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DIVIDEND NOTES PAYABLE
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Dividend Notes Payable    
DIVIDEND NOTES PAYABLE

NOTE 12 – DIVIDEND NOTES PAYABLE

 

Prior to the Merger, TruGolf Nevada filed its tax returns as an S Corporation. Historically, all income tax liabilities and benefits of TruGolf Nevada are passed through to the shareholders annually through distributions. No dividends were declared during 2023 or 2022. During 2021, the Board of Directors declared $7,395,694 in dividends to the shareholders, payable in cash as the Company’s liquidity allows. During 2022, TruGolf Nevada paid the shareholders an aggregate amount of $1,965,706. In November 2022, each shareholder agreed to defer the accrued dividends payable by entering into 6.00% interest rate dividend notes payable. All outstanding and accrued interest is due and payable when the dividend notes payable mature on December 31, 2025. Interest commenced accruing on January 1, 2023.

 

Dividends declared, distributed, and accrued are as follows:

 

   March 31,   December 31, 
   2025   2024 
Accrued interest on dividends payable  $576,036   $515,677 
Dividends payable  $4,023,923   $4,023,923 

 

NOTE 15 – DIVIDEND NOTES PAYABLE

 

Prior to the Merger, TruGolf Nevada filed its tax returns as an S Corporation. Historically, all income tax liabilities and benefits of TruGolf Nevada are passed through to the shareholders annually through distributions. No dividends were declared during 2023 or 2022. During 2021, the Board of Directors declared $7,395,694 in dividends to the shareholders, payable in cash as the Company’s liquidity allows. During 2022, TruGolf Nevada paid the shareholders an aggregate amount of $1,965,706. In November 2022, each shareholder agreed to defer the accrued dividends payable by entering into 6.00% interest rate dividend notes payable. All outstanding and accrued interest is due and payable when the dividend notes payable mature on December 31, 2025. Interest commenced accruing on January 1, 2023.

 

Dividends declared, distributed, and accrued are as follows as of December 31:

 

   2024   2023 
Accrued interest on dividends payable  $515,677   $274,242 
Dividends payable  $4,023,923   $4,023,923