GHST World Inc.

What they do

GHST World Inc. is a holding company whose principal assets are intellectual property rights to the Smart Shin Guard, a wearable soccer shin guard with data collection and analysis technology. It also owns Insside, a subsidiary focused on developing solar energy projects in Italy, including leasing land and planning construction of solar plants through a special purpose entity, Green Capital SRL, which is responsible for raising capital. Other subsidiaries (IoTT, GHST Art) remain in development stage. The company has not generated material revenue from any of these operations.

Revenue drivers

• Smart Shin Guard — Planned wearable sports device; not yet commercialized; generated no revenue from this product to date.
• Insside / Solar Energy — Early-stage clean energy business; agreements for land lease and solar plant construction in Italy, with electricity sale expected but no material revenue yet.
• Electricity trading — Company is negotiating purchase and sale of electricity with third parties, but no material revenue has been generated from this activity.

Recent performance

For the fiscal quarter ended March 31, 2026, the company reported revenue of $0, down from $4,755 in the same quarter of 2025, and a net loss of $25,587, compared to a net loss of $31,532 in the prior-year quarter. For the nine months ended March 31, 2026, revenue was $13,852 versus $55,359 in the prior-year period, with net losses of $75,740 and $89,963, respectively. Annual revenue increased from $3,078 in 2023 to $40,916 in 2024 and $60,469 in 2025, but the company remained unprofitable each year. As of March 31, 2026, cash and equivalents were $968 and total assets were $968, while shareholder equity was negative $566,862.

Strategy

Management plans to complete development of the Smart Shin Guard and its related smartphone app, with a professional kit version expected to take longer due to greater complexity. The company is also pursuing a new clean energy business through Insside, focusing on wholesale electricity sales and solar infrastructure in Italy, subject to Green Capital's ability to secure financing. They intend to market the Smart Shin Guard to professional and amateur soccer teams and leagues, initially in Europe. The company acknowledges it needs substantial additional capital to execute these plans.

Risks

• Going concern uncertainty — The company has generated no material revenue and requires substantial additional financing to continue operations; if it cannot raise capital, it may not be able to continue as a going concern.
• Product development delays — The Smart Shin Guard development has been prolonged due to limited capital and human resources, and the company has failed to meet internal forecasts on multiple occasions.
• Dependence on third-party financing — The solar energy business depends on Green Capital SRL raising substantial capital to construct solar plants; if financing is not obtained, the projects cannot proceed.
• Limited revenue and losses — The company has sustained net losses every year from 2021 to 2025, and revenue is nominal and inconsistent, with a recent quarter showing zero revenue.

Outlook

Management expects no material revenue until it can complete product development and commercialize its products and services. The company is negotiating electricity purchase and sale arrangements but gives no assurance these will result in material revenue. It anticipates needing additional funding to expand operations, market products, and pursue the clean energy business, and expects delays due to limited resources and a multi-business focus.