TruGolf Reports Fourth Quarter and Full Year 2025 Results
Rhea-AI Summary
TruGolf (NASDAQ: TRUG) reported Q4 2025 revenue of $5.1M and net loss of $1.96M, improving from Q4 2024's $6.2M revenue and $5.86M loss. Full‑year 2025 sales were $18.9M (‑11.3% YoY) and net loss was $15.8M.
Key balances: cash $10.5M unrestricted ($12.6M incl. restricted), total liabilities $15.9M, and stockholders' equity turned positive to $4.3M. Results reflect a $2.2M nonrecurring inventory adjustment, higher SG&A, capitalized software development and debt restructuring impacts. Company highlighted 2026 growth initiatives including TruGolf RANGE, D3 wagering and a Cherry Hill franchise opening.
AI-generated analysis. Not financial advice.
Positive
- Cash increased to $10.5M (unrestricted), up 15.5%
- Total liabilities reduced to $15.9M from $21.8M year‑end 2024
- Stockholders' equity turned positive at $4.3M vs a $(4.6)M deficit
- Golf simulator hardware sales +7% year‑over‑year
- Net cash used in operations improved to $1.7M in 2025
Negative
- Revenue declined 11.3% to $18.9M for full‑year 2025
- Full‑year net loss widened to $15.8M from $8.8M in 2024
- Gross margin fell to 50.4% from 65.2% due to $2.2M inventory adjustment
- SG&A rose 65% to $11.0M, driven by contract labor and amortization
- Deferred revenue increased to $5.56M, reflecting timing of software/franchise recognition
News Market Reaction – TRUG
On the day this news was published, TRUG declined 16.59%, reflecting a significant negative market reaction. Argus tracked a trough of -33.2% from its starting point during tracking. Our momentum scanner triggered 24 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $852K from the company's valuation, bringing the market cap to $4.28M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
TRUG is down 10.42% while momentum data show only one peer (SNAL) also moving down (-6.24%). Broader peers are mixed, with names like MSGM (+3.86%) and TBH (+9.59%) up and others such as BHAT (-42.79%) and GXAI (-0.82%) down, indicating a stock-specific reaction.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| 2025-11-17 | Q3 2025 earnings | Positive | +10.2% | Strong gross margin, improved balance sheet, and reduced liabilities despite net loss. |
| 2025-08-20 | Q2 2025 earnings | Negative | -2.6% | Revenue growth but wider losses and gross margin hit by inventory write-downs. |
| 2025-05-15 | Q1 2025 earnings | Positive | +12.8% | Sales and margin growth with market focusing on expansion despite higher losses. |
| 2025-04-21 | 2024 full-year results | Positive | +35.7% | Record sales, higher gross margin, and narrower net loss despite delisting risk. |
Earnings releases have often been volatile, with mostly positive price reactions when results emphasize growth, margins, or balance-sheet improvements, and only one modest negative move on weaker metrics.
Recent earnings history shows TruGolf using financial results to highlight growth initiatives and balance-sheet repair. In Q1–Q3 2025, revenue generally grew versus 2024 quarters, but non-cash charges, inventory write-downs, and higher expenses drove wider losses. The 2024 report showed record sales, improved margins, and narrowed net loss, though Nasdaq equity deficiencies were a concern. Today’s 2025 Q4 and full-year earnings continue the theme of non-recurring charges, higher net loss, but a strengthened capital structure and positive stockholders’ equity.
Historical Comparison
In the past four earnings events, TRUG moved an average of 14.02%. Today’s -10.42% reaction to 2025 Q4/full-year results is within that volatility range but tilts negative versus mostly positive past moves.
Across 2024–2025 earnings, TruGolf has combined sales growth and margin focus with recurring non-cash and inventory-related charges, while steadily restructuring its balance sheet and addressing Nasdaq listing and capital needs.
Regulatory & Risk Context
An effective S-3 universal shelf filed on 2025-11-17 allows TruGolf to offer up to $200,000,000 of various securities. Shelf usage is 0 to date, but the capacity provides flexibility to raise capital via equity, debt, or other instruments as detailed in future prospectus supplements.
Market Pulse Summary
The stock dropped -16.6% in the session following this news. A negative reaction despite mixed signals fits a pattern where losses and accounting adjustments weighed on sentiment. Full-year revenue slipped to $18.9 million with net loss deepening to $15.8 million, even as liabilities fell to $15.9 million and equity turned positive at $4.3 million. Past earnings often triggered volatile but mostly positive moves, so a sharp decline could reflect concern over recurring charges and the sizeable $200,000,000 shelf overhang.
Key Terms
capitalized software development costs financial
deferred revenue financial
loss on extinguishment of debt financial
right-of-use assets financial
gross margin financial
non-recurring inventory adjustments financial
PIPE loan payable financial
AI-generated analysis. Not financial advice.
Salt Lake City, Utah, April 16, 2026 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading provider of golf simulator software and hardware, today reported its fourth quarter and full year 2025 results.
2025 vs. 2024:
Q4 2025 vs. Q4 2024:
Financial Highlights
- Cash:
$10.5 million unrestricted;$12.6 million including restricted cash, up15.5% from December 31, 2024. - Total liabilities decreased to
$15.9 million from$21.8 million at year-end, following the exchange of certain notes payable into equity and settlement of merger-related obligations. - Golf Simulator Hardware sales increased
7.1% for the year. - Stockholders’ Equity: Positive
$4.3 million vs.$(4.6) million deficit at year-end 2024. - Net Loss:
$(1.96) million for the 2025 fourth quarter as compared to$(5.86) million for the 2024 period. The 2025 loss was primarily due to a non-recurring, non-cash$2.0 million inventory adjustment resulting from a change in accounting systems. - Revenue:
$5.1 million for the quarter vs.$6.2 million in 2024, but up sequentially from third quarter’s$4.1 million . The year-on-year sales decline primarily reflected timing of product deliveries and deferred recognition related to software and franchise contracts.
"2025 was a transitional year for TruGolf, where we addressed capital market issues, revamped our accounting systems and procedures and made major investments in new products to position the company for significant growth in the years ahead." Said Chris Jones, CEO and Director of TruGolf. "We have overcome many challenges in the past year and we appreciate our shareholder's patience as we strengthened our capital structure, increased liquidity and expanded our product lineup to create the broadest suite of offerings in simulated golf. 2025's results, while understandable, are not in line with the potential we see for our company. Our 2026 outlook is a better reflection of what we think TruGolf can deliver when operating on all cylinders. We expect our first flagship franchise location for TruGolf Links to open in Cherry Hill New Jersey in the second quarter and we have introduced D3 wagering software into our product lineup. We have also seen increased market interest in our recently introduced TruGolf RANGE product and believe this will translate into significantly higher sales in 2026."
Q4 2025 Results:
Fourth quarter 2025 sales were
Salaries in Q4 2025 declined
Interest expense in Q4 2025 declined dramatically to
2025 Results:
For the year, sales were
Cost of goods increased by
Gross profit decreased
Selling, General & Administrative (SG&A) costs increased
2025's loss from operations increased
Net Cash used in 2025 operating activities decreased by
Net Loss increased to
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 Company's anticipated Cherry Hill, New Jersey opening in the second quarter; the anticipated market adoption and revenue contribution of the TruGolf RANGE product; the expected revenue contribution of E6 APEX and LaunchBox; and the success of the rollout of its new products, including D3 wagering software. 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, www.sec.gov.
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.
CONTACTS:
Michael Bacal
mbacal@darrowir.com
917-886-9071
TRUGOLF HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
| December 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 10,469,263 | $ | 8,782,077 | ||||
| Restricted cash | 2,100,000 | 2,100,000 | ||||||
| Accounts receivable, net | 1,060,709 | 1,399,153 | ||||||
| Inventory, net | 863,257 | 2,349,345 | ||||||
| Prepaid expenses and other current assets | 985,076 | 116,619 | ||||||
| Other current assets | - | 45,737 | ||||||
| Total Current Assets | 15,478,305 | 14,792,931 | ||||||
| Property and equipment, net | 355,499 | 143,852 | ||||||
| Capitalized software development costs, net | 3,633,661 | 1,540,121 | ||||||
| Right-of-use assets | 682,648 | 634,269 | ||||||
| Other long-term assets | 31,023 | 31,023 | ||||||
| Total Assets | $ | 20,181,136 | $ | 17,142,196 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 2,767,385 | $ | 2,819,702 | ||||
| Deferred revenue | 5,560,725 | 3,113,010 | ||||||
| Notes payable, current portion | 9,733 | 10,001 | ||||||
| Notes payable to related parties, current portion | 2,537,000 | 2,937,000 | ||||||
| Line of credit, bank | 802,738 | 802,738 | ||||||
| Dividend notes payable | 118,362 | 4,023,923 | ||||||
| Accrued interest | 594,590 | 661,376 | ||||||
| Accrued and other current liabilities | 1,463,742 | 999,307 | ||||||
| Accrued and other current liabilities - assumed in Merger | 45,008 | 45,008 | ||||||
| Lease liability, current portion | 502,526 | 363,102 | ||||||
| Total Current Liabilities | 14,401,809 | 15,775,167 | ||||||
| Non-current Liabilities: | ||||||||
| Notes payable, net of current portion | - | 9,732 | ||||||
| Note payables to related parties, net of current portion | 287,000 | 624,000 | ||||||
| PIPE loan payable, net | - | 4,068,953 | ||||||
| Gross sales royalty payable | 1,000,000 | 1,000,000 | ||||||
| Lease liability, net of current portion | 191,944 | 305,125 | ||||||
| Total Liabilities | 15,880,753 | 21,782,977 | ||||||
| Commitments and Contingencies (Note 20) | ||||||||
| Stockholders’ Equity (Deficit): | ||||||||
| Preferred stock, | ||||||||
| Series A Convertible Preferred Stock, | 1 | - | ||||||
| Common stock, | ||||||||
| Common stock - Class A, | 41 | 5 | ||||||
| Common stock - Class B, | 2 | - | ||||||
| Treasury stock at cost, 9 shares of common stock held, respectively | (2,037,000 | ) | (2,037,000 | ) | ||||
| Additional paid-in capital | 47,413,839 | 18,551,710 | ||||||
| Accumulated deficit | (41,076,500 | ) | (21,155,496 | ) | ||||
| Total Stockholders’ Equity (Deficit) | 4,300,383 | (4,640,781 | ) | |||||
| Total Liabilities and Stockholders’ Equity (Deficit) | $ | 20,181,136 | $ | 17,142,196 | ||||
The accompanying notes are an integral part of these consolidated financial statements.
TRUGOLF HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE YEAR ENDED DECEMBER 31, 2025 AND 2024
| Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||
| Series A Preferred Stock | Class A Common Stock | Class B Common Stock | Treasury Stock | Additional Paid-in | Other Comprehensive | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Capital | Gain (Loss) | Deficit | Total | |||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2023 | - | $ | - | 1,310 | $ | - | - | $ | - | (9 | ) | $ | (2,037,000 | ) | $ | 10,479,858 | $ | (1,662 | ) | $ | (12,358,924 | ) | $ | (3,917,728 | ) | |||||||||||||||||||||||
| Common stock exchanged in Merger | - | - | (1,310 | ) | - | - | - | - | - | (3,854,693 | ) | - | - | (3,854,693 | ) | |||||||||||||||||||||||||||||||||
| Issuance of common stock - Series A exchanged in Merger | - | - | 23,077 | 2 | - | - | - | - | (2 | ) | - | - | - | |||||||||||||||||||||||||||||||||||
| Issuance of common stock - Series B issued in Merger | - | - | - | - | 3,434 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Revaluation of costs of Merger | - | - | - | - | - | - | - | - | 385,000 | - | (1,153 | ) | 383,847 | |||||||||||||||||||||||||||||||||||
| Issuance of common stock for interest and make good | - | - | 1,446 | - | - | - | - | - | 700,821 | - | - | 700,821 | ||||||||||||||||||||||||||||||||||||
| Issuance of common stock for conversion of notes | - | - | 27,575 | 3 | - | - | - | - | 9,989,657 | - | - | 9,989,660 | ||||||||||||||||||||||||||||||||||||
| Stock-based compensation | - | |||||||||||||||||||||||||||||||||||||||||||||||
| - common stock | - | - | 144 | - | - | - | - | - | 119,959 | - | - | 119,959 | ||||||||||||||||||||||||||||||||||||
| - options | - | - | - | - | - | - | - | - | 538,323 | - | - | 538,323 | ||||||||||||||||||||||||||||||||||||
| Debt refinance conversion | - | - | - | - | - | - | - | - | 192,787 | - | - | 192,787 | ||||||||||||||||||||||||||||||||||||
| Realized gain in fair value of short-term investments | - | - | - | - | - | - | - | - | - | 1,662 | - | 1,662 | ||||||||||||||||||||||||||||||||||||
| Net loss | - | - | - | - | - | - | - | - | - | - | (8,795,419 | ) | (8,795,419 | ) | ||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2024 | - | $ | - | 52,241 | $ | 5 | 3,434 | $ | - | (9 | ) | $ | (2,037,000 | ) | $ | 18,551,710 | $ | - | $ | (21,155,496 | ) | $ | (4,640,781 | ) | ||||||||||||||||||||||||
| Issuance of Series A Preferred and associated warrants | 5,823 | $ | - | - | $ | - | - | $ | - | - | $ | - | $ | 9,870,150 | $ | - | $ | - | $ | 9,870,150 | ||||||||||||||||||||||||||||
| Issuance of Series A Preferred for conversion of warrants | 5,555 | 1 | - | - | - | - | - | - | 4,999,499 | - | - | 4,999,500 | ||||||||||||||||||||||||||||||||||||
| Issuance of common stock for conversion of Series A Preferred and dividends | (5,951 | ) | - | 341,837 | 34 | - | - | - | - | 4,693,077 | - | (4,693,111 | ) | - | ||||||||||||||||||||||||||||||||||
| Issuance of common stock for conversion of PIPE notes, interest and make good | - | - | 20,360 | 1 | - | - | - | - | 5,382,706 | - | - | 5,382,707 | ||||||||||||||||||||||||||||||||||||
| Issuance of common stock for conversion of dividend note payable | - | - | 8,466 | 1 | 16,566 | 2 | - | - | 3,905,558 | - | - | 3,905,561 | ||||||||||||||||||||||||||||||||||||
| Reverse stock split adjustment | - | - | (5 | ) | - | (1 | ) | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
| Stock-based compensation | - | |||||||||||||||||||||||||||||||||||||||||||||||
| - options | - | - | - | - | - | - | - | - | 11,139 | - | - | 11,139 | ||||||||||||||||||||||||||||||||||||
| Net loss | - | - | - | - | - | - | - | - | - | - | (15,227,893 | ) | (15,227,893 | ) | ||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2025 | 5,427 | $ | 1 | 422,899 | $ | 41 | 19,999 | $ | 2 | (9 | ) | $ | (2,037,000 | ) | $ | 47,413,839 | $ | - | $ | (41,076,500 | ) | $ | 4,300,383 | |||||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements.
TRUGOLF HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
| For the | For the | |||||||
| Year Ended | Year Ended | |||||||
| December 31, 2025 | December 31, 2024 | |||||||
| Revenue, net | $ | 18,878,997 | $ | 21,282,649 | ||||
| Cost of revenue | 9,359,380 | 7,401,511 | ||||||
| Total gross profit | 9,519,617 | 13,881,138 | ||||||
| Operating expenses: | ||||||||
| Salaries, wages and benefits | 4,615,951 | 9,314,415 | ||||||
| Selling, general and administrative | 11,006,020 | 6,669,684 | ||||||
| Total operating expenses | 15,621,971 | 15,984,099 | ||||||
| Loss from operations | (6,102,354 | ) | (2,102,961 | ) | ||||
| Other (expenses) income: | ||||||||
| Interest income | 265,708 | 106,400 | ||||||
| Interest expense | (3,256,687 | ) | (6,932,618 | ) | ||||
| Gain on fair value adjustment | - | 142,319 | ||||||
| Loss on extinguishment of debt | (6,135,160 | ) | (270,594 | ) | ||||
| Gain on investment | - | 262,035 | ||||||
| Other income | 600 | - | ||||||
| Total other expense | (9,125,539 | ) | (6,692,458 | ) | ||||
| Loss from operations before provision for income taxes | (15,227,893 | ) | (8,795,419 | ) | ||||
| Provision for income taxes | - | - | ||||||
| Net loss | $ | (15,227,893 | ) | $ | (8,795,419 | ) | ||
| Net loss per common share - basic and diluted | $ | (51.39 | ) | $ | (377.98 | ) | ||
| Weighted average shares outstanding - basic and diluted | 296,313 | 23,270 | ||||||
The accompanying notes are an integral part of these consolidated financial statements.
TRUGOLF HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the | For the | |||||||
| Year Ended | Year Ended | |||||||
| December 31, 2025 | December 31, 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (15,227,893 | ) | $ | (8,795,419 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 1,131,746 | 301,442 | ||||||
| Amortization of convertible notes discount | 359,037 | 728,278 | ||||||
| Amortization of right-of-use asset | 372,955 | 338,394 | ||||||
| Change in fair value of derivative liability | - | (142,319 | ) | |||||
| Bad debt expense | 82,137 | 826,207 | ||||||
| Change in OCI | - | 1,662 | ||||||
| Loss on extinguishment of debt | 6,135,160 | 270,594 | ||||||
| Stock issued for make good provisions on debt conversion | 2,169,707 | 700,821 | ||||||
| Stock options issued to employees | 11,139 | 538,323 | ||||||
| Stock issued for services | - | 119,959 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, net | 256,312 | 173,512 | ||||||
| Inventory, net | 1,486,088 | (230,261 | ) | |||||
| Prepaid expenses | (868,457 | ) | 145,514 | |||||
| Other current assets | 45,737 | (45,737 | ) | |||||
| Other assets | - | 50,001 | ||||||
| Accounts payable | (52,318 | ) | 444,961 | |||||
| Deferred revenue | 2,447,715 | 1,408,786 | ||||||
| Accrued interest payable | (66,786 | ) | 201,504 | |||||
| Accrued and other current liabilities | 464,432 | (634,557 | ) | |||||
| Other liabilities | (50,000 | ) | (63,015 | ) | ||||
| Lease liability | (395,092 | ) | (334,256 | ) | ||||
| Net cash used in operating activities | (1,698,381 | ) | (3,995,606 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | (205,443 | ) | (36,339 | ) | ||||
| Capitalized software, net | (3,231,490 | ) | (1,701,471 | ) | ||||
| Sale of short-term investments | - | 2,478,953 | ||||||
| Net cash provided by (used in) investing activities | (3,436,933 | ) | 741,143 | |||||
| Cash flows from financing activities: | ||||||||
| Proceeds from PIPE loans, net of discount | 2,520,000 | 8,902,681 | ||||||
| Proceeds from exercise of Series A Preferred warrants | 4,999,500 | - | ||||||
| Proceeds from notes payable - related party | - | 2,000,000 | ||||||
| Proceeds from investment fund (PIPE) | - | 2,112,560 | ||||||
| Cash acquired in Merger | - | 103,818 | ||||||
| Debt refinance conversion | - | 192,787 | ||||||
| Costs of Merger paid from PIPE loan | - | (1,947,787 | ) | |||||
| Repayments of line of credit | - | (1,980,937 | ) | |||||
| Repayments of liabilities assumed in Merger | - | (100,000 | ) | |||||
| Repayments of notes payable | (10,000 | ) | (9,146 | ) | ||||
| Repayments of notes payable - related party | (687,000 | ) | (535,000 | ) | ||||
| Net cash provided by financing activities | 6,822,500 | 8,738,976 | ||||||
| Net change in cash, cash equivalents and restricted cash | 1,687,186 | 5,484,513 | ||||||
| Cash, cash equivalents and restricted cash - beginning of year | 10,882,077 | 5,397,564 | ||||||
| Cash, cash equivalents and restricted cash - end of year | $ | 12,569,263 | $ | 10,882,077 | ||||
| Supplemental cash flow information: | ||||||||
| Cash paid for: | ||||||||
| Interest | $ | 108,993 | $ | 923,975 | ||||
| Income taxes | $ | - | $ | - | ||||
| Non-cash investing and financing activities: | ||||||||
| PIPE note principal converted to Class A Common Stock | $ | 3,213,000 | $ | 5,832,600 | ||||
| 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 | $ | - | ||||
| Series A Convertible Preferred Stock issued in exchange of PIPE Notes | $ | 4,558,841 | $ | - | ||||
| Series A Convertible Preferred Stock dividends converted to Class A Common Stock | $ | 4,693,111 | $ | - | ||||
| Right-of-use assets obtained in exchange for operating lease liabilities (lease modification) | $ | 421,334 | $ | - | ||||
| Convertible notes exchanged for PIPE note | $ | - | $ | 2,419,622 | ||||
| Class A Common Stock exchanged in Merger | $ | - | $ | 3,854,573 | ||||
| Class A Common Stock issued in Merger | $ | - | $ | 1,154 | ||||
| Class B Common Stock issued in Merger | $ | - | $ | 172 | ||||
| Derivative liability related to warrants | $ | - | $ | 142,319 | ||||
| Termination of loan payable | $ | - | $ | 1,875,000 | ||||
The accompanying notes are an integral part of these consolidated financial statements.
