TruGolf Holdings Inc
For the period ended Mar 31, 2024. Filed Aug 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Aug 14, 2024
TRUG$0.52-9.4%Stored close · as of Nov 6, 2026
Contents
Item 1. Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
| 2024 | 2023 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $7,825,967 | $3,297,564 |
| Restricted cash | - | 2,100,000 |
| Marketable investment securities | - | 2,478,953 |
| Accounts receivable, net | 1,930,450 | 2,398,872 |
| Inventory, net | 2,335,653 | 2,119,084 |
| Prepaid expenses | 61,855 | 262,133 |
| Total current assets | 12,153,925 | 12,656,606 |
| Property and equipment, net | 166,666 | 234,308 |
| Capitalized software development costs, net | 363,879 | - |
| Right-of-use assets | 890,209 | 972,663 |
| Other long-term assets | 1,905,983 | 1,905,983 |
| Total assets | $15,480,662 | $15,769,560 |
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||
| Current liabilities: | ||
| Accounts payable | $3,206,118 | $2,059,771 |
| Customer deposits | 1,794,748 | 1,704,224 |
| Notes payable, current portion | 9,568 | 9,425 |
| Notes payable to related parties, current portion | 937,000 | 1,237,000 |
| Line of credit, bank | 802,738 | 802,738 |
| Margin line of credit account | - | 1,980,937 |
| Convertible notes payable | 954,622 | 954,622 |
| Accrued interest | 542,631 | 459,872 |
| Accrued and other current liabilities | 804,405 | 1,125,495 |
| Accrued and other current liabilities - assumed in Merger | 295,008 | - |
| Lease liability, current portion | 347,809 | 334,255 |
| Total current liabilities | 9,694,647 | 10,668,339 |
| Non-current liabilities: | ||
| Notes payable, net of current portion | 2,400,345 | 2,402,783 |
| Note payables to related parties, net of current portion | 892,500 | 861,000 |
| Notes payable assumed in the Merger | 1,565,000 | - |
| PIPE loan payable, net | 4,320,947 | - |
| Dividend notes payable | 4,023,923 | 4,023,923 |
| Gross sales royalty payable | 1,000,000 | 1,000,000 |
| Lease liability, net of current portion | 574,363 | 668,228 |
| Other liabilities | 81,560 | 63,015 |
| Total liabilities | 24,553,285 | 19,687,288 |
| Commitments and Contingencies | - | - |
| Stockholders’ deficit: | ||
| Preferred stock, $0.0001 par value, 10 million share authorized; zero shares issued and outstanding, respectively | - | - |
| Common stock - Series A, $0.0001 par value, 90 million shares authorized; 11,558,252 and 13,098 shares issued and outstanding, respectively. | 1,154 | 120 |
| Common stock - Series B, $0.0001 par value, 10 million shares authorized; 1,716,860 and 0 shares issued and outstanding, respectively. | 172 | |
| Treasury stock at cost, 4,692 shares of common stock held, respectively | (2,037,000) | (2,037,000) |
| Additional paid-in capital | 6,623,839 | 10,479,738 |
| Accumulated other comprehensive loss | - | (1,662) |
| Accumulated deficit / losses | (13,660,788) | (12,358,924) |
| Total stockholders’ deficit | (9,072,623) | (3,917,728) |
| Total liabilities and stockholders’ deficit | $15,480,662 | $15,769,560 |
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