2023 Q1 Form 10-Q Financial Statement

#000173112223000998 Filed on May 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $217.8K $270.0K
YoY Change -19.33% 499.93%
Cost Of Revenue $176.1K $209.0K
YoY Change -15.74%
Gross Profit $41.69K $60.98K
YoY Change -31.63% 35.51%
Gross Profit Margin 19.14% 22.59%
Selling, General & Admin $204.3K $1.006M
YoY Change -79.7% 19.77%
% of Gross Profit 490.0% 1650.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $498.2K $1.006M
YoY Change -50.49% 19.77%
Operating Profit -$456.5K -$945.4K
YoY Change -51.71% 18.88%
Interest Expense $1.596M $4.871M
YoY Change -67.24% -199.8%
% of Operating Profit
Other Income/Expense, Net -$5.173M $1.060K
YoY Change -488135.66% -99.65%
Pretax Income -$5.630M $3.926M
YoY Change -243.39% -173.04%
Income Tax
% Of Pretax Income
Net Earnings -$5.630M $3.926M
YoY Change -243.39% -173.04%
Net Earnings / Revenue -2584.99% 1454.32%
Basic Earnings Per Share $0.00 $0.12
Diluted Earnings Per Share $0.00 $46.32K
COMMON SHARES
Basic Shares Outstanding 2.382B shares 33.39M shares
Diluted Shares Outstanding 25.71B shares 84.77M shares

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.72K $278.6K
YoY Change -76.05% -84.76%
Cash & Equivalents $59.07K $496.8K
Short-Term Investments $7.650K $110.0K
Other Short-Term Assets $556.00 $383.1K
YoY Change -99.85%
Inventory $7.567K $29.37K
Prepaid Expenses
Receivables $40.65K $82.96K
Other Receivables $193.8K $0.00
Total Short-Term Assets $381.5K $774.0K
YoY Change -50.71% -74.43%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $556.00
YoY Change
Total Long-Term Assets $0.00 $0.00
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $381.5K $774.0K
Total Long-Term Assets $0.00 $0.00
Total Assets $381.5K $774.0K
YoY Change -50.71% -83.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.619M $1.173M
YoY Change 38.01% 51.78%
Accrued Expenses $367.7K $7.520M
YoY Change -95.11% 21.21%
Deferred Revenue $38.94K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.004M $11.01M
YoY Change -36.4% -19.94%
Total Short-Term Liabilities $23.10M $25.08M
YoY Change -7.92% -0.86%
LONG-TERM LIABILITIES
Long-Term Debt $945.5K $373.1K
YoY Change 153.39% 152.96%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $945.5K $373.1K
YoY Change 153.39% 152.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.10M $25.08M
Total Long-Term Liabilities $945.5K $373.1K
Total Liabilities $24.04M $25.46M
YoY Change -5.56% 0.03%
SHAREHOLDERS EQUITY
Retained Earnings -$304.9M
YoY Change
Common Stock $29.30K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $643.1K
YoY Change
Treasury Stock Shares
Shareholders Equity -$23.66M -$24.68M
YoY Change
Total Liabilities & Shareholders Equity $381.5K $774.0K
YoY Change -50.71% -83.97%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$5.630M $3.926M
YoY Change -243.39% -173.04%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$112.6K $244.2K
YoY Change -146.12% -153.44%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$125.0K
YoY Change -100.0%
Cash From Investing Activities -$125.0K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $65.06K 222.4K
YoY Change -70.75% -50.08%
NET CHANGE
Cash From Operating Activities -$112.6K 244.2K
Cash From Investing Activities -125.0K
Cash From Financing Activities $65.06K 222.4K
Net Change In Cash -$47.57K 341.7K
YoY Change -113.92%
FREE CASH FLOW
Cash From Operating Activities -$112.6K $244.2K
Capital Expenditures
Free Cash Flow
YoY Change

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NetIncomeLoss
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CY2023Q1 us-gaap Amortization Of Debt Discount Premium
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147628 usd
CY2022Q1 us-gaap Amortization Of Debt Discount Premium
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68486 usd
CY2023Q1 gtch Change In Fair Value Of Derivative Liability
ChangeInFairValueOfDerivativeLiability
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CY2022Q1 gtch Change In Fair Value Of Derivative Liability
ChangeInFairValueOfDerivativeLiability
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CY2023Q1 gtch Excess Of Debt Discount And Financing Costs
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CY2023Q1 us-gaap Issuance Of Stock And Warrants For Services Or Claims
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80000 usd
CY2023Q1 gtch Change In Fair Value Of Marketable Security
ChangeInFairValueOfMarketableSecurity
8546 usd
CY2022Q1 gtch Change In Fair Value Of Marketable Security
ChangeInFairValueOfMarketableSecurity
65000 usd
CY2023Q1 us-gaap Gains Losses On Extinguishment Of Debt
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315297 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
15407 usd
CY2022Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2023Q1 us-gaap Increase Decrease In Other Receivables
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CY2022Q1 us-gaap Increase Decrease In Other Receivables
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-3750000 usd
CY2022Q1 gtch Increase Decrease In Cash Held In Trust
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58002 usd
CY2023Q1 us-gaap Increase Decrease In Prepaid Expense
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59722 usd
CY2023Q1 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
556 usd
CY2023Q1 us-gaap Increase Decrease In Inventories
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CY2022Q1 us-gaap Increase Decrease In Inventories
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CY2023Q1 us-gaap Increase Decrease In Deferred Revenue
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CY2022Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
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CY2023Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
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CY2022Q1 us-gaap Increase Decrease In Contract With Customer Liability
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CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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CY2022Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
244232 usd
CY2022Q1 gtch Cash Paid For Investment To Tghi
CashPaidForInvestmentToTghi
125000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2023Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
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CY2022Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
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CY2023Q1 us-gaap Repayments Of Related Party Debt
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302700 usd
CY2022Q1 us-gaap Repayments Of Related Party Debt
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182618 usd
CY2023Q1 us-gaap Repayments Of Convertible Debt
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CY2023Q1 us-gaap Proceeds From Related Party Debt
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302506 usd
CY2022Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
336734 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
155106 usd
CY2023Q1 gtch Cash Equivalent At Carrying Value
CashEquivalentAtCarryingValue
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CY2022Q1 gtch Cash Equivalent At Carrying Value
CashEquivalentAtCarryingValue
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CY2022Q1 us-gaap Restricted Cash
RestrictedCash
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CY2023Q1 gtch Total Cash And Restricted Cash
TotalCashAndRestrictedCash
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CY2022Q1 gtch Total Cash And Restricted Cash
TotalCashAndRestrictedCash
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CY2023Q1 gtch Debt Discount Related To Convertible Debt
DebtDiscountRelatedToConvertibleDebt
104301 usd
CY2023Q1 gtch Reduction In Derivative Liability Due To Conversion
ReductionInDerivativeLiabilityDueToConversion
316223 usd
CY2022Q1 gtch Reduction In Derivative Liability Due To Conversion
ReductionInDerivativeLiabilityDueToConversion
49504 usd
CY2023Q1 gtch Shares Issued For Conversion Of Convertible Debt
SharesIssuedForConversionOfConvertibleDebt
403548 usd
CY2022Q1 gtch Shares Issued For Conversion Of Convertible Debt
SharesIssuedForConversionOfConvertibleDebt
35000 usd
CY2021Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 50
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000000 shares
CY2023Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-500
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-304887630 usd
CY2023Q1 gtch Working Capital Deficit
WorkingCapitalDeficit
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CY2023Q1 us-gaap Use Of Estimates
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<p id="xdx_845_eus-gaap--UseOfEstimates_zeHZaPhvT6pe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><span id="xdx_866_zGWgXdd9He47">Use of Estimates</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of CFS 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 at the date of the CFS and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Significant estimates in the accompanying CFS include valuation of derivatives and valuation allowance on deferred tax assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2022Q4 gtch Conversion Feature On Convertible Notes
ConversionFeatureOnConvertibleNotes
1714143 usd
CY2023Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
0 usd
CY2022Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
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CY2023Q1 us-gaap Derivatives Reporting Of Derivative Activity
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<p id="xdx_847_eus-gaap--DerivativesReportingOfDerivativeActivity_zEAhmvfu5jvi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><span id="xdx_86A_zClSXrYBUpF2">Derivative Financial Instruments</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company evaluates all of its agreements to determine if such instruments have derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its FV and is then re-valued at each reporting date, with changes in the FV reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a weighted-average Black-Scholes-Merton option pricing model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. As of March 31, 2023 and December 31, 2022, the Company’s only derivative financial instrument was an embedded conversion feature associated with convertible notes payable due to certain provisions that allow for a change in the conversion price based on a percentage of the Company’s stock price at the date of conversion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2023Q1 gtch Conversion Feature On Convertible Notes
ConversionFeatureOnConvertibleNotes
6524972 usd
CY2023Q1 us-gaap Deferred Revenue
DeferredRevenue
0 usd
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
48921 usd
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
38944 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
41444 usd
CY2022Q1 us-gaap Debt Instrument Annual Principal Payment
DebtInstrumentAnnualPrincipalPayment
200000 usd
CY2023Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
56807 usd
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
40651 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
7567 usd
CY2023Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
556 usd
CY2023Q1 gtch Asset Current
AssetCurrent
105581 usd
CY2023Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
143700 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
93581 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
11569 usd
CY2022Q4 gtch Due From Related Parties Currents
DueFromRelatedPartiesCurrents
20270 usd
CY2022Q4 gtch Asset Current
AssetCurrent
125420 usd
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
94496 usd
CY2023Q1 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
23322777667 shares
CY2022 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
3949223831 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
23322914137 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3949360301 shares
CY2023Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.01
CY2023Q1 gtch Escrow Amount Received
EscrowAmountReceived
1000000 usd
CY2023Q1 gtch Convertible Note Payable Description
ConvertibleNotePayableDescription
IGOR 1 converted $232,575 of the convertible note into 733,235,294 shares of the Company’s common stock.
CY2023Q1 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
59408 usd
CY2023Q1 gtch Final Settlement Agreement Description
FinalSettlementAgreementDescription
SURG agreed to make total payments of $4,200,000 to the Company’s trust account on or prior to January 7, 2022. This $4.2 million amount consists of $450,000 paid to the Company in November and December 2021, $100,000 to be paid on or about January 4, 2022, and $3,650,000 to be paid on or prior to January 7, 2022 of which $375,000 will be held in escrow as described before. The final settlement SURG agreed to make total payments of $4,200,000 to the Company’s trust account on or prior to January 7, 2022. The $3,750,000 was recorded as other receivable as of December 31, 2021. The entire balance of $3,750,000 was paid in January 2022.
CY2023Q1 us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
4200000 usd
CY2022Q1 gtch Settlement Amount
SettlementAmount
3750000 usd
CY2022 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
3750000 usd
CY2019Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
4006 shares
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
7610147 usd
CY2019Q1 gtch Annual Payment
AnnualPayment
375000 usd
CY2019Q1 us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
93750 usd
CY2019Q1 gtch Decrease In Capital
DecreaseInCapital
5000000 usd
CY2023Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
4006 shares
CY2021Q4 gtch Services Payable
ServicesPayable
33333 usd
CY2020Q1 gtch Impairment Charge
ImpairmentCharge
5500000 usd
CY2021Q4 gtch Impairment Charge
ImpairmentCharge
15400000 usd
CY2023Q1 us-gaap Investments
Investments
0 usd
CY2022Q4 us-gaap Investments
Investments
0 usd
CY2023Q1 gtch Original Issue Discounts
OriginalIssueDiscounts
6258 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
53150 usd
CY2023Q1 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2024-06-01
CY2023Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.12 pure
CY2023Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
7128 usd
CY2023Q1 us-gaap Interest Payable Current
InterestPayableCurrent
6654 usd
CY2023Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
1619318 usd
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
1530762 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
367687 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1513261 usd
CY2023Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
3389930 usd
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
3196611 usd
CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
5376935 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
6240634 usd
CY2023Q1 us-gaap Deferred Revenue
DeferredRevenue
0 usd
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
48921 usd
CY2023Q1 us-gaap Convertible Debt
ConvertibleDebt
6738750 usd
CY2022Q4 us-gaap Convertible Debt
ConvertibleDebt
6586788 usd
CY2023Q1 gtch Debt Instruments Unamortized Discount Noncurrent
DebtInstrumentsUnamortizedDiscountNoncurrent
-108004 usd
CY2022Q4 gtch Debt Instruments Unamortized Discount Noncurrent
DebtInstrumentsUnamortizedDiscountNoncurrent
-189060 usd
CY2023Q1 us-gaap Other Notes Payable Current
OtherNotesPayableCurrent
6630746 usd
CY2022Q4 us-gaap Other Notes Payable Current
OtherNotesPayableCurrent
6397727 usd
CY2023Q1 gtch Less Current Portion
LessCurrentPortion
-6114140 usd
CY2022Q4 gtch Less Current Portion
LessCurrentPortion
-6397727 usd
CY2023Q1 gtch Convertible Notes Payable Longterm Portion
ConvertibleNotesPayableLongtermPortion
516606 usd
CY2022 gtch Charge Related To Modification Of Debt
ChargeRelatedToModificationOfDebt
13777480 usd
CY2023Q1 gtch Convertible Note Payable To Stanley Hills
ConvertibleNotePayableToStanleyHills
825000 usd
CY2022Q4 gtch Convertible Note Payable To Stanley Hills
ConvertibleNotePayableToStanleyHills
116605 usd
CY2023Q1 gtch Other Convertible Notes Payable Current
OtherConvertibleNotesPayableCurrent
825000 usd
CY2022Q4 gtch Other Convertible Notes Payable Current
OtherConvertibleNotesPayableCurrent
116605 usd
CY2023Q1 gtch Less Current Portion Of Convertible Note Payable
LessCurrentPortionOfConvertibleNotePayable
-75000 usd
CY2022Q4 gtch Less Current Portion Of Convertible Note Payable
LessCurrentPortionOfConvertibleNotePayable
-116605 usd
CY2023Q1 gtch Convertible Notes Payable Net Related Party Longterm Portion
ConvertibleNotesPayableNetRelatedPartyLongtermPortion
750000 usd
CY2023Q1 gtch Total Notes Payables
TotalNotesPayables
409408 usd
CY2022Q4 gtch Total Notes Payables
TotalNotesPayables
350000 usd
CY2023Q1 gtch Debt Instruments Unamortized Discount Current
DebtInstrumentsUnamortizedDiscountCurrent
-55517 usd
CY2023Q1 gtch Note Payables
NotePayables
353891 usd
CY2022Q4 gtch Note Payables
NotePayables
350000 usd
CY2022Q4 gtch Current Portion Of Notes Payables
CurrentPortionOfNotesPayables
-41137 usd
CY2023Q1 gtch Long Term Note Payables
LongTermNotePayables
353891 usd
CY2022Q4 gtch Long Term Note Payables
LongTermNotePayables
308863 usd
CY2023Q1 gtch Schedule Of Note Payable Related Parties Table Textblock
ScheduleOfNotePayableRelatedPartiesTableTextblock
<table cellpadding="0" cellspacing="0" id="xdx_895_ecustom--ScheduleOfNotePayableRelatedPartiesTableTextblock_zgXZ3FexuCd9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Notes Payable, Non-related Parties and Related Party (Details 1)"> <tr style="vertical-align: bottom; background-color: white"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><span id="xdx_8B0_zk65hP7RmCUg" style="display: none">Schedule of notes payable related parties</span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td> </td> <td colspan="3" style="text-align: center"><span style="font-size: 10pt">March 31,</span></td> <td> </td> <td colspan="3" style="text-align: center"><span style="font-size: 10pt">December 31,</span></td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">2023</span></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">2022</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding: 0pt 0pt 0pt 10pt; width: 58%; text-indent: -10pt"><span style="font-size: 10pt">Alpha Eda note payable</span></td> <td style="width: 8%; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_987_ecustom--TotalNotesPayableRelatedParty_c20230331__us-gaap--BusinessAcquisitionAxis__custom--AlphaEdaMember_pp0p0" style="border-bottom: black 1pt solid; width: 11%; text-align: right" title="Total notes payable"><span style="font-size: 10pt">140,000</span></td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 8%; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_986_ecustom--TotalNotesPayableRelatedParty_c20221231__us-gaap--BusinessAcquisitionAxis__custom--AlphaEdaMember_pp0p0" style="border-bottom: black 1pt solid; width: 11%; text-align: right" title="Total notes payable"><span style="font-size: 10pt">140,000</span></td> <td style="width: 1%; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><span style="font-size: 10pt">Total notes payable, related party</span></td> <td> </td> <td> </td> <td id="xdx_989_ecustom--TotalNotesPayableRelatedParties_c20230331_pp0p0" style="text-align: right" title="Total notes payable"><span style="font-size: 10pt">140,000</span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_98A_ecustom--TotalNotesPayableRelatedParties_c20221231_pp0p0" style="text-align: right" title="Total notes payable"><span style="font-size: 10pt">140,000</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><span style="font-size: 10pt">Unamortized debt discount</span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_987_ecustom--DebtInstrumentsUnamortizedDiscountCurrents_iI_c20230331_zRCRrTEFg3Ye" style="border-bottom: black 1pt solid; text-align: right" title="Unamortized debt discount"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1248">—</span></span></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_98A_ecustom--DebtInstrumentsUnamortizedDiscountCurrents_iI_c20221231_zdwQgod8Q6mh" style="border-bottom: black 1pt solid; text-align: right" title="Unamortized debt discount"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1250">—</span></span></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><span style="font-size: 10pt">Notes payable, net, related party</span></td> <td> </td> <td> </td> <td id="xdx_98F_ecustom--NotesPayableRelatedParties_c20230331_pp0p0" style="text-align: right" title="Notes payable"><span style="font-size: 10pt">140,000</span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_98C_ecustom--NotesPayableRelatedParties_c20221231_pp0p0" style="text-align: right" title="Notes payable"><span style="font-size: 10pt">140,000</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><span style="font-size: 10pt">Less current portion</span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_982_ecustom--CurrentPortionOfNotePayableRelatedParties_c20230331_pp0p0" style="border-bottom: black 1pt solid; text-align: right" title="Less current portion"><span style="font-size: 10pt">(140,000</span></td> <td style="padding-bottom: 1pt"><span style="font-size: 10pt">)</span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_981_ecustom--CurrentPortionOfNotePayableRelatedParties_c20221231_pp0p0" style="border-bottom: black 1pt solid; text-align: right" title="Less current portion"><span style="font-size: 10pt">(140,000</span></td> <td style="padding-bottom: 1pt"><span style="font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><span style="font-size: 10pt">Notes payable, net, related party, long-term portion</span></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_ecustom--NotesPayableNetRelatedPartyLongtermPortion_c20230331_pdp0" style="border-bottom: black 2.25pt double; text-align: right" title="Notes payable, net, related party, long-term portion"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1260">—</span></span></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_ecustom--NotesPayableNetRelatedPartyLongtermPortion_c20221231_pdp0" style="border-bottom: black 2.25pt double; text-align: right" title="Notes payable, net, related party, long-term portion"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1262">—</span></span></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>
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TotalNotesPayableRelatedParties
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CY2023Q1 gtch Notes Payable Related Parties
NotesPayableRelatedParties
140000 usd
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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CY2021Q4 us-gaap Derivative Liabilities
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FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationIssues
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CY2023Q1 gtch Fair Value Of Beneficial Conversion Feature Of Debt Converted
FairValueOfBeneficialConversionFeatureOfDebtConverted
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CY2023Q1 gtch Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Los
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLos
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DerivativeLiabilities
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StockholdersEquityReverseStockSplit
1 for 50
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CommonStockParOrStatedValuePerShare
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ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
10670 shares
CY2023Q1 gtch Compensated With Additional Shares
CompensatedWithAdditionalShares
200000000 shares
CY2023Q1 gtch Note Payable Related Parties Classified Current
NotePayableRelatedPartiesClassifiedCurrent
140000 usd
CY2022Q4 gtch Note Payable Related Parties Classified Current
NotePayableRelatedPartiesClassifiedCurrent
140000 usd
CY2020Q3 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
48844 usd
CY2020Q3 gtch Legal Cost
LegalCost
716 usd
CY2020Q4 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
48844 usd
CY2020Q4 gtch Legal Cost
LegalCost
716 usd
CY2021Q3 gtch Cancellation Of Payments
CancellationOfPayments
5000 usd
CY2023Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p id="xdx_80E_eus-gaap--LossContingencyDisclosures_z73yCu32znv" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 17 - <span id="xdx_823_zHH4keOWOfp1">Contingencies</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>GBT Technologies, S.A.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On September 14, 2018, the Company entered into an Exclusive Intellectual Property License and Royalty Agreement (the “GBT License Agreement”) with GBT-CR, a fully compliant and regulated crypto currency exchange platform that currently operates in Costa Rica as a decentralized crypto currency platform, pursuant to which, among other things, the Company granted to GBT-CR an exclusive, royalty-bearing right and license relating intellectual property relating to systems and methods of converting electronic transmissions into digital currency as reflected in that certain patent filed with the United Stated Patent and Trademark Office on or about June 14, 2018 (EFS ID: 32893586; Application Number: 16008069; Type: Utility under 35 USC 111(a); Confirmation Number: 6787)(collectively, the “Digital Currently Technology”). Pursuant to the GBT License Agreement, the Company granted GBT-CR an exclusive worldwide license to use the Digital Currency Technology to make, use, sell, lease or otherwise commercialize and dispose of products and devices utilizing the Digital Currently Technology. Under the terms of the GBT License Agreement, the Company is entitled to receive a royalty payment of 2% of gross revenue of each licensed product sold by GBT-CR during the period starting in which revenue is first generated using the licensed products and continuing for five years thereafter. Upon signing the GBT-CR License Agreement, GBT-CR paid the Company $<span id="xdx_90E_eus-gaap--Revenues_c20180101__20181231__dei--LegalEntityAxis__custom--GBTTechnologiesMember_pp0p0" title="Revenues">300,000</span> which is nonrefundable. The Company recognized the $300,000 as revenue during the years ended December 31, 2018. Upon GBT-CR making available for sale (the “Commercial Event”) an ICO (Initial Coin Offering) (the “Coin”), GBT-CR will make a payment to the Company of $<span id="xdx_901_ecustom--PaymentForExpenses_c20180101__20181231__dei--LegalEntityAxis__custom--GBTTechnologiesMember_pp0p0" title="Payment for expenses">5,000,000</span>. Further, upon the Commercial Event, GBT-CR will grant the Company the ability to acquire 30% of the Coin at a 30% discount of such offering price of the Coin. The GBT License Agreement commenced as of the signing date and, unless terminated in accordance with the termination provisions of the GBT License Agreement,</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">shall remain in force until the expiration of the patent pertaining to the Digital Currency Technology; provided that the right to use trade secrets shall survive the expiration of the GBT License Agreement provided the Company has not terminated. Prior to the signing of the GBT License Agreement, GBT-CR advanced $<span id="xdx_907_eus-gaap--DeferredRevenue_c20230331__dei--LegalEntityAxis__custom--GBTTechnologiesMember_pp0p0" title="Unearned revenue">200,000</span> to the Company, which the parties have agreed will be applied toward the $5,000,000 fee when it becomes due. On February 27, 2020 GBT Technologies, S.A., as successor in interest to Hermes Roll, LLC had notified the Company that it was in default on its Amended and Restated Territorial License Agreement (“ARTLA”) dated June 15, 2015 and that the ARTLA had been cancelled and rescinded.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Stock Loan Receivable</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On January 8, 2019, the Company entered into a Stock Pledge Agreement with Latin American Exchange Latinex Casa de Cambio, S.A., a Costa Rica corporation (“Latinex”), to provide that Latinex may maintain its required regulatory capital as required by various regulators. The Company pledged <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20190101__20190108_zNZnET0RNFed" title="Restricted shares">4,006</span> restricted shares of its common stock valued at $<span id="xdx_906_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_c20190101__20190108_z2CThVvhWBQ9" title="Value of restricted shares">7,610,147</span> (based on the closing price on the grant date) for three years for an annual payment of $<span id="xdx_90A_ecustom--AnnualPayment_iI_c20190108_zV2iyyRhEN5j" title="Annual payment">375,000</span> paid in quarterly installments of $<span id="xdx_903_eus-gaap--DebtInstrumentPeriodicPayment_c20190101__20190108_zQ53hNT4g7Nc" title="Installment paid">93,750</span>. In lieu of cash payment, Latinex may pay the Company in virtual currency of WISE Network S.A. valued at a 50% discount of its offering price of $10 per token. In the event that Latinex’s required capital has decreased below $<span id="xdx_90C_ecustom--DecreaseInCapital_c20190101__20190108_z1cke1tVsuve" title="Decrease in capital">5,000,000</span>, Latinex is permitted to sell the pledged shares of common stock only in an amount to ensure that Latinex can satisfy the required capital levels. The Company must consent to such sale of the shares of common stock, which may not be unreasonably withheld. Upon expiration of the agreement, the remaining shares of common stock shall be returned to the Company free and clear of all liens. The Company recorded the value of these shares of common stock as a stock loan receivable which is presented as a contra-equity account in the accompanying consolidated balance sheets. At December 31, 2019, the Company wrote off the accrued interest income as Latinex did not perform any payment and the Company has no mean to enforce this payment. Latinex agreed in principle to return the pledged 4,006 restricted shares to the Company for cancellation. The <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20230101__20230331_zJmPO3GduZ3l" title="Restricted shares">4,006</span> restricted shares have not yet been returned to the Company as of March 31, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i><span style="text-decoration: underline">Assignment of lease agreement</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On May 17, 2022, Mahaser LLC (“Assignee”) entered into an assignment and assumption of lease agreement by and between 2819 Coldwater LLC (“Assignor”), Sunset Place Holdings LLC (“Lessor”) and Yossi Attia (“Guarantor”). Pursuant to the agreement, Lessor agreed to lease to Assignor certain Standard Industrial/Commercial Multi-Tenant Lease – Gross agreement dated February 7, 2022 (the “Lease”) and expiring on January 31, 2024, which premises commonly known as 8265 Sunset Boulevard, Suite #107, West Hollywood, CA 90046. The base rent payment shall equal $4,100 per month and share of common area operating expense shall equal $<span id="xdx_905_eus-gaap--OperatingExpenses_c20220501__20220517_zOh2kfmYfHr8" title="Operating expense">200</span> per month. Guarantor has guaranteed payment of Assignor’s obligations under the Lease and Assignor assigned all of its right, title and interest in the Lease to Assignee and Assignee assumed Assignor’s obligations under the Lease.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"> On June 10, 2022, GBT Technologies, Inc. (the “Company”), entered into a Joint Venture and Territorial License Agreement (the “Metaverse Agreement”) with Ildar Gainulin and Maria Belova (collectively, the “Licensor”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 5.2pt 0 0; text-align: justify; background-color: white">Under the Metaverse Agreement, the parties formed Metaverse Kit Corp., a Nevada corporation (“Metaverse Kit”). The purpose of Metaverse Kit was to develop, maintain and support source codes for its proprietary technologies and comprehensive platform that combines a core virtual reality platform and an extended set of real-world functions to provide a metaverse experience initially within the area of sports and then expanding into virtual worlds of entertainment, live events, gaming, communications and other cross over product opportunities (the “Meta Portfolio”). Under the Metaverse Agreement, Licensor agreed to provide Metaverse Kit with the licensed technology and expertise. In connection therewith, the parties entered an Asset Purchase Agreement (the “Metaverse APA”) concurrently with the Metaverse Agreement whereby Licensor sold Metaverse Kit all source codes pertaining to the Meta Portfolio. Further, Licensor provided an exclusive license to Metaverse Kit throughout the world for the invented product/service and the related platforms relating to the Meta Portfolio and to use the know how to develop, manufacture, sell, market and distribute the Meta Portfolio throughout the world. The Company was required to contribute <span id="xdx_900_eus-gaap--SharesIssued_iI_c20230331__dei--LegalEntityAxis__custom--GBTMember_zoocNWSapYE" title="Share issued">500,000,000</span> shares of common stock of the Company (“GBT Shares”) to Metaverse Kit. Licensor and the Company were to each own 50% of Metaverse Kit. The Company pledged its 50% ownership in Metaverse Kit to Igor 1 Corp. to secure a convertible note held by Igor 1 Corp. The Company was to appoint two directors and Licensor was allowed to appoint one director of Metaverse Kit.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 5.2pt 0 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In addition, Metaverse Kit, Licensor and Elentina Group, LLC (“Elentina”) entered into a Consulting Agreements in which IGBM and Elentina, each were engaged to provide services for $25,000 per month payable quarterly which Metaverse Kit has the option to pay in shares of common stock calculated by the amount owed divided by the Company’s 10-day VWAP. Licensor and Elentina were to provide services in connection with the development of the business as well as Metaverse Kit’s capital raising efforts. The term of the Consulting Agreement was two years.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The closing of the Metaverse Agreement occurred on June 13, 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On March 14, 2023, the Company received a counter signed Settlement Agreement and Release by Licensor dated March 2, 2023 (“Settlement Agreement”). Pursuant to the Settlement Agreement, the parties agreed that Metaverse Agreement, the Metaverse APA and the Consulting Agreement are void and cancelled. Licensor agreed to pay $5,000 to the Company as settlement payment and surrender their shares in Metaverse Kit.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On February 1, 2023, the Company engaged AlKhatib Consulting Group to provide exclusive representation services in connect with managing market partners, effective on February 1, 2012 for 24 consecutive months.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p>
CY2019Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
4006 shares
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
7610147 usd
CY2019Q1 gtch Annual Payment
AnnualPayment
375000 usd
CY2019Q1 us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
93750 usd
CY2019Q1 gtch Decrease In Capital
DecreaseInCapital
5000000 usd
CY2023Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
4006 shares
CY2022Q2 us-gaap Operating Expenses
OperatingExpenses
200 usd

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