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Global Technologies, Ltd. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue of $669,431, primarily from its subsidiary 10 Fold Services, LLC (GTLL0.00%). This represents an increase from $0 in the same quarter the previous year.
Cost of revenues for the quarter was $191,889, resulting in a gross profit of $477,542.
Selling, general, and administrative expenses decreased to $42,984 from $48,991 in the previous year.
The company reported an operating income of $266,644 for the quarter, compared to an operating loss of $325,289 in the previous year.
Other expenses for the quarter were $10,095, compared to other income of $1,550,111 in the previous year, which included a gain on derivative liability.
Net income for the quarter was $256,549, down from $1,224,822 in the previous year.
Cash provided by operating activities was $217,114, while cash used in financing activities was $40,000.
Global Technologies had cash of $292,861 as of September 30, 2024.
The filing details the acquisition of GOe3, LLC and Foxx Trott Tango, LLC, including contingent consideration and goodwill.
The company acknowledges substantial doubt about its ability to continue as a going concern due to its history of net losses and limited cash flows.
Global Technologies plans to secure additional funding sources to meet future financial obligations.
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 November 12, 2024. To report an error, please email earnings@qz.com.