Company: TOGIW
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001214659-25-011987
Chunk: 1

Company: TurnOnGreen, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 1
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 recurring operating
and net losses that have not provided sufficient cash flows. Management believes that the Company will continue to incur operating and
net losses each quarter until at least the time it begins significant deliveries of its products. The Company’s inability to
continue as a going concern could have a negative impact on the Company, including its ability to
obtain needed financing. In view of these matters, there is substantial doubt about the Company’s ability to continue as a
going concern.

The Company intends to finance its future development
activities and its working capital needs largely through advances from Hyperscale Data, Inc. (“ Hyperscale”) (See Note 10)
until such time as funds provided by operations are sufficient to fund working capital requirements. Although management believes that
capital sources will be available, there can be no assurances that Hyperscale will continue providing financing to the Company when needed
to allow the Company to continue its operations, or if available, on terms acceptable to the Company. The condensed consolidated financial
statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the
amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

3. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated
financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“ GAAP”), the instructions to Form 10-Q and Regulation S-X and do not include all the information and disclosures
required by GAAP. The Company has made estimates and judgments affecting the amounts reported in the Company’s condensed
consolidated financial statements and the accompanying notes. The actual results experienced by
the Company may differ materially from the Company’s estimates. The condensed consolidated financial information is unaudited
and reflects all normal adjustments that are, in the opinion of management, necessary to provide a fair statement of results for interim
periods presented. These condensed consolidated financial statements should be read in conjunction
with the Company’s Annual Report on Form 10-Kfiled with the SEC on April 23, 2025.

Reclassifications

Certain prior period amounts have been reclassified
for comparative purposes to conform to the current-period financial statement presentation. These reclassifications had no effect on previously
reported results of operations.

Significant Accounting Policies

There have been no material changes to the Company’s
significant accounting policies previously disclosed in the Company’s