TRUG — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-14

• Revenues increased by $1,481,316, or 34.4% for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The increase is primarily attributable to higher product acceptance, which resulted in increased revenue recognition from product sales, as well as the recognition o…

• Salaries, wages and benefits increased by $234,355, or 23.3%, to 1,240,565 for the three months ended June 30, 2026, compared to $1,006,210 the three months ended June 30, 2025. The increase was primarily due to a reduction in employee compensation capitalized as software development costs, which re…

• Selling, general and administrative decreased by $189,687, or 7.2%, to $2,447,339 for the three months ended June 30, 2026, compared to $2,637,026, for the three months ended June 30, 2025. The overall decrease was primarily attributable to a $323,248 decrease in bad debt expense in accordance with …

• Comparison of the Six Months Ended June 30, 2026, to the Six Months Ended June 30, 2025

• Revenues increased by $1,112,348 for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The increase is primarily attributable to higher product acceptance, which resulted in increased revenue recognition from product sales, increase in revenue from the franchise div…

Text removed vs the prior filing · source: 10-Q · 2026-05-20

• Revenues remained relatively consistent for the three months ended March 31, 2026, decreasing by $217,563, or 4.2%, compared to the three months ended March 31, 2025. The decrease was primarily attributable to the decrease in golf simulator revenue, which decreased by $228,321, to $3,664,866 during …

• Salaries, Wages and Benefits: Salaries, wages and benefits decreased by $1,153,405, or 59.2%, to $793,411 for the three months ended March 31, 2026, compared to $1,946,816 for the prior year period. The decrease reflects a significant increase in the portion of employee compensation capitalized as s…

• Selling, General and Administrative: SG&A increased by $459,045, or 16.8%, to $3,184,164 for the three months ended March 31, 2026, compared to $2,725,119 for the prior year period. The increase was primarily driven by the following: (i) amortization expense related to capitalized software costs inc…

• As of March 31, 2026, we had cash on hand of $10,936,670 and a working capital deficit of $1,282,452, as compared to cash on hand of $12,569,263 and a working capital surplus of $1,076,496 as of December 31, 2025. The decrease in working capital is primarily attributable to a decrease in cash on han…

• The Company’s operating activities consume the majority of its cash resources. The Company anticipates that it will continue to incur operating losses as it executes its development plans for 2026, as well as other potential strategic and business development initiatives. In addition, the Company ha…

Text added vs the prior filing · source: 10-Q · 2026-08-14

• On July 24, 2026, a putative class action and shareholder derivative complaint captioned Parker LaChance, individually and on behalf of all others similarly situated, and derivatively on behalf of TruGolf Holdings, Inc. v. TruGolf Holdings, Inc.; Christopher Jones; B. Shaun Limbers; Humphrey P. Pola…

• The complaint alleges, among other things, that the Company’s registration statements, proxy statements, and periodic reports contained material misstatements and omissions arising from certain financing transactions. The complaint purports to assert claims for violation of Sections 11 and 15 of the…

• The complaint seeks, among other relief, class certification, compensatory damages in an amount to be determined at trial together with prejudgment interest, rescission or a rescissory measure of damages under the Securities Act claims to the extent available, damages to the Company (including disgo…

• The Company believes it has meritorious defenses to the allegations and intends to defend the action vigorously. At this stage of the proceeding, the Company is unable to predict the outcome of this matter or estimate a range of reasonably possible loss, if any, and no amounts have been accrued in c…

• Except as described above, as of the date of this Form 10-Q, we believe that none of our pending lawsuits, claims, and other proceedings are expected to have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows. However, management’s judgme…

Text removed vs the prior filing · source: 10-Q · 2026-05-20

• As of the date of this Form 10-Q, we believe that none of our pending lawsuits, claims, and other proceedings are expected to have a material adverse effect on our Company’s business, consolidated financial position, results of operations, or cash flows. However, management’s judgment may prove mate…

Text added vs the prior filing · source: 10-Q · 2026-08-14

• We are not currently in compliance with Nasdaq’s continued listing requirements related to the bid price of our common stock and if we are unable to regain compliance with the listing requirements, our common stock will be delisted from Nasdaq which could have a material adverse effect on our financ…

• Our common stock is listed on Nasdaq, and we are therefore subject to its continued listing requirements, including requirements with respect to the market value of publicly held shares, market value of listed shares, minimum bid price per share, and minimum stockholder’s equity, among others, and r…

• Since July 31, 2026, the closing price of our common stock has been below $1.00, and if our common stock remains below $1.00 for 30 consecutive business days we will not be in compliance with Nasdaq Listing Rule 5550(a)(2) (the “bid price rule”). In accordance with Nasdaq rules, we would normally be…

• Delisting from Nasdaq would adversely affect our ability to raise additional financing through the public or private sale of equity securities, may significantly affect the ability of investors to trade our securities and may negatively affect the value and liquidity of our common stock. Delisting a…