Business Overview - Global Hydrogen has not yet generated any revenue and does not anticipate generating revenue from the sale of systems and equipment to customers in 2024[117]. - The Business Combination was consummated on December 21, 2023, resulting in the company changing its name to Global Gas Corporation and its Class A Common Stock beginning to trade on Nasdaq under the symbols "HGAS" and "HGASW"[123]. - The Business Combination was structured as a reverse recapitalization, treating Global Hydrogen as the accounting acquirer for financial statement reporting purposes[128]. - Global Hydrogen is focused on developing a project pipeline for hydrogen and carbon recovery, targeting both renewable and non-renewable feedstocks[113]. - The company aims to serve the hydrogen-as-energy-carrier market, particularly targeting heavy-duty transportation operators looking to decarbonize their fleets[115]. Financial Performance - As of September 30, 2024, the Company has not generated any revenue and incurred total expenses of 132,864 for the same period in 2023[132]. - For the nine months ended September 30, 2024, total expenses were 385,790 for the period from February 16, 2023, to September 30, 2023[134]. - The Company reported a net loss of 132,828 for the same period in 2023[132]. - Interest income for the three months ended September 30, 2024, was 36 for the same period in 2023[138]. - The change in fair value of warrant liabilities was recognized as an expense of 192,444 in cash and cash equivalents, a working capital deficit of 197,439[140]. - Net cash used in operating activities for the nine months ended September 30, 2024, was 96,715 for the period from February 16, 2023, to September 30, 2023[144]. - The Company provided 97,242 for the prior period[147]. - Management has raised substantial doubt about the Company's ability to continue as a going concern for the next twelve months due to liquidity concerns[143]. Strategic Initiatives - Global Hydrogen plans to utilize government incentives, such as hydrogen tax production credits and investment tax credits, to support its project development[116]. - The company has established relationships with independent equipment suppliers but has not yet finalized contracts with paying customers or suppliers[113]. - Global Hydrogen's growth strategy includes placing modular generation and recovery solutions closer to end customers to reduce costs and improve pricing competitiveness[116]. - The company is targeting both privately- and publicly-funded hydrogen development projects, including those supported by various government levels in North America and Western Europe[113]. - The anticipated capitalization and enterprise value of the combined company following the Business Combination is a key focus for future growth[109]. Compliance and Governance - The Company utilizes the acquisition method for business combinations, measuring goodwill based on the fair value of consideration transferred, including non-controlling interests[157]. - Contingent consideration is recorded at fair value at the acquisition date, with changes recognized in the consolidated statements of operations[158]. - Provisional amounts are reported if the initial accounting for a business combination is not finalized by the end of the reporting period, with adjustments allowed within one year from the acquisition date[159]. - The Company follows the asset and liability method for income taxes, recognizing deferred tax assets and liabilities based on future tax consequences[160]. - The Company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of certain accounting standards[162]. - Global Hydrogen does not hold material intellectual property beyond certain logos and domain names[165]. - The Company plans to own and operate hydrogen generation plants, requiring relevant licensing for production and sale of gases[166]. - Compliance with government regulations is necessary for the construction and distribution of hydrogen and other gases[168]. - The Company does not consider any pending legal claims to be material to its business or likely to adversely affect future operating results[173]. - Disclosure controls and procedures were evaluated as effective at the reasonable assurance level as of September 30, 2024[171].
Global Gas(HGAS) - 2024 Q3 - Quarterly Report