Global Acquisitions Corp. Reports Increased Net Loss and Strategic Shift Towards Pickleball and Padel Industries

Global Acquisitions Corp. reported a net loss of $793,749 for the fiscal year ending December 31, 2024, a significant increase from the $69,875 loss recorded in the previous year. The company generated no revenue in both 2024 and 2023. The rise in losses is attributed primarily to a substantial increase in general and administrative expenses, which totaled $793,749 in 2024 compared to $69,875 in 2023. This increase was largely driven by stock-based compensation related to warrants issued to key personnel and legal fees.

The company’s financial position showed a marked improvement in working capital, which increased by $2,882,614 to $2,272,365 as of December 31, 2024. This change was primarily due to a significant increase in cash, which rose to $2,319,242 following a private placement that raised $2,500,000 in November 2024. Current liabilities decreased from $610,287 in 2023 to $46,915 in 2024, reflecting the settlement of obligations through the issuance of common stock.

Strategically, Global Acquisitions has shifted its focus towards the growing pickleball and padel industries, aiming to establish itself as a leader in the global sports entertainment and media sector. The company plans to develop unique content and build sports communities, with initiatives such as the "Pickleball for All" program aimed at promoting the sport in underserved communities. The company has also entered into various agreements, including a share purchase agreement to settle debts with All American Golf Center, Inc., and issued warrants to key individuals, including James Askew and Investments AKA, LLC, controlled by Andre Agassi.

Operationally, the company currently employs five individuals and has not reported any significant customer counts or user statistics, as it is in the early stages of its new business model. The competitive landscape for pickleball and padel is described as highly fragmented, with numerous competitors, including fitness clubs and community centers. The company acknowledges the challenges posed by established competitors with greater resources and market presence.

Looking ahead, Global Acquisitions Corp. has expressed the need for additional funding to support its operational plans and growth strategy. The company has indicated that it may seek to raise funds through the sale of equity or debt, which could lead to significant dilution for existing shareholders. The management has raised concerns about the company's ability to continue as a going concern, given its accumulated deficit of $30,138,568 as of December 31, 2024, and the ongoing need for capital to sustain operations.