Fri, Aug 23, 5:15 PM (144 days ago)
Global Innovative Platforms, Inc. reported no revenue for the fiscal year ending September 30, 2023, maintaining a net loss of $282,786, significantly higher than the previous year's loss of $53,816. Operating expenses surged to $282,786 from $53,816, primarily due to increased personnel costs and professional fees. The company holds a working capital deficit of $363,953, raising substantial doubt about its ability to continue as a going concern. The firm is focused on developing a breath test for heartworm detection in dogs, leveraging machine learning and gas chromatography technology. A licensing agreement with Defiant Technologies was signed, requiring an initial payment of $50,000 and a 3% royalty on net sales. The company’s financial condition remains precarious, with cash reserves dwindling to $415. Future operations depend on securing additional financing, as reliance on shareholders for funding continues. The stock trades on the OTC market, characterized by low liquidity and volatility, which may hinder investors' ability to liquidate shares. Overall, without significant capital infusion or operational breakthroughs, the company faces ongoing financial challenges.