Mon, Jun 16, 1:02 PM (28 days ago)
**Global AI, Inc. (GLAI) Annual Report Summary** **Financial Performance (in thousands):** - **Revenue:** $24,896 for 2024, down 27% from $34,000 in 2023. - **Net Income:** Negative $1,001,095 for 2024, compared to a negative $637,447 in 2023. - **Operating Expenses:** $1,010,649 for 2024, up 51% from $669,554 in 2023. - **Earnings per Share:** Negative $0.01 for 2024, compared to negative $0.00 in 2023. **Strategic Overview:** - Global AI focuses on AI products and acquisitions in machine learning, generative AI, computer vision, and natural language processing. - The company aims to integrate and develop acquired technologies to increase customer bases and enhance existing products. - Strategic initiatives include forming an R&D lab, establishing a subsidiary in Israel, and signing commercial contracts. **Future Outlook:** - Global AI plans to raise additional capital and pursue strategic alternatives, including potential mergers, to improve liquidity and financial position. - The company is actively seeking investor funding and exploring growth opportunities. **Risk Factors:** - Highly speculative investment with substantial risks. - Early operational stage with unproven business model. - Significant operating losses and doubts about the ability to continue as a going concern. - Dependence on additional financing and market acceptance of AI services. - Concentrated stock ownership and control, which may delay or prevent changes in control. **Financial Condition:** - As of December 31, 2024, Global AI had cash on hand of $9,929 and a working capital deficit of $299,893. - The company has an accumulated deficit of $3,052,489 and expects to incur significant developmental expenses. **Market Position:** - Global AI's common stock is quoted on the OTCQB market tier under the symbol "GLAI." - The stock has experienced volatility and thin trading, which may affect market price and liquidity. **Changes and Disagreements with Accountants:** - The company changed its independent registered public accounting firm from Hudgens CPA, PLLC to Chaikin, Cohen, Rubin & Co. - There were no disagreements or reportable events between the company and its former auditor. **Corporate Governance:** - The company does not have a code of ethics or insider trading policy but plans to adopt them by the end of fiscal year 2025. - The board of directors performs the functions typically associated with audit, compensation, and nominating committees.