Parsippany, NJ, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Global Technologies, Ltd. (OTC: GTLL), a Delaware corporation, today announced its financial results for the year ended June 30, 2024.

Financial Highlights:

-Shareholder Equity increase of $6,060,478 at June 30, 2024 versus June 30, 2023;
-Revenue increase of $1,040,685 for the year ended June 30, 2024 versus June 30, 2023, or 6,122%;
-Gross Profit increase of $464,055 for the year ended June 30, 2024 versus June 30, 2023, or 2,730%;
-Net income increase of $1,846,121 for the year ended June 30, 2024 versus June 30, 2023, or 179%.

Financial Commentary:

- Shareholder Equity: At June 30, 2024, shareholder equity increased to $1,532,471, an increase of $6,060,478 from June 30, 2023. The increase in shareholder equity is largely attributable to the Company’s increase in revenue, the Company’s share exchange of its formerly issued Series L Preferred Stock for the newly designated Series N Preferred Stock and its other income for the year ended June 30, 2024;

- Revenue Generation: For the year ended June 30, 2024, Global Technologies reported revenues of $1,057,685, an increase of $1,040,685 as compared to the year ended June 30, 2023. The Company’s increase in revenue was wholly attributable to its subsidiary, 10 Fold Services;

- Gross Profit: The Company achieved a gross profit of $481,055 for the year ended June 30, 2024 an increase of $464,055 as compared to the year ended June 30, 2023;

- Net Income: The Company achieved net income of $812,081 for the year ended June 30, 2024, compared to a net loss of $1,034,040 for the year ended June 30, 2023, largely attributable to the Company’s increase in revenue, sale of its commercial property in Sylvester, GA and a gain on derivative liability.

Management Commentary:

"Patience and persistence have proven to pay off, which clearly shows within our financial results provided in the Company’s Annual Report," said Fredrick Cutcher, CEO of Global Technologies Ltd. "The transition to EV and health and wellness within our two subsidiaries was the right move and to say that we are pleased with our revenue growth over the last 12 months would be an understatement."

Future Outlook:

Global Technologies remains committed to expanding its market presence in the health and wellness and EV sectors. The Company anticipates continued operational improvements and an increase in its revenue as it further develops its subsidiaries' capabilities and explores new strategic opportunities.

The Company’s Annual Report for the year ended June 30, 2024 can be found on the Securities and Exchange Commission’s website at www.sec.gov and on the Company’s website at www.globaltechnologiesltd.info.