UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM ~~10-Q~~10-Q/A

(Mark One)

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

For Quarterly Period Ended

~~September~~June 30, ~~2021~~2022

☐ 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)

nevada

90-1604380

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

511 Sixth Avenue, Suite 800

New York, NY 10011

(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

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

☒

☐

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

☒

☐

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

☐

☒

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

As of ~~November 15, 2021~~August 11, 2022 the number of shares outstanding of the registrant’s class of common stock was 257,463,389.

~~246,722,140.~~

TABLE OF CONTENTS

		Pages
PART I. FINANCIAL INFORMATION		3

Item 1.	Financial Statements	3

	Unaudited Condensed Consolidated Balance Sheets as of ~~September~~June 30, ~~2021~~2022, and December 31, ~~2020.~~2021.	3

	Unaudited Condensed Consolidated Statements of Operations for the Three and ~~Nine Months~~Six months ended ~~September~~June 30, ~~2021~~2022, and ~~2020.~~2021.	4

	Unaudited Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the Three and ~~Nine~~Six months ended ~~September~~June 30, ~~2021~~2022, and ~~2020.~~2021.	5

	Unaudited Condensed Consolidated Statements of Cash Flows for the ~~Nine~~Six months ended ~~September~~June 30, ~~2021~~2022, and ~~2020.~~2021.	6

	Notes to Unaudited Condensed Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1918

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	2223

Item 4.	Controls and Procedures	2223

PART II. OTHER INFORMATION		2324

Item 1.	Legal Proceedings	2324

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	2425

Item 3.	Defaults Upon Senior Securities	2425

Item 5.	Other Information	2526

Item 6.	Exhibits	2526

SIGNATURES		2829

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

GLOBAL TECH INDUSTRIES GROUP, INC.

Condensed Consolidated Balance Sheets

~~(Unaudited)~~

September 30, December 31,
2021 2020
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 295,083 $ 2,479
Prepaid expenses - 222,167
Marketable securities 195,000 31,000

Total Current Assets 490,083 255,646

PROPERTY & EQUIPMENT (NET) 2,143 2,946

OTHER ASSETS
License, net 3,958 -
Fine art 67,845 -

Total Other Assets 71,803 -

TOTAL ASSETS $ 564,029 $ 258,592

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES
Accounts payable and accrued expenses $ 688,733 $ 610,715
Accounts payable and accrued expenses-related parties 521,274 8,953
Accrued interest payable 376,007 357,708
Notes payable in default 871,082 871,082
Due to related parties 83,883 109,513
Convertible debenture - 74,800
Notes payable 200,000 -
Stock deposits 490,000 -

Total Current Liabilities 3,230,979 2,032,771

Total Liabilities 3,230,979 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, 550,000,000 shares authorized; 246,722,140 (including 10,150,000 shares held in escrow) and 230,498,005 issued and 236,572,140 and 230,498,005 outstanding, respectively 246,722 230,498
Additional paid-in-capital 229,725,779 168,398,511
Accumulated (Deficit) (232,639,452 ) (170,403,189 )

Total Stockholders' Equity (Deficit) (2,666,950 ) (1,774,179 )

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 564,029 $ 258,592

June 30,
2022

December
31, 2021

ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 354,651 $ 359,143
Accounts receivable - 78,721
Inventory - 290,710
Marketable securities 100,000 163,000

Total Current Assets 454,651 891,574

PROPERTY, PLANT AND EQUIPMENT
Fixed assets (net) 1,339 112,603
Right of use assets - Operating leases - 833,796
Total Property, Plant and Equipment 1,339 946,399

OTHER ASSETS
License 12,892,192 3,333
Fine art 67,845 67,845
Security deposits - 67,808
Goodwill - 6,443,559

Total Other Assets 12,960,037 6,582,545

TOTAL ASSETS $ 13,416,027 $ 8,420,518

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

CURRENT LIABILITIES
Accounts payable and accrued expenses $ 653,530 $ 791,008
Accounts payable and accrued expenses-related parties 1,205,239 590,060
Accrued interest payable 398,697 387,982
Notes payable in default 871,082 871,082
Notes payable - 922,000
Current portion of operating lease liabilities - 274,222
Current portion of long-term debt 126,477 2,986

Total Current Liabilities 3,255,025 3,839,340

LONG TERM LIABILITIES

Long-term operating lease liabilities - 559,574
Note payable 4,841,700 147,014

Total Long-term liabilities 4,841,700 706,588

Total Liabilities 8,096,725 4,545,928

STOCKHOLDERS’ EQUITY
Preferred stock, par value $.001, 50,000 authorized, 1,000 issued and outstanding 1 1
Common stock, par value $0.001 per share, 750,000,000 shares authorized; 257,463,289 (including 10,000,000 shares held in escrow) and 255,790,585 (including 16,000,000 shares held in escrow) issued and 247,463,289 and 239,790,585 outstanding, respectively 257,463 255,791
Additional paid-in-capital 241,405,397 237,774,709
Accumulated (Deficit) (236,343,559 ) (234,155,911 )

Total Stockholders’ Equity (Deficit) 5,319,302 3,874,590

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) $ 13,416,027 $ 8,420,518

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

2022 2021 2022 2021
For The Three and Six Months Ended
June 30,
2022 2021 2022 2021

REVENUES, net $ - $ - $ - $ -

COST OF SALES, net - - - -

GROSS PROFIT/(LOSS) - - - -

OPERATING EXPENSES

General and administrative 130,174 62,248 185,390 101,386
Compensation and professional fees 478,241 1,307,689 1,154,977 1,992,580
Charitable donations 372,500 - 782,500 -
Depreciation 268 267 1,161 535

Total Operating Expenses 981,183 1,370,204 2,124,028 2,094,501

OPERATING LOSS (981,183 ) (1,370,204 ) (2,124,028 ) (2,094,501 )
OTHER INCOME (EXPENSES)

Unrealized gain (loss) on change in fair value of marketable securities (36,000 ) 281,000 (63,000 ) 349,000
Gain on sale of assets 22,291 - 22,291 -
Gain on settlement of debt 28,150 - 28,150 -
Interest income 1,500 1,500
Interest expense (12,289 ) (12,904 ) (70,816 ) (32,349 )

Total Other Income (Expenses) 3,652 268,096 (81,875 ) 316,651

LOSS BEFORE INCOME TAXES (977,531 ) (1,102,108 ) (2,205,903 ) (1,777,850 )

INCOME TAX EXPENSE - - - -

COMPREHENSIVE LOSS $ (977,531 ) $ (1,102,108 ) $ (2,205,903 ) $ (1,777,850 )

BASIC AND DILUTED LOSS PER SHARE $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.00 )

WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING, BASIC AND DILUTED 257,142,064 235,044,159 256,507,508 233,779,672
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED 257,142,064 235,044,159 256,507,508 233,779,672
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4
GLOBAL TECH INDUSTRIES GROUP, INC.
Condensed Consolidated Statements of ~~Operations~~Stockholders’ Equity (Deficit)
For the Three and Six Months Ended June 30, 2022, and 2021
(Unaudited)
2021 2020 2021 2020
For The Three Months Ended For The Nine Months Ended
September 30, September 30,
2021 2020 2021 2020

REVENUES - 8,500 - 8,500

OPERATING EXPENSES

General and administrative 157,140 24,296 258,526 105,964
Depreciation 1,310 - 1,845 -
Charitable donations 540,113 - 540,113 -
Compensation and professional fees 1,868,288 255,750 3,860,868 680,990

Total Operating Expenses 2,566,851 280,046 4,661,352 786,954

OPERATING LOSS (2,566,851 ) (271,546 ) (4,661,352 ) (778,454 )

OTHER INCOME (EXPENSES)

Gain/(loss) on marketable securities (185,000 ) 14,966 164,000 (901 )
Interest expense (16,762 ) (60,724 ) (49,111 ) (175,433 )

Total Other Income (Expenses) (201,762 ) (45,758 ) 114,889 (176,334 )

LOSS BEFORE INCOME TAXES (2,768,613 ) (317,304 ) (4,546,463 ) (954,788 )

INCOME TAX EXPENSE - - - -

NET LOSS $ (2,768,613 ) $ (317,304 ) $ (4,546,463 ) $ (954,788 )

BASIC AND DILUTED LOSS PER SHARE $ (0.01 ) $ (0.00 ) $ (0.02 ) $ (0.00 )

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED 235,247,771 205,377,721 234,303,915 205,732,175
Shares Amount Shares Amount Capital (Deficit) Equity
Preferred Stock Common Stock Additional Accumulated Total Stockholders’ Equity
Shares Amount Shares Amount Capital (Deficit) (Deficit)

Balance, December 31, 2020 1,000 $ 1 230,498,005 $ 230,498 $ 168,398,511 $ (170,403,189 ) $ (1,774,179 )

Common stock issued for services - - 4,500,000 4,500 466,500 471,000
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
Net loss for the three months ended March 31, 2021 (675,742 ) (675,742 )
Balance, March 31, 2021 1,000 $ 1 240,998,005 $ 240,998 $ 168,862,371 $ (171,078,931 ) $ (1,975,561 )

Common stock issued for services 166,995 167 866,557 866,724
Warrants issued as dividend to shareholders 57,689,800 (57,689,800 ) -
Imputed interest – loan - - 3,360 3,360
Common stock issued for acquisition of Bronx Family Eye Care 4,150,000 4,150 (4,150 ) -
Net loss for the three months ended June 30, 2021 (1,102,108 ) (1,102,108 )
Balance, June 30, 2021 1,000 $ 1 245,315,000 $ 245,315 $ 227,417,938 $ (229,870,839 ) $ (2,207,585 )

Balance, December 31, 2021 1,000 $ 1 255,790,585 $ 255,791 $ 237,774,709 $ (234,155,911 ) $ 3,874,590

Common stock issued for services 533,399 534 862,574 863,108
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, 2022 - (1,228,372 ) (1,228,372 )
Balance, March 31, 2022 1,000 $ 1 256,323,984 $ 256,325 $ 231,671,143 $ (235,366,028 ) $ (3,438,559 )
Balance 1,000 $ 1 256,323,984 $ 256,325 $ 231,671,143 $ (235,366,028 ) $ (3,438,559 )

Common stock issued for services 466,848 466 727,524 727,990
Escrow release from acquisition - - 7,920,090 7,920,090
Imputed interest – loan 3,360 3,360
Proceeds from the exercise of warrants 8,875 8,875
Common stock issued for notes payable, accrued interest and accrued expenses 672,457 672 1,074,405 1,075,077
Net loss for the three months ended June 30, 2022 (977,531 ) (977,531 )
Balance, June 30, 2022 1,000 $ 1 257,463,289 $ 257,463 241,405,397 $ (236,343,559 ) $ 5,319,302
Balance 1,000 $ 1 257,463,289 $ 257,463 241,405,397 $ (236,343,559 ) $ 5,319,302

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)~~
Additional Total
Preferred Stock Common Stock Paid-in Accumulated Stockholders'
Shares Amount Shares Amount Capital Deficit Deficit

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
Shares issued and held in escrow for the potential acquisition of Gold Transactions Intl, Inc.
Shares issued and held in escrow for the potential acquisition of Gold Transactions Intl, Inc.,shares
Warrants issued to shareholders of record on April 1, 2021 as dividend
Shares issued and held in escrow for the potential acquisition of Bronx Family Eye and My Retina
Shares issued and held in escrow for the potential acquisition of Bronx Family Eye and My Retina,shares
Shares issued for charitable service donations
Shares issued for charitable service donations, shares
Shares issued for medical advisory services
Shares issued for medical advisory services, shares

Net loss for the three months ended March 31, 2020 - - - - (284,846 ) (284,846 )

Balance, March 31, 2020 1,000 $ 1 205,277,990 $ 205,278 $ 161,716,346 $ (167,909,549 ) $ (5,987,924 )

Imputed interest – loan 3,360 3,360

Shares issued for services 4,540,000 4,540 87,761 92,301

Shares cancelled from ARUR acquisition recission (4,668,530 ) (4,668 ) 4,668 -

Net loss for the three months ended June 30, 2020 - - - - (352,638 ) (352,638 )

Balance, June 30, 2020 1,000 $ 1 205,149,460 $ 205,150 $ 161,812,135 $ (168,262,187 ) $ (6,244,901 )

Imputed interest – loan 3,360 3,360

Shares issued for services 2,000,000 2,000 63,750 65,750

Net loss for the three months ended September 30, 2020 - - - - (317,304 ) (317,304 )

Balance, September 30, 2020 1,000 $ 1 207,149,460 $ 207,150 $ 161,879,245 $ (168,579,491 ) $ (6,493,095 )

Balance, December 31, 2020 1,000 $ 1 230,498,005 $ 230,498 $ 168,398,511 $ (170,403,189 ) $ (1,774,179 )

Shares issued for services 4,500,000 4,500 466,500 471,000

Shares issued and held in escrow for the potential acquisition of Gold Transactions Intl, Inc. 6,000,000 6,000 (6,000 ) 0

Imputed interest – loan 3,360 3,360

Net loss for the three months ended March 31, 2021 - - - - (675,742 ) (675,742 )

Balance, March 31, 2021 1,000 $ 1 240,998,005 $ 240,998 $ 168,862,371 $ (171,078,931 ) $ (1,975,561 )

Shares issued for services 166,995 167 866,557 866,724

Warrants issued to shareholders of record on April 1, 2021 as dividend 57,689,800 (57,689,800 )
-

Shares issued and held in escrow for the potential acquisition of Bronx Family Eye and My Retina 4,150,000 4,150 (4,150 ) -

Imputed interest – loan 3,360 3,360

Net loss for the three months ended June 30, 2021 - - - - (1,102,108 ) (1,102,108 )

Balance, June 30, 2021 1,000 $ 1 245,315,000 $ 245,315 $ 227,417,938 $ (229,870,839 ) $ (2,207,585 )

Shares issued for services and prepaid shares earned (Note 9) 707,140 707 1,360,181 1,360,888

Shares issued for charitable service donations 400,000 400 539,600 540,000

Shares issued for medical advisory services 300,000 300 404,700 405,000

Imputed interest – loan 3,360 3,360

Net loss for the three months ended September 30, 2021 - - - - (2,768,613 ) (2,768,613 )
Net income (loss) (2,768,613 ) (2,768,613 )
Balance, September 30, 2021 1,000 $ 1 246,722,140 $ 246,722 $ 229,725,779 $ (232,639,452 ) $ (2,666,950 )
~~The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.~~
5

GLOBAL TECH INDUSTRIES GROUP, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)

2022 2021
For The Nine Months Ended For The Six Months Ended
September 30, June 30,
2021 2020 2022 2021

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss $ (4,546,463 ) (954,788 ) $ (2,205,903 ) $ (1,777,850 )
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 1,845 -
Adjustments to reconcile net loss to net cash used in operating activities (net of acquisition):
Depreciation 1,161 535
Stock issued for services 3,643,612 158,050
1,591,098
1,337,724
Imputed interest on loan 10,080 10,080 6,720 6,720
(Gain) loss on marketable securities (164,000 ) 901
Gain on debt conversion (28,150 ) -
Gain on asset sale (22,291 ) -
Unrealized (gain) loss on marketable securities 63,000 (349,000 )
Change in operating assets and liabilities
Decrease is prepaid expenses 222,167 -
Decrease in prepaid expenses - 222,167
Increase in accounts payable and accrued expenses
8,459
41,469
Increase in accounts payable and accrued expenses-related parties 512,321 3 615,179 352,525
Increase (decrease) in interest payable 18,299 26,517
Increase in interest payable-related parties - 135,548
Increase in accounts payable and accrued expenses 78,018 518,600
Increase in accrued interest payable 63,920 5,633

Net Cash Used in Operating Activities (224,121 ) (105,089 )
Net Cash Provided by (Used in) Operating Activities 93,193 (160,077 )

CASH FLOWS FROM INVESTING ACTIVITIES

Sale of marketable securities - 143
Cash paid for other assets (67,845 ) -
Cash paid for fixed assets (5,000 ) -
Cash from sale of asset 25,000 -
Cash returned in acquisition reversal (183,933 ) -
Cash paid for fine art - (67,845 )
Cash acquired from license acquisition 2,373 -
Cash paid for license - (5,000 )

Net Cash Provided by (Used in) Investing Activities (72,845 ) 143
Net Cash Used in Investing Activities (156,560 ) (72,845 )

CASH FLOWS FROM FINANCING ACTIVITIES
Cash received from debt financing 200,000 -
Proceeds from exercise of warrants 8,875 -
Proceeds from note payable 50,000 -
Cash from stock deposits 490,000 - - 340,000
Cash paid on convertible debenture (74,800 ) -
Cash paid on related party loans (186,069 ) -
Cash received from related party loans 160,439 104,981
Payments on convertible debentures - (74,800 )
Payments to officers and directors -
Cash received from related parties -

Net Cash Provided by Financing Activities 589,570 104,981
Net Cash Provided by (Used in) Financing Activities 58,875 265,200

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 292,604 35 (4,492 ) 32,278

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 2,479 1,435 359,143 2,479

CASH AND CASH EQUIVALENTS, END OF PERIOD $ 295,083 $ 1,470 $ 354,651 $ 34,757

SUPPLEMENTAL DISCLOSURES:

Cash paid for interest $ - $ - $ - $ -
Cash paid for income taxes $ - $ - $ - $ -

NON-CASH INVESTING AND FINANCING ACTIVITIES:

Stock issued and held in escrow for potential acquisitions 10,150 -
Stock issued and held in escrow $ 10,000 $ 10,150
Reclassification of notes payable to stock deposits 150,000 - $ - $ 150,000
Common stock issued for debt, accrued interest and accrued expenses $ 1,075,077 $ -
Stock released from escrow for license acquisition (net of debt) $ 7,920,090 $ -

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

6

GLOBAL TECH INDUSTRIES GROUP, INC.
Notes to the Unaudited Condensed Consolidated Financial Statements
~~September~~June 30, ~~2021~~2022

NOTE 1 - CONDENSED FINANCIAL STATEMENTS

A) CONSOLIDATION

The accompanying consolidated financial statements have been prepared by GLOBAL TECH INDUSTRIES GROUP, INC. (“the Company”) without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position at ~~September~~June 30, ~~2021,~~2022, and the results of operations and cash flows for the three and ~~nine~~six 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 ~~September~~June 30, ~~2021~~2022, are not necessarily indicative of the operating results for what will be the full year ended December 31, ~~2021.~~2022.

The accompanying consolidated financial statements include the accounts of the Company and its ~~wholly-owned~~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~~ U.S. GAAPapplicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. These conditions raise substantial doubt regarding the Company’s ability to continue as a going concern.

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

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

On March 11, 2020, the World Health Organization declared the outbreak of a coronavirus (COVID-19) a pandemic. As a result, economic uncertainties have arisen which have the potential to negatively impact the Company’s ability to raise funding from the markets. Other financial impacts could occur though such potential impacts are unknown at this time.
7

GLOBAL TECH INDUSTRIES GROUP, INC.
Notes to the Unaudited Condensed Consolidated Financial Statements
~~September~~June 30, ~~2021~~2022

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, Classroom Salon Holdings, LLC, TTII Oil & Gas, Inc., and GT International, Inc. All subsidiaries of the Company, other than TTI Strategic Acquisitions and Equity Group, Inc., currently have no financial activity. All significant inter-company balances and transactions have been eliminated. ~~Because the performance obligations associated with the acquisitions of GTI,~~The Bronx and My Retina acquisitions were rescinded effective January 1, 2022. Both parties have ~~not yet been met,~~mutually agreed to unwind this transaction thereby they have no impact on these ~~subsidiaries are still contingent and have not been consolidated with the Company.~~financial statements.

B) USE OF MANAGEMENT’S ESTIMATES

The preparation of financial statements in conformity with ~~generally accepted accounting principles~~U.S. GAAP 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 $250,000of insurance provided on such deposits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash and cash equivalents. ~~At September~~On June 30, ~~2021~~2022, and December 31, ~~2020,~~2021, $~~45,083~~104,651 and $0 109,143excess cash balances existed, respectively. ~~There were~~ 0~~cash equivalents at September 30, 2021 and December 31, 2020.~~

D) INCOME TAXES

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

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 had no revenues during the ~~nine~~three and six months ended ~~September~~June 30, ~~2021~~2022 and ~~$8,500 of non-recurring revenue in 2020,~~2021, however when revenues commence, the Company will recognize revenues in accordance with ASC 606, “Revenue from Contracts with Customers.” Revenue is recognized per our contract with our customers at a point of time when control of our products or services are transferred to our customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products, and after all our performance obligations have been met. The Company currently has no consulting revenues 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
~~September~~June 30, ~~2021~~2022

F) STOCK-BASED COMPENSATION

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

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

G) FAIR VALUE OF FINANCIAL INSTRUMENTS

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

Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 inputs to the valuation methodology are unobservable and significant to the fair measurement.

The carrying amounts reported in the balance sheets for cash and cash equivalents, and current liabilities each qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The carrying value of notes payable approximates fair value because negotiated terms and conditions are consistent with current market rates as of ~~September~~June 30, ~~2021~~2022, and December 31, ~~2020.~~2021.

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

9

GLOBAL TECH INDUSTRIES GROUP, INC.
Notes to the Unaudited Condensed Consolidated Financial Statements
~~September~~June 30, ~~2021~~2022

The following table presents the Company’s marketable securities within the fair value hierarchy utilized to measure fair value on a recurring basis as of ~~September~~June 30, ~~2021~~2022, and December 31, ~~2020:~~2021:
SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS
Level 1 Level 2 Level 3
Marketable Securities – September 30, 2021 $ 195,000 $ -0- $ -0-
Marketable Securities – December 31, 2020 $ 31,000 $ -0- $ -0-
Level 1 Level 2 Level 3
Marketable Securities – June 30, 2022 $ 100,000 $ -0- $ -0-
Marketable Securities – December 31, 2021 $ 163,000 $ -0- $ -0-

H) BASIC AND DILUTED LOSS PER SHARE

The Company calculates earnings per share in accordance with ASC 260, “Earnings Per Share.” Basic loss per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share gives effect to dilutive convertible securities, options, warrants and other potential common stock outstanding during the period; only in periods in which such effect is dilutive. For ~~September~~the three and six months ended June 30, 2021 and 2022, there were 4,500,664 stock options outstanding and 23,358,496 warrants outstanding, however their effects were anti-dilutive. ~~For September 30, 2020,~~and there were no potentially dilutive securities to consider in the fully diluted earnings per share calculation.
SCHEDULE OF BASIC AND DILUTED PER SHARE
2021 2020 2022 2021
For the Three Months Ended For the Three Months Ended
September 30, June 30,
2021 2020 2022 2021
Loss (numerator) $ (2,768,613 ) $ (317,304 ) $ (977,531 ) $ (1,102,108 )
Shares (denominator) 235,247,771 205,377,721 257,142,064 235,044,159
Basic and diluted loss per share $ (0.01 ) $ (0.00 ) $ (0.00 ) $ (0.00 )

2021 2020 2022 2021
For the Nine months Ended For the Six Months Ended
September 30, June 30,
2021 2020 2022 2021
Loss (numerator) $ (4,546,463 ) $ (954,788 ) $ (2,205,903 ) $ (1,777,850 )
Shares (denominator) 234,303,915 205,732,175 256,507,508 233,779,672
Basic and diluted loss per share $ (0.02 ) $ (0.00 ) $ (0.00 ) $ (0.00 )

I) RECENT ACCOUNTING PRONOUNCEMENTS

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

J) ~~Marketable Securities~~MARKTABLE 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.

K) LONG LIVED ASSETS
The Company evaluates its long-lived assets in accordance with FASB ASC 350, “Intangibles-Goodwill and Other,” and FASB ASC 360, “Property, Plant, and Equipment.” Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets and is recorded in the period in which the determination was made.
10

GLOBAL TECH INDUSTRIES GROUP, INC.
Notes to the Unaudited Condensed Consolidated Financial Statements
~~September~~June 30, ~~2021~~2022

NOTE 3 - MARKETABLE SECURITIES

The Company has acquired various shares of Marketable ~~Securities over~~Securities. During the past several years and engages in trading activities for its own account. The Company’s marketable securities are listed on various exchanges with readily determinable fair value per the guidance of ASC 321, “Investments – Equity Securities.” The fair value of these shares at September 30, 2021 and December 31, 2020 amounted to $~~195,000and $31,000, respectively. All realized and unrealized gains and losses are recorded in earnings. For the three~~six months ended ~~September~~June 30, ~~2021,~~2022, the Company recorded a loss of $~~(185,000)~~ (63,000)which consisted of unrealized gains (losses) by marking to market, the value of the shares held. For the ~~three~~six months ended ~~September 30, 2020, the Company recorded unrealized gains of $14,966. For the nine months ended September~~June 30, 2021, the Company recorded unrealized gains of $~~164,000~~ 349,000~~compared to unrealized losses of $(901)~~ ~~for the nine months ended September 30, 2020.~~. The Company does not hold any equity securities that do not have readily available fair values, therefore no impairment analysis or other methods to determine value are used.

NOTE 4 - FIXED ASSETS

~~During the year ended 2020, the Company wrote off all fixed assets purchased prior to 2019, that were fully depreciated.~~ Depreciation expense for the ~~nine~~six months ended ~~September~~June 30, ~~2021~~2022, and ~~2020~~2021 was $~~1,845~~1,161 and $0535, respectively. December 31, 2021 assets of $110,990 were removed with the unwinding of the Bronx Eye Care Acquisition.

Fixed assets consist of the following:
SCHEDULE OF FIXED ASSETS
September 30, 2021 December 31, 2020
June 30,
2022

December 31,
2021

Computer equipment $ 3,213 $ 3,213
Equipment $ 3,214 $ 100,167
Furniture and fixtures - 14,037
Total fixed assets 3,213 3,213 3,214 114,204
Accumulated Depreciation (1,070 ) (267 ) (1,875 ) (1,601 )
Net fixed assets $ 2,143 $ 2,946 $ 1,339 $ 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,~~DMCC1, a free trade zone for commodities trading in Dubai, and then sells the refined gold to its customers. The License Agreement grants the Company the following:

● Access to the Network’s gold operations, to participate in the profits generated by the margin between the buy and sell prices, based on the % of funds advanced into the Network,

● an exclusive license to market and promote the gold buy/sell program in an attempt to increase the buying power of the Network. The term of the License is un-defined and perpetual.

●
Reporting from the Network partners of gold transactions shared in, and the revenue generated on a monthly basis. Payments, however are quarterly to the Network partners.

Pursuant to the SPA, 100% of the GTI shares are to be exchanged for $6,000,000 ~~worth~~shares of the Company’s ~~shares~~common stock (~~6,000,000~~grant date fair value was $7,920,090 ~~shares)~~). ~~However due to~~GTI has met its performance obligations ~~included~~and this transaction closed in the SPA not having been met by September 30, 2021 or subsequently through the date these financial statements were issued, the Company has transferred the Company’s shares to an escrow account and reported the shares as issued but not outstanding.second quarter of 2022. The License asset was valued at $12,892,192 net of additional liabilities recorded.

The acquisition of GTI is being treated as an asset purchase and not business combination per ASC 805 as substantially all of the assets acquired are concentrated in a single identifiable asset. The following table summarizes the consideration transferred to acquire GTI and the amount of identified assets, and liabilities assumed at the acquisition date.
Recognized amounts of identifiable assets acquired and liabilities assumed:
SCHEDULE OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED
Cash and cash equivalents $ 2,373
License (including intangibles) 12,892,192
Trade payables (6,388 )
Note payable (4,968,177 )

Total identifiable net assets $ 7,920,000
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 $5,000for the license and also pays a monthly hosting fee to Alt 5, which is expensed as incurred.The term of the license is for 12 months with an automatic renewal for an additional 12 months. ~~The license will be amortized over~~This asset was sold in the ~~term~~second quarter of ~~24 months, using the straight line method.~~2022. Amortization expensed ~~for~~through the ~~nine months ended September~~date of sale was $2,708, respectively.
The Table below summarizes the Company’s licenses as of June 30, ~~2021~~2022 and ~~2020 is $1,042~~ ~~and $~~0~~, respectively.~~December 31, 2021:
SCHEDULE OF ~~FINITE LIVED INTANGIBLE ASSETS~~LICENSE
September 30, 2021 December 31, 2020
License – Digital platform $ 5,000 $ 0
Total licensed assets 5,000 0
Accumulated Amortization (1,042 ) 0
Net licensed assets $ 3,958 $ 0
June 30, December 31,
License 2022 2021

Access and exclusivity license $ 12,892,192 $ -
Digital platform - 5,000
Total licensed assets 12,892,192 5,000
Amortization - (1,667 )
Net licensed assets $ 12,892,192 $ 3,333

11

GLOBAL TECH INDUSTRIES GROUP, INC.
Notes to the Unaudited Condensed Consolidated Financial Statements
~~September~~June 30, ~~2021~~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 7 - RELATED PARTY TRANSACTIONS

Due to Related Parties

Due to related 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 ~~nine~~six months ended ~~September~~June 30, ~~2021~~2022, and ~~2020,~~2021, Mr. Reichman advanced $~~160,439~~263,510 and $~~104,981~~105,252, respectively, and was repaid $~~186,069~~309,390 and $0109,325, respectively. ~~At September~~Additionally, there is an expense account due Mr. Reichman of $24,000 on June 30, ~~2021~~2022. On June 30, 2022, and December 31, ~~2020,~~2021, the amounts owed to Mr. Reichman are $~~83,883~~ 296,180and $~~109,513~~105,440, 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 ~~nine~~six months ended ~~September~~June 30, ~~2021~~2022 and ~~2020.~~2021. The accrued wages for the ~~nine~~six months ended ~~September~~June 30, ~~2021~~2022, and ~~2020~~2021 are $~~465,000~~250,000 and $~~510,000~~147,500, respectively. The balance of accrued wages due to the officers ~~at September~~on June 30, ~~2021~~2022, and December 31, ~~2020,~~2021, are $~~465,000~~885,000 and $0340,000, respectively.

NOTE 8 - NOTES PAYABLE

(a) NOTES PAYABLE IN DEFAULT:

Notes payable in default consist of various notes bearing interest at rates from 5% to 9%, which are unsecured with original due dates between August 2000 and December 2016. All the notes are unpaid to date and are in default and are thus classified as current liabilities. At ~~September~~June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, notes payable in default amounted to $871,082 and $871,082, respectively. Accrued interest on the notes in default ~~at September~~on June 30, ~~2021~~2022 and December 31, ~~2020~~2021 are $~~372,180~~398,697 and $~~345,663~~387,982, respectively. Below is a discussion of the details to the notes payable in default and a table summarizing the notes in default with additional information.

12

GLOBAL TECH INDUSTRIES GROUP, INC.
Notes to the Unaudited Condensed Consolidated Financial Statements
~~September 30, 2021~~
~~During 2002, the Company settled a trade payable in litigation by executing a note payable to a company in the amount of $18,000, interest accrues at~~ 6~~% per annum, unsecured, due~~ ~~September 1, 2002, and in default. Accrued interest at September 30, 2021 and December 31, 2020 is $21,690~~ ~~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 September 30, 2021 and December 31, 2020 is $33,649~~ ~~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 September 30, 2021 and December 31, 2020 is $28,030~~ ~~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 September 30, 2021 and December 31, 2020 is $54,387~~ ~~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~~ June 30, ~~2021 and December 31, 2020 is $160,474~~ ~~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 June 30, 2021 and December 31, 2020 is $13,619~~ ~~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 June 30, 2021 and December 31, 2020 is $41,318~~ ~~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 September 30, 2021 and December 31, 2020 is $13,527~~ ~~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 September 30, 2021 and December 31, 2020 is $2,267~~ ~~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 September 30, 2021 and December 31, 2020 is $3,219~~ ~~and $2,904, respectively.~~
13
~~GLOBAL TECH INDUSTRIES GROUP, INC.~~
~~Notes to the Unaudited Condensed Consolidated Financial Statements~~
~~September 30, 2021~~2022

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

$ 871,082 $ 871,082 $ 36,597 $ 36,597
~~At September~~
June 39, 2022 December 31, 2021 Interest Interest Expense
Principal Principal Rate 6/30/2022 6/30/2021 Maturity
$ 32,960 $ 32,960 5.00 % $ 824 $ 824 10/5/18
32,746 32,746 5.00 % 818 818 10/5/18
5,000 5,000 6.00 % 150 150 10/5/18
100,000 100,000 5.00 % 2,500 2,500 10/5/18
7,000 7,000 6.00 % 210 210 10/5/18
388,376 388,376 5.00 % 9,710 9,710 10/5/18
192,000 192,000 0 % 6,720 6,720 10/5/18
18,000 18,000 6.00 % 540 540 9/1/2002
30,000 30,000 6.00 % 900 900 9/12/2002
25,000 25,000 5.00 % 626 626 8/31/2000
40,000 40,000 7.00 % 1,400 1,400 7/10/2002

$ 871,082 $ 871,082 $ 24,398 $ 24,398
On June 30, ~~2021~~2022, and December 31, ~~2020,~~2021, accrued interest on the outstanding notes payable (default and current) were $~~376,007~~ 398,697and $~~345,663~~387,982, respectively and related party notes was $0$0 and ~~$0,~~$0, respectively. Interest expense on the outstanding notes amounted to $~~40,425~~24,398 and $~~162,068~~24,398 for the ~~nine~~six months ended ~~September~~June 30, ~~2021~~2022, and ~~2020,~~2021 including the imputed interest discussed below.

(c) CONVERTIBLE DEBENTURE:

On November 27, 2020, the Company executed a convertible debenture with a corporation in the amount of $74,800, 10% interest per annum, unsecured, due on November 27, 2021. The debenture included a conversion right to be exercised at any time 180 days after execution of the note and was convertible into common stock of the Company at 75% of the market price, being calculated as the lowest three trading prices during the ~~fifteen trading~~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, which was deducted from the proceeds, thus resulting in $68,000 net proceeds to the Company. ~~Because the~~The Company prepaid the debenture in February 2021, it incurred a 20% pre-payment penalty, and expensed the OID in full during 2020.

~~Accrued interest and penalties at September 30, 2021 and December 31, 2020 were $~~0 ~~and $12,045, respectively. At September 30, 2021 and December 31, 2020, the Convertible Debenture balance was $~~0 ~~and $74,800, respectively.~~
1413

GLOBAL TECH INDUSTRIES GROUP, INC.
Notes to the Unaudited Condensed Consolidated Financial Statements
~~September~~June 30, ~~2021~~2022
(d) NOTES PAYABLE
On July 20, 2021, the Company received cash from an individual in the amount of $100,000 as a loan bearing interest at 5%, with a term of 12 months of the date received. ~~At September 30, 2021 and 2020,~~On April 1, 2022, accrued interest on this note ~~totals~~totaled $~~2,170~~4,184 respectively. This loan and $0~~, respectively.~~accrued interest were paid off in Company stock on April 1, 2022.

On August 6, 2021, the Company received cash from an individual in the amount of $100,000 as a loan bearing interest at 5%, with a term of 12 months of the date received. ~~At September 30, 2021 and 2020,~~On April 1, 2022, accrued interest on this note ~~totals~~totaled $~~1,658~~3,904, respectively. This loan and accrued interest were paid off in Company stock on April 1, 2022.
On December 31, 2021, the Company executed a note with an individual who had advanced funds throughout the year to assist management in their cashflow needs. The total amount received at December 31, 2021 was $722,000 and an additional $050,000 in the first quarter of 2022. The note bears interest at 6%, ~~respectively.~~with a term of 12 months from December 31, 2021. Interest will begin to accrue on January 1, 2022, therefore, there was no accrued interest on this note at December 31, 2021. This loan and accrued interest recorded for 2022 of $43,320 was paid off in Company stock on April 1, 2022.

~~(e)~~ ~~Additional detail to all Notes Payable is as follows:~~
September 30,
2021 December 31,
2020 Interest Interest Expense
Principal Principal Rate 9/30/2021 9/30/2020 Maturity
$ 100,000 0 5.00 % 2,170 0 7/20/22
100,000 0 5.00 % 1,658 0 8/6/22

200,000 0 3,828 0
~~(f) STOCK DEPOSITS~~
~~On February 26, 2021,~~In connection with the acquisition of the License Agreement, the Company ~~received cash from an accredited investor~~executed a Promissory Note in the amount of $~~100,000~~5,044,610, asbears interest at 2%, is payable quarterly in graduating amounts over a ~~deposit for~~5-year period and is unsecured. On December 31, 2020, the ~~eventual issuance~~Note Holder agreed to delay the interest accrual until 2021 and delayed the quarterly installments six months, making the first payments due September 30, 2021. As of ~~common shares of~~June 30, 2022, the ~~Company.~~balance on this loan was $4,968,177.

~~On March 26, 2021,~~The Company has debt obligations on the ~~Company received an additional amount of $50,000~~ ~~from an accredited investor~~note as ~~an upfront deposit for common shares of the Company to be issued later in 2021.~~follows:
SCHEDULE OF MATURITIES OF DEBT OBLIGATIONS

Year Due Amount

2022 126,477
2023 815,496
2024 1,194,638
2025 1,581,419
Thereafter 1,250,147

Total 4,968,177
(g) IMPUTED INTEREST

During the 2^nd ~~quarter 2021, the Company received~~ 5 ~~advances totaling $190,000~~ ~~from an accredited investor as an upfront deposit for the issuance of common shares of the Company later in 2021.~~
~~During the 3~~^rd ~~quarter 2021, the Company received~~ 3 ~~advances totaling $150,000~~ ~~from an accredited investor as an upfront deposit for the issuance of common shares of the Company later in 2021.~~
Stock deposits are advances only and do not bear interest and are unsecured, but have the intention of being satisfied through the issuance of common shares of the Company during the current fiscal period.
~~(g) IMPUTED INTEREST~~
~~During the three~~six months ended ~~September~~June 30, ~~2021~~2022, and ~~2020,~~2021, the Company recorded imputed interest on a non-interest-bearing note in the amount of $~~3,360~~6,720 and $~~3,360~~6,720, respectively, as an increase in additional paid in capital. ~~The imputed interest for the nine months ended September 30, 2021 and 2020 was $10,080~~ ~~and $10,080, respectively.~~
NOTE 9 - STOCKHOLDERS’ EQUITY (DEFICIT)

ISSUANCES OF COMMON STOCK

During the ~~nine~~six months ended ~~September~~June 30, ~~2021~~2022, and ~~2020,~~2021, the Company issued ~~6,074,135~~1,400,247 and ~~6,540,000~~ 14,816,995shares of common stock with a fair market value of $~~3,643,612~~ 1,590,918and $~~158,050~~1,337,724, respectively, for services rendered. The services performed during the ~~quarter~~period were, legal, IR services, IT and consulting services for art procurement, medical advisory and service related to a 501c charitable organization. All services performed were from outside, unrelated third parties. The Company also issued 672,457 shares of common stock to pay off loans itemized in Note 8, accrued interest of $51,408 and payables of $80,000.

During the ~~second quarter~~first six months of 2021, ~~the Company re-negotiated its contractor agreements with its contract professionals, wherein, due~~3,916,995 shares were issued were for professional services to the increase in stock price during 2021, the contractors agreed to accept the shares issued in the first quarter 2021 (250,000 shares each), as a prepayment (escrow) of shares, and agreed to record the earned shares each quarter, based on the 10 day moving average stock price at quarters end, based on the individual contractor agreed compensation. This change in contract administration required a recording of expense at September 30, 2021 in the amountcontinue operating efforts fair market value of $~~938,250~~1,263,474 , and ~~an identical entry to paid in capital, without the issuance~~750,000 shares were issued for donations fair market value of ~~additional shares.~~$74,250
~~On February 28,~~. In 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 6,000,000shares of common stock ~~valued at $6,000,000~~ ~~on the~~with a grant date fair value 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$7,920,090was issued and held in escrow ~~until~~for a stock purchase agreement of Gold Transactions international, Inc. 4,150,000 shares were issued for the performance obligation is met and the acquisition has not been included in these financial statements. The acquisition of GTI will be accounted for as an asset purchased due to the fact that GTI had been newly formed, had only one asset or asset group and had no operations at the time of the acquisition. Revenue generation for GTI commenced in Q2 of 2021, and the performance obligation is expected to be satisfied at the end of Q4. GTI is in the business of participating, through a License Agreement, with a private joint venture network of companies, in transporting, assaying, buying, storing and selling gold from international artisan gold miners. After the mined dore gold has been shipped to a network third party refinery in the DMCC, a free trade zone in Dubai, the artisan miner’s gold is purchased and refined and sold to the network’s customers. GTI makes revenue on the margin spread of the buy and sell prices.
~~Effective April 1, 2021, the Company, signed a binding agreement (the “Agreement”) with~~ Bronx Family Eye Care Inc. (BFE), engaged in the business of full scope optometry at its four primary locations, three of which are in the Bronx, one of which is in Manhattan, New York, as well as at a fabrication facility in the Bronx. Eyecareacquisition and Eyewear, Inc. is a diagnostic medical eye exam company that provides on-demand services of at-home eye exams to patients, as well as bulk exams conducted at medical offices, and virtual exams conducted through telemedicine software. The two companies agreed to engage in a business combination such that BFE will become a wholly owned subsidiary of GTII, and the shareholders of BFE will acquire two million six hundred fifty thousand (~~2,650,000) shares of the Company’s common stock, subject to the terms and conditions set forth in the Agreement. The~~ ~~2,650,000~~ ~~shares have been issued, but are~~ held in escrow until the closing conditions are met, therefore these share are reported as issued but not outstanding. The Agreement also includes a requirement to have a 2-year audit from a licensed CPA firm as a condition to the finalization of the Agreement, therefore, no operating activities, assets or liabilities will be consolidated with the Company until this final condition is met.
There were no acquisition related costs incurred in acquiring BFE. The initial accounting of the BFE acquisition is incomplete as of the date of the Company’s 10-Q filing. Therefore, disclosures related to the issuers recording of the acquisition, and related balance sheet and income statement disclosures cannot be made at this time. Effective April 1, 2021, the operations of BFE will be consolidated with the Company, upon the conditions described above being met. BFE is a currently operating company with revenues in excess of $~~1,000,000~~ ~~annually.~~
On March 22, 2021, the Company declared a warrant dividend to the shareholders of record on April 1, 2021, to be administered via its transfer agent Liberty Stock Transfer. On April 8, 2021, the Company issued the warrants to its shareholder at a rate of 1 warrant for each 10 shares owned as of April 1, 2021. The warrant entitles the holder to purchase one restricted share of GTII common stock for a price of $~~2.75~~ ~~(the strike price). The warrant has a~~2~~-year term and expires on~~ ~~April 8, 2023. The Company recorded a debit to Retained deficit of $57,689,800~~ ~~with an offsetting credit adjustment to Paid in capital in the same amount, to record the dividend.~~
On June 24, 2021, the Company executed a Stock Purchase Agreement (SPA) with MyRetinaDocs LLC (“My Retina”), a New York Limited Liability Company, with principal business operations in New York City. My Retina is a SaaS software and practice management company performing diagnostic medical care services. My Retina licenses, leases and operates its proprietary telemedicine software, as well as medical equipment together to offer eye exam data to its clients. My Retina also has a diagnostic medical eye exam company that provides on-demand services of at-home eye exams to patients, as well as bulk exams conducted at medical offices and virtual exams conducted through telemedicine software. The Company issued ~~1,500,000~~ ~~shares of common stock in exchange for~~ ~~100% of all outstanding interests in My Retina subject to the terms and conditions set forth in the Agreement. The~~ ~~1,500,000~~ shares are being held in escrow until the closing conditions have been met, therefore these shares are reported as issued but not outstanding. The Agreement also includes a requirement to have a 2-year audit from a licensed CPA firm as a condition to the finalization of the Agreement, therefore, no operating activities, assets or liabilities will be consolidated with the Company until this final condition is met.
There were no acquisition related costs incurred in acquiring My Retina. The initial accounting of the My Retina acquisition is incomplete as of the date of the Company’s 10-Q filing. Therefore, disclosures related to the issuers recording of the acquisition, and related balance sheet and income statement disclosures cannot be made at this time.
~~On June 28, 2021, the Company increased its authorized shares of common stock to~~ ~~550,000,000~~.
On August 24, 2021, the Company and We SuperGreen Energy Corp (WSGE) and WSGE shareholders reached and signed a Definitive Letter Agreement wherein the Company will acquire 100% of the shares of WSGE, subject to various closing conditions, expected to close before the calendar year end.The conditions for WSGE include the completion of a 2 year audit of WSGE, written verification of a substantial bona fide purchase order contract in an amount of no less than $50 million dollars, by a customer, awarded to SuperGreen, a substantial cash deposit by the customer to GTII’s satisfaction, transfer of patents and other legal approvals. The Company will also receive all proper legal approvals for the transaction and file for up-listing to a national exchange, and use its best efforts to raise capital to assist with the costs of the acquisition. Consideration for the acquisition will consist of all Preferred shares being assigned to the CEO of WSGE, and common share issuances in an amount sufficient to give the shareholders of WSGE majority in the Company.escrow.

1514

GLOBAL TECH INDUSTRIES GROUP, INC.
Notes to the Unaudited Condensed Consolidated Financial Statements
~~September~~June 30, ~~2021~~2022
~~ISSUANCES OF PREFERRED STOCK~~
~~Pursuant to the Articles of Incorporation of the Company, there was initially authorized~~ ~~50,000~~ ~~shares of Series A Preferred Stock. On April 7, 2016, the Company’s Board of Directors created and issued out of the Series A Preferred Stock,~~ ~~1,000~~ ~~Series A Preferred shares with the following features:~~
a) ~~Super voting power, wherein the~~ ~~1,000~~ shares have the right to vote in the amount equal to fifty-one percent (51%) of the total vote with respect to any proposal relating to (i) increasing the authorized share capital of the Company, and (ii) effecting any forward stock split of the Company’s authorized, issued or outstanding shares of capital stock, and (iii) any other matter subject to a shareholder vote.
b) ~~No entitlement to dividends.~~
c) ~~No liquidation preferences.~~
d) ~~No conversion rights.~~
e) ~~Automatic Redemption Rights upon certain triggers, to be redeemed at par value.~~

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 4,500,664 stock options with the following features:

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

The value of the options were determined using the Black-Scholes valuation method, and the Company uses the following methods to determine its underlying assumptions: expected volatilities are based on the historical monthly closing price of the Company’s common stock; the expected term is 2 year, the risk free interest rate used is based on the U.S Treasury implied yield zero-coupon issue with similar life terms to the expected life of the grant; and the expected divided yield is based on the current annual dividend. No compensation was recorded with the ~~4,500,664~~ ~~option issuance as the $447,813~~ ~~valuation of the options granted did not exceed the recorded amount of debt it was converting.~~
~~SCHEDULE OF STOCK OPTION ISSUANCE OF FAIR VALUE ASSUMPTIONS~~
~~Assumptions:~~ ~~2020~~
~~Assumptions applicable to stock options issued~~
~~Risk-free interest rate~~ 3 %
~~Expected lives (in years)~~ 2
~~Expected stock volatility~~ 72 %
~~Dividend yield~~ -
Stock option ~~transactions~~activity for the six months ended June 30, 2022, are as follows:
SCHEDULE OF STOCK OPTION
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 - $ - - $ -
Granted 4,500,664 .01 2 yrs 427,563
Exercised - - - -
Forfeited - - - -
Outstanding at December 31,2020 4,500,664 $ .01 2 yrs $ 427,563
Outstanding at December 31, 2021 4,500,664 $ .01 1 yr $ 427,563

Granted - - - - - - - -
Exercised - - - - - - - -
Forfeited - - - - - - -
Outstanding at September 30, 2021 4,500,664 $ .01 1.25 yrs $ 427,563
Outstanding at June 30, 2022 4,500,664 $ .01 .75 yrs $ 427,563

1615

GLOBAL TECH INDUSTRIES GROUP, INC.
Notes to the Unaudited Condensed Consolidated Financial Statements
~~September~~June 30, ~~2021~~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 0.10 of a Warrant per share of Common Stock held of record by such holder. This agreement created 23,364,803 warrants to the shareholders of the Company as a dividend valued at $57,689,800, and recorded as a decrease in retained earnings with the offsetting entry to paid in capital. The Warrants were issued on April 8, 2021. Each full Warrant shall be exercisable into one share of GTII’s common stock at an exercise price of $2.75. The Warrants shall expire on April 8, 2023. Manhattan Transfer Registrar Co. shall act as co-agent with Liberty. On July 27, 2021, the Company filed an Amended Registration Statement to register the warrants to be free trading when exercised.
SCHEDULE OF WARRANTS ISSUANCE OF FAIR VALUE ASSUMPTIONS

2021
Warrants

Assumptions:
Assumptions applicable to stock options issued
Risk-free interest rate .25- % %
Expected lives (in years) 2-
Expected stock volatility 266- % %
Dividend yield -

Warrant transactions are as follows:
SCHEDULE OF WARRANTS
Weighted Weighted
Average Average Aggregate
Exercise Remaining Intrinsic
Shares Price Term Value
Outstanding at January 1, 2020 - $ - - $ -
Granted - - - -
Exercised - - - -
Forfeited - - - -
Outstanding at December 31, 2020 - $ - - $ -

Granted 23,364,803 2.75 2.0 yrs $ 57,689,800
Exercised - - - -
Forfeited - - - -
Outstanding at September 30, 2021 23,364,803 $ 2.75 1.50 yrs $ 57,689,800
~~OTHER~~
~~During the three months ended September 30, 2021 and 2020, the Company recorded imputed interest on a non-interest-bearing note in the amount of $3,360~~ ~~and $3,360, respectively, as an increase in additional paid in capital (see Note 8). The imputed interest for the nine months ended September 30, 2021 and 2020 was $10,080~~ ~~and $10,080, respectively.~~
Weighted Weighted
Average Average Aggregate
Exercise Remaining Intrinsic
Shares Price Term Value
Outstanding at January 1, 2021 23,364,803 $ 2.75 2.0 yrs $ 57,689,800
Granted - - - (8,471 )
Exercised (3,080 ) 2.75 - -
Forfeited - - - -
Outstanding at December 31, 2021 23,361,723 $ 2.75- .1.25 yrs- $ 57,681,330-

Granted
-

-

-
-
Exercised (3,227 ) - -
(8,875
)
Forfeited - - - -
Outstanding at June 30, 2022 23,358,496 $ 2.75 ..75 yrs $ 57,672,455

1716

GLOBAL TECH INDUSTRIES GROUP, INC.
Notes to the Unaudited Condensed Consolidated Financial Statements
~~September~~June 30, ~~2021~~2022

NOTE 10 - 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 district~~Southern District of New ~~York. The original acquisition agreement and rescission was recorded on the Company’s books in 2016, however the physical share certificates were not returned to the Company. During the last quarter~~York, Docket No.17-CV-03727. On October 2, 2019, the Company was able to secure, via preliminary settlement, the return of43,649,491 shares of the Company’s stock out of the original 50,649,491that ~~was~~were issued in good faith to GoFun in anticipation of a final stock exchange. ~~The~~That 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 shareholders~~underlying matter currently in the ~~amount~~U.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 between the Company and its counsel regarding the GoFun matter, above, resulted in a filing, and subsequent settlement, of an action in the Supreme Court of the State of New York for the County of New York (Index No. 656396/2019). Pursuant to the settlement, prior counsel for the Company accepted previously-issued shares in 2016, as full payment for all legal work, expenses, costs, and other fees.
On March 17, 2021, the Company filed an action against Pacific Technologies Group, Inc., Rollings Hills Oil and Gas Inc., Demand Brands, Inc., Innovativ Media Group, Inc., Tom Coleman, and Bruce Hannan, in the Supreme Court of the State of New York, County of New York (Index No. 651771/2021), alleging fraud, rescission and cancellation of a written instrument, unconscionability, breach of contract, breach of good faith and fair dealing, unjust enrichment, and civil conspiracy. The action stems from a stock purchase agreement entered into by the Company and Pacific Technologies Group, Inc. (then known as Demand Brands, Inc.) on October 16, 2018. On May 22, defendants filed a motion seeking additional time to answer. As of ~~the date of this writing,~~June 30, 2022, no ruling on that motion has been entered. Need to update

On August 16, 2021, the Company filed an action against David Wells, in the United States District Court for the Southern District of New York (Case 1:21-cv-06891) seeking injunctive relief and relinquishment of 150,000 shares held in the name of David Wells. As of ~~the date of this writing,~~December 31, 2021, David Wells ~~has appeared, through counsel, but~~ has not yet filed an answer to the Company’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 June 30, 2022, the parties are engaged in briefing jurisdictional motions. As of current, the matter in the state court in the southern district of New York has been dismissed; the matter in the state of Nevada court remains active.

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

~~In the interim, on~~On September 16, 2021, International Monetary filed an action against the Company in Clark County, Nevada (Case No: A-21-841175-B) alleging breach of contract and breach good faith and fair dealing, as well as a request for declaratory relief, and temporary restraining order and preliminary injunction. On September 30, 2021, the Company filed a notice of removal of the action to the United States District Court for the District of Nevada (Case 2:21-cv-01820), as well as a request for a temporary restraining order enjoining International Monetary from taking any action to remove the restrictive legend shares from Company shares held in its name. On October 14, 2021, International Monetary filed a motion to strike the petition for removal. As of ~~the date of this writing,~~June 30, 2022, no ruling on that motion has been entered. As of current, the motion to remand to the federal court has been declined; the matter remains active in the Nevada state court.

NOTE 11 – 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 ~~October 5, 2021,~~July 28, 2022, FINRA sent a ‘deficiency notice’ pursuant to FINRA rule 6490, whereby its Department of Market Operations determined that the Company’s request to pay a dividend to its shareholders was deficient. It based this finding on the fact that the Depository Trust & Clearing Corporation (DTCC) has declined to facilitate or process the distribution of the Shibu Inu Tokens to GTII shareholders holding shares in CEDE & Co, which is a substantial portion of GTII’s outstanding common shares. The Company, ~~signed~~in preparation for the distribution of this digital dividend, purchased one billion Shibu Inu Tokens and set them aside to be distributed. It also sold its interest in www.beyondblockchain.us to Parabolic Tech DMCC (“Parabolic”) in anticipation of that company processing the distribution of the digital dividend to all shareholders who opened a ~~letter~~digital wallet on beyondblockchain, or other digital platforms, including Coinbase. The Company is of ~~intent with Classroom Salon (CS),~~the opinion that DTCC should be able to ~~define~~develop a process to distribute this dividend, and it is therefore in the ~~terms~~process of ~~an acquisition~~evaluating whether or not to appeal FINRA’s decision. In the meantime, the distribution 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 platformstokens will not be undertaken at ~~any educational levels.~~this time.

1817

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 costs.

1918

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-owned~~wholly owned subsidiary of Nugget Exploration, Inc., Nugget Holdings Corporation, merged with and into GoHealthMD, Inc., a Delaware corporation. Shortly thereafter, Nugget Exploration, Inc. changed its name to GoHealthMD, Inc., a Nevada corporation.

On August 18, 2004, GoHealthMD, Inc., the Nevada Corporation, changed its name to Tree Top Industries, Inc. On July 7, 2017, Tree Top Industries, Inc. changed its name to Global Tech Industries Group, Inc. ~~GoHealthMD, Inc. continues to exist as a Delaware corporation and wholly owned subsidiary of Global Tech Industries Group, Inc., TTI~~TTII 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 Tech~~GTII 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 one Marketable Securitie, which changes in value regularly and is marked to market on our books quarterly. The Company is also involved in various merger and acquisition activities, and is currently negotiating opportunities that are expected to bring operating revenues to the Company. The Company continues to seek opportunities to utilize its intellectual properties and relationships with our valued business associates.
On February 28, 2021, the Company ~~executed~~signed a ~~Stock Purchase Agreement wherein the Company acquired all the issued and outstanding~~binding 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 achieve~~license 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 be satisfied at the end of the year. 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. After~~miners throughout the ~~mined dore~~world 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 ~~is purchased~~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 ~~refined and sold~~are therefore issued but not outstanding. On June 1, 2022, the two companies signed an amendment to the ~~network’s customers.~~stock purchase agreement that allowed the transactions contemplated in the Agreement to close and GTI ~~makes revenue on the margin spread~~is currently a wholly-owned subsidiary of the ~~buy and sell prices.~~Company.
March 17, 2021, the Company’s Board of Directors approved the declaration by management of a Warrant to holders of its common stock to purchase additional shares of stock. On March 22, 2021, Global Tech Industries Group, Inc., (“GTII”) a Nevada corporation, entered into a warrant agreement with Liberty Stock Transfer Agent (“Liberty”), whereby Liberty agreed to act as GTII’s warrant agent in its offering of warrants to GTII’s shareholders (each, a “Warrant”). All shareholder of record on April 1, 2021, were issued 0.10 of a Warrant per share of Common Stock held of record by such holder. However, no fractional Warrants were issued. The Warrants were issued on or about April 8, 2021. Each full Warrant shall be exercisable into one share of GTII’s common stock at an exercise price of $2.75. The Warrants shall expire on April 8, 2023. Manhattan Transfer Registrar Co. shall act as co-agent with Liberty. The Warrants do not have a cashless exercise provision.

During the first ~~and second quarters~~quarter of 2021, the Company entered into binding agreements with ~~three companies~~a company in the field of eye care, retail eye wear and full scope ~~optometry, telemedicine software, and at-home and bulk eye exams.~~optometry. The Bronx Family Eye Care, Inc. is a company that provides retail eyewear and medically oriented full scope optometry at four brick and mortar locations. Bronx Family’s licensed optometrists use cutting-edge equipment to provide diagnosis and treatment for diseases of the eye, as well as corrective eyewear. Bronx Family also performs edging of lenses for its customers at their in-house facility, as well as providing services to outside practices. 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. Subsequently, The Company, Bronx Family Eye Care, Inc. (“BFE”), and its shareholders have concluded that it is in their mutual best interests to unwind the acquisition of BFE by the Company and settle all claims they may have against each other. The parties are currently in the process of negotiating a settlement agreement that would implement the unwinding of the acquisition. The unwinding of the acquisition remains subject to the parties finalizing and executing the settlement agreement and closing the transactions thereunder.
During the 2^nd 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. Subsequent to June 30, 2022, the Company and Bronx Family Eye Care, Inc. (“BFE”), and its shareholders have concluded that it is in their mutual best interests to unwind this part of the BFE acquisition by the Company, which would be covered in the final settlement agreement.
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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 ~~incorporate~~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 allows multi-currency clearing and direct settlements in Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Bitcoin Cash (BCH), Litecoin (LTC), Bitcoin SV (BSV), Aave (AAVE), Compound (COMP), Uniswap (UNI), Chainlink (LINK) and Yearn Finance (YFI). On April 18, 2022, the Company sold its interest in the various assets of the Beyond Blockchain business to Parabolic Tech, DMCC, (“Parabolic”) a Dubai company organized under the laws of Dubai. Parabolic purchased the interests for $25,000, an assumption of associated liabilities and a commitment to deliver 10% of its tokens, under certain stipulations in the agreement, to GTII.
Beginning in April of 2021, the Company had been working towards tokenizing its fine art collection. If this prospectus 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 April 20, 2022, the Company withdrew its registration statement with the SEC regarding this project based on the extensive costs and time to properly address the Commission’s concerns with the Registration Statement. No securities were sold pursuant to the Registration Statement and the Company has taken it upon itself to secure an alternative digital token to distribute to its shareholders.

On ~~June 28,~~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 terms and conditions set forth in the agreement. The completion of an audit of the financial statements of WSGE since its inception, inclusive of the starting balance sheet as of its inception date (the “Audited Financial Statements”), by an auditor that is subject to the public company accounting oversight board (“PCAOB”), and acceptable to GTII is a condition to be met before the closing of the transaction can occur. In January, 2022, GTII terminated the agreement for non-performance of the closing requirements.
On October 5, 2021, the Company ~~increased its authorized~~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 ~~550,000,000.~~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 ~~August 24,~~December 18, 2021 the Company ~~and We SuperGreen Energy Corp (WSGE) and WSGE shareholders reached and signed~~entered into a ~~Definitive Letter Agreement wherein the Company will acquire~~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 its 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 ~~WSGE, subject to various closing conditions, expected to close before~~ the ~~calendar year end.~~Company’s common stock for 350,000 shares of the common stock of DTXS Silk Road Investment Holdings Company, Ltd. The ~~conditions for WSGE include the completion of a 2 year audit of WSGE, written verification of a substantial bona fide purchase order contract~~proposal sheet provides that, in an amount of no less than $50 million dollars, by a customer, awarded to SuperGreen, a substantial cash deposit by the customer to GTII’s satisfaction, transfer of patents and other legal approvals. The Company will also receive all proper legal approvalsconsideration for the ~~transaction~~share exchange, DTXS will (a) develop a Chinatown art district within the Company’s planned Metaverse and ~~file for up-listing~~(b) provide the Company with access to ~~a national exchange, and use its best efforts~~Chinese art pieces that it owns, controls or has access to, ~~raise capital to assist with the costs~~from eras of the acquisition. Consideration for the acquisition will consist of all Preferred shares being assigned to the CEO of WSGE, and common share issuances in an amount sufficient to give the shareholders of WSGE majority in the Company.
Chinese antiquity.
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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.
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 On May 25, 2022, the Company and Wildfire Media Corp, signed a term sheet which established the acquisition price and other more formal terms and conditions under which the parties would be able to conclude the anticipated final transaction. more formally establishing to establish the acquisition price, and formal terms and conditions under which the parties are to conclude the perspective transaction.
On July 28, 2022, FINRA sent a ‘deficiency notice’ pursuant to FINRA rule 6490, whereby its Department of Market Operations determined that the Company’s request to pay a dividend to its shareholders was deficient. It based this finding on the fact that the Depository Trust & Clearing Corpoation (DTCC) has declined to facilitate or process the distribution of the Shibu Inu Tokens to GTII shareholders holding shares in CEDE & Co, which is a substantial portion of GTII’s outstanding common shares. The Company, in preparation for the distribution of this digital dividend, purchased one billion Shibu Inu Tokens and set them aside to be distributed. It also sold its interest in www.beyondblockchain.us to Parabolic Tech DMCC (“Parabolic”) in anticipation of that company processing the distribution of the digital dividend to all shareholders who opened a digital wallet on beyondblockchain, or other digital platforms, including Coinbase. There is currently no method of passing these tokens through to brokerage account holders to match out transfer agent records and the company is of the opinion that DTCC should be able to develop a process to distribute this dividend, and it is therefore in the process of evaluating whether or not to appeal FINRA’s decision. In the meantime, the distribution of tokens will not be undertaken at this time.
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Employees

As of ~~August 2, 2021 we have 1 full-time employee and 1 part time employee. We have not experienced any work stoppages and we consider relations with our employees to be good.~~June 30, 2022, the Company employs two individuals in executive positions.

RESULTS OF OPERATIONS

Results of Operations for the Three Months Ended ~~September~~June 30, ~~2021~~2022, Compared to Three Months Ended ~~September~~June 30, ~~2020:~~2021:

There were no revenues generated during the three months ended ~~September~~June 30, 2022, and 2021. Our operating expenses decreased from $1,370,204 in 2021 ~~however~~to $981,183 in 2022. The decrease was primarily the result of a decrease in professional services including investor relations, IT, legal, accounting and consulting. The Company ~~did generate $8,500~~issued $727,990 in ~~non-recurring revenues in~~stock to our professionals during the second quarter 2022 as compared to $866,724 for the second quarter 2021. Our interest expense decreased to $12,289 for the three months ended ~~September~~June 30, ~~2020.~~ 2022, from $12,904 for the three months ended June 30, 2021. We also had unrealized loss from our marketable securities of $(36,000) for the three months ended June 30, 2022, compared to a gain of $281,000 for the three months ended June 30, 2021. The Company also recorded a gain on sale of its digital asset of $22,291 and a gain on settlement of debt of $28,150 in the second quarter of 2022, there were none in the same quarter of 2021.
Our ~~general~~net loss decreased by $122,577 from $(1,102,108) in the first quarter 2021 to a loss of $(977,531) in the second quarter 2022. The primary reason for this increase was the decrease in professional services. We expect that our losses will continue until we are able to establish a consistent revenue source and finalize our projected acquisitions.
Results of Operations for the Six Months Ended June 30, 2022, Compared to Six Months Ended June 30, 2021:
There were no revenues generated during the six months ended June 30, 2022 and 2021. Our operating expenses increased from ~~$280,046~~$2,094,501 in ~~2020~~2021 to ~~$2,566,851~~$2,124,028 in ~~2021.~~2022. The increase was primarily the result of an increase in professional services including investor relations, IT, legal, accounting and consulting for our digital asset platform, fine art and medical advisory board, as well as charitable service contributions. The Company issued ~~$2,305,888~~$1,591,098 in stock ~~to our professionals~~for services during the ~~third quarter 2021~~first six months of 2022 as compared to ~~$65,750~~$1,337,724 for the ~~third quarter 2020.~~same period of 2021. Our interest expense ~~decreased~~increased to ~~$16,762~~$70,816 for the ~~three~~six months ended ~~September~~June 30, ~~2021~~2022, from ~~$60,724~~$32,349 for the ~~three~~six months ended ~~September~~June 30, ~~2020, due to the conversion of related party debt at December 31, 2020.~~2021. We also had unrealized loss from our marketable securities of ~~$(185,000)~~$(63,000) for the ~~three~~six months ended ~~September~~June 30, ~~2021,~~2022, compared to a gain of ~~$14,966~~$349,000 for the ~~three~~six months ended ~~September~~June 30, ~~2020.~~2021. The Company recorded a gain from its block sale asset of $22,291 and gains from settlement of debt of $28,150 of which none were recorded in 2021.

Our net loss increased by ~~$2,451,309~~$428,053 from ~~$(317,304)~~$(1,777,850) in the 3r^d ~~quarter 2020~~first six months of 2021 to a loss of ~~$(2,768,613)~~$(2,205,903) in the 3r^d ~~quarter 2021.~~first six months of 2022, The primary reason for this increase was the increase in professional services and donations, as the Company entered a growth stage of acquisitions and funding requirements. We expect that our losses will continue until we are able to establish a consistent revenue source and finalize our projected acquisitions.

~~Results of Operations for the Nine months Ended September 30, 2021 Compared to Nine months Ended September 30, 2020:~~
We realized revenues of $0 during the nine months ended September 30, 2021 and $8,500 of non-recurring revenues during the nine months ended September 30, 2020. Our general operating expenses increased from $786,954 in 2020 to $4,661,352 in 2021. The increase was primarily the result of increases in professional fees related to our acquisitions, investor relations and consulting on our fine art and NFT trading platform, along with consulting by our medical advisory board, and consultants related to a 501c charitable organization.
Our net loss increased by $3,591,675 from $(954,788) in 2020 to a loss of $(4,546,463) in 2021. The primary reason for this increase was the significant increase in professional fees of $3,179,878, charitable contributions of $540,000, less the gain we received from our unrealized gain on marketable securities of $164,000 compared to a loss of $(901) during the nine months ended September 30, 2020. We expect that our losses will continue until we are able to establish a consistent revenue source and finalize our projected acquisition. Management and the Board are considering multiple options currently available.
LIQUIDITY AND CAPITAL RESOURCES

~~At September~~On June 30, ~~2021~~2022, we had cash on hand of ~~$295,083~~$354,651 compared to ~~$2,479 at~~$359,143 on December 31, ~~2020.~~2021. Cash ~~used~~generated by our operations ~~of $(224,121)~~was $93,913 during the ~~nine~~six months ended ~~September~~June 30, ~~2021~~2022, compared to cash used of ~~$(105,089)~~$(160,077) during the ~~nine~~six months ended ~~September~~June 30, ~~2020.~~2021. Our operations are supported by our CEO who uses individual credit to pay for expenses of the Company. ~~In the first nine months of 2021 our CEO advanced $160,439 as compared to cash advance of $104,981 during 2020.~~ During the ~~nine~~six months ended ~~September~~June 30, ~~2021,~~2022, we received $50,000 in proceeds from the ~~Company reimbursed our CEO $186,069 compared to $0 for the nine months ended September 30, 2020.~~issuance of a note payable. We received $150,000 during the first quarter of 2021, from an accredited investor as a stock deposit, which was used to satisfy the convertible debenture of $74,800 plus accrued interest and penalties. We received an additional $190,000 from an accredited investor as a stock deposit during the 2^nd~~quarter 2021, and an additional $150,000 during the 3~~^rd ~~quarter 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 September~~on June 30, ~~2021~~2022, to cover our ~~negative~~ cash flow. We will attempt to raise capital through the sale of our common stock or through debt financing,

Some of Global Tech’s past due obligations, including $338,000 of accounts payable, and ~~$113,000~~$871,082 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 ~~$(2,740,896)~~$(2,800,374) would cause Global Tech to default and, further, would put our continued viability in jeopardy.
~~CONTRACTUAL OBLIGATIONS~~
As of September 30, 2021, one new contractual obligation has been executed by the Company. This obligation is due to the hosting and service of our digital asset trading platform with Alt5 and consists of $3,500 per month.

Going Concern Qualification

The Company has incurred significant losses from operations, and such losses are expected to continue. The Company’s auditors have included a “Going Concern Qualification” in their report for the year ended December 31, ~~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 ~~September~~June 30, ~~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~~six months ended ~~September~~June 30, ~~2021~~2022, 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

ITEM 1. LEGAL PROCEEDINGS
During March 2013, the Company was named in an action pertaining to the 75% working interest in the Ownbey Lease. Subsequent to the Company’s purchase of the assets and the termination of the operator, a mechanics lien was filed against the property claiming approximately $267,000 in fees are due to the previous operator. An action commenced in the District Court of Chautauqua County, Kansas, captioned Aesir Energy, Inc. vs. American Resource Technologies, Inc.; Nancy Ownbey Archer; Jimmy Stephen Ownbey; Robbie Faye Butts; Global Tech Industries Group, Inc. and TTII oil & Gas, Inc. In February 2017, the Chautauqua Court ruled that the acquisition agreement be nullified. During 2019, all assets and liabilities were removed from the companies’ books including an asset retirement obligation of $101,250 that was associated with the oil and gas property. No other monetary claims have been asserted against GTII or TTII Oil & Gas, Inc
On December 30, 2016, the Company executed a stock purchase agreement (the “Agreement”), which was signed and closed in Hong Kong, with GoFun Group, Ltd. through its wholly owned subsidiary Go F & B Holdings, Ltd. GoFun Group, Ltd. is a privately held company running a casual dining restaurant business, based in Hong Kong. Subsequent to the agreement being signed, GoFun Group failed to substantially perform under the agreement, including, but not limited to providing audited financials of its assets, making the ongoing payments called for in the agreement, along with other matters that led Global Tech to initiate litigation in the United States. Currently, Global Tech and GoFun are litigating the matter in the U.S District Court for the Southern District of New York, 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 were issued in good faith to GoFun in anticipation of a final stock exchange. That stock has 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 underlying matter currently in the U.S. district Court for the Southern District of New York, remains pending.

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 the 2^nd quarter 2020, the Company was successful in recalling the 4,668,530 shares and cancelling them from the ~~shareholder list~~shareholders list.

On December 30, 2016, the Company executed a stock purchase agreement (the “Agreement”), which was signed and closed in Hong Kong, with GoFun Group, Ltd. through its wholly owned subsidiary Go F & B Holdings, Ltd. GoFun Group, Ltd. is a privately held company running a casual dining restaurant business, based in Hong Kong. Subsequent to the agreement being signed, GoFun Group failed to substantially perform under the agreement, including, but not limited to providing audited financials of its assets, making the ongoing payments called for in the agreement, along with other matters that led Global Tech to initiate litigation in the United States. Currently, Global Tech and GoFun are litigating the matter in the U.S District Court for the southern district of New York. The original acquisition agreement and rescission was recorded on the Company’s books in 2016, however the physical share certificates were not returned to the Company. During the last quarter 2019, the Company was able to secure, via preliminary settlement, the return of 43,649,491 shares of the Company’s stock, that was issued in good faith to GoFun in anticipation of a final stock exchange. The stock has since been returned to the Company’s treasury and cancelled. The Company also reclassified a deposit received from GoFun shareholders in the amount of $128,634 for future share issuances pursuant to the Acquisition Agreement, to a Gain on Settlements and Debt Relief as part of the legal settlement of this case. As of this writing, motions are pending that may require remaining negotiations to continue in arbitration.
On December 30, 2019, a dispute between the Company and its counsel regarding the GoFun matter, above, resulted in a filing, and subsequent settlement, of an action in the Supreme Court of the State of New York for the County of New York (Index No. 656396/2019). Pursuant to the settlement, ~~prior~~ counsel for the Company accepted previously-issued shares ~~in 2016,~~ as full payment for all legal work, expenses, costs, and other fees.
On March 17, 2021, the Company filed an action against Pacific Technologies Group, Inc., Rollings Hills Oil and Gas Inc., Demand Brands, Inc., Innovativ Media Group, Inc., Tom Coleman, and Bruce Hannan, in the Supreme Court of the State of New York, County of New York (Index No. 651771/2021), alleging fraud, rescission and cancellation of a written instrument, unconscionability, breach of contract, breach of good faith and fair dealing, unjust enrichment, and civil conspiracy. The action stems from a stock purchase agreement entered into by the Company and Pacific Technologies Group, Inc. (then known as Demand Brands, Inc.) on October 16, 2018. On May 22, defendants filed a motion seeking additional time to answer. As of ~~the date of this writing,~~March 31, 2022, no ruling on that motion has been entered. Need to update

On August 16, 2021, the Company filed an action against David Wells, in the United States District Court for the Southern District of New York (Case 1:21-cv-06891) seeking injunctive relief and relinquishment of 150,000 shares held in the name of David Wells. As of ~~the date of this writing,~~December 31, 2021, David Wells ~~has appeared, through counsel, but~~ has not yet filed an answer to the Company’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. As of current, the matter in the state court in the southern district of New York has been dismissed; the matter in the state of Nevada court remains active.

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

In the interim, on September 16, 2021, International Monetary filed an action against the Company in Clark County, Nevada (Case No: A-21-841175-B) alleging breach of contract and breach good faith and fair dealing, as well as a request for declaratory relief, and temporary restraining order and preliminary injunction. On September 30, 2021, the Company filed a notice of removal of the action to the United States District Court for the District of Nevada (Case 2:21-cv-01820), as well as a request for a temporary restraining order enjoining International Monetary from taking any action to remove the restrictive legend shares from Company shares held in its name. On October 14, 2021, International Monetary filed a motion to strike the petition for removal. As of ~~the date of this writing,~~March 31, 2022, no ruling on that motion has been entered.
As of current, the motion to remand to the federal court has been declined; the matter remains active in the Nevada state court.

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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~~six months ended ~~September~~June 30, ~~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 ~~1,007,140~~1,400,247 shares during the ~~three~~six months ended ~~September~~June 30, ~~2021.~~2022 with a value of $1,591,918

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

2425

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

ITEM 5. OTHER INFORMATION

Not Applicable

ITEM 6. EXHIBITS

3. Exhibits

EXHIBIT NO. DESCRIPTION
3.1 Articles of ~~incorporation~~Incorporation of ~~Tree Top~~Global Tech Industries Group, Inc., as amended (1)

3.2 By-Laws (2)
4.1 Warrant Agreement, by and between Global Tech Industries Group, Inc. and Liberty Stock Transfer Agent*
5.1 Opinion of McMurdo Law Group, LLC, legal counsel^.

10.1 Employment Agreement, dated October 1, 2007, by and between GLOBAL TECH INDUSTRIES GROUP, INC. and David Reichman (3)

10.2 Employment Agreement, dated April 1, 2009, by and between Tree Top Industries Inc. and Kathy Griffin (4)
26
10.3 Bridge Loan Term Sheet, dated January 11, 2010, by and between TTII and GeoGreen Biofuels, Inc. (5)

10.4 Business and Financial Consulting Agreement, dated February 22, 2010, by and between GLOBAL TECH INDUSTRIES GROUP, INC. and Asia Pacific Capital Corporation (6)

10.5 Distribution Agreement, by and between GLOBAL TECH INDUSTRIES GROUP, INC. and NetThruster, Inc., dated February 9, 2011(7)

10.6 Term Agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC. and Sky Corporation, doo, dated April 18, 2011 (8)
25
10.7 Term Agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC. and Adesso Biosciences, Ltd, dated October 12, 2011(9)

10.8 Term Agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC. and Stemcom, LLC d/b/a Pipeline Nutrition, dated March 1, 2012(10)

10.9 Mutual disengagement agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC. and Stemcom, LLC d/b/a Pipeline Nutrition, dated March 23, 2012(11)

10.10 ~~Reserve Equity financing agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC. and AGS Capital Group, dated August 15, 2012. (12)~~
~~10.11~~ Asset purchase Agreement by and between TTII Oil & Gas, Inc. a subsidiary of GLOBAL TECH INDUSTRIES GROUP, INC. and American Resource Technologies, Inc. ~~(13)~~(12)

~~10.12~~
~~Resignation of Mr. Robert Hantman, Esq. as a member of the board of directors (14)~~
~~10.13~~ ~~Stock Purchase Agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC., G T International, Inc. and Go F & B Holdings, Ltd., dated December 30, 2016 (15)~~
~~10.14~~10.11 Letter of Intent Agreement, dated April 12, 2019, by and between Global Tech Industries Group, Inc., First Capital Master Advisor, LLC and GCA Equity Partners, executed on or before April 12, 2019 ~~(16)~~(13)
~~10.15~~
10.12 Termination of a Letter of Intent Agreement, dated December ~~26,,~~31, 2019, by and between Global Tech Industries Group, Inc. First Capital Master Advisor, LLC and GCA Equity Partners, executed on or before April ~~12, 2019(17)~~22, 2019(14)

~~10.16~~10.13 Security Purchase Agreement, dated November 22, 2020, by and between Global Tech Industries Group, Inc. and Geneva Roth Remark Capital Holdings, Inc. ~~(18)~~(15)

~~10.17~~10.14 Stock Purchase Agreement, dated February28, 2021 by and between Global Tech Industries Group, Inc. and Gold Transactions International, Inc. ~~(19)~~(16)

~~10.18~~10.15 Warrant Agreement, dated March 22, 2021, by and between Global Tech Industries Group, Inc. and Liberty Stock Transfer Company, Inc. ~~(20)~~(17)

~~10.19~~10.16 Binding Letter Agreement, dated March 23, 2021, by and between Global Tech Industries Group, Inc. and Bronx Family Eye Care, Inc.~~(21)~~(18)

~~10.20~~10.17 Stock Purchase Agreement, dated March 31, 2021, by and between Global Tech Industries Group, Inc. and Bronx Family Eye Care, Inc.~~(22)~~(19)

~~10.21~~10.18 Independent Contractor Agent Agreement, dated April 7, 2021, by and between Global Industries Group, Inc. and Mr. Ronald Cavalier ~~(23)~~(20)

~~10.22~~10.19 Binding Letter Agreement, dated April 30, 2021, by and between Global Tech Industries Group, Inc. and MyRetinaDocs, LLC ~~(24)~~(21)

~~10.23~~10.20 Gold Transactions International, Inc. completed its official audit and filed its financial disclosures, as required by Stock Purchase Agreement, dated February 28, 2021, by and between Global Tech Industries Group, Inc. and Gold Transactions International, Inc. ~~(25)~~(22)

~~10.24~~10.21 Binding Letter Agreement expanding business combination, dated May 26, 2021, by and between Global Tech Industries Group, Inc. and MyRetinaDocs, LLC ~~(26)~~
26
~~21.1~~ ~~Subsidiaries of the registrant~~(23)

~~31.1~~10.22 Stock Purchase Agreement by and between Global Tech Industries Group, Inc and Trento Resources and Energy Corp, dated November 9, 2021 (24).
22.1 ~~Section 302 Certification of Chief Executive Officer~~Subsidiaries #

~~31.2~~23.1 ~~Section 302 Certification~~Consent of ~~Chief Financial Officer~~
~~32.1~~ ~~Section 906 Certification~~Pinnacle Accountancy Group of ~~Chief Executive Officer~~
~~32.2~~ ~~Section 906 Certification~~Utah (a dba of ~~Chief Financial Officer~~Heaton & Company, PLLC)

27
~~(1)~~1) Filed November 13, 2009, as an exhibit to a Form 10-Q and incorporated herein by reference.
Filed January 3, 2012, as an exhibit to an 8 – K and incorporated herein by reference.
Filed April 12, 2013, as an exhibit to an 8 – K and incorporated herein by reference.

(2) Filed July 19, 2010, as an exhibit to a Form 10-K/A and incorporated herein by reference.

(3) Filed November 7, 2007, as an exhibit to a Form 8-K and incorporated herein by reference.

(4) Filed March 25, 2010, as an exhibit to a Form 8-K and incorporated herein by reference.

(5) Filed January 19, 2010, as an exhibit to a Form 8-K and incorporated herein by reference.

(6) Filed July 19, 2010, as an exhibit to a Form 10-Q/A and incorporated herein by reference.

(7) Filed February 9, 2011, as an exhibit to a Form 8-K and incorporated herein by reference.

(8) Filed April 19, 2011, as an exhibit to a Form 8 - K and incorporated herein by reference.

(9) Filed October 18, 2011, as an exhibit to a Form 8 - K and incorporated herein by reference.

(10) Filed March 6, 2012, as an exhibit to a Form 8 – K and incorporated herein by reference.

(11) Filed March 23, 2012, as an exhibit to a Form 8 – K and incorporated herein by reference.

(12) Filed ~~August 21, 2012 as an exhibit to a Form 8 – K and incorporated herein by reference.~~
~~(13)~~ ~~Filed~~ January 8, 2013, as an exhibit to a Form 8 – K and incorporated herein by reference.

~~(14)~~ ~~Filed January 8, 2013 as an exhibit to a Form 8 – K and incorporated herein by reference.~~
~~(15)~~
~~Filed January 5, 2017 as an exhibit to a Form 8 – K and incorporated herein by reference.~~
~~(16)~~(13) Filed April 12, 2019, as an exhibit to a Form 8 – K and incorporated herein by reference.

~~(17)~~(14) Filed December 26, 2019, as an exhibit to a Form 8 -K and incorporated herein by reference

~~(18)~~(15) Filed November 27, 2020, as an exhibit to a Form 8 -K and incorporated herein by reference

~~(19)~~(16) Filed March 1, 2021, as an exhibit to a Form 8 – K and incorporated herein by reference
~~(20)~~(17) Filed March 23, 2021, as an exhibit to a Form 8 -K and incorporated herein by reference

~~(21)~~(18) Filed March 24, 2021, as an exhibit to a Form 8 – K and incorporated herein by reference

~~(22)~~(19) Filed April 6, 2021, as an exhibit to a Form 8 – K and incorporated herein by reference

~~(23)~~(20) Filed April 7, 2021, as an exhibit to a Form 8 0- K and incorporated herein by reference

~~(24)~~(21) Filed April 30, 2021, as an exhibit to a Form 8 – k and incorporated herein by reference

~~(25)~~(22) Filed May 13, 2021, as an exhibit to a Form 8 – K and incorporated herein by reference

~~(26)~~(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

2728

SIGNATURES

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

Dated: ~~November 15, 2021~~August 17, 2022 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: ~~November 15, 2021~~August 17, 2022
David Reichman, Chairman of the Board, Chief
Executive Officer, Chief Financial Officer
and Principal Accounting Officer

By: /s/ Kathy M. Griffin Dated: ~~November 15, 2021~~August 17, 2022
Kathy M. Griffin, Director, President

By: /s/ Frank Benintendo Dated: ~~November 15, 2021~~August 17, 2022
Frank Benintendo, Director & Secretary

By: /s/ Donald Gilbert Dated: ~~November 15, 2021~~August 17, 2022
Donald Gilbert, Director
By /s/ Michael Valle Dated August 17, 2022
Michael Valle, Director

2829

	September 30,			December 31,
	2021			2020
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	295,083		$	2,479
Prepaid expenses		-			222,167
Marketable securities		195,000			31,000

Total Current Assets		490,083			255,646

PROPERTY & EQUIPMENT (NET)		2,143			2,946

OTHER ASSETS
License, net		3,958			-
Fine art		67,845			-

Total Other Assets		71,803			-

TOTAL ASSETS	$	564,029		$	258,592

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES
Accounts payable and accrued expenses	$	688,733		$	610,715
Accounts payable and accrued expenses-related parties		521,274			8,953
Accrued interest payable		376,007			357,708
Notes payable in default		871,082			871,082
Due to related parties		83,883			109,513
Convertible debenture		-			74,800
Notes payable		200,000			-
Stock deposits		490,000			-

Total Current Liabilities		3,230,979			2,032,771

Total Liabilities		3,230,979			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, 550,000,000 shares authorized; 246,722,140 (including 10,150,000 shares held in escrow) and 230,498,005 issued and 236,572,140 and 230,498,005 outstanding, respectively		246,722			230,498
Additional paid-in-capital		229,725,779			168,398,511
Accumulated (Deficit)		(232,639,452	)		(170,403,189	)

Total Stockholders' Equity (Deficit)		(2,666,950	)		(1,774,179	)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$	564,029		$	258,592

	June 30, 2022			December 31, 2021
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	354,651		$	359,143
Accounts receivable		-			78,721
Inventory		-			290,710
Marketable securities		100,000			163,000

Total Current Assets		454,651			891,574

PROPERTY, PLANT AND EQUIPMENT
Fixed assets (net)		1,339			112,603
Right of use assets - Operating leases		-			833,796
Total Property, Plant and Equipment		1,339			946,399

OTHER ASSETS
License		12,892,192			3,333
Fine art		67,845			67,845
Security deposits		-			67,808
Goodwill		-			6,443,559

Total Other Assets		12,960,037			6,582,545

TOTAL ASSETS	$	13,416,027		$	8,420,518

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

CURRENT LIABILITIES
Accounts payable and accrued expenses	$	653,530		$	791,008
Accounts payable and accrued expenses-related parties		1,205,239			590,060
Accrued interest payable		398,697			387,982
Notes payable in default		871,082			871,082
Notes payable		-			922,000
Current portion of operating lease liabilities		-			274,222
Current portion of long-term debt		126,477			2,986

Total Current Liabilities		3,255,025			3,839,340

LONG TERM LIABILITIES

Long-term operating lease liabilities		-			559,574
Note payable		4,841,700			147,014

Total Long-term liabilities		4,841,700			706,588

Total Liabilities		8,096,725			4,545,928

STOCKHOLDERS’ EQUITY
Preferred stock, par value $.001, 50,000 authorized, 1,000 issued and outstanding		1			1
Common stock, par value $0.001 per share, 750,000,000 shares authorized; 257,463,289 (including 10,000,000 shares held in escrow) and 255,790,585 (including 16,000,000 shares held in escrow) issued and 247,463,289 and 239,790,585 outstanding, respectively		257,463			255,791
Additional paid-in-capital		241,405,397			237,774,709
Accumulated (Deficit)		(236,343,559	)		(234,155,911	)

Total Stockholders’ Equity (Deficit)		5,319,302			3,874,590

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)	$	13,416,027		$	8,420,518

	2022			2021			2022			2021
	For The Three and Six Months Ended
	June 30,
	2022			2021			2022			2021


REVENUES, net	$	-		$	-		$	-		$	-

COST OF SALES, net		-			-			-			-

GROSS PROFIT/(LOSS)		-			-			-			-

OPERATING EXPENSES

General and administrative		130,174			62,248			185,390			101,386
Compensation and professional fees		478,241			1,307,689			1,154,977			1,992,580
Charitable donations		372,500			-			782,500			-
Depreciation		268			267			1,161			535

Total Operating Expenses		981,183			1,370,204			2,124,028			2,094,501

OPERATING LOSS		(981,183	)		(1,370,204	)		(2,124,028	)		(2,094,501	)
OTHER INCOME (EXPENSES)

Unrealized gain (loss) on change in fair value of marketable securities		(36,000	)		281,000			(63,000	)		349,000
Gain on sale of assets		22,291			-			22,291			-
Gain on settlement of debt		28,150			-			28,150			-
Interest income		1,500						1,500
Interest expense		(12,289	)		(12,904	)		(70,816	)		(32,349	)

Total Other Income (Expenses)		3,652			268,096			(81,875	)		316,651

LOSS BEFORE INCOME TAXES		(977,531	)		(1,102,108	)		(2,205,903	)		(1,777,850	)

INCOME TAX EXPENSE		-			-			-			-

COMPREHENSIVE LOSS	$	(977,531	)	$	(1,102,108	)	$	(2,205,903	)	$	(1,777,850	)

BASIC AND DILUTED LOSS PER SHARE	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)

WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING, BASIC AND DILUTED		257,142,064			235,044,159			256,507,508			233,779,672
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED		257,142,064			235,044,159			256,507,508			233,779,672

	Shares		Amount		Shares		Amount		Capital			(Deficit)			Equity
	Preferred Stock				Common Stock				Additional			Accumulated			Total Stockholders’ Equity
	Shares		Amount		Shares		Amount		Capital			(Deficit)			(Deficit)

Balance, December 31, 2020		1,000	$	1		230,498,005	$	230,498	$	168,398,511		$	(170,403,189	)	$	(1,774,179	)

Common stock issued for services		-		-		4,500,000		4,500		466,500						471,000
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
Net loss for the three months ended March 31, 2021													(675,742	)		(675,742	)
Balance, March 31, 2021		1,000	$	1		240,998,005	$	240,998	$	168,862,371		$	(171,078,931	)	$	(1,975,561	)

Common stock issued for services						166,995		167		866,557						866,724
Warrants issued as dividend to shareholders										57,689,800			(57,689,800	)		-
Imputed interest – loan		-		-						3,360						3,360
Common stock issued for acquisition of Bronx Family Eye Care						4,150,000		4,150		(4,150	)					-
Net loss for the three months ended June 30, 2021													(1,102,108	)		(1,102,108	)
Balance, June 30, 2021		1,000	$	1		245,315,000	$	245,315	$	227,417,938		$	(229,870,839	)	$	(2,207,585	)

Balance, December 31, 2021		1,000	$	1		255,790,585	$	255,791	$	237,774,709		$	(234,155,911	)	$	3,874,590

Common stock issued for services						533,399		534		862,574						863,108
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, 2022		-											(1,228,372	)		(1,228,372	)
Balance, March 31, 2022		1,000	$	1		256,323,984	$	256,325	$	231,671,143		$	(235,366,028	)	$	(3,438,559	)
Balance		1,000	$	1		256,323,984	$	256,325	$	231,671,143		$	(235,366,028	)	$	(3,438,559	)

Common stock issued for services						466,848		466		727,524						727,990
Escrow release from acquisition		-		-						7,920,090						7,920,090
Imputed interest – loan										3,360						3,360
Proceeds from the exercise of warrants										8,875						8,875
Common stock issued for notes payable, accrued interest and accrued expenses						672,457		672		1,074,405						1,075,077
Net loss for the three months ended June 30, 2022													(977,531	)		(977,531	)
Balance, June 30, 2022		1,000	$	1		257,463,289	$	257,463		241,405,397		$	(236,343,559	)	$	5,319,302
Balance		1,000	$	1		257,463,289	$	257,463		241,405,397		$	(236,343,559	)	$	5,319,302

											Additional						Total
	Preferred Stock				Common Stock						Paid-in			Accumulated			Stockholders'
	Shares		Amount		Shares			Amount			Capital			Deficit			Deficit

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
Shares issued and held in escrow for the potential acquisition of Gold Transactions Intl, Inc.
Shares issued and held in escrow for the potential acquisition of Gold Transactions Intl, Inc.,shares
Warrants issued to shareholders of record on April 1, 2021 as dividend
Shares issued and held in escrow for the potential acquisition of Bronx Family Eye and My Retina
Shares issued and held in escrow for the potential acquisition of Bronx Family Eye and My Retina,shares
Shares issued for charitable service donations
Shares issued for charitable service donations, shares
Shares issued for medical advisory services
Shares issued for medical advisory services, shares

Net loss for the three months ended March 31, 2020		-		-		-			-						(284,846	)		(284,846	)

Balance, March 31, 2020		1,000	$	1		205,277,990		$	205,278		$	161,716,346		$	(167,909,549	)	$	(5,987,924	)

Imputed interest – loan												3,360						3,360

Shares issued for services						4,540,000			4,540			87,761						92,301

Shares cancelled from ARUR acquisition recission						(4,668,530	)		(4,668	)		4,668						-

Net loss for the three months ended June 30, 2020		-		-		-			-						(352,638	)		(352,638	)

Balance, June 30, 2020		1,000	$	1		205,149,460		$	205,150		$	161,812,135		$	(168,262,187	)	$	(6,244,901	)

Imputed interest – loan												3,360						3,360

Shares issued for services						2,000,000			2,000			63,750						65,750

Net loss for the three months ended September 30, 2020		-		-		-			-						(317,304	)		(317,304	)

Balance, September 30, 2020		1,000	$	1		207,149,460		$	207,150		$	161,879,245		$	(168,579,491	)	$	(6,493,095	)

Balance, December 31, 2020		1,000	$	1		230,498,005		$	230,498		$	168,398,511		$	(170,403,189	)	$	(1,774,179	)

Shares issued for services						4,500,000			4,500			466,500						471,000

Shares issued and held in escrow for the potential acquisition of Gold Transactions Intl, Inc.						6,000,000			6,000			(6,000	)					0

Imputed interest – loan												3,360						3,360

Net loss for the three months ended March 31, 2021		-		-		-			-						(675,742	)		(675,742	)

Balance, March 31, 2021		1,000	$	1		240,998,005		$	240,998		$	168,862,371		$	(171,078,931	)	$	(1,975,561	)

Shares issued for services						166,995			167			866,557						866,724

Warrants issued to shareholders of record on April 1, 2021 as dividend												57,689,800			(57,689,800	)		-

Shares issued and held in escrow for the potential acquisition of Bronx Family Eye and My Retina						4,150,000			4,150			(4,150	)					-

Imputed interest – loan												3,360						3,360

Net loss for the three months ended June 30, 2021		-		-		-			-						(1,102,108	)		(1,102,108	)

Balance, June 30, 2021		1,000	$	1		245,315,000		$	245,315		$	227,417,938		$	(229,870,839	)	$	(2,207,585	)

Shares issued for services and prepaid shares earned (Note 9)						707,140			707			1,360,181						1,360,888

Shares issued for charitable service donations						400,000			400			539,600						540,000

Shares issued for medical advisory services						300,000			300			404,700						405,000

Imputed interest – loan												3,360						3,360

Net loss for the three months ended September 30, 2021		-		-		-			-						(2,768,613	)		(2,768,613	)
Net income (loss)															(2,768,613	)		(2,768,613	)
Balance, September 30, 2021		1,000	$	1		246,722,140		$	246,722		$	229,725,779		$	(232,639,452	)	$	(2,666,950	)

							2022			2021
	For The Nine Months Ended						For The Six Months Ended
	September 30,						June 30,
	2021			2020			2022			2021

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss	$	(4,546,463	)		(954,788	)	$	(2,205,903	)	$	(1,777,850	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		1,845			-
Adjustments to reconcile net loss to net cash used in operating activities (net of acquisition):
Depreciation								1,161			535
Stock issued for services		3,643,612			158,050			1,591,098			1,337,724
Imputed interest on loan		10,080			10,080			6,720			6,720
(Gain) loss on marketable securities		(164,000	)		901
Gain on debt conversion								(28,150	)		-
Gain on asset sale								(22,291	)		-
Unrealized (gain) loss on marketable securities								63,000			(349,000	)
Change in operating assets and liabilities
Decrease is prepaid expenses		222,167			-
Decrease in prepaid expenses								-			222,167
Increase in accounts payable and accrued expenses								8,459			41,469
Increase in accounts payable and accrued expenses-related parties		512,321			3			615,179			352,525
Increase (decrease) in interest payable		18,299			26,517
Increase in interest payable-related parties		-			135,548
Increase in accounts payable and accrued expenses		78,018			518,600
Increase in accrued interest payable								63,920			5,633

Net Cash Used in Operating Activities		(224,121	)		(105,089	)
Net Cash Provided by (Used in) Operating Activities								93,193			(160,077	)

CASH FLOWS FROM INVESTING ACTIVITIES

Sale of marketable securities		-			143
Cash paid for other assets		(67,845	)		-
Cash paid for fixed assets		(5,000	)		-
Cash from sale of asset								25,000			-
Cash returned in acquisition reversal								(183,933	)		-
Cash paid for fine art								-			(67,845	)
Cash acquired from license acquisition								2,373			-
Cash paid for license								-			(5,000	)

Net Cash Provided by (Used in) Investing Activities		(72,845	)		143
Net Cash Used in Investing Activities								(156,560	)		(72,845	)

CASH FLOWS FROM FINANCING ACTIVITIES
Cash received from debt financing		200,000			-
Proceeds from exercise of warrants								8,875			-
Proceeds from note payable								50,000			-
Cash from stock deposits		490,000			-			-			340,000
Cash paid on convertible debenture		(74,800	)		-
Cash paid on related party loans		(186,069	)		-
Cash received from related party loans		160,439			104,981
Payments on convertible debentures								-			(74,800	)
Payments to officers and directors								-
Cash received from related parties								-

Net Cash Provided by Financing Activities		589,570			104,981
Net Cash Provided by (Used in) Financing Activities								58,875			265,200

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		292,604			35			(4,492	)		32,278

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		2,479			1,435			359,143			2,479

CASH AND CASH EQUIVALENTS, END OF PERIOD	$	295,083		$	1,470		$	354,651		$	34,757

SUPPLEMENTAL DISCLOSURES:

Cash paid for interest	$	-		$	-		$	-		$	-
Cash paid for income taxes	$	-		$	-		$	-		$	-

NON-CASH INVESTING AND FINANCING ACTIVITIES:

Stock issued and held in escrow for potential acquisitions		10,150			-
Stock issued and held in escrow							$	10,000		$	10,150
Reclassification of notes payable to stock deposits		150,000			-		$	-		$	150,000
Common stock issued for debt, accrued interest and accrued expenses							$	1,075,077		$	-
Stock released from escrow for license acquisition (net of debt)							$	7,920,090		$	-

		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.

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

	September 30, 2021			December 31, 2020			June 30, 2022			December 31, 2021
Computer equipment	$	3,213		$	3,213
Equipment							$	3,214		$	100,167
Furniture and fixtures								-			14,037
Total fixed assets		3,213			3,213			3,214			114,204
Accumulated Depreciation		(1,070	)		(267	)		(1,875	)		(1,601	)
Net fixed assets	$	2,143		$	2,946		$	1,339		$	112,603

	●	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.

Cash and cash equivalents	$	2,373
License (including intangibles)		12,892,192
Trade payables		(6,388	)
Note payable		(4,968,177	)

Total identifiable net assets	$	7,920,000

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

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

$	871,082	$	871,082				$	36,597	$	36,597

June 39, 2022		December 31, 2021		Interest			Interest Expense
Principal		Principal		Rate			6/30/2022		6/30/2021		Maturity
$	32,960	$	32,960		5.00	%	$	824	$	824		10/5/18
	32,746		32,746		5.00	%		818		818		10/5/18
	5,000		5,000		6.00	%		150		150		10/5/18
	100,000		100,000		5.00	%		2,500		2,500		10/5/18
	7,000		7,000		6.00	%		210		210		10/5/18
	388,376		388,376		5.00	%		9,710		9,710		10/5/18
	192,000		192,000		0	%		6,720		6,720		10/5/18
	18,000		18,000		6.00	%		540		540		9/1/2002
	30,000		30,000		6.00	%		900		900		9/12/2002
	25,000		25,000		5.00	%		626		626		8/31/2000
	40,000		40,000		7.00	%		1,400		1,400		7/10/2002

$	871,082	$	871,082				$	24,398	$	24,398


Year Due	Amount

2022		126,477
2023		815,496
2024		1,194,638
2025		1,581,419
Thereafter		1,250,147

Total		4,968,177

	a)	~~Super voting power, wherein the~~ ~~1,000~~ shares have the right to vote in the amount equal to fifty-one percent (51%) of the total vote with respect to any proposal relating to (i) increasing the authorized share capital of the Company, and (ii) effecting any forward stock split of the Company’s authorized, issued or outstanding shares of capital stock, and (iii) any other matter subject to a shareholder vote.

	b)	~~No entitlement to dividends.~~

	c)	~~No liquidation preferences.~~

	d)	~~No conversion rights.~~

	e)	~~Automatic Redemption Rights upon certain triggers, to be redeemed at par value.~~

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

~~Assumptions:~~	~~2020~~
~~Assumptions applicable to stock options issued~~
~~Risk-free interest rate~~		3	%
~~Expected lives (in years)~~		2
~~Expected stock volatility~~		72	%
~~Dividend yield~~		-

			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		-	$	-		-	$	-
Granted		4,500,664		.01		2 yrs		427,563
Exercised		-		-		-		-
Forfeited		-		-		-		-
Outstanding at December 31,2020		4,500,664	$	.01		2 yrs	$	427,563
Outstanding at December 31, 2021										4,500,664	$	.01		1 yr	$	427,563

Granted		-		-		-		-		-		-		-		-
Exercised		-		-		-		-		-		-		-		-
Forfeited		-		-		-		-		-		-				-
Outstanding at September 30, 2021		4,500,664	$	.01		1.25 yrs	$	427,563
Outstanding at June 30, 2022										4,500,664	$	.01		.75 yrs	$	427,563

	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	-

●	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 costs.

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

EXHIBIT NO.		DESCRIPTION

3.1		Articles of ~~incorporation~~Incorporation of ~~Tree Top~~Global Tech Industries Group, Inc., as amended (1)

3.2		By-Laws (2)

4.1		Warrant Agreement, by and between Global Tech Industries Group, Inc. and Liberty Stock Transfer Agent*

5.1		Opinion of McMurdo Law Group, LLC, legal counsel^.

10.1		Employment Agreement, dated October 1, 2007, by and between GLOBAL TECH INDUSTRIES GROUP, INC. and David Reichman (3)

10.2		Employment Agreement, dated April 1, 2009, by and between Tree Top Industries Inc. and Kathy Griffin (4)

10.3		Bridge Loan Term Sheet, dated January 11, 2010, by and between TTII and GeoGreen Biofuels, Inc. (5)

10.4		Business and Financial Consulting Agreement, dated February 22, 2010, by and between GLOBAL TECH INDUSTRIES GROUP, INC. and Asia Pacific Capital Corporation (6)

10.5		Distribution Agreement, by and between GLOBAL TECH INDUSTRIES GROUP, INC. and NetThruster, Inc., dated February 9, 2011(7)

10.6		Term Agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC. and Sky Corporation, doo, dated April 18, 2011 (8)

10.7		Term Agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC. and Adesso Biosciences, Ltd, dated October 12, 2011(9)

10.8		Term Agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC. and Stemcom, LLC d/b/a Pipeline Nutrition, dated March 1, 2012(10)

10.9		Mutual disengagement agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC. and Stemcom, LLC d/b/a Pipeline Nutrition, dated March 23, 2012(11)

10.10		~~Reserve Equity financing agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC. and AGS Capital Group, dated August 15, 2012. (12)~~

~~10.11~~		Asset purchase Agreement by and between TTII Oil & Gas, Inc. a subsidiary of GLOBAL TECH INDUSTRIES GROUP, INC. and American Resource Technologies, Inc. ~~(13)~~(12)

~~10.12~~		~~Resignation of Mr. Robert Hantman, Esq. as a member of the board of directors (14)~~
~~10.13~~		~~Stock Purchase Agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC., G T International, Inc. and Go F & B Holdings, Ltd., dated December 30, 2016 (15)~~

~~10.14~~10.11		Letter of Intent Agreement, dated April 12, 2019, by and between Global Tech Industries Group, Inc., First Capital Master Advisor, LLC and GCA Equity Partners, executed on or before April 12, 2019 ~~(16)~~(13)

~~10.15~~
10.12		Termination of a Letter of Intent Agreement, dated December ~~26,,~~31, 2019, by and between Global Tech Industries Group, Inc. First Capital Master Advisor, LLC and GCA Equity Partners, executed on or before April ~~12, 2019(17)~~22, 2019(14)

~~10.16~~10.13		Security Purchase Agreement, dated November 22, 2020, by and between Global Tech Industries Group, Inc. and Geneva Roth Remark Capital Holdings, Inc. ~~(18)~~(15)

~~10.17~~10.14		Stock Purchase Agreement, dated February28, 2021 by and between Global Tech Industries Group, Inc. and Gold Transactions International, Inc. ~~(19)~~(16)

~~10.18~~10.15		Warrant Agreement, dated March 22, 2021, by and between Global Tech Industries Group, Inc. and Liberty Stock Transfer Company, Inc. ~~(20)~~(17)

~~10.19~~10.16		Binding Letter Agreement, dated March 23, 2021, by and between Global Tech Industries Group, Inc. and Bronx Family Eye Care, Inc.~~(21)~~(18)

~~10.20~~10.17		Stock Purchase Agreement, dated March 31, 2021, by and between Global Tech Industries Group, Inc. and Bronx Family Eye Care, Inc.~~(22)~~(19)

~~10.21~~10.18		Independent Contractor Agent Agreement, dated April 7, 2021, by and between Global Industries Group, Inc. and Mr. Ronald Cavalier ~~(23)~~(20)

~~10.22~~10.19		Binding Letter Agreement, dated April 30, 2021, by and between Global Tech Industries Group, Inc. and MyRetinaDocs, LLC ~~(24)~~(21)

~~10.23~~10.20		Gold Transactions International, Inc. completed its official audit and filed its financial disclosures, as required by Stock Purchase Agreement, dated February 28, 2021, by and between Global Tech Industries Group, Inc. and Gold Transactions International, Inc. ~~(25)~~(22)

~~10.24~~10.21		Binding Letter Agreement expanding business combination, dated May 26, 2021, by and between Global Tech Industries Group, Inc. and MyRetinaDocs, LLC ~~(26)~~

~~21.1~~		~~Subsidiaries of the registrant~~(23)

~~31.1~~10.22		Stock Purchase Agreement by and between Global Tech Industries Group, Inc and Trento Resources and Energy Corp, dated November 9, 2021 (24).

22.1		~~Section 302 Certification of Chief Executive Officer~~Subsidiaries #

~~31.2~~23.1		~~Section 302 Certification~~Consent of ~~Chief Financial Officer~~

~~32.1~~		~~Section 906 Certification~~Pinnacle Accountancy Group of ~~Chief Executive Officer~~

~~32.2~~		~~Section 906 Certification~~Utah (a dba of ~~Chief Financial Officer~~Heaton & Company, PLLC)

~~(1)~~1)	Filed November 13, 2009, as an exhibit to a Form 10-Q and incorporated herein by reference.
	Filed January 3, 2012, as an exhibit to an 8 – K and incorporated herein by reference.
	Filed April 12, 2013, as an exhibit to an 8 – K and incorporated herein by reference.

(2)	Filed July 19, 2010, as an exhibit to a Form 10-K/A and incorporated herein by reference.

(3)	Filed November 7, 2007, as an exhibit to a Form 8-K and incorporated herein by reference.

(4)	Filed March 25, 2010, as an exhibit to a Form 8-K and incorporated herein by reference.

(5)	Filed January 19, 2010, as an exhibit to a Form 8-K and incorporated herein by reference.

(6)	Filed July 19, 2010, as an exhibit to a Form 10-Q/A and incorporated herein by reference.

(7)	Filed February 9, 2011, as an exhibit to a Form 8-K and incorporated herein by reference.

(8)	Filed April 19, 2011, as an exhibit to a Form 8 - K and incorporated herein by reference.

(9)	Filed October 18, 2011, as an exhibit to a Form 8 - K and incorporated herein by reference.

(10)	Filed March 6, 2012, as an exhibit to a Form 8 – K and incorporated herein by reference.

(11)	Filed March 23, 2012, as an exhibit to a Form 8 – K and incorporated herein by reference.

(12)	Filed ~~August 21, 2012 as an exhibit to a Form 8 – K and incorporated herein by reference.~~

~~(13)~~	~~Filed~~ January 8, 2013, as an exhibit to a Form 8 – K and incorporated herein by reference.

~~(14)~~	~~Filed January 8, 2013 as an exhibit to a Form 8 – K and incorporated herein by reference.~~

~~(15)~~	~~Filed January 5, 2017 as an exhibit to a Form 8 – K and incorporated herein by reference.~~
~~(16)~~(13)	Filed April 12, 2019, as an exhibit to a Form 8 – K and incorporated herein by reference.

~~(17)~~(14)	Filed December 26, 2019, as an exhibit to a Form 8 -K and incorporated herein by reference

~~(18)~~(15)	Filed November 27, 2020, as an exhibit to a Form 8 -K and incorporated herein by reference

~~(19)~~(16)	Filed March 1, 2021, as an exhibit to a Form 8 – K and incorporated herein by reference