Condensed Consolidated Balance Sheets December 31, December 31, 2023 2022 ASSETS Current assets Cash $416,395 $426,740 Accounts receivable, net of allowance for doubtful accounts of $34,446 and $56,340, respectively 876,465 1,081,183 Other current assets 135,916 195,017 Total current assets 1,428,776 1,702,940 Right to use lease assets 770,623 981,896 Intangible assets, net 65,916 194,772 Other assets 69,036 137,917 TOTAL ASSETS $2,334,351 $3,017,525 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities Accounts payable $3,372,141 $3,412,612 Accrued interest 21,474 443,448 Accrued and deferred personnel compensation 272,247 569,347 Deferred revenue and customer deposits 155,472 902,727 Related party notes payable, net - current maturities 3,072,500 2,711,171 Notes payable, net - current maturities 7,154 32,617 Operating lease liability 276,072 251,665 Other current liabilities 248,434 49,541 Total current liabilities 7,425,494 8,373,128 Non-current liabilities Related party notes payable, net - long-term 4,413,987 2,481,290 Notes payable, net - long-term 265,959 31,092 Operating lease liability 660,852 936,924 Total non-current liabilities 5,340,798 3,449,306 Total liabilities 12,766,292 11,822,434 Commitments and Contingencies (See Note 13) Stockholders' equity (deficit) Common stock, $0.001 par value; 100,000,000 shares authorized; 61,311,155 and 55,410,695, shares issued and outstanding 67,950 61,311 Equity payable 989,947 324,799 Additional paid-in capital 118,624,601 108,806,353 Accumulated other comprehensive income (loss) (153,834) (100,963)Accumulated deficit (129,985,276) (117,896,409)Total stockholders' equity (deficit) (10,456,612) (8,804,909)TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $2,309,680 $3,017,525 Mobivity Holdings Corp.
Factors that could cause or contribute to differences include, but are not limited to, our ability to successfully integrate our recent additions to management; our ability to develop the sales force required to achieve our development and revenue goals; our ability to raise additional working capital as and when needed; changes in the laws and regulations affecting the mobile marketing industry and those other risks set forth from time to time in Mobivity Holdings Corp.’s reports filed with the SEC, including, but not limited to, Mobivity Holdings Corp.’s most recent annual report on Form 10-K , quarterly reports on Form 10-Q, and current reports on Form 8-K.Mobivity Holdings Corp.cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date of this announcement.Mobivity Holdings Corp.does not undertake, and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
Q4 2023 Financial Highlights Revenues of $1.6 million compared to $1.7 million in Q4 2022Cash and cash equivalents totaled $0.4 million on December 31, 2023Adjusted EBITDA, excluding certain non-cash expenses improved to ($1.2) million compared to ($1.7) million in Q4 2022 Recent Business Highlights Ramped active Connected Rewards campaigns more than 2x since Q3 2023 and launched 3 new product offerings with improved resultsLaunched user acquisition campaigns in brand-owned apps for premier fuel and convenience brands, innovative and international restaurant brands, and delivered exceptional performance in driving engagement for brand partners and return on ad spend for mobile game partnersReduced overhead and shut down non-core products to refocus the business on connected rewards Kim Carlson, Mobivity COO, commented, "We are experiencing clear and positive operational proof points related to the transformation of our business.
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