GiveMePower Corporation (GMPW) reported no revenue for the fiscal year ending December 31, 2024, maintaining the same position as the previous year. The company has halted its real estate operations since January 2022 due to anticipated interest rate hikes from the Federal Reserve, which management believes could negatively impact real estate prices and, consequently, the company's financial position. Operating expenses decreased to $22,456 in 2024 from $40,593 in 2023, primarily due to reduced costs associated with corporate governance and preparations for future capital raises.
The company’s total assets as of December 31, 2024, were $7,730, a significant increase from $516 in 2023, largely attributed to cash on hand rising to $4,232 from $516. Total liabilities also increased to $267,567 from $237,896, with long-term liabilities from related parties amounting to $262,113. The accumulated deficit grew to $6,615,457 in 2024 from $6,593,000 in 2023, reflecting ongoing operational losses.
Strategically, GMPW is transitioning to a financial technology (FINTEC) model, focusing on acquiring a federally licensed bank and developing a machine learning and artificial intelligence-enabled lending platform. The company aims to empower underserved black communities in the U.S. through financial tools and resources. However, as of the end of 2024, GMPW has not finalized any acquisition targets and continues to seek capital to support its growth initiatives.
The company’s management team, led by CEO Frank Igwealor, is actively pursuing funding opportunities to facilitate its transition into the FINTEC space. Despite the challenges, including a pending litigation with the U.S. Securities and Exchange Commission, management remains optimistic about future growth prospects. The company plans to leverage its unique position in the digital currency and financial services sectors to create a sustainable business model that addresses the needs of its target demographic.
Looking ahead, GMPW acknowledges the risks associated with its business model, including regulatory uncertainties in the digital currency space and the potential for increased competition. The company is focused on enhancing its operational capabilities and securing the necessary funding to achieve its strategic objectives, although it recognizes that achieving profitability remains a significant challenge.
About GIVEMEPOWER CORP
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