Latest news with #TruGolfHoldings
Associated Press
27-05-2025
- Business
- Associated Press
TruGolf Clarifies Nasdaq Compliance Plan and Provides Context to Equity Line of Credit
Salt Lake City, Utah, May 27, 2025 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading golf technology company, has clarified its plan to regain compliance with Nasdaq listing rules in response to shareholder inquiries. On August 19, 2024, TruGolf Holdings, Inc. received a written notification from the Listing Qualifications Department (the 'Staff') of the Nasdaq Stock Market ('Nasdaq') notifying the Company that, the Company's stockholders' equity was ($10,508,104), and therefore, the Company was not in compliance with Nasdaq's Listing Rule 5450(b)(1)(A), which requires a $10,000,000 minimum stockholders' equity standard (the 'Equity Rule'). On May 15, 2025, the Company presented a plan to the Nasdaq Hearings panel on how it plans to regain compliance with Nasdaq's listing rules and requested an extension to execute on the plan. To date the Hearings panel has not rendered a determination. There can be no assurance that it will provide an extension or move to delist. The key provisions of the plan were: Chris Jones, CEO of TruGolf, had this to say about the plan. 'The Company will be holding a special meeting of shareholders on May 30th to vote on actions relating to this plan. However, since disclosure of all details of the plan, the Company has received multiple inquiries requesting clarification of the purpose of the Equity Line of Credit that was entered into as part of the plan.' As reported in the Company's first quarter Form 10-Q on May 15th. 'TruGolf has a strong cash position of greater than $10 million which is more than adequate to satisfy its current operating needs. The line was put in place in the event that a special situation or opportunity may arise in the future so the Company could avoid debt when financing its actions.' About TruGolf Holdings TruGolf is a golf technology company, committed to making golf, easy. From innovative uses for AI to build content and enhance its image and spatial analysis, to gamified golf improvement plans, TruGolf is an industry leader in the growing technological revolution in the sport of golf. Since its founding, TruGolf has redefined what is possible in golf through technology. TruGolf's suite of Hardware, Software, and Web Products make it easier to Play, Improve, and Enjoy the game of golf. Forward-Looking Statements Some of the statements in this release are forward-looking statements, which involve risks and uncertainties. Forward-looking statements include, without limitation, whether the Company's compliance plan will be accepted by Nasdaq and the Company's expected future cash needs. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading 'Risk Factors' in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC's website, For more information about our products and upcoming innovations, please visit Media Contacts: TruGolf: Michael Bacal: Phone: 917-886-9071; [email protected] Web: LinkedIn: @TruGolf
Business Upturn
16-05-2025
- Business
- Business Upturn
TruGolf Reports First Quarter 2025 Financial Results Q1 2025 Sales Grow 7.5% Over Q1 2024
By GlobeNewswire Published on May 16, 2025, 06:21 IST Salt Lake City, Utah, May 15, 2025 (GLOBE NEWSWIRE) — TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading provider of golf simulator software and hardware, announced today its first quarter 2025 results. The Company reported sales of $5.4 million, up 7.5% compared to 2024 first quarter sales of $5.0 million. Net losses doubled to ($2.6) million for 2025's first quarter, versus a net loss of ($1.3) million in the 2024 period, driven largely by recognition of interest expenses associated with the conversion of convertible notes in the period. EPS for 2025's first quarter was ($0.09), an improvement from 2024's ($0.22) loss per share. Chief Executive Officer and Director Chris Jones said, '2025 got off to a solid start and we expect the sales cadence to improve over the course of the year, driven by new product introductions. Management's attention has also focused on addressing the previously reported Nasdaq listing deficiencies. The Company has announced a plan that will significantly reduce debt on its balance sheet and increase shareholder equity. This plan has been presented at a Nasdaq Listing Qualifications hearing on May 15th and we expect to receive their determination in the near term.' Mr. Jones continued, 'We look forward to further growth in the business as we continue to innovate in creating the best virtual golf ecosystem in the market. We expect the first franchise locations to open over the next 90 days, with the associated delivery of TruGolf hardware and software solutions. We are optimistic that new products expected to launch in the coming months will be well received.' Operations: Gross margin for 2025's first quarter improved to 68.0% as compared to 61.0% in 2024's quarter. 2025's loss from operations was 30.7% higher at ($1.2) million as compared to ($0.9) million in 2024. 2025 operating expenses increased by 22.5% or $0.9 million, driven by higher SG&A costs arising from higher third-party installation expenses, increased marketing costs and higher professional fees. Interest expense jumped by $1.1 million as $1.7 million in principal amount of convertible notes and their$1.1 million associated accrued and make-whole interest converted to shares and their full interest costs were recognized in the conversion period. Cash flow used in operations was approximately $0.5 million in the first quarter of 2025, versus generation of $2.7 million in 2024's quarter, with the difference resulting from a growth in inventory in the 2025 period, as well as the greater net loss for the period. Disclaimer on Forward Looking Statements This news release contains certain statements that constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute 'forward-looking statements' and accordingly, involve estimates, assumptions, forecasts, judgements and uncertainties. Forward-looking statements include, without limitation, the timing of new franchise openings during 2025. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including 'believes,' 'estimates,' 'anticipates,' 'expects,' 'plans,' 'projects,' 'intends,' 'potential,' 'may,' 'could,' 'might,' 'will,' 'should,' 'approximately' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading 'Risk Factors' in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC's website, About TruGolf: Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions. TruGolf builds products that capture the spirit of golf. TruGolf's mission is to help grow the game by attempting to make it more Available, Approachable, and Affordable through technology – because TruGolf believes Golf is for Everyone. TruGolf's team has built award-winning video games ('Links'), innovative hardware solutions, and an all-new e-sports platform to connect golfers around the world with E6 CONNECT. Since TruGolf's beginning, TruGolf has continued to attempt to define and redefine what is possible with golf technology. TRUGOLF HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2025 2024 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 10,515,820 $ 8,782,077 Restricted cash 2,100,000 2,100,000 Accounts receivable, net 1,579,614 1,399,153 Inventory, net 3,852,977 2,349,345 Prepaid expenses and other current assets 189,961 116,619 Other current assets – 45,737 Total Current Assets 18,238,372 14,792,931 Property and equipment, net 192,711 143,852 Capitalized software development costs, net 1,710,652 1,540,121 Right-of-use assets 545,915 634,269 Other long-term assets 31,023 31,023 Total Assets $ 20,718,673 $ 17,142,196 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable $ 2,563,454 $ 2,819,703 Deferred revenue 4,141,790 3,113,010 Notes payable, current portion 10,148 10,001 Notes payable to related parties, current portion 2,937,000 2,937,000 Line of credit, bank 802,738 802,738 Dividend notes payable 4,023,923 4,023,923 Accrued interest 565,402 661,376 Accrued and other current liabilities 2,823,067 999,307 Accrued and other current liabilities – assumed in Merger 45,008 45,008 Lease liability, current portion 296,291 363,102 Total Current Liabilities 18,208,821 15,775,168 Non-current Liabilities: Notes payable, net of current portion 7,137 9,732 Note payables to related parties, net of current portion 624,000 624,000 PIPE loan payable, net 5,165,893 4,068,953 Gross sales royalty payable 1,000,000 1,000,000 Lease liability, net of current portion 278,071 305,125 Total Liabilities 25,283,922 21,782,978 Commitments and Contingencies Stockholders' Deficit: Preferred stock, $0.0001 par value, 10 million shares authorized; zero shares issued and outstanding, respectively – – Common stock, $0.0001 par value, 100,000,000 shares authorized: Common stock – Series A, $0.0001 par value, 90 million shares authorized; 29,184,965 and 26,120,545 shares issued and outstanding, respectively 2,918 2,612 Common stock – Series B, $0.0001 par value, 10 million shares authorized; 1,716,860 and 1,716,860 shares issued and outstanding, respectively 172 172 Treasury stock at cost, 4,692 shares of common stock held, respectively (2,037,000 ) (2,037,000 ) Additional paid-in capital 21,294,479 18,548,931 Accumulated deficit (23,825,818 ) (21,155,496 ) Total Stockholders' Deficit (4,565,249 ) (4,640,781 ) Total Liabilities and Stockholders' Deficit $ 20,718,673 $ 17,142,196 TRUGOLF HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For the For the Three Months Ended Three Months Ended March 31, 2025 March 31, 2024 Revenue, net $ 5,389,230 $ 5,012,022 Cost of revenue 1,726,199 1,959,023 Total gross profit 3,663,031 3,052,999 Operating expenses: Royalties 225,320 329,888 Salaries, wages and benefits 1,946,816 1,841,595 Selling, general and administrative 2,725,119 1,825,201 Total operating expenses 4,897,255 3,996,684 Loss from operations (1,234,224 ) (943,685 ) Other (expenses) income: Interest income 54,596 30,587 Interest expense (1,490,694 ) (384,854 ) Loss on investment – (3,912 ) Total other expense (1,436,098 ) (358,179 ) Loss from operations before provision for income taxes (2,670,322 ) (1,301,864 ) Provision for income taxes – – Net loss $ (2,670,322 ) $ (1,301,864 ) Net loss per common share Series A – basic and diluted $ (0.09 ) $ (0.22 ) Net loss per common share Series B – basic and diluted $ (1.56 ) $ (1.14 ) Weighted average shares outstanding Series A – basic and diluted 28,461,277 5,994,704 Weighted average shares outstanding Series B – basic and diluted 1,716,860 1,144,573 TRUGOLF HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the For the Three Months Ended Three Months Ended March 31, 2025 March 31, 2024 Cash flows from operating activities: Net loss $ (2,670,322 ) $ (1,301,864 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 115,300 36,105 Amortization of convertible notes discount 231,940 947 Amortization of right-of-use asset 88,354 82,454 Change in OCI – 1,662 Stock issued for make good provisions on debt conversion 1,087,513 – Stock options issued to employees 3,341 – Changes in operating assets and liabilities: Accounts receivable, net (180,461 ) 468,422 Inventory, net (1,503,632 ) (216,569 ) Prepaid expenses (73,342 ) 200,278 Other current assets 45,737 2,478,953 Accounts payable (256,248 ) 1,146,347 Deferred revenue 1,028,780 90,524 Accrued interest payable (95,974 ) 82,759 Accrued and other current liabilities 1,823,760 (321,090 ) Lease liability (93,865 ) (80,311 ) Net cash provided by (used in) operating activities (449,119 ) 2,668,617 Cash flows from investing activities: Purchases of property and equipment (64,159 ) (332,342 ) Capitalized software, net (270,531 ) – Net cash used in investing activities (334,690 ) (332,342 ) Cash flows from financing activities: Proceeds from PIPE loans, net of discount 2,520,000 4,320,000 Cash acquired in Merger – 103,818 Increase in other liabilities – 18,545 Costs of Merger paid from PIPE loan – (2,082,787 ) Repayments of line of credit – (1,980,937 ) Repayments of liabilities assumed in Merger – (15,716 ) Repayments of notes payable (2,448 ) (2,295 ) Repayments of notes payable – related party – (268,500 ) Net cash provided by financing activities 2,517,552 92,128 Net change in cash , cash equivalents and restricted cash 1,733,743 2,428,403 Cash, cash equivalents and restricted cash – beginning of year 10,882,077 5,397,564 Cash, cash equivalents and restricted cash – end of year $ 12,615,820 $ 7,825,967 Supplemental cash flow information: Cash paid for: Interest $ 108,993 $ 302,095 Income taxes $ – $ – Non-cash investing and financing activities: PIPE note principal converted to Class A Common Stock $ 1,655,000 $ – Notes payable assumed in Merger $ – $ 1,565,000 Accrued liabilities assumed in Merger $ – $ 310,724 Remeasurement of common stock exchanged/issued in Merger $ – $ (1,875,724 ) Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Yahoo
16-05-2025
- Business
- Yahoo
TruGolf Reports First Quarter 2025 Financial Results Q1 2025 Sales Grow 7.5% Over Q1 2024
Salt Lake City, Utah, May 15, 2025 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading provider of golf simulator software and hardware, announced today its first quarter 2025 results. The Company reported sales of $5.4 million, up 7.5% compared to 2024 first quarter sales of $5.0 million. Net losses doubled to ($2.6) million for 2025's first quarter, versus a net loss of ($1.3) million in the 2024 period, driven largely by recognition of interest expenses associated with the conversion of convertible notes in the period. EPS for 2025's first quarter was ($0.09), an improvement from 2024's ($0.22) loss per share. Chief Executive Officer and Director Chris Jones said, '2025 got off to a solid start and we expect the sales cadence to improve over the course of the year, driven by new product introductions. Management's attention has also focused on addressing the previously reported Nasdaq listing deficiencies. The Company has announced a plan that will significantly reduce debt on its balance sheet and increase shareholder equity. This plan has been presented at a Nasdaq Listing Qualifications hearing on May 15th and we expect to receive their determination in the near term.' Mr. Jones continued, 'We look forward to further growth in the business as we continue to innovate in creating the best virtual golf ecosystem in the market. We expect the first franchise locations to open over the next 90 days, with the associated delivery of TruGolf hardware and software solutions. We are optimistic that new products expected to launch in the coming months will be well received.' Operations: Gross margin for 2025's first quarter improved to 68.0% as compared to 61.0% in 2024's quarter. 2025's loss from operations was 30.7% higher at ($1.2) million as compared to ($0.9) million in 2024. 2025 operating expenses increased by 22.5% or $0.9 million, driven by higher SG&A costs arising from higher third-party installation expenses, increased marketing costs and higher professional fees. Interest expense jumped by $1.1 million as $1.7 million in principal amount of convertible notes and their$1.1 million associated accrued and make-whole interest converted to shares and their full interest costs were recognized in the conversion period. Cash flow used in operations was approximately $0.5 million in the first quarter of 2025, versus generation of $2.7 million in 2024's quarter, with the difference resulting from a growth in inventory in the 2025 period, as well as the greater net loss for the period. Disclaimer on Forward Looking Statements This news release contains certain statements that constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute 'forward-looking statements' and accordingly, involve estimates, assumptions, forecasts, judgements and uncertainties. Forward-looking statements include, without limitation, the timing of new franchise openings during 2025. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC's website, About TruGolf: Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions. TruGolf builds products that capture the spirit of golf. TruGolf's mission is to help grow the game by attempting to make it more Available, Approachable, and Affordable through technology - because TruGolf believes Golf is for Everyone. TruGolf's team has built award-winning video games ("Links"), innovative hardware solutions, and an all-new e-sports platform to connect golfers around the world with E6 CONNECT. Since TruGolf's beginning, TruGolf has continued to attempt to define and redefine what is possible with golf technology. Contact: Michael Bacal mbacal@ 917-886-9071 TRUGOLF HOLDINGS, CONSOLIDATED BALANCE SHEETS March 31, December 31, 2025 2024 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 10,515,820 $ 8,782,077 Restricted cash 2,100,000 2,100,000 Accounts receivable, net 1,579,614 1,399,153 Inventory, net 3,852,977 2,349,345 Prepaid expenses and other current assets 189,961 116,619 Other current assets - 45,737 Total Current Assets 18,238,372 14,792,931 Property and equipment, net 192,711 143,852 Capitalized software development costs, net 1,710,652 1,540,121 Right-of-use assets 545,915 634,269 Other long-term assets 31,023 31,023 Total Assets $ 20,718,673 $ 17,142,196 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable $ 2,563,454 $ 2,819,703 Deferred revenue 4,141,790 3,113,010 Notes payable, current portion 10,148 10,001 Notes payable to related parties, current portion 2,937,000 2,937,000 Line of credit, bank 802,738 802,738 Dividend notes payable 4,023,923 4,023,923 Accrued interest 565,402 661,376 Accrued and other current liabilities 2,823,067 999,307 Accrued and other current liabilities - assumed in Merger 45,008 45,008 Lease liability, current portion 296,291 363,102 Total Current Liabilities 18,208,821 15,775,168 Non-current Liabilities: Notes payable, net of current portion 7,137 9,732 Note payables to related parties, net of current portion 624,000 624,000 PIPE loan payable, net 5,165,893 4,068,953 Gross sales royalty payable 1,000,000 1,000,000 Lease liability, net of current portion 278,071 305,125 Total Liabilities 25,283,922 21,782,978 Commitments and Contingencies Stockholders' Deficit: Preferred stock, $0.0001 par value, 10 million shares authorized; zero shares issued and outstanding, respectively - - Common stock, $0.0001 par value, 100,000,000 shares authorized: Common stock - Series A, $0.0001 par value, 90 million shares authorized; 29,184,965 and 26,120,545 shares issued and outstanding, respectively 2,918 2,612 Common stock - Series B, $0.0001 par value, 10 million shares authorized; 1,716,860 and 1,716,860 shares issued and outstanding, respectively 172 172 Treasury stock at cost, 4,692 shares of common stock held, respectively (2,037,000 ) (2,037,000 ) Additional paid-in capital 21,294,479 18,548,931 Accumulated deficit (23,825,818 ) (21,155,496 ) Total Stockholders' Deficit (4,565,249 ) (4,640,781 ) Total Liabilities and Stockholders' Deficit $ 20,718,673 $ 17,142,196 TRUGOLF HOLDINGS, CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited) For the For the Three Months Ended Three Months Ended March 31, 2025 March 31, 2024 Revenue, net $ 5,389,230 $ 5,012,022 Cost of revenue 1,726,199 1,959,023 Total gross profit 3,663,031 3,052,999 Operating expenses: Royalties 225,320 329,888 Salaries, wages and benefits 1,946,816 1,841,595 Selling, general and administrative 2,725,119 1,825,201 Total operating expenses 4,897,255 3,996,684 Loss from operations (1,234,224 ) (943,685 ) Other (expenses) income: Interest income 54,596 30,587 Interest expense (1,490,694 ) (384,854 ) Loss on investment - (3,912 ) Total other expense (1,436,098 ) (358,179 ) Loss from operations before provision for income taxes (2,670,322 ) (1,301,864 ) Provision for income taxes - - Net loss $ (2,670,322 ) $ (1,301,864 ) Net loss per common share Series A - basic and diluted $ (0.09 ) $ (0.22 ) Net loss per common share Series B - basic and diluted $ (1.56 ) $ (1.14 ) Weighted average shares outstanding Series A - basic and diluted 28,461,277 5,994,704 Weighted average shares outstanding Series B - basic and diluted 1,716,860 1,144,573 TRUGOLF HOLDINGS, CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) For the For the Three Months Ended Three Months Ended March 31, 2025 March 31, 2024 Cash flows from operating activities: Net loss $ (2,670,322 ) $ (1,301,864 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 115,300 36,105 Amortization of convertible notes discount 231,940 947 Amortization of right-of-use asset 88,354 82,454 Change in OCI - 1,662 Stock issued for make good provisions on debt conversion 1,087,513 - Stock options issued to employees 3,341 - Changes in operating assets and liabilities: Accounts receivable, net (180,461 ) 468,422 Inventory, net (1,503,632 ) (216,569 ) Prepaid expenses (73,342 ) 200,278 Other current assets 45,737 2,478,953 Accounts payable (256,248 ) 1,146,347 Deferred revenue 1,028,780 90,524 Accrued interest payable (95,974 ) 82,759 Accrued and other current liabilities 1,823,760 (321,090 ) Lease liability (93,865 ) (80,311 ) Net cash provided by (used in) operating activities (449,119 ) 2,668,617 Cash flows from investing activities: Purchases of property and equipment (64,159 ) (332,342 ) Capitalized software, net (270,531 ) - Net cash used in investing activities (334,690 ) (332,342 ) Cash flows from financing activities: Proceeds from PIPE loans, net of discount 2,520,000 4,320,000 Cash acquired in Merger - 103,818 Increase in other liabilities - 18,545 Costs of Merger paid from PIPE loan - (2,082,787 ) Repayments of line of credit - (1,980,937 ) Repayments of liabilities assumed in Merger - (15,716 ) Repayments of notes payable (2,448 ) (2,295 ) Repayments of notes payable - related party - (268,500 ) Net cash provided by financing activities 2,517,552 92,128 Net change in cash , cash equivalents and restricted cash 1,733,743 2,428,403 Cash, cash equivalents and restricted cash - beginning of year 10,882,077 5,397,564 Cash, cash equivalents and restricted cash - end of year $ 12,615,820 $ 7,825,967 Supplemental cash flow information: Cash paid for: Interest $ 108,993 $ 302,095 Income taxes $ - $ - Non-cash investing and financing activities: PIPE note principal converted to Class A Common Stock $ 1,655,000 $ - Notes payable assumed in Merger $ - $ 1,565,000 Accrued liabilities assumed in Merger $ - $ 310,724 Remeasurement of common stock exchanged/issued in Merger $ - $ (1,875,724 )Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
