Financial reports / Global Interactive Technologies, Inc. | Tables in SEC filings

GITS Global Interactive Technologies, Inc.

Quarterly report

	September 30, 2024		September 30, 2023

CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss from continuing operations	$	(2,100,679)	$	(8,373,279)
Depreciation		167,564		237,579
Loss on disposal of tangible assets		24,134		—
Bad-debt expense of other assets		189,992		—
Amortization of right-of-use asset		182,896		190,285
Accounts receivable		217		(23,414)
Non-trade receivable		121,668		635,098
Prepaid expenses and other current assets		(232,982)		(3,285,675)
Other assets		126,940		(22,987)
Non-trade payable		834,458		(118,928)
Accrued expenses and other current liabilities		25,160		(42,430)
Net cash used in operating activities of continuing operations		(660,632)		(10,803,751)

CASH FLOWS FROM INVESTING ACTIVITIES:
Receipt from collection of short-term loan receivable		138,969		5,141,575
Proceeds from the sale of property, plant, and equipment		86,000		—
Sales of investments		—		—
Payment for short-term loan receivable		(5,332,446)		(5,692,779)
Purchase of property plant and equipment		—		(711,392)
Net cash (used in) provided by investing activities of continuing operations		(5,107,477)		(1,262,596)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term loan payable		614,292		909,958
Proceeds from short-term loan payable from related parties		400		615,844
Proceeds from exercising warrants		—		6,054,390
Net proceeds from issuance of common stock		—		18,645,572
Repayment of short-term loan payable		(14,784)		(304,435)
Repayment of short-term loan payable from related parties		(400)		(2,315,781)
Net cash provided by financing activities of continuing operations		599,508		23,605,548
Net change in cash – continued operations		(5,168,601)		11,539,210

Cash from discontinued operations:
Net cash used in operating activities of discontinued operations		—		(641,202)
Net cash used in investing activities of discontinued operations		—		(18,507)
Net cash used in financing activities of discontinued operations		—		680,942
Net change in cash – discontinued operations		—		21,233
Cash beginning of the year- continued operations		5,427,830		118,263
Cash beginning of the year - discontinued operations		—		694
Beginning cash		5,427,830		118,957

Cash end of the year – continued operations		6,975		11,701,361
Cash end of the year - discontinued operations		—		10,945
Ending cash		6,975		11,712,306

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(5,168,601)		11,560,443
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		(252,254)		32,906
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD		5,427,830		118,957
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD	$	6,975	$	11,712,306
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash receipt (paid) for interest – all operations		6,245		61
Less Cash receipt for interest - discontinued operations		—		2,616
Cash receipt (paid) for interest – continued operations	$	6,245	$	(2,555)
Cash receipt (paid) during the period for interest	$	6,245	$	(2,555)

Supplemental disclosure of non-cash investing and financing activities:
Offsetting short-term loan payables by exercising warrants to purchase 309,430 common stock		—		(392,976)
Total	$	—	$	(392,976)

	September 30, 2024		December 31, 2023
Short-term loan payables from Changhyuk Kang maturing in March and June 2025		15,438		—
Total short-term loan payables from related parties	$	15,438	$	—

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Investments	$	—	$	—	$	—	$	—
Liabilities
Bonds with warrants	$	—	$	—	$	3,489,995	$	3,489,995

	Interest Rate			September 30, 2024		December 31, 2023
Short-term loan payables from Hyun Joo Kim and others maturing in January 2025		0	%		450,894		—
Short-term loan payables from Junwoo Choi maturing in August 2025		0	%		189,451		193,889
Short-term loan payables from Kye Sook Kim and others maturing in September 2025		4.6	%		589,776		620,443
Short-term loan payables from Byoung Ik Choi maturing in September 2025		0	%		151,561		155,111
Short-term loan payables from Bong Sang Kim and others maturing in September 2025		0	%		227,342		232,666
Short-term loan payables from Se Kyoung Kim and others maturing in November 2024		4.6	%		378,903		387,778
Short-term loan payables from Seon Chan Kim and others maturing in May 2025		0	%		6,245		—
Short-term loan payables from Fantoo Global maturing in September 2025		4.6	%		220,509		—
Total short-term loan payables				$	2,214,681	$	1,589,887

	September 30, 2024		December 31, 2023
Loan payables maturing in March 31, 2025	$	15,000	$	—
Loan payables maturing in June 3, 2025		438		—
Total		15,438		—

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