Global Warming Solutions, Inc. Reports Improved Financials, Seeks Additional Funding Amidst Patent Development and Partnerships

Global Warming Solutions, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing significant changes compared to the same periods in 2023. The company, headquartered in Temecula, California, continues to operate without any registered securities and has 16,393,903 shares of common stock outstanding as of the reporting date.

For the three months ended September 30, 2024, the company recorded total operating expenses of $32,548, a substantial decrease from $119,172 in the same period of 2023. This reduction was primarily due to lower selling, general, and administrative expenses, which fell from $86,587 to $15,902, and a decrease in professional fees from $28,590 to $10,772. Despite the decrease in expenses, the company reported a net loss of $47,132 for the quarter, an improvement from the net loss of $125,465 in the prior year.

For the nine months ended September 30, 2024, total operating expenses were $176,127, down from $493,244 in the same period of 2023. The net loss for this period was $494,718, slightly better than the net loss of $501,259 reported for the nine months ended September 30, 2023. The decrease in operating expenses was attributed to lower selling, general, and administrative costs and reduced professional fees.

The company reported no revenue for both the three and nine months ended September 30, 2024, consistent with the previous year. Cash used in operating activities decreased to $301,384 from $367,507 in the same period of 2023, reflecting improved cash management. Financing activities generated $266,523 in cash, primarily from stock issuance and short-term debt, compared to $476,968 in the prior year.

As of September 30, 2024, the company had total assets of $53,354 and a working capital deficit of $513,681. The accumulated deficit increased to $(6,118,904) from $(5,609,180) in the previous year. The company continues to face substantial doubt regarding its ability to continue as a going concern, prompting management to seek additional funding through debt and equity financing.

Strategically, Global Warming Solutions, Inc. is focused on developing a patented device for on-demand hydrogen and oxygen generation, targeting markets such as the Department of Defense and Department of Energy. Recent developments include the acquisition of AQST-USA, LLC, and partnerships aimed at integrating hydrogen technology into existing infrastructures. The company is actively pursuing growth through product acceptance and potential licensing agreements.