Exhibit
10.23





PROMISSORY
NOTE





Due June
12, 2011





FOR VALUE
RECEIVED, GPS Industries, Inc., a Nevada corporation (“Company”), hereby
promises to pay to D. Wood Holdings, L.L.C. (“Holder”), or its registered
assigns, the sum of Seven Hundred Fifty Thousand Dollars (US$750,000) with
interest from April 2, 2009 at the rate of 4.5% per annum on the unpaid balance
until paid.




In no
event shall Holder be entitled to interest exceeding the maximum rate permitted
by applicable law.  If any excess interest is provided for or shall be
adjudicated to be so provided for in this Note, then in such event: (i) the
provisions of this paragraph shall govern and control; (ii) Company shall not be
obligated to pay the amount of such interest to the extent that it is in excess
of the maximum amount permitted by law, and the same shall be construed as a
mutual mistake of the parties; and (iii) any such excess which may have been
collected or attributed shall be subtracted from the then unpaid principal
amount hereof, or refunded to Company.




Both
principal hereof and interest thereon are payable in lawful money of the United
States of America at the offices of Holder as indicated in the official records
of Company.  Interest hereunder shall be computed on the basis of a
year of three hundred sixty (360) days for the actual number of days elapsed
(including without limitation a pro rata calculation for the
first month hereof) and on a non-compounded basis.




Interest
payments in the amount of Two Thousand Eight Hundred Twelve and 50/100 Dollars
(US$2,812.50) shall be payable monthly in arrears on the first day of each month
until June 12, 2011 (the “Due Date”); principal and any accrued but unpaid
interest thereon shall be due and payable on the Due Date.




This Note
evidences all obligations owing by Company to Holder and its affiliates as of
the date hereof.





1.  Currency;
Payments.  All references herein to “dollars” or “$” are to
U.S. dollars, and all payments on this Note shall be made in lawful money of the
United States of America.




2.  Optional Prepayment of
Note.  Company, at its option, may make payments in reduction
of the principal outstanding on this Note at any time.




3.  Replacement of
Note.  Upon receipt of evidence reasonably satisfactory to
Company of the ownership of and the loss, theft, destruction or mutilation of
this Note and (in the case of loss, theft or destruction) upon delivery of an
indemnity agreement in an amount reasonably satisfactory to Company, or (in the
case of mutilation) upon surrender and cancellation of the mutilated Note,
Company will execute and deliver, in lieu thereof, a new Note of like
tenor.









4.  Events of
Default.




The
occurrence and continuation of any of the events or conditions described in
Section 4.1 or Section 4.2 shall be an “Event of
Default”.




4.1  Holder
Action.  The occurrence of any of the following Events of
Default shall, at the option of the Holder, entitle Holder to declare all sums
of principal and interest then remaining unpaid, and all other amounts payable
hereon, due and payable, all without demand, presentment, notice or protest, all
of which hereby are expressly waived, and permit Holder to exercise any other
right available to it at law or in equity, all of which rights and powers may be
exercised cumulatively and not alternatively.




(a)  Failure to Pay Principal or
Interest.  Failure to pay any installment of interest or
principal hereon when due.




4.2  Acceleration without
Specific Action.  The occurrence of any of the following Events
of Default shall make all sums of principal and interest then remaining unpaid
and all other amounts payable hereon due and payable, all without demand,
presentment, notice or protest, all of which hereby are expressly waived, and
permit Holder to exercise any other right available to it at law or in equity,
all of which rights and powers may be exercised cumulatively and not
alternatively.




(a)  Bankruptcy.  The
voluntary institution of bankruptcy, insolvency, reorganization or liquidation
proceedings or other proceedings for relief under any bankruptcy law or any law
for the relief of debtors by Company or the institution of any such proceedings
against Company, which involuntary proceedings shall not have been vacated by
appropriate court order within thirty (30) days of such
institution.




(b)  Dissolution.  Any
order, judgment or decree shall have been entered against Company decreeing the
dissolution or liquidation of Company and such order shall remain undischarged
or unstayed for a period of thirty (30) days.




(c)  Insolvency, Receiver or
Trustee.  The making by Company of an assignment for the
benefit of creditors; or the making by Company of an offer of settlement,
composition or extension to the claims of all or substantially all of Company’s
creditors or the application for or consent to the appointment of a receiver or
trustee for it or for a substantial part of its property or business; or the
appointment otherwise of such a receiver or trustee or a committee of Company’s
creditors.




-2-




5.  Transfer of
Securities.  This Note and all rights hereunder are
transferable on the books of Company maintained for such purpose at its
principal office referred to above by Holder in person or by duly authorized
attorney, upon surrender of this Note properly endorsed and upon payment of any
necessary transfer tax or other governmental charge imposed upon such transfer;
provided, however, that this Note shall not be transferred without prior written
notice to the Company.  Each taker and holder of this Note, by taking
or holding the same, consents and agrees that this Note when endorsed in blank
shall be deemed negotiable and agrees that when this Note shall have been so
endorsed, Holder hereof may be treated by Company and all other persons dealing
with this Note, as the absolute owner hereof for any purpose and as the person
entitled to exercise the rights represented hereby, or to the transfer hereof on
the books of Company, any notice to the contrary notwithstanding; but until such
transfer on such books, Company may treat Holder hereof as the owner for all
purposes.




6.  Security.  Company
hereby grants to Holder a security interest in the assets of
Company.  This Note shall be one of the obligations covered by the
Intercreditor Agreement dated as of November 18, 2008, among Holder, Hansen,
Inc., Great White Shark Enterprises, LLC, Tulip Group Investments, Limited,
Green Tulip, Ltd. and Green Tulip, Inc.




7.  Notices.  All
notices and other communications under or in connection with this Note shall be
in writing and shall be deemed given (a) if delivered personally, upon
delivery, (b) if delivered by registered or certified mail (return receipt
requested), upon the earlier of actual delivery or three days after being
mailed, or (c) if given by telecopy, upon confirmation of transmission by
telecopy, in each case to the parties at the following addresses:




(a)  If to
Company, addressed to:




GPS
Industries, Inc.


1358
Fruitville Rd, #210


Sarasota,
FL  34236





(b)  If to
Holder, addressed to:




Valerie
D. Wood


31 Tall
Trees Circle


Greensburg,
PA  15601





Copy
to:


Charles
C. Mason, Jr.


1001
Courtyard Plaza


Latrobe,
PA  15650





8.  Miscellaneous.




8.1  Failure or Indulgence Not
Waiver.  No failure or delay on the part of Holder in the
exercise of any power, right or privilege hereunder shall operate as a waiver
thereof, nor shall any one or more of such failures or delays constitute a
course of performance or dealing on which Company is entitled to rely, nor shall
any single or partial exercise of any such power, right or privilege preclude
other or further exercises thereof or of any other right, power or
privilege.  All rights and remedies existing hereunder are cumulative
to, and not exclusive of, any rights or remedies otherwise
available.




-3-




8.2  Cost of
Collection.  If any default is made in the payment of this
Note, Company shall pay Holder all costs of collection, including, without
limitation, reasonable attorneys’ and accountants’ fees and costs of appeals and
interest on any sums actually disbursed at the rate set forth
herein.




8.3  Modification.  Neither
this Note nor any provision hereof may be amended, modified, waived, discharged
or terminated without the consent of Holder.




8.4  Severability.  Whenever
possible, each provision of this Note will be interpreted in such manner as to
be effective and valid under applicable law, but, if any provision of this Note
is held to be prohibited by or invalid under applicable law, such provision will
be ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of this Note.




8.5  Successors.  All
the covenants, agreements, representations and warranties contained in this Note
shall bind the parties hereto and their respective heirs, executors,
administrators, distributees, successors and assigns.




8.6  Headings.  The
section headings in this Note are inserted for purposes of convenience only and
shall have no substantive effect.









[SIGNATURE
PAGE FOLLOWS]








-4-




IN
WITNESS WHEREOF, Company has caused this Note to be signed by its duly
authorized officer and to be dated April 2, 2009.






GPS INDUSTRIES,
      INC.By:
                              /s/ Russell
      R. Lee, IIIName:
                              Russell
      R. Lee, IIITitle:
                              CFO