TurnOnGreen, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>TurnOnGreen, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and business operations.</b>

AI Summary

TurnOnGreen, Inc. (TOGIW) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. TurnOnGreen, Inc. filed a 10-Q for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company was formerly known as IMPERALIS HOLDING CORP. and COLOURED (US) INC. TurnOnGreen, Inc. is in the ELECTRICAL INDUSTRIAL APPARATUS industry. The company's principal business address is in Milpitas, California.

Why It Matters

For investors and stakeholders tracking TurnOnGreen, Inc., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data and operational updates for TurnOnGreen, Inc., crucial for assessing the company's current health and future prospects. Understanding the company's financial position, revenue segments, and any disclosed risks in this filing is essential for making informed investment decisions regarding TurnOnGreen, Inc. (TOGIW).

Risk Assessment

Risk Level: medium — TurnOnGreen, Inc. shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains detailed financial information but does not inherently signal significant positive or negative developments without further analysis of the specific numbers and narrative sections.

Analyst Insight

Review the detailed financial statements and Management's Discussion and Analysis within the 10-Q to identify trends in revenue, profitability, and cash flow for TurnOnGreen, Inc.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Quarterly period ended)
• 2024-01-01 — Reporting Period Start Date (Quarterly period from)
• 2023-03-31 — Prior Year Period End Date (Comparative period)
• 2023-01-01 — Prior Year Period Start Date (Comparative period)

Key Players & Entities

• TurnOnGreen, Inc. (company) — Filer name
• 0001214659-24-009083 (filing_id) — Accession number
• 20240331 (date) — Conformed period of report
• 20240514 (date) — Filed as of date
• 0001349706 (company_id) — Central Index Key
• IMPERALIS HOLDING CORP. (company) — Former company name
• COLOURED (US) INC. (company) — Former company name
• Milpitas, CA (location) — Business address

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q was officially filed with the SEC.

Key Financial Figures

• $0.001 — Section 12(g) of the Act: Common Stock, $0.001 par value Indicate by check mark wheth
• $25,000 — he sublessee and the Company recognized $25,000 and $11,000 of income related to the su
• $11,000 — and the Company recognized $25,000 and $11,000 of income related to the sublease for t
• $0.072 — titled to cast, shall not be lower than $0.072. Further, the price at which the Series
• $0.02 — ny shall be equal to the greater of (i) $0.02 per share or (ii) eighty (80%) percent

Filing Documents

• p5424010q.htm (10-Q) — 375KB
• ex31_1.htm (EX-31.1) — 9KB
• ex31_2.htm (EX-31.2) — 9KB
• ex32_1.htm (EX-32.1) — 4KB
• 0001214659-24-009083.txt (&nbsp;) — 2490KB
• imhc-20240331.xsd (EX-101.SCH) — 29KB
• imhc-20240331_cal.xml (EX-101.CAL) — 41KB
• imhc-20240331_def.xml (EX-101.DEF) — 67KB
• imhc-20240331_lab.xml (EX-101.LAB) — 177KB
• imhc-20240331_pre.xml (EX-101.PRE) — 146KB
• p5424010q_htm.xml (XML) — 256KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheet as of March 31, 2024, and December 31, 2023 3 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024, and 2023 4 Condensed Consolidated Statement of Changes in Shareholders' Deficit for the three months ended March 31, 2024, and 2023 5 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024, and 2023 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 12 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 13 Item 4.

Controls and Procedures

Controls and Procedures 14

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 16 Item 1A.

Risk Factors

Risk Factors 16 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 16 Item 3. Defaults Upon Senior Securities 16 Item 4. Mine Safety Disclosures 16 Item 5. Other Information 16 Item 6. Exhibits 17 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. TURNONGREEN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 103,000 $ 21,000 Accounts receivable 718,000 966,000 Inventories 1,105,000 1,339,000 Prepaid expenses 699,000 630,000 TOTAL CURRENT ASSETS 2,625,000 2,956,000 Property and equipment, net 341,000 358,000 Right-of-use assets 994,000 1,133,000 Other noncurrent assets 270,000 270,000 TOTAL ASSETS $ 4,230,000 $ 4,717,000 LIABILITIES AND SHAREHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable, accrued expenses and other current liabilities $ 1,055,000 $ 1,583,000 Dividends payable 3,167,000 2,667,000 Accrued legal contingencies 1,066,000 1,066,000 Operating lease liability, current 608,000 619,000 Related party notes and advances payable 3,365,000 2,472,000 TOTAL CURRENT LIABILITIES 9,261,000 8,407,000 LONG TERM LIABILITIES Operating lease liability, non-current 494,000 631,000 Other long term liabilities 136,000 105,000 TOTAL LIABILITIES 9,891,000 9,143,000 COMMITMENTS AND CONTINGENCIES (NOTE 16) REDEEMABLE CONVERTIBLE PREFERRED STOCK Preferred stock series A subject to possible redemption, 50,000,000 shares authorized: 25,000 issued and outstanding at stated redemption value of $ 1,000 per share as of March 31, 2024, and December 31, 2023, respectively 25,000,000 25,000,000 SHAREHOLDERS' DEFICIT: Common Stock, par value $ 0.001 a share; 2,000,000,000 shares authorized as of March 31, 2024, and December 31, 2023: 183,943,622 shares issued and outstanding on March 31, 2024, and 183,941,422 as of December 31, 2023, respectively 184,000 184,000 Additional paid-in capital 13,504,000 13,504,000 Accumulated deficit ( 44,349,000 ) ( 43,114,000 ) TOTAL SHAREHOLDERS' DEFICIT ( 30,661,000 ) ( 29,426,000 ) TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED ST

MANAGEMENT'S DISCUSSION AND ANALYSIS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Forward-Looking Statements

Forward-Looking Statements Certain statements in this Quarterly Report on Form 10-Q, contain 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 in an appropriate and timely manner or at all, and the other factors described under "Item 1A. Risk Factors" and elsewhere in our Annual Report on Form 10-K filed with the SEC on April 11, 2024. Our expectations are as of the date this Quarterly Report is filed, and we do not intend to update any of the forward-looking statements after the date this Quarterly Report is filed to confirm these statements to actual results, unless required by law. Plan of Operations We are an emerging electric vehicle ("EV") electrification infrastructure solutions and premium custom power products company, through our wholly owned subsidiaries Digital Power Corporation (DPC") a

View Full Filing

View this 10-Q filing on SEC EDGAR