Mon, May 20, 8:16 PM (154 days ago)
GBT Technologies Inc. reported a net income of $7.16 million for Q1 2024, a significant improvement from a net loss of $5.63 million in Q1 2023. This turnaround was driven primarily by a $7.27 million gain from changes in the fair value of derivative liabilities, compared to a $3.92 million loss in the same period last year, along with reduced interest expenses and amortization of debt discounts. Operating expenses decreased by 62% to $177,625, reflecting limited cash flow to expand the business. Despite the net income, the company faces a substantial working capital deficit of $23.39 million and an accumulated deficit of $308.83 million, raising concerns about its ability to continue as a going concern. Management plans to seek additional capital through private placements of debt and equity securities to address these challenges.