Global Gas(HGAS) - 2024 Q4 - Annual Report

Revenue Generation and Financial Performance - Global Hydrogen has not yet generated any revenue and does not anticipate generating revenue from the sale of systems and equipment to customers in 2025[189]. - As of December 31, 2024, the Company has not generated any revenue and incurred total expenses of $409,027, a decrease of 35$551,983 for the period from February 16, 2023, to December 31, 2023[202][203]. - The Company reported a net loss of $300,176 for the year ended December 31, 2024, which is a 56$130,700 for the previous period[203]. - The Company had $114,146 in cash and cash equivalents and a working capital deficit of$418,940 as of December 31, 2024[208]. - Net cash used in operating activities for the year ended December 31, 2024 was $1,344,037, significantly higher than$159,196 for the previous period[212][213]. - The Company provided $274,855 in net cash from financing activities during the year ended December 31, 2024, compared to$1,342,524 in the previous period[215][216]. - The change in fair value of warrant liabilities was $107,800 for the year ended December 31, 2024, a decrease of 275$404,250 in the previous period[207]. - 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[211]. Business Operations and Strategy - 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[194]. - The Business Combination was structured as a reverse recapitalization, treating Global Hydrogen as the accounting acquirer for financial statement reporting purposes[198]. - Global Hydrogen is focused on developing a project pipeline for hydrogen and carbon recovery, targeting both renewable and non-renewable feedstocks[185]. - The company aims to serve the hydrogen-as-energy-carrier market, particularly targeting heavy-duty transportation operators[187]. - Global Hydrogen plans to utilize government incentives, such as hydrogen tax production credits and investment tax credits, to support its project development[188]. - The company has established relationships with independent equipment suppliers but has not yet finalized contracts with paying customers or suppliers[185]. - 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[185]. - Global Hydrogen's growth strategy includes placing modular generation and recovery solutions closer to end customers to reduce costs and enhance competitiveness[188]. Compliance and Regulatory Considerations - Hydrogen production may involve compliance with government regulations regarding CO2 emissions, with carbon recovery systems deployed to reduce emissions below jurisdictional limits[236]. - Construction of hydrogen production facilities will require compliance with local zoning and permitting requirements, varying by jurisdiction[237]. - The company plans to own and operate hydrogen generation plants and sell the resulting industrial gas, requiring relevant licensing on a project-by-project basis[235]. Other Considerations - A total of 1,600,000 shares of Class B common stock were forfeited by certain holders as part of Forfeiture Agreements, leaving them with 2,700,000 shares[200]. - General and administrative expenses increased by $143,350, primarily due to stock-based compensation, franchise tax, legal, and professional fees[204]. - The Company has not generated significant user data or insights as it has not commenced revenue-generating operations[202]. - Global Hydrogen does not hold material intellectual property beyond certain logos and domain names[234].