theglobe.com Reports Net Loss of $205,000 for Fiscal Year Ending December 31, 2024

theglobe.com, Inc. reported its financial results for the fiscal year ending December 31, 2024, revealing a continued lack of operational revenue and a net loss of approximately $205,000, compared to a net loss of about $192,000 in the previous year. The company has not generated any revenue since it transitioned to a shell company following the sale of its last operating business in 2008. General and administrative expenses increased to approximately $127,000 in 2024 from $117,000 in 2023, primarily due to higher legal and accounting fees. The company’s financial statements indicate a net working capital deficit of approximately $1.48 million as of December 31, 2024.

The company remains heavily reliant on its majority stockholder, Delfin Midstream LLC, for financial support. As of the end of 2024, the company had borrowed a total of $1.11 million under a promissory note with Delfin, which has been amended multiple times since its inception in 2018. The interest expense related to this note was approximately $85,000 for 2024, up from $75,000 in 2023. The company’s cash position improved slightly, with cash on hand increasing to $23,750 from $9,105 year-over-year, but it remains insufficient to cover ongoing operational costs without additional funding.

As a shell company, theglobe.com has no employees and minimal operational activities, with its expenses primarily related to maintaining public company status. The company has indicated that it intends to continue operating as a public entity while exploring options for future business opportunities. However, management has expressed significant doubt about its ability to continue as a going concern without raising additional capital or receiving further financial support from Delfin. The company’s financial statements do not include adjustments that might be necessary should it be unable to continue operations.

The stock of theglobe.com is traded on the over-the-counter market under the symbol "TGLO," and as of January 13, 2025, there were approximately 415 holders of record. The company has not paid dividends since its inception and does not plan to do so in the foreseeable future. The shares are subject to penny stock regulations, which may limit their attractiveness to potential investors. The company’s management has acknowledged the challenges posed by its current financial condition and the need for additional financing to meet its obligations and sustain operations in the coming year.