GLOBAL ACQUISITIONS Corp
For the period ended Jun 30, 2024. Filed Aug 13, 2024.
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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 13, 2024
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-13.
0001472375-24-000037
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-13.
0001472375-24-000080
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 35 previous paragraphs and 40 current paragraphs.
22 unchanged; 4 reworded; 11 added; 9 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 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 (11)
Current report
There were no revenues from operations for the three months ended June 30, 2024 and 2023.
Current report
There were no cost of sales from operations for the three months ended June 30, 2024 and 2023.
Current report
General and administrative expenses for the three months ended June 30, 2024 were $20,212 an increase of $5,457 or 37.0%, from $14,755 for the three months ended June 30, 2023. The increase in expense is related to an accrual for an accrual for tax returns from prior years.
Current report
INCOME:
Current report
Revenue
Current report
There were no revenues from operations for the six months ended June 30, 2024 and 2023.
Current report
There were no cost of sales from operations for the six months ended June 30, 2024 and 2023.
Current report
EXPENSES:
Current report
General and Administrative Expenses
Current report
Net Loss
Current report
On July 3, 2024, the Company issued to AAGC 1,495,390 shares of the Company’s common stock, par value $0.001 per share, in exchange for AAGC’s release of obligations of the Company to repay expenses previously paid by AAGC in the aggregate amount of $593,670, which expenses are including in the above Current Liabilities at June 30, 2024.******
Removed paragraphs (9)
Previous report
There were no revenues for the three months ended March 31, 2024 and 2023.
Previous report
There was no cost of sales for the three months ended March 31, 2024 and 2023.
Previous report
The unaudited condensed financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result should the Company be unable to continue as a going concern.
Previous report
Off-Balance Sheet Arrangements
Previous report
We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.
Previous report
Critical Accounting Policies and Estimates
Previous report
Related party transactions: Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests.
Previous report
Recent Accounting Developments
Previous report
The Company believes there are no new accounting standards adopted but not yet effective that are relevant to the readers of our financial statements.
Reworded paragraphs (4)
Previous wording
We had a net loss of $12,911 for the three months ended March 31, 2024 as compared to net loss of $21,683 for the three months ended March 31, 2023, a decrease of $8,772 or 40.46%. The decreased net loss was primarily due to timing of accrual of audit fees.****
Current wording
We had a net loss of $20,212 for the three months ended June 30, 2024, as compared to net loss of $14,755 for the three months ended June 30, 2023, an increase of $5,457 or 37.0%. The increase in net loss was primarily due to an accrual for prior year tax returns.****
Previous wording
General and administrative expenses for the three months ended March 31, 2024 were $12,911, a decrease of $8,772 or 40.46%, from $21,683 for the three months ended March 31, 2023. This change is primarily due to timing of accrual of audit fees.
Current wording
General and administrative expenses for the six months ended June 30, 2024 were $33,122 a decrease of $3,316 or 9.1%, from $36,438 for the six months ended June 30, 2023.
Previous wording
The accompanying unaudited condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of March 31, 2024, we had an accumulated deficit of $29,357,730 and a stockholders’ deficit of $623,160.
Current wording
The accompanying unaudited condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of June 30, 2024, we had an accumulate deficit of $29,377,942. In addition, the Company’s current liabilities exceed its current assets by $643,372 as of June 30, 2024.
Previous wording
The Company’s management believes that its operations may not be sufficient to fund operating cash needs over at least the next 12 months. The Company has no significant assets and continues to depend on affiliates to provide funds to pay its ongoing expenses. There can be no assurance however that the Company will be able to raise additional capital when needed, or at terms deemed acceptable, if at all. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that theunaudited condensed financial statements are issued.
Current wording
The Company’s management believes that its operations may not be sufficient to fund operating cash needs over at least the next 12 months. The Company has no significant assets and continues to depend on affiliates to provide funds to pay its ongoing expenses. There can be no assurance however that the Company will be able to raise additional capital when needed, or at terms deemed acceptable, if at all. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the unaudited condensed financial statements are issued.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Results of Operations for the six months ended June 30, 2024 and 2023 compared.
Current report — wording carried from elsewhere
Cost of Sales/Gross Profit Percentage of Sales
Current report — wording carried from elsewhere
We had a net loss of $33,122 for the six months ended June 30, 2024 as compared to net loss of $36,438 for the six months ended June 30, 2023, a decrease of $3,316 or 9.1%.