2023 Q1 Form 10-K Financial Statement

#000149315223010429 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
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 $55.77M $2.684M $5.130M
YoY Change 7518.93% 77.81% -8.51%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $268.00 $270.00 $1.697K
YoY Change -69.89% -76.52% -43.43%
% of Gross Profit
Operating Expenses $72.63M $9.515M $13.12M
YoY Change 6254.91% 538.9% 113.27%
Operating Profit -$72.63M -$9.515M -$13.12M
YoY Change 6254.91% 547.19% 113.94%
Interest Expense $14.02K -$46.84K $107.8K
YoY Change -116.39% 1.23% 57.07%
% of Operating Profit
Other Income/Expense, Net $39.99K -$475.7K
YoY Change -146.75% -793.25%
Pretax Income -$72.59M -$9.580M -$13.59M
YoY Change 5809.22% 531.71% 124.2%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$72.59M -$9.580M -$13.59M
YoY Change 5809.22% 531.71% 124.2%
Net Earnings / Revenue
Basic Earnings Per Share -$0.25 -$0.05
Diluted Earnings Per Share -$0.25 -$0.04 -$0.05
COMMON SHARES
Basic Shares Outstanding 303.9M shares 259.5M shares 257.3M shares
Diluted Shares Outstanding 257.3M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.307M $3.356M $3.356M
YoY Change 786.53% 542.77% 542.77%
Cash & Equivalents $4.267M $3.320M $3.320M
Short-Term Investments $40.00K $36.00K $36.00K
Other Short-Term Assets
YoY Change
Inventory $0.00
Prepaid Expenses
Receivables $0.00 $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.307M $3.356M $3.356M
YoY Change 786.53% 276.43% 276.43%
LONG-TERM ASSETS
Property, Plant & Equipment $536.00 $803.00 $800.00
YoY Change -45.31% -99.29% -99.92%
Goodwill
YoY Change
Intangibles $14.99M $14.99M
YoY Change 449653.29%
Long-Term Investments
YoY Change
Other Assets $14.99M $14.99M $0.00
YoY Change 127.73% -100.0%
Total Long-Term Assets $14.99M $14.99M $14.99M
YoY Change 20674.41% 99.11% 99.11%
TOTAL ASSETS
Total Short-Term Assets $4.307M $3.356M $3.356M
Total Long-Term Assets $14.99M $14.99M $14.99M
Total Assets $19.30M $18.35M $18.35M
YoY Change 3358.5% 117.89% 117.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.680M $2.504M $2.504M
YoY Change 56.5% 81.29% 81.29%
Accrued Expenses $426.8K $416.8K $416.8K
YoY Change -3.28% -37.06% -37.06%
Deferred Revenue
YoY Change
Short-Term Debt $971.1K $951.1K $951.1K
YoY Change -47.31% -46.96% -46.96%
Long-Term Debt Due $180.0K $180.0K $180.0K
YoY Change 5920.07% 5920.07%
Total Short-Term Liabilities $5.333M $4.052M $4.052M
YoY Change 33.43% 5.53% 5.53%
LONG-TERM LIABILITIES
Long-Term Debt $4.788M $4.788M $4.788M
YoY Change 3157.04% 3157.04%
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $4.788M $4.788M $4.788M
YoY Change 577.65% 577.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.333M $4.052M $4.052M
Total Long-Term Liabilities $4.788M $4.788M $4.788M
Total Liabilities $10.12M $8.840M $8.840M
YoY Change 153.24% 94.45% 94.45%
SHAREHOLDERS EQUITY
Retained Earnings -$320.3M -$247.7M
YoY Change 5.8%
Common Stock $310.3K $262.3K
YoY Change 2.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.177M $9.507M $9.508M
YoY Change
Total Liabilities & Shareholders Equity $19.30M $18.35M $18.35M
YoY Change 3358.5% 117.89% 117.89%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$72.59M -$9.580M -$13.59M
YoY Change 5809.22% 531.71% 124.2%
Depreciation, Depletion And Amortization $268.00 $270.00 $1.697K
YoY Change -69.89% -76.52% -43.43%
Cash From Operating Activities -$198.2K -$284.6K -$488.3K
YoY Change -664.45% -34.03% -25.52%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $50.00K $50.00K -$106.6K
YoY Change -127.18% -79.08% -144.59%
Cash From Investing Activities $50.00K $50.00K -$106.6K
YoY Change -127.18% -79.08% -164.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.095M 3.274M $3.556M
YoY Change 685.0% 1175.91% 320.23%
NET CHANGE
Cash From Operating Activities -$198.2K -284.6K -$488.3K
Cash From Investing Activities $50.00K 50.00K -$106.6K
Cash From Financing Activities $1.095M 3.274M $3.556M
Net Change In Cash $946.8K 3.039M $2.961M
YoY Change -10258.44% 4643.59% 730.19%
FREE CASH FLOW
Cash From Operating Activities -$198.2K -$284.6K -$488.3K
Capital Expenditures $0.00
Free Cash Flow -$284.6K -$488.3K
YoY Change -34.04% -16.22%

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CY2022 us-gaap Nature Of Operations
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<p id="xdx_800_eus-gaap--NatureOfOperations_zi1j4ZShCFpg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="Ha_006"/><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – <span id="xdx_82F_zwTSjwkakMvh">NATURE OF OPERATIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ORGANIZATIONAL HISTORY</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company <span style="background-color: white">sets the stage and develops the assets to stimulate innovation and growth in emerging businesses on a global basis. The company works across various and diverse industry sectors attempting to find potential partners and assisting them in animating their business plans.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 28, 2021, the Company signed a binding stock purchase agreement which was closed on May 25, 2022 with GTII acquiring <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20210228__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--GoldTransactionsInternationalIncMember_zitbgIP1aAgd" title="Equity method investment ownership percentage">100%</span> of the stock of Gold Transactions International, Inc. (“GoldTI”) a privately held Utah corporation. GoldTI acquired a license from a private Nevada Corporation which operated, via a joint venture, in the business of buying and selling gold on a global basis through a private network of companies. The license agreement gave GoldTI access to the private network, and an exclusive right to market and promote the gold buy/sell program to expand the buying power of the network. GoldTI, with its network affiliates, purchases gold from artisan miners throughout the world and transports, assays, refines and sells the gold in the Dubai Multi Commodities Centre, (“DMCC”), a free trade zone in Dubai. The Company plans to raise capital for GoldTI and advance those funds into the gold network. This transaction was closed on May 25, 2022. Details about the initial License valuation, goodwill recorded and total identifiable net assets acquired can be found in footnote 5. .</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the first quarter of 2021, the Company entered into binding agreements with a company in the field of eye care, retail eye wear and full scope optometry. The Bronx Family Eye Care, Inc. is a company that provides retail eyewear and medically oriented full scope optometry at four brick and mortar locations. Bronx Family’s licensed optometrists use cutting-edge equipment to provide diagnosis and treatment for diseases of the eye, as well as corrective eyewear. Bronx Family also performs edging of lenses for its customers at their in-house facility, as well as providing services to outside practices. Effective December 30, 2021, Bronx Family Eye Care completed the closing requirements, the agreement was closed and Bronx became a reporting subsidiary of the Company. Subsequently, The Company, Bronx Family Eye Care, Inc. (“BFE”), and its shareholders have concluded that it is in their mutual best interests to unwind the acquisition of BFE by the Company and settle all claims they may have against each other. This transaction was unwound effective January 1, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the second quarter of 2021, the Company signed an agreement with Alt5 Sigma to host a trading platform. The Company then launched Beyond Blockchain (a GTII company) on June 18, 2021, an online cryptocurrency trading platform that provides access to Digital Currency and is changing the way customers transact with Digital Assets. Beyond Blockchain is a registered Money Services Business under FINTRAC guidelines and incorporates world class AML and KYC technology. It uses two-factor authentication to secure customers’ assets as well as AI liveness testing to secure the user experience. Beyond Blockchain allows multi-currency clearing and direct settlements in Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Bitcoin Cash (BCH), Litecoin (LTC), Bitcoin SV (BSV), Aave (AAVE), Compound (COMP), Uniswap (UNI), Chainlink (LINK) and Yearn Finance (YFI).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning in April of 2021, <span id="xdx_906_ecustom--DeclarationOfWarrantIssuanceDescription_c20210402__20210430_ztrdlAqgNHtg" title="Issuance of tokens">the Company has been working towards tokenizing its fine art collection. If this prospectus is approved, the Company would mint 1,000,000,000 tokens of the GFT Token, with 26,000,000 of them being registered herein for distribution. Once minted, each shareholder, as of the to be determined record date, would be entitled to receive one GFT Token for every 10 shares of GTII Common Stock beneficially held in their name</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 9, 2021, GTII, and Trento Resources and Energy Corp, (“Trento”) a corporation organized under the laws of the State of Delaware, signed a binding stock purchase agreement (“SPA”) to engage in a merger/business combination, for the best interests of the shareholders of both GTII and Trento, pursuant to which Trento will become a wholly-owned subsidiary of GTII. Pursuant to the SPA, GTII issued <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20211108__20211109__dei--LegalEntityAxis__custom--SeanWintraubMember_zZyP59uKb2Dg" title="Number of shares issued">100,000</span> shares of common stock to Sean Wintraub, with <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20211108__20211109__dei--LegalEntityAxis__custom--TrentoResourcesAndEnergyCorpMember_zRisBZ40X8b3" title="Number of shares issued">100,000,000</span> shares to be issued upon Trento’s successful raising, within six (6) months of funds sufficient to support large-scale mining operations at the Trento Mining Project (the “Trento Project”), located in the third region of Atacama, Chile, Copiapo. In addition, and within six (6) months subsequent to the raising of said funds, if GTII receives independent confirmation of the presence of the geological resources in those amounts contained in the Geological Estimation, the Company will issue Trento that amount of common stock representing industry standard multipliers for the value of that number of geological resources found listed in the Geological Estimation. On December 9, 2021, GTII retained Bertrand-Galindo Barrueto Barroilhet &amp; Cia, (“Bertrand-Galindo”) a firm headquartered in Santiago, Chile to conduct a due diligence review of the Trento’s interests in Inversiones Trento SpA and the related mining concessions, operations, land easements, permits and assets related to the Trento project. Bertrand-Galindo will also provide relevant corporate, legal, regulatory and tax structure guidance as needed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 18, 2021 the Company entered into a membership interest purchase agreement with AT Gekko PR LLC, a Puerto Rico limited liability company (“AT Gekko”), which owned 100% of the issued and outstanding membership interests of Classroom Salon Holdings, LLC, a Delaware limited liability company (“Classroom Salon Holdings”). Also on December 18, 2021 AT Gekko executed an assignment to the Company of its membership interests in Classroom Salon Holdings, which upon completion of the closing requirements would make Classroom Salon Holdings a wholly-owned subsidiary of the Company. The transaction was also subject to certain post-closing conditions as set forth in the membership interest purchase agreement. The conditions include PCAOB audited financial statements for 2020 and 2021, an amended license agreement with Carnegie Mellon University, and the consummation of the acquisition of Classroom Salon, LLC. In December 2021, the Company issued <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20211201__20211231__dei--LegalEntityAxis__custom--ClassroomSalonLLCMember_zm2HcPZXVqda" title="Common stock, share issue">10,000,000</span> shares of common stock in anticipation of a closing with Classroom Salon, however, at December 31, 2021, this transaction has not closed and the shares are held in escrow pending further action on Classroom Salon, thus these shares are considered issued but not outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 18, 2022, GTII’s subsidiary, Classroom Salon Holdings, LLC, executed membership interest purchase agreements, as well as assignments of membership interests, resulting in the acquisition of <span id="xdx_901_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20220118__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ClassroomSalonHoldingsMember_zYOBGYhAtcW7">100</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of Classroom Salon, LLC, a Pennsylvania limited liability company. On February 22, 2022, Classroom Salon, LLC, executed an amended and restated license agreement with Carnegie Mellon University. On February 25 2022, Classroom Salon Holdings, LLC completed its requisite two-year, PCAOB audit. and became a wholly owned subsidiary of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 14, 2022, the Company entered into a Share Exchange Agreement with Wildfire Media Corp. (“Wildfire Media”) and the shareholders of Wildfire Media Corp. (collectively, the “Wildfire Shareholders”). Wildfire Media is a legal marketing company in the business of supporting law firms with client acquisition research, data-driven marketing, media planning and analysis and client retention services. Under the terms of the agreement, GTII will, at the closing, issue to the Wildfire Shareholders <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20220913__20220914__dei--LegalEntityAxis__custom--WildfireMediaCorpMember_zo4VfVuO3Sdb" title="Shares issue">100</span> million restricted common shares (the “Acquisition Shares”) in exchange for all outstanding shares of Wildfire Media. The closing of the transaction is subject to customary conditions to closing, as well as certain conditions specific to the transaction, including, without limitation, Wildfire Media providing GTII with audited financial statements and GTII concluding a due diligence review that is satisfactory in all respects to GTII. The Wildfire Shareholders have a post-closing “earn-out” opportunity for <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20220913__20220914__dei--LegalEntityAxis__custom--WildfireMediaCorpMember_zwTqsNUEyRL5" title="Shares issue">100</span> million additional restricted GTII common shares (the “Earn-Out Shares”) if Wildfire Media achieves $<span id="xdx_90C_eus-gaap--Revenues_pn6n6_c20220913__20220914__dei--LegalEntityAxis__custom--WildfireMediaCorpMember_zgEhbBfvKpt4" title="Gross revenues">25</span> million in gross revenue. Currently, Wildfire Media has $<span id="xdx_902_ecustom--Receivables_pn6n6_c20220913__20220914__dei--LegalEntityAxis__custom--WildfireMediaCorpMember_ziftqoUX5jna" title="Receivables">85</span> million in receivables. The Acquisition Shares and the Earn-Out Shares shall be subject to a lock-up agreement pursuant to which the Wildfire Shareholders agree not to sell or transfer the shares until the expiration of the 1-year buy-back period, except as may be otherwise provided in the lock-up agreement. On October 18, 2022, Wildfire Media Corp retained the services of a PCAOB approved auditing firm to undertake the requisite two-year audit as part of the agreed due diligence process.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ongoing during the third quarter, the Company and the BFE Shareholders continued to negotiate a settlement that would allow the BFE transaction to be unwound. This process would involve the Company transferring back to the BFE Shareholders their respective share interests in BFE and the BFE Shareholders transferring back to the Company the <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20221001__20221231_zbbBBvsS2Hk6">2,650,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company’s common stock issued in connection with the transaction. The Company would also pay the BFE Shareholders a total lump sum cash payment of $<span id="xdx_900_eus-gaap--Cash_iI_c20221231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember_zAsC0cwwMv53">75,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as part of the settlement. In addition, <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20221001__20221231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember_zVDMLmnDvZDb">100,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company’s common stock that were issued to one of the BFE Shareholders under his consulting agreement in connection with the transaction would be retained by that BFE Shareholder, and that shareholder would make a charitable contribution of <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesOther_pid_c20221001__20221231__srt--TitleOfIndividualAxis__custom--BFEShareholderMember_zSbPMbjrPNyc">50,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of those shares. The parties would also exchange general releases and terminate all agreements among the parties in connection with the transaction.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CORPORATE HISTORY</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GOING CONCERN</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company incurred a net loss of $<span id="xdx_90B_eus-gaap--NetIncomeLoss_iN_pp0p0_di_c20220101__20221231_zpZ1mpvLYbtc" title="Net income loss">13,593,202</span> during the fiscal year ended December 31, 2022, and has an accumulated deficit of $<span id="xdx_90E_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pp0p0_di_c20221231_zqwm792Jnrla" title="Accumulated deficit">247,730,858</span> at December 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company did not generate significant revenues during the years ended December 31, 2022 and 2021, and its cash flows are not sufficient enough to support all expenses of the Company. The Company as yet still requires substantial financing. Most of the financing has been provided by David Reichman, the Chief Executive Officer and Chairman. The Company is dependent upon his ability and willingness to continue to provide the financing necessary to meet reporting and filing requirements of a public company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, in order for the Company to remain a going concern, it will need to generate significant cashflow to sustain the needs of the Company, financially, and it may be required to continue to receive funds from equity or debt financing to accomplish this need. There can be no assurance that the Company will continue to receive any proceeds from equity offerings or that the Company will be able to obtain the necessary funds to finance its operations. These conditions raise substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 11, 2020, the World Health Organization declared the outbreak of a coronavirus (COVID-19) a pandemic. As a result, economic uncertainties have arisen which have the potential to negatively impact the Company’s ability to raise funding from the markets. Other financial impact could occur though such potential impact is unknown at this time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2021Q2 GTII Declaration Of Warrant Issuance Description
DeclarationOfWarrantIssuanceDescription
the Company has been working towards tokenizing its fine art collection. If this prospectus is approved, the Company would mint 1,000,000,000 tokens of the GFT Token, with 26,000,000 of them being registered herein for distribution. Once minted, each shareholder, as of the to be determined record date, would be entitled to receive one GFT Token for every 10 shares of GTII Common Stock beneficially held in their name
CY2022Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2650000 shares
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-13593202 usd
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-247730858 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84F_eus-gaap--UseOfEstimates_ziGG9vY6Gum7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_864_zS2WEXAqhCGh">USE OF MANAGEMENT’S ESTIMATES</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. These consolidated financial statements have material estimates for valuation of stock and option transactions.</span></p>
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022Q4 us-gaap Cash
Cash
0 usd
CY2021Q4 us-gaap Cash
Cash
0 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
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CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
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CY2021Q4 us-gaap Inventory Net
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290710 usd
CY2021Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
24120 usd
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
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CY2022 us-gaap Provision For Doubtful Accounts
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CY2021 us-gaap Provision For Doubtful Accounts
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CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents
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CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Indefinite Lived Intangible Assets
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CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable
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CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Long Term Debt
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesLongTermDebt
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CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
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StockIssuedDuringPeriodSharesNewIssues
2650000 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021 us-gaap Net Income Loss
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
234889168 shares
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CY2022 us-gaap Concentration Risk Credit Risk
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<p id="xdx_84A_eus-gaap--ConcentrationRiskCreditRisk_zDW6EXbm41p8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">M)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><span id="xdx_868_zunJC4WZ2fec">Concentrations</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company generated zero revenues in 2022 and its revenue during 2021 was from various retail sales from a transaction that was unwound January 1, 2022.</span></p>
CY2022Q4 GTII Accounts Payable And Accrued Expenses Related Parties
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CY2021Q4 GTII Accounts Payable And Accrued Expenses Related Parties
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CY2021Q4 us-gaap Due To Related Parties Current And Noncurrent
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48059 usd
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12059 usd
CY2022 us-gaap Depreciation
Depreciation
1697 usd
CY2021 us-gaap Depreciation
Depreciation
3000 usd
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110990 usd
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3213 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
114204 usd
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2410 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1601 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
803 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
112603 usd
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BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIndefiniteLivedIntangibleAssets
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BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable
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BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesLongTermDebt
4968177 usd
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BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
10018085 usd
CY2021Q2 GTII License Term Description
LicenseTermDescription
The term of the license is for 12 months with an automatic renewal for an additional 12 months. This asset was sold in the second quarter of 2022 for $25,000 and the company recorded a gain of $22,292. Amortization expensed through the date of sale was $2,708, respectively
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
25000 usd
us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
22292 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2708 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
14990277 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
5000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1667 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
14990277 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3333 usd
CY2021Q2 GTII Number Of Pieces Acquiring For Eventual Digitization
NumberOfPiecesAcquiringForEventualDigitization
2
CY2021Q2 GTII Payment For Piece Of Fine Art
PaymentForPieceOfFineArt
35940 usd
CY2021Q2 GTII Payment For Piece Of Fine Art
PaymentForPieceOfFineArt
31905 usd
CY2022Q4 GTII Payment For Piece Of Fine Art
PaymentForPieceOfFineArt
4447 usd
CY2013Q2 us-gaap Notes Payable Current
NotesPayableCurrent
388376 usd
CY2013Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.05 pure
CY2013Q2 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2019-10-05
CY2013Q2 us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
5553 usd
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DebtInstrumentFaceAmount
871082 usd
CY2021Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
871082 usd
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InterestExpenseDebt
48796 usd
CY2021 us-gaap Interest Expense Debt
InterestExpenseDebt
48796 usd
CY2021Q3 us-gaap Notes Payable
NotesPayable
100000 usd
CY2021Q3 us-gaap Debt Instrument Term
DebtInstrumentTerm
P12M
CY2021Q3 us-gaap Notes Payable
NotesPayable
100000 usd
CY2021Q3 us-gaap Debt Instrument Term
DebtInstrumentTerm
P12M
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
180000 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
815496 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
1194638 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1581419 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
1196624 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
4968177 usd
CY2022 us-gaap Interest Expense Long Term Debt
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2020 GTII Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Outstanding Weighted Average Remaining Contractual Term
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CY2021 GTII Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Outstanding Weighted Average Remaining Contractual Term
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CY2022 GTII Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Outstanding Weighted Average Remaining Contractual Term
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CY2022Q4 GTII Share Based Compensation Arrangement By Share Based Payment Award Non Options Outstanding Intrinsic Value
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CY2021Q3 GTII Stock Issued During Period Shares Relief And Relinguishment
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150000 shares
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StockIssuedDuringPeriodSharesRestrictiveLegends
6000000 shares
CY2019 GTII Contract Extension Description
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During the year ended December 31, 2012, the Board of Directors approved the extension of this contract until December 31, 2013, with a salary of $1
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36000 usd
CY2021Q4 us-gaap Marketable Securities Current
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163000 usd
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MarketableSecuritiesUnrealizedGainLoss
132000 usd

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