Global Gas Corporation, a developer of hydrogen and carbon recovery projects, reported significant financial changes in its latest 10-Q filing for the period ending September 30, 2024. The company experienced a notable decline in cash and cash equivalents, which fell to $192,444 from $1,183,328 as of December 31, 2023. Total current assets also decreased to $441,627 from $1,183,911 during the same period. Conversely, total liabilities decreased to $798,560 from $1,918,581, resulting in a reduction of stockholders’ deficit to $(356,933) from $(734,670).

Revenue for the nine months ended September 30, 2024, was reported at $207,436, a significant increase from $0 in the previous fiscal period. This revenue was attributed to advanced payments received for products sourced, marking a positive shift in the company's financial performance. However, the company reported a net loss of $(123,954) for the three months ended September 30, 2024, an improvement from a loss of $(132,828) in the same period of 2023. For the nine months, the net income was $102,737, a substantial recovery from a loss of $(385,705) in the prior period.

General and administrative expenses decreased to $121,207 for the three months ended September 30, 2024, down from $132,864 in 2023. For the nine-month period, these expenses totaled $269,461, a reduction from $385,216 in the previous year, primarily due to lower franchise tax and payroll expenses.

Strategically, Global Gas Corporation completed a business combination with Dune Acquisition Corporation on December 21, 2023, which was treated as a reverse recapitalization. This transaction allowed the company to enhance its operational capabilities and market presence. However, the company faced challenges, including a notice of potential delisting from Nasdaq due to failure to meet listing standards, leading to its common stock trading on the OTC market as of June 21, 2024.

The company is actively assessing its future capital requirements, which will depend on revenue growth and expenditures in sales, marketing, and research and development. Management has expressed concerns regarding liquidity and the ability to continue as a going concern over the next twelve months, indicating a need for additional financing through equity issuances.