Exhibit 99.1

 

 

 

 

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

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

June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 2 

TABLE OF CONTENTS

 

Proforma Condensed Consolidated Statements of Income (Loss) 3
Proforma Preliminary Condensed Consolidated Balance Sheets 4
A.   New Issuance of $7.2 Million Debenture Adjustment 5
B.   Conversion of all existing debt to preferred equity 5
C.   Changes to the fair value in Convertible Notes Payable 5
D.   Change in Subscribed Capital 5
E.   Net Equity Converted to US Dollars 6

 

 

 

 

 

 

 3 

 

Proforma Condensed Consolidated Statements of Income (Loss)

 

         Pro Forma Adjustments      
    Six months
ended June 30,
2025
(unaudited)

    

mUSD 5 New
Convertible
Debenture
(A)

    Debt to Equity
Conversion
Adjustments
(B)		    

Pro Forma
Combined
Following
Recapitalization

 

 
    kEUR    kEUR    kEUR    kEUR 
Revenue   51    -    -    51 
Cost of goods sold   39    -    -    39 
Gross profit   12    -    -    12 
Cost of development expenses   (968)   -    -    (968)
Selling and distribution expenses   (474)   -    -    (474)
General and administrative expenses   (2,281)   -    -    (2,281)
Gain/(loss) on deconsolidation/reconsolidation   -    -    -    - 
Other operating income / (exp)   132              132 
Operating Income/(Loss)   (3,579)   -    -    (3,579)
Income/(expense) from changes in fair value of convertible debt carried at Fair value   11,144    -    -    11,144 
Gain of foreign currency translation   460    -    -    460 
Income/(Loss) before tax   8,025    -    -    8,025 
Taxes on income   -    -    -    - 
Deferred taxes on expense   -    -    -    - 
Income/(Loss) for the period   8,025    -    -    8,025 

 

 

 

 4 

 

Proforma Preliminary Condensed Consolidated Balance Sheets

 

     Pro Forma Adjustments     Pro Forma
Combined
following
Recapitalization

  
    June 30,
2025
Unaudited

 

   mUSD 5 New
Convertible
Debenture/Other
(A)		    

Debt to Equity
Conversion
Adjustments

(B)

      
    kEUR    kEUR    kEUR    kEUR 
                     
ASSETS                    
Noncurrent assets                    
Property, plant and equipment   121    -    -    121 
Right-of-use assets   602    -    -    602 
Other financial assets   536    -    -    536 
    1,259    -    -    1,259 
Current assets                    
Inventory   298    -    -    298 
Other financial assets   100    -    -    100 
Other non-financial assets   -    -    -    - 
Cash   339    1,580(A)+1,850(A)    -    3,769 
    737    3,430    -    4,167 
Total assets   1,996    3,430    -    5,426 
                     
EQUITY AND LIABILITIES                    
Equity                    
Subscribed capital (ordinary & high voting)   48(D)   -    -    48 
Capital and other reserves   298,699    85(A)   39,657(B)   338,441 
Accumulated deficit   (313,403)   (20,971)(C)   -    (334,374)
 Total Equity   (14,656)   (20,886)   39,657    4,115(E)
                     
Current Liabilities                    
Lease Liability (Current 167k LT 435k)   602    -    -    602 
Taxes payable   -    -    -    - 
 Subtotal   602    -    -    602 
                     
                     
Financial liabilities   15,341      20,971(C)+1,495+  1,850(A)    (39,657)(B)   - 
Trade and other payables   697    -    -    697 
Other liabilities   12    -    -    12 
    16,050    24,316    (39,657)   709 
Total equity and liabilities   1,996    3,430    -    5,426 
                     

 

 

 5 

A.New Issuance of $7.2 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 had advanced $3.25 million (2.7M Euros) of the $5.0 million as of 6/30/25, with $1.75 million (1.495M Euros) still subject to Nasdaq Approval. The cash section reflects 1.495M Euros left as the company has received $3.25M as advances through Q2 2025, which is already reflected in the 6/30/25 balance sheet, plus 85K Euros from private equity sales completed in August for a total cash increase of 1.58M Euros. As a final adjustment to net equity, Yorkville will add an additional $2.2M (1.85M Euros) of secured convertible debenture subject to Nasdaq approving the Company’s requested uplisting to Nasdaq Capital Markets.

 

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 €39.66 million, including the €32.7 million of previously issued convertible debentures and the $7.2 million new debentures. Under the agreement, this notes payable will be converted into 1,242 newly issued preferred shares, plus an additional 73 preferred shares for a total of 1,315 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 20.97M Euros 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.

 

 

 6 

 

E.Net Equity Converted to US Dollars

 

Net Equity of 4.115M Euros is converted to $4.815M at an exchange rate as of 6/30/25 of 1.17 from Euros to US dollars, exceeding the needed $4M required minimum net equity.