XML 61 R46.htm IDEA: XBRL DOCUMENT v3.25.2
STOCKHOLDERS’ DEFICIT (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Class of Stock [Line Items]    
SCHEDULE OF COMMON STOCK  

Upon the closing of the Business Combination, the ownership of TruGolf’s common stock was as follows:

 

   Accrual Redemptions 
   Number of     
    Shares Owned    % Ownership 
TruGolf Nevada shareholders - Series A   5,750,274    43.4%
TruGolf Nevada shareholders - Series B   1,716,860    13.0%
Private Placement Investors(1)   571,450    4.3%
DMAQ Public stockholders(2)   1,460,077    11.0%
DMAQ Directors and officers   280,000    2.1%
DMAQ Sponsor(3)   3,162,500    23.9%
I-Bankers(4)   313,951    2.4%
           
Total   13,255,112    100%

 

(1)DMAQ’s Insiders had an aggregate of 406,500 units, which contain 406,500 Private Placement Shares and 406,500 Private Rights. I-Bankers had an aggregate of 113,000 units, which contain 113,000 Private Placement Shares and 113,000 Private Rights. Each holder of a Private Right received one-tenth of one share of DMAQ Class A common stock upon consummation of the initial business combination. Private placement shares were the shares of DMAQ Class A common stock. The 519,500 shares of DMAQ Class A common stock and 519,500 Private Rights were exchanged for a total of 571,450 shares of New TruGolf Class A Common Stock upon the closing of the Business Combination.

 

 

(2)Prior to and in connection with the approval of the Business Combination, holders of 378,744 DMAQ Class A Shares properly exercised their right to have such shares redeemed for a full pro rata portion of the trust account holding the proceeds from the IPO. In addition, in connection with the January 26, 2024, meeting to amend certain provisions of DMA’s corporate documents allowing DMAQ to extend its existence, an additional 943 shares were redeemed, resulting in actual redemptions of 379,687 shares out of the total 574,764 shares of DMAQ common stock subject to redemption. Upon the closing of the Business Combination, 1,265,000 shares of New TruGolf Class A common stock were issued upon the conversion of 12,650,000 Public Rights.

 

(3)In connection with the Business Combination, 3,162,500 shares of DMAQ Class A common stock held by the Sponsor and its affiliates were converted into 3,162,500 shares of New TruGolf Class A common stock.

 

(4)Reflects the payment of the transaction fee pursuant to the BCMA Amendment due at Closing, which was paid to I-Bankers equal to (i) $2,000,000 in cash and (ii) 212,752 New TruGolf Class A Common Shares, and an aggregate of 101,200 Representative Shares issued in connection with the IPO were exchanged to New TruGolf Class A common stock upon the Closing.
SCHEDULE OF WARRANT ACTIVITY

A summary of the warrant activity during the three months ended March 31, 2025, is presented below:

 

           Weighted     
       Weighted   Average     
       Average   Remaining   Aggregate 
   Number of   Exercise   Life   Intrinsic 
   Warrants   Price   In Years   Value 
Outstanding, December 31, 2024   2,959,092   $11.43         - 
Granted   -    -           
Exercised   -    -           
Forfeited   -    -           
Outstanding, March 31, 2025   2,959,092   $11.43    2.5   $- 
                     
Exercisable, March 31, 2025   2,959,092   $11.43    2.5   $- 

A summary of the warrant activity during the year ended December 31, 2024 is presented below:

 

           Weighted     
       Weighted   Average     
       Average   Remaining   Aggregate 
   Number of   Exercise   Life   Intrinsic 
   Warrants   Price   In Years   Value 
Outstanding, January 1, 2024   -   $-         - 
Granted   2,959,092    11.43           
Exercised   -    -           
Forfeited   -    -           
Outstanding, December 31, 2024   2,959,092   $11.43    2.8   $- 
                     
Exercisable, December 31, 2024   2,959,092   $11.43    2.8   $- 
SCHEDULE OF INFORMATION RELATED TO STOCK WARRANTS

The following table presents information related to stock warrants at March 31, 2025:

 

Warrants Outstanding   Warrants Exercisable
        Weighted    
    Outstanding   Average  Exercisable 
Exercise   Number of   Remaining Life  Number of 
Price   Warrants   In Years  Warrants 
$10.00    1,550,000   1.4   1,550,000 
$13.00    1,409,092   3.9   1,409,092 
      2,959,092       2,959,092 

The following table presents information related to stock warrants at December 31, 2024:

 

Warrants Outstanding   Warrants Exercisable 
        Weighted     
    Outstanding   Average   Exercisable 
Exercise   Number of   Remaining Life   Number of 
Price   Warrants   In Years   Warrants 
$10.00    1,550,000    1.6    1,550,000 
$13.00    1,409,092    4.1    1,409,092 
      2,959,092         2,959,092 
Series A Warrants [Member]    
Class of Stock [Line Items]    
SCHEDULE OF FAIR VALUE ASSUMPTIONS OF WARRANTS

In applying the Black-Scholes option pricing model to the Series A Warrants granted or issued, the Company used the following assumptions:

 

  

For the

Three Months Ended

March 31,

 
   2024 
Risk free interest rate   4.03%
Expected term (years)   5.00 
Expected volatility   53.12%
Expected dividends   0.00%

In applying the Black-Scholes option pricing model to Series A Warrants granted or issued, the Company used the following assumptions:

 

   December 31, 2024 
Risk free interest rate   4.03%
Expected term (years)   5.00 
Expected volatility   53.12%
Expected dividends   0.00%
Series B Warrants [Member]    
Class of Stock [Line Items]    
SCHEDULE OF FAIR VALUE ASSUMPTIONS OF WARRANTS

In applying the Black-Scholes option pricing model to the Series B Warrants granted or issued, the Company used the following assumptions:

 

  

For the

Three Months Ended

March 31,

 
   2024 
Risk free interest rate   4.14%
Expected term (years)   2.50 
Expected volatility   49.40%
Expected dividends   0.00%

In applying the Black-Scholes option pricing model to Series B Warrants granted or issued, the Company used the following assumptions:

 

   December 31, 2024 
Risk free interest rate   4.14%
Expected term (years)   2.50 
Expected volatility   49.40%
Expected dividends   0.00%