2023 Q2 Form 10-Q Financial Statement

#000149315223018727 Filed on May 23, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $3.000K $11.93K
YoY Change -82.94% -20.47%
Cost Of Revenue $0.00 $600.00
YoY Change -100.0%
Gross Profit $3.000K $11.33K
YoY Change -42.08% -24.47%
Gross Profit Margin 100.0% 94.97%
Selling, General & Admin $115.1K $4.497K $122.6K
YoY Change -60.0% -96.33% 1.79%
% of Gross Profit 3836.33% 1081.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.300K $1.298K $1.300K
YoY Change 0.78% -0.15% 73.33%
% of Gross Profit 43.33% 11.47%
Operating Expenses $116.4K $46.30K $123.9K
YoY Change -59.73% -62.63% 2.22%
Operating Profit -$113.4K -$46.30K -$112.5K
YoY Change -60.05% -58.86% 5.99%
Interest Expense -$21.54K -$622.1K -$207.7K
YoY Change -96.35% 199.5% -101.11%
% of Operating Profit
Other Income/Expense, Net -$355.0K -$622.1K -$270.7K
YoY Change 129.77%
Pretax Income -$489.9K -$668.4K -$383.3K
YoY Change -63.63% 74.38% -102.34%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$489.9K -$668.4K -$383.3K
YoY Change -63.63% 74.38% -102.34%
Net Earnings / Revenue -16331.0% -3212.82%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 -$30.66
COMMON SHARES
Basic Shares Outstanding 14.49B shares 14.49B shares
Diluted Shares Outstanding 14.49B shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.30K $0.00 $628.9K
YoY Change -94.36% -100.0% 4696.72%
Cash & Equivalents $18.30K $628.9K
Short-Term Investments
Other Short-Term Assets $33.33K
YoY Change
Inventory $12.40K
Prepaid Expenses
Receivables $5.000K $30.00K
Other Receivables $17.53K $24.66K
Total Short-Term Assets $18.30K $43.19K $729.2K
YoY Change -94.85% -94.08% 2186.02%
LONG-TERM ASSETS
Property, Plant & Equipment $17.75K $19.05K $24.24K
YoY Change -22.63% -21.41% -21.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $32.75K $369.1K
YoY Change -91.22%
Total Long-Term Assets $32.75K $369.1K $747.6K
YoY Change -91.22% -50.63% -39.11%
TOTAL ASSETS
Total Short-Term Assets $18.30K $43.19K $729.2K
Total Long-Term Assets $32.75K $369.1K $747.6K
Total Assets $51.05K $412.2K $1.477M
YoY Change -92.99% -72.09% 17.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.66K $52.69K $4.000K
YoY Change 103.43% 1217.33% -69.11%
Accrued Expenses $74.98K $105.0K $35.04K
YoY Change 56.73% 199.63% 286.75%
Deferred Revenue
YoY Change
Short-Term Debt $392.3K $307.6K $429.3K
YoY Change 0.64% -28.34% 31.58%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.680M $1.653M $1.167M
YoY Change 0.21% 41.62% -6.38%
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 $1.680M $1.653M $1.167M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.680M $1.653M $1.167M
YoY Change 0.21% 41.62% -6.38%
SHAREHOLDERS EQUITY
Retained Earnings -$167.5M -$167.0M
YoY Change 0.62%
Common Stock $161.4M $164.4M
YoY Change -1.62%
Preferred Stock $1.472M $1.385M
YoY Change 6.29%
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.528M -$1.241M $309.6K
YoY Change
Total Liabilities & Shareholders Equity $51.05K $412.2K $1.477M
YoY Change -92.99% -72.09% 17.24%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$489.9K -$668.4K -$383.3K
YoY Change -63.63% 74.38% -102.34%
Depreciation, Depletion And Amortization $1.300K $1.298K $1.300K
YoY Change 0.78% -0.15% 73.33%
Cash From Operating Activities -$62.56K -$5.450K -$143.0K
YoY Change -69.26% -96.19% -46.95%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$15.00K $0.00 -$100.0K
YoY Change -85.0% -100.0%
Cash From Investing Activities -$15.00K $0.00 -$100.0K
YoY Change -85.0% -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 95.85K 5.390K 254.0K
YoY Change -11648.19% -97.88% -8.42%
NET CHANGE
Cash From Operating Activities -62.56K -5.450K -143.0K
Cash From Investing Activities -15.00K 0.000 -100.0K
Cash From Financing Activities 95.85K 5.390K 254.0K
Net Change In Cash 18.29K -60.00 11.08K
YoY Change -106.01% -100.54% 39.55%
FREE CASH FLOW
Cash From Operating Activities -$62.56K -$5.450K -$143.0K
Capital Expenditures
Free Cash Flow
YoY Change

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IssuanceOfCommonStockToNoteholdersInSatisfactionOfPrincipalAndInterest
164437 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-383286 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
309626 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
-572382 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-668382 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
-1240764 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
-1045063 usd
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
915200 usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
370819 usd
us-gaap Net Income Loss
NetIncomeLoss
68670 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
309626 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
-544114 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
-1240764 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
-1240764 usd
us-gaap Net Income Loss
NetIncomeLoss
-544114 usd
us-gaap Net Income Loss
NetIncomeLoss
68670 usd
GTLL Gain From Forgiveness Of Debt And Interest
GainFromForgivenessOfDebtAndInterest
449294 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-74988 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
478047 usd
GTLL Loss On Issuance On Notes Payable
LossOnIssuanceOnNotesPayable
217393 usd
us-gaap Depreciation
Depreciation
3894 usd
us-gaap Depreciation
Depreciation
3895 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
49863 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
381013 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
12402 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
30000 usd
us-gaap Increase Decrease In Interest And Dividends Receivable
IncreaseDecreaseInInterestAndDividendsReceivable
13137 usd
us-gaap Increase Decrease In Interest And Dividends Receivable
IncreaseDecreaseInInterestAndDividendsReceivable
6277 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-12000 usd
GTLL Increase Decrease In Prepaid Management Services Expenses
IncreaseDecreaseInPrepaidManagementServicesExpenses
33333 usd
us-gaap Increase Decrease In Finance Receivables
IncreaseDecreaseInFinanceReceivables
-847 usd
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
14598 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
37131 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-123 usd
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
22573 usd
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
60227 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
38074 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-329881 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-280876 usd
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
250000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-250000 usd
GTLL Proceeds From Issuance Of Stock For Regulation Financing
ProceedsFromIssuanceOfStockForRegulationFinancing
915200 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
8927 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
26597 usd
GTLL Borrowings From Loans Payable Officer
BorrowingsFromLoansPayableOfficer
5387 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
223750 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5387 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1103426 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-324494 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
572550 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
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
628850 usd
GTLL Cancellation Of Common Stock And Stock To Be Issued
CancellationOfCommonStockAndStockToBeIssued
212803 usd
GTLL Cancellation Of Common Stock As Per Court Order
CancellationOfCommonStockAsPerCourtOrder
299100 usd
GTLL Issuance Of Common Stock For Debt And Accrued Interest
IssuanceOfCommonStockForDebtAndAccruedInterest
251098 usd
GTLL Issuance Of Common Stock For Debt And Accrued Interest
IssuanceOfCommonStockForDebtAndAccruedInterest
370819 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
CY2019Q4 us-gaap Goodwill
Goodwill
1346646 usd
us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
-1346646 usd
us-gaap Basis Of Accounting
BasisOfAccounting
<p id="xdx_805_eus-gaap--BasisOfAccounting_zs14wwJy9jSh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE B – <span id="xdx_82A_zxQXwGvnYczc">BASIS OF PRESENTATION</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; 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 March 31, 2023 and the results of operations, changes in stockholders’ equity, and cash flows for the periods presented. The results of operations for the three and nine months ended March 31, 2023 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 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 0; 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 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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><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 0; 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 0; 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For the nine months ended March 31, 2023 and 2022</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
0 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84E_eus-gaap--ConcentrationRiskCreditRisk_z9tuHnxNqii3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_860_z7QRNqYx0Slc">Concentrations of Risks</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0 0pt 0.5in; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Concentration of Accounts Receivable</span></i> –At <span style="background-color: white">March 31, 2023</span> and June 30, 2022, the Company had $<span id="xdx_90A_eus-gaap--AccountsAndOtherReceivablesNetCurrent_iI_do_c20230331_zYdr3Sc1d7R9" title="Accounts receivables">5,000</span> and $<span id="xdx_90C_eus-gaap--AccountsAndOtherReceivablesNetCurrent_iI_c20220630_zgSH3MbkXrPe" title="Accounts receivables">5,000</span> in accounts receivable, respectively. For the nine months ended <span style="background-color: white">March 31, 2023</span>, one customer accounted for <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220701__20230331__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_z8S45BxteBH6" title="Concentration risk percentage">100</span>% of accounts receivable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0 0pt 0.5in; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Concentration of Revenues</span></i> – For the nine months ended <span style="background-color: white">March 31, 2023</span>, the Company generated $<span id="xdx_902_eus-gaap--Revenues_c20220701__20230331__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zlvQvZRuQGV3" title="Revenues">14,000</span> in revenue from one customer. For the nine months ended <span style="background-color: white">March 31, 2022</span>, the Company generated $<span id="xdx_90B_eus-gaap--Revenues_c20210701__20220331_zhHCTYdjXlK2" title="Revenues">106,927</span> revenue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0 0pt 0.5in; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0 0pt 0.5in; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Concentration of Loans Receivable, Other</span></i> –At <span style="background-color: white">March 31, 2023 </span>and June 30, 2022, the Company had $<span id="xdx_90E_eus-gaap--OtherReceivablesNetCurrent_iI_do_c20230331__srt--MajorCustomersAxis__custom--OneBorrowerMember_zLF7ZIcZgme8" title="Loans receivables other">17,533</span> and $<span id="xdx_900_eus-gaap--OtherReceivablesNetCurrent_iI_do_c20220630__srt--MajorCustomersAxis__custom--OneBorrowerMember_znZwOSHN6kdg" title="Loans receivables other">18,380</span> in loans receivable, other. At <span style="background-color: white">March 31, 2023 </span>and June 30, 2022, one borrower accounted for <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220701__20230331__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--NotesReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneBorrowerMember_z4gIrvaa5AN7" title="Concentration risk percentage"><span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210701__20220630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--NotesReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneBorrowerMember_zB4RBczSPLg1" 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 0 0pt 0.5in; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i><span style="text-decoration: underline">Concentration of Notes Receivable </span></i>– The Company had notes receivable of $<span id="xdx_90D_eus-gaap--NotesAndLoansReceivableNetNoncurrent_iI_do_c20230331__srt--MajorCustomersAxis__custom--OneBorrowerMember_z46cqXZCldoa" title="Notes receivable">350,000</span> and $<span id="xdx_90A_eus-gaap--NotesAndLoansReceivableNetNoncurrent_iI_do_c20220630__srt--MajorCustomersAxis__custom--OneBorrowerMember_zdoDlfhqCtKg" title="Notes receivable">350,000</span> at March 31, 2023 and June 30, 2022, respectively. At March 31, 2023, one borrower accounted for <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220701__20230331__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--NotesReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneBorrowerMember_zekors3IUI76" 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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 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
106927 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2022 us-gaap Asset Impairment Charges
AssetImpairmentCharges
473323 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
2689890710 shares
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84D_eus-gaap--UseOfEstimates_zc2jr3La8RVf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_860_zwacgOwPXNWb">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; 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 0; 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
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
36363 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
36363 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
17313 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13419 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
19050 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22944 usd
us-gaap Depreciation
Depreciation
3894 usd
us-gaap Depreciation
Depreciation
3895 usd
CY2023Q1 us-gaap Accounts And Notes Receivable Net
AccountsAndNotesReceivableNet
350000 usd
CY2022Q2 us-gaap Accounts And Notes Receivable Net
AccountsAndNotesReceivableNet
350000 usd
CY2023Q1 us-gaap Accrued Bonuses Current And Noncurrent
AccruedBonusesCurrentAndNoncurrent
38074 usd
CY2022 GTLL Forgiveness Of Debt Including Accrued Interest
ForgivenessOfDebtIncludingAccruedInterest
449293 usd
CY2023Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
1187689 usd
CY2022Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
1272799 usd
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
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-166988451 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-329881 usd

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