Global Gas Corp
For the period ended Mar 31, 2024. Filed May 14, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 14, 2024
HGAS$0.060.0%Stored close · as of Jul 8, 2026
Contents
Item 1. Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Assets · (Unaudited) | ||
| Current assets | ||
| Cash | $286,522 | $62,362 |
| Prepaid expenses | 49,583 | 583 |
| Marketable securities | - | 1,120,966 |
| Total Current Assets | 336,105 | 1,183,911 |
| TOTAL ASSETS | $336,105 | $1,183,911 |
| Liabilities and stockholders’ deficit | ||
| Current liabilities | ||
| Accounts payable – related party | $124,867 | $124,867 |
| Accounts payable and accrued expenses | 182,999 | 1,086,212 |
| Advances – related party | 2,352 | 2,352 |
| Promissory notes – related parties | 273,950 | 273,950 |
| Total Current Liabilities | 584,168 | 1,487,381 |
| Derivative warrant liabilities | 540,350 | 431,200 |
| TOTAL LIABILITIES | 1,124,518 | 1,918,581 |
| Commitments and contingencies (note 9) | ||
| Stockholders’ deficit | ||
| Preferred stock, $0.0001 par value; 1,000,000 shares authorized; zero shares issued or outstanding as of March 31, 2024 and December 31, 2023 | - | - |
| Class A common stock, $0.0001 par value; 380,000,000 shares authorized; 5,428,256 shares issued or outstanding as of March 31, 2024 and December 31, 2023 | 543 | 543 |
| Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 2,700,000 and 4,300,000 shares issued or outstanding as March 31, 2024 and December 31, 2023, respectively | 270 | 430 |
| Subscription receivable | (2,483,141) | (2,608,141) |
| Additional paid-in capital | 2,172,834 | 2,172,674 |
| Accumulated deficit | (478,919) | (300,176) |
| Total stockholders’ deficit | (788,413) | (734,670) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $336,105 | $1,183,911 |
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
| For the Three Months Ended March 31, · For the Period from February 16, 2023 (inception) to March 31, | |||
|---|---|---|---|
| 2024 · 2023 | |||
| Operating Expenses: | |||
| General and administrative | $77,159 | $42 | |
| Start up costs | - | 574 | |
| Loss from operations | (77,159) | (616) | |
| Other expenses, net: | |||
| Interest income | 7,566 | - | |
| Change in fair value of derivative warrant liabilities | (109,150) | - | |
| Total other expenses, net | (101,584) | - | |
| Net loss | $(178,743) | $(616) | |
| Weighted average number of Class A common stock outstanding, basic and diluted | 5,428,256 | - | |
| Net loss per Class A common stock, basic and diluted | $(0.02) | $ | - |
| Weighted average number of Class B common stock outstanding, basic and diluted | 3,825,275 | 4,300,000 | |
| Net loss per Class B common stock, basic and diluted | $(0.02) | $(0.00) | |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ (DEFICIT) EQUITY
*FOR THE THREE MONTHS ENDED MARCH 31, 2024 ***
| Common Stock · Additional · Total | ||||||||
|---|---|---|---|---|---|---|---|---|
| Class A · Class B · Subscription · Paid-in · Accumulated · Stockholders’ | ||||||||
| Shares | Amount | Shares | Amount | Receivable | Capital | Deficit | Deficit | |
| Balance – December 31, 2023 | 5,428,256 | $543 | 4,300,000 | $430 | (2,608,141) | $2,172,674 | $(300,176) | $(734,670) |
| Forfeiture of Class B common stock | — | — | (1,600,000) | (160) | — | 160 | — | — |
| Proceeds from forward purchase agreement shares | — | — | — | — | 125,000 | — | — | 125,000 |
| Net loss | — | — | — | — | — | (178,743) | (178,743) | |
| Balance – March 31, 2024 | 5,428,256 | $543 | 2,700,000 | $270 | (2,483,141) | $2,172,834 | $(478,919) | $(788,413) |
*FOR THE PERIOD FROM FEBRUARY 16, 2023 (INCEPTION) TO MARCH 31, 2023 ***
| Members’ · Common Stock · Additional · Total | ||||||||
|---|---|---|---|---|---|---|---|---|
| Contribution · Class A · Class B · Paid-in · Accumulated · Stockholders’ | ||||||||
| Amount | Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | |
| Balance – February 16, 2023 (inception), | $— | — | $— | — | $— | $— | $— | $— |
| Members’ Contribution of Capital | 12,500 | — | — | — | — | — | — | 12,500 |
| Merger Recapitalization (Note 4) | (12,500) | — | — | 4,300,000 | 430 | 12,070 | — | — |
| Net loss | — | — | — | — | — | — | (616) | (616) |
| Balance – March 31, 2023 | — | — | $— | 4,300,000 | $430 | $12,070 | $(616) | $(11,884) |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
| For the Three Months Ended March 31, | For the Period from February 16, 2023 (inception) to March 31, | |
|---|---|---|
| 2024 | 2023 | |
| Cash Flows from Operating Activities: | ||
| Net loss | $(178,743) | (616) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Interest on marketable securities | (7,566) | - |
| Change in fair value of derivative warrant liabilities | 109,150 | - |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses | (49,000) | - |
| Accounts payable and accrued expenses | (903,213) | 42 |
| Net cash used in operating activities | (1,029,372) | (574) |
| Cash Flows from Investing Activities: | ||
| Proceeds from sale of marketable securities | 1,128,532 | - |
| Net cash provided by investing activities | 1,128,532 | - |
| Cash Flows from Financing Activities: | ||
| Capital contribution from Members | - | 12,500 |
| Advances – related party | - | 574 |
| Proceeds from forward purchase agreement | 125,000 | - |
| Net cash provided by financing activities | 125,000 | 13,074 |
| Net change in cash | 224,160 | 12,500 |
| Cash, beginning of period | 62,362 | - |
| Cash, end of period | $286,522 | $12,500 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.