Tue, Sep 17, 10:03 AM (95 days ago)
For the quarter ending June 30, 2024, Global Innovative Platforms, Inc. reported no revenue, maintaining a consistent trend from the previous year. The company incurred a net loss of $6,360, compared to a loss of $2,650 in Q2 2023, reflecting increased general and administrative expenses. Year-to-date losses reached $59,715, significantly reduced from $158,686 in the prior year, indicating improved cost management. Current assets rose to $10,146 from $415, while total liabilities decreased to $216,897 from $364,368, largely due to a reduction in related party loans. Shareholders’ deficit improved to $206,751 from $363,953, primarily due to capital raised from stock issuances. The company continues to face substantial doubt regarding its ability to continue as a going concern, as highlighted by its independent auditors. Future operations hinge on successfully securing additional funding, with no committed sources currently available. The management's focus remains on raising capital to support ongoing expenses and operational growth, despite uncertainties in achieving these objectives.