Global Technologies, Ltd. Announces Its Financial Results for the Quarter Ended March 31, 2024 and the Company’s Strategic Business Transition
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Parsippany, NJ, May 14, 2024 (GLOBE NEWSWIRE) -- Global Technologies, Ltd. (OTC: GTLL), a Delaware corporation, today announced its financial results for the quarter ended March 31, 2024, and provided an update on its strategic transition from real estate to a focused expansion into the technology and service sectors, primarily in health and wellness, and electric vehicle infrastructure through its subsidiaries, 10 Fold Services and GOe3.
Financial Highlights:
- Revenue Generation: For the quarter, Global Technologies reported revenues of $451,509, an increase from $14,000 in the prior year, primarily generated by sales introductions between customers and suppliers.
- Gross Profit: The Company achieved a gross profit of $87,310 compared to $14,000 in the same quarter of the previous year, reflecting the effective scaling of its service operations.
- Net Income: The Company achieved a net income of $2,756,900, compared to a net loss of $668,382 in the same quarter the previous year, driven by the Company’s increase in revenue, sale of its commercial property in Sylvester, GA and a gain on derivative liability.
- Shareholder Deficiency: The Company’s shareholder deficiency improved from -$4,528,007 at June 30, 2023 to -$630,878 at March 31, 2024 largely attributable from the repayment of the notes issued and assumed in the Foxx Trot Tango acquisition, as well as the reduction of the Company’s contingent consideration with this acquisition.
Strategic Business Transition:
Global Technologies has successfully shifted its focus from its previous real estate venture to prioritizing growth in the technology and service sectors. This transition is anchored by the innovative work of its subsidiaries:
- 10 Fold Services, a strategic consulting and procurement agency, which specializes in go-to-market planning and execution for companies in the health and wellness industries. Leveraging an automation-first approach, 10 Fold Services has driven notable market introductions and partnerships, significantly impacting revenue streams.
- GOe3, which is setting a new standard in EV charging solutions by developing a universal, solar-enhanced charging network, designed to support all existing EV models and significantly reduce range anxiety for EV users across the United States.
Management Commentary:
“Our quarterly results demonstrate significant progress in Global Technologies’ strategic realignment,” said Fredrick Cutcher, CEO of Global Technologies Ltd. “The transformation from real estate to technology and services not only revitalizes our portfolio but also positions us at the forefront of two rapidly growing industries: health and wellness and electric vehicle infrastructure. With solid financial results this quarter and a clear strategic direction, we are confident in our ability to deliver sustained growth and value creation.”