2023 Q4 Form 10-K Financial Statement

#000149315223046428 Filed on December 29, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q2 2023
Revenue $3.000K $17.00K
YoY Change -82.94% -86.35%
Cost Of Revenue $0.00 $0.00
YoY Change -100.0% -100.0%
Gross Profit $3.000K $17.00K
YoY Change -42.08% -84.75%
Gross Profit Margin 100.0% 100.0%
Selling, General & Admin $10.26K $115.1K $33.59K
YoY Change -0.48% -60.0% -77.22%
% of Gross Profit 3836.33% 197.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.298K $1.300K $5.192K
YoY Change 0.0% 0.78% -0.02%
% of Gross Profit 43.33% 30.54%
Operating Expenses $63.10K $116.4K $540.2K
YoY Change 63.86% -59.73% -11.56%
Operating Profit -$63.10K -$113.4K -$523.2K
YoY Change 157.44% -60.05% 4.79%
Interest Expense -$3.392M -$21.54K -$155.8K
YoY Change -1729.08% -96.35% -71.01%
% of Operating Profit
Other Income/Expense, Net -$3.392M -$355.0K -$510.8K
YoY Change -1729.11% -34.43%
Pretax Income -$3.455M -$489.9K -$1.034M
YoY Change -1980.81% -63.63% -19.11%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$3.455M -$489.9K -$1.034M
YoY Change -1980.81% -63.63% -19.11%
Net Earnings / Revenue -16331.0% -6082.59%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 14.69B shares 14.49B shares
Diluted Shares Outstanding 14.69B shares 14.43B shares

Balance Sheet

Concept 2023 Q4 2023 Q2 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.69K $18.30K $18.30K
YoY Change 15171.43% -94.36% -94.36%
Cash & Equivalents $10.69K $18.30K $18.30K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $10.69K $18.30K $18.30K
YoY Change -72.54% -94.85% -94.85%
LONG-TERM ASSETS
Property, Plant & Equipment $15.16K $17.75K $17.75K
YoY Change -25.52% -22.63% -22.62%
Goodwill $2.890M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.505M $32.75K $15.00K
YoY Change 1656.5% -91.22%
Total Long-Term Assets $6.505M $32.75K $32.75K
YoY Change 1656.5% -91.22% -91.22%
TOTAL ASSETS
Total Short-Term Assets $10.69K $18.30K $18.30K
Total Long-Term Assets $6.505M $32.75K $32.75K
Total Assets $6.516M $51.05K $51.05K
YoY Change 1491.98% -92.99% -92.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.77K $31.66K $31.66K
YoY Change -31.31% 103.43% 103.47%
Accrued Expenses $170.6K $74.98K $74.98K
YoY Change 119.81% 56.73% 56.73%
Deferred Revenue
YoY Change
Short-Term Debt $3.660M $392.3K $392.3K
YoY Change 1110.88% 0.64% 0.64%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.13M $1.680M $1.680M
YoY Change 931.4% 0.21% 0.21%
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 $10.13M $1.680M $1.680M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $10.13M $1.680M $1.680M
YoY Change 931.4% 0.21% 0.21%
SHAREHOLDERS EQUITY
Retained Earnings -$169.7M -$167.5M
YoY Change 2.04% 0.62%
Common Stock $161.0M $161.4M
YoY Change -2.07% -1.62%
Preferred Stock $1.702M $1.472M
YoY Change 22.9% 6.29%
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.009M -$4.528M -$1.629M
YoY Change
Total Liabilities & Shareholders Equity $6.516M $51.05K $51.05K
YoY Change 1491.98% -92.99% -92.99%

Cashflow Statement

Concept 2023 Q4 2023 Q2 2023
OPERATING ACTIVITIES
Net Income -$3.455M -$489.9K -$1.034M
YoY Change -1980.81% -63.63% -19.11%
Depreciation, Depletion And Amortization $1.298K $1.300K $5.192K
YoY Change 0.0% 0.78% -0.02%
Cash From Operating Activities -$72.49K -$62.56K -$392.4K
YoY Change 1924.86% -69.26% -18.99%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$15.00K -$15.00K
YoY Change -85.0% -95.71%
Cash From Investing Activities $0.00 -$15.00K -$15.00K
YoY Change -85.0% -95.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 70.00K 95.85K $101.2K
YoY Change -11648.19% -90.82%
NET CHANGE
Cash From Operating Activities -72.49K -62.56K -$392.4K
Cash From Investing Activities 0.000 -15.00K -$15.00K
Cash From Financing Activities 70.00K 95.85K $101.2K
Net Change In Cash -2.490K 18.29K -$306.2K
YoY Change -30.45% -106.01% -214.17%
FREE CASH FLOW
Cash From Operating Activities -$72.49K -$62.56K -$392.4K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2022 us-gaap Amortization Of Debt Discount Premium
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-1278315 usd
CY2023 us-gaap Net Income Loss
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-1034040 usd
CY2022 us-gaap Net Income Loss
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-1278315 usd
CY2023 us-gaap Earnings Per Share Basic
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-0.00
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
CY2023 us-gaap Weighted Average Number Of Shares Issued Basic
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14431158384 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14431158384 shares
CY2022 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
12337881004 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12337881004 shares
CY2021Q2 us-gaap Stockholders Equity
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-1045063 usd
CY2022 GTLL Stock Issued During Period Value Of Common Stock For Shares Purchased Through Regulation Offering
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CY2022 GTLL Stock Issued During Period Value Of Common Stock To Noteholders In Satisfaction Of Principal And Interest
StockIssuedDuringPeriodValueOfCommonStockToNoteholdersInSatisfactionOfPrincipalAndInterest
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CY2022 us-gaap Net Income Loss
NetIncomeLoss
-1278315 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
-947748 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
-947748 usd
CY2023 GTLL Stock Issued During Period Value Of Common Stock To Noteholders In Satisfaction Of Principal And Interest
StockIssuedDuringPeriodValueOfCommonStockToNoteholdersInSatisfactionOfPrincipalAndInterest
251098 usd
CY2023 us-gaap Conversion Of Stock Shares Converted1
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300000000 shares
CY2023 GTLL Issuance Of Series L Preferred Stock In Satisfaction Of Professional Fees
IssuanceOfSeriesLPreferredStockInSatisfactionOfProfessionalFees
75000 usd
CY2023 GTLL Stock Issued During Period Value Conversion Of Share L Preferred Stock
StockIssuedDuringPeriodValueConversionOfShareLPreferredStock
-2899488 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-1034040 usd
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StockholdersEquity
-4528007 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-1034040 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-1278315 usd
CY2023 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
75000 usd
CY2023 GTLL Issuance Of Stock And Warrants For Services Or Claims One
IssuanceOfStockAndWarrantsForServicesOrClaimsOne
27171 usd
CY2023 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-67799 usd
CY2022 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-51274 usd
CY2022 GTLL Forgiveness Of Debt And Accrued Interest
ForgivenessOfDebtAndAccruedInterest
449293 usd
CY2022 GTLL Gain Loss On Issuance On Notes Payable
GainLossOnIssuanceOnNotesPayable
-217372 usd
CY2023 GTLL Writeoff Of Notes And Accrued Interest Receivable
WriteoffOfNotesAndAccruedInterestReceivable
369838 usd
CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
473323 usd
CY2023 us-gaap Depreciation
Depreciation
5192 usd
CY2022 us-gaap Depreciation
Depreciation
5193 usd
CY2023 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
49863 usd
CY2022 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
425122 usd
CY2022 us-gaap Increase Decrease In Accounts And Notes Receivable
IncreaseDecreaseInAccountsAndNotesReceivable
31218 usd
CY2022 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-12000 usd
CY2023 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
16095 usd
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
11439 usd
CY2023 GTLL Increase Decrease In Accrued Interest Net
IncreaseDecreaseInAccruedInterestNet
30645 usd
CY2022 GTLL Increase Decrease In Accrued Interest Net
IncreaseDecreaseInAccruedInterestNet
78693 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-392437 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-484410 usd
CY2023 GTLL Deposit On Building
DepositOnBuilding
15000 usd
CY2022 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
350000 usd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-15000 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-350000 usd
CY2023 GTLL Proceeds From Loan
ProceedsFromLoan
11243 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
915200 usd
CY2023 GTLL Proceeds From Notes Payablehird Parties
ProceedsFromNotesPayablehirdParties
90000 usd
CY2022 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
26597 usd
CY2022 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
223750 usd
CY2022 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
9749 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
101243 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1102604 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-306194 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
268194 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
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
18300 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
324494 usd
CY2022 us-gaap Stock Issued1
StockIssued1
299100 usd
CY2022 GTLL Cancellation Of Common Stock To Be Issued
CancellationOfCommonStockToBeIssued
212803 usd
CY2023 GTLL Issuance Of Common Stock For Debt
IssuanceOfCommonStockForDebt
251098 usd
CY2022 GTLL Issuance Of Common Stock For Debt
IssuanceOfCommonStockForDebt
411119 usd
CY2023 GTLL Issuance Of Series L Preferred Stock For Payment Of Notes Payable And Accrued Interest
IssuanceOfSeriesLPreferredStockForPaymentOfNotesPayableAndAccruedInterest
75000 usd
CY2022 GTLL Issuance Of Series L Preferred Stock For Return Of Common Stock
IssuanceOfSeriesLPreferredStockForReturnOfCommonStock
102803 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
CY2023 us-gaap Basis Of Accounting
BasisOfAccounting
<p id="xdx_800_eus-gaap--BasisOfAccounting_zKieeVtgjz38" 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_82A_z9b8AqOXDDUe">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"><b> </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">The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for financial statements and with Form 10-K 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 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 consolidated financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of June 30, 2023 and the results of operations, changes in stockholders’ equity, and cash flows for the periods presented.</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; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">As of June 30, 2023, Global Technologies had five wholly owned subsidiaries: TCBM Holdings, LLC (“TCBM”), HMNRTH, LLC (“HMNRTH”), 911 Help Now, LLC (“911”), Markets on Main, LLC (“MOM”) and Tersus Power, Inc. (“Tersus”). As of June 30, 2023, the Company had a minority investment in one entity, Global Clean Solutions, LLC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0; text-align: justify"><b> </b></p>
CY2023Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q2 us-gaap Cash
Cash
18300 usd
CY2023Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
0 usd
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_z1AiWM4yJUl3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86F_z2dqwtXbaLZ2">Concentrations of Risks</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><i><span style="text-decoration: underline">Concentration of Accounts Receivable </span></i>– On June 30, 2023, the Company had $<span id="xdx_905_eus-gaap--AccountsAndOtherReceivablesNetCurrent_iI_do_c20230630_zJ1iAsvOfHyf" title="Accounts receivables"><span style="-sec-ix-hidden: xdx2ixbrl0703">-</span></span> in accounts receivable. At June 30, 2023, the Company elected to write-off $<span id="xdx_904_ecustom--AccountsReceivableWriteOffs_c20220701__20230630_z3aJSzLlYC8a" title="Accounts receivable write offs">5,000</span> in accounts receivable from one client the Company was providing consulting services. On June 30, 2022, the Company had $<span id="xdx_903_eus-gaap--AccountsAndOtherReceivablesNetCurrent_iI_do_c20220630_zzWuCTILLq26" title="Accounts receivables">5,000</span> in accounts receivable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; 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 year ended June 30, 2023, one customer accounted for <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220701__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomersMember_z6dnQpma9ZW7" title="Concentration risk percentage">100</span>% of the Company’s revenue. For the year ended June 30, 2022, two customers accounted for approximately<span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210701__20220630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zMvpdY9Z0lNi" title="Concentration risk percentage"> 20</span>% of the Company’s revenue each.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For the years ended June 30, 2023 and 2022</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE C - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; 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. 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-top: 0pt; margin-bottom: 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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; 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> – On June 30, 2023 and 2022, the Company had $<span id="xdx_909_eus-gaap--OtherReceivablesNetCurrent_iI_do_c20230630__srt--MajorCustomersAxis__custom--OneBorrowerMember_z5Iu9AsEvgAk" title="Loans receivables other"><span style="-sec-ix-hidden: xdx2ixbrl0713">-</span></span> and $<span id="xdx_90B_eus-gaap--OtherReceivablesNetCurrent_iI_do_c20220630__srt--MajorCustomersAxis__custom--OneBorrowerMember_zpHsGpZaVNH3" title="Loans receivables other">18,380</span> outstanding in</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">loans receivable, other, respectively. On June 30, 2022, one borrower accounted for <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220701__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--LoansReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneBorrowerMember_zzCpfGWT33Kh" title="Concentration risk percentage"><span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210701__20220630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--LoansReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneBorrowerMember_zKrV60Tedp1f" title="Concentration risk percentage">100</span></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of the Company’s total loans receivable, other.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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: 0 0 0 0.5in; text-align: justify; background-color: white"><i><span style="text-decoration: underline">Concentration of Notes Receivable</span></i> – The Company had notes receivable of $<span id="xdx_906_eus-gaap--NotesAndLoansReceivableNetNoncurrent_iI_do_c20230630__srt--MajorCustomersAxis__custom--OneBorrowerMember_zsiejTMhWC69" title="Notes receivable"><span style="-sec-ix-hidden: xdx2ixbrl0721">-</span></span> and $<span id="xdx_907_eus-gaap--NotesAndLoansReceivableNetNoncurrent_iI_do_c20220630__srt--MajorCustomersAxis__custom--OneBorrowerMember_z3uHe4YKOtP5" title="Notes receivable">350,000</span> on June 30, 2023 and 2022, respectively. On June 30, 2022, one borrower accounted for <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220701__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--NotesReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneBorrowerMember_zdusS5eoJFTf" title="Concentration risk percentage">100</span>% of the Company’s total notes receivable. <span style="background-color: white">Please <i>see</i> <b>NOTE F – NOTE RECEIVABLE</b> for further information.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023 GTLL Accounts Receivable Write Offs
AccountsReceivableWriteOffs
5000 usd
CY2022Q2 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
5000 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
113004 usd
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21900000000 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3717213115 shares
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_840_eus-gaap--UseOfEstimates_zl7ABkvQR4nj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_865_zaF3VYTG1C2g">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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-top: 0pt; margin-bottom: 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-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2019Q4 us-gaap Goodwill
Goodwill
1346646 usd
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
us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
-1346646 usd
CY2023 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2022 us-gaap Asset Impairment Charges
AssetImpairmentCharges
473323 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
36363 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
36363 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
18611 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13419 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17752 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22944 usd
CY2023 us-gaap Depreciation
Depreciation
5192 usd
CY2022 us-gaap Depreciation
Depreciation
5193 usd
CY2022Q2 us-gaap Accounts And Notes Receivable Net
AccountsAndNotesReceivableNet
350000 usd
CY2023Q2 us-gaap Notes Payable
NotesPayable
390000 usd
CY2022Q2 us-gaap Notes Payable
NotesPayable
387500 usd
CY2022 GTLL Forgiveness Of Debt And Accrued Interest
ForgivenessOfDebtAndAccruedInterest
449293 usd
CY2023Q2 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
1180680 usd
CY2022Q2 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
1272799 usd
CY2023 GTLL Preferred Stock Rank Description
PreferredStockRankDescription
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.
CY2023 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.
CY2023Q2 GTLL Stock Issued During Period Value Conversion Of Share L Preferred Stock
StockIssuedDuringPeriodValueConversionOfShareLPreferredStock
2899448 usd
CY2023Q2 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
0.0002
CY2023Q2 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
14497440097 shares
CY2022 GTLL Common Stock Returned
CommonStockReturned
390000000 shares
CY2021Q4 GTLL Number Of Shares Issued And Outstanding Shares Declared As Void
NumberOfSharesIssuedAndOutstandingSharesDeclaredAsVoid
2991000000 shares
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21 pure
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.35 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21 pure
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21 pure
CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-217148 usd
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-268446 usd
CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
15750 usd
CY2023 GTLL Income Tax Reconciliation Nondeductible Expense Income From Derivative Liability
IncomeTaxReconciliationNondeductibleExpenseIncomeFromDerivativeLiability
14238 usd
CY2022 GTLL Income Tax Reconciliation Nondeductible Expense Income From Derivative Liability
IncomeTaxReconciliationNondeductibleExpenseIncomeFromDerivativeLiability
10768 usd
CY2022 GTLL Income Tax Reconciliation Nondeductible Default Principle
IncomeTaxReconciliationNondeductibleDefaultPrinciple
4700 usd
CY2022 GTLL Income Tax Reconciliation Nondeductible Loss On Issuance Of Convertible Notes
IncomeTaxReconciliationNondeductibleLossOnIssuanceOfConvertibleNotes
45652 usd
CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense Amortization
IncomeTaxReconciliationNondeductibleExpenseAmortization
10471 usd
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Amortization
IncomeTaxReconciliationNondeductibleExpenseAmortization
89276 usd
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
IncomeTaxReconciliationNondeductibleExpenseImpairmentLosses
99398 usd
CY2022 GTLL Income Tax Reconciliation Nondeductible Expense Forgiveness Of Debt And Accrued Interest
IncomeTaxReconciliationNondeductibleExpenseForgivenessOfDebtAndAccruedInterest
-94352 usd
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
176689 usd
CY2023Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
841378 usd
CY2022Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
451785 usd
CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
841378 usd
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
451785 usd
CY2023 GTLL Deferred Tax Assets Valuation Allowance Percentage
DeferredTaxAssetsValuationAllowancePercentage
1 pure
CY2023 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
The Company will continue to review this valuation allowance and make adjustments as appropriate. $3,517,654 of the net operating loss can be carried forward indefinitely.
CY2023Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
3517654 usd
CY2023Q2 GTLL Percentage Of Taxable Income
PercentageOfTaxableIncome
0.80 pure
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-167478377 usd
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-166444337 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-392437 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-484410 usd

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0001493152-23-046428-index.html Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
form10-k.htm Edgar Link pending
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gtll-20230630.xsd Edgar Link pending
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form10-k_htm.xml Edgar Link completed
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gtll-20230630_cal.xml Edgar Link unprocessable
gtll-20230630_pre.xml Edgar Link unprocessable