In This Story
GBT Technologies Inc (GTCH0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing indicates that GBT Technologies Inc has an accumulated deficit of $295,278,233 and a working capital deficit of $9,940,379 as of December 31, 2024, raising substantial doubt about its ability to continue as a going concern.
The company reported a net income of $20,675,445 for the year ended December 31, 2024, compared to a net loss of $17,771,626 in the previous year. This change is primarily due to gains from debt extinguishment and changes in the fair value of derivative liabilities.
GBT Technologies Inc did not generate any revenue for the years ended December 31, 2024, and 2023. Operating expenses for the year ended December 31, 2024, were $644,697, a decrease from $1,740,221 in 2023.
The company has been involved in various legal proceedings, including a significant litigation related to debt settlement with Discover Growth Fund, LLC. The company recorded a gain on extinguishment of liability amounting to $5,755,400 in 2024.
GBT Technologies Inc's convertible notes payable decreased due to modifications and conversions during the year. The company recorded a gain on debt modification of $2,045,049 in 2024.
The company has investments in joint ventures, including GBT Tokenize Corp and VisionWave Technologies Inc. GBT Tokenize Corp has developed a device based on its technology portfolio, and VisionWave Technologies Inc has acquired certain patents from Tokenize.
The company has not paid dividends and does not anticipate paying any in the near future. The number of holders of record for its common stock as of December 31, 2024, was 94.
The filing also notes that the company has identified a material weakness in its internal controls over financial reporting due to a lack of resources and reliance on outside consultants.
GBT Technologies Inc continues to focus on developing its intellectual property portfolio and exploring strategic partnerships to enhance its market opportunities.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.