UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ____________ Commission File Number: 001-41701 SACKS PARENTE GOLF, INC. (Exact name of registrant as specified in its charter) | Delaware | 82-49 ...

PART I - FINANCIAL INFORMATION [Item 1. Condensed Financial Statements](index=5&type=section&id=Item%201.%20Condensed%20Financial%20Statements) The unaudited condensed financial statements for June 30, 2023, show a net loss and stockholders' deficiency, with going concern issues mitigated by a subsequent $11.6 million IPO [Condensed Balance Sheets](index=5&type=section&id=Condensed%20Balance%20Sheets) As of June 30, 2023, total assets slightly decreased to $703,000, while total liabilities significantly increased to $3,122,000, worsening the stockholders' deficiency to $(3,019,000) Balance Sheet Comparison (in thousands) | Metric | June 30, 2023 (Unaudited) | December 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $115,000 | $331,000 | | **Total Assets** | $703,000 | $710,000 | | **Total Current Liabilities** | $3,105,000 | $2,166,000 | | **Total Liabilities** | $3,122,000 | $2,172,000 | | **Total Stockholders' Deficiency** | $(3,019,000) | $(1,882,000) | - Cash on hand decreased sharply from **$147,000** at the end of 2022 to just **$9,000** as of June 30, 2023[12](index=12&type=chunk) - Accrued payroll to executives was a major liability, increasing from **$1,095,000** to **$1,748,000** during the first six months of 2023[12](index=12&type=chunk) [Condensed Statements of Operations](index=6&type=section&id=Condensed%20Statements%20of%20Operations) For the six months ended June 30, 2023, net sales grew 26% to $137,000, and net loss narrowed to $(1,589,000) from $(2,434,000) year-over-year Three Months Ended June 30, (in thousands, except per share data) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Net Sales | $47 | $44 | | Gross Profit | $15 | $21 | | Loss from Operations | $(650) | $(1,711) | | Net Loss | $(672) | $(2,290) | | Net Loss per Share | $(0.06) | $(0.21) | Six Months Ended June 30, (in thousands, except per share data) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Net Sales | $137 | $109 | | Gross Profit | $59 | $66 | | Loss from Operations | $(1,547) | $(1,853) | | Net Loss | $(1,589) | $(2,434) | | Net Loss per Share | $(0.15) | $(0.24) | [Condensed Statements of Cash Flows](index=8&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2023, operating cash outflow increased to $(313,000), and net cash decreased by $(162,000), ending at $9,000 Cash Flow Summary for Six Months Ended June 30, (in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(313) | $(275) | | Net cash used in investing activities | $(3) | $(35) | | Net cash provided by financing activities | $154 | $526 | | **Net (decrease) increase in cash** | **$(162)** | **$216** | [Notes to Condensed Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) Notes detail operations, liquidity challenges, and accounting policies, with a 'Going Concern' warning mitigated by a subsequent $11.6 million IPO - The financial statements were prepared on a going concern basis, but management concluded there was substantial doubt about the Company's ability to continue as a going concern due to recurring losses and a stockholders' deficit[27](index=27&type=chunk) - Subsequent to the quarter end, on August 17, 2023, the company closed its IPO, selling 3,200,000 shares at $4.00 per share for net proceeds of **$11,594,000**, significantly improving its liquidity position[29](index=29&type=chunk)[76](index=76&type=chunk) Net Sales by Source - Six Months Ended June 30, (in thousands) | Net Sales Source | 2023 Revenue | 2022 Revenue | % Change | | :--- | :--- | :--- | :--- | | Distributors | $67 | $51 | 31% | | Online Sales | $105 | $87 | 21% | | **Total Net Sales** | **$137** | **$109** | **26%** | - The company's pro forma balance sheet after the IPO shows cash increasing to **$8.9 million** and total stockholders' equity becoming positive at **$8.8 million**, after repaying executive payroll, related party loans, and other notes[77](index=77&type=chunk)[81](index=81&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 26% net sales increase, declining gross margin, and the resolution of going concern issues through an $11.6 million IPO [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Net sales rose 26% to $137,000, but gross margin fell to 43%, leading to a narrowed net loss of $1.6 million for the six months ended June 30, 2023 - Net sales for the six months ended June 30, 2023, increased by **26%** to **$137,000**, primarily from first-time sales to a distributor in South Korea, which accounted for **31%** of net sales[105](index=105&type=chunk) - Gross margin declined to **43%** for the first six months of 2023, compared to **61%** in the same period of 2022, attributed to changes in inventory reserve and shrinkage[106](index=106&type=chunk) - The decrease in net loss for the six months to **$1.6 million** from **$2.4 million** was primarily driven by lower stock-based compensation costs, which more than offset the decreased gross profit and increased operating costs[114](index=114&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) Critical liquidity issues as of June 30, 2023, were resolved by an $11.6 million IPO, providing working capital through June 2025 - The company's financial state at June 30, 2023, with a net loss of **$1,589,000** and cash of only **$9,000**, raised substantial doubt about its ability to continue as a going concern[125](index=125&type=chunk)[126](index=126&type=chunk) - The August 2023 IPO raised net proceeds of **$11,594,000**, which is estimated to provide sufficient working capital through approximately **June 2025**[127](index=127&type=chunk)[128](index=128&type=chunk) - Following the IPO, all outstanding related party loans and notes payable, totaling **$559,000** and **$404,000** respectively as of June 30, 2023, were paid in full[120](index=120&type=chunk)[122](index=122&type=chunk)[125](index=125&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is exempt from providing market risk disclosures - As a smaller reporting company, Sacks Parente Golf, Inc. is not required to provide quantitative and qualitative disclosures about market risk[138](index=138&type=chunk) [Item 4. Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of June 30, 2023, with no material changes in internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by this report[139](index=139&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[140](index=140&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) The company is not involved in any material legal proceedings outside the ordinary course of business - There are no pending or threatened material legal actions, suits, or proceedings against the company or its officers and directors[143](index=143&type=chunk) [Item 1A. Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) As a smaller reporting company, the company is not required to provide risk factor information in this quarterly report - The company is a smaller reporting company and is not required to provide risk factor disclosures in this report[144](index=144&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities or use of proceeds to report for the period - There were no unregistered sales of equity securities or use of proceeds to report for the period[145](index=145&type=chunk)

Registration Statement No. 333-266610 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 9 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SACKS PARENTE GOLF, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Delaware 3949 82-4938288 (I.R.S. Employer Identification Number) Sacks Parente Golf, Inc. 551 Calle San Pablo Camarillo, CA 93012 833-776-6659 If ...

Registration Statement No. 333-266610 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 8 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SACKS PARENTE GOLF, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 3949 82-4938288 (I.R.S. Employer Identification Number) Sacks Parente Golf, Inc. 551 Calle San Pablo Camarill ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 7 TO Registration Statement No. 333-266610 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SACKS PARENTE GOLF, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 3949 82-4938288 (I.R.S. Employer Identification Number) Sacks Parente Golf, Inc. 551 Calle San Pablo Camarill ...

Registration Statement No. 333-266610 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 6 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SACKS PARENTE GOLF, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 3949 82-4938288 (I.R.S. Employer Identification Number) Sacks Parente Golf, Inc. 551 Calle San Pablo Camarill ...

Registration Statement No. 333-266610 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 5 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SACKS PARENTE GOLF, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 3949 82-4938288 (I.R.S. Employer Identification Number) Sacks Parente Golf, Inc. 551 Calle San Pablo Camarill ...

Registration Statement No. 333-266610 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 4 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SACKS PARENTE GOLF, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 3949 82-4938288 (I.R.S. Employer Identification Number) Sacks Parente Golf, Inc. 551 Calle San Pablo Camarill ...

Registration Statement No. 333-266610 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 3 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SACKS PARENTE GOLF, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 3949 82-4938288 (I.R.S. Employer Identification Number) Sacks Parente Golf, Inc. 551 Calle San Pablo Camarill ...