Global Interactive Technologies, Inc.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
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.
Sep 30, 2025 · Filed Nov 12, 2025
GITS$1.55+0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-15.
0001213900-25-077460
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-12.
0001213900-25-108989
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 88 previous paragraphs and 85 current paragraphs.
67 unchanged; 17 reworded; 1 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 13 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
On January 27, 2025, the Company executed a 1-for-20 reverse stock split, reducing the total issued shares from 52,808,589 to 2,640,402, and adjusted the par value from $0.001 to $0.02 in the consolidated financial statements. However, the charter amendment to formalize the par value change is scheduled to be approved at the shareholders’ meeting to be held on December 29, 2025. Accordingly, references to par value outside the consolidated financial statements reflect the current legal par value of $0.001.
Removed paragraphs (4)
Previous report
Relaxed Ongoing Reporting Requirements
Previous report
We an “emerging growth company” (as defined in the JOBS Act) under the reporting rules set forth under the Exchange Act. For so long as we remain an “emerging growth company,” we may take advantage of certain exemptions from various reporting requirements that are applicable to other Exchange Act reporting companies that are not “emerging growth companies,” including but not limited to:
Previous report
We will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not “emerging growth companies,” and our stockholders could receive less information than they might expect to receive from more mature public companies.
Previous report
We expect to take advantage of these reporting exemptions until we are no longer an emerging growth company. We would remain an “emerging growth company” for up to five years, although if the market value of our common stock that is held by non-affiliates exceeds $700 million as of any June 30 before that time, we would cease to be an “emerging growth company” as of the following December 31.
Reworded paragraphs (17)
Previous wording
Global Interactive Technologies, Inc. (together with its subsidiaries, collectively, the “Company”, “we”, “us”, or “our”), a Delaware corporation formerly known as Hanryu Holdings, Inc., is a technology-driven platform company connecting global fans of Korean culture through innovative digital experiences. The Company operates Faning, a comprehensive interactive platform designed to facilitate content discovery, monetization, user-generated content, and deep community engagement among global fandom communities. The Company focuses on leveraging technology to expand Korean culture (Hallyu) beyond traditional K-Pop, spanning digital media, entertainment, and interactive platform services.
Current wording
Global Interactive Technologies, Inc. (together with its subsidiaries, collectively, the “Company”, “we”, “us”, or “our”), a Delaware corporation formerly known as Hanryu Holdings, Inc., is a technology-driven platform company connecting global fans of Korean culture through innovative digital experiences. The Company operates Faning, a comprehensive interactive platform designed to facilitate content discovery, monetization, user-generated content, and deep community engagement among global fandom communities. The Company focuses on leveraging technology to expand Korean culture (Hanryu) beyond traditional K-Pop, spanning digital media, entertainment, and interactive platform services.
Previous wording
To diversify the revenue streams within our primary income source, the FANING platform, we carried out updates over several months. As a result, the newly revamped FANING platform was launched in April 2025. Accordingly, revenue from the operation of the FANING platform began to be generated starting in May 2025, and revenue from goods and K-Food-related products is expected to begin in the third quarter of 2025.
Current wording
To diversify the revenue streams within our primary income source, the FANING platform, we carried out updates over several months. As a result, the newly revamped FANING platform was launched in April 2025. Accordingly, revenue from the operation of the FANING platform began to be generated starting in May 2025, and revenue from goods and K-Food-related products is expected to begin in the fourth quarter of 2025.
Previous wording
Revenue from retail sales is generated through services offering a wide variety of products for purchase. Although we have generated limited revenue from such services in the past, we expect to earn more steady revenue from this business model starting in third quarter of 2025.
Current wording
Revenue from retail sales is generated through services offering a wide variety of products for purchase. Although we have generated limited revenue from such services in the past, we expect to earn more steady revenue from this business model starting in fourth quarter of 2025.
Previous wording
Revenue from marketing services is generated by other subsidiaries of the Company, such as Faning Korea, and includes various activities such as creating and distributing flyers, hosting events and giveaways, producing advertisement videos, and more. Although we have generated limited revenue from such services in the past, we expect to earn more steady revenue from this business model starting in third quarter of 2025.
Current wording
Revenue from marketing services is generated by other subsidiaries of the Company, such as Faning Korea, and includes various activities such as creating and distributing flyers, hosting events and giveaways, producing advertisement videos, and more. Although we have generated limited revenue from such services in the past, we expect to earn more steady revenue from this business model starting in fourth quarter of 2025.
Previous wording
Revenue from news agency content sales is generated by providing news articles and original content to other third-party media outlets. Although we have generated a de minimis amount of revenue from such services in the past, we expect to earn more steady revenue from this business model starting in third quarter of 2025.
Current wording
Revenue from news agency content sales is generated by providing news articles and original content to other third-party media outlets. Although we have generated a de minimis amount of revenue from such services in the past, we expect to earn more steady revenue from this business model starting in fourth quarter of 2025.
Previous wording
As we continue to diversify our product and service offerings, we anticipate additional revenue streams, including Our entertainment agency business supports influencers in expanding their influence both inside and outside the FANING platform. As each influencer’s influence grows, we expect to monetize their status through advertising agreements or performance-based contracts. We anticipate generating revenue from this business model starting in third quarter of 2025.
Current wording
As we continue to diversify our product and service offerings, we anticipate additional revenue streams, including Our entertainment agency business supports influencers in expanding their influence both inside and outside the FANING platform. As each influencer’s influence grows, we expect to monetize their status through advertising agreements or performance-based contracts. We anticipate generating revenue from this business model starting in fourth quarter of 2025.
Previous wording
We expect to begin generating revenue from our entertainment agency business starting in third quarter of 2025. However, there can be no assurance that we will be able to successfully launch such affiliated businesses, or that they will be successful even if launched.
Current wording
We expect to begin generating revenue from our entertainment agency business starting in fourth quarter of 2025. However, there can be no assurance that we will be able to successfully launch such affiliated businesses, or that they will be successful even if launched.
Previous wording
Six months Ended June 30, 2025 Compared to six months ended June 30, 2024
Current wording
Nine months Ended September 30, 2025 Compared to nine months ended September 30, 2024
Previous wording
The following table sets forth a summary of our statements of operations for the six months ended June 30,2025 and 2024:
Current wording
The following table sets forth a summary of our statements of operations for the nine months ended September 30,2025 and 2024:
Previous wording
For the six months ended June 30, 2025, revenue was $29, which was generated from the operation of the FANING platform that was updated and relaunched in April 2025. Revenue began to be generated starting in May 2025, and we expect it to gradually increase beginning in the third quarter of 2025. In addition, starting in the third quarter of 2025, we plan to generate revenue from new sources, including merchandise sales, K-Food sales, and entertainment-related business.
Current wording
For the nine months ended September 30, 2025, revenue was $1,867, which was generated from the operation of the FANING platform that was updated and relaunched in April 2025. Revenue began to be generated starting in May 2025, and we expect it to gradually increase beginning in the fourth quarter of 2025. In addition, starting in the fourth quarter of 2025, we plan to generate revenue from new sources, including merchandise sales, K-Food sales, and entertainment-related business.
Previous wording
The net loss for the six months ended June 30, 2025, was $1,244,730, representing a decrease of approximately 23% compared to the net loss of $1,608,971 (including discontinued operations) for the six months ended June 30, 2024. The primary reason for the decrease in net loss in 2025 was the workforce reduction and the sale of subsidiaries in 2024.
Current wording
The net loss for the nine months ended September 30, 2025, was $1,787,707, representing a decrease of approximately 15% compared to the net loss of $2,100,679 (including discontinued operations) for the nine months ended September 30, 2024. The primary reason for the decrease in net loss in 2025 was the workforce reduction and the sale of subsidiaries in 2024.
Previous wording
Additionally, in order to increase revenue and generate revenue from new business lines, the Company is in the process of raising operating capital through a public offering in August 2025.
Current wording
Additionally, the Company is in the process of raising operating capital through a public offering to increase revenue and generate income from new business lines.
Previous wording
Three months Ended June 30, 2025 Compared to six months ended June 30, 2024.
Current wording
Three months Ended September 30, 2025 Compared to three months ended September 30, 2024
Previous wording
For the three months ended June 30, 2025, revenue was $29, generated from the operation of the FANING platform, which was updated and relaunched in April 2025. Revenue for the comparative three-month period ended June 30, 2024, was reclassified as discontinued operations due to the divestiture of subsidiaries in 2024; therefore, no revenue was recognized from continuing operations. The net loss for the three months ended June 30, 2025, was $678,049, representing an approximate 21% increase compared to the net loss of $561,900 (including discontinued operations) for the three months ended June 30, 2024. The primary reason for the increase in net loss for the three months ended June 30, 2025, was the amortization expense of intangible software assets related to the FANING platform.
Current wording
For the three months ended September 30, 2025, revenue was $1,838, generated from the operation of the FANING platform, which was updated and relaunched in April 2025. Revenue for the comparative three-month period ended September 30, 2024, was reclassified as discontinued operations due to the divestiture of subsidiaries in 2024; therefore, no revenue was recognized from continuing operations. The net loss for the three months ended September 30, 2025, was $542,977, representing an approximate 10% increase compared to the net loss of $491,708 (including discontinued operations) for the three months ended September 30, 2024. The primary reason for the increase in net loss for the three months ended September 30, 2025, was the amortization expense of intangible software assets related to the FANING platform.
Previous wording
As of June 30, 2025, the Company reported cash and cash equivalents of $10,883 and total current assets of $25,796, reflecting an increase compared to $2,352 and $2,987, respectively, as of December 31, 2024. In 2024, the Company implemented cost-saving measures and improved its financial position by divesting underperforming subsidiaries and reducing headcount. It is currently in the process of raising additional operating capital.
Current wording
As of September 30, 2025, the Company reported cash and cash equivalents of $36,915 and total current assets of $120,071, reflecting an increase compared to $2,352 and $2,987, respectively, as of December 31, 2024. In 2024, the Company implemented cost-saving measures and improved its financial position by divesting underperforming subsidiaries and reducing headcount. It is currently in the process of raising additional operating capital.
Previous wording
As of June 30, 2025, total current liabilities decreased to $515,682 from $668,339 as of December 31, 2024, representing a reduction of $152,687. The primary reason for the decrease was the conversion of existing debt into equity, which strengthened the Company’s capital structure by increasing equity and reducing liabilities.
Current wording
As of September 30, 2025, total current liabilities decreased to $631,216 from $668,339 as of December 31, 2024, representing a reduction of $37,123. The primary reason for the decrease was the conversion of existing debt into equity, which strengthened the Company’s capital structure by increasing equity and reducing liabilities.
Previous wording
The Company’s ability to continue as a going concern depends on the success of its ongoing capital-raising efforts and execution of its platform monetization strategies. Management anticipates that the launch of the restructured FANING platform and recent operational adjustments will begin to be reflected in improved financial performance starting from the third quarter of 2025.
Current wording
The Company’s ability to continue as a going concern depends on the success of its ongoing capital-raising efforts and execution of its platform monetization strategies. Management anticipates that the launch of the restructured FANING platform and recent operational adjustments will begin to be reflected in improved financial performance starting from the fourth quarter of 2025.