TurnOnGreen, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>TurnOnGreen, Inc. has filed its 2023 10-K annual report, detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

TurnOnGreen, Inc. (TOGIW) filed a Annual Report (10-K) with the SEC on April 11, 2024. TurnOnGreen, Inc. filed its 2023 10-K report on April 11, 2024, covering the fiscal year ending December 31, 2023. The company was formerly known as IMPERALIS HOLDING CORP. and COLOURED (US) INC. Its primary business address is located at 1421 McCarthy Blvd., Milpitas, CA 95035. The company operates within the ELECTRICAL INDUSTRIAL APPARATUS sector (SIC 3620). The filing includes financial data for the fiscal years 2023 and 2022.

Why It Matters

For investors and stakeholders tracking TurnOnGreen, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of TurnOnGreen's financial health, operational activities, and strategic direction for investors and stakeholders. The report details the company's performance in key segments like EV Chargers and Power Supply Units, offering insights into its market position and growth potential.

Risk Assessment

Risk Level: medium — TurnOnGreen, Inc. shows moderate risk based on this filing. The company's financial performance and operational details are presented in this 10-K filing, which is a standard requirement for public companies. However, specific financial figures and growth rates are not detailed in the provided header information, necessitating a deeper review of the full document to assess risk.

Analyst Insight

Review the full 10-K filing to analyze TurnOnGreen's revenue, net income, debt levels, and operational risks to make an informed investment decision.

Key Numbers

• 20231231 — Fiscal Year End (Reporting period)
• 20240411 — Filing Date (Date of submission)
• 000-52140 — SEC File Number (SEC registration number)
• 3620 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• TurnOnGreen, Inc. (company) — Filer name
• IMPERALIS HOLDING CORP. (company) — Former company name
• COLOURED (US) INC. (company) — Former company name
• Milpitas, CA (location) — Business address city and state
• 1421 McCarthy Blvd. (location) — Business address street
• 20231231 (date) — Fiscal year end
• 20240411 (date) — Filing date
• 3620 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

TurnOnGreen, Inc. operates in the ELECTRICAL INDUSTRIAL APPARATUS sector. The company's focus includes products such as EV Chargers and Power Supply Units.

Regulatory Implications

As a publicly traded company, TurnOnGreen, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the 1934 Act, as evidenced by this 10-K filing.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K for revenue trends, profitability, and cash flow.
2. Investigate the company's operational segments, particularly EV Chargers and Power Supply Units, for growth drivers and competitive landscape.
3. Assess the risk factors section for potential challenges and their impact on the company's future performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-04-11: Filing Date — Date TurnOnGreen, Inc. submitted its 10-K report.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.001 — ection 12(g) of the Act: Common Stock, $0.001 par value Indicate by check mark if th
• $0.0999 — , as quoted on the Pink Open Market, of $0.0999 per share. Such a determination should
• $1,000 — ach such share having a stated value of $1,000. The Series A Preferred Stock has an ag
• $25 m — an aggregate liquidation preference of $25 million, is convertible into shares of th

Filing Documents

• o33124010k.htm (10-K) — 1036KB
• ex4_2.htm (EX-4.2) — 13KB
• ex31_1.htm (EX-31.1) — 11KB
• ex31_2.htm (EX-31.2) — 11KB
• ex32_1.htm (EX-32.1) — 5KB
• evcharging_1.jpg (GRAPHIC) — 52KB
• evcharging_2.jpg (GRAPHIC) — 52KB
• evcharging_networksize.jpg (GRAPHIC) — 94KB
• powerelectronics.jpg (GRAPHIC) — 62KB
• 0001214659-24-006652.txt (&nbsp;) — 5744KB
• imhc-20231231.xsd (EX-101.SCH) — 46KB
• imhc-20231231_cal.xml (EX-101.CAL) — 55KB
• imhc-20231231_def.xml (EX-101.DEF) — 122KB
• imhc-20231231_lab.xml (EX-101.LAB) — 342KB
• imhc-20231231_pre.xml (EX-101.PRE) — 281KB
• o33124010k_htm.xml (XML) — 592KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 38 Item 1C. Cybersecurity 38 Item 2.

Properties

Properties 38 Item 3.

Legal Proceedings

Legal Proceedings 39 Item 4. Mine Safety Disclosures 39 PART II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 40 Item 6. Reserved 40 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 40 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 – F-21 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 46 Item 9A.

Controls and Procedures

Controls and Procedures 46 Item 9B. Other Information 48 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 48 PART III Item 10. Directors, Executive Officers and Corporate Governance 49 Item 11.

Executive Compensation

Executive Compensation 50 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 51 Item 13. Certain Relationships and Related Transactions, and Director Independence 52 Item 14. Principal Accountant Fees and Services 53 PART IV Item 15. Exhibits and Financial Statement Schedules. 54 Item 16. Form 10-K Summary 55

Signatures

Signatures 56 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (the "Annual Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements relate to future events or our future financial performance. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes," "expects," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "approximate," "might," "budget," "forecast," "shall," "project," "predict," "should" or "will" or the negative of these terms or other comparable terminology. These statements are only predictions; uncertainties and other factors may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels or activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements, or our ability to successfully remediate the material weakness in our internal control over financial reporting disclosed in this Annual Report on Form 10-K in an appropriate and timely matter or at all, and the other factors described under "Item 1A. Risk Factors" and elsewhere in this Annual Report on Form 10-K. Our expectations are as of the date this Annual Report is filed, and we do not intend to update any of the forward-looking statements after the date this Annual Report is filed to confirm these statements to actual results, unless required by law. RISK FACTOR SUMMARY Below is a summary of the principal factors that make an investment in our common stock speculative. This summary does not address all of the risks that we fa

BUSINESS

ITEM 1. BUSINESS Overview TurnOnGreen, Inc. (formerly known as Imperalis Holding Corp.), a Nevada corporation ("TOG" or the "Company"), through its wholly owned subsidiaries Digital Power Corporation ("Digital Power") and TOG Technologies Inc. ("TOGT"), is engaged in the design, development, manufacture and sale of highly engineered, feature-rich, high-grade power conversion and power system solutions for mission-critical applications and processes. For more than 50 years, Digital Power has been devoted to the perfection of power solution products that have enabled customer innovation in complex applications covering a wide range of industries. A natural outgrowth of TOGT's development of these power systems has been its effort to apply the Company's proprietary core power technologies to optimizing the design and performance of electric vehicle ("EV") charging solutions. TOGT began commercial sales of its product line of high-speed charging solutions in mid-2021. We believe that our charging solutions represent an entire generation of new chargers due to improvements in terms of size reduction in electronic circuitry and higher output density. We also believe that, by leveraging our experience and expertise in power conversion and generation, we can become a leader in the EV charging solution market. At Digital Power, we provide a comprehensive range of integrated power system solutions that are designed to meet the diverse and precise needs of our customers with the highest levels of efficiency, flexibility and scalability. We design, develop and manufacture custom power systems to meet performance and/or form-factor requirements that cannot be met with standard power products. These power system solutions are designed to function reliably in harsh environments associated with defense and aerospace applications, while also being utilized for applications ranging from industrial and telecommunications equipment to medical instrumentation. Our power products ar

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View this 10-K filing on SEC EDGAR