Global Technologies, Ltd. (GTLL) reported significant financial developments for the three months ended September 30, 2024, compared to the same period in 2023. The company generated revenue of $669,431, a notable increase from $0 in the prior year, primarily driven by its subsidiary, 10 Fold Services, LLC, which focuses on strategic consulting and procurement in the health and wellness sectors.

Gross profit for the quarter was $477,542, with total operating expenses decreasing to $210,898 from $325,289 in the previous year, reflecting a reduction of 35.17%. This led to an operating income of $266,644, a substantial turnaround from an operating loss of $325,289 in the same quarter of 2023. However, net income fell to $256,549, down 79.05% from $1,224,822 in the prior year, primarily due to the absence of a gain on derivative liability in 2024.

Cash and cash equivalents increased significantly to $292,861 as of September 30, 2024, compared to $13,190 a year earlier. The company reported net cash provided by operating activities of $217,114, a positive shift from a cash outflow of $102,726 in the same period of 2023.

GTLL's total current assets rose to $674,471 from $525,439, while total assets increased to $8,505,716 from $8,362,682. Current liabilities decreased to $6,716,696 from $6,830,211, resulting in total stockholders’ equity growing to $1,789,020 from $1,532,471.

Strategically, GTLL has made several acquisitions, including 100% ownership of Foxx Trott Tango, LLC, and GOe3, LLC, which focuses on building electric vehicle charging stations. The acquisition of GOe3 was completed on March 15, 2024, for a total consideration of $1,921,409, with additional potential stock issuance based on performance milestones.

The company has also formed a new subsidiary, Primecare Supply, LLC, in Wyoming, and is actively pursuing growth opportunities in the health and wellness industries. Despite these advancements, GTLL expressed substantial doubt about its ability to continue as a going concern due to a history of net losses and reliance on future funding sources.

Overall, while GTLL has shown improvements in revenue and operational efficiency, the decline in net income and ongoing financial challenges highlight the need for continued strategic focus and effective management of resources.