Filed pursuant to Rule 253(g)(2)
File No. 024-10938
GOLFSUITES 1, INC.
EXPLANATORY NOTE
This Supplement to the Offering Circular should be read in conjunction with the Offering Circular dated May 20, 2019 and is qualified by reference to the Offering Circular except to the extent that the information contained herein supplements the information contained in the Offering Circular.
The Offering Circular and related supplements are available here: https://www.sec.gov/Archives/edgar/data/1765347/000114420419027542/tv522204_253g2.htm; https://www.sec.gov/Archives/edgar/data/1765347/000110465920008574/tv537081_253g2.htm; and https://www.sec.gov/Archives/edgar/data/1765347/000110465920051202/tm2016783-1_253g2.htm.
Additional information about the Company is available in its 2019 Semi-Annual Report filed on Form 1-SA, available here: https://www.sec.gov/Archives/edgar/data/1765347/000114420419046426/tv530292_1sa.htm; and in its 2018 Special Financial Report filed on Form 1-K, available here: https://www.sec.gov/Archives/edgar/data/1765347/000114420419044920/tv529564_partii.htm, and each is hereby incorporated by reference herein.
SUPPLEMENT TO OFFERING CIRCULAR DATED MAY 20, 2019
THIS SUPPLEMENT IS DATED APRIL 29, 2020
GolfSuites 1, Inc. (the “Company”) will not be able to meet the filing deadline, April 29, 2020, for its annual on Form 1-K due to circumstances related to COVID-19. As a result, the Company intends to take advantage of relief afforded under Rule 257(f) of the Securities Act to file its 1-K as soon as possible prior to June 13, 2020.
Set forth below is the preliminary unaudited 2019 financial information for the Company. The following information includes preliminary data and financial information with respect to our results for 2019. This information has not been audited or reviewed, and when such audit or review takes place, we may need to make adjustments, which may be significant. Additionally, these preliminary results do not include footnotes which are an essential part of any complete financial statement.
GOLFSUITES 1, INC.
BALANCE SHEET
December 31, 2019
| ASSETS: | ||||
| Cash | $ | 13,490 | ||
| TOTAL ASSETS | $ | 13,490 | ||
LIABIITIES: | ||||
| Advances due to KGEM Golf, Inc. (parent company) | $ | 710,678 | ||
| SHAREHOLDER EQUITY: | ||||
| Common stock | $ | 160 | ||
| Preferred stock | 361,922 | |||
| Net loss for year ended December 31, 2019 | (1,054,293 | ) | ||
| Dividends paid | (4,977 | ) | ||
| Total shareholder equity | (697,188 | ) | ||
| TOTAL LIABILITIES and SHAREHOLDER EQUITY | $ | 13,490 | ||
GOLFSUITES 1, INC.
INCOME STATEMENT
Year Ended December 31, 2019
| INCOME: | $ | 0 | ||
| EXPENSES: | ||||
| Regulation A Plus Share-sale Costs – | ||||
| Share-sale hosting | $ | 268,585 | ||
| Legal costs | 205,500 | |||
| Advertising and marketing | 580,208 | |||
| TOTAL EXPENSES: | $ | 1,054,293 | ||
| NET LOSS | ($ | 1,054,293 | ) | |