Global AI, Inc. reported a significant decline in revenue for the fiscal year ending December 31, 2024, generating $24,896 compared to $34,000 in the previous year, marking a decrease of 27%. The company attributed this decline primarily to a reduction in consulting services provided. Operating expenses, however, increased by 51% to $1,010,649, driven by higher general and administrative costs and professional fees. As a result, the company reported a loss from operations of $1,001,096, which is a 58% increase from the loss of $635,554 in 2023.
The company has undergone several strategic developments, including a name change from Wall Street Media Co., Inc. to Global AI, Inc. in October 2023, and the establishment of a dedicated R&D and Innovation Lab in December 2024. This lab aims to develop AI products and solutions, and the company has hired 14 senior AI specialists to lead these efforts. Additionally, Global AI formed a subsidiary in Israel, GL AI Ltd., and signed its first commercial contract in the region, indicating a move towards geographic expansion.
Operationally, Global AI's financial position remains precarious, with a working capital deficit of $299,893 as of December 31, 2024, compared to a deficit of $52,130 the previous year. The company had cash on hand of $9,929, down from $183,964 in 2023. The increase in the working capital deficit is largely attributed to cash operating losses and expanded operations. The company is actively seeking investor funding and exploring strategic alternatives, including potential mergers, to improve its liquidity.
In terms of stock performance, Global AI's shares are traded on the OTCQB market, and the company executed a 4-for-1 forward stock split in January 2024, increasing the number of shares outstanding to approximately 154.3 million. The company has not paid dividends and does not plan to do so in the foreseeable future, focusing instead on retaining earnings to finance growth. The outlook remains uncertain, with management acknowledging substantial doubts about the company's ability to continue as a going concern due to ongoing operating losses and negative cash flows.
About Global AI, Inc.
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