Wed, Nov 13, 1:04 PM (23 days ago)
Global Gas Corporation (HGAS) reported its Q3 2024 results with significant financial challenges. As of September 30, 2024, the company reported total assets of $441,627, down from $1,183,911 at year-end 2023, primarily due to a cash decline from $1,183,328 to $192,444. Current liabilities also decreased but remained high at $724,440, leading to a working capital deficit of $282,813. The company experienced a net loss of $123,954 for Q3 2024, a slight improvement from a loss of $132,828 in Q3 2023. Year-to-date, net income turned positive at $102,737 compared to a significant loss of $385,705 in the prior period, driven by a notable change in the fair value of derivative warrant liabilities, which contributed $357,080 to income. Despite these improvements, Global Gas has not generated revenue since its inception and continues to face uncertainties regarding securing financing and operational viability. The company’s future capital needs are uncertain, and its ability to continue as a going concern is in question, as indicated by management’s assessment. The company is also navigating post-delisting challenges following its removal from Nasdaq in June 2024.