Global Interactive Technologies Inc (NASDAQ: GITS) is a social platform company that operates FANING, a mobile application and web service built around K-Culture and K-pop fandom communities. Revenue is intended to come from virtual events, premium subscriptions, advertising, and in-platform digital goods sales through its Fanshop marketplace. As of December 31, 2024, the company had zero sales revenue, five full-time employees, and a working capital deficit from continuing operations, with cash and cash equivalents of $2,352. The primary operating subsidiary is Faning Korea, LLC, a wholly-owned entity based in Seoul, Republic of Korea, acquired on December 4, 2024. The company restructured materially in 2024, divesting Hanryu Bank on December 28, 2024, and FNS and Marine Island on November 5, 2024. The auditor issued a going concern opinion for the fiscal year ended December 31, 2024. Net loss from continuing operations was $4,783,651 for FY2024, compared to $1,851,332 for FY2023.

Revenue model

No revenue was generated in FY2024 or FY2023 (sales of $0 in both periods per the FY2024 10-K). The planned revenue model includes commissions and profits from virtual events hosted on FANING, premium subscription fees for individual users and institutional partners, advertising sales including affiliate marketing, and transaction fees from user-generated digital goods sold through the Fanshop, including emojis, AR filters, and digital stickers.

Products and services

FANING is the company's primary product, a fandom-focused social platform offering live-streaming, real-time interaction, digital content monetization, subscriptions, community clubs and forums, and a Fanshop where users can create and sell emojis, AR filters, and digital stickers. FANING is an evolution of the prior FANTOO platform. The company also lists digital properties and websites supporting its platform strategy. An e-commerce shipping and fulfillment capability with international logistics features is referenced in the filing.

Customers and end markets

The target end market is K-Culture and K-pop fans globally. The filing cites China as the country with the largest K-Culture fan base at 86.32 million, followed by the United States at 27.17 million, Thailand at 17.37 million, Indonesia at 16.36 million, Japan at 7.9 million, Vietnam at 6.1 million, Mexico at 5.5 million, and India at 5.2 million. Both individual fans and institutional partners are identified as target customer types.

Value-chain role

GITS operates as a platform intermediary, hosting user-generated content and digital goods transactions between K-pop and K-Culture fans. It sits between content creators and fans, taking commissions on digital goods sales and event revenue. The company is a member of South Korea's MSIT Metaverse Alliance, an initiative coordinating virtual and augmented reality platform development, which also includes Samsung, Hyundai Motors, and Naver (approximately 643 member firms as of the filing).

Geographic exposure

Primary operations are in Seoul, Republic of Korea through Faning Korea, LLC. Target shipping and e-commerce markets listed in the filing include South Korea, Hong Kong, Japan, Malaysia, Singapore, Thailand, Indonesia, Taiwan, and China.

Source: SEC 10-K, filed 2025-04-30

Industry: Services-Computer Programming, Data Processing, Etc.