2024 Q4 Form 10-Q Financial Statement

#000173112224001804 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $75.79K
YoY Change -40.63%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $198.6K
YoY Change -37.43%
Operating Profit -$198.6K
YoY Change -37.43%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $6.475M
YoY Change 2184.37%
Pretax Income $6.276M
YoY Change -18567.79%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $6.284M
YoY Change -8759.65%
Net Earnings / Revenue
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 16.81B shares 16.81B shares
Diluted Shares Outstanding 27.63B shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.05K
YoY Change -71.74%
Cash & Equivalents $1.505K
Short-Term Investments $9.546K
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $57.30K
YoY Change -76.11%
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
YoY Change
TOTAL ASSETS
Total Short-Term Assets $57.30K
Total Long-Term Assets $0.00
Total Assets $57.30K
YoY Change -76.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $790.0K
YoY Change -30.91%
Accrued Expenses $0.00
YoY Change -100.0%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.09M
YoY Change -47.35%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $328.7K
YoY Change 5.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.09M
Total Long-Term Liabilities $328.7K
Total Liabilities $16.42M
YoY Change -46.81%
SHAREHOLDERS EQUITY
Retained Earnings -$301.5M
YoY Change -4.24%
Common Stock $168.1K
YoY Change 143.54%
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.06K
YoY Change -98.28%
Treasury Stock Shares
Shareholders Equity -$15.31M
YoY Change
Total Liabilities & Shareholders Equity $57.30K
YoY Change -76.11%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $6.284M
YoY Change -8759.65%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
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
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2023Q3 GTCH Fair Value Of Derivative Liability Due To Conversions
FairValueOfDerivativeLiabilityDueToConversions
260109 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-72369 usd
CY2023Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-30623848 usd
us-gaap Profit Loss
ProfitLoss
14501569 usd
us-gaap Profit Loss
ProfitLoss
-15579460 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
46003 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
298348 usd
GTCH Change In Fair Value Of Derivative Liability
ChangeInFairValueOfDerivativeLiability
-12755202 usd
GTCH Change In Fair Value Of Derivative Liability
ChangeInFairValueOfDerivativeLiability
12663365 usd
GTCH Excess Of Debt Discount And Financing Costs
ExcessOfDebtDiscountAndFinancingCosts
0 usd
GTCH Excess Of Debt Discount And Financing Costs
ExcessOfDebtDiscountAndFinancingCosts
1500196 usd
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
0 usd
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
80000 usd
GTCH Change In Fair Value Of Marketable Security
ChangeInFairValueOfMarketableSecurity
10000 usd
GTCH Change In Fair Value Of Marketable Security
ChangeInFairValueOfMarketableSecurity
3692 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
2658977 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
315297 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-0 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-0 usd
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-0 usd
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
2297 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-0 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-12500 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-0 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-0 usd
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-0 usd
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-0 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
0 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-74921 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
0 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-41444 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-229102 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1382820 usd
GTCH Increase Decrease In Accounts Payable And Accrued Liabilities Rp
IncreaseDecreaseInAccountsPayableAndAccruedLiabilitiesRP
1114231 usd
GTCH Increase Decrease In Accounts Payable And Accrued Liabilities Rp
IncreaseDecreaseInAccountsPayableAndAccruedLiabilitiesRP
0 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
28522 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-72498 usd
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 usd
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
92150 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
27546 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
61071 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
-0 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
27375 usd
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
-0 usd
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
35822 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
92150 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-27546 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
60032 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
976 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-12466 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
529 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13058 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1505 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
592 usd
us-gaap Interest Paid
InterestPaid
0 usd
us-gaap Interest Paid
InterestPaid
0 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
GTCH Reduction In Derivative Liability Due To Conversion
ReductionInDerivativeLiabilityDueToConversion
694919 usd
GTCH Reduction In Derivative Liability Due To Conversion
ReductionInDerivativeLiabilityDueToConversion
63379 usd
GTCH Shares Issued For Conversion Of Convertible Debt
SharesIssuedForConversionOfConvertibleDebt
557560 usd
GTCH Shares Issued For Conversion Of Convertible Debt
SharesIssuedForConversionOfConvertibleDebt
2002684 usd
GTCH Debt Discount Related To Convertible Debt
DebtDiscountRelatedToConvertibleDebt
0 usd
GTCH Debt Discount Related To Convertible Debt
DebtDiscountRelatedToConvertibleDebt
1284920 usd
GTCH Visionwave Investment Reclassifications
VisionwaveInvestmentReclassifications
0 usd
GTCH Visionwave Investment Reclassifications
VisionwaveInvestmentReclassifications
0 usd
GTCH Tokenize Investment Reclassifications
TokenizeInvestmentReclassifications
1660 usd
GTCH Tokenize Investment Reclassifications
TokenizeInvestmentReclassifications
0 usd
CY2021Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 50
CY2024Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2024Q3 us-gaap Common Unit Authorized
CommonUnitAuthorized
10000000000 shares
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
30000000000 shares
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-301481439 usd
CY2024Q3 GTCH Working Capital Deficit
WorkingCapitalDeficit
16029247 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84F_eus-gaap--UseOfEstimates_z8LGe0R3IAzc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><span id="xdx_86A_zZC2PdKxxIJf">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 condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements 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 condensed consolidated financial statements 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>
CY2024Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
0 usd
CY2023Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
0 usd
us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<p id="xdx_843_eus-gaap--DerivativesReportingOfDerivativeActivity_z2B517Mip547" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><span id="xdx_86C_zYqc5BqaWlhj">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, 2024 and December 31, 2023, 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>
CY2024Q3 GTCH Conversion Feature On Convertible Notes
ConversionFeatureOnConvertibleNotes
665941 usd
CY2023Q4 GTCH Conversion Feature On Convertible Notes
ConversionFeatureOnConvertibleNotes
14116062 usd
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_846_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zHJC1MhbzCyf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_864_zV5mVkthYy71">Reclassification</span></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">Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.</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">Effective July 1, 2023, the Company terminated its joint venture revenue sharing (“Termination Agreement”) with Mahaser LTD (“Mahaser”). Until June 30, 2023, the Company’s variable interests in Mahaser obligate the Company to absorb deficits and provide it with the right to receive benefits that could potentially be significant to Mahaser. The Company evaluated for the period ended on June 30, 2023, whether it has a variable interest in Mahaser, whether Mahaser is a VIE and whether the Company has a controlling financial interest in Mahaser. The Company concluded that it has variable interests in Mahaser on the basis of GBT has 100% control over the JV/revenue sharing, and as such should consolidate the JV into its books and records as it assigned 100% financial responsibility. Mahaser’s equity at risk, as defined by GAAP, is considered to be insufficient to finance its activities without additional support, and, therefore, Mahaser is considered a VIE. As termination Agreement took place during the reporting period, the financial been classified to disclose this operation as discontinued operation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2022Q1 us-gaap Debt Instrument Annual Principal Payment
DebtInstrumentAnnualPrincipalPayment
200000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10818351732 shares
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
75975606634 shares
CY2024Q3 us-gaap Marketable Securities
MarketableSecurities
9546 usd
CY2023Q4 us-gaap Marketable Securities
MarketableSecurities
31206 usd
GTCH Note Payable Description
NotePayableDescription
Note payable by Gopher Protocol Costa Rica Sociedad De Responsabilidad Limitada to the Company in the principal amount of $5,000,000 dated February 6, 2019 (of which the underlying security for this Promissory Note is 30,000,000 restricted shares of common stock of Mobiquity Technologies, Inc. (“Mobiquity”) and 60,000,000 restricted shares of common stock of Mobiquity.
CY2020Q1 GTCH Services Payable
ServicesPayable
33333 usd
CY2020Q1 GTCH Impairment Charge
ImpairmentCharge
5500000 usd
CY2021Q4 GTCH Impairment Charge
ImpairmentCharge
15400000 usd
CY2024Q3 us-gaap Investments
Investments
0 usd
CY2023Q4 us-gaap Investments
Investments
0 usd
CY2024Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
790043 usd
CY2023Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
773974 usd
CY2024Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
0 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
499492 usd
CY2024Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
1844429 usd
CY2023Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
4099380 usd
CY2024Q3 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
2634472 usd
CY2023Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
5372846 usd
CY2024Q3 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
659000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
490000 usd
CY2024Q3 us-gaap Accrued Liabilities Fair Value Disclosure
AccruedLiabilitiesFairValueDisclosure
4100000 usd
CY2024Q3 GTCH Accounts Payable Related Parties
AccountsPayableRelatedParties
1070000 usd
CY2023Q4 GTCH Accounts Payable Related Parties
AccountsPayableRelatedParties
770000 usd
CY2024Q3 GTCH Accrued Interest Related Parties
AccruedInterestRelatedParties
144644 usd
CY2023Q4 GTCH Accrued Interest Related Parties
AccruedInterestRelatedParties
96115 usd
CY2024Q3 GTCH Other Payables Related Parties
OtherPayablesRelatedParties
1697297 usd
CY2023Q4 GTCH Other Payables Related Parties
OtherPayablesRelatedParties
901595 usd
CY2024Q3 GTCH Accounts Payable And Accrued Expenses Related Party Current
AccountsPayableAndAccruedExpensesRelatedPartyCurrent
2911941 usd
CY2023Q4 GTCH Accounts Payable And Accrued Expenses Related Party Current
AccountsPayableAndAccruedExpensesRelatedPartyCurrent
1767710 usd
CY2024Q3 GTCH Accounts Payable Related Parties
AccountsPayableRelatedParties
1070000 usd
CY2024Q3 GTCH Other Payable Related Parties
OtherPayableRelatedParties
1700000 usd
CY2024Q3 us-gaap Convertible Debt
ConvertibleDebt
5131491 usd
CY2023Q4 us-gaap Convertible Debt
ConvertibleDebt
5708756 usd
CY2024Q3 GTCH Debt Instruments Unamortized Discount Noncurrent
DebtInstrumentsUnamortizedDiscountNoncurrent
-0 usd
CY2023Q4 GTCH Debt Instruments Unamortized Discount Noncurrent
DebtInstrumentsUnamortizedDiscountNoncurrent
-43739 usd
CY2024Q3 us-gaap Other Notes Payable Current
OtherNotesPayableCurrent
5131491 usd
CY2023Q4 us-gaap Other Notes Payable Current
OtherNotesPayableCurrent
5665017 usd
CY2024Q3 GTCH Less Current Portion
LessCurrentPortion
5131491 usd
CY2023Q4 GTCH Less Current Portion
LessCurrentPortion
5665017 usd
CY2024Q3 GTCH Convertible Notes Payable Longterm Portion
ConvertibleNotesPayableLongtermPortion
0 usd
CY2023Q4 GTCH Convertible Notes Payable Longterm Portion
ConvertibleNotesPayableLongtermPortion
0 usd
CY2021 GTCH Charge Related To Modification Of Debt
ChargeRelatedToModificationOfDebt
13777480 usd
GTCH Convertible Note Payable Description
ConvertibleNotePayableDescription
IGOR 1 converted $195,500 of the convertible note into 2,300,000,000 shares of the Company’s common stock.
CY2024Q3 GTCH Convertible Note Payable To Stanley Hills
ConvertibleNotePayableToStanleyHills
491395 usd
CY2023Q4 GTCH Convertible Note Payable To Stanley Hills
ConvertibleNotePayableToStanleyHills
661395 usd
CY2024Q3 GTCH Unamortized Debt Discount At Convertible Note Payable
UnamortizedDebtDiscountAtConvertibleNotePayable
0 usd
CY2023Q4 GTCH Unamortized Debt Discount At Convertible Note Payable
UnamortizedDebtDiscountAtConvertibleNotePayable
0 usd
CY2024Q3 GTCH Other Convertible Notes Payable Current
OtherConvertibleNotesPayableCurrent
491395 usd
CY2023Q4 GTCH Other Convertible Notes Payable Current
OtherConvertibleNotesPayableCurrent
661395 usd
CY2024Q3 GTCH Less Current Portion Of Convertible Note Payable
LessCurrentPortionOfConvertibleNotePayable
-491395 usd
CY2023Q4 GTCH Less Current Portion Of Convertible Note Payable
LessCurrentPortionOfConvertibleNotePayable
-661395 usd
CY2024Q3 GTCH Convertible Notes Payable Net Related Party Longterm Portion
ConvertibleNotesPayableNetRelatedPartyLongtermPortion
0 usd
CY2023Q4 GTCH Convertible Notes Payable Net Related Party Longterm Portion
ConvertibleNotesPayableNetRelatedPartyLongtermPortion
0 usd
CY2024Q3 GTCH Total Notes Payables
TotalNotesPayables
350000 usd
CY2023Q4 GTCH Total Notes Payables
TotalNotesPayables
377546 usd
CY2024Q3 GTCH Debt Instruments Unamortized Discount Current
DebtInstrumentsUnamortizedDiscountCurrent
0 usd
CY2023Q4 GTCH Debt Instruments Unamortized Discount Current
DebtInstrumentsUnamortizedDiscountCurrent
-2265 usd
CY2024Q3 GTCH Note Payables
NotePayables
350000 usd
CY2023Q4 GTCH Note Payables
NotePayables
375281 usd
CY2024Q3 GTCH Current Portion Of Notes Payables
CurrentPortionOfNotesPayables
-21252 usd
CY2023Q4 GTCH Current Portion Of Notes Payables
CurrentPortionOfNotesPayables
-46533 usd
CY2024Q3 GTCH Long Term Note Payables
LongTermNotePayables
328748 usd
CY2023Q4 GTCH Long Term Note Payables
LongTermNotePayables
328748 usd
GTCH Schedule Of Note Payable Related Parties Table Textblock
ScheduleOfNotePayableRelatedPartiesTableTextblock
<table cellpadding="0" cellspacing="0" id="xdx_88B_ecustom--ScheduleOfNotePayableRelatedPartiesTableTextblock_zlcQajVVB2Sj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-align: left; text-indent: -10pt"><span id="xdx_8BF_zUxiMobSfUJa" style="display: none">Schedule of notes payable, related parties</span></td><td> </td> <td colspan="3" style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </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">September 30,</td><td> </td> <td colspan="3" style="text-align: center">December 31,</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">2024</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2023</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Alpha Eda Note payable</td><td style="width: 8%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98F_ecustom--TotalNotesPayableRelatedParty_iI_pp0p0_c20240930__us-gaap--BusinessAcquisitionAxis__custom--AlphaEdaMember_zH7UEFg06Buf" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Total notes payable, related party">140,000</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 8%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98F_ecustom--TotalNotesPayableRelatedParty_iI_pp0p0_c20231231__us-gaap--BusinessAcquisitionAxis__custom--AlphaEdaMember_zqN89AlobiGc" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Total notes payable, related party">140,000</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Total notes payable, related party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--TotalNotesPayableRelatedParty_iI_pp0p0_c20240930_z9ah06bnvtlc" style="text-align: right" title="Total notes payable, related party">140,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--TotalNotesPayableRelatedParty_iI_pp0p0_c20231231_zWkuNQIeaZ97" style="text-align: right" title="Total notes payable, related party">140,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Unamortized debt discount</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--DebtInstrumentsUnamortizedDiscountCurrents_iI_pp0p0_d0_c20240930_zEKMwYmF7zGl" style="border-bottom: Black 1pt solid; text-align: right" title="Unamortized debt discount">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_ecustom--DebtInstrumentsUnamortizedDiscountCurrents_iI_pp0p0_d0_c20231231_z3mFs9FcKSGg" style="border-bottom: Black 1pt solid; text-align: right" title="Unamortized debt discount">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Notes payable, net, related party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--NotesPayableRelatedParties_iI_pp0p0_c20240930_zijTAWAUdU15" style="text-align: right" title="Notes payable, net, related party">140,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--NotesPayableRelatedParties_iI_pp0p0_c20231231_ztJrtZoDMyq4" style="text-align: right" title="Notes payable, net, related party">140,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Less current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_ecustom--CurrentPortionOfNotePayableRelatedParties_iI_pp0p0_c20240930_z8ES9BUuvjCc" style="border-bottom: Black 1pt solid; text-align: right" title="Less current portion">(140,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_ecustom--CurrentPortionOfNotePayableRelatedParties_iI_pp0p0_c20231231_zSNfOx7YOwD2" style="border-bottom: Black 1pt solid; text-align: right" title="Less current portion">(140,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Notes payable, net, related party, long-term portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_ecustom--NotesPayableNetRelatedPartyLongtermPortion_iI_pp0p0_d0_c20240930_zkiZTg54PVVf" style="border-bottom: Black 2.5pt double; text-align: right" title="Notes payable, net, related party, long-term portion">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_ecustom--NotesPayableNetRelatedPartyLongtermPortion_iI_pp0p0_d0_c20231231_z8AdwDn7yVa5" style="border-bottom: Black 2.5pt double; text-align: right" title="Notes payable, net, related party, long-term portion">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
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1880 usd
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CY2024Q3 us-gaap Common Stock Shares Outstanding
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400 shares
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400 shares
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1595
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400 shares
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1595
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<p id="xdx_808_eus-gaap--LossContingencyDisclosures_zagRkj8OYLS7" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 15 - <span id="xdx_82A_zR5rO0JDDMKj">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_902_eus-gaap--Revenues_c20180913__20180914__dei--LegalEntityAxis__custom--GBTTechnologiesMember_zZzhiwbN5HMi" title="Revenues">300,000</span> which is nonrefundable. The Company recognized the $<span id="xdx_90C_eus-gaap--Revenues_c20180101__20181231__dei--LegalEntityAxis__custom--GBTTechnologiesMember_zp2XY4SD4LP7" 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_90D_ecustom--PaymentForExpenses_c20180913__20180914__dei--LegalEntityAxis__custom--GBTTechnologiesMember_zn1w0bf4nal4" 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_901_eus-gaap--DeferredRevenue_iI_c20180914__dei--LegalEntityAxis__custom--GBTTechnologiesMember_zrC6jHwZPgm7" title="Unearned revenue">200,000</span> to the Company, which the parties have agreed will be applied toward the $<span id="xdx_90B_ecustom--DueToRelatedPartyFees_iI_c20180914__dei--LegalEntityAxis__custom--GBTTechnologiesMember_z47YnwwJ8yn7" title="Due to related party 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_90A_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20190107__20190108__us-gaap--TypeOfArrangementAxis__custom--StockPledgeAgreementMember_zKPYc7wbfq4a" title="Restricted shares">4,006</span> restricted shares of its common stock valued at $<span id="xdx_906_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardGross_c20190107__20190108__us-gaap--TypeOfArrangementAxis__custom--StockPledgeAgreementMember_z9f3JjtU0i05" 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_901_ecustom--AnnualPayment_iI_c20190108__us-gaap--TypeOfArrangementAxis__custom--StockPledgeAgreementMember_zuOj3DYFMc7l" title="Annual payment">375,000</span> paid in quarterly installments of $<span id="xdx_908_eus-gaap--DebtInstrumentPeriodicPayment_c20190107__20190108__us-gaap--TypeOfArrangementAxis__custom--StockPledgeAgreementMember_zZa8HovZinD4" title="Principal periodic payments">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 $5,000,000, 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_903_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited_c20190107__20190108__us-gaap--TypeOfArrangementAxis__custom--StockPledgeAgreementMember_zveB5yiNL53e" title="Cancellation of restricted shares">4,006</span> restricted shares to the Company for cancellation. The <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20240101__20240930__us-gaap--TypeOfArrangementAxis__custom--StockPledgeAgreementMember_zpQWIeL9rh41" title="Restricted shares">4,006</span> restricted shares have not yet been returned to the Company as of September 30, 2024.</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_906_eus-gaap--SharesIssued_iI_c20220610__us-gaap--TypeOfArrangementAxis__custom--MetaverseAgreementsMember_zk4zOq5AKZP7" 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_90B_ecustom--MinorityInterestsOwnershipPercentageByParent_iI_dp_c20220610__us-gaap--TypeOfArrangementAxis__custom--MetaverseAgreementsMember_zHNhJETlX479" 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_904_ecustom--PaymentForServices_c20220609__20220610__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementsMember_zlfytvOODkf5" 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_905_ecustom--PaymentForSettlement_c20230313__20230314__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zC8SnvR73Vm1" 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 till 2025.</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_900_ecustom--MinorityInterestsOwnershipPercentageByParent_iI_dp_c20230403__dei--LegalEntityAxis__custom--GBTTechnologiesMember_zFUSJLuME1Hc" 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_90D_ecustom--NumberOfSharesSold_iI_c20230403__dei--LegalEntityAxis__custom--GBTTechnologiesMember_z3idzFMWMA31" title="Number of shares sold">26,000,000</span> common shares (“Shares”) to Seller.</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; background-color: white">Effective as of March 20, 2024, Tokeniz, entered into a Patent Purchase Agreement with VisionWave Technologies Inc. (“VisionWave”) pursuant to which VisionWave agreed to acquire from Tokenize the entire right, title, and interest of certain patents and patent applications providing an intellectual property basis for a machine learning driven technology that controls radio wave transmissions, analyzes their reflections data, and constructs 2D/3D images of stationary and in motion objects (“VisionWave PPA”).</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; color: #1D2838">The Purchase Price for the asset is $<span id="xdx_90C_ecustom--PurchasePrice_c20240319__20240320__dei--LegalEntityAxis__custom--VisionWaveHoldingsMember_z9qcTIOmmmb5" title="Purchase price">30,000,000</span> (the “Purchase Price”), which VisionWave will pay with shares of common stock, $0.0001 par value per share (the “Common Stock”). The Parties agree that the final Purchase Price may be adjusted and will be governed by a valuation report issued by a professional third party (“Valuation”). If the final Purchase Price per Valuation is less than $<span id="xdx_904_ecustom--PurchasePrice_c20240319__20240320__us-gaap--BusinessAcquisitionAxis__custom--TokenizeMember_zHVO0OCfowHh" title="Purchase price">30,000,000</span>, Tokenize has the option to cancel this Agreement. In accordance therewith, VisionWave agreed to issue and deliver to Tokenize, 1,000 shares of Common Stock (the “Shares”) representing 50% of VisionWave’s issued and outstanding shares of Common Stock, where the remainder of the 50% of VisionWave’s issued and outstanding shares of Common Stock are owned by a corporation controlled by Stanley Hills. Effective June 4, 2024 Tokenize been issued additional 222 shares from VisionWave for consideration of 10 million AVAI shares that been vested under VisionWave name.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #1D2838"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">On March 26, 2024, Bannix Acquisition Corp., a Delaware corporation (“Bannix”), entered into a Business Combination Agreement (the “Original Agreement”), by and among Bannix, VisionWave Technologies, Inc., a Nevada corporation (“Target”) and the shareholders of Target.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; 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 September 6, 2024, Bannix entered into a Merger Agreement and Plan of Reorganization (the “Merger Agreement”), by and among Bannix, VisionWave Holdings, Inc., a Delaware corporation and a direct, wholly owned subsidiary of Bannix (“VisionWave Holdings”), BNIX Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of VisionWave Holdings (“Parent Merger Sub”), BNIX VW Merger Sub, Inc., a Nevada corporation and direct, wholly owned subsidiary of VisionWave, and Target. The Merger Agreement and the transactions contemplated thereby were approved by the boards of directors of each of Bannix, VisionWave Holdings, Parent Merger Sub, Company Merger Sub, and Target.</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"><b><i>The Mergers</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Pursuant to and in accordance with the terms set forth in the Merger Agreement, (a) Parent Merger Sub will merge with and into Bannix, with Bannix continuing as the surviving entity (the “Parent Merger”), as a result of which, (i) Bannix will become a wholly owned subsidiary of VisionWave Holdings, and (ii) each issued and outstanding security of Bannix immediately prior to the effective time of the Parent Merger (the “Parent Merger Effective Time”) (other than shares of Bannix Common Stock that have been redeemed or are owned by Bannix or any of its direct or indirect subsidiaries as treasury shares and any Dissenting Parent Shares) shall no longer be outstanding and shall automatically be cancelled in exchange for the issuance to the holder thereof of a substantially equivalent security of VisionWave Holdings (other than the Parent Rights, which shall be automatically converted into shares of VisionWave Holdings), and, (b) immediately following the consummation of the Parent Merger but on the same day, Company Merger Sub will merge with and into Target, with Target continuing as the surviving entity (the “Company Merger” and, together with the Parent Merger, the “Mergers”), as a result of which, (i) Target will become a wholly owned subsidiary of VisionWave Holdings, and (ii) each issued and outstanding security of Target immediately prior to the effective time of the Company Merger (the “Company Merger Effective Time”) (other than any Cancelled Shares or Dissenting Shares) shall no longer be outstanding and shall automatically be cancelled in exchange for the issuance to the holder thereof of a substantially equivalent security of VisionWave Holdings. The Mergers and the other transactions contemplated by the Merger Agreement are hereinafter referred to as the “Business Combination.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Subject to a six month extension the termination date by which the Company must consummate a business combination from September 14, 2024, the date that is 36 months from the closing date of the Company’s initial public offering of units, to March 14, 2025, the Business Combination is expected to close in the first quarter of 2025, subject to customary closing conditions, including the satisfaction of the minimum available cash condition, the receipt of certain governmental approvals and the required approval by the stockholders of Bannix and Target.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Consideration</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Pursuant to and in accordance with the terms set forth in the Merger Agreement, at the Parent Merger Effective Time, (a) each share of Bannix common stock, par value $0.001 per share (“Bannix Common Stock”) outstanding immediately prior to the Parent Merger Effective Time that has not been redeemed, is not owned by Bannix or any of its direct or indirect subsidiaries as treasury shares and is not a Dissenting Parent Share will automatically convert into one share of common stock, par value $0.001, of VisionWave Holdings (each, a share of “VisionWave Holdings Common Stock”), (b) each Bannix Warrant shall automatically convert into one warrant to purchase shares of VisionWave Holdings Common Stock (each, a “VisionWave Holdings Warrant”) on substantially the same terms and conditions; and (c) each Bannix Right will be automatically converted into the number of shares of VisionWave Holdings Common Stock that would have been received by the holder of such Bannix Right if it had been converted upon the consummation of a business combination in accordance with Bannix’s organizational documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In accordance with the terms and subject to the conditions of the Merger Agreement, at the Company Merger Effective Time, (a) each share of issued and outstanding Target common stock, par value $<span id="xdx_901_eus-gaap--SharePrice_iI_c20240930__dei--LegalEntityAxis__custom--VisionWaveHoldingsMember__us-gaap--StatementClassOfStockAxis__custom--TargetCommonStockMember_zm4tUS9OEbQk" title="Share price">0.01</span> (“Target Common Stock”), shall be cancelled and converted into <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesConversionOfUnits_c20240101__20240930__dei--LegalEntityAxis__custom--VisionWaveHoldingsMember__us-gaap--StatementClassOfStockAxis__custom--TargetCommonStockMember_zdVSdCcIOrk1" title="Shares issued upon conversion">4,041</span> shares of VisionWave Holdings Common Stock.</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 0 6pt; text-align: justify; background-color: white">Subject of closing the transaction, the Company and Tokenize holdings will exchange their holdings in VW for about <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesConversionOfUnits_c20240101__20240930__dei--LegalEntityAxis__custom--VisionWaveHoldingsMember_zoRv1Ui5bAw5" title="Shares issued upon exchange">2,917,708</span> new shares of VisionWave Holdings, represent about 20.47% of VisionWave Holdings post-closing.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; background-color: white; color: #212529"> </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 a service agreement with Pacific Capital Markets LLC, where <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230223__20230224__dei--LegalEntityAxis__custom--PacificCapitalMarketsLLCMember__us-gaap--TypeOfArrangementAxis__custom--ServiceAgreementMember_z63HyrzPzhgb" 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_90C_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20230223__20230224__dei--LegalEntityAxis__custom--PacificCapitalMarketsLLCMember__us-gaap--TypeOfArrangementAxis__custom--ServiceAgreementMember_z1B1CuU9vuYd" title="Number of shares issued, value">80,000</span> was determined based on the stock price of the Company’s common stock at grant date of $<span id="xdx_90C_ecustom--GrantPerShare_iI_c20230224__dei--LegalEntityAxis__custom--PacificCapitalMarketsLLCMember__us-gaap--TypeOfArrangementAxis__custom--ServiceAgreementMember_zdYdAm9x39R3" title="Grant per share">0.0008</span> per share.</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"> </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_90E_ecustom--MinorityInterestsOwnershipPercentageByParent_iI_dp_c20230817__us-gaap--BusinessAcquisitionAxis__custom--TokenizeMember_z1qlUlHmInkf" 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>
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-301481439 usd
CY2024Q3 GTCH Working Capital Deficits
WorkingCapitalDeficits
16029247 usd
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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