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Global Technologies Ltd - Class A (GTLL-20.00%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing revenue of $917,077, with a gross profit of $372,582. The company did not report any revenue in the same quarter the previous year.
Operating expenses for the quarter were $176,800, compared to $63,104 in the previous year. The increase is attributed to higher executive compensation and professional services.
The company reported a net income of $186,807 for the quarter, compared to a net loss of $3,455,492 in the previous year.
For the six months ended December 31, 2024, Global Technologies reported revenue of $1,586,508 and a gross profit of $850,124. The company did not report any revenue in the same period the previous year.
Operating expenses for the six-month period were $387,698, slightly down from $388,393 in the previous year.
Net income for the six months was $443,356, compared to a net loss of $2,230,670 in the previous year.
The filing details various financial activities, including cash provided by operating activities of $336,489 and cash used in investing and financing activities of $238,000 and $150,340, respectively.
Global Technologies had cash and cash equivalents of $63,896 as of December 31, 2024, down from $115,747 at the beginning of the period.
The company continues to focus on its subsidiaries, 10 Fold Services and GOe3, to drive growth in the health and wellness and electric vehicle infrastructure sectors.
The filing also notes that there is substantial doubt about the company's ability to continue as a going concern due to its accumulated deficit and history of net losses.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Global Technologies Ltd - Class A quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.