TruGolf Holdings Files Q2 2024 10-Q

TL;DR

TruGolf Holdings filed its Q2 10-Q. Financials for H1 2024 vs H1 2023 are in.

AI Summary

TruGolf Holdings, Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly Deep Medicine Acquisition Corp., is incorporated in Delaware and operates in the manufacturing sector. The filing includes financial data for the second quarter of 2024 and the first six months of the year, comparing it to the same periods in 2023.

Why It Matters

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

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that can reveal significant risks and opportunities, requiring careful analysis.

Key Numbers

• Q2 2024 — Reporting Period (Financials for the second quarter of 2024 are detailed.)
• H1 2024 — Reporting Period (Financials for the first six months of 2024 are detailed.)
• 2023 — Comparison Period (Financials are compared against the same periods in 2023.)

Key Players & Entities

• TruGolf Holdings, Inc. (company) — Filer of the 10-Q
• Deep Medicine Acquisition Corp. (company) — Former name of TruGolf Holdings, Inc.
• 20240630 (date) — End of the reporting period
• 20240821 (date) — Filing date

FAQ

Key Financial Figures

• $0.0001 — tered Class A Common Stock, par value $0.0001 per share TRUG The NASDAQ Stock Mar
• $0.01 — he Closing Ordinary shares, par value $0.01 per share 13,098 Ordinary shares, pa

Filing Documents

• form10-q.htm (10-Q) — 1170KB
• ex31-1.htm (EX-31.1) — 11KB
• ex32-1.htm (EX-32.1) — 4KB
• 0001493152-24-033320.txt ( ) — 7443KB
• trug-20240630.xsd (EX-101.SCH) — 73KB
• trug-20240630_cal.xml (EX-101.CAL) — 93KB
• trug-20240630_def.xml (EX-101.DEF) — 319KB
• trug-20240630_lab.xml (EX-101.LAB) — 518KB
• trug-20240630_pre.xml (EX-101.PRE) — 464KB
• form10-q_htm.xml (XML) — 930KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2024 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______ TO _________ Commission File Number: 001-40970 TRUGOLF HOLDINGS, INC. (Exact name of registrant as Specified in its Charter) Delaware 6770 85-3269086 (State or Other Jurisdiction of (Primary Standard Industrial (Internal Revenue Service Incorporation or Organization) Classification Code Number) Employer Identification Number) 60 North 1400 West Centerville , Utah 84014 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (801) 298-1997 Securities registered pursuant to Section 12(b) of the Exchange Act: Title of each class Trading Symbol (s) Name of each exchange on which registered Class A Common Stock, par value $0.0001 per share TRUG The NASDAQ Stock Market LLC Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer , " "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. Yes No issued and outstanding as of August 19, 2024. PART I – FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS TruGolf Holdings, Inc. June 30, 2024 Index to the Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Stockh older 's Deficit for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Six Months ended June 30, 2024 and 2023 (unaudited) 7 Notes to the Condensed Consolidated Financial Statements (unaudited) 8 2 TRUGOLF HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) 2024 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 6,651,272 $ 3,297,564 Restricted cash - 2,100,000 Marketable investment securities - 2,478,953 Accounts receivable, net 2,630,257 2,398,872 Inventory, net 2,335,786 2,119,084 Prepaid expenses 118,662 262,133 Total current assets 11,735,977 12,656,606 Property and equipment, net 149,024 234,308 Capitalized software development costs, net 1,345,522 - Right-of-use assets 806,352 972,663 Other long-term assets 31,057 1,905,983 Total assets $ 14,067,932 $ 15,769,560 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 3,209,680 $ 2,059,771 Customer deposits 2,479,124 1,704,224 Deferred revenue 500,000 - Notes payable, current portion 9,709 9,425 Notes payable to related parties, current portion 937,000 1,237,000 Notes payable 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 Accrued interest 1,226,633 459,872 Accrued and other current liabilities 1,026,330 1,125,495 Accrued and other current liabilities - assumed in Merger 295,008 - Lease liability, current portion 361,606 334,255 Total current liabilities 11,802,450 10,668,339 Non-current liabilities: Notes payable, net of current portion 14,808 2,402,783 Note payables to related parties, net of current portion 892,500 861,000 Note payables 892,500 861,000 Notes

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