2023 Q4 Form 10-Q Financial Statement

#000173112223002174 Filed on November 20, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00
YoY Change -100.0%
Cost Of Revenue $0.00
YoY Change -100.0%
Gross Profit $0.00
YoY Change -100.0%
Gross Profit Margin
Selling, General & Admin $652.7K $127.7K
YoY Change -1.38% -49.99%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $652.7K $317.4K
YoY Change 6.67% -49.9%
Operating Profit -$652.7K -$317.4K
YoY Change 15.83% -39.95%
Interest Expense -$1.598M $156.5K
YoY Change -146.19% -40.24%
% of Operating Profit
Other Income/Expense, Net $17.84K $283.4K
YoY Change -89.64% -87.67%
Pretax Income -$2.192M -$33.98K
YoY Change -171.45% -101.92%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.137M -$72.56K
YoY Change -169.65% -104.1%
Net Earnings / Revenue
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 8.654B shares 6.704B shares
Diluted Shares Outstanding 28.67B shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.74K $39.10K
YoY Change -74.16% -70.13%
Cash & Equivalents $529.00 $592.00
Short-Term Investments $31.14K $38.51K
Other Short-Term Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $77.99K $239.9K
YoY Change -78.96% -72.15%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $77.99K $239.9K
Total Long-Term Assets $0.00 $0.00
Total Assets $77.99K $239.9K
YoY Change -78.96% -72.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $774.0K $1.144M
YoY Change -49.44% 4.99%
Accrued Expenses $499.5K $1.300M
YoY Change -66.99% 96.81%
Deferred Revenue $0.00 $0.00
YoY Change -100.0% -100.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.513M $6.808M
YoY Change -2.73% -0.54%
Total Short-Term Liabilities $31.86M $30.55M
YoY Change 68.63% 33.31%
LONG-TERM LIABILITIES
Long-Term Debt $328.8K $312.2K
YoY Change 6.44% 0.13%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $328.7K $312.2K
YoY Change 6.44% 0.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.86M $30.55M
Total Long-Term Liabilities $328.7K $312.2K
Total Liabilities $32.19M $30.86M
YoY Change 67.63% 32.87%
SHAREHOLDERS EQUITY
Retained Earnings -$316.0M -$314.8M
YoY Change 5.59% 4.14%
Common Stock $102.5K $69.04K
YoY Change 567.74% 483.19%
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.06K $643.1K
YoY Change -98.28% 0.0%
Treasury Stock Shares
Shareholders Equity -$31.07M -$30.67M
YoY Change
Total Liabilities & Shareholders Equity $77.99K $239.9K
YoY Change -78.96% -72.15%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$2.137M -$72.56K
YoY Change -169.65% -104.1%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $21.16K $147.5K
YoY Change -104.49% 50.39%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00
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 -21.22K -89.97K
YoY Change -140.03% 141.98%
NET CHANGE
Cash From Operating Activities 21.16K 147.5K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities -21.22K -89.97K
Net Change In Cash -60.00 57.53K
YoY Change -99.99% -5.53%
FREE CASH FLOW
Cash From Operating Activities $21.16K $147.5K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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gtch Investment To Gtx
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gtch Issuance Of Note Receivable
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us-gaap Repayments Of Related Party Debt
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us-gaap Net Cash Provided By Used In Financing Activities
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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
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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gtch Debt Discount Related To Convertible Debt
DebtDiscountRelatedToConvertibleDebt
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gtch Debt Discount Related To Convertible Debt
DebtDiscountRelatedToConvertibleDebt
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gtch Reduction In Derivative Liability Due To Conversion
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gtch Shares Issued For Conversion Of Convertible Debt
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gtch Share Issuance For Jv Metaverse
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ShareIssuanceForJvTokenize
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CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
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0.00001
CY2023Q3 us-gaap Common Unit Authorized
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CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
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gtch Working Capital Deficit
WorkingCapitalDeficit
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us-gaap Use Of Estimates
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<p id="xdx_849_eus-gaap--UseOfEstimates_zEiNWUqZM7K7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><span id="xdx_865_zWD8FZM4GJA6">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>
CY2023Q3 us-gaap Deferred Revenue
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CY2023Q3 us-gaap Cash Cash Equivalents And Short Term Investments
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us-gaap Derivatives Reporting Of Derivative Activity
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<p id="xdx_841_eus-gaap--DerivativesReportingOfDerivativeActivity_zjAGcKS0wJj5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><span id="xdx_86E_zlvGiMVwLJjl">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 September 30, 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>
CY2023Q3 gtch Conversion Feature On Convertible Notes
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CY2022Q4 gtch Conversion Feature On Convertible Notes
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CY2023Q3 gtch Unearned Revenue
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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SharesIssued
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CY2023Q2 gtch Number Of Shares Received
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gtch Convertible Note Payable Description
ConvertibleNotePayableDescription
IGOR 1 converted $51,000 of the convertible note into 600,000,000 shares of the Company’s common stock.
CY2023Q3 gtch Convertible Note Payable To Stanley Hills
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CY2022Q4 gtch Convertible Note Payable To Stanley Hills
ConvertibleNotePayableToStanleyHills
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LessCurrentPortionOfConvertibleNotePayable
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CY2023Q3 gtch Total Notes Payables
TotalNotesPayables
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CY2022Q4 gtch Total Notes Payables
TotalNotesPayables
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DebtInstrumentsUnamortizedDiscountCurrent
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CY2023Q3 gtch Note Payables
NotePayables
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CY2022Q4 gtch Note Payables
NotePayables
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CY2023Q3 gtch Current Portion Of Notes Payables
CurrentPortionOfNotesPayables
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CY2022Q4 gtch Current Portion Of Notes Payables
CurrentPortionOfNotesPayables
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CY2023Q3 gtch Long Term Note Payables
LongTermNotePayables
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CY2022Q4 gtch Long Term Note Payables
LongTermNotePayables
308863 usd
gtch Schedule Of Note Payable Related Parties Table Textblock
ScheduleOfNotePayableRelatedPartiesTableTextblock
<table cellpadding="0" cellspacing="0" id="xdx_884_ecustom--ScheduleOfNotePayableRelatedPartiesTableTextblock_zLR5HxhyAt42" 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"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><span id="xdx_8B3_z3FllSLyujDc" 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="3" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 30,</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="3" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Alpha Eda note payable</span></td> <td style="width: 8%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td id="xdx_980_ecustom--TotalNotesPayableRelatedParty_c20230930__us-gaap--BusinessAcquisitionAxis__custom--AlphaEdaMember_pp0p0" style="border-bottom: black 1pt solid; width: 11%; text-align: right" title="Total notes payable, related party"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140,000</span></td> <td style="width: 1%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 8%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; 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, related party"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140,000</span></td> <td style="width: 1%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Total notes payable, related party</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_987_ecustom--TotalNotesPayableRelatedParties_c20230930_pp0p0" style="text-align: right" title="Total notes payable, related party"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140,000</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_ecustom--TotalNotesPayableRelatedParties_c20221231_pp0p0" style="text-align: right" title="Total notes payable, related party"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140,000</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unamortized debt discount</span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_987_ecustom--DebtInstrumentsUnamortizedDiscountCurrents_c20230930_pp0p0" style="border-bottom: black 1pt solid; text-align: right" title="Unamortized debt discount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1679">—</span></span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_989_ecustom--DebtInstrumentsUnamortizedDiscountCurrents_c20221231_pp0p0" style="border-bottom: black 1pt solid; text-align: right" title="Unamortized debt discount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1681">—</span></span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Notes payable, net, related party</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_ecustom--NotesPayableRelatedParties_c20230930_pp0p0" style="text-align: right" title="Notes payable, net, related party"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140,000</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98C_ecustom--NotesPayableRelatedParties_c20221231_pp0p0" style="text-align: right" title="Notes payable, net, related party"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140,000</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less current portion</span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_987_ecustom--CurrentPortionOfNotePayableRelatedParties_c20230930_pp0p0" style="border-bottom: black 1pt solid; text-align: right" title="Less current portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(140,000</span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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-family: Times New Roman, Times, Serif; font-size: 10pt">(140,000</span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Notes payable, net, related party, long-term portion</span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td id="xdx_980_ecustom--NotesPayableNetRelatedPartyLongtermPortion_c20230930_pp0p0" style="border-bottom: black 2.25pt double; text-align: right" title="Notes payable, net, related party, long-term portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1691">—</span></span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td id="xdx_98B_ecustom--NotesPayableNetRelatedPartyLongtermPortion_c20221231_pp0p0" style="border-bottom: black 2.25pt double; text-align: right" title="Notes payable, net, related party, long-term portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1693">—</span></span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table>
CY2023Q3 gtch Total Notes Payable Related Parties
TotalNotesPayableRelatedParties
140000 usd
CY2022Q4 gtch Total Notes Payable Related Parties
TotalNotesPayableRelatedParties
140000 usd
CY2023Q3 gtch Notes Payable Related Parties
NotesPayableRelatedParties
140000 usd
CY2022Q4 gtch Notes Payable Related Parties
NotesPayableRelatedParties
140000 usd
CY2023Q3 gtch Current Portion Of Note Payable Related Parties
CurrentPortionOfNotePayableRelatedParties
-140000 usd
CY2022Q4 gtch Current Portion Of Note Payable Related Parties
CurrentPortionOfNotePayableRelatedParties
-140000 usd
CY2023Q3 gtch Accrued Settlement
AccruedSettlement
4090057 usd
CY2022Q4 gtch Accrued Settlement
AccruedSettlement
4090057 usd
CY2023Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.00009
CY2022Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.001
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2022Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
1714142 usd
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Issues
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationIssues
1369920 usd
gtch Fair Value Of Beneficial Conversion Feature Of Debt Converted
FairValueOfBeneficialConversionFeatureOfDebtConverted
2262793 usd
gtch Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Los
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLos
12663365 usd
CY2023Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
13484634 usd
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2023Q3 us-gaap Common Unit Authorized
CommonUnitAuthorized
10000000000 shares
us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
5268101622 shares
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
1347709 usd
gtch Debt Conversion Converted Instrument Accrued Interest
DebtConversionConvertedInstrumentAccruedInterest
52211 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
70770 shares
gtch Weighted Average Exercise Price Warrants Outstanding Beginning
WeightedAverageExercisePriceWarrantsOutstandingBeginning
205.07
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P0Y3M18D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
60100 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
10670 shares
gtch Weighted Average Exercise Price Warrants Outstanding End
WeightedAverageExercisePriceWarrantsOutstandingEnd
729.90
gtch Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms1
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms1
P0Y7D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
10670 shares
gtch Weighted Average Exercise Price Warrants Exercisable At End
WeightedAverageExercisePriceWarrantsExercisableAtEnd
729.90
gtch Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercisable Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisableWeightedAverageRemainingContractualTerms
P0Y7D
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p id="xdx_808_eus-gaap--LossContingencyDisclosures_zwIUIX1jLQG4" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 17 - <span id="xdx_82F_zs03Gh80DBU3">Contingencies</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </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_908_eus-gaap--Revenues_pp0p0_c20180913__20180914__dei--LegalEntityAxis__custom--GBTTechnologiesMember_zmtJ0t3mYG0e" title="Revenues">300,000</span> which is nonrefundable. The Company recognized the $<span id="xdx_907_eus-gaap--Revenues_pp0p0_c20181230__20181231__dei--LegalEntityAxis__custom--GBTTechnologiesMember_zoV149MosQ9i" title="Revenues">300,000</span> 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_90F_ecustom--PaymentForExpenses_pp0p0_c20181230__20181231__dei--LegalEntityAxis__custom--GBTTechnologiesMember_zEb4epPkrIw9" 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, 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_905_eus-gaap--DeferredRevenue_iI_pp0p0_c20180914__dei--LegalEntityAxis__custom--GBTTechnologiesMember_zvTvhZAN8Y5l" title="Unearned revenue">200,000</span> to the Company, which the parties have agreed will be applied toward the $<span id="xdx_90F_ecustom--DueToRelatedPartyFees_iI_pp0p0_c20180914__dei--LegalEntityAxis__custom--GBTTechnologiesMember_zczZ3S1771u8" title="Fees">5,000,000</span> 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_906_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20190107__20190108__us-gaap--TypeOfArrangementAxis__custom--StockPledgeAgreementMember_z78lWwKSLHvi" title="Restricted shares">4,006</span> restricted shares of its common stock valued at $<span id="xdx_904_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardGross_c20190107__20190108__us-gaap--TypeOfArrangementAxis__custom--StockPledgeAgreementMember_zVZIxxpZnGXf" 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_903_ecustom--AnnualPayment_iI_c20190108__us-gaap--TypeOfArrangementAxis__custom--StockPledgeAgreementMember_zpFoenvJRKok" title="Annual payment">375,000</span> paid in quarterly installments of $<span id="xdx_90D_eus-gaap--DebtInstrumentPeriodicPayment_c20190107__20190108__us-gaap--TypeOfArrangementAxis__custom--StockPledgeAgreementMember_zqhEiXmWF63f" title="Instalment 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_907_ecustom--DecreaseInCapital_c20190107__20190108__us-gaap--TypeOfArrangementAxis__custom--StockPledgeAgreementMember_z8H74MfoLKD" 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 <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited_c20190107__20190108__us-gaap--TypeOfArrangementAxis__custom--StockPledgeAgreementMember_z4XJ239LS64f" title="Cancellation restricted shares">4,006</span> restricted shares to the Company for cancellation. The <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20230101__20230930__us-gaap--TypeOfArrangementAxis__custom--StockPledgeAgreementMember_zYpLMFuhYAN" title="Restricted shares">4,006</span> restricted shares have not yet been returned to the Company as of September 30, 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"><i>Metaverse Agreements</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">On June 10, 2022, the Company, entered into a Joint Venture and Territorial License Agreement (the “Metaverse Agreement”) with Ildar Gainulin and Maria Belova (collectively, the “Licensor”). 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_90E_eus-gaap--SharesIssued_iI_c20220610__us-gaap--TypeOfArrangementAxis__custom--MetaverseAgreementsMember_zFM74qfvIr9h" 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 <span id="xdx_905_ecustom--MinorityInterestsOwnershipPercentageByParent_iI_dp_c20220610__dei--LegalEntityAxis__custom--GBTTechnologiesMember_zPclnYeSDva5" title="Ownership percentage">50</span>% 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. 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 $<span id="xdx_90D_ecustom--PaymentForServices_c20220609__20220610__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementsMember_zPEqjpa74zl1" title="Payment for services">25,000</span> 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"> </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 $<span id="xdx_907_ecustom--PaymentForSettlement_c20230313__20230314__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_ze02XaATAhz7" title="Payment for settlement">5,000</span> 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, 2023 for 24 consecutive months.</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"><i>Assets Sale - TREN</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">On April 3, 2023, GBT Tokenize Corp. (“Seller”), a subsidiary that is owned <span id="xdx_90A_ecustom--MinorityInterestsOwnershipPercentageByParent_iI_dp_c20230403__dei--LegalEntityAxis__custom--GBTTechnologiesMember_zTWHg50f1f92" title="Ownership percentage">50</span>% by the Company, entered into an agreement to sell certain assets relating to a proprietary system and method named Avant-Ai to TREN. Avant-Ai is a text-generation, deep learning self-training model. In exchange for the assets, TREN is required to issue <span id="xdx_909_ecustom--NumberOfSharesReceived_iI_c20230403__dei--LegalEntityAxis__custom--GBTTechnologiesMember_zs4pZWVe9Nkh" title="Number of shares sold">26,000,000</span> common shares (“Shares”) to Seller. The Shares will be restricted under Rule 144 of the Securities Act of 1933, as amended, and Seller agreed to a lock-up period of nine months following closing. If TREN is unable to up-list to Nasdaq either through a business combination or otherwise within nine months of the closing, Seller may request that all transactions contemplated by the agreement be unwound.</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">On July 18, 2023, TREN changed its name to Avant Technologies, Inc. and its ticker symbol on OTC Markets was changed to AVAI.</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"><i>Potential IP’s Sale</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">On April 17, 2023, Bannix Acquisition Corp. (“Bannix”), EVIE Autonomous Group Ltd. (“EVIE”) and EVIE’s shareholders entered into a Business Combination Agreement pursuant to which Bannix agreed to acquire EVIE. In addition, Bannix agreed to acquire from GBT Technologies Inc. (the “Company” or “GBT”), the Apollo System which is intellectual property covered by patent application filed with the US Patent and Trademark Office. This patent application describes a machine learning driven technology that controls radio wave transmissions, analyzes their reflections data, and constructs 2D/3D images of stationary and moving objects. The Apollo system is based on radio waves and can detect an entity’s moving and stationary positions, enabling imaging technology to show these movements and positions on a screen in real time. This includes an AI technology that controls the radio waves transmission and analyzes the reflections. The goal is to integrate the Apollo System as an efficient driver monitoring system, detecting impaired or distracted drivers, providing audible and visual alerts (“the “Patents”).</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">On August 8, 2023, Bannix entered into a Patent Purchase Agreement (“PPA”) with GBT Tokenize Corp. (“Tokenize”), which is <span id="xdx_906_ecustom--MinorityInterestsOwnershipPercentageByParent_iI_dp_c20230808__srt--OwnershipAxis__custom--TokenizeMember__us-gaap--TypeOfArrangementAxis__custom--PatentPurchaseAgreementMember_zZjTNuyvQeGd" title="Ownership percentage">50</span>% owned by GBT, where GBT provided its consent, to acquire the entire right, title, and interest of the Patents. The closing date of the PPA will be immediately follow the closing of the acquisition of EVIE by Bannix. The Purchase Price is set at 5% of the consideration that Bannix is paying to the shareholders of EVIE. The Business Combination Agreement sets the consideration to be paid by Bannix at $<span id="xdx_903_eus-gaap--BusinessCombinationConsiderationTransferred1_pn6n6_c20230807__20230808__us-gaap--BusinessAcquisitionAxis__custom--BannixMember_zASBl2AzXB5f" title="Business combination consideration paid">850</span> million and, in turn, the consideration in the PPA to be paid to Tokenize is $<span id="xdx_906_eus-gaap--BusinessCombinationConsiderationTransferred1_pn5n6_c20230807__20230808__us-gaap--BusinessAcquisitionAxis__custom--TokenizeMember_zWHfYHya6rJ9" title="Business combination consideration paid">42.5</span> million. If the final purchase price is less than $<span id="xdx_90A_eus-gaap--BusinessCombinationPriceOfAcquisitionExpected_pn6n6_c20230807__20230808__us-gaap--BusinessAcquisitionAxis__custom--BannixMember_z28MHliDJ4ic" title="Business combination purchase price">30</span> million, Tokenize has the option to cancel the PPA.</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">In accordance therewith, Bannix agrees to pay, issue and deliver to Tokenize, $<span id="xdx_904_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20230807__20230808__us-gaap--BusinessAcquisitionAxis__custom--TokenizeMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zPnL08IAeaH4" title="Number of shares issued, value">42,500,000</span> in series A preferred stock to Tokenize, which such terms will be more fully set forth in the Series A Preferred Stock Certificate of Designation to be filed with the Secretary of State of the State of prior to the Closing Date. The Series A Preferred Stock will have stated value of face value of $<span id="xdx_90D_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20230808__us-gaap--BusinessAcquisitionAxis__custom--TokenizeMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zDeXp4tV3VS4" title="Preferred stock, par value">1,000</span> per share and is convertible, at the option of Tokenize, into shares of common stock of Bannix at 5% discount to the VWAP during the 20 trading days prior to conversion, and in any event not less than $<span id="xdx_90E_eus-gaap--SharePrice_iI_c20230808__us-gaap--BusinessAcquisitionAxis__custom--TokenizeMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zl9gUFwXIJjl" title="Share price">1.00</span>. The Series A Preferred Stock will not have voting rights and will be entitled to dividends only in the event of liquidation. The Series A Preferred Stock will have a <span id="xdx_904_eus-gaap--VariableInterestEntityOwnershipPercentage_dp_c20230807__20230808__us-gaap--BusinessAcquisitionAxis__custom--TokenizeMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zecn5HJQ2rbe" title="Beneficial ownership limitation">4.99</span>% beneficial ownership limitation.</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">Series A Preferred Stock and the shares of common stock issuable upon conversion of the Series A Preferred Stock (the “Conversion Shares”) shall be subject to a lock-up beginning on the Closing Date and ending on the earliest of (i) the six (6) months after such date, (ii) a Change in Control, or (iii) written consent of Purchaser (the “Seller Lockup Period”)</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"><i>Service Agreement</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">On February 24, 2023 the Company entered into service agreement with Pacific Capital Markets LLC , where <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230223__20230224__dei--LegalEntityAxis__custom--PacificCaptitalMarketsLLCMember__us-gaap--TypeOfArrangementAxis__custom--ServiceAgreementMember_zPqPrHKYO7Yl" title="Number of shares issued, shares">100,000,000</span> Shares issued to it for certain for service agreement between Pacific Capital Markets LLC. and the Company. The value of the shares of $<span id="xdx_903_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20230223__20230224__dei--LegalEntityAxis__custom--PacificCaptitalMarketsLLCMember__us-gaap--TypeOfArrangementAxis__custom--ServiceAgreementMember_zo9Lz6rzClt1" title="Number of shares issued, value">80,000</span> was determined based on the FV of the Company’s common stock.</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"><i>Representation Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 17, 2023, Tokenize, which is <span id="xdx_90C_ecustom--MinorityInterestsOwnershipPercentageByParent_iI_dp_c20230817__srt--OwnershipAxis__custom--TokenizeMember__us-gaap--TypeOfArrangementAxis__custom--RepresentationAgreementMember_z9QEWvX3wy0a" title="Ownership percentage">50</span>% owned of the Company, which provided its consent, entered into a Representation Agreement (the ‘RA’) with IDL Concepts, LLC (the ‘Agent’) , to represent Tokenize in a potential purchase transaction facilitated by the Agent transferring all of Tokenize’s right, title, and interest in certain Assigned Patent Rights, as defined in the RA, free and clear of any restrictions, liens, claims, and encumbrances, and may include rights to technology and software developed by Tokenize. Tokenize owns certain provisional patent applications, patent applications, patents, and/or related foreign patents and applications, and wishes potentially to sell all right, title, and interest in such patents and applications and the causes of action to sue for infringement thereof and other enforcement rights. Tokenize will pay Agent a commission of 20% of any proceeds of any closed transaction under this RA, including all cash, equity payments and any other form of consideration upon a sale, or any monetization activity under the RA. The RA carved out certain intellectual properties held by Tokenize that Tokenize is in active negotiation with third parties.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-314837377 usd
CY2023Q3 gtch Working Capital Deficits
WorkingCapitalDeficits
30311629 usd

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