Global Technologies, Ltd. Announces Its Financial Results for the Year Ended June 30, 2024

Rhea-AI Summary

Global Technologies, (OTC: GTLL) announced its financial results for the year ended June 30, 2024, showing significant improvements across key metrics. The company reported a shareholder equity increase of $6,060,478, reaching $1,532,471. Revenue surged by 6,122% to $1,057,685, while gross profit rose by 2,730% to $481,055. Notably, the company achieved a net income of $812,081, a substantial improvement from the previous year's loss of $1,034,040.

The revenue growth was attributed to the company's subsidiary, 10 Fold Services. CEO Fredrick Cutcher expressed satisfaction with the financial results, citing the successful transition to EV and health and wellness sectors. Global Technologies remains focused on expanding its market presence in these areas and anticipates continued operational improvements and revenue growth.

Positive

• Shareholder equity increased by $6,060,478 to $1,532,471
• Revenue grew by 6,122% to $1,057,685
• Gross profit increased by 2,730% to $481,055
• Net income improved from a loss of $1,034,040 to a profit of $812,081
• Successful transition to EV and health and wellness sectors

Negative

• None.

Parsippany, NJ, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Global Technologies, Ltd. (OTC: GTLL), a Delaware corporation, today announced its financial results for the year ended June 30, 2024.

Financial Highlights:

-Shareholder Equity increase of $6,060,478 at June 30, 2024 versus June 30, 2023;
-Revenue increase of $1,040,685 for the year ended June 30, 2024 versus June 30, 2023, or 6,122%;
-Gross Profit increase of $464,055 for the year ended June 30, 2024 versus June 30, 2023, or 2,730%;
-Net income increase of $1,846,121 for the year ended June 30, 2024 versus June 30, 2023, or 179%.

Financial Commentary:

- Shareholder Equity: At June 30, 2024, shareholder equity increased to $1,532,471, an increase of $6,060,478 from June 30, 2023. The increase in shareholder equity is largely attributable to the Company’s increase in revenue, the Company’s share exchange of its formerly issued Series L Preferred Stock for the newly designated Series N Preferred Stock and its other income for the year ended June 30, 2024;

- Revenue Generation: For the year ended June 30, 2024, Global Technologies reported revenues of $1,057,685, an increase of $1,040,685 as compared to the year ended June 30, 2023. The Company’s increase in revenue was wholly attributable to its subsidiary, 10 Fold Services;

- Gross Profit: The Company achieved a gross profit of $481,055 for the year ended June 30, 2024 an increase of $464,055 as compared to the year ended June 30, 2023;

- Net Income: The Company achieved net income of $812,081 for the year ended June 30, 2024, compared to a net loss of $1,034,040 for the year ended June 30, 2023, largely attributable to the Company’s increase in revenue, sale of its commercial property in Sylvester, GA and a gain on derivative liability.

Management Commentary:

"Patience and persistence have proven to pay off, which clearly shows within our financial results provided in the Company’s Annual Report," said Fredrick Cutcher, CEO of Global Technologies Ltd. "The transition to EV and health and wellness within our two subsidiaries was the right move and to say that we are pleased with our revenue growth over the last 12 months would be an understatement."

Future Outlook:

Global Technologies remains committed to expanding its market presence in the health and wellness and EV sectors. The Company anticipates continued operational improvements and an increase in its revenue as it further develops its subsidiaries' capabilities and explores new strategic opportunities.

The Company’s Annual Report for the year ended June 30, 2024 can be found on the Securities and Exchange Commission’s website at www.sec.gov and on the Company’s website at www.globaltechnologiesltd.info.

About Global Technologies, Ltd.:

Global Technologies, Ltd. is a multi-operational company that is driving innovation and sustainable growth across the technology and service sectors. With a strategic focus on the health and wellness and electric vehicle industries through its subsidiaries, the company leverages cutting-edge technology and innovative business models to revolutionize these sectors. Global Technologies is dedicated to enhancing connectivity, efficiency, and environmental stewardship, thereby delivering substantial value to its customers, partners, and shareholders. Its mission is rooted in empowering businesses and communities with scalable solutions that not only meet current demands but also anticipate future needs, ensuring a sustainable and thriving future for all stakeholders.

Forward Looking Statements:

Statements made in this press release that express the Company or management's intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. The words "believe," "expect," "intend," "estimate," "anticipate," "will" and similar expressions are intended to further identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the Company's actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. The Company cannot guarantee future financial results; levels of activity, performance or achievements and investors should not place undue reliance on the Company's forward-looking statements. No information contained in this press release should be construed as any indication whatsoever of the Company's future financial performance, future revenues or its future stock price. The forward-looking statements contained herein represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to update or revise such forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. No information in this press release should be construed as any indication whatsoever of the Company's future revenues or results of operations.

Contact:
Global Technologies, Ltd.
(973) 233-5151
info@globaltechnologiesltd.info

FAQ

What was Global Technologies 's (GTLL) revenue for the year ended June 30, 2024?

Global Technologies (GTLL) reported revenues of $1,057,685 for the year ended June 30, 2024, representing an increase of $1,040,685 or 6,122% compared to the previous year.

How much did Global Technologies 's (GTLL) shareholder equity increase in the fiscal year 2024?

Global Technologies 's (GTLL) shareholder equity increased by $6,060,478, reaching $1,532,471 as of June 30, 2024, compared to the previous year.

What was Global Technologies 's (GTLL) net income for the fiscal year ended June 30, 2024?

Global Technologies (GTLL) achieved a net income of $812,081 for the year ended June 30, 2024, compared to a net loss of $1,034,040 in the previous year.

Which subsidiary contributed to Global Technologies 's (GTLL) revenue increase in fiscal year 2024?

The increase in revenue for Global Technologies (GTLL) was wholly attributable to its subsidiary, 10 Fold Services.