0001857086 2024-01-01 2024-03-31 0001857086 dei:BusinessContactMember 2024-01-01 2024-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:NonrelatedPartyMember 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:NonrelatedPartyMember 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:RelatedPartyMember 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:RelatedPartyMember 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:RelatedPartyMember 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:NonrelatedPartyMember 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember 2022-03-31 0001857086 2024-03-31 0001857086 2023-12-31 0001857086 us-gaap:NonrelatedPartyMember 2024-03-31 0001857086 us-gaap:NonrelatedPartyMember 2023-12-31 0001857086 us-gaap:RelatedPartyMember 2024-03-31 0001857086 us-gaap:RelatedPartyMember 2023-12-31 0001857086 TRUG:SeriesACommonStockMember 2024-03-31 0001857086 TRUG:SeriesACommonStockMember 2023-12-31 0001857086 TRUG:SeriesBCommonStockMember 2024-03-31 0001857086 TRUG:SeriesBCommonStockMember 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2023-10-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2022-10-01 2022-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2023-04-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2022-04-01 2022-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember 2023-10-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember 2022-10-01 2022-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember 2023-04-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember 2022-04-01 2022-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember 2023-10-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember 2022-10-01 2022-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember 2023-04-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember 2022-04-01 2022-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2022-04-01 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2021-04-01 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember 2022-04-01 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember 2021-04-01 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember 2022-04-01 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember 2021-04-01 2022-03-31 0001857086 2023-01-01 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:PreferredStockMember 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:CommonStockMember 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember us-gaap:CommonStockMember 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:TreasuryStockCommonMember 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AdditionalPaidInCapitalMember 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:RetainedEarningsMember 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:PreferredStockMember 2022-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:CommonStockMember 2022-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember us-gaap:CommonStockMember 2022-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:TreasuryStockCommonMember 2022-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AdditionalPaidInCapitalMember 2022-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:RetainedEarningsMember 2022-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2022-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:PreferredStockMember 2022-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:CommonStockMember 2022-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember us-gaap:CommonStockMember 2022-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:TreasuryStockCommonMember 2022-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AdditionalPaidInCapitalMember 2022-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:RetainedEarningsMember 2022-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2022-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:PreferredStockMember 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:CommonStockMember 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember us-gaap:CommonStockMember 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:TreasuryStockCommonMember 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AdditionalPaidInCapitalMember 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:RetainedEarningsMember 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:PreferredStockMember 2023-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:CommonStockMember 2023-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember us-gaap:CommonStockMember 2023-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:TreasuryStockCommonMember 2023-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AdditionalPaidInCapitalMember 2023-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:RetainedEarningsMember 2023-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2023-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:PreferredStockMember 2023-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:CommonStockMember 2023-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember us-gaap:CommonStockMember 2023-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:TreasuryStockCommonMember 2023-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AdditionalPaidInCapitalMember 2023-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:RetainedEarningsMember 2023-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2023-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:PreferredStockMember 2021-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:CommonStockMember 2021-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember us-gaap:CommonStockMember 2021-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:RetainedEarningsMember 2021-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2021-03-31 0001857086 us-gaap:PreferredStockMember 2022-12-31 0001857086 TRUG:SeriesACommonStockMember us-gaap:CommonStockMember 2022-12-31 0001857086 TRUG:SeriesBCommonStockMember us-gaap:CommonStockMember 2022-12-31 0001857086 us-gaap:TreasuryStockCommonMember 2022-12-31 0001857086 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0001857086 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0001857086 us-gaap:RetainedEarningsMember 2022-12-31 0001857086 2022-12-31 0001857086 us-gaap:PreferredStockMember 2023-12-31 0001857086 TRUG:SeriesACommonStockMember us-gaap:CommonStockMember 2023-12-31 0001857086 TRUG:SeriesBCommonStockMember us-gaap:CommonStockMember 2023-12-31 0001857086 us-gaap:TreasuryStockCommonMember 2023-12-31 0001857086 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0001857086 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0001857086 us-gaap:RetainedEarningsMember 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:PreferredStockMember 2022-04-01 2022-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:CommonStockMember 2022-04-01 2022-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember us-gaap:CommonStockMember 2022-04-01 2022-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:TreasuryStockCommonMember 2022-04-01 2022-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AdditionalPaidInCapitalMember 2022-04-01 2022-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-04-01 2022-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:RetainedEarningsMember 2022-04-01 2022-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2022-04-01 2022-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:PreferredStockMember 2022-07-01 2022-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:CommonStockMember 2022-07-01 2022-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember us-gaap:CommonStockMember 2022-07-01 2022-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:TreasuryStockCommonMember 2022-07-01 2022-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AdditionalPaidInCapitalMember 2022-07-01 2022-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-07-01 2022-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:RetainedEarningsMember 2022-07-01 2022-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2022-07-01 2022-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:PreferredStockMember 2022-10-01 2022-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:CommonStockMember 2022-10-01 2022-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember us-gaap:CommonStockMember 2022-10-01 2022-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:TreasuryStockCommonMember 2022-10-01 2022-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AdditionalPaidInCapitalMember 2022-10-01 2022-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-10-01 2022-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:RetainedEarningsMember 2022-10-01 2022-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:PreferredStockMember 2023-04-01 2023-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:CommonStockMember 2023-04-01 2023-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember us-gaap:CommonStockMember 2023-04-01 2023-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:TreasuryStockCommonMember 2023-04-01 2023-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AdditionalPaidInCapitalMember 2023-04-01 2023-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-04-01 2023-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:RetainedEarningsMember 2023-04-01 2023-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2023-04-01 2023-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:PreferredStockMember 2023-07-01 2023-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:CommonStockMember 2023-07-01 2023-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember us-gaap:CommonStockMember 2023-07-01 2023-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:TreasuryStockCommonMember 2023-07-01 2023-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AdditionalPaidInCapitalMember 2023-07-01 2023-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-07-01 2023-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:RetainedEarningsMember 2023-07-01 2023-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2023-07-01 2023-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:PreferredStockMember 2023-10-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:CommonStockMember 2023-10-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember us-gaap:CommonStockMember 2023-10-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:TreasuryStockCommonMember 2023-10-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AdditionalPaidInCapitalMember 2023-10-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-10-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:RetainedEarningsMember 2023-10-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:PreferredStockMember 2021-04-01 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:CommonStockMember 2021-04-01 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember us-gaap:CommonStockMember 2021-04-01 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AdditionalPaidInCapitalMember 2021-04-01 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:RetainedEarningsMember 2021-04-01 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:PreferredStockMember 2022-04-01 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:CommonStockMember 2022-04-01 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember us-gaap:CommonStockMember 2022-04-01 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AdditionalPaidInCapitalMember 2022-04-01 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:RetainedEarningsMember 2022-04-01 2023-03-31 0001857086 us-gaap:PreferredStockMember 2023-01-01 2023-03-31 0001857086 TRUG:SeriesACommonStockMember us-gaap:CommonStockMember 2023-01-01 2023-03-31 0001857086 TRUG:SeriesBCommonStockMember us-gaap:CommonStockMember 2023-01-01 2023-03-31 0001857086 us-gaap:TreasuryStockCommonMember 2023-01-01 2023-03-31 0001857086 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-03-31 0001857086 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-03-31 0001857086 us-gaap:RetainedEarningsMember 2023-01-01 2023-03-31 0001857086 us-gaap:PreferredStockMember 2024-01-01 2024-03-31 0001857086 TRUG:SeriesACommonStockMember us-gaap:CommonStockMember 2024-01-01 2024-03-31 0001857086 TRUG:SeriesBCommonStockMember us-gaap:CommonStockMember 2024-01-01 2024-03-31 0001857086 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-03-31 0001857086 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-03-31 0001857086 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-03-31 0001857086 us-gaap:RetainedEarningsMember 2024-01-01 2024-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:PreferredStockMember 2022-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:CommonStockMember 2022-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember us-gaap:CommonStockMember 2022-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:TreasuryStockCommonMember 2022-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:RetainedEarningsMember 2022-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2022-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:PreferredStockMember 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:CommonStockMember 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember us-gaap:CommonStockMember 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:TreasuryStockCommonMember 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:RetainedEarningsMember 2023-12-31 0001857086 us-gaap:PreferredStockMember 2023-03-31 0001857086 TRUG:SeriesACommonStockMember us-gaap:CommonStockMember 2023-03-31 0001857086 TRUG:SeriesBCommonStockMember us-gaap:CommonStockMember 2023-03-31 0001857086 us-gaap:TreasuryStockCommonMember 2023-03-31 0001857086 us-gaap:AdditionalPaidInCapitalMember 2023-03-31 0001857086 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-03-31 0001857086 us-gaap:RetainedEarningsMember 2023-03-31 0001857086 2023-03-31 0001857086 us-gaap:PreferredStockMember 2024-03-31 0001857086 TRUG:SeriesACommonStockMember us-gaap:CommonStockMember 2024-03-31 0001857086 TRUG:SeriesBCommonStockMember us-gaap:CommonStockMember 2024-03-31 0001857086 us-gaap:TreasuryStockCommonMember 2024-03-31 0001857086 us-gaap:AdditionalPaidInCapitalMember 2024-03-31 0001857086 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-03-31 0001857086 us-gaap:RetainedEarningsMember 2024-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:PrivatePlacementMember 2021-04-01 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:IPOMember 2021-10-28 2021-10-29 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:IPOMember 2021-10-29 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:OverAllotmentOptionMember 2021-10-28 2021-10-29 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:PrivatePlacementMember 2021-10-28 2021-10-29 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:PrivatePlacementMember 2021-10-29 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2021-10-28 2021-10-29 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2021-10-29 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:BusinessCombinationAgreementMember 2023-07-21 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:BusinessCombinationAgreementMember 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:BusinessCombinationAgreementMember 2023-04-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:SponsorAffiliateNotesMember 2022-10-19 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2022-10-28 2022-10-29 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2022-10-29 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:TransactionAgreementMember 2022-10-29 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember 2022-12-22 2022-12-23 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember 2022-12-22 2022-12-23 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:StockHoldersMember 2022-12-22 2022-12-23 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:StockHoldersMember 2022-12-23 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:StockHoldersMember 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:StockHoldersMember 2023-07-12 2023-07-13 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:StockHoldersMember 2023-07-13 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:StockHoldersMember 2024-01-26 2024-01-26 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:StockHoldersMember 2024-01-26 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:IPOMember 2023-04-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:IPOMember 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:OverAllotmentOptionMember 2023-04-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:IBankerMember us-gaap:IPOMember 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:IBankerMember us-gaap:IPOMember 2023-04-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2023-11-17 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember 2023-11-17 2023-11-17 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:SponsorandAffiliatesMember 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:SponsorandAffiliatesMember 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:SponsorandAffiliatesMember 2023-04-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:SponsorAffiliateNotesMember 2022-10-15 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:SponsorMember 2023-02-09 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:SponsorMember 2023-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember srt:DirectorMember TRUG:PromissoryNoteMember 2023-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:PromissoryNoteMember 2023-09-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:LoanAgreementMember TRUG:PIPEInvestorsMember 2023-11-02 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:LoanAgreementMember TRUG:PIPEInvestorsMember 2023-12-07 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:RestatedLoanAgreementMember TRUG:PIPEInvestorsMember 2023-11-02 2023-11-02 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:RestatedLoanAgreementMember TRUG:PIPEInvestorsMember 2023-12-07 2023-12-07 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:RestatedLoanAgreementMember TRUG:PIPEInvestorsMember 2023-11-02 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:RestatedLoanAgreementMember TRUG:PIPEInvestorsMember 2023-12-07 0001857086 TRUG:DeepMedicineAcquisitionCorpMember srt:ChiefFinancialOfficerMember TRUG:StartingFromAugustOneTwoThousandTwentyMember 2023-04-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:OfficersAndDirectorsMember 2023-04-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember srt:ChiefFinancialOfficerMember 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:SponsorMember 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:SponsorMember 2023-04-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember srt:ChiefFinancialOfficerMember TRUG:StartingFromAugustOneTwoThousandTwentyMember 2022-04-01 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:OfficersAndDirectorsMember 2022-04-01 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember srt:ChiefFinancialOfficerMember 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:SponsorAndItsAffiliatesMember 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:SponsorAndItsAffiliatesMember 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:PromissoryNoteMember TRUG:SponsorAndItsAffiliatesMember 2022-04-01 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:SponsorMember TRUG:PromissoryNoteMember 2023-02-09 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:SponsorMember TRUG:PromissoryNoteMember 2023-02-09 2023-02-09 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:UnderwritingCommissionsMember 2021-10-28 2021-10-29 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:MarketingFeeMember 2021-10-28 2021-10-29 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:OverAllotmentOptionMember 2022-04-01 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:UnderwritingCommissionsMember 2021-10-29 2021-10-29 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:MarketingFeeMember 2021-10-29 2021-10-29 0001857086 TRUG:NorthSaltLakeCityMember 2023-06-30 0001857086 TRUG:NorthSaltLakeCityMember 2024-03-31 0001857086 TRUG:CentervilleMember 2022-12-31 0001857086 TRUG:CentervilleMember 2024-03-31 0001857086 2023-06-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonStockMember 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember srt:MaximumMember TRUG:SponsorMember TRUG:NonRedemptionAgreementMember 2023-07-01 2023-07-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember srt:MaximumMember TRUG:SponsorMember TRUG:NonRedemptionAgreementMember 2023-07-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember 2023-07-13 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2023-07-13 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:RepresentativeWarrantMember 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:RepresentativeWarrantMember 2023-04-01 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonStockMember 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember 2022-12-23 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:RepresentativeWarrantMember 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:RepresentativeWarrantMember 2022-04-01 2023-03-31 0001857086 2024-12-31 0001857086 us-gaap:CommonClassAMember 2023-12-31 0001857086 us-gaap:CommonClassAMember 2024-03-31 0001857086 TRUG:CommonAClassMember 2024-03-31 0001857086 us-gaap:CommonClassBMember 2024-03-31 0001857086 TRUG:TruGolftMember 2024-03-31 0001857086 TRUG:MergerArrangementMember 2024-03-31 0001857086 TRUG:MergerArrangementMember 2024-01-01 2024-03-31 0001857086 us-gaap:CommonClassAMember TRUG:MergerArrangementMember 2024-03-31 2024-03-31 0001857086 us-gaap:CommonClassBMember TRUG:MergerArrangementMember 2024-03-31 2024-03-31 0001857086 TRUG:DMAQInsidersMember 2024-01-01 2024-03-31 0001857086 TRUG:DMAQInsidersMember us-gaap:PrivatePlacementMember 2024-01-01 2024-03-31 0001857086 TRUG:DMAQInsidersMember TRUG:PrivateRightsMember 2024-01-01 2024-03-31 0001857086 TRUG:IBankersMember 2024-01-01 2024-03-31 0001857086 TRUG:IBankersMember us-gaap:PrivatePlacementMember 2024-01-01 2024-03-31 0001857086 TRUG:IBankersMember TRUG:PrivateRightsMember 2024-01-01 2024-03-31 0001857086 TRUG:DMAQClassACommonStockMember 2024-01-01 2024-03-31 0001857086 TRUG:DMAQClassACommonStockMember TRUG:PrivateRightsMember 2024-01-01 2024-03-31 0001857086 TRUG:NewTruGolfCommonStockMember TRUG:PrivateRightsMember 2024-01-01 2024-03-31 0001857086 TRUG:DMAQClassASharesMember 2024-01-01 2024-03-31 0001857086 TRUG:DMAQClassASharesMember 2024-03-31 0001857086 TRUG:DMAQPublicstockholdersMember us-gaap:CommonStockSubjectToMandatoryRedemptionMember 2024-01-01 2024-03-31 0001857086 TRUG:SponsorMember TRUG:DMAQClassACommonStockMember 2024-01-01 2024-03-31 0001857086 TRUG:SponsorMember TRUG:NewTruGolfCommonStockMember 2024-01-01 2024-03-31 0001857086 TRUG:NewTruGolfClassACommonStockMember TRUG:PrivateRightsMember 2024-01-01 2024-03-31 0001857086 TRUG:NewTruGolfClassACommonStockMember us-gaap:IPOMember 2024-01-01 2024-03-31 0001857086 TRUG:ConsultantsMember 2024-03-31 0001857086 TRUG:ConsultantsMember 2023-03-01 2023-03-31 0001857086 TRUG:TruGolfInsidersMember 2024-03-31 0001857086 2024-02-01 0001857086 srt:MaximumMember TRUG:SeriesAWarrantsMember 2024-03-31 0001857086 TRUG:SeriesAWarrantsMember 2024-03-31 0001857086 TRUG:SeriesAWarrantsMember 2024-01-01 2024-03-31 0001857086 us-gaap:MeasurementInputPriceVolatilityMember TRUG:SeriesAWarrantsMember 2024-02-24 0001857086 us-gaap:MeasurementInputRiskFreeInterestRateMember TRUG:SeriesAWarrantsMember 2024-02-24 0001857086 us-gaap:MeasurementInputExpectedTermMember TRUG:SeriesAWarrantsMember 2024-02-24 0001857086 TRUG:SeriesBCommonStockMember 2024-02-01 0001857086 srt:MaximumMember TRUG:SeriesBWarrantsMember 2024-03-31 0001857086 TRUG:SeriesBWarrantsMember 2024-03-31 0001857086 TRUG:SeriesBWarrantsMember 2024-01-01 2024-03-31 0001857086 us-gaap:MeasurementInputPriceVolatilityMember TRUG:SeriesBWarrantsMember 2024-02-24 0001857086 us-gaap:MeasurementInputRiskFreeInterestRateMember TRUG:SeriesBWarrantsMember 2024-02-24 0001857086 us-gaap:MeasurementInputExpectedTermMember TRUG:SeriesBWarrantsMember 2024-02-24 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:FairValueInputsLevel1Member 2023-12-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:FairValueInputsLevel1Member 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:FairValueInputsLevel1Member 2022-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:SubsequentEventMember 2024-01-19 2024-01-19 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:SubsequentEventMember 2024-01-19 2024-01-19 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:SubsequentEventMember 2024-01-19 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:SubsequentEventMember 2024-01-26 2024-01-26 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:SubsequentEventMember 2024-01-26 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassAMember us-gaap:SubsequentEventMember 2024-01-01 2024-01-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:CommonClassBMember us-gaap:SubsequentEventMember 2024-01-01 2024-01-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:OfficersAndDirectorsMember us-gaap:CommonClassAMember us-gaap:SubsequentEventMember 2024-01-01 2024-01-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:PublicSharesMember us-gaap:SubsequentEventMember 2023-04-01 2023-06-15 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:PublicSharesMember us-gaap:SubsequentEventMember 2023-06-15 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:ClassACommonStockMember us-gaap:SubsequentEventMember 2023-06-15 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:IPOMember 2022-04-01 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:FAWJilinAutomobileCoLtdMember 2022-07-12 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:BusinessCombinationAgreementMember 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:BusinessCombinationAgreementMember 2022-04-01 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:BusinessCombinationAgreementMember 2022-07-11 2022-07-12 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:StockHoldersMember 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:StockHoldersMember 2022-04-01 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember us-gaap:IPOMember 2023-03-31 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:IBankerMember us-gaap:OverAllotmentOptionMember 2021-10-29 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:IBankerMember us-gaap:OverAllotmentOptionMember 2021-10-28 2021-10-29 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:IBankerMember TRUG:RepresentativeSharesMember 2021-10-28 2021-10-29 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:SponsorAffiliateNotesMember 2023-02-09 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:SponsorAffiliateNotesMember 2023-01-30 0001857086 TRUG:DeepMedicineAcquisitionCorpMember TRUG:StockHoldersMember us-gaap:SubsequentEventMember 2023-06-30 0001857086 us-gaap:PropertyPlantAndEquipmentMember 2024-01-01 2024-03-31 0001857086 us-gaap:PropertyPlantAndEquipmentMember 2023-01-01 2023-03-31 0001857086 TRUG:SoftwareAndComputerEquipmentMember 2024-01-01 2024-03-31 0001857086 TRUG:SoftwareAndComputerEquipmentMember 2024-03-31 0001857086 srt:MinimumMember 2024-03-31 0001857086 srt:MaximumMember 2024-03-31 0001857086 us-gaap:CommonClassAMember 2024-01-01 2024-03-31 0001857086 us-gaap:CommonClassBMember 2024-01-01 2024-03-31 0001857086 TRUG:NoCustomersMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2023-01-01 2023-03-31 0001857086 TRUG:NoCustomersMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2024-01-01 2024-03-31 0001857086 TRUG:NoCustomerMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2024-01-01 2024-03-31 0001857086 TRUG:PriorLoanAgreementMember 2023-12-07 0001857086 TRUG:PIPEConvertibleLoanMember 2024-02-02 0001857086 us-gaap:CommonClassAMember 2024-02-02 0001857086 us-gaap:CommonClassBMember 2024-02-02 0001857086 TRUG:PIPEConvertibleLoanMember 2024-03-31 0001857086 TRUG:PIPEConvertibleLoanMember 2024-01-01 2024-03-31 0001857086 TRUG:PIPEConvertibleLoanOneMember 2024-03-31 0001857086 TRUG:PIPEConvertibleLoanOneMember 2024-01-01 2024-03-31 0001857086 TRUG:PIPEConvertibleLoanMember us-gaap:SubsequentEventMember 2024-08-02 0001857086 TRUG:TruGolfMember 2024-03-31 0001857086 srt:MinimumMember TRUG:SoftwareAndComputerEquipmentMember 2024-03-31 0001857086 srt:MaximumMember TRUG:SoftwareAndComputerEquipmentMember 2024-03-31 0001857086 srt:MinimumMember us-gaap:FurnitureAndFixturesMember 2024-03-31 0001857086 srt:MaximumMember us-gaap:FurnitureAndFixturesMember 2024-03-31 0001857086 us-gaap:VehiclesMember 2024-03-31 0001857086 srt:MinimumMember us-gaap:EquipmentMember 2024-03-31 0001857086 srt:MaximumMember us-gaap:EquipmentMember 2024-03-31 0001857086 TRUG:FourCustomerMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2024-01-01 2024-03-31 0001857086 TRUG:FourCustomerMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2023-01-01 2023-12-31 0001857086 TRUG:BrokerageAgreementMember 2023-02-28 0001857086 TRUG:CorporateBondsMember 2023-02-28 0001857086 TRUG:TreasurySecuritiesMember 2023-02-28 0001857086 TRUG:CorporateSecuritiesMember 2023-12-31 0001857086 TRUG:GovernmentSecuritiesMember 2023-12-31 0001857086 TRUG:CorporateSecuritiesMember 2023-01-01 2023-12-31 0001857086 TRUG:GovernmentSecuritiesMember 2023-01-01 2023-12-31 0001857086 TRUG:EthosManagementLoanMember 2024-03-31 0001857086 TRUG:EthosManagementLoanMember 2023-12-31 0001857086 TRUG:LeasedFacilitiesMember 2024-03-31 0001857086 TRUG:LeasedFacilitiesMember 2023-12-31 0001857086 TRUG:EthosAssetManagementLoanAgreementMember 2024-03-31 0001857086 us-gaap:ComputerEquipmentMember 2024-03-31 0001857086 us-gaap:ComputerEquipmentMember 2023-12-31 0001857086 us-gaap:FurnitureAndFixturesMember 2024-03-31 0001857086 us-gaap:FurnitureAndFixturesMember 2023-12-31 0001857086 us-gaap:VehiclesMember 2023-12-31 0001857086 us-gaap:EquipmentMember 2024-03-31 0001857086 us-gaap:EquipmentMember 2023-12-31 0001857086 TRUG:EthosManagementINCMember 2024-03-31 0001857086 TRUG:EthosManagementINCMember 2023-12-31 0001857086 TRUG:MercedesBenzMember 2024-03-31 0001857086 TRUG:MercedesBenzMember 2023-12-31 0001857086 TRUG:EthosAssetManagementINCMember 2023-01-31 0001857086 srt:MinimumMember TRUG:EthosAssetManagementINCMember 2023-01-01 2023-01-31 0001857086 srt:MaximumMember TRUG:EthosAssetManagementINCMember 2023-01-01 2023-01-31 0001857086 TRUG:MercedesBenzMember 2020-11-30 0001857086 TRUG:MercedesBenzMember 2020-11-01 2020-11-30 0001857086 TRUG:JPMorganChaseMember 2021-06-30 0001857086 TRUG:JPMorganChaseMember 2021-06-01 2021-06-30 0001857086 TRUG:JPMorganChaseMember 2023-12-31 0001857086 TRUG:SponsorMember TRUG:UnsecuredPromissoryNoteMember TRUG:FirstExtensionAgreementMember 2022-10-15 0001857086 TRUG:SponsorMember TRUG:UnsecuredPromissoryNoteMember TRUG:SecondExtensionAgreementMember 2023-02-09 0001857086 TRUG:SponsorMember TRUG:UnsecuredPromissoryNoteMember TRUG:SecondExtensionAgreementMember 2023-01-29 2023-07-29 0001857086 us-gaap:ConvertibleDebtMember TRUG:ThePurchaseAgreementMember 2024-02-02 0001857086 TRUG:SeriesAWarrantsMember TRUG:ThePurchaseAgreementMember 2024-02-02 0001857086 TRUG:SeriesBWarrantsMember TRUG:ThePurchaseAgreementMember 2024-02-02 0001857086 TRUG:ThePurchaseAgreementMember 2024-02-02 0001857086 TRUG:ThePurchaseAgreementMember 2024-02-02 2024-02-02 0001857086 TRUG:PipeConvertibleNotesPayableMember us-gaap:ConvertibleNotesPayableMember 2024-03-31 0001857086 TRUG:PipeConvertibleNotesPayableMember 2024-01-01 2024-03-31 0001857086 TRUG:PIPEConvertibleNotesMember TRUG:ThePurchaseAgreementMember 2024-02-02 0001857086 TRUG:PIPEConvertibleNotesMember TRUG:ThePurchaseAgreementMember 2024-02-02 2024-02-02 0001857086 TRUG:PIPEConvertibleNotesMember TRUG:ThePurchaseAgreementMember 2024-03-31 0001857086 TRUG:PIPEConvertibleNotesMember TRUG:ThePurchaseAgreementMember 2024-01-01 2024-03-31 0001857086 srt:MaximumMember TRUG:PIPEConvertibleNotesMember TRUG:ThePurchaseAgreementMember 2024-03-31 0001857086 srt:MinimumMember TRUG:PIPEConvertibleNotesMember TRUG:ThePurchaseAgreementMember 2024-03-31 0001857086 TRUG:ARJTrustMember 2024-03-31 0001857086 TRUG:ARJTrustMember 2023-12-31 0001857086 TRUG:McKettrickMember 2024-03-31 0001857086 TRUG:McKettrickMember 2023-12-31 0001857086 TRUG:CarverMember 2024-03-31 0001857086 TRUG:CarverMember 2023-12-31 0001857086 TRUG:NotesPayableOneMember TRUG:ARJTrustMember 2008-12-31 0001857086 TRUG:NotesPayableOneMember TRUG:ARJTrustMember 2008-12-01 2008-12-31 0001857086 TRUG:NotesPayableOneMember TRUG:ARJTrustMember 2023-12-31 0001857086 TRUG:NotesPayableTwoMember TRUG:ARJTrustMember 2010-06-30 0001857086 TRUG:NotesPayableTwoMember TRUG:ARJTrustMember 2010-06-01 2010-06-30 0001857086 TRUG:NotesPayableTwoMember TRUG:ARJTrustMember 2023-12-31 0001857086 TRUG:NotesPayableTwoMember TRUG:ARJTrustMember 2024-03-31 0001857086 TRUG:ARJTrustMember 2023-01-01 2023-12-31 0001857086 TRUG:ARJTrustMember 2024-01-01 2024-03-31 0001857086 TRUG:McKettrickMember 2019-05-31 0001857086 TRUG:McKettrickMember 2019-05-01 2019-05-31 0001857086 TRUG:McKettrickMember 2024-01-01 2024-03-31 0001857086 TRUG:CarverMember 2021-01-31 0001857086 TRUG:CarverMember 2021-01-01 2021-01-31 0001857086 TRUG:CarverMember 2024-01-01 2024-03-31 0001857086 TRUG:JPMorganChaseBankMember 2023-12-31 0001857086 TRUG:JPMorganChaseBankMember 2023-01-01 2023-12-31 0001857086 TRUG:MorganStanleyMember 2024-03-31 0001857086 TRUG:MorganStanleyMember 2023-12-31 0001857086 TRUG:NotesTwoMember TRUG:NoteHolderMember 2022-05-31 0001857086 TRUG:NotesOneMember TRUG:NoteHolderMember 2022-05-31 0001857086 TRUG:NoteHolderMember 2022-05-31 0001857086 TRUG:IndividualConsultantsTwoMember TRUG:ConvertibleNotesMember 2022-05-31 0001857086 TRUG:IndividualConsultantsTwoMember TRUG:ConvertibleNotesMember 2022-05-01 2022-05-31 0001857086 2022-05-31 0001857086 2022-05-01 2022-05-31 0001857086 srt:MinimumMember us-gaap:MeasurementInputPriceVolatilityMember 2022-05-31 0001857086 srt:MaximumMember us-gaap:MeasurementInputPriceVolatilityMember 2022-05-31 0001857086 us-gaap:MeasurementInputExpectedTermMember 2022-05-31 0001857086 us-gaap:MeasurementInputRiskFreeInterestRateMember 2022-05-31 0001857086 2022-01-01 2022-12-31 0001857086 TRUG:WarrantsMember 2022-01-01 2022-12-31 0001857086 TRUG:OriginalIssueDiscountMember 2022-01-01 2022-12-31 0001857086 TRUG:NotesTwoMember 2022-12-31 0001857086 TRUG:NotesOneMember 2022-12-31 0001857086 TRUG:ExtensionsTwoMember 2023-07-01 2023-07-31 0001857086 TRUG:ExtensionsOneMember 2023-07-01 2023-07-31 0001857086 2023-07-01 2023-07-31 0001857086 2023-01-01 2023-12-31 0001857086 2021-01-01 2021-12-31 0001857086 TRUG:RoyaltyPurchaseAgreementMember 2015-06-15 2015-06-15 0001857086 TRUG:RoyaltyPurchaseAgreementMember 2015-06-15 0001857086 TRUG:RoyaltyPurchaseAgreementMember 2015-06-01 2017-05-31 0001857086 srt:MaximumMember TRUG:RoyaltyPurchaseAgreementMember 2017-06-01 2017-06-01 0001857086 TRUG:RoyaltyPurchaseAgreementOneMember 2017-06-01 2017-06-01 0001857086 TRUG:RoyaltyPurchaseAgreementOneMember 2017-06-01 0001857086 TRUG:RoyaltyPurchaseAgreementTwoMember 2017-06-01 2017-06-01 0001857086 TRUG:RoyaltyPurchaseAgreementTwoMember 2017-06-01 0001857086 srt:MinimumMember TRUG:RoyaltyPurchaseAgreementOneMember 2017-06-01 2017-06-01 0001857086 srt:MaximumMember TRUG:RoyaltyPurchaseAgreementThreeMember 2017-06-01 2017-06-01 0001857086 TRUG:RoyaltyPurchaseAgreementThreeMember 2017-06-01 2017-06-01 0001857086 TRUG:RoyaltyPurchaseAgreementMember 2017-06-01 0001857086 TRUG:DMACAcquisitionMember 2024-01-01 2024-03-31 0001857086 2015-06-15 0001857086 TRUG:DMACAcquisitionAgreementMember 2015-06-15 0001857086 TRUG:MergerMember 2024-03-31 0001857086 TRUG:MergerMember 2023-12-31 0001857086 TRUG:TruGolfNevadaShareholdersSeriesAMember 2024-03-31 0001857086 TRUG:TruGolfNevadaShareholdersSeriesBMember 2024-03-31 0001857086 TRUG:PrivatePlacementInvestorsTwoMember 2024-03-31 0001857086 TRUG:DMAQPublicstockholdersThreeMember 2024-03-31 0001857086 TRUG:DMAQDirectorsandOfficersMember 2024-03-31 0001857086 TRUG:DMAQSponsorFourMember 2024-03-31 0001857086 TRUG:IBankersFiveMember 2024-03-31 0001857086 TRUG:TrugolfHoldingsIncMember 2024-03-31 0001857086 TRUG:ChiefExecutiveOfficerDirectorAndShareholderMember 2024-03-31 0001857086 TRUG:ChiefExecutiveOfficerDirectorAndShareholderMember 2023-12-31 0001857086 TRUG:ChiefHardwareOfficerDirectorAndShareholderMember 2024-03-31 0001857086 TRUG:ChiefHardwareOfficerDirectorAndShareholderMember 2023-12-31 0001857086 TRUG:ExecutiveVicePresidentDirectorAndShareholderMember 2024-03-31 0001857086 TRUG:ExecutiveVicePresidentDirectorAndShareholderMember 2023-12-31 0001857086 TRUG:InterimChiefFinancialOfficerDirectorAndShareholderMember 2024-03-31 0001857086 TRUG:InterimChiefFinancialOfficerDirectorAndShareholderMember 2023-12-31 iso4217:USD shares iso4217:USD shares pure true 0001857086 S-1/A

P5Y

P3Y

AMENDMENT NO. 1 TRUGOLF HOLDINGS, INC. DE 85-3269086 60 North 1400 West Centerville UT 84014 (801) 298-1997 Christopher (Chris) Jones 60 North 1400 West Centerville UT 84014 (801) 298-1997 Non-accelerated Filer true true false

177876

595536

20408

6703330

9160803

6881206

9776747

6881206

9776747

6000

1492437

866500

57569

84617

2065000

1865000

2065000

1865000

3705623

2795069

4427500

8133123

7222569

574764

11.37

830210

10.83

6536961

8994434

0.0001

1000000

0.0001

100000000

3783200

574764

378

0.0001

10000000

-7789256

-6440634

-7788878

-6440256

6881206

9776747

15000

45000

31603 50000 94400 150000

368886

350358

1009222

1207914

415489

415358

1148622

1402914

55535

1061124

256757

1728701

55535

1061124

256757

1728701

-359954

645766

-891865

325787

68415

-359954

577351

-891865

257372

-0.08

0.04

-0.20

0.02

0.04

0.02

4357964

12509620

4453989

13017932

2884478

3070164

620700

3162500

316

-3776318

-3775940

519500

-154420

620700

3162500

316

-3930738

-3930360

-463444

-165559

620700

3162500

316

-4559741

-4559363

3162500 316 -3162500 -316

-1771251

577351

3783200

378

-5753641

-5753263

3783200

378

-6440634

-6440256

-310535

-261565

3783200

378

-7012734

-7012356

-90687

-270346

3783200

378

-7373767

-7373389

3783200

378

-7373767

-7373389

-55535

-359954

3783200

378

-7789256

-7788878

3783200

378

-7789256

-7788878

-891865

257372

256757

1728701

-20408

-233673

710554

514446

68415

-15000

-417660

-669795

754873

2914230

121034650

200000

1265000

2714230

120524523

2914230

121034650

200000

1265000

-2714230

-119769650

-417660

85078

595536

877099

177876

962177

456757 2234695

84617

Note 1 - Basis of Presentation And Principles of Consolidation BUSINESS ORGANIZATION AND NATURE OF OPERATIONS Basis of presentation The accompanying unaudited consolidated financial statements of TruGolf Holdings, Inc. f/k/a Deep Medicine Acquisition Corp. and its subsidiaries (the “Company”) have been prepared in accordance with the generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information or footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the applicable rules and regulations for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended March 31, 2023. The interim results for the three and nine months ended December 31, 2023 are not necessarily indicative of the results to be expected for the year ending March 31, 2024 or for any future interim periods. Principles of consolidation The unaudited consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation.

<p id="xdx_808_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zZJKSNW1DEb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Note 2 - Organization and Description of Business Operations ORGANIZATION AND DESCRIPTION OF BUSINESS OPERATIONS The Company is a blank check company incorporated on July 8, 2020, under the laws of the State of Delaware for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses or entities (a “Business Combination”). While the Company may, subject to certain limitations, pursue a Business Combination target with operations or prospects in the digital healthcare and AI in medicine sector in the global market. On October 25, 2023, the Company instructed the trustee to liquidate the investments held in the Trust Account (as defined below) and instead hold the funds in the Trust Account in an interest bearing demand deposit account until the earlier of the consummation of our Business Combination or liquidation. As of December 31, 2023, the Company had not commenced any operations. All activity for the period from July 8, 2020 (inception) through December 31, 2023, relates to the Company’s formation and its initial public offering (“IPO”), which is described below, and subsequent to IPO, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the cash and marketable securities held in the Trust Account. On January 31, 2024, the Company consummated the business combination (the “Closing”) contemplated by the previously announced Amended and Restated Agreement and Plan of Merger, dated as of July 21, 2023 (as amended, the “Merger Agreement”), by and among the Company, DMAC Merger Sub Inc., a Nevada corporation and a wholly-owned subsidiary of the Company (“Merger Sub”), Bright Vision Sponsor LLC, a Delaware limited liability company, in the capacity as the Purchaser Representative thereunder, Christopher Jones, in the capacity as the Seller Representative thereunder, and TruGolf, Inc., a Nevada corporation (“TruGolf”). As a result of the Closing and the transactions contemplated by the Merger Agreement, (i) Merger Sub merged with and into TruGolf (the “Merger”), with TruGolf surviving the Merger as a wholly-owned subsidiary of the Company, and (ii) the Company’s name was changed from Deep Medicine Acquisition Corp. to TruGolf Holdings, Inc. The Company’s Class A common stock commenced trading on the Nasdaq Global Market LLC under the ticker symbol “TRUG” on February 1, 2024. TRUGOLF HOLDINGS, INC. F/K/A DEEP MEDICINE ACQUISITION CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Effective as of the Closing Date, the Company’s fiscal year end automatically changed from March 31 to December 31. This change aligns the Company’s fiscal year and financial reporting periods with that of TruGolf, Inc. History On October 29, 2021, the Company consummated its IPO of <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211028__20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z3kGSPFWrY6c" title="Shares issued">12,650,000 units (the “Units” and, with respect to the shares of Class A common stock included in the Units, the “Public Shares”) at $<span id="xdx_909_eus-gaap--SharesIssuedPricePerShare_iI_c20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zBTxTqWXBU04" title="Shares issued">10.00 per unit, which included 1,650,000 Units issued pursuant to the full exercise by the Underwriters (as defined below) of their over-allotment option, and the private sale of an aggregate of <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211028__20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z3wMMMT6UCcc">519,500 Units (the “Private Placement Units” and with respect to the shares of Class A common stock included in the Units, the “Private Placement Shares”) to its sponsor, Bright Vision Sponsor LLC (the “Sponsor”) and I-Bankers Securities, Inc. (“I-Bankers”) at a purchase price of $<span id="xdx_902_eus-gaap--SharesIssuedPricePerShare_iI_c20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z1TPdi5e73p5" title="Share price">10.00 per Private Placement Unit, generating gross proceeds of $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20211028__20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zl9i6oUxAut6" title="Gross proceeds">5,195,000 to the Company that closed simultaneously with the closing of the IPO. On December 2, 2021, the Company’s Units no longer traded, and shares of the Company’s Class A common stock and rights underlying the Units commenced trading separately. On February 17, 2023, the Company’s securities were transferred from Nasdaq Global Market to Nasdaq Capital Market (“Nasdaq”). Transaction costs amounted to $7,282,500 consisting of $2,530,000 in cash of underwriting commissions, $4,427,500 of business combination marketing fee, and $325,000 of other offering costs. Upon the closing of the IPO on October 29, 2021, the Company deposited $127,765,000 ($10.10 per Unit) from the proceeds of the IPO and certain proceeds of the sales of Private Placement Units in the trust account (“Trust Account”), located in the United States and invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account, as described below. Following the closing of the IPO on October 29, 2021, cash of $764,101 was held outside of the Trust Account (as defined below) and was available for working capital purposes. As of December 31, 2023, the Company had available cash of $177,876 on its balance sheet and a working capital deficit of $3,527,747. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. On March 31, 2023, the Company entered into an Agreement and Plan of Merger (the “Original Merger Agreement”) with DMAC Merger Sub Inc., a Nevada corporation and wholly-owned subsidiary of the Company (“Merger Sub”), TruGolf, Inc., a Nevada corporation (“TruGolf”), Bright Vision Sponsor LLC, a Delaware limited liability company, solely in the capacity as the representative for certain stockholders of the Company (the “Purchaser Representative”), and Christopher Jones, an individual, solely in the capacity as the representative for stockholders of TruGolf (the “Seller Representative”). Pursuant to the Original Merger Agreement, and subject to the terms and conditions set forth therein, upon the consummation of the transactions contemplated thereby (the “Closing”), Merger Sub will merge with and into TruGolf, with TruGolf surviving as a wholly-owned subsidiary of the Company, and with TruGolf’s equity holders receiving shares of the Company’s common stock. On July 21, 2023, the Company, Merger Sub, the Purchaser Representative and the Seller Representative, entered into an Amended and Restated Agreement and Plan of Merger (as may be amended and/or restated from time to time, the “Restated Merger Agreement”) pursuant to which the Original Merger Agreement was amended and restated to provide, among other things, that (i) contingent earnout shares will be issued after the Closing, if and when earned, upon the Company meeting the milestones specified in the Restated Merger Agreement, rather than being issued at the closing of the merger and being placed into escrow subject to potential forfeiture; and (ii) the per share price of the Company’s common stock used in the calculation of the number of shares to be issued to the Sellers as merger consideration shall be $10.00, as opposed to the price at which the Company redeems the shares of common stock held by its public stockholders in connection with the closing of this business combination. The Restated Merger Agreement supersedes the Original Merger Agreement. For additional information on the Restated Merger Agreement, refer to the Company’s Current Report on Form 8-K as filed with the SEC on July 24, 2023. TRUGOLF HOLDINGS, INC. F/K/A DEEP MEDICINE ACQUISITION CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) On December 7, 2023, the Company, Merger Sub, the Purchaser Representative, the Seller Representative and TruGolf entered into that certain First Amendment to Amended and Restated Agreement and Plan of Merger (the “Amendment”), pursuant to which the Restated Merger Agreement was amended to (i) reflect the increase in the voting rights of the Class B common stock of TruGolf and the New TruGolf Class B Common Stock (as defined in the Original Merger Agreement) from ten (10) votes per share to twenty five (25) votes per share, and (ii) decrease the size of the board of directors of the post-closing company from seven members to five members, with the number of board members designated by DMAQ decreased from three members to one member. For additional information on the Amendment, refer to the Company’s Current Report on Form 8-K as filed with the SEC on December 7, 2023. The Company must complete a Business Combination with one or more operating businesses or assets that together have an aggregate fair market value equal to at least 80% of the net assets held in the Trust Account (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting commissions) at the time of the Company’s signing a definitive agreement in connection with its initial Business Combination. The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires an interest in the target business or assets sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide its stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $10.10 per share), calculated as of two business days prior to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. The shares of Class A common stock are recorded at redemption value and classified as temporary equity upon the completion of the IPO, in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” According to the Company’s second amended and restated certificate of incorporation, as amended (the “Charter”), the Company will proceed with a Business Combination only if the Company has net tangible assets of at least $<span id="xdx_90A_ecustom--BusinessCombinationNetTangibleAssets_c20230401__20231231__us-gaap--BusinessAcquisitionAxis__custom--BusinessCombinationAgreementMember_z0a0a2rmzYKe" title="Business combination net tangible assets">5,000,001 upon such completion of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor has agreed to (i) waive its redemption rights with respect to any shares of Class A common stock held by them in connection with the completion of the Business Combination, (ii) waive its redemption rights with respect to any shares of Class A common stock held by them in connection with a stockholder vote to approve an amendment to the Charter (a) to modify the substance or timing of the Company’s obligation to redeem <span id="xdx_901_ecustom--RedemptionOutstandingPublicSharesPercentage_pid_dp_uPure_c20230401__20231231__us-gaap--BusinessAcquisitionAxis__custom--BusinessCombinationAgreementMember_zvdlPzURYQCl" title="Redemption outstanding public shares percentage">100% of the Public Shares if the Company does not complete the Business Combination within the Combination Period (as defined below) or (b) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity and (iii) waive its rights to liquidating distributions from the Trust Account with respect to the shares of Class B common stock they initially purchased in March 2021 (including the shares of the Company’s Class A common stock issued upon the conversion thereof, the “Founder Shares”) or Private Placement Shares if the Company fails to complete the Business Combination within the Combination Period (as defined below). In addition, the Sponsor has agreed to vote any shares it held in favor of the Business Combination. Additionally, each public stockholder may elect to redeem its Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. TRUGOLF HOLDINGS, INC. F/K/A DEEP MEDICINE ACQUISITION CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Notwithstanding the foregoing, if the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s Charter provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent. The Company initially had until October 29, 2022 (the “Initial Combination Period”) to complete a Business Combination. On October 19, 2022, an aggregate of $1,265,000 was deposited into the Company’s Trust Account to extend the Initial Business Combination from October 29, 2022 to January 29, 2023 (the “First Extension”), which amount will be included in the pro rata amount (the “Redemption Price”) distributed to (i) all of the holders of the Class A common stock sold in the Company’s IPO (“Public Shares”) upon the Company’s liquidation or (ii) holders of Public Shares who elect to have their shares redeemed in connection with the consummation of the Company’s initial Business Combination. If the Company is unable to complete a Business Combination within the Combination Period (as defined below), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than 10 business days thereafter, redeem 100% of the outstanding Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned (less up to $50,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares and Private Placement Shares if the Company fails to complete a Business Combination within the Combination Period (as defined below). However, if the Sponsor acquires Public Shares in or after the IPO, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period (as defined below). The underwriters have agreed to waive their rights to their business combination marketing fees (see Note 9) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period (as defined below) and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the IPO price per Unit ($10.10). The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party for services rendered or products sold to the Company, or by a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.10 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent auditors), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. TRUGOLF HOLDINGS, INC. F/K/A DEEP MEDICINE ACQUISITION CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) On December 23, 2022, the Company held a special meeting of stockholders in lieu of an annual meeting of stockholders (the “2022 Special Meeting”). At the 2022 Special Meeting, the Company’s stockholders approved amendments to the Charter to (i) extend the date by which the Company must consummate its initial Business Combination from January 29, 2023 to July 29, 2023, or such earlier date as determined by the Company’s board of directors (the “Second Extension”) and (ii) provide for the right of a holder of Class B common stock of the Company to convert into Class A common stock of the Company on a one-for-one basis prior to the closing of an initial Business Combination. The Charter amendments approved on the 2022 Special Meeting were filed with the Secretary of State of the State of Delaware on December 27, 2022. Subsequently, the stockholders holding all of the issued and outstanding Class B common stock of the Company elected to convert their Class B common stock into Class A common stock of the Company on a one-for-one basis. Accordingly, 3,162,500 shares of Class B common stock of the Company were cancelled, and 3,162,500 shares of Class A Common Stock were issued to such converting Class B stockholders. The 3,162,500 shares of Class A common stock issued pursuant to the conversion are subject to the same restrictions applicable to the Class B common stock before the conversion, including, among other things, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of an initial Business Combination as described in the prospectus for our IPO. Additionally, on the 2022 Special Meeting, stockholders holding 11,819,790 shares of the Public Shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, $121,034,650 (approximately $10.24 per share) was removed from the Company’s Trust Account to pay such holders. In connection with the Second Extension, the Company deposited an aggregate of $300,000 (representing $50,000 for each additional month from January 29, 2023 to July 29, 2023) into the Trust Account, which amount will be included in the Redemption Price. On July 13, 2023, the Company held a special meeting of stockholders (the “2023 Special Meeting”), at which the Company’s stockholders approved a charter amendment to extend the date by which the Company must consummate its initial Business Combination from July 29, 2023 to January 29, 2024, or such earlier date as determined by the Company’s board of directors (the “Third Extension”) (the 27-month period, from the closing of the IPO to January 29, 2024 (or such earlier date as determined by the board), as extended by the Third Extension, unless further extended pursuant to the Company’s Charter, that the Company has to consummate an initial Business Combination, the “Combination Period”). The Charter amendment approved on the 2023 Special Meeting was filed with the Secretary of State of the State of Delaware on July 13, 2023. On the 2023 Special Meeting, the Company’s stockholders holding 255,446 Public Shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, approximately $2,914,230 (approximately $11.41 per share) was removed from the Company’s Trust Account to pay such holders. On January 26, 2024, the Company held a special meeting of stockholders (the “2024 Special Meeting ”), at which the Company’s stockholders approved a charter amendment to extend the date by which the Company must consummate its initial Business Combination from January 29, 2024 to July 29, 2024, or such earlier date as determined by the Company’s board of directors (the “Fourth Extension”) (the 33-month period, from the closing of the IPO to July 29, 2024 (or such earlier date as determined by the board), as extended by the Fourth Extension, unless further extended pursuant to the Company’s Charter, that the Company has to consummate an initial Business Combination, the “Combination Period”). The Charter amendment approved on the 2024 Special Meeting was filed with the Secretary of State of the State of Delaware on January 29, 2024. On the 2024 Special Meeting, the Company’s stockholders holding 943 Public Shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, approximately $10,845 (approximately $11.50 per share) was removed from the Company’s Trust Account to pay such holders. Underwriting Agreement and Business Combination Marketing Agreement (“BCMA”) The Company engaged I-Bankers as the representative of the underwriters (the “Underwriters”) in the IPO of the Company’s Class A common stock for $110 million and the simultaneous listing on Nasdaq. Pursuant to that certain underwriting agreement, I-Bankers acted as the representative of the Underwriters of the IPO for 11,000,000 Units at $10.00 per Unit, plus an over-allotment option equal to 15% of the number of Units offered, or 1,650,000 Units, which was exercised in full simultaneously upon the closing of the IPO. The Company paid I-Bankers underwriters’ commission of $2,530,000, equal to 2.0% of the gross proceeds raised in the IPO for such services upon the consummation of the IPO (exclusive of any applicable finders’ fees which might become payable). TRUGOLF HOLDINGS, INC. F/K/A DEEP MEDICINE ACQUISITION CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Upon the closing of the IPO, the Company issued to I-Bankers a <span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dxL_c20231231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IBankerMember_zFTSxBMPDsFb" title="::XDX::P5Y">five-year warrant to purchase <span id="xdx_904_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20231231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IBankerMember_zzbzGJi6CCwi">632,500 Shares of Class A common stock, equal to <span id="xdx_90E_ecustom--PercentageOfWarrantsIssued_pid_dp_uPure_c20230401__20231231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IBankerMember_zWFinqW1AsGj" title="Percentage of warrants issued">5.0% of the Shares issued in the IPO (“Representative Warrants”). The exercise price of Representative Warrants is $<span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20231231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IBankerMember_zilVdvpmePSc">12.00 per Share. In addition, I-Bankers was issued <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230401__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IBankerMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zpdVpHVb9cV2">101,200 shares of Class A common stock upon the consummation of IPO (“Representative Shares”). In addition, under a business combination marketing agreement, the Company has engaged I-Bankers as an advisor in connection with the Business Combination and will pay I-Bankers a cash fee for such marketing services upon the consummation of the Business Combination in an amount equal to, in the aggregate, 3.5% of the gross proceeds of the IPO, including any proceeds from the exercise of the underwriters’ over-allotment option. The fee will become payable to the Underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. On November 17, 2023, the Company and I-Bankers executed an amendment to the BCMA (the “BCMA Amendment”), pursuant to which I-Bankers’ fee due at the Closing was amended to provide that I-Bankers will receive: (i) $2,000,000 in cash and (ii) 212,752 New TruGolf Class A Common Shares. Liquidity and Capital Resources The Company has principally financed its operations from inception using proceeds from the sale of its equity securities to its stockholders prior to the IPO, proceeds from related party loan and such amount of proceeds from the IPO that were placed in an account outside of the Trust Account for working capital purposes. Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination. As of December 31, 2023 and March 31, 2023, the Company had loans payable to the Sponsor and its affiliates in amount of $2,065,000 and $1,865,000, respectively, including a promissory note of up to $500,000, dated March 15, 2021, between the Company and the Sponsor (the “Sponsor Note”) in connection with a portion of the IPO expense. The Sponsor Note is unsecured with zero interest. These amounts will be repaid upon completion of an initial Business Combination. Under no circumstances shall any individual, including but not limited to any officer, director, employee or stockholder of the Company, be obligated personally for any obligations or liabilities of the Sponsor Note. On October 15, 2022, the Company issued two promissory notes in an aggregate principal amount of $1,265,000 (collectively, the “Sponsor Affiliate Notes”) to two affiliates of the Company’s Sponsor (collectively, the “Sponsor Affiliates”), in connection with the First Extension. The Sponsor Affiliate Notes bear no interest and are repayable in full upon the earlier of (a) the date of the consummation of the Company’s initial Business Combination, or (b) the date of the liquidation of the Company. On October 19, 2022, an aggregate of $1,265,000 was deposited into the Trust Account, which amount will be included in the pro rata amount distributed to (i) holders of Public Shares upon the Company’s liquidation or (ii) holders of Public Shares who elect to have their shares redeemed in connection with the consummation of the Company’s initial Business Combination. On February 9, 2023, the Company issued a promissory note in an aggregate principal amount of $300,000 to an affiliate of the Company’s Sponsor, in connection with the Second Extension. This note bears no interest and is repayable in full upon the earlier of (a) the date of the consummation of the Company’s initial Business Combination, or (b) the date of the liquidation of the Company. Accordingly, an aggregate of $300,000 had been deposited into the Company’s Trust Account as of June 30, 2023. On September 30, 2023, the Company issued a promissory note in principal amount of $84,617 to a third party, in connection with the premium payment for the Company’s Directors and Officers insurance. This note bears no interest and is repayable in full upon the earlier of (a) the date of the consummation of the Company’s initial Business Combination, or (b) the date of the liquidation of the Company. Under no circumstances shall any individual, including but not limited to any officer, director, employee or stockholder of the Company, be obligated personally for any obligations or liabilities of the note. TRUGOLF HOLDINGS, INC. F/K/A DEEP MEDICINE ACQUISITION CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) The Company may need to raise additional capital through loans or additional investments from its Sponsor, stockholders, officers, directors, or third parties. The Company’s officers, directors and Sponsor may, but are not obligated to (other than as described above), loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, and/or search for a target company, the specific impact is not readily determinable as of the date of this financial statement. The financial statement does not include any adjustments that might result from the outcome of this uncertainty. Going Concern and Management’s Plan The Company expects to incur significant costs in pursuit of its acquisition plans and will not generate any operating revenues until after the completion of its initial Business Combination. In addition, the Company expects to have negative cash flows from operations as it pursues an initial Business Combination target. In connection with the Company’s assessment of going concern considerations in accordance with FASB Accounting Standards Update (“ASU”) Topic 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern” the Company does not currently have adequate liquidity to sustain operations, which consist solely of pursuing a Business Combination. On January 31, 2024, the Company consummated the business combination (the “Closing”) contemplated by the previously announced Amended and Restated Agreement and Plan of Merger, dated as of July 21, 2023 (as amended, the “Merger Agreement”). The Company expects that its Class A common stock will begin to trade on the Nasdaq Global Market LLC under the ticker symbol “TRUG” on or about February 1, 2024. The Company has incurred continuing losses from its operations and has an accumulated deficit of $7,789,256 as of December 31, 2023. The Company has no operating income and incurs continuing operating expenses. There are no assurances the Company will be able to raise capital on acceptable terms or that cash flows generated from its operations will be sufficient to meet its current operating costs and required debt service. If the Company is unable to obtain sufficient amounts of additional capital, it may be required to reduce the scope of its business, which could harm its financial condition and operating results. These conditions raise substantial doubt about the Company’s ability to continue ongoing operations. These consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

12650000

10.00

1650000

519500

10.00

5195000

7282500 2530000 4427500 325000

127765000

10.10

P185D

764101

177876

3527747

10.00

10.10

5000001 1

1265000

50000

10.10

3162500

11819790 121034650

10.24

300000

50000

255446 2914230

11.41

10845

11.50

110000000

11000000

10.00

0.15

1650000

2530000 0.020

632500

0.050

12.00

101200

In addition, under a business combination marketing agreement, the Company has engaged I-Bankers as an advisor in connection with the Business Combination and will pay I-Bankers a cash fee for such marketing services upon the consummation of the Business Combination in an amount equal to, in the aggregate, 3.5% of the gross proceeds of the IPO, including any proceeds from the exercise of the underwriters’ over-allotment option.

2000000

212752

2065000

1865000

500000

1265000

300000

84617

-7789256

Note 3 - Recent Accounting Pronouncements RECENT ACCOUNTING PRONOUNCEMENTS Management of the Company does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Note 4 - Cash and Cash Equivalents CASH AND CASH EQUIVALENTS The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. The Company had cash of $177,876 and $595,536 on its balance sheet as of December 31, 2023 and March 31, 2023, respectively. The Company had no cash equivalent as of December 31, 2023 and March 31, 2023. TRUGOLF HOLDINGS, INC. F/K/A DEEP MEDICINE ACQUISITION CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

177876

595536

Note 5 - Marketable Securities Held in Trust Account MARKETABLE SECURITIES HELD IN TRUST ACCOUNT At December 31, 2023, substantially all of the assets held in the Trust Account were held in money market funds, which are invested primarily in U.S. Treasury securities. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in interest earned on marketable securities held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information. As of December 31, 2023 and March 31, 2023, the marketable securities held in the Trust Account were $6,703,330 and $9,160,803, respectively.

6703330

9160803

Note 6 -Common Stock Subject to Possible Redemption COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION The Company accounts for its common stock subject to possible redemption in accordance with the guidance in FASB ASC Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, common stock subject to possible redemption are presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Immediately upon the closing of the IPO, the Company recognized the remeasurement from initial book value to redemption value. The change in the carrying value of redeemable common stock resulted in charges against additional paid-in capital and accumulated deficit. <p id="xdx_894_ecustom--ScheduleOfCommonStockSubjectToRedemptionTableTextBlock_zHEap4aGYxUl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">At December 31, 2023, the common stock subject to redemption reflected in the balance sheet are reconciled in the following table: SCHEDULE OF COMMON STOCK SUBJECT TO REDEMPTION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 78%; text-align: left">Gross proceeds</td><td style="font-family: Times New Roman, Times, Serif; width: 2%"> </td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_984_ecustom--GrossProceedsCommonStockSubjectToPossibleRedemption_c20210401__20220331_zQHHLSjcX8v2" style="font-family: Times New Roman, Times, Serif; width: 18%; text-align: right" title="Gross proceeds">126,500,000</td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif">Less:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Common stock issuance costs</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_ecustom--CommonStockIssuanceCostsCommonStockSubjectToPossibleRedemption_iN_di_c20210401__20220331_z0KbwPPGMIB9" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Common stock issuance costs">(2,855,000</td><td style="font-family: Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif">Plus:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt">Remeasurement of carrying value to redemption value</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_983_ecustom--RemeasurementOfCarryingValueToRedemptionValueCommonStockSubjectToPossibleRedemption_c20210401__20220331_zk6PS3cQVxzd" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Remeasurement of carrying value to redemption value">4,120,000</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">Common stock subject to possible redemption, March 31, 2022</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_986_ecustom--CommonStockSubjectToPossibleRedemption_iS_c20220401__20230331_zVEvjteBi8W8" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Common stock subject to possible redemption">127,765,000</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold">Less:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Distribution for redemption</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_984_ecustom--DistributionForRedemption_iN_di_c20220401__20230331_zSHYOxZvnEH4" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Distribution for redemption">(121,034,650</td><td style="font-family: Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold">Plus:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt">Remeasurement of carrying value to redemption value</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98A_ecustom--RemeasurementOfCarryingValueToRedemptionValue_c20220401__20230331_zE1oEB6hO7d" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Remeasurement of carrying value to redemption value">2,264,084</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">Common stock subject to possible redemption, March 31, 2023</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98C_ecustom--CommonStockSubjectToPossibleRedemption_iS_c20230401__20231231_zq5puYDMLthl" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Common stock subject to possible redemption">8,994,434</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold">Less:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Distribution for redemption</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_ecustom--DistributionForRedemption_iN_di_c20230401__20231231_zreIz07IDui" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Distribution for redemption">(2,914,230</td><td style="font-family: Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold">Plus:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Additional deposit for extension</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98A_ecustom--AdditionalDepositForExtension_c20230401__20231231_zqlDaf2fsmNh" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Additional deposit for extension">200,000</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt">Remeasurement of carrying value to redemption value</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_ecustom--RemeasurementOfCarryingValueToRedemptionValue_c20230401__20231231_zNgWCbicy1fd" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Remeasurement of carrying value to redemption value">256,757</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">Common stock subject to possible redemption, December 31, 2023</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_980_ecustom--CommonStockSubjectToPossibleRedemption_iE_c20230401__20231231_zv3NYr7AErj4" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Common stock subject to possible redemption">6,536,961</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> TRUGOLF HOLDINGS, INC. F/K/A DEEP MEDICINE ACQUISITION CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) <p id="xdx_894_ecustom--ScheduleOfCommonStockSubjectToRedemptionTableTextBlock_zHEap4aGYxUl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">At December 31, 2023, the common stock subject to redemption reflected in the balance sheet are reconciled in the following table: SCHEDULE OF COMMON STOCK SUBJECT TO REDEMPTION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 78%; text-align: left">Gross proceeds</td><td style="font-family: Times New Roman, Times, Serif; width: 2%"> </td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_984_ecustom--GrossProceedsCommonStockSubjectToPossibleRedemption_c20210401__20220331_zQHHLSjcX8v2" style="font-family: Times New Roman, Times, Serif; width: 18%; text-align: right" title="Gross proceeds">126,500,000</td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif">Less:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Common stock issuance costs</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_ecustom--CommonStockIssuanceCostsCommonStockSubjectToPossibleRedemption_iN_di_c20210401__20220331_z0KbwPPGMIB9" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Common stock issuance costs">(2,855,000</td><td style="font-family: Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif">Plus:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt">Remeasurement of carrying value to redemption value</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_983_ecustom--RemeasurementOfCarryingValueToRedemptionValueCommonStockSubjectToPossibleRedemption_c20210401__20220331_zk6PS3cQVxzd" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Remeasurement of carrying value to redemption value">4,120,000</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">Common stock subject to possible redemption, March 31, 2022</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_986_ecustom--CommonStockSubjectToPossibleRedemption_iS_c20220401__20230331_zVEvjteBi8W8" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Common stock subject to possible redemption">127,765,000</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold">Less:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Distribution for redemption</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_984_ecustom--DistributionForRedemption_iN_di_c20220401__20230331_zSHYOxZvnEH4" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Distribution for redemption">(121,034,650</td><td style="font-family: Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold">Plus:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt">Remeasurement of carrying value to redemption value</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98A_ecustom--RemeasurementOfCarryingValueToRedemptionValue_c20220401__20230331_zE1oEB6hO7d" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Remeasurement of carrying value to redemption value">2,264,084</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">Common stock subject to possible redemption, March 31, 2023</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98C_ecustom--CommonStockSubjectToPossibleRedemption_iS_c20230401__20231231_zq5puYDMLthl" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Common stock subject to possible redemption">8,994,434</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold">Less:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Distribution for redemption</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_ecustom--DistributionForRedemption_iN_di_c20230401__20231231_zreIz07IDui" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Distribution for redemption">(2,914,230</td><td style="font-family: Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold">Plus:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Additional deposit for extension</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98A_ecustom--AdditionalDepositForExtension_c20230401__20231231_zqlDaf2fsmNh" style="font-family: Times New Roman, Times, Serif; text-align: right" title="Additional deposit for extension">200,000</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt">Remeasurement of carrying value to redemption value</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_ecustom--RemeasurementOfCarryingValueToRedemptionValue_c20230401__20231231_zNgWCbicy1fd" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right" title="Remeasurement of carrying value to redemption value">256,757</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">Common stock subject to possible redemption, December 31, 2023</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_980_ecustom--CommonStockSubjectToPossibleRedemption_iE_c20230401__20231231_zv3NYr7AErj4" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right" title="Common stock subject to possible redemption">6,536,961</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> 126500000 2855000 4120000 127765000 121034650 2264084 8994434 2914230 200000 256757 6536961

Note 7 - Net Loss per Share of Common Stock NET LOSS PER SHARE OF COMMON STOCK The Company complies with accounting and disclosure requirements FASB ASC Topic 260, “Earnings per Share.” Net loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock issued and outstanding for the period. During the three and nine months ended December 31, 2023 and 2022, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into shares of common stock and then share in the earnings (loss) of the Company. As a result, diluted loss per share of common stock is the same as basic loss per share of common stock for the period. SCHEDULE OF DILUTED LOSS PER SHARE OF COMMON STOCK <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20231001__20231231_znOdxKihQI26" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; white-space: nowrap; text-align: center; font-weight: bold">For the Three Months Ended December 31, 2023</td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_491_20221001__20221231_zzNz7At3wk0f" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; white-space: nowrap; text-align: center; font-weight: bold">For the Three Months Ended December 31, 2022</td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold">Numerator:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--NetIncomeLoss_zadjsitYF3x9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; width: 56%; text-align: left">Net (loss) income</td><td style="font-family: Times New Roman, Times, Serif; width: 2%"> </td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font-family: Times New Roman, Times, Serif; width: 18%; text-align: right">(359,954</td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font-family: Times New Roman, Times, Serif; width: 2%"> </td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font-family: Times New Roman, Times, Serif; width: 18%; text-align: right">577,351</td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold">Denominator:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Basic and diluted loss per share – Class A</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_90C_eus-gaap--EarningsPerShareBasic_pid_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zWSYqqWha9je" style="font-family: Times New Roman, Times, Serif" title="Basic">(0.08</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_900_eus-gaap--EarningsPerShareBasic_c20221001__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zri1QNssqB3j" style="font-family: Times New Roman, Times, Serif" title="Basic">0.04</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Basic and diluted loss per share – Class B</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_90D_eus-gaap--EarningsPerShareBasic_pid_dxL_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zUnRpjNZM5ob" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Basic::XDX::-">N/A </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_908_eus-gaap--EarningsPerShareBasic_c20221001__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zZNxFwmcY4i6" style="font-family: Times New Roman, Times, Serif" title="Basic">0.04</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Denominator for basic and diluted earnings per share – Weighted-average shares of Class A common stock issued and outstanding during the period</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_909_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z37HWPBLqlzg" style="font-family: Times New Roman, Times, Serif" title="Basic">4,357,964</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_901_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20221001__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zo4WxKKTFo85" style="font-family: Times New Roman, Times, Serif" title="Basic">12,509,620</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Denominator for basic and diluted earnings per share – Weighted-average shares of Class B common stock issued and outstanding during the period</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zQRFJL5OhnJc" style="font-family: Times New Roman, Times, Serif">-</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20221001__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z8fIEhrSOO1d" style="font-family: Times New Roman, Times, Serif">2,884,478</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_491_20230401__20231231_zAr5J3hrOjq7" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; white-space: nowrap; text-align: center; font-weight: bold">For the Nine Months Ended December 31, 2023</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20220401__20221231_zhypDmHEYURd" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; white-space: nowrap; text-align: center; font-weight: bold">For the Nine Months Ended December 31, 2022</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold">Numerator:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_z9VMQYr1EMEh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; width: 56%; text-align: left">Net loss</td><td style="font-family: Times New Roman, Times, Serif; width: 2%"> </td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font-family: Times New Roman, Times, Serif; width: 18%; text-align: right">(891,865</td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font-family: Times New Roman, Times, Serif; width: 2%"> </td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font-family: Times New Roman, Times, Serif; width: 18%; text-align: right">257,372</td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold">Denominator:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Basic and diluted loss per share – Class A</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_904_eus-gaap--EarningsPerShareBasic_pid_c20230401__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zXzgRmN7yWcl" style="font-family: Times New Roman, Times, Serif" title="Basic">(0.20</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_903_eus-gaap--EarningsPerShareBasic_pid_c20220401__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zaJF0nJOLeCl" style="font-family: Times New Roman, Times, Serif" title="Basic">0.02</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Basic and diluted loss per share – Class B</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_904_eus-gaap--EarningsPerShareBasic_pid_dxL_c20230401__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zqBcOi7ga9Xh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Basic::XDX::-">N/A </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_90B_eus-gaap--EarningsPerShareBasic_c20220401__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zpBG5JW1L337" style="font-family: Times New Roman, Times, Serif" title="Basic">0.02</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Denominator for basic and diluted earnings per share – Weighted-average shares of Class A common stock issued and outstanding during the period</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230401__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zCPrH2bLSB59" style="font-family: Times New Roman, Times, Serif" title="Basic">4,453,989</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20220401__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zJnOayACMX24" style="font-family: Times New Roman, Times, Serif" title="Basic">13,017,932</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Denominator for basic and diluted earnings per share – Weighted-average shares of Class B common stock issued and outstanding during the period</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230401__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zkAGTdQoluUc" style="font-family: Times New Roman, Times, Serif" title="Basic">-</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20220401__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zm15AcN81kV6" style="font-family: Times New Roman, Times, Serif" title="Basic">3,070,164</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

SCHEDULE OF DILUTED LOSS PER SHARE OF COMMON STOCK <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20231001__20231231_znOdxKihQI26" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; white-space: nowrap; text-align: center; font-weight: bold">For the Three Months Ended December 31, 2023</td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_491_20221001__20221231_zzNz7At3wk0f" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; white-space: nowrap; text-align: center; font-weight: bold">For the Three Months Ended December 31, 2022</td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold">Numerator:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--NetIncomeLoss_zadjsitYF3x9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; width: 56%; text-align: left">Net (loss) income</td><td style="font-family: Times New Roman, Times, Serif; width: 2%"> </td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font-family: Times New Roman, Times, Serif; width: 18%; text-align: right">(359,954</td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font-family: Times New Roman, Times, Serif; width: 2%"> </td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font-family: Times New Roman, Times, Serif; width: 18%; text-align: right">577,351</td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold">Denominator:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Basic and diluted loss per share – Class A</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_90C_eus-gaap--EarningsPerShareBasic_pid_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zWSYqqWha9je" style="font-family: Times New Roman, Times, Serif" title="Basic">(0.08</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_900_eus-gaap--EarningsPerShareBasic_c20221001__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zri1QNssqB3j" style="font-family: Times New Roman, Times, Serif" title="Basic">0.04</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Basic and diluted loss per share – Class B</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_90D_eus-gaap--EarningsPerShareBasic_pid_dxL_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zUnRpjNZM5ob" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Basic::XDX::-">N/A </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_908_eus-gaap--EarningsPerShareBasic_c20221001__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zZNxFwmcY4i6" style="font-family: Times New Roman, Times, Serif" title="Basic">0.04</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Denominator for basic and diluted earnings per share – Weighted-average shares of Class A common stock issued and outstanding during the period</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_909_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z37HWPBLqlzg" style="font-family: Times New Roman, Times, Serif" title="Basic">4,357,964</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_901_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20221001__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zo4WxKKTFo85" style="font-family: Times New Roman, Times, Serif" title="Basic">12,509,620</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Denominator for basic and diluted earnings per share – Weighted-average shares of Class B common stock issued and outstanding during the period</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zQRFJL5OhnJc" style="font-family: Times New Roman, Times, Serif">-</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20221001__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z8fIEhrSOO1d" style="font-family: Times New Roman, Times, Serif">2,884,478</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_491_20230401__20231231_zAr5J3hrOjq7" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; white-space: nowrap; text-align: center; font-weight: bold">For the Nine Months Ended December 31, 2023</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20220401__20221231_zhypDmHEYURd" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; white-space: nowrap; text-align: center; font-weight: bold">For the Nine Months Ended December 31, 2022</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold">Numerator:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_z9VMQYr1EMEh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; width: 56%; text-align: left">Net loss</td><td style="font-family: Times New Roman, Times, Serif; width: 2%"> </td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font-family: Times New Roman, Times, Serif; width: 18%; text-align: right">(891,865</td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font-family: Times New Roman, Times, Serif; width: 2%"> </td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font-family: Times New Roman, Times, Serif; width: 18%; text-align: right">257,372</td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold">Denominator:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Basic and diluted loss per share – Class A</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_904_eus-gaap--EarningsPerShareBasic_pid_c20230401__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zXzgRmN7yWcl" style="font-family: Times New Roman, Times, Serif" title="Basic">(0.20</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_903_eus-gaap--EarningsPerShareBasic_pid_c20220401__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zaJF0nJOLeCl" style="font-family: Times New Roman, Times, Serif" title="Basic">0.02</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Basic and diluted loss per share – Class B</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_904_eus-gaap--EarningsPerShareBasic_pid_dxL_c20230401__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zqBcOi7ga9Xh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Basic::XDX::-">N/A </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_90B_eus-gaap--EarningsPerShareBasic_c20220401__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zpBG5JW1L337" style="font-family: Times New Roman, Times, Serif" title="Basic">0.02</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Denominator for basic and diluted earnings per share – Weighted-average shares of Class A common stock issued and outstanding during the period</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230401__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zCPrH2bLSB59" style="font-family: Times New Roman, Times, Serif" title="Basic">4,453,989</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20220401__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zJnOayACMX24" style="font-family: Times New Roman, Times, Serif" title="Basic">13,017,932</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Denominator for basic and diluted earnings per share – Weighted-average shares of Class B common stock issued and outstanding during the period</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230401__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zkAGTdQoluUc" style="font-family: Times New Roman, Times, Serif" title="Basic">-</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20220401__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zm15AcN81kV6" style="font-family: Times New Roman, Times, Serif" title="Basic">3,070,164</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

-359954

577351

-0.08

0.04

4357964

12509620

2884478

-891865

257372

-0.20

0.02

4453989

13017932

3070164

Note 8 – Loan payable LOAN PAYABLE On September 30, 2023, the Company issued a promissory note in principal amount of $84,617 to a third party, in connection with the premium payment for the Company’s Directors and Officers insurance. This note bears no interest and is repayable in full upon the earlier of (a) the date of the consummation of the Company’s initial Business Combination, or (b) the date of the liquidation of the Company. Under no circumstances shall any individual, including but not limited to any officer, director, employee or stockholder of the Company, be obligated personally for any obligations or liabilities of the note. TRUGOLF HOLDINGS, INC. F/K/A DEEP MEDICINE ACQUISITION CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) On November 2, 2023, the Company executed a Loan Agreement (together, the “Loan Agreements”) with each of Greentree Financial Group, Inc. and Finuvia, LLC (together, the “PIPE Investors”). Pursuant to the terms and conditions of the Loan Agreements, the Company shall issue the PIPE Investors up to $8,000,000 in principal amount of convertible notes and warrants to purchase <span id="xdx_907_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20231102__dei--LegalEntityAxis__custom--PIPEInvestorsMember__us-gaap--DebtInstrumentAxis__custom--LoanAgreementMember_z090GQ7C4Tul">727,273 shares of Class A common stock of the Company after the closing of the Business Combination between the Company and TruGolf, pursuant to the Restated Merger Agreement. For additional information, refer to the Company’s Current Report on Form 8-K as filed with the SEC on November 2, 2023. On December 7, 2023, the Company executed additional Loan Agreements in substantially the same form (together, the “Loan Agreements”) with each of Li Holding, Inc., a Florida corporation, L&H, Inc., a Nevada corporation, and JAK Opportunities VI, LLC, a Delaware limited liability company, (together, the “PIPE Investors”). Pursuant to the terms and conditions of the Loan Agreements, the Company shall issue the PIPE Investors up to an aggregate of $5,000,000 in principal amount of convertible notes and warrants to purchase an aggregate of <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20231207__dei--LegalEntityAxis__custom--PIPEInvestorsMember__us-gaap--DebtInstrumentAxis__custom--LoanAgreementMember_zOd3by80Cnk1">454,545 shares of Class A common stock of the Company after the closing (the “Closing”) of the business combination between the Company and TruGolf (the “Business Combination”) pursuant to the Merger Agreement, as amended. Additionally, on December 7, 2023, the Company and Finuvia, LLC entered into an Amended and Restated Loan Agreement (the “Finuvia Loan Agreement”) to amend and restate the original loan agreement entered between them as of November 2, 2023 to reduce the principal amount of the convertible notes from up to $<span id="xdx_901_eus-gaap--DebtInstrumentIncreaseDecreaseForPeriodNet_c20231102__20231102__dei--LegalEntityAxis__custom--PIPEInvestorsMember__us-gaap--DebtInstrumentAxis__custom--RestatedLoanAgreementMember_zeLaODrXmpu">2,500,000 to up to $<span id="xdx_901_eus-gaap--DebtInstrumentIncreaseDecreaseForPeriodNet_c20231207__20231207__dei--LegalEntityAxis__custom--PIPEInvestorsMember__us-gaap--DebtInstrumentAxis__custom--RestatedLoanAgreementMember_zDUfQU0YJoc7">500,000 and reduce the amount warrants to purchase Class A common stock of the Company from <span id="xdx_906_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20231102__dei--LegalEntityAxis__custom--PIPEInvestorsMember__us-gaap--DebtInstrumentAxis__custom--RestatedLoanAgreementMember_zAZrEDf0dpzj">227,273 to <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20231207__dei--LegalEntityAxis__custom--PIPEInvestorsMember__us-gaap--DebtInstrumentAxis__custom--RestatedLoanAgreementMember_zbRWxw64Enm3">45,455. The total PIPE investment from the November 2, 2023 investments and the December 7, 2023 investments was up to an aggregate of $11,000,000 in the principal amount of the convertible notes and warrants to purchase an aggregate of <span id="xdx_906_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20231207__dei--LegalEntityAxis__custom--PIPEInvestorsMember__us-gaap--DebtInstrumentAxis__custom--LoanAgreementMember_z8djsjqX0Gb3">1,000,000 Class A common stock of the Company. For additional information, refer to the Company’s Current Report on Form 8-K as filed with the SEC on December 7, 2023.

84617

8000000

727273

5000000

454545

2500000

500000

227273

45455

11000000

1000000

Note 9 - Related Party Transactions RELATED PARTY TRANSACTIONS Accrued Expenses - Related Parties As of December 31, 2023 and March 31, 2023, the Company had accrued expenses – related parties in amount of $6,000, which was in connection with the accrued non-cash compensation to the Company’s management and directors. Pursuant to the executed Offer Letters, the Company agreed to pay the Company’s Chief Financial Officer $<span id="xdx_902_eus-gaap--OfficersCompensation_pp0p0_c20230401__20231231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember__us-gaap--AwardDateAxis__custom--StartingFromAugustOneTwoThousandTwentyMember_zkhUboU8QZW9">5,000 in cash per month starting from August 1, 2020, and the Company’s officers and directors an aggregate of 300,000 post Business Combination shares within 10 days following a Business Combination, with the same lock-up restrictions and registration rights as the Founder Shares. The fair value of this stock issuance was determined by the fair value of the Company’s Common Stock on the grant date, at a price of $0.02 per share. As of December 31, 2023 and March 31, 2023, the accrued expenses related to the cash compensation to the Company’s Chief Financial Officer was $0. Loan Payable – Related Party As of December 31, 2023 and March 31, 2023, we had loans payable to the Sponsor and its affiliates in the amount of $2,065,000 and $1,865,000, respectively. As of December 31, 2023 and March 31, 2023, the Company had a loan payable to the Sponsor in amount of $500,000 with zero interest pursuant to the promissory note between the Company and the Sponsor (the “Sponsor Note”) in connection with a portion of the IPO expense. The Sponsor Note is unsecured, and the Sponsor agrees to fund the Company in amount of up to $500,000. Under no circumstances shall any individual, including but not limited to any officer, director, employee or stockholder of the Company, be obligated personally for any obligations or liabilities of the Loan. The proceeds of the Sponsor Note were used to pay a portion of the offering expenses of the IPO. These amounts will be repaid upon completion of an initial Business Combination. TRUGOLF HOLDINGS, INC. F/K/A DEEP MEDICINE ACQUISITION CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) On October 15, 2022, the Company issued the Sponsor Affiliate Notes in an aggregate principal amount of $1,265,000 to the Sponsor Affiliates, in connection with the First Extension. The Sponsor Affiliate Notes bear no interest and are repayable in full upon the earlier of (a) the date of the consummation of the Company’s initial Business Combination, or (b) the date of the liquidation of the Company. On October 19, 2022, an aggregate of $1,265,000 was deposited into the Company’s Trust Account, which amount will be included in the pro rata amount distributed to (i) holders of Public Shares upon the Company’s liquidation or (ii) holders of Public Shares who elect to have their shares redeemed in connection with the consummation of the Company’s initial Business Combination. On February 9, 2023, the Company issued a promissory note in an aggregate principal amount of $300,000 to an affiliate of the Company’s Sponsor, in connection with the Second Extension. This note bears no interest and is repayable in full upon the earlier of (a) the date of the consummation of the Company’s initial Business Combination, or (b) the date of the liquidation of the Company. Accordingly, an aggregate of $300,000 had been deposited into the Company’s Trust Account as of June 30, 2023. Working Capital Loans In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, an affiliate of the Sponsor, or certain of the Company’s officers and directors or their affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into private placement-equivalent units at a price of $10.00 per unit at the option of the lender. Such units would be identical to the Private Placement Units. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. As of December 31, 2023 and March 31, 2023, no Working Capital Loans were outstanding.

6000

5000

300000

0.02

2065000

1865000

500000

1265000

300000

1500000

10.00

Note 10 - Commitments and Contingency COMMITMENTS AND CONTINGENCIES Registration Rights The holders of the Founder Shares, Private Placement Units (and their underlying securities), the Representative Shares, the Representative Warrants (and their underlying securities), the 300,000 shares of Class A common stock issuable to the Company’s directors and officers within 10 days following the Business Combination and any Units that may be issued upon conversion of the Working Capital Loans (and their underlying securities) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the IPO requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to Class A common stock). The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The registration rights agreement does not contain liquidated damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements. TRUGOLF HOLDINGS, INC. F/K/A DEEP MEDICINE ACQUISITION CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Underwriting Agreement The Company had granted the Underwriters a 30-day option from the date of IPO to purchase up to 1,650,000 additional Units to cover over-allotments, if any, at the IPO price less the underwriting discounts and commissions. Simultaneously upon the closing of the IPO, the Underwriters exercised the over-allotment option in full. As such, the Underwriters were paid an underwriting discount and commission of $0.20 per Unit, or $2,530,000 in the aggregate payable upon the closing of the IPO, and I-Bankers was entitled to a business combination marketing fee of $4,427,500 in the aggregate, which is held in the Trust Account and payable upon completion of the Business Combination. On November 17, 2023, the Company and I-Bankers executed an amendment to the BCMA (the “BCMA Amendment”), pursuant to which I-Bankers’ fee due at the Closing was amended to provide that I-Bankers will receive: (i) $2,000,000 in cash and (ii) 212,752 New TruGolf Class A Common Shares.

300000

1650000

0.20

2530000

4427500

2000000

212752

Note 11 - Stockholders’ Equity STOCKHOLDERS’ EQUITY The Company is authorized to issue a total of 111,000,000 shares, par value of $0.0001 per share, consisting of (a) 110,000,000 shares of common stock, including (i) 100,000,000 shares of Class A common stock, and (ii) 10,000,000 shares of Class B common stock, and (b) 1,000,000 shares of preferred stock (the “Preferred Stock”). Preferred Stock As of December 31, 2023 and March 31, 2023, no shares of Preferred Stock were issued or outstanding. The designations, voting and other rights and preferences of the Preferred Stock may be determined from time to time by the Company’s board of directors. Common Stock As of December 31, 2023 and March 31, 2023, there were <span id="xdx_905_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z9bugGyC5B35">4,357,964 and <span id="xdx_90D_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zISUy8wkp5X9">4,613,410 shares of Class A common stock issued and outstanding, respectively, including 574,764 and 830,210 public shares, which were subject to possible redemption and presented as temporary equity. As of December 31, 2023 and March 31, 2023, there were no shares of Class B common stock issued and outstanding. In July 2023, the Company and the Sponsor entered into certain non-redemption agreements (“Non-Redemption Agreements”) with each of six unaffiliated third parties, with respect to a maximum aggregate of <span id="xdx_908_ecustom--NonRedeemableShares_pid_c20230701__20230731__srt--TitleOfIndividualAxis__custom--SponsorMember__us-gaap--TypeOfArrangementAxis__custom--NonRedemptionAgreementMember__srt--RangeAxis__srt--MaximumMember_z6UlwhmP2pe5" title="Non redeemable shares">514,773 shares of the Company’s Class A common stock, in exchange for such third parties agreeing not to redeem (or shall use commercially reasonable efforts to request that the Company’s transfer agent reverse any previously submitted redemption demand) such shares in connection with the 2023 Special Meeting, and the Sponsor has agreed to transfer a maximum aggregate of <span id="xdx_901_eus-gaap--SharesIssued_iI_pid_c20230731__srt--TitleOfIndividualAxis__custom--SponsorMember__us-gaap--TypeOfArrangementAxis__custom--NonRedemptionAgreementMember__srt--RangeAxis__srt--MaximumMember_zdiq9y1R3e02">185,179 Founder Shares pursuant to the Non-Redemption Agreements upon the consummation of the Company’s initial Business Combination. On July 13, 2023, the Company held the 2023 Special Meeting, at which the Company’s stockholders approved the Third Extension. On the 2023 Special Meeting, the Company’s stockholders holding 255,446 public shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, approximately $2,914,230 (approximately $11.41 per share) was removed from the Company’s Trust Account to pay such holders. Following the redemptions in connection with the 2023 Special Meeting, the Company had 4,357,964 shares of Class A common stock issued and outstanding, including 574,764 public shares. TRUGOLF HOLDINGS, INC. F/K/A DEEP MEDICINE ACQUISITION CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Rights Each holder of a right will receive one-tenth (1/10) of one share of Class A common stock upon consummation of a Business Combination. In the event the Company will not be the surviving entity upon completion of the Company’s initial Business Combination, each holder of a public right will automatically receive the 1/10 share of Class A common stock underlying such public right (without paying any additional consideration); and each holder of a Private Placement Right or right underlying Units to be issued upon conversion of the Working Capital Loans will be required to affirmatively convert its rights in order to receive the 1/10 share of Class A common stock underlying each right (without paying any additional consideration). If the Company is unable to complete an initial Business Combination within the required time period and public stockholders redeem the public shares for the funds held in the Trust Account, holders of rights will not receive any such funds in exchange for their rights and the rights will expire worthless. The Company will not issue fractional shares upon conversion of the rights. If, upon conversion of the rights, a holder would be entitled to receive a fractional interest in a share, the Company will, upon exchange, comply with Section 155 of the Delaware General Corporation Law. The Company will make the determination of how to treat fractional shares at the time of its initial Business Combination and will include such determination in the proxy materials that it will send to stockholders for their consideration of such initial Business Combination. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the rights upon consummation of a Business Combination. Additionally, in no event will the Company be required to net cash settle the rights, and the rights may expire worthless. Representative Warrants and Representative Shares Upon the closing of the IPO, the Company issued to the Underwriters Representative Warrants, the exercise price of which will be $12.00 per Share, and 101,200 Representative Shares. The Representative Warrants shall be exercisable, in whole or in part, commencing the later of October 26, 2022 and the closing of the Company’s initial Business Combination and terminating on October 29, 2026. The Company accounted for the 632,500 warrants as an expense of the IPO resulting in a charge directly to stockholders’ equity. The fair value of Representative Warrants was estimated to be approximately $1,333,482 (or $2.11 per warrant) using the Black-Scholes option-pricing model. The fair value of the Representative Warrants granted to the Underwriters was estimated as of the date of grant using the following assumptions: (1) expected volatility of <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20230401__20231231__us-gaap--StatementEquityComponentsAxis__custom--RepresentativeWarrantMember_zbd9u6h0MzS8">35%, (2) risk-free interest rate of <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20230401__20231231__us-gaap--StatementEquityComponentsAxis__custom--RepresentativeWarrantMember_zFTZW512Gagl">1.18% and (3) expected life of <span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dc_c20230401__20231231__us-gaap--StatementEquityComponentsAxis__custom--RepresentativeWarrantMember_z4qqI7Ifw029">five years. The Representative Warrants and the shares of Class A common stock underlying Representative Warrants have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up immediately following October 29, 2021 pursuant to FINRA Rule 5110(e)(1). The Representative Warrants grants to holders demand and “piggy back” rights for periods of five and seven years from October 29, 2021. The Company will bear all fees and expenses attendant to registering the securities, other than underwriting commissions which will be paid for by the holders themselves. The exercise price and number of shares issuable upon exercise of the Representative Warrants may be adjusted in certain circumstances including in the event of a stock dividend, or the Company’s recapitalization, reorganization, merger or consolidation. However, the Representative Warrants will not be adjusted for issuances of Class A common stock at a price below its exercise price. The Underwriters agreed not to transfer, assign or sell any of the Representative Shares without the Company’s prior written consent until the completion of the Business Combination. The Underwriters agreed (i) to waive its redemption rights with respect to such shares in connection with the completion of the initial Business Combination and (ii) to waive its rights to liquidating distributions from the Trust Account with respect to the Representative Shares if the Company fails to complete its initial Business Combination within the Combination Period. The shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following October 29, 2021 pursuant to FINRA Rule 5110(e)(1). TRUGOLF HOLDINGS, INC. F/K/A DEEP MEDICINE ACQUISITION CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

111000000

0.0001

110000000

100000000

10000000

1000000

4357964

4613410

574764

830210

514773

185179

255446 2914230

11.41

4357964

574764

12.00

101200

632500

1333482

2.11

0.35

0.0118

P5Y

P180D

Note 12 - Fair Value Measurements FAIR VALUE MEASUREMENTS <p id="xdx_895_eus-gaap--FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zEYSCrmf4C6k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December 31, 2023 and March 31, 2023 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: SCHEDULE OF FAIR VALUE HIERARCHY VALUATION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold">Description</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; white-space: nowrap; font-weight: bold; text-align: center">December 31, 2023</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">March 31, 2023</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold">Assets:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; width: 43%; text-align: left">Marketable securities held in Trust Account</td><td style="font-family: Times New Roman, Times, Serif; width: 2%"> </td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; width: 15%; text-align: right">1</td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; width: 2%"> </td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--AssetsHeldInTrustCurrent_iI_pp0p0_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zTZogr1ixWF" style="font-family: Times New Roman, Times, Serif; width: 15%; text-align: right" title="Marketable securities held in Trust Account">6,703,330</td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; width: 2%"> </td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--AssetsHeldInTrustCurrent_iI_pp0p0_c20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zK68flP9Aval" style="font-family: Times New Roman, Times, Serif; width: 15%; text-align: right" title="Marketable securities held in Trust Account">9,160,803</td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> </table>

<p id="xdx_895_eus-gaap--FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zEYSCrmf4C6k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December 31, 2023 and March 31, 2023 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: SCHEDULE OF FAIR VALUE HIERARCHY VALUATION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold">Description</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; white-space: nowrap; font-weight: bold; text-align: center">December 31, 2023</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">March 31, 2023</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold">Assets:</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; width: 43%; text-align: left">Marketable securities held in Trust Account</td><td style="font-family: Times New Roman, Times, Serif; width: 2%"> </td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; width: 15%; text-align: right">1</td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; width: 2%"> </td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--AssetsHeldInTrustCurrent_iI_pp0p0_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zTZogr1ixWF" style="font-family: Times New Roman, Times, Serif; width: 15%; text-align: right" title="Marketable securities held in Trust Account">6,703,330</td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; width: 2%"> </td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--AssetsHeldInTrustCurrent_iI_pp0p0_c20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zK68flP9Aval" style="font-family: Times New Roman, Times, Serif; width: 15%; text-align: right" title="Marketable securities held in Trust Account">9,160,803</td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> </table>

6703330

9160803

Note 13 - Subsequent Events SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date these financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements other than the followings: On January 19, 2024, the Company held a special meeting of its stockholders (the “Special Meeting”), at which holders of <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240119__20240119__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_ztVZTy6XllL4">3,952,979 shares of the Company’s Class A common stock were present in person or by proxy, constituting a quorum for the transaction of business at the Special Meeting. Stockholders holding <span id="xdx_90B_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_c20240119__20240119__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zphzm9pZOnx">378,744 of the Company’s public shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, $4,355,556 (approximately $11.50 per share) was removed from the Trust Account to pay such holders. In addition, in connection with the January 26, 2024 meeting to amend certain provisions of DMAQ’s corporate documents allowing DMAQ to extend its existence, an additional 943 shares were redeemed resulting in the removal of an additional $10,845 (approximately $11.50 per share) from the trust account. On January 31, 2024, the Company issued a press release announcing that on January 31, 2024, it consummated the business combination (the “Closing”) contemplated by the previously announced Amended and Restated Agreement and Plan of Merger, dated as of July 21, 2023 (as amended, the “Merger Agreement”), by and among the Company, DMAC Merger Sub Inc., a Nevada corporation and a wholly-owned subsidiary of the Company (“Merger Sub”), Bright Vision Sponsor LLC, a Delaware limited liability company, in the capacity as the Purchaser Representative thereunder, Christopher Jones, in the capacity as the Seller Representative thereunder, and TruGolf, Inc., a Nevada corporation (“TruGolf”). As a result of the Closing and the transactions contemplated by the Merger Agreement, (i) Merger Sub merged with and into TruGolf (the “Merger”), with TruGolf surviving the Merger as a wholly-owned subsidiary of the Company, and (ii) the Company’s name was changed from Deep Medicine Acquisition Corp. to TruGolf Holdings, Inc. The Company’s Class A common stock commenced trading on the Nasdaq Global Market LLC under the ticker symbol “TRUG” on February 1, 2024. Effective as of the Closing Date, the Company’s fiscal year end automatically changed from March 31 to December 31. This change aligns the Company’s fiscal year and financial reporting periods with that of TruGolf, Inc. In connection with the completion of the Business Combination, on the Closing Date, the Company issued TruGolf shareholders <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240101__20240131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zPGHtYpTzX52">5,750,274 shares of Class A common stock and <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240101__20240131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z8GuVfmiDOVi">1,716,860 shares of Class B common stock pursuant to the Merger Agreement. On the Closing date, the Company issued <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20240101__20240131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zHnPmMA7qcy4">212,752 Class A Common Shares to I-Bankers pursuant to the amendment to the BCMA; On the Closing date, <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240101__20240131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--TitleOfIndividualAxis__custom--OfficersAndDirectorsMember_zmjkb8vM5fLf">280,000 Class A Common Shares were issued to the Company’s former officers and directors; On the Closing date, <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesOther_c20240101__20240131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zAeDKDBXh261">1,316,950 Class A Common shares were issued upon the <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesConversionOfUnits_c20240101__20240131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zusEej76wssj">13,169,500 rights conversion.

3952979

378744

4355556

11.50

943

10845

11.50

5750274

1716860

212752

280000

1316950

13169500

595536

877099

20408

315306

9160803

127760867

9776747

128953272

9776747

128953272

6000

21000

866500

15712

57569

1865000

500000

2795069

536712

4427500

7222569

4964212

830210

10.83

12650000

10.10

8994434

127765000

0.0001

1000000

0.0001

100000000

3783200

620700

830210 12650000

378

0.0001

10000000

3162500

316

-6440634

-3776318

-6440256

-3775940

9776747

128953272

60000

200000 1177

1907122

348735

2167122

409912

1824459

-4133

1824459

-4133

-342663

-414045

57569

-400232

-414045

-0.03

-0.05

-0.03

-0.05

10946277

5578069

2313390

3162500

316

49684

-59395

-9395

12650000 1265 126498735 126500000 2855000 2855000 4427500 4427500

101200

-10

519500

519500 52 5194948 5195000 -12650000 -1265 -127763735 -127765000 3302878 -3302878

-414045

620700

3162500

316

-3776318

-3775940

3162500 316 -3162500 -316

-2264084

-400232

3783200

378

-6440634

-6440256

-400232

-414045

1824459

-4133

-294898

277806

850788

14850

-15000

-25000

57569

-1036436

-697868

754873

121034650

1365000

127765000

120424523

-127765000

1365000

121034650

123970000

5195000

325000

100

-119669650

128839900

-281563

377032

877099

500067

595536

877099

127765000

4427500 28 316 2264084

Note 1 - Organization and Description of Business Operations ORGANIZATION AND DESCRIPTION OF BUSINESS OPERATION The Company is a blank check company incorporated on July 8, 2020, under the laws of the State of Delaware for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses or entities (a “Business Combination”). While the Company may, subject to certain limitations, pursue a Business Combination target with operations or prospects in the digital healthcare and AI in medicine sector in the global market. As of March 31, 2023, the Company had not commenced any operations. All activity for the period from July 8, 2020 (inception) through March 31, 2023, relates to the Company’s formation and its initial public offering (“IPO”), which is described below, and subsequent to IPO, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the cash and marketable securities held in the Trust Account (as defined below). The Company has selected March 31 as its fiscal year end. On October 29, 2021, the Company consummated its IPO of <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211028__20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z9ffAwy3oS3c" title="Stock issued during period shares new issues, shares">12,650,000 units (the “Units” and, with respect to the shares of Class A common stock included in the Units, the “Public Shares”) at $<span id="xdx_902_eus-gaap--SharesIssuedPricePerShare_iI_c20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zXXa8TMtihl5" title="Shares issued price per share">10.00 per unit, which included <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211028__20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_ze6BowtKUD83" title="Stock issued during period shares new issues, shares">1,650,000 Units issued pursuant to the full exercise by the Underwriters (as defined below) of their over-allotment option, and the private sale of an aggregate of <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211028__20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z1IuyZBSsii9" title="Stock issued during period shares new issues, shares">519,500 Units (the “Private Placement Units” and with respect to the shares of Class A common stock included in the Units, the “Private Placement Shares”) to its sponsor, Bright Vision Sponsor LLC (the “Sponsor”) and I-Bankers Securities, Inc. (“I-Bankers”) at a purchase price of $<span id="xdx_900_eus-gaap--SharesIssuedPricePerShare_iI_c20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z0coIXEv2Akl" title="Shares issued price per share">10.00 per Private Placement Unit, generating gross proceeds of $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20211028__20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z5GhNYlMIcWl" title="Gross proceeds from private placement">5,195,000 to the Company that closed simultaneously with the closing of the IPO. On December 2, 2021, the Company’s Units no longer traded, and shares of the Company’s Class A common stock and rights underlying the Units commenced trading separately. On February 17, 2023, the Company’s securities were transferred from Nasdaq Global Market to Nasdaq Capital Market (“Nasdaq”). Transaction costs amounted to $7,282,500 consisting of $2,530,000 in cash of underwriting commissions, $4,427,500 of business combination marketing fee, and $325,000 of other offering costs. Upon the closing of the IPO on October 29, 2021, the Company deposited $127,765,000 ($10.10 per Unit) from the proceeds of the IPO and certain proceeds of the sales of Private Placement Units in the trust account (“Trust Account”), located in the United States and invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account, as described below. Following the closing of the IPO, cash of $764,101 was held outside of the Trust Account (as defined below) and is available for working capital purposes. As of March 31, 2023, the Company had available cash of $595,536 on its balance sheet, including $554,873 distributed from the Trust Account for the tax payments, and a working capital deficit of $2,179,125. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. On July 12, 2022, the Company entered into a definitive Business Combination Agreement (“Chijet Business Combination Agreement”) with Chijet Inc. (together with its subsidiaries, “Chijet”), each of the referenced holders of Chijet’s outstanding shares (collectively, the “Sellers”), Chijet Motor Company, Inc., a wholly-owned subsidiary of Chijet (“Pubco”), and Chijet Motor (USA) Company, Inc., a wholly-owned subsidiary of Pubco. Chijet indirectly holds an over 85% interest in Shandong Baoya New Energy Vehicle Co., Ltd., a Chinese company (“Baoya”), which is a producer and manufacturer of electric vehicles. In addition, Chijet indirectly holds an over 64% interest in FAW Jilin Automobile Co., Ltd., a Chinese company (“FAW Jilin”), which manufactures and sells traditional fuel vehicles. On September 6, 2022, Chijet Business Combination Agreement was amended to extend the due diligence period until and ended on September 20, 2022, which was subsequently extended to September 30, 2022 pursuant to the second amendment of Chijet Business Combination Agreement, dated September 16, 2022. On September 26, 2022, the Company terminated Chijet Business Combination Agreement and the Company is not obligated to pay any penalties pursuant to the terms of Chijet Business Combination Agreement as a result of the termination. DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2023 On March 31, 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with DMAC Merger Sub Inc., a Nevada corporation and wholly-owned subsidiary of the Company (“Merger Sub”), TruGolf, Inc., a Nevada corporation (“TruGolf”), Bright Vision Sponsor LLC, a Delaware limited liability company, in the capacity as the representative for certain stockholders of the Company, and Christopher Jones, an individual, in the capacity as the representative for stockholders of TruGolf. Pursuant to the Merger Agreement, and subject to the terms and conditions set forth therein, upon the consummation of the transactions contemplated thereby (the “Closing”), Merger Sub will merge with and into TruGolf, with TruGolf surviving as a wholly-owned subsidiary of the Company, and with TruGolf’s equity holders receiving shares of the Company’s common stock. The Company must complete a Business Combination with one or more operating businesses or assets that together have an aggregate fair market value equal to at least <span id="xdx_902_eus-gaap--FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerSharePercentCurrencies_iI_pid_dp_uPure_c20230331__us-gaap--BusinessAcquisitionAxis__custom--BusinessCombinationAgreementMember_zgZgcXIx7Q2g" title="Fair market value of net assets">80% of the net assets held in the Trust Account (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting commissions) at the time of the Company’s signing a definitive agreement in connection with its initial Business Combination. The Company will only complete a Business Combination if the post-transaction company owns or acquires <span id="xdx_904_eus-gaap--BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage_iI_pid_dp_uPure_c20230331__us-gaap--BusinessAcquisitionAxis__custom--BusinessCombinationAgreementMember_zOkMiXqYm5I1" title="Percent of business combination transaction">50% or more of the outstanding voting securities of the target or otherwise acquires an interest in the target business or assets sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide its stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $10.10 per share), calculated as of two business days prior to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. The shares of Class A common stock are recorded at redemption value and classified as temporary equity upon the completion of the IPO, in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $<span id="xdx_906_ecustom--BusinessCombinationNetTangibleAssets_c20220401__20230331__us-gaap--BusinessAcquisitionAxis__custom--BusinessCombinationAgreementMember_zfk40f2smCti" title="Business combination net tangible assets">5,000,001 upon such completion of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor has agreed to (i) waive its redemption rights with respect to any shares of Class A common stock held by them in connection with the completion of the Business Combination, (ii) waive its redemption rights with respect to any shares of Class A common stock held by them in connection with a stockholder vote to approve an amendment to the Company’s second amended and restated certificate of incorporation (a) to modify the substance or timing of the Company’s obligation to redeem <span id="xdx_908_ecustom--RedemptionOutstandingPublicSharesPercentage_pid_dp_uPure_c20220711__20220712__us-gaap--BusinessAcquisitionAxis__custom--BusinessCombinationAgreementMember_zJVBMQmNIpR4" title="Business combination net tangible assets">100% of the Public Shares if the Company does not complete the Business Combination within the Combination Period (as defined below) or (b) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity and (iii) waive its rights to liquidating distributions from the Trust Account with respect to the shares of Class B common stock they purchased in March 2021 (the “Founder Shares”) or Private Placement Shares if the Company fails to complete the Business Combination within the Combination Period (as defined below). In addition, the Sponsor has agreed to vote any share it held in favor of the Business Combination. Additionally, each public stockholder may elect to redeem its Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s second amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent. DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2023 The Company initially had until October 29, 2022 (or April 29, 2023 if the Company may extend the period of time to consummate a Business Combination) (the “Initial Combination Period”) to complete a Business Combination. On October 19, 2022, an aggregate of $1,265,000 was deposited into the Company’s Trust Account to extend the Company’s time to consummate a Business Combination from October 29, 2022 to January 29, 2023, which amount will be included in the pro rata amount distributed to (i) all of the holders of the Class A common stock sold in the Company’s IPO (“Public Shares”) upon the Company’s liquidation or (ii) holders of Public Shares who elect to have their shares redeemed in connection with the consummation of the Company’s initial Business Combination. If the Company is unable to complete a Business Combination within the Combination Period (as defined below), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than 10 business days thereafter, redeem 100% of the outstanding Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned (less up to $50,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares and Private Placement Shares if the Company fails to complete a Business Combination within the Combination Period (as defined below). However, if the Sponsor acquires Public Shares in or after the IPO, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period (as defined below). The underwriters have agreed to waive their rights to their business combination marketing fees (see Note 9) held in the Trust Account in the event the Company does not complete a Business Combination within the Initial Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the IPO price per Unit ($10.10). The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party for services rendered or products sold to the Company, or by a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.10 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent auditors), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. On December 23, 2022, the Company held a special meeting of stockholders in lieu of an annual meeting of stockholders (the “Meeting”). At the Meeting, the Company’s stockholders approved an amendment to the Company’s Second Amended and Restated Certificate of Incorporation (the “Charter Amendment”) to (i) extend the date by which the Company must consummate its initial Business Combination from January 29, 2023 to July 29, 2023 (the “Combination Period”), or such earlier date as determined by the Company’s board of directors and (ii) provide for the right of a holder of Class B common stock of the Company to convert into Class A common stock of the Company on a one-for-one basis prior to the closing of an initial Business Combination. Subsequently, the Charter Amendment was filed with the Secretary of State of the State of Delaware and stockholders holding all of the issued and outstanding Class B common stock of the Company elected to convert their Class B common stock into Class A common stock of the Company on a one-for-one basis. The Combination Period is extended to July 29, 2023, provided that an additional amount of $50,000 will be deposited into the Trust Account for each month after January 29, 2023. Accordingly, an aggregate of $100,000 was deposited into the Trust Account as of March 31, 2023 and an additional $100,000 has been deposited subsequently. In addition, <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationForfeited_c20220401__20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zxV82a5CvBX8" title="Shares were cancelled">3,162,500 shares of Class B common stock of the Company were cancelled, and <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20220401__20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zei0FFgpPqC5" title="Shares issued to converting convertible securities">3,162,500 shares of Class A Common Stock were issued to such converting Class B stockholders. The <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20220401__20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zHOuPoh16D1d" title="Shares issued to converting convertible securities">3,162,500 shares of Class A common stock issued pursuant to the conversion are subject to the same restrictions applicable to the Class B common stock before the conversion, including, among other things, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of an initial Business Combination as described in the prospectus for our IPO. Additionally, stockholders holding 11,819,790 shares of the Public Shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, $121,034,650 (approximately $10.24 per share) was removed from the Company’s Trust Account to pay such holders. Following redemptions, the Company had 830,210 Public Shares outstanding. DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2023 Underwriting Agreement and Business Combination Marketing Agreement The Company engaged I-Bankers as the representative of the underwriters (the “Underwriters”) in the IPO of the Company’s Class A common stock for $<span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn6n6_c20220401__20230331__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zcNw3kTe0yp5" title="Stock issued during period value new issues">110 million and the simultaneous listing on Nasdaq. Pursuant to that certain underwriting agreement, I-Bankers acted as the representative of the Underwriters of the IPO for <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20220401__20230331__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zwGvh8HIWJ52" title="Stock issued during period shares new issues, shares">11,000,000 Units at $10.00 per Unit, plus an over-allotment option equal to 15% of the number of Units offered, or <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20220401__20230331__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zYNaxvygc6L8" title="Stock issued during period shares new issues, shares">1,650,000 Units, which was exercised in full simultaneously upon the closing of the IPO. The Company paid I-Bankers underwriters’ commission of $2,530,000, equal to 2.0% of the gross proceeds raised in the IPO for such services upon the consummation of the IPO (exclusive of any applicable finders’ fees which might become payable). Upon the closing of the IPO, the Company issued to I-Bankers a <span id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dxL_c20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IBankerMember_zDnubDbBNBOc" title="Warrant expiration term::XDX::P5Y">five-year warrant to purchase <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IBankerMember_zJQ0aCrKCfmf" title="Warrant issue to purchase stock">632,500 Shares of Class A common stock, equal to <span id="xdx_904_ecustom--PercentageOfWarrantsIssued_pid_dp_uPure_c20211028__20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IBankerMember_zpQI7gJh35D5" title="Percentage of warrants issued">5.0% of the Shares issued in the IPO (“Representative Warrants”). The exercise price of Representative Warrants is $<span id="xdx_907_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20211029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IBankerMember_zeQQX2ffxZM8" title="Warrants exercise price">12.00 per Share. In addition, I-Bankers was issued <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211028__20211029__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IBankerMember__us-gaap--StatementClassOfStockAxis__custom--RepresentativeSharesMember_zj6T2T87C497" title="Stock issued during period shares new issues, shares">101,200 shares of Class A common stock upon the consummation of IPO (“Representative Shares”). In addition, under a business combination marketing agreement, the Company has engaged I-Bankers as an advisor in connection with the Business Combination and will pay I-Bankers a cash fee for such marketing services upon the consummation of the Business Combination in an amount equal to, in the aggregate, 3.5% of the gross proceeds of the IPO, including any proceeds from the exercise of the underwriters’ over-allotment option. The fee will become payable to the Underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Liquidity and Capital Resources The Company has principally financed its operations from inception using proceeds from the sale of its equity securities to its stockholders prior to the IPO, proceeds from related party loan and such amount of proceeds from the IPO that were placed in an account outside of the Trust Account for working capital purposes. Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination. As of March 31, 2023 and March 31, 2022, the Company had loans payable to the Sponsor and its affiliates in amount of $1,865,000 and $500,000, respectively, including a promissory note of up to $<span id="xdx_906_eus-gaap--ProceedsFromUnsecuredNotesPayable_pp0p0_c20220401__20230331__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorAndItsAffiliatesMember_zbQymFzWukNd" title="Proceeds from unsecured notes payable">500,000, dated March 15, 2021, between the Company and the Sponsor (the “Sponsor Note”). The Sponsor Note is unsecured with zero interest. These amounts will be repaid upon completion of an initial Business Combination. Under no circumstances shall any individual, including but not limited to any officer, director, employee or stockholder of the Company, be obligated personally for any obligations or liabilities of the Sponsor Note. On October 15, 2022, the Company issued two promissory notes in an aggregate principal amount of $1,265,000 (collectively, the “Sponsor Affiliate Notes”) to two affiliates of the Company’s Sponsor (collectively, the “Sponsor Affiliates”), in connection with the extension of the Initial Combination Period from October 29, 2022 to January 29, 2023. The Sponsor Affiliate Notes bear no interest and are repayable in full upon the earlier of (a) the date of the consummation of the Company’s initial Business Combination, or (b) the date of the liquidation of the Company. On October 19, 2022, an aggregate of $1,265,000 was deposited into the Trust Account, which amount will be included in the pro rata amount distributed to (i) holders of Public Shares upon the Company’s liquidation or (ii) holders of Public Shares who elect to have their shares redeemed in connection with the consummation of the Company’s initial Business Combination. DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2023 On February 9, 2023, the Company issued a promissory note in an aggregate principal amount of $300,000 to an affiliate of the Company’s Sponsor, in connection with the extension of the Company’s time to consummate an initial Business Combination from January 29, 2023 to July 29, 2023, provided that a monthly payment of $50,000 will be deposited into the Trust Account after January 29, 2023. This note bears no interest and is repayable in full upon the earlier of (a) the date of the consummation of the Company’s initial Business Combination, or (b) the date of the liquidation of the Company. Accordingly, an aggregate of $100,000 was deposited into the Company’s Trust Account as of March 31, 2023 and an additional $<span id="xdx_90F_eus-gaap--AssetsHeldInTrust_iI_c20230630__srt--TitleOfIndividualAxis__custom--StockHoldersMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zex1e2pWm9d8" title="Deposits into trust account">100,000 has been deposited subsequently. The Company may need to raise additional capital through loans or additional investments from its Sponsor, stockholders, officers, directors, or third parties. The Company’s officers, directors and Sponsor may, but are not obligated to (other than as described above), loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, and/or search for a target company, the specific impact is not readily determinable as of the date of this financial statement. The financial statement does not include any adjustments that might result from the outcome of this uncertainty. Going Concern and Management’s Plan The Company expects to incur significant costs in pursuit of its acquisition plans and will not generate any operating revenues until after the completion of its initial Business Combination. In addition, the Company expects to have negative cash flows from operations as it pursues an initial Business Combination target. In connection with the Company’s assessment of going concern considerations in accordance with FASB Accounting Standards Update (“ASU”) Topic 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern” the Company does not currently have adequate liquidity to sustain operations, which consist solely of pursuing a Business Combination. The Company may raise additional capital through loans or additional investments from the Sponsor or its stockholders, officers, directors, or third parties. The Company’s officers and directors and the Sponsor may, but are not obligated to (except as described above), loan the Company funds, from time to time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Based on the foregoing, the Company believes it will have sufficient cash to meet its needs through the earlier of consummation of a Business Combination or the deadline to complete a Business Combination pursuant to the Company’s Amended and Restated Certificate of Incorporation (unless otherwise amended by stockholders). While the Company expects to have sufficient access to additional sources of capital if necessary, there is no current commitment on the part of any financing source to provide additional capital and no assurances can be provided that such additional capital will ultimately be available. These conditions raise substantial doubt about the Company’s ability to continue as a going concern until the consummation of a Business Combination or for a period of time within one year after the date that these financial statements are issued. There is no assurance that the Company’s plans to raise additional capital (to the extent ultimately necessary) or to consummate a Business Combination will be successful or successful within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. As is customary for a special purpose acquisition company, if the Company is not able to consummate a Business Combination during the Combination Period, it will cease all operations and redeem the Public Shares. Management plans to continue its efforts to consummate a Business Combination during the Combination Period. DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2023

12650000

10.00

1650000

519500

10.00

5195000

7282500 2530000 4427500 325000

127765000

10.10

P185D

764101

595536

554873 2179125

0.64

0.80

0.50

10.10

5000001 1

1265000

50000

10.10

50000

100000

3162500

11819790 121034650

10.24

830210

110000000

11000000

10.00

0.15

1650000

2530000

632500

0.050

12.00

101200

1865000

500000

1265000

300000

50000

100000

Note 2 - Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of US Securities and Exchange Commission (“SEC”). Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act and modified by the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. The Company had cash of $595,536 on its balance sheet, including $554,873 distributed from the Trust Account for the tax payments as of March 31, 2023, and cash of $877,099 as of March 31, 2022. The Company had no cash equivalent as of March 31, 2023 and March 31, 2022. Marketable Securities Held in Trust Account At March 31, 2023, substantially all of the assets held in the Trust Account were held in money market funds, which are invested primarily in U.S. Treasury securities. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in interest earned on marketable securities held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information. As of March 31, 2023 and March 31, 2022, the marketable securities held in the Trust Account were $9,160,803 and $127,760,867, respectively. Common Stock Subject to Possible Redemption The Company accounts for its common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, common stock subject to possible redemption are presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet. DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2023 The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Immediately upon the closing of the IPO, the Company recognized the remeasurement from initial book value to redemption value. The change in the carrying value of redeemable common stock resulted in charges against additional paid-in capital and accumulated deficit. At March 31, 2023, the common stock subject to redemption reflected in the balance sheet are reconciled in the following table: SCHEDULE OF COMMON STOCK SUBJECT TO REDEMPTION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 78%; text-align: left">Gross proceeds</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_981_ecustom--GrossProceedsCommonStockSubjectToPossibleRedemption_c20210401__20220331_znpD85854iQk" style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right" title="Gross proceeds">126,500,000</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Less:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Common stock issuance costs</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_ecustom--CommonStockIssuanceCostsCommonStockSubjectToPossibleRedemption_iN_di_c20210401__20220331_ztUfR6HDtahe" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Common stock issuance costs">(2,855,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Plus:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 10pt">Remeasurement of carrying value to redemption value</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_983_ecustom--RemeasurementOfCarryingValueToRedemptionValueCommonStockSubjectToPossibleRedemption_c20210401__20220331_z7gkcGZWHL7" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Remeasurement of carrying value to redemption value">4,120,000</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Common stock subject to possible redemption, March 31, 2022</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_989_ecustom--CommonStockSubjectToPossibleRedemption_iS_c20220401__20230331_z86QWvWKlTh5" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Common stock subject to possible redemption, March 31, 2022">127,765,000</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif">Less:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Distribution for redemption</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_983_ecustom--DistributionForRedemption_iN_di_c20220401__20230331_zObSsO9xBTwl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Distribution for redemption">(121,034,650</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif">Plus:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 10pt">Remeasurement of carrying value to redemption value</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_ecustom--RemeasurementOfCarryingValueToRedemptionValue_c20220401__20230331_zWQNa8u1og0f" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Remeasurement of carrying value to redemption value">2,264,084</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Common stock subject to possible redemption, March 31, 2023</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98B_ecustom--CommonStockSubjectToPossibleRedemption_iE_c20220401__20230331_zn3ZjdGclTCa" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Common stock subject to possible redemption, March 31, 2023">8,994,434</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. Fair Value Measurements The Company follows the guidance in ASC Topic 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">Level 1:</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Level 2:</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Level 3:</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.</td></tr> </table> DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2023 Warrants ASC Topic 480 requires a reporting entity to classify certain freestanding financial instruments as liabilities (or in some cases as assets). ASC 480-10-S99 addresses concerns raised by the SEC regarding the financial statement classification and measurement of securities subject to mandatory redemption requirements or whose redemption is outside the control of the issuer. If the stock subject to mandatory redemption provisions represents the only shares in the reporting entity, it must report instruments in the liabilities section of its statement of financial position. The stock subject must then describe them as shares subject to mandatory redemption, so as to distinguish the instruments from other financial statement liabilities. The Company concludes that the warrants to I-Bankers do not exhibit any of the above characteristics and, therefore, are outside the scope of ASC 480. The warrants were issued in accordance with the guidance contained in ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity. Stock Based Compensation The Company recognizes compensation costs to employees under FASB Accounting Standards Codification 718 “Compensation - Stock Compensation” (“ASC 718”). Under ASC 718, companies are required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share based compensation arrangements include stock options and warrants. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective vesting periods of the option grant. On July 8, 2020, the inception date, the Company adopted ASU No. 2018-07 “Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” These amendments expand the scope of Topic 718, Compensation - Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. Income Taxes The Company accounts for income taxes under FASB ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company is subject to income tax examinations by major taxing authorities since inception. These examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. During the year ended March 31, 2023, the Company generated taxable income of $274,139 and thus accrued and recognized income tax expense of $57,569. Significant components of the Company’s deferred tax assets and liabilities as of March 31, 2023 and March 31, 2022 after applying enacted corporate income tax rate, is net operating loss carryforward of $0 and $0, and a valuation allowance of $0 and $0, respectively, which the total deferred tax asset was $0 in both years ended March 31, 2023 and March 31, 2022. The realization of deferred tax assets, including net operating loss carryforwards, is dependent on the generation of future taxable income sufficient to realize the tax deductions, carryforwards, and credits. Valuation allowances on deferred tax assets are recognized if it is determined that it is more likely than not that the asset will not be realized. DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2023 Net Loss per Share of Common Stock The Company complies with accounting and disclosure requirements ASC Topic 260, “Earnings per Share.” Net loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock issued and outstanding for the period, excluding shares of common stock subject to forfeiture. At March 31, 2023 and March 31, 2022, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into shares of common stock and then share in the earnings (loss) of the Company. As a result, diluted loss per share of common stock is the same as basic loss per share of common stock for the period. SCHEDULE OF DILUTED LOSS PER SHARE OF COMMON STOCK <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" id="xdx_49F_20220401__20230331_z9jRaKFWPRPc" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">For the Year Ended March 31, 2023</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" id="xdx_492_20210401__20220331_zhs51f1cVECg" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Year Ended March 31, 2022</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif">Numerator:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_zmbMtWP18Pak" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 60%; text-align: left">Net loss</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">(400,232</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">(414,045</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif">Denominator:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--EarningsPerShareBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zFSSTRgStRWk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Basic and diluted loss per share – Class A</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.05</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--EarningsPerShareBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z8S2eKZULKCk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Basic and diluted loss per share – Class B</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.05</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zEc3TxbwQbZc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Denominator for basic and diluted earnings per share - Weighted-average shares of Class A common stock issued and outstanding during the period</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">10,946,277</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,578,069</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zIf8jT6adPxl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Denominator for basic and diluted earnings per share - Weighted-average shares of Class B common stock issued and outstanding during the period</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,313,390</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,162,500</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts. Recent Accounting Pronouncements In August 2020, the FASB issued FASB ASU Topic 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The adoption of ASU 2020-06 did not have an impact on the Company’s financial statements. Management does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of US Securities and Exchange Commission (“SEC”).

Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act and modified by the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates.

Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. The Company had cash of $595,536 on its balance sheet, including $554,873 distributed from the Trust Account for the tax payments as of March 31, 2023, and cash of $877,099 as of March 31, 2022. The Company had no cash equivalent as of March 31, 2023 and March 31, 2022.

595536

554873

877099

Marketable Securities Held in Trust Account At March 31, 2023, substantially all of the assets held in the Trust Account were held in money market funds, which are invested primarily in U.S. Treasury securities. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in interest earned on marketable securities held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information. As of March 31, 2023 and March 31, 2022, the marketable securities held in the Trust Account were $9,160,803 and $127,760,867, respectively.

9160803

127760867

Common Stock Subject to Possible Redemption The Company accounts for its common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, common stock subject to possible redemption are presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet. DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2023 The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Immediately upon the closing of the IPO, the Company recognized the remeasurement from initial book value to redemption value. The change in the carrying value of redeemable common stock resulted in charges against additional paid-in capital and accumulated deficit. At March 31, 2023, the common stock subject to redemption reflected in the balance sheet are reconciled in the following table: SCHEDULE OF COMMON STOCK SUBJECT TO REDEMPTION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 78%; text-align: left">Gross proceeds</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_981_ecustom--GrossProceedsCommonStockSubjectToPossibleRedemption_c20210401__20220331_znpD85854iQk" style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right" title="Gross proceeds">126,500,000</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Less:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Common stock issuance costs</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_ecustom--CommonStockIssuanceCostsCommonStockSubjectToPossibleRedemption_iN_di_c20210401__20220331_ztUfR6HDtahe" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Common stock issuance costs">(2,855,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Plus:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 10pt">Remeasurement of carrying value to redemption value</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_983_ecustom--RemeasurementOfCarryingValueToRedemptionValueCommonStockSubjectToPossibleRedemption_c20210401__20220331_z7gkcGZWHL7" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Remeasurement of carrying value to redemption value">4,120,000</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Common stock subject to possible redemption, March 31, 2022</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_989_ecustom--CommonStockSubjectToPossibleRedemption_iS_c20220401__20230331_z86QWvWKlTh5" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Common stock subject to possible redemption, March 31, 2022">127,765,000</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif">Less:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Distribution for redemption</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_983_ecustom--DistributionForRedemption_iN_di_c20220401__20230331_zObSsO9xBTwl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Distribution for redemption">(121,034,650</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif">Plus:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 10pt">Remeasurement of carrying value to redemption value</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_ecustom--RemeasurementOfCarryingValueToRedemptionValue_c20220401__20230331_zWQNa8u1og0f" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Remeasurement of carrying value to redemption value">2,264,084</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Common stock subject to possible redemption, March 31, 2023</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98B_ecustom--CommonStockSubjectToPossibleRedemption_iE_c20220401__20230331_zn3ZjdGclTCa" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Common stock subject to possible redemption, March 31, 2023">8,994,434</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> At March 31, 2023, the common stock subject to redemption reflected in the balance sheet are reconciled in the following table: SCHEDULE OF COMMON STOCK SUBJECT TO REDEMPTION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 78%; text-align: left">Gross proceeds</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_981_ecustom--GrossProceedsCommonStockSubjectToPossibleRedemption_c20210401__20220331_znpD85854iQk" style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right" title="Gross proceeds">126,500,000</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Less:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Common stock issuance costs</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_ecustom--CommonStockIssuanceCostsCommonStockSubjectToPossibleRedemption_iN_di_c20210401__20220331_ztUfR6HDtahe" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Common stock issuance costs">(2,855,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Plus:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 10pt">Remeasurement of carrying value to redemption value</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_983_ecustom--RemeasurementOfCarryingValueToRedemptionValueCommonStockSubjectToPossibleRedemption_c20210401__20220331_z7gkcGZWHL7" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Remeasurement of carrying value to redemption value">4,120,000</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Common stock subject to possible redemption, March 31, 2022</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_989_ecustom--CommonStockSubjectToPossibleRedemption_iS_c20220401__20230331_z86QWvWKlTh5" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Common stock subject to possible redemption, March 31, 2022">127,765,000</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif">Less:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Distribution for redemption</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_983_ecustom--DistributionForRedemption_iN_di_c20220401__20230331_zObSsO9xBTwl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Distribution for redemption">(121,034,650</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif">Plus:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 10pt">Remeasurement of carrying value to redemption value</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_ecustom--RemeasurementOfCarryingValueToRedemptionValue_c20220401__20230331_zWQNa8u1og0f" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Remeasurement of carrying value to redemption value">2,264,084</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Common stock subject to possible redemption, March 31, 2023</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98B_ecustom--CommonStockSubjectToPossibleRedemption_iE_c20220401__20230331_zn3ZjdGclTCa" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Common stock subject to possible redemption, March 31, 2023">8,994,434</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 126500000 2855000 4120000 127765000 121034650 2264084 8994434

Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

Fair Value Measurements The Company follows the guidance in ASC Topic 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">Level 1:</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Level 2:</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Level 3:</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.</td></tr> </table> DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2023

Warrants ASC Topic 480 requires a reporting entity to classify certain freestanding financial instruments as liabilities (or in some cases as assets). ASC 480-10-S99 addresses concerns raised by the SEC regarding the financial statement classification and measurement of securities subject to mandatory redemption requirements or whose redemption is outside the control of the issuer. If the stock subject to mandatory redemption provisions represents the only shares in the reporting entity, it must report instruments in the liabilities section of its statement of financial position. The stock subject must then describe them as shares subject to mandatory redemption, so as to distinguish the instruments from other financial statement liabilities. The Company concludes that the warrants to I-Bankers do not exhibit any of the above characteristics and, therefore, are outside the scope of ASC 480. The warrants were issued in accordance with the guidance contained in ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity.

Stock Based Compensation The Company recognizes compensation costs to employees under FASB Accounting Standards Codification 718 “Compensation - Stock Compensation” (“ASC 718”). Under ASC 718, companies are required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share based compensation arrangements include stock options and warrants. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective vesting periods of the option grant. On July 8, 2020, the inception date, the Company adopted ASU No. 2018-07 “Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” These amendments expand the scope of Topic 718, Compensation - Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned.

Income Taxes The Company accounts for income taxes under FASB ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company is subject to income tax examinations by major taxing authorities since inception. These examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. During the year ended March 31, 2023, the Company generated taxable income of $274,139 and thus accrued and recognized income tax expense of $57,569. Significant components of the Company’s deferred tax assets and liabilities as of March 31, 2023 and March 31, 2022 after applying enacted corporate income tax rate, is net operating loss carryforward of $0 and $0, and a valuation allowance of $0 and $0, respectively, which the total deferred tax asset was $0 in both years ended March 31, 2023 and March 31, 2022. The realization of deferred tax assets, including net operating loss carryforwards, is dependent on the generation of future taxable income sufficient to realize the tax deductions, carryforwards, and credits. Valuation allowances on deferred tax assets are recognized if it is determined that it is more likely than not that the asset will not be realized. DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2023

274139

57569

Net Loss per Share of Common Stock The Company complies with accounting and disclosure requirements ASC Topic 260, “Earnings per Share.” Net loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock issued and outstanding for the period, excluding shares of common stock subject to forfeiture. At March 31, 2023 and March 31, 2022, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into shares of common stock and then share in the earnings (loss) of the Company. As a result, diluted loss per share of common stock is the same as basic loss per share of common stock for the period. SCHEDULE OF DILUTED LOSS PER SHARE OF COMMON STOCK <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" id="xdx_49F_20220401__20230331_z9jRaKFWPRPc" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">For the Year Ended March 31, 2023</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" id="xdx_492_20210401__20220331_zhs51f1cVECg" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Year Ended March 31, 2022</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif">Numerator:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_zmbMtWP18Pak" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 60%; text-align: left">Net loss</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">(400,232</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">(414,045</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif">Denominator:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--EarningsPerShareBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zFSSTRgStRWk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Basic and diluted loss per share – Class A</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.05</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--EarningsPerShareBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z8S2eKZULKCk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Basic and diluted loss per share – Class B</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.05</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zEc3TxbwQbZc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Denominator for basic and diluted earnings per share - Weighted-average shares of Class A common stock issued and outstanding during the period</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">10,946,277</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,578,069</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zIf8jT6adPxl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Denominator for basic and diluted earnings per share - Weighted-average shares of Class B common stock issued and outstanding during the period</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,313,390</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,162,500</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

SCHEDULE OF DILUTED LOSS PER SHARE OF COMMON STOCK <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" id="xdx_49F_20220401__20230331_z9jRaKFWPRPc" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">For the Year Ended March 31, 2023</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" id="xdx_492_20210401__20220331_zhs51f1cVECg" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Year Ended March 31, 2022</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif">Numerator:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLoss_zmbMtWP18Pak" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 60%; text-align: left">Net loss</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">(400,232</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">(414,045</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif">Denominator:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--EarningsPerShareBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zFSSTRgStRWk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Basic and diluted loss per share – Class A</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.05</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--EarningsPerShareBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z8S2eKZULKCk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Basic and diluted loss per share – Class B</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.03</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.05</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zEc3TxbwQbZc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Denominator for basic and diluted earnings per share - Weighted-average shares of Class A common stock issued and outstanding during the period</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">10,946,277</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,578,069</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zIf8jT6adPxl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Denominator for basic and diluted earnings per share - Weighted-average shares of Class B common stock issued and outstanding during the period</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,313,390</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,162,500</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

-400232

-414045

-0.03

-0.05

-0.03

-0.05

10946277

5578069

2313390

3162500

Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts.

250000

Recent Accounting Pronouncements In August 2020, the FASB issued FASB ASU Topic 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The adoption of ASU 2020-06 did not have an impact on the Company’s financial statements. Management does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Note 3 - Related Party Transactions RELATED PARTY TRANSACTIONS Accrued Expenses - Related Parties As of March 31, 2023 and March 31, 2022, the Company had accrued expenses – related parties in amount of $6,000 and $21,000, respectively, of which $6,000 was in connection with the accrued non-cash compensation to the Company’s management and directors. Pursuant to the executed Offer Letters, the Company agreed to pay the Company’s Chief Financial Officer $<span id="xdx_908_eus-gaap--OfficersCompensation_pp0p0_c20220401__20230331__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember__us-gaap--AwardDateAxis__custom--StartingFromAugustOneTwoThousandTwentyMember_zDdfbzWQSU48" title="Officers compensation">5,000 in cash per month starting from August 1, 2020, and the Company’s officers and directors an aggregate of <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220401__20230331__srt--TitleOfIndividualAxis__custom--OfficersAndDirectorsMember_zkiDzG0OMJY1" title="Stock issued during period shares new issues, shares">300,000 post Business Combination shares within 10 days following a Business Combination, with the same lock-up restrictions and registration rights as the Founder Shares. The fair value of this stock issuance was determined by the fair value of the Company’s Common Stock on the grant date, at a price of $0.02 per share. As of March 31, 2023 and March 31, 2022, the accrued expenses related to the cash compensation to the Company’s Chief Financial Officer was $0 and $15,000, respectively. DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2023 Loan Payable – Related Party As of March 31, 2023 and March 31, 2022, the Company had loans payable to the Sponsor and its affiliates in amount of $1,865,000 and $500,000, respectively, including a promissory note of up to $<span id="xdx_90E_eus-gaap--ProceedsFromUnsecuredNotesPayable_pp0p0_c20220401__20230331__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorAndItsAffiliatesMember_zKCiC1NOrkO6" title="Proceeds from unsecured notes payable">500,000, dated March 15, 2021, between the Company and the Sponsor (the “Sponsor Note”). The Sponsor Note is unsecured with zero interest. The proceeds of the Sponsor Note were used to pay a portion of the offering expenses of the IPO. These amounts will be repaid upon completion of an initial Business Combination. Under no circumstances shall any individual, including but not limited to any officer, director, employee or stockholder of the Company, be obligated personally for any obligations or liabilities of the Sponsor Note. On October 15, 2022, the Company issued the Sponsor Affiliate Notes in an aggregate principal amount of $1,265,000 to the Sponsor Affiliates, in connection with the extension of the Initial Combination Period from October 29, 2022 to January 29, 2023. The Sponsor Affiliate Notes bear no interest and are repayable in full upon the earlier of (a) the date of the consummation of the Company’s initial Business Combination, or (b) the date of the liquidation of the Company. On October 19, 2022, an aggregate of $1,265,000 was deposited into the Company’s Trust Account, which amount will be included in the pro rata amount distributed to (i) holders of Public Shares upon the Company’s liquidation or (ii) holders of Public Shares who elect to have their shares redeemed in connection with the consummation of the Company’s initial Business Combination. On February 9, 2023, the Company issued a promissory note in an aggregate principal amount of $<span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_c20230209__srt--TitleOfIndividualAxis__custom--SponsorMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_z8LtgyblvuPd" title="Debt instrument face amount">300,000 to an affiliate of the Company’s Sponsor, in connection with the extension of the Company’s time to consummate an initial Business Combination from January 29, 2023 to July 29, 2023, provided that a monthly payment of $<span id="xdx_905_eus-gaap--DebtInstrumentPeriodicPayment_c20230209__20230209__srt--TitleOfIndividualAxis__custom--SponsorMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_zinXGTjnX3ak" title="Periodic payment">50,000 will be deposited into the Trust Account after January 29, 2023. This note bears no interest and is repayable in full upon the earlier of (a) the date of the consummation of the Company’s initial Business Combination, or (b) the date of the liquidation of the Company. Accordingly, an aggregate of $<span id="xdx_904_eus-gaap--AssetsHeldInTrustCurrent_iI_c20230209__srt--TitleOfIndividualAxis__custom--SponsorMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_zQhNwAnECqCf" title="Marketable securities held in Trust Account">100,000 has been deposited into the Company’s Trust Account as of March 31, 2023 and additional $<span id="xdx_90F_eus-gaap--Deposits_iI_c20230209__srt--TitleOfIndividualAxis__custom--SponsorMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_z9BBB24qHed5" title="Deposit held in trust account">100,000 has been deposited subsequently. Working Capital Loans In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, an affiliate of the Sponsor, or certain of the Company’s officers and directors or their affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into private placement- equivalent units at a price of $10.00 per unit at the option of the lender. Such units would be identical to the Private Placement Units. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. As of March 31, 2023 and March 31, 2022, no Working Capital Loans were outstanding.

6000 21000 6000

5000

300000

0.02

15000

1865000

500000

1265000

300000

50000

100000

1500000

10.00

0 0

Note 4 - Commitments and Contingency COMMITMENTS AND CONTINGENCIES Registration Rights The holders of the Founder Shares, Private Placement Units (and their underlying securities), the Representative Shares, the Representative Warrants (and their underlying securities), the <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20220401__20230331__srt--TitleOfIndividualAxis__custom--OfficersAndDirectorsMember_zArwQaAmxw8h" title="Stock issued during period shares new issues, shares">300,000 shares of Class A common stock issuable to the Company’s directors and officers within 10 days following the Business Combination and any Units that may be issued upon conversion of the Working Capital Loans (and their underlying securities) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the IPO requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to Class A common stock). The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The registration rights agreement does not contain liquidated damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements. DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2023 Underwriting Agreement The Company had granted the Underwriters a 30-day option from the date of IPO to purchase up to 1,650,000 additional Units to cover over-allotments, if any, at the IPO price less the underwriting discounts and commissions. Simultaneously upon the closing of the IPO, the Underwriters exercised the over-allotment option in full. As such, the Underwriters were paid an underwriting discount and commission of $0.20 per Unit, or $2,530,000 in the aggregate payable upon the closing of the IPO, and I-Bankers was entitled to a business combination marketing fee of $4,427,500 in the aggregate, which is held in the Trust Account and payable upon completion of the Business Combination.

300000

1650000

0.20

2530000

4427500

Note 5 - Stockholders’ Equity STOCKHOLDERS’ EQUITY The Company is authorized to issue a total of 111,000,000 shares, par value of $0.0001 per share, consisting of (a) 110,000,000 shares of common stock, including (i) 100,000,000 shares of Class A common stock, and (ii) 10,000,000 shares of Class B common stock, and (b) 1,000,000 shares of preferred stock (the “Preferred Stock”). As of March 31, 2023 and March 31, 2022, no shares of Preferred Stock were issued or outstanding. The designations, voting and other rights and preferences of the Preferred Stock may be determined from time to time by the Company’s board of directors. As of March 31, 2023 and March 31, 2022, there were 3,783,200 shares and 620,700 shares of Class A common stock issued and outstanding, respectively, excluding <span id="xdx_905_ecustom--CommonStockSharesSubjectToPossibleRedemption_iI_pid_c20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zBT7XHB732Ch" title="Common stock shares subject to possible redemption">830,210 shares and <span id="xdx_90E_ecustom--CommonStockSharesSubjectToPossibleRedemption_iI_pid_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zrmqh8Lqf61f" title="Common stock shares subject to possible redemption">12,650,000 shares of Class A common stock, respectively, which are subject to possible redemption and presented as temporary equity. As of March 31, 2023 and March 31, 2022, there were no shares and 3,162,500 shares of Class B common stock issued and outstanding, respectively. Subsequent to the Company’s special meeting of stockholders held on December 23, 2022, stockholders holding all of the issued and outstanding Class B common stock of the Company elected to convert their Class B common stock into Class A common stock of the Company on a one-for-one basis. The Combination Period is extended to July 29, 2023, provided that an additional amount of $50,000 will be deposited into the Trust Account for each month after January 29, 2023. In addition, <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationForfeited_c20221222__20221223__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zRfkR6k9OQ6c" title="Shares were cancelled">3,162,500 shares of Class B common stock of the Company were cancelled, and <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20221222__20221223__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zQPZBSDoeWBg" title="Shares issued to converting convertible securities">3,162,500 shares of Class A Common Stock were issued to such converting Class B stockholders. The <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20221222__20221223__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zezKOpeCMFB9" title="Shares issued to converting convertible securities">3,162,500 shares of Class A common stock issued pursuant to the conversion are subject to the same restrictions applicable to the Class B common stock before the conversion, including, among other things, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of an initial Business Combination as described in the prospectus for our IPO. Additionally, stockholders holding 11,819,790 shares of the Public Shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, $121,034,650 (approximately $10.24 per share) was removed from the Company’s Trust Account to pay such holders. Following redemptions, the Company had 830,210 Public Shares outstanding. Rights Each holder of a right will receive one-tenth (1/10) of one share of Class A common stock upon consummation of a Business Combination. In the event the Company will not be the surviving entity upon completion of the Company’s initial Business Combination, each holder of a public right will automatically receive the 1/10 share of Class A common stock underlying such public right (without paying any additional consideration); and each holder of a Private Placement Right or right underlying Units to be issued upon conversion of the Working Capital Loans will be required to affirmatively convert its rights in order to receive the 1/10 share of Class A common stock underlying each right (without paying any additional consideration). If the Company is unable to complete an initial Business Combination within the required time period and public stockholders redeem the public shares for the funds held in the Trust Account, holders of rights will not receive any such funds in exchange for their rights and the rights will expire worthless. The Company will not issue fractional shares upon conversion of the rights. If, upon conversion of the rights, a holder would be entitled to receive a fractional interest in a share, the Company will, upon exchange, comply with Section 155 of the Delaware General Corporation Law. The Company will make the determination of how to treat fractional shares at the time of its initial Business Combination and will include such determination in the proxy materials that it will send to stockholders for their consideration of such initial Business Combination. DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2023 If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the rights upon consummation of a Business Combination. Additionally, in no event will the Company be required to net cash settle the rights, and the rights may expire worthless. Representative Warrants and Representative Shares Upon the closing of the IPO, the Company issued to the Underwriters Representative Warrants, the exercise price of which will be $12.00 per Share, and 101,200 Representative Shares. The Representative Warrants shall be exercisable, in whole or in part, commencing the later of October 26, 2022 and the closing of the Company’s initial Business Combination and terminating on October 29, 2026. The Company accounted for the <span id="xdx_908_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20230331__us-gaap--StatementEquityComponentsAxis__custom--RepresentativeWarrantMember_zmUWHpBkOL5" title="Stockholders equity warrants expense">632,500 warrants as an expense of the IPO resulting in a charge directly to stockholders’ equity. The fair value of Representative Warrants was estimated to be approximately $<span id="xdx_90C_eus-gaap--FairValueAdjustmentOfWarrants_pp0p0_c20220401__20230331__us-gaap--StatementEquityComponentsAxis__custom--RepresentativeWarrantMember_zzO3CFpx9DCa" title="Fair value of representative warrants">1,333,482 (or $<span id="xdx_907_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230331__us-gaap--StatementEquityComponentsAxis__custom--RepresentativeWarrantMember_zOE37lPYoDJ1" title="Warrants per share">2.11 per warrant) using the Black-Scholes option-pricing model. The fair value of the Representative Warrants granted to the Underwriters was estimated as of the date of grant using the following assumptions: (1) expected volatility of <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_c20220401__20230331__us-gaap--StatementEquityComponentsAxis__custom--RepresentativeWarrantMember_zDJeHVA7oKla" title="Expected volatility">35%, (2) risk-free interest rate of <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_c20220401__20230331__us-gaap--StatementEquityComponentsAxis__custom--RepresentativeWarrantMember_zj1FYDxGQYg3" title="Risk-free interest rate">1.18% and (3) expected life of <span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dc_c20220401__20230331__us-gaap--StatementEquityComponentsAxis__custom--RepresentativeWarrantMember_zFDmmXtfYjPc" title="Expected life">five years. The Representative Warrants and the shares of Class A common stock underlying Representative Warrants have been deemed compensation by FINRA and are therefore subject to a <span id="xdx_90A_ecustom--RepresentativeWarrantsSharesDays_dtD_c20220401__20230331__us-gaap--StatementEquityComponentsAxis__custom--RepresentativeWarrantMember_zeA99FlEZcLl" title="Representative warrants shares days">180-day lock-up immediately following October 29, 2021 pursuant to FINRA Rule 5110(e)(1). The Representative Warrants grants to holders demand and “piggy back” rights for periods of five and seven years from October 29, 2021. The Company will bear all fees and expenses attendant to registering the securities, other than underwriting commissions which will be paid for by the holders themselves. The exercise price and number of shares issuable upon exercise of the Representative Warrants may be adjusted in certain circumstances including in the event of a stock dividend, or the Company’s recapitalization, reorganization, merger or consolidation. However, the Representative Warrants will not be adjusted for issuances of Class A common stock at a price below its exercise price. The Underwriters agreed not to transfer, assign or sell any of the Representative Shares without the Company’s prior written consent until the completion of the Business Combination. The Underwriters agreed (i) to waive its redemption rights with respect to such shares in connection with the completion of the initial Business Combination and (ii) to waive its rights to liquidating distributions from the Trust Account with respect to the Representative Shares if the Company fails to complete its initial Business Combination within Initial Combination Period. The shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following October 29, 2021 pursuant to FINRA Rule 5110(e)(1).

111000000

0.0001

110000000

100000000

10000000

1000000

3783200

620700

830210 12650000

3162500

50000

3162500

11819790 121034650

10.24

830210

12.00 101200

632500

1333482

2.11

0.35

0.0118

P5Y

P180D

Note 6 - Fair Value Measurements FAIR VALUE MEASUREMENTS <p id="xdx_895_eus-gaap--FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zvvkoX575NK1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at March 31, 2023 and March 31, 2022 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: SCHEDULE OF FAIR VALUE HIERARCHY VALUATION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif">Description</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Level</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">March 31, 2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">March 31, 2022</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif">Assets:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">Marketable securities held in Trust Account</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--AssetsHeldInTrustCurrent_iI_pp0p0_c20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zYWWeatSUyVc" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Marketable securities held in Trust Account">9,160,803</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--AssetsHeldInTrustCurrent_iI_pp0p0_c20220331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zsQ202dm0Ih" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Marketable securities held in Trust Account">127,760,867</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> </table>

<p id="xdx_895_eus-gaap--FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zvvkoX575NK1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at March 31, 2023 and March 31, 2022 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: SCHEDULE OF FAIR VALUE HIERARCHY VALUATION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif">Description</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Level</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">March 31, 2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">March 31, 2022</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif">Assets:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">Marketable securities held in Trust Account</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--AssetsHeldInTrustCurrent_iI_pp0p0_c20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zYWWeatSUyVc" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Marketable securities held in Trust Account">9,160,803</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--AssetsHeldInTrustCurrent_iI_pp0p0_c20220331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zsQ202dm0Ih" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Marketable securities held in Trust Account">127,760,867</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> </table>

9160803

127760867

Note 7 – Subsequent Events SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date these financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements other than the followings: On July 13, 2023, the Company held a special meeting of the Company’s stockholders, at the Company’s stockholders approved a charter amendment to extend the date by which the Company must consummate its initial business combination from July 29, 2023 to January 29, 2024, or such earlier date as determined by the Company’s board of directors. The Company’s stockholders holding <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20230401__20230615__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__custom--PublicSharesMember_zQ6rCN5cpJQ" title="Number of public shares exercised">255,446 public shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s trust account. As a result, approximately $<span id="xdx_900_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_c20230401__20230615__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__custom--PublicSharesMember_zMa7WDTfsP77" title="Number of public shares exercised, value">2,914,230 (approximately $<span id="xdx_904_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20230615__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__custom--PublicSharesMember_zFpoKCN863eh" title="Number of public shares exercised, per share">11.41 per share) was removed from the Company’s trust account to pay such holders. Following redemptions, the Company had <span id="xdx_908_eus-gaap--CommonStockSharesIssued_iI_c20230615__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__custom--ClassACommonStockMember_zsffU0cCvTe7" title="Shares issued"><span id="xdx_90B_eus-gaap--CommonStockSharesOutstanding_iI_c20230615__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__custom--ClassACommonStockMember_zWCrZMMohMy" title="Shares outstanding">4,357,964 Class A Shares issued and outstanding, including <span id="xdx_901_eus-gaap--SharesIssued_iI_c20230615__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__custom--PublicSharesMember_zd181kjaAp9b" title="Number of public shares issued">574,764 public shares.

255446

2914230

11.41

4357964

574764

7825967

3297564

2100000

2478953

1930450

2398872

2335653

2119084

61855

262133

12153925

12656606

166666

234308

363879

890209

972663

1905983

15480662

15769560

3206118

2059771

1794748

1704224

9568

9425

937000

1237000

937000

1237000

802738

1980937

954622

542631

459872

804405

1125495

295008

347809

334255

9694647

10668339

2400345

2402783

892500

861000

892500

861000

1565000

4320947

4023923 4023923 1000000 1000000

574363

668228

81560

63015

24553285

19687288

0.0001

10000000

0.0001

90000000

11558252

13098

1154

120

0.0001

10000000

1716860

172

4692

2037000

6623839

10479738

-1662

-13660788

-12358924

-9072623

-3917728

15480662

15769560

5012022

5083199

1959023

1141768

3052999

3941431

329888

215632

1841595

2231434

1825201

6398885

3996684

8845951

-943685

-4904520

30587

21497

384854

468154

-3912

-358179

-446657

-1301864

-5351177

-1301864

-5351177

-0.22

-446.15

5994704

11994

-1301864

-5351177

-11914

-1301864

-5339263

11308

100

-4692

-2037000

681956

-2075815

-3430759

821

4493324

4493333

-11914

-5351177

12129

109

-4692

-2037000

5175280

11914

-7426992

-4276689

13098

120

-4692

-2037000

10479738

-1662

-12358924

-3917728

13098

120

-4692

-2037000

10479738

-1662

-12358924

-3917728

1662 1662 -13098 -120 -3854573 -3854693

11538252

1154

-1154

1716860

172

-172

-1301864

11538252

1154

1716860

172

-4692

-2037000

6623839

-0

-13660788

-9072623

11538252

1154

1716860

172

-4692

-2037000

6623839

-0

-13660788

-9072623

-1301864

-5351177

36105

13756

947

257233

82454

72520

205920

1662

4493333

-468422

-367541

216569

1122034

-200278

-70178

-2478953

40422

1875000

1146347

526376

90524 -594071

82759

128049

-321090

-158586

-80311

-65572

2668617

-3071956

332342

46650

2421060

-332342

-2467710

1875000

15716

2295

33616

268500

4320000 103818 2082787

1980937

-18545 -42963

92128

1884347

2428403

-3655319

5397564

9656266

7825967

6000947

302095

275735

1565000 310724 -1875724

Note 1 - Business Organization and Nature of Operations BUSINESS ORGANIZATION AND NATURE OF OPERATIONS On January 31, 2024 we completed the previously announced business combination pursuant to the terms of the Business Combination Agreement, dated as of July 21, 2023, which provided for, TruGolf Nevada being the surviving corporation of the merger and having become a direct, wholly owned subsidiary of Deep Medicine Acquisition Corp. (“DMAC”), a Delaware corporation and our predecessor company (“DMAQ”) as a consequence of the merger (together with the other transactions contemplated by the Business Combination Agreement). In connection with the consummation of the Business Combination, DMAQ changed its name to TruGolf Holdings, Inc. TruGolf Holdings, Inc.’s Class A common stock commenced trading on The Nasdaq Capital Market LLC under the ticker symbol “TRUG” on February 1, 2024. Trugolf Holdings, Inc. (the “Company” or “TruGolf”, “we”, “us”) was incorporated on July 8, 2020 as a Delaware corporation and formed for the purpose of effecting a business combination, with no material operation of its own. Our operations are conducted through our subsidiary TruGolf, Inc., a Nevada Corporation (“TruGolf Nevada”). TruGolf Nevada was formed as a Utah corporation on October 4, 1995, under the name “TruGolf, Incorporated”. TruGolf Nevada’s original business plan was the creation of golfing video games. On June 9, 1999, the TruGolf Nevada changed its name to “TruGolf, Inc.” Effective on April 26, 2016, TruGolf Nevada filed Articles of Merger with the State of Utah, Department of Commerce, and on April 28, 2016, TruGolf Nevada filed Articles of Merger with the Secretary of State of Nevada, pursuant to which TruGolf, Inc., a Utah corporation, merged with and into TruGolf Nevada, pursuant to a Plan of Merger. TruGolf Nevada was the surviving corporation in the merger. In connection with the Plan of Merger, TruGolf Nevada affected a four-for-one forward stock split of its outstanding common stock. For over 40 years, TruGolf, Incorporated (or “the Company”, “we”, “us”, or “our”) has been creating indoor golf software and hardware and are focused on both the residential and commercial golf simulation industries. We design, develop, manufacture and sell golf simulators for residential and commercial applications. We offer portable, professional, commercial and custom simulators. In addition, to bundling our software with our simulators, we offer our E6 Connect software and gaming software on a standalone basis. We have leveraged the power of our hardware and software platform to create a collection of multi-sport games including football, soccer, soccer golf, frisbee golf, zombie dodgeball, and cowboy target practice. TruGolf Nevada has been creating indoor golf software for 40 years. We began as a subsidiary of Access Software, Inc., a video game developer based in Salt Lake City, Utah (“Access Software”), which was co-founded in November 1982, by Christopher Jones, the Company’s largest stockholder, Chief Executive Officer, President and Chairman. In April 1999, Access Software was purchased by Microsoft Corp., for its expertise in golf software development. Following the acquisition, the core programming and graphics team of Links™, which created Links LS 1999, one of the bestselling PC sports games of 1999, were spun out to TruGolf Nevada. Since 1999, we have focused on establishing residential and commercial golf simulation as a viable industry, and since 2007, we have focused on fabricating custom golf simulators for luxury clients. Part of our initial strategy included partnering with hardware inventors to provide them world class software. Over time, we found that it was not viable to rely on these early hardware inventors alone, we also began building and selling our own hardware. In addition, we are working with a video game company to utilize their new dynamic graphics engine which will enable us to bring photorealistic golf courses to life through our E6 software (discussed below). In addition, we have developed multiple sources and 3rd party manufacturers for the raw materials or parts for our products, including but not limited to, steel or aluminum frames, fabric, turf, screens, projectors, PCs, cameras, lasers, infrared sensors, and supporting subsystems. The availability of the frames and fabric from our principal provider, Allied ES&A, has been increased as they have moved into a much larger facility directly located in a large employee base community and we have entered into negotiations with a second supplier in order to provide alternative sourcing if needed. A third supplier, Impact Signs, has also been used in the past and TruGolf Nevada believes that it could purchase turf, and screen supplies from them as well if needed. Both turf (Controlled Products), and screen suppliers (Allied), are so specialized that we have come to rely on one vendor for each, respectively. Turf particularly experienced some delivery delays in 2022 that have been rectified, additional inventory has been secured locally, and our highest volume portable simulators have been redesigned to use less raw materials from that vendor, while adding an improved hitting surface from a second vendor, Real Feel, to mitigate risk. Negotiations with a second supplier of screen materials is in progress. Projectors (TV Specialists), PCs, lasers, IR sensors and other systems come from multiple suppliers with no historical delay in supply. We have 2 primary suppliers of cameras, IDS and Basler, and have integrated products from both in the new Apogee unit to ensure the greatest availability possible. The Company is an “emerging growth company” as that term is used in the Jumpstart our Business Startups Act of 2012, and as such, has elected to comply with certain reduced public company reporting requirements.

Note 2. BUSINESS COMBINATION AND PURCHASE PRICE ALLOCATION On January 31, 2024, the Company issued a press release announcing that on January 31, 2024, it consummated the business combination (the “Closing”) contemplated by the previously announced Amended and Restated Agreement and Plan of Merger, dated as of July 21, 2023 (as amended, the “Merger Agreement”), by and among the Company, DMAC Merger Sub Inc., a Nevada corporation and a wholly-owned subsidiary of the Company (“Merger Sub”), Bright Vision Sponsor LLC, a Delaware limited liability company, in the capacity as the Purchaser Representative thereunder, Christopher Jones, in the capacity as the Seller Representative thereunder, and TruGolf, Inc., a Nevada corporation (“TruGolf”). As a result of the Closing and the transactions contemplated by the Merger Agreement, (i) Merger Sub merged with and into TruGolf (the “Merger”), with TruGolf surviving the Merger as a wholly-owned subsidiary of the Company, and (ii) the Company’s name was changed from Deep Medicine Acquisition Corp. to TruGolf Holdings, Inc. The Company’s Class A common stock commenced trading on the Nasdaq Global Market LLC under the ticker symbol “TRUG” on February 1, 2024. Accounting for the Business Combination The Merger is accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, DMAQ was treated as the acquired company for accounting purposes, whereas TruGolf Nevada was treated as the accounting acquirer. In accordance with this method of accounting, the Business Combination has been treated as the equivalent of TruGolf Nevada issuing shares for the net assets of DMAQ, accompanied by a recapitalization. The net assets of TruGolf Nevada and DMAQ were stated at historical cost, with no goodwill or other intangible assets recorded, and operations prior to the Business Combination will be those of TruGolf Nevada. TruGolf Nevada has been determined to be the accounting acquirer for purposes of the Business Combination based on an evaluation of the following facts and circumstances: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Legacy TruGolf Nevada stockholders expecting to have a majority of the voting power of New TruGolf,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">TruGolf Nevada comprising the ongoing operations of New TruGolf,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">TruGolf Nevada contributing a majority of the governing body members of New TruGolf, and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">TruGolf Nevada’s senior management comprising the senior management of New TruGolf.</td></tr> </table> Exchange of TruGolf Nevada Shares for Shares of New TruGolf Based on 13,098 TruGolf Nevada ordinary shares outstanding immediately prior to the closing of the Business Combination, the Exchange Ratio determined in accordance with the terms of the Merger Agreement is approximately 570.10. New TruGolf issued 7,467,134 shares of New TruGolf common stock to legacy TruGolf Nevada shareholders in the Business Combination, determined as follows: <p id="xdx_896_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock_zFfhIg5iOry9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> SCHEDULE OF BUSINESS ACQUISITION CONTINGENT CONSIDERATION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">TruGolf Nevada shares outstanding as of immediately prior to the Closing</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%">Ordinary shares, par value $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJVU0lORVNTIEFDUVVJU0lUSU9OIENPTlRJTkdFTlQgQ09OU0lERVJBVElPTiAoRGV0YWlscykgKFBhcmVudGhldGljYWxzKQA_" id="xdx_904_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20240331__us-gaap--TypeOfArrangementAxis__custom--MergerArrangementMember_zrLaVh67rNO4" title="Common stock, par value">0.01 per share</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">13,098</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Exchange Ratio</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">570.10</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Estimated shares of New TruGolf common stock issued to TruGolf Nevada shareholders upon Closing</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7,467,134</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The shares issued to legacy TruGolf Nevada shareholders consists of <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240331__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--MergerArrangementMember_zcTCpf1apbM7" title="Estimated shares issued">5,750,274 shares of New TruGolf Class A common stock and <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240331__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--TypeOfArrangementAxis__custom--MergerArrangementMember_zzFIGOMLJiSe" title="Estimated shares issued">1,716,860 shares of New TruGolf Class B common stock. The purchase price for the Merger was allocated to the net assets acquired on the basis of relative fair values. The fair values of the current assets acquired and current liabilities assumed in the Merger were determined to approximate carrying value due to their short-term nature. The following summarizes the allocation of the purchase price to net assets acquired in the Merger: <p id="xdx_893_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_zKQScEPo5sHa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; display: none; text-align: justify">SCHEDULE OF ALLOCATION OF PURCHASE PRICE TO NET ASSETS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49B_20240331_zh5z3e7QLuRd" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_maBCRIAzCFc_zDLCNeBnghA7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">103,818</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetProceedsFromInvestment_iI_maBCRIAzCFc_zwd8S7Ezcg6b" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net proceeds from investment fund (PIPE)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,237,213</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_iNI_di_msBCRIAzCFc_zt1z83f1NJpb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts payable and accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(310,724</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesLongTermDebt_iNI_di_msBCRIAzCFc_zeLqBhSb3XX3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Loans payable</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,565,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_iI_mtBCRIAzCFc_zaZjWoQQTr1i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Net assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">465,307</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebtGross_iI_maCNPzWhw_zuZx2bexyUM2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">PIPE Convertible Notes payable assumed in Merger</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,800,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedUnamortizedDiscount_iNI_di_msCNPzWhw_zXz9yC9S7RQ8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: Original Issue Discount of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEFMTE9DQVRJT04gT0YgUFVSQ0hBU0UgUFJJQ0UgVE8gTkVUIEFTU0VUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWxzKQA_" id="xdx_90E_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dp_uPure_c20240331_z9oPY1oE9Jba" title="Original issue discount percentage">10%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(480,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt_iI_mtCNPzWhw_maBCRIAzaBt_z9JRUDVKMk4g" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">PIPE Convertible Notes payable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,320,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesPaymentOfClosingCostsAndOtherExpenses_iNI_di_msBCRIAzaBt_zQZkMI7KmhYe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Payment of closing costs and other expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,082,787</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_401_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesNetProceedsFromConvertibleNotesPayableInMerger_iI_mtBCRIAzaBt_zdHspQLnhegb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net proceeds from PIPE Convertible Notes payable assume in Merger</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,237,213</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> On November 2, 2023 and December 7, 2023, Deep Medicine Acquisition Corp. (“DMAQ”) executed loan agreements with certain accredited investors (together, the “Prior Loan Agreements”) pursuant to which such investors agreed to loan DMAQ up to an aggregate $11,000,000 in exchange for the issuance of convertible notes and warrants. On February 2, 2024, TruGolf Holdings, Inc. (“TruGolf Holdings”) executed a securities purchase agreement (the “Purchase Agreement”) with each of the investors that executed the Prior Loan Agreements, which replaced, in their entirety, the Prior Loan Agreements, and with additional investors (together, the “PIPE Investors”). Pursuant to the terms and conditions of the Purchase Agreement, the PIPE Investors agreed to purchase from the TruGolf Holdings (i) senior convertible notes in the aggregate principal amount of up to $15,500,000 (the “PIPE Convertible Notes”), (ii) Series A warrants to initially purchase 1,409,091 shares of the Company’s Class A common stock (the “Series A Warrants”); and (iii) Series B warrants to initially purchase 1,550,000 shares of the TruGolf Holdings’ Class A common stock (the “Series B Warrants,” and collectively with the Series A Warrants, the “PIPE Warrants”) (the “PIPE Financing”). The Purchase Agreement contemplates funding of the investment (the “Investment”) across multiple tranches. At the first closing (the “Initial Closing”) an aggregate principal amount of $4,650,000 of PIPE Convertible Notes will be issued upon the satisfaction of certain customary closing conditions in exchange for aggregate gross proceeds of $4,185,000, representing an original issue discount of <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dp_uPure_c20240331__us-gaap--DebtInstrumentAxis__custom--PIPEConvertibleLoanMember_zx8IUqfiuMLk" title="Original issue discount percentage">10%. On such date (the “Initial Closing Date”), TruGolf Holdings will also issue the PIPE Investors the Series A Warrants and the Series B Warrants. As of March 31, 2024, the Company recorded PIPE Convertible Notes payable of $4,800,000 and an original issue discount of $480,000 resulting in the net balance of $4,320,000. The Company recorded interest expense on the PIPE Convertible Notes of $9,468, and interest expense relating to the OID of $947. As of May 14, 2024, the Company did not timely file the quarterly report on Form 10-Q for the period ended March 31, 2024. The scheduled second tranche of the PIPE Convertible Notes payable has not been received by the Company. Subject to satisfying the conditions discussed below, TruGolf Holdings, Inc. has the right under the Purchase Agreement, but not the obligation, to require that the PIPE Investors purchase additional Notes at up to two additional closings. Upon notice at any time after the 2nd trading day following the Initial Closing Date, TruGolf Holdings may require that the PIPE Investors purchase an additional aggregate principal amount of $4,650,000 of PIPE Convertible Notes, in exchange for aggregate gross proceeds of $4,185,000, if (i) the Registration Statement (as described below) has been filed; and (ii) certain customary closing conditions are satisfied (the “First Mandatory Additional Closing”). Upon notice at any time after the 2nd trading day following the date that the First Mandatory Additional Closing is consummated, TruGolf Holdings may require that the PIPE Investors purchase an additional aggregate principal amount of $6,200,000 of PIPE Convertible Notes, in exchange for aggregate gross proceeds of $5,580,000, if (i) the shareholder approval is obtained (as described below); (ii) the Registration Statement has been declared effective by the SEC; and (iii) certain customary closing conditions are satisfied (the “Second Mandatory Additional Closing”). In addition, pursuant to the Purchase Agreement, each PIPE Investor has the right, but not the obligation, to require that, upon notice, TruGolf Holdings sell to such PIPE Investor at one or more additional closings such PIPE Investor’s pro rata share of up to a maximum aggregate principal amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_c20240802__us-gaap--DebtInstrumentAxis__custom--PIPEConvertibleLoanMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_ztAcDEkmy2t3" title="Principal amount">10,850,000 in additional PIPE Convertible Notes (each such additional closing, an “Additional Optional Closing”); provided that, the principal amount of the additional PIPE Convertible Notes issued at each Additional Optional Closing must equal at least $<span id="xdx_900_eus-gaap--NotesPayable_iI_c20240802__us-gaap--DebtInstrumentAxis__custom--PIPEConvertibleLoanMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zNhnQxTnQJWi" title="Notes payble">250,000. If a PIPE Investor has not elected to effect an Additional Optional Closing on or prior to August 2, 2024, such PIPE Investor shall have no further right to effect an Additional Optional Closing under the Purchase Agreement.

13098

570.10

7467134

<p id="xdx_896_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock_zFfhIg5iOry9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> SCHEDULE OF BUSINESS ACQUISITION CONTINGENT CONSIDERATION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">TruGolf Nevada shares outstanding as of immediately prior to the Closing</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%">Ordinary shares, par value $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJVU0lORVNTIEFDUVVJU0lUSU9OIENPTlRJTkdFTlQgQ09OU0lERVJBVElPTiAoRGV0YWlscykgKFBhcmVudGhldGljYWxzKQA_" id="xdx_904_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20240331__us-gaap--TypeOfArrangementAxis__custom--MergerArrangementMember_zrLaVh67rNO4" title="Common stock, par value">0.01 per share</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">13,098</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Exchange Ratio</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">570.10</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Estimated shares of New TruGolf common stock issued to TruGolf Nevada shareholders upon Closing</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7,467,134</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

0.01

13098

570.10

7467134

5750274

1716860

<p id="xdx_893_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_zKQScEPo5sHa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; display: none; text-align: justify">SCHEDULE OF ALLOCATION OF PURCHASE PRICE TO NET ASSETS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49B_20240331_zh5z3e7QLuRd" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_maBCRIAzCFc_zDLCNeBnghA7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">103,818</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetProceedsFromInvestment_iI_maBCRIAzCFc_zwd8S7Ezcg6b" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net proceeds from investment fund (PIPE)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,237,213</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_iNI_di_msBCRIAzCFc_zt1z83f1NJpb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts payable and accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(310,724</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesLongTermDebt_iNI_di_msBCRIAzCFc_zeLqBhSb3XX3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Loans payable</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,565,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_iI_mtBCRIAzCFc_zaZjWoQQTr1i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Net assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">465,307</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebtGross_iI_maCNPzWhw_zuZx2bexyUM2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">PIPE Convertible Notes payable assumed in Merger</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,800,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedUnamortizedDiscount_iNI_di_msCNPzWhw_zXz9yC9S7RQ8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: Original Issue Discount of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEFMTE9DQVRJT04gT0YgUFVSQ0hBU0UgUFJJQ0UgVE8gTkVUIEFTU0VUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWxzKQA_" id="xdx_90E_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dp_uPure_c20240331_z9oPY1oE9Jba" title="Original issue discount percentage">10%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(480,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt_iI_mtCNPzWhw_maBCRIAzaBt_z9JRUDVKMk4g" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">PIPE Convertible Notes payable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,320,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesPaymentOfClosingCostsAndOtherExpenses_iNI_di_msBCRIAzaBt_zQZkMI7KmhYe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Payment of closing costs and other expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,082,787</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_401_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesNetProceedsFromConvertibleNotesPayableInMerger_iI_mtBCRIAzaBt_zdHspQLnhegb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net proceeds from PIPE Convertible Notes payable assume in Merger</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,237,213</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

103818

2237213

310724

1565000

465307

4800000

0.10

480000

4320000

2082787 2237213

11000000

15500000

1409091

1550000

4650000

4185000

0.10

4800000

480000

4320000

9468

947

4650000

4185000

6200000

5580000

10850000

250000

Note 3 – Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation - Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) with respect to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed financial statements reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. Certain information and disclosures normally included in the notes to the annual consolidated financial statements have been condensed or omitted from these interim unaudited condensed consolidated financial statements. Accordingly, these interim unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Registration Statement on Form S-1 and its amendments as filed with the SEC on February 14, 2024 and in Form 8-K/A as filed with the SEC on April 17, 2024. Basis of Presentation – Accounting for the Business Combination The Merger was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, DMAQ was treated as the acquired company for accounting purposes, whereas TruGolf Nevada was treated as the accounting acquirer. In accordance with this method of accounting, the Business Combination has been treated as the equivalent of TruGolf Nevada issuing shares for the net assets of DMAQ, accompanied by a recapitalization. The net assets of TruGolf Nevada and DMAQ were stated at historical cost, with no goodwill or other intangible assets recorded, and operations prior to the Business Combination were those of TruGolf Nevada. TruGolf Nevada has been determined to be the accounting acquirer for purposes of the Business Combination based on an evaluation of the following facts and circumstances: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Legacy TruGolf Nevada stockholders expecting to have a majority of the voting power of New TruGolf,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">TruGolf Nevada comprising the ongoing operations of New TruGolf,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">TruGolf Nevada contributing a majority of the governing body members of New TruGolf, and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">TruGolf Nevada’s senior management comprising the senior management of New TruGolf.</td></tr> </table> Basis of Presentation – Principles of consolidation The unaudited condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation. Use of Estimates The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America, which requires management to use its judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the financial statements and the reported amounts of expenses during the reported period. These assumptions and estimates could have a material effect on the financial statements. Actual results may differ materially from those estimates. The Company’s management periodically reviews estimates on an ongoing basis based on information currently available, and changes in facts and circumstances may cause the Company to revise these estimates. Significant estimates include estimates used in the valuation allowance related to deferred tax assets and capitalized software costs. Actual results may differ from these estimates. Cash and Cash Equivalents Cash and cash equivalents include all cash on hand, demand deposits and short-term investments with original maturities of three months or less when purchased. As of March 31, 2024 and December 31, 2023, the Company’s cash and cash equivalents consisted of $7,825,967 and $5,394,564, respectively. The Company maintains its cash in banks insured by the Federal Deposit Insurance Corporation in accounts that at times may be in excess of the federally insured limit of $250,000 per bank. The Company minimizes this risk by placing its cash deposits with major financial institutions. At March 31, 2024 and December 31, 2023, the uninsured balances amounted to $6,742,396 and $4,251,124 respectively. Marketable Investment Securities The Company’s marketable investment securities are comprised of investments in corporate fixed income securities and U.S. Treasury securities. The Company designates investments in debt securities as available-for-sale. Available-for-sale debt securities with original maturities of three months or less from the date of purchase are classified within cash and cash equivalents. Available-for-sale debt securities are reported at fair value with the related unrealized gains and losses included in accumulated other comprehensive income (loss), a component of stockholders’ equity, net of tax. Realized gains and losses on the sale of marketable securities are determined using the average cost method on a first-in, first-out basis and recorded in total other income (expense), net in the statements of operations and comprehensive loss. The Company sold and liquidated its marketable securities during the three months ended March 31, 2024 resulting in a $0 balance as of that date. Accounts Receivable, net We manage credit risk associated with our accounts receivables at the customer level. Because the same customers typically generate the revenues that are accounted for under both Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (Topic 606) and Accounting Standards Codification Topic 326, Credit Losses (Topic 326)., the discussions below on credit risk and our allowances for doubtful accounts address our total revenues from Topic 606 and Topic 326. We believe the concentration of credit risk, with respect to our receivables, is limited because our customer base is comprised of a number of geographically diverse customers. We manage credit risk through credit approvals and other monitoring procedures. Pursuant to Topic 326 for our accounts receivables, we maintain an allowance for doubtful accounts that reflects our estimate of our expected credit losses. Our allowance is estimated using a loss rate model based on delinquency. The estimated loss rate is based on our historical experience with specific customers, our understanding of our current economic circumstances, reasonable and supportable forecasts, and our own judgment as to the likelihood of ultimate payment based upon available data. We believe our credit risk is somewhat mitigated by our geographically diverse customer base and our credit evaluation procedures. The actual rate of future credit losses, however, may not be similar to past experience. Our estimate of doubtful accounts could change based on changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, we may be required to increase or decrease our allowance for doubtful accounts. Based on management’s evaluation, there is a balance in the allowance for doubtful accounts of $1,395,688 and $1,227,135 as of March 31, 2024 and December 31, 2023, respectively Inventory, net All of our inventory consists of raw materials and are valued at the lower of historic cost or net realizable value; where net realizable value is considered to be the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal and transportation. Historic inventory costs are calculated on an average or specific cost basis. The Company records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. As of March 31, 2024 and December 31, 2023, the Company had $448,360 and $429,050, respectively, reserved for obsolete inventory. Fair Value of Financial Instruments Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Financial Accounting Standards Board (“FASB”) fair value measurement guidance established a fair value hierarchy that prioritizes the inputs used to measure fair value. The three broad levels of the fair value hierarchy are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in">Level 1 –</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Quoted prices (unadjusted) in active markets for identical assets or liabilities,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">Level 2 –</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">Level 3 –</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Unobservable inputs for which little or no market data exists, therefore requiring a company to develop its own assumptions.</td></tr> </table> Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. We review the fair value hierarchy classification on a quarterly basis. Changes in the observable inputs may result in a reclassification of assets and liabilities within the three levels of the hierarchy outlined above. Property and Equipment Our property and equipment are recorded at cost and depreciated using the straight-line over the estimated useful lives. Ordinary repair and maintenance costs are included in sales, general and administrative (“SG&A”) expenses on our statements of operations. However, expenditures for additions or improvements that significantly extend the useful life of the asset are capitalized in the period incurred. At the time assets are sold or disposed of, the cost and accumulated depreciation are removed from their respective accounts and the related gains or losses are reflected in the statements of operations in gains from sales of property and equipment, net. We periodically evaluate the appropriateness of remaining depreciable lives assigned to property and equipment. Depreciation expense for the three months ended March 31, 2024 and 2023 was $14,317 and $13,756, respectively. Generally, we assign the following estimated useful lives to these categories: SCHEDULE OF ESTIMATED USEFUL LIFE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Category</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 28%; text-align: center">Estimated Useful Life</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Software and computer equipment</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SoftwareAndComputerEquipmentMember__srt--RangeAxis__srt--MinimumMember_z90iHGo7Vg64" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Property plant and equipment useful life">3 to <span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SoftwareAndComputerEquipmentMember__srt--RangeAxis__srt--MaximumMember_zfEzRoOWkGz3" title="Property plant and equipment useful life">10 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Furniture and fixtures</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zpBFFFZKApZg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Property plant and equipment useful life">3 to <span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_z0GM6lBRPrDd" title="Property plant and equipment useful life">15 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Vehicles</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zm8hjmMEFg2k" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Property plant and equipment useful life">5 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Equipment</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MinimumMember_zYIhiwn2NWkg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Property plant and equipment useful life">5 to <span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MaximumMember_zlqeLEJlM0Mh" title="Property plant and equipment useful life">10 years</td></tr> </table> Capitalized software development costs We capitalize certain costs related to the development of our software used in our simulators. In accordance with authoritative guidance, including ASC 985-20, Software-Costs of Software to be Sold, Leased or Marketed, we began to capitalize these costs when the technological feasibility was established and preliminary development efforts were successfully completed, management has authorized and committed project funding, and it was probable that the project would be completed and the software would be used as intended. Such costs are amortized when placed in service, on a straight-line basis over the estimated useful life of the related asset, estimated to be three years beginning on February 1, 2024. Costs incurred prior to meeting these criteria together with costs incurred for training and maintenance are expensed as incurred and recorded in product development expenses on our statements of operations. The Company does not capitalize any testing or maintenance costs. The accounting for these capitalized software costs requires us to make significant judgments, assumptions and estimates related to the timing and amount of recognized capitalized software development costs. For the three months ended March 31, 2024 we capitalized $<span id="xdx_90C_eus-gaap--CapitalizedComputerSoftwareAdditions_c20240101__20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SoftwareAndComputerEquipmentMember_zRxbJYVfcBE7" title="Capitalized computer software gross">332,252 of costs related to the development of software applications. Amortization of capitalized software costs was $18,463 for the for the three months ended March 31, 2024. The balance of capitalized software was $313,889 net of accumulated amortization of $18,463 at March 31, 2024. The total balance of the capitalized software line item on the balance sheet is $363,889, which includes a prior balance of $50,000. The total of the Impairment of Long-lived Assets Our long-lived assets principally consist of property and equipment and right-of-use assets. We review, on a regular basis, our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In reviewing for impairment, the carrying value of such assets is compared to the estimated undiscounted future cash flows expected from the use of the assets and their eventual disposition. If such cash flows are not sufficient to support the asset’s recorded value, an impairment charge is recognized to reduce the carrying value of the asset to its estimated fair value. The determination of future cash flows as well as the estimated fair value of long-lived and intangible assets involves significant estimates and judgment on the part of management. Our estimates and assumptions may prove to be inaccurate due to factors such as changes in economic conditions, changes in our business prospects or other changing circumstances. Based on our most recently completed reviews, there were no indications of impairment associated with our long-lived assets. Leases Our lease portfolio is substantially comprised of operating leases related to leases for our corporate headquarters and warehouse. We determine whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset, and we have the right to control the asset for a period of time in exchange for consideration. Lease arrangements can take several forms. Some arrangements are clearly within the scope of lease accounting, such as a real estate contract that provides an explicit contractual right to use a building for a specified period of time in exchange for consideration. However, the right to use an asset can also be conveyed through arrangements that are not leases in form, such as leases embedded within service and supply contracts. We analyze all arrangements with potential embedded leases to determine if an identified asset is present, if substantive substitution rights are present, and if the arrangement provides the customer control of the asset. Operating lease right-of-use (“ROU”) assets represent our right to use an individual asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide the lessor’s implicit rate, we use our incremental borrowing rate (“IBR”) at the commencement date in determining the present value of lease payments by utilizing a fully collateralized rate for a fully amortizing loan with the same term as the lease. Lease terms include options to extend the lease when it is reasonably certain those options will be exercised. For leases with terms greater than 12 months, we record the related asset and obligation at the present value of lease payments over the term. Our leases can include rental escalation clauses, renewal options and/or termination options that are factored into our determination of lease payments when such renewal options and/or termination options are reasonably certain of exercise. A ROU asset is subject to the same impairment guidance as assets categorized as property and equipment. As such, any impairment loss on ROU assets is presented in the same manner as an impairment loss recognized on other long-lived assets. A lease modification is a change to the terms and conditions of a contract that changes the scope or consideration of a lease. For example, a change to the terms and conditions to the contract that adds or terminates the right to use one or more underlying assets, or extends or shortens the contractual lease term, is a modification. Depending on facts and circumstances, a lease modification may be accounted for as either: (1) the original lease plus the lease of a separate asset(s) or (2) a modified lease. A lease will be remeasured if there are changes to the lease contract that do not give rise to a separate lease. Revenue Recognition The Company recognizes revenue when the products and services are delivered. The Company’s revenues are accounted for under ASC Topic 606, “Revenue From Contracts With Customers” (“ASC 606”). The fees are generally fixed at the point of sale and all consideration from contracts is included in the transaction price. The Company’s contracts do not include multiple performance obligations or material variable considerations. In accordance with ASC 606, the Company recognizes revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company recognizes revenue in accordance with that core principle by applying the following: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(i)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Identify the contract(s) with a customer;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(ii)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Identify the performance obligation in the contract;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(iii)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Determine the transaction price;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(iv)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Allocate the transaction price to the performance obligations in the contract; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(v)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Recognize revenue when (or as) the Company satisfies a performance obligation.</td></tr> </table> We derive our revenue principally from product sales, rentals and subscription fees paid by the customer. We recognize subscription fees income and costs over the life of the agreement. Cost of Revenues Cost of revenue includes direct materials, labor, manufacturing overhead costs and reserves for estimated warranty cost (excluding depreciation). Cost of revenue also includes charges to write down the carrying value of the inventory when it exceeds its estimated net realizable value and to provide for on-hand inventories that are either obsolete or in excess of forecasted demand. As a result of the introduction of the new simulator products in late 2022 and the sunsetting of older hardware models, in 2023, management reviewed the inventory. During the three months ended March 31, 2024 and 2023, the Company recorded $171,502 in inventory write-down and $538,427 reduction to cost of revenue, respectively. Royalties We have royalty agreements with certain software suppliers to pay royalties based on the number of units and subscriptions sold. The royalty percentages range between 20% and 30%. Royalty expense for the three months ended March 31, 2024 and 2023 was $329,888 and $215,632, respectively. Income Taxes The Company utilizes the asset and liability approach to measure deferred tax assets and liabilities based on temporary differences existing at each balance sheet date using currently enacted tax rates in accordance with ASC 740. ASC 740 considers the differences between financial statement treatment and tax treatment of certain transactions. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rate is recognized as income or expense in the period that includes the enactment date of that rate. Prior to the Merger, the Company elected to be taxed as an S-Corporation that passes through all income and deductions to its members. The Company did not have any deferred tax benefits or liabilities prior to January 31, 2024. The Company has no tax positions as of March 31, 2024 and December 31, 2023 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes any interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. For the years ending March 31, 2024 and December 31, 2023, the Company recognized no interest and penalties. Net Earnings (Loss) Per Share Net income (loss) per share is provided in accordance with FASB ASC 260-10, “Earnings per Share”. Basic net income (loss) per common share (“EPS”) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued, unless doing so is anti-dilutive. The computation of basic and diluted income (loss) per share for the three months ended March 31, 2024 and December 31, 2023 excludes potentially dilutive securities when their inclusion would be anti-dilutive, or if their exercise prices were greater than the average market price during the period. Potential dilutive shares as of March 31, 2024 were <span id="xdx_900_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zCKHyhPggeba" title="Purchase of warrants">436,364 warrants to purchase common stock – Series A and 480,000 warrants to purchase common stock – Series B. Recent Accounting Pronouncements Management has evaluated all recent accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) and determined that none of the pronouncements will have a material impact on our financial statements. We will continue to monitor the issuance of any new accounting pronouncements and assess their potential impact on the financial statements in future periods. Concentration of Credit and Supplier Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash deposits and trade accounts receivable. Credit risk can be negatively impacted by adverse changes in the economy or by disruptions in the credit markets. We maintain our cash deposits with established commercial banks. At times, balances may exceed federally insured limits. We have not experienced any losses in such accounts and do not believe that we are exposed to any significant credit risk associated with our cash deposits. We believe that credit risk with respect to trade accounts receivable is somewhat mitigated by our large number of geographically diverse customers and our credit evaluation procedures. We record trade accounts receivables at sales value and establish specific reserves for certain customer accounts identified as known collection problems due to insolvency, disputes or other collection issues. The amounts of the specific reserves estimated by management are determined by a loss rate model based on delinquency. We maintain reserves for potential losses. There were no customers that accounted for more than <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20230101__20230331__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoCustomersMember_zGumbXWpLygb" title="Concentration risk percentage"><span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20240101__20240331__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoCustomersMember_zKXOZaR4qwi7" title="Concentration risk percentage">10.0% of our revenues for the three months ended March 31, 2024 and 2023. We purchase a significant amount of parts we consume in manufacturing our simulators from nationally known original equipment manufacturers, many of whom we have had over a 10 to 15 year relationship. While we do not have long-term contracts, we do issue purchase orders based on quoted prices terms. During the three months ended March 31, 2024, we purchased approximately <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20240101__20240331__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoCustomerMember_zfNDCgXON5lf" title="Concentration risk percentage">50.4% of our assembly parts from six manufacturers. We believe that while there are alternative suppliers, for the parts and equipment, we purchase in each of the principal product categories, termination of one or more of our relationships with any of our major suppliers of equipment could have a material adverse effect on our business. Warrants The fair value of the warrants is estimated on the date of issuance using the Black-Scholes option pricing model, which requires the input of subjective assumptions, including the expected term of the warrants, expected stock price volatility, and expected dividends. These estimates involve inherent uncertainties and the application of management’s judgment. Expected volatilities used in the valuation model are based on the average volatility of the comparable companies publicly traded on recognized stock exchanges. The risk-free rate for the expected term of the option is based on the United States Treasury yield curve in effect at the time of the grant.

Basis of Presentation - Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) with respect to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed financial statements reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. Certain information and disclosures normally included in the notes to the annual consolidated financial statements have been condensed or omitted from these interim unaudited condensed consolidated financial statements. Accordingly, these interim unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Registration Statement on Form S-1 and its amendments as filed with the SEC on February 14, 2024 and in Form 8-K/A as filed with the SEC on April 17, 2024.

Basis of Presentation – Accounting for the Business Combination The Merger was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, DMAQ was treated as the acquired company for accounting purposes, whereas TruGolf Nevada was treated as the accounting acquirer. In accordance with this method of accounting, the Business Combination has been treated as the equivalent of TruGolf Nevada issuing shares for the net assets of DMAQ, accompanied by a recapitalization. The net assets of TruGolf Nevada and DMAQ were stated at historical cost, with no goodwill or other intangible assets recorded, and operations prior to the Business Combination were those of TruGolf Nevada. TruGolf Nevada has been determined to be the accounting acquirer for purposes of the Business Combination based on an evaluation of the following facts and circumstances: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Legacy TruGolf Nevada stockholders expecting to have a majority of the voting power of New TruGolf,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">TruGolf Nevada comprising the ongoing operations of New TruGolf,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">TruGolf Nevada contributing a majority of the governing body members of New TruGolf, and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">TruGolf Nevada’s senior management comprising the senior management of New TruGolf.</td></tr> </table>

Basis of Presentation – Principles of consolidation The unaudited condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation.

Use of Estimates The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America, which requires management to use its judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the financial statements and the reported amounts of expenses during the reported period. These assumptions and estimates could have a material effect on the financial statements. Actual results may differ materially from those estimates. The Company’s management periodically reviews estimates on an ongoing basis based on information currently available, and changes in facts and circumstances may cause the Company to revise these estimates. Significant estimates include estimates used in the valuation allowance related to deferred tax assets and capitalized software costs. Actual results may differ from these estimates.

Cash and Cash Equivalents Cash and cash equivalents include all cash on hand, demand deposits and short-term investments with original maturities of three months or less when purchased. As of March 31, 2024 and December 31, 2023, the Company’s cash and cash equivalents consisted of $7,825,967 and $5,394,564, respectively. The Company maintains its cash in banks insured by the Federal Deposit Insurance Corporation in accounts that at times may be in excess of the federally insured limit of $250,000 per bank. The Company minimizes this risk by placing its cash deposits with major financial institutions. At March 31, 2024 and December 31, 2023, the uninsured balances amounted to $6,742,396 and $4,251,124 respectively.

7825967

5394564

250000

6742396

4251124

Marketable Investment Securities The Company’s marketable investment securities are comprised of investments in corporate fixed income securities and U.S. Treasury securities. The Company designates investments in debt securities as available-for-sale. Available-for-sale debt securities with original maturities of three months or less from the date of purchase are classified within cash and cash equivalents. Available-for-sale debt securities are reported at fair value with the related unrealized gains and losses included in accumulated other comprehensive income (loss), a component of stockholders’ equity, net of tax. Realized gains and losses on the sale of marketable securities are determined using the average cost method on a first-in, first-out basis and recorded in total other income (expense), net in the statements of operations and comprehensive loss. The Company sold and liquidated its marketable securities during the three months ended March 31, 2024 resulting in a $0 balance as of that date.

Accounts Receivable, net We manage credit risk associated with our accounts receivables at the customer level. Because the same customers typically generate the revenues that are accounted for under both Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (Topic 606) and Accounting Standards Codification Topic 326, Credit Losses (Topic 326)., the discussions below on credit risk and our allowances for doubtful accounts address our total revenues from Topic 606 and Topic 326. We believe the concentration of credit risk, with respect to our receivables, is limited because our customer base is comprised of a number of geographically diverse customers. We manage credit risk through credit approvals and other monitoring procedures. Pursuant to Topic 326 for our accounts receivables, we maintain an allowance for doubtful accounts that reflects our estimate of our expected credit losses. Our allowance is estimated using a loss rate model based on delinquency. The estimated loss rate is based on our historical experience with specific customers, our understanding of our current economic circumstances, reasonable and supportable forecasts, and our own judgment as to the likelihood of ultimate payment based upon available data. We believe our credit risk is somewhat mitigated by our geographically diverse customer base and our credit evaluation procedures. The actual rate of future credit losses, however, may not be similar to past experience. Our estimate of doubtful accounts could change based on changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, we may be required to increase or decrease our allowance for doubtful accounts. Based on management’s evaluation, there is a balance in the allowance for doubtful accounts of $1,395,688 and $1,227,135 as of March 31, 2024 and December 31, 2023, respectively

1395688

1227135

Inventory, net All of our inventory consists of raw materials and are valued at the lower of historic cost or net realizable value; where net realizable value is considered to be the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal and transportation. Historic inventory costs are calculated on an average or specific cost basis. The Company records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. As of March 31, 2024 and December 31, 2023, the Company had $448,360 and $429,050, respectively, reserved for obsolete inventory.

448360

429050

Fair Value of Financial Instruments Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Financial Accounting Standards Board (“FASB”) fair value measurement guidance established a fair value hierarchy that prioritizes the inputs used to measure fair value. The three broad levels of the fair value hierarchy are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in">Level 1 –</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Quoted prices (unadjusted) in active markets for identical assets or liabilities,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">Level 2 –</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">Level 3 –</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Unobservable inputs for which little or no market data exists, therefore requiring a company to develop its own assumptions.</td></tr> </table> Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. We review the fair value hierarchy classification on a quarterly basis. Changes in the observable inputs may result in a reclassification of assets and liabilities within the three levels of the hierarchy outlined above.

Property and Equipment Our property and equipment are recorded at cost and depreciated using the straight-line over the estimated useful lives. Ordinary repair and maintenance costs are included in sales, general and administrative (“SG&A”) expenses on our statements of operations. However, expenditures for additions or improvements that significantly extend the useful life of the asset are capitalized in the period incurred. At the time assets are sold or disposed of, the cost and accumulated depreciation are removed from their respective accounts and the related gains or losses are reflected in the statements of operations in gains from sales of property and equipment, net. We periodically evaluate the appropriateness of remaining depreciable lives assigned to property and equipment. Depreciation expense for the three months ended March 31, 2024 and 2023 was $14,317 and $13,756, respectively. Generally, we assign the following estimated useful lives to these categories: SCHEDULE OF ESTIMATED USEFUL LIFE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Category</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 28%; text-align: center">Estimated Useful Life</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Software and computer equipment</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SoftwareAndComputerEquipmentMember__srt--RangeAxis__srt--MinimumMember_z90iHGo7Vg64" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Property plant and equipment useful life">3 to <span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SoftwareAndComputerEquipmentMember__srt--RangeAxis__srt--MaximumMember_zfEzRoOWkGz3" title="Property plant and equipment useful life">10 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Furniture and fixtures</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zpBFFFZKApZg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Property plant and equipment useful life">3 to <span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_z0GM6lBRPrDd" title="Property plant and equipment useful life">15 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Vehicles</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zm8hjmMEFg2k" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Property plant and equipment useful life">5 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Equipment</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MinimumMember_zYIhiwn2NWkg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Property plant and equipment useful life">5 to <span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MaximumMember_zlqeLEJlM0Mh" title="Property plant and equipment useful life">10 years</td></tr> </table>

14317

13756

SCHEDULE OF ESTIMATED USEFUL LIFE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 71%">Category</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 28%; text-align: center">Estimated Useful Life</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Software and computer equipment</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SoftwareAndComputerEquipmentMember__srt--RangeAxis__srt--MinimumMember_z90iHGo7Vg64" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Property plant and equipment useful life">3 to <span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SoftwareAndComputerEquipmentMember__srt--RangeAxis__srt--MaximumMember_zfEzRoOWkGz3" title="Property plant and equipment useful life">10 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Furniture and fixtures</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zpBFFFZKApZg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Property plant and equipment useful life">3 to <span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_z0GM6lBRPrDd" title="Property plant and equipment useful life">15 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Vehicles</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zm8hjmMEFg2k" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Property plant and equipment useful life">5 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Equipment</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MinimumMember_zYIhiwn2NWkg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Property plant and equipment useful life">5 to <span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MaximumMember_zlqeLEJlM0Mh" title="Property plant and equipment useful life">10 years</td></tr> </table>

P3Y

P10Y

P3Y

P15Y

P5Y

P10Y

Capitalized software development costs We capitalize certain costs related to the development of our software used in our simulators. In accordance with authoritative guidance, including ASC 985-20, Software-Costs of Software to be Sold, Leased or Marketed, we began to capitalize these costs when the technological feasibility was established and preliminary development efforts were successfully completed, management has authorized and committed project funding, and it was probable that the project would be completed and the software would be used as intended. Such costs are amortized when placed in service, on a straight-line basis over the estimated useful life of the related asset, estimated to be three years beginning on February 1, 2024. Costs incurred prior to meeting these criteria together with costs incurred for training and maintenance are expensed as incurred and recorded in product development expenses on our statements of operations. The Company does not capitalize any testing or maintenance costs. The accounting for these capitalized software costs requires us to make significant judgments, assumptions and estimates related to the timing and amount of recognized capitalized software development costs. For the three months ended March 31, 2024 we capitalized $<span id="xdx_90C_eus-gaap--CapitalizedComputerSoftwareAdditions_c20240101__20240331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SoftwareAndComputerEquipmentMember_zRxbJYVfcBE7" title="Capitalized computer software gross">332,252 of costs related to the development of software applications. Amortization of capitalized software costs was $18,463 for the for the three months ended March 31, 2024. The balance of capitalized software was $313,889 net of accumulated amortization of $18,463 at March 31, 2024. The total balance of the capitalized software line item on the balance sheet is $363,889, which includes a prior balance of $50,000. The total of the

332252

18463

313889

18463

363889 50000

Impairment of Long-lived Assets Our long-lived assets principally consist of property and equipment and right-of-use assets. We review, on a regular basis, our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In reviewing for impairment, the carrying value of such assets is compared to the estimated undiscounted future cash flows expected from the use of the assets and their eventual disposition. If such cash flows are not sufficient to support the asset’s recorded value, an impairment charge is recognized to reduce the carrying value of the asset to its estimated fair value. The determination of future cash flows as well as the estimated fair value of long-lived and intangible assets involves significant estimates and judgment on the part of management. Our estimates and assumptions may prove to be inaccurate due to factors such as changes in economic conditions, changes in our business prospects or other changing circumstances. Based on our most recently completed reviews, there were no indications of impairment associated with our long-lived assets.

Leases Our lease portfolio is substantially comprised of operating leases related to leases for our corporate headquarters and warehouse. We determine whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset, and we have the right to control the asset for a period of time in exchange for consideration. Lease arrangements can take several forms. Some arrangements are clearly within the scope of lease accounting, such as a real estate contract that provides an explicit contractual right to use a building for a specified period of time in exchange for consideration. However, the right to use an asset can also be conveyed through arrangements that are not leases in form, such as leases embedded within service and supply contracts. We analyze all arrangements with potential embedded leases to determine if an identified asset is present, if substantive substitution rights are present, and if the arrangement provides the customer control of the asset. Operating lease right-of-use (“ROU”) assets represent our right to use an individual asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide the lessor’s implicit rate, we use our incremental borrowing rate (“IBR”) at the commencement date in determining the present value of lease payments by utilizing a fully collateralized rate for a fully amortizing loan with the same term as the lease. Lease terms include options to extend the lease when it is reasonably certain those options will be exercised. For leases with terms greater than 12 months, we record the related asset and obligation at the present value of lease payments over the term. Our leases can include rental escalation clauses, renewal options and/or termination options that are factored into our determination of lease payments when such renewal options and/or termination options are reasonably certain of exercise. A ROU asset is subject to the same impairment guidance as assets categorized as property and equipment. As such, any impairment loss on ROU assets is presented in the same manner as an impairment loss recognized on other long-lived assets. A lease modification is a change to the terms and conditions of a contract that changes the scope or consideration of a lease. For example, a change to the terms and conditions to the contract that adds or terminates the right to use one or more underlying assets, or extends or shortens the contractual lease term, is a modification. Depending on facts and circumstances, a lease modification may be accounted for as either: (1) the original lease plus the lease of a separate asset(s) or (2) a modified lease. A lease will be remeasured if there are changes to the lease contract that do not give rise to a separate lease.

P12M

Revenue Recognition The Company recognizes revenue when the products and services are delivered. The Company’s revenues are accounted for under ASC Topic 606, “Revenue From Contracts With Customers” (“ASC 606”). The fees are generally fixed at the point of sale and all consideration from contracts is included in the transaction price. The Company’s contracts do not include multiple performance obligations or material variable considerations. In accordance with ASC 606, the Company recognizes revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company recognizes revenue in accordance with that core principle by applying the following: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(i)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Identify the contract(s) with a customer;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(ii)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Identify the performance obligation in the contract;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(iii)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Determine the transaction price;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(iv)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Allocate the transaction price to the performance obligations in the contract; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(v)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Recognize revenue when (or as) the Company satisfies a performance obligation.</td></tr> </table> We derive our revenue principally from product sales, rentals and subscription fees paid by the customer. We recognize subscription fees income and costs over the life of the agreement.

Cost of Revenues Cost of revenue includes direct materials, labor, manufacturing overhead costs and reserves for estimated warranty cost (excluding depreciation). Cost of revenue also includes charges to write down the carrying value of the inventory when it exceeds its estimated net realizable value and to provide for on-hand inventories that are either obsolete or in excess of forecasted demand. As a result of the introduction of the new simulator products in late 2022 and the sunsetting of older hardware models, in 2023, management reviewed the inventory. During the three months ended March 31, 2024 and 2023, the Company recorded $171,502 in inventory write-down and $538,427 reduction to cost of revenue, respectively.

171502

538427

Royalties We have royalty agreements with certain software suppliers to pay royalties based on the number of units and subscriptions sold. The royalty percentages range between 20% and 30%. Royalty expense for the three months ended March 31, 2024 and 2023 was $329,888 and $215,632, respectively. 0.20 0.30

329888

215632

Income Taxes The Company utilizes the asset and liability approach to measure deferred tax assets and liabilities based on temporary differences existing at each balance sheet date using currently enacted tax rates in accordance with ASC 740. ASC 740 considers the differences between financial statement treatment and tax treatment of certain transactions. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rate is recognized as income or expense in the period that includes the enactment date of that rate. Prior to the Merger, the Company elected to be taxed as an S-Corporation that passes through all income and deductions to its members. The Company did not have any deferred tax benefits or liabilities prior to January 31, 2024. The Company has no tax positions as of March 31, 2024 and December 31, 2023 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes any interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. For the years ending March 31, 2024 and December 31, 2023, the Company recognized no interest and penalties.

Net Earnings (Loss) Per Share Net income (loss) per share is provided in accordance with FASB ASC 260-10, “Earnings per Share”. Basic net income (loss) per common share (“EPS”) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued, unless doing so is anti-dilutive. The computation of basic and diluted income (loss) per share for the three months ended March 31, 2024 and December 31, 2023 excludes potentially dilutive securities when their inclusion would be anti-dilutive, or if their exercise prices were greater than the average market price during the period. Potential dilutive shares as of March 31, 2024 were <span id="xdx_900_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zCKHyhPggeba" title="Purchase of warrants">436,364 warrants to purchase common stock – Series A and 480,000 warrants to purchase common stock – Series B.

436364

480000

Recent Accounting Pronouncements Management has evaluated all recent accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) and determined that none of the pronouncements will have a material impact on our financial statements. We will continue to monitor the issuance of any new accounting pronouncements and assess their potential impact on the financial statements in future periods.

Concentration of Credit and Supplier Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash deposits and trade accounts receivable. Credit risk can be negatively impacted by adverse changes in the economy or by disruptions in the credit markets. We maintain our cash deposits with established commercial banks. At times, balances may exceed federally insured limits. We have not experienced any losses in such accounts and do not believe that we are exposed to any significant credit risk associated with our cash deposits. We believe that credit risk with respect to trade accounts receivable is somewhat mitigated by our large number of geographically diverse customers and our credit evaluation procedures. We record trade accounts receivables at sales value and establish specific reserves for certain customer accounts identified as known collection problems due to insolvency, disputes or other collection issues. The amounts of the specific reserves estimated by management are determined by a loss rate model based on delinquency. We maintain reserves for potential losses. There were no customers that accounted for more than <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20230101__20230331__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoCustomersMember_zGumbXWpLygb" title="Concentration risk percentage"><span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20240101__20240331__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoCustomersMember_zKXOZaR4qwi7" title="Concentration risk percentage">10.0% of our revenues for the three months ended March 31, 2024 and 2023. We purchase a significant amount of parts we consume in manufacturing our simulators from nationally known original equipment manufacturers, many of whom we have had over a 10 to 15 year relationship. While we do not have long-term contracts, we do issue purchase orders based on quoted prices terms. During the three months ended March 31, 2024, we purchased approximately <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20240101__20240331__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoCustomerMember_zfNDCgXON5lf" title="Concentration risk percentage">50.4% of our assembly parts from six manufacturers. We believe that while there are alternative suppliers, for the parts and equipment, we purchase in each of the principal product categories, termination of one or more of our relationships with any of our major suppliers of equipment could have a material adverse effect on our business.

0.100

P10Y

P15Y

0.504

Warrants The fair value of the warrants is estimated on the date of issuance using the Black-Scholes option pricing model, which requires the input of subjective assumptions, including the expected term of the warrants, expected stock price volatility, and expected dividends. These estimates involve inherent uncertainties and the application of management’s judgment. Expected volatilities used in the valuation model are based on the average volatility of the comparable companies publicly traded on recognized stock exchanges. The risk-free rate for the expected term of the option is based on the United States Treasury yield curve in effect at the time of the grant.

Note 4. ACCOUNTS RECEIVABLE, NET Accounts receivable and allowance for doubtful accounts consisted of the following as of March 31, 2024 and December 31, 2023: SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49E_20240331_zu5POyGKZjp8" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_490_20231231_zcSuA0eN46qi" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--TradeReceivablesHeldForSaleAmount_iI_maARGzZVW_zomrP3H7lfUd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Trade accounts receivable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,316,779</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,458,625</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--OtherAccountsReceivable_iI_maARGzZVW_zYPDDRvQoRRi" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,360</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">167,382</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccountsReceivableGross_iTI_maARNzHfG_mtARGzZVW_zGEcTfb5hnva" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,326,138</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,626,007</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_di_msARNzHfG_z251nnsohlE8" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Less allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,395,688</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,227,135</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--AccountsReceivableNet_iI_mtARNzHfG_zlajs9ghkaWk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total accounts receivable, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,930,450</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,398,872</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Accounts receivable are primarily made up of trade receivables due from customers in the ordinary course of business. Four customers accounted for more than <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20240101__20240331__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FourCustomerMember_zDoJmtNq1pp" title="Concentration risk percentage">50.2% and <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FourCustomerMember_zZJGuFu1VBtb" title="Concentration risk percentage">51.5% of the balance of accounts receivable as of March 31, 2024 and December 31, 2023, respectively.

Accounts receivable and allowance for doubtful accounts consisted of the following as of March 31, 2024 and December 31, 2023: SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49E_20240331_zu5POyGKZjp8" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_490_20231231_zcSuA0eN46qi" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--TradeReceivablesHeldForSaleAmount_iI_maARGzZVW_zomrP3H7lfUd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Trade accounts receivable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,316,779</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,458,625</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--OtherAccountsReceivable_iI_maARGzZVW_zYPDDRvQoRRi" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,360</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">167,382</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccountsReceivableGross_iTI_maARNzHfG_mtARGzZVW_zGEcTfb5hnva" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,326,138</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,626,007</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_di_msARNzHfG_z251nnsohlE8" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Less allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,395,688</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,227,135</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--AccountsReceivableNet_iI_mtARNzHfG_zlajs9ghkaWk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total accounts receivable, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,930,450</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,398,872</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

3316779

3458625

9360 167382

3326138

3626007

1395688

1227135

1930450

2398872

0.502

0.515

Note 5. INVENTORY, NET The following summarizes inventory as of March 31, 2024 and December 31, 2023: SCHEDULE OF INVENTORY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_497_20240331_zZamwp4Mdbsi" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_497_20231231_zvAFwnbvql1k" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--InventoryRawMaterials_iI_maINzn79_zv2dwKQYUoy6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Inventory – raw materials</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,784,013</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,548,134</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--InventoryValuationReserves_iNI_di_msINzn79_zXXCHITaHi53" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Less reserve allowance for obsolescence</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(448,360</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(429,050</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--InventoryNet_iTI_mtINzn79_z8BEcVTLmIgg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Inventory, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,335,653</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,119,084</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

The following summarizes inventory as of March 31, 2024 and December 31, 2023: SCHEDULE OF INVENTORY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_497_20240331_zZamwp4Mdbsi" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_497_20231231_zvAFwnbvql1k" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--InventoryRawMaterials_iI_maINzn79_zv2dwKQYUoy6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Inventory – raw materials</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,784,013</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,548,134</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--InventoryValuationReserves_iNI_di_msINzn79_zXXCHITaHi53" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Less reserve allowance for obsolescence</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(448,360</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(429,050</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--InventoryNet_iTI_mtINzn79_z8BEcVTLmIgg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Inventory, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,335,653</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,119,084</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

2784013

2548134

448360

429050

2335653

2119084

Note 6. SHORT-TERM INVESTMENTS In February 2023, we entered into a brokerage agreement and deposited $2,500,000. In February 2023, we purchased $450,751 in corporate fixed income securities (corporate bonds) and $1,981,061 in government securities (Treasury securities). The Company terminated the brokerage agreement during the three months ended March 31, 2024, liquidated all its investments and has no amount on its balance sheet. As of December 31, 2023, the marketable securities consisted of the following: SCHEDULE OF MARKETABLE SECURITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20231231_zbYBmCSJmWQ6" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--MarketableSecurities_iI_hus-gaap--UnderlyingAssetClassAxis__custom--CorporateSecuritiesMember_zAL1Z4pZBED8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Corporate fixed income securities, weighted average yield and maturity of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE1BUktFVEFCTEUgU0VDVVJJVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtSecuritiesHeldToMaturityWeightedAverageYield_iI_dp_uPure_c20231231__us-gaap--UnderlyingAssetClassAxis__custom--CorporateSecuritiesMember_zMetiWnC7577" title="Weighted average yield">5.39% and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE1BUktFVEFCTEUgU0VDVVJJVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_ecustom--WeightedAverageMaturityTerm_dtY_c20230101__20231231__us-gaap--UnderlyingAssetClassAxis__custom--CorporateSecuritiesMember_zbbMqaYMtWqa" title="Weighted average maturity">2.38 years, respectively</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">459,531</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--MarketableSecurities_iI_hus-gaap--UnderlyingAssetClassAxis__custom--GovernmentSecuritiesMember_zocNw3bICTb5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Government securities, weighted average yield and maturity of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE1BUktFVEFCTEUgU0VDVVJJVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtSecuritiesHeldToMaturityWeightedAverageYield_iI_dp_uPure_c20231231__us-gaap--UnderlyingAssetClassAxis__custom--GovernmentSecuritiesMember_zkhykg4ZRc06" title="Weighted average yield">4.91% and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE1BUktFVEFCTEUgU0VDVVJJVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_ecustom--WeightedAverageMaturityTerm_dtY_c20230101__20231231__us-gaap--UnderlyingAssetClassAxis__custom--GovernmentSecuritiesMember_z7Qjn9CFvhQa" title="Weighted average yield">3.25 years, respectively</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,051,805</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ShortTermInvestments_iI_zfPFO1CsjBFk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total short-term investments</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,511,336</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> We classify our short-term investments as available-for-sale securities as we may sell these securities at any time for use in operations or for other purposes. We record such securities at fair value in our balance sheet, with unrealized gains or losses reported as a component of accumulated comprehensive loss. The amount of unrealized gains or losses reclassified into earnings is based on specific identification when the securities are sold. We periodically evaluate if any security has experienced credit-related declines in fair value, which are recorded against an allowance for credit losses with an offsetting entry to interest and other expense, net on the statement of operations. As of March 31, 2024, the Company had no short-term investments. In March 2024, we traded out of our short-term investments and paid off the margin line of credit account.

2500000

450751

1981061

SCHEDULE OF MARKETABLE SECURITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20231231_zbYBmCSJmWQ6" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--MarketableSecurities_iI_hus-gaap--UnderlyingAssetClassAxis__custom--CorporateSecuritiesMember_zAL1Z4pZBED8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Corporate fixed income securities, weighted average yield and maturity of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE1BUktFVEFCTEUgU0VDVVJJVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtSecuritiesHeldToMaturityWeightedAverageYield_iI_dp_uPure_c20231231__us-gaap--UnderlyingAssetClassAxis__custom--CorporateSecuritiesMember_zMetiWnC7577" title="Weighted average yield">5.39% and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE1BUktFVEFCTEUgU0VDVVJJVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_ecustom--WeightedAverageMaturityTerm_dtY_c20230101__20231231__us-gaap--UnderlyingAssetClassAxis__custom--CorporateSecuritiesMember_zbbMqaYMtWqa" title="Weighted average maturity">2.38 years, respectively</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">459,531</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--MarketableSecurities_iI_hus-gaap--UnderlyingAssetClassAxis__custom--GovernmentSecuritiesMember_zocNw3bICTb5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Government securities, weighted average yield and maturity of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE1BUktFVEFCTEUgU0VDVVJJVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtSecuritiesHeldToMaturityWeightedAverageYield_iI_dp_uPure_c20231231__us-gaap--UnderlyingAssetClassAxis__custom--GovernmentSecuritiesMember_zkhykg4ZRc06" title="Weighted average yield">4.91% and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE1BUktFVEFCTEUgU0VDVVJJVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_ecustom--WeightedAverageMaturityTerm_dtY_c20230101__20231231__us-gaap--UnderlyingAssetClassAxis__custom--GovernmentSecuritiesMember_z7Qjn9CFvhQa" title="Weighted average yield">3.25 years, respectively</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,051,805</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ShortTermInvestments_iI_zfPFO1CsjBFk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total short-term investments</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,511,336</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

0.0539

P2Y4M17D

459531

0.0491

P3Y3M

2051805

2511336

Note 7. OTHER LONG-TERM ASSETS The following summarizes other long-term assets as of March 31, 2024 and December 31, 2023: (there were long-term assets as of December 31, 2022): SCHEDULE OF OTHER LONG TERM ASSETS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" id="xdx_492_20240331_ztWm1VqaIcB6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" id="xdx_498_20231231_zLEiI4DppERk" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--SecurityDeposit_iI_hus-gaap--DebtInstrumentAxis__custom--EthosManagementLoanMember_zSDJfDOaa1O2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Security deposit – Ethos Management loan</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,875,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,875,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--SecurityDeposit_iI_hus-gaap--DebtInstrumentAxis__custom--LeasedFacilitiesMember_zlK93cACvJui" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Security deposits – leased facilities</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">30,983</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">30,983</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other long-term assets</td><td> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OtherAssetsNoncurrent_iI_zoz3IA2fU6Gi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total other long-term assets</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,905,983</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,905,983</td><td style="text-align: left"> </td></tr> </table> As a condition of funding on the Ethos Management loan, we placed a $<span id="xdx_90C_eus-gaap--DepositLiabilitiesCollateralIssuedFinancialInstruments_iI_c20240331__us-gaap--TypeOfArrangementAxis__custom--EthosAssetManagementLoanAgreementMember_zfE5xiISCre4" title="Security loan">1,875,000 security deposit as collateral for the note. The deferred loan fees are being amortized over the term of the Ethos Management loan. Deposits related to the facility leases are generally the last month’s payments. The Ethos Asset Management Loan Agreement (“Loan Agreement”) stipulates that fundings should happen approximately every 30 banking days, subject to Ethos completing periodic internal audits to ensure the Company was in compliance with the terms of loan agreement. Ethos Management informed the Company in August 2023, that unrelated to TruGolf, Ethos Management is currently undergoing a routine audit of its loan portfolio, and pending the close of the audit, borrowers may experience delays in drawing on funds when requested. Due to the lack of additional fundings and in accordance with the terms of the Loan Agreement, in February 2024, we sent Ethos a notice of termination for materially breaching the Loan Agreement. Based on the termination for default clause in the Loan Agreement, we are entitled to retain all the funds disbursed by Ethos and Ethos must release the deposit collateral, which offsets in part the loan payable of $2,383,059 (Note 10.) and accrued interest of $81,560 as of March 31, 2024. In February 2024, we entered into an agreement with Franchise Well, LLC, a franchising consultancy firm, to accelerate our global expansion through a regional developer franchise model. This relationship is pivotal for TruGolf as the power of franchising will amplify our global presence and cater to the growing demand for off-course golf experiences In March 2024, we entered into a definitive agreement with mlSpatial, a leading AI and machine learning engineering company, to license the AI engine they co-developed to increase 9-axis spin accuracy for TruGolf’s acclaimed new APOGEE launch monitor. The agreement gives TruGolf the first right of refusal to purchase 100% of mlSpatial assets.

The following summarizes other long-term assets as of March 31, 2024 and December 31, 2023: (there were long-term assets as of December 31, 2022): SCHEDULE OF OTHER LONG TERM ASSETS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" id="xdx_492_20240331_ztWm1VqaIcB6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" id="xdx_498_20231231_zLEiI4DppERk" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--SecurityDeposit_iI_hus-gaap--DebtInstrumentAxis__custom--EthosManagementLoanMember_zSDJfDOaa1O2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Security deposit – Ethos Management loan</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,875,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,875,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--SecurityDeposit_iI_hus-gaap--DebtInstrumentAxis__custom--LeasedFacilitiesMember_zlK93cACvJui" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Security deposits – leased facilities</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">30,983</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">30,983</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other long-term assets</td><td> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OtherAssetsNoncurrent_iI_zoz3IA2fU6Gi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total other long-term assets</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,905,983</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,905,983</td><td style="text-align: left"> </td></tr> </table>

1875000

30983

1905983

1875000

2383059

81560

Note 8. PROPERTY AND EQUIPMENT, NET The following summarizes property and equipment as of March 31, 2024 and December 31, 2023: SCHEDULE OF PROPERTY AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49A_20240331_zLRZSH9qKFPi" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49D_20231231_zMjtSQu8LEm7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zRNugP57Uqca" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Software and computer equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">759,031</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">809,031</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z0FVtOyPBTMd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Furniture and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">230,883</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">230,883</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zUMHQoRPkX5d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,545</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,545</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zBzJqoAWEiIk" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Equipment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,873</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,873</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzqUG_zqMKDo8jvT0l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Property and equipment, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,065,332</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,115,332</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENzqUG_zguhFR5HA4I6" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Less accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(898,666</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(881,024</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzqUG_z31YJ2dMZb2c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">166,666</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">234,308</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Depreciation expense for the three months ended March 31, 2024 and 2023, was $14,317 and $10,340, respectively. The following summarizes capitalized software development costs as of March 31, 2024: SCHEDULE OF CAPITALIZED SOFTWARE DEVELOPMENT COSTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20240331_zCfoQWvmFmff" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--CapitalizedComputerSoftwareGross_iI_maCCSNzoqx_z6EepKqXYMCh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Capitalized software development costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">382,342</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--CapitalizedComputerSoftwareAccumulatedAmortization_iNI_di_msCCSNzoqx_zLrSslE0tcz8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less accumulated amortization</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,463</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--CapitalizedComputerSoftwareNet_iTI_mtCCSNzoqx_zLsy4zlK5S9k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Capitalized software development costs, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">363,879</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

The following summarizes property and equipment as of March 31, 2024 and December 31, 2023: SCHEDULE OF PROPERTY AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49A_20240331_zLRZSH9qKFPi" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49D_20231231_zMjtSQu8LEm7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zRNugP57Uqca" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Software and computer equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">759,031</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">809,031</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z0FVtOyPBTMd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Furniture and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">230,883</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">230,883</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zUMHQoRPkX5d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,545</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,545</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zBzJqoAWEiIk" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Equipment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,873</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,873</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzqUG_zqMKDo8jvT0l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Property and equipment, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,065,332</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,115,332</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENzqUG_zguhFR5HA4I6" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Less accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(898,666</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(881,024</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzqUG_z31YJ2dMZb2c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">166,666</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">234,308</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

759031

809031

230883

59545

15873

1065332

1115332

898666

881024

166666

234308

14317

10340

SCHEDULE OF CAPITALIZED SOFTWARE DEVELOPMENT COSTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20240331_zCfoQWvmFmff" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--CapitalizedComputerSoftwareGross_iI_maCCSNzoqx_z6EepKqXYMCh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Capitalized software development costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">382,342</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--CapitalizedComputerSoftwareAccumulatedAmortization_iNI_di_msCCSNzoqx_zLrSslE0tcz8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less accumulated amortization</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,463</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--CapitalizedComputerSoftwareNet_iTI_mtCCSNzoqx_zLsy4zlK5S9k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Capitalized software development costs, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">363,879</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

382342

18463

363879

Note. 9. CUSTOMER DEPOSITS Customer deposits are advance payments from customers prior to manufacturing and shipping a simulator. The prepayment amounts and timing vary depending on the product to be manufactured and delivery location. Customer deposits are included in current liabilities until the balance is applied to an order at the time of invoicing. As of March 31, 2024 and December 31, 2023, and 2022, customer deposits were $1,794,748 and $1,704,224, respectively.

1794748

1704224

Note 10. NOTES PAYABLE Notes payable consisted of the following as of March 31, 2024 and December 31, 2023: SCHEDULE OF NOTES PAYABLE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49E_20240331_zKZ2gvHMpzNl" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_492_20231231_zsIJ4EIEZ2G9" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--OtherNotesPayableCurrent_iI_hus-gaap--FairValueByLiabilityClassAxis__custom--EthosManagementIncMember_zYQu6ftWRlsh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Note payable – Ethos Management INC</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,383,059</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,499,999</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherNotesPayableCurrent_iI_hus-gaap--FairValueByLiabilityClassAxis__custom--MercedesBenzMember_zbbulw51LtDf" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Note payable – Mercedes-Benz</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">26,854</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">29,149</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OtherNotesPayableCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_z2UXMB1LTuT7" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Notes Payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,409,913</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,529,148</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--LessDeferredLoanFees_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_z59ImuNkCV9b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Less deferred loan fees – Ethos Management Inc.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(116,940</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--NotesPayableCurrent_iNI_di_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_zFcyUmihv1yd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Less current portion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(9,568</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(9,425</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--LongTermNotesPayable_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_zfHWLri5eD1e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Long-term portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,400,345</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,402,783</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Note Payable – Ethos Management INC In January 2023, we entered into a financing agreement with Ethos Asset Management INC (the “Ethos Asset Management Loan” or “Ethos”) in the principal amount of up to $10 million. Pursuant to the terms of the Ethos Asset Management Loan, we may draw down financing proceeds equal to $<span id="xdx_903_eus-gaap--ProceedsFromNotesPayable_c20230101__20230131__dei--LegalEntityAxis__custom--EthosAssetManagementINCMember__srt--RangeAxis__srt--MinimumMember_z2Ml7AaQsen9" title="Financing proceeds">833,333 each month beginning in April 2023, up to the $<span id="xdx_90C_eus-gaap--ProceedsFromNotesPayable_pn6n6_c20230101__20230131__dei--LegalEntityAxis__custom--EthosAssetManagementINCMember__srt--RangeAxis__srt--MaximumMember_zOdsKr8rPEJ6" title="Financing proceeds">10 million amount. Interest associated with the Ethos Asset Management Loan is fixed at 4% per annum and has a three-year grace period for principal and interest payments. Annual principal and interest payments will commence in 2027 and continue through 2034. As a condition to funding, we provided Ethos Management with a $1,875,000 deposit as collateral for the note. Ethos Management informed the Company in August 2023, that unrelated to TruGolf, Ethos Management is currently undergoing a routine audit of its loan portfolio, and pending the close of the audit, borrowers may experience delays in drawing on funds when requested. The Ethos Asset Management Loan Agreement (“Loan Agreement”) stipulates that fundings should happen approximately every 30 banking days, subject to Ethos completing periodic internal audits to ensure the Company was in compliance with the terms of loan agreement. Ethos Management informed the Company in August 2023, that unrelated to TruGolf, Ethos Management is currently undergoing a routine audit of its loan portfolio, and pending the close of the audit, borrowers may experience delays in drawing on funds when requested. Due to the lack of additional fundings and in accordance with the terms of the Loan Agreement, in February 2024, we sent Ethos a notice of termination for materially breaching the Loan Agreement. Based on the termination for default clause in the Loan Agreement, we are entitled to retain all the funds disbursed by Ethos and Ethos must release the deposit collateral, which is offset in part by the security collateral of $1,875,000 (Note 7.). Note Payable – Mercedes-Benz In November 2020, we entered into a $59,545, 5.90% annual interest rate note payable with Mercedes-Benz for a delivery van. The note matures on November 20, 2026, and is secured by the van. We make a monthly payment of $908. Note Payable – JP Morgan Chase In June 2021, we entered into a $500,000, 3.00% annual interest rate note payable with JPMorgan Chase Bank, N.A. (“JP Morgan”). The note matures on June 8, 2026. We make a monthly principal and interest payment in the amount of $8,994. There is no prepayment penalty if the loan is paid prior to the maturity date. In December 2023, we entered into a one-year line of credit facility with JP Morgan. See Note 11 – Lines of Credit. The outstanding note payable balance of $257,113 was transferred to the new line of credit. Notes Payable – assumed in Merger The Company assumed notes payable from the Merger in the amount of $1,565,000, which is comprised of: (i) an unsecured promissory note in the principal amount of $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_c20221015__srt--TitleOfIndividualAxis__custom--SponsorMember__us-gaap--TypeOfArrangementAxis__custom--FirstExtensionAgreementMember__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember_zQ7FjCLHKYJ6" title="Principal amount">1,265,000 issued to two affiliates of the Sponsor on October 15, 2022 in connection with the First Extension, from October 29, 2022 to January 29, 2023; and (iii) an unsecured promissory note in the principal amount of $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_c20230209__srt--TitleOfIndividualAxis__custom--SponsorMember__us-gaap--TypeOfArrangementAxis__custom--SecondExtensionAgreementMember__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember_z8a7gFvHIyZg" title="Principal amount">300,000 issued to an affiliate of the Sponsor on February 9, 2023 in connection with the Second Extension, from January 29, 2023 to July 29, 2023, pursuant to which a monthly payment of $<span id="xdx_90B_eus-gaap--DebtInstrumentPeriodicPayment_c20230129__20230729__srt--TitleOfIndividualAxis__custom--SponsorMember__us-gaap--TypeOfArrangementAxis__custom--SecondExtensionAgreementMember__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember_zVuWAgpXLgG8" title="Monthly payment">50,000 had been deposited into the Trust Account after January 29, 2023 for six months. Pursuant to the fully executed Promissory Notes, each of the Promissory Notes bears no interest and is due and payable upon the earlier of the consummation of DMA’s initial business combination or the date of the liquidation of DMA. As of March 31,2024, the balance of the notes payable assumed in the Merger was $1,565,500.

Notes payable consisted of the following as of March 31, 2024 and December 31, 2023: SCHEDULE OF NOTES PAYABLE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49E_20240331_zKZ2gvHMpzNl" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_492_20231231_zsIJ4EIEZ2G9" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--OtherNotesPayableCurrent_iI_hus-gaap--FairValueByLiabilityClassAxis__custom--EthosManagementIncMember_zYQu6ftWRlsh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Note payable – Ethos Management INC</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,383,059</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,499,999</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherNotesPayableCurrent_iI_hus-gaap--FairValueByLiabilityClassAxis__custom--MercedesBenzMember_zbbulw51LtDf" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Note payable – Mercedes-Benz</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">26,854</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">29,149</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OtherNotesPayableCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_z2UXMB1LTuT7" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Notes Payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,409,913</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,529,148</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--LessDeferredLoanFees_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_z59ImuNkCV9b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Less deferred loan fees – Ethos Management Inc.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(116,940</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--NotesPayableCurrent_iNI_di_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_zFcyUmihv1yd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Less current portion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(9,568</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(9,425</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--LongTermNotesPayable_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_zfHWLri5eD1e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Long-term portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,400,345</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,402,783</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

2383059

2499999

26854

29149

2409913

2529148

-116940

9568

9425

2400345

2402783

10000000

833333

10000000

0.04

1875000

59545

0.0590

908

500000

0.0300

8994

257113

1565000

1265000

300000

50000

1565500

Note 11. PIPE Loans PIPE LOANS On February 2, 2024, the Company executed a securities purchase agreement (the “Purchase Agreement”) with each of the investors that executed the Prior Loan Agreements, which replaced, in their entirety, the Prior Loan Agreements, and with additional investors (together, the “PIPE Investors”). Pursuant to the terms and conditions of the Purchase Agreement, the PIPE Investors agreed to purchase from the Company (i) senior convertible notes in the aggregate principal amount of up to $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_c20240202__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--TypeOfArrangementAxis__custom--ThePurchaseAgreementMember_ztOMyv1fb1P3" title="Principal amount">15,500,000 (the “PIPE Convertible Notes”), (ii) Series A warrants to initially purchase <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240202__us-gaap--TypeOfArrangementAxis__custom--ThePurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__custom--SeriesAWarrantsMember_zjazseeaalUe" title="Purchase of warrants">1,409,091 shares of the Company’s Class A common stock (the “Series A Warrants”); and (iii) Series B warrants to initially purchase <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240202__us-gaap--TypeOfArrangementAxis__custom--ThePurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__custom--SeriesBWarrantsMember_z1wgHthuNa7a" title="Purchase of warrants">1,550,000 shares of the Company’s Class A common stock (the “Series B Warrants,” and collectively with the Series A Warrants, the “PIPE Warrants”) (the “PIPE Financing”). The Purchase Agreement contemplates funding of the investment (the “Investment”) across multiple tranches. At the first closing (the “Initial Closing”) an aggregate principal amount of $4,650,000 of PIPE Convertible Notes will be issued upon the satisfaction of certain customary closing conditions in exchange for aggregate gross proceeds of $4,185,000, representing an original issue discount of 10%. On such date (the “Initial Closing Date”), the Company will also issue the PIPE Investors the Series A Warrants and the Series B Warrants. As of March 31, 2024, the Company recorded PIPE Convertible Notes payable of $<span id="xdx_907_eus-gaap--ConvertibleNotesPayable_iI_c20240331__us-gaap--DebtInstrumentAxis__custom--PipeConvertibleNotesPayableMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleNotesPayableMember_zVALObOHmW4e" title="Convertible notes payable">4,800,000 and an original issue discount of $<span id="xdx_90E_eus-gaap--ConvertibleNotesPayableCurrent_iI_c20240331__us-gaap--DebtInstrumentAxis__custom--PipeConvertibleNotesPayableMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleNotesPayableMember_zJUw4sJh7te8" title="Original issue discount">480,000 resulting in the net balance of $<span id="xdx_903_eus-gaap--LongTermDebt_iI_c20240331__us-gaap--DebtInstrumentAxis__custom--PipeConvertibleNotesPayableMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleNotesPayableMember_z1DdFR1pNqm3" title="Net balance">4,320,000. The Company recorded interest expense on the PIPE Convertible Notes of $9,468, and interest expense relating to the OID of $947. As of May 14, 2024, the Company did not timely file the quarterly report on Form 10-Q for the period ended March 31, 2024. The scheduled second tranche of the PIPE Convertible Notes payable has not been received by the Company. Subject to satisfying the conditions discussed below, the Company has the right under the Purchase Agreement, but not the obligation, to require that PIPE Investors purchase additional Notes at up to two additional closings. Upon notice at any time after the 2nd trading day following the Initial Closing Date, the Company may require that the PIPE Investors purchase an additional aggregate principal amount of $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_c20240202__us-gaap--TypeOfArrangementAxis__custom--ThePurchaseAgreementMember__us-gaap--LongtermDebtTypeAxis__custom--PIPEConvertibleNotesMember_zugqDowYLQgl" title="Principal amount">4,650,000 of PIPE Convertible Notes, in exchange for aggregate gross proceeds of $<span id="xdx_903_eus-gaap--ProceedsFromConvertibleDebt_c20240202__20240202__us-gaap--TypeOfArrangementAxis__custom--ThePurchaseAgreementMember__us-gaap--LongtermDebtTypeAxis__custom--PIPEConvertibleNotesMember_zuxiIpASd4yd">4,185,000, if (i) the Registration Statement (as described below) has been filed; and (ii) certain customary closing conditions are satisfied (the “First Mandatory Additional Closing”). Upon notice at any time after the 2nd trading day following the date that the First Mandatory Additional Closing is consummated, the Company may require that the PIPE Investors purchase an additional aggregate principal amount of $<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_c20240331__us-gaap--TypeOfArrangementAxis__custom--ThePurchaseAgreementMember__us-gaap--LongtermDebtTypeAxis__custom--PIPEConvertibleNotesMember_zUevsFoCWiuk" title="Principal amount">6,200,000 of PIPE Convertible Notes, in exchange for aggregate gross proceeds of $<span id="xdx_909_eus-gaap--ProceedsFromConvertibleDebt_c20240101__20240331__us-gaap--TypeOfArrangementAxis__custom--ThePurchaseAgreementMember__us-gaap--LongtermDebtTypeAxis__custom--PIPEConvertibleNotesMember_zvmU1OMry5O5">5,580,000, if (i) the shareholder approval is obtained (as described below); (ii) the Registration Statement has been declared effective by the SEC; and (iii) certain customary closing conditions are satisfied (the “Second Mandatory Additional Closing”). As of May 14, 2024, the Company did not timely file the quarterly report on Form 10-Q for the period ended March 31, 2024. The scheduled second tranche of the PIPE Convertible Notes payable has not been received by the Company. In addition, pursuant to the Purchase Agreement, each PIPE Investor has the right, but not the obligation, to require that, upon notice, the Company sell to such PIPE Investor at one or more additional closings such PIPE Investor’s pro rata share of up to a maximum aggregate principal amount of $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_c20240331__us-gaap--TypeOfArrangementAxis__custom--ThePurchaseAgreementMember__srt--RangeAxis__srt--MaximumMember__us-gaap--LongtermDebtTypeAxis__custom--PIPEConvertibleNotesMember_znO6dHqFuMvh" title="Principal amount">10,850,000 in additional PIPE Convertible Notes (each such additional closing, an “Additional Optional Closing”); provided that, the principal amount of the additional PIPE Convertible Notes issued at each Additional Optional Closing must equal at least $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_c20240331__us-gaap--TypeOfArrangementAxis__custom--ThePurchaseAgreementMember__srt--RangeAxis__srt--MinimumMember__us-gaap--LongtermDebtTypeAxis__custom--PIPEConvertibleNotesMember_zFycu3VZwmAc" title="Principal amount">250,000. If a PIPE Investor has not elected to effect an Additional Optional Closing on or prior to August 2, 2024, such PIPE Investor shall have no further right to effect an Additional Optional Closing under the Purchase Agreement.

15500000

1409091

1550000

4650000

4185000

0.10

4800000

480000

4320000

9468

947

4650000

4185000

6200000

5580000

10850000

250000

Note 12. RELATED PARTY NOTES PAYABLE Related party notes payable consisted of the following as of March 31, 2024 and December 31, 2023: SCHEDULE OF RELATED PARTY NOTES PAYABLE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_493_20240331_zTvSvEfhamvb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_494_20231231_zjUEkxgWXeR1" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--LongTermDebt_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARJTrustMember_zsqdPtfQrl0l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Notes payable - ARJ Trust</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">650,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">650,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LongTermDebt_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--McKettrickMember_z2zVMJuzhIq7" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Note payable - McKettrick</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,050,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,300,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LongTermDebt_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CarverMember_zl8KBcDMDyKg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Note payable – Carver</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">129,500</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">148,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LongTermDebt_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zBDtiCdRqlHb" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Notes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,829,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,098,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LongTermDebtCurrent_iNI_di_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zzDYoYLy08Je" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Less current portion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(937,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,237,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--LongTermDebtNoncurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zNe7A1c1e1B5" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Long-term portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">892,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">861,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Future maturities of related party notes payable are as follows as of March 31, 2024: SCHEDULE OF FUTURE MATURITIES OF RELATED PARTY NOTES PAYABLE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20240331_zJchT7CHVCVc" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_iI_maLTDzj54_zSEWAwONF1v3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">2024 (nine months)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">968,500</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_maLTDzj54_zv8EGtyWf3A" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">287,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_maLTDzj54_zmJxT26KsI1a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">287,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_maLTDzj54_zNJqZCaN8jA3" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">2027</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">287,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LongTermDebt_iTI_mtLTDzj54_zx9M6EoQXqi2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,829,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Note Payable – ARJ Trust In December 2008, we entered into a $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_c20081231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARJTrustMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableOneMember_zper2VUmT3T5" title="Debt instrument principal amount">500,000, <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dp_c20081231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARJTrustMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableOneMember_zMbZSFHzG3kl" title="Debt instrument interest percentage">8.50% annual interest rate note payable with a trust (“ARJ Trust”) indirectly controlled by the chief executive officer. We make monthly interest-only payments of $<span id="xdx_903_eus-gaap--DebtInstrumentPeriodicPaymentInterest_c20081201__20081231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARJTrustMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableOneMember_zKHNBqwo2rp1" title="Debt instrument periodic interest payment">3,541. As of March 31, 2024 and December 31, 2023, the principal balance was $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARJTrustMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableOneMember_zIjVB3GAgfO4" title="Debt instrument principal amount">500,000. In June 2010, we entered into a second $<span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_c20100630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARJTrustMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember_z1UirHiMKu4b" title="Debt instrument principal amount">150,000, <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dp_c20100630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARJTrustMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember_zdwSTyZQCS69" title="Debt instrument interest percentage">8.50% annual interest rate note payable with the ARJ Trust. We make monthly interest-only payments of $<span id="xdx_90D_eus-gaap--DebtInstrumentPeriodicPaymentInterest_c20100601__20100630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARJTrustMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember_zqjCj8RDp9jg" title="Debt instrument periodic interest payment">1,063. As of March 31, 2024 and December 31, 2023, the principal balance outstanding was $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARJTrustMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember_zIrtWflX2tve" title="Debt instrument principal amount"><span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_c20240331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARJTrustMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember_zbKOD6RJvjM8" title="Debt instrument principal amount">150,000. As of March 31, 2024 and December 31, 2023, the principal balance outstanding was $650,000 and accrued interest was $<span id="xdx_901_eus-gaap--DebtInstrumentIncreaseAccruedInterest_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARJTrustMember_zUUKQruzKySa" title="Debt instrument accrued interest"><span id="xdx_90E_eus-gaap--DebtInstrumentIncreaseAccruedInterest_c20240101__20240331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARJTrustMember_zTOjGHKjU8T" title="Debt instrument accrued interest">2,911. The note was to mature on <span id="xdx_902_eus-gaap--DebtInstrumentMaturityDateRangeStart1_dd_c20240101__20240331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARJTrustMember_znHGnV2yxvQ3" title="Debt instrument Maturity end date">March 31, 2024 and was extended to <span id="xdx_90B_eus-gaap--DebtInstrumentMaturityDateRangeEnd1_dd_c20240101__20240331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARJTrustMember_zsf0vvjr1SPc" title="Debt instrument Maturity end date">March 31, 2025. The trustee of the ARJ Trust is a related party to the Company’s chief executive officer. Note Payable – McKettrick In May 2019, we entered into a $1,750,000, <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dc_c20190531__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--McKettrickMember_zYDkAU0KDBSb" title="Debt instrument interest percentage">zero interest rate note payable with a former shareholder to repurchase all shares in the Company. The note is payable in annual installments of $<span id="xdx_90A_eus-gaap--DebtInstrumentPeriodicPaymentPrincipal_c20190501__20190531__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--McKettrickMember_zzz5GOZHZhWe" title="Debt instrument periodic payment">250,000 due on December 21 of each year. The note matures on <span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_dd_c20190501__20190531__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--McKettrickMember_zH2yVZtABOBl" title="Debt instrument Maturity date">December 1, 2027. There is a late fee of 5%, if not paid within 10 days of the due date. During the three months ended March 31, 2024, the Company paid the December 2023 installment of $<span id="xdx_907_eus-gaap--DebtInstrumentPeriodicPaymentPrincipal_c20240101__20240331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--McKettrickMember_zviG6vHmoBoc" title="Debt instrument periodic payment">250,000 and $50,000 in negotiated extension fee. Note Payable – Carver In January 2021, we entered into a $222,000, <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dc_c20210131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CarverMember_zGUUhpMu3wu" title="Debt instrument interest percentage">zero interest rate note payable with a former shareholder to repurchase all shares in the Company. The note is payable in semi- annual installments of $<span id="xdx_900_eus-gaap--DebtInstrumentPeriodicPaymentPrincipal_c20210101__20210131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CarverMember_zu5YsplYG7F2" title="Debt instrument periodic payment">18,500 due on March 31 and September 30 each year and matures on October 1, 2027. The Company paid $<span id="xdx_90E_eus-gaap--DebtInstrumentPeriodicPaymentPrincipal_c20240101__20240331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CarverMember_z4DJAtDYpKge" title="Debt instrument periodic payment">18,500 on the note on March 31, 2024.

Related party notes payable consisted of the following as of March 31, 2024 and December 31, 2023: SCHEDULE OF RELATED PARTY NOTES PAYABLE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_493_20240331_zTvSvEfhamvb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_494_20231231_zjUEkxgWXeR1" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--LongTermDebt_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARJTrustMember_zsqdPtfQrl0l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Notes payable - ARJ Trust</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">650,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">650,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LongTermDebt_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--McKettrickMember_z2zVMJuzhIq7" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Note payable - McKettrick</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,050,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,300,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LongTermDebt_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CarverMember_zl8KBcDMDyKg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Note payable – Carver</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">129,500</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">148,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LongTermDebt_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zBDtiCdRqlHb" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Notes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,829,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,098,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LongTermDebtCurrent_iNI_di_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zzDYoYLy08Je" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Less current portion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(937,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,237,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--LongTermDebtNoncurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zNe7A1c1e1B5" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Long-term portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">892,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">861,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

650000

1050000

1300000

129500

148000

1829500

2098000

937000

1237000

892500

861000

Future maturities of related party notes payable are as follows as of March 31, 2024: SCHEDULE OF FUTURE MATURITIES OF RELATED PARTY NOTES PAYABLE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20240331_zJchT7CHVCVc" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_iI_maLTDzj54_zSEWAwONF1v3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">2024 (nine months)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">968,500</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_maLTDzj54_zv8EGtyWf3A" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">287,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_maLTDzj54_zmJxT26KsI1a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">287,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_maLTDzj54_zNJqZCaN8jA3" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">2027</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">287,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LongTermDebt_iTI_mtLTDzj54_zx9M6EoQXqi2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,829,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

968500

287000

1829500

500000

0.0850

3541

500000

150000

0.0850

1063

150000

650000

2911

2024-03-31

2025-03-31

1750000

250000

2027-12-01

There is a late fee of 5%, if not paid within 10 days of the due date

250000

50000

222000

18500

2027-10-01

18500

Note 13. LINES OF CREDIT In December 2023, we entered into a $2,000,000 variable rate line of credit with JP Morgan Chase Bank, N.A. The purpose of the new line of credit was to consolidate the balances outstanding on the note payable and the previous line of credit, which had matured. The line of credit matures on December 31, 2024. The line of credit has an annual interest rate computed at the Adjusted SOFR (Secured Overnight Financing Rate) Rate and at a rate of 3.00% above the SOFR Rate. The Adjusted SOFR rate means the sum of the Applicable margin (<span id="xdx_908_ecustom--DebtInstrumentInterestRateAdjustedEffectivePercentage_iI_pid_dp_uPure_c20231231__us-gaap--LineOfCreditFacilityAxis__custom--JPMorganChaseBankMember_zZLrpgFOta2" title="Adjusted rate percentage">3.50% per annum) plus the SOFR rate applicable to the interest period plus the Unsecured to Secured Rate Adjustment. The line of credit was secured by a pledge of $2,100,000 in the Company’s deposit accounts (restricted cash) at JP Morgan Chase. As of March 31, 2024 and December 31, 2023, the balance outstanding on the line of credit was $802,738. During February 2023, the Company entered into a variable rate line of credit with Morgan Stanley which is secured by the marketable securities held in our brokerage account. As of March 31, 2024 and December 31, 2023, the balance outstanding was $0 and $1,980,937, at a rate of 7.21% as the Company paid off the line of credit during the three months ended March 31, 2024.

2000000

0.0300

0.0350

2100000

802738

1980937

0.0721

Note 14. CONVERTIBLE NOTES PAYABLE In May 2022, we entered into two separate but identical $<span id="xdx_901_eus-gaap--ConvertibleNotesPayable_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NoteHolderMember__srt--StatementScenarioAxis__custom--NotesTwoMember_zEuqhfOP1Kdi" title="Convertible notes payable"><span id="xdx_903_eus-gaap--ConvertibleNotesPayable_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NoteHolderMember__srt--StatementScenarioAxis__custom--NotesOneMember_zaJOOGb78nuk" title="Convertible notes payable">300,000 (total $600,000), 10.00% annual interest rate convertible notes payable (“Convertible Notes”) with two individual consultants (“Note Holder”) to assist with services including an initial public offering preparation and listing to NASDAQ or other national exchange, assist the Company and its counsel in preparing a code of conduct and employment agreements, franchise development, and valuation increase through growth among other services. The original terms of each note include a 15% original issue discount (“OID”), <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20220531__us-gaap--DebtInstrumentAxis__custom--ConvertibleNotesMember__srt--TitleOfIndividualAxis__custom--IndividualConsultantsTwoMember_zah1txcM4Hkk" title="Warrants">292 warrants, <span id="xdx_90E_ecustom--PrepaymentPenalty_iI_do_c20220531__us-gaap--DebtInstrumentAxis__custom--ConvertibleNotesMember__srt--TitleOfIndividualAxis__custom--IndividualConsultantsOneMember_z1v1nxau0MQ9" title="Prepayment penalty">no prepayment penalty and a maturity of <span id="xdx_907_eus-gaap--DebtInstrumentMaturityDate_dd_c20220501__20220531__us-gaap--DebtInstrumentAxis__custom--ConvertibleNotesMember__srt--TitleOfIndividualAxis__custom--IndividualConsultantsTwoMember_zMrqXeLMohXl" title="Maturity date">February 25, 2023. The warrants are exercisable at $4,800 per share for five years and a cashless option and a mandatory exercise over $9,600 with no prepayment penalty. The warrants are non-exercisable for one year from issuance. The valuation assumptions used in the Black-Sholes model to determine the fair value of each warrant awarded in 2022: expected stock price volatility ranged from <span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20220531__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__srt--RangeAxis__srt--MinimumMember_zKqBlUy6Iebi" title="Risk-free interest rate">40.06% to <span id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20220531__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__srt--RangeAxis__srt--MaximumMember_zYOAzOvFCsIj" title="Risk-free interest rate">80.17%; expected term in years 5.00 with a discount for the one-year lockout period; and risk-free interest rate <span id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20220531__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zJbUYnhoWBK7" title="Risk free interest rate">2.95%. The Note Holder has the right, at any time on or after the issuance date and prior to the maturity date, to convert all or any portion of the then outstanding and unpaid principal plus any accrued interest thereon into shares of the Company’s common stock. The per share conversion price will be convertible into shares of common stock equal to 70% multiplied by the lower of (i) the volume weighted average of the closing sales price of the common stock on the date that the Company’s listing on the NASDAQ Global Market or other national exchange (“Uplisting”) is successfully consummated or (ii) the lowest closing price for the five trading days following the date of Uplisting, not including the Uplisting day. In the event the Company (i) makes a public announcement that it intends to be acquired by, consolidate or merge with any other corporation or entity (other than a merger in which the Company is the surviving or continuing corporation and its capital stock is unchanged) or sell or transfer all or substantially all of the assets of the Company; or (ii) any person, group or entity (including the Company) publicly announces a tender offer to purchase 50% or more of the common stock, then the conversion price will be equal to the lower of the conversion price and a 25% discount to the announced acquisition provided, that, the conversion will never be less than a price that is the lower of (iii) the closing price (as reflected on Nasdaq.com) immediately preceding the signing of these notes; or (iv) the average closing price of the Company’s common stock (as reflected on Nasdaq.com) for the five trading days immediately preceding the signing of these notes. In 2022 and at the time off issuance, the Company elected to follow the relative fair value method to allocate the proceeds to the warrants, OID, and convertible notes (collectively the “Financial Instruments”). Total estimated fair value of the Financial Instruments was $1,387,060. The pro-rata allocation of the $450,000 total proceeds was $282,109 to the warrants, $21,899 to the OID and $145,992 to the convertible notes. The fair value of the warrants exceeded the pro-rata allocation of proceeds to the warrants and the convertible notes by $445,032, which the Company recorded as interest expense at the time of issuance. Based on an estimated 70% discounted conversion price, the Company recorded $192,857 in interest expense and a corresponding increase in the notes payable. The Company has elected to account for the convertible notes at fair market value. The fair market value will be adjusted at each reporting period. The total outstanding balance for each convertible note as of December 31, 2022, was $225,000 (total $450,000) and accrued interest was $16,480. In March 2023, we extended each note’s maturity to July 31, 2023 and increased each note’s borrowing limit to $375,000. In July 2023, the Company and Convertible Note Holders entered into Warrant Cancellation Agreements, whereby the warrants will be cancelled when the Merger (business combination) with Deep Medicine Acquisition Corp. is completed. Also in July 2023, the convertible notes were modified whereby the maturity date was extended by up to an additional eight months (February 29, 2024), to be in two extensions of four months each. Five days prior to the extension deadline the Company will issue 9,000 shares (total 18,000 shares if the Company elects the two extensions) of the Company’s stock. The Company did elect the extension. The Company has not issued the shares as of the date of this filing. During the three months ended March 31, 2024 and 2023, we recorded $0 in gross OID based on the borrowings on the Convertible Notes. During the three months ended March 31, 2024 and 2023, we recorded OID amortization of $0 and $0, respectively, in interest expense. There was zero OID remaining as of March 31, 2024 and December 31, 2023.

300000

600000

0.1000

0.15

292

2023-02-25

4800

P5Y

9600

40.06

80.17

P5Y

2.95

0.70

0.50

1387060

450000

282109

21899

145992

445032

192857

225000

450000

16480

2023-07-31

375000

9000

18000

0 0

Note 15. DIVIDEND NOTES PAYABLE Prior to the merger, we filed our tax returns as an S Corporation. Historically, all income tax liabilities and benefits of the Company 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, the Company paid the shareholders $1,965,706. In November 2022, each shareholder agreed to defer the accrued dividends payable by entering into 6.00% interest rate dividend notes payable. All outstanding and accrued interest is due and payable when the dividend notes payable mature on December 31, 2025. Interest commenced accruing on January 1, 2023. Dividends declared, distributed, and accrued are as follow as of March 31, 2024 and December 31, 32023: SCHEDULE OF DIVIDENDS DECLARED, DISTRIBUTED, AND ACCRUED <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49F_20240331_zdvEGQchBYfk" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_496_20231231_zVOXAva8nFE7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_ecustom--DistributionsPaymentsForTaxLiabilities_iI_zk5Pr00t62B1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Distributions payments for tax liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--AccruedInterestOnDividendsPayable_iI_zoCOZKlOO1T" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: justify">Accrued interest on dividends payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">274,242</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">274,242</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DividendNotesPayable_iI_zgBUDbCf8irk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Dividends payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,023,923</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,023,923</td><td style="text-align: left"> </td></tr> </table>

7395694

1965706

0.0600

Dividends declared, distributed, and accrued are as follow as of March 31, 2024 and December 31, 32023: SCHEDULE OF DIVIDENDS DECLARED, DISTRIBUTED, AND ACCRUED <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49F_20240331_zdvEGQchBYfk" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_496_20231231_zVOXAva8nFE7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_ecustom--DistributionsPaymentsForTaxLiabilities_iI_zk5Pr00t62B1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Distributions payments for tax liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--AccruedInterestOnDividendsPayable_iI_zoCOZKlOO1T" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: justify">Accrued interest on dividends payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">274,242</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">274,242</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DividendNotesPayable_iI_zgBUDbCf8irk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Dividends payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,023,923</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,023,923</td><td style="text-align: left"> </td></tr> </table>

274242 274242 4023923 4023923 Note 16. GROSS SALES ROYALTY PAYABLE In June 2015, we entered into a Royalty Purchase Agreement (the “Agreement”) with a purchaser (“Purchaser”) for a gross sales royalty. The Purchaser agreed to purchase a sales royalty for the sum of $1,000,000 plus applicable taxes. Upon mutual agreement the Purchaser may purchase one or more additional royalties in an aggregate amount of up to $1,000,000. For the period June 2015 through May 2017, the Company paid a monthly payment of $20,833. Effective June 1, 2017 and all subsequent months, the monthly royalty payment has been equal to the greater of $<span id="xdx_906_eus-gaap--PaymentsForRoyalties_c20170601__20170601__us-gaap--TypeOfArrangementAxis__custom--RoyaltyPurchaseAgreementMember__srt--RangeAxis__srt--MaximumMember_zzibacCjo6vf" title="Monthly payment">20,833 plus the amount determined in accordance with the following and of June 1, 2017: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">i.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">If the trailing twelve-month revenue of the Company is equal to or less than $6,110,000, 3.60% of our monthly revenues, in perpetuity (unless terminated in accordance with the Purchase Agreement);</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">ii.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">If trailing twelve-month revenue of the Company is equal to or greater than $17,200,000, 1.30% of our monthly revenues, in perpetuity (unless terminated in accordance with the Purchase Agreement); or</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">iii.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">If trailing twelve-month revenue of the Company is greater than $6,110,000 but less than $17,200,000, such percentage of monthly revenue determined by dividing $220,060 by the amount of trailing twelve-month revenue and multiplying the result by 100, in perpetuity (unless terminated in accordance with the Purchase Agreement).</td></tr> </table> The royalty percentage was fixed at 3.6% based on the trailing twelve-month revenue at the time of executing the Agreement (June 15, 2015). On June 1, 2017, the royalty percentage was changed to 2.4% based on the trailing 12-month revenues at that time as outlined in the table above. The Agreement contains an option for a one-time buy down of the royalty rate. At any time following the date on which the Purchaser has received royalty payments that are, in the aggregate, equal to two times the then applicable Aggregate Installment Amount ($1,000,000), we may purchase and extinguish 75% (but no more nor less) of all amounts owing or to become owing to the Purchaser hereunder. In the event we want to exercise the buy down option, we would pay the Purchaser $750,000 (75% of the $1,000,000 outstanding amount). The adjusted royalty rate going forward would then be 0.6% (75% of the 2.4%). The Agreement also contains an option for a buyout upon the change of control. If pursuant to a proposed change of control the acquirer under such transaction requires, as a condition to the completion of such transaction, that the Company purchase and extinguish all amounts owing or to become owing to the Purchaser hereunder, the Company will pay the greater of: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">i.</td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An amount equal to two times the aggregate installment amount as at the date of the change of control buyout notice; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">ii.</td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">An amount equal to A multiplied by B multiplied by C, where:</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">a.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">A is equal to the aggregate installment amount as at the date of the change of control divided by $22,500,000; </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">b.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">B is equal to 0.8; and </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">c.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">C is equal to the net equity value of the Company; or in the case of a proposed asset sale, the proposed net purchase price of all or substantially all of the Company’s assets.</td></tr> </table> In the event the Company were required to buyout the Agreement as a condition of closing the proposed DMAC acquisition (which currently is not a condition), the Company would pay Purchaser $2,844,444. The Agreement has neither a stated maturity nor an interest rate. While the royalty percentage can be reduced via a buydown, as previously explained, the only avenue for terminating the Agreement is a buyout required by an acquirer in a change of control transaction. Absent the change of control, the Agreement will survive in perpetuity at a royalty rate of 2.4% or 0.6% depending on whether or not the royalty rate buydown option has been exercised. Because the gross sales royalty payable has no stated fixed interest nor maturity, it is considered variable interest perpetual debt. The periodic variable payments to the Purchaser are recorded in interest expense. As of March 31, 2024 and December 31, 2023, the amount outstanding was $1,000,000. During the three months ended March 31, 2024 and 2023, we paid $96,509 and $0, respectively, in interest expense to the Purchaser.

1000000

20833

6110000

0.0360

17200000

0.0130

6110000

17200000

220060

0.036 0.024 1000000 75

750000

75 1000000

0.006

0.024

22500000

2844444

0.024 0.006

1000000

96509

Note 17. ACCRUED AND OTHER CURRENT LIABILITIES Accrued and other current liabilities consisted of the following as of March 31, 2024 and December 31, 2023: SCHEDULE OF ACCRUED AND OTHER CURRENT LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_496_20230331_zxKApb12oAO7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_490_20231231_zYzYyrFo7OMl" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--AccruedPayrollTaxesCurrent_iI_maALAOLzEe2_maALAOLzNCk_zgIaT5kXD7Zh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Accrued payroll</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">9,124</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">326,515</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--AccruedCreditCards_iI_maALAOLzEe2_maALAOLzNCk_zNmb2titTOE" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Credit cards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">270,805</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">240,989</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ProductWarrantyAccrualClassifiedCurrent_iI_maALAOLzNCk_z8hA2oWa5Yvg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Warranty reserve</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--SalesAndExciseTaxPayableCurrent_iI_maALAOLzEe2_maALAOLzNCk_zeLFB2tubyRf" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Sales tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,921</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,891</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherLiabilitiesCurrent_iI_maALAOLzEe2_maALAOLzNCk_zzt1s19ate91" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">349,556</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">374,100</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iTI_mtALAOLzNCk_z8FLOOAVQj3i" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Accrued and other current liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">804,405</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,125,495</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Accrued liabilities and other current liabilities assumed in Merger SCHEDULE OF ACCRUED LIABILITIES AND OTHER CURRENT LIABILITIES ASSUMED IN MERGER <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20240331__us-gaap--AwardTypeAxis__custom--MergerMember_zDZeiUMwV0O7" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20231231__us-gaap--AwardTypeAxis__custom--MergerMember_z5EdwHecdiok" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesccruedTaxPayable_iI_z29adGb3pfG3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Accrued tax payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">45,008</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther_iI_zbhFc03DBMD3" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Other current liabilities assumed in Merger</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">250,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities_iI_zUrOa6cl3TFc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Accrued liabilities and other current liabilities assumed in Merger</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">295,008</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Accrued and other current liabilities consisted of the following as of March 31, 2024 and December 31, 2023: SCHEDULE OF ACCRUED AND OTHER CURRENT LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_496_20230331_zxKApb12oAO7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_490_20231231_zYzYyrFo7OMl" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--AccruedPayrollTaxesCurrent_iI_maALAOLzEe2_maALAOLzNCk_zgIaT5kXD7Zh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Accrued payroll</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">9,124</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">326,515</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--AccruedCreditCards_iI_maALAOLzEe2_maALAOLzNCk_zNmb2titTOE" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Credit cards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">270,805</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">240,989</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ProductWarrantyAccrualClassifiedCurrent_iI_maALAOLzNCk_z8hA2oWa5Yvg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Warranty reserve</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--SalesAndExciseTaxPayableCurrent_iI_maALAOLzEe2_maALAOLzNCk_zeLFB2tubyRf" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Sales tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,921</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,891</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherLiabilitiesCurrent_iI_maALAOLzEe2_maALAOLzNCk_zzt1s19ate91" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">349,556</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">374,100</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iTI_mtALAOLzNCk_z8FLOOAVQj3i" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Accrued and other current liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">804,405</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,125,495</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

9124

326515

270805 240989

140000

34921

43891

349556

374100

804405

1125495

Accrued liabilities and other current liabilities assumed in Merger SCHEDULE OF ACCRUED LIABILITIES AND OTHER CURRENT LIABILITIES ASSUMED IN MERGER <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20240331__us-gaap--AwardTypeAxis__custom--MergerMember_zDZeiUMwV0O7" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20231231__us-gaap--AwardTypeAxis__custom--MergerMember_z5EdwHecdiok" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesccruedTaxPayable_iI_z29adGb3pfG3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Accrued tax payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">45,008</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther_iI_zbhFc03DBMD3" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Other current liabilities assumed in Merger</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">250,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities_iI_zUrOa6cl3TFc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Accrued liabilities and other current liabilities assumed in Merger</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">295,008</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

45008

250000

295008

Note 18. STOCKHOLDERS’ EQUITY Preferred Stock The Company has authorized preferred stock of 10,000,000 shares, par value of $0.0001. As of March 31, 2024 and December 31, 2023, there were no shares of preferred stock issued and outstanding. Common Stock Common Stock – Series A The Company has authorized common stock – Series A of 90,000,000 shares, par value of $0.0001. As of March 31, 2024, there were 11,538,252 shares of common stock – Series A and 1,716,680 shares of common stock – Series B issued and outstanding. The summary of exchanged and issued shares of common stock – Series A and B resulting from the Merger follows: Upon closing of the Business Combination, shares of TruGolf Nevada common stock outstanding include the following: SCHEDULE OF COMMON STOCK <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Accrual Redemptions</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of Shares Owned</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">% Ownership</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">TruGolf Nevada shareholders – Series A</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_90C_eus-gaap--CommonStockSharesOutstanding_iI_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TruGolfNevadaShareholdersSeriesAMember_zBbSP8JZS2m4" title="TruGolf Nevada shareholders - Series A">5,750,274</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_900_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TruGolfNevadaShareholdersSeriesAMember_zFtwUiS8rK4b" title="TruGolf Nevada shareholders - Series A">43.4</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">TruGolf Nevada shareholders – Series B</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--CommonStockSharesOutstanding_iI_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TruGolfNevadaShareholdersSeriesBMember_zwhIB33ljtme" title="TruGolf Nevada shareholders - Series B">1,716,860</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TruGolfNevadaShareholdersSeriesBMember_zv28X0PfmQeg" title="TruGolf Nevada shareholders - Series B">13.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Private Placement Investors (2)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--CommonStockSharesOutstanding_iI_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PrivatePlacementInvestorsTwoMember_z0yOAUCoEa5e" title="Private Placement Investors (2)">571,450</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PrivatePlacementInvestorsTwoMember_zGWGVJNjVuE2" title="Private Placement Investors (2)">4.3</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">DMAQ Public stockholders (3)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--CommonStockSharesOutstanding_iI_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DMAQPublicstockholdersThreeMember_zAOaBsYBVcke" title="DMAQ Public stockholders (3)">1,460,077</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DMAQPublicstockholdersThreeMember_zEVBnRZmUkS6" title="DMAQ Public stockholders (3)">11.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">DMAQ Directors and officers</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--CommonStockSharesOutstanding_iI_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DMAQDirectorsandOfficersMember_z2p8xyFsYZz1" title="DMAQ Directors and officers">280,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DMAQDirectorsandOfficersMember_zZ5rKDZUiTzj" title="DMAQ Directors and officers">2.1</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">DMAQ Sponsor (4)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,162,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DMAQSponsorFourMember_zIBDGre3KNy4" title="DMAQ Sponsor (4)">23.9</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">I-Bankers (5)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">313,951</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--IBankersFiveMember_z1wI6ZIVsQYh" title="DMAQ Sponsor (4)">2.4</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">13,255,112</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_900_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TrugolfHoldingsIncMember_zBWUPHssKx73" title="Accrual Redemptions ownership percentage">100</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td></tr> </table> Based on 13,098 TruGolf Nevada ordinary shares outstanding immediately prior to the closing of the Business Combination, the Exchange Ratio determined in accordance with the terms of the Merger Agreement is approximately 570.10. New TruGolf issued 7,467,134 shares of New TruGolf common stock to legacy TruGolf Nevada shareholders in the Business Combination, determined as follows: <p id="xdx_89C_ecustom--ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationDeterminedTextBlock_zjy78N3pDxPi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.25in">SCHEDULE OF BUSINESS ACQUISITION CONTINGENT CONSIDERATION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">TruGolf Nevada shares outstanding as of immediately prior to the Closing</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Ordinary shares, par value $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJVU0lORVNTIEFDUVVJU0lUSU9OIENPTlRJTkdFTlQgQ09OU0lERVJBVElPTiAoRGV0YWlscykgKFBhcmVudGhldGljYWxzKQA_" id="xdx_90A_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20240331_zc4VKY8g5JOe">0.01 per share</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">13,098</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Exchange Ratio</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">570.10</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Shares of New TruGolf common stock issued to TruGolf Nevada shareholders upon Closing</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7,467,134</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The shares issued to legacy TruGolf Nevada shareholders consists of <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240331__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--MergerArrangementMember_zWBVwlER3tx6" title="Estimated shares issued">5,750,274 shares of New TruGolf Class A common stock and <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240331__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--TypeOfArrangementAxis__custom--MergerArrangementMember_zyThWr8hA167" title="Estimated shares issued">1,716,860 shares of New TruGolf Class B common stock. (2) DMAQ’s Insiders had an aggregate of <span id="xdx_90E_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20240101__20240331__us-gaap--BusinessAcquisitionAxis__custom--DMAQInsidersMember_z6VDVLP5igh9" title="Private Placement Investors (2)">406,500 units, which contain <span id="xdx_908_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20240101__20240331__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--BusinessAcquisitionAxis__custom--DMAQInsidersMember_ze2pn8Pk5vY1" title="Private Placement Investors (2)">406,500 Private Placement Shares and <span id="xdx_906_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20240101__20240331__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivateRightsMember__us-gaap--BusinessAcquisitionAxis__custom--DMAQInsidersMember_zl1CdOSgu569" title="DMAQ Sponsor (4)">406,500 Private Rights. I-Bankers had an aggregate of <span id="xdx_900_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20240101__20240331__us-gaap--BusinessAcquisitionAxis__custom--IBankersMember_zDi8h4h6mFD2" title="Private Placement Investors (2)">113,000 units, which contain <span id="xdx_90D_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20240101__20240331__us-gaap--BusinessAcquisitionAxis__custom--IBankersMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_z35pRQYXDMFc" title="Private Placement Investors (2)">113,000 Private Placement Shares and <span id="xdx_907_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20240101__20240331__us-gaap--BusinessAcquisitionAxis__custom--IBankersMember__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivateRightsMember_zs94LI7OpUdh" title="Private Placement Investors (2)">113,000 Private Rights. Each holder of a private right received one-tenth (1/10) of one share of DMAQ Class A common stock upon consummation of initial business combination. Private placement shares were the shares of DMAQ Class A common stock. The <span id="xdx_905_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20240101__20240331__us-gaap--BusinessAcquisitionAxis__custom--DMAQClassACommonStockMember_zszUJcVkr9y7" title="Ordinary shares outstanding">519,500 shares of DMAQ Class A common stock and <span id="xdx_903_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20240101__20240331__us-gaap--BusinessAcquisitionAxis__custom--DMAQClassACommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivateRightsMember_zfFuvyrjxzvj">519,500 Private Right were exchanged for a total of <span id="xdx_908_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20240101__20240331__us-gaap--BusinessAcquisitionAxis__custom--NewTruGolfCommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivateRightsMember_zD5htWyiC4b5" title="Ordinary shares outstanding">571,450 shares of New TruGolf common stock upon the closing of the Business Combination. (3) Prior to and in connection with the approval of the Business Combination, holders of <span id="xdx_908_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20240101__20240331__us-gaap--BusinessAcquisitionAxis__custom--DMAQClassASharesMember_zblkLnMbQZZe" title="DMAQ Public stockholders">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 <span id="xdx_905_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20240101__20240331__us-gaap--BusinessAcquisitionAxis__custom--DMAQPublicstockholdersMember__us-gaap--ScheduleOfSharesSubjectToMandatoryRedemptionBySettlementTermsAxis__us-gaap--CommonStockSubjectToMandatoryRedemptionMember_z2Lr6k1ZQGOg" title="DMAQ Public stockholders (3)">574,764 shares of DMAQ common stock subject to redemption. Upon the closing of the Business Combination, <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240101__20240331__us-gaap--BusinessAcquisitionAxis__custom--NewTruGolfCommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivateRightsMember_zu3W93uZKmIf" title="Issuance of shares">1,265,000 shares of New TruGolf Class A common stock were issued upon the conversion of <span id="xdx_90A_eus-gaap--ConversionOfStockSharesIssued1_c20240101__20240331__us-gaap--BusinessAcquisitionAxis__custom--NewTruGolfCommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivateRightsMember_zkMGI44HMu7j" title="Conversion of public rights">12,650,000 public rights. (4) In connection with the Business Combination, <span id="xdx_903_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20240101__20240331__us-gaap--BusinessAcquisitionAxis__custom--DMAQClassACommonStockMember__srt--TitleOfIndividualAxis__custom--SponsorMember_z6P0325Ep5rd" title="DMAQ Sponsor (4)">3,162,500 shares of DMAQ Class A common stock held by the Sponsor and its affiliates were converted into <span id="xdx_903_eus-gaap--ConversionOfStockSharesIssued1_c20240101__20240331__us-gaap--BusinessAcquisitionAxis__custom--NewTruGolfCommonStockMember__srt--TitleOfIndividualAxis__custom--SponsorMember_zSuYcM6O0q5f">3,162,500 shares of New TruGolf Class A common stock. (5) Reflects the payment of transaction fee pursuant to the BCMA Amendment due at Closing, which was paid to I-Bankers a transaction fee equal to (i) $2,000,000 in cash and (ii) <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240101__20240331__us-gaap--InvestmentIssuerNameAxis__custom--NewTruGolfClassACommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivateRightsMember_zHmBgzpgIDJ9" title="New shares">212,752 New TruGolf Class A Common Shares, and an aggregate of <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240101__20240331__us-gaap--InvestmentIssuerNameAxis__custom--NewTruGolfClassACommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z2yWNplgHunb" title="New shares">101,200 Representative Shares issued in connection with the IPO were exchanged to New TruGolf common stock upon the closing of the Business Combination. In March 2023, the Board of Directors authorized the issuance of <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_c20240331__srt--TitleOfIndividualAxis__custom--ConsultantsMember_zcbUbJdNuJNb" title="Authorized issuance of common stock">821 shares of common stock to the consultants for the services performed related as outlined in the services agreements. The common shares were issued at fair value and $4,493,333 was expensed to consulting services. In April 2022, we secured the services of two consultants (also the Note Holders as described in Note 12 – Convertible Notes Payable) to assist with services including assisting the Company’s and its counsel in an initial public offering preparation and listing to NASDAQ or other national exchange, assist the Company and its counsel in preparing a code of conduct and employment agreements, franchise development, and valuation increase through growth among other services. <span id="xdx_904_ecustom--StockBasedOnPerformanceIncludingServicesPercentage_c20240101__20240331_zPY8i2etUVXd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Stock based on performance description">Once services are performed, the first consultant will be provided a 3% stock grant; while the second consultant will be provided up to 7% of stock based on performance deliverables including: 1.75% on consummation of an initial bridge loan agreement, 1.75% on engaging an investment banker, 1.75% upon filing an S-1 including financial statements and footnotes, and 1.75% upon the closing of an initial public offering. The second consultant will be provided warrants at a 20% discount to the then current price per share, for up to 2% for achieving a $250 million valuation and 3% more for a $500 million valuation, as well as another 2% for opening the first franchise location, and 3% more once 100 franchise locations have been sold. As of the date of this filing, no stock grants or awards have been issued. Common Stock – Series B The Company has authorized common stock – Series B of 10,000,000 shares, par value of $0.001. As of March 31, 2024, there were 1,716,680 shares of common stock – Series B issued and outstanding. The common stock – Series B has voting rights of 25 votes per common stock – Series A held. As of March 31, 2024, three TruGolf insiders own <span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TruGolfInsidersMember_zMzRRpJuZbxf" title="TruGolf Nevada shareholders - Series A">100% of the 1,716,680 common stock – Series B. Warrants - Common stock – Series A and B As of March 31, 2024, the Company issued warrants to purchase <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zTAjFoz8wyPf" title="Warrants issuance">436,364 shares of the Company’s common stock – Series A to the PIPE Convertible Notes holders with an exercise price of $13 per share and a term of five years commencing February 1, 2024. The maximum Series A Warrants to be issued for all tranches of the PIPE Convertible Notes is <span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240331__us-gaap--StatementClassOfStockAxis__custom--SeriesAWarrantsMember__srt--RangeAxis__srt--MaximumMember_zCxzPp4KkAZ6" title="PIPE convertible note">1,409,091. The pro rata amount of the first tranche of PIPE Convertible Notes payable of $4,800,000 as a percentage of the total Series A Warrants results in the issuance of <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240331__us-gaap--StatementClassOfStockAxis__custom--SeriesAWarrantsMember_ze72QWAdgLt1" title="Warrants issuance">436,364 warrants. The value of the Series A Warrants was estimated to be approximately $703,000 (or $1.61 per warrant) using the Black-Scholes option-pricing model as of the grant date (February 24, 2024) based on the following assumptions: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">1.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The expected volatility of <span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20240224__us-gaap--StatementClassOfStockAxis__custom--SeriesAWarrantsMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zqh65mJBwRWe" title="Expected volatility minimum">227.52%;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The risk-free interest rate of <span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20240224__us-gaap--StatementClassOfStockAxis__custom--SeriesAWarrantsMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zYnw4Gc3Hneg" title="Risk-free interest rate">3.99%;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">3.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The expected life of <span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_c20240224__us-gaap--StatementClassOfStockAxis__custom--SeriesAWarrantsMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_z4dcauGeWWEk" title="Expected term">five years.</td></tr></table> As of March 31, 2024, the Company issued warrants to purchase 480,000 shares of the Company’s common stock – Series B to the PIPE Convertible Notes holders with an exercise price of $10 per share and a term of thirty months commencing February 1, 2024. The maximum Series B Warrants to be issued for all tranches of the PIPE Convertible Notes is <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240331__us-gaap--StatementClassOfStockAxis__custom--SeriesBWarrantsMember__srt--RangeAxis__srt--MaximumMember_zsZjrD6nKSB1">1,550,000. The pro rata amount of the first tranche of PIPE Convertible Notes payable of $4,800,000 as a percentage of the total Series A Warrants results in the issuance of 480,000 Series B Warrants. The value of the Series B Warrants was estimated to be approximately $662,400 (or $1.38 per warrant) using the Black-Scholes option-pricing model as of the grant date (February 24, 2024) based on the following assumptions: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">1.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The expected volatility of <span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20240224__us-gaap--StatementClassOfStockAxis__custom--SeriesBWarrantsMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zLCLw9oBqV3g" title="Expected volatility minimum">227.52%;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The risk-free interest rate of <span id="xdx_901_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20240224__us-gaap--StatementClassOfStockAxis__custom--SeriesBWarrantsMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zWtiqiLDtMae" title="Risk-free interest rate">3.99%;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">3.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The expected life of <span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_c20240224__us-gaap--StatementClassOfStockAxis__custom--SeriesBWarrantsMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_z3lmJYYcPuMh" title="Expected term">thirty months.</td></tr></table>

10000000

0.0001

90000000

0.0001

11538252

1716680

Upon closing of the Business Combination, shares of TruGolf Nevada common stock outstanding include the following: SCHEDULE OF COMMON STOCK <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Accrual Redemptions</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of Shares Owned</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">% Ownership</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">TruGolf Nevada shareholders – Series A</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_90C_eus-gaap--CommonStockSharesOutstanding_iI_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TruGolfNevadaShareholdersSeriesAMember_zBbSP8JZS2m4" title="TruGolf Nevada shareholders - Series A">5,750,274</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_900_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TruGolfNevadaShareholdersSeriesAMember_zFtwUiS8rK4b" title="TruGolf Nevada shareholders - Series A">43.4</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">TruGolf Nevada shareholders – Series B</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--CommonStockSharesOutstanding_iI_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TruGolfNevadaShareholdersSeriesBMember_zwhIB33ljtme" title="TruGolf Nevada shareholders - Series B">1,716,860</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TruGolfNevadaShareholdersSeriesBMember_zv28X0PfmQeg" title="TruGolf Nevada shareholders - Series B">13.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Private Placement Investors (2)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--CommonStockSharesOutstanding_iI_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PrivatePlacementInvestorsTwoMember_z0yOAUCoEa5e" title="Private Placement Investors (2)">571,450</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--PrivatePlacementInvestorsTwoMember_zGWGVJNjVuE2" title="Private Placement Investors (2)">4.3</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">DMAQ Public stockholders (3)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--CommonStockSharesOutstanding_iI_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DMAQPublicstockholdersThreeMember_zAOaBsYBVcke" title="DMAQ Public stockholders (3)">1,460,077</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DMAQPublicstockholdersThreeMember_zEVBnRZmUkS6" title="DMAQ Public stockholders (3)">11.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">DMAQ Directors and officers</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--CommonStockSharesOutstanding_iI_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DMAQDirectorsandOfficersMember_z2p8xyFsYZz1" title="DMAQ Directors and officers">280,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DMAQDirectorsandOfficersMember_zZ5rKDZUiTzj" title="DMAQ Directors and officers">2.1</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">DMAQ Sponsor (4)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,162,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DMAQSponsorFourMember_zIBDGre3KNy4" title="DMAQ Sponsor (4)">23.9</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">I-Bankers (5)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">313,951</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--IBankersFiveMember_z1wI6ZIVsQYh" title="DMAQ Sponsor (4)">2.4</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">13,255,112</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_900_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TrugolfHoldingsIncMember_zBWUPHssKx73" title="Accrual Redemptions ownership percentage">100</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td></tr> </table>

5750274

0.434

1716860

0.130

571450

0.043

1460077

0.110

280000

0.021

3162500

0.239

313951

0.024

13255112

13098

570.10

7467134

<p id="xdx_89C_ecustom--ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationDeterminedTextBlock_zjy78N3pDxPi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.25in">SCHEDULE OF BUSINESS ACQUISITION CONTINGENT CONSIDERATION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">TruGolf Nevada shares outstanding as of immediately prior to the Closing</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Ordinary shares, par value $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJVU0lORVNTIEFDUVVJU0lUSU9OIENPTlRJTkdFTlQgQ09OU0lERVJBVElPTiAoRGV0YWlscykgKFBhcmVudGhldGljYWxzKQA_" id="xdx_90A_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20240331_zc4VKY8g5JOe">0.01 per share</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">13,098</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Exchange Ratio</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">570.10</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Shares of New TruGolf common stock issued to TruGolf Nevada shareholders upon Closing</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7,467,134</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

0.01

13098

570.10

7467134

5750274

1716860

406500

113000

Each holder of a private right received one-tenth (1/10) of one share of DMAQ Class A common stock upon consummation of initial business combination

519500

571450

378744

943 379687

574764

1265000

12650000

3162500

2000000

212752

101200

821

4493333

Once services are performed, the first consultant will be provided a 3% stock grant; while the second consultant will be provided up to 7% of stock based on performance deliverables including: 1.75% on consummation of an initial bridge loan agreement, 1.75% on engaging an investment banker, 1.75% upon filing an S-1 including financial statements and footnotes, and 1.75% upon the closing of an initial public offering. The second consultant will be provided warrants at a 20% discount to the then current price per share, for up to 2% for achieving a $250 million valuation and 3% more for a $500 million valuation, as well as another 2% for opening the first franchise location, and 3% more once 100 franchise locations have been sold. As of the date of this filing, no stock grants or awards have been issued.

10000000

0.001

1716680

436364

P5Y

1409091

4800000

436364

703000

1.61

227.52

3.99

P5Y

480000

P30M

1550000

4800000

480000

662400

1.38

227.52

3.99

P30M

Note 19. INCOME TAXES We have adopted the provisions of ASC 740-10-25, which provide recognition criteria and a related measurement model for uncertain tax positions taken or expected to be taken in income tax returns. ASC 740-10-25 requires that a position taken or expected to be taken in a tax return be recognized in the financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. <span id="xdx_905_eus-gaap--IncomeTaxExaminationLikelihoodOfUnfavorableSettlement_c20240101__20240331_z7iSRIZXUi66" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Income tax likelihood percentage description">Tax positions that meet the more likely than not threshold are then measured using a probability weighted approach recognizing the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company had no tax positions relating to open income tax returns that were considered to be uncertain as of March 31, 2024. Prior to the merger, the Company was an S Corporation for federal and state income tax purposes with all income tax liabilities and/or benefits of the Company being passed through to the stockholders. As such, no recognition of federal or state income taxes for the Company has been provided for prior to January 31, 2024, the date of the consummation of the Merger. The Company incurred a net loss for the three months ended March 31, 2024 of $1,301,864, which is available to reduce future taxable income, for federal and state income taxes, respectively. The NOL can be carried forward indefinitely and can be used to offset 80% of future taxable income. At the current federal tax rate of 21% and including book to tax differences result in the current tax benefit NOL of approximately $267,000 at March 31, 2024. The Company has no income tax effect due to the recognition of a full valuation allowance on the expected tax benefits of future loss carry forwards based on uncertainty surrounding realization of such assets. During the three months ended March 31, 2024, the Company increased the valuation allowance from $0 to $267,000.

Tax positions that meet the more likely than not threshold are then measured using a probability weighted approach recognizing the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement.

-1301864

0.21

267000

Note 20. COMMITMENTS AND CONTINGENCIES Operating Leases As of March 31, 2024, we had two operating leases as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In June 2023, we entered into a new five-year lease on the warehouse in North Salt Lake City, Utah. The base monthly lease payment through May 2024 is $<span id="xdx_908_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths_iI_c20230630__us-gaap--GeographicDistributionAxis__custom--NorthSaltLakeCityMember_zF4szIeO1C3j" title="Monthly lease payment through year I">10,849, $<span id="xdx_907_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo_iI_c20230630__us-gaap--GeographicDistributionAxis__custom--NorthSaltLakeCityMember_zdOtaPh8lfGl" title="Monthly lease payment through year II">11,163 through May 2025, $<span id="xdx_904_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree_iI_c20230630__us-gaap--GeographicDistributionAxis__custom--NorthSaltLakeCityMember_zZZTvOY7UWKa" title="Monthly lease payment through year III">11,486 through May 2026, $<span id="xdx_90D_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour_iI_c20230630__us-gaap--GeographicDistributionAxis__custom--NorthSaltLakeCityMember_z6AoRNki3jvi" title="Monthly lease payment through year IV">11,819 through May 2027, and $<span id="xdx_90E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive_iI_c20230630__us-gaap--GeographicDistributionAxis__custom--NorthSaltLakeCityMember_zbArSCjHQBs5" title="Monthly lease payment through year V">12,162 through May 2028. As of March 31, 2024, we had 50 months remaining on the lease.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In December 2022, we entered into a new three-year lease on the corporate headquarters in Centerville, Utah. The base monthly lease payment through November 2023 is $<span id="xdx_90B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths_iI_c20221231__us-gaap--GeographicDistributionAxis__custom--CentervilleMember_zP1GrTpa9lk1" title="Monthly lease payment through year I">20,343, $<span id="xdx_90B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo_iI_c20221231__us-gaap--GeographicDistributionAxis__custom--CentervilleMember_zLIDJq6TcGr" title="Monthly lease payment through year II">20,378 through November 2023 and $<span id="xdx_90C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree_iI_c20221231__us-gaap--GeographicDistributionAxis__custom--CentervilleMember_zpMzgxh2tTvi" title="Monthly lease payment through year III">24,616 through November 2025. As of March 31, 2024, we had 39 months remaining on the lease.</td></tr> </table> We utilize our incremental borrowing rate in determining the present value of lease payments unless the implicit rate is readily determinable. For 2023 and 2022, we used an estimated incremental borrowing rate of 10.00% and 5.90% respectively, to determine the present value of the lease liability. Other information related to our operating leases is as follows: Right of use asset: SCHEDULE OF RIGHT OF USE ASSET <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_4B2_zws3hGaNmQb5" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_431_c20240101__20240331_eus-gaap--OperatingLeaseRightOfUseAsset_iS_zg0MfKHqLF5l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify; padding-bottom: 2.5pt">As of December 31, 2023</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">972,663</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLeaseRightOfUseAssetAmortizationExpense_zCU96CtpYkG6" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Amortization</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">82,454</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_43A_c20240101__20240331_eus-gaap--OperatingLeaseRightOfUseAsset_iE_ziY8WRiIDAw6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">As of March 31, 2024$</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">890,209</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> Lease liability: SCHEDULE OF LEASE LIABILITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_4B1_zTykldbJ7rJg" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43C_c20240101__20240331_eus-gaap--OperatingLeaseLiability_iS_zZAJ260XE4I" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Lease liability – December 31, 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,002,483</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingLeasePayments_iN_di_zqwcT22jOu6h" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Payments</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(80,311</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_439_c20240101__20240331_eus-gaap--OperatingLeaseLiability_iE_zXEiq72AORmc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: justify">As of March 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">922,172</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The table below reconciles the fixed component of the undiscounted cash flows for each of five years to the lease liabilities recorded on the Balance Sheet as of March 31, 2024: SCHEDULE OF MATURITY LEASE LIABILITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: justify">Year</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_493_20240331_zsDaelSDUu57" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Minimum Lease Payments</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_maLOLLPzNfa_zioyHT1qPn5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">2024 – (Nine Months)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">303,478</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLOLLPzNfa_zu8JfKCg3Lbb" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">406,990</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maLOLLPzNfa_zJloayZaeLN3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,163</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_maLOLLPzNfa_zu8DIQeWFLy8" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">144,227</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_maLOLLPzNfa_z2NQOD4gXV9a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">2028</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">60,809</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtLOLLPzNfa_mtLOLLPzk52_z3IPWJakpyBg" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,055,667</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_maLOLLPzk52_zF9aiHwCO1K3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Less interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(133,495</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--OperatingLeaseLiability_iI_maLOLLPzk52_zvQu51vuDmd9" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Present value of future minimum lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">922,172</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OperatingLeaseLiabilityCurrent_iNI_di_zBtVW94V4ooi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Less current portion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(347,809</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_zoXg8fiQt8o2" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Long term lease liability</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">574,363</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

10849

11163

11486

11819

12162

P50M

20343

20378

24616

P39M

0.1000

0.0590

Right of use asset: SCHEDULE OF RIGHT OF USE ASSET <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_4B2_zws3hGaNmQb5" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_431_c20240101__20240331_eus-gaap--OperatingLeaseRightOfUseAsset_iS_zg0MfKHqLF5l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify; padding-bottom: 2.5pt">As of December 31, 2023</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">972,663</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLeaseRightOfUseAssetAmortizationExpense_zCU96CtpYkG6" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Amortization</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">82,454</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_43A_c20240101__20240331_eus-gaap--OperatingLeaseRightOfUseAsset_iE_ziY8WRiIDAw6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">As of March 31, 2024$</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">890,209</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table>

972663

82454

890209

Lease liability: SCHEDULE OF LEASE LIABILITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_4B1_zTykldbJ7rJg" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43C_c20240101__20240331_eus-gaap--OperatingLeaseLiability_iS_zZAJ260XE4I" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Lease liability – December 31, 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,002,483</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingLeasePayments_iN_di_zqwcT22jOu6h" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Payments</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(80,311</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_439_c20240101__20240331_eus-gaap--OperatingLeaseLiability_iE_zXEiq72AORmc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: justify">As of March 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">922,172</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1002483

80311

922172

The table below reconciles the fixed component of the undiscounted cash flows for each of five years to the lease liabilities recorded on the Balance Sheet as of March 31, 2024: SCHEDULE OF MATURITY LEASE LIABILITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: justify">Year</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_493_20240331_zsDaelSDUu57" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Minimum Lease Payments</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_maLOLLPzNfa_zioyHT1qPn5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">2024 – (Nine Months)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">303,478</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLOLLPzNfa_zu8JfKCg3Lbb" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">406,990</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maLOLLPzNfa_zJloayZaeLN3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,163</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_maLOLLPzNfa_zu8DIQeWFLy8" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">144,227</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_maLOLLPzNfa_z2NQOD4gXV9a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">2028</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">60,809</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtLOLLPzNfa_mtLOLLPzk52_z3IPWJakpyBg" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,055,667</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_maLOLLPzk52_zF9aiHwCO1K3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Less interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(133,495</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--OperatingLeaseLiability_iI_maLOLLPzk52_zvQu51vuDmd9" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Present value of future minimum lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">922,172</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OperatingLeaseLiabilityCurrent_iNI_di_zBtVW94V4ooi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Less current portion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(347,809</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_zoXg8fiQt8o2" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Long term lease liability</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">574,363</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

303478

406990

140163

144227

60809

1055667

133495

922172

347809

574363

Note 21. RELATED PARTY As described in Note 14 – Dividend Notes Payable, the following were outstanding on the dividend notes payable to our officers and shareholders as of March 31, 2024 and December 31, 2023: SCHEDULE OF DIVIDEND NOTES PAYABLE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20240331_zrPlTEeNJn35" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20231231_z7wfBqzKPP69" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--NotesPayable_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChiefExecutiveOfficerDirectorAndShareholderMember_zpUm0poU6qdk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Chief executive officer, Director and Shareholder</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,639,240</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,639,240</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NotesPayable_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChiefHardwareOfficerDirectorAndShareholderMember_zEUkXRiZc987" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Chief hardware officer, Director and Shareholder</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">786,976</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">786,976</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--NotesPayable_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ExecutiveVicePresidentDirectorAndShareholderMember_zqUD67cwodX9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Executive vice president, Director and Shareholder</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">817,457</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">817,457</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NotesPayable_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--InterimChiefFinancialOfficerDirectorAndShareholderMember_zAzmlmKYdyDf" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Interim chief financial officer, Director and Shareholder</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">198,519</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">198,519</td><td style="text-align: left"> </td></tr> </table> The Company’s chief executive officer is related to certain lenders of the Company as discussed in Note 12 – Related Party Notes Payable.

As described in Note 14 – Dividend Notes Payable, the following were outstanding on the dividend notes payable to our officers and shareholders as of March 31, 2024 and December 31, 2023: SCHEDULE OF DIVIDEND NOTES PAYABLE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20240331_zrPlTEeNJn35" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20231231_z7wfBqzKPP69" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--NotesPayable_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChiefExecutiveOfficerDirectorAndShareholderMember_zpUm0poU6qdk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Chief executive officer, Director and Shareholder</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,639,240</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,639,240</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NotesPayable_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChiefHardwareOfficerDirectorAndShareholderMember_zEUkXRiZc987" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Chief hardware officer, Director and Shareholder</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">786,976</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">786,976</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--NotesPayable_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ExecutiveVicePresidentDirectorAndShareholderMember_zqUD67cwodX9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Executive vice president, Director and Shareholder</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">817,457</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">817,457</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NotesPayable_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--InterimChiefFinancialOfficerDirectorAndShareholderMember_zAzmlmKYdyDf" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Interim chief financial officer, Director and Shareholder</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">198,519</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">198,519</td><td style="text-align: left"> </td></tr> </table>

1639240

786976

817457

198519

22. SUBSEQUENT EVENTS We evaluate events and transactions occurring subsequent to the date of the financial statements for matters requiring recognition or disclosure in the financial statements. The accompanying financial statements consider events through the date the financial statements were issued.