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Global AI Inc (GLAI0.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing shows that Global AI Inc. reported no revenue for the three months ended September 30, 2024, compared to $2,500 for the same period in 2023. This decrease is attributed to a reduction in consulting services provided.
Operating expenses increased to $117,932 from $110,160 in the same quarter the previous year, primarily due to an increase in general and administrative expenses.
The company recorded a net loss from operations of $117,932 for the quarter, compared to a loss of $108,160 in the previous year.
For the nine months ended September 30, 2024, Global AI Inc. reported no revenue, compared to $34,000 for the same period in 2023.
Operating expenses for the nine-month period increased to $737,991 from $145,405 in the previous year, primarily due to an increase in professional fees.
The net loss from operations for the nine-month period was $737,991, compared to a net loss of $111,405 in the previous year.
Cash used in operating activities was $883,630 for the nine-month period, compared to $89,237 in the previous year, primarily due to increased professional fees.
As of September 30, 2024, Global AI Inc. had $13,669 in cash, with a working capital deficit of $76,786. The company is actively seeking to merge with another operating company to address its financial challenges.
The filing notes that the company does not have any off-balance sheet arrangements that could affect its financial condition.
Global AI Inc. continues to focus on acquiring and developing AI-based technology companies and assets, with an emphasis on machine learning, generative AI, and natural language processing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Global AI Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.