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Global Gas Corp

For the period ended Dec 31, 2025. Filed Apr 15, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Apr 15, 2026

HGAS$0.060.0%Stored close · as of Jul 8, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31,2025

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ___________ to ____________

Commission File Number 001-39819

(Exact name of registrant as specified in its charter)

Delaware85-1617911
(State or Other Jurisdiction of Incorporation)(I.R.S. Employer Identification No.)

700 S. Rosemary Avenue, Suite 204

West Palm Beach, Florida 33401

(Address of Principal Executive Offices) (Zip Code)

(917) 742-1904

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.0001 per shareHGASNone
Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per shareHGASWNone

Securities registered pursuant to Section 12(g) of the Act:

NONE

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. Yes ☐No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirement for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☐
Non-accelerated filer☒Smaller reporting company☒
Emerging growth company☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No☒

As of June 30 2025, the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of the registrant’s voting and non-voting common equity held by non-affiliates was approximately $0.1 million, based on the closing sale price per share of the registrant’s Class A common stock on such date ($0.102).

As of April 14, 2026, the registrant had 7,478,256 shares of Class A common stock and 0 shares of Class B common stock outstanding.

Documents Incorporated by Reference: None.

FORM 10-K

TABLE OF CONTENTS

PART I
Item 1.Business1
Item 1A.Risk Factors10
Item 1B.Unresolved Staff Comments28
Item 1C.Cybersecurity28
Item 2.Properties29
Item 3.Legal Proceedings29
Item 4.Mine Safety Disclosures29
PART II
Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities30
Item 6.[Reserved]30
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations30
Item 7A.Quantitative and Qualitative Disclosures About Market Risk36
Item 8.Financial Statements and Supplementary Data36
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosures36
Item 9A.Controls and Procedures37
Item 9B.Other Information38
Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections38
PART III
Item 10.Directors, Executive Officers and Corporate Governance39
Item 11.Executive Compensation42
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters44
Item 13.Certain Relationships and Related Transactions, and Director Independence45
Item 14.Principal Accountant Fees and Services48
PART IV
Item 15.Exhibits, Financial Statement Schedules49

i

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

AND SUMMARY OF RISK FACTORS

Certain statements in this Annual Report on Form 10-K (“Annual Report”) of Global Gas Corporation (the “Company,” “we,” “us,” “our” and “Global Gas”) may constitute “forward-looking statements” for purposes of the federal securities laws. All statements, other than statements of present or historical fact included in or incorporated by reference in this Annual Report, regarding the Company’s future financial performance, as well as the Company’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this Annual Report, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” “will,” “shall,” “seek,” “result,” “become,” “target,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. The Company cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to its business, most of which are difficult to predict and many of which are beyond the control of the Company. These forward-looking statements are based on information available as of the date of this Annual Report, and current expectations, forecasts and assumptions, and involve a number of risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, the Company’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to:

●the liquidity and trading of the Company’s securities;
●the future financial performance of the Company;
●the Company’s ability to sell and expand its product and service offerings, implement its growth strategy and retain its key employees;
●risks relating to the Company’s operations and business, including the Company’s ability to raise financing, hire employees, secure supplier, customer and other commercial contracts, obtain licenses and information technology and protect itself against cybersecurity risks;
●intense competition and competitive pressures from other companies worldwide in the industries in which the Company operates;
●litigation and the ability to adequately protect the Company’s intellectual property rights;
●changes in applicable laws or regulations;
●the possibility that the Company may be adversely affected by other economic, business and/or competitive factors; and
●other risks and uncertainties set forth in this Annual report in the section titled “Risk Factors”, as summarized below.

ii

An investment in our securities involves a high degree of risk. The occurrence of one or more of the events or circumstances described in the section titled “Risk Factors,” alone or in combination with other events or circumstances, may materially adversely affect our business, financial condition and operating results. In that event, the trading price of our securities could decline, and you could lose all or part of your investment. Such risks include, but are not limited to:

Risks Related to Global Gas’ Business and Industry

●Global Gas currently does not have any customers and has not generated any revenue. If Global Gas fails to implement its business strategy, its financial condition and results of operations could be adversely affected.
●Global Gas has a limited operating history which may make it difficult for investors to evaluate its current business and likelihood of success and viability.
●Much of Global Gas’ future business involves engineering, procurement and construction phases that are complex and involve a number of challenges which may impede the progress of projects and lead to the incurrence of additional expenses.
●The future operation of Global Gas’ potential facilities inherently entails hazards that require continuous oversight and control. If these risks materialize, they could negatively impact the business of Global Gas’ subsidiary, Global Hydrogen Energy LLC (“Global Hydrogen”).
●Global Gas’ future success depends on its ability to retain its executive officers and to attract, retain, and motivate qualified personnel and manage its human capital.
●Global Gas currently has two full-time employees and will need to grow the size and capabilities of its organization. Global Gas may experience difficulties in managing this growth.

Risks Related to Regulation and Litigation

●Global Gas is subject to extensive government regulation in the jurisdictions in which it does business. Regulations addressing, among other things, import/export restrictions, anti-bribery and corruption and taxes have the potential to negatively impact Global Gas’ financial condition, results of operation and cash flows.
●Global Gas expects to incur significant costs in its efforts to comply with relevant regulations.

Risks Related to Global Gas’ Products and Services

●Global Gas’ business will rely on a number of suppliers. These suppliers may encounter difficulties or interruptions for various reasons, which could delay or entirely halt their ability to provide Global Gas with the materials necessary for the contemplated operation of its business.
●The production, transport, and containment of hydrogen and certain other gases as contemplated by Global Gas’ future projects creates risk of adverse events which may harm its business.
●Global Gas may not be able to effectively compete in its industry.
●The demand for Global Gas’ products and services may not be as strong as it anticipates.

Risks Related to Cybersecurity and Data Privacy

●Global Gas’ business and operations would suffer in the event of computer system failures, cyber-attacks or deficiencies in its or third parties’ cybersecurity.

Risks Related to Ownership of Global Gas’ Securities

●Global Gas’ securities are not listed on a national securities exchange, which could limit investors’ ability to make transactions in Global Gas’ securities and subject Global Gas to additional trading restrictions.
●An active market of Global Gas’ securities may not be maintained, which would adversely affect the liquidity and price of Global Gas’ securities.

Risks Related to Finance, Accounting and Tax Matters

●Global Gas is a holding company and its only material asset is its interest in Global Gas Holdings LLC (“Holdings”) which in turns owns Global Hydrogen, and it will therefore be dependent upon distributions made by Holdings to pay taxes and other working capital needs.
●Global Gas may need to raise additional funds, and these funds may not be available when needed. If Global Gas cannot raise additional funds when it needs them, its business, prospects, financial condition and operating results could be negatively affected.
●Global Gas’ financial results may vary significantly over time and could be affected by the financial conditions of its customers and other third parties.

iii

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