NWTG — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-14

• The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes appearing elsewhere in this Quarterly Report. This discussion and analysis may contain forward-looking statements based on assu…

• During the three months ended March 31, 2026, several factors influenced the Company’s operations and financial position, including:

• ● New product introduction. The Company introduced the Fast Motion fairway wood shaft and hybrid shafts at the 2026 PGA Show, which are expected to launch commercially during the third quarter of 2026.

• ● Capital raising activities On March 16, 2026, the Company entered into the Purchase Agreement, pursuant to which the Company agreed to issue, at one or more closings, unsecured promissory notes in an aggregate funded amount of up to $2,000,000 and warrants to purchase shares of the Company’s commo…

• In connection with the initial closing on March 16, 2026, the Company issued a Convertible Note to entities affiliated with and controlled by Brett Hoge, one of the Company’s directors, in the aggregate principal amount of $500,000, which bears interest at a rate of 10% per annum and matures in 18 m…

Text removed vs the prior filing · source: 10-Q · 2025-11-13

• Management’s Discussion and Analysis of Financial Condition and Results of Operations is designed to provide a reader of the financial statements with a narrative report on our financial condition, results of operations, and liquidity. This discussion and analysis should be read in conjunction with …

• We are a technology-forward golf company, with a growing portfolio of golf products, including putting instruments, golf shafts, golf grips, and other golf related products. In consideration of our growth opportunities in shaft technologies, in April of 2022, we expanded our manufacturing business t…

• Nasdaq Notice of Failure to Satisfy a Continued Listing Rule or Standard

• As a result of Dottie Pepper’s resignation from our Board of Directors on September 28, 2025, we are no longer in compliance with Nasdaq Listing Rule 5605(b)(1), which requires that a majority of the Board of Directors be comprised of “independent directors,” as that term is defined in Nasdaq Listin…

• Nasdaq Listing Rules 5605(b)(1)(A) and 5605(c)(4) provide a cure period for these deficiencies until the earlier of (i) our next annual stockholders’ meeting or (ii) September 29, 2026; however, if our next annual stockholders’ meeting is held before March 27, 2026, then the cure period will continu…

Text added vs the prior filing · source: 10-Q · 2026-05-14

• Our Chief Executive Officer and Principal Financial Officer evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of March 31, 2026.

• Based on that evaluation, our Chief Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were not effective as of March 31, 2026 to provide reasonable assurance that information required to be disclosed in reports that we file or submit under the Ex…

• This conclusion is consistent with management’s assessment as of December 31, 2025.

• There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal cont…

• Management continues to monitor the effectiveness of its internal controls and may implement additional enhancements as the Company’s operations continue to grow.

Text removed vs the prior filing · source: 10-Q · 2025-11-13

• Our Chief Executive Officer and Chief Financial Officer, after evaluating the effectiveness of our “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this…

• Material Weakness in Internal Control over Financial Reporting

• We have identified material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or inter…

• We are actively working to remediate the deficiencies and material weaknesses, including leadership changes made during 2025. The Chief Financial Officer hired in January 2025 departed in June 2025, at which time a new Chief Financial Officer joined the Company. We also terminated our former Account…

• Work also have begun on implementing and documenting policies, procedures, and internal controls. We have begun strengthening our internal control environment through a collaborative process workflow and expect to take additional actions to remediate the deficiencies and address material weaknesses.…

Text added vs the prior filing · source: 10-Q · 2026-05-14

• There are no legal proceedings that are pending against the Company or that involve the Company that, in the opinion of management, could reasonably be expected to have a material adverse effect on the Company’s business or financial condition.

Text removed vs the prior filing · source: 10-Q · 2025-11-13

• As a result of entering into the ATM Offering Agreement, the Company breached the right of first refusal provision in that certain underwriting agreement between Aegis and the Company, dated December 12, 2024. The Company is in negotiations with Aegis to resolve this matter; however, the ultimate ou…

• There are no other legal proceedings that are pending against the Company or that involve the Company that, in the opinion of management, could reasonably be expected to have a material adverse effect on the Company’s business or financial condition.