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Global Gas Corporation (HGAS0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing indicates that Global Gas Corporation, a nascent hydrogen and carbon recovery project developer, has not yet generated any revenue since its inception. The company focuses on developing projects that offer low-carbon and clean hydrogen, pure carbon dioxide, and other gases.
Global Gas Corporation's business strategy involves sourcing feedstocks, managing projects, and structuring financing. The company aims to serve traditional industrial gas customers and the growing hydrogen-as-energy-carrier market.
The company reported a net loss of $130,700 for the fiscal year ended December 31, 2024, compared to a net loss of $300,176 for the period from February 16, 2023 (inception) to December 31, 2023.
The filing notes that Global Gas Corporation is facing liquidity challenges, with a working capital deficit of $418,940 as of December 31, 2024. The company acknowledges substantial doubt about its ability to continue as a going concern.
The company completed a business combination with Dune Acquisition Corporation on December 21, 2023, which was accounted for as a reverse recapitalization. The transaction resulted in gross proceeds of $4.4 million, offset by transaction costs and other fees totaling $3.2 million.
Global Gas Corporation's common stock and warrants were delisted from Nasdaq and are currently trading on the OTCQB market under the symbols 'HGAS' and 'HGASW', respectively.
The company has entered into a Forward Purchase Agreement with the Meteora Entities for an OTC Equity Prepaid Forward Transaction, which involves certain financial obligations and potential adjustments based on market conditions.
Global Gas Corporation's management plans to raise additional capital through equity issuances to support its operations and project development activities.
The filing also details the company's risk factors, including its limited operating history, dependence on securing customers and suppliers, and exposure to regulatory and market risks.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Global Gas Corporation annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.