TruGolf Holdings Inc

For the period ended Sep 30, 2024. Filed Nov 14, 2024.

About this filing

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.

Sep 30, 2024 · Filed Nov 14, 2024

TRUG$0.52-9.4%Stored close · as of Nov 6, 2026

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Contents

Item 1. Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023

TRUGOLF HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023

	2024	2023
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$7,452,185	$3,297,564
Restricted cash	-	2,100,000
Marketable investment securities	-	2,478,953
Accounts receivable, net	4,542,097	2,398,872
Inventory, net	2,324,230	2,119,084
Prepaid expenses	99,032	262,133
Total current assets	14,417,544	12,656,606
Property and equipment, net	131,581	234,308
Capitalized software development costs, net	1,738,417	-
Right-of-use assets	721,051	972,663
Other long-term assets	31,097	1,905,983
Total assets	$17,039,690	$15,769,560
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$2,288,208	$2,059,771
Customer deposits	4,600,105	1,704,224
Deferred revenue	575,000	-
Notes payable, current portion	9,854	9,425
Notes payable to related parties, current portion	1,937,000	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
Notes payable assumed in Merger	1,465,000	-
Accrued interest	1,649,341	459,872
Accrued and other current liabilities	1,201,071	1,125,495
Accrued and other current liabilities - assumed in Merger	295,008	-
Lease liability, current portion	375,660	334,255
Total current liabilities	16,153,607	10,668,339
Non-current liabilities:
Notes payable, net of current portion	12,290	2,402,783
Note payables to related parties, net of current portion	874,000	861,000
PIPE loan payable, net	4,232,448	-
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	380,386	668,228
Other liabilities	589,619	63,015
Total liabilities	27,266,273	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; 11,887,985 and 13,098 shares issued and outstanding, respectively.	1,189	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	7,100,503	10,479,738
Accumulated other comprehensive loss	-	(1,662)
Accumulated deficit / losses	(15,291,447)	(12,358,924)
Total stockholders’ deficit	(10,226,583)	(3,917,728)
Total liabilities and stockholders’ deficit	$17,039,690	$15,769,560

The accompanying notes are an integral part of these unaudited condensed financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30,

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2024	2023	2024	2023
Revenues, net	$6,236,795	$3,431,735	$15,121,980	$13,788,700
Cost of revenues	1,924,093	1,533,691	5,183,328	4,531,429
Gross profit	4,312,702	1,898,044	9,938,652	9,257,271
Operating expenses:
Royalties	166,631	130,610	719,668	447,366
Salaries, wages and benefits	1,695,678	2,252,848	4,654,560	6,171,878
Selling, general and administrative	1,578,112	1,838,297	5,420,872	9,455,683
Total operating expenses	3,440,421	4,221,755	10,795,100	16,074,927
(Loss) income from operations	872,281	(2,323,711)	(856,448)	(6,817,656)
Other (expenses) income:
Interest income	38,592	21,197	105,800	71,542
Interest expense	(971,048)	(358,354)	(2,176,810)	(1,265,775)
Loss on investment	-	-	(3,912)	-
Total other expense	(932,456)	(337,157)	(2,074,922)	(1,194,233)
Loss from operations before income taxes	(60,175)	(2,660,868)	(2,931,370)	(8,011,889)
Provision for income taxes	-	-	-	-
Net loss	$(60,175)	$(2,660,868)	$(2,931,370)	$(8,011,889)
Basic and diluted net loss per share attributable to common stockholders	$(0.00)	$(219.38)	$(0.28)	$(660.56)
Basic and diluted weighted average common shares	13,380,737	12,129	10,550,277	12,129

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2024	2023	2024	2023
Net loss	$(60,175)	$(2,660,868)	(2,931,370)	$(8,011,889)
Other comprehensive income:
Unrealized gain in fair value of short-term investments	-	(30,862)	1,662	(64,121)
Comprehensive loss	$(60,175)	$(2,691,730)	(2,929,708)	$(8,076,010)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

FOR THE THREE and NINE MONTHS ENDED September 30, 2024 and 2023

Preferred Stock · Common Stock- Series A · Common Stock- Series B · Treasury Stock · Additional Paid-in · Accumulated Other Comprehensive · Accumulated · Total Stockholders’
Shares · Amount · Shares · Amount · Shares · Amount · Shares · Amount · Capital · Loss · Losses · Deficit
Balance, December 31, 2023	-	$	-	13,098	$120	-	$	-	(4,692)	$(2,037,000)	$10,479,738		$(1,662)	$(12,358,924)	$(3,917,728)
Realized gain in fair value of short term investments	-		-	-	-	-		-	-	-	-		1,662	-	1,662
Common stock exchanged in Merger	-		-	(13,098)	(120)	-		-	-	-	(3,854,573)		-	-	(3,854,693)
Common stock Series A exchanged and issued in Merger	-		-	11,538,252	1,154	-		-	-	-	(1,154)		-	-	-
Common stock Series B issued in Merger	-		-	-	-	1,716,860		172	-	-	(172)		-	-	-
Net loss	-		-	-	-					-	-		-	(1,301,864)	(1,301,864)
Balance, March 31, 2024	-	$	-	11,538,252	$1,154	1,716,860		$172	(4,692)	$(2,037,000)	$6,623,839		$(0)	$(13,660,788)	$(9,072,623)
Revaluation of costs of Merger	-		-	-	-	-		-	-	-	135,000		-	(1,152)	133,848
Net loss	-		-	-	-	-		-	-	-	-		-	(1,569,329)	(1,569,329)
Balance, June 30, 2024	-	$	-	11,538,252	$1,154	1,716,860		$172	(4,692)	$(2,037,000)	$6,758,839		$(0)	$(15,231,269)	$(10,508,104)
Common stock issued for interest	-		-	349,733	35	-		-	-	-	341,664		-	(3)	341,696
Net loss	-		-	-	-	-		-	-	-	-		-	(60,175)	(60,175)
Balance, September 30, 2024	-	$	-	11,887,985	$1,189	1,716,860		$172	(4,692)	$(2,037,000)	$7,100,503		$(0)	$(15,291,447)	$(10,226,583)
Balance, December 31, 2022	-	$	-	11,308	$100	-	$	-	(4,692)	$(2,037,000)	$681,956	$	-	$(2,075,815)	$(3,430,759)
Issuance of common stock for services	-		-	821	9	-		-	-	-	4,493,324		-	-	4,493,333
Unrealized gain in fair value of short term investments	-		-	-	-	-		-	-	-	-		11,914		11,914
Net loss	-		-	-	-	-		-	-	-	-		-	(5,351,178)	(5,351,178)
Balance, March 31, 2023	-	$	-	12,129	$109	-	$	-	(4,692)	(2,037,000)	5,175,280		11,914	(7,426,993)	(4,276,690)
Unrealized gain in fair value of short term investments	-		-	-	-	-		-	-	-	-		(45,173)	-	(45,173)
Net income	-		-	-	-	-		-	-	-	-		-	157	157
Balance, June 30, 2023	-	$	-	12,129	$109	-	$	-	(4,692)	$(2,037,000)	$5,175,280		$(33,259)	$(7,426,836)	$(4,321,706)
Unrealized gain in fair value of short term investments	-		-	-	-	-		-	-	-	-		(30,862)	-	(30,862)
Net loss	-		-	-	-	-		-	-	-	-		-	(2,660,868)	(2,660,868)
Balance, September 30, 2023	-	$	-	12,129	$109	-	$	-	(4,692)	$(2,037,000)	$5,175,280		$(64,121)	$(10,087,704)	$(7,013,436)

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.