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
March 31, 20212022
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 name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
511 Sixth Avenue, Suite 800
New York, NY10011
(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 class | Trading Symbol(s) | Name of each exchange on which registered | ||
| None | N/A | N/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 | 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 | 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 | Smaller reporting company | ||
| 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 |
Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.
As of May 7, 20219, 2022 the number of shares outstanding of the registrant’s class of common stock was 234,998,005..
TABLE OF CONTENTS
| 2 |
PART I. FINANCIAL INFORMATION
GLOBAL TECH INDUSTRIES GROUP, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
| March 31, 2021 | December 31, 2021 | |||||||
March 31, 2022 | December 31, 2021 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 349,818 | $ | 359,143 | ||||
| Accounts receivable | - | 78,721 | ||||||
| Inventory | - | 290,710 | ||||||
| Marketable securities | 136,000 | 163,000 | ||||||
| Total Current Assets | 485,818 | 891,574 | ||||||
| PROPERTY, PLANT & EQUIPMENT | ||||||||
| Fixed Assets (net) | 982 | 112,603 | ||||||
| Right of use assets - Operating leases | - | 833,796 | ||||||
| Total Property. Plant and Equipment | 982 | 946,399 | ||||||
| OTHER ASSETS | ||||||||
| License | 3,333 | 3,333 | ||||||
| Fine art | 67,845 | 67,845 | ||||||
| Security deposits | - | 67,808 | ||||||
| Goodwill | - | 6,443,559 | ||||||
| Total Other Assets | 71,178 | 6,582,545 | ||||||
| TOTAL ASSETS | $ | 557,978 | $ | 8,420,518 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | 894,629 | $ | 791,008 | ||||
| Accounts payable and accrued expenses-related parties | 817,560 | 590,060 | ||||||
| Accrued interest payable | 441,266 | 387,982 | ||||||
| Notes payable in default | 871,082 | 871,082 | ||||||
| Notes payable | 972,000 | 922,000 | ||||||
| Current Portion of operating lease liabilities | - | 274,222 | ||||||
| Current portion of long-term debt | - | 2,986 | ||||||
| Total Current Liabilities | 3,996,537 | 3,839,340 | ||||||
| LONG TERM LIABILITIES | ||||||||
| Long-term operating lease liabilities | - | 559,574 | ||||||
| Note Payable | - | 147,014 | ||||||
| Total Long-term liabilities | - | 706,588 | ||||||
| Total Liabilities | 3,996,537 | 4,545,928 | ||||||
| STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
| Preferred stock, par value $, authorized, issued and outstanding | 1 | 1 | ||||||
| Common stock, par value $ per share, shares authorized; (including shares held in escrow) and , issued and and outstanding, respectively | 256,325 | 255,791 | ||||||
| Additional paid-in-capital | 231,522,829 | 237,626,395 | ||||||
| Accumulated (Deficit) | (235,217,714 | ) | (234,007,597 | ) | ||||
| Total Stockholders’ Equity (Deficit) | (3,438,559 | ) | 3,874,590 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ | 557,978 | $ | 8,420,518 | ||||
| March 31, | December 31, | |||||||
| 2021 | 2020 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 56,776 | $ | 2,479 | ||||
| Prepaid expenses | 222,167 | 222,167 | ||||||
| Marketable securities | 99,000 | 31,000 | ||||||
| Total Current Assets | 377,943 | 255,646 | ||||||
| PROPERTY & EQUIPMENT (NET) | 2,678 | 2,946 | ||||||
| TOTAL ASSETS | $ | 380,621 | $ | 258,592 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | 631,449 | $ | 610,715 | ||||
| Accounts payable and accrued expenses-related parties | 187,646 | 8,953 | ||||||
| Accrued interest payable | 354,877 | 357,708 | ||||||
| Notes payable in default | 871,082 | 871,082 | ||||||
| Due to related parties | 161,128 | 109,513 | ||||||
| Convertible debenture | - | 74,800 | ||||||
| Notes payable | 150,000 | - | ||||||
| Total Current Liabilities | 2,356,182 | 2,032,771 | ||||||
| Total Liabilities | 2,356,182 | 2,032,771 | ||||||
| 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, 350,000,000 shares authorized; 240,998,005 (including 6,000,000 shares held in escrow) and 230,498,005 issued and 234,998,005 and 230,498,005 outstanding, respectively | 240,998 | 230,498 | ||||||
| Additional paid-in-capital | 168,862,371 | 168,398,511 | ||||||
| Accumulated (Deficit) | (171,078,931 | ) | (170,403,189 | ) | ||||
| Total Stockholders’ Equity (Deficit) | (1,975,561 | ) | (1,774,179 | ) | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ | 380,621 | $ | 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)
| 2022 | 2021 | |||||||
| For The Three Months Ended | ||||||||
| March 31, | ||||||||
| 2022 | 2021 | |||||||
| REVENUES, net | - | - | ||||||
| GROSS PROFIT (LOSS) | - | - | ||||||
| OPERATING EXPENSES | ||||||||
| General and administrative | 55,216 | 39,138 | ||||||
| Compensation and professional fees | 676,736 | 684,891 | ||||||
| Charitable donations | 410,000 | - | ||||||
| Depreciation | 893 | 268 | ||||||
| Total Operating Expenses | 1,142,845 | 724,297 | ||||||
| OPERATING LOSS | (1,145,845 | ) | (724,297 | ) | ||||
| OTHER INCOME (EXPENSES) | ||||||||
| Unrealized Gain (Loss) on sale of marketable securities | (27,000 | ) | 68,000 | |||||
| Interest expense | (58,527 | ) | (19,445 | ) | ||||
| Total Other Income (Expenses) | (85,527 | ) | 48,555 | |||||
| LOSS BEFORE INCOME TAXES | (1,228,372 | ) | (675,742 | ) | ||||
| INCOME TAX EXPENSE | - | - | ||||||
| COMPREHENSIVE LOSS | $ | (1,228,372 | ) | $ | (675,742 | ) | ||
| BASIC AND DILUTED LOSS PER SHARE | $ | (0.01 | ) | $ | (0.01 | ) | ||
| WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED | 255,862,345 | 234,531,338 | ||||||
| For the Three Months Ended | ||||||||
| March 31, | ||||||||
| 2021 | 2020 | |||||||
| REVENUES | - | - | ||||||
| OPERATING EXPENSES | ||||||||
| General and administrative | 39,138 | 28,120 | ||||||
| Depreciation | 268 | - | ||||||
| Compensation and professional fees | 684,891 | 172,745 | ||||||
| Total Operating Expenses | 724,297 | 200,865 | ||||||
| OPERATING LOSS | (724,297 | ) | (200,865 | ) | ||||
| OTHER INCOME (EXPENSES) | ||||||||
| Gain (loss) on marketable securities | 68,000 | (26,976 | ) | |||||
| Interest expense | (19,445 | ) | (57,005 | ) | ||||
| Total Other Income (Expenses) | 48,555 | (83,981 | ) | |||||
| LOSS BEFORE INCOME TAXES | (675,742 | ) | (284,846 | ) | ||||
| INCOME TAX EXPENSE | - | - | ||||||
| NET LOSS | $ | (675,742 | ) | $ | (284,846 | ) | ||
| BASIC AND DILUTED LOSS PER SHARE | $ | (0.00 | ) | $ | (0.00 | ) | ||
| WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED | 234,531,338 | 205,277,990 | ||||||
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’ Equity (Deficit)
(Unaudited)For the Three Months Ended March 31, 2022 and 2021
(Unaudited)
| Preferred Stock | Common Stock | Additional Paid-in | Accumulated | Total Stockholders’ | Shares | Amount | Shares | Amount | Capital | (Deficit) | Equity | |||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | Preferred Stock | Common Stock | Additional | Retained | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Capital | (Deficit) | Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2019 | 1,000 | $ | 1 | 205,277,990 | $ | 205,278 | $ | 161,712,986 | $ | (167,624,703 | ) | $ | (5,706,438 | ) | ||||||||||||||||||||||||||||||||||||||||||
| Imputed interest – loan | 3,360 | 3,360 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss for the three months ended March 31, 2020 | (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 | ) | ||||||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2020 | 1,000 | $ | 1 | 230,498,005 | $ | 230,498 | $ | 168,398,511 | $ | (170,403,189 | ) | $ | (1,774,179 | ) | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock 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 | ) | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock issued and held in escrow for the potential acquisition of Gold Transactions Intl, Inc. | 6,000,000 | 6,000 | (6,000 | ) | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Imputed interest – loan | 3,360 | 3,360 | - | 3,360 | 3,360 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss for the three months ended March 31, 2021 | (675,742 | ) | (675,742 | ) | (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 | ) | 1,000 | $ | 1 | 240,998,005 | $ | 240,998 | $ | 168,862,731 | $ | (171,078,931 | ) | $ | (1,975,561 | ) | ||||||||||||||||||||||||||||
| Balance, December 31, 2021 | 1,000 | $ | 1 | 255,790,585 | $ | 255,791 | $ | 237,626,395 | $ | (234,007,597 | ) | $ | 3,874,590 | |||||||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2021 | 1,000 | $ | 1 | 255,790,585 | $ | 255,791 | $ | 237,626,395 | $ | (234,007,597 | ) | $ | 3,874,590 | |||||||||||||||||||||||||||||||||||||||||||
| Balance | 1,000 | $ | 1 | 255,790,585 | $ | 255,791 | $ | 237,626,395 | $ | (234,007,597 | ) | $ | 3,874,590 | |||||||||||||||||||||||||||||||||||||||||||
| Common stock issued for services | - | - | 283,399 | 284 | 452,824 | 0 | 453,108 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock issued for charitable donation | 250,000 | 250 | 409,750 | �� | 410,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Reversal of acquisition | (6,969,500 | ) | 18,255 | (6,951,245 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Imputed interest – loan | 3,360 | 3,360 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss for the three months ended March 31, 2021 | (1,228,372 | ) | (1,228,372 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, March 31, 2022 | 1,000 | $ | 1 | 256,323,984 | $ | 256,325 | $ | 231,522,829 | $ | (235,217,714 | ) | $ | (3,438,559 | ) | ||||||||||||||||||||||||||||||||||||||||||
| Balance, | 1,000 | $ | 1 | 256,323,984 | $ | 256,325 | $ | 231,522,829 | $ | (235,217,714 | ) | $ | (3,438,559 | ) | ||||||||||||||||||||||||||||||||||||||||||
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)
| 2022 | 2021 | |||||||||||||||
| For the Three Months Ended | For The Three Months Ended | |||||||||||||||
| March 31, | March 31, | |||||||||||||||
| 2021 | 2020 | 2022 | 2021 | |||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||
| Net loss | $ | (675,742 | ) | (284,846 | ) | $ | (1,228,372 | ) | (675,742 | ) | ||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | - | |||||||||||||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities (net of acquisition): | ||||||||||||||||
| Depreciation | 268 | 893 | 268 | |||||||||||||
| Stock issued for services | 471,000 | - | 863,108 | 471,000 | ||||||||||||
| Imputed interest on loan | 3,360 | 3,360 | 3,360 | 3,360 | ||||||||||||
| (Gain) loss on marketable securities | (68,000 | ) | 26,976 | 27,000 | (68,000 | ) | ||||||||||
| Change in operating assets and liabilities | ||||||||||||||||
| Increase in accounts payable and accrued expenses | 173,038 | 20,734 | ||||||||||||||
| Increase in accounts payable and accrued expenses-related parties | 178,693 | - | 138,013 | 178,693 | ||||||||||||
| Increase (decrease) in accrued interest payable | (2,831 | ) | 8,840 | 55,081 | (2,831 | ) | ||||||||||
| Increase in interest payable-related parties | - | 44,260 | ||||||||||||||
| Increase in accounts payable and accrued expenses | 20,734 | 172,473 | ||||||||||||||
| Net Cash Used in Operating Activities | (72,518 | ) | (28,937 | ) | ||||||||||||
| Net Cash Provided by (Used in) Operating Activities | 35,121 | (72,518 | ) | |||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||
| Net Cash Provided by (Used in) Investing Activities | - | - | ||||||||||||||
| Cash returned in acquisition reversal | (183,933 | ) | - | |||||||||||||
| Net Cash Used in Investing Activities | (183,933 | ) | - | |||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||
| Cash from notes payable | 150,000 | |||||||||||||||
| Cash paid on convertible debenture | (74,800 | ) | ||||||||||||||
| Proceeds from notes payable | 50,000 | 150,000 | ||||||||||||||
| Repayment of convertible debentures | - | (74,800 | ) | |||||||||||||
| Payments to officers and directors | (250,470 | ) | - | |||||||||||||
| Cash received from related parties | 51,615 | 28,901 | 339,558 | 51,615 | ||||||||||||
| Net Cash Provided by Financing Activities | 126,815 | 28,901 | 139,486 | 126,815 | ||||||||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 54,297 | (36 | ) | (9,324 | ) | 54,297 | ||||||||||
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 2,479 | 1,435 | 359,143 | 2,479 | ||||||||||||
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 56,776 | $ | 1,399 | $ | 349,818 | $ | 56,776 | ||||||||
| SUPPLEMENTAL CASH FLOW DISCLOSURES: | ||||||||||||||||
| 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 acquisition of license | $ | 6,000 | $ | - | ||||||||||||
| Stock issued and held in escrow | $ | - | $ | 6,000 | ||||||||||||
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
March 31, 20212022
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 March 31, 2022, and the results of operations and cash flows at March 31, 2021, and for all periods presented herein,the three 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, 2020.2021. The results of operations for the period ended March 31, 20212022 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, and subsequent acquisition of Bronx Family Eye Care, that these operations withwill help support the cashflow needs of the Company. Management also expects with the commencement of revenue generating operations from GTI and Bronx,these subsidiaries, that the warrants issued to shareholders will be exercised in the near future, thus providing capital for the Company and it’sits 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
March 31, 20212022
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.The Bronx and My Retina acquisitions were rescinded effective January 1, 2022.
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 March 31, 20212022 and December 31, 2020, no2021, $84,818 and $109,143 excess cash balances existed. There were no cash equivalents at March 31, 2021 and December 31, 2020.existed, respectively.
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.
ASC 740 requires recognition and measurement of uncertain tax positions using a “more-likely-than-not” approach, requiring the recognition and measurement of uncertain tax positions. 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 had no revenues during the quartersthree months ended March 31, 2022 and 2021, and 2020, however when revenues have commenced in the second quarter 2021, andcommence, the Company recognizeswill 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 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
March 31, 20212022
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.
G) FAIR VALUE OF FINANCIAL INSTRUMENTS
The Company follows 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 March 31, 20212022 and December 31, 2020.2021.
Marketable securities are reported at the quoted and listed market rates of the securities held at the period end.
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GLOBAL TECH INDUSTRIES GROUP, INC.
Notes to the Unaudited Condensed Consolidated Financial Statements
March 31, 20212022
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 March 31, 20212022 and December 31, 2020:2021:
SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS
| Level 1 | Level 2 | Level 3 | ||||||||||
| Marketable Securities – March 31, 2021 | $ | 99,000 | $ | -0- | $ | -0- | ||||||
| Marketable Securities – December 31, 2020 | $ | 31,000 | $ | -0- | $ | -0- | ||||||
| Level 1 | Level 2 | Level 3 | ||||||||||
| Marketable Securities – March 31, 2022 | $ | 136,000 | $ | -0- | $ | -0- | ||||||
| Marketable Securities – December 31, 2021 | $ | 163,000 | $ | -0- | $ | -0- | ||||||
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 March 31,September 30, 2021, there were stock options outstanding, however their effects were anti-dilutive. For March 31,September 30, 2020, there were no potentially dilutive securities to consider in the fully diluted earnings per share calculation.
| For the Three Months Ended | For the Three Months Ended | |||||||||||||||
| March 31, | March 31, | |||||||||||||||
| 2021 | 2020 | 2022 | 2021 | |||||||||||||
| Loss (numerator) | $ | (675,742 | ) | $ | (284,846 | ) | $ | (1,228,372 | ) | $ | (675,742 | ) | ||||
| Shares (denominator) | 234,531,338 | 205,277,990 | 255,862,345 | 234,531,338 | ||||||||||||
| Basic and diluted loss per share | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.01 | ) | ||||
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.
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.
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GLOBAL TECH INDUSTRIES GROUP, INC.
Notes to the Unaudited Condensed Consolidated Financial Statements
March 31, 20212022
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 March 31, 20212022 and December 31, 20202021 amounted to $99,000$136,000 and $31,000,$163,000, respectively. All realized and unrealized gains and losses are recorded in earnings. For the three months ended March 31, 2021,2022, the Company recorded a net gainloss of $68,000$(27,000) which consisted of an unrealized gaingains (losses) by marking to market, the value of $68,000.the shares held. For the three months ended March 31, 2020,2021, the Company recorded a net lossunrealized gains of $26,976 which consisted of unrealized losses.$68,000. 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 three months ended March 31, 2022 and 2021 was $893 and 2020 was $268 and $0,$268, respectively.
Fixed assets consist of the following:
SCHEDULE OF FIXED ASSETS
| March 31, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||
| Computer equipment | $ | 3,213 | $ | 3,213 | ||||||||||||
| Equipment | $ | 5,000 | $ | 100,167 | ||||||||||||
| Furniture and fixtures | 0 | 14,037 | ||||||||||||||
| Total fixed assets | 3,213 | 3,213 | 5,000 | 114,204 | ||||||||||||
| Accumulated Depreciation | (535 | ) | (267 | ) | (4,018 | ) | (1,601 | ) | ||||||||
| Net fixed assets | $ | 2,678 | $ | 2,946 | $ | 982 | $ | 112,603 | ||||||||
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%100% of the GTI shares are to be exchanged for $6,000,000 $worth of Company’s shares (6,000,000 (shares). However due toThese performance obligations included in the SPA not having beenhave until September 30, 2022 to be met, by March 31, 2021 or subsequently through the date these financial statements were issued, the Company has transferred the Company’s shares to an escrow account and recordedreported 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. This asset was sold subsequent to March 31, 2022. Amortization expensed for the three months ended March 31, 2022 and 2021 is $0 and $1,042, respectively.
SCHEDULE OF FINITE LIVED INTANGIBLE ASSETS
March 31, 2022 | December 31, 2021 | |||||||
| License – Digital platform | $ | 5,000 | $ | 5,000 | ||||
| Total licensed assets | $ | 5,000 | $ | 5,000 | ||||
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GLOBAL TECH INDUSTRIES GROUP, INC.
Notes to the Unaudited Condensed Consolidated Financial Statements
March 31, 2022
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 67 - RELATED PARTY TRANSACTIONS
Due to Related 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 payables and cash advances are unsecured, due on demand and do not bear interest. During the three months ended March, 31,2022 and 2021, and 2020, Mr. Reichman advanced $51,615 $258,887 and $28,901,$51,615, respectively, and was repaid $0 $339,955 and $,$0, respectively. At March 31, 20212022 and December 31, 2020,2021, the amounts owed to Mr. Reichman are $161,128 $80,060 and $109,513,$161,128, respectively.
Accrued Wages
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 months ended March 31, 20212022 and 2020.2021. The accrued wages for the three months ended March 31, 2022 and 2021 are $147,500and 2020 are $170,000 and $170,000,$147,500, respectively. The balance of accrued wages due to the officers at March 31, 20212022 and December 31, 2020,2021, are $170,000$737,500 and $0,$590,000, respectively.
NOTE 78 - 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 March 31, 20212022 and December 31, 2020,2021, notes payable in default amounted to $871,082$871,082 and $871,082,$871,082, respectively. Accrued interest on the notes in default at March 31, 20212022 and December 31, 20202021 are $354,877$388,206 and $345,663,$376,007, 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.
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GLOBAL TECH INDUSTRIES GROUP, INC.
Notes to the Unaudited Condensed Consolidated Financial Statements
March 31, 20212022
During 2002, the Company settled a trade payable in litigation by executing a note payable to a company in the amount of $18,000, interest accrues at 6% per annum, unsecured, due September 1, 2002, and in default . Accrued interest at March 31, 2021 and December 31, 2020 is $21,150 and $20,880, respectively.
Also during 2002, in settlement of another trade payable, the Company executed a note payable to a Company in the amount of $30,000, interest accrues at 6% per annum, unsecured, due September 12, 2002, in default. Accrued interest at March 31, 2021 and December 31, 2020 is $32,749 and $32,299, respectively.
During 2000, the Company executed a note payable to an individual in the amount of $25,000, interest accrues at 5% per annum, unsecured, due August 31, 2000, in default. Accrued interest at March 31, 2021 and December 31, 2020 is $27,404 and $27,091, respectively.
In 2002, the Company settled an obligation with a consultant by executing a note payable for $40,000, interest accrues at 7% per annum, unsecured, due July 10, 2002, in default. Accrued interest at March 31, 2021 and December 31, 2020 is $52,987 and $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. On June 26, 2013, this note was renegotiated to include the accrued interest. The new note balance is $388,376 and interest accrues at 5% per annum, unsecured, and is extended to October 5, 2019, with monthly installments beginning in 2014 of $5,553, which did not occur. This note is in default. Accrued interest at March 31, 2021 and December 31, 2020 is $150,764 and $145,909, respectively.
In January 27, 2010, the Company executed a note payable to a corporation in the amount of $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 $13,440 has been imputed for this note in 2020 and 2019, with an offsetting entry to additional paid in capital.
On August 28, 2012, and September 17, 2012, the Company executed a note payable to a corporation in the amount of $12,000 and $20,000, respectively. On June 26, 2013, this note was renegotiated to include the accrued interest. The new note balance is $32,960 and interest accrues at 5% per annum, unsecured, and is extended to October 5, 2018, with monthly installments beginning in 2014 of $473, which did not occur, and is unsecured and in default. Accrued interest at March 31, 2021 and December 31, 2020 is $12,795 and $12,383, respectively.
On April 12, 2012, the Company executed a note payable to a corporation in the amount of $100,000, however on June 26, 2013, this note was renegotiated to bear interest at 5% per annum, unsecured, extended to October 5, 2018, with monthly installments beginning in 2014 of $1,430, which did not occur and this note is in default. Accrued interest at March 31, 2021 and December 31, 2020 is $38,818 and $37,568, respectively.
On December 31, 2012, the Company executed a note payable to a corporation in the amount of $32,000, however on June 26, 2013, this note was renegotiated to include accrued interest. The new note balance is $32,746, bears interest at 5% per annum, unsecured, extended to October 5, 2018, with monthly installments beginning in 2014 of $468, which did not occur and this note is in default. Accrued interest at March 31, 2021 and December 31, 2020 is $12,709 and $12,300, respectively.
On March 11, 2014, the Company executed a note agreement with an LLC in the amount of $5,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution, extended to October 5, 2018 and is in default. Accrued interest at March 31, 2021 and December 31, 2020 is $2,117 and $2,042, respectively.
On January 31, 2014, the Company executed a note agreement with a Corporation in the amount of $7,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution, but extended to October 5, 2018 and is in default. Accrued interest at March 31, 2021 and December 31, 2020 is $3,009 and $2,904, respectively.
GLOBAL TECH INDUSTRIES GROUP, INC.
Notes to the Unaudited Condensed Consolidated Financial Statements
March 31, 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
| March 31, 2021 | December 31, 2020 | Interest | Interest Expense | |||||||||||||||||||||||||||||||||||||||||
| March 31, 2022 | March 31, 2022 | December 31, 2021 | Interest | Interest Expense | ||||||||||||||||||||||||||||||||||||||||
| Principal | Principal | Principal | Rate | 3/31/2021 | 3/31/2020 | Maturity | Principal | Principal | Rate | 3/30/2022 | 3/31/2021 | Maturity | ||||||||||||||||||||||||||||||||
| $ | 32,960 | 32,960 | 5.00 | % | 412 | 412 | 10/5/18 | 32,960 | 32,960 | 5.00 | % | 412 | 412 | 10/5/18 | ||||||||||||||||||||||||||||||
| 32,746 | 32,746 | 5.00 | % | 409 | 409 | 10/5/18 | 32,746 | 32,746 | 5.00 | % | 409 | 409 | 10/5/18 | |||||||||||||||||||||||||||||||
| 5,000 | 5,000 | 6.00 | % | 75 | 75 | 10/5/18 | 5,000 | 5,000 | 6.00 | % | 75 | 75 | 10/5/18 | |||||||||||||||||||||||||||||||
| 100,000 | 100,000 | 5.00 | % | 1,250 | 1,250 | 10/5/18 | 100,000 | 100,000 | 5.00 | % | 1,250 | 1,250 | 10/5/18 | |||||||||||||||||||||||||||||||
| 7,000 | 7,000 | 6.00 | % | 105 | 105 | 10/5/18 | 7,000 | 7,000 | 6.00 | % | 305 | 105 | 10/5/18 | |||||||||||||||||||||||||||||||
| 388,376 | 388,376 | 5.00 | % | 4,855 | 4,855 | 10/5/18 | 388,376 | 388,376 | 5.00 | % | 4,855 | 4,855 | 10/5/18 | |||||||||||||||||||||||||||||||
| 192,000 | 192,000 | 0 | % | 3,360 | 3,360 | 10/5/18 | 192,000 | 192,000 | 0 | % | 3,360 | 3,360 | 10/5/18 | |||||||||||||||||||||||||||||||
| 18,000 | 18,000 | 6.00 | % | 270 | 270 | 9/1/2002 | 18,000 | 18,000 | 6.00 | % | 270 | 270 | 9/1/2002 | |||||||||||||||||||||||||||||||
| 30,000 | 30,000 | 6.00 | % | 450 | 450 | 9/12/2002 | 30,000 | 30,000 | 6.00 | % | 450 | 450 | 9/12/2002 | |||||||||||||||||||||||||||||||
| 25,000 | 25,000 | 5.00 | % | 313 | 313 | 8/31/2000 | 25,000 | 25,000 | 5.00 | % | 313 | 313 | 8/31/2000 | |||||||||||||||||||||||||||||||
| 40,000 | 40,000 | 7.00 | % | 700 | 700 | 7/10/2002 | 40,000 | 40,000 | 7.00 | % | 700 | 700 | 7/10/2002 | |||||||||||||||||||||||||||||||
| $ | 871,082 | $ | 871,082 | $ | 12,199 | $ | 12,199 | 871,082 | $ | 871,082 | $ | 12,199 | $ | 12,199 | ||||||||||||||||||||||||||||||
At March 31, 20212022 and December 31, 2020,2021, accrued interest on the outstanding notes payable (default and current) were $354,877$388,206 and $319,307,$376,007, respectively and related party notes was $0 and $343,056,$0, respectively. Interest expense on the outstanding notes amounted to $12,574$12,199 and $56,502$12,199 for the three months ended March 31, 20212022, and 2020,2021 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%$74,800, 10% interest per annum, unsecured, due on November 27, 2021. 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%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.conversion.
The convertible debenture also contained an OID or original issue discount of $6,800,$6,800, which was deducted from the proceeds, thus resulting in $68,000 $68,000 net proceeds to the Company. Because theThe Company prepaid the debenture in February 2021, it incurred a 20%20% pre-payment penalty, and expensed the OID in full during 2020.
Accrued interest and penalties at March 31, 2021 and December 31, 2020 were $0 and $12,045, respectively. At March 31, 2021 and December 31, 2020, the Convertible Debenture balance was $0 and $74,800, respectively.
GLOBAL TECH INDUSTRIES GROUP, INC.
Notes to the Unaudited Condensed Consolidated Financial Statements
March 31, 20212022
(d) NOTES PAYABLE
On February 26,July 20, 2021, the Company executed a note agreement withreceived cash from an Individualindividual in the amount of $100,000, 1% interest per annum, unsecured, due December 31, 2021. Accrued$100,000 as a loan bearing interest at 5%, with a term of 12months of the date received. At March 31, 2022 and 2021, accrued interest on this note totals $4,184 and December 31, 2020 was $250 and $0,$2,684, respectively.
On March 26,August 6, 2021, the Company executed a note agreement withreceived cash from an Individualindividual in the amount of $50,000, 1% interest per annum, unsecured, due December 31, 2021. Accrued$100,000 as a loan bearing interest at 5%, with a term of 12months of the date received. At March 31, 2022 and 2021, accrued interest on this note totals $3,904 and $2,404, respectively.
On December 31, 2021 and DecemberMarch 30, 2022, the Company received cash from an individual in the amount of $722,000 and $50,000 as a loan bearing interest at 6%, with a term of 12 months of the date received. At March 31, 2020 was $1252022 and $0,2021, accrued interest on this note totals $0 and $0, respectively.
(e) Additional detail to all Notes Payable is as follows:
SCHEDULE OF NOTES PAYABLE
| March 31, 2022 | December 31, 2021 | Interest | Interest Expense | |||||||||||||||||||
| Principal | Principal | Rate | 3/31/2022 | 12/31/2021 | Maturity | |||||||||||||||||
| $ | 100,000 | 100,000 | 5.00 | % | 1,500 | 2,684 | 7/20/22 | |||||||||||||||
| 100,000 | 100,000 | 5.00 | % | 1,500 | 2,404 | 8/6/22 | ||||||||||||||||
722,000 | 0 | 6.00 | % | 43,320 | 0 | 12/31/22 | ||||||||||||||||
| 50,000 | 0 | 6.50 | % | 0 | 0 | 03/30/23 | ||||||||||||||||
(f) IMPUTED INTEREST
NOTE 8 - STOCKHOLDERS’ EQUITY (DEFICIT)
ISSUANCES OF COMMON STOCK
During the three months ended March 31, 2022 and 2021, the Company recorded imputed interest on a non-interest-bearing note in the amount of $3,360and 2020,$3,360, respectively, as an increase in additional paid in capital.
NOTE 9 – COMMITMENTS AND CONTINGENCIES
The Company has agreed to make yearly contributions of for each of the next three years to support Neurosurgery to an accredited school with a 501(c)(3) tax designation.
NOTE 10 - STOCKHOLDERS’ EQUITY (DEFICIT)
ISSUANCES OF COMMON STOCK
During the three months ended March 31, 2022 and 2021, the Company issued 4,500,000 and shares of common stock with a fair market value of $471,000 $863,108 and 0 shares,$471,000, respectively, for services rendered. The services performed during the quarter were, legal, IR services, IT and consulting.consulting services for art procurement, medical advisory and service related to a 501c charitable organization. All services performed were tofrom outside, unrelated third parties.
| 14 |
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 satisfied at the end of Q2. 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.
GLOBAL TECH INDUSTRIES GROUP, INC.
Notes to the Unaudited Condensed Consolidated Financial Statements
March 31, 20212022
ISSUANCES OF PREFERRED STOCK
PursuantIn the first quarter of 2022 the major components, shares were issued were for professional services to the Articlescontinue operating efforts and 250,000 shares for donations fair market value of Incorporation$715,473, shares were issued for donations fair market value of the Company, there was initially authorized 50,000 $410,000. In 2021 shares of Series A Preferred Stock. On April 7, 2016, the Company’s Boardcommon stock valued at $6,000,000 was issued and held in escrow for a stock purchase agreement of Directors createdGold Transactions international, Inc. and shares were issued out of the Series A Preferred Stock, 1,000 Series A Preferred shares with the following features:for professional services valued at $471,000.
|
STOCK OPTIONS
On December 19, 2020, in conjunction with the conversion of related party notes, accrued interest and compensation, the Company authorized the issuance of 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 | |
| ● | The conversion term is years from issuance date | |
| ● | All options are vested immediately |
The value
SCHEDULE OF STOCK OPTION
| Weighted | Weighted | |||||||||||||||
| Average | Average | Aggregate | ||||||||||||||
| Exercise | Remaining | Intrinsic | ||||||||||||||
| Shares | Price | Term | Value | |||||||||||||
| Outstanding at December 31,2021 | 4,500,664 | $ | yr | $ | 427,563 | |||||||||||
| Granted | - | - | - | |||||||||||||
| Exercised | - | - | - | |||||||||||||
| Forfeited | - | - | - | |||||||||||||
| Outstanding at March 31, 2022 | 4,500,664 | $ | yrs | $ | 427,563 | |||||||||||
| 15 |
GLOBAL TECH INDUSTRIES GROUP, INC.
Notes to the Unaudited Condensed Consolidated Financial Statements
March 31, 2022
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 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 optionsCompany 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 determined using the Black-Scholes valuation method, andissued 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 usesfiled an Amended Registration Statement to register the following methodswarrants 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 riskbe 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.trading when exercised.
SCHEDULE OF WARRANTS ISSUANCE OF FAIR VALUE ASSUMPTIONS
| Assumptions: | 2021 | 2020 | ||||||
| Assumptions applicable to stock options issued | ||||||||
| Risk-free interest rate | - | % | 3 | % | ||||
| Expected lives (in years) | - | 2 | ||||||
| Expected stock volatility | - | % | 72 | % | ||||
| Dividend yield | - | - | ||||||
2021 Warrants | ||||
| Assumptions: | ||||
| Assumptions applicable to stock options issued | ||||
| Risk-free interest rate | .25- % | |||
| Expected lives (in years) | 2- | |||
| Expected stock volatility | 266- % | |||
| Dividend yield | - | |||
Stock optionWarrant transactions are as follows:
SCHEDULE OF WARRANTS
| Weighted | Weighted | Weighted | Weighted | |||||||||||||||||||||||||||||
| Average | Average | Aggregate | Average | Average | Aggregate | |||||||||||||||||||||||||||
| Exercise | Remaining | Intrinsic | Exercise | Remaining | Intrinsic | |||||||||||||||||||||||||||
| Shares | Price | Term | Value | Shares | Price | Term | Value | |||||||||||||||||||||||||
| Outstanding at January 1, 2020 | - | $ | - | - | $ | - | ||||||||||||||||||||||||||
| Outstanding at January 1, 2021 | 23,364,803 | $ | yrs | $ | ||||||||||||||||||||||||||||
| Granted | 4,500,664 | .01 | 2 yrs | 427,563 | - | - | ) | |||||||||||||||||||||||||
| Exercised | - | - | - | - | (3,080 | ) | - | |||||||||||||||||||||||||
| Forfeited | - | - | - | - | - | - | ||||||||||||||||||||||||||
| Outstanding at December 31,2020 | 4,500,664 | $ | .01 | 2 yrs | $ | 427,563 | ||||||||||||||||||||||||||
| Outstanding at December 31, 2021 | - | $ | - | $ | ||||||||||||||||||||||||||||
| Granted | - | - | - | - | 23,361,723 | yrs | $ | |||||||||||||||||||||||||
| Exercised | - | - | - | - | - | - | ||||||||||||||||||||||||||
| Forfeited | - | - | - | - | - | - | ||||||||||||||||||||||||||
| Outstanding at March 31, 2021 | 4,500,664 | $ | .01 | 1.75 yrs | $ | 427,563 | ||||||||||||||||||||||||||
| Outstanding at March 31, 2022 | 23,361,723 | $ | yrs | $ | ||||||||||||||||||||||||||||
OTHER
During the three months ended March 31, 20212022 and 2020,2021, the Company recorded imputed interest on a non-interest-bearing note in the amount of $3,360$3,360 and $3,360,$3,360, respectively, as an increase in additional paid in capital (see Note 7)8).
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GLOBAL TECH INDUSTRIES GROUP, INC.
Notes to the Unaudited Condensed Consolidated Financial Statements
March 31, 20212022
NOTE 911 - 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. During 2020, the Company was successful in recalling the 4,668,530 shares and cancelling them from the 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. 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 quarterYork, Docket No.17-CV-03727. On October 2, 2019, the Company was able to secure, via preliminary settlement, the return of shares of the Company’s stock out of the original that waswere issued in good faith to GoFun in anticipation of a final stock exchange. TheThat stock has since been returned to the Company’s treasury and cancelled. On May 14, 2021, the Superior Court of New Jersey, Chancery Division: Monmouth County (docket no. PAS-MON-C-60-21) issued an order restraining the removal of restrictive legends on the remaining shares of stock, pending further order of the New Jersey Court. The Company also reclassified a deposit received from GoFun shareholdersunderlying matter currently in the amountU.S. district Court for the Southern District 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.New York, remains pending.
On December 30, 2019, a dispute betweenMarch 17, 2021, the Company and its counsel regarding the GoFun matter, above, resulted in a filing, and subsequent settlement, offiled 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, for the County of New York (Index No. 656396/2019). Pursuant651771/2021), 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 March 31, 2022, 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 shares held in the name of David Wells. As of December 31, 2021, David Wells has not yet filed an answer to the settlement, prior counselCompany’s complaint. On November 11, 2021, David Wells filed an action against GTII in the United States District Court for the District of Nevada,(Case 2:21-cv-02040) claiming a violation of the duty to register transfer of shares. As of March 31, 2022, the parties are engaged in briefing jurisdictional motions.
On August 24, 2021, the Company accepted previously-issuedfiled 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 shares of Company stock held in 2016,the name of International Monetary, as full paymentwell 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 all legal work, expenses, costs,declaratory relief, and other fees.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 March 31, 2022, no ruling on that motion has been entered.
NOTE 1012 – SUBSEQUENT EVENTS
The Company has evaluated events subsequent to the balance sheet through the date the financial statements were issued and noted the following events requiring disclosure:
On April 19, 2022 the Company closed the sale of its Beyond Block Chain Business. Included in the terms of the sale was cash payment of $25,000, and a continuing 10% interest from Parabolic Technologies which will be distributed in the form of a proprietary token. The assets sold are still included in this quarterly filing.
Effective AprilOn May 9, 2022, the company declared and began distribution of a dividend to its shareholders as of May 9, 2022 in the form of a digital token, which can be traded on various cryptocurrency platforms, including trade.beyondblockchain.us.
The Company is in ongoing discussions to unwind the recently completed acquisition of Bronx Eye Care and My Retina. While there are no definitive terms yet both sides agree that this would be the best course of action moving forward and would be effective January 1, 2021,2022. As the result of this the Company signed a binding agreement (the “Agreement”) withdid not include the results of Bronx Family Eye Care Inc. (BFE), engagedand My Retina’s results of operations or assets and liabilities in this filing.
Through May 9, 2022 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. 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)company has issued shares of the Company’s common stock, subject to the terms and conditions set forth in the Agreement. 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 record on April 1, 2021, to be administered via it’s 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 a 2-year termfinancing and expires on April 8, 2023.operating purposes.
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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) | |
| 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 |
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Overview of Business
Global Tech Industries Group, Inc. (“Global Tech,” “GTII,” “we,” “our,” “us,”Tech”, “GTII”, “we”. “our”, “us”, “the Company,”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-ownedwholly 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., TTITTII Strategic Acquisitions and& Equity Group, Inc., and TTII Oil & Gas, Inc., a Delaware corporation, G T International Group, Inc. a Wyoming corporation and Global Tech Health, Inc. a Nevada corporation, all were formed by Global TechGTII 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 various Marketable Securities, however the amounts of investments are minimal as of March 31, 2021. 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 executedsigned a Stock Purchase Agreement wherein the Company acquired all the issued and outstandingbinding stock ofpurchase agreement with Gold Transactions International, Inc. (GTI) (a(“GTI”) a privately held 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,corporation. GTI acquired a performance obligation exists wherein GTI must achievelicense from 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 satisfied at the end of Q2. GTI isprivate Nevada Corporation which operated, via a joint venture, 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 on a global basis through a private network of companies. The license agreement gave GTI access to the private network, and an exclusive right to market and promote the gold buy/sell program to expand the buying power of the network. GTI and its network affiliates, purchases gold from international artisan gold miners. Afterminers throughout the mined doreworld and transports, assays, refines and sells the gold has been shipped to a network third party refinery in the DMCC,Dubai Multi Commodities Centre, (“DMCC”), a free trade zone in Dubai,Dubai. The Company plans to raise capital for GTI and advance those funds into the artisan miner’s gold network. Although 6,000,000 shares have been issued for this agreement, they are being held in escrow awaiting final performance criteria to be met and are therefore issued but not outstanding. All extension agreements for this acquisition have expired, but neither party has initiated a termination of the agreement through the date of issuance of these financial statements.
During the first quarter of 2021, the Company entered into binding agreements with a company in the field of eye care, retail eye wear and full scope optometry. The Bronx Family Eye Care, Inc. is purchaseda company that provides retail eyewear and refinedmedically oriented full scope optometry at four brick and mortar locations. Bronx Family’s licensed optometrists use cutting-edge equipment to provide diagnosis and treatment for diseases of the eye, as well as corrective eyewear. Bronx Family also performs edging of lenses for its customers at their in-house facility, as well as providing services to outside practices. Effective December 27, 2021, Bronx Family Eye Care completed the closing requirements, the agreement was closed and Bronx became a reporting subsidiary of the Company. Bronx Family Eye Care, Inc. (“Bronx”) was incorporated in the State of New York on June 30, 2016. Both parties have agreed to unwind this acquisition as of January 1, 2022.
During the 2nd quarter 2021, the Company entered into a binding agreement with My Retina. My Retina is a SaaS (Software as a Service) software and practice management company that fills an important need for their client-companies to satisfy diagnostic medical care measures in an in- home/house-call setting. My Retina licenses, leases, and operates its proprietary telemedicine software, as well as medical equipment, which together expedite diagnostic medical eye exam data to its corporate clients. 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. . Both parties have agreed to unwind this acquisition as of January 1, 2022.
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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 incorporates 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 which has been sold subsequent to this quarter allows multi-currency clearing and direct settlements in Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Bitcoin Cash (BCH), Litecoin (LTC), Bitcoin SV (BSV), Aave (AAVE), Compound (COMP), Uniswap (UNI), Chainlink (LINK) and Yearn Finance (YFI).
Beginning in April of 2021, the Company has been working towards tokenizing its fine art collection. If this is approved, the Company would mint 1,000,000,000 tokens of the GFT Token, with 26,000,000 of them being registered herein for distribution. Once minted, each shareholder, as of the to be determined record date, would be entitled to receive one GFT Token for every 10 shares of GTII Common Stock beneficially held in their name.
On August 23, 2021, GTII and We SuperGreen Energy Corp (“WSGE”) signed a binding letter agreement to engage in a merger/business combination, for the best interests of the shareholders of both GTII and WSGE, pursuant to which WSGE will become a wholly-owned subsidiary of GTII. The shareholders of WSGE (the “WSGE Shareholders”) will become the majority shareholders of GTII, owning that amount of newly-issued common stock of GTII (the “GTII Common Stock”) to be mutually-agreed upon by the parties and memorialized in a stock purchase agreement, subject to the network’s customers. GTI makes revenue onterms and conditions set forth in the margin spreadagreement. The completion of an audit of the buyfinancial statements of WSGE since its inception, inclusive of the starting balance sheet as of its inception date (the “Audited Financial Statements”), by an auditor that is subject to the public company accounting oversight board (“PCAOB”), and sell prices.acceptable to GTII is a condition to be met before the closing of the transaction can occur. In January, 2022, GTII terminated the agreement for non-performance of the closing requirements.
Employees
On October 5, 2021, the Company signed a letter of intent with Classroom Salon (CS), to define the terms of an acquisition of all outstanding shares of CS. CS uses interfaces, workflows and proprietary algorithms, providing a tool to author, deploy, teach and assess school courses, seminars and other study groups and then integrate them with other learning platforms at any educational levels.
On November 9, 2021, GTII, and Trento Resources and Energy Corp, (“Trento”) a corporation organized under the laws of the State of Delaware, signed a binding stock purchase agreement (“SPA”) to engage in a merger/business combination, for the best interests of the shareholders of both GTII and Trento, pursuant to which Trento will become a wholly-owned subsidiary of GTII. Pursuant to the SPA, GTII issued 100,000 shares of common stock to Sean Wintraub, with 100,000,000 shares to be issued upon Trento’s successful raising, within six (6) months of funds sufficient to support large-scale mining operations at the Trento Mining Project (the “Trento Project”), located in the third region of Atacama, Chile, Copiapo. In addition, and within six (6) months subsequent to the raising of said funds, if GTII receives independent confirmation of the presence of the geological resources in those amounts contained in the Geological Estimation, the Company will issue Trento that amount of common stock representing industry standard multipliers for the value of that number of geological resources found listed in the Geological Estimation. On December 9, 2021, GTII retained Bertrand-Galindo Barrueto Barroilhet & Cia, (“Bertrand-Galindo”) a firm headquartered in Santiago, Chile to conduct a due diligence review of the Trento’s interests in Inversiones Trento SpA and the related mining concessions, operations, land easements, permits and assets related to the Trento project. Bertrand-Galindo will also provide relevant corporate, legal, regulatory and tax structure guidance as needed.
On December 18, 2021 the Company entered into a membership interest purchase agreement with AT Gekko PR LLC, a Puerto Rico limited liability company (“AT Gekko”), which owned 100% of the issued and outstanding membership interests of Classroom Salon Holdings, LLC, a Delaware limited liability company (“Classroom Salon Holdings”). Also on December 18, 2021 AT Gekko executed an assignment to the Company of it’s membership interests in Classroom Salon Holdings, making Classroom Salon Holdings a wholly-owned subsidiary of the Company. The transaction was also subject to certain post-closing conditions as set forth in the membership interest purchase agreement. The conditions include PCAOB audited financial statements for 2020 and 2021, an amended license agreement with Carnegie Mellon University, and the consummation of the acquisition of Classroom Salon, LLC.
On January 10, 2022, GTII executed a memorandum of understanding with DTXS Auction, Ltd., a wholly-owned subsidiary of DTXS Silk Road Investment Holdings Company, Ltd., (HKSE code 0620). On January 31, 2022, GTII executed a proposal sheet with DTXS Auction, Ltd., for the proposed exchange of 100,000 shares of the Company’s common stock for 350,000 shares of the common stock of DTXS Silk Road Investment Holdings Company, Ltd. The proposal sheet provides that, in consideration for the share exchange, DTXS will (a) develop a Chinatown art district within the Company’s planned Metaverse and (b) provide the Company with access to Chinese art pieces that it owns, controls or has access to, from eras of Chinese antiquity. This transaction has not been completed as of the date of these financial statements.
Also on January 10, 2022, GTII executed an irrevocable gift agreement with Icahn School of Medicine at Mount Sinai for the donation of 250,000 shares of the Company’s commons stock over each of the next three years, inclusive of 2022.
On January 17, 2022, GTII executed a memorandum of understanding with TCG Gaming B.V., a Netherlands based metaverse development company, for the lease of a plot of virtual land in the TCG World metaverse.
On January 18, 2022, GTII’s subsidiary, Classroom Salon Holdings, LLC, executed membership interest purchase agreements, as well as assignments of membership interests, resulting in the acquisition of 100% of Classroom Salon, LLC, a Pennsylvania limited liability company. On February 22, 2022, Classroom Salon, LLC, executed an amended and restated license agreement with Carnegie Mellon University. On February 25 2022, Classroom Salon Holdings, LLC completed its requisite two-year, PCAOB audit. This transaction has not been completed as of the date of these financial statements.
On March 9, 2022, GTII executed a non-binding Letter of Intent with Wildfire Media Corp, relating to the acquisition of the assets and liabilities of 1-800-Law-Firm, PLLC, a Delaware Corporation.
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Employees
As of May 12, 2021 we have 1 full-time employee and one part time employee. We have not experienced any work stoppages and we consider relations with its employees to be good.March 31, 2022 the company employs two individuals in executive positions.
RESULTS OF OPERATIONS
Results of Operations for the Three Months Ended March 31, 20212022 Compared to Three Months Ended March 31, 2020:2021:
There were no revenues generated during the three months ended March 31, 2021 or 2020.2022 and 2021. Our general operating expenses increased from $200,865 in 2020 to $724,297 in 2021.2021 to $1,142,845 in 2022. The increase was primarily the result of an increase in professional services including investor relations, IT, legal, accounting and consulting for investor relations.our digital asset platform, fine art and medical advisory board, as well as charitable service contributions. The Company issued $471,000$863,108 in stock to our professionals during the first quarter 20212022 as compared to $0$471,000 for the first quarter 2020.2021. Our interest expense decreasedincreased to $19,445 at$58,527 for the three months ended March 31, 20212022 from $57,005 at$19,445 for the three months ended March 31, 2020, due to the conversion of related party debt at December 31, 2020.2021. We also had unrealized gainsloss from our marketable securities of $68,000 at$(27,000) for the three months ended March 31, 2021,2022, compared to a lossgain of $(26,976) at$68,000 for the three months ended March 31, 2020.2021.
Our net loss increased by $390,896$555,630 from $(284,846)$(675,742) in 2020the first quarter 2021 to a loss of $(675,742)$(1,228,372) in 2021.the first quarter 2022. The primary reason for this increase was the increase in investor relations professional services, as the Company entered a growth stage of acquisitions and funding requirements. We expect that our losses will continue until we are able to establish a consistent revenue source and finalize our projected acquisitions. With the two acquisitions generating revenues beginning in the 2nd quarter, we expect a changing business environment. Management and the Board are considering additional acquisitions forth coming.
LIQUIDITY AND CAPITAL RESOURCES
At March 31, 20212022 we had cash on hand of $56,776$349,818 compared to $2,479$359,143 at December 31, 2020.2021. Cash usedprovided by our operations of $(72,518) in 2021was $35,121 during the three months ended March 31, 2022 compared to cash used of $(28,937) in 2020.$(72,518) during the three months ended March 31, 2021. Our operations are supported by our CEO who uses individual credit to pay for expenses of the Company. In the first three months of 20212022 our CEO advance $51,615advanced $339,955 as compared to cash advance of $28,901$51,615 during 2020. We received $150,000 during2021. During the first quarter of 2021, from debt financing, which was usedthree months ended March 31, 2022, the Company reimbursed our CEO $250,470 compared to satisfy$0 for the convertible debenture of $74,800 plus accrued interest and penalties.three months ended March 31, 2021. We anticipate that we will continue to have a negative cash flow from operations for 2021.2022. We do not have sufficient cash on hand at March 31, 20212022 to cover our negative cash flow. We will attempt to raise capital through the sale of our common stock or through debt financing, and expand the operations of our acquisitions to assist in our cashflow needs.
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.
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Any remedy to our current lack of liquidity must take into account all the foregoing liabilities. Global Tech intends to expand and develop its new acquisition operating activities to generate significant cashflow to allow it to pay its current obligations and settle its remaining obligations. Capital raise plans are under consideration but it cannot be assured that they will materialize in the current economic environment. Currently, Global Tech is without adequate financing or liquid assets. Because no actions have been taken on the aforementioned past due obligations and demand has not been made by the applicable current note holders, we are unable to accurately quantify the effect the overdue accounts have on Global Tech’s financial condition, liquidity and capital resources. However, in the event that all of these obligations and notes payable were required to be paid in an amount equal to the full balance of each, Global Tech would not be able to meet the obligations based upon its current financial status. The liquidity shortfall of $(1,987,239)$(2,393,238) would cause Global Tech to default and, further, would put our continued viability in jeopardy.
CONTRACTUAL OBLIGATIONS
There are no new contractual obligations for the quarter ended March 31, 2021.
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, 2020.2021. 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 March 31, 2021.2022.
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 March 31, 20212022 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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PART II OTHER INFORMATION
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. During 2020, the Company was successful in recalling the 4,668,530 shares and cancelling them from the 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. 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 quarterYork, Docket No.17-CV-03727. On October 2, 2019, the Company was able to secure, via preliminary settlement, the return of 43,649,491 shares of the Company’s stock out of the original 50,649,491 that waswere issued in good faith to GoFun in anticipation of a final stock exchange. TheThat stock has since been returned to the Company’s treasury and cancelled. On May 14, 2021, the Superior Court of New Jersey, Chancery Division: Monmouth County (docket no. PAS-MON-C-60-21) issued an order restraining the removal of restrictive legends on the remaining 7,000,000 shares of stock, pending further order of the New Jersey Court. The Company also reclassified a deposit received from GoFun shareholdersunderlying matter currently in the amountU.S. district Court for the Southern District 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.New York, remains pending.
On December 30, 2019, a dispute betweenMarch 17, 2021, the Company and its counsel regarding the GoFun matter, above, resulted in a filing, and subsequent settlement, offiled 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, for the County of New York (Index No. 656396/2019). Pursuant651771/2021), 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 December 31, 2021, 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 December 31, 2021, David Wells has not yet filed an answer to the settlement, prior counselCompany’s complaint. On November 11, 2021, David Wells filed an action against GTII in the United States District Court for the District of Nevada,(Case 2:21-cv-02040) claiming a violation of the duty to register transfer of shares. As of December 31, 2021, the parties are engaged in briefing jurisdictional motions.
On August 24, 2021, the Company accepted previously-issuedfiled 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 2016,the name of International Monetary, as full paymentwell 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 all legal work, expenses, costs,declaratory relief, and other fees.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 December 31, 2021, 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 three months ended March 31, 2021.2022.
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 533,399 shares during the three months ended March 31, 2022.
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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| 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 |
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.
Not Applicable
3. Exhibits
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| 26 |
| 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 January 8, 2013, as an exhibit to a Form 8 – K and incorporated herein by reference. | |
| Filed April 12, 2019, as an exhibit to a Form 8 – K and incorporated herein by reference. | |
| (14) | Filed December 26, 2019, as an exhibit to a Form 8 -K and incorporated herein by reference |
| (15) | Filed November 27, 2020, as an exhibit to a Form 8 -K and incorporated herein by reference |
| (16) | Filed March 1, 2021, as an exhibit to a Form 8 – K and incorporated herein by reference |
| (17) | Filed March 23, 2021, as an exhibit to a Form 8 -K and incorporated herein by reference |
| (18) | Filed March 24, 2021, as an exhibit to a Form 8 – K and incorporated herein by reference |
| (19) | Filed April 6, 2021, as an exhibit to a Form 8 – K and incorporated herein by reference |
| (20) | Filed April 7, 2021, as an exhibit to a Form 8 - K and incorporated herein by reference |
| (21) | Filed April 30, 2021, as an exhibit to a Form 8 – k and incorporated herein by reference |
| (22) | Filed May 13, 2021, as an exhibit to a Form 8 – K and incorporated herein by reference |
| (23) | Filed June 6, 2021, as an exhibit to a Form 8 – K and incorporated herein by reference |
| (24) | Filed November 16, 2021, as an exhibit to a Form 8-K and incorporated herein by reference |
| (a) | Exhibits |
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: May | GLOBAL 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 Reichman | Dated: May | |
| David Reichman, Chairman of the Board, Chief | |||
| Executive Officer, Chief Financial Officer | |||
| and Principal Accounting Officer | |||
| By: | /s/ Kathy M. Griffin | Dated: May 20, 2022 | |
| Kathy M. Griffin, Director, President | |||
| By: | /s/ Frank Benintendo | Dated: May 20, 2022 | |
| Frank Benintendo, Director & Secretary | |||
| By: | /s/ Donald Gilbert | Dated: May 20, 2022 | |
| Donald Gilbert, Director | |||
| / | |||