TurnOnGreen Files Q2 2024 10-Q

TL;DR

TurnOnGreen's Q2 2024 10-Q is in. Check financials vs. last year.

AI Summary

TurnOnGreen, Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as IMPERALIS HOLDING CORP., is based in Milpitas, CA. The filing provides financial data for the second quarter and the first half of 2024, comparing it to the same periods in 2023.

Why It Matters

This filing provides investors with the latest financial performance and position of TurnOnGreen, Inc., crucial for understanding its operational health and future prospects.

Risk Assessment

Risk Level: medium — As a publicly traded company filing a 10-Q, there are inherent risks associated with financial reporting and market performance.

Key Numbers

• 2024 Q2 — Reporting Period (Financial data for the second quarter of 2024 is presented.)
• 2023 Q2 — Comparison Period (Financial data for the second quarter of 2023 is used for comparison.)
• 2024 H1 — Reporting Period (Financial data for the first half of 2024 is presented.)
• 2023 H1 — Comparison Period (Financial data for the first half of 2023 is used for comparison.)

Key Players & Entities

• TurnOnGreen, Inc. (company) — Filer
• IMPERALIS HOLDING CORP. (company) — Former company name
• 20240630 (date) — Period of report
• 20240813 (date) — Filing date

FAQ

Key Financial Figures

• $0.001 — Section 12(g) of the Act: Common Stock, $0.001 par value Indicate by check mark wheth
• $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

• b8824110q.htm (10-Q) — 513KB
• ex31_1.htm (EX-31.1) — 9KB
• ex31_2.htm (EX-31.2) — 10KB
• ex32_1.htm (EX-32.1) — 4KB
• 0001214659-24-014328.txt ( ) — 2942KB
• imhc-20240630.xsd (EX-101.SCH) — 30KB
• imhc-20240630_cal.xml (EX-101.CAL) — 44KB
• imhc-20240630_def.xml (EX-101.DEF) — 73KB
• imhc-20240630_lab.xml (EX-101.LAB) — 187KB
• imhc-20240630_pre.xml (EX-101.PRE) — 156KB
• b8824110q_htm.xml (XML) — 374KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheet as of June 30, 2024, and December 31, 2023 3 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024, and 2023 4 Condensed Consolidated Statement of Changes in Shareholders' Deficit for the three and six months ended June 30, 2024, and 2023 5 Condensed Consolidated Statements of Cash Flows for the three and six months ended June 30, 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 14 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 16 Item 4.

Controls and Procedures

Controls and Procedures 17

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 20 Item 1A.

Risk Factors

Risk Factors 20 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 3. Defaults Upon Senior Securities 20 Item 4. Mine Safety Disclosures 20 Item 5. Other Information 20 Item 6. Exhibits 21 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. TURNONGREEN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 63,000 $ 21,000 Accounts receivable 629,000 966,000 Inventories 1,078,000 1,339,000 Prepaid expenses 730,000 630,000 TOTAL CURRENT ASSETS 2,500,000 2,956,000 Property and equipment, net 317,000 358,000 Right-of-use assets 853,000 1,133,000 Other noncurrent assets 270,000 270,000 TOTAL ASSETS $ 3,940,000 $ 4,717,000 LIABILITIES AND SHAREHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable $ 630,000 $ 1,058,000 Dividends payable 3,678,000 2,667,000 Accrued legal contingencies 1,066,000 1,066,000 Accrued expenses and other current liabilities 454,000 525,000 Operating lease liability, current 597,000 619,000 Related party notes and advances payable 4,000,000 2,472,000 TOTAL CURRENT LIABILITIES 10,425,000 8,407,000 LONG TERM LIABILITIES Operating lease liability, non-current 349,000 631,000 Other long term liabilities 136,000 105,000 TOTAL LIABILITIES 10,910,000 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 June 30, 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 June 30, 2024, and December 31, 2023: 183,943,705 shares issued and outstanding on June 30, 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 ( 45,658,000 ) ( 43,114,000 ) TOTAL SHAREHOLDERS' DEFICIT ( 31,970,000 ) ( 29,426,000 ) TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREF

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View this 10-Q filing on SEC EDGAR