Global Gas Corp
For the period ended Jun 30, 2024. Filed Aug 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.
Jun 30, 2024 · Filed Aug 14, 2024
HGAS$0.060.0%Stored close · as of Jul 8, 2026
Contents
Item 1. Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, 2024 | December 31, 2023 | |
|---|---|---|
| Assets · (Unaudited) | ||
| Current assets | ||
| Cash and cash equivalents | $338,784 | $1,183,328 |
| Deposit | 144,000 | - |
| Prepaid expenses and other receivables | 129,683 | 583 |
| Total Current Assets | 612,467 | 1,183,911 |
| TOTAL ASSETS | $612,467 | $1,183,911 |
| Liabilities and stockholders’ deficit | ||
| Current liabilities | ||
| Accounts payable – related party | $124,867 | $124,867 |
| Accounts payable and accrued expenses | 168,111 | 1,086,212 |
| Deferred Revenue | 207,436 | - |
| Advances – related party | 2,352 | 2,352 |
| Promissory notes – related parties | 273,950 | 273,950 |
| Total Current Liabilities | 776,716 | 1,487,381 |
| Derivative warrant liabilities | 68,730 | 431,200 |
| TOTAL LIABILITIES | 845,446 | 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 June 30, 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 June 30, 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 June 30, 2024 and December 31, 2023, respectively | 270 | 430 |
| Subscription receivable | (2,333,141) | (2,608,141) |
| Additional paid-in capital | 2,172,834 | 2,172,674 |
| Accumulated deficit | (73,485) | (300,176) |
| Total stockholders’ deficit | (232,979) | (734,670) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $612,467 | $1,183,911 |
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
| For the Three Months Ended June 30, · For the Six Months Ended June 30, · For the Period from February 16, 2023 (inception) to June 30, | ||||||
|---|---|---|---|---|---|---|
| 2024 · 2023 · 2024 · 2023 | ||||||
| Operating Expenses: | ||||||
| General and administrative | $71,095 | $252,310 | $148,254 | $252,352 | ||
| Start up costs | - | - | - | 574 | ||
| Loss from operations | (71,095) | (252,310) | (148,254) | (252,926) | ||
| Other expenses, net: | ||||||
| Interest income | 4,909 | 49 | 12,475 | 49 | ||
| Change in fair value of derivative warrant liabilities | 471,620 | - | 362,470 | - | ||
| Total other expenses, net | 476,529 | 49 | 374,945 | 49 | ||
| Net income (loss) | $405,434 | $(252,261) | $226,691 | $(252,877) | ||
| Weighted average number of Class A common stock outstanding, basic and diluted | 5,428,256 | - | 5,428,256 | - | ||
| Net income (loss) per Class A common stock, basic and diluted | $0.05 | $ | - | $0.03 | $ | - |
| Weighted average number of Class B common stock outstanding, basic and diluted | 2,700,000 | 4,300,000 | 3,262,637 | 4,300,000 | ||
| Net income (loss) per Class B common stock, basic and diluted | $0.05 | $(0.06) | $0.03 | $(0.06) | ||
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ (DEFICIT) EQUITY
*FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 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) |
| Proceeds from forward purchase agreement shares | — | — | — | — | 150,000 | — | — | 150,000 |
| Net income | — | — | — | — | — | — | 405,434 | 405,434 |
| Balance – June 30, 2024 | 5,428,256 | $543 | 2,700,000 | $270 | (2,333,141) | $2,172,834 | $(73,485) | $(232,979) |
*FOR THE THREE MONTHS ENDED AND THE PERIOD FROM FEBRUARY 16, 2023 (INCEPTION) TO JUNE 30, 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 |
| Net loss | — | — | — | — | — | — | (252,261) | (252,261) |
| Balance – June 30, 2023 | — | — | $— | 4,300,000 | $430 | $12,070 | $(252,877) | $(240,377) |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
| For the Six Months Ended June 30, · For the Period from February 16, 2023 (inception) to June 30, | ||||
|---|---|---|---|---|
| 2024 · 2023 | ||||
| Cash Flows from Operating Activities: | ||||
| Net income (loss) | $226,691 | (252,877) | ||
| Adjustments to reconcile net income (loss) to net cash and cash equivalents used in operating activities: | ||||
| Change in fair value of derivative warrant liabilities | (362,470) | - | ||
| Changes in operating assets and liabilities: | - | - | ||
| Prepaid expenses and other receivables | (129,100) | - | ||
| Deposit | (144,000) | - | ||
| Accounts payable and accrued expenses | (918,101) | 216,749 | ||
| Deferred revenue | 207,436 | - | ||
| Net cash and cash equivalents used in operating activities | (1,119,544) | (36,128) | ||
| Cash Flows from Financing Activities: | ||||
| Capital contribution from Members | - | 12,500 | ||
| Proceeds from promissory note – related party | 83,950 | |||
| Advances – related party | - | 716 | ||
| Proceeds from forward purchase agreement | 275,000 | - | ||
| Net cash and cash equivalents provided by financing activities | 275,000 | 97,166 | ||
| Net change in cash and cash equivalents | (844,544) | 61,038 | ||
| Cash and cash equivalents, beginning of period | 1,183,328 | - | ||
| Cash and cash equivalents, end of period | $338,784 | $61,038 | ||
| Supplemental Cash flow information: | ||||
| Taxes paid | $ | - | $ | - |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.