Cautionary Statements
This Form 10-Q may contain “forward-looking statements,” as that term is used in
federal securities laws, about Global Tech’s consolidated financial condition,
results of operations and business. These statements include, among others:
? statements concerning the potential benefits that may be experienced from
business activities and certain transactions contemplated or completed; and
? statements of our expectations, beliefs, future plans and strategies,
anticipated developments and other matters that are not historical facts. These
statements may be made expressly in this Form 10-
statements by looking for words such as “believes,” “expects,” “anticipates,”
“estimates,” “opines,” or similar expressions used in this Form 10-Q. These
forward-looking statements are subject to numerous assumptions, risks and
uncertainties that may cause our actual results to be materially different from
any future results expressed or implied in those statements. The most important
facts that could prevent us from achieving our stated goals include, but are
not limited to, the following:
a) volatility or decline of Global Tech’s stock price; potential fluctuation of
quarterly results;
b) Potential fluctuation of quarterly results;
c) failure to earn revenues or profits;
d) inadequate capital to continue or expand our business, and inability to raise
additional capital or financing to implement our business plans;
e) failure to commercialize our technology or to make sales;
f) decline in demand for our products and services;
g) Rapid adverse changes in markets;
h) litigation with or legal claims and allegations by outside parties against
GTII, including but not limited to challenges to intellectual property
rights;and
i) insufficient revenues to cover operating costs.
18 Overview of Business
“the Company”, “management”) is a
under several different names since 1980.
Western Exploration, Inc., a
1990, Western Exploration, Inc. changed its name to
Holdings Corporation
corporation. Shortly thereafter,
On
to
its name to
Equity Group, Inc.
formed by GTII in the anticipation of technologies, products, or services being
acquired. Not all subsidiaries have current operations.
On
GTI acquired a license from a private
joint venture, in the business of buying and selling gold on a global basis
through a private network of companies. The license agreement gave GTI access to
the private network, and an exclusive right to market and promote the gold
buy/sell program to expand the buying power of the network. GTI and its network
affiliates, purchases gold from artisan miners throughout the world and
transports, assays, refines and sells the gold in the Dubai Multi Commodities
Centre, (“DMCC”), a free trade zone in
for GTI and advance those funds into the gold network. Although 6,000,000 shares
have been issued for this agreement, they are being held in escrow awaiting
final performance criteria to be met and are therefore issued but not
outstanding. All extension agreements for this acquisition have expired, but
neither party has initiated a termination of the agreement through the date of
issuance of these financial statements.
During the first quarter of 2021, the Company entered into binding agreements
with a company in the field of eye care, retail eye wear and full scope
optometry.
eyewear and medically oriented full scope optometry at four brick and mortar
locations. Bronx Family’s licensed optometrists use cutting-edge equipment to
provide diagnosis and treatment for diseases of the eye, as well as corrective
eyewear. Bronx Family also performs edging of lenses for its customers at their
in-house facility, as well as providing services to outside practices. Effective
agreement was closed and
on
During the 2nd quarter 2021, the Company entered into a binding agreement with
My Retina. My Retina is a SaaS (Software as a Service) software and practice
management company that fills an important need for their client-companies to
satisfy diagnostic medical care measures in an in- home/house-call setting. My
Retina licenses, leases, and operates its proprietary telemedicine software, as
well as medical equipment, which together expedite diagnostic medical eye exam
data to its corporate clients.
eye exam company that provides on-demand services of at-home eye exams to
patients, as well as bulk exams conducted at medical offices, and virtual exams
conducted through telemedicine software. . Both parties have agreed to unwind
this acquisition as of
19
During the second quarter of 2021, the Company signed an agreement with Alt5
Sigma to host a trading platform. The Company then launched Beyond Blockchain (a
GTII company) on
provides access to Digital Currency and is changing the way customers transact
with Digital Assets. Beyond Blockchain is a registered Money Services Business
under
uses two-factor authentication to secure customers’ assets as well as AI
liveness testing to secure the user experience. Beyond Blockchain which has been
sold subsequent to this quarter allows multi-currency clearing and direct
settlements in Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Bitcoin Cash (BCH),
Litecoin (LTC), Bitcoin SV (BSV), Aave (AAVE), Compound (COMP), Uniswap (UNI),
Chainlink (LINK) and Yearn Finance (YFI).
Beginning in April of 2021, the Company has been working towards tokenizing its
fine art collection. If this is approved, the Company would mint 1,000,000,000
tokens of the GFT Token, with 26,000,000 of them being registered herein for
distribution. Once minted, each shareholder, as of the to be determined record
date, would be entitled to receive one GFT Token for every 10 shares of GTII
Common Stock beneficially held in their name.
On
letter agreement to engage in a merger/business combination, for the best
interests of the shareholders of both GTII and WSGE, pursuant to which WSGE will
become a wholly-owned subsidiary of GTII. The shareholders of WSGE (the “WSGE
Shareholders”) will become the majority shareholders of GTII, owning that amount
of newly-issued common stock of GTII (the “GTII Common Stock”) to be
mutually-agreed upon by the parties and memorialized in a stock purchase
agreement, subject to the terms and conditions set forth in the agreement. The
completion of an audit of the financial statements of WSGE since its inception,
inclusive of the starting balance sheet as of its inception date (the “Audited
Financial Statements”), by an auditor that is subject to the public company
accounting oversight board (“PCAOB”), and acceptable to GTII is a condition to
be met before the closing of the transaction can occur. In January, 2022, GTII
terminated the agreement for non-performance of the closing requirements.
On
(CS), to define the terms of an acquisition of all outstanding shares of CS. CS
uses interfaces, workflows and proprietary algorithms, providing a tool to
author, deploy, teach and assess school courses, seminars and other study groups
and then integrate them with other learning platforms at any educational levels.
On
corporation organized under the laws of the
stock purchase agreement (“SPA”) to engage in a merger/business combination, for
the best interests of the shareholders of both GTII and
which
GTII issued 100,000 shares of common stock to
shares to be issued upon
funds sufficient to support large-scale mining operations at the
Project
Copiapo. In addition, and within six (6) months subsequent to the raising of
said funds, if GTII receives independent confirmation of the presence of the
geological resources in those amounts contained in the Geological Estimation,
the Company will issue
standard multipliers for the value of that number of geological resources found
listed in the Geological Estimation. On
headquartered in
operations, land easements, permits and assets related to the
Bertrand-Galindo will also provide relevant corporate, legal, regulatory and tax
structure guidance as needed.
On
agreement with
Gekko”), which owned 100% of the issued and outstanding membership interests of
Salon Holdings
the Company of it’s membership interests in
transaction was also subject to certain post-closing conditions as set forth in
the membership interest purchase agreement. The conditions include PCAOB audited
financial statements for 2020 and 2021, an amended license agreement with
Salon, LLC
On
Auction, Ltd.
Company, Ltd., (HKSE code 0620). On
sheet with
the Company’s common stock for 350,000 shares of the common stock of DTXS Silk
Road Investment Holdings Company, Ltd. The proposal sheet provides that, in
consideration for the share exchange, DTXS will (a) develop a
district within the Company’s planned Metaverse and (b) provide the Company with
access to Chinese art pieces that it owns, controls or has access to, from eras
of Chinese antiquity. This transaction has not been completed as of the date of
these financial statements.
Also on
School of Medicine at Mount Sinai
Company’s commons stock over each of the next three years, inclusive of 2022.
On
B.V.
of virtual land in the
On
membership interest purchase agreements, as well as assignments of membership
interests, resulting in the acquisition of 100% of
LLC
University
requisite two-year, PCAOB audit. This transaction has not been completed as of
the date of these financial statements.
On
Media Corp
1-800-
20 Employees
As of
RESULTS OF OPERATIONS
Results of Operations for the Three Months Ended
Three Months Ended
There were no revenues generated during the three months ended
and 2021. Our general operating expenses increased from
professional services including investor relations, IT, legal, accounting and
consulting for our digital asset platform, fine art and medical advisory board,
as well as charitable service contributions. The Company issued
stock to our professionals during the first quarter 2022 as compared to
for the first quarter 2021. Our interest expense increased to
three months ended
31, 2021
Our net loss increased by
a loss of
increase was the increase in professional services, as the Company entered a
growth stage of acquisitions and funding requirements. We expect that our losses
will continue until we are able to establish a consistent revenue source and
finalize our projected acquisitions.
LIQUIDITY AND CAPITAL RESOURCES
At
months ended
months ended
individual credit to pay for expenses of the Company. In the first three months
of 2022 our CEO advanced
2021. During the three months ended
CEO
anticipate that we will continue to have a negative cash flow from operations
for 2022. We have sufficient cash on hand at
negative cash flow. We will attempt to raise capital through the sale of our
common stock or through debt financing,
Some of Global Tech’s past due obligations, including
payable, and
prior to 2005. No actions have been taken by any of the applicable creditors,
and the statute of limitations has been exceeded for the creditors to seek legal
action. Global Tech believes that these obligations will not be satisfied in the
future because the statute of limitations has been exceeded, and is currently
seeking a judicial resolution to these obligations.
21
Any remedy to our current lack of liquidity must take into account all the
foregoing liabilities. Global Tech intends to expand and develop its new
acquisition operating activities to generate significant cashflow to allow it to
pay its current obligations and settle its remaining obligations. Capital raise
plans are under consideration but it cannot be assured that they will
materialize in the current economic environment. Currently, Global Tech is
without adequate financing or liquid assets. Because no actions have been taken
on the aforementioned past due obligations and demand has not been made by the
applicable current note holders, we are unable to accurately quantify the effect
the overdue accounts have on Global Tech’s financial condition, liquidity and
capital resources. However, in the event that all of these obligations and notes
payable were required to be paid in an amount equal to the full balance of each,
Global Tech would not be able to meet the obligations based upon its current
financial status. The liquidity shortfall of
Tech to default and, further, would put our continued viability in jeopardy.
Going Concern Qualification
The Company has incurred significant losses from operations, and such losses are
expected to continue. The Company’s auditors have included a “Going Concern
Qualification” in their report for the year ended
addition, the Company has limited working capital. The foregoing raises
substantial doubt about the Company’s ability to continue as a going concern.
Management’s plans include seeking additional capital and/or debt financing.
There is no guarantee that additional capital and/or debt financing will be
available when and to the extent required, or that if available, it will be on
terms acceptable to the Company. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty. The “Going
Concern Qualification” may make it substantially more difficult to raise
capital.
Potential Impact of COVID-19
The Company is concerned that the COVID-19 virus may impact the Company’s
ability to raise additional equity capital due to the uncertainty of the virus’
effects on the economy and capital markets, which may make potential investors
less likely to invest during the pandemic. This may affect the Company’s ability
to raise equity capital to meet its financial obligations, implement its
business plan and continue as a going concern.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements.
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