Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 11, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
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 | 346,101,402 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 4,011,563 | $ 3,320,164 |
Marketable securities | 28,000 | 36,000 |
Total Current Assets | 4,039,563 | 3,356,164 |
PROPERTY, PLANT & EQUIPMENT | ||
Fixed Assets (net) | 267 | 803 |
Total Property. Plant and Equipment | 267 | 803 |
OTHER ASSETS | ||
License | 14,990,277 | 14,990,277 |
Total Other Assets | 14,990,277 | 14,990,277 |
TOTAL ASSETS | 19,030,105 | 18,347,244 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 963,477 | 952,507 |
Accrued interest payable | 437,452 | 416,774 |
Notes payable in default | 871,082 | 871,082 |
Notes payable | 435,000 | 80,000 |
Current portion of long-term debt | 180,000 | 180,000 |
Total Current Liabilities | 5,764,533 | 4,051,571 |
LONG TERM LIABILITIES | ||
Long-term operating lease liabilities | ||
Note Payable | 4,788,177 | 4,788,177 |
Total Long-term liabilities | 4,788,177 | 4,788,177 |
Total Liabilities | 10,552,710 | 8,839,748 |
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, 550,000,000 shares authorized; 345,501,402 (including 10,000,000 shares held in escrow) and 262,251,320 issued and 335,501,402 and 252,251,320 outstanding, respectively | 345,500 | 262,251 |
Additional paid-in-capital | 335,880,548 | 256,976,102 |
Accumulated (Deficit) | (327,748,654) | (247,730,858) |
Total Stockholders’ Equity | 8,477,395 | 9,507,496 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 19,030,105 | 18,347,244 |
Related Party [Member] | ||
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 1,802,522 | 1,551,208 |
Due to related parties | 1,075,000 | |
Subsidiary [Member] | ||
CURRENT LIABILITIES | ||
Due to related parties | $ 1,075,000 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
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 | 550,000,000 | 550,000,000 |
Common stock shares issued | 345,501,402 | 262,251,320 |
Common stock shares held in escrow | 10,000,000 | 10,000,000 |
Common stock shares outstanding | 335,501,402 | 252,251,320 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
REVENUES, net | ||||
OPERATING EXPENSES | ||||
General and administrative | 946,986 | 130,174 | 1,050,273 | 185,390 |
Compensation and professional fees | 6,457,487 | 478,241 | 62,120,974 | 1,154,977 |
Charitable Donations | 372,500 | 16,860,000 | 782,500 | |
Depreciation | 267 | 268 | 536 | 1,161 |
Total Operating Expenses | 7,404,739 | 981,183 | 80,031,782 | 2,124,028 |
OPERATING LOSS | (7,404,739) | (981,183) | (80,031,782) | (2,124,028) |
OTHER INCOME (EXPENSES) | ||||
Unrealized Gain/(Loss) on sale of marketable securities | (12,000) | (36,000) | (8,000) | (63,000) |
Gain on settlement of debt | 28,150 | 28,150 | ||
Gain/(loss) on sale of assets | 22,291 | 50,000 | 22,291 | |
Interest income | 1,500 | 1,500 | ||
Interest expense | (13,999) | (12,289) | (28,014) | (70,816) |
Total Other Income (Expenses) | (25,999) | 3,652 | 13,986 | (81,875) |
LOSS BEFORE INCOME TAXES | (7,430,739) | (977,531) | (80,017,796) | (2,205,903) |
INCOME TAX EXPENSE | ||||
COMPREHENSIVE LOSS | $ (7,430,739) | $ (977,531) | $ (80,017,796) | $ (2,205,903) |
BASIC LOSS PER SHARE | $ (0.02) | $ 0 | $ (0.25) | $ (0.01) |
DILUTED LOSS PER SHARE | $ (0.02) | $ 0 | $ (0.25) | $ (0.01) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC | 334,234,875 | 257,142,064 | 314,834,287 | 256,507,508 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, DILUTED | 334,234,875 | 257,142,064 | 314,834,287 | 256,507,508 |
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, 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 | $ 750 | 1,180,348 | 1,181,098 | ||
Common stock issued for services, shares | 750,247 | ||||
Common stock issued for charitable donations | $ 250 | 409,750 | 410,000 | ||
Common stock issued for charitable donations, shares | 250,000 | ||||
Revesal of acquisition | (6,969,500) | 18,255 | (6,951,245) | ||
Imputed interest – loan | 6,720 | 6,720 | |||
Escrow release from acquisition | 7,920,090 | 7,920,090 | |||
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 | ||||
Net loss for the six months ended June 30 | (2,205,903) | (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 Dec. 31, 2022 | $ 1 | $ 262,251 | 256,976,102 | (247,730,858) | 9,507,496 |
Balance, shares at Dec. 31, 2022 | 1,000 | 262,251,320 | |||
Common stock issued for services | $ 41,222 | 62,079,753 | 62,120,975 | ||
Common stock issued for services, shares | 41,223,221 | ||||
Common stock issued for charitable donations | $ 11,000 | 16,849,000 | 16,860,000 | ||
Common stock issued for charitable donations, shares | 11,000,000 | ||||
Imputed interest – loan | 6,720 | 6,720 | |||
Net loss for the six months ended June 30 | (80,017,796) | (80,017,796) | |||
Stock dividend | $ 31,027 | (31,027) | |||
Stock dividend, shares | 31,026,861 | ||||
Balance at Jun. 30, 2023 | $ 1 | $ 345,500 | $ 335,880,548 | $ (327,748,654) | $ 8,477,395 |
Balance, shares at Jun. 30, 2023 | 1,000 | 345,501,402 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (80,017,796) | $ (2,205,903) |
Adjustments to reconcile net loss to net cash used in operating activities (net of acquisition): | ||
Depreciation | 536 | 1,161 |
Stock issued for services | 78,980,974 | 1,591,098 |
Imputed interest on loan | 6,720 | 6,720 |
Gain on debt conversion | (28,150) | |
Gain on asset sales | (50,000) | (22,291) |
Loss on marketable securities | 8,000 | 63,000 |
Change in operating assets and liabilities | ||
Increase in accounts payable and accrued expenses | 10,972 | 8,459 |
Increase in accounts payable and accrued expenses-related parties | 251,314 | 615,179 |
Increase in accrued interest payable | 20,678 | 63,920 |
Net Cash Used in Operating Activities | (788,602) | 93,193 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Cash returned in acquisition reversal BEC | (183,933) | |
Cash acquired in GTI acquisition | 2,373 | |
Cash from sale of assets | 50,000 | 25,000 |
Net Cash Provided by (Used in) Investing Activities | 50,000 | (156,560) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from shareholder advance | 1,075,000 | |
Proceeds from note payable | 355,000 | 50,000 |
Proceeds from exercise of warrants | 8,875 | |
Net Cash Provided by Financing Activities | 1,430,001 | 58,875 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 691,399 | (4,492) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 3,320,164 | 359,143 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 4,011,563 | 354,651 |
SUPPLEMENTAL DISCLOSURES: | ||
Stock issued and held in escrow | 10,000 | |
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 | |
Stock dividend | $ 31,027 |
CONDENSED FINANCIAL STATEMENTS
CONDENSED FINANCIAL STATEMENTS | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023, 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, 2022. The results of operations for the period ended June 30, 2023, 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 revenue 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. GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
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, TTI Strategic Acquisitions and Equity Group, Inc, Classroom Salon Holdings, LLC, Gold Transactions International, Inc. and GT International, Inc. All significant inter-company balances and transactions have been eliminated. 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 4,011,563 3,320,164 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. GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements E) REVENUE RECOGNITION The Company had no revenues during the three and six months ended June 30, 2023 and 2022, 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. 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, 2023, and December 31, 2022. 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 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, 2023 and December 31, 2022: SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Level 1 Level 2 Level 3 Marketable Securities – June 30, 2023 $ 28,000 $ - 0 $ - 0 Marketable Securities – December 31, 2022 $ 36,000 $ - 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 months ended June 30, 2023, and 2022, there were 23,358,496 SCHEDULE OF BASIC AND DILUTED PER SHARE 2023 2022 For the Three Months Ended June 30, 2023 2022 Loss (numerator) $ (7,430,739 ) $ (977,531 ) Shares (denominator) 334,234,875 257,142,064 Basic and diluted loss per share $ (0.02 ) $ (0.00 ) For the six ended June 30, 2023, and 2022, and there were no potentially dilutive securities to consider in the fully diluted earnings per share calculation. 2023 2022 For the Six Months Ended June 30, 2023 2022 Loss (numerator) $ (80,017,796 ) $ (2,205,903 ) Shares (denominator) 314,834,287 256,507,508 Basic and diluted loss per share $ (0.25 ) $ (0.01 ) I) RECENT ACCOUNTING PRONOUNCEMENTS The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. J) 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 |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023, the Company recorded a loss of $ (8,000) (63,000) |
FIXED ASSETS
FIXED ASSETS | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
FIXED ASSETS | NOTE 4 – FIXED ASSETS Depreciation expense for the six months ended June 30, 2023, and 2022 was $ 536 1,161 3,214 Fixed assets consist of the following: SCHEDULE OF FIXED ASSETS June 30, 2023 December 31, 2022 Equipment $ 3,214 $ 3,214 Furniture and fixtures - - Total fixed assets 3,214 3,214 Accumulated Depreciation (2,947 ) (2,411 ) Net fixed assets $ 267 $ 803 |
LICENSES
LICENSES | 6 Months Ended |
Jun. 30, 2023 | |
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 purchased 100 ● 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 percentage (%) 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 10,018,085 14,990,277 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) 14,990,277 Trade payables (6,388 ) Note payable (4,968,177 ) Total identifiable net assets $ 10,018,085 GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 - RELATED PARTY TRANSACTIONS Accrued Payables and Accrued Expenses – Related Parties Related party payables and accrued expenses totaled $ 1,802,522 1,551,208 Due to related parties advances 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. As of June 30, 2023, and December 31, 2022, these amounts totaled $ 97,963 270,649 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, 2023, and 2022. The accrued officer wages for the three months ended June 30, 2023, and 2022 are $ 162,000 137,000 1,632,500 1,232,500 72,059 48,059 Due to Related Parties Due to related parties consists of shareholder loans of $ 1,075,000 . The balances are unsecured, due on demand and do not bear interest. As of June 30, 2023, and December 31, 2022, these amounts totaled $ 1,075,000 and $ 0 . |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTE 7 - 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 GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements 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 30, December 31, Interest Interest Expense Principal Principal Rate 6/30/2023 6/30/2022 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, 2023, and December 31, 2022, accrued interest on the outstanding notes payable (default and current) were $ 437,452 416,774 24,398 24,398 GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements June 30, 2023 (c) NOTES PAYABLE On November 29, 2022, the Company received cash from an individual in the amount of $ 50,000 5 12 1,771 On December 5, 2022, the Company received cash from an individual in the amount of $ 30,000 5 12 1,028 On January 1, 2023, the Company had legal fees paid directly from an individual in the amount of $ 20,000 5 12 600 In connection with the acquisition of the License Agreement, the Company executed a Promissory Note in the amount of $ 5,044,610 2.168 5 4,968,177 The Company has debt obligations on the note as follows: SCHEDULE OF FUTURE MATURITIES OF NOTES PAYABLE Year Due Amount 2024 187,388 2025 487,480 2026 794,133 2027 1.107.489 Thereafter 2,391,687 Total 4,968,177 (d) IMPUTED INTEREST During the six months ended June 30, 2023 and 2022, the Company recorded imputed interest on a non-interest-bearing note in the amount of $ 6,720 |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY (DEFICIT) | NOTE 8 - STOCKHOLDERS’ EQUITY (DEFICIT) ISSUANCES OF COMMON STOCK During the six months ended June 30, 2023, the Company issued 52,223,221 78,980,973 36,460,714 54,691,071 557,934 7,429,902 11,000,000 16,860,000 31,026,861 During the six months ended June 30, 2022, the Company issued 1,400,247 1,590,918 GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements June 30, 2023 |
LEGAL ACTIONS
LEGAL ACTIONS | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL ACTIONS | NOTE 9 – LEGAL ACTIONS On December 30, 2016, the Company executed a stock purchase agreement (the “HK SPA”), 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 HK SPA 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. Global Tech and GoFun litigated 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 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, counsel for the Company accepted previously-issued shares 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. On November 23, 2021, the defendants filed a venue-related procedural motion to dismiss. On January 21, 2022, the Company submitted its opposition to said motion, and on February 11, 2022, defendants filed their affirmation in reply. To date, no decision on that motion has been entered by the Court. 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 (“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 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 December 31, 2021, no ruling on that motion had been entered. On November 3, 2022, the Company entered into a settlement agreement with two separate private lenders, which provided for the settlement of all disputes and claims of the parties, including those arising in connection with the lenders’ loans to the Company (the “Settlement Agreement”). The transactions under the Settlement Agreement closed on November 8, 2022. On January 28, 2023, the board authorized management to issue 227,284 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 – SUBSEQUENT EVENTS On July 7, 2023, the Company’s Board of Directors authorized the Company to renew its 10b-5 stock repurchase plan (the “10b-5 Plan”) for up outstanding common stock, for an additional twelve months. On July 8, 2023, the Board of Directors executed the new 10b-5 Plan, keeping all parameters of the original plan the same in compliance with SEC Rule 10b5-1. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
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, TTI Strategic Acquisitions and Equity Group, Inc, Classroom Salon Holdings, LLC, Gold Transactions International, Inc. and GT International, Inc. All significant inter-company balances and transactions have been eliminated. |
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 4,011,563 3,320,164 |
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. GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements |
REVENUE RECOGNITION | E) REVENUE RECOGNITION The Company had no revenues during the three and six months ended June 30, 2023 and 2022, 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. |
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, 2023, and December 31, 2022. 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 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, 2023 and December 31, 2022: SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Level 1 Level 2 Level 3 Marketable Securities – June 30, 2023 $ 28,000 $ - 0 $ - 0 Marketable Securities – December 31, 2022 $ 36,000 $ - 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 months ended June 30, 2023, and 2022, there were 23,358,496 SCHEDULE OF BASIC AND DILUTED PER SHARE 2023 2022 For the Three Months Ended June 30, 2023 2022 Loss (numerator) $ (7,430,739 ) $ (977,531 ) Shares (denominator) 334,234,875 257,142,064 Basic and diluted loss per share $ (0.02 ) $ (0.00 ) For the six ended June 30, 2023, and 2022, and there were no potentially dilutive securities to consider in the fully diluted earnings per share calculation. 2023 2022 For the Six Months Ended June 30, 2023 2022 Loss (numerator) $ (80,017,796 ) $ (2,205,903 ) Shares (denominator) 314,834,287 256,507,508 Basic and diluted loss per share $ (0.25 ) $ (0.01 ) |
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, 2023 | |
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, 2023 and December 31, 2022: SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Level 1 Level 2 Level 3 Marketable Securities – June 30, 2023 $ 28,000 $ - 0 $ - 0 Marketable Securities – December 31, 2022 $ 36,000 $ - 0 $ - 0 |
SCHEDULE OF BASIC AND DILUTED PER SHARE | SCHEDULE OF BASIC AND DILUTED PER SHARE 2023 2022 For the Three Months Ended June 30, 2023 2022 Loss (numerator) $ (7,430,739 ) $ (977,531 ) Shares (denominator) 334,234,875 257,142,064 Basic and diluted loss per share $ (0.02 ) $ (0.00 ) For the six ended June 30, 2023, and 2022, and there were no potentially dilutive securities to consider in the fully diluted earnings per share calculation. 2023 2022 For the Six Months Ended June 30, 2023 2022 Loss (numerator) $ (80,017,796 ) $ (2,205,903 ) Shares (denominator) 314,834,287 256,507,508 Basic and diluted loss per share $ (0.25 ) $ (0.01 ) |
FIXED ASSETS (Tables)
FIXED ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF FIXED ASSETS | Fixed assets consist of the following: SCHEDULE OF FIXED ASSETS June 30, 2023 December 31, 2022 Equipment $ 3,214 $ 3,214 Furniture and fixtures - - Total fixed assets 3,214 3,214 Accumulated Depreciation (2,947 ) (2,411 ) Net fixed assets $ 267 $ 803 |
LICENSES (Tables)
LICENSES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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) 14,990,277 Trade payables (6,388 ) Note payable (4,968,177 ) Total identifiable net assets $ 10,018,085 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF NOTES PAYABLE | (b) Additional detail to all Notes Payable in Default is as follows: SCHEDULE OF NOTES PAYABLE June 30, December 31, Interest Interest Expense Principal Principal Rate 6/30/2023 6/30/2022 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 FUTURE MATURITIES OF NOTES PAYABLE | The Company has debt obligations on the note as follows: SCHEDULE OF FUTURE MATURITIES OF NOTES PAYABLE Year Due Amount 2024 187,388 2025 487,480 2026 794,133 2027 1.107.489 Thereafter 2,391,687 Total 4,968,177 |
SCHEDULE OF FAIR VALUE ASSETS A
SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Inputs, Level 1 [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Marketable Securities | $ 28,000 | $ 36,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Marketable Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Platform Operator, Crypto-Asset [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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accounting Policies [Abstract] | ||||
Loss (numerator) | $ (7,430,739) | $ (977,531) | $ (80,017,796) | $ (2,205,903) |
Shares (denominator) | 334,234,875 | 257,142,064 | 314,834,287 | 256,507,508 |
Basic loss per share | $ (0.02) | $ 0 | $ (0.25) | $ (0.01) |
Diluted loss per share | $ (0.02) | $ 0 | $ (0.25) | $ (0.01) |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Deposits held with banks | $ 250,000 | ||
Cash | $ 4,011,563 | $ 3,320,164 | |
Warrants [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive, shares | 23,358,496 | 23,358,496 |
MARKETABLE SECURITIES (Details
MARKETABLE SECURITIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gain/(loss) on sale of marketable securities | $ (12,000) | $ (36,000) | $ (8,000) | $ (63,000) |
SCHEDULE OF FIXED ASSETS (Detai
SCHEDULE OF FIXED ASSETS (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | $ 3,214 | $ 3,214 |
Accumulated Depreciation | (2,947) | (2,411) |
Total Property. Plant and Equipment | 267 | 803 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | 3,214 | 3,214 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets |
FIXED ASSETS (Details Narrative
FIXED ASSETS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 267 | $ 268 | $ 536 | $ 1,161 |
Cost of goods and services sold depreciation | $ 3,214 |
SCHEDULE OF RECOGNIZED IDENTIFI
SCHEDULE OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED (Details) | Jun. 30, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Cash and cash equivalents | $ 2,373 |
License (including intangibles) | 14,990,277 |
Trade payables | (6,388) |
Note payable | (4,968,177) |
Total identifiable net assets | $ 10,018,085 |
LICENSES (Details Narrative)
LICENSES (Details Narrative) - USD ($) | Feb. 28, 2021 | Jun. 30, 2023 | Dec. 31, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Intangible assets net excluding goodwill | $ 14,990,277 | $ 14,990,277 | |
Stock Purchase Agreement [Member] | Shareholders [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Number of shares exchange | 6,000,000 | ||
Grant date fair value | $ 10,018,085 | ||
Intangible assets net excluding goodwill | $ 14,990,277 | ||
Stock Purchase Agreement [Member] | Gold Transactions International, Inc. [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Equity method investment ownership percentage | 100% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Accounts payable and accrued expenses | $ 963,477 | $ 952,507 | |||
Accrued expenses | 72,059 | 48,059 | |||
Forecast [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payments for Loans | $ 1,075,000 | ||||
Related Party [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable and accrued expenses | 1,802,522 | $ 1,802,522 | 1,551,208 | ||
Other Liabilities, Current | 1,075,000 | ||||
Related Party [Member] | Mr Reichman [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties | 97,963 | 270,649 | |||
Officers [Member] | |||||
Related Party Transaction [Line Items] | |||||
Wages | 162,000 | $ 137,000 | |||
Accrued wages | $ 1,632,500 | $ 1,232,500 |
SCHEDULE OF NOTES PAYABLE (Deta
SCHEDULE OF NOTES PAYABLE (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
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 |
SCHEDULE OF FUTURE MATURITIES O
SCHEDULE OF FUTURE MATURITIES OF NOTES PAYABLE (Details) | Jun. 30, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 187,388 |
2025 | 487,480 |
2026 | 794,133 |
2027 | 1,107,489 |
Thereafter | 2,391,687 |
Total | $ 4,968,177 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jan. 01, 2023 | Dec. 05, 2022 | Nov. 29, 2022 | Mar. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||||||
Accrued interest | $ 437,452 | $ 416,774 | |||||
Interest expense, long-term debt | 24,398 | $ 24,398 | |||||
Received cash | $ 20,000 | $ 30,000 | $ 50,000 | ||||
Debt instrument term | 12 months | 12 months | 12 months | ||||
Debt instrument face amount | 871,082 | 871,082 | |||||
Loan payable | 4,968,177 | ||||||
Imputed interest on loan | 6,720 | $ 6,720 | |||||
Accrued Liabilities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Accrued interest | $ 1,771 | ||||||
Notes Payable [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes payable in default | $ 871,082 | $ 871,082 | |||||
Debt interest percentage | 5% | 5% | 5% | ||||
Notes Payable [Member] | Accrued Liabilities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Accrued interest | 1,028 | ||||||
Note Payable [Member] | Accrued Liabilities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Accrued interest | $ 600 | ||||||
Promissory Note [Member] | License Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt interest percentage | 2.168% | ||||||
Debt instrument term | 5 years | ||||||
Debt instrument face amount | $ 5,044,610 | ||||||
Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes bearing interest rate | 5% | ||||||
Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes bearing interest rate | 9% |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($) | 6 Months Ended | ||
Apr. 29, 2013 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Common stock issued for services | $ 62,120,975 | $ 1,181,098 | |
Board of Directors [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Common stock issued for services, shares | 557,934 | ||
Common stock issued for services | $ 7,429,902 | ||
Board of Directors [Member] | Medical Advisory Charitable and Other Services [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Common stock issued for services, shares | 11,000,000 | ||
Common stock issued for services | $ 16,860,000 | ||
Board of Directors [Member] | Legal services [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Common stock issued for services, shares | 36,460,714 | ||
Common stock issued for services | $ 54,691,071 | ||
Issuances of Common Stock [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Common stock issued for services, shares | 52,223,221 | 1,400,247 | |
Common stock issued for services | $ 78,980,973 | $ 1,590,918 | |
Common Stock [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Common stock issued for services, shares | 41,223,221 | 750,247 | |
Common stock issued for services | $ 41,222 | $ 750 | |
Shares of stock dividend | 31,026,861 | 31,026,861 |
LEGAL ACTIONS (Details Narrativ
LEGAL ACTIONS (Details Narrative) - shares | 1 Months Ended | |||||
Jan. 28, 2023 | May 14, 2021 | Oct. 02, 2019 | Oct. 02, 2019 | Aug. 24, 2021 | Aug. 16, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Stock issued during period shares relief and relinguishment | 150,000 | |||||
Stock issued during period shares restrictive legends | 6,000,000 | |||||
Board of Directors [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Issuance of shares | 227,284 | |||||
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 |