Contact: Michael Bacal mbacal@darrowir.com 917-886-9071 TRUGOLF HOLDINGS, INCCONSOLIDATED BALANCE SHEETS December 31, December 31, 2024 2023 ASSETS Current Assets: Cash and cash equivalents $10,882,077 $3,297,564 Restricted cash - 2,100,000 Marketable investment securities - 2,478,953 Accounts receivable, net 1,399,153 2,398,872 Inventory, net 2,349,345 2,119,084 Prepaid expenses and other current assets 116,619 262,133 Other current assets 45,737 - Total Current Assets 14,792,930 12,656,606 Property and equipment, net 143,852 234,308 Capitalized software development costs, net 1,540,121 - Right-of-use assets 634,269 972,663 Other long-term assets 31,023 1,905,983 Total Assets $17,142,195 $15,769,560 LIABILITIES AND STOCKHOLDERS’ DEFICIT Current Liabilities: Accounts payable $2,819,702 $2,059,771 Deferred revenue 3,113,010 1,704,224 Notes payable, current portion 10,001 9,425 Notes payable to related parties, current portion 2,937,000 1,237,000 Line of credit, bank 802,738 802,738 Margin line of credit account - 1,980,937 Convertible notes payable - 954,622 Dividend notes payable 4,023,923 - Derivative liability - - Accrued interest 661,376 459,872 Accrued and other current liabilities 999,307 1,125,495 Accrued and other current liabilities - assumed in Merger 45,008 - Lease liability, current portion 363,102 334,255 Total Current Liabilities 15,775,167 10,668,339 Non-current Liabilities: Notes payable, net of current portion 9,732 2,402,783 Note payables to related parties, net of current portion 624,000 861,000 PIPE loan payable, net 4,068,953 - Dividend notes payable - 4,023,923 Gross sales royalty payable 1,000,000 1,000,000 Lease liability, net of current portion 305,125 668,228 Other liabilities - 63,015 Total Liabilities 21,782,977 19,687,288 Commitments and Contingencies Stockholders’ Deficit: Preferred stock, $0.0001 par value, 10 million shares authorized; zero shares issued and outstanding, respectively - - Common stock, $0.0001 par value, 100,000,000 shares authorized: Common stock - Series A, $0.0001 par value, 90 million shares authorized; 26,120,545 and 13,098 shares issued and outstanding, respectively 2,612 120 Common stock - Series B, $0.0001 par value, 10 million shares authorized; 1,716,860 and 1,716,860 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 18,548,931 10,479,738 Accumulated other comprehensive loss - (1,662)Accumulated deficit (21,155,497) (12,358,924) (4,640,782) (3,917,728) Total Stockholders’ Deficit (4,640,782) (3,917,728) Total Liabilities and Stockholders’ Deficit $17,142,195 $15,769,560 TRUGOLF HOLDINGS, INC.
While 2024’s sales growth was somewhat hindered by select product availability, we expect to continue setting the standard in the world of virtual golf with further hardware and software innovations arriving in 2025.” Operations: Gross margin for 2024 improved to 66.7% as compared to 61.9% in 2023.2024’s loss from operations was 75% lower at ($2.1) million as compared to ($8.7) million in 2023.2024 operating expenses declined by 22% or $4.7 million.
More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC's website, About TruGolf: Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions.
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