Global Gas Corp

Previous wording

The following “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with our unaudited condensed consolidated financial statements for the three months ended March 31, 2024 and 2023, our audited consolidated financial statements as of the year ended December 31, 2024, and other information included elsewhere in this report. This discussion includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Such statements include, but are not limited to, possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included herein. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other Securities and Exchange Commission (“SEC”) filings.

Current wording

The following “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with our financial statements as of and for the three months ended June 30, 2025 and 2024, for the six months ended June 30, 2025 and 2024 and other information included elsewhere in this report. This discussion includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Such statements include, but are not limited to, possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included herein. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other Securities and Exchange Commission (“SEC”) filings.

Previous wording

The following table sets forth our condensed unaudited consolidated statement of operations for the three months ended March 31, 2025 and 2024, and the dollar and percentage change between the two periods:

Current wording

The following tables sets forth our condensed unaudited consolidated statements of operations for the three and six months ended June 30, 2025 and 2024, and the dollar and percentage change between the two periods:

Previous wording

For the three months ended March 31, 2025 and 2024, the Company recognized $33,012 and $0, respectively, of revenue from a project recognized on a net basis.

Current wording

For the three months ended June 30, 2025 and 2024, the Company recognized $0 and $0, respectively, of revenue from a project recognized on a net basis. For the six months ended June 30, 2025 and 2024, the Company recognized $33,012 and $0, respectively, of revenue from a project recognized on a net basis.

Previous wording

General and administrative expenses decreased by $15,033 for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily related to franchise tax expense, legal fees and professional fees.

Current wording

General and administrative expenses decreased by $35,290 for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily related to franchise tax expense, legal fees and professional fees. General and administrative expenses decreased by $50,323 for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily related to franchise tax expense, legal fees and professional fees.

Previous wording

For the three months ended March 31, 2025 and 2024, the Company earned $0 and $7,566, respectively, of interest income on cash equivalents.

Current wording

For the three months ended June 30, 2025 and 2024, the Company earned $874 and $4,909, respectively, of interest income on cash balances at bank. For the six months ended June 30, 2025 and 2024, the Company earned $1,759 and $12,475, respectively, of interest income on cash balances at bank.

Previous wording

For the three months ended March 31, 2025 and 2024, the Company incurred $3,468 and $0, respectively, of interest expense on its convertible promissory notes.

Current wording

For the three months ended June 30, 2025 and 2024, the Company incurred $3,414 and $0 respectively, of interest expense on its convertible promissory notes. For the six months ended June 30, 2025 and 2024, the Company incurred $7,767 and $0, respectively, of interest expense on its convertible promissory notes.

Previous wording

The change in fair value of warrant liabilities of $4,040 and $(109,150), is recognized into other income and other expense for the three months ended March 31, 2025 and 2024, respectively.

Current wording

The change in fair value of warrant liabilities for the three months ended June 30, 2025 and 2024 of $4,040 and $471,620, respectively, is recognized into other income. The change in fair value of warrant liabilities for the six months ended June 30, 2025 and 2024 of $8,080 and $362,470, respectively, is recognized into other income and other expense.

Previous wording

Since inception, the Company’s primary sources of liquidity have been cash flows from contributions from a member and a related party. The Company had $74,026 in cash and cash equivalents, a working capital deficit of $444,996, and an accumulated deficit of $475,350 as of March 31, 2025.

Current wording

Since inception, the Company’s primary sources of liquidity have been cash flows from contributions from a member and a related party. The Company had $83,772 in cash and cash equivalents, a working capital deficit of $274,570, and an accumulated deficit of $307,482 as of June 30, 2025.

Previous wording

Cash flows for the three months ended March 31, 2025 and 2024

Current wording

Cash flows for the six months ended June 30, 2025 and 2024

Previous wording

The following table summarizes cash flows from operating, investing and financing activities for the three months ended March 31, 2025 and 2024:

Current wording

The following table summarizes cash flows from operating, investing and financing activities for the six months ended June 30, 2025 and 2024:

Previous wording

Net cash used in operating activities for the three months ended March 31, 2025 was $39,413, primarily related to the net loss for the period and decrease in deferred revenue and decrease in deposits.

Current wording

Net cash and cash equivalents used in operating activities for the six months ended June 30, 2025 was $28,167, primarily related to the decrease in deferred revenue and repayment of accounts payable – related party partially offset by a decrease in deposit.

Previous wording

Net cash used in operating activities for the three months ended March 31, 2024 was $1,021,806, primarily related to the net loss for the period and decrease in accounts payable and accrued expenses.

Current wording

Net cash and cash equivalents used in operating activities for the six months ended June 30, 2024 was $1,119,544, primarily related the decrease in accounts payable and accrued expenses, increase in deposit, increase in prepaid expenses and other receivables and change in fair value of warrant liabilities partially offset by net income for the period.

Previous wording

Net cash used in financing activities during the three months ended March 31, 2025 was $707, consisting of payment to a related party.

Current wording

Net cash and cash equivalents used in financing activities for the six months ended June 30, 2025 was $2,207, consisting of payments to a related party.

Previous wording

Net cash provided by financing activities during the three months ended March 31, 2024 was $125,000, consisting of the proceeds received from forward purchase agreement contract.

Current wording

Net cash and cash equivalents provided by financing activities the six months ended June 30, 2024 was $275,000, consisting of the proceeds received from forward purchase agreement contract.