Global Technologies Ltd. reported significant financial performance improvements in its latest 10-Q filing for the quarter ending December 31, 2024. The company generated revenues of $917,077 for the three months ended December 31, 2024, compared to no revenue in the same period last year. For the six months ending December 31, 2024, total revenues reached $1,586,508, marking a substantial increase from the previous year when no revenue was recorded. The gross profit for the quarter was $372,582, while the six-month gross profit stood at $850,124.
The company also reported a net income of $186,807 for the three months ended December 31, 2024, a significant turnaround from a net loss of $3,455,492 in the same quarter of 2023. For the six-month period, net income was $443,356, compared to a net loss of $2,230,670 in the prior year. This improvement in profitability is attributed to the successful launch of its subsidiary, 10 Fold Services, which has begun generating revenue through strategic consulting and procurement services in the health and wellness sector.
In terms of operational developments, Global Technologies has made strategic acquisitions, including 10 Fold Services and GOe3, LLC, which focuses on electric vehicle infrastructure. The company is actively expanding its market presence and enhancing its service offerings. As of December 31, 2024, the company reported total assets of $8,599,152, an increase from $8,362,682 as of June 30, 2024. The total liabilities decreased to $6,623,325 from $6,830,211, reflecting a reduction in notes payable and related party loans.
The company’s operational metrics indicate a growing customer base, with accounts receivable increasing to $247,009 from $184,692, suggesting improved sales and customer engagement. However, the company continues to face challenges, including an accumulated deficit of $166,222,940 and ongoing negative cash flows. Management is pursuing strategies to enhance liquidity, including potential financing opportunities and partnerships.
Looking ahead, Global Technologies has expressed caution regarding its ability to meet financial obligations, citing substantial doubt about its capacity to continue as a going concern. The company is actively seeking additional funding sources and exploring various strategies to improve its financial position. Despite these challenges, the management remains optimistic about the potential for revenue growth and operational improvements in the coming quarters.
About GLOBAL TECHNOLOGIES LTD
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