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Global Innovative Platforms Inc (GIPL0.00%). has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements showing that the company had no revenue for the quarter. General and administrative expenses were reported at $120,467, up from $49,469 in the same quarter the previous year.
The company incurred an operating loss of $120,467 for the quarter, compared to a loss of $49,469 in the previous year. The increase in loss is attributed to higher expenses in business consulting and research costs.
As of December 31, 2024, Global Innovative Platforms reported total current assets of $148,459 and total liabilities of $14,407. The company's cash and cash equivalents increased to $148,459 from $15 at the end of the previous quarter.
The company reported a net loss of $120,467 for the quarter, compared to a net loss of $49,469 in the same period the previous year. No provision for income taxes was recorded due to the taxable loss incurred.
Global Innovative Platforms highlighted its ongoing need for additional capital to support operations and potential growth opportunities. The company indicated that it is dependent on raising equity or debt financing to meet operating expenses.
The filing also notes a material weakness in internal controls over financial reporting, citing inadequate segregation of duties and a lack of accounting personnel as contributing factors.
During the quarter, Global Innovative Platforms did not engage in any investing activities. Financing activities included the issuance of common stock, resulting in net cash provided of $286,501.
The company issued and sold 1,810,000 shares of its common stock on January 29, 2025, for $181,000 in an exempt offering under Regulation D.
Global Innovative Platforms continues to focus on its business of measuring gas outflow in pets and agriculture for diagnostic purposes, while seeking opportunities for growth and capital investment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Global Innovative Platforms Inc quarterly 10-Q report dated February 7, 2025. To report an error, please email earnings@qz.com.