10-Q - Global AI, Inc. (0001473490) (Filer)

Wed, Aug 14, 5:21 PM (153 days ago)

Global AI, Inc. reported significant financial challenges for the quarter ending June 30, 2024. The company experienced a 100% decline in revenue, reporting $0 compared to $14,500 in the same period last year, primarily due to reduced consulting services. Operating expenses surged by approximately 1438% to $263,849, driven largely by increased professional fees, leading to a loss from operations of $263,849, a steep rise from $2,174 in Q2 2023. For the six-month period, the net loss escalated to $610,059, up from $7,961 in the prior year. As of June 30, 2024, cash reserves dwindled to $22,417, with a working capital deficit of $88,853, raising substantial doubts about the company's ability to continue as a going concern. The company is actively pursuing mergers or acquisitions to stabilize its operations but faces uncertainty regarding funding and revenue generation. The financial results reflect a critical need for strategic restructuring and capital infusion to ensure future viability.