Mobilicom (MOB) - 2024 Q2 - Quarterly Report

Revenue and Sales Performance - Revenue for the half-year ended June 30, 2024, was $1,804,765, a significant increase from$543,431 in the same period of 2023, representing a growth of 232%[3] - The company reported receipts from customers of $2,281,896 for the half-year, up from$426,128 in the same period of 2023, a growth of 436%[11] - For the half-year period ended June 30, 2024, the company reported sales of goods amounting to $1,804,765, a significant increase from$543,431 in the same period of 2023[36] - Revenue from Israel accounted for 65% of total income for the period ended June 30, 2024, compared to 64% in the same period of 2023[37] Financial Losses and Expenses - Net loss after income tax expense for the half-year was $1,653,875, compared to a loss of$1,451,217 in the previous year, indicating a 14% increase in losses[3] - Total comprehensive loss for the half-year was $1,824,465, compared to a loss of$2,364,101 in the previous year, showing a reduction of 22.8%[9] - Selling and marketing expenses were $924,449, slightly decreased from$935,840 in the previous year, indicating a reduction of 1.4%[3] - Research and development expenses increased to $1,047,126 from$1,008,289, reflecting a rise of 3.9%[3] - The company incurred a net loss of $1,653,875 for the period ended June 30, 2024, with accumulated losses totaling$24,034,919 since inception[32] Cash and Assets - Cash and cash equivalents increased to $9,676,328 as of June 30, 2024, up from$8,385,283 at the end of 2023, reflecting a growth of 15.4%[5] - Total assets rose to $11,303,109 as of June 30, 2024, compared to$10,897,913 at the end of 2023, marking an increase of 3.7%[5] - The total equity of the company as of June 30, 2024, was $8,163,016, an increase from$7,742,598 at the end of 2023, representing a growth of 5.4%[5] Share Issuance and Capital Raising - The company raised $2,949,909 from share issuance during the half-year, contributing to a net cash increase[11] - The company completed a registered direct offering on January 30, 2024, raising a total of$2,949,857 through the issuance of ADSs and pre-funded warrants[41] - The total number of ordinary shares increased from 1,326,676,693 on December 31, 2023, to 1,746,493,068 on June 30, 2024, reflecting a capital raising effort[49] - The company issued 1,903,225 ADS warrants at an exercise price of $1.55 per ADS on January 30, 2024, with a 5-year term until January 30, 2029[43] Currency and Financial Resources - The company transitioned to USD as its functional currency effective January 1, 2024, reflecting a significant change in its economic environment[25] - The company generated a financial income attributed to foreign translation gain of$136,518 under USD functional currency, compared to $694,958 if AUD had remained the functional currency[29] - The company estimates it has adequate financial resources for the foreseeable future based on current cash and trade receivable balances[32] Fair Value and Liabilities - As of June 30, 2024, the company's lease liabilities totaled$323,368, down from $452,778 as of December 31, 2023[38] - The fair value of warrants at June 30, 2024, was recorded at$1,555,632, an increase from $1,075,808 at December 31, 2023[40] - The company recorded a fair value gain of$597,639 from the January 2024 Warrants due to changes in fair value[47] - The fair value per warrant decreased from $1.270 at issue date to$0.574 as of June 30, 2024[47] Dividends and Events - The company did not declare or pay any dividends during the current or previous financial half-year[58] - No significant events have occurred after June 30, 2024, that could affect the company's operations or financial results[59]