Global Interactive Technologies, Inc. (formerly Hanryu Holdings, Inc.) reported a net loss of approximately $6.17 million for the fiscal year ending December 31, 2024, a decrease from a net loss of $9.41 million in the previous year. The company did not generate any revenue during 2024, as it underwent significant restructuring, including the divestiture of several subsidiaries. The accumulated deficit as of December 31, 2024, stood at approximately $37.9 million, compared to $38.9 million at the end of 2023. The company’s total current assets plummeted to $2,987 from $20.4 million, while current liabilities increased to $668,339, reflecting a challenging liquidity position.
In 2024, Global Interactive Technologies made strategic changes, including the termination of CEO Changhuyk Kang and the appointment of Taehoon Kim as interim CEO. The company also divested its interests in Hanryu Bank, FNS, and Marine Island, which were classified as discontinued operations. The restructuring aimed to streamline operations and reduce costs, resulting in a 56% decrease in operating expenses to $888,363 from $2.01 million in 2023. The company anticipates that the launch of an upgraded version of its FANING platform in 2025 will enhance its financial performance and user engagement.
As of December 31, 2024, Global Interactive Technologies reported a user base of over 26.6 million on its FANING platform, which focuses on K-Culture and fandom engagement. The platform supports real-time multilingual translation and allows users to create and monetize content. However, the company has not yet generated revenue from these activities, as it is still in the development phase. The average revenue per user (ARPU) remains at zero, with user acquisition costs (UAC) reported at $0.18 for 2024.
Looking ahead, the company plans to raise additional capital through equity financing and borrowing to support its operations and growth strategies. Management believes that the upgraded FANING platform, along with a leaner operational model, will position the company for improved performance in 2025. However, the company’s ability to continue as a going concern is contingent upon successfully securing this funding and executing its monetization strategies. The financial statements for 2024 reflect substantial doubt about the company's ability to continue operations without additional capital.
About Global Interactive Technologies, Inc.
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