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10-Q: Quarterly report

SEC announcement ·  May 14 06:04
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 March 31, 2024. The company has not generated any revenue as of March 31, 2024, and its expenses have been related to initial operations and efforts to source materials for future projects and to undertake conversations with potential customers. The company incurred a net loss of $178,743 for the quarter, compared to a net loss of $616 for the period from February 16, 2023 (inception) to March 31, 2023. The increase in net loss was primarily due to general and administrative expenses, which rose to $77,159 from $42 in the previous year, reflecting the company's ongoing development activities. The company also reported interest income of $7,566 and...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 March 31, 2024. The company has not generated any revenue as of March 31, 2024, and its expenses have been related to initial operations and efforts to source materials for future projects and to undertake conversations with potential customers. The company incurred a net loss of $178,743 for the quarter, compared to a net loss of $616 for the period from February 16, 2023 (inception) to March 31, 2023. The increase in net loss was primarily due to general and administrative expenses, which rose to $77,159 from $42 in the previous year, reflecting the company's ongoing development activities. The company also reported interest income of $7,566 and a loss of $109,150 due to the change in fair value of warrant liabilities. As of March 31, 2024, Global Gas had cash reserves of $286,522, a working capital deficit of $248,063, and an accumulated deficit of $478,919. The company's future capital requirements will depend on many factors, including its revenue growth rate and the timing and extent of spending to support sales, marketing, and research and development efforts. Global Gas plans to raise additional financing through equity raises to support its operations. The company's liquidity condition raises substantial doubt about its ability to continue as a going concern through the next twelve months. In terms of business development, Global Gas has not yet generated any revenue and anticipates generating revenue from the sale of systems and equipment to customers in 2023 or 2024. The company is building a project development pipeline and has commenced initial operations. Global Gas targets both privately- and publicly-funded hydrogen development and selected carbon recovery projects, including projects supported by local, county, state, and national-level governments in North America, Western Europe, and Great Britain. The company's growth strategy is based on developing its ability to place modular generation, recovery, storage, and dispensing solutions in closer geographic proximity to end customers. For future plans, Global Gas intends to offer customers reliable, low-carbon, and clean hydrogen, pure carbon dioxide, and other gases generated from a variety of feedstocks. The company's planned activities involve sourcing, identifying, evaluating, and vetting offtake customers, securing local feedstocks, equipment, utilities, planning and management of projects, and structuring and financing of projects. Global Gas believes it is well-placed to benefit from government incentives aimed at mitigating climate change and decarbonizing economies, such as the hydrogen tax production credits and investment tax credits available in the United States through the Inflation Reduction Act of 2022.

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