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GBT Technologies Inc (GTCH+100.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net income of $6,276,094 compared to a net loss of $33,984 in the same quarter the previous year.
Operating expenses for the quarter were $198,607, down from $317,419 in the previous year, attributed to limited cash flows.
Other income for the quarter was $6,474,701, an increase from $283,435 in the previous year, primarily due to a gain on the change in fair value of derivative liability and gain on debt settlement.
The company reported a net income of $14,501,569 for the nine months ended September 30, 2024, compared to a net loss of $15,579,460 in the previous year.
Cash provided by operating activities was $28,522 for the nine months ended September 30, 2024, compared to cash used in operating activities of $72,498 in the previous year.
GBT Technologies had a working capital deficit of $16,029,247 as of September 30, 2024, down from a deficit of $31,781,634 at the end of 2023.
The company acknowledges its dependence on additional capital to continue operations and plans to seek additional financing through debt and equity offerings.
The filing details various financial agreements, including a Patent Purchase Agreement with VisionWave Technologies Inc and a Business Combination Agreement with Bannix Acquisition Corp.
GBT Technologies does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources and reliance on external consultants.
GBT Technologies continues to focus on developing Internet of Things (IoT) and Artificial Intelligence (AI) technologies, including wireless mesh network technology and asset-tracking IoT solutions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GBT Technologies Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.