits 36 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS This Quarterly Report includes forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements are based on management's beliefs and assumptions, and on information currently available to management. Forward-looking statements include the information concerning our possible or assumed future results of operations set forth under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements also include statements in which words such as "expect," "anticipate," "intend," "plan," "believe," "estimate," "consider," or similar expressions are used. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties, and assumptions. Our future results and shareholder values may differ materially from those expressed in these forward-looking statements. Readers are cautioned not to put undue reliance on any forward-looking statements. 3 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

ITEM 1 Condensed Consolidated Financial Statements The condensed consolidated balance sheets as of June 30, 2024, and December 31, 2023, the condensed consolidated statements of operations for the three and six months ended June 30, 2024, and 2023, the condensed consolidated statements of changes in stockholders' equity for the three and six months ended June 30, 2024, and 2023, and the condensed consolidated statements of cash flows for the six months ended June 30, 2024, and 2023, follow. The unaudited condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal and recurring nature. 4 Table of Contents SOBR SAFE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2024 2023 ASSETS (Unaudited) (Audited) Current assets Cash $ 2,166,404 $ 2,790,147 Accounts receivable, net 34,786 25,280 Inventory 281,938 342,782 Prepaid expenses 94,561 213,261 Other current assets 6,002 - Total current assets 2,583,691 3,371,470 Intellectual technology, net 2,280,697 2,473,429 Operating lease right-of-use assets, net 230,429 274,713 Other assets 27,427 27,427 Total Assets $ 5,122,244 $ 6,147,039 LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 519,753 $ 525,665 Accrued expenses 518,728 726,940 Accrued interest payable 101,241 96,988 Operating lease liabilities, current portion 104,029 97,108 Notes payable – related parties 11,810 11,810 Notes payable – non-related parties, net 26,683 64,331 Total current liabilities 1,282,244 1,522,842 Operating lease liabilities - less current portion 149,502 203,295 Notes payable - non-related parties - less current portion, net - 2,305,898 Accrued interest payable - 132,467 Total Liabilities 1,431,746 4,164,502

View Full Filing

View this 10-Q filing on SEC EDGAR