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10-Q: Quarterly report

SEC ·  Nov 13 21:02

Summary by Moomoo AI

Global Gas Corporation (Global Gas), a nascent hydrogen and carbon recovery project developer and industrial gas supplier, reported its financial performance for the quarter ended September 30, 2024. The company has not generated any revenue as it is still in the initial stages of operations, focusing on sourcing materials and engaging with potential customers. General and administrative expenses for the quarter decreased by $11,657 year-on-year, primarily due to reduced franchise tax expense and professional fees, offset by increased legal fees. The company experienced a net loss of $123,954 for the quarter, an improvement from the $132,828 loss in the same period the previous year. For the nine months ended September 30, 2024, Global Gas reported a net income of $102,737, a significant turnaround from the $385,705 loss...Show More
Global Gas Corporation (Global Gas), a nascent hydrogen and carbon recovery project developer and industrial gas supplier, reported its financial performance for the quarter ended September 30, 2024. The company has not generated any revenue as it is still in the initial stages of operations, focusing on sourcing materials and engaging with potential customers. General and administrative expenses for the quarter decreased by $11,657 year-on-year, primarily due to reduced franchise tax expense and professional fees, offset by increased legal fees. The company experienced a net loss of $123,954 for the quarter, an improvement from the $132,828 loss in the same period the previous year. For the nine months ended September 30, 2024, Global Gas reported a net income of $102,737, a significant turnaround from the $385,705 loss from inception to September 30, 2023. This was largely due to a $357,080 income from a decrease in the fair value of warrant liabilities. The company's liquidity position includes $192,444 in cash and cash equivalents, with a working capital deficit of $282,813. Global Gas has highlighted its intention to raise additional financing through equity issuances to support its operations and growth strategy. The company's business development efforts are focused on establishing relationships with potential customers and suppliers for its planned hydrogen generation plants. Global Gas is targeting projects supported by government incentives, such as those available through the Inflation Reduction Act of 2022. The company's future plans include obtaining necessary licenses and complying with regulations to produce, store, and sell industrial gases, with a focus on serving the hydrogen-as-energy-carrier market.

This announcement is a separate document:

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