2023 Q1 Form 10-Q Financial Statement
#000149315223005657 Filed on February 21, 2023
Income Statement
Concept | 2023 Q1 | 2022 Q4 | 2021 Q4 |
---|---|---|---|
Revenue | $14.00K | $45.00K | |
YoY Change | -68.89% | ||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | $14.00K | $45.00K | |
YoY Change | -68.89% | ||
Gross Profit Margin | 100.0% | 100.0% | |
Selling, General & Admin | $4.497K | $10.31K | $88.25K |
YoY Change | -96.33% | -88.31% | -35.59% |
% of Gross Profit | 73.67% | 196.11% | |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $1.298K | $1.298K | $1.300K |
YoY Change | -0.15% | -0.15% | 71.05% |
% of Gross Profit | 9.27% | 2.89% | |
Operating Expenses | $46.30K | $38.51K | $89.56K |
YoY Change | -62.63% | -57.0% | -35.0% |
Operating Profit | -$46.30K | -$24.51K | -$44.56K |
YoY Change | -58.86% | -44.99% | -67.66% |
Interest Expense | -$622.1K | $208.2K | $393.7K |
YoY Change | 199.5% | -47.11% | -102.09% |
% of Operating Profit | |||
Other Income/Expense, Net | -$622.1K | $208.2K | $376.9K |
YoY Change | 129.77% | -44.74% | |
Pretax Income | -$668.4K | $183.7K | $332.3K |
YoY Change | 74.38% | -44.71% | -101.75% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$668.4K | $183.7K | $332.3K |
YoY Change | 74.38% | -44.71% | -101.75% |
Net Earnings / Revenue | 1312.31% | 738.47% | |
Basic Earnings Per Share | $0.00 | $0.00 | $0.00 |
Diluted Earnings Per Share | $0.00 | $0.00 | $27.64 |
COMMON SHARES | |||
Basic Shares Outstanding | 14.49B shares | 14.45B shares | |
Diluted Shares Outstanding | 14.49B shares | 14.49B shares |
Balance Sheet
Concept | 2023 Q1 | 2022 Q4 | 2021 Q4 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $0.00 | $70.00 | $617.8K |
YoY Change | -100.0% | -99.99% | 11826.06% |
Cash & Equivalents | $69.00 | $617.8K | |
Short-Term Investments | |||
Other Short-Term Assets | $0.00 | ||
YoY Change | |||
Inventory | |||
Prepaid Expenses | |||
Receivables | $5.000K | $5.000K | $40.00K |
Other Receivables | $17.53K | $17.53K | $18.66K |
Total Short-Term Assets | $43.19K | $38.95K | $676.4K |
YoY Change | -94.08% | -94.24% | 4925.48% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $19.05K | $20.35K | $25.54K |
YoY Change | -21.41% | -20.33% | -19.74% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $369.1K | $370.3K | |
YoY Change | |||
Total Long-Term Assets | $369.1K | $370.3K | $648.9K |
YoY Change | -50.63% | -42.92% | -47.18% |
TOTAL ASSETS | |||
Total Short-Term Assets | $43.19K | $38.95K | $676.4K |
Total Long-Term Assets | $369.1K | $370.3K | $648.9K |
Total Assets | $412.2K | $409.3K | $1.325M |
YoY Change | -72.09% | -69.12% | 6.71% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $52.69K | $33.15K | $2.730K |
YoY Change | 1217.33% | 1114.36% | -99.47% |
Accrued Expenses | $105.0K | $77.59K | $29.52K |
YoY Change | 199.63% | 162.84% | -88.93% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $307.6K | $302.3K | $319.3K |
YoY Change | -28.34% | -5.33% | -68.66% |
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $1.653M | $981.7K | $971.9K |
YoY Change | 41.62% | 1.01% | -95.6% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $1.653M | $981.7K | $971.9K |
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
Total Liabilities | $1.653M | $981.7K | $971.9K |
YoY Change | 41.62% | 1.01% | -95.6% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$167.0M | -$166.3M | |
YoY Change | |||
Common Stock | $164.4M | $164.4M | |
YoY Change | |||
Preferred Stock | $1.385M | $1.385M | |
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$1.241M | -$572.4K | $353.4K |
YoY Change | |||
Total Liabilities & Shareholders Equity | $412.2K | $409.3K | $1.325M |
YoY Change | -72.09% | -69.12% | 6.71% |
Cashflow Statement
Concept | 2023 Q1 | 2022 Q4 | 2021 Q4 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$668.4K | $183.7K | $332.3K |
YoY Change | 74.38% | -44.71% | -101.75% |
Depreciation, Depletion And Amortization | $1.298K | $1.298K | $1.300K |
YoY Change | -0.15% | -0.15% | 71.05% |
Cash From Operating Activities | -$5.450K | -$3.580K | -$57.06K |
YoY Change | -96.19% | -93.73% | -159.02% |
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | $0.00 | -$150.0K |
YoY Change | -100.0% | -100.0% | |
Cash From Investing Activities | $0.00 | $0.00 | -$150.0K |
YoY Change | -100.0% | -100.0% | |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 5.390K | 0.000 | 758.5K |
YoY Change | -97.88% | -100.0% | -822.73% |
NET CHANGE | |||
Cash From Operating Activities | -5.450K | -3.580K | -57.06K |
Cash From Investing Activities | 0.000 | 0.000 | -150.0K |
Cash From Financing Activities | 5.390K | 0.000 | 758.5K |
Net Change In Cash | -60.00 | -3.580K | 551.4K |
YoY Change | -100.54% | -100.65% | -6767.96% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$5.450K | -$3.580K | -$57.06K |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
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us-gaap |
Depreciation
Depreciation
|
2598 | usd | |
CY2022Q4 | us-gaap |
Professional Fees
ProfessionalFees
|
6900 | usd |
CY2021Q4 | us-gaap |
Professional Fees
ProfessionalFees
|
25318 | usd |
us-gaap |
Professional Fees
ProfessionalFees
|
27800 | usd | |
us-gaap |
Professional Fees
ProfessionalFees
|
45980 | usd | |
CY2022Q4 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
10314 | usd |
CY2021Q4 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
42934 | usd |
us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
12669 | usd | |
us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
59252 | usd | |
CY2022Q4 | us-gaap |
Operating Expenses
OperatingExpenses
|
38512 | usd |
CY2021Q4 | us-gaap |
Operating Expenses
OperatingExpenses
|
89551 | usd |
us-gaap |
Operating Expenses
OperatingExpenses
|
377532 | usd | |
us-gaap |
Operating Expenses
OperatingExpenses
|
197917 | usd | |
CY2022Q4 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-24512 | usd |
CY2021Q4 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-44551 | usd |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-363532 | usd | |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-102917 | usd | |
CY2022Q4 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
4411 | usd |
CY2021Q4 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
277 | usd |
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
8822 | usd | |
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
277 | usd | |
CY2021Q4 | GTLL |
Forgiveness Of Debt And Accrued Interest
ForgivenessOfDebtAndAccruedInterest
|
15445 | usd |
GTLL |
Forgiveness Of Debt And Accrued Interest
ForgivenessOfDebtAndAccruedInterest
|
449294 | usd | |
CY2022Q4 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
211387 | usd |
CY2021Q4 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
560912 | usd |
us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
544017 | usd | |
us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
562995 | usd | |
CY2021Q4 | GTLL |
Gain Loss On Issuance On Notes Payable
GainLossOnIssuanceOnNotesPayable
|
32309 | usd |
GTLL |
Gain Loss On Issuance On Notes Payable
GainLossOnIssuanceOnNotesPayable
|
154355 | usd | |
CY2022Q4 | us-gaap |
Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
|
7562 | usd |
CY2021Q4 | us-gaap |
Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
|
12673 | usd |
us-gaap |
Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
|
15176 | usd | |
us-gaap |
Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
|
41656 | usd | |
CY2021Q4 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
154789 | usd |
us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
49863 | usd | |
us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
261682 | usd | |
CY2022Q4 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
208236 | usd |
CY2021Q4 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
376863 | usd |
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
487800 | usd | |
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
554873 | usd | |
CY2022Q4 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
183724 | usd |
CY2021Q4 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
332312 | usd |
us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
124268 | usd | |
us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
451956 | usd | |
CY2022Q4 | us-gaap |
Net Income Loss
NetIncomeLoss
|
183724 | usd |
CY2021Q4 | us-gaap |
Net Income Loss
NetIncomeLoss
|
332312 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
124268 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
451956 | usd | |
CY2022Q4 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.00 | |
CY2021Q4 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.00 | |
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.00 | ||
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.00 | ||
CY2022Q4 | us-gaap |
Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
|
14488440097 | shares |
CY2021Q4 | us-gaap |
Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
|
12024696496 | shares |
us-gaap |
Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
|
14383434078 | shares | |
us-gaap |
Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
|
13280935552 | shares | |
CY2021Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-925419 | usd |
CY2021Q4 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
740150 | usd |
CY2021Q4 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
206382 | usd |
CY2021Q4 | us-gaap |
Net Income Loss
NetIncomeLoss
|
332312 | usd |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
353425 | usd |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-756106 | usd |
CY2022Q4 | us-gaap |
Net Income Loss
NetIncomeLoss
|
183724 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-572382 | usd |
CY2021Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1045063 | usd |
us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
740150 | usd | |
us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
206382 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
451956 | usd | |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
353425 | usd |
CY2022Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-947748 | usd |
CY2022Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-947748 | usd |
us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
251098 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
124268 | usd | |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-572382 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-572382 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
124268 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
451956 | usd | |
GTLL |
Gain From Forgiveness Of Debt And Interest
GainFromForgivenessOfDebtAndInterest
|
449294 | usd | |
us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
544017 | usd | |
us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
562995 | usd | |
GTLL |
Loss On Issuance On Notes Payable
LossOnIssuanceOnNotesPayable
|
154355 | usd | |
us-gaap |
Depreciation
Depreciation
|
2596 | usd | |
us-gaap |
Depreciation
Depreciation
|
2598 | usd | |
us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
49863 | usd | |
us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
261682 | usd | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
40000 | usd | |
us-gaap |
Increase Decrease In Interest And Dividends Receivable
IncreaseDecreaseInInterestAndDividendsReceivable
|
8822 | usd | |
us-gaap |
Increase Decrease In Interest And Dividends Receivable
IncreaseDecreaseInInterestAndDividendsReceivable
|
277 | usd | |
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-12000 | usd | |
us-gaap |
Increase Decrease In Finance Receivables
IncreaseDecreaseInFinanceReceivables
|
-847 | usd | |
us-gaap |
Increase Decrease In Finance Receivables
IncreaseDecreaseInFinanceReceivables
|
14598 | usd | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
17590 | usd | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-1395 | usd | |
us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
15176 | usd | |
us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
48042 | usd | |
us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
18074 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-324425 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-137926 | usd | |
us-gaap |
Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
|
150000 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-150000 | usd | |
GTLL |
Proceeds From Issuance Of Stock For Regulation Financing
ProceedsFromIssuanceOfStockForRegulationFinancing
|
740150 | usd | |
us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
405 | usd | |
us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
26597 | usd | |
us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
136250 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
849398 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-324425 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
561472 | usd | |
CY2022Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
324494 | usd |
CY2021Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
56300 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
69 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
617772 | usd |
GTLL |
Cancellation Of Common Stock And Stock To Be Issued
CancellationOfCommonStockAndStockToBeIssued
|
68000 | usd | |
GTLL |
Cancellation Of Common Stock As Per Court Order
CancellationOfCommonStockAsPerCourtOrder
|
299100 | usd | |
GTLL |
Issuance Of Common Stock For Debt And Accrued Interest
IssuanceOfCommonStockForDebtAndAccruedInterest
|
206382 | usd | |
CY2022Q1 | GTLL |
Agreement Description
AgreementDescription
|
the Company shall pay Donohoe an initial retainer in the amount of $17,500 and if successful a “success fee” | |
CY2022Q1 | GTLL |
Success Fee Amount
SuccessFeeAmount
|
10000 | usd |
us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<p id="xdx_805_eus-gaap--BasisOfAccounting_z3GGMcQ0qNcg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE B – <span id="xdx_82E_zMqQS4ixNyy">BASIS OF PRESENTATION</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and with Form 10-Q and Article 10 of Regulation S-X of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they do not contain all information and footnotes required by GAAP for annual financial statements. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of December 31, 2022 and the results of operations, changes in stockholders’ equity, and cash flows for the periods presented. The results of operations for the three and six months ended December 31, 2022 are not necessarily indicative of the operating results for the full fiscal year or any future period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2022 as filed with the Securities and Exchange Commission on October 13, 2022. The Company’s accounting policies are described in the Notes to Consolidated Financial Statements in its Annual Report on Form 10-K for the year ended June 30, 2022, and updated, as necessary, in this Quarterly Report on Form 10-Q.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GLOBAL TECHNOLOGIES, LTD</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For the six months ended December 31, 2022 and 2021</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Unaudited)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"> </p> | ||
CY2022Q4 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | usd |
CY2022Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
69 | usd |
CY2022Q4 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
0 | usd |
us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_84F_eus-gaap--ConcentrationRiskCreditRisk_zicDCux9eDjg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_862_zOLbuRdUnS4f">Concentrations of Risks</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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 0.5in; 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: 0 0 0 0.5in; text-align: justify; background-color: white"><i><span style="text-decoration: underline">Concentration of Accounts Receivable</span></i> –At December 31, 2022 and June 30, 2022, the Company had $<span id="xdx_900_eus-gaap--AccountsAndOtherReceivablesNetCurrent_iI_do_c20221231_zSXTw3icxaxh" title="Accounts receivables">5,000</span> and $<span id="xdx_904_eus-gaap--AccountsAndOtherReceivablesNetCurrent_iI_c20220630_zvaHgtjm5Kuf" title="Accounts receivables">5,000</span> in accounts receivable, respectively. For the six months ended December 31, 2022, one customer accounted for <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220701__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zd51fuOrdJe6" title="Concentration risk percentage">100</span>% of accounts receivable.</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 0 0.5in; text-align: justify; background-color: white"><i><span style="text-decoration: underline">Concentration of Revenues</span></i> – For the six months ended December 31, 2022, the Company generated $<span id="xdx_902_eus-gaap--Revenues_c20220701__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zsAFXTKXVSN4" title="Revenues">14,000</span> in revenue from one customer. For the six months ended December 31, 2021, the Company generated $<span id="xdx_90F_eus-gaap--Revenues_c20210701__20211231_zCXClHjyiS3j" title="Revenues">95,000</span> revenue.</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 0 0.5in; text-align: justify; background-color: white"><span style="background-color: white"><i><span style="text-decoration: underline">Concentration of Suppliers</span></i> – The Company relies on a limited number of suppliers and contract manufacturers. In particular, a single supplier is currently the sole manufacturer of the Company’s CBD products.</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 0 0 0.5in; text-align: justify; background-color: white"><i><span style="text-decoration: underline">Concentration of Loans Receivable, Other</span></i> –At December 31, 2022 and June 30, 2022, the Company had $<span id="xdx_907_eus-gaap--OtherReceivablesNetCurrent_iI_do_c20221231__srt--MajorCustomersAxis__custom--OneBorrowerMember_zRxnFRzgEfAa" title="Loans receivables other">17,533</span> and $<span id="xdx_904_eus-gaap--OtherReceivablesNetCurrent_iI_do_c20220630__srt--MajorCustomersAxis__custom--OneBorrowerMember_zWD6biOvFqt4" title="Loans receivables other">18,380</span> in loans receivable, other. At December 31, 2022 and June 30, 2022, one borrower accounted for <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220701__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--NotesReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneBorrowerMember_zAMQ3k1gLhB6" title="Concentration risk percentage"><span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210701__20220630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--NotesReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneBorrowerMember_z2xu8kDVcO62" title="Concentration risk percentage">100</span></span>% of the Company’s total loans receivable, other. The one borrower is controlled by the Company’s sole officer and director.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white"><span style="background-color: white"><i><span style="text-decoration: underline">Concentration of Notes Receivable </span></i>– The Company had notes receivable of $<span id="xdx_905_eus-gaap--NotesAndLoansReceivableNetNoncurrent_iI_do_c20221231__srt--MajorCustomersAxis__custom--OneBorrowerMember_z8GyGUoc3hm3" title="Notes receivable">350,000</span> and $<span id="xdx_903_eus-gaap--NotesAndLoansReceivableNetNoncurrent_iI_do_c20220630__srt--MajorCustomersAxis__custom--OneBorrowerMember_zgQ8p5Wk8Yl8" title="Notes receivable">350,000</span> at December 31, 2022 and June 30, 2022, respectively. At December 31, 2022, one borrower accounted for <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220701__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--NotesReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneBorrowerMember_zR4ZtzpEOFoa" title="Concentration risk percentage">100</span>% of the Company’s total notes receivable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | ||
CY2022Q4 | us-gaap |
Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
|
5000 | usd |
CY2022Q2 | us-gaap |
Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
|
5000 | usd |
us-gaap |
Revenues
Revenues
|
95000 | usd | |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
33600000000 | shares | |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1500660030 | shares | |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_84E_eus-gaap--UseOfEstimates_zn6cKkJKieL9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86E_z8VofUSk6MTf">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 financial statements and reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | ||
CY2019Q4 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents
|
546411 | usd |
CY2019Q4 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Inventory
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory
|
70580 | usd |
CY2019Q4 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
|
36363 | usd |
CY2019Q4 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
|
653354 | usd |
CY2019Q4 | us-gaap |
Goodwill
Goodwill
|
1346646 | usd |
CY2019Q4 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
|
2000000 | usd |
CY2019Q4 | us-gaap |
Goodwill
Goodwill
|
1346646 | usd |
us-gaap |
Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
|
-1346646 | usd | |
us-gaap |
Asset Impairment Charges
AssetImpairmentCharges
|
0 | usd | |
CY2022 | us-gaap |
Asset Impairment Charges
AssetImpairmentCharges
|
473323 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
36363 | usd |
CY2022Q2 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
36363 | usd |
CY2022Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
16015 | usd |
CY2022Q2 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
13419 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
20348 | usd |
CY2022Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
22944 | usd |
us-gaap |
Depreciation
Depreciation
|
2596 | usd | |
us-gaap |
Depreciation
Depreciation
|
2598 | usd | |
CY2022Q4 | us-gaap |
Accounts And Notes Receivable Net
AccountsAndNotesReceivableNet
|
350000 | usd |
CY2022Q4 | us-gaap |
Accrued Bonuses Current And Noncurrent
AccruedBonusesCurrentAndNoncurrent
|
18074 | usd |
CY2022Q4 | us-gaap |
Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
|
300000 | usd |
CY2022Q2 | us-gaap |
Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
|
387500 | usd |
CY2022 | GTLL |
Forgiveness Of Debt Including Accrued Interest
ForgivenessOfDebtIncludingAccruedInterest
|
449293 | usd |
CY2022Q4 | us-gaap |
Derivative Liabilities
DerivativeLiabilities
|
568684 | usd |
CY2022Q2 | us-gaap |
Derivative Liabilities
DerivativeLiabilities
|
1272799 | usd |
us-gaap |
Convertible Preferred Stock Terms Of Conversion
ConvertiblePreferredStockTermsOfConversion
|
All shares of the Series K Super Voting Preferred Stock shall rank (i) senior to the Corporation’s (A) Common Stock, par value $0.0001 per share (“Common Stock”), and any other class or series of capital stock of the Corporation hereafter created, except as otherwise provided in clauses (ii) and (iii) of this Section 4, (ii) pari passu with any class or series of capital stock of the Corporation hereafter created and specifically ranking, by its terms, on par with the Series K Super Voting Preferred-Stock and (iii) junior to any class or series of capital stock of the Corporation hereafter created specifically ranking, by its terms, senior to the Series K Preferred Stock, in each case as to distribution of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary | ||
us-gaap |
Common Stock Voting Rights
CommonStockVotingRights
|
The holders of the Class A Shares and the Class B Shares shall vote as a single class on all matters submitted to a vote of the stockholders, with each Class A Share being entitled to one (1) vote and each Class B Share being entitled to six (6) votes, except as otherwise provided by law | ||
CY2022Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-166320069 | usd |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-324425 | usd |