GHST World Inc (OTC: GHST) is a development-stage company pursuing three early-stage business lines: a patented wearable sports tracking device called the Smart Shin Guard, a clean energy business through its Insside subsidiary focused on wholesale electricity sales and solar energy infrastructure in Italy, and an internet technology business called IoTT. The company generated nominal revenue as of its 10-K filed 2025-10-14 and has disclosed it requires substantial additional financing to market its products. The Smart Shin Guard, the primary focus under the GHST Sport segment, is a soccer shin guard embedded with data tracking and analysis technology, protected by a U.S. patent (No. US 10,695,651 B2), a European patent covering Italy, France, Spain, Germany, and the United Kingdom (confirmed October 2022), and a Hong Kong patent that was subsequently abandoned. The company entered a joint venture with Cross-ING, an AI development company, in September 2023 to develop software for the Smart Shin Guard. Headquartered in Palm Beach Gardens, FL, with directors and officers located in Italy and other European countries.

Revenue model

The company has generated only nominal revenue as of the 10-K filed 2025-10-14. It has no established commercial revenue model for the Smart Shin Guard. The Insside subsidiary has entered an agreement to provide energy connection management services to a third party. The joint venture with Cross-ING contemplates royalty payments of 1 Swiss Franc per unit sold for up to 150,000 units once the Smart Shin Guard reaches commercial sales.

Products and services

Smart Shin Guard: a wearable soccer shin guard with data tracking, analysis, and transmission technology, patented in the U.S. (Patent No. US 10,695,651 B2), Europe (Italy, France, Spain, Germany, United Kingdom), with a Hong Kong patent subsequently abandoned. Insside: early-stage clean energy business focused on wholesale electricity sales and solar energy infrastructure development in Italy. IoTT: early-stage internet technology business. GHST Art: an additional development-stage business line.

Customers and end markets

Target end markets for the Smart Shin Guard include professional soccer teams, players, and leagues. League approval from FIFA, UEFA Champions League, Serie A, Ligue 1, and the English Premier League is identified as a material condition for commercial viability. The Insside clean energy business targets the Italian energy market. No commercial customer counts or revenue concentrations are disclosed in the filing.

Value-chain role

GHST World is a patent holder and early-stage product developer. It outsources further Smart Shin Guard development to Cross-ING under a joint venture agreement signed September 23, 2023, compensating Cross-ING with milestone payments of 40,000 Swiss Francs per milestone, 4,476,176 shares of common stock, and per-unit royalties. The company is also seeking additional vendors for product specification and production.

Geographic exposure

Headquartered in Palm Beach Gardens, FL. Directors and officers located in Italy and other European countries. Marketing strategy focused on European countries. Patents held in the U.S., Italy, France, Spain, Germany, and the United Kingdom. Insside clean energy operations focused on Italy.

Competitors

Soccerment, TibTop, Catapult Sports, Zebra Technology

Source: SEC 10-K, filed 2025-10-14

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