Revenue and Profitability - Revenue for the three months ended March 31, 2025, was $5,389,230, an increase of $377,208 or 8% compared to $5,012,022 for the same period in 2024[181] - Total gross profit increased by $610,032, reaching $3,663,031 for Q1 2025, compared to $3,052,999 in Q1 2024[181] Costs and Expenses - Cost of revenues decreased by $232,824, or 12%, from $1,959,023 in Q1 2024 to $1,726,199 in Q1 2025, primarily due to lower inventory adjustments and shipping costs[182] - Operating expenses rose by $900,571, or 23%, from $3,913,684 in Q1 2024 to $4,814,255 in Q1 2025, driven mainly by increased selling, general, and administrative expenses[183] Cash Flow and Liquidity - As of March 31, 2025, cash on hand was $12,615,820, an increase from $10,882,077 as of December 31, 2024, reflecting improved liquidity[186] - Net cash used in operating activities was $449,119 for Q1 2025, primarily due to a net loss of $2,670,322 and an increase in inventory of $1,503,632[190] - Net cash provided by operating activities was $2,668,617 for Q1 2024, mainly from the liquidation of marketable securities amounting to $2,478,953[191] - Net cash used in investing activities was $334,690 for Q1 2025, resulting from an increase in capitalized software of $270,531 and equipment purchases of $64,159[192] - Net cash provided by financing activities was $2,517,552 for Q1 2025, primarily due to $2,520,000 of net proceeds from PIPE Convertible Notes[193] - Net cash provided by financing activities was $92,128 for Q1 2024, with net proceeds from a merger totaling $2,237,213[193] - The company reported a decrease in cash flows from operating activities compared to the previous year, reflecting a significant net loss[190] Business Developments - The company began rolling out its franchise model during Q1 2025, contributing to revenue growth[181] - TruGolf's software records an average of over 725,000 indoor golf shots per day, indicating strong user engagement[176] - The company has leveraged its position to establish the Virtual Golf Association, enhancing user interaction and engagement through gamified experiences[178] Liabilities and Risks - The company experienced an increase in accrued and other current liabilities of $1,823,760 during Q1 2025[190] - There were no material changes in market risk as per the latest disclosures in the annual report[194] Other Income and Losses - Other income (expenses) surged by $1,077,919, or 301%, resulting in a loss before income taxes of $2,670,322 for Q1 2025, compared to a loss of $1,301,864 in Q1 2024[185]
Deep Medicine Acquisition (DMAQ) - 2025 Q4 - Annual Report