Financial Performance - Net sales increased by $1,116,000, or 1,175%, to $1,211,000 for the three months ended September 30, 2024, compared to $95,000 for the same period in 2023[93]. - Gross profit rose to $805,000 for the three months ended September 30, 2024, representing a 1,964% increase from $39,000 in the same period of 2023[92]. - Cost of goods sold increased to $406,000, up 625% from $56,000 for the three months ended September 30, 2023, resulting in a gross margin of 66%[94]. - Net sales increased by $2.1 million, or 923%, to approximately $2.4 million for the nine months ended September 30, 2024, compared to $232,000 for the same period in 2023[102]. - Gross profit rose to $1.5 million for the nine months ended September 30, 2024, reflecting a 1,431% increase from $98,000 in 2023, with a gross margin of 63%[103]. Expenses - Research and development expenses surged to $201,000, a 1,240% increase from $15,000 in the same period of 2023, due to costs associated with the Newton Motion fairway wood shaft[97]. - Selling, general and administrative expenses increased by approximately $499,000 to $1.7 million for the three months ended September 30, 2024, compared to $1.2 million in the same period of 2023[96]. - Operating expenses totaled $5.0 million, a 79% increase from $2.8 million in 2023, driven by a 931% increase in research and development costs to $598,000[104][106]. Losses - Loss from operations decreased to $1,090,000 for the three months ended September 30, 2024, compared to $1,171,000 for the same period in 2023, reflecting improved net sales and gross profit[98]. - Loss from operations increased to $3.5 million for the nine months ended September 30, 2024, compared to $2.7 million in 2023, marking a 31% rise[107]. - Net loss decreased to $1,060,000 for the three months ended September 30, 2024, down from $1,197,000 in the same period of 2023[100]. - Net loss for the nine months ended September 30, 2024, was $3.4 million, a 22% increase from $2.8 million in 2023[109]. Cash Flow and Liquidity - Cash used in operating activities was $3.4 million for the nine months ended September 30, 2024, a decrease from $3.8 million in 2023[112]. - Cash and cash equivalents on hand as of September 30, 2024, amounted to $1.3 million, expected to last for at least the next 3 months[118]. - The company raised $11.6 million from its initial public offering in August 2023, which has contributed to its liquidity position[116]. - The company incurred net cash used in investing activities of $463,000 for the nine months ended September 30, 2024, compared to $101,000 in 2023[113]. - Interest income was $139,000 for the nine months ended September 30, 2024, compared to interest expense of $68,000 in 2023, reflecting a significant improvement[108]. Stock and Compliance - The company completed a secondary public offering on October 10, 2024, raising approximately $536,000 in net proceeds[81]. - The company received a deficiency letter from NASDAQ regarding the minimum bid price requirement, but successfully regained compliance by August 13, 2024, after a reverse stock split[84][86]. - The Company has never paid cash dividends and does not expect to do so in the foreseeable future, resulting in an expected dividend yield of zero[132]. - The Company is classified as a smaller reporting company and is not required to provide certain disclosures under the Securities Exchange Act[139]. Internal Controls and Reporting - As of September 30, 2024, the Company's disclosure controls and procedures were deemed effective, providing reasonable assurance for timely reporting as per SEC rules[135]. - There were no changes in the Company's internal control over financial reporting during the quarter ended September 30, 2024, that materially affected its effectiveness[136]. - Management acknowledges inherent limitations in the effectiveness of controls, which may not prevent all errors or fraud[137]. Stock Options - The Company estimated the fair value of stock options using the Black-Scholes model, with expected stock volatility based on peer companies in the consumer products industry[132]. - The expected term of stock options granted to nonemployees is equal to the contractual term of the option award[132]. - The risk-free interest rate for stock options is based on the U.S. Treasury yield curve at the time of the award grant[132]. - The fair value of common stock was estimated using various methodologies, reflecting external market conditions and the likelihood of achieving a liquidity event[133]. Legal Matters - The Company has no pending legal proceedings that could materially affect its business or financial condition[139].

CAMARILLO, CA, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Sacks Parente Golf, Inc. (Nasdaq: SPGC) ("SPG" or the "Company"), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, announced the closing of its underwritten public offering (the "Offering") of 366,000 shares of Common Stock for aggregate gross proceeds of approximately $732,000, prior to deducting underwriting discounts and other offering expenses. The ...

CAMARILLO, CA, Oct. 09, 2024 (GLOBE NEWSWIRE) -- Sacks Parente Golf, Inc. (Nasdaq: SPGC) ("SPG" or the "Company"), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, announced the pricing of its underwritten public offering (the "Offering") of 366,000 shares of Common Stock for aggregate gross proceeds of approximately $732,000, prior to deducting underwriting discounts and other offering expenses. The ...

CAMARILLO, CA, Sept. 09, 2024 (GLOBE NEWSWIRE) -- NEWTON GOLF: A Sacks Parente Company (Nasdaq: SPGC) ("NEWTON GOLF" or the "Company"), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, announces the appointment of Doug Samuelson as its Chief Financial Officer, effective as of September 9, 2024. "Doug's extensive accounting and financial reporting experience, including roles as CFO of a number of publi ...

Introducing NEWTON GOLF: A Sacks Parente Company that offers putters and golf shafts and has ambitious plans for growth CAMARILLO, CA, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Sacks Parente Golf, (Nasdaq: SPGC) ("SPG" or the "Company"), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, announces a significant evolution in its corporate brand identity. Effective immediately, the Company will restructure its p ...

CAMARILLO, CA, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Sacks Parente Golf, Inc. (Nasdaq: SPGC) ("SPG" or the "Company"), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, announces that Greg Campbell, Executive Chairman, will present a corporate overview at the Investor Summit Summer 2024 Conference. The conference is being held virtually on August 20, 2024. Mr. Campbell will be available for one-on-one meet ...

CAMARILLO, CA., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Newton Golf Shafts, carbon fiber shafts designed to promote straighter and longer shots with reduced effort, announces its designation as the Official Driver Shaft of the World Long Drive Championship, further solidifying its rapid growth in golf innovation and technology. The Open and Women's Division World Long Drive Championship, held at Eagles Landing Country Club in Atlanta, Georgia, from August 8-11, 2024, is an annual long drive competition featuring ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ____________ Commission File Number: 001-41701 SACKS PARENTE GOLF, INC. (Exact name of registrant as specified in its charter) | --- | --- | --- | |-- ...

Camarillo, Calif., Aug. 05, 2024 (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 putters, golf shafts, golf grips, and other golf-related accessories, reports its financial results for its fiscal second quarter ended June 30, 2024 and provides a business update. Financial Highlights Revenue of $813,000 in 2Q24 increased 132% sequentially from $350,000 in 1Q24 Gross margin o ...

Camarillo, Calif., Aug. 05, 2024 (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 putters, golf shafts, golf grips, and other golf-related accessories, reports its financial results for its fiscal second quarter ended June 30, 2024 and provides a business update. Financial Highlights Revenue of $813,000 in 2Q24 increased 132% sequentially from $350,000 in 1Q24 Gross margin o ...