Global Gas, known in the stock market as HGAS.US, has released its annual financial report, revealing key aspects of its financial performance, business development, and future plans. The company, identified as an emerging growth company, has elected to take advantage of the extended transition period for complying with new or revised accounting standards, which may affect the comparability of its financial statements with other public companies. Global Gas does not hold significant intellectual property beyond logos and domain names. The company plans to own and operate hydrogen generation plants and sell industrial gas, which may require obtaining relevant licenses and adhering to government regulations, including CO2 emissions control. The report also outlines the effectiveness of the company's disclosure controls...Show More

Global Gas, known in the stock market as HGAS.US, has released its annual financial report, revealing key aspects of its financial performance, business development, and future plans. The company, identified as an emerging growth company, has elected to take advantage of the extended transition period for complying with new or revised accounting standards, which may affect the comparability of its financial statements with other public companies. Global Gas does not hold significant intellectual property beyond logos and domain names. The company plans to own and operate hydrogen generation plants and sell industrial gas, which may require obtaining relevant licenses and adhering to government regulations, including CO2 emissions control. The report also outlines the effectiveness of the company's disclosure controls and procedures as of December 31, 2023, and notes material weaknesses in internal control over financial reporting. The executive team includes William Bennett Nance, Jr. as CEO and Shachi Shah as COO and CFO, among others. The company's board consists of a majority of independent directors. Global Gas has established various committees, including an audit committee, to oversee corporate accounting, financial reporting processes, and other responsibilities. The company has entered into several agreements, including a Nomination Agreement, Registration Rights Agreement, and Exchange Agreement, which outline the rights and obligations of the company, its directors, and certain shareholders post-Business Combination. The company has also amended its related party notes to extend their maturity and limit their principal amounts. Global Gas has adopted a policy for the approval of related party transactions and has confirmed the independence of its directors.