$TRUG

TruGolf Holdings, Inc.

CIK:0001857086|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue, net	$ 5,792,180	$ 4,310,864	$ 10,812,442	$ 9,700,094
Cost of revenue	2,326,282	2,537,654	4,663,548	4,489,173
Total gross profit	3,465,898	1,773,210	6,148,894	5,210,921
Operating expenses:
Salaries, wages and benefits	1,240,565	1,006,210	2,033,976	2,953,026
Selling, general and administrative	2,447,339	2,637,026	5,631,503	5,362,145
Total operating expenses	3,687,904	3,643,236	7,665,479	8,315,171
Loss from operations	(222,006)	(1,870,026)	(1,516,585)	(3,104,250)
Other (expense) income:
Interest income	45,892	64,830	100,340	119,426
Interest expense	(263,702)	(1,516,874)	(470,865)	(3,007,568)
Other income (expense)	(7,992)	600	(7,992)	600
Total other expense	(225,802)	(1,451,444)	(378,517)	(2,887,542)
Loss from operations before provision for income taxes	(447,808)	(3,321,470)	(1,895,102)	(5,991,792)
Provision for income taxes
Net loss	$ (447,808)	$ (3,321,470)	$ (1,895,102)	$ (5,991,792)
Net loss per common share - basic	$ (0.37)	$ (4.63)	$ (2.18)	$ (9.31)
Net loss per common share - diluted	$ (0.37)	$ (4.63)	$ (2.18)	$ (9.31)
Weighted average shares outstanding - basic	1,206,000	717,928	868,000	643,657
Weighted average shares outstanding - diluted	1,206,000	717,928	868,000	643,657

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (1,895,102)	$ (5,991,792)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	803,396	413,409
Amortization of convertible notes discount		359,037
Amortization of right-of-use asset	264,701	178,344
Bad debt expense		74,818
Stock issued for make good provisions on debt conversion		2,169,707
Stock options issued to employees		6,682
Changes in operating assets and liabilities:
Accounts receivable, net	(204,304)	(861,552)
Inventory, net	(528,059)	(348,965)
Prepaid expenses	(72,704)	(173,770)
Other current assets		45,737
Accounts payable	481,819	390,129
Deferred revenue	(379,836)	1,896,218
Accrued interest payable		(96,429)
Accrued and other current liabilities	394,680	773,570
Lease liability	(264,977)	(189,689)
Net cash used in operating activities	(1,400,386)	(1,354,546)
Cash flows from investing activities:
Purchases of property and equipment	(176,134)	(45,966)
Capitalized software, net	(1,999,668)	(1,568,778)
Net cash used in investing activities	(2,175,802)	(1,614,744)
Cash flows from financing activities:
Proceeds from PIPE loans, net of discount		2,520,000
Repayments of notes payable	(23,726)	(4,928)
Repayments of notes payable to related party	(150,000)	(268,500)
Repurchase of treasury stock	(345,000)
Net cash provided by (used in) financing activities	(518,726)	2,246,572
Net change in cash, cash equivalents and restricted cash	(4,094,914)	(722,718)
Cash, cash equivalents and restricted cash - beginning of period	12,569,263	10,882,077
Cash, cash equivalents and restricted cash - end of period	8,474,349	10,159,359
Supplemental cash flow information:
Interest	57,468	108,993
Income taxes
Non-cash investing and financing activities:
Series A Convertible Preferred Stock dividends converted to Class A Common Stock	5,354,718
PIPE note principal converted to Class A Common Stock		3,213,000
Dividend note principal converted to Class A and Class B Common Stock		3,905,561
Exchange of PIPE Notes and Series A and B Warrants for Series A Convertible Preferred Stock and Warrants for Series A Convertible Preferred Stock		$ 5,651,310

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 6,374,349	$ 10,469,263
Restricted cash	2,100,000	2,100,000
Accounts receivable, net	1,265,013	1,060,709
Inventory, net	1,391,316	863,257
Prepaid expenses	1,057,780	985,076
Total current assets	12,188,458	15,478,305
Property and equipment, net	483,963	355,499
Capitalized software development costs, net	4,877,603	3,633,661
Right-of-use assets	417,947	682,648
Other long-term assets	31,023	31,023
Total assets	17,998,994	20,181,136
Current Liabilities:
Accounts payable	3,249,204	2,767,385
Deferred revenue	5,180,889	5,560,725
Line of credit, bank	802,738	802,738
Dividend notes payable	118,362	118,362
Accrued interest	594,590	594,590
Accrued and other current liabilities	1,903,430	1,508,750
Lease liability, current portion	293,132	502,526
Total current liabilities	14,533,852	14,401,809
Non-current liabilities:
Note payables, net of current portion	268,500	287,000
Gross sales royalty payable	1,000,000	1,000,000
Lease liability, net of current portion	136,361	191,944
Total liabilities	15,938,713	15,880,753
Commitments and contingencies (Note 9)
Stockholders’ equity:
Treasury stock at cost, 9 shares of common stock held, respectively	(2,382,000)	(2,037,000)
Additional paid-in capital	52,687,711	47,413,839
Accumulated deficit	(48,245,588)	(41,076,500)
Total stockholders’ equity	2,060,281	4,300,383
Total liabilities and stockholders’ equity	17,998,994	20,181,136
Series A Convertible Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value		1
Common Class A [Member]
Stockholders’ equity:
Common stock, value	156	41
Common Class B [Member]
Stockholders’ equity:
Common stock, value	2	2
Nonrelated Party [Member]
Current Liabilities:
Notes payable, current portion	291,507	296,733
Related Party [Member]
Current Liabilities:
Notes payable, current portion	$ 2,100,000	$ 2,250,000