Mon, Aug 19, 10:11 AM (148 days ago)
GBT Technologies Inc. reported a net loss of $17,771,626 for the fiscal year ended December 31, 2023, compared to a net income of $5,323,856 in 2022. Total sales were $0, down from $90,000, as consulting services were terminated. Operating expenses decreased by 28% to $1,740,221, driven by reduced marketing and professional expenses. The company has a working capital deficit of $31,781,634 and an accumulated deficit of $315,993,294, raising significant doubts about its ability to continue as a going concern. The amendment to the 10-K primarily addresses SEC comments regarding the independent auditor's report and the financial statements for 2023 and 2022. GBT Technologies also terminated its Revenue Sharing Agreement with Mahaser Ltd. on July 1, 2023, ceasing to consolidate Mahaser’s operations. The company is focusing on its joint ventures, particularly with GBT Tokenize, which is developing an intelligent health monitoring device. Risks include reliance on key personnel, limited operating history, and the impact of COVID-19 on operations. The company plans to seek additional capital to support its growth, anticipating a need for approximately $12 million.