GIPL 10-Q
Global Innovative Platforms Inc. (GIPL)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
| QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
| TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT |
For the transition period from __________ to ___________
Commission file number:
(Exact name of registrant as specified in its charter)
| (STATE OR OTHER JURISDICTION | (I.R.S. EMPLOYER |
| OF INCORPORATION OR ORGANIZATION) | IDENTIFICATION NUMBER) |
| (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) | (ZIP CODE) |
(Registrant’s Telephone number)
(Former Address and phone of principal executive offices)
Securities registered pursuant to Section 12(b) of the Act: None
| Title of each Class | Trading Symbol | Name of each exchange on which registered |
| N/A | N/A | N/A |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days.
| Yes | ☐ | ☒ |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 for Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
| ☒ | No | ☐ |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| ☒ | Smaller reporting company | ||
| Emerging growth company | |||
If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
| Yes | ☐ | ☒ |
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As of August 17, 2025, there were shares of the registrant’s common stock issued and outstanding.
Table of Contents
1
PART I
ITEM 1. FINANCIAL STATEMENTS
GLOBAL INNOVATIVE PLATFORMS, INC.
CONDENSED BALANCE SHEETS
| JUNE 30, | SEPTEMBER 30, | |||||||
| 2025 | 2024 | |||||||
| (unaudited) | (Audited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ | $ | ||||||
| Deposits – Related Party | ||||||||
| Total Current Assets | ||||||||
| Total Assets | $ | $ | ||||||
| LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ | $ | ||||||
| Loan Payable – Related Party | ||||||||
| Total Current Liabilities | ||||||||
| Total Liabilities | ||||||||
| Commitments and Contingencies (Note 8) | ||||||||
| Shareholders’ Equity (Deficit) | ||||||||
| Preferred Stock, $ par value, shares authorized, issued or outstanding | ||||||||
| Common Stock, $ par value, shares authorized, and issued and outstanding, at June 30, 2025 and September 30, 2024, respectively | ||||||||
| Additional Paid in Capital | ||||||||
| Stock Subscriptions | ||||||||
| Retained (Deficit) Earnings | ( |
) | ( |
) | ||||
| Total Shareholders’ Equity (Deficit) | ( |
) | ||||||
| Total Liabilities and Shareholders’ Equity (Deficit) | $ | $ | ||||||
The accompanying notes are an integral part of these condensed financial statements
2
GLOBAL INNOVATIVE PLATFORMS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
| FOR THE THREE MONTHS ENDED JUNE 30, 2025 | FOR THE THREE MONTHS ENDED JUNE 30, 2024 | FOR THE NINE MONTHS ENDED JUNE 30, 2025 | FOR THE NINE MONTHS ENDED JUNE 30, 2024 | |||||||||||||
| REVENUE | $ | $ | $ | $ | ||||||||||||
| EXPENSES | ||||||||||||||||
| General and administrative expenses | ||||||||||||||||
| Total Expenses | ||||||||||||||||
| OPERATING LOSS | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| OTHER INCOME (EXPENSE) | ||||||||||||||||
| Total Other Income (Expense) | ||||||||||||||||
| INCOME (LOSS) BEFORE TAXES | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| TAXES | ||||||||||||||||
| NET INCOME (LOSS) | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
| Net Income (Loss) per Common Share: Basic and Diluted | $ | ) | $ | ) | $ | ) | $ | ) | ||||||||
| Weighted Average Common Shares Outstanding: Basic and Diluted | ||||||||||||||||
The accompanying notes are an integral part of these condensed financial statements
3
GLOBAL INNOVATIVE PLATFORMS, INC.
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS’ DEFICIT
(UNAUDITED)
| Common Shares | Additional | Retained | ||||||||||||||||||||||
| Stock | Paid-In | (Deficit) | ||||||||||||||||||||||
| Shares | Amount | Subscriptions | Capital | Earnings | Total | |||||||||||||||||||
| Balance at October 1, 2023 | $ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||
| Common Shares Issued for Stock Subscriptions | ( |
) | ||||||||||||||||||||||
| Common Stock issued for Conversion of Debentures | ||||||||||||||||||||||||
| Common Stock issued for Cash | ||||||||||||||||||||||||
| Net loss for the period | — | ( |
) | ( |
) | |||||||||||||||||||
| Balance at June 30, 2024 | $ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||
| Balance at October 1, 2024 | $ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||
| Common Shares Issued for Stock Subscriptions | ( |
) | ||||||||||||||||||||||
| Common Stock issued for Cash | ||||||||||||||||||||||||
| Common Stock issued for Services | ||||||||||||||||||||||||
| Net loss for the period | — | ( |
) | ( |
) | |||||||||||||||||||
| Balance at June 30, 2025 | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||
The accompanying notes are an integral part of these condensed financial statements
4
GLOBAL INNOVATIVE PLATFORMS, INC.
CONDENSED STATEMENTS OF CASH FLOW
(UNAUDITED)
| FOR THE NINE MONTHS ENDED JUNE 30, 2025 | FOR THE NINE MONTHS ENDED JUNE 30, 2024 | |||||||
| Cash Flow from Operating Activities: | ||||||||
| Net Loss | $ | ( | ) | $ | ( | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
| Noncash expenses | ||||||||
| Changes in working capital items: | ||||||||
| Accounts payable | ||||||||
| Deposits – Related Parties | ( | ) | ||||||
| License payable – Related Parties | ( | ) | ||||||
| Debenture interest | ||||||||
| Net Cash Used in Operating Activities | ( | ) | ( | ) | ||||
| Net Cash Flow from Investing Activities | ||||||||
| Net Cash Flow from Financing Activities | ||||||||
| Advances from Related Parties | ||||||||
| Issuance of common stock for cash | ||||||||
| Net Cash Provided by Financing Activities | ||||||||
| Net Change in Cash: | ||||||||
| Beginning Cash: | $ | $ | ||||||
| Ending Cash: | $ | $ | ||||||
| Supplemental Disclosures of Cash Flow Information: | ||||||||
| Cash paid for interest | $ | $ | ||||||
| Cash paid for tax | $ | $ | ||||||
The accompanying notes are an integral part of these condensed financial statements
x
5
GLOBAL INNOVATIVE PLATFORMS, INC.
Notes to the Condensed Financial Statements
(Unaudited)
NOTE 1. NATURE OF OPERATIONS
Nature of Business
Global Innovative Platforms Inc., a Delaware corporation, (“Global Innovative Platforms,” “Canning Street,” “the Company,” “We,” “Us” or “Our”) is a publicly quoted company in the business of measuring gas outflow in pets and agriculture for diagnosis treatment of illness. We are pursuing opportunities for growth and will seek capital in return for shares of our common stock to create value for our shareholders although there is no guarantee that the Company will be able to successfully close such transactions.
History
Global Innovative Platforms Inc. f/k/a Canning Street Corporation or Canning Street was incorporated in Delaware on September 15, 2020.
Effective September 30, 2020, following a corporate reorganization as described below (the “Holding Company Reorganization” or “the reverse recapitalization”), Canning Street became the reorganized successor to Alexandria Advantage Warranty Company, a publicly quoted holding company that ceased trading in 2016.
Reorganization into a Holding Company Structure for Global Innovative Platforms, Inc., reorganization successor to Alexandria Advantage Warranty Company.
Effective September 29, 2020, Alexandria Advantage Warranty Company (“Alexandria Advantage Colorado’), a Colorado corporation, redomiciled to Delaware by merging with its wholly owned subsidiary, Alexandria Advantage Warranty Company (“Alexandria Advantage Delaware”), a Delaware corporation.
Alexandria Advantage Colorado ceased to exist as an independent legal entity following its merger with Alexandria Advantage Delaware. Pursuant to the Delaware Holding Company formation statute, DGCL Section 251(g), Alexandria Advantage Delaware entered into an Agreement and Plan of Merger and Reorganization into a Holding Company with Global Innovative Platforms, Inc. (“Canning Street”) and AAWC Corporation (“AAWC”), both wholly-owned subsidiaries of Alexandria Advantage Delaware, effective September 30, 2021.
The Agreement and Plan of Merger and Reorganization into a Holding Company provided for the merger of Alexandria Advantage Delaware with, and into AAWC, with AAWC being the surviving corporation in the merger, as a subsidiary to Canning Street. Alexandria Advantage Delaware ceased to exist as an independent legal entity following its merger with AAWC. The shareholders of Alexandria Advantage Delaware were converted, by the holding company reorganization, under the Agreement, to shareholders of Canning Street on a one for one basis pursuant to the Agreement and the Delaware Statute Sec. 251(g).
AAWC, the surviving company of the merger with Alexandria Advantage Delaware, became a wholly owned subsidiary of Canning Street, the holding company. Canning Street became the parent holding company resulting under the Agreement, pursuant to Delaware General Corporation Law section 251(g), with its wholly owned subsidiary company, AAWC, the surviving company of the merger with Alexandria Advantage Delaware.
As a result of the Holding Company Reorganization, shareholders in publicly quoted Alexandria Advantage Delaware, formerly the shareholders of Alexandria Advantage Colorado as of the date of the reorganization, became shareholders in the publicly quoted Canning Street.
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GLOBAL INNOVATIVE PLATFORMS, INC.
Notes to the Condensed Financial Statements
(Unaudited)
AAWC, being the direct successor by the merger with Alexandria Advantage Delaware, became a subsidiary company of Canning Street. The Holding Company Reorganization has been accounted for so as to reflect the fact that both AAWC and Canning Street were under common control at the date of the Holding Company Reorganization, similar to a reverse acquisition of AAWC by Canning Street
NOTE 2. GOING CONCERN
Our financial statements are prepared using accounting
principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets
and the liquidation of liabilities in the normal course of business. We have no ongoing business or income, incurred a loss of $
7
GLOBAL INNOVATIVE PLATFORMS, INC.
Notes to the Condensed Financial Statements
(Unaudited)
NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The summary of significant accounting policies is presented to assist in the understanding of the financial statements. These policies conform to accounting principles generally accepted in the United States of America and have been consistently applied. We have selected September 30 as our financial year end. We have not earned any revenue to date.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents
We maintain
cash balances in a non-interest-bearing account that currently does not exceed federally insured limits. For the purpose of the statements
of cash flows, all highly liquid investments with a maturity of three months or less are considered to be cash equivalents. As of June
30, 2025 and September 30, 2024 our cash balance was $
Fair Value Measurements
ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), provides a comprehensive framework for measuring fair value and expands disclosures which are required about fair value measurements. Specifically, ASC 820 sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. ASC 820 defines the hierarchy as follows:
Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on the New York Stock Exchange.
Level 2 – Pricing inputs are other than quoted prices in active markets but are either directly or indirectly observable as of the reported date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs.
Level 3 – Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts used to determine the fair value of financial transmission rights.
Our financial instruments consist of our accounts payable, accrued expenses - related party and loan payable – related party. The carrying amount of our accounts payable, accrued expenses- related parties and loan payable – related party approximates their fair values because of the short-term maturities of these instruments.
8
GLOBAL INNOVATIVE PLATFORMS, INC.
Notes to the Condensed Financial Statements
(Unaudited)
Related Party Transactions
A related party is generally defined as (i) any person that holds 10% or more of our membership interests including such person’s immediate families, (ii) our management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with us, or (iv) anyone who can significantly influence our financial and operating decisions. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See Notes 4 and 5 below for details of related party transactions in the period presented.
Fixed Assets
We owned
Leases
We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) as assets, operating lease non-current liabilities, and operating lease current liabilities in our balance sheet. Finance leases are property and equipment, other current liabilities, and other non-current liabilities in the balance sheet. ROU assets represent the right to use an asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over lease term. As most of the leases do not provide an implicit rate, we generally use the incremental borrowing rate on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at the commencement date. The operating ROU asset also includes any lease payments made and excludes lease incentives. Lease expense for lease payment is recognized on a straight-line basis over the lease term.
We were not party to any lease transactions during the nine months and the three months ended June 30, 2025 or June 30, 2024.
Income Taxes
The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. We record a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.
Uncertain Tax Positions
We evaluate tax positions in a two-step process. We first determine whether it is more likely than not that a tax position will be sustained upon examination, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. We classify gross interest and penalties and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as long-term liabilities in the financial statements.
9
GLOBAL INNOVATIVE PLATFORMS, INC.
Notes to the Condensed Financial Statements
(Unaudited)
Revenue Recognition
Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:
Step 1: Identify the contract(s) with customers
Step 2: Identify the performance obligations in the contract
Step 3: Determine the transaction price
Step 4: Allocate the transaction price to performance obligations
Step 5: Recognize revenue when the entity satisfies a performance obligation
Service revenues are recognized as the services are performed in proportion to the transfer of control to the customer and real estate revenues are recognized at the time of sale when consideration has been exchanged and title has been conveyed to the buyer. At this time, we have not identified specific planned revenue streams. During the nine months and the three months ended June 30, 2025 and June 30, 2024, we did not recognize any revenue.
Advertising Costs
We expense advertising
costs when advertisements occur.
Stock Based Compensation
The cost of equity instruments issued to non-employees in return for goods and services is measured by the grant date fair value of the equity instruments issued. The cost of employee services received in exchange for equity instruments is based on the grant date fair value of the equity instruments issued.
Basic net loss per common share (“EPS”) is computed by dividing loss available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.
No potentially dilutive debt or equity instruments were issued or outstanding during the three and nine months ended June 30, 2025 and 2024.
Recently Accounting Pronouncements
We have reviewed all the recently issued, but not yet effective, accounting pronouncements and do not believe any of these pronouncements will have a material impact on our financial statements.
10
GLOBAL INNOVATIVE PLATFORMS, INC.
Notes to the Condensed Financial Statements
(Unaudited)
NOTE 4. LOAN PAYABLE - RELATED PARTY
Founder Shares Issued to Related Parties
On
October 23, 2023, the Company issued shares of common stock, par value $ per share, including which
was issued to related parties for an aggregate consideration of $
On July 10, 2024, the Company issued shares of our common stock, par value of $ per share, which included shares to related parties in exchange for services of $, including office space, secretarial and administrative services provided by members of the Company’s founding team.
As of September 28, 2024, the Company issued shares of our common stock, par value of $ per share including shares to related parties in exchange for services of $ including office space, secretarial and administrative services provided by members of the Company’s management and founding team.
Three
Shareholders advanced us $, $, and $ for the year ended September 30, 2023 and an additional $, for the year
ending September 30, 2024. On September 27, 2024, the Company converted $
For
the nine months ended June 30, 2025 the Company issued shares for $
Related Party Accruals
During
the year ended September 30, 2023, and modified as of August 27, 2024, the Company entered into a contract (see note 7) with a party who
has the right to obtain shares. The contract obligated us to an upfront payment of $
We also paid
a related party for $
NOTE 5. INCOME TAXES
On December 22, 2017, the U.S. government enacted
comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and
complex changes to the U.S. tax code that affect fiscal 2018, including, but not limited to requiring a one-time transition tax on certain
unrepatriated earnings of foreign subsidiaries that is payable over eight years. The Tax Act also establishes new tax laws that will affect
2018 and later years, including, but not limited to, a reduction of the U.S. federal corporate tax rate from
We did not provide any current or deferred US federal income tax provision or benefit during the three months ended June 30, 2022, as we incurred tax losses during the period. When it is more likely than not that a tax asset cannot be realized through future income, we must record an allowance against any future potential future tax benefit. We have provided a full valuation allowance against the net deferred tax asset, consisting of net operating loss carry forwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carry forward periods.
The Company has not taken a tax position that, if challenged, would have a material effect on the financial statements for the three months ended June 30, 2022, as defined under ASC 740, “Accounting for Income Taxes.” We did not recognize any adjustment to the liability for uncertain tax position and therefore did not record any adjustment to the beginning balance of the accumulated deficit on the balance sheet.
The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes.
The sources and tax effects of the differences for the periods presented are as follows:
| Nine Months Ended June 30, 2025 |
Nine Months Ended June 30, 2024 | |||||||
| Statutory U.S. Federal Income Tax Rate | % | % | ||||||
| State Income Taxes | % | % | ||||||
| Change in Valuation Allowance | ( |
)% | ( |
)% | ||||
| Effective Income Tax Rate | ||||||||
A reconciliation of the income taxes computed at the statutory rate is as follows:
| Nine Months Ended June 30, 2025 |
Nine Months Ended June 30, 2024 | |||||||
| Tax credit (expense) at statutory rate (26%) | $ | $ | ||||||
| Increase in valuation allowance | ( |
) | ( |
) | ||||
| Net deferred tax assets | $ | $ | ||||||
11
GLOBAL INNOVATIVE PLATFORMS, INC.
Notes to the Condensed Financial Statements
(Unaudited)
As of June 30, 2025, the Company had a federal net
operating loss carryforward of approximately $
The Company’s income tax returns for the years ended September 30, 2024, 2023, 2022 and 2021, are currently open to audit by federal and state jurisdictions.
NOTE 6. COMMITMENTS & CONTINGENCIES
Legal Proceedings
We were not subject to any legal proceedings during the nine months ended June 30, 2025, and, to the best of our knowledge, no legal proceedings are pending or threatened.
Contractual Obligations
We are not party to any contractual obligations at this time other than our Patent and License Know-How Agreement with Defiant Technologies, Inc. entered into on August 18, 2024.
NOTE 7. SHAREHOLDERS’ DEFICIT
Preferred Stock
As of June 30, 2025, we were authorized to issue shares of preferred stock with a par value of $.
No shares of preferred stock were issued and outstanding during the nine months ended June 30, 2025.
No series of preferred stock or rights for preferred stock have been designated as of June 30, 2025.
Common Stock
As of June 30, 2025, we were authorized to issue shares of common stock with a par value of $.
As of September 30, 2024, shares of common stock were issued and outstanding; as of June 30, 2025 there were shares outstanding.
12
GLOBAL INNOVATIVE PLATFORMS, INC.
Notes to the Condensed Financial Statements
(Unaudited)
Warrants
Stock Options
As of and Prior to June 30, 2025, we had no stock option plan. On August 9, 2025, the Company adopted the Global Innovative Platforms, Inc. 2025 Omnibus Equity Incentive Plan. See Note 8 for an overview of this plan.
NOTE 8. SUBSEQUENT EVENTS
The Company evaluated subsequent events after June 30, 2025, in accordance with FASB ASC 855 Subsequent Events, through the date of the issuance of these financial statements, except as follows.
On July 1, we acquired
a VOCAM Plus unit from Defiant Technologies for an aggregate purchase price of $
On August 9, 2025, the Company adopted the Global Innovative Platforms, Inc. 2025 Omnibus Equity Incentive Plan (the “Plan”) to benefit the Company and its stockholders, by assisting the Company and its subsidiaries to attract, retain and provide incentives to key management employees, directors, and consultants of the Company and its Affiliates, and to align the interests of such service providers with those of the Company’s stockholders. Accordingly, the Plan provides for the granting of Non-qualified Stock Options, Incentive Stock Options, Restricted Stock Awards, Restricted Stock Unit Awards, Stock Appreciation Rights, Performance Stock Awards, Performance Unit Awards, Unrestricted Stock Awards, Distribution Equivalent Rights or any combination of the foregoing. The aggregate number of Shares that may be issued under the Plan shall not exceed Shares. Shares may be awarded (or sold) to Employees, Directors or Consultants under the Plan which are not subject to Restrictions of any kind, in consideration for past services rendered thereby to the Company or an Affiliate or for other valid consideration.
The Plan shall continue in effect, unless sooner terminated until the tenth (10th) anniversary of the date on which it is adopted by the Board (except as to Awards outstanding on that date).
Under the plan, On August 9, 2025, we agreed to issue shares to an independent consultant.
13
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with our unaudited financial statements and notes thereto included herein. In connection with, and because we desire to take advantage of, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, we caution readers regarding certain forward looking statements in the following discussion and elsewhere in this report and in any other statement made by, or on our behalf, whether or not in future filings with the Securities and Exchange Commission. Forward-looking statements are statements not based on historical information and which relate to future operations, strategies, financial results, or other developments. Forward looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties, and contingencies, many of which are beyond our control and many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on our behalf. We disclaim any obligation to update forward-looking statements.
The independent registered public accounting firm’s report on the Company’s consolidated financial statements as of September 30, 2024 includes a “going concern” explanatory paragraph, that describes substantial doubt about the Company’s ability to continue as a going concern.
PLAN OF OPERATIONS
The Company’s plan of operation is to obtain debt or equity finance to meet our ongoing operating expenses and opportunities for growth in return for shares of our common stock to create value for our shareholders.
The Company will need substantial additional capital to support its budget. The Company has had no revenues. The Company has no committed source for any funds as of date hereof. In the event funds cannot be raised when needed, the Company may not be able to carry out its business plan, may never achieve sales or royalty income, and could fail in business as a result of these uncertainties.
The Company may borrow money to finance its future operations, although it does not currently contemplate doing so. Any such borrowing will increase the risk of loss to the investor in the event the Company is unsuccessful in repaying such loans.
RESULTS OF OPERATIONS
On May 19, 2025 , we filed a registration statement and form pursuant to Rule 253(g)(2) which outlined our business and business plan. The following is an update of further progress since that date.
| ● | Team Expansions |
| o | We welcomed Roger Hayes as VP of Business Development on July 1, 2025, after his contributions behind the scenes for over a year. |
| o | Rob Tavzel has formalized an agreement to lead the development of our initial Heartworm Breath Signature. |
| o | Our veterinary team of Dr. Lindsay Starkey, Dr. Elyssa Campbell, and Dr. Mike Greenberg, has added Angela Tolbert, all driving our research forward. |
14
Dr. Elyssa Campbell with Callie
| ● | Operational Milestones |
| o | On July 1, 2025, we received a new VOCAM Plus unit, boasting industry-leading sensitivity 500 parts per trillion for point-of-care animal diagnostics. |
| o | We have collected over 100 dog breath samples (heartworm-positive and control) with data submission to our print team by the end of August, 2025 to create the initial “Heartworm Breath Signature” for mature heartworm detection (post-six months). |
| o | On July 8, 2025, we launched a seven-month study with a nationally recognized animal research laboratory, TRS Labs in Georgia, to explore early heartworm detection through our technology. The potential of early detection could enable preventatives to halt disease progression, reducing harm and costs. It could also potentially detect infection before the six-month limitation with current point of care tests. |
| o | We are currently engaged through a non-disclosure agreement with a large, global animal wellness company on a contract-driven project for diagnostic testing and the collection of breath sample data. This initiative is structured to generate revenue during the project term while also providing valuable data to support our future diagnostic offerings. While there is no assurance of long-term agreements, the project is expected to contribute to near-term revenue beginning in the current fiscal year. |
| o | We have entered into a non-disclosure agreement with Defiant Technologies to explore potential opportunities for acquiring non-exclusive licensing rights to additional breath signature applications in the human health space. Defiant Technologies has an established history of deploying its technology with the U.S. Department of Defense and has participated in discussions with Harvard University regarding research in this area. |
15
For the Three Months Ended June 30, 2025
Revenue
We did not recognize revenue during the three month periods ended June 30, 2025 and 2024, as we had no revenue generating activities during these periods.
General and Administrative Expenses
During the three months ended June 30, 2025, we incurred general and administrative expenses of $211,818, comprised of $50,000 for license fees, $8,962 of research costs, $54,110 of offering costs related directly and indirectly to our registration statement filed in May, 2025, $87,756 of executive and administrative compensation, professional fees of $3,256 and administrative costs of $7,734. During the three months ended June 30, 2024, we incurred general and administrative expenses of $6,360, comprised of professional fees of $1,500 and administrative costs of $4,860. The advancement of the Company’s business plan in the form of research, license fees and executive support along with the cost of completing a registration of the company’s common stock resulted in the increase during the comparative periods.
Operating Loss
During the three months ended June 30, 2025 and 2024, we incurred operating losses of $211,818 and $6,360, respectively, due to the factors discussed above.
Interest and Other Income (Expenses) Net
During the three month periods ended June 30, 2025 and 2024, we did not recognize any interest and other income (expenses), net.
Loss before Income Tax
During the three month periods ended June 30, 2025 and 2024, we incurred a loss before income taxes of $211,818 and $6,360, respectively, due to the factors discussed above.
Provision for Income Tax
No provision for income taxes was recorded during the three month periods ended June 30, 2025 and 2024 as we incurred taxable losses in the periods.
Net Loss
During the three month periods ended June 30, 2025 and 2024, we incurred net losses of $211,818 and $6,360, respectively, due to the factors discussed above.
For the Nine Months Ended June 30, 2025
Revenue
We did not recognize any revenue during the nine months ended June 30, 2025, as we had no revenue generating activities during this period.
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General and Administrative Expenses
During the nine months ended June 30, 2025, we incurred general and administrative expenses of $483,635, comprised of $126,667 for license fees, $20,733 of research costs, $69,025 of offering costs related directly and indirectly to our registration statement filed in May, 2025, $239,439 of executive and administrative compensation, professional fees of $17,107, and administrative costs of $10,664. During the nine months ended June 30, 2024, we incurred general and administrative expenses of $59,715 comprising professional fees of $9,500 and administrative costs of $28,215. We had $22,000 in due diligence fees during the nine months ended June 30, 2024. The advancement of the Company’s business plan in the form of research, license fees and executive support along with the cost of completing a registration of the company’s common stock resulted in the increase during the comparative periods.
Operating Loss
During the nine month periods ended June 30, 2025 and 2024, we incurred an operating loss of $483,635 and $59,715, respectively, due to the factors discussed above.
Interest and Other Income (Expenses) Net
During the nine month periods ended June 30, 2025 and 2024, we did recognize any interest any other income (expenses), net.
Loss before Income Tax
During the nine months ended June 30, 2025, we incurred a loss before income taxes of $483,635 and $59,715, respectively, due to the factors discussed above.
Provision for Income Tax
No provision for income taxes was recorded during the nine month periods ended June 30, 2025 and 2024, as we incurred taxable losses in both periods.
Net Loss
During the nine month periods ended June 30, 2025 and 2024, we incurred net losses of $483,635 and $59,715, respectively, due to the factors discussed above.
LIQUIDITY
On June 30, 2025, we had total current assets of $209,160. On June 30, 2025 we had total liabilities of $27,823.
Consequently, we are now dependent on raising additional equity and/or debt to meet our ongoing operating expenses. There is no assurance that we will be able to raise the necessary equity and/or debt that we will need to fund our ongoing operating expenses.
It is our current intention to seek to raise debt and/or equity financing to meet ongoing operating expenses and develop our operations and pursue opportunities for growth in return for shares of our common stock to create value for our shareholders. There is no assurance that this series of events will be satisfactorily completed.
Future losses are likely to occur as, until we are able to fund our business plan and pursue opportunities for growth in return for shares of our common stock to create value for our shareholders, we have no sources of income to meet our operating expenses.
As a result of these, among other factors, we received from our registered independent public accountants in their report for the financial statements for the year ended September 30, 2025 and 2024, an explanatory paragraph stating that there is substantial doubt about our ability to continue as a going concern.
Our primary sources and uses of cash for the nine months ended June 30, 2025 and 2024 were as follows:
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| Nine Months Ended |
Nine Months Ended | |||||||
| June 30, 2025 | June 30, 2024 | |||||||
| Net Cash Used in Operating Activities | $ | (495,879 | ) | $ | 27,665 | |||
| Net Cash Flows from Investing Activities | — | — | ||||||
| Net Cash Flows from Financing Activities | 694,001 | 37,396 | ||||||
| Net Movement in Cash and Cash Equivalents | $ | 198,122 | $ | 9,731 | ||||
Operating Activities
During the nine months ended June 30, 2025, we incurred a net loss of $483,635 which after adjustments for noncash expenses of $4,109, an increase in accounts payable of $2,070, related party deposits of $11,023, and a reduction in License payable – Related Parties of $7,400 resulted in net cash of $495,879 being used in operations.
Investing Activities
During the nine months ended June 30, 2025, we had no investing activities.
Financing Activities
During the nine months ended June 30, 2025, we had $694,001 in financing activities which was collected entirely from the sale of common stock.
We are dependent upon the receipt of capital investment or other financing to fund our ongoing operations and is a publicly quoted company in the business of measuring gas outflow in animals (including pets and agriculture) for diagnosis and treatment of illness.
We are pursuing opportunities for growth and will seek capital in return for shares of our common stock to create value for our shareholders, although there is no guarantee that the Company will be able to successfully close such transactions.
CRITICAL ACCOUNTING POLICIES
All companies are required to include a discussion of critical accounting policies and estimates used in the preparation of their financial statements. On an on-going basis, we evaluate our critical accounting policies and estimates. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form our basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
Our significant accounting policies are described in Note 3 of our Financial Statements on page 7. These policies were selected because they represent the more significant accounting policies and methods that are broadly applied in the preparation of our financial statement.
Inflation
In the opinion of management, inflation has not and will not have a material effect on our operations in the immediate future.
Management will continue to monitor inflation and evaluate the possible future effects of inflation on our business and operations.
Off-Balance Sheet Arrangements
Per SEC regulations, we are required to disclose our off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, such as changes in financial condition, revenues, expenses, results of operations, liquidity, capital expenditures, or capital resources that are material to investors. As of June 30, 2025, we have no off-balance sheet arrangements.
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Recently Issued Accounting Pronouncements
We have reviewed all the recently issued, but not yet effective, accounting pronouncements and do not believe any of these pronouncements will have a material impact on our financial statements.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As a “smaller reporting company” as defined by Item 10 of Regulation S-K, we are not required to provide information required by this Item.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and (2) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
Our sole executive officer, who serves as the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2025 (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Our Chief Executive Officer and Chief Financial Officer has concluded, based upon the evaluation described above, that, as of June 30, 2025, our disclosure controls and procedures were not effective due to the material weakness in internal control over financial reporting described below.
Material Weakness
In connection with the preparation of our financial statements for the nine months ended June 30, 2025, we determined that we did not maintain effective controls over certain aspects of the financial reporting process because: (i) we lack a sufficient complement of personnel with a level of accounting expertise and an adequate supervisory review structure that is commensurate with our financial reporting requirements, (ii) there is inadequate segregation of duties due to the limitation on the number of our accounting personnel, and (iii) we have insufficient controls and processes in place to adequately verify the accuracy and completeness of spreadsheets that we use for a variety of purposes for our financial reporting.
We intend to take appropriate and reasonable steps to make the necessary improvements to remediate these deficiencies. However, due to our size and our financial resources, remediating the several identified weaknesses has not been possible and may not be economically feasible now or in the future.
Changes in Internal Control Over Financial Reporting
There was no change in our internal control over financial reporting that occurred during the fiscal quarter ended June 30, 2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 1A. RISK FACTORS
Not Applicable to Smaller Reporting Companies.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not Applicable.
ITEM 5. OTHER INFORMATION
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2025 Omnibus Equity Incentive Plan
On August 9, 2025, the Company adopted the Global Innovative Platforms, Inc. 2025 Omnibus Equity Incentive Plan (the “Plan”) to benefit the Company and its stockholders, by assisting the Company and its subsidiaries to attract, retain and provide incentives to key management employees, directors, and consultants of the Company and its Affiliates, and to align the interests of such service providers with those of the Company’s stockholders. Accordingly, the Plan provides for the granting of Non-qualified Stock Options, Incentive Stock Options, Restricted Stock Awards, Restricted Stock Unit Awards, Stock Appreciation Rights, Performance Stock Awards, Performance Unit Awards, Unrestricted Stock Awards, Distribution Equivalent Rights or any combination of the foregoing. The aggregate number of Shares that may be issued under the Plan shall not exceed 8,000,000 Shares. Shares may be awarded (or sold) to Employees, Directors or Consultants under the Plan which are not subject to Restrictions of any kind, in consideration for past services rendered thereby to the Company or an Affiliate or for other valid consideration.
The Plan shall continue in effect, unless sooner terminated until the tenth (10th) anniversary of the date on which it is adopted by the Board (except as to Awards outstanding on that date).
Patent and Know-How License Agreement
On August 18, 2023, the Company entered into a Patent and Know-How License Agreement with Defiant Technologies Inc. (“Defiant”). On August 27, 2024, the Company entered into an additional Patent and Know-How License Agreement (the “License Agreement”) with Defiant, which replaced the August 2023 agreement. Pursuant to the License Agreement, among other things, Defiant granted the Company a nontransferable, non-sublicensable, exclusive right and license to certain patents and know-how relating to animal testing and all commercial applications related to the animal market on a global basis (“Patent Rights”, “Know-How”, and “Materials”, respectively) to manufacture, use, offer for sale, sell or import (“Licensed Products”) in the animal market worldwide. The license is exclusive (subject to certain exceptions and conditions) with respect to the Patent Rights and Materials and non-exclusive with respect to the Know-How.
The License Agreement obligated us to make an upfront payment of $10,000 paid thirty days from the date of the License Agreement, $50,000 during the first quarter following the Effective Date and then $50,000 per quarter thereafter until the full $250,000 was paid. To date, we have paid $135,000 to Defiant and we are current under the License Agreement. Further, in consideration of the rights and licenses granted under the License Agreement, the Company is required to pay Defiant a royalty of 3% of net sales of all Licensed Products in the field of use throughout the world during the term of the License Agreement
ITEM 5B. OTHER INFORMATION
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ITEM 6. EXHIBITS
Exhibits. The following is a complete list of exhibits filed as part of this Form 10-Q. Exhibit numbers correspond to the numbers in the Exhibit Table of Item 601 of Regulation S-K.
* Filed herewith.
(1) Incorporated by reference from the exhibits included in the Company’s Registration Statement on Form 10 dated December 28, 2020.
(2) Incorporated by reference to the Form 8-K filed with the Securities and Exchange Commission on April 2, 2021.
(3) Incorporated by reference to the Form 8-K filed with the Securities and Exchange Commission on May 13, 2021.
(4) Incorporated by reference to the Form 10-K filed with the Securities and Exchange Commission on March 21, 2022.
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SIGNATURES
Pursuant to the requirements of Section 12 of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
GLOBAL INNOVATIVE PLATFORMS, INC.
(Registrant)
| Dated: August 19, 2025 | By: | /s/ Andrew Brown |
| Andrew Brown | ||
| (Chief Executive Officer, Principal Executive Officer, Chief Financial Officer, and Principal Accounting Officer) |
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