Financial Position - As of September 30, 2024, total stockholders' equity increased to $5,530,000 from a deficit of $5,341,000 in 2023, reflecting a significant improvement in financial position [524]. - The company reported total liabilities of $39,088,000 as of September 30, 2024, compared to $18,748,000 in 2023, indicating a substantial increase in obligations [524]. - The company’s accumulated deficit grew to $104,457,000 in 2024 from $83,762,000 in 2023, reflecting ongoing operational challenges [524]. Capital Raising - The merger with Chavant Capital Acquisition Corp. raised gross proceeds of $21,014,000, including $19,750,000 from a private investment in public equity (PIPE) at $10.00 per share [528]. - Additional paid-in capital increased to $109,987,000 in 2024 from $78,421,000 in 2023, indicating a strong capital raise [524]. Asset Management - The company recognized impairment losses on long-lived assets of $1,333,000 for the year ended September 30, 2024, compared to no impairment losses in 2023 [534]. - The company’s intangible assets have finite lives ranging from one to fifteen years, amortized on a straight-line basis, reflecting a structured approach to asset management [533]. - The company’s inventory reserve for excess and obsolete items was not material as of September 30, 2024, indicating effective inventory management [532]. Employee Compensation - The company’s stock-based compensation includes restricted stock units (RSUs), which are recognized over the requisite service period, aligning employee incentives with company performance [544]. Market Activity - The common stock and public warrants of the combined company began trading on The Nasdaq Stock Market under the symbols "MOBX" and "MOBXW" on December 22, 2023 [528].
Chavant Capital Acquisition (CLAY) - 2024 Q4 - Annual Report