EX-99.1 2 exh_991.htm EXHIBIT 99.1

Exhibit 99.1

 

 

Sono Group N.V. pro forma condensed consolidated Balance Sheet

and Statement of Income as of and for the twelve months ended

December 31, 2024

 

 

 

 

 

 

 

 

 2

 

TABLE OF CONTENTS

 

Proforma Preliminary Condensed Consolidated Statements of Income (Loss) 3
Proforma Preliminary Condensed Consolidated Balance Sheets 4
A. New Issuance of $5 Million Debenture Adjustment 5
B. Conversion of all existing debt to preferred equity 5

 

 

 

 

 

 

 

 

 

 

 

 

 3

 

Proforma Condensed Consolidated Statements of Income (Loss)

 

  Twelve months ended December 31, 2024
(unaudited)		 Pro Forma Adjustments

Pro Forma Combined

Following Recapitalization

  mUSD 5 New Convertible Debenture
(A)		 Debt to Equity Conversion Adjustments
(B)
  kEUR kEUR kEUR kEUR
Revenue

0

 

  -  -                0
Cost of goods sold 0  -  - 0
Gross profit 0 - - 0
Cost of development expenses (1,118)  -  - (1,118)
Selling and distribution expenses (678)  -  - (678)
General and administrative expenses (4,648)  -  - (4,648)
Gain/(loss) on deconsolidation/reconsolidation 62,554  -  - 62,554
Other operating income / (exp) 398     398
Operating Income/(Loss) 56,508 - - 56,508
Income/(expense) from changes in fair value of convertible debt carried at Fair value 8,923 - - 8,923
Interest and similar expenses (405) - - (405)
Income/(Loss) before tax 65,026 - - 65,026
Taxes on income - - - -
Deferred taxes on expense - - - -
Income/(Loss) for the period 65,026 - - 65,026

 

 

 

 

 

 

 

 

 4

 

Proforma Preliminary Condensed Consolidated Balance Sheets

 

  December 31,
2024
Unaudited		 Pro Forma Adjustments
 

mUSD 5 New Convertible Debenture

(A)

Debt to Equity Conversion Adjustments

(B)

 Pro Forma Combined following Recapitalization
  kEUR kEUR kEUR kEUR
         
ASSETS        
Noncurrent assets        
Property, plant and equipment 129 - -            129
Right-of-use assets 630 - -            630
Other financial assets 531 - - 531
  1,290 - - 1,290           
Current assets        
Inventory 304 - -     304   
Other financial assets 103 - - 103
Other non-financial assets - - - -
Cash 1,354 1,900+2849(A) -        6,103
  1,761 - -       6,510
Total assets 3,051 4,749 -       7,800
         
EQUITY AND LIABILITIES        
Equity        
Subscribed capital (ordinary & high voting) 48(D) - - 48        
Capital and other reserves 298,699 - 37,707(B)        336,406
Accumulated deficit (321,428) (8,923)(C) -      (330,351)
 Total Equity (22,681) (8,923) 37,707 6,103
         

Current Liabilities

        
Lease Liability (Current 58k LT 572k) 630 - -            630
Taxes payable 0 - - 0
 Subtotal 630 - -        630
         
         
Financial liabilities 24,035   8,923(C)+4,749(A) (37,707)(B) -
Trade and other payables 575 - -          575
Other liabilities 492 - -            492
  25,732 13,672 (37,707) 1,697        
Total equity and liabilities 3,051 4,749 -       7,800
         

 

 

 5

 

A.New Issuance of $5 Million Debenture Adjustment

 

As part of its strategic financial restructuring, Sono Group N.V. has entered into a Securities Purchase Agreement with Yorkville to issue a new secured convertible debenture with a principal amount of $5.0 million, subject to Nasdaq approving the Company’s requested uplisting to Nasdaq Capital Markets. Yorkville has advanced $2.0 million (1.9M Euros) of the $5.0 million with $3.0 million (2.849M Euros) subject to Nasdaq Approval. In the cash section it reflects the 1.9M and 2.849M separately totaling 4.749M as the company received $2M already as advances.

 

B.Conversion of all existing debt to preferred equity

 

Sono Group N.V. signed an Exchange Agreement with Yorkville to convert the newly issued debenture, along with all other existing outstanding convertible debentures, into preferred equity. The total debt being exchanged amounts to approximately €37.7 million, including the €32.7 million of previously issued convertible debentures and the €5.0 million new debentures.

 

Under the agreement, this notes payable will be converted into 1,242 newly issued preferred shares, each with a nominal value of €300. These shares are convertible into 30,000 ordinary shares post-implementation of the reverse stock split.

 

C.Changes to the fair value in Convertible Notes Payable

 

The income from changes in fair value of convertible notes payable carried at Fair value of 8,923 is reversed as part of the exchange agreement when the actual value of the total convertible notes payable plus accrued interest is all converted to preferred equity.

 

D.Change in Subscribed Capital

 

Change in subscribed capital is due to reverse split of 75 to 1 along with change in nominal value of ordinary and high voting shares.