Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 11, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-10210 | |
Entity Registrant Name | GLOBAL TECH INDUSTRIES GROUP, INC. | |
Entity Central Index Key | 0000356590 | |
Entity Tax Identification Number | 90-1604380 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 511 Sixth Avenue | |
Entity Address, Address Line Two | Suite 800 | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10011 | |
City Area Code | (212) | |
Local Phone Number | 204 7926 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 257,463,389 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
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 |
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 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000 | 50,000 |
Preferred stock, shares issued | 1,000 | 1,000 |
Preferred stock, shares outstanding | 1,000 | 1,000 |
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 750,000,000 | 750,000,000 |
Common stock shares issued | 257,463,289 | 255,790,585 |
Common stock shares held in escrow | 10,000,000 | 16,000,000 |
Common stock shares outstanding | 247,463,289 | 239,790,585 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
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 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED | 257,142,064 | 235,044,159 | 256,507,508 | 233,779,672 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2020 | $ 1 | $ 230,498 | $ 168,398,511 | $ (170,403,189) | $ (1,774,179) |
Balance, shares at Dec. 31, 2020 | 1,000 | 230,498,005 | |||
Common stock issued for services | $ 4,500 | 466,500 | 471,000 | ||
Common stock issued for services, shares | 4,500,000 | ||||
Escrow release from acquisition | $ 6,000 | (6,000) | |||
Common stock issued and held in escrow for the potential acquisition of Gold Transactions Intl, Inc., shares | 6,000,000 | ||||
Imputed interest – loan | 3,360 | 3,360 | |||
Net loss | (675,742) | (675,742) | |||
Balance at Mar. 31, 2021 | $ 1 | $ 240,998 | 168,862,371 | (171,078,931) | (1,975,561) |
Balance, shares at Mar. 31, 2021 | 1,000 | 240,998,005 | |||
Balance at Dec. 31, 2020 | $ 1 | $ 230,498 | 168,398,511 | (170,403,189) | (1,774,179) |
Balance, shares at Dec. 31, 2020 | 1,000 | 230,498,005 | |||
Net loss | (1,777,850) | ||||
Balance at Jun. 30, 2021 | $ 1 | $ 245,315 | 227,417,938 | (229,870,839) | (2,207,585) |
Balance, shares at Jun. 30, 2021 | 1,000 | 245,315,000 | |||
Balance at Dec. 31, 2020 | $ 1 | $ 230,498 | 168,398,511 | (170,403,189) | (1,774,179) |
Balance, shares at Dec. 31, 2020 | 1,000 | 230,498,005 | |||
Balance at Dec. 31, 2021 | $ 1 | $ 255,791 | 237,774,709 | (234,155,911) | 3,874,590 |
Balance, shares at Dec. 31, 2021 | 1,000 | 255,790,585 | |||
Balance at Mar. 31, 2021 | $ 1 | $ 240,998 | 168,862,371 | (171,078,931) | (1,975,561) |
Balance, shares at Mar. 31, 2021 | 1,000 | 240,998,005 | |||
Common stock issued for services | $ 167 | 866,557 | 866,724 | ||
Common stock issued for services, shares | 166,995 | ||||
Imputed interest – loan | 3,360 | 3,360 | |||
Net loss | (1,102,108) | (1,102,108) | |||
Warrants issued as dividend to shareholders | 57,689,800 | (57,689,800) | |||
Common stock issued for acquisition of Bronx Family Eye Care | $ 4,150 | (4,150) | |||
Common stock issued for acquisition of Bronx Family Eye Care, shares | 4,150,000 | ||||
Balance at Jun. 30, 2021 | $ 1 | $ 245,315 | 227,417,938 | (229,870,839) | (2,207,585) |
Balance, shares at Jun. 30, 2021 | 1,000 | 245,315,000 | |||
Balance at Dec. 31, 2021 | $ 1 | $ 255,791 | 237,774,709 | (234,155,911) | 3,874,590 |
Balance, shares at Dec. 31, 2021 | 1,000 | 255,790,585 | |||
Common stock issued for services | $ 534 | 862,574 | 863,108 | ||
Common stock issued for services, shares | 533,399 | ||||
Imputed interest – loan | 3,360 | 3,360 | |||
Net loss | (1,228,372) | (1,228,372) | |||
Reversal of acquisition | (6,969,500) | 18,255 | (6,951,245) | ||
Balance at Mar. 31, 2022 | $ 1 | $ 256,325 | 231,671,143 | (235,366,028) | (3,438,559) |
Balance, shares at Mar. 31, 2022 | 1,000 | 256,323,984 | |||
Balance at Dec. 31, 2021 | $ 1 | $ 255,791 | 237,774,709 | (234,155,911) | 3,874,590 |
Balance, shares at Dec. 31, 2021 | 1,000 | 255,790,585 | |||
Net loss | (2,205,903) | ||||
Balance at Jun. 30, 2022 | $ 1 | $ 257,463 | 241,405,397 | (236,343,559) | 5,319,302 |
Balance, shares at Jun. 30, 2022 | 1,000 | 257,463,289 | |||
Balance at Mar. 31, 2022 | $ 1 | $ 256,325 | 231,671,143 | (235,366,028) | (3,438,559) |
Balance, shares at Mar. 31, 2022 | 1,000 | 256,323,984 | |||
Common stock issued for services | $ 466 | 727,524 | 727,990 | ||
Common stock issued for services, shares | 466,848 | ||||
Escrow release from acquisition | 7,920,090 | 7,920,090 | |||
Imputed interest – loan | 3,360 | 3,360 | |||
Net loss | (977,531) | (977,531) | |||
Proceeds from the exercise of warrants | 8,875 | 8,875 | |||
Common stock issued for notes payable, accrued interest and accrued expenses | $ 672 | 1,074,405 | 1,075,077 | ||
Common stock issued for notes payable, accrued interest and accrued expenses, shares | 672,457 | ||||
Balance at Jun. 30, 2022 | $ 1 | $ 257,463 | $ 241,405,397 | $ (236,343,559) | $ 5,319,302 |
Balance, shares at Jun. 30, 2022 | 1,000 | 257,463,289 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (2,205,903) | $ (1,777,850) |
Adjustments to reconcile net loss to net cash used in operating activities (net of acquisition): | ||
Depreciation | 1,161 | 535 |
Stock issued for services | 1,591,098 | 1,337,724 |
Imputed interest on loan | 6,720 | 6,720 |
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 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 | 615,179 | 352,525 |
Increase in accrued interest payable | 63,920 | 5,633 |
Net Cash Provided by (Used in) Operating Activities | 93,193 | (160,077) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
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 Used in Investing Activities | (156,560) | (72,845) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from exercise of warrants | 8,875 | |
Proceeds from note payable | 50,000 | |
Cash from stock deposits | 340,000 | |
Payments on convertible debentures | (74,800) | |
Payments to officers and directors | ||
Cash received from related parties | ||
Net Cash Provided by (Used in) Financing Activities | 58,875 | 265,200 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (4,492) | 32,278 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 359,143 | 2,479 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 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 | 10,000 | 10,150 |
Reclassification of notes payable to stock deposits | 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 |
CONDENSED FINANCIAL STATEMENTS
CONDENSED FINANCIAL STATEMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONDENSED FINANCIAL STATEMENTS | 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 June 30, 2022, and the results of operations and cash flows for the three and 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, 2021. The results of operations for the period ended June 30, 2022, are not necessarily indicative of the operating results for what will be the full year ended December 31, 2022. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries as disclosed in Note 2 below. All significant inter-company balances and transactions have been eliminated. B) GOING CONCERN The Company’s consolidated financial statements are prepared using U.S. GAAP applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. These conditions raise substantial doubt regarding the Company’s ability to continue as a going concern. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its operating expenses and seeking equity and/or debt financing. 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. GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements June 30, 2022 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 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. The Bronx and My Retina acquisitions were rescinded effective January 1, 2022. Both parties have mutually agreed to unwind this transaction thereby they have no impact on these financial statements. B) USE OF MANAGEMENT’S ESTIMATES The preparation of financial statements in conformity with 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 $ 250,000 104,651 109,143 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 three and six months ended June 30, 2022 and 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. GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements June 30, 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,” 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 June 30, 2022, and December 31, 2021. Marketable securities are reported at the quoted and listed market rates of the securities held at the period end. GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements June 30, 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 June 30, 2022, and December 31, 2021: SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS 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 the three and six months ended June 30, 2021 and 2022, there were 4,500,664 23,358,496 SCHEDULE OF BASIC AND DILUTED PER SHARE 2022 2021 For the Three Months Ended June 30, 2022 2021 Loss (numerator) $ (977,531 ) $ (1,102,108 ) Shares (denominator) 257,142,064 235,044,159 Basic and diluted loss per share $ (0.00 ) $ (0.00 ) 2022 2021 For the Six Months Ended June 30, 2022 2021 Loss (numerator) $ (2,205,903 ) $ (1,777,850 ) Shares (denominator) 256,507,508 233,779,672 Basic and diluted loss per share $ (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) 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,” FASB ASC 360, “Property, Plant, and Equipment.” GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements June 30, 2022 |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | NOTE 3 - MARKETABLE SECURITIES The Company has acquired various shares of Marketable Securities. During the six months ended June 30, 2022, the Company recorded a loss of $ (63,000) 349,000 |
FIXED ASSETS
FIXED ASSETS | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
FIXED ASSETS | NOTE 4 - FIXED ASSETS Depreciation expense for the six months ended June 30, 2022, and 2021 was $ 1,161 535 110,990 Fixed assets consist of the following: SCHEDULE OF FIXED ASSETS June 30, 2022 December 31, 2021 Equipment $ 3,214 $ 100,167 Furniture and fixtures - 14,037 Total fixed assets 3,214 114,204 Accumulated Depreciation (1,875 ) (1,601 ) Net fixed assets $ 1,339 $ 112,603 |
LICENSES
LICENSES | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
LICENSES | 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 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 6,000,000 grant date fair value was $ 7,920,090 12,892,192 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 $ 5,000 The term of the license is for 12 months with an automatic renewal for an additional 12 months. This asset was sold in the second quarter of 2022. Amortization expensed through the date of sale was $ 2,708 The Table below summarizes the Company’s licenses as of June 30, 2022 and December 31, 2021: SCHEDULE OF LICENSE 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 GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements June 30, 2022 |
FINE ART
FINE ART | 6 Months Ended |
Jun. 30, 2022 | |
Fine Art | |
FINE ART | 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 35,940 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 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 7 - RELATED PARTY TRANSACTIONS Due to Related Parties Due to related parties consists of cash advances and expenses paid by Mr. Reichman 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 six months ended June 30, 2022, and 2021, Mr. Reichman advanced $ 263,510 105,252 309,390 109,325 24,000 296,180 105,440 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 six months ended June 30, 2022 and 2021. The accrued wages for the six months ended June 30, 2022, and 2021 are $ 250,000 147,500 885,000 340,000 |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTE 8 - NOTES PAYABLE (a) NOTES PAYABLE IN DEFAULT: Notes payable in default consist of various notes bearing interest at rates from 5 9 871,082 871,082 398,697 387,982 GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements June 30, 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 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, 2022, and December 31, 2021, accrued interest on the outstanding notes payable (default and current) were $ 398,697 387,982 0 0 24,398 24,398 (c) CONVERTIBLE DEBENTURE: On November 27, 2020, the Company executed a convertible debenture with a corporation in the amount of $ 74,800 10 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 The convertible debenture also contained an OID or original issue discount of $ 6,800 68,000 20 GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements June 30, 2022 (d) NOTES PAYABLE On July 20, 2021, the Company received cash from an individual in the amount of $ 100,000 5 12 4,184 On August 6, 2021, the Company received cash from an individual in the amount of $ 100,000 5 12 3,904 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 50,000 6 12 accrued interest on this note at December 31, 2021. This loan and accrued interest recorded for 2022 of $ 43,320 In connection with the acquisition of the License Agreement, the Company executed a Promissory Note in the amount of $ 5,044,610 2 5 4,968,177 The Company has debt obligations on the note as 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 six months ended June 30, 2022, and 2021, the Company recorded imputed interest on a non-interest-bearing note in the amount of $ 6,720 6,720 |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY (DEFICIT) | NOTE 9 - STOCKHOLDERS’ EQUITY (DEFICIT) ISSUANCES OF COMMON STOCK During the six months ended June 30, 2022, and 2021, the Company issued 1,400,247 14,816,995 1,590,918 1,337,724 672,457 51,408 80,000 During the first six months of 2021, 3,916,995 shares were issued were for professional services to continue operating efforts fair market value of $ 1,263,474 and 750,000 shares were issued for donations fair market value of $ 74,250 . In 2021, 6,000,000 shares of common stock with a grant date fair value of $ 7,920,090 was issued and held in escrow for a stock purchase agreement of Gold Transactions international, Inc. 4,150,000 shares were issued for the Bronx Family Eye Care acquisition and held in escrow. GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements June 30, 2022 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 ● One option allows for the purchase of one share of common stock ● The strike price of the option is $. 01 ● The conversion term is 2 ● All options are vested immediately Stock option activity for the six months ended June 30, 2022, are as follows: SCHEDULE OF STOCK OPTION Weighted Weighted Average Average Aggregate Exercise Remaining Intrinsic Shares Price Term Value Outstanding at December 31, 2021 4,500,664 $ .01 1 $ 427,563 Granted - - - - Exercised - - - - Forfeited - - - Outstanding at June 30, 2022 4,500,664 $ .01 .75 $ 427,563 GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements June 30, 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 23,364,803 57,689,800 2.75 April 8, 2023 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, 2021 23,364,803 $ 2.75 2.0 $ 57,689,800 Granted - - - (8,471 ) Exercised (3,080 ) 2.75 - - Forfeited - - - - Outstanding at December 31, 2021 23,361,723 $ 2.75 . 1.25 $ 57,681,330 Granted - - - - Exercised (3,227 ) - - (8,875 ) Forfeited - - - - Outstanding at June 30, 2022 23,358,496 $ 2.75 . .75 $ 57, 672,455 GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements June 30, 2022 |
LEGAL ACTIONS
LEGAL ACTIONS | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL ACTIONS | NOTE 10 - LEGAL ACTIONS 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 50,649,491 7,000,000 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 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 On August 24, 2021, the Company filed an application for a temporary restraining order (“TRO”) 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 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 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. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 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 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, 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 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
PRINCIPLES OF CONSOLIDATION | 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. The Bronx and My Retina acquisitions were rescinded effective January 1, 2022. Both parties have mutually agreed to unwind this transaction thereby they have no impact on these financial statements. |
USE OF MANAGEMENT’S ESTIMATES | B) USE OF MANAGEMENT’S ESTIMATES The preparation of financial statements in conformity with 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. |
CASH EQUIVALENTS | C) CASH EQUIVALENTS The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are maintained with major financial institutions in the U S. Deposits held with these banks at times exceed $ 250,000 104,651 109,143 |
INCOME TAXES | 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. |
REVENUE RECOGNITION | E) REVENUE RECOGNITION The Company had no revenues during the three and six months ended June 30, 2022 and 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. GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements June 30, 2022 |
STOCK-BASED COMPENSATION | 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. |
FAIR VALUE OF FINANCIAL INSTRUMENTS | G) FAIR VALUE OF FINANCIAL INSTRUMENTS The Company follows ASC 820, “Fair Value Measurements,” 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 June 30, 2022, and December 31, 2021. Marketable securities are reported at the quoted and listed market rates of the securities held at the period end. GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements June 30, 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 June 30, 2022, and December 31, 2021: SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Level 1 Level 2 Level 3 Marketable Securities – June 30, 2022 $ 100,000 $ - 0 $ - 0 Marketable Securities – December 31, 2021 $ 163,000 $ - 0 $ - 0 |
BASIC AND DILUTED LOSS PER SHARE | 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 the three and six months ended June 30, 2021 and 2022, there were 4,500,664 23,358,496 SCHEDULE OF BASIC AND DILUTED PER SHARE 2022 2021 For the Three Months Ended June 30, 2022 2021 Loss (numerator) $ (977,531 ) $ (1,102,108 ) Shares (denominator) 257,142,064 235,044,159 Basic and diluted loss per share $ (0.00 ) $ (0.00 ) 2022 2021 For the Six Months Ended June 30, 2022 2021 Loss (numerator) $ (2,205,903 ) $ (1,777,850 ) Shares (denominator) 256,507,508 233,779,672 Basic and diluted loss per share $ (0.00 ) $ (0.00 ) |
RECENT ACCOUNTING PRONOUNCEMENTS | 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. |
MARKTABLE SECURITIES | J) 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. |
LONG LIVED ASSETS | K) LONG LIVED ASSETS The Company evaluates its long-lived assets in accordance with FASB ASC 350, “Intangibles-Goodwill and Other,” FASB ASC 360, “Property, Plant, and Equipment.” |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS | 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 June 30, 2022, and December 31, 2021: SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Level 1 Level 2 Level 3 Marketable Securities – June 30, 2022 $ 100,000 $ - 0 $ - 0 Marketable Securities – December 31, 2021 $ 163,000 $ - 0 $ - 0 |
SCHEDULE OF BASIC AND DILUTED PER SHARE | SCHEDULE OF BASIC AND DILUTED PER SHARE 2022 2021 For the Three Months Ended June 30, 2022 2021 Loss (numerator) $ (977,531 ) $ (1,102,108 ) Shares (denominator) 257,142,064 235,044,159 Basic and diluted loss per share $ (0.00 ) $ (0.00 ) 2022 2021 For the Six Months Ended June 30, 2022 2021 Loss (numerator) $ (2,205,903 ) $ (1,777,850 ) Shares (denominator) 256,507,508 233,779,672 Basic and diluted loss per share $ (0.00 ) $ (0.00 ) |
FIXED ASSETS (Tables)
FIXED ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF FIXED ASSETS | Fixed assets consist of the following: SCHEDULE OF FIXED ASSETS June 30, 2022 December 31, 2021 Equipment $ 3,214 $ 100,167 Furniture and fixtures - 14,037 Total fixed assets 3,214 114,204 Accumulated Depreciation (1,875 ) (1,601 ) Net fixed assets $ 1,339 $ 112,603 |
LICENSES (Tables)
LICENSES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED | 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 |
SCHEDULE OF LICENSE | SCHEDULE OF LICENSE 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 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF NOTES PAYABLE | (b) Additional detail to all Notes Payable in Default is as follows: SCHEDULE OF NOTES PAYABLE 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 |
SCHEDULE OF MATURITIES OF DEBT OBLIGATIONS | The Company has debt obligations on the note as follows: SCHEDULE OF MATURITIES OF DEBT OBLIGATIONS |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
SCHEDULE OF STOCK OPTION | Stock option activity for the six months ended June 30, 2022, are as follows: SCHEDULE OF STOCK OPTION Weighted Weighted Average Average Aggregate Exercise Remaining Intrinsic Shares Price Term Value Outstanding at December 31, 2021 4,500,664 $ .01 1 $ 427,563 Granted - - - - Exercised - - - - Forfeited - - - Outstanding at June 30, 2022 4,500,664 $ .01 .75 $ 427,563 |
SCHEDULE OF WARRANTS ISSUANCE OF FAIR VALUE ASSUMPTIONS | 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 - |
SCHEDULE OF WARRANTS | Warrant transactions are as follows: SCHEDULE OF WARRANTS Weighted Weighted Average Average Aggregate Exercise Remaining Intrinsic Shares Price Term Value Outstanding at January 1, 2021 23,364,803 $ 2.75 2.0 $ 57,689,800 Granted - - - (8,471 ) Exercised (3,080 ) 2.75 - - Forfeited - - - - Outstanding at December 31, 2021 23,361,723 $ 2.75 . 1.25 $ 57,681,330 Granted - - - - Exercised (3,227 ) - - (8,875 ) Forfeited - - - - Outstanding at June 30, 2022 23,358,496 $ 2.75 . .75 $ 57, 672,455 |
SCHEDULE OF FAIR VALUE ASSETS A
SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Marketable Securities | $ 100,000 | $ 163,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Marketable Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Marketable Securities | $ 0 | $ 0 |
SCHEDULE OF BASIC AND DILUTED P
SCHEDULE OF BASIC AND DILUTED PER SHARE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||||
Loss (numerator) | $ (977,531) | $ (1,102,108) | $ (2,205,903) | $ (1,777,850) |
Shares (denominator) | 257,142,064 | 235,044,159 | 256,507,508 | 233,779,672 |
Basic and diluted loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Deposits held with banks | $ 250,000 | $ 250,000 | |||
Cash | $ 104,651 | $ 104,651 | $ 109,143 | ||
Stock Options [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Anti-dilutive, shares | 4,500,664 | 4,500,664 | 4,500,664 | 4,500,664 | |
Warrants [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Anti-dilutive, shares | 23,358,496 | 23,358,496 | 23,358,496 | 23,358,496 |
MARKETABLE SECURITIES (Details
MARKETABLE SECURITIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gain/(loss) on sale of marketable securities | $ (36,000) | $ 281,000 | $ (63,000) | $ 349,000 |
SCHEDULE OF FIXED ASSETS (Detai
SCHEDULE OF FIXED ASSETS (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | $ 3,214 | $ 114,204 |
Accumulated Depreciation | (1,875) | (1,601) |
Net fixed assets | 1,339 | 112,603 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | 3,214 | 100,167 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | $ 14,037 |
FIXED ASSETS (Details Narrative
FIXED ASSETS (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Cost of goods and services sold depreciation | $ 1,161 | $ 535 | $ 110,990 |
SCHEDULE OF RECOGNIZED IDENTIFI
SCHEDULE OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED (Details) | Jun. 30, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
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 |
SCHEDULE OF LICENSE (Details)
SCHEDULE OF LICENSE (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Total licensed assets | $ 12,892,192 | $ 5,000 |
Amortization | (1,667) | |
Net licensed assets | 12,892,192 | 3,333 |
Access and Exclusivity License [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total licensed assets | 12,892,192 | |
Digital Platform [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total licensed assets | $ 5,000 |
LICENSES (Details Narrative)
LICENSES (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | ||
May 01, 2021 | Feb. 28, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | |
Intangible assets net excluding goodwill | $ 12,892,192 | $ 3,333 | ||
License term description | The term of the license is for 12 months with an automatic renewal for an additional 12 months. This asset was sold in the second quarter of 2022. Amortization expensed through the date of sale was $2,708, respectively | |||
Amortization expense | $ 2,708 | $ 2,708 | ||
Alt 5 Sigma Inc [Member] | ||||
License amount paid | $ 5,000 | |||
Stock Purchase Agreement [Member] | Shareholders [Member] | ||||
Number of shares exchange | $ 6,000,000 | |||
Grant date fair value | 7,920,090 | |||
Intangible assets net excluding goodwill | $ 12,892,192 | |||
Stock Purchase Agreement [Member] | Gold Transactions International, Inc. [Member] | ||||
Equity method investment ownership percentage | 100% |
FINE ART (Details Narrative)
FINE ART (Details Narrative) | Jun. 04, 2021 USD ($) | Apr. 23, 2021 USD ($) | Apr. 07, 2021 Integer |
Fine Art | |||
Number of pieces acquiring for eventual digitization | Integer | 2 | ||
Payment for piece of fine art | $ | $ 31,905 | $ 35,940 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Related party debt | |||
Due to related parties current and noncurrent | 296,180 | $ 105,440 | |
Officers [Member] | |||
Related Party Transaction [Line Items] | |||
Wages | 250,000 | $ 147,500 | |
Accrued wages | 885,000 | $ 340,000 | |
Mr Reichman [Member] | |||
Related Party Transaction [Line Items] | |||
Related party debt | 263,510 | 105,252 | |
Repayments of debt | 309,390 | $ 109,325 | |
Related party expense | $ 24,000 |
SCHEDULE OF NOTES PAYABLE (Deta
SCHEDULE OF NOTES PAYABLE (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Short-Term Debt [Line Items] | |||
Principal | $ 871,082 | $ 871,082 | |
Interest Expense | 24,398 | $ 24,398 | |
Notes Payable One [Member] | |||
Short-Term Debt [Line Items] | |||
Principal | $ 32,960 | $ 32,960 | |
Interest Rate | 5% | 5% | |
Interest Expense | $ 824 | $ 824 | |
Maturity | Oct. 05, 2018 | Oct. 05, 2018 | |
Notes Payable Two [Member] | |||
Short-Term Debt [Line Items] | |||
Principal | $ 32,746 | $ 32,746 | |
Interest Rate | 5% | 5% | |
Interest Expense | $ 818 | $ 818 | |
Maturity | Oct. 05, 2018 | Oct. 05, 2018 | |
Notes Payable Three [Member] | |||
Short-Term Debt [Line Items] | |||
Principal | $ 5,000 | $ 5,000 | |
Interest Rate | 6% | 6% | |
Interest Expense | $ 150 | $ 150 | |
Maturity | Oct. 05, 2018 | Oct. 05, 2018 | |
Notes Payable Four [Member] | |||
Short-Term Debt [Line Items] | |||
Principal | $ 100,000 | $ 100,000 | |
Interest Rate | 5% | 5% | |
Interest Expense | $ 2,500 | $ 2,500 | |
Maturity | Oct. 05, 2018 | Oct. 05, 2018 | |
Notes Payable Five [Member] | |||
Short-Term Debt [Line Items] | |||
Principal | $ 7,000 | $ 7,000 | |
Interest Rate | 6% | 6% | |
Interest Expense | $ 210 | $ 210 | |
Maturity | Oct. 05, 2018 | Oct. 05, 2018 | |
Notes Payable Six [Member] | |||
Short-Term Debt [Line Items] | |||
Principal | $ 388,376 | $ 388,376 | |
Interest Rate | 5% | 5% | |
Interest Expense | $ 9,710 | $ 9,710 | |
Maturity | Oct. 05, 2018 | Oct. 05, 2018 | |
Notes Payable Seven [Member] | |||
Short-Term Debt [Line Items] | |||
Principal | $ 192,000 | $ 192,000 | |
Interest Rate | 0% | 0% | |
Interest Expense | $ 6,720 | $ 6,720 | |
Maturity | Oct. 05, 2018 | Oct. 05, 2018 | |
Notes Payable Eight [Member] | |||
Short-Term Debt [Line Items] | |||
Principal | $ 18,000 | $ 18,000 | |
Interest Rate | 6% | 6% | |
Interest Expense | $ 540 | $ 540 | |
Maturity | Sep. 01, 2002 | Sep. 01, 2002 | |
Notes Payable Nine [Member] | |||
Short-Term Debt [Line Items] | |||
Principal | $ 30,000 | $ 30,000 | |
Interest Rate | 6% | 6% | |
Interest Expense | $ 900 | $ 900 | |
Maturity | Sep. 12, 2002 | Sep. 12, 2002 | |
Notes Payable Ten [Member] | |||
Short-Term Debt [Line Items] | |||
Principal | $ 25,000 | $ 25,000 | |
Interest Rate | 5% | 5% | |
Interest Expense | $ 626 | $ 626 | |
Maturity | Aug. 31, 2000 | Aug. 31, 2000 | |
Notes Payable Eleven [Member] | |||
Short-Term Debt [Line Items] | |||
Principal | $ 40,000 | $ 40,000 | |
Interest Rate | 7% | 7% | |
Interest Expense | $ 1,400 | $ 1,400 | |
Maturity | Jul. 10, 2002 | Jul. 10, 2002 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |||||||
Nov. 27, 2021 | Aug. 06, 2021 | Jul. 20, 2021 | Nov. 27, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Apr. 02, 2022 | Mar. 31, 2022 | |
Debt Instrument [Line Items] | |||||||||
Notes payable in default | $ 871,082 | $ 871,082 | |||||||
Interest payable current | 398,697 | $ 387,982 | |||||||
Interest expense, long-term debt | 24,398 | $ 24,398 | |||||||
Convertible debt | $ 74,800 | ||||||||
Notes payable | $ 100,000 | $ 100,000 | |||||||
Debt instrument term | 12 months | 12 months | |||||||
Loan and accrued interest | 51,408 | ||||||||
Imputed interest on loan | 6,720 | 6,720 | |||||||
Individual [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt interest percentage | 6% | ||||||||
Notes payable | $ 722,000 | $ 50,000 | |||||||
Debt instrument term | 12 months | ||||||||
Loan and accrued interest | 43,320 | ||||||||
Accrued Liabilities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest payable current | $ 4,184 | ||||||||
Convertible Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt interest percentage | 10% | ||||||||
Debt instrument maturity date | Nov. 27, 2021 | ||||||||
Debt conversion description | The debenture included a conversion right to be exercised at any time 180 days after execution of the note and was convertible into common stock of the Company at 75% of the market price, being calculated as the lowest three trading prices during the fifteen-trading day period prior to conversion. The Debenture also required the Company to reserve 5 times the expected conversion share amount at the transfer agent, to ensure there were sufficient shares available upon conversion | ||||||||
Debt conversion converted instrument rate | 75% | ||||||||
Debt instrument unamortized discount | $ 6,800 | ||||||||
Convertible debt | $ 68,000 | ||||||||
Convertible Debt [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument redemption price percentage | 20% | ||||||||
Notes Payable [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Accrued interest | 398,697 | $ 387,982 | |||||||
Debt interest percentage | 5% | ||||||||
Notes Payable [Member] | Accrued Liabilities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest payable current | $ 3,904 | ||||||||
Note Payable [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest payable current | $ 398,697 | 387,982 | |||||||
Debt interest percentage | 5% | ||||||||
Note Payable [Member] | License Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt interest percentage | 2% | ||||||||
Debt instrument term | 5 years | ||||||||
Note Payable [Member] | Related Party [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest payable current | $ 0 | $ 0 | |||||||
Promissory Note [Member] | License Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes payable | 5,044,610 | ||||||||
Loan amount | 4,968,177 | ||||||||
Non Interest Bearing Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Imputed interest on loan | $ 6,720 | $ 6,720 | |||||||
Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes bearing interest rate | 5% | ||||||||
Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes bearing interest rate | 9% |
SCHEDULE OF STOCK OPTION (Detai
SCHEDULE OF STOCK OPTION (Details) | 6 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | |
Equity [Abstract] | |
Shares Outstanding, Beginning Balance | shares | 4,500,664 |
Weighted Average Exercise Price,Outstanding, Beginning Balance | $ / shares | $ 0.01 |
Weighted Average Remaining Term, Outstanding, Beginning Balance | 1 year |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 427,563 |
Shares Outstanding, Granted | shares | |
Weighted Average Exercise Price,Granted | $ / shares | |
Shares Outstanding, Exercised | shares | |
Weighted Average Exercise Price,Exercised | $ / shares | |
Shares Outstanding, Forfeited | shares | |
Weighted Average Exercise Price,Forfeited | $ / shares | |
Shares Outstanding, Ending Balance | shares | 4,500,664 |
Weighted Average Exercise Price,Outstanding, Ending Balance | $ / shares | $ 0.01 |
Weighted Average Remaining Term, Outstanding, Ending balance | 9 months |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 427,563 |
SCHEDULE OF WARRANTS ISSUANCE O
SCHEDULE OF WARRANTS ISSUANCE OF FAIR VALUE ASSUMPTIONS (Details) | Jun. 30, 2022 |
Measurement Input, Risk Free Interest Rate [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and Rights Outstanding, Measurement Input | 0.25 |
Measurement Input, Expected Term [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and Rights Outstanding, Term | 2 years |
Measurement Input, Price Volatility [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and Rights Outstanding, Measurement Input | 266 |
Measurement Input, Expected Dividend Rate [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and Rights Outstanding, Measurement Input |
SCHEDULE OF WARRANTS (Details)
SCHEDULE OF WARRANTS (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||
Shares Outstanding, Beginning Balance | 23,361,723 | 23,364,803 |
Weighted Average Exercise Price Outstanding, Beginning Balance | $ 2.75 | $ 2.75 |
Weighted Average Remaining Term, Outstanding, Ending balance | 9 months | 2 years |
Aggregate Intrinsic Value, Outstanding Beginning Balance | $ 57,681,330 | $ 57,689,800 |
Shares Outstanding, Granted | ||
Weighted Average Exercise Price, Granted | ||
Aggregate Intrinsic Value, Granted | $ (8,471) | |
Shares Outstanding, Exercised | (3,227) | (3,080) |
Weighted Average Exercise Price, Exercised | $ 2.75 | |
Aggregate Intrinsic Value, Exercised | $ (8,875) | |
Shares Outstanding, Forfeited | ||
Weighted Average Exercise Price, Forfeited | ||
Aggregate Intrinsic Value, Forfeited | ||
Weighted Average Remaining Term, Outstanding, Ending balance | 1 year 3 months | |
Shares Outstanding, Ending Balance | 23,358,496 | 23,361,723 |
Weighted Average Exercise Price Outstanding, Ending Balance | $ 2.75 | $ 2.75 |
Aggregate Intrinsic Value, Outstanding Ending Balance | $ 57 | $ 57,681,330 |
STOCKHOLDERS_ EQUITY (DEFICIT_2
STOCKHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Feb. 28, 2021 | Dec. 19, 2020 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Apr. 02, 2021 | Mar. 22, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Stock issued during period shares issued for services | $ 727,990 | $ 863,108 | $ 866,724 | $ 471,000 | |||||||
Shares, Issued | 672,457 | 672,457 | |||||||||
Accrued interest | $ 51,408 | ||||||||||
Interest payable | $ 80,000 | $ 80,000 | |||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Class of Warrant or right, number of securities called by warrants or rights | 23,364,803 | ||||||||||
Dividends | $ 57,689,800 | ||||||||||
Class of warrant or right, exercise price of warrants or rights | $ 2.75 | ||||||||||
Warrants and rights outstanding, maturity date | Apr. 08, 2023 | ||||||||||
Share-Based Payment Arrangement, Option [Member] | Notes Payable Related Party [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Number of shares authorized to issued | 4,500,664 | ||||||||||
Share price | $ 1 | ||||||||||
Expiration period | 2 years | ||||||||||
Stock Purchase Agreement [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Stock issued during period shares issued for services | 3,916,995 | ||||||||||
Stock issued during period shares issued for services | $ 1,263,474 | ||||||||||
Stock Issued During Period, Shares, New Issues | 750,000 | ||||||||||
Stock Issued During Period, Value, New Issues | $ 74,250 | ||||||||||
Stock Purchase Agreement [Member] | Gold Transactions International, Inc. [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Stock issued during period shares issued for services | 4,150,000 | ||||||||||
Stock Purchase Agreement [Member] | Shareholders [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Grant date fair value | $ 7,920,090 | ||||||||||
Issuances of Common Stock [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Stock issued during period shares issued for services | 1,400,247 | 14,816,995 | |||||||||
Stock issued during period shares issued for services | $ 1,590,918 | $ 1,337,724 | |||||||||
Common Stock [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Stock issued during period shares issued for services | 466,848 | 533,399 | 166,995 | 4,500,000 | |||||||
Stock issued during period shares issued for services | $ 466 | $ 534 | $ 167 | $ 4,500 | |||||||
Common Stock [Member] | Stock Purchase Agreement [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Stock Issued During Period, Shares, New Issues | 6,000,000 | ||||||||||
Warrant [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Common stock, par value | $ 0.10 |
LEGAL ACTIONS (Details Narrativ
LEGAL ACTIONS (Details Narrative) - shares | 1 Months Ended | 6 Months Ended | |||
May 14, 2021 | Oct. 02, 2019 | Aug. 24, 2021 | Aug. 16, 2021 | Jun. 30, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Settlement of preliminary shares return | |||||
Stock issued during period shares restrictive legends | 150,000 | ||||
Stock issued during period shares restrictive legends | 6,000,000 | ||||
Employment Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Settlement of preliminary shares return | 43,649,491 | ||||
Number of stock exchange, shares | 50,649,491 | ||||
Stock issued during period remaining shares | 7,000,000 |