UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-41763 Global Interactive Technologies, Inc (Exact name of Registrant as specified in its charter) | Delaware ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 (Primary Standard Industrial Classification Code Number) Delaware 7370 88-1368281 (I.R.S. Employer Identification Number) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 For the transition period from ____________ to____________ Commission file ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 88-1368281 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 160, Yeouiseo-ro, Yeongdeungpo-gu, Seoul, Republic of Korea 07231 (Address of principal executive offices) (Zip Code) Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.001 par value per share HRYU The Nasdaq Stock Market LLC FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSU ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.001 par value per share HRYU The Nasdaq Stock Market LLC FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ ...

User Growth and Market Potential - FANTOO platform has exceeded 27 million users since its launch in May 2021, primarily driven by the popularity of K-Culture[112] - The global purchasing power of K-Culture was estimated at $124.3 billion in 2020, indicating significant market potential[116] - The company expects to continue growing its user base while maintaining a high percentage of Monthly Active Users (MAUs) due to the ongoing popularity of K-Culture[116] Financial Performance - Revenue for Q1 2024 was $185, a decrease of $38 or 17% compared to $223 in Q1 2023[126] - For the three months ended March 31, 2024, the company reported a net loss of $1,047,071, compared to a net loss of $2,823,259 for the same period in 2023, reflecting a 62.9% improvement in losses year-over-year[135] - Cash used in operating activities for the three months ended March 31, 2024, was $402,054, significantly lower than $3,958,869 used in the same period of 2023, indicating improved cash flow management[139] Cost Management - Marketing and advertising expenses for Q1 2024 were $3,500, down 99% from $289,973 in Q1 2023, due to restructuring efforts[131] - General and administrative expenses decreased by $1,350,789 or 55% in Q1 2024 compared to Q1 2023, attributed to reduced consulting and labor costs[133] - Research and development expenses were $0 in Q1 2024, down from $71,732 in Q1 2023, reflecting strategic management decisions[132] Income and Cash Flow - Other income for Q1 2024 was $50,930, an increase of $67,732 or 403% compared to a loss of $16,802 in Q1 2023, mainly due to interest income[134] - The company generated net cash provided by financing activities of $432,835 for the three months ended March 31, 2024, compared to $3,630,331 for the same period in 2023, showing a decrease of 88.1%[142] - The company experienced a significant decrease in cash used in investing activities, with a net cash provided of $5,288,926 for the three months ended March 31, 2024, compared to cash used of $653,290 in the same period of 2023, representing a 909.58% change[141] Future Plans and Capital Needs - The company anticipates generating steady revenue from FANTOO operations and other subsidiaries by 2024[116] - The company aims to diversify revenue streams through direct sales, user-to-user commissions, and marketing services[115] - The company plans to raise additional capital to fund future operations, although there are no current agreements regarding the timing or amount of such financing[137] Foreign Currency Risk - The company is exposed to foreign currency risk, particularly with fluctuations in the Korean Won (KRW) against the USD, which could impact its financial results[149] - A hypothetical 10% adverse change in average exchange rates would have resulted in a decline in total net revenues of $72,197 and a change in net loss of $744,726 for the year ended December 31, 2023[151] - The company generates the majority of its revenue from customers within Korea, which may lead to volatility in financial performance due to reliance on non-KRW priced products and services[149] Accounting and Reporting - Recent accounting standards updates, such as ASU 2023-09 and ASU 2023-07, will improve transparency in income tax disclosures and segment reporting, effective in 2025 and 2024 respectively[155][156] - The company is expected to report as an "emerging growth company," allowing it to take advantage of certain reporting exemptions for up to five years[161] - The company is currently evaluating the impacts of new accounting standards on its financial statements and disclosures[155] Legal and Credit Risks - The company assesses contingencies related to potential legal proceedings, which may result in material losses if deemed probable[160] - The company has significant credit risk exposure related to cash and cash equivalents placed with financial institutions, which are evaluated based on credit quality[153]

In addition, we are subject to a variety of additional risks as a result of payments transactions, including: increased costs and diversion of management time and effort and other resources to deal with bad transactions or customer disputes; potential fraudulent or otherwise illegal activity by users, developers, employees, or third parties; restrictions on the investment of consumer funds used to transact payments; and additional disclosure and reporting requirements. We have also launched/have announced p ...

About Hanryu Holdings, Inc. Hanryu Holdings, Inc., is the creator of the engaging and innovative social media platform, "FANTOO". FANTOO connects users around the world that share similar interests by providing distinctive service offerings, technologies, applications, and websites. Through FANTOO, we provide a global multi-media platform for our users to interact with other like-minded users, to share their appreciation of various types of entertainment and cultures, create their own content, enjoy other u ...

User Growth and Market Opportunity - FANTOO platform has exceeded 27 million users since its launch in May 2021, primarily driven by the popularity of K-Culture[227]. - The global purchasing power of K-Culture was estimated at $124.3 billion in 2020, indicating a substantial market opportunity for FANTOO[234]. Financial Performance - Revenue for the nine months ended September 30, 2023, was $1,347,975, representing a 49% increase from $904,040 in the same period of 2022[247]. - Net loss for the nine months ended September 30, 2023, was $9,163,826, an increase of 82% from a net loss of $5,038,818 in 2022[247]. - The gross profit margin decreased to 38% for the nine months ended September 30, 2023, down from 49% in 2022[248]. - Other income decreased by $66,231 or 27% to $176,906 for the nine months ended September 30, 2023, primarily due to a prior gain on extinguishment of debt recognized in 2022[255]. Expenses and Cost Management - Cost of revenue increased by 80% to $832,915 for the nine months ended September 30, 2023, compared to $463,586 in 2022[249]. - Marketing and advertising expenses surged by 533% to $1,914,786 for the nine months ended September 30, 2023, up from $302,688 in 2022[247]. - General and administrative expenses increased by $2,479,654 or 48% to $7,646,654 for the nine months ended September 30, 2023, mainly due to higher commissions and consulting costs[253]. - Research and development expenses rose to $277,624 for the nine months ended September 30, 2023, compared to $231,697 in 2022, driven by increased personnel costs related to the upgraded FANTOO app[252]. Cash Flow and Financing - Net cash used in operating activities was $11,444,953 for the nine months ended September 30, 2023, compared to $3,421,125 in 2022, reflecting a net loss of $9,163,826[265]. - Net cash provided by financing activities was $23,566,502 for the nine months ended September 30, 2023, significantly up from $1,715,561 in 2022, driven by increased proceeds from issuing common stock and exercising warrants[267]. - The company completed its IPO in July 2023, raising gross proceeds of $8,174,860 from the sale of 877,328 shares at $10.00 per share, with net proceeds of approximately $6.8 million after expenses[260]. Debt and Obligations - As of September 30, 2023, the company had outstanding convertible debt of approximately $3,346,222, a decrease from $3,550,856 at the end of 2022[268]. - The company has fixed contractual obligations totaling $165,345, with $32,682 due within one year and $132,663 due in 1-3 years[271]. Currency Risk and Financial Reporting - The company is exposed to foreign currency risk, particularly with the Korean Won (KRW), which affects its financial position due to fluctuations in exchange rates[276][278]. - A hypothetical 10% adverse change in average exchange rates would have resulted in a decline in total net revenues of $122,543 and a change in net loss of $833,075 for the nine months ended September 30, 2023[278]. - The company expects to become a public reporting company under the Exchange Act and will report as an "emerging growth company" for up to five years, unless the market value of its common stock held by non-affiliates exceeds $700 million[290][292]. - The company will benefit from relaxed ongoing public reporting requirements, which are less rigorous than those for non-emerging growth companies, potentially resulting in less information for stockholders[291]. Future Plans and Revenue Streams - The company anticipates generating revenue from user-to-user transactions, which is expected to become a significant revenue stream in the long term[232]. - FANTOO plans to roll out a premium ERP service option for clients, which will be available for a subscription fee[239]. - The entertainment agency business, FANTOO Entertainment, is expected to start generating revenue by 2024 through advertisement agreements and performance-based contracts[240]. Accounting and Estimates - The preparation of financial statements requires management to make estimates and assumptions that could differ from actual results, impacting reported amounts of assets and liabilities[282]. - The company plans to evaluate the impact of recent accounting pronouncements, including ASU 2016-13 and ASU 2020-06, on its consolidated financial statements in future periods[284][286].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: Hanryu Holdings, Inc | (Exact name of Registrant as specified in its charter) | | --- | | Delaware | 7370 | 88-13 ...