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, up 15.5% 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 $5.1 million, down from 2024’s fourth quarter sales of $6.2 million. While hardware sales were up year-over-year in the quarter, the change in how the Company books software licenses resulted in the decline for the period. Cost of goods in the quarter increased $1.8 million due to a non-cash one time inventory adjustment. As a result, gross profit for Q4 2025 declined to $1.1 million from $3.9 million in Q4 2024.
Salaries in Q4 2025 declined 76.4% to $1.1 million from $4.7 million in Q4 2024. This change was the result of the company now capitalizing the salary component of software development costs. Selling, General & Administrative (SG&A) costs increased to $2.3 million from $1.2 million due to increased amortization from the aforementioned capitalized software development costs.
Interest expense in Q4 2025 declined dramatically to $0.1 million from $4.8 million in Q4 2024. The decline was the result of earlier efforts to restructure the Company’s debt and convert it into preferred shares. Net loss for the quarter declined to $1.96 million from $5.86 million in the 2024 period.
2025 Results:
For the year, sales were $18.9 million as compared to $21.3 million in 2024, a decline of $2.4 million or 11.3%. While hardware sales of golf simulators were up 7% for the year, the increase couldn’t offset the decline in the sale of software licenses. That decrease was due to how the Company sold its content subscription licenses during the year ended December 31, 2025, which has resulted in $1.3 million in deferred revenue to be recognized over the next twelve months.
Cost of goods increased by $1.96 million, or 26.5% to $9.4 million for 2025, as compared to $7.4 million for 2024. Substantially all of the increase was attributable to $2.2 million in non-recurring inventory adjustments arising from the reconciliation of inventory records in connection with the Company’s transition to a new accounting system during the year. The Company does not expect similar adjustments to recur following the completion of the system transition. These adjustments are not representative of the Company’s ongoing cost structure. Excluding these charges, cost of revenue was relatively flat year-over-year, consistent with prior year levels relative to revenue volume.
Gross profit decreased $4.4 million, or 31.4%, to $9.5 million for the year ended December 31, 2025, compared to $13.9 million for the year ended December 31, 2024. Gross margin declined to 50.4% from 65.2%, primarily reflecting the impact of the non-recurring inventory reconciliation adjustments described above and the decline in higher-margin content software subscription revenue. Excluding the $2.2 million inventory adjustments, adjusted gross margin would have been approximately 62.1%, compared to 65.2% in the prior year. Management presents these adjusted measures to provide investors with additional insight into the Company’s underlying operating performance exclusive of the system transition-related adjustments.
Selling, General & Administrative (SG&A) costs increased $4.3 million or 65.0%, to $11.0 million for 2025, compared to $6.7 million in 2024. The increase was driven higher by the following factors: (i) increased costs of contract labor of $1.3 million used in connection with product upgrades; (ii) increased amortization of $0.97 million of capitalized software development costs; (iii) increased professional fees $0.25 million in 2025, reflecting higher legal and accounting costs associated with the Company’s public company compliance obligations and financial statement preparation; (iv) higher credit card processing fees of $0.14 million, consistent with changes in the Company’s revenue mix and payment processing activity during the year. Somewhat offsetting these higher operating expenses was a $4.7 million decrease in salaries, wages and benefits due primarily to an increase in salaries being capitalized for time spent on developing new versions of the Company’s platform software.
2025’s loss from operations increased $4.0 million to $(6.1 million), compared to $(2.1 million) for 2024. The widening operating loss was driven primarily by the $4.4 million decline in gross profit, which was largely attributable to the non-recurring inventory reconciliation adjustments and the decline in higher-margin software subscription revenue, while total operating expenses remained essentially flat year-over-year.
Net Cash used in 2025 operating activities decreased by $2.3 million to $1.7 million as compared to $4.0 million in 2024. This improvement occurred despite the increase in Net Loss because of the significant contributions of noncash charges to Net Loss. The largest noncash contributors were: $6.1 million loss on extinguishment of debt; inventory reconciliation adjustments of $2.2 million; the $1.1 million amortization of capitalized software development costs. However, cash used in investing activities increased by $4.2 million primarily due to the Company’s $3.2 million continued and expanded investment in capitalized software development costs.
Net Loss increased to $15.8 million for 2025, compared to $8.8 million for 2024. The increase in Net Loss was driven by the decline in gross profit and the $6.1 million non-recurring loss on extinguishment of debt, partially offset by a $3.7 million reduction in interest expense resulting from the debt restructuring transactions completed during the year.
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
[email protected]
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, $0.0001 par value, 10 million shares authorized | ||||||||
| Series A Convertible Preferred Stock, $0.0001 par value per share; authorized – 50,000 shares; 5,427 and 0 shares issued and outstanding, respectively. Liquidation preference of $1,821,410 as of December 31, 2025 | 1 | – | ||||||
| Common stock, $0.0001 par value, 1,000,000,000 shares authorized: | ||||||||
| Common stock – Class A, $0.0001 par value, 90 million shares authorized; 422,899 and 52,241 shares issued and outstanding, respectively | 41 | 5 | ||||||
| Common stock – Class B, $0.0001 par value, 10 million shares authorized; 19,999 and 3,434 shares issued and outstanding, respectively | 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.
