Global Gas(HGAS) - 2025 Q3 - Quarterly Report

Financial Performance - As of September 30, 2025, the Company generated $33,012 in revenue for the nine months, compared to $0 for the same period in 2024[115] - General and administrative expenses increased by 17% to $142,286 for the three months ended September 30, 2025, compared to $121,207 for the same period in 2024[113] - The net loss for the three months ended September 30, 2025, was $161,170, representing a 30% increase from the net loss of $123,954 in the same period of 2024[113] - The Company had $48,307 in cash and cash equivalents and a working capital deficit of $307,470 as of September 30, 2025[121] - Net cash used in operating activities for the nine months ended September 30, 2025, was $63,632, a significant improvement compared to $1,265,884 for the same period in 2024[125][126] - The change in fair value of derivative warrant liabilities for the nine months ended September 30, 2025, was a loss of $8,090, compared to a gain of $357,080 in the same period of 2024[120] - The Company incurred $11,220 in interest expense for the nine months ended September 30, 2025, compared to $0 for the same period in 2024[119] Business Strategy - The Company is targeting both privately- and publicly-funded hydrogen development projects, supported by government incentives in North America and Western Europe[108] - The growth strategy includes placing modular generation and recovery solutions closer to end customers to reduce costs and improve pricing competitiveness[108] - 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[142] Regulatory and Compliance - Compliance with government regulations is necessary for the construction of hydrogen production facilities, including local zoning and permitting requirements[144] - The company is classified as an "emerging growth company" and has elected to take advantage of an extended transition period for complying with new or revised accounting standards[139] Challenges and Intellectual Property - The Company has not yet successfully closed on any project, indicating ongoing challenges in contract negotiations[109] - The company does not currently hold material intellectual property beyond certain logos and domain names[141] Environmental Initiatives - The company intends to deploy carbon recovery systems to significantly reduce or eliminate CO2 emissions during hydrogen production[143]