UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For Quarterly Period Ended

September 30, 20202021

or

[  ] TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition period from _______________ to ______________

Commission File Number: 000-10210

GLOBAL TECH INDUSTRIES GROUP, INC.

 (Exact(Exact name of registrant as specified in its charter)

NEVADAnevada83-025094390-1604380

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

511 Sixth Avenue suite, Suite 800

New York, NY10011

(Address of principal executive offices) (Zip Code)

(Address of principal executive offices) (Zip Code)

(212)204 7926

Registrant’s telephone number, including area code

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act: None

Title of each classTrading Symbol(s)

Name of each exchange on which

registered

NoneN/AN/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 preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes[X]No[  ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of 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).

Yes[X]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 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[  ]
Non-accelerated filer[X]Smaller reporting company[X]
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 pursuant 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[  ]No[X]

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.

As of November 16, 202015, 2021 the number of shares outstanding of the registrant’s class of common stock was 207,149,460.246,722,140.

 

 

 
 

TABLE OF CONTENTS

Pages
PART I. FINANCIAL INFORMATION3
Item 1.Financial Statements3
Unaudited Condensed Consolidated Balance Sheets atas of September 30, 20202021 and December 31, 20192020.3
Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months ended September 30, 20202021 and 2019.2020.4
Unaudited Condensed Consolidated Statements of Stockholders’ DeficitEquity (Deficit) for the Three and Nine Monthsmonths ended September 30, 20202021 and 2019.2020.5
Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Monthsmonths ended September 30, 20202021 and 2019.2020.6
Notes to Unaudited Condensed Consolidated Financial Statements7
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations2019
Item 3.Quantitative and Qualitative Disclosures About Market Risk2322
Item 4.Controls and Procedures2322
PART II. OTHER INFORMATION2523
Item 1.Legal Proceedings2523
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds2624
Item 3.Defaults Upon Senior Securities2624
Item 5.Other Information25
Item 6.Exhibits25
SIGNATURES28

2
 
Item 5.Other Information27
Item 6.Exhibits27
SIGNATURES29

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

GLOBAL TECH INDUSTRIES GROUP, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

 

 September 30, December 31,  September 30, December 31, 
 2020 2019  2021 2020 
ASSETS             
CURRENT ASSETS                
Cash and cash equivalents $1,470  $1,435  $295,083  $2,479 
Prepaid expenses  -   222,167 
Marketable securities  43,000   44,044   195,000   31,000 
                
Total Current Assets  44,470   45,479   490,083   255,646 
                
PROPERTY & EQUIPMENT (NET)  2,143   2,946 
        
OTHER ASSETS        
License, net  3,958   - 
Fine art  67,845   - 
        
Total Other Assets  71,803   - 
        
TOTAL ASSETS $44,470  $45,479  $564,029  $258,592 
                
LIABILITIES AND STOCKHOLDERS’ DEFICIT        
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)        
                
CURRENT LIABILITIES                
Accounts payable and accrued expenses $739,926  $731,327  $688,733  $610,715 
Accrued wages-related party  

510,000

   

-

 
Accounts payable and accrued expenses-related parties  521,274   8,953 
Accrued interest payable  336,824   310,307   376,007   357,708 
Accrued interest payable-related party  434,347   298,796 
Notes payable in default  871,082   871,082   871,082   871,082 
Due to officers and directors  104,981   - 
Due to related parties  83,883   109,513 
Convertible debenture  -   74,800 
Notes payable  200,000   - 
Stock deposits  490,000   - 
                
Total Current Liabilities  2,997,160   2,211,512   3,230,979   2,032,771 
                
LONG-TERM LIABILITIES        
        
Notes payable related party  3,540,405   3,540,405 
        
Total Long-Term Liabilities  3,540,405   3,540,405 
        
Total Liabilities  6,537,565   5,751,917   3,230,979   2,032,771 
                
STOCKHOLDERS’ DEFICIT        
Preferred stock, par value $.001, 50,000 authorized, 1,000 issued and outstanding  1   1 
Common stock, par value $0.001 per share, 350,000,000 shares authorized; 207,149,460 and 205,277,990 issued and outstanding, respectively  207,150   205,278 
STOCKHOLDERS' EQUITY (DEFICIT)        
Preferred stock, par value $.001, 50,000 authorized, 1,000 issued and outstanding  1   1 
Common stock, par value $0.001 per share, 550,000,000 shares authorized; 246,722,140 (including 10,150,000 shares held in escrow) and 230,498,005 issued and 236,572,140 and 230,498,005 outstanding, respectively  246,722   230,498 
Additional paid-in-capital  161,879,245   161,712,986   229,725,779   168,398,511 
Accumulated deficit  (168,579,491)  (167,624,703)
Accumulated (Deficit)  (232,639,452)  (170,403,189)
                
Total Stockholders’ Deficit  (6,493,095)  (5,706,438)
Total Stockholders' Equity (Deficit)  (2,666,950)  (1,774,179)
                
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $44,470  $45,479 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $564,029  $258,592 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3

GLOBAL TECH INDUSTRIES GROUP, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

 For The Three Months Ended For The Nine Months Ended  2021 2020 2021 2020 
 September 30, September 30,  For The Three Months Ended  For The Nine Months Ended 
 2020 2019 2020 2019  September 30,  September 30, 
   (as restated)   (as restated)  2021 2020 2021 2020 
                  
REVENUES, net  8,500   -   8,500   - 
REVENUES  -   8,500   -   8,500 
                                
OPERATING EXPENSES                                
                                
General and administrative  24,296   71,805   105,964   449,620   157,140   24,296   258,526   105,964 
Depreciation  1,310   -   1,845   - 
Charitable donations  540,113   -   540,113   - 
Compensation and professional fees  255,750   173,063   680,990   

535,552

   1,868,288   255,750   3,860,868   680,990 
                                
Total Operating Expenses  280,046   244,868   786,954   985,172   2,566,851   280,046   4,661,352   786,954 
                                
OPERATING LOSS  (271,546)  (244,868)  (778,454)  (985,172)  (2,566,851)  (271,546)  (4,661,352)  (778,454)
                                
OTHER INCOME (EXPENSES)                                
                                
Gain - (loss) on marketable securities  14,966   20,696   (901)  47,004 
Gain/(loss) on marketable securities  (185,000)  14,966   164,000   (901)
Interest expense  (60,724)  (26,933)  (175,433)  (80,032)  (16,762)  (60,724)  (49,111)  (175,433)
                                
Total Other Income (Expenses)  (45,758)  (6,237)  (176,334)  (33,028)  (201,762)  (45,758)  114,889   (176,334)
                                
LOSS BEFORE INCOME TAXES  (317,304)  (251,105)  (954,788)  (1,018,200)  (2,768,613)  (317,304)  (4,546,463)  (954,788)
                                
INCOME TAX EXPENSE  -   -   -   -   -   -   -   - 
                                
NET LOSS $(317,304) $(251,105) $(954,788) $(1,018,200) $(2,768,613) $(317,304) $(4,546,463) $(954,788)
                                
BASIC AND DILUTED LOSS PER SHARE $(0.00) $(0.00) $(0.01) $(0.01) $(0.01) $(0.00) $(0.02) $(0.00)
                                
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED  205,377,721   175,777,990   205,732,175   172,481,694   235,247,771   205,377,721   234,303,915   205,732,175 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4

GLOBAL TECH INDUSTRIES GROUP, INC.

Condensed Consolidated Statements of Stockholders’ DeficitEquity (Deficit)

(Unaudited)

 Preferred Stock Common Stock Additional Accumulated 

Total

Stockholders’

           Additional     Total 
 Shares Amount Shares Amount Capital Deficit Deficit  Preferred Stock Common Stock Paid-in Accumulated Stockholders' 
                Shares Amount Shares Amount Capital Deficit Deficit 
Balance, December 31, 2018  1,000  $         1   170,777,990  $170,778  $160,739,496  $(166,195,868) $(5,285,593)
                            
Imputed interest – loan                  3,360       3,360 
                            
Net loss for the three months ended March 31, 2019 (as restated)                      (267,811)  (267,811)
                            
Balance, March 31, 2019 (as restated)  1,000  $1   170,777,990  $170,778  $160,742,856  $(166,463,679) $(5,550,044)
                            
Imputed interest – loan                  3,360       3,360 
                            
Shares issued for services          5,000,000   5,000   257,500       262,500 
                            
Net loss for the three months ended June 30, 2019 (as restated)                      (499,284)  (499,284)
                            
Balance, June 30, 2019 (as restated)  1,000  $1   175,777,990  $175,778  $161,003,716  $(166,962,963) $(5,783,468)
               
Imputed interest – loan                  3,360       3,360 
                            
Net loss for the three months ended September 30, 2019 (as restated)                      (251,105)  (251,105)
                            
Balance, September 30, 2019 (as restated)  1,000  $1   175,777,990  $175,778  $161,007,076  $(167,214,068) $(6,031,213)
                                           
Balance, December 31, 2019  1,000  $1   205,277,990  $205,278  $161,712,986  $(167,624,703) $(5,706,438)  1,000  $1   205,277,990  $205,278  $161,712,986  $(167,624,703) $(5,706,438)
                                                        
Imputed interest – loan                  3,360       3,360                   3,360       3,360 
Shares issued and held in escrow for the potential acquisition of Gold Transactions Intl, Inc.                            
Shares issued and held in escrow for the potential acquisition of Gold Transactions Intl, Inc.,shares                            
Warrants issued to shareholders of record on April 1, 2021 as dividend                            
Shares issued and held in escrow for the potential acquisition of Bronx Family Eye and My Retina                            
Shares issued and held in escrow for the potential acquisition of Bronx Family Eye and My Retina,shares                            
Shares issued for charitable service donations                            
Shares issued for charitable service donations, shares                            
Shares issued for medical advisory services                            
Shares issued for medical advisory services, shares                            
                                                        
Net loss for the three months ended March 31, 2020                      (284,846)  (284,846)  -    -    -    -        (284,846)  (284,846)
                                                        
Balance, March 31, 2020  1,000  $1   205,277,990  $205,278  $161,716,346  $(167,909,549) $(5,987,924)  1,000  $1   205,277,990  $205,278  $161,716,346  $(167,909,549) $(5,987,924)
                                                        
Imputed interest – loan                  3,360       3,360                   3,360       3,360 
                                                        
Shares issued for services          4,540,000   4,540   87,761       92,301           4,540,000   4,540   87,761       92,301 
                                                        
Share cancellation from ARUR acquisition rescission          (4,668,530)  (4,668)  4,668       - 
Shares cancelled from ARUR acquisition recission          (4,668,530)  (4,668)  4,668       - 
                                                        
Net loss for the three months ended June 30, 2020                      (352,638)  (352,638)  -    -    -    -        (352,638)  (352,638)
                                                        
Balance, June 30, 2020  1,000  $1   205,149,460  $205,150  $161,812,135  $(168,262,187) $(6,244,901)  1,000  $1   205,149,460  $205,150  $161,812,135  $(168,262,187) $(6,244,901)
                                                        
Imputed interest – loan                  3,360       3,360                   3,360       3,360 
                                                        
Shares issued for services          2,000,000   2,000   63,750       65,750           2,000,000   2,000   63,750       65,750 
                                                        
Net loss for the three months ended September 30, 2020                      (317,304)  (317,304)  -    -    -    -        (317,304)  (317,304)
                                                        
Balance, September 30, 2020  1,000  $1   207,149,460  $207,150  $161,879,245  $(168,579,491) $(6,493,095)  1,000  $1   207,149,460  $207,150  $161,879,245  $(168,579,491) $(6,493,095)
                            
Balance, December 31, 2020  1,000  $1   230,498,005  $230,498  $168,398,511  $(170,403,189) $(1,774,179)
                            
Shares issued for services          4,500,000   4,500   466,500       471,000 
                            
Shares issued and held in escrow for the potential acquisition of Gold Transactions Intl, Inc.          6,000,000   6,000   (6,000)      0 
                            
Imputed interest – loan                  3,360       3,360 
                            
Net loss for the three months ended March 31, 2021  -    -    -    -        (675,742)  (675,742)
                            
Balance, March 31, 2021  1,000  $1   240,998,005  $240,998  $168,862,371  $(171,078,931) $(1,975,561)
                            
Shares issued for services          166,995   167   866,557       866,724 
                            
Warrants issued to shareholders of record on April 1, 2021 as dividend                  57,689,800   (57,689,800)  

-

 
                            
Shares issued and held in escrow for the potential acquisition of Bronx Family Eye and My Retina          4,150,000   4,150   (4,150)      - 
                            
Imputed interest – loan                  3,360       3,360 
                            
Net loss for the three months ended June 30, 2021  -    -    -    -        (1,102,108)  (1,102,108)
                            
Balance, June 30, 2021  1,000  $1   245,315,000  $245,315  $227,417,938  $(229,870,839) $(2,207,585)
                            
Shares issued for services and prepaid shares earned (Note 9)          707,140   707   1,360,181       1,360,888 
                            
Shares issued for charitable service donations          400,000   400   539,600       540,000 
                            
Shares issued for medical advisory services          300,000   300   404,700       405,000 
                            
Imputed interest – loan                  3,360       3,360 
                            
Net loss for the three months ended September 30, 2021  -    -    -    -        (2,768,613)  (2,768,613)
Net income (loss)                      (2,768,613)  (2,768,613)
Balance, September 30, 2021  1,000  $1   246,722,140  $246,722  $229,725,779  $(232,639,452) $(2,666,950)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5

GLOBAL TECH INDUSTRIES GROUP, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

         
  For The Nine Months Ended 
  September 30, 
  2021  2020 
       
CASH FLOWS FROM OPERATING ACTIVITIES        
         
Net loss $(4,546,463)  (954,788)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization  1,845   - 
Stock issued for services  3,643,612   158,050 
Imputed interest on loan  10,080   10,080 
(Gain) loss on marketable securities  (164,000)  901 
Change in operating assets and liabilities        
Decrease is prepaid expenses  222,167   - 
Increase in accounts payable and accrued expenses-related parties  512,321   3 
Increase (decrease) in interest payable  18,299   26,517 
Increase in interest payable-related parties  -   135,548 
Increase in accounts payable and accrued expenses  78,018   518,600 
         
Net Cash Used in Operating Activities  (224,121)  (105,089)
         
CASH FLOWS FROM INVESTING ACTIVITIES        
         
Sale of marketable securities  -   143 
Cash paid for other assets  (67,845)  - 
Cash paid for fixed assets  (5,000)  - 
         
Net Cash Provided by (Used in) Investing Activities  (72,845)  143 
         
CASH FLOWS FROM FINANCING ACTIVITIES        
Cash received from debt financing  200,000   - 
Cash from stock deposits  490,000   - 
Cash paid on convertible debenture  (74,800)  - 
Cash paid on related party loans  (186,069)  - 
Cash received from related party loans  160,439   104,981 
         
Net Cash Provided by Financing Activities  589,570   104,981 
         
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS  292,604   35 
         
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD  2,479   1,435 
         
CASH AND CASH EQUIVALENTS, END OF PERIOD $295,083  $1,470 
         
SUPPLEMENTAL DISCLOSURES:        
         
Cash paid for interest $-  $- 
Cash paid for income taxes $-  $- 
         
NON-CASH INVESTING AND FINANCING ACTIVITIES:        
         
Stock issued and held in escrow for potential acquisitions  10,150   - 
Reclassification of notes payable to stock deposits  150,000   - 

  For The Nine Months Ended 
  September 30, 
  2020  2019 
     (as restated) 
CASH FLOWS FROM OPERATING ACTIVITIES        
         
Net loss $(954,788)  (1,018,200)
Adjustments to reconcile net loss to net cash used in operating activities:        
Stock issued for services  158,050   262,500 
Imputed interest on loan  10,080   10,080 
(Gain) loss on marketable securities  901   (47,004)
Change in operating assets and liabilities        
Increase in related party accruals  135,551   69,038 
Increase in accounts payable and accrued expenses  545,117   705,249 
         
Net Cash Used in Operating Activities  (105,089)  (18,337)
         
CASH FLOWS FROM INVESTING ACTIVITIES        
         
Sale of marketable securities  143   - 
         
Net Cash Provided by Investing Activities  143   - 
         
CASH FLOWS FROM FINANCING ACTIVITIES        
Cash paid to related party loans  -   (56,200)
Cash received from related party loans  104,981   69,038 
         
Net Cash Provided by Financing Activities  104,981   12,838 
         
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS  35   (5,499)
         
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD  1,435   7,819 
         
CASH AND CASH EQUIVALENTS, END OF PERIOD $1,470  $2,320 
         
SUPPLEMENTAL DISCLOSURES:         
         
Non-Cash Investing/Financing Activities:        
Cancelation of ARUR acquisition shares (net) $-  $- 
         
Cash paid for interest $-  $- 
Cash paid for income taxes $-  $- 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

6

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

September 30, 20202021

NOTE 1 - CONDENSED FINANCIAL STATEMENTS

A) CONSOLIDATION

The accompanying consolidated financial statements have been prepared by GLOBAL TECH INDUSTRIES GROUP, INC. (“the Company”) without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position at September 30, 2021, and the results of operations and cash flows at September 30, 2020,for the three and for all periods presented herein,nine months then ended, have been made.

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019.2020. The results of operations for the period ended September 30, 20202021 are not necessarily indicative of the operating results for the full year.year ended December 31, 2021.

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as disclosed in Note 2 below. All significant inter-company balances and transactions have been eliminated.

B) GOING CONCERN

The Company’s consolidated financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. These conditions raise substantial doubt regarding the Company’s ability to continue as a going concern.

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its operating expenses and seeking equity and/or debt financing. The Company expects with the acquisitions of GTI, Bronx Family Eye Care, and My Retina, that these operations will help support the cashflow needs of the Company. Management also expects with the commencement of revenue generating operations from these subsidiaries, that the warrants issued to shareholders will be exercised in the near future, thus providing capital for the Company and its growth plans. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

On March 11, 2020, the World Health Organization declared the outbreak of a coronavirus (COVID-19) a pandemic. As a result, economic uncertainties have arisen which have the potential to negatively impact the Company’s ability to raise funding from the markets. Other financial impactimpacts could occur though such potential impact isimpacts are unknown at this time.

7

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

September 30, 20202021

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

A) PRINCIPLES OF CONSOLIDATION

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Ludicrous, Inc., TTI Strategic Acquisitions and Equity Group, Inc, TTII Oil & Gas, Inc., and G TGT International, Inc. All subsidiaries of the Company, other than TTI Strategic Acquisitions and Equity Group, Inc., currently have no financial activity. All significant inter-company balances and transactions have been eliminated. Because the performance obligations associated with the acquisitions of GTI, Bronx and My Retina have not yet been met, these subsidiaries are still contingent and have not been consolidated with the Company.

B) USE OF MANAGEMENT’S ESTIMATES

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.

C) CASH EQUIVALENTS

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are maintained with major financial institutions in the U S. Deposits held with these banks at times exceed $250,000 $250,000 of insurance provided on such deposits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash and cash equivalents. At September 30, 20202021 and December 31, 2019, no 2020, $45,083and $0 excess cash balances existed.existed, respectively. There were no 0cash equivalents at September 30, 20202021 and December 31, 2019.2020.

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

September 30, 2020

D) INCOME TAXES

The Company applies ASC 740 which requires the asset and liability method of accounting for income taxes. The asset and liability method require that the current or deferred tax consequences of all events recognized in the financial statements are measured by applying the provisions of enacted tax laws to determine the amount of taxes payable or refundable currently or in future years. Deferred tax assets are reviewed for recoverability and the Company records a valuation allowance to reduce its deferred tax assets when it is more likely than not that all or some portion of the deferred tax assets will not be recovered.

The Company adopted ASC 740 at the beginning of fiscal year 2008. This interpretation requires recognition and measurement of uncertain tax positions using a “more-likely-than-not” approach, requiring the recognition and measurement of uncertain tax positions. The adoption of ASC 740 had no material impact on the Company’s financial statements. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will to be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

E) REVENUE RECOGNITION

The Company currently has minimalhad no revenues during the nine months ended September 30, 2021 and $8,500 of non-recurring revenue from consulting services and recognizesin 2020, however when revenues commence, the Company will recognize revenues in accordance with ASC 606, “Revenue from Contracts with Customers.” Revenue is recognized per our contract with our customers at a point of time when control of our products or services are transferred to our customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products.products, and after all our performance obligations have been met. The Company currently has minimalno consulting salesrevenues with performance obligations of hours expended on various projects with our customers.customers pursuant to underlying contracts. If we subsequently determine that collection from any customer is not reasonably assured, we record an allowance for doubtful accounts and bad debt expense for all that customer’s unpaid invoices and cease recognizing revenue for continued services provided until cash is received.

8

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

September 30, 20202021

F) STOCK-BASED COMPENSATION

The Company accounts for stock-based compensation in accordance with the provisions of ASC 718. ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on the grant-date fair value of the award. That cost will be recognized over the period during which an employee is required to provide service in exchange for the reward- known as the requisite service period. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. The grant-date fair value of employee share options and similar instruments are estimated using the Black Scholes option-pricing model adjusted for the unique characteristics of those instruments.

Equity instruments issued to non-employees are recorded at their fair values as determined in accordance with ASC 718 as amended by ASU 2018-07. As such, the grant date is the measurement date of an award’s fair value.

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

September 30, 2020

G) FAIR VALUE OF FINANCIAL INSTRUMENTS

On January 1, 2008, theThe Company adoptedfollows ASC 820, “Fair Value Measurements.” ASC 820 defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows:

Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 inputs to the valuation methodology are unobservable and significant to the fair measurement.

The carrying amounts reported in the balance sheets for cash and cash equivalents, and current liabilities each qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The carrying value of notes payable approximates fair value because negotiated terms and conditions are consistent with current market rates as of September 30, 20202021 and December 31, 2019.2020.

Marketable securities are reported at the quoted and listed market rates of the securities held at the yearperiod end.

9

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

September 30, 2021

The following table presents the Company’s Marketablemarketable securities within the fair value hierarchy utilized to measure fair value on a recurring basis as of September 30, 20202021 and December 31, 2019:2020:

SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS

  Level 1  Level 2  Level 3 
Marketable Securities – 2020 $43,000  $-0-  $-0- 
Marketable Securities – 2019 $44,044  $-0-  $-0- 
  Level 1  Level 2  Level 3 
Marketable Securities – September 30, 2021 $195,000  $-0-  $-0- 
Marketable Securities – December 31, 2020 $31,000  $-0-  $-0- 

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

September 30, 2020

H) BASIC AND DILUTED LOSS PER SHARE

The Company calculates earnings per share in accordance with ASC 260, “Earnings Per Share.” Basic loss per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share gives effect to dilutive convertible securities, options, warrants and other potential common stock outstanding during the period; only in periods in which such effect is dilutive. For September 30, 2021, there were 4,500,664 stock options outstanding, however their effects were anti-dilutive. For September 30, 2020, and 2019, there were no potentially dilutive securities to consider in the fully diluted earnings per share calculation.

SCHEDULE OF BASIC AND DILUTED PER SHARE

 2021  2020 
 For the Three Months Ended  For the Three Months Ended 
 September 30,  September 30, 
 2020  2019  2021  2020 
Loss (numerator) $(317,304) $(251,105) $(2,768,613) $(317,304)
Shares (denominator)  205,377,721   175,777,990   235,247,771   205,377,721 
Basic and diluted loss per share $(0.00) $(0.00) $(0.01) $(0.00)

 2021  2020 
 For the Nine Months Ended  For the Nine months Ended 
 September 30,  September 30, 
 2020  2019  2021  2020 
Loss (numerator) $(954,788) $(1,018,200) $(4,546,463) $(954,788)
Shares (denominator)  205,732,175   172,481,694   234,303,915   205,732,175 
Basic and diluted loss per share $(0.01) $(0.01) $(0.02) $(0.00)

I) RECENT ACCOUNTING PRONOUNCEMENTS

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

September 30, 2020

J) Marketable Securities

The Company purchases marketable securities and engages in trading activities for its own account. Securities that are held principally for resale in the near term are recorded at fair value with changes in fair value included in earnings. Interest and dividends are included in net Interest Income.

10

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

September 30, 2021

NOTE 3 - MARKETABLE SECURITIES

The Company has acquired various shares of Marketable Securities over the past several years and engages in trading activities for its own account. The Company’s marketable securities are listed on various exchanges with readily determinable fair value per the guidance of ASC 321, “Investments – Equity Securities.” The fair value of these shares at September 30, 2021 and December 31, 2020 amounted to $195,000and $31,000, respectively. All realized and unrealized gains and losses are recorded in earnings. For the three months ended September 30, 2021, the Company recorded a loss of $(185,000) which consisted of unrealized gains (losses) by marking to market, the value of the shares held. For the three months ended September 30, 2020, the Company recorded unrealized gains of $14,966. For the nine months ended September 30, 2021, the Company recorded unrealized gains of $164,000 compared to unrealized losses of $(901) for the nine months ended September 30, 2020. The Company does not hold any equity securities that do not have readily available fair values, therefore no impairment analysis or other methods to determine value are used.

NOTE 4 - FIXED ASSETS

During the year ended 2020, the Company wrote off all fixed assets purchased prior to 2019, that were fully depreciated. Depreciation expense for the nine months ended September 30, 2021 and 2020 was $1,845 and $0, respectively.

Fixed assets consist of the following:

SCHEDULE OF FIXED ASSETS

  September 30, 2021  December 31, 2020 
Computer equipment $3,213  $3,213 
Total fixed assets  3,213   3,213 
Accumulated Depreciation  (1,070)  (267)
Net fixed assets $2,143  $2,946 

NOTE 5 LICENSES

GOLD TRANSACTIONS NETWORK LICENSE

On February 28, 2021, pursuant to a Stock Purchase Agreement (the “SPA”) between the Company and Gold Transactions International, Inc. (GTI), the Company assumed a License Agreement held by GTI. The Company has not accounted for the acquisition of the license due to a performance obligation that has not yet been met, but is disclosing the terms of the License due to the legal acquisition of the license. The license provides access to a joint venture of companies (the “Network”), that buys gold from artisan miners internationally, and provides transportation, assaying, refining and storage facilities in the DMCC, a free trade zone for commodities trading in Dubai, and then sells the refined gold to its customers. The License Agreement grants the Company the following:

Access to the Network’s gold operations, to participate in the profits generated by the margin between the buy and sell prices, based on the % of funds advanced into the Network,
an exclusive license to market and promote the gold buy/sell program in an attempt to increase the buying power of the Network. The term of the License is un-defined and perpetual.
Reporting from the Network partners of gold transactions shared in, and the revenue generated on a monthly basis. Payments, however are quarterly to the Network partners.

Pursuant to the SPA, 100% of the GTI shares are to be exchanged for $6,000,000 worth of Company’s shares (6,000,000 shares). However due to performance obligations included in the SPA not having been met by September 30, 2021 or subsequently through the date these financial statements were issued, the Company has transferred the Company’s shares to an escrow account and reported the shares as issued but not outstanding.

DIGITAL TRADING PLATFORM LICENSE

On May 1, 2021, the Company entered an agreement with Alt 5 Sigma, Inc. (“Alt 5”), wherein Alt 5 licensed their Alt5Pro Digital Asset Platform to the Company and created “Beyond Blockchain”, a digital asset trading platform to be used by the Company and its shareholders and the public for trading digital assets. The Company paid $5,000 for the license and also pays a monthly hosting fee to Alt 5, which is expensed as incurred. The term of the license is for 12 months with an automatic renewal for an additional 12 months. The license will be amortized over the term of 24 months, using the straight line method. Amortization expensed for the nine months ended September 30, 2021 and 2020 is $1,042 and $0, respectively.

SCHEDULE OF FINITE LIVED INTANGIBLE ASSETS

  September 30, 2021  December 31, 2020 
License – Digital platform $5,000  $0 
Total licensed assets  5,000   0 
Accumulated Amortization  (1,042)  0 
Net licensed assets $3,958  $0 

11

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

September 30, 2021

NOTE 6 – FINE ART

On April 7, 2021, the Company executed a Contractor Agreement with Ronald Cavalier, an artist with galleries in Greenwich, CT, New York City, Nantucket Island and Palm Beach, FL. Pursuant to this agreement, Mr. Cavalier has assisted the Company in acquiring 2 pieces of art for eventual digitization as a Non Fungible Token (NFT). On April 23, 2021, the Company purchased an original Picasso: “Quatre Femmes Nues Et Tete Sculptee”, which was executed in 1934 on Montval laid paper and published by A. Vollard, Paris in 1939. The Company paid $35,940 for this piece of fine art.

On June 4, 2021, the Company purchased another piece of fine art, an Andy Warhol gelatin silver print of Bianca Jagger on a white horse taken by Warhol at the famed Studio 54 (the “Warhol Print”) for $31,905. The Company intends to digitalize both pieces of fine art and issue an NFT to shareholders as a dividend, therefore, the fine art has been characterized as an other asset-not purchased for re-sale, but rather to be held for the long term.

NOTE 37 - RELATED PARTY TRANSACTIONS

Notes Payable-Related Party

The Company is indebted to the officers of the Company for unpaid wages, expenses and cash advances from current and previous years that were converted into Notes. Various Directors and Shareholders have also advanced funds to the Company to support operations. The balances at September 30, 2020 and December 31, 2019 for Related Party Notes Payable are $3,540,405 and $3,540,405, respectively. Accrued interest on the related party notes at September 30, 2020 and December 31, 2019 total $434,347 and $298,796, respectively

Mr. Reichman, our CEO, has rendered services to the Company and his wages have been accrued in accrued expenses during 2017, 2018 and 2019. At December 30, 2019, Mr. Reichman agreed to consolidate accrued wages, auto allowance and cash advances into a long-term Note Payable with a term date of December 31, 2022. At December 30, 2019 the Company executed a Note for $2,016,672 which consisted of cash advances of $400,223, accrued wages of $1,500,000 and auto allowances of $116,449. The total Notes due to Mr. Reichman at September 30, 2020 and December 31, 2019 is $2,437,717 and $2,437,717, respectively. All Mr. Reichman’s Notes bear interest at 5%, are unsecured, and have been extended through December 31, 2022. Accrued interest on Mr. Reichman’s Notes are $254,667 and $163,254 at September 30, 2020 and December 31, 2019, respectively.

Mrs. Griffin, our President, has rendered services to the Company and her wages have been accrued in accrued expenses during 2017, 2018 and 2019. At December 30, 2019, Mrs. Griffin agreed to consolidate accrued wages and expenses into a long-term Note Payable with a term date of December 31, 2022. At December 30, 2019, the Company executed a Note for $563,000 which consisted of expenses of $16,000 and accrued wages of $547,000. The total Notes due to Mrs. Griffin at September 30, 2020 and December 31, 2019 is $769,670 and $769,670, respectively. All Mrs. Griffin’s Notes bear interest at 5%, are unsecured, and have been extended through December 31, 2022. Accrued interest on Mrs. Griffin’s Notes are $96,031 and $56,834 at September 30, 2020 and December 31, 2019, respectively.

On December 13, 2012, the Company executed a note payable to an individual and board member in the amount of $19,000, interest accrues at 8% per annum, unsecured, due after 8 months of execution, but extended to December 31, 2022. Accrued interest at September 30, 2020 and December 31, 2019 is $11,459 and $10,319, respectively.

On March 6, April 22, April 30, May 24, June 14, June 21, July 3, July 30, November 20, December 2, December 13, 2013, the Company executed notes payable to an individual and board member in the total amount of $31,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution, but extended to December 31, 2022. Accrued interest at September 30, 2020 and December 31, 2019 is $13,532 and $12,137, respectively.

On January 2, January 21, April 24, May 19, July 28, August 26, and December 23, 2014, the Company executed notes payable to an individual and board member in the total amount of $31,500, interest accrues at 6% per annum, unsecured, due after 8 months of execution, but extended to December 31, 2022. Accrued interest at September 30, 2020 and December 31, 2019 is $12,035 and $10,617, respectively.

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

September 30, 2020

On February 11, April 21, May 6, June 8, June 15, July 17, August 19, October 20, 2015, and January 22, 2016 the Company executed notes payable to an individual and board member in the total amount of $34,800, interest accrues at 6% per annum, unsecured, due after 8 months of execution, but extended to December 31, 2022. Accrued interest at September 30, 2020 and December 31, 2019 is $11,037 and $9,471, respectively.

On February 28, 2013, the Company executed a note payable to a Trust and shareholder, whose Trustee is our CEO, in the amount of $5,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution, and extended to December 31, 2022. Accrued interest at September 30, 2020 and December 31, 2019 is $2,275 and $2,050, respectively.

On July 23, July 24, August 5, August 26, and September 13, 2013, the Company executed a note payable to a Trust and shareholder, whose Trustee is our CEO, in the total amount of $80,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution. $7,924 was paid on December 31, 2019, leaving a balance of $72,076. Unpaid accrued interest at September 30, 2020 and December 31, 2019 is $3,243 and $0, respectively.

On March 6, March 16, March 25, September 30, August 12, September 10, September 14, October 8, October 14, November 30, December 3, December 7, 2015, the Company executed a note payable to a Trust and shareholder, whose Trustee is our CEO, in the total amount of $49,200, which was paid down to $0 at December 31, 2019 interest accrues at 6% per annum, unsecured, due after 12 months of execution (2016). Accrued interest at September 30, 2020 and December 31, 2019 is $0 and $0, respectively.

On September 23, and November 10, 2014, the Company executed a note payable to a Trust and shareholder whose Trustee is our CEO, in the total amount of $2,500, which was paid down to $0 at December 31, 2019 interest accrues at 6% per annum, unsecured, due after 8 months of execution (2015). Accrued interest at September 30, 2020 and December 31, 2019 is $0 and $0, respectively,

On May 15, July 12, July 17, and November 22, 2013, the Company executed notes payable to an Trust and shareholder, whose Trustee is our CEO, in the total amount of $83,877, interest accrues at 6% per annum, unsecured, due after 8 months of execution, and extended to December 31, 2022. Accrued interest at September 30, 2020 and December 31, 2019 is $12,555 and $8,780, respectively.

On January 22, 2014, the Company executed a note agreement with a Trust and shareholder, whose Trustee is our CEO, in the amount of $14,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution, and has been extended to December 31, 2022. Accrued interest at December 31, 2020 and 2019 is $5,619 and $4,989, respectively.

On April 7, 2014, April 17, 2014, June 6, 2014, July 18, 2014 and October 10, 2014, the Company executed note agreements with a Trust and shareholder whose Trustee is our CEO, in various amounts totaling $24,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution, and has been extended to December 31, 2022. Accrued interest at September 30, 2020 and December 31, 2019 is $9,528 and $8,448, respectively.

On October 10, 2014, the Company executed a note payable to a Trust and shareholder, whose Trustee is our CEO, in the amount of $5,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution, but extended to December 31, 2022. Accrued interest at September 30,2020 and December 31, 2019 is $1,792 and $1,567, respectively.

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

September 30, 2020

On December 30, 2019, the Company executed a note payable to a Trust and shareholder, whose Trustee is our CEO, in the amount of $12,765, interest accrues at 6%, per annum, unsecured, due on December 31, 2022. Accrued interest at September 30, 2020 and December 31, 2019 is $574 and $0, respectively.

(b) Additional detail to all Notes Payable-Related Party is as follows:

2020  2019  Interest  

Year-to-Date

Interest Expense

    
Principal  Principal  Rate  9/30/2020  9/30/2019  Maturity 
$2,016,672  $2,016,672   5.00% $75,624  $-   12/31/22 
 563,000   563,000   5.00%  21,114   -   12/31/22 
 409,920   409,920   5.00%  15,372   15,372   12/31/22 
 11,125   11,125   5.00%  417   417   12/31/22 
 200,000   200,000   5.00%  7,500   7,500   12/31/22 
 6,670   6,670   5.00%  249   249   12/31/22 
 19,000   19,000   8.00%  1,140   1,140   12/31/22 
 31,000   31,000   6.00%  1,395   1,395   12/31/22 
 31,500   31,500   6.00%  1,419   1,419   12/31/22 
 34,800   34,800   6.00%  1,566   1,566   12/31/22 
 5,000   5,000   6.00%  225   225   12/31/22 
 72,076   80,000   6.00%  3,243   3,600   12/31/22 
 -   -   6.00%  -   2,214   N/A 
 -   -   6.00%  -   111   N/A 
 83,877   83,877   6.00%  3,776   3,774   12/31/22 
 14,000   14,000   6.00%  630   630   12/31/22 
 24,000   24,000   6.00%  1,080   1,080   12/31/22 
 5,000   5,000   6.00%  225   225   12/31/22 
 12,765   12,765   6.00%  576   -   12/31/22 
                       
$3,540,405  $3,540,405      $135,551  $40,917     

Accrued interest on these notes in the aggregate totaled $434,347 and $298,796 at September 30, 2020 and December 31, 2019, respectively.

Due to Officers and DirectorsRelated Parties

Due to officersrelated parties consists of cash advances and expenses paid by Mr. Reichman in order to satisfy the expense needs of the Company. The balance of advances made by Mr. Reichman at December 30, 2019 in the amount of $400,223, were consolidated with other amounts due Mr. Reichman, and a Note Payable was issued in its stead. The payables and cash advances are unsecured, due on demand and do not bear interest. During the nine months ended September 30, 20202021 and 2019,2020, Mr. Reichman advanced $104,981 $160,439and $69,038,$104,981, respectively, to the Company and was repaid $0 $186,069and $56,200,$0, respectively. At September 30, 20202021 and December 31, 2019,2020, the amounts Dueowed to Officers Mr. Reichman are $83,883 and Directors for cash advances and expenses are $104,981 and $0,$109,513, respectively.

Accrued wagesWages

The Company does not have sufficient operations and funds to pay its officers their wages in cash, therefore all wages have been accrued for the three and nine months ended September 30, 20202021 and 2019.2020. The accrued wages for the three months ended September 30, 2020 and 2019 are $170,000, respectively, and the accrued wages for the nine months ended September 30, 2021 and 2020 are $465,000and 2019 are $510,000,$510,000, respectively. The balance of accrued wages due to the officers at September 30, 20202021 and December 31, 2019,2020, are $510,000$465,000 and $0,$0, respectively.

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

September 30, 2020

NOTE 48 - NOTES PAYABLE

(a) NOTES PAYABLE IN DEFAULT:

Notes payable in default consist of various notes bearing interest at rates from 5%5% to 9%9%, which are unsecured with original due dates between August 2000 and December 2016. All the notes are unpaid to date and are in default and are thus classified as current liabilities. At September 30, 20202021 and December 31, 2019,2020, notes payable in default amounted to $871,082$871,082 and $871,082,$871,082, respectively. Accrued interest on the notes in default at September 30, 20202021 and December 31, 20192020 are $336,824$372,180 and $310,307,$345,663, respectively. Below is a discussion of the details to the notes payable in default and a table summarizing the notes in default with additional information.

12

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

September 30, 2021

During 2002, the Company settled a trade payable in litigation by executing a note payable to a Companycompany in the amount of $18,000,$18,000, interest accrues at 6%6% per annum, unsecured, due September 1, 2002, and in default. Accrued interest at September 30, 20202021 and December 31, 20192020 is $20,610$21,690 and $19,800,$20,880, respectively.

Also during 2002, in settlement of another trade payable, the Company executed a note payable to a Companycompany in the amount of $30,000,$30,000, interest accrues at 6%6% per annum, unsecured, due September 12, 2002, in default. Accrued interest at September 30, 20202021 and December 31, 20192020 is $31,849$33,649 and $30,499,$32,299, respectively.

During 2000, the Company executed a note payable to an individual in the amount of $25,000,$25,000, interest accrues at 5%5% per annum, unsecured, due August 31, 2000, in default. Accrued interest at September 30, 20202021 and December 31, 20192020 is $26,778$28,030 and $25,839,$27,091, respectively.

In 2002, the Company settled an obligation with a consultant by executing a note payable for $40,000,$40,000, interest accrues at 7%7% per annum, unsecured, due July 10, 2002, in default. Accrued interest at September 30, 20202021 and December 31, 20192020 is $51,587$54,387 and $49,487,$52,287, respectively.

On December 27, 2009, the Company executed a note payable to an individual for various advances to the Company in the amount of $292,860.$292,860. On June 26, 2013, this note was renegotiated to include the accrued interest. The new note balance is $388,376$388,376 and interest accrues at 5%5% per annum, unsecured, and is extended to October 5, 2018,2019, with monthly installments beginning in 2014 of $5,553,$5,553, which did not occur. This note is in default. Accrued interest at SeptemberJune 30, 20202021 and December 31, 20192020 is $141,054$160,474 and $126,489,$145,909, respectively.

In January 27, 2010, the Company executed a note payable to a corporation in the amount of $192,000,$192,000, bears no interest and is due on demand after 6 months of execution and is unsecured. No demand has been made at the date of these financial statements, but the note is in default. Interest expense in the amount of $3,360$13,440 has been imputed for this note for the three months ended September 30,in 2020 and 2019, respectively, with an offsetting entry to Paidadditional paid in Capital.capital.

On August 28, 2012, and September 17, 2012, the Company executed a note payable to a corporation in the amount of $12,000$12,000 and $20,000,$20,000, respectively. On June 26, 2013, this note was renegotiated to include the accrued interest. The new note balance is $32,960$32,960 and interest accrues at 5%5% per annum, unsecured, and is extended to October 5, 2018, with monthly installments beginning in 2014 of $473,$473, which did not occur, and is unsecured and in default. Accrued interest at SeptemberJune 30, 20202021 and December 31, 20192020 is $11,971$13,619 and $10,735,$12,383, respectively.

On April 12, 2012, the Company executed a note payable to a corporation in the amount of $100,000,$100,000, however on June 26, 2013, this note was renegotiated to bear interest at 5%5% per annum, unsecured, extended to October 5, 2018, with monthly installments beginning in 2014 of $1,430,$1,430, which did not occur and this note is in default. Accrued interest at SeptemberJune 30, 20202021 and December 31, 20192020 is $36,318$41,318 and $32,568,$37,568, respectively.

On December 31, 2012, the Company executed a note payable to a corporation in the amount of $32,000,$32,000, however on June 26, 2013, this note was renegotiated to include accrued interest. The new note balance is $32,746,$32,746, bears interest at 5%5% per annum, unsecured, extended to October 5, 2018, with monthly installments beginning in 2014 of $468,$468, which did not occur and this note is in default. Accrued interest at September 30, 20202021 and December 31, 20192020 is $11,891$13,527 and $10,664,$12,300, respectively.

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

September 30, 2020

On March 11, 2014, the Company executed a note agreement with an LLC in the amount of $5,000,$5,000, interest accrues at 6%6% per annum, unsecured, due after 8 months of execution, extended to October 5, 2018 and is in default. Accrued interest at September 30, 20202021 and December 31, 20192020 is $1,967$2,267 and $1,742,$2,042, respectively.

On January 31, 2014, the Company executed a note agreement with a Corporation in the amount of $7,000,$7,000, interest accrues at 6%6% per annum, unsecured, due after 8 months of execution, but extended to October 5, 2018 and is in default. Accrued interest at September 30, 20202021 and December 31, 20192020 is $2,799$3,219 and $2,484,$2,904, respectively.

13

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

September 30, 2021

None of the above notes are convertible or have any covenants.

(b) Additional detail to all Notes Payable in Default is as follows:

SCHEDULE OF NOTES PAYABLE

2020  2019  Interest  

Year-to-Date

Interest Expense

   
September 30,
2021
September 30,
2021
  December 31,
2020
  Interest  Interest Expense    
PrincipalPrincipal  Principal  Rate  9/30/2020  9/30/2019  Maturity Principal  Principal  Rate  9/30/2021  9/30/2020  Maturity 
$32,960   32,960   5.00%  1,236   1,236   10/5/18 32,960   32,960   5.00%  1,236   1,236   10/5/18 
32,746   32,746   5.00%  1,227   1,227   10/5/18 32,746   32,746   5.00%  1,227   1,227   10/5/18 
5,000   5,000   6.00%  225   225   10/5/18 5,000   5,000   6.00%  225   225   10/5/18 
100,000   100,000   5.00%  3,750   3,750   10/5/18 100,000   100,000   5.00%  3,750   3,750   10/5/18 
7,000   7,000   6.00%  315   315   10/5/18 7,000   7,000   6.00%  315   315   10/5/18 
388,376   388,376   5.00%  14,565   14,565   10/5/18 388,376   388,376   5.00%  14,565   14,565   10/5/18 
192,000   192,000   0%  10,080   10,080   10/5/18 192,000   192,000   0%  10,080   10,080   10/5/18 
18,000   18,000   6.00%  810   810   9/1/2002 18,000   18,000   6.00%  810   810   9/1/2002 
30,000   30,000   6.00%  1,350   1,350   9/12/2002 30,000   30,000   6.00%  1,350   1,350   9/12/2002 
25,000   25,000   5.00%  939   939   8/31/2000 25,000   25,000   5.00%  939   939   8/31/2000 
40,000   40,000   7.00%  2,100   2,100   7/10/2002 40,000   40,000   7.00%  2,100   2,100   7/10/2002 
                                            
$871,082  $871,082      $36,597  $36,597     871,082  $871,082      $36,597  $36,597     

At September 30, 20202021 and December 31, 2019,2020, accrued interest on the outstanding notes payable (default and current) were $336,824 $376,007 and $310,307,$345,663, respectively and related party notes was $434,346$0 and $298,796,$0, respectively. Interest expense on the outstanding notes amounted to $162,068$40,425 and $49,680$162,068 for the nine months ended September 30, 20202021 and 2019,2020, including the imputed interest discussed above.below.

(c) CONVERTIBLE DEBENTURE:

On November 27, 2020, the Company executed a convertible debenture with a corporation in the amount of $74,800, 10% interest per annum, unsecured, due on November 27, 2021. The debenture included a conversion right to be exercised at any time 180 days after execution of the note and was convertible into common stock of the Company at 75% of the market price, being calculated as the lowest three trading prices during the fifteen trading day period prior to conversion. The Debenture also required the Company to reserve 5 times the expected conversion share amount at the transfer agent, to ensure there were sufficient shares available upon conversion.

The convertible debenture also contained an OID or original issue discount of $6,800, which was deducted from the proceeds, thus resulting in $68,000 net proceeds to the Company. Because the Company prepaid the debenture in February 2021, it incurred a 20% pre-payment penalty, and expensed the OID in full during 2020.

Accrued interest and penalties at September 30, 2021 and December 31, 2020 were $0 and $12,045, respectively. At September 30, 2021 and December 31, 2020, the Convertible Debenture balance was $0 and $74,800, respectively.

14

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

September 30, 2021

(d) NOTES PAYABLE

On July 20, 2021, the Company received cash from an individual in the amount of $100,000 as a loan bearing interest at 5%, with a term of 12 months of the date received. At September 30, 2021 and 2020, accrued interest on this note totals $2,170 and $0, respectively.

On August 6, 2021, the Company received cash from an individual in the amount of $100,000 as a loan bearing interest at 5%, with a term of 12 months of the date received. At September 30, 2021 and 2020, accrued interest on this note totals $1,658 and $0, respectively.

(e) Additional detail to all Notes Payable is as follows:

September 30,
2021
  December 31,
2020
  Interest  Interest Expense    
Principal  Principal  Rate  9/30/2021  9/30/2020  Maturity 
$100,000     0   5.00%  2,170   0   7/20/22 
 100,000   0   5.00%  1,658   0   8/6/22 
                       
 200,000   0       3,828   0     

(f) STOCK DEPOSITS

On February 26, 2021, the Company received cash from an accredited investor in the amount of $100,000, as a deposit for the eventual issuance of common shares of the Company.

On March 26, 2021, the Company received an additional amount of $50,000 from an accredited investor as an upfront deposit for common shares of the Company to be issued later in 2021.

During the 2nd quarter 2021, the Company received 5 advances totaling $190,000 from an accredited investor as an upfront deposit for the issuance of common shares of the Company later in 2021.

During the 3rd quarter 2021, the Company received 3 advances totaling $150,000 from an accredited investor as an upfront deposit for the issuance of common shares of the Company later in 2021.

Stock deposits are advances only and do not bear interest and are unsecured, but have the intention of being satisfied through the issuance of common shares of the Company during the current fiscal period.

 

NOTE 5 - STOCKHOLDERS’ DEFICIT(g) IMPUTED INTEREST

 

During the three months ended September 30, 2021 and 2020, the Company recorded imputed interest on a non-interest-bearing note in the amount of $3,360 and $3,360, respectively, as an increase in additional paid in capital. The imputed interest for the nine months ended September 30, 2021 and 2020 was $10,080 and $10,080, respectively.

NOTE 9 - STOCKHOLDERS’ EQUITY (DEFICIT)

ISSUANCES OF COMMON STOCK

During the nine months ended September 30, 20202021 and 2019,2020, the Company issue issued 6,074,135 and 6,540,000shares of common stock with a fair market value of $158,050 $3,643,612 and 5,000,000 shares with a fair market value of $262,500,$158,050, respectively, for services rendered. The services performed during the quarter were, legal, IR services, IT and consulting services for art procurement, medical advisory and service related to a 501c charitable organization. All services performed were from outside, unrelated third parties.

On May 18, 2020,During the second quarter 2021, the Company cancelledre-negotiated its contractor agreements with its contract professionals, wherein, due to the 4,668,530increase in stock price during 2021, the contractors agreed to accept the shares issued in the first quarter 2021 (250,000 shares each), as a prepayment (escrow) of shares, and agreed to record the earned shares each quarter, based on the 10 day moving average stock price at quarters end, based on the individual contractor agreed compensation. This change in contract administration required a recording of expense at September 30, 2021 in the amount of $938,250, and an identical entry to paid in capital, without the issuance of additional shares.

On February 28, 2021, the Company executed a Stock Purchase Agreement wherein the Company acquired all the issued and outstanding stock of Gold Transactions International, Inc. (GTI) (a Utah Corporation), for the issuance of 6,000,000 shares of common stock valued at $6,000,000 on the grant date of February 24, 2021. Pursuant to the SPA, a performance obligation exists wherein GTI must achieve a certain profit margin once revenues commence to receive the shares issued. Therefore, the shares have been placed in escrow until the performance obligation is met and the acquisition has not been included in these financial statements. The acquisition of GTI will be accounted for as an asset purchased due to the fact that GTI had been newly formed, had only one asset or asset group and had no operations at the time of the acquisition. Revenue generation for GTI commenced in Q2 of 2021, and the performance obligation is expected to be satisfied at the end of Q4. GTI is in the business of participating, through a License Agreement, with a private joint venture network of companies, in transporting, assaying, buying, storing and selling gold from international artisan gold miners. After the mined dore gold has been shipped to a network third party refinery in the DMCC, a free trade zone in Dubai, the artisan miner’s gold is purchased and refined and sold to the network’s customers. GTI makes revenue on the margin spread of the buy and sell prices.

Effective April 1, 2021, the Company, signed a binding agreement (the “Agreement”) with Bronx Family Eye Care, Inc. (BFE), engaged in the business of full scope optometry at its four primary locations, three of which are in the Bronx, one of which is in Manhattan, New York, as well as at a fabrication facility in the Bronx. Eyecare and Eyewear, Inc. is a diagnostic medical 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. The two companies agreed to engage in a business combination such that BFE will become a wholly owned subsidiary of GTII, and the shareholders of BFE will acquire two million six hundred fifty thousand (2,650,000) shares of the Company’s common stock, subject to the terms and conditions set forth in the Agreement. The 2,650,000 shares have been issued, but are held in escrow until the closing conditions are met, therefore these share are reported as issued but not outstanding. The Agreement also includes a requirement to have a 2-year audit from a licensed CPA firm as a condition to the finalization of the Agreement, therefore, no operating activities, assets or liabilities will be consolidated with the Company until this final condition is met.

There were no acquisition related costs incurred in acquiring BFE. The initial accounting of the BFE acquisition is incomplete as of the date of the Company’s 10-Q filing. Therefore, disclosures related to the issuers recording of the acquisition, and related balance sheet and income statement disclosures cannot be made at this time. Effective April 1, 2021, the operations of BFE will be consolidated with the Company, upon the conditions described above being met. BFE is a currently operating company with revenues in excess of $1,000,000 annually.

On March 22, 2021, the Company declared a warrant dividend to the shareholders of ARUR, pursuantrecord on April 1, 2021, to be administered via its transfer agent Liberty Stock Transfer. On April 8, 2021, the Company issued the warrants to its shareholder at a rate of 1 warrant for each 10 shares owned as of April 1, 2021. The warrant entitles the holder to purchase one restricted share of GTII common stock for a price of $2.75 (the strike price). The warrant has a2-year term and expires on April 8, 2023. The Company recorded a debit to Retained deficit of $57,689,800 with an offsetting credit adjustment to Paid in capital in the same amount, to record the dividend.

On June 24, 2021, the Company executed a Stock Purchase Agreement (SPA) with MyRetinaDocs LLC (“My Retina”), a New York Limited Liability Company, with principal business operations in New York City. My Retina is a SaaS software and practice management company performing diagnostic medical care services. My Retina licenses, leases and operates its proprietary telemedicine software, as well as medical equipment together to offer eye exam data to its clients. My Retina also has a diagnostic medical 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. The Company issued 1,500,000 shares of common stock in exchange for 100% of all outstanding interests in My Retina subject to the Chautauqua County Court Kansas decision nullifyingterms and conditions set forth in the Agreement. The 1,500,000 shares are being held in escrow until the closing conditions have been met, therefore these shares are reported as issued but not outstanding. The Agreement also includes a requirement to have a 2-year audit from a licensed CPA firm as a condition to the finalization of the Agreement, therefore, no operating activities, assets or liabilities will be consolidated with the Company until this final condition is met.

There were no acquisition related costs incurred in acquiring My Retina. The initial accounting of the My Retina acquisition is incomplete as of the date of the Company’s 10-Q filing. Therefore, disclosures related to the issuers recording of the acquisition, and related balance sheet and income statement disclosures cannot be made at this time.

On June 28, 2021, the Company increased its authorized shares of common stock to 550,000,000.

On August 24, 2021, the Company and We SuperGreen Energy Corp (WSGE) and WSGE shareholders reached and signed a Definitive Letter Agreement wherein the Company will acquire 100% of ARUR (seethe shares of WSGE, subject to various closing conditions, expected to close before the calendar year end.The conditions for WSGE include the completion of a 2 year audit of WSGE, written verification of a substantial bona fide purchase order contract in an amount of no less than $50 million dollars, by a customer, awarded to SuperGreen, a substantial cash deposit by the customer to GTII’s satisfaction, transfer of patents and other legal actions). Theseapprovals. The Company will also receive all proper legal approvals for the transaction and file for up-listing to a national exchange, and use its best efforts to raise capital to assist with the costs of the acquisition. Consideration for the acquisition will consist of all Preferred shares were cancelledbeing assigned to the CEO of WSGE, and returnedcommon share issuances in an amount sufficient to Treasury.give the shareholders of WSGE majority in the Company.

15

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

September 30, 2021

ISSUANCES OF PREFERRED STOCK

Pursuant to the Articles of Incorporation of the Company, there was initially authorized 50,000 shares of Series A Preferred Stock. On April 7, 2016, the Company’s Board of Directors created and issued out of the Series A Preferred Stock, 1,000 Series A Preferred shares with the following features:

a)Super voting power, wherein the 1,000 shares have the right to vote in the amount equal to fifty-one percent (51%) of the total vote with respect to any proposal relating to (i) increasing the authorized share capital of the Company, and (ii) effecting any forward stock split of the Company’s authorized, issued or outstanding shares of capital stock, and (iii) any other matter subject to a shareholder vote.
b)No entitlement to dividends.
c)No liquidation preferences.
d)No conversion rights.
e)Automatic Redemption Rights upon certain triggers, to be redeemed at par value.

OTHERSTOCK OPTIONS

On December 19, 2020, in conjunction with the conversion of related party notes, accrued interest and compensation, the Company authorized the issuance of 4,500,664 stock options with the following features:

One option allows for the purchase of one share of common stock
The strike price of the option is $.01
The conversion term is 2 years from issuance date
All options are vested immediately

The value of the options were determined using the Black-Scholes valuation method, and the Company uses the following methods to determine its underlying assumptions: expected volatilities are based on the historical monthly closing price of the Company’s common stock; the expected term is 2 year, the risk free interest rate used is based on the U.S Treasury implied yield zero-coupon issue with similar life terms to the expected life of the grant; and the expected divided yield is based on the current annual dividend. No compensation was recorded with the 4,500,664 option issuance as the $447,813 valuation of the options granted did not exceed the recorded amount of debt it was converting.

SCHEDULE OF STOCK OPTION ISSUANCE OF FAIR VALUE ASSUMPTIONS

Assumptions:2020
Assumptions applicable to stock options issued
Risk-free interest rate3%
Expected lives (in years)2
Expected stock volatility72%
Dividend yield-

Stock option transactions are as follows:

SCHEDULE OF STOCK OPTION

     Weighted  Weighted    
     Average  Average  Aggregate 
     Exercise  Remaining  Intrinsic 
  Shares  Price  Term  Value 
Outstanding at January 1, 2020  -  $-   -  $- 
Granted  4,500,664   .01   2 yrs   427,563 
Exercised  -   -   -   - 
Forfeited  -   -   -   - 
Outstanding at December 31,2020  4,500,664  $.01   2 yrs  $427,563 
                 
Granted  -   -   -   - 
Exercised  -   -   -   - 
Forfeited  -   -   -   - 
Outstanding at September 30, 2021  4,500,664  $.01   1.25 yrs  $427,563 

16

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

September 30, 2021

WARRANTS

On March 22, 2021, GTII entered into a warrant agreement with Liberty Stock Transfer Agent (“Liberty”), whereby Liberty agreed to act as GTII’s warrant agent in its offering of warrants to GTII’s shareholders (each, a “Warrant”). All shareholders of record on April 1, 2021, were issued 0.10 of a Warrant per share of Common Stock held of record by such holder. This agreement created 23,364,803 warrants to the shareholders of the Company as a dividend valued at $57,689,800, and recorded as a decrease in retained earnings with the offsetting entry to paid in capital. The Warrants were issued on April 8, 2021. Each full Warrant shall be exercisable into one share of GTII’s common stock at an exercise price of $2.75. The Warrants shall expire on April 8, 2023. Manhattan Transfer Registrar Co. shall act as co-agent with Liberty. On July 27, 2021, the Company filed an Amended Registration Statement to register the warrants to be free trading when exercised.

SCHEDULE OF WARRANTS ISSUANCE OF FAIR VALUE ASSUMPTIONS

2021

Warrants

Assumptions:
Assumptions applicable to stock options issued
Risk-free interest rate.25- %
Expected lives (in years)2-
Expected stock volatility266- %
Dividend yield-

Warrant transactions are as follows:

SCHEDULE OF WARRANTS

     Weighted  Weighted    
     Average  Average  Aggregate 
     Exercise  Remaining  Intrinsic 
  Shares  Price  Term  Value 
Outstanding at January 1, 2020  -  $-   -  $- 
Granted  -   -   -   - 
Exercised  -   -   -   - 
Forfeited  -   -   -   - 
Outstanding at December 31, 2020  -  $-   -  $- 
                 
Granted  23,364,803   2.75   2.0 yrs  $57,689,800 
Exercised  -   -   -   - 
Forfeited  -   -   -   - 
Outstanding at September 30, 2021  23,364,803  $2.75   1.50 yrs  $57,689,800 

 

OTHER

During the ninethree months ended September 30, 20202021 and 2019,2020, the Company recorded imputed interest on a non-interest-bearing note in the amount of $10,080 $3,360 and $10,080,$3,360, respectively, as an increase in additional paid in capital.capital (see Note 8). The imputed interest for the nine months ended September 30, 2021 and 2020 was $10,080 and $10,080, respectively.

17

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

September 30, 20202021

NOTE 610 - LEGAL ACTIONS

On February 3, 2017, the Company filed suit in Eastern District Federal Court New York against American Resource Technologies, Inc., (ARUR) and several directors and officers relating to the Chautauqua County Court Kansas decision nullifying the acquisition Agreement of ARUR. The Company has made several attempts to recover the shares of GTII stock paid to ARUR for the asset acquisition and the various costs and expenses expended by GTII in fulfillment of its obligations under the contract with ARUR. The failure of non-litigation attempts to resolve the matter resulted in filing an action for declaratory judgment in the US District Court for the Eastern District of New York, Docket No. 17-CV-0698. The case was subsequently withdrawn due to the close of ARUR operations. On May 18,During 2020, the Company’s transfer agent cancelledCompany was successful in recalling the 4,668,530shares issued toand cancelling them from the shareholders of ARUR, and returned them to Treasury.shareholder list.

On December 30, 2016, the Company executed a stock purchase agreement (the “Agreement”), which was signed and closed in Hong Kong, with GoFun Group, Ltd. through its wholly owned subsidiary Go F & B Holdings, Ltd. GoFun Group, Ltd. is a privately held company running a casual dining restaurant business, based in Hong Kong. Subsequent to the agreement being signed, GoFun Group failed to substantially perform under the agreement, including, but not limited to providing audited financials of its assets, making the ongoing payments called for in the agreement, along with other matters that led Global Tech to initiate litigation in the United States. Currently, Global Tech and GoFun are litigating the matter in the U.S District Court for the southern district of New York. The original acquisition agreement and rescission was recorded on the Company’s books in 2016, however the physical share certificates were not returned to the Company. During the fourthlast quarter of 2019, the Company was able to secure, via preliminary settlement, the return of 43,649,491 shares of the Company’s stock, whichthat was issued in good faith to GoFun in anticipation of a final stock exchange. The stock washas since been returned to the Company’s treasury and cancelled. The Company also reclassified a deposit received from GoFun shareholders in the amount of $128,634 for future share issuances pursuant to the Acquisition Agreement, to a Gain on Settlements and Debt Relief as part of the legal settlement of this case. As of this writing, motions are pending that may require remaining negotiations to continue in arbitration.

On December 30, 2019, a dispute between the Company and its counsel regarding the GoFun matter, above, resulted in a filing, and subsequent settlement, of an action in the Supreme Court of the State of New York for the County of New York (Index No. 656396/2019). Pursuant to the settlement, prior counsel for the Company accepted previously-issued shares in 2016, as full payment for all legal work, expenses, costs, and other fees.

On March 17, 2021, the Company filed an action against Pacific Technologies Group, Inc., Rollings Hills Oil and Gas Inc., Demand Brands, Inc., Innovativ Media Group, Inc. Tom Coleman, and Bruce Hannan, in the Supreme Court of the State of New York, County of New York (Index No. 651771/2021), alleging fraud, rescission and cancellation of a written instrument, unconscionability, breach of contract, breach of good faith and fair dealing, unjust enrichment, and civil conspiracy. The action stems from a stock purchase agreement entered into by the Company and Pacific Technologies Group, Inc. (then known as Demand Brands, Inc.) on October 16, 2018. On May 22, defendants filed a motion seeking additional time to answer. As of the date of this writing, no ruling on that motion has been entered.

On August 16, 2021, the Company filed an action against David Wells, in the United States District Court for the Southern District of New York (Case 1:21-cv-06891) seeking injunctive relief and relinquishment of 150,000 shares held in the name of David Wells. As of the date of this writing, David Wells has appeared, through counsel, but has not yet filed an answer to the Company’s complaint.

On August 24, 2021, the Company filed an application for a temporary restraining (“TRO”) order in the Superior Court of New Jersey, Chancery Division: Monmouth County (Docket No.: Mon-C-132-21) seeking to restrain Liberty Stock Transfer, Inc. from removing restrictive legends from 6,000,000 shares of Company stock held in the name of International Monetary, as well as from transferring said shares. The Court granted the TRO effective until September 28, 2021. On September 28, 2021, the Court declined to issue any further restraints.

In the interim, on September 16, 2021, International Monetary filed an action against the Company in Clark County, Nevada (Case No: A-21-841175-B) alleging breach of contract and breach good faith and fair dealing, as well as a request for declaratory relief, and temporary restraining order and preliminary injunction. On September 30, 2021, the Company filed a notice of removal of the action to the United States District Court for the District of Nevada (Case 2:21-cv-01820), as well as a request for a temporary restraining order enjoining International Monetary from taking any action to remove the restrictive legend shares from Company shares held in its name. On October 14, 2021, International Monetary filed a motion to strike the petition for removal. As of the date of this writing, no ruling on that motion has been entered.

NOTE 711SUBSEQUENT EVENTS

The Company has evaluated events subsequent to the balance sheet through the date the financial statements were issued and noted nothe following events requiring disclosure.disclosure:

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

September 30, 2020

NOTE 8 – RESTATEMENT OF PRIOR ISSUED FINANCIAL STATEMENTS

The financial statements for the three and nine months ended September 30, 2019 have been restated due to an error in reporting the adoption of ASC 321, effective January 1, 2018, which requires unrealized gains and losses from marketable securities to be recorded in earnings, however,On October 5, 2021, the Company erroneously recorded unrealized losses on marketable securities insigned a letter of intent with Classroom Salon (CS), to define the September 30, 2019 10-Q interms 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 accumulated comprehensive income, an equity account. For comparability purposes, some reclassifications have also been made, or expenses added that were previously missed. The impact of the Restatement is as followsstudy groups and then integrate them with other learning platforms at September 30, 2019:any educational levels.

  Three Months Ended September 30, 2019 
  As Previously       
  Reported  Adjustment  As Restated 
Statement of Operations Data:            
General and administrative  216,885   (145,080)  71,805  
Compensation and professional fees  22,279   150,784   173,063 
Total Operating Expenses  (239,164)  (5,704)  (244,868)
Gain on marketable securities  -   20,696   20,696  
             
Total Other Income (Expense)  (26,933)  20,696   (6,237)
Loss Before Income Taxes  (266,097)  14,992   (251,105)
Net Loss  (266,097)  14,992   (251,105)
Other Comprehensive Income (Loss)  20,697   (20,697)  - 

  Nine Months Ended September 30, 2019 
  As Previously       
  Reported  Adjustment  As Restated 
Statement of Operations Data:            
General and administrative  934,700   (485,080)  449,620 
Compensation and professional fees  50,472   485,080   535,552 
Gain on marketable securities  -   47,004   47,004  
Total Other Income (Expense)  (80,032)  47,004   (33,028)
Loss Before Income Taxes  (1,065,204)  47,004   (1,018,200)
Net Loss  (1,065,204)  47,004   (1,018,200)
Other Comprehensive Income (Loss)  47,005   (47,005)  - 

  Period Ended September 30, 2019 
  As Previously       
  Reported  Adjustment  As Restated 
Balance Sheet Data:            
Marketable securities  178,125   51,832   229,957 
Total Current Assets  180,444   51,832   232,276 
Investments  51,832   (51,832)  - 
Unearned ESOP shares  (3,413,600)  3,413,600   - 
Accumulated other comprehensive income  150,989   (150,989)  - 
Accumulated (Deficit)  (163,951,458)  (3,262,611)  (167,214,069)

  Nine Months Ended September 30, 2019 
  As Previously       
  Reported  Adjustment  As Restated 
Cash Flows Data:            
Net loss  (1,065,204)  47,004   (1,018,200)
Gain loss on marketable securities  -   (47,004)  (47,004)
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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-Q. You can find many of these 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)
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; andcosts.

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Overview of Business

Global Tech Industries Group, Inc. (“Global Tech,” “GTII,” “we,” “our,” “us,” “the Company,” “management”) is a Nevada corporation which has been operating under several different names since 1980.

Western Exploration, Inc., a Nevada corporation, was formed on July 24, 1980. In 1990, Western Exploration, Inc. changed its name to Nugget Exploration, Inc. On November 10, 1999, a wholly-owned subsidiary of Nugget Exploration, Inc., Nugget Holdings Corporation, merged with and into GoHealthMD, Inc., a Delaware corporation. Shortly thereafter, Nugget Exploration, Inc. changed its name to GoHealthMD, Inc., a Nevada corporation.

On August 18, 2004, GoHealthMD, Inc., the Nevada Corporation, changed its name to Tree Top Industries, Inc. On July 7, 2017, Tree Top Industries, Inc. changed its name to Global Tech Industries Group, Inc. GoHealthMD, Inc. continues to exist as a Delaware corporation and wholly owned subsidiary of Global Tech Industries Group, Inc., TTI Strategic Acquisitions and Equity Group, Inc., and TTII Oil & Gas, Inc., a Delaware corporation, all were formed by Global Tech in the anticipation of technologies, products, or services being acquired. G T International, Inc., a Nevada corporation, is also a wholly-owned subsidiary of Global Tech Industries Group, Inc. Not all subsidiaries have current operations.

On December 31, 2012, Global Tech and its new subsidiary, TTII Oil & Gas, Inc., a Delaware corporation, signed a binding asset purchase agreement with American Resource Technologies, Inc. (“ARUR”), a Kansas corporation, to acquire all the assets of ARUR for a purchase price of $513,538, which was paid in the form of 4,668,530 shares of Global Tech’s common stock as described in the asset purchase agreement. The shares were valued at $0.11 per share, based on the closing trading price of the common stock on the Closing Date. The assets purchased from ARUR include a 75% working interest in oil and gas leases in Kansas, as well as other oil field assets, a natural gas pipeline, currently shut down that is also located in Kansas, 25% interest in three other business entities operating in Kansas, and accounts receivables from two companies operating in Brazil in the amounts of $3,600,000 and $3,600,000 respectively. TTII Oil & Gas, Inc. also purchased three promissory notes in the amounts of $100,000, $100,000 and $350,000, as well an overdue contract for revenue in the amount of $1,000,000. Finally, a gun sight patent was also acquired from Century Technologies, Inc. All accounts and notes receivable were deemed uncollectable due to the age and circumstances, and therefore were assessed no value in the asset purchase. The equity ownerships were also deemed to be impaired due to the inactive nature of the entities, and were not allocated any value. The gun sight patent was also not readily assessable as to value and no purchase price was allocated to this asset. Also, due to the mechanic’s lien and lawsuit on the oil leases, as well as the absence of an official reserve report, the oil lease was also impaired and no value was recorded for this asset. On September 2015, the Chautauqua County Court decided that American Resource Technologies Inc management and Board of Directors improperly acted and rendered the original Agreement a nullity. During 2019, the Company removed additional obligations related to the ARUR acquisition and settled legal fees due. The Company cancelled the 4,668,530 shares issued to the shareholder of ARUR effective May 18, 2020, and returned the shares to Treasury.

The Company currently has investing operations through TTII Strategic Acquisitions and Equity Group, Inc., wherein the Company holds variousone Marketable Securities, however the amounts of investments are minimal as of September 30, 2020.Securitie, which changes in value regularly and is marked to market on our books quarterly. The Company is also involved in various merger and acquisition activities, and is currently negotiating opportunities that are expected to bring operating revenues to the Company. The Company continues to seek opportunities to utilize its intellectual properties and relationships with our valued business associates.

On February 28, 2021, the Company executed a Stock Purchase Agreement wherein the Company acquired all the issued and outstanding stock of Gold Transactions International, Inc. (GTI) (a Utah Corporation), for the issuance of 6,000,000 shares of common stock valued at $6,000,000 on the grant date of February 24, 2021. Pursuant to the SPA, a performance obligation exists wherein GTI must achieve a certain profit margin once revenues commence to receive the shares issued. Therefore, the shares have been placed in escrow until the performance obligation is met and the acquisition has not been included in these financial statements. The acquisition of GTI will be accounted for as an asset purchased due to the fact that GTI had been newly formed, had only one asset or asset group and had no operations at the time of the acquisition. Revenue generation for GTI commenced in Q2 of 2021, and the performance obligation is expected to be satisfied at the end of the year. GTI is in the business of participating, through a License Agreement, with a private joint venture network of companies, in transporting, assaying, buying, storing and selling gold from international artisan gold miners. After the mined dore gold has been shipped to a network third party refinery in the DMCC, a free trade zone in Dubai, the artisan miner’s gold is purchased and refined and sold to the network’s customers. GTI makes revenue on the margin spread of the buy and sell prices.

March 17, 2021, the Company’s Board of Directors approved the declaration by management of a Warrant to holders of its common stock to purchase additional shares of stock. On March 22, 2021, Global Tech Industries Group, Inc., (“GTII”) a Nevada corporation, entered into a warrant agreement with Liberty Stock Transfer Agent (“Liberty”), whereby Liberty agreed to act as GTII’s warrant agent in its offering of warrants to GTII’s shareholders (each, a “Warrant”). All shareholder of record on April 1, 2021, were issued 0.10 of a Warrant per share of Common Stock held of record by such holder. However, no fractional Warrants were issued. The Warrants were issued on or about April 8, 2021. Each full Warrant shall be exercisable into one share of GTII’s common stock at an exercise price of $2.75. The Warrants shall expire on April 8, 2023. Manhattan Transfer Registrar Co. shall act as co-agent with Liberty. The Warrants do not have a cashless exercise provision.

During the first and second quarters of 2021, the Company entered into binding agreements with three companies in the field of eye care, retail eye wear, full scope optometry, telemedicine software, and at-home and bulk eye exams. The Bronx Family Eye Care, Inc. is a company that provides retail 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. 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. Eyecare and Eyewear, Inc. is a diagnostic medical 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.

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 June 18, 2021, an online cryptocurrency trading platform that provides access to Digital Currency and is changing the way customers transact with Digital Assets. Beyond Blockchain is a registered Money Services Business under FINTRAC guidelines and incorporate world class AML and KYC technology. It uses two-factor authentication to secure customers’ assets as well as AI liveness testing to secure the user experience. Beyond Blockchain 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).

On June 28, 2021, the Company increased its authorized shares of common stock to 550,000,000.

EmployeesOn August 24, 2021, the Company and We SuperGreen Energy Corp (WSGE) and WSGE shareholders reached and signed a Definitive Letter Agreement wherein the Company will acquire 100% of the shares of WSGE, subject to various closing conditions, expected to close before the calendar year end. The conditions for WSGE include the completion of a 2 year audit of WSGE, written verification of a substantial bona fide purchase order contract in an amount of no less than $50 million dollars, by a customer, awarded to SuperGreen, a substantial cash deposit by the customer to GTII’s satisfaction, transfer of patents and other legal approvals. The Company will also receive all proper legal approvals for the transaction and file for up-listing to a national exchange, and use its best efforts to raise capital to assist with the costs of the acquisition. Consideration for the acquisition will consist of all Preferred shares being assigned to the CEO of WSGE, and common share issuances in an amount sufficient to give the shareholders of WSGE majority in the Company.

 

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Employees

As of November 12, 2020August 2, 2021 we have 1 full-time employee and one1 part time employee. We have not experienced any work stoppages and we consider relations with itsour employees to be good.

RESULTS OF OPERATIONS

Results of Operations for the Three Months Ended September 30, 20202021 Compared to Three Months Ended September 30, 2019:2020:

We realizedThere were no revenues of $8,500 and $0generated during the three months ended September 30, 2020 and 2019. Our CEO generated consulting service revenue during2021, however the quarter, and this revenue stream may or may not continueCompany did generate $8,500 in non-recurring revenues in the future.three months ended September 30, 2020. Our general operating expenses increased from $244,868 in 2019 to $280,046 in 2020.2020 to $2,566,851 in 2021. The increase was primarily the result of an increase in professional feesservices including investor relations, IT, legal, accounting and a decreaseconsulting for our digital asset platform, fine art and medical advisory board, as well as charitable service contributions. The Company issued $2,305,888 in travel expenses. Duestock to the Coronavirus, the Company executives travelled lessour professionals during the third quarter 2021 as compared to $65,750 for the third quarter 2020. Our interest expense decreased to $16,762 for the three months ended September 30, 2021 from $60,724 for the three months ended September 30, 2020, due to certain restrictions.the conversion of related party debt at December 31, 2020. We also had unrealized loss from our marketable securities of $(185,000) for the three months ended September 30, 2021, compared to a gain of $14,966 for the three months ended September 30, 2020.

Our net loss increased by $66,199$2,451,309 from $(251,105)$(317,304) in 2019the 3rd quarter 2020 to a loss of $(317,304)$(2,768,613) in 2020.the 3rd quarter 2021. The primary reason for this increase was the increase in interest expense dueprofessional 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.

Results of Operations for the new notesNine months Ended September 30, 2021 Compared to Nine months Ended September 30, 2020:

We realized revenues of $0 during the officers atnine months ended September 30, 2021 and $8,500 of non-recurring revenues during the endnine months ended September 30, 2020. Our general operating expenses increased from $786,954 in 2020 to $4,661,352 in 2021. The increase was primarily the result of 2019,increases in professional fees related to our acquisitions, investor relations and consulting on our fine art and NFT trading platform, along with consulting by our medical advisory board, and consultants related to a 501c charitable organization.

Our net loss increased by $3,591,675 from $(954,788) in 2020 to a loss of $(4,546,463) in 2021. The primary reason for this increase was the significant increase in professional fees.fees of $3,179,878, charitable contributions of $540,000, less the gain we received from our unrealized gain on marketable securities of $164,000 compared to a loss of $(901) during the nine months ended September 30, 2020. We expect that our losses will continue until we are able to establish a consistent revenue source and finalize our projected acquisition. Management and the Board are considering multiple options currently available.

Results of Operations for the Nine Months EndedLIQUIDITY AND CAPITAL RESOURCES

At September 30, 2020 Compared2021 we had cash on hand of $295,083 compared to Nine Months Ended September 30, 2019:

We realized revenues$2,479 at December 31, 2020. Cash used by our operations of $8,500 and $0$(224,121) during the nine months ended September 30, 2020 and 2019. Our CEO generated consulting service revenue during the 3rd quarter 2020, and this revenue stream may or may not continue in the future. Our general operating expenses decreased from $985,172 in 2019 to $786,954 in 2020. The decrease was primarily the result of decreases in consulting and professional fees incurred, and paid with shares of the company’s common stock. There was also a decrease in travel expenses due to the Coronavirus travel restrictions.

Our net loss decreased by $63,412 from $(1,018,200) in 2019 to a loss of $(954,788) in 2020. The primary reason for this decrease was the decrease in travel and general and administrative expenses due to the Coronavirus pandemic, and the decrease is professional service fees. There was also an increase in interest expense due to the new notes to the officers, and less gains from marketable securities. We expect that our losses will continue until we are able to establish a consistent revenue source and finalize our projected acquisition. Management and the Board are considering multiple options currently available.

LIQUIDITY AND CAPITAL RESOURCES

At September 30, 2020 we had cash on hand of $1,470 compared to $1,435 at December 31, 2019. Cash used by our operations of $(105,089) in 20202021 compared to cash used of $(18,337) in 2019.$(105,089) during the nine months ended September 30, 2020. Our operations are supported by our CEO who uses individual credit to pay for expenses of the Company. In the first nine months of 20202021 our CEO advance $104,981advanced $160,439 as compared to a net cash advance of $12,838$104,981 during 2019.2020. During the nine months ended September 30, 2021, the Company reimbursed our CEO $186,069 compared to $0 for the nine months ended September 30, 2020. We received $150,000 during the first quarter of 2021, from an accredited investor as a stock deposit, which was used to satisfy the convertible debenture of $74,800 plus accrued interest and penalties. We received an additional $190,000 from an accredited investor as a stock deposit during the 2nd quarter 2021, and an additional $150,000 during the 3rd quarter 2021.We anticipate that we will continue to have a negative cash flow from operations for 2020.2021. We do not have sufficient cash on hand at September 30, 20202021 to cover our negative cash flow. We will attempt to raise capital through the sale of our common stock or through debt financing, or engaging in other operations.

Some of Global Tech’s past due obligations, including $338,000 of accounts payable, and $113,000 of notes payable and judgments, were incurred or obtained 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

During the nine months ended September 30, 2020, the Company’s working capital deficit decreased from $(2,166,033) to $(2,952,691), a decrease of 36%, due to the increase in accrued wages and accrued interest.

Any remedy to our current lack of liquidity must take into account all the foregoing liabilities. Global Tech intends to continueexpand and develop its pursuit to find othernew acquisition operating activities to generate significant cashflow to allow it to pay its current obligations and as necessary, raise capital in order to monetizesettle its business and pay all its liabilities.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 $(2,952,691)$(2,740,896) would cause Global Tech to default and, further, would put our continued viability in jeopardy.

CONTRACTUAL OBLIGATIONS

There are noAs of September 30, 2021, one new contractual obligations forobligation has been executed by the quarter ended September 30, 2020.Company. This obligation is due to the hosting and service of our digital asset trading platform with Alt5 and consists of $3,500 per month.

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 December 31, 2019.2020. In 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.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not Applicable.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information we are required to disclose is recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the Commission. David Reichman, our Chief Executive Officer and our Principal Accounting Officer, is responsible for establishing and maintaining our disclosure controls and procedures.

Under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this report. The disclosure controls and procedures ensure that all information required to be disclosed by us in the reports that we file or submit under the Exchange Act is: (i) recorded, processed, summarized and reported, within the time periods specified in the SEC’s rule and forms; and (ii) accumulated and communicated to our management as appropriate to allow timely decisions regarding required disclosure. Based on that evaluation, management concluded that our controls were not effective as of September 30, 2020.2021.

Changes in Internal Controls over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during the fiscal quarter ended September 30, 20202021 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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Inherent Limitations over Internal Controls

The Company’s management does not expect that its disclosure controls or its internal control over financial reporting will prevent or detect all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.

Our disclosure controls and procedures are designed to provide reasonable assurance of that our reports will be accurate. Our Chief Executive Officer and Principal Accounting Officer concludes that our disclosure controls and procedures were ineffective at that reasonable assurance level, as of the end of the period covered by this Form 10-Q. Our future reports shall also indicate that our disclosure controls and procedures are designed for this reason and shall indicate the related conclusion by the Chief Executive Officer and Principal Accounting Officer as to their effectiveness.

Notwithstanding this finding of ineffective disclosure controls and procedures, we concluded that the consolidated financial statements included in this Form 10-Q present fairly, in all material respects, our financial position, results of operations and cash flows for the periods presented in conformity with accounting principles generally accepted in the United States.

PART II OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

On February 3, 2017, the Company filed suit in Eastern District Federal Court New York against American Resource Technologies, Inc., (ARUR) and several directors and officers relating to the Chautauqua County Court Kansas decision nullifying the acquisition Agreement of ARUR. The Company has made several attempts to recover the shares of GTII stock paid to ARUR for the asset acquisition and the various costs and expenses expended by GTII in fulfillment of its obligations under the contract with ARUR. The failure of non-litigation attempts to resolve the matter resulted in filing an action for declaratory judgment in the US District Court for the Eastern District of New York, Docket No. 17-CV-0698. The case was subsequently withdrawn due to the close of ARUR operations. On May 18,During 2020, the Company cancelledwas successful in recalling the 4,668,530 shares issued toand cancelling them from the shareholders of ARUR and returned the shares to Treasury.shareholder list

On December 30, 2016, the Company executed a stock purchase agreement (the “Agreement”), which was signed and closed in Hong Kong, with GoFun Group, Ltd. through its wholly owned subsidiary Go F & B Holdings, Ltd. GoFun Group, Ltd. is a privately held company running a casual dining restaurant business, based in Hong Kong. Subsequent to the agreement being signed, GoFun Group failed to substantially perform under the agreement, including, but not limited to providing audited financials of its assets, making the ongoing payments called for in the agreement, along with other matters that led Global Tech to initiate litigation in the United States. Currently, Global Tech and GoFun are litigating the matter in the U.S District Court for the Southern Districtsouthern district of New York, Docket No.17-CV-03727. On October 2,York. The original acquisition agreement and rescission was recorded on the Company’s books in 2016, however the physical share certificates were not returned to the Company. During the last quarter 2019, the Company was able to secure, via preliminary settlement, the return of 43,649,491 shares of the Company’s stock, that was issued in good faith to GoFun in anticipation of a final stock exchange. The stock has since been returned to the Company’s treasury and cancelled. The Company also reclassified a deposit received from GoFun shareholders in the amount of $128,634 for future share issuances pursuant to the Acquisition Agreement, to a Gain on Settlements and Debt Relief as part of the legal settlement of this case. As of this writing, motions are pending that may require remaining negotiations to continue in arbitration.

.

On December 30, 2019, a dispute between the Company and its counsel regarding the GoFun matter, above, resulted in a filing, and subsequent settlement, of an action in the Supreme Court of the State of New York for the County of New York (Index No. 656396/2019). Pursuant to the settlement, prior counsel for the Company accepted previously-issued shares in 2016, as full payment for all legal work, expenses, costs, and other fees.

On March 17, 2021, the Company filed an action against Pacific Technologies Group, Inc., Rollings Hills Oil and Gas Inc., Demand Brands, Inc., Innovativ Media Group, Inc. Tom Coleman, and Bruce Hannan, in the Supreme Court of the State of New York, County of New York (Index No. 651771/2021), alleging fraud, rescission and cancellation of a written instrument, unconscionability, breach of contract, breach of good faith and fair dealing, unjust enrichment, and civil conspiracy. The action stems from a stock purchase agreement entered into by the Company and Pacific Technologies Group, Inc. (then known as Demand Brands, Inc.) on October 16, 2018. On May 22, defendants filed a motion seeking additional time to answer. As of the date of this writing, no ruling on that motion has been entered.

On August 16, 2021, the Company filed an action against David Wells, in the United States District Court for the Southern District of New York (Case 1:21-cv-06891) seeking injunctive relief and relinquishment of 150,000 shares held in the name of David Wells. As of the date of this writing, David Wells has appeared, through counsel, but has not yet filed an answer to the Company’s complaint.

On August 24, 2021, the Company filed an application for a temporary restraining (“TRO”) order in the Superior Court of New Jersey, Chancery Division: Monmouth County (Docket No.: Mon-C-132-21) seeking to restrain Liberty Stock Transfer, Inc. from removing restrictive legends from 6,000,000 shares of Company stock held in the name of International Monetary, as well as from transferring said shares. The Court granted the TRO effective until September 28, 2021. On September 28, 2021. the Court declined to issue any further restraints.

In the interim, on September 16, 2021, International Monetary filed an action against the Company in Clark County, Nevada (Case No: A-21-841175-B) alleging breach of contract and breach good faith and fair dealing, as well as a request for declaratory relief, and temporary restraining order and preliminary injunction. On September 30, 2021, the Company filed a notice of removal of the action to the United States District Court for the District of Nevada (Case 2:21-cv-01820), as well as a request for a temporary restraining order enjoining International Monetary from taking any action to remove the restrictive legend shares from Company shares held in its name. On October 14, 2021, International Monetary filed a motion to strike the petition for removal. As of the date of this writing, no ruling on that motion has been entered.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

There were no unregistered shares of common stock sold for cash during the ninethree months ended September 30, 2020.2021.

There were shares of common stock issued for legal, marketing, and other professional services rendered to the Company by five consultants in the aggregate amount of 1,007,140 shares during the three months ended September 30, 2021.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

The Company has the following note payable obligations in default:    
     
Note payable to Facts and Comparisons due September 1, 2002, with interest accrued at 6% per annum, unsecured, in settlement of a trade payable; unpaid to date and in default  18,000 
     
Note payable to Luckysurf.com due September 12, 2002 with interest accrued at 6% per annum, unsecured, in settlement of a trade payable; unpaid to date and in default  30,000 
     
Note payable to Michael Marks (a shareholder) due August 31, 2000 with interest accrued at 5% per annum, unsecured; unpaid to date and in default  25,000 
     
Note payable to Steven Goldberg (a former consultant) due July 10, 2002, unsecured with interest of 7% accrued if unpaid at due date, in settlement of liability; unpaid to date and in default  40,000 
     
Note payable to a corporation, unsecured with interest of 6% per annum, unpaid to date and in default  7,000 
     
Note payable to a corporation, unsecured with interest accruing at 6% per annum, unpaid to date and in default  100,000 
     
Note payable to a corporation, unsecured with interest accruing at 6% per annum, unpaid to date and in default  32,746 
     
Note payable to a corporation, unsecured with interest accruing at 6% per annum, unpaid to date and in default  32,960 
     
Note payable to a corporation, unsecured, non interest bearing, unpaid to date and in default  192,000 
     
Note payable to an LLC, unsecured with interest accruing at 6% per annum, unpaid to date and in default  5,000 
     
Various Notes payable to an individual, unsecured with interest accruing at 6% per annum, unpaid to date and in default  388,376 
     
Totals $871,082 

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None of these notes have been paid, and management has indicated that no demand for payment for any of these notes has been received by the Company. However, the Company received a notice of motion from Luckysurf.com dated October 22, 2002, seeking entry of a judgment for $30,000. No further information or action has been received by the Company relating to this note.

ITEM 5. OTHER INFORMATION

Not Applicable

ITEM 6. EXHIBITS

3. Exhibits

EXHIBIT NO.DESCRIPTION
3.1Articles of incorporation of Tree Top Industries, as amended (1)
3.2By-Laws (2)
10.1Employment Agreement, dated October 1, 2007, by and between GLOBAL TECH INDUSTRIES GROUP, INC. and David Reichman (3)
10.2Employment Agreement, dated April 1, 2009, by and between Tree Top Industries Inc. and Kathy Griffin (4)
10.3Bridge Loan Term Sheet, dated January 11, 2010, by and between TTII and GeoGreen Biofuels, Inc. (5)
10.4Business and Financial Consulting Agreement, dated February 22, 2010 by and between GLOBAL TECH INDUSTRIES GROUP, INC. and Asia Pacific Capital Corporation (6)
10.5Distribution Agreement, by and between GLOBAL TECH INDUSTRIES GROUP, INC. and NetThruster, Inc., dated February 9, 2011(7)
10.6Term Agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC. and Sky Corporation, doo, dated April 18, 2011 (8)

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10.7Term Agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC. and Adesso Biosciences, Ltd, dated October 12, 2011(9)
10.8Term Agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC. and Stemcom, LLC d/b/a Pipeline Nutrition, dated March 1, 2012(10)
10.9Mutual disengagement agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC. and Stemcom, LLC d/b/a Pipeline Nutrition, dated March 23, 2012(11)
10.10Reserve Equity financing agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC. and AGS Capital Group, dated August 15, 2012. (12)
10.11Asset purchase Agreement by and between TTII Oil & Gas, Inc. a subsidiary of GLOBAL TECH INDUSTRIES GROUP, INC. and American Resource Technologies, Inc. (13)
10.12

Resignation of Mr. Robert Hantman, Esq. as a member of the board of directors (14)

10.13
10.13Stock Purchase Agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC., G T International, Inc. and Go F & B Holdings, Ltd., dated December 30, 2016 (15)
10.14Letter of Intent Agreement, dated April 12, 2019, by and between Global Tech Industries Group, Inc., First Capital Master Advisor, LLC and GCA Equity Partners, executed on or before April 12, 2019 (16)

10.15Termination of a Letter of Intent Agreement, dated December 26,, 2019, by and between Global Tech Industries Group, Inc. First Capital Master Advisor, LLC and GCA Equity Partners, executed on or before April 12, 2019(17)
10.16Security Purchase Agreement, dated November 22, 2020, by and between Global Tech Industries Group, Inc. and Geneva Roth Remark Capital Holdings, Inc. (18)
10.17Stock Purchase Agreement, dated February28, 2021 by and between Global Tech Industries Group, Inc. and Gold Transactions International, Inc. (19)
10.18Warrant Agreement, dated March 22, 2021, by and between Global Tech Industries Group, Inc. and Liberty Stock Transfer Company, Inc. (20)
10.19Binding Letter Agreement, dated March 23, 2021, by and between Global Tech Industries Group, Inc. and Bronx Family Eye Care, Inc.(21)
10.20Stock Purchase Agreement, dated March 31, 2021, by and between Global Tech Industries Group, Inc. and Bronx Family Eye Care, Inc.(22)
10.21Independent Contractor Agent Agreement, dated April 7, 2021, by and between Global Industries Group, Inc. and Mr. Ronald Cavalier (23)
10.22Binding Letter Agreement, dated April 30, 2021, by and between Global Tech Industries Group, Inc. and MyRetinaDocs, LLC (24)
10.23Gold Transactions International, Inc. completed its official audit and filed its financial disclosures, as required by Stock Purchase Agreement, dated February 28, 2021 by and between Global Tech Industries Group, Inc. and Gold Transactions International, Inc. (25)
10.24Binding Letter Agreement expanding business combination, dated May 26, 2021, by and between Global Tech Industries Group, Inc. and MyRetinaDocs, LLC (26)

26
 

21.1Subsidiaries of the registrant
31.1Section 302 Certification of Chief Executive Officer
31.2Section 302 Certification of Chief Financial Officer
32.1Section 906 Certification of Chief Executive Officer
32.2Section 906 Certification of Chief Financial Officer

(1)Filed November 13, 2009, as an exhibit to a Form 10-Q and incorporated herein by reference.
Filed January 3, 2012, as an exhibit to an 8 – K and incorporated herein by reference.
Filed April 12, 2013, as an exhibit to an 8 – K and incorporated herein by reference.
(2)Filed July 19, 2010, as an exhibit to a Form 10-K/A and incorporated herein by reference.
(3)Filed November 7, 2007, as an exhibit to a Form 8-K and incorporated herein by reference.
(4)Filed March 25, 2010, as an exhibit to a Form 8-K and incorporated herein by reference.
(5)Filed January 19, 2010, as an exhibit to a Form 8-K and incorporated herein by reference.
(6)Filed July 19, 2010, as an exhibit to a Form 10-Q/A and incorporated herein by reference.
(7)Filed February 9, 2011, as an exhibit to a Form 8-K and incorporated herein by reference.
(8)Filed April 19, 2011, as an exhibit to a Form 8 - K and incorporated herein by reference.
(9)Filed October 18, 2011 as an exhibit to a Form 8 - K and incorporated herein by reference.
(10)Filed March 6, 2012 as an exhibit to a Form 8 – K and incorporated herein by reference.
(11)Filed March 23, 2012 as an exhibit to a Form 8 – K and incorporated herein by reference.
(12)Filed August 21, 2012 as an exhibit to a Form 8 – K and incorporated herein by reference.
(13)Filed January 8, 2013 as an exhibit to a Form 8 – K and incorporated herein by reference.
(14)Filed January 8, 2013 as an exhibit to a Form 8 – K and incorporated herein by reference.
(15)

Filed January 5, 2017 as an exhibit to a Form 8 – K and incorporated herein by reference.

(16)
(16)Filed April 12, 2019, as an exhibit to a Form 8 – K and incorporated herein by reference.
(17)Filed December 26, 2019, as an exhibit to a Form 8 -K and incorporated herein by reference
(18)Filed November 27, 2020, as an exhibit to a Form 8 -K and incorporated herein by reference
(19)Filed March 1, 2021, as an exhibit to a Form 8 – K and incorporated herein by reference
(20)Filed March 23, 2021, as an exhibit to a Form 8 -K and incorporated herein by reference
(21)Filed March 24, 2021, as an exhibit to a Form 8 – K and incorporated herein by reference
(22)Filed April 6, 2021, as an exhibit to a Form 8 – K and incorporated herein by reference
(23)Filed April 7, 2021, as an exhibit to a Form 8 0 K and incorporated herein by reference
(24)Filed April 30, 2021, as an exhibit to a Form 8 – k and incorporated herein by reference
(25)Filed May 13, 2021, as an exhibit to a Form 8 – K and incorporated herein by reference
(26)Filed June 6, 2021, as an exhibit to a Form 8 – K and incorporated herein by reference

(a)Exhibits

27
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SIGNATURES

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: November 12, 202015, 2021GLOBAL TECH INDUSTRIES GROUP, INC.
By:/s/ David Reichman
David Reichman, Chairman of the Board, Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:/s/ David ReichmanDated: November 12, 202015, 2021
David Reichman, Chairman of the Board, Chief
Executive Officer, Chief Financial Officer
and Principal Accounting Officer
By:/s/ Kathy M. GriffinDated: November 12, 202015, 2021
Kathy M. Griffin, Director, President
By:/s/ Frank BenintendoDated: November 12, 202015, 2021
Frank Benintendo, Director & Secretary
By:/s/ Donald GilbertDated: November 12, 202015, 2021
Donald Gilbert, Director

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