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NOTIFICATION OF LATE FILING
For Period Ended:
March 31, 2022
For the Transition Period Ended:
PART II -- RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)
PART III -- NARRATIVE
State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
Data and other information regarding certain material operations of the Company, as well as its financial statements required for the filing, are not currently available and could not be made available without unreasonable effort and expense.
PART IV-- OTHER INFORMATION
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
The Company anticipates a significant change in its operating results loss for the three months ended March 31, 2022, compared to the three months ended March 31, 2021, primarily due to increased levels of convertible debt issued with warrants in the current period compared to the corresponding period last fiscal year. As a result, amortization of interest – conversion features, interest expense, warrant expense, debt related financing costs and derivative fair value loss are estimated to increase by approximately $3,600,000 over the corresponding last fiscal year period. In addition, stock-based compensation expense is estimated to increase by approximately $1,100,000 resulting from stock options and restricted stock unit awards to employees, officers, and directors that either joined the Company or were granted additional awards since the corresponding period for the last fiscal year. The exact amounts and the impact those amounts have on our financial statements will not be known until our financial statements for the three months ended March 31, 2022 are completed.
SOBR Safe, Inc.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
May 16, 2022
/s/ David Gandini
Chief Financial Officer
INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative's authority to sign on behalf of the registrant shall be filed with the form.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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