Global Interactive Technologies Files 10-Q for Q2 2025

TL;DR

Global Interactive Tech (GIT) filed its Q2 10-Q. Based in Seoul.

AI Summary

Global Interactive Technologies, Inc. filed its 10-Q for the quarterly period ended June 30, 2025. The company, formerly known as Hanryu Holdings, Inc., is incorporated in Delaware and operates in computer programming and data processing services. Its principal business address is in Seoul, Republic of Korea.

Why It Matters

This filing provides investors with an update on the company's financial performance and operational status for the second quarter of 2025.

Risk Assessment

Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant new information presented in the header.

Key Numbers

• 001-41763 — Commission File Number (Identifies the company's filing with the SEC)
• 20250630 — Quarterly Period End Date (Specifies the end of the reporting period)

Key Players & Entities

• Global Interactive Technologies, Inc. (company) — Registrant
• June 30, 2025 (date) — Quarterly period end date
• Hanryu Holdings, Inc. (company) — Former company name
• 20220216 (date) — Date of name change
• 001-41763 (dollar_amount) — Commission File Number
• Seoul, Republic of Korea (company) — Business address location

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share GITS The Nasdaq Ca
• $0.02 — d adjusted the par value from $0.001 to $0.02 in the consolidated financial statement

Filing Documents

• ea0253370-10q_global.htm (10-Q) — 679KB
• ea025337001ex31-1_global.htm (EX-31.1) — 9KB
• ea025337001ex31-2_global.htm (EX-31.2) — 9KB
• ea025337001ex32-1_global.htm (EX-32.1) — 3KB
• ea025337001ex32-2_global.htm (EX-32.2) — 3KB
• 0001213900-25-077460.txt ( ) — 4963KB
• gits-20250630.xsd (EX-101.SCH) — 53KB
• gits-20250630_cal.xml (EX-101.CAL) — 42KB
• gits-20250630_def.xml (EX-101.DEF) — 244KB
• gits-20250630_lab.xml (EX-101.LAB) — 450KB
• gits-20250630_pre.xml (EX-101.PRE) — 263KB
• ea0253370-10q_global_htm.xml (XML) — 459KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION F-1 Item 1. Unaudited Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 F-1 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024 F-2 Condensed Consolidated Statements of Stockholders' Equity (Deficit) for the Three and Six Months Ended June 30, 2025 and 2024 F-3 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 F-4 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2025 and 2024 F-5 Notes to Unaudited Condensed Consolidated Financial Statements F-6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 1 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 9 Item 4.

Controls and Procedures

Controls and Procedures 9

– OTHER INFORMATION

PART II – OTHER INFORMATION 10 Item 1.

Legal Proceedings

Legal Proceedings 10 Item 1A

Risk Factors

Risk Factors 10 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 10 Item 3. Defaults Upon Senior Securities 10 Item 4. Mine Safety Disclosures 1 0 Item 5. Other Information 1 0 Item 6. Exhibits 11

Signatures

Signatures 12 i SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking of 1934, as amended, that are based on our management's beliefs and assumptions and on information currently available to management, and which statements involve substantial risk and uncertainties. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, market growth and trends, and objectives for future operations are forward-looking statements. Forward- looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward- looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. These risks and uncertainties include, among other things, the risk that we may not be able to successfully implement our growth strategy due to the following reasons; overall strength and stability of general economic conditions and of the social media platform and content creation industry in the United States and globally; our ability to continue as a going concern; the accuracy of our estimates regarding expenses, future revenue, capital requirements, and needs for additional financing; changes in consumer demand for, and acceptance of, our services, including our platform, as well as social media platforms in general; changes in the competitive environment, including adopti

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. GLOBAL INTERACTIVE TECHNOLOGIES, INC. AND ITS SUBSIDIARIES Condensed Consolidated Balance Sheets As of June 30, 2025 and December 31, 2024 (Unaudited) June 30, 2025 December 31, 2024 ASSETS CURRENT ASSETS: Cash and Cash Equivalents $ 10,883 $ 2,352 Short-term loans receivable, net 366 338 Accounts receivable, net of allowance 29 — Non-trade receivables 14,518 297 Total current assets 25,796 2,987 PROPERTY PLANT AND EQUIPMENT, NET 2,229 2,656 INTANGIBLE ASSETS, NET 4,818,357 4,940,000 OPERATING LEASE RIGHT-OF-USE ASSET 1,459,342 1,458,780 Total Assets $ 6,305,724 $ 6,404,423 LIABILITIES AND STOCKHOLDER'S DEFICIT CURRENT LIABILITIES: Short-term loans payable $ 108,601 $ 275,722 Short-term loans payable from related parties 617 94,321 Non-trade accounts payable 394,862 290,917 Accrued expenses and other current liabilities 11,602 7,379 Total current liabilities 515,682 668,339 Total Liabilities 515,682 668,339 Commitments and contingencies (Note 12) STOCKHOLDER'SDEFICIT: Common Stock, $ 0.02 par value Authorized 110,000,000 (common: 100,000,000 , preferred: 10,000,000 ) shares; Issued and outstanding 3,548,825 common shares as of June 30, 2025 and Issued and outstanding 2,640,429 common shares as of December 31, 2024 70,977 52,809 Additional paid-in capital 45,071,398 44,251,046 Accumulated deficit ( 39,146,031 ) ( 37,901,301 ) Accumulated other comprehensive loss ( 206,302 ) ( 666,470 ) Total Stockholders' Equity 5,790,042 5,736,084 Total Liabilities and Stockholders' Equity $ 6,305,724 $ 6,404,423 On January 27, 2025, the Company executed a 1-for-20 reverse stock split, reducing the total issued shares from 52,808,589 to 2,640,402, and adjusted the par value from $0.001 to $0.02 in the consolidated financial statements. However, the charter amendment to formalize the par value change is scheduled to be approved at the shareholders

Business

Business Global Interactive Technologies, Inc. is a corporation incorporated in the State of Delaware (together with its subsidiaries, collectively, "GITS", the "Company", "we", "us", or "our"), and in 2024, we acquired 100 % ownership of our subsidiary, Faning Korea, LLC. We aim to become a leading company in the global Korean entertainment market, also known as "Hanryu" or "K-Culture," through our fan-participation-based social media platform, FANING. The FANING platform is an all-in-one global playground where fans around the world can consume, create, and get rewarded for content related to their interests, and connect with other like-minded fans. Corporate History Since the inception of Global Interactive Technologies, Inc in 2018, we have accomplished a number of key objectives, as follows: Date Event/Milestone October 18, 2018 HBC is incorporated under the laws of the ROK with the idea of creating an all-in-one product to capture the growing global momentum and popularity of K-Culture. October 29, 2020 HBC establishes FNS Co., Ltd("FNS"). and begins the initial stages of designing and implementing a platform that can create a fandom networking system. March 11, 2021 HBC establishes Hanryu Times Co., Ltd("Hanryu Times"). Hanryu Times begins operations as HBC's media outlet, reporting on and providing up-to-date K-Culture news within the FANTOO platform, across a number of languages, including English, Japanese, Chinese (simplified/traditional), Indonesian, Spanish, Russian, and Portuguese. March 31, 2021 HBC consummates an agreement and plan of merger (the " Merger Agreement ") with RnDeep, Co. Ltd, a Korean corporation (" RnDeep "), pursuant to which RnDeep merged with and into HBC, with HBC continuing as the surviving corporation (the " RnDeep Acquisition "). As consideration for the RnDeep Acquisition, HBC ratably issued a total 4,150,000 HBC common shares, par value $ 0.45 per share (" Common Shares "), to the former shareholders of RnDeep.

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View this 10-Q filing on SEC EDGAR