Sacks Parente Golf, Inc. Reports Financial Results for First Half 2023 and Provides Corporate Update

Camarillo, CA., Sept. 18, 2023 (GLOBE NEWSWIRE) -- Sacks Parente Golf, Inc. (NASDAQ:SPGC), (the “Company” or “Sacks Parente”), a technology-forward golf company with a growing portfolio of golf products, including putting instruments, golf shafts, golf grips, and other golf-related accessories, reports its financial results for the quarter ended June 30, 2023, and provides a business update.

Recent Corporate Highlights

  • Closed Initial Public Offering (IPO) transaction in mid-August that raised $11.6 million in proceeds, net of underwriting fees
  • Introduced the Innovative Series 91 “The Duke” putter inspired by PGA TOUR Champions player Ken Duke
  • Ken Duke won his first PGA TOUR Champions title at the Shaw Charity Classic using a Sacks Parente Series 66 Anser-style putter

Timothy Triplett, Sacks Parente Golf’s Chief Executive Officer, commented, “Our recent IPO represents a new beginning for Sacks Parente, as the capital raised will help us to expand our product offerings beyond cutting-edge putters and into cutting-edge shafts, and further penetrate the rapidly growing Asian golf markets. The IPO proceeds also allowed us to repay nearly $1 million in debt to become a debt-free company.

“The revenue generated in the first half of 2023 was before our recent IPO. We continue to develop as a company as we carefully hone what we believe to be a superior line of golf technology for professional and weekend golfers alike. We look forward to communicating with our stockholders and future customers about our entire line of products and to demonstrating significant shareholder value.”

About Sacks Parente Golf

Sacks Parente Golf, Inc. is a technology-forward golf company, with a growing portfolio of golf products, including putting instruments, golf shafts, golf grips, and other golf-related products. The Company’s innovative accomplishments include: the First Vernier Acuity putter, patented Ultra-Low Balance Point (ULBP) putter technology, weight-forward Center-of-Gravity (CG) design while pioneering ultra-light carbon fiber putter shafts. In consideration of its growth opportunities in shaft technologies, in April of 2022 the Company expanded its manufacturing business to include advanced premium golf shafts by opening a new shaft manufacturing facility in St. Joseph, MO. It is the Company’s intent to manufacture and assemble substantially all products in the United States. The Company anticipates expansion into golf apparel and other golf-related product lines to enhance its growth. The Company’s future expansions may include broadening its offerings through mergers, acquisitions or internal developments of product lines that are complementary to its premium brand. The Company currently sells its products through resellers, the Company’s websites, and distributors in the United States, Japan, and South Korea.

Forward Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies of these documents are available on the SEC’s website, The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.


Steve Handy, CFO
Sacks Parente Golf, Inc.

Investor Relations:
Phone: (516)222-2560

(Unaudited - Amounts rounded to nearest thousands, except share amounts)

  June 30,
  December 31, 2022 
Current Assets:        
Cash $9,000  $147,000 
Restricted cash  -   24,000 
Accounts receivable  8,000   2,000 
Inventory, net of reserve for obsolescence of $98,000 and $73,000, respectively  95,000   142,000 
Prepaid expenses and other current assets  3,000   16,000 
Total Current Assets  115,000   331,000 
Property and equipment, net  115,000   122,000 
Right-of-use asset, net  50,000   22,000 
Deferred offering costs  418,000   230,000 
Deposits  5,000   5,000 
Total Assets $703,000  $710,000 
Current Liabilities:        
Accounts payable and accrued expenses $341,000  $97,000 
Accrued payroll to executives  1,748,000   1,095,000 
Lease liability, current  32,000   17,000 
Equipment purchase obligation  -   15,000 
Loans payable – related parties ($244,000 is past due)  559,000   537,000 
Notes payable (past due)  404,000   384,000 
Customer deposits  21,000   21,000 
Total Current Liabilities  3,105,000   2,166,000 
Lease liability, net of current  17,000   6,000 
Total Liabilities  3,122,000   2,172,000 
Common stock subject to possible redemption (561,375 shares at redemption price of $1.07)  600,000   420,000 
Commitments and Contingencies        
Stockholders’ Deficiency:        
Preferred stock $.01 par value, 5,000,000 shares authorized, no shares issued and outstanding  -   - 
Common stock, $.01 par value, 45,000,000 shares authorized, 10,834,495 and 10,784,495, shares issued and outstanding, respectively, excluding 561,375 shares subject to possible redemption at June 30, 2023 and December 31, 2022  108,000   108,000 
Additional paid-in-capital  4,154,000   3,702,000 
Accumulated deficit  (7,281,000)  (5,692,000)
Total Stockholders’ Deficiency  (3,019,000)  (1,882,000)
Total Liabilities and Stockholders’ Deficiency $703,000  $710,000 

For the Three and Six Months Ended June 30, 2023 and 2022

  Three Months Ended
June 30,
  Six Months Ended
June 30,
  2023  2022  2023  2022 
Net Sales $47,000  $44,000  $137,000  $109,000 
Cost of goods sold  32,000   23,000   78,000   43,000 
Gross profit  15,000   21,000   59,000   66,000 
Operating expenses                
Selling, general and administrative expenses  647,000   1,724,000   1,563,000   1,909,000 
Research and development  18,000   8,000   43,000   10,000 
Total operating expenses  665,000   1,732,000   1,606,000   1,919,000 
Loss from operations  (650,000)  (1,711,000)  (1,547,000)  (1,853,000)
Other expenses                
Interest  (22,000)  (5,000)  (42,000)  (7,000)
Loss on extinguishment of debt  -   (574,000  -   (574,000
Total other expenses  (22,000)  (579,000)  (42,000)  (581,000)
Net loss $(672,000) $(2,290,000) $(1,589,000) $(2,434,000)
Net loss per share – basic and diluted $(0.06) $(0.21) $(0.15) $(0.24)
Weighted average common shares outstanding – basic and diluted   10,834,495   10,757,104   10,816,539   10,104,649 

For the Six Months Ended June 30, 2023 and 2022
(Amounts rounded to nearest thousands)

  Six Months Ended June 30, 
  2023  2022 
Cash Flows from Operating Activities        
Net Loss $(1,589,000) $(2,434,000)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation  10,000   3,000 
Change in reserve for inventory obsolescence  25,000   (18,000)
Vesting of options  227,000   1,300,000 
Vesting of restricted stock  -   25,000 
Modification of equity awards  -   28,000 
Loss on extinguishment of debt  -   574,000 
Shares issued for services  225,000   - 
Changes in ROU asset  15,000   4,000 
Accrued interest  42,000   6,000 
Changes in operating assets and liabilities        
Accounts receivable  (6,000)  - 
Inventory  22,000   (8,000)
Prepaids and other current assets  13,000   (25,000)
Deposits  -   (1,000)
Accounts payable and accrued expenses  67,000   57,000 
Accrued payroll to officers  653,000   213,000 
Lease liability  (17,000)  (4,000
Deferred revenue  -   7,000 
License obligation  -   (2,000
Net cash used in operating activities  (313,000)  (275,000)
Cash Flows from Investing Activities        
Purchase of property and equipment  (3,000  (35,000)
Net cash used in investing activities  (3,000  (35,000)
Cash Flows from Financing Activities        
Changes in loans from related parties  -   200,000 
Payment of equipment purchase obligation  (15,000)  (14,000
Deferred offering costs  (11,000  (230,000)
Proceeds from private sale of common stock subject to possible redemption  180,000   - 
Proceeds from sale of commons stock  -   420,000 
Proceeds from convertible debt obligations  -   150,000 
Net cash provided by financing activities  154,000   526,000 
Net increase (decrease) in cash  (162,000)  216,000 
Cash and restricted cash beginning of period  171,000   184,000 
Cash and restricted cash end of period $9,000  $400,000 
Supplemental disclosures of cash flow information:        
Cash paid for interest $-  $- 
Cash paid for income taxes $-  $- 
Common shares issued on conversion of convertible debt obligations $-  $1,050,000 
Accrued deferred offering costs $177,000  $- 
New right of use asset and lease liability $43,000  $34,000 
Property and equipment purchased with debt $-  $58,000 

Primary Logo

NOTE: This content is not written by or endorsed by "WLNS", its advertisers, or Nexstar Media Inc.

For inquiries or corrections to Press Releases, please reach out to GlobeNewswire.