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Global Acquisitions Corporation has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reveals that the company had no revenue for the quarter. General and administrative expenses amounted to $637,013, compared to $10,776 in the same quarter of the previous year, primarily due to an increase in stock-based compensation.
The company reported a net loss of $637,013 for the quarter, compared to a net loss of $10,776 in the previous year.
As of September 30, 2024, Global Acquisitions had a working capital deficit of $66,848 and an accumulated deficit of $30,014,955.
The company issued 1,495,390 shares of common stock in exchange for the release of obligations amounting to $593,670.
Global Acquisitions issued warrants to purchase 2,975,000 shares of common stock at an exercise price of $0.40 per share, with a fair value of $619,867.
In November 2024, the company raised $2.5 million through a private placement offering, issuing 2,631,543 shares of restricted common stock at $0.95 per share.
The company plans to focus on the global sports entertainment and media industry, specifically targeting growth in the pickleball and padel markets.
Global Acquisitions acknowledges its dependence on raising additional capital to continue its business operations and address its working capital deficit.
The filing also notes the resignation of John Boreta from the Board of Directors and the appointment of James Askew to the board.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Global Acquisitions Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.