Mobilicom (US:MOB)2023-03-30 20:17Revenue and Income - Revenue for the year ended December 31, 2022, was AUD$2,327,058 (approximately $1,580,881), a decrease of AUD$1,251,545 or 35% compared to AUD$3,578,603 in 2021 due to supply chain challenges [224]. - Interest income surged to AUD$168,843 (approximately $114,703) in 2022, a significant increase of AUD$167,263 or 7,260% from AUD$1,580 in 2021, attributed to short-term deposits from the August 2022 IPO [226]. - Foreign exchange gains were AUD$1,175,735 (approximately $798,733) in 2022, compared to AUD$nil in 2021, reflecting favorable currency exchange rate changes [227]. - Fair value gains from financial liability amounted to AUD$3,768,466 (approximately $2,560,099) in 2022, compared to AUD$nil in 2021, linked to the revaluation of warrants from the August 2022 IPO [228]. - Government grants from IIA increased to AUD$923,033 (approximately $627,060) in 2022, up AUD$135,489 or 17% from AUD$787,544 in 2021 [225]. Expenses - Total expenses increased to AUD$7,807,135 in 2022, up AUD$1,987,312 or 34% from AUD$5,819,823 in 2021, driven by higher sales and marketing, and general administrative costs [230]. - Sales and marketing expenses rose to AUD$2,464,936 (approximately $1,674,550) in 2022, an increase of AUD$772,862 or 46% from AUD$1,692,074 in 2021, due to expanded activities in the US and Europe [231]. - General and administrative expenses surged to AUD$2,690,920 (approximately $1,828,071) in 2022, an increase of AUD$1,260,058 or 88% from AUD$1,430,862 in 2021, primarily due to costs related to the IPO [233]. Profit and Loss - Gross profit for 2022 was AUD$1,443,575, down AUD$891,445 from AUD$2,335,020 in 2021, with a gross margin of 62% compared to 65% in 2021 [229]. - As of December 31, 2022, the company incurred a net loss of AUD$341,469 (approximately $231,978) and has accumulated losses of AUD$24.1 million (approximately $16.3 million) since inception [249]. Cash Flow and Financial Position - As of December 31, 2022, the company had cash and cash equivalents of AUD$19.0 million (approximately $12.9 million) and receivables of AUD$828,351 (approximately $562,740) [250]. - For the year ended December 31, 2022, net cash used in operating activities was AUD$4,468,304, an increase from AUD$1,806,179 in 2021, primarily due to decreased receipts from customers and increased payments to suppliers [254]. - Net cash provided by financing activities for the year ended December 31, 2022, was AUD$19,475,174, significantly higher than AUD$3,368,358 in 2021, mainly due to proceeds from the August 2022 initial public offering [257]. - For the year ended December 31, 2022, net cash used in investing activities was AUD$26,628, a slight decrease from AUD$30,534 in 2021 [256]. - The company estimates it has adequate financial resources for at least 12 months from December 31, 2022, based on current cash and trade receivable balances [250]. - The company is exposed to liquidity risk but believes existing funds will cover operating expenses and capital expenditures for the next twelve months [413]. - The company may need to seek additional funds in the future, depending on its ability to generate significant recurring revenues [251]. Economic and Risk Factors - The company continues to monitor macro-economic conditions, including inflation and supply chain issues, which may impact operations and cash flow [263]. - The company does not currently hedge foreign currency exchange risk but may consider formal currency hedging transactions in the future [411]. - The company has contractual obligations totaling AUD$743,123 as of December 31, 2022, primarily related to operating leases and employee benefits [260].