Filed 2025-12-30 · Period ending 2025-06-30 · 50,294 words · SEC EDGAR
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# GLOBAL TECHNOLOGIES LTD (GTLL) — 10-K
**Filed:** 2025-12-30
**Period ending:** 2025-06-30
**Accession:** 0001493152-25-029524
**Source:** [SEC EDGAR](https://www.sec.gov/Archives/edgar/data/932021/000149315225029524/)
**Origin leaf:** 2687322001eb4d21d154e4abc5158152852724e1296b82ef772281063f766175
**Words:** 50,294
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**
UNITED
STATES**
**SECURITIES
AND EXCHANGE COMMISSION**
**WASHINGTON,
D.C. 20549**
**FORM
10-K**
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ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For
the fiscal year ended June 30, 2025
or
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For
the transition period from _____to _____
**Commission
File Number: 000-25668**
**GLOBAL
TECHNOLOGIES, LTD**
(Exact
name of registrant as specified in its charter)
|
Delaware |
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86-0970492 | |
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(State
or other jurisdiction
of
incorporation) |
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(IRS
Employer
Identification
No.) | |
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806
Green Valley Rd, Suite 200
Greensboro,
NC |
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27408 | |
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(Address
of principal executive offices) |
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(Zip
Code) | |
Registrants
telephone number, including area code: **(973) 233-5151**
**A
Registered Agent, Inc.**
**8
The Green, Suite A**
**Dover,
DE 19901**
**(302)
288-0670**
*(Name,
address, including zip code, and telephone number, including area code, of agent for service)*
Securities
registered pursuant to Section 12(b) of the Act:
|
Title
of each class |
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Trading
Symbol(s) |
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Name
of each exchange on which registered | |
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Common
Stock, $0.0001 par value per share |
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GTLL |
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OTC
Markets PINK | |
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes No
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.
Yes No
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
Yes No
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Yes No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer
smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.
|
Large
accelerated filer |
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Accelerated
filer | |
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Non-accelerated
filer |
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Smaller
Reporting Company | |
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Emerging
Growth Company | |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant has filed a report on and attestation to its managements assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrants executive officers during the relevant recovery period pursuant to 240.10D-1(b).
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
The
aggregate market value on December 31, 2024 (the last business day of the Companys most recently completed second quarter) of
the voting common stock held by non-affiliates of the registrant, computed by reference to the closing price of the stock on that date,
was approximately $2,937,688. The registrant does not have non-voting common stock outstanding.
As
of December 29, 2025, there were 14,688,440,097 shares of the registrants Class A common stock outstanding.
| | |
| | |
**CAUTIONARY
NOTE REGARDING FORWARD LOOKING STATEMENTS**
This
Annual Report on Form 10-K (this Annual Report) contains forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words believe, expect,
anticipate, intend, estimate, may, should, could,
will, plan, future, continue, and other expressions that are predictions of or
indicate future events and trends and that do not relate to historical matters identify forward-looking statements. These forward-looking
statements are based largely on our expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject
to various business risks and known and unknown uncertainties, a number of which are beyond our control. Therefore, actual results could
differ materially from the forward-looking statements contained in this document, and readers are cautioned not to place undue reliance
on such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise. A wide variety of factors could cause or contribute to such differences and
could adversely impact revenues, profitability, cash flows and capital needs. There can be no assurance that the forward-looking statements
contained in this document will, in fact, transpire or prove to be accurate. These statements are only predictions and involve known
and unknown risks, uncertainties and other factors, including the risks in the section entitled Risk Factors that may cause
our or our industrys actual results, levels of activity, performance or achievements to be materially different from any future
results, levels of activity, performance or achievements expressed or implied by any forward-looking statements.
Important
factors that may cause the actual results to differ from the forward-looking statements, projections or other expectations include, but
are not limited to, the following:
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risk
that we will not be able to remediate identified material weaknesses in our internal control over financial reporting and disclosure
controls and procedures; | |
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risk
that we fail to meet the requirements of the agreements under which we acquired our business interests, including any cash payments
to the business operations, which could result in the loss of our right to continue to operate or develop the specific businesses
described in the agreements; | |
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risk
that we will be unable to secure additional financing in the near future in order to commence and sustain our planned development
and growth plans; | |
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risk
that we cannot attract, retain and motivate qualified personnel, particularly employees, consultants and contractors for our operations; | |
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risks
and uncertainties relating to the various industries and operations we are currently engaged in; | |
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results
of initial feasibility, pre-feasibility and feasibility studies, and the possibility that future growth, development or expansion
will not be consistent with our expectations; | |
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risks
related to the inherent uncertainty of business operations including profit, cost of goods, production costs and cost estimates and
the potential for unexpected costs and expenses; | |
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risks
related to commodity price fluctuations; | |
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the
uncertainty of profitability based upon our history of losses; | |
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risks
related to failure to obtain adequate financing on a timely basis and on acceptable terms for our planned development projects; | |
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risks
related to environmental regulation and liability; | |
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risks
related to tax assessments; or | |
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other
risks and uncertainties related to our prospects, properties and business strategy. | |
Although
we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels
of activity, performance or achievements. You should not place undue reliance on these forward-looking statements, which speak only as
of the date of this report. Except as required by law, we do not undertake to update or revise any of the forward-looking statements
to conform these statements to actual results, whether as a result of new information, future events or otherwise.
| 2 | |
| | |
**OTHER
PERTINENT INFORMATION**
As
used in this annual report, Global Technologies, the Company, we, us, or our
refer to Global Technologies, Ltd, a Delaware corporation, and all of its subsidiaries, unless otherwise indicated.
**USE
OF MARKET AND INDUSTRY DATA**
This
Annual Report includes market and industry data that we have obtained from third-party sources, including industry publications, as well
as industry data prepared by our management on the basis of its knowledge of and experience in the industries in which we operate (including
our managements estimates and assumptions relating to such industries based on that knowledge). Management has developed its knowledge
of such industries through its experience and participation in these industries. While our management believes the third-party sources
referred to in this Annual Report are reliable, neither we nor our management have independently verified any of the data from such sources
referred to in this Annual Report or ascertained the underlying economic assumptions relied upon by such sources. Furthermore, internally
prepared and third-party market prospective information, in particular, are estimates only and there will usually be differences between
the prospective and actual results, because events and circumstances frequently do not occur as expected, and those differences may be
material. Also, references in this Annual Report to any publications, reports, surveys or articles prepared by third parties should not
be construed as depicting the complete findings of the entire publication, report, survey or article. The information in any such publication,
report, survey or article is not incorporated by reference in this Annual Report.
| 3 | |
| | |
**TABLE
OF CONTENTS**
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PAGE | |
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PART I |
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Item
1. |
Business |
5 | |
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Item
1A. |
Risk Factors |
10 | |
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Item
1B. |
Unresolved Staff Comments |
26 | |
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Item
1C. |
Cybersecurity |
26 | |
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Item
2. |
Properties |
26 | |
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Item
3. |
Legal Proceedings |
26 | |
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Item
4. |
Mine Safety Disclosures |
26 | |
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PART II |
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Item
5. |
Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
27 | |
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Item
6. |
Selected Financial Data |
29 | |
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Item
7. |
Managements Discussion and Analysis of Financial Condition and Results of Operations |
29 | |
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Item
7A. |
Quantitative and Qualitative Disclosures about Market Risk |
32 | |
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Item
8. |
Financial Statements and Supplementary Data |
33 | |
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Item
9. |
Changes in and Disagreements with Accountants on Accounting and Financial Disclosures |
62 | |
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Item
9A. |
Controls and Procedures |
62 | |
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Item
9B. |
Other Information |
63 | |
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PART III |
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Item
10. |
Directors, Executive Officers and Corporate Governance |
65 | |
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Item
11. |
Executive Compensation |
68 | |
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Item
12. |
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
69 | |
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Item
13. |
Certain Relationships and Related Transactions, and Director Independence |
72 | |
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Item
14. |
Principal Accounting Fees and Services |
73 | |
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PART
IV |
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Item
15. |
Exhibits |
74 | |
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Item
16. |
Form 10-K Summary |
74 | |
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Signatures |
75 | |
| 4 | |
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**PART
I**
**Item
1. Business.**
**Overview**
Global
Technologies, Ltd (Global Technologies) was incorporated under the laws of the State of Delaware on January 20, 1999 under
the name of NEW IFT Corporation. On August 13, 1999, the Company filed an Amended and Restated Certificate of Incorporation with the
State of Delaware to change the name of the corporation to Global Technologies, Ltd.
Our
principal executive office is located at 806 Green Valley Road, Suite 200, Greensboro, North Carolina 27408 and our telephone number
is (973) 233-5151. Our website address is www.globaltechnologiesltd.info. The information provided on our website is not part
of this Annual Report and is therefore not incorporated by reference unless such information is otherwise specifically referenced elsewhere
in this Annual Report.
**Current
Operations**
Global
Technologies, Ltd is a multi-operational company with a strong desire to drive transformative innovation and sustainable growth across
the technology and service sectors, empowering businesses and communities through advanced, scalable solutions that enhance connectivity,
efficiency, and environmental stewardship. The Company envisions a future where technology seamlessly integrates into every aspect of
life, improving the quality of life and the health of the planet. Our vision is to lead the industries we serve with groundbreaking initiatives
that set new standards in innovation, customer experience, and corporate responsibility, thereby creating enduring value for all shareholders.
*Our
wholly owned operating subsidiaries:*
*About
Primecare Supply, LLC*
**
Primecare
Supply, LLC (Primecare Supply) was formed as a Wyoming limited liability company on October 22, 2024, and commenced operations
in May 2025. Primecare Supply operates as a business-to-business (B2B) procurement company powered by the proprietary Sinq Ops software
platform. The Companys mission is to streamline and modernize the pharmaceutical supply chain by connecting fully licensed and
compliant 503B pharmaceutical manufacturers with licensed medical clinics across the United States.
Primecare
Supply facilitates these connections through both direct-to-clinic relationships and a network of authorized reseller partners. By leveraging
its Sinq Ops technology, the Company provides secure, transparent, and fully compliant ordering, fulfillment, and payment workflows.
Primecare Supply earns revenue on a per-transaction basis for facilitating these procurement activities.
Since
launching operations, Primecare Supply has established contractual relationships with multiple 503B manufacturers, several reseller partners,
and hundreds of licensed medical clinics actively utilizing the Sinq Ops procurement portal to manage their product supply needs.
Management
believes Primecare Supply represents a core growth engine for Global Technologies, Ltd., offering scalable infrastructure, recurring
transaction-based revenue, and a technology-enabled compliance advantage in the expanding health and wellness market.
*About
GTLL Advisory Group, LLC*
GTLL
Advisory Group, LLC (GTLL Advisory) was formed as a Wyoming limited liability company on May 20, 2025, as a wholly owned
subsidiary of Global Technologies, Ltd. (Global or the Company). GTLL Advisory did not commence financial
operations during fiscal year 2025.
GTLL
Advisory, operating under the trade name GloWell Advisors, was established to serve as the Companys strategic consulting and advisory
platform. The subsidiarys mission aligns with Globals broader focus on advancing innovation and technology within the health
and wellness industries.
GTLL
Advisorys purpose is to provide business transformation and value-enhancement services to small and mid-sized enterprisesparticularly
medical spas, wellness clinics, and professional service practicesthrough data-driven consulting, operational optimization, and
access to technology resources developed within the Global ecosystem.
Rooted
in Globals commitment to building sustainable businesses that improve both human and organizational well-being, GTLL Advisory
intends to combine strategy, technology, and financial insight to help clients achieve measurable growth and long-term stability.
Management
expects GTLL Advisory to commence revenue-generating operations in fiscal year 2026 as part of Globals expanding health-technology
and advisory services portfolio.
**
**
| 5 | |
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**
**
*About
10 Fold Services, LLC*
10
Fold Services, LLC (10 Fold Services) was formed as a Wyoming limited liability company on November 22, 2023. 10 Fold Services
was established as a strategic consulting and procurement agency focused on go-to-market planning and execution for companies in the
health and wellness sector. Through an automation-first approach, 10 Fold Services integrated internal and external resources to deliver
cost-effective and scalable marketing, sales, and technology solutions.
During
fiscal 2024, 10 Fold Services entered into agreements with a 503B pharmaceutical supplier to promote and facilitate the sale of GLP-1-based
products under the FDAs shortage provisions then in effect. In June 2025, following changes in FDA regulations and
the expiration of the GLP-1 shortage allowance, the Company and its supplier mutually agreed to close all active contracts. As a result,
10 Fold Services ceased procurement operations and currently remains idle.
The
limited liability company remains in good standing, though management has not yet determined its future direction. To preserve continuity
across business lines, 10 Fold Services transferredat no costcertain intellectual property, including customer and supplier
contacts and access to proprietary software systems, to Primecare Supply, LLC, another wholly owned subsidiary of Global Technologies,
Ltd.
Management
believes this transition allows Global to consolidate its resources and focus on expanding Primecare Supplys operational and technology
platforms within the broader health-and-wellness market
**
**
*About
GOe3, LLC*
GOe3,
LLC (GOe3) was formed as an Arizona limited liability company on February 12, 2000 and was acquired by Global Technologies,
Ltd. (Global or the Company) pursuant to a Share Exchange Agreement executed on March 15, 2024. GOe3 was
originally intended to develop and operate a network of universal electric vehicle (EV) charging stations positioned approximately
every 45 to 75 miles along major U.S. interstate highways. The companys platform was designed to include universal charging hardware,
integrated solar deployment, and a proprietary travel and business portal supporting multiple revenue streams.
During
fiscal 2025, Global determined that GOe3 had not met key operational and financial milestones required under the Share Exchange Agreement.
As a result, Global elected to terminate and cancel the acquisition and all related agreements. The cancellation of the GOe3 transaction
was previously disclosed on the Companys Form 8-K filing on July 2, 2025 with reference to the Companys Board Resolution
passed by the Board of Directors on June 30, 2025.
Following
the termination, Global wrote off its investment in GOe3 and all associated goodwill as of June 30, 2025. GOe3, LLC is no longer a subsidiary
of Global Technologies, Ltd.
Management
believes the decision to unwind the acquisition allowed Global to reallocate resources toward its core business segments in health technology,
procurement, and strategic advisory services.
**Research
and development**
For
the years ended June 30, 2025 and 2024, we had $0 and $0 research and development costs, respectively.
| 6 | |
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**Potential
Future Acquisitions**
In
implementing a structure for a particular business acquisition, we may become a party to a merger, consolidation, reorganization, joint
venture, or licensing agreement with another company or entity. We may also acquire stock or assets of an existing business. Upon consummation
of a transaction, it is probable that our present management and stockholders will no longer be in control of us. In addition, our sole
director may, as part of the terms of the acquisition transaction, resign and be replaced by new directors without a vote of our stockholders,
or sell his stock in us. Any such sale will only be made in compliance with the securities laws of the United States and any applicable
state.
It
is anticipated that any securities issued in any such acquisition would be issued in reliance upon exemption from registration under
application federal and state securities laws. In some circumstances, as a negotiated element of the transaction, we may agree to register
all or a part of such securities immediately after the transaction is consummated or at specified times thereafter. If such registration
occurs, it will be undertaken by the surviving entity after it has successfully consummated a merger or acquisition and is no longer
considered an inactive company.
The
issuance of substantial additional securities and their potential sale into any trading market which may develop in our securities may
have a depressive effect on the value of our securities in the future. There is no assurance that such a trading market will develop.
While
the actual terms of a transaction cannot be predicted, it is expected that the parties to any business transaction will find it desirable
to avoid the creation of a taxable event and thereby structure the business transaction in a so-called tax-free reorganization
under Sections 368(a)(1) or 351 of the Internal Revenue Code (the Code). In order to obtain tax-free treatment under the
Code, it may be necessary for the owner of the acquired business to own 80% or more of the voting stock of the surviving entity. In such
event, our stockholders would retain less than 20% of the issued and outstanding shares of the surviving entity. This would result in
significant dilution in the equity of our stockholders.
As
part of our investigation, we expect to meet personally with management and key personnel, visit and inspect material facilities, obtain
independent analysis of verification of certain information provided, check references of management and key personnel, and take other
reasonable investigative measures, to the extent of our limited financial resources and management expertise. The manner in which we
participate in an opportunity will depend on the nature of the opportunity, the respective needs and desires of both parties, and the
management of the opportunity.
With
respect to any merger or acquisition, and depending upon, among other things, the target companys assets and liabilities, our
stockholders will in all likelihood hold a substantially lesser percentage ownership interest in us following any merger or acquisition.
The percentage ownership may be subject to significant reduction in the event we acquire a target company with assets and expectations
of growth. Any merger or acquisition can be expected to have a significant dilutive effect on the percentage of shares held by our stockholders.
We
will participate in a business opportunity only after the negotiation and execution of appropriate written business agreements. Although
the terms of such agreements cannot be predicted, generally we anticipate that such agreements will (i) require specific representations
and warranties by all of the parties; (ii) specify certain events of default; (iii) detail the terms of closing and the conditions which
must be satisfied by each of the parties prior to and after such closing; (iv) outline the manner of bearing costs, including costs associated
with the Companys attorneys and accountants; (v) set forth remedies on defaults; and (vi) include miscellaneous other terms.
| 7 | |
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As
stated above, we will not acquire or merge with any entity which cannot provide independent audited financial statements within a reasonable
period of time after closing of the proposed transaction. If such audited financial statements are not available at closing, or within
time parameters necessary to ensure our compliance within the requirements of the 1934 Act, or if the audited financial statements provided
do not conform to the representations made by that business to be acquired, the definitive closing documents will provide that the proposed
transaction will be voidable, at the discretion of our present management. If such transaction is voided, the definitive closing documents
will also contain a provision providing for reimbursement for our costs associated with the proposed transaction.
There
are no guarantees that we will be successful in Closing any additional acquisitions or mergers.
**Competition**
*Primecare
Supply, LLC*
**
Primecare
Supply, LLC operates in a highly competitive segment of the pharmaceutical distribution and procurement industry. The Company competes
primarily with fully licensed 503B pharmaceutical manufacturers that sell products directly to medical clinics, as well as with other
third-party sales and distribution organizations serving the same market.
Management
believes Primecare Supplys competitive advantages lie in its diversified product offerings and the ease of use, transparency,
and compliance provided through its proprietary Sinq Ops buying portal. These features streamline purchasing workflows for clinics and
resellers while maintaining strict regulatory adherence.
Despite
these advantages, management recognizes that significant competitive forces remain within the industry. The Company intends to continuously
monitor both regulatory developments and market competition to ensure that future investments and expansion strategies are executed prudently
and in alignment with long-term stakeholder value.
*GTLL
Advisory Group, LLC*
**
GTLL
Advisory Group, LLC (GTLL Advisory) operates in a highly competitive segment of the professional services industry, particularly
within the medical spa and wellness clinic sector. Numerous consultants, coaches, and marketing firms actively target this market, creating
a crowded and fragmented competitive landscape.
Management
recognizes the intensity of this competition but believes GTLL Advisorys holistic, fiduciary-based approachfocused on solving
real operational and financial challengesdifferentiates the Company from traditional marketing or coaching firms. By integrating
sound business fundamentals, strategic advisory services, and measurable implementation support, GTLL Advisory aims to build healthier
and more sustainable client businesses.
Management
will continue to closely monitor customer acquisition performance, service quality, and market trends to ensure disciplined growth and
long-term stakeholder value.
**
*10
Fold Services, LLC*
**
Management
is not providing a current competitive analysis for 10 Fold Services, LLC at this time. During fiscal year 2025, all active business
operations and related commercial activities of 10 Fold Services were transitioned to Primecare Supply, LLC, a newly formed and wholly
owned operating subsidiary of Global Technologies, Ltd. As such, 10 Fold Services is presently inactive, and any discussion of competitive
conditions applicable to its former operations is no longer relevant to the Companys ongoing business strategy.
| 8 | |
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**Intellectual
Property**
We
rely on a combination of patent, trademark, copyright, unfair competition and trade secret laws, as well as confidentiality procedures
and contractual restrictions, to establish, maintain and protect our proprietary rights. Our success depends partly on our ability to
obtain and maintain proprietary protection for our products, technology and know-how, to operate without infringing the proprietary rights
of others, and to prevent others from infringing our proprietary rights.
As
of June 30, 2025, we had zero patents and zero patents pending.
**Investment
Company Act 1940**
Although
we will be subject to regulation under the Securities Act of 1933, as amended, and the 1934 Act, we believe we will not be subject to
regulation under the Investment Company Act of 1940 (the 1940 Act) insofar as we will not be engaged in the business of
investing or trading in securities. In the event we engage in business combinations that result in us holding passive investment interests
in a number of entities, we could be subject to regulation under the 1940 Act. In such event, we would be required to register as an
investment company and incur significant registration and compliance costs. We have obtained no formal determination from the SEC as
to our status under the 1940 Act and, consequently, any violation of the 1940 Act would subject us to material adverse consequences.
We believe that, currently, we are exempt under Regulation 3a-2 of the 1940 Act.
**Corporate
Information**
Our
principal executive office is located at 806 Green Valley Road, Suite 200, Greensboro, North Carolina 27408 and our telephone number
is (973) 233-5151. Our website address is www.globaltechnologiesltd.info.
**Human
Capital Resources**
Our
experienced employees and management team are some of our most valuable resources, and we are committed to attracting, motivating, and
retaining top talent. As of June 30, 2025, we had 2 full-time employees. None of our employees are represented by a union or covered
by a collective bargaining agreement. We have not experienced any work stoppages, and we consider our relationship with our employees
to be good.
Our
success is directly related to the satisfaction, growth, and development of our employees. We strive to offer a work environment where
employee opinions are valued and allow our employees to use and augment their professional skills. To achieve our human capital goals,
we intend to remain focused on providing our personnel with entrepreneurial opportunities to expand our business within their areas of
expertise and continue to provide our personnel with personal and professional growth. We emphasize several measures and objectives in
managing our human capital assets, including, among others, employee safety and wellness, talent acquisition and retention, employee
engagement, development and training, diversity and inclusion, and compensation and pay equity.
*Diversity
and Inclusion and Ethical Business Practices.*We believe that a company culture focused on diversity and inclusion is a crucial driver
of creativity and innovation. We also believe that diverse and inclusive teams make better business decisions, ultimately driving better
business outcomes. We are committed to recruiting, retaining, and developing high-performing, innovative, and engaged employees with
diverse backgrounds and experiences. This commitment includes providing equal access to, and participation in, equal employment opportunities,
programs, and services without regard to race, religion, color, national origin, disability, sex, sexual orientation, gender identity,
stereotypes, or assumptions based thereon. We welcome and celebrate our teams differences, experiences, and beliefs, and we are
investing in a more engaged, diverse, and inclusive workforce.
We
also foster a strong corporate culture that promotes high standards of ethics and compliance for our business, including policies that
set forth principles to guide employee, officer, director, and vendor conduct, such as our Code of Business Conduct and Ethics. We also
maintain a whistleblower policy and anonymous hotline for the confidential reporting of any suspected policy violations or unethical
business conduct on the part of our businesses, employees, officers, directors, or vendors.
**Available
Information**
Our
website, www.globaltechnologiesltd.info*,* provides access, without charge, to our annual report on Form 10-K, quarterly reports
on Form 10-Q, current reports on Form 8-K, and all amendments to those reports as soon as reasonably practicable after such material
is electronically filed with the Securities and Exchange Commission (SEC). The information provided on our website is not
part of this Annual Report and is therefore not incorporated by reference unless such information is otherwise specifically referenced
elsewhere in this Annual Report. The SEC also maintains a website at www.sec.gov that contains reports, proxy and information statements,
and other information regarding our company that we file electronically with the SEC.
| 9 | |
| | |
**Item
1A. Risk Factors.**
*You
should carefully consider the risks described below and other information in this prospectus, including the financial statements and
related notes that appear at the end of this prospectus, before deciding to invest in our securities. These risks should be considered
in conjunction with any other information included herein, including in conjunction with forward-looking statements made herein. If any
of the following risks actually occur, they could materially adversely affect our business, financial condition, operating results or
prospects. Additional risks and uncertainties that we do not presently know or that we currently deem immaterial may also impair our
business, financial condition, operating results and prospects.*
**Risks
Relating to Our Company**
**We
have incurred significant losses and anticipate future losses.**
As
of June 30, 2025, we had an accumulated deficit of $167,555,637 and stockholders deficiency of $1,153,279.
Future
losses are likely to occur until we are able to achieve sustained revenue growth through the expansion and successful operation of our
existing subsidiaries. While management believes these subsidiaries present opportunities for growth, there can be no assurance that
such expansion will generate sufficient revenues in the near term to cover our operating expenses. If we are unable to scale our operations
and achieve profitability, we may be required to seek additional capital through equity or debt financings, which could dilute existing
shareholders or increase our financial risk. As a result of these, among other factors, we received from our registered independent public
accountants in their report for the financial statements for the years ended June 30, 2025 and 2024, an explanatory paragraph stating
that there is substantial doubt about our ability to continue as a going concern.
**Our
existing financial resources are insufficient to meet our ongoing operating expenses.**
We
have no sources of income at this time and no existing cash balances to meet our ongoing operating expenses. In the short term, unless
we are able to raise additional debt and/or equity we shall be unable to meet our ongoing operating expenses. On a longer-term basis,
we intend to raise the debt and/or equity to meet our ongoing operating expenses and merge with another entity with experienced management
and opportunities for growth in return for shares of our common stock to create value for our shareholders. There can be no assurance
that this series of events will be successfully completed.
| 10 | |
| | |
**Scarcity
of, and competition for, business opportunities and combinations.**
We
believe we are an insignificant participant among the firms which engage in the acquisition of business opportunities. There are many
established venture capital and financial concerns that have significantly greater financial and personnel resources and technical expertise
than we have. Nearly all such entities have significantly greater financial resources, technical expertise and managerial capabilities
than us and, consequently, we will be at a competitive disadvantage in identifying possible business opportunities and successfully completing
a business combination. Moreover, we will also compete in seeking merger or acquisition candidates with numerous other small public companies.
In view of our limited financial resources and limited management availability, we will continue to be at a significant competitive disadvantage
compared to our competitors.
**We
may be negatively affected by adverse general economic conditions.**
Current
conditions in domestic and global economies are extremely uncertain. Adverse changes may occur as a result of softening global economies,
wavering consumer confidence caused by the threat of terrorism and war, and other factors capable of affecting economic conditions. Such
changes could have a material adverse effect on our business, financial condition, and results of operations.
**Our
officers and directors may have conflicts of interest which may not be resolved favorably to us.**
Certain
conflicts of interest may exist between our officers and directors and us. Our officers and directors have other business interests to
which they devote their attention and may be expected to continue to do so although management time should be devoted to our business.
As a result, conflicts of interest may arise that can be resolved only through exercise of such judgment as is consistent with fiduciary
duties to us. See Directors and Executive Officers (page 65 below).
**We
may depend upon outside consultants/advisors; who may not be available on reasonable terms and as needed.**
To
supplement the business experience of our officers and directors, we may be required to employ accountants, technical experts, appraisers,
attorneys, or other consultants or advisors. Our Board, without any input from stockholders, will make the selection of any such advisors.
Furthermore, it is anticipated that such persons may be engaged on an as needed basis without a continuing fiduciary or
other obligation to us. In the event we consider it necessary to hire outside advisors, we may elect to hire persons who are affiliates,
if they are able to provide the required services.
| 11 | |
| | |
**We
may not be able to meet the filing and internal control reporting requirements imposed by the Securities and Exchange Commission, which
may result in a decline in the price of our common shares and an inability to obtain future financing.**
As
directed by Section 404 of the Sarbanes-Oxley Act, as amended by SEC Release No. 33-8934 on June 26, 2008, the SEC adopted rules requiring
each public company to include a report of management on the companys internal controls over financial reporting in its annual
reports. In addition, the independent registered public accounting firm auditing a companys financial statements may have to also
attest to and report on managements assessment of the effectiveness of the companys internal controls over financial reporting.
We may be required to include a report of management on its internal control over financial reporting. The internal control report must
include a statement:
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Of
managements responsibility for establishing and maintaining adequate internal control over its financial reporting; | |
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Of
managements assessment of the effectiveness of its internal control over financial reporting as of year-end; and | |
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Of
the framework used by management to evaluate the effectiveness of our internal control over financial reporting. | |
Furthermore,
our independent registered public accounting firm may be required to file its attestation on whether it believes that we have maintained,
in all material respects, effective internal control over financial reporting.
While
we expect to expend significant resources in developing the necessary documentation and testing procedures required by Section 404 of
the Sarbanes-Oxley Act, there is a risk that we may not be able to comply timely with all of the requirements imposed by this rule. In
the event that we are unable to receive a positive attestation from our independent registered public accounting firm with respect to
our internal controls, investors and others may lose confidence in the reliability of our financial statements and our stock price and
ability to obtain equity or debt financing as needed could suffer.
In
addition, in the event that our independent registered public accounting firm is unable to rely on our internal controls in connection
with its audit of our financial statements, and in the further event that it is unable to devise alternative procedures in order to satisfy
itself as to the material accuracy of our financial statements and related disclosures, it is possible that we would be unable to file
our Annual Report on Form 10-K with the SEC, which could also adversely affect the market price of our common stock and our ability to
secure additional financing as needed.
**Reporting
requirements under the Exchange Act and compliance with the Sarbanes-Oxley Act of 2002, including establishing and maintaining acceptable
internal controls over financial reporting, are costly and may increase substantially.**
The
rules and regulations of the SEC require a public company to prepare and file periodic reports under the Exchange Act, which will require
that the Company engage legal, accounting, auditing and other professional services. The engagement of such services is costly. Additionally,
the Sarbanes-Oxley Act of 2002 (the Sarbanes-Oxley Act) requires, among other things, that we design, implement and maintain
adequate internal controls and procedures over financial reporting. The costs of complying with the Sarbanes-Oxley Act and the limited
technically qualified personnel we have may make it difficult for us to design, implement and maintain adequate internal controls over
financial reporting. In the event that we fail to maintain an effective system of internal controls or discover material weaknesses in
our internal controls, we may not be able to produce reliable financial reports or report fraud, which may harm our overall financial
condition and result in loss of investor confidence and a decline in our share price.
| 12 | |
| | |
As
a public company, we will be subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Act of
2010 and other applicable securities rules and regulations. Despite recent reforms made possible by the JOBS Act, compliance with these
rules and regulations will nonetheless increase our legal and financial compliance costs, make some activities more difficult, time-consuming
or costly and increase demand on our systems and resources. The Exchange Act requires, among other things, that we file annual, quarterly,
and current reports with respect to our business and operating results.
We
are working with our legal, accounting and financial advisors to identify those areas in which changes should be made to our financial
and management control systems to manage our growth and our obligations as a public company. These areas include corporate governance,
corporate control, disclosure controls and procedures and financial reporting and accounting systems. We have made, and will continue
to make, changes in these and other areas. However, we anticipate that the expenses that will be required in order to adequately prepare
for being a public company could be material. We estimate that the aggregate cost of increased legal services; accounting and audit functions;
personnel, such as a chief financial officer familiar with the obligations of public company reporting; consultants to design and implement
internal controls; and financial printing alone will be a few hundred thousand dollars per year and could be several hundred thousand
dollars per year. In addition, if and when we retain independent directors and/or additional members of senior management, we may incur
additional expenses related to director compensation and/or premiums for directors and officers liability insurance, the
costs of which we cannot estimate at this time. We may also incur additional expenses associated with investor relations and similar
functions, the cost of which we also cannot estimate at this time. However, these additional expenses individually, or in the aggregate,
may also be material.
In
addition, being a public company could make it more difficult or more costly for us to obtain certain types of insurance, including directors
and officers liability insurance, and we may be forced to accept reduced policy limits and coverage or incur substantially higher
costs to obtain the same or similar coverage. The impact of these events could also make it more difficult for us to attract and retain
qualified persons to serve on our board of directors, our board committees or as executive officers.
The
increased costs associated with operating as a public company may decrease our net income or increase our net loss and may cause us to
reduce costs in other areas of our business or increase the prices of our products or services to offset the effect of such increased
costs. Additionally, if these requirements divert our managements attention from other business concerns, they could have a material
adverse effect on our business, financial condition and results of operations.
**We
have material weakness in our controls and procedures.**
We
have conducted an evaluation of our internal control over financial reporting based on the framework in Internal Control Integrated
Framework issued by the Committee of Sponsoring Organizations for the Treadway Commission (COSO) and published in
2013, and subsequent guidance prepared by COSO specifically for smaller public companies. Based on that evaluation, management concluded
that our internal control over financial reporting was not effective as of June 30, 2025 and 2024 for the reasons discussed below:
Management
identified the following material weakness and significant deficiencies in its assessment of the effectiveness of internal control over
financial reporting as of June 30, 2025:
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The
Company did not maintain effective controls over certain aspects of the financial reporting process because we lacked personnel with
accounting expertise and an adequate supervisory review structure that is commensurate with our financial reporting requirements. | |
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Material
Weakness Inadequate segregation of duties. | |
The
management of the Company believes that these material weaknesses will remain until such time that the Company has the resources to increase
the number of personnel committed to the performance of its financial duties that such weaknesses can be specifically addressed. This
will include, but not limited to, the following:
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Hiring
of additional personnel to adequately segregate financial reporting duties. | |
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The
retention of outside consultants to review our controls and procedures | |
A
significant deficiency is a deficiency, or combination of deficiencies in internal control over financial reporting, that adversely affects
the entitys ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted
accounting principles such that there is more than a remote likelihood that a misstatement of the entitys financial statements
that is more than inconsequential will not be prevented or detected by the entitys internal control.
A
material weakness is a deficiency or a combination of deficiencies in internal control over financial reporting such that there is a
reasonable possibility that a material misstatement of the annual or interim consolidated financial statements will not be prevented
or detected on a timely basis.
| 13 | |
| | |
**General
Business Risks**
**We
are highly dependent on the services of key executives, the loss of whom could materially harm our business and our strategic direction.
If we lose key management or significant personnel, cannot recruit qualified employees, directors, officers, or other personnel or experience
increases in our compensation costs, our business may materially suffer.**
We
are highly dependent on our management team. If we lose key employees, our business may suffer. Furthermore, our future success will
also depend in part on the continued service of our management personnel and our ability to identify, hire, and retain additional key
personnel. We do not carry key-man life insurance on the lives of any of our executives, employees or advisors. We experience
intense competition for qualified personnel and may be unable to attract and retain the personnel necessary for the development of our
business. Because of this competition, our compensation costs may increase significantly.
**We
will need to raise additional capital to continue operations over the coming year.**
We
anticipate the need to raise approximately $500,000 in additional capital to fund our operations through June 30, 2026. The Company expects
to use these proceeds primarily to support public company compliance requirements and to scale the operations of its active subsidiaries,
Primecare Supply, LLC and GTLL Advisory Group, LLC.
There
can be no assurance that the Company will be successful in raising the required funds or that it will generate sufficient revenue to
sustain operations during this period.
**We
may be unable to manage growth, which may impact our potential profitability.**
Successful
implementation of our business strategy requires us to manage our growth. Growth could place an increasing strain on our management and
financial resources. To manage growth effectively, we will need to:
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Establish
definitive business strategies, goals and objectives; | |
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Maintain
a system of management controls; and | |
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Attract
and retain qualified personnel, as well as, develop, train and manage management-level and other employees. | |
If
we fail to manage our growth effectively, our business, financial condition or operating results could be materially harmed, and our
stock price may decline.
| 14 | |
| | |
**Our
lack of adequate D&O insurance may also make it difficult for us to retain and attract talented and skilled directors and officers.**
We
may in the future be subject to additional litigation, including potential class action and stockholder derivative actions. Risks associated
with legal liability are difficult to assess and quantify, and their existence and magnitude can remain unknown for significant periods
of time. To date, we have not obtained directors and officers liability (D&O) insurance. While neither Delaware law
nor our Articles of Incorporation or bylaws require us to indemnify or advance expenses to our officers and directors involved in such
a legal action, we have entered into an indemnification agreement with our President and intend to enter into similar agreements with
other officers and directors in the future. Without adequate D&O insurance, the amounts we would pay to indemnify our officers and
directors should they be subject to legal action based on their service to the Company could have a material adverse effect on our financial
condition, results of operations and liquidity. Furthermore, our lack of adequate D&O insurance may make it difficult for us to retain
and attract talented and skilled directors and officers, which could adversely affect our business.
**If
we are unable to maintain effective internal control over our financial reporting, the reputational effects could materially adversely
affect our business.**
Under
the provisions of Section 404(a) of the Sarbanes-Oxley Act of 2002, as amended by the Dodd Frank Wall Street Reform and Consumer Protection
Act of 2010, the SEC adopted rules requiring public companies to perform an evaluation of Internal Control over Financial Reporting (Internal
Controls) and to report on our evaluation in our Annual Report on Form 10-K. Our Internal Controls constitute a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with
GAAP. In the event we discover material weakness in our internal controls and our remediation of such reported material weakness is ineffective,
or if in the future we are unable to maintain effective Internal Controls, additional resulting material restatements could occur, regulatory
actions could be taken, and a resulting loss of investor confidence in the reliability of our financial statements could occur.
**We
expect to incur substantial expenses to meet our reporting obligations as a public company. In addition, failure to maintain adequate
financial and management processes and controls could lead to errors in our financial reporting and could harm our ability to manage
our expenses.**
We
estimate that it will cost approximately $200,000 annually to maintain the proper management and financial controls for our filings required
as a public reporting company. In addition, if we do not maintain adequate financial and management personnel, processes and controls,
we may not be able to accurately report our financial performance on a timely basis, which could cause a decline in our stock price and
adversely affect our ability to raise capital.
**If
the registration of our common stock is revoked in the future, our business opportunities will cease to exist.**
In
the event our securities registration was to be revoked, we would not have the ability to raise money through the issuance of shares
and would lose the ability to continue the business plan set out in this filing. Common stock issued and outstanding at that time would
no longer be tradable.
**Our
ability to use our net operating loss carry-forwards and certain other tax attributes may be limited.**
We
have incurred substantial losses during our history. To the extent that we continue to generate taxable losses, unused losses will carry
forward to offset future taxable income, if any, until such unused losses expire. Under Sections 382 and 383 of the Internal Revenue
Code of 1986, as amended, if a corporation undergoes an ownership change, generally defined as a greater than 50% change
(by value) in its equity ownership over a three-year period, the corporations ability to use its pre-change net operating loss
carry-forwards, or NOLs, and other pre-change tax attributes (such as research tax credits) to offset its post-change income may be limited.
We may experience ownership changes in the future as a result of subsequent shifts in our stock ownership. As a result, if we earn net
taxable income, our ability to use our pre-change net operating loss carry-forwards to offset U.S. federal taxable income may be subject
to limitations, which could potentially result in increased future tax liability to us. In addition, at the state level, there may be
periods during which the use of NOLs is suspended or otherwise limited, which could accelerate or permanently increase state taxes owed.
| 15 | |
| | |
**Geopolitical
risks continue to pose potential challenges to the global economy and capital markets.**
Ongoing
conflictsincluding the wars in Ukraine and the Middle Eastas well as rising tensions involving China, Taiwan, and the South
China Sea, have increased global uncertainty. In addition, renewed instability in certain regions of Eastern Europe and the Middle East,
along with the potential for cybersecurity threats and energy supply disruptions, may continue to affect global trade, supply chains,
and investor confidence.
The
uncertain nature, magnitude, and duration of these geopolitical events, as well as the impact of related economic sanctions, trade restrictions,
or retaliatory actions, could contribute to continued market volatility and adversely impact macroeconomic factors that affect the Companys
business operations, supply partners, customers, and access to capital.
**Cyber
security risks and the failure to maintain the integrity of internal, partner, and consumer data could result in damages to our reputation,
the disruption of operations and/or subject us to costs, fines or lawsuits.**
We
have and will continue to collect and retain large volumes of internal, partner and consumer data, including credit card numbers and
other personally identifiable information, for business purposes, including for transactional or target marketing and promotional purposes,
and our various information technology systems enter, process, summarize and report such data. We also maintain personally identifiable
information about our employees. The integrity and protection of our customer, employee, and company data is critical to our business
and our customers and employees are likely to have a high expectation that we will adequately protect their personal information. The
regulatory environment, as well as the requirements imposed on us by the credit card industry, governing information, security and privacy
laws is increasingly demanding and continues to evolve. Maintaining compliance with applicable security and privacy regulations may increase
our operating costs and/or adversely impact our ability to market our products and services.
We
also rely on accounting, financial and operational management information technology systems to conduct our operations. If these information
technology systems suffer severe damage, disruption or shutdown and our business continuity plans do not effectively resolve the issues
in a timely manner, our business, financial condition and results of operations could be materially adversely affected.
We
may face various security threats, including cyber security attacks on our data (including our vendors and customers data)
and/or information technology infrastructure. Although we utilize various procedures and controls to monitor and mitigate these threats,
there can be no assurance that these procedures and controls will be sufficient to prevent penetrations or disruptions to our systems.
Furthermore, a penetrated or compromised data system or the intentional, inadvertent or negligent release or disclosure of data could
result in theft, loss, fraudulent or unlawful use of customer, employee, or company data which could harm our reputation or result in
remedial and other costs, fines or lawsuits and require significant management attention and resources to be spent. In addition, our
insurance coverage and indemnification arrangements that we enter into, if any, may not be adequate to cover all the costs related to
cyber security attacks or disruptions resulting from such events.
**A
deterioration in the domestic and international economic environment, whether by way of current inflationary conditions or potential
recessionary conditions, could adversely affect our operating results, cash flow and financial condition.**
Current
inflationary conditions in the United States and other parts of the world have increased some of our costs, including our cost of materials
and labor. While we thus far have been largely successful in mitigating the impact of current inflationary conditions, we may need to
increase our own prices on goods and services sufficiently to offset cost increases, we may not be able to maintain acceptable operating
margins and achieve profitability. Additionally, competitors operating in regions with less inflationary pressure may be able to compete
more effectively, which could further impact our ability to increase prices and/or result in lost sales.
Recessionary
economic conditions could lower discretionary spending of our consumers, which could result in a loss of sales. Recessionary economic
conditions may cause difficulty in collecting accounts receivable and reduce the availability of credit and spending power for our customers,
both of which may negatively impact our business.
| 16 | |
| | |
**We
may be unable to make attractive acquisitions or successfully integrate acquired businesses, assets or properties, and any ability to
do so may disrupt our business and hinder our ability to grow, divert the attention of key personnel, disrupt our business and impair
our financial results.**
As
part of our business strategy, we intend to consider acquisitions of companies, technologies and products. We may not be able to identify
such attractive acquisition opportunities. Acquisitions, involve numerous risks, any of which could harm our business, including, among
other things:
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difficulty
in integrating the technologies, products, operations and existing contracts of a target company and realizing the anticipated benefits
of the combined businesses; | |
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mistaken
assumptions about volumes or the timing of those volumes, revenues or costs, including synergies; | |
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negative
perception of the acquisition by customers, financial markets or investors; | |
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difficulty
in supporting and transitioning customers, if any, of the target company; | |
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inability
to achieve anticipated synergies or increase the revenue and profit of the acquired business; | |
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the
assumption of unknown liabilities; | |
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exposure
to potential lawsuits; | |
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limitations
on rights to indemnity from the seller; | |
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the
diversion of managements and employees attention from other business concerns; | |
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unforeseen
difficulties operating in new geographic areas; | |
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customer
or key employee losses at the acquired businesses; | |
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the
price we pay or other resources that we devote may exceed the value we realize; or | |
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the
value we could have realized if we had allocated the purchase price or other resources to another opportunity and inability to generate
sufficient revenue to offset acquisition costs. | |
| 17 | |
| | |
**Risks
Associated with the Start-Up Operations of Primecare Supply, LLC and GTLL Advisory Group, LLC**
The
markets in which **Primecare Supply, LLC** (Primecare Supply) and **GTLL Advisory Group, LLC** (GTLL Advisory)
operate are new, rapidly evolving, and highly competitive. Both subsidiaries are in early-stage development, and their success depends
on the adoption and continued demand for innovative, technology-driven solutions within the healthcare, wellness, and business advisory
sectors. Because these markets are still forming and subject to ongoing change, it is difficult to forecast demand, pricing, and long-term
sustainability of our business model.
Primecare
Supply operates within the **503B pharmaceutical procurement** and **medical clinic supply chain** space, while GTLL Advisory focuses
on **business transformation and operational consulting** for medical spas, clinics, and other health and wellness businesses. Each
faces competition from well-established providers with greater financial and operational resources, as well as from emerging technology
platforms and consulting firms targeting similar markets.
Management
believes the success of both subsidiaries will depend on our ability to:
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Effectively market our technology and consulting solutions
to drive adoption and recurring transactions; | |
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Maintain compliance with evolving healthcare and data privacy
regulations; | |
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Adapt to changing market conditions and customer needs; and | |
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Demonstrate measurable value and results for our clients. | |
Given
the start-up nature of these subsidiaries, it is uncertain whether our offerings will achieve and sustain meaningful market adoption.
Negative publicity or lack of customer confidence in technology-enabled healthcare procurement or advisory solutions could limit acceptance
of our model.
The
U.S. healthcare and wellness industries continue to undergo significant structural change, consolidation, and regulatory oversight. Shifts
in healthcare spending, technology innovation, or the emergence of alternative business models could reduce demand for our services and
require us to adjust our strategy or technology platforms. Failure to anticipate or respond to these changes in a timely and cost-effective
manner could adversely affect our business, financial condition, and results of operations.
| 18 | |
| | |
**Risks
Related to Primecare Supply, LLC and GTLL Advisory Group, LLC**
****
**Risks
Related to Our Markets and Business Models**
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Uncertain demand and evolving market conditions may impact
our ability to scale operations. | |
****Primecare Supply and GTLL Advisory operate in
emerging and rapidly evolving markets. Demand for technology-enabled procurement solutions and business advisory services in the
health and wellness sector is still developing, and market adoption may occur more slowly than anticipated.
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The healthcare and wellness industries are undergoing significant
regulatory and structural change. | |
Frequent changes in federal and state healthcare regulations, licensing standards, and 503B pharmaceutical oversight could increase compliance
costs or restrict product availability, directly impacting Primecare Supplys operations. Similarly, GTLL Advisorys services
may be affected by shifting privacy, data security, and professional practice regulations.
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Competition is intense, and larger or better-capitalized competitors could reduce our market share. | |
Primecare Supply faces competition from 503B manufacturers selling directly to clinics, established distributors, and new technology-driven
entrants. GTLL Advisory competes with numerous consulting and marketing firms targeting medical spas and wellness clinics. Many competitors
have stronger financial resources, broader client networks, and greater brand recognition.
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Our success depends on our ability to demonstrate measurable results and build client trust. | |
Both subsidiaries rely heavily on reputation and referral-based growth. If customers do not perceive our services as valuable or if we
fail to deliver consistent results, market acceptance could decline.
**Competitive
and Technological Risks**
The
markets in which **Primecare Supply, LLC** (Primecare Supply) and **GTLL Advisory Group, LLC** (GTLL Advisory)
operate are highly competitive, rapidly evolving, and influenced by continuous technological change. Competitive platforms, emerging
technologies, or new service models for procurement, data management, or business advisory solutions could reduce demand for our offerings
or render certain aspects of our business model less relevant.
Our
ability to achieve strategic objectives depends on our capacity to:
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Maintain reliable, efficient, and compliant procurement operations
through the Sinq Ops software platform; | |
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Deliver business advisory services that demonstrate measurable
financial and operational improvement; | |
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Provide comprehensive and cost-effective offerings that are
accessible and easy to use; and | |
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Keep pace with evolving technologies, regulatory standards,
and customer expectations. | |
Competitorsboth
within and outside the healthcare and wellness sectorsare actively pursuing new devices, data platforms, AI-driven business intelligence
tools, and advanced supply-chain technologies. If such innovations achieve broad adoption and we are unable to adapt or integrate similar
advancements, our potential market opportunity could diminish, adversely affecting revenue and growth.
The
introduction of competing solutions that claim to be more efficient, secure, or cost-effective may also create market confusion or exert
downward pressure on pricing. Larger, well-established companies with significantly greater resources, brand recognition, and customer
basesincluding healthcare distributors, pharmaceutical suppliers, consulting firms, and technology providersmay be able
to offer similar products or services at lower cost or with broader reach. Many of these competitors have established cooperative relationships
and strategic alliances that increase their market visibility and scale.
In
addition, emerging entrants and consolidation among existing players may further intensify competition. These dynamics could limit our
ability to acquire new customers, maintain pricing discipline, or achieve sustainable profitability.
| 19 | |
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Our
competitive position depends on our ability to clearly differentiate our company and offerings through factors such as:
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accessibility and ease of use; | |
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reliability, compliance, and data security; | |
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price and value; | |
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brand and reputation; | |
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measurable outcomes and client success; | |
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breadth and depth of solutions; | |
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marketing effectiveness; and | |
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strong relationships with suppliers, partners, and customers. | |
Failure
to compete effectively on any of these fronts could adversely affect our business, financial condition, and results of operations.
**Financial,
Economic, and Capital-Related Risks**
We
will need to raise additional capital to support operations and growth.
Global anticipates raising approximately $500,000 to fund operations through June 30, 2026, primarily to support public company compliance
and scale its subsidiaries. There can be no assurance that sufficient capital will be raised on acceptable terms.
Inflationary
pressures, supply chain instability, and rising interest rates may increase operating costs.
Increases
in labor, materials, shipping, and financing costs could impact profitability. Extended inflation or economic slowdown could reduce clinic
spending and demand for consulting or procurement services.
Our
limited operating history makes forecasting financial performance difficult.
As early-stage entities, Primecare Supply and GTLL Advisory have limited revenue history. Delays in customer adoption, slower-than-expected
growth, or higher-than-planned costs could adversely affect cash flow and results of operations.
**Risks
Related to Legal, Regulatory, and ESG Matters**
**Healthcare
and pharmaceutical regulatory changes could affect operations.**
****
****Primecare Supplys relationships with 503B manufacturers
and licensed clinics are subject to stringent regulation. Any change in FDA or state oversight could materially affect the availability
of products or our ability to transact business.
**Privacy,
data security, and ethical use of technology remain critical business risks**.
Increasing
attention to data ethics, patient confidentiality, and AI-driven business processes may result in heightened scrutiny and increased costs
of compliance.
**Expanding
ESG expectations may increase compliance obligations.**
As a public company, Global may be subject to evolving environmental, social, and governance (ESG) disclosure standards that require
additional resources and oversight.
| 20 | |
| | |
**Economic
uncertainty or downturns, particularly as it impacts particular industries, could adversely affect our business, financial condition,
and results of operations.**
In
recent years, the United States and other significant markets have experienced cyclical downturns and worldwide economic conditions remain
uncertain, particularly as a result of inflation and related market and macroeconomic responses, the ongoing conflict arising out of
the Russian invasion of Ukraine, and the hostilities and conflict in the Middle East. Economic uncertainty and associated macroeconomic
conditions, including geopolitical tensions, inflation, trade and supply chain issues and the availability and cost of credit in the
United States and other countries have contributed to increased market volatility or market declines, make it extremely difficult for
our partners, suppliers, and us to accurately forecast and plan future business activities, could cause our customers to slow spending
on our offerings, and could limit the ability of our Partner Pharmacies and our Affiliated Pharmacies to purchase sufficient quantities
of pharmaceutical products from suppliers, which could adversely affect our ability to fulfill customer orders and attract new Providers.
A
significant downturn in the domestic or global economy may cause our customers to pause, delay, or cancel spending on our platform or
seek to lower their costs by exploring alternative providers or our competitors. To the extent purchases of our offerings are perceived
by customers and potential customers as discretionary, our revenue may be disproportionately affected by delays or reductions in general
health and wellness spending. Also, competitors may respond to challenging market conditions by lowering prices and attempting to lure
away our customers.
We
cannot predict the timing, strength, or duration of any economic slowdown or recession, or any subsequent recovery generally, or any
industry in particular. If the conditions in the general economy and the markets in which we operate worsen from present levels, our
business, financial condition, and results of operations could be materially adversely affected.
**Risk
to Our Common Stock**
**If
we fail to remain current on our reporting requirements, we could be removed from the OTC Bulletin Board which would limit the ability
of broker-dealers to sell our securities in the secondary market.**
Companies
trading on the Over-the-Counter Bulletin Board must be reporting issuers under Section 12 of the Securities Exchange Act of 1934, as
amended, and must be current in their reports under Section 13, in order to maintain price quotation privileges on the OTC Bulletin Board.
As a result, the market liquidity for our securities could be severely adversely affected by limiting the ability of broker-dealers to
sell our securities and the ability of stockholders to sell their securities in the secondary market. In addition, we may be unable to
get relisted on the OTC Bulletin Board, which may have an adverse material effect on the Company.
**Restrictions
on the Use of Rule 144 by Shell Companies or Former Shell Companies**
Rule
144 is not available for the resale of securities initially issued by shell companies (other than business combination related shell
companies) or issuers that have been at any time previously a shell company. However, Rule 144 also includes an important exception to
this prohibition if the following conditions are met:
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the
issuer of the securities that was formerly a shell company has ceased to be a shell company; | |
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the
issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act; | |
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the
issuer of the securities has filed all Exchange Act reports and materials required to be filed, as applicable, during the preceding
12 months (or such shorter period that the issuer was required to file such reports and materials), other than Current Reports on
Form 8-K; and | |
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at
least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status
as an entity that is not a shell company. | |
At
the present time, the Company is not classified as a shell company under Rule 405 of the Securities Act.
| 21 | |
| | |
**We
do not expect to pay dividends in the future; any return on investment may be limited to the value of our common stock.**
We
do not currently anticipate paying cash dividends in the foreseeable future. The payment of dividends on our common stock will depend
on earnings, financial condition and other business and economic factors affecting it at such time as the board of directors may consider
relevant. Our current intention is to apply net earnings, if any, in the foreseeable future to increasing our capital base and development
and marketing efforts. There can be no assurance that the Company will ever have sufficient earnings to declare and pay dividends to
the holders of our common stock, and in any event, a decision to declare and pay dividends is at the sole discretion of our board of
directors. If we do not pay dividends, our common stock may be less valuable because a return on your investment will only occur if its
stock price appreciates.
**Authorization
of preferred stock.**
Our
Certificate of Incorporation authorizes the issuance of up to 5,000,000 shares of preferred stock with designations, rights and preferences
determined from time to time by its Board of Directors. Accordingly, our Board of Directors is empowered, without stockholder approval,
to issue preferred stock with dividend, liquidation, conversion, voting, or other rights which could adversely affect the voting power
or other rights of the holders of the common stock. On July 16, 2019, the Companys Board of Directors approved the designation
of two new series of preferred stock, Series K Super Voting Preferred Stock (3 shares authorized) and Series L Preferred Stock (500,000
shares authorized). On June 25, 2024, the Companys Board of Directors approved the designation of a new series of preferred stock,
Series N Preferred Stock (2,000,000 shares authorized). On August 20, 2025, the Companys Board of Directors approved the designation
of a new series of preferred stock, Series P Preferred Stock (750,000 shares authorized).
We
have authorized 5,000,000 shares of Preferred Stock with 1,989,500 and 1,864,503 Series N shares outstanding at June 30, 2025 and 2024,
respectively. In the event of issuance of additional shares, the preferred stock could be utilized, under certain circumstances, as a
method of discouraging, delaying or preventing a change in control of the Company. Please *see***NOTE J - CAPITAL STOCK**for
further information.
**The
market price for our common stock may be particularly volatile given our status as a relatively unknown company, with a limited operating
history and lack of profits which could lead to wide fluctuations in our share price. You may be unable to sell your common stock at
or above your purchase price, which may result in substantial losses to you.**
Our
stock price may be particularly volatile when compared to the shares of larger, more established companies that trade on a national securities
exchange and have large public floats. The volatility in our share price will be attributable to a number of factors. First, our common
stock will be compared to the shares of such larger, more established companies, sporadically and thinly traded. As a consequence of
this limited liquidity, the trading of relatively small quantities of shares by our shareholders may disproportionately influence the
price of those shares in either direction. The price for our shares could decline precipitously in the event that a large number of shares
of our common stock are sold on the market without commensurate demand. Second, we are a speculative or risky investment
due to our limited operating history and lack of profits to date, and uncertainty of future market acceptance for our potential products.
As a consequence of this enhanced risk, more risk-adverse investors may, under the fear of losing all or most of their investment in
the event of negative news or lack of progress, be more inclined to sell their shares on the market more quickly and at greater discounts
than would be the case with the stock of a larger, more established company that trades on a national securities exchange and has a large
public float. Many of these factors are beyond our control and may decrease the market price of our common stock, regardless of our operating
performance. We cannot make any predictions or projections as to what the prevailing market price for our common stock will be at any
time. Moreover, the OTC Bulletin Board is not a liquid market in contrast to the major stock exchanges. We cannot assure you as to the
liquidity or the future market prices of our common stock if a market does develop. If an active market for our common stock does not
develop, the fair market value of our common stock could be materially adversely affected.
**Existing
stockholders will experience significant dilution from our sale of shares under potential Securities Purchase Agreements.**
The
sale of shares pursuant to any Securities Purchase Agreements executed by the Company in the future will have a dilutive impact on our
stockholders. As a result, the market price of our common stock could decline significantly, as we sell shares pursuant to the Securities
Purchase Agreement. In addition, for any particular advance, we will need to issue a greater number of shares of common stock under the
Securities Purchase Agreement as our stock price declines. If our stock price is lower, then our existing stockholders would experience
greater dilution.
**The
Company May Issue Shares of Preferred Stock with Greater Rights than Common Stock.**
The
Companys charter authorizes the Board of Directors to issue one or more series of preferred stock and set the terms of the preferred
stock without seeking any further approval from holders of the Companys common stock. Any preferred stock that is issued may rank
ahead of the Companys common stock in terms of dividends, priority and liquidation premiums and may have greater voting rights
than the Companys common stock.
| 22 | |
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**Being
a Public Company Significantly Increases the Companys Administrative Costs.**
The
Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC and listing requirements subsequently adopted by the
NYSE Amex in response to Sarbanes-Oxley, have required changes in corporate governance practices, internal control policies and audit
committee practices of public companies. Although the Company is a relatively small public company, these rules, regulations, and requirements
for the most part apply to the same extent as they apply to all major publicly traded companies. As a result, they have significantly
increased the Companys legal, financial, compliance and administrative costs, and have made certain other activities more time
consuming and costly, as well as requiring substantial time and attention of our senior management. The Company expects its continued
compliance with these and future rules and regulations to continue to require significant resources. These rules and regulations also
may make it more difficult and more expensive for the Company to obtain director and officer liability insurance in the future and could
make it more difficult for it to attract and retain qualified members for the Companys Board of Directors, particularly to serve
on its audit committee.
**Our
shares are subject to the U.S. Penny Stock Rules and investors who purchase our shares may have difficulty re-selling their
shares as the liquidity of the market for our shares may be adversely affected by the impact of the Penny Stock Rules.**
Our
stock is subject to U.S. Penny Stock rules, which may make the stock more difficult to trade on the open market. Our common
shares are not currently traded on the OTC Bulletin Board, but it is the Companys plan that the common shares be quoted on the
OTC Bulletin Board. A penny stock is generally defined by regulations of the U.S. Securities and Exchange Commission (SEC)
as an equity security with a market price of less than US$5.00 per share. However, an equity security with a market price under US $5.00
will not be considered a penny stock if it fits within any of the following exceptions:
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(i) |
the
equity security is listed on NASDAQ or a national securities exchange; | |
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(ii) |
the
issuer of the equity security has been in continuous operation for less than three years, and either has (a) net tangible assets
of at least US $5,000,000, or (b) average annual revenue of at least US $6,000,000; or | |
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(iii) |
the
issuer of the equity security has been in continuous operation for more than three years and has net tangible assets of at least
US $2,000,000. | |
Our
common stock does not currently fit into any of the above exceptions.
If
an investor buys or sells a penny stock, SEC regulations require that the investor receive, prior to the transaction, a disclosure explaining
the penny stock market and associated risks. Furthermore, trading in our common stock will be subject to Rule 15g-9 of the Exchange Act,
which relates to non-NASDAQ and non-exchange listed securities. Under this rule, broker/dealers who recommend our securities to persons
other than established customers and accredited investors must make a special written suitability determination for the purchaser and
receive the purchasers written agreement to a transaction prior to sale. Securities are exempt from this rule if their market
price is at least $5.00 per share. Since our common stock is currently deemed penny stock regulations, it may tend to reduce market liquidity
of our common stock, because they limit the broker/dealers ability to trade, and a purchasers ability to sell the stock
in the secondary market.
| 23 | |
| | |
The
low price of our common stock has a negative effect on the amount and percentage of transaction costs paid by individual shareholders.
The low price of our common stock also limits our ability to raise additional capital by issuing additional shares. There are several
reasons for these effects. First, the internal policies of certain institutional investors prohibit the purchase of low-priced stocks.
Second, many brokerage houses do not permit low-priced stocks to be used as collateral for margin accounts or to be purchased on margin.
Third, some brokerage house policies and practices tend to discourage individual brokers from dealing in low-priced stocks. Finally,
brokers commissions on low-priced stocks usually represent a higher percentage of the stock price than commissions on higher priced
stocks. As a result, the Companys shareholders may pay transaction costs that are a higher percentage of their total share value
than if our share price were substantially higher.
**Because
we can issue additional shares of Class A Common Stock, purchasers of our common stock may incur immediate dilution and experience further
dilution.**
We
are authorized to issue up to 14,991,000,000 shares of Class A Common Stock, of which 14,688,440,097 and 14,488,440,097 shares of common
stock are issued and outstanding as of June 30, 2025 and June 30, 2024, respectively. Our Board of Directors has the authority to cause
us to issue additional shares of common stock and to determine the rights, preferences and privileges of such shares, without consent
of any of our stockholders. Consequently, the stockholders may experience more dilution in their ownership of our stock in the future.
Please *see***NOTE - J CAPITAL STOCK** for further information.
**A
reverse stock split may decrease the liquidity of the shares of our common stock.**
The
liquidity of the shares of our common stock may be affected adversely by a reverse stock split given the reduced number of shares that
will be outstanding following a reverse stock split, especially if the market price of our common stock does not increase as a result
of the reverse stock split.
**Following
a reverse stock split, the resulting market price of our common stock may not attract new investors, including institutional investors,
and may not satisfy the investing requirements of those investors. Consequently, the trading liquidity of our common stock may not improve.**
Although
we believe that a higher market price of our common stock may help generate greater or broader investor interest, we cannot assure you
that a reverse stock split will result in a share price that will attract new investors.
**You
may be diluted by conversions of the Companys convertible notes.**
As
of June 30, 2025, we had (i) outstanding Convertible Promissory Notes in an aggregate principal amount of $300,000, which are convertible
for up to 3,000,000,000 shares of our Class A Common Stock based on a closing stock price of $0.0002 at June 30, 2025 and inherent conversion
features.
The
conversion of the Convertible Promissory Notes will result in further dilution of your investment. In addition, you may experience additional
dilution if we issue common stock in the future. As a result of this dilution, you may receive significantly less in net tangible book
value than the full purchase price you paid for the shares in the event of liquidation. As of the date of this filing, the Company does
not have a sufficient number of authorized but unissued shares to issue in the event our noteholders were to elect to convert into shares
of our Class A Common Stock. The Company may be required to file an Amendment to its Articles of Incorporation to increase the number
of authorized shares of Class A Common Stock or to effect a reverse stock split to satisfy the requested conversions.
| 24 | |
| | |
**Issuances
of shares of common stock or securities convertible into or exercisable for shares of common stock following this offering, will dilute
your ownership interests and may adversely affect the future market price of our common stock.**
The
issuance of additional shares of our common stock or securities convertible into or exchangeable for our common stock could be dilutive
to stockholders if they do not invest in future offerings. We may seek additional capital through a combination of private and public
offerings in the future.
**The
Companys shares of common stock are quoted on the OTC Pink Sheet market, which limits the liquidity and price of the Companys
common stock.**
The
Companys shares of Common Stock are traded on the OTC Pink Sheet market under the symbol GTLL. Quotation of the
Companys securities on the OTC Pink Sheet market limits the liquidity and price of the Companys Common Stock more than
if the Companys shares of Common Stock were listed on The Nasdaq Stock Market or a national exchange. There is currently no active
trading market in the Companys Common Stock. There can be no assurance that there will be an active trading market for the Companys
Common Stock following a business combination. In the event that an active trading market commences, there can be no assurance as to
the market price of the Companys shares of Common Stock, whether any trading market will provide liquidity to investors, or whether
any trading market will be sustained.
**FINRA
sales practice requirements may limit a stockholders ability to buy and sell our stock.**
The
Financial Industry Regulatory Authority, Inc. (FINRA) has adopted rules requiring that, in recommending an investment to
a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending
speculative or low-priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information
about the customers financial status, tax status, investment objectives and other information. Under interpretations of these
rules, FINRA has indicated its belief that there is a high probability that speculative or low-priced securities will not be suitable
for at least some customers. If these FINRA requirements are applicable to us or our securities, they may make it more difficult for
broker-dealers to recommend that at least some of their customers buy our common stock, which may limit the ability of our stockholders
to buy and sell our common stock and could have an adverse effect on the market for and price of our common stock.
**We
are classified as a smaller reporting company and we cannot be certain if the reduced disclosure requirements applicable
to smaller reporting companies will make our common stock less attractive to investors.**
We
are a smaller reporting company. Specifically, smaller reporting companies are able to provide simplified
executive compensation disclosures in their filings; are exempt from the provisions of Section 404(b) of the Sarbanes-Oxley Act requiring
that independent registered public accounting firms provide an attestation report on the effectiveness of internal control over financial
reporting; and have certain other decreased disclosure obligations in their SEC filings.
**Cautionary
Note**
We
have sought to identify what we believe to be the most significant risks to our business, but we cannot predict whether, or to what extent,
any of such risks may be realized nor can we guarantee that we have identified all possible risks that might arise. Investors should
carefully consider all of such risk factors before making an investment decision with respect to our common stock.
| 25 | |
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**Item
1B. Unresolved Staff Comments.**
We
are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this
item.
**Item
1C. Cybersecurity**
**Cyber
Risk Management and Strategy**
We
recognize the importance of assessing, identifying, and managing risks from cybersecurity threats. Our approach to cybersecurity risk
management is aligned with our risk profile and business.
We
have leveraged the support of third-party information technology and security providers, including to perform a risk assessment designed
to identify, assess, and manage cybersecurity risks. Further, we follow a formal, documented process to assess the data protection practices
of certain third-party vendors that handle sensitive information on our behalf.
Although
risks from cybersecurity threats have to date not materially affected, and we do not believe they are reasonably likely to materially
affect, us or our business strategy, results of operations or financial condition, we could, from time to time, experience threats and
security incidents relating to our and our third-party vendors information systems. For more information, please see the section
entitled Risk Factors in this Annual Report on Form 10-K.
**Governance
Related to Cybersecurity Risks**
We
consult with a third party for the strategic leadership and direction of our cybersecurity program. The consultant has nearly 15 years
of experience as an information technology professional.
Our
board of directors has oversight over cybersecurity risks. Our management provides periodic presentations to the board of directors on
our cybersecurity program, including updates on cybersecurity risks and related cybersecurity strategy, as applicable. The management
provides updates regarding our cybersecurity program to the board of directors when material.
While
we have not experienced any material cybersecurity threats or incidents in recent years, there can be no guarantee that we will not be
the subject of future threats or incidents
**Item
2. Properties.**
Our
principal executive office is located at 806 Green Valley Road, Suite 200, Greensboro, North Carolina 27408 and our telephone number
is (973) 233-5151.
**Item
3. Legal Proceedings.**
From
time to time, we may be a defendant and plaintiff in various legal proceedings arising in the normal course of our business. We are currently
not a party to any material pending legal proceedings or government actions, including any bankruptcy, receivership, or similar proceedings.
In addition, management is not aware of any known litigation or liabilities involving the operators of our properties that could affect
our operations. Should any liabilities be incurred in the future, they will be accrued based on managements best estimate of the
potential loss. As such, there is no adverse effect on our consolidated financial position, results of operations or cash flow at this
time. Furthermore, Management of the Company does not believe that there are any proceedings to which any director, officer, or affiliate
of the Company, any owner of record of the beneficially or more than five percent of the common stock of the Company, or any associate
of any such director, officer, affiliate of the Company, or security holder is a party adverse to the Company or has a material interest
adverse to the Company.
**Item
4. Mine Safety Disclosures.**
Not
applicable.
| 26 | |
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**PART
II**
**Item
5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.**
**Market
Information**
Our
Class A Common Stock is quoted under the symbol GTLL on the OTC Markets PINK. The following information reflects
the high and low closing prices of the Companys Class A Common Stock on the OTC Markets PINK.
|
Quarterly period | |
Low | | |
High | | |
|
Fiscal year ended June 30, 2025: | |
| | | |
| | | |
|
First Quarter | |
$ | 0.0001 | | |
$ | 0.0004 | | |
|
Second Quarter | |
$ | 0.0001 | | |
$ | 0.0003 | | |
|
Third Quarter | |
$ | 0.0001 | | |
$ | 0.0003 | | |
|
Fourth Quarter | |
$ | 0.0001 | | |
$ | 0.0003 | | |
|
| |
| | | |
| | | |
|
Fiscal year ended June 30, 2024: | |
| | | |
| | | |
|
First Quarter | |
$ | 0.0001 | | |
$ | 0.0003 | | |
|
Second Quarter | |
$ | 0.0001 | | |
$ | 0.0002 | | |
|
Third Quarter | |
$ | 0.0002 | | |
$ | 0.0004 | | |
|
Fourth Quarter | |
$ | 0.0001 | | |
$ | 0.0004 | | |
**Holders
of Record**
The
Company had approximately 158 holders of record of our Class A Common Stock as of December 29, 2025.
**Dividends**
We
have never paid cash dividends on any of our capital stock, and we currently intend to retain our future earnings, if any, to fund the
development and growth of our business. We do not intend to pay cash dividends to holders of our common stock in the foreseeable future.
**Securities
Authorized for Issuance under Equity Compensation Plans**
The
Company does not currently maintain any Equity Compensation Plans.
**Recent
Sales of Unregistered Securities, Uses of Proceeds from Registered Securities and Issuer Purchases of Equity Securities**
We
claimed exemption from registration under the Securities Act for the sales and issuances of securities in the following transactions
under Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder, in that such sales and issuances did not involve
a public offering, or under Rule 701 promulgated under the Securities Act, in that they were offered and sold either pursuant to written
compensatory plans or pursuant to a written contract relating to compensation, as provided by Rule 701. All of the purchasers of unregistered
securities for which we relied on Section 4(a)(2) and/or Regulation D represented that they were accredited investors as defined under
the Securities Act. We claimed such exemption on the basis that (a) the purchasers in each case represented that they intended to acquire
the securities for investment only and not with a view to the distribution thereof and that they either received adequate information
about the registrant or had access, through employment or other relationships, to such information and (b) appropriate legends were affixed
to the stock certificates issued in such transactions.
**Class
A Common Stock:**
**Year
Ended June 30, 2025**
**
There
were no unregistered sales of securities by the Company during the fiscal year ended June 30, 2025.
****
**Year
Ended June 30, 2024**
**
On
July 18, 2023, the Company issued 200,000,000 shares of Class A Common Stock to its former President, Jimmy Wayne Anderson, in exchange
for the conversion of four (4) shares of Series L Preferred Stock. These securities were issued in reliance upon the exemption from registration
provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 of Regulation D promulgated thereunder.
****
**
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**Warrants:**
As
of June 30, 2025, the Company had no outstanding warrants.
**Penny
Stock**
Penny
Stock Regulation Broker-dealer practices in connection with transactions in penny stocks are regulated by certain penny
stock rules adopted by the Securities and Exchange Commission. Penny stocks generally are equity securities with a price of less than
$5.00. Excluded from the penny stock designation are securities registered on certain national securities exchanges or quoted on NASDAQ,
provided that current price and volume information with respect to transactions in such securities is provided by the exchange/system
or sold to established customers or accredited investors.
The
penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a
standardized risk disclosure document that provides information about penny stocks and the risks in the penny stock market. The broker-dealer
also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its
salesperson in connection with the transaction, and the monthly account statements showing the market value of each penny stock held
in the customers account. In addition, the penny stock rules generally require that prior to a transaction in a penny stock, the
broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the
purchasers written agreement to the transaction.
These
disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for a stock that becomes
subject to the penny stock rules. As our securities have become subject to the penny stock rules, investors may find it more difficult
to sell their securities.
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**Item
6. Selected Financial Data**
Not
required for smaller reporting company.
**Item
7. Managements Discussion and Analysis of Financial Condition and Results of Operations.**
*The
following discussion and analysis of our financial condition and results of operations should be read together with our consolidated
financial statements and related notes thereto included elsewhere in this Annual Report. This discussion and analysis contain forward-looking
statements that are based upon current expectations and involve risks, assumptions and uncertainties.*
Our
Managements Discussion and Analysis contains not only statements that are historical facts, but also statements that are forward-looking.
Forward-looking statements are, by their very nature, uncertain and risky. Forward-looking statements are often identified by words like:
believe, expect, estimate, anticipate, intend, project
and similar expressions, or words that, by their nature, refer to future events. You should not place undue certainty on these forward-looking
statements, which apply only as of the date of this prospectus. These forward-looking statements are subject to certain risks and uncertainties
that could cause actual results to differ materially from historical results or our predictions. These risks and uncertainties include
international, national, and local general economic and market conditions; our ability to sustain, manage, or forecast growth; our ability
to successfully make and integrate acquisitions; new product development and introduction; existing government regulations and changes
in, or the failure to comply with, government regulations; adverse publicity; competition; the loss of significant customers or suppliers;
fluctuations and difficulty in forecasting operating results; change in business strategy or development plans; business disruptions;
the ability to attract and retain qualified personnel; the ability to protect technology; the risk of foreign currency exchange rate;
and other risks that might be detailed from time to time in our filing with the Securities and Exchange Commission. Our actual results
could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences
include those discussed below and elsewhere in this prospectus.
Although
the forward-looking statements in this annual report on Form 10-K reflect the good faith judgment of our management, such statements
can only be based on facts and factors currently known by them. Consequently, and because forward-looking statements are inherently subject
to risks and uncertainties, the actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking
statements. You are urged to carefully review and consider the various disclosures made by us in herein and in our other reports as we
attempt to advise interested parties of the risks and factors that may affect our business, financial condition, and results of operations
and prospects.
Our
financial statements are stated in United States Dollars (USD or US$) and are prepared in accordance with United States Generally Accepted
Accounting Principles. All references to common stock refer to the common shares in our capital stock.
**Financing
Needs**
In
order to fund our operations, we rely upon direct investments, partnerships and joint ventures with accredited investors. Once the Company
becomes profitable, we intend to fund our operations from free cash flow.
At
present, the Company only has sufficient funds to conduct its operations for six to nine months. There can be no assurance that additional
financing will be available in amounts or on terms acceptable to the Company, if at all.
If
we are not successful in generating sufficient liquidity from Company operations or in raising sufficient capital resources, on terms
acceptable to us, this could have a material adverse effect on the Companys business, results of operations liquidity and financial
condition.
The
Company presently does not have any available credit, bank financing or other external sources of liquidity. Due to its brief history
under its current business model and historical operating losses, the Companys operations have not been a source of liquidity.
The Company will need to obtain additional capital in order to expand operations and become profitable. In order to obtain capital, the
Company may need to sell additional shares of its common stock or borrow funds from private lenders. There can be no assurance that the
Company will be successful in obtaining additional funding.
| 29 | |
| | |
The
Company will need additional investments in order to continue operations. Additional investments are being sought, but the Company cannot
guarantee that it will be able to obtain such investments. Financing transactions may include the issuance of equity or debt securities,
obtaining credit facilities, or other financing mechanisms. In the event there is a downturn in the U.S. stock and debt markets, this
could make it more difficult to obtain financing through the issuance of equity or debt securities. Even if the Company is able to raise
the funds required, it is possible that it could incur unexpected costs and expenses, fail to collect significant amounts owed to it,
or experience unexpected cash requirements that would force it to seek alternative financing. Further, if the Company issues additional
equity or debt securities, stockholders may experience additional dilution or the new equity securities may have rights, preferences
or privileges senior to those of existing holders.
**Results
from Operations**
The
following table sets forth information comparing the components of net income (loss) for the years ended June 30, 2025 and 2024:
|
| |
Year Ended June 30, | | |
Period over Period Change | | |
|
| |
2025 | | |
2024 | | |
$ | | |
% | | |
|
Revenues | |
$ | 3,139,008 | | |
$ | 1,057,685 | | |
$ | 2,081,323 | | |
| 200 | % | |
|
Less shared revenue | |
| 2,093,337 | | |
| 576,630 | | |
| 1,516,707 | | |
| 263 | % | |
|
Net revenue | |
| 1,045,671 | | |
| 481,055 | | |
| 564,616 | | |
| 117 | % | |
|
| |
| | | |
| | | |
| | | |
| | | |
|
Operating expenses: | |
| | | |
| | | |
| | | |
| | | |
|
Selling, general and administrative | |
| 132,073 | | |
| 142,396 | | |
| (10,323 | ) | |
| -7.25 | % | |
|
Officer and director compensation (stock-based compensation of $125,000 and $0, respectively) | |
| 304,183 | | |
| 100,000 | | |
| 204,183 | | |
| 204 | % | |
|
Salaries | |
| 25,000 | | |
| - | | |
| 25,000 | | |
| - | | |
|
Consulting services | |
| 7,500 | | |
| 34,830 | | |
| (37,330 | ) | |
| | | |
|
Professional services, including stock-based fees of $0and $302,500, respectively | |
| 405,447 | | |
| 399,668 | | |
| 5,779 | | |
| 1 | % | |
|
Other operating expenses | |
| - | | |
| 16,145 | | |
| (16,145 | ) | |
| -7 | % | |
|
Total operating expenses | |
| 874,203 | | |
| 693,039 | | |
| 181,164 | | |
| 35 | % | |
|
Operating income (loss) | |
| 171,468 | | |
| (211,984 | ) | |
| 383,452 | | |
| - | | |
|
| |
| | | |
| | | |
| | | |
| | | |
|
Other (expense) income: | |
| | | |
| | | |
| | | |
| | | |
|
Gain (loss) on derivative liability | |
| (282,000 | ) | |
| 682,680 | | |
| (964,680 | ) | |
| -141 | % | |
|
Forgiveness of debt and accrued interest | |
| - | | |
| 196,832 | | |
| (196,832 | ) | |
| -100 | % | |
|
Gain on sale of commercial property | |
| - | | |
| 180,378 | | |
| (180,378 | ) | |
| -100 | % | |
|
Loss on disposal of equipment | |
| (199,293 | ) | |
| (126,607 | ) | |
| (72,656 | ) | |
| | | |
|
Loss on prepaid deposits | |
| | | |
| (225,000 | ) | |
| 225,000 | | |
| | | |
|
Loss on intangible write-off | |
| | | |
| (25,000 | ) | |
| 25,000 | ) | |
| | | |
|
Amortization of debt discounts | |
| - | | |
| - | | |
| - | | |
| - | | |
|
Interest expense | |
| (32,856 | ) | |
| (205,878 | ) | |
| 238,735 | | |
| | | |
|
Total other income (expense) | |
| (514,149 | ) | |
| 647,458 | | |
| (1,161,607 | ) | |
| -179 | % | |
|
Income (loss) before income taxes | |
| (342,681 | ) | |
| 477,405 | | |
| (820,086 | ) | |
| -172 | % | |
|
Income tax expense | |
| - | | |
| - | | |
| - | | |
| | | |
|
Net income (loss) | |
$ | (342,681 | ) | |
$ | 265,421 | | |
$ | (608,102 | ) | |
| -85 | % | |
*Revenues*
Since
our inception on January 20, 1999, Global Technologies, Ltd. (GTLL) has experienced limited revenue generation through
various stages of business development. For the fiscal year ended June 30, 2025, GTLL operated primarily through its wholly owned subsidiary,
10 Fold Services, LLC, which served as the Companys principal source of revenue. During the period, GTLL concluded its prior share
exchange and business development agreement with GOe3, LLC, and transitioned its focus to the launch of Primecare Supply, LLCa
newly formed and expanded successor to 10 Fold Services. Primecare Supply represents an evolution of GTLLs business strategy,
leveraging the Companys experience in technology, procurement, and health-tech solutions to create a diversified and scalable
revenue platform.
While
GTLL continues to face the inherent risks associated with limited working capital and the execution of new business initiatives, management
believes the establishment of Primecare Supply positions the Company for sustainable growth and long-term value creation.
For
the years ended June 30, 2025 and 2024, we generated $3,139,008 and $1.057,685 in revenue, respectively. Our revenue for the years ended
June 30, 2025 and 2024 was mainly comprised of revenue generated through the Companys wholly
owned subsidiary, 10 Fold Services.
| 30 | |
| | |
*Operating
Expenses*
Our
operating expenses were $874,203 and $693,039 for the years ended June 30, 2025 and 2024, respectively. The increase in operating expenses
for the year ended June 30, 2025 is largely attributable to an increase in professional services.
We
incurred $0 and $0 in advertising expenses for the years ended June 30, 2025 and 2024, respectively.
We
incurred $304,183 and $100,000 in officer and director related compensation for the years ended June 30, 2025 and 2024, respectively.
*Income
(loss) from Operations*
The
Companys income from operations increased for the year ended June 30, 2025 from a loss of $(211,984) for the year ended June 30,
2024, to $171,468 for the year ended June 30, 2025. The increase in operations is largely attributable to the Companys increase
in revenue for the year ended June 30, 2025.
*Other
Income (Expenses)*
Other
income (expenses) were $(514,149) for the year ended June 30, 2025 versus 647,458 for the year ended June 30, 2024. The decrease in other
income for the year ended June 30, 2025 is largely attributable to the decrease in derivative liability of $964,680, and loss on disposal of equipment of $72,656.
*Net
income (loss)*
For
the year ended June 30, 2025, our net income decreased to $(342,681), as compared to a net income for the year ended June 30, 2024, of
$265,421. The decrease in net income is largely attributable to the Companys decrease in other income.
**Liquidity
and Capital Resources**
The
following table summarizes the cash flows for the years ended June 30, 2025 and 2024:
|
| |
2025 | | |
2024 | | |
|
Cash Flows: | |
| | | |
| | | |
|
| |
| | | |
| | | |
|
Net cash provided (used in) operating activities | |
$ | 354,823 | | |
$ | (38,738 | ) | |
|
Net cash (used) by investing activities | |
| (238,000 | ) | |
| - | | |
|
Net cash provided (used) by financing activities | |
| (164,462 | ) | |
| 136,185 | | |
|
| |
| | | |
| | | |
|
Net increase (decrease) in cash | |
| (47,639 | ) | |
| 97,447 | | |
|
Cash at beginning of period | |
| 115,747 | | |
| 18,300 | | |
|
| |
| | | |
| | | |
|
Cash at end of period | |
$ | 68,108 | | |
$ | 115,747 | | |
Our
cash on hand as of June 30, 2025 and June 30, 2024, was $68,108 and $115,747, respectively.
We
currently have no external sources of liquidity such as arrangements with credit institutions or off-balance sheet arrangements that
will have or are reasonably likely to have a current or future effect on our financial condition or immediate access to capital.
We
are dependent on the sale of our securities or issuance of debt to fund our operations and will remain so until we generate sufficient
revenues to pay for our operating costs. Our officers and directors have made no written commitments with respect to providing a source
of liquidity in the form of cash advances, loans and/or financial guarantees.
| 31 | |
| | |
If
we are unable to raise the funds, we will seek alternative financing through means such as borrowings from institutions or private individuals.
There can be no assurance that we will be able to raise the capital we need for our operations from the sale of our securities. We have
not located any sources for these funds and may not be able to do so in the future. We expect that we will seek additional financing
in the future. However, we may not be able to obtain additional capital or generate sufficient revenues to fund our operations. If we
are unsuccessful at raising sufficient funds, for whatever reason, to fund our operations, we may be forced to cease operations. If we
fail to raise funds, we expect that we will be required to seek protection from creditors under applicable bankruptcy laws.
Our
independent registered public accounting firm has expressed doubt about our ability to continue as a going concern and believes that
our ability is dependent on our ability to implement our business plan, raise capital and generate revenues. Please *see***NOTE
M- GOING CONCERN UNCERTAINTY** for further information.
*Notes
payable, third parties*
Our
Notes payable, third parties, were $300,000 and $435,000 as of June 30, 2025, and June 30, 2024, respectively. Please see **NOTE G
NOTES PAYABLE, THIRD PARTIES**for a full schedule of all notes payable to third parties, including issue date, maturity date and interest
rate.
*Loans
payable, related parties*
Our
loans payable, related parties, was $100 and $68,269 as of June 30, 2025 and June 30, 2024, respectively.
**Item
7A. Quantitative and Qualitative Disclosures about Market Risk.**
We
are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this
item.
| 32 | |
| | |
**Item
8. Financial Statements and Supplementary Data.**
**INDEX
TO FINANCIAL STATEMENTS**
|
|
PAGES | |
|
Report of Independent Registered Public Accounting Firm (PCAOB ID: 6631) |
34 | |
|
Consolidated Balance Sheets as of June 30, 2025 and June 30, 2024 |
36 | |
|
Consolidated Statements of Operations for the years ended June 30, 2025 and 2024 |
37 | |
|
Consolidated Statements of Changes in Stockholders Equity (Deficiency) for the years ended June 30, 2025 and 2024 |
38 | |
|
Consolidated Statements of Cash Flows for the years ended June 30, 2025 and 2024 |
39 | |
|
Notes to Consolidated Financial Statements |
40 | |
| 33 | |
| | |
**Report
of Independent Registered Public Accounting Firm**
To:
The Board of Directors and Stockholders of
GLOBAL
TECHNOLOGIES, LTD.
Opinion
on the Financial Statements
We
have audited the accompanying balance sheets of Global Technologies, Ltd (the Company) as of June 30, 2025, and the related
consolidated statements of operations, changes in stockholders deficit and cash flows for the year ended June 30, 2025 and June
30, 2024, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements
present fairly, in all material respects, the financial position of the Company as of June 30, 2025 and June 30, 2024, and the results
of its operations and its cash flows for the year ended June 30, 2025 and June 30, 2024, in conformity with accounting principles generally
accepted in the United States of America.
Going
Concern
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
M, the Company suffered an accumulated deficit of $167,555,637, and a negative working capital of $1,153,279. These matters raise substantial
doubt about the Companys ability to continue as a going concern. Managements plans with regards to these matters are also
described in Note M to the financial statements. These financial statements do not include any adjustments that might result from the
outcome of this uncertainty
Restatement
of Previously Issued Financial Statements
As
discussed, in Note N to the consolidated financial statements, the Company has restated its financial for the year ended June 30, 2024
in order to correct accounting errors.
Basis
for Opinion
These
financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on the Companys
financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Companys internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
| 34 | |
| | |
Critical
Audit Matters
Critical
audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be
communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and
(2) involved our especially challenging, subjective, or complex judgments. Communication of critical audit matters does not alter in
any way our opinion on the financial statements taken as a whole and we are not, by communicating the critical audit matters, providing
separate opinions on the critical audit matter or on the accounts or disclosures to which they relate.
*Critical
Audit Matter Restatement of Previously Issued Financial Statements*
**
**Critical
Audit Matter Description**
****
As
discussed in Note N to the consolidated financial statements, the Company restated its consolidated financial statements as of June 30,
2024 and for the year then ended, which were previously included in the Companys Form 10-K filed with the Securities and Exchange
Commission on September 25, 2024. The restatement was required to correct errors related to (i) the accounting for the acquisition of
GOe3, LLC completed on March 15, 2024, (ii) the write-off of prepaid deposits of $225,000, (iii) the write-off of property and equipment,
net, of $126,607, (iv) the write-off of intangible assets of $25,000, and (v) the calculation of the derivative liability as of June
30, 2024.
We
identified the restatement as a critical audit matter because it involved multiple areas of complex accounting guidance, required significant
judgment by management, and necessitated extensive audit effort to evaluate the appropriateness of the revised accounting conclusions,
estimates, and related disclosures. In particular, the accounting for the business combination and derivative liability required specialized
knowledge and the evaluation of managements judgments, while the asset write-offs required careful assessment of impairment indicators
and the completeness and accuracy of managements analyses.
**How
the Critical Audit Matter Was Addressed in the Audit**
****
Our
audit procedures related to the restatement included, among others:
|
| Evaluating
managements identification of errors and the appropriateness of the restatement adjustments
in accordance with applicable accounting standards. | |
|
| Assessing
the revised accounting for the acquisition of GOe3, LLC, including testing the identification
and valuation of acquired assets and assumed liabilities, and evaluating managements
application of business combination accounting guidance. | |
|
| Testing
the write-off of prepaid deposits, property and equipment, and intangible assets, including
evaluating the underlying support for the assets, assessing impairment indicators, and verifying
the mathematical accuracy and completeness of the adjustments. | |
|
| Evaluating
the methodology and assumptions used by management in recalculating the derivative liability,
including assessing the reasonableness of key inputs and testing the accuracy of the underlying
data used in the valuation. | |
|
| Involving
valuation specialists to assist in evaluating the derivative liability and, where applicable,
the fair value measurements associated with the acquisition. | |
|
| Evaluating
the adequacy and clarity of the related disclosures included in the restated consolidated
financial statements. | |
QI CPA, LLC
Valley
Stream, New York
December
30, 2025
We
have served as the Companys auditor since 2025.
PCAOB
ID (#6631)
| 35 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD
CONSOLIDATED
BALANCE SHEETS**
****
|
| |
June 30, 2025 | | |
June 30, 2024
(Restated See Note N) | | |
|
| |
| | | |
| | | |
|
ASSETS | |
| | | |
| | | |
|
CURRENT ASSETS | |
| | | |
| | | |
|
Cash and cash equivalents | |
$ | 68,108 | | |
$ | 115,747 | | |
|
Accounts receivable | |
| - | | |
| 184,692 | | |
|
Total current assets | |
| 68,108 | | |
| 300,439 | | |
|
TOTAL ASSETS | |
$ | 68,108 | | |
$ | 300,439 | | |
|
| |
| | | |
| | | |
|
LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY) | |
| | | |
| | | |
|
| |
| | | |
| | | |
|
CURRENT LIABILITIES | |
| | | |
| | | |
|
Accounts payable | |
$ | 19,410 | | |
$ | 90,785 | | |
|
Accrued interest | |
| 104,877 | | |
| 85,650 | | |
|
Accrued executive compensation | |
| 17,000 | | |
| 58,333 | | |
|
Notes payable-third parties | |
| 300,000 | | |
| 435,000 | | |
|
Loans payable, related party | |
| 100 | | |
| 68,269 | | |
|
Derivative liability (as restated at June 30, 2024 See Note N) | |
| 780,000 | | |
| 498,000 | | |
|
Total current liabilities | |
| 1,221,387 | | |
| 1,236,037 | | |
|
| |
| | | |
| | | |
|
TOTAL LIABILITIES | |
$ | 1,221,387 | | |
$ | 1,236,037 | | |
|
| |
| | | |
| | | |
|
STOCKHOLDERS EQUITY (DEFICIENCY): | |
| | | |
| | | |
|
Preferred stock; 5,000,000 shares authorized, $.01 par value: | |
| | | |
| | | |
|
Series K; 3
shares authorized, par value $0.01,
as of June 30, 2025 and 2024, there are 0 and 3
shares outstanding, respectively | |
| - | | |
| - | | |
|
Series L; 500,000 shares authorized, par value $0.01, as of June 30, 2025 and 2024, there are 0 and 0 shares outstanding, respectively | |
| - | | |
| - | | |
|
Series N; 2,000,000 shares authorized, par value $0.01, as of June 30, 2025 and 2024, there are 1,989,500 and 1,864,500 shares outstanding, respectively | |
| 19,895 | | |
| 18,645 | | |
|
Preferred stock value | |
| 19,895 | | |
| 18,645 | | |
|
Class A Common stock; 14,991,000,000 shares authorized, $.0001 par value, as of June 30, 2025 and 2024, there are 14,688,440,097 shares issued and outstanding, respectively | |
| 1,468,844 | | |
| 1,468,844 | | |
|
Additional paid- in capital Class A common stock | |
| 162,898,727 | | |
| 162,898,727 | | |
|
Additional paid- in capital preferred stock | |
| 2,014,892 | | |
| 1,861,142 | | |
|
Common stock to be issued | |
| - | | |
| 30,000 | | |
|
Accumulated deficit (as restated at June 30, 2024 See Note N) | |
| (167,555,637 | ) | |
| (167,212,956 | ) | |
|
Total stockholders equity (deficiency) | |
| (1,153,279 | ) | |
| (935,598 | ) | |
|
| |
| | | |
| | | |
|
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY) | |
$ | 68,108 | | |
$ | 300,439 | | |
**The
accompanying notes are an integral part of these condensed consolidated financial statements.**
| 36 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD
CONSOLIDATED
STATEMENTS OF OPERATIONS**
*For
the years ended June 30, 2025 and 2024*
**
|
| |
2025 | | |
2024
(Restated See Note N) | | |
|
Revenue earned: | |
| | | |
| | | |
|
Revenue | |
$ | 3,139,008 | | |
$ | 1,057,685 | | |
|
Less shared revenue | |
| 2,093,337 | | |
| 576,630 | | |
|
Net revenue | |
| 1,045,671 | | |
| 481,055 | | |
|
| |
| | | |
| | | |
|
Operating Expenses | |
| | | |
| | | |
|
Officer and director compensation, including stock-based compensation of $125,000and $0, respectively | |
| 304,183 | | |
| 100,000 | | |
|
Salaries | |
| 25,000 | | |
| - | | |
|
Consulting services | |
| 7,500 | | |
| 34,830 | | |
|
Depreciation expense | |
| - | | |
| 16,145 | | |
|
Professional services, including stock-based fees of $0and $302,500, respectively | |
| 405,447 | | |
| 399,668 | | |
|
Selling, general and administrative | |
| 132,073 | | |
| 142,396 | | |
|
| |
| | | |
| | | |
|
Total operating expenses | |
| 874,203 | | |
| 693,039 | | |
|
| |
| | | |
| | | |
|
Income (loss) from operations | |
| 171,468 | | |
| (211,984 | ) | |
|
| |
| | | |
| | | |
|
Other income (expense) | |
| | | |
| | | |
|
Gain (loss) on derivative liability (as restated for year ended June 30,2024 See Note N) | |
| (282,000 | ) | |
| 682,680 | | |
|
Forgiveness of debt and accrued interest | |
| - | | |
| 196,832 | | |
|
Gain on sale of assets | |
| - | | |
| 180,378 | | |
|
Writeoff of property and equipment (net) (as restated for year ended June
30,2024 see Note N) | |
| (199,293 | ) | |
| (126,607 | ) | |
|
Writeoff of prepaid deposits (as restated for year ended June 30, 2024 See Note N) | |
| - | | |
| (225,000 | ) | |
|
Writeoff of intangible properties (as restated for year ended for June 30, 2024 see Note
N) | |
| - | | |
| (25,000 | ) | |
|
Interest expense | |
| (32,856 | ) | |
| (205,878 | ) | |
|
| |
| | | |
| | | |
|
Total other income (expense) | |
| (514,149 | ) | |
| 477,405 | | |
|
| |
| | | |
| | | |
|
Income (loss) before provision for income taxes | |
| (342,681 | ) | |
| 265,421 | | |
|
| |
| | | |
| | | |
|
Provision for income taxes | |
| - | | |
| - | | |
|
| |
| | | |
| | | |
|
Net income (loss) | |
$ | (342,681 | ) | |
$ | 265,421 | | |
|
| |
| | | |
| | | |
|
Basic and diluted income (loss) per common share | |
$ | (0.00 | ) | |
$ | 0.00 | | |
|
| |
| | | |
| | | |
|
Weighted average common shares outstanding basic and diluted | |
| 14,688,440,097 | | |
| 14,678,763,430 | | |
**The
accompanying notes are an integral part of these condensed consolidated financial statements.**
| 37 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (DEFICIENCY)**
*For
the years ended June 30, 2025 and 2024*
|
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Issued | | |
Capital | | |
Deficit | | |
Total | | |
|
| |
Series K Preferred | | |
Series L Preferred | | |
Series N Preferred | | |
| | |
| | |
Common Stock to | | |
Additional | | |
| | |
| | |
|
| |
stock | | |
stock | | |
stock | | |
Common Stock | | |
be | | |
Paid in | | |
Accumulated | | |
| | |
|
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Issued | | |
Capital | | |
Deficit | | |
Total | | |
|
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Balances on June 30, 2024 | |
| 3 | | |
$ | - | | |
| - | | |
$ | - | | |
| 1,864,500 | | |
$ | 18,645 | | |
| 14,688,440,097 | | |
$ | 1,468,844 | | |
| 30,000 | | |
$ | 164,759,869 | | |
$ | (167,212,956 | ) | |
$ | (935,598 | ) | |
|
Return of Series K Preferred Shares effective October 1, 2024 | |
| (3 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
|
Conversion of 3 Series L Preferred stock for 300,000,000 common stock canceled | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (30,000 | ) | |
| 30,000 | | |
| - | | |
| - | | |
|
Issuance of Series N Preferred stock for compensation | |
| | | |
| | | |
| - | | |
| - | | |
| 125,000 | | |
| 1,250 | | |
| - | | |
| - | | |
| - | | |
| 123,750 | | |
| - | | |
| 125,000 | | |
|
Net loss for the year ended June 30, 2025 | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (342,681 | ) | |
| (342,681 | ) | |
|
Balances on June 30, 2025 | |
| | |
$ | - | | |
| - | | |
$ | - | | |
| 1,989,500 | | |
$ | 19,895 | | |
| 14,688,440,097 | | |
$ | 1,468,844 | | |
$ | - | | |
$ | 164,913,619 | | |
$ | (167,555,637 | ) | |
$ | (1,153,279 | ) | |
|
Restated (See Note N) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
Balances on June 30, 2023 | |
| 3 | | |
$ | - | | |
| 294 | | |
$ | 3 | | |
| - | | |
$ | - | | |
| 14,488,440,097 | | |
$ | 1,448,844 | | |
$ | 30,000 | | |
$ | 161,471,523 | | |
$ | (167,478,377 | ) | |
$ | (4,528,007 | ) | |
|
Balances | |
| 3 | | |
$ | - | | |
| 294 | | |
$ | 3 | | |
| - | | |
$ | - | | |
| 14,488,440,097 | | |
$ | 1,448,844 | | |
$ | 30,000 | | |
$ | 161,471,523 | | |
$ | (167,478,377 | ) | |
$ | (4,528,007 | ) | |
|
Issuance of common stock for conversion of Series L preferred Stock | |
| - | | |
| - | | |
| (4 | ) | |
| - | | |
| - | | |
| - | | |
| 200,000,000 | | |
| 20,000 | | |
| - | | |
| (20,000 | ) | |
| - | | |
| - | | |
|
Issuance of Series L preferred stock for compensation | |
| - | | |
| - | | |
| 50 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 250,000 | | |
| - | | |
| 250,000 | | |
|
Cancelation of Series L preferred stock for compensation | |
| - | | |
| - | | |
| (6 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (30,000 | ) | |
| - | | |
| (30,000 | ) | |
|
Issuance of Series L Preferred Stock for cash | |
| - | | |
| - | | |
| 6 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 30,000 | | |
| - | | |
| 30,000 | | |
|
Common stock to be issued upon conversion of Series L Preferred Stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (500,512 | ) | |
| | | |
| (500,512 | ) | |
|
Issuance of Series L Preferred Stock as per Asset purchase Agreement | |
| - | | |
| - | | |
| 25 | | |
| 1 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
| 124,999 | | |
| - | | |
| 125,000 | | |
|
Common stock to be issued upon conversion of Series L Preferred Stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,575,002 | | |
| - | | |
| 1,575,002 | | |
|
Cancelation of Series L preferred stock for compensation | |
| - | | |
| - | | |
| (44 | ) | |
| (4 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (220,000 | ) | |
| - | | |
| (220,000 | ) | |
|
Exchange Series L stock for Series N preferred stock | |
| - | | |
| - | | |
| (339 | ) | |
| - | | |
| 1,864,500 | | |
| 18,645 | | |
| - | | |
| - | | |
| - | | |
| 1,988,857 | | |
| - | | |
| 2,007,498 | | |
|
Issuance of Series L preferred stock for compensation | |
| - | | |
| - | | |
| 18 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 90,000 | | |
| - | | |
| 90,000 | | |
|
Net income for the year ended June 30, 2024 (as restated for year ended June 30, 2024 Note N) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 265,421 | | |
| 265,421 | | |
|
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 265,421 | | |
| 265,421 | | |
|
Balances on June 30, 2024 (as restated for year ended June 30, 2024 See Note N) | |
| 3 | | |
$ | - | | |
| - | | |
$ | - | | |
| 1,864,500 | | |
$ | 18,645 | | |
| 14,688,440,097 | | |
$ | 1,468,844 | | |
$ | 30,000 | | |
$ | 164,759,869 | | |
$ | (167,212,956 | ) | |
$ | (935,598 | ) | |
|
Balances | |
| 3 | | |
$ | - | | |
| - | | |
$ | - | | |
| 1,864,500 | | |
$ | 18,645 | | |
| 14,688,440,097 | | |
$ | 1,468,844 | | |
$ | 30,000 | | |
$ | 164,759,869 | | |
$ | (167,212,956 | ) | |
$ | (935,598 | ) | |
**The
accompanying notes are an integral part of these condensed consolidated financial statements***.*
| 38 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD
CONSOLIDATED STATEMENTS OF CASH FLOWS**
*For
the years ended June 30, 2025 and 2024*
**
|
| |
June
30, 2025 | | |
June
30, 2024
(Restated See Note N) | | |
|
| |
| | |
| | |
|
OPERATING ACTIVITIES: | |
| | | |
| | | |
|
Net income (loss) (as restated for year ended June 30, 2024 See Note N) | |
$ | (342,681 | ) | |
$ | 265,421 | | |
|
Adjustment to reconcile net loss to net cash
provided by operating activities: | |
| | | |
| | | |
|
Exchange of stock and issuing
Series N Preferred Stock for bonus compensation | |
| - | | |
| 182,500 | | |
|
Derivative liability (gain)
loss (as restated for year ended June 30, 2024 See Note N) | |
| 282,000 | | |
| (682,680 | ) | |
|
Loss on disposal of equipment | |
| 199,293 | | |
| - | | |
|
Writeoff of prepaid deposits (as restated for year ended June 30, 2024
See Note N) | |
| - | | |
| 225,000 | | |
|
Writeoff of property and equipment (net) (as restated for year ended June
30, 2024 See Note N) | |
| - | | |
| 126,607 | | |
|
Writeoff of intangible properties (as restated for year ended June 30,
2024 See Note N) | |
| - | | |
| 25,000 | | |
|
Net acquisition of FFT | |
| - | | |
| 25,000 | | |
|
Gain on sale of assets | |
| - | | |
| (180,378 | ) | |
|
Issuance of Series L Preferred
stock for compensation | |
| - | | |
| 120,000 | | |
|
Issuance of Series N Preferred
stock for compensation | |
| 125,000 | | |
| - | | |
|
Depreciation | |
| - | | |
| 16,145 | | |
|
Changes in operating assets and liabilities: | |
| | | |
| | | |
|
Accounts receivable | |
| 184,692 | | |
| (184,692 | ) | |
|
Prepaid deposits | |
| - | | |
| (225,000 | ) | |
|
Accrued executive compensation | |
| (41,333 | ) | |
| 58,333 | | |
|
Accounts payable | |
| (71,375 | ) | |
| 59,128 | | |
|
Accrued
interest | |
| 19,227 | | |
| 130,878 | | |
|
Net
cash (used in) operating activities | |
| 354,823 | | |
| (38,738 | ) | |
|
| |
| | | |
| | | |
|
INVESTING ACTIVITIES: | |
| | | |
| | | |
|
Software
development cost | |
| (238,000 | ) | |
| - | | |
|
Net cash (used in) investing
activities | |
| (238,000 | ) | |
| - | | |
|
| |
| | | |
| | | |
|
FINANCING ACTIVITIES: | |
| | | |
| | | |
|
Borrowings from loans payable
officer | |
| 100 | | |
| - | | |
|
Payments on notes payable | |
| (135,000 | ) | |
| - | | |
|
Payments on loans, related
parties, net | |
| (29,562 | ) | |
| | | |
|
Borrowings from convertible
notes payable | |
| - | | |
| 45,000 | | |
|
Proceeds from sale of Series
L Preferred Stock | |
| - | | |
| 30,000 | | |
|
Borrowings
from loans payable, related parties | |
| - | | |
| 61,185 | | |
|
Net cash provided by financing
activities | |
| (164,462 | ) | |
| 136,185 | | |
|
| |
| | | |
| | | |
|
NET INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS | |
| (47,639 | ) | |
| 97,447 | | |
|
| |
| | | |
| | | |
|
CASH
AND CASH EQUIVALENTS, BEGINNING OF PERIOD | |
| 115,747 | | |
| 18,300 | | |
|
| |
| | | |
| | | |
|
CASH
AND CASH EQUIVALENTS, END OF PERIOD | |
$ | 68,108 | | |
$ | 115,747 | | |
|
| |
| | | |
| | | |
|
Supplemental Disclosures
of Cash Flow Information: | |
| | | |
| | | |
|
Taxes paid | |
$ | - | | |
$ | - | | |
|
Interest paid | |
$ | - | | |
$ | - | | |
|
| |
| | | |
| | | |
|
Non-cash investing and financing
activities: | |
| | | |
| | | |
|
Issuance of preferred
stock for asset purchase | |
$ | - | | |
$ | 125,000 | | |
|
Issuance of Series N Preferred
stock for compensation | |
$ | 125,000 | | |
$ | - | | |
|
Return of 3 shares of Series K Preferred Stock effective October 1, 2024 | |
$ | - | | |
$ | - | | |
**The
accompanying notes are an integral part of these condensed consolidated financial statements**
| 39 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS**
*For
the years ended June 30, 2025 and 2024*
**NOTE
A ORGANIZATION**
**Overview**
Global
Technologies, Ltd (hereinafter the Company, Our, We, or Us) was incorporated
under the laws of the State of Delaware on January 20, 1999 under the name of NEW IFT Corporation. On August 13, 1999, the Company filed
an Amended and Restated Certificate of Incorporation with the State of Delaware to change the name of the corporation to Global Technologies,
Ltd.
Our
principal executive offices are located at 806 Green Valley Road, Suite 200, Greensboro, North Carolina 27408 and our telephone number
is (973) 233-5151. The information contained on, or that can be accessed through, our website is not a part of this Annual Report
on Form 10-K. We have included our website address in this Annual Report solely as an inactive textual reference.
**Current
Operations**
Global
Technologies, Ltd. (Global or the Company) is a diversified, multi-operational company focused on developing
and scaling innovative businesses within the healthcare, wellness, and technology-enabled services sectors. The Companys strategy
is centered on building and managing subsidiaries that leverage technology to improve business performance, operational efficiency, and
access to quality healthcare resources.
Globals
current operations are conducted primarily through two wholly owned subsidiaries: Primecare Supply, LLC and GTLL Advisory Group, LLC.
Global
Technologies broader mission is to build and support companies that create meaningful, measurable improvements in human and organizational
well-being. The Company believes that its approachcombining innovative technology platforms, disciplined operational execution,
and strategic advisory supportpositions it to generate sustainable growth and long-term value for its shareholders.
*Our
wholly owned operating subsidiaries:*
*About
Primecare Supply, LLC*
**
Primecare
Supply, LLC (Primecare Supply) was formed as a Wyoming limited liability company on October 22, 2024, and commenced operations
in May 2025. Primecare Supply operates as a business-to-business (B2B) procurement company powered by the proprietary Sinq Ops software
platform. The Companys mission is to streamline and modernize the pharmaceutical supply chain by connecting fully licensed and
compliant 503B pharmaceutical manufacturers with licensed medical clinics across the United States.
Primecare
Supply facilitates these connections through both direct-to-clinic relationships and a network of authorized reseller partners. By leveraging
its Sinq Ops technology, the Company provides secure, transparent, and fully compliant ordering, fulfillment, and payment workflows.
Primecare Supply earns revenue on a per-transaction basis for facilitating these procurement activities.
Management
believes Primecare Supply represents a core growth engine for Global Technologies, Ltd., offering scalable infrastructure, recurring
transaction-based revenue, and a technology-enabled compliance advantage in the expanding health and wellness market.
| 40 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD**
**NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS**
*For
the years ended June 30, 2025 and 2024*
**NOTE
A ORGANIZATION (contd)**
*About
GTLL Advisory Group, LLC*
GTLL
Advisory Group, LLC (GTLL Advisory) was formed as a Wyoming limited liability company on May 20, 2025, as a wholly owned
subsidiary of Global Technologies, Ltd. (Global or the Company). GTLL Advisory did not commence financial
operations during fiscal year 2025.
GTLL
Advisory, operating under the trade name GloWell Advisors, was established to serve as the Companys strategic consulting and advisory
platform. The subsidiarys mission aligns with Globals broader focus on advancing innovation and technology within the health
and wellness industries.
GTLL
Advisorys purpose is to provide business transformation and value-enhancement services to small and mid-sized enterprisesparticularly
medical spas, wellness clinics, and professional service practicesthrough data-driven consulting, operational optimization, and
access to technology resources developed within the Global ecosystem.
Rooted
in Globals commitment to building sustainable businesses that improve both human and organizational well-being, GTLL Advisory
intends to combine strategy, technology, and financial insight to help clients achieve measurable growth and long-term stability.
Management
expects GTLL Advisory to commence revenue-generating operations in fiscal year 2026 as part of Globals expanding health-technology
and advisory services portfolio.
**
*About
10 Fold Services, LLC*
10
Fold Services, LLC (10 Fold Services) was formed as a Wyoming limited liability company on November 22, 2023. 10 Fold Services
was established as a strategic consulting and procurement agency focused on go-to-market planning and execution for companies in the
health and wellness sector. Through an automation-first approach, 10 Fold Services integrated internal and external resources to deliver
cost-effective and scalable marketing, sales, and technology solutions.
During
fiscal 2024, 10 Fold Services entered into agreements with a 503B pharmaceutical supplier to promote and facilitate the sale of GLP-1-based
products under the FDAs shortage provisions then in effect. In June 2025, following changes in FDA regulations and
the expiration of the GLP-1 shortage allowance, the Company and its supplier mutually agreed to close all active contracts. As a result,
10 Fold Services ceased procurement operations and currently remains idle.
The
limited liability company remains in good standing, though management has not yet determined its future direction. To preserve continuity
across business lines, 10 Fold Services transferredat no costcertain intellectual property, including customer and supplier
contacts and access to proprietary software systems, to Primecare Supply, LLC, another wholly owned subsidiary of Global Technologies,
Ltd.
Management
believes this transition allows Global to consolidate its resources and focus on expanding Primecare Supplys operational and technology
platforms within the broader health-and-wellness market.
**
**
*About
GOe3, LLC*
GOe3,
LLC (GOe3) was formed as an Arizona limited liability company on February 12, 2000 and was acquired by Global Technologies,
Ltd. (Global or the Company) pursuant to a Share Exchange Agreement executed on March 15, 2024. GOe3 was
originally intended to develop and operate a network of universal electric vehicle (EV) charging stations positioned approximately
every 45 to 75 miles along major U.S. interstate highways. The companys platform was designed to include universal charging hardware,
integrated solar deployment, and a proprietary travel and business portal supporting multiple revenue streams.
During
fiscal 2025, Global determined that GOe3 had not met key operational and financial milestones required under the Share Exchange Agreement.
As a result, Global elected to terminate and cancel the acquisition and all related agreements. The cancellation of the GOe3 transaction
was previously disclosed in the Companys Form 8-K filings.
Following
the termination, GOe3, LLC is no longer a subsidiary
of Global Technologies, Ltd., and management is not aware of any continuing operations within GOe3 at this time.
Management
believes the decision to unwind the acquisition allowed Global to reallocate resources toward its core business segments in health technology,
procurement, and strategic advisory services.
*About
Foxx Trot Tango, LLC*
Foxx
Trot Tango, LLC (Foxx Trot) was formed as a Wyoming limited liability company on February 3, 2022. Foxx Trot was acquired
through a membership interest purchase agreement on July 25, 2023. Foxx Trot was the owner of a commercial building in Sylvester, GA
that was sold on March 26, 2024. The Company no longer intends on utilizing Foxx Trot for the purchase of additional parcels of real
estate.
| 41 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD**
**NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS**
*For
the years ended June 30, 2025 and 2024*
**NOTE
B BASIS OF PRESENTATION**
The
consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (GAAP). 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 Companys 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, 2025 and the results of operations, changes in stockholders equity,
and cash flows for the periods presented.
**NOTE
C - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**
*Summary
of Significant Accounting Policies*
This
summary of significant accounting policies of the Company is presented to assist in understanding the Companys financial statements.
The financial statements and notes are representations of the Companys management, which is responsible for their integrity and
objectivity. These accounting policies conform to accounting principles generally accepted in the United States and have been consistently
applied in the preparation of the financial statements.
*Principles
of Consolidation*
The consolidated financial statements include the accounts of Global Technologies and its wholly-owned subsidiaries. All inter-company
balances and transactions have been eliminated in consolidation.
As
of June 30, 2025, Global Technologies, Ltd. (Global or the Company) had three wholly owned subsidiaries:
10 Fold Services, LLC (10 Fold Services), Primecare Supply, LLC (Primecare Supply), and GTLL Advisory Group,
LLC (GTLL Advisory).
During
fiscal year 2025, 10 Fold Services operated as the Companys primary revenue-generating subsidiary through its 503B pharmaceutical
procurement and sales activities. In June 2025, 10 Fold Services closed its contracts following regulatory changes in the GLP-1 pharmaceutical
market, and the Company subsequently transitioned its operational focus and certain assetsincluding intellectual property and
technology resourcesto Primecare Supply.
Primecare
Supply, LLC and GTLL Advisory Group, LLC were newly formed during fiscal year 2025 and represent the Companys ongoing operating
entities. Primecare Supply serves as a B2B procurement and technology platform, while GTLL Advisory focuses on strategic consulting and
business optimization services for the health and wellness industry.
The
Company completed the dissolution of Foxx Trot Tango, LLC (Foxx Trot) during fiscal year 2025 and finalized the unwinding
and return of ownership of GOe3, LLC (GOe3) to its original members pursuant to a mutual cancellation agreement executed
during the same period.
| 42 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD**
**NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS**
*For
the years ended June 30, 2025 and 2024*
**NOTE
C - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (contd)**
*Cash
Equivalents*
Investments
having an original maturity of 90 days or less that are readily convertible into cash are considered to be cash equivalents. For the
periods presented, the Company had no cash equivalents. The Company has cash on deposit at one financial institution which, at times,
may be in excess of Federal Deposit Insurance Corporation (FDIC) insurance limits. The Company has not experienced losses
in such accounts and periodically evaluates the creditworthiness of its financial institutions. In the future, the Company may reduce
its credit risk by placing its cash and cash equivalents with major financial institutions. The Company had approximately $68,108 of
cash and cash equivalents at June 30, 2025 of which none was held in foreign bank accounts and $0 was not covered by FDIC insurance limits
as of June 30, 2025.
*Accounts
Receivable and Allowance for Doubtful Accounts:*
Accounts
receivable are recorded at invoiced amount and generally do not bear interest. An allowance for doubtful accounts is established, as
necessary, based on past experience and other factors which, in managements judgment, deserve current recognition in estimating
bad debts. Such factors include growth and composition of accounts receivable, the relationship of the allowance for doubtful accounts
to accounts receivable and current economic conditions. The determination of the collectability of amounts due from customer accounts
requires the Company to make judgments regarding future events and trends. Allowances for doubtful accounts are determined based on assessing
the Companys portfolio on an individual customer and on an overall basis. This process consists of a review of historical collection
experience, current aging status of the customer accounts, and the financial condition of Global Technologies customers. Based
on a review of these factors, the Company establishes or adjusts the allowance for specific customers and the accounts receivable portfolio
as a whole. At June 30, 2025 and June 30, 2024, an allowance for doubtful accounts was not considered necessary as all accounts receivable
were deemed collectible.
*Concentrations
of Risks*
*Concentration
of Accounts Receivable* On June 30, 2025 and June 30, 2024, the Company had $0 and $184,692in accounts receivable,
respectively. All of the accounts receivable at June 30, 2024 was from one customer.
*Concentration
of Revenues* For the years ended June 30, 2025 and 2024, the Company generated net revenue of $1,045,671 and $481,055
respectively.
*Concentration
of Suppliers* For the years ended June 30, 2025 and 2024, the Company had 2 and 2 suppliers, respectively. The two suppliers,
pharmaceutical compounding companies, are for the sales generated through 10 Fold Services.
*Income
Taxes*
In
accordance with Accounting Standards Codification (ASC) 740 - Income Taxes, the provision for income taxes is computed using the asset
and liability method. The asset and liability method measures deferred income taxes by applying enacted statutory rates in effect at
the balance sheet date to the differences between the tax basis of assets and liabilities and their reported amounts on the financial
statements. The resulting deferred tax assets or liabilities are adjusted to reflect changes in tax laws as they occur. A valuation allowance
is provided when it is not more likely than not that a deferred tax asset will be realized.
We
expect to recognize the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority
would sustain the position in an examination. For tax positions meeting a more-likely-than-not threshold, the amount to
be recognized in the financial statements will be the benefit expected to be realized upon settlement with the tax authority. For tax
positions not meeting the threshold, no financial statement benefit is recognized. As of June 30, 2025, we had no uncertain tax positions.
We recognize interest and penalties, if any, related to uncertain tax positions as general and administrative expenses. We currently
have no federal or state tax examinations nor have we had any federal or state examinations since our inception. To date, we have not
incurred any interest or tax penalties.
| 43 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD**
**NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS**
*For
the years ended June 30, 2025 and 2024*
**NOTE
C - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (contd)**
*Financial
Instruments and Fair Value of Financial Instruments*
We
adopted ASC Topic 820, *Fair Value Measurements and Disclosures*, for assets and liabilities measured at fair value on a recurring
basis. ASC Topic 820 establishes a common definition for fair value to be applied to existing US GAAP that requires the use of fair value
measurements that establishes a framework for measuring fair value and expands disclosure about such fair value measurements.
ASC
820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. Additionally, ASC Topic 820 requires the use of valuation techniques that maximize
the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:
|
Level
1: |
Observable
inputs such as quoted market prices in active markets for identical assets or liabilities | |
|
Level
2: |
Observable
market-based inputs or unobservable inputs that are corroborated by market data | |
|
Level
3: |
Unobservable
inputs for which there is little or no market data, which require the use of the reporting entitys own assumptions. | |
The
carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial
assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared.
Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event
occurs. Except for the derivative liability, we had no financial assets or liabilities carried and measured at fair value on a recurring
or nonrecurring basis during the periods presented.
*Derivative
Liabilities*
We
evaluate convertible notes payable, stock options, stock warrants and other contracts to determine if those contracts or embedded components
of those contracts qualify as derivatives to be separately accounted for under the relevant sections of ASC Topic 815-40, *Derivative
Instruments and Hedging: Contracts in Entitys Own Equity*.
The
result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative instrument and
is marked-to-market at each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability,
the change in fair value is recorded in the statement of operations as other income or other expense. Upon conversion or exercise of
a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity.
Financial instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815-40 are reclassified
to a liability account at the fair value of the instrument on the reclassification date. Please *see* **NOTE I - DERIVATIVE LIABILITY**for further information.
*Long-lived
Assets*
Long-lived
assets such as property and equipment and intangible assets are periodically reviewed for impairment. We test for impairment losses on
long-lived assets used in operations whenever events or changes in circumstances indicate that the carrying amount of the asset may not
be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying amount of an asset to the
future undiscounted cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be
recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Impairment evaluations involve
managements estimates on asset useful lives and future cash flows. Actual useful lives and cash flows could be different from
those estimated by management which could have a material effect on our reporting results and financial positions. Fair value is determined
through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals,
as considered necessary.
| 44 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD**
**NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS**
*For
the years ended June 30, 2025 and 2024*
**NOTE
C - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (contd)**
*Accounting
for Investments*- The Company accounts for investments based upon the type and nature of the investment and the availability of current
information to determine its value. Investments in marketable securities in which there is a trading market will be valued at market
value on the nearest trading date relative to the Companys financial reporting requirements. Investments in which there is no
trading market from which to obtain recent pricing and trading data for valuation purposes will be valued based upon managements
review of available financial information, disclosures related to the investment and recent valuations related to the investments
fundraising efforts.
*Deferred
Financing Costs*
Deferred
financing costs represent costs incurred in the connection with obtaining debt financing. These costs are amortized ratably and charged
to financing expenses over the term of the related debt.
*Revenue
recognition*
Generally,
the Company considers all revenues as arising from contracts with customers. Revenue is recognized based on the five-step process outlined
in the Accounting Standards Codification (ASC) 606:
Step
1 Identify the Contract with the Customer A contract exists when (a) the parties to the contract have approved the contract
and are committed to perform their respective obligations, (b) the entity can identify each partys rights regarding the goods
or services to be transferred, (c) the entity can identify the payment terms for the goods or services to be transferred, (d) the contract
has commercial substance and it is probably that the entity will collect substantially all of the consideration to which it will be entitled
in exchange for the goods or services that will be transferred to the customer.
Step
2 Identify Performance Obligations in the Contract Upon execution of a contract, the Company identifies as performance
obligations each promise to transfer to the customer either (a) goods or services that are distinct, or (b) a series of distinct goods
or services that are substantially the same and have the same pattern of transfer to the customer. To the extent a contract includes
multiple promised goods or services, the Company must apply judgement to determine whether the goods or services are capable of being
distinct within the context of the contract. If these criteria are not met, the goods or services are accounted for as a combined performance
obligation.
Step
3 Determine the Transaction Price When (or as) a performance obligation is satisfied, the Company shall recognize as
revenue the amount of the transaction price that is allocated to the performance obligation. The contract terms are used to determine
the transaction price. Generally, all contracts include fixed consideration. If a contract did include variable consideration, the Company
would determine the amount of variable consideration that should be included in the transaction price based on expected value method.
Variable consideration would be included in the transaction price, if in the Companys judgement, it is probable that a significant
future reversal of cumulative revenue under the contract would not occur.
| 45 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD**
**NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS**
*For
the years ended June 30, 2025 and 2024*
**NOTE
C - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (contd)**
Step
4 Allocate the Transaction Price After the transaction price has been determined, the next step is to allocate the transaction
price to each performance obligation in the contract. If the contract only has one performance obligation, the entire transaction price
will be applied to that obligation. If the contract has multiple performance obligations, the transaction price is allocated to the performance
obligations based on the relative standalone selling price (SSP) at contract inception.
Step
5 Satisfaction of the Performance Obligations (and Recognize Revenue) Revenue is recognized when (or as) goods or services
are transferred to a customer. The Company satisfies each of its performance obligations by transferring control of the promised good
or service underlying that performance obligation to the customer. Control is the ability to direct the use of and obtain substantially
all of the remaining benefits from an asset. It includes the ability to prevent other entities from directing the use of and obtaining
the benefits from an asset. Indicators that control has passed to the customer include: a present obligation to pay; physical possession
of the asset; legal title; risks and rewards of ownership; and acceptance of the asset(s). Performance obligations can be satisfied at
a point in time or over time.
Substantially
all of the Companys revenues continue to be recognized when control of the goods is transferred to the customer, which is upon
shipment of the finished goods to the customer. All sales have fixed pricing and there are currently no material variable components
included in the Companys revenue. Additionally, the Company will issue credits for defective merchandise, historically these credits
for defective merchandise have not been material. Based on the Companys analysis of the new revenue standards, revenue recognition
from the sale of finished goods to customers, which represents substantially all of the Companys revenues, was not impacted by
the adoption of the new revenue standards.
*Stock-Based
Compensation*
We
account for share-based awards to employees in accordance with ASC 718 Stock Compensation. Under this guidance, stock compensation
expense is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the estimated service
period (generally the vesting period) on the straight-line attribute method. The Company accounts for non-employee stock-based awards
in accordance with the Accounting Standards Update (ASU) 2018-07, CompensationStock Compensation (Topic 718): Under the new standard,
the Company will value all equity classified awards at their grant-date under ASC718 and no options were required to be revalued at adoption.
*Related
Parties*
A
party is considered to be related to us if the party directly or indirectly or through one or more intermediaries, controls, is controlled
by, or is under common control with us. Related parties also include our principal owners, our management, members of the immediate families
of our principal owners and our management and other parties with which we may deal if one party controls or can significantly influence
the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing
its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties,
or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one
or more of the transacting parties might be prevented from fully pursuing its own separate interests, is also a related party.
*Advertising
Costs*
Advertising
costs are expensed as incurred. For the periods presented, we had no advertising costs.
*Loss
per Share*
We
compute net loss per share in accordance with FASB ASC 260. The ASC specifies the computation, presentation and disclosure requirements
for loss per share for entities with publicly held common stock.
Basic
loss per share amounts are computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net
loss per common share is computed on the basis of the weighted average number of common shares and dilutive securities (such as stock
options, warrants and convertible securities) outstanding. Dilutive securities having an anti-dilutive effect on diluted net loss per
share are excluded from the calculation. For the years ended June 30, 2025 and 2024, the Company excluded 3,000,000,000 and 3,000,000,000,
respectively, shares relating to convertible notes payable to third parties.
| 46 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD**
**NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS**
*For
the years ended June 30, 2025 and 2024*
**NOTE
C - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (contd)**
*Recently
Enacted Accounting Standards*
In
June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13,
Financial InstrumentsCredit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU
2016-13). Financial InstrumentsCredit Losses (Topic 326) amends guideline on reporting credit losses for assets held at
amortized cost basis and available-for-sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable
initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit
losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets
to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner
similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down.
ASU 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net
income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures,
reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash.
The amendments in this ASU became effective for fiscal years beginning after December 15, 2022, including interim periods within those
fiscal years. There has been no significant impact from the adoption of ASU 2016-13 on our financial statements.
In
August 2020, the FASB issued ASU 2020-06, Debt Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging Contracts in Entitys Own Equity (Subtopic 815-40). This ASU reduces the number of accounting models
for convertible debt instruments and convertible preferred stock. As well as amend the guidance for the derivatives scope exception for
contracts in an entitys own equity to reduce form-over-substance-based accounting conclusions. In addition, this ASU improves
and amends the related EPS guidance. This standard became effective for us on May 1, 2022, including interim periods within those fiscal
years. Adoption is either a modified retrospective method or a fully retrospective method of transition. There has been no significant impact from the adoption of ASU 2020-06 on our financial statements.
*Use
of Estimates*
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.
*Fair
Value of Financial Instruments*
The
Company defines the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction
between willing parties. Financial instruments included in the Companys financial statements include cash, accounts payable and
accrued expenses, accrued interest payable, loans payable to related parties, notes payable to third parties, notes payable to related
parties and derivative liability. Unless otherwise disclosed in the notes to the financial statements, the carrying value of financial
instruments is considered to approximate fair value due to the short maturity and characteristics of those instruments. The carrying
value of debt approximates fair value as terms approximate those currently available for similar debt instruments.
*Goodwill*
After
completing the purchase price allocation, any residual of cost over fair value of the net identifiable assets and liabilities are assigned
to the unidentifiable asset, goodwill. Formerly subject to mandatory amortization, this now is not permitted to be amortized at all,
by any allocation scheme and over any useful life. Impairment testing, using a methodology at variance with that set forth in FAS 144
(which, however, continues in effect for all other types of long-lived assets and intangibles other than goodwill), must be applied periodically,
and any computed impairment will be presented as a separate line item in that periods income statement, as a component of income
from continuing operations (unless associated with discontinued operations, in which case, the impairment would, net of income tax effects,
be combined with the remaining effects of the discontinued operations. In accordance with Statement No. 142, Goodwill and Other
Intangible Assets, the Company does not amortize goodwill, but performs impairment tests of the carrying value at least quarterly.
*Intangible
Assets*
Intangible
assets are stated at the lesser of cost or fair value less accumulated amortization.
| 47 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD**
**NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS**
*For
the years ended June 30, 2025 and 2024*
**NOTE
D ACQUISITION AND DISPOSITION OF FOXX TROT TANGO, LLC**
On
July 25, 2023, the Company acquired 100%
ownership of Foxx Trot Tango, LLC (Foxx Trot), the owner of a warehouse building located in Sylvester, Georgia in
exchange for Convertible Promissory Notes in the amount of $3,100,000 and
the potential issuance of 680 shares
of Series L Preferred Stock of the Company.
On March 26, 2024, Foxx Trot closed on
the sale of its commercial building located in Sylvester, Georgia for an aggregate cash purchase price of $3,638,750
subject to certain adjustments within the Purchase Agreement. In the year ended June 30, 2024, the dissolution of Foxx Trot was completed.
**NOTE
E ACQUISITION AND DISPOSITION OF GOe3, LLC**
On
March 15, 2024, the Company acquired 100%
ownership of GOe3, LLC (GOe3), an entity planning to operate a network of universal electric vehicle charging stations,
in exchange for Exchange Shares and the potential issuance of New Preferred Stock of the Company.
During fiscal 2025, Global determined that GOe3 had not met key operational
and financial milestones required under the Share Exchange Agreement dated March 15, 2024. As a result, on June 30, 2025 Global elected
to terminate and cancel the acquisition and all related agreements.
**NOTE
F - ACCOUNTS RECEIVABLE**
Accounts
receivable consist of the following at June 30, 2025 and June 30, 2024:
SCHEDULE
OF ACCOUNTS RECEIVABLE
|
| |
June 30, 2025 | | |
June 30, 2024 | | |
|
| |
| | |
| | |
|
Trade accounts receivable | |
$ | - | | |
$ | 184,692 | | |
|
Less: allowance for credit losses | |
| - | | |
| - | | |
|
Total accounts receivable (net) | |
$ | - | | |
$ | 184,692 | | |
**NOTE
G NOTES PAYABLE, THIRD PARTIES**
Notes
payable to third parties consist of:
SCHEDULE
OF NOTES PAYABLE TO THIRD PARTIES
|
| |
June 30, 2025 | | |
June 30, 2024 | | |
|
| |
| | |
| | |
|
Convertible Promissory Note dated January 20, 2021 payable to Tri-Bridge Ventures, LLC (Tri-Bridge), interest at 10%, due January 20, 2023, with unamortized debt discount of $0 and $0 at, December 31, 2024 and June 30, 2024, respectively (i) | |
100,000 | | |
100,000 | | |
|
Convertible Promissory Note dated January 20, 2021 payable to Tri-Bridge Ventures, LLC (Tri-Bridge), interest at 10%, due January 20, 2023, with unamortized debt discount of $0 and $0 at, June 30, 2025 and 2024, respectively (i) | |
$ | 100,000 | | |
$ | 100,000 | | |
|
Convertible Promissory Note dated February 22, 2021 payable to Tri-Bridge Ventures, LLC (Tri-Bridge), interest at 10%, due February 22, 2023, with unamortized debt discount of $0 and $0 at June 30, 2025 and 2024, respectively (ii) | |
| 200,000 | | |
| 200,000 | | |
|
Convertible Promissory Note dated May 31, 2023 payable to MainSpring, LLC (MainSpring), originally issued to Hillcrest Ridgewood Partners, LLC and assigned on September 15, 2023, interest at 8%, due May 31, 2024 with unamortized debt discount of $0 and $0 at June 30, 2025 and 2024, respectively (iii) | |
| - | | |
| 90,000 | | |
|
Convertible Promissory Note dated July 18, 2023 payable to Hillcrest Ridgewood Partners LLC (Hillcrest), interest at 8%, due July 18, 2024 with unamortized debt discount of $0 and $0 at, June 30, 2025 and 2024, respectively (iv) | |
| - | | |
| 20,000 | | |
|
Convertible Promissory Note dated October 31, 2023 payable to MainSpring, LLC (MainSpring), interest at 8%, due October 31, 2024 with unamortized debt discount of $0 and $0 at, June 30, 2025 and 2024, respectively (v) | |
| - | | |
| 25,000 | | |
|
Totals | |
$ | 300,000 | | |
$ | 435,000 | | |
|
(i) |
On
January 20, 2021, the Company executed a Convertible Note (the Convertible Note) payable to Tri-Bridge Ventures, LLC
(the Holder) in the principal amount of up to $150,000. The Convertible Note shall accrue interest at 10% per annum.
The Convertible Note was partially funded on January 27, 2021 in the amount of $100,000. The Convertible Note is convertible, in
whole or in part, at any time and from time to time before maturity (January 20, 2023) at the option of the holder. The Conversion
Price shall be equal to Fifty Percent (50%) of the lowest Trading Price (defined below) during the Valuation Period (defined below),
and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. The total number
of shares due under any conversion notice (Notice Shares) will be equal to the Conversion Amount divided by the Conversion
Price. On the date that a Conversion Notice is delivered to Holder, the Company shall deliver an estimated number of shares (Estimated
Shares) to Holders brokerage account equal to the Conversion Amount divided by 50% of the Market Price. Market
Price shall mean the lowest of the daily Trading Price for the Common Stock during the twenty (20) Trading Day period ending
on the latest complete Trading Day prior to the Conversion Date. The Valuation Period shall mean twenty (20) Trading
Days, commencing on the first Trading Day following delivery and clearing of the Notice Shares in Holders brokerage account,
as reported by Holder (Valuation Start Date). As of June 30, 2025, $100,000 principal plus $24,986 interest were due. | |
| 48 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD**
**NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS**
*For
the years ended June 30, 2025 and 2024*
**NOTE
G NOTES PAYABLE, THIRD PARTIES (contd)**
|
(ii) |
On
February 22, 2021, the Company executed a Convertible Note (the Convertible Note) payable to Tri-Bridge Ventures, LLC
(the Holder) in the principal amount of up to $200,000. The Convertible Note shall accrue interest at 10% per annum.
The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (February 22, 2023) at
the option of the holder. The conversion price shall be equal to the lesser of (i) the price of any public offering of the Makers
Common Stock or (ii) Fifty Percent (50%) of the lowest Trading Price (defined below) during the Twenty Trading Day period prior to
the day the Holder delivers the Conversion Notice (Conversion Price). Trading Price means, for any security
as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the OTCBB) as reported
by a reliable reporting service (Reporting Service) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if
the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange
or trading market where such security is listed or traded. Trading Day shall mean any day on which the Common Stock
is tradable for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock
is then being traded. The Convertible Note was funded on March 2, 2021. As of June 30, 2025, $200,000 principal plus $49,973 interest
were due. | |
|
|
| |
|
(iii) |
On
May 31, 2023, the Company issued to Hillcrest Ridgewood Partners, LLC (the Old Holder) a Convertible Promissory Note
(the Convertible Note) in the principal amount of $90,000. On September 15, 2023, the Convertible Note was assigned
to MainSpring, LLC (the New Holder). The Convertible Note has a term of one (1) year, Maturity Date of May 31, 2024,
and bears interest at 8% per annum. Any Principal Amount or interest on this New Convertible Note which is not paid when due shall
bear interest at the rate of the lesser of (i) eighteen percent (18%) per annum and (ii) the maximum amount permitted by law from
the due date thereof until the same is paid (Default Interest). The New Convertible Note is convertible, in whole or
in part, at any time and from time to time before maturity at the option of the New Holder. The per share conversion price into which
Principal Amount and interest (including any Default Interest) under this New Convertible Note shall be convertible into shares of
Common Stock hereunder (the Conversion Price) shall equal $0.0001, subject to adjustment as provided in this New Convertible
Note. Upon the occurrence of any Event of Default, this New Convertible Note shall become immediately due and payable, and the Company
shall pay to the New Holder, in full satisfaction of its obligations hereunder, an amount equal to the Principal Amount then outstanding
plus accrued interest (including any Default Interest) through the date of full repayment multiplied by 150% (collectively the Default
Amount), as well as all costs, including, without limitation, legal fees and expenses, of collection, all without demand,
presentment or notice, all of which hereby are expressly waived by the New Holder. The New Holder shall be entitled to exercise all
other rights and remedies available at law or in equity. The transaction closed on May 31, 2023. The Company paid the note in full
during 2nd quarter of fiscal year 2025. As of June 30, 2025, the outstanding principal balance and accrued interest related
to this note were $0. | |
|
|
| |
|
(iv) |
On
July 18, 2023, the Company executed a Convertible Note (the Convertible Note) payable to Hillcrest Ridgewood Partners,
LLC (the Holder)(together, the Parties) in the principal amount of $20,000 and the Parties entered into
a Securities Purchase Agreement (the SPA). The Convertible Note has a term of one (1) year, Maturity Date of July 18,
2024, and bears interest at 8% per annum. Any Principal Amount or interest on this Convertible Note which is not paid when due shall
bear interest at the rate of the lesser of (i) eighteen percent (18%) per annum and (ii) the maximum amount permitted by law from
the due date thereof until the same is paid (Default Interest). The Convertible Note is convertible, in whole or in
part, at any time and from time to time before maturity at the option of the Holder. The per share conversion price into which Principal
Amount and interest (including any Default Interest) under this Convertible Note shall be convertible into shares of Common Stock
hereunder (the Conversion Price) shall equal $0.0001, subject to adjustment as provided in this Convertible Note. Upon
the occurrence of any Event of Default, this Convertible Note shall become immediately due and payable, and the Company shall pay
to the Holder, in full satisfaction of its obligations hereunder, an amount equal to the Principal Amount then outstanding plus accrued
interest (including any Default Interest) through the date of full repayment multiplied by 150% (collectively the Default
Amount), as well as all costs, including, without limitation, legal fees and expenses, of collection, all without demand,
presentment or notice, all of which hereby are expressly waived by the Holder. The Holder shall be entitled to exercise all other
rights and remedies available at law or in equity. The transaction closed on July 18, 2023. The Company paid the note in full during
the 2nd quarter fiscal year 2025. As of June 30, 2025, the outstanding principal balance and accrued interest related
to this note were $0. | |
|
|
| |
|
(v) |
On
October 31, 2023, the Company executed a Convertible Note (the Convertible Note) payable to MainSpring, LLC (the Holder)(together,
the Parties) in the principal amount of $25,000 and the Parties entered into a Securities Purchase Agreement (the SPA).
The Convertible Note has a term of one (1) year, Maturity Date of October 31, 2024, and bears interest at 8% per annum. Any Principal
Amount or interest on this Convertible Note which is not paid when due shall bear interest at the rate of the lesser of (i) eighteen
percent (18%) per annum and (ii) the maximum amount permitted by law from the due date thereof until the same is paid (Default
Interest). The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity at
the option of the Holder. The per share conversion price into which Principal Amount and interest (including any Default Interest)
under this Convertible Note shall be convertible into shares of Common Stock hereunder (the Conversion Price) shall
equal $0.0001, subject to adjustment as provided in this Convertible Note. Upon the occurrence of any Event of Default, this Convertible
Note shall become immediately due and payable, and the Company shall pay to the Holder, in full satisfaction of its obligations hereunder,
an amount equal to the Principal Amount then outstanding plus accrued interest (including any Default Interest) through the date
of full repayment multiplied by 150% (collectively the Default Amount), as well as all costs, including, without limitation,
legal fees and expenses, of collection, all without demand, presentment or notice, all of which hereby are expressly waived by the
Holder. The Holder shall be entitled to exercise all other rights and remedies available at law or in equity. The transaction closed
on October 31, 2023. The Company paid the note in full during the 2nd quarter fiscal year 2025. As of June 30, 2025, the
outstanding principal balance and accrued interest related to this note were $0. | |
| 49 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD**
**NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS**
*For
the years ended June 30, 2025 and 2024*
**NOTE
H LOANS PAYABLE RELATED PARTIES**
The
loans payable, related parties, at June 30, 2025 and 2024 consisted of:
SCHEDULE
OF LOANS PAYABLE
|
| |
June 30, 2025 | | |
June 30, 2024 | | |
|
| |
| | |
| | |
|
Loans payable officers/directors (i) | |
$ | 100 | | |
$ | 46,019 | | |
|
Consultant, due on demand, 0%
interest (ii) | |
| - | | |
| 22,250 | | |
|
Total loans payable, related parties | |
$ | 100 | | |
$ | 68,269 | | |
|
(i) | The
loan payable to officers/directors at June 30, 2025 was related to the opening of the Primecare Supply, LLC
bank account with Bank of America. An officer supplied the initial $100 deposit to open
the account. W | |
|
(ii) | On
November 21, 2024 the Consultant Agreement for Administrative Services was paid in full and
no other contingencies remain. | |
**NOTE
I - DERIVATIVE LIABILITY**
The
derivative liability at June 30, 2025 and 2024 consisted of:
SCHEDULE
OF DERIVATIVE LIABILITY
|
| |
June 30, 2025 | | |
June 30, 2024
(Restated see Note N) | | |
|
| |
| | |
| |
|
Convertible Promissory Notes payable to Tri-Bridge Ventures, LLC. Please see NOTE G NOTES PAYABLE, THIRD PARTIES for further information | |
$ | 780,000 | | |
$ | 498,000 | | |
|
Total derivative liability | |
$ | 780,000 | | |
$ | 498,000 | | |
The
Convertible Promissory Notes (the Notes) contain a variable conversion feature based on the future trading price of the
Companys common stock. Therefore, the number of shares of common stock issuable upon conversion of the Notes is indeterminate.
Accordingly, we have recorded the fair value of the embedded conversion features as a derivative liability at the respective issuance
dates of the notes and charged the applicable amounts to debt discounts (limited to the face value of the respective notes) and the remainder
to other expenses. The increase (decrease) in the fair value of the derivative liability from the respective issue dates of the notes
to the measurement dates is charged (credited) to other expense (income).
The
fair value of the derivative liability was measured at the respective issuance dates, at June 30, 2025 and at June 30, 2024 using the
Black Scholes option pricing model. Assumptions used for the calculation of the derivative liability of the Notes at June 30, 2025 were
(1) stock price of $0.0003 per share, (2) conversion price of $0.0001 per share, (3) terms of 6 months, (4) expected volatility of 327.11%,
and (5) risk free interest rate of 4.29%. Assumptions used for the calculation of the derivative liability of the Notes at June 30, 2024
were (1) stock price of $0.0002 per share, (2) conversion price of $0.0001 per share, (3) terms of 6 months, (4) expected volatility of
327.11%, and (5) risk free interest rate of 5.33%.
The
following table provides a reconciliation of the beginning and ending balances for the convertible note embedded derivative liability
measured at fair value using significant unobservable inputs (Level 3):
SCHEDULE
OF EMBEDDED DERIVATIVE LIABILITY MEASURED AT FAIR VALUE USING SIGNIFICANT UNOBSERVABLE INPUTS
|
| |
Level 3 | | |
|
| |
| | |
|
Balance at June 30, 2024 | |
$ | 498,000 | | |
|
Additions | |
| - | | |
|
(Gain) Loss | |
| 282,000 | |
|
Change resulting from conversions and payoffs | |
| - | | |
|
Balance at June 30, 2025 | |
$ | 780,000 | | |
**NOTE
J - CAPITAL STOCK**
**Preferred
Stock**
**Filed
with the State of Delaware**:
*Series
A-E Preferred Stock*
On
September 30, 1999, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated
Series A 8% Convertible Preferred Stock, par value $0.01.
The designation of the new Series A 8% Convertible Preferred Stock was approved by the Board of Directors on August 16, 1999. The
Company is authorized to issue 3,000
shares of the Series A 8% Convertible Preferred Stock. At June 30, 2025 and 2024, the Company had 0
and 0
shares of Series A Preferred Stock issued and outstanding, respectively.
On
September 30, 1999, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated
Series B 8% Convertible Preferred Stock, par value $0.01.
The designation of the new Series B 8% Convertible Preferred Stock was approved by the Board of Directors on August 16, 1999. The
Company is authorized to issue 3,000
shares of the Series B 8% Convertible Preferred Stock. At June 30, 2025 and 2024, the Company had 0
and 0
shares of Series B Preferred Stock issued and outstanding, respectively.
| 50 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD**
**NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS**
*For
the years ended June 30, 2025 and 2024*
**NOTE
J - CAPITAL STOCK (contd)**
On
February 15, 2000, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated
Series C 5% Convertible Preferred Stock, par value $0.01.
The designation of the new Series C 5% Convertible Preferred Stock was approved by the Board of Directors on February 14, 2000. The
Company is authorized to issue 1,000
shares of the Series C 5% Convertible Preferred Stock. At June 30, 2025 and 2024, the Company had 0
and 0
shares of Series C Preferred Stock issued and outstanding, respectively.
On
April 26, 2001, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series D
Convertible Preferred Stock, par value $0.01.
The designation of the new Series D Convertible Preferred Stock was approved by the Board of Directors on April 26, 2001. The
Company is authorized to issue 800
shares of the Series D Convertible Preferred Stock. At June 30, 2025 and 2024, the Company had 0
and 0
shares issued and outstanding of Series D Preferred Stock, respectively.
On
June 28, 2001, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series E
8% Convertible Preferred Stock, par value $0.01.
The designation of the new Series E 8% Convertible Preferred Stock was approved by the Board of Directors on March 30, 2001. The
Company is authorized to issue 250
shares of the Series E Convertible Preferred Stock. At June 30, 2025 and 2024, the Company had 0
and 0
shares of Series E Preferred Stock issued and outstanding, respectively.
*Series
K Super Voting Preferred Stock*
On
July 31, 2019, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series K
Super Voting Preferred Stock, par value $0.01.
The designation of the new Series K Super Voting Preferred Stock was approved by the Board of Directors on July 16, 2019. The
Company is authorized to issue three (3)
shares of the Series K Super Voting Preferred Stock. At June 30, 2025 and 2024, the Company had 0
and 3
shares of Series K preferred Stock issued and outstanding, respectively.
*Dividends.*Initially, there will be no dividends due or payable on the Series K Super Voting Preferred Stock. Any future terms with respect
to dividends shall be determined by the Board consistent with the Corporations Certificate of Incorporation. Any and all such
future terms concerning dividends shall be reflected in an amendment to this Certificate, which the Board shall promptly file or cause
to be filed.
*Liquidation
and Redemption Rights.* Upon the occurrence of a Liquidation Event (as defined below), the holders of Series K Super Voting Preferred
Stock are entitled to receive net assets on a pro-rata basis. Each holder of Series K Super Voting Preferred Stock is entitled to receive
ratably any dividends declared by the Board, if any, out of funds legally available for the payment of dividends. As used herein, Liquidation
Event means (i) the liquidation, dissolution or winding-up, whether voluntary or involuntary, of the Corporation, (ii) the purchase
or redemption by the Corporation of shares of any class of stock or the merger or consolidation of the Corporation with or into any other
corporation or corporations, unless (a) the holders of the Series K Super Voting Preferred Stock receive securities of the surviving
Corporation having substantially similar rights as the Series K Super Voting Preferred Stock and the stockholders of the Corporation
immediately prior to such transaction are holders of at least a majority of the voting securities of the successor Corporation immediately
thereafter (the Permitted Merger), unless the holders of the shares of Series K Super Voting Preferred Stock elect otherwise
or (b) the sale, license or lease of all or substantially all, or any material part of, the Corporations assets, unless the holders
of Series K Super Voting Preferred Stock elect otherwise.
*Conversion.*No conversion of the Series K Super Voting Preferred Stock is permitted.
*Rank*.
All shares of the Series K Super Voting Preferred
Stock shall rank (i) senior to the Corporations (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.
*Voting
Rights.*
A.
If at least one share of Series K Super Voting Preferred Stock is issued and outstanding, then the total aggregate issued shares of Series
K Super Voting Preferred Stock at any given time, regardless of their number, shall have voting rights equal to 20 times the sum of:
i) the total number of shares of Common stock which are issued and outstanding at the time of voting, plus ii) the total number of shares
of any and all Preferred stocks which are issued and outstanding at the time of voting.
| 51 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD**
**NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS**
*For
the years ended June 30, 2025 and 2024*
**NOTE
J - CAPITAL STOCK (contd)**
B.
Each individual share of Series K Super Voting Preferred Stock shall have voting rights equal to:
[twenty
times the sum of: {all shares of Common stock issued and outstanding at the time of voting + all shares of any other Preferred stocks
issued and outstanding at the time of voting}]
Divided
by:
[the
number of shares of Series K Super Voting Preferred Stock issued and outstanding at the time of voting]
With
respect to all matters upon which stockholders are entitled to vote or to which stockholders are entitled to give consent, the holders
of the outstanding shares of Series K Super Voting Preferred Stock shall vote together with the holders of Common Stock without regard
to class, except as to those matters on which separate class voting is required by applicable law or the Certificate of Incorporation
or By-laws.
*Series
L Preferred Stock*
On
July 31, 2019, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series L
Preferred Stock, par value $0.01.
The designation of the new Series L Preferred Stock was approved by the Board of Directors on July 16, 2019. The Company is
authorized to issue five hundred thousand (500,000)
shares of the Series L Preferred Stock. At June 30, 2025 and 2024, the Company had 0
and 0
shares of Series L Preferred Stock issued and outstanding, respectively.
*Dividends.*The holders of Series L Preferred Stock shall be entitled to receive dividends when, as and if declared by the Board of Directors,
in its sole discretion.
*Voting.*
a.
If at least one share of Series L Preferred Stock is issued and outstanding, then the total aggregate issued shares of Series L Preferred
Stock at any given time, regardless of their number, shall have voting rights equal to four times the sum of: i) the total number of
shares of Common Stock which are issued and outstanding at the time of voting, plus ii) the total number of shares of all series of Preferred
Stock which are issued and outstanding at the time of voting.
b.
Each individual share of Series L Preferred Stock shall have voting rights equal to:
[four
times the sum of: {all shares of Common Stock issued and outstanding at time of voting + the total number of shares of all series of
Preferred Stock issued and outstanding at time of voting}]
divided
by:
[the
number of shares of Series L Preferred Stock issued and outstanding at the time of voting]
*Conversion
Rights*.
a)
Outstanding. If at least one share of Series L Preferred Stock is issued and outstanding, then the total aggregate issued shares
of Series L Preferred Stock at any given time, regardless of their number, shall be convertible into the number of shares of Common Stock
defined by the formula set forth is section 4.b.
b)
Method of Conversion.
i.
Procedure- Before any holder of Series L Preferred Stock shall be entitled to convert the same into shares of common stock, such holder
shall surrender the certificate or certificates therefore, duly endorsed, at the office of the Company or of any transfer agent for the
Series L Preferred Stock, and shall give written notice 5 business days prior to date of conversion to the Company at its principal corporate
office, of the election to convert the same and shall state therein the name or names in which the certificate or certificates for shares
of common stock are to be issued. The Company shall, within five business days, issue and deliver at such office to such holder of Series
L Preferred Stock, or to the nominee or nominees of such holder, a certificate or certificates for the number of shares of common stock
to which such holder shall be entitled as aforesaid. Conversion shall be deemed to have been effected on the date when delivery of notice
of an election to convert and certificates for shares is made, and such date is referred to herein as the Conversion Date.
| 52 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD**
**NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS**
*For
the years ended June 30, 2025 and 2024*
**NOTE
J - CAPITAL STOCK (contd)**
ii.
Issuance- Shares of Series L Preferred Stock may only be issued in exchange for the partial or full retirement of debt held by Management,
Employees, Consultants or as directed by a majority vote of the Board of Directors. The number of Shares of Series L Preferred Stock
to be issued to each qualified person (member of Management, Employee or Consultant) holding a Note shall be determined by the following
formula:
For
retirement of debt: One (1) share of Series L Preferred stock shall be issued for each Five Thousand Dollar ($5,000) tranche of outstanding
liability. As an example: If an officer has accrued wages due to him or her in the amount of $25,000, the officer can elect to accept
5 shares of Series L Preferred stock to satisfy the outstanding obligation of the Company.
iii.
Calculation for conversion into Common Stock- Each individual share of Series L Preferred Stock shall be convertible into the number
of shares of Common Stock equal to:
[5000]
divided
by:
[.50
times the lowest closing price of the Companys common stock for the immediate five-day period prior to the receipt of the Notice
of Conversion remitted to the Company by the Series L Preferred stockholder]
*Series
N Preferred Stock*
On
June 25, 2024, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series N
Preferred Stock, par value $0.01.
The designation of the new Series N Preferred Stock was approved by the Board of Directors on May 31, 2024. The Company is
authorized to issue two million (2,000,000)
shares of the Series N Preferred Stock. At June 30, 2025 and 2024, the Company had 1,989,500
and 1,864,500 shares
of Series N Preferred Stock issued and outstanding, respectively. In the fourth quarter ended June 30, 2025, the Company issued 125,000
shares of Series N preferred stock for compensation valued at $125,000.
*Dividends.*The holders of Series N Preferred Stock shall be entitled to receive dividends when, as and if declared by the Board of Directors,
in its sole discretion.
*Voting.*
a)
Except as otherwise provided herein, each outstanding share of Series N Preferred Stock shall have 1,000 votes per share (and, for the
avoidance of doubt, each fraction of a share of Series N Preferred Stock shall have a ratable number of votes). The outstanding shares
of Series N Preferred Stock shall vote together with the outstanding shares of Class A Common Stock, par value $0.0001 per share (the
Common Stock), of the Corporation as a single class exclusively with respect to any matters brought before shareholders
for a vote except to the extent required under the DGCL.
*Conversion
Rights*.
a)
Outstanding. If at least one share of Series N Preferred Stock is issued and outstanding, then the total aggregate issued shares
of Series N Preferred Stock at any given time, regardless of their number, shall be convertible into the number of shares of Common Stock
defined below.
b)
Method of Conversion.
i)
Procedure- Before any holder of Series N Preferred Stock shall be entitled to convert the same into shares of Common Stock, such holder
shall surrender the certificate or certificates therefore, duly endorsed, at the office of the Company or of any transfer agent for the
Series N Preferred Stock, and shall give written notice 5 business days prior to date of conversion to the Company at its principal corporate
office, of the election to convert the same and shall state therein the name or names in which the certificate or certificates for shares
of common stock are to be issued. The Company shall, within five business days, issue and deliver at such office to such holder of Series
N Preferred Stock, or to the nominee or nominees of such holder, a certificate or certificates for the number of shares of common stock
to which such holder shall be entitled as aforesaid. Conversion shall be deemed to have been effected on the date when delivery of notice
of an election to convert and certificates for shares is made, and such date is referred to herein as the Conversion Date.
| 53 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD**
**NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS**
*For
the years ended June 30, 2025 and 2024*
**NOTE
J - CAPITAL STOCK (contd)**
c)
Conversion Rate. The shares of Series N Preferred stock may be converted into shares of Common Stock at a fixed conversion price of $0.50.
d)
Adjustments to Conversion Rate.
i)
Subdivisions, Combinations, or Consolidations of Common Stock. In the event the outstanding shares of common stock shall be subdivided,
combined or consolidated, by stock split, stock dividend, combination or like event, into a greater or lesser number of shares of common
stock after the effective date of this Certificate of Designation, the Series N Conversion Rate shall not be effected.
ii)
Adjustment for Common Stock Dividends and Distributions. If the Company at any time subdivides, combines or consolidates the outstanding
shares of common stock as contemplated by Section 4(g), in each such event the Series N Conversion Rate shall not be effected.
iii)
Reclassifications and Reorganizations. In the case, at any time after the date hereof, of any capital reorganization, merger or
any reclassification of the stock of the Company (other than solely as a result of a stock dividend or subdivision, split-up or combination
of shares), the Series N Conversion Rate then in effect shall, concurrently with the effectiveness of such reorganization or reclassification,
be proportionately adjusted and the terms of the Series N Preferred Stock shall be deemed amended such that the shares of the Series
N Preferred Stock shall, after such reorganization or reclassification, be convertible into the kind and number of shares of stock or
other securities or property of the Company or otherwise to which such holder would have been entitled if immediately prior to such reorganization
or reclassification, the holders shares of the Series N Preferred Stock had been converted into common stock. The provisions of
this Section shall similarly apply to successive reorganizations or reclassifications.
iv)
Distributions Other Than Cash Dividends Out of Retained Earnings. If the Company shall declare a cash dividend upon its common
stock payable otherwise than out of retained earnings or shall distribute to holders of its common stock shares of its capital stock
(other than shares of Common Stock and other than as otherwise would result in an adjustment pursuant to this Section, stock or other
securities of other persons, evidences of indebtedness issued by the Company or other persons, assets (excluding cash dividends) or options
or rights (excluding options to purchase and rights to subscribe for common stock or other securities of the Company convertible into
or exchangeable for Common Stock), then, in each such case, provision shall be made so that the holders of Series N Preferred Stock shall
receive upon conversion thereof, in addition to the number of shares of Common Stock receivable thereupon, the amount of securities of
the Company and other property which they would have received had their Series N Preferred Stock been converted into common stock on
the date of such event and had they thereafter, during the period from the date of such event to and including the date of conversion,
retained such securities and other property receivable by them as aforesaid during such period, subject to all other adjustments called
for during such period under this Section with respect to the rights of the holders of the Series N Preferred Stock.
**Common
Stock**
Class
A and Class B:
*Identical
Rights.* Except as otherwise expressly provided in ARTICLE FIVE of the Companys Amended and Restated Certificate of Incorporation
dated August 13, 1999, all Common Shares shall be identical and shall entitle the holders thereof to the same rights and privileges.
| 54 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD**
**NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS**
*For
the years ended June 30, 2025 and 2024*
**NOTE
J - CAPITAL STOCK (contd)**
*Stock
Splits.* The Corporation shall not in any manner subdivide (by any stock split, reclassification, stock dividend, recapitalization,
or otherwise) or combine the outstanding shares of one class of Common Shares unless the outstanding shares of all classes of Common
Shares shall be proportionately subdivided or combined.
*Liquidation
Rights*. Upon any voluntary or involuntary liquidation, dissolution, or winding up of the affairs of the Corporation, after payment
shall have been made to holders of outstanding Preferred Shares, if any, of the full amount to which they are entitled pursuant to the
Certificate of Incorporation, the holders of Common Shares shall be entitled, to the exclusion of the holders of the Preferred Shares,
if any, to share ratably, in accordance with the number of Common Shares held by each such holder, in all remaining assets of the Corporation
available for distribution among the holders of Common Shares, whether such assets are capital, surplus, or earnings. For the purposes
of this paragraph, neither the consolidation or merger of the Corporation with or into any other corporation or corporations in which
the stockholders of the Corporation receive capital stock and/or securities (including debt securities) of the acquiring corporation
(or of the direct or indirect parent corporation of the acquiring corporation) nor the sale, lease or transfer of the Corporation, shall
be deemed to be a voluntary or involuntary liquidation, dissolution, or winding up of the Corporation as those terms are used in this
paragraph.
*Voting
Rights.*
(a)
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.
(b)
The holders of Class A Shares and Class B Shares are not entitled to cumulative votes in the election of any directors.
*Preemptive
or Subscription Rights.*No holder of Common Shares shall be entitled to preemptive or subscription rights.
| 55 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD**
**NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS**
*For
the years ended June 30, 2025 and 2024*
**NOTE
J - CAPITAL STOCK (contd)**
*Conversion
Rights.*
(a)
Automatic Conversion. Each Class B Share shall (subject to receipt of any and all necessary approvals) convert automatically into one
fully paid and non-assessable Class A Share (i) upon its sale, gift, or other transfer to a party other than a Principal Stockholder
(as defined below) or an Affiliate of a Principal Stockholder (as defined below), (ii) upon the death of the Class B Stockholder holding
such Class B Share, unless the Class B Shares are transferred by operation of law to a Principal Stockholder or an Affiliate of a Principal
Stockholder, or (iii) in the event of a sale, gift, or other transfer of a Class B Share to an Affiliate of a Principal Stockholder,
upon the death of the transferor. Each of the foregoing automatic conversion events shall be referred to hereinafter as an Event
of Automatic Conversion. For purposes of this ARTICLE FIVE, Principal Stockholder includes any of Donald H. Goldman,
Steven M. Fieldman, Lance Fieldman, Yuri Itkis, Michall Itkis and Boris Itkis and an Affiliate of a Principal Stockholder
is a person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control
with, the person specified. For purposes of this definition, control, when used with respect to any specified person, means
the power to direct or cause the direction of the management, and policies of such person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise. Without limitation, an Affiliate also includes the estate of such individual.
(b)
Voluntary Conversion. Each Class B Share shall be convertible at the option of the holder, for no additional consideration, into one
fully paid and non-assessable Class A Share at any time.
(c)
Conversion Procedure. Promptly upon the occurrence of an Event of Automatic Conversion such that Class B shares are converted automatically
into Class A Shares, or upon the voluntary conversion by the holder, the holder of such shares shall surrender the certificate or certificates
therefor, duly endorsed in blank or accompanied by proper instruments of transfer, at the office of the Corporation or of any transfer
agent for the Class A Shares, and shall give written notice to the Corporation at such office (i) stating that the shares are being converted
pursuant to an Event of Automatic Conversion into Class A Shares as provided in subparagraph 5.6(a) hereof or a voluntary conversion
as provided in subparagraph 5.6(b) hereof, (ii) specifying the Event of Automatic Conversion (and, if the occurrence of such event is
within the control of the transferor, stating the transferors intent to effect an Event of Automatic Conversion) or whether such
conversion is voluntary, (iii) identifying the number of Class B Shares being converted, and (iv) setting out the name or names (with
addresses) and denominations in which the certificate or certificates for Class A Shares shall be issued and including instructions for
delivery thereof. Delivery of such notice together with the certificates representing the Class B Shares shall obligate the Corporation
to issue such Class A Shares and the Corporation shall be justified in relying upon the information and the certification contained in
such notice and shall not be liable for the result of any inaccuracy with respect thereto. Thereupon, the Corporation or its transfer
agent shall promptly issue and deliver at such stated address to such holder or to the transferee of Class B Shares a certificate or
certificates for the number of Class A Shares to which such holder or transferee is entitled, registered in the name of such holder,
the designee of such holder or transferee, as specified in such notice. To the extent permitted by law, conversion pursuant to (i) an
Event of Automatic Conversion shall be deemed to have been effected as of the date on which the Event of Automatic Conversion occurred
or (ii) a voluntary conversion shall be deemed to have been effected as of the date the Corporation receives the written notice pursuant
to this subparagraph (c) (each date being the Conversion Date). The person entitled to receive the Class A Shares issuable
upon such conversion shall be treated for all purposes as the record holder of such Class A Shares at and as of the Conversion Date,
and the right of such person as the holder of Class B Shares shall cease and terminate at and as of the Conversion Date, in each case
without regard to any failure by the holder to deliver the certificates or the notice by this subparagraph (c).
(d)
Unconverted Shares. In the event of the conversion of fewer than all of the Class B Shares evidenced by a certificate surrendered to
the Corporation in accordance with the procedures of this Paragraph 5.6, the Corporation shall execute and deliver to or upon the written
order of the holder of such certificate, without charge to such holder, a new certificate evidencing the number of Class B Shares not
converted.
(e)
Reissue of Shares. Class B Shares that are converted into Class A Shares as provided herein shall be retired and cancelled and shall
not be reissued.
(f)
Reservation. The Corporation hereby reserves and shall at all times reserve and keep available, out of its authorized and unissued Class
A Shares, for the purpose of effecting conversions, such number of duly authorized Class A Shares as shall from time to time be sufficient
to effect the conversion of all outstanding Class B Shares. The Corporation covenants that all the Class A Shares so issuable shall,
when so issued, be duly and validly issued, fully paid and non-assessable, and free from liens and charges with respect to the issue.
The Corporation will take all such action as may be necessary to assure that all such Class A Shares may be so issued without violation
of any applicable law or regulation, or any of the requirements of any national securities exchange upon which the Class A Shares may
be listed. The Corporation will not take any action that results in any adjustment of the conversion ratio if the total number of Class
A Shares issued and issuable after such action upon conversion of the Class B Shares would exceed the total number of Class A Shares
then authorized by the Amended and Restated Certificate of Incorporation, as amended.
| 56 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD**
**NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS**
*For
the years ended June 30, 2025 and 2024*
**NOTE
J - CAPITAL STOCK (contd)**
At
June 30, 2025 and 2024, the Company is authorized to issue 14,991,000,000
and 14,991,000,000
shares of Class A Common Stock, respectively. At June 30, 2025 and 2024, the Company had 14,688,440,097
and 14,688,440,097
shares of class A Common Stock issued and outstanding, respectively. At June 30, 2025 and 2024, the Company is authorized to issue 4,000,000
and 4,000,000
shares of Class B Common Stock, respectively. At June 30, 2025 and 2024, the Company had 0
and 0
shares of class B Common Stock issued and outstanding, respectively.
**Common
Stock, Preferred Stock, Warrant Issuances and Cancellations**
For
the years ended June 30, 2025 and 2024, the Company issued and/or sold the following unregistered securities:
*Common
Stock:*
**
*Year
ended June 30, 2025*
**
The
Company did not issue any shares of common stock during the fiscal year ended June 30, 2025.
*Year
ended June 30, 2024*
On
July 18, 2023, the Company issued 200,000,000 shares of Class A Common Stock to its former President, Jimmy Wayne Anderson, for the conversion
of four (4) shares of Series L Preferred Stock.
*Common
Stock to be issued at June 30, 2024*
On
May 19, 2023, Jetco Holdings, LLC (Jetco) submitted a Notice of Conversion purporting to convert three (3) shares of Series
L Preferred Stock into 300,000,000 shares of the Companys Class A Common Stock pursuant to a software development and deployment
agreement (the Jetco Agreement). As of June 30, 2024, the 300,000,000 shares of common stock had not been issued.
During
fiscal year 2025, management conducted a review of the Jetco Agreement and the related conversion notice. The Company determined that
the underlying software contemplated by the agreement was not fully completed, had become obsolete, and was no longer utilized in the
Companys operations. In addition, the Companys subsidiary, 10 Fold Services, LLC, elected to deploy alternative third-party
tools to generate, track, and manage sales activities, rendering the Jetco software unnecessary.
As
a result, the Company cancelled the Jetco Agreement during fiscal year 2025, and the conversion transaction was not consummated. No shares
of common stock were issued in connection with the conversion notice, and no amounts remained payable or issuable to Jetco as of June
30, 2025. Accordingly, the Common Stock to Be Issued balance related to this matter was removed from the balance sheet
as of June 30, 2025.
*Preferred
Stock:*
*Series
K*
**
*Year
Ended June 30, 2025*
**
Effective
October 1, 2025, a former officer and director of GTLL returned the three shares of Series K Preferred Stock outstanding to the
Company treasury at no cost to the Company.
**
*Series
L*
*Year
ended June 30, 2024*
**
On
August 23, 2023, the Company issued 50 shares of Series L Preferred Stock to a consultant as per the terms of its consulting agreement.
On
November 17, 2023, the Company issued 6 shares of Series L Preferred Stock as per terms of the Securities Purchase Agreement with a non-affiliate
On
January 25, 2024, the Company issued twenty-five (25) shares of Series L Preferred Stock as per term of the Asset Purchase Agreement
with a non-affiliate.
On
May 16, 2024, the Company issued three (3) shares of Series L Preferred Stock to a consultant as per terms of the Mutal Termination Agreement.
On
June 10, 2024, the Company issued five (5) shares of Series L Preferred Stock to a consultant for service rendered on behalf of the Company.
On
June 14, 2024, the Company issued ten (10) shares of Series L Preferred Stock to Fredick Cutcher, its former Chief Executive Officer,
for services rendered on behalf of the Company.
During
the year ended June 30, 2024, a total of fifty (50) shares of the Companys Series L Preferred Stock were returned by a consultant.
*Series
N*
**
*Year
ended June 30, 2025*
**
During
the fiscal year ended June 30, 2025, on February 2, 2025, the Company, pursuant to a Unanimous Written Consent of the Board of Directors,
issued 125,000 shares of its Series N Preferred Stock to H. Wyatt Flippen in connection with his Executive Employment Agreement dated
November 22, 2024.
*Year
ended June 30, 2024*
On
June 26, 2024, the Company entered into a Share Exchange Agreement (the Agreement) with each of the Holders of the Companys
Series L Preferred Stock (the Series L). As of the date of the Agreement, there were a total of 339 shares of Series L
outstanding.
On
June 26, 2024, all outstanding shares of Series L were exchanged for the newly designated Series N shares. A total of 1,864,500 shares
of Series N were issued. All outstanding shares of Series L were retired.
*Warrants
and Options:*
None.
| 57 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD**
**NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS**
*For
the years ended June 30, 2025 and 2024*
**NOTE
K - INCOME TAXES**
The
Company accounts for income taxes using the asset and liability method described in SFAS No. 109, Accounting For Income Taxes,
the objective of which is to establish deferred tax assets and liabilities for the temporary differences between the financial reporting
and the tax basis of the Companys assets and liabilities at the enacted tax rates expected to be in effect when such amounts are
realized or settled. A valuation allowance related to deferred tax assets is recorded when it is more likely than not that some portion
or all of the deferred tax assets will not be realized. In recognition of the uncertainty regarding the ultimate amount of income tax
benefits to be derived, the Company has recorded a full valuation allowance on June 30, 2025 and 2024.
The
provision (benefit) for income taxes includes income taxes currently payable and those deferred because of temporary differences between
the financial statement and tax bases of assets and liabilities.
Significant
components of the Companys deferred tax assets and liabilities are calculated at an estimated effective tax rate of 21%.
The
provision for (benefit from) income taxes differ from the amount computed by applying the statutory United States federal income tax
rate for the periods presented to income (loss) before income taxes. The income tax rate was 21% for the years ended June 30, 2025 and
2024. The sources of the difference are as follows:
SCHEDULE
OF PROVISION (BENEFIT) FOR INCOME TAXES
|
| |
June
30, 2025 | | |
June
30, 2024 | | |
|
| |
Year
Ended | | |
|
| |
June
30, 2025 | | |
June
30, 2024
(Restated See Note N) | | |
|
Expected tax at 21% and 21%, respectively | |
$ | (71,963 | ) | |
$ | 55,738 | | |
|
Non-deductible stock-based compensation | |
| 26,250 | | |
| 63,525 | | |
|
Non-deductible loss (non-taxable income) from
derivative liability | |
| 59,220 | | |
| (143,363 | ) | |
|
Increase (decrease) in
Valuation allowance | |
| (13,507 | ) | |
| 24,100 | | |
|
Provision for (benefit
from) income taxes | |
$ | - | | |
$ | - | | |
All
tax years remain subject to examination by the Internal Revenue Service.
Significant
components of the Companys deferred income tax are as follows:
SCHEDULE
OF COMPONENTS OF DEFERRED INCOME TAX
|
| |
June
30, 2025 | | |
June 30, 2024
(Restated See Note N) | | |
|
Unpaid accrued officer and director
compensation | |
$ | 3,570 | | |
$ | 12,250 | | |
|
Net operating loss carry-forwards | |
| 749,141 | | |
| 762,648 | | |
|
Valuation allowance | |
| (752,711 | ) | |
| (774,898 | ) | |
|
Net non-current deferred
tax asset | |
$ | - | | |
$ | - | | |
Based
on managements present assessment, the Company has not yet determined it to be more likely than not that a deferred tax asset
of $752,711 attributable
to the net operating loss carry forward and other timing differences as of June 30, 2025 will be realized. Accordingly, the Company
has provided a 100%
allowance against the deferred tax asset in the financial statements at June 30, 2025. The
Company will continue to review this valuation allowance and make adjustments as appropriate. $3,211,181 of
the $3,567,340
net operating loss carry forward at June 30, 2025 expires in varying amounts from year 2025 to year 2045.
Current
tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs.
Therefore, the amount available to offset future taxable income may be limited.
| 58 | |
| | |
**GLOBAL
TECHNOLOGIES, LTD**
**NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS**
*For
the years ended June 30, 2025 and 2024*
**NOTE
L - COMMITMENTS AND CONTINGENCIES**
*Employment
Agreement*
On
November 22, 2024, the Company entered into an Executive Employment Agreement (the Agreement) with Mr. Flippen for his
role as the Companys Chief Executive Officer. Under the terms of the Agreement, Mr. Flippen is to receive a base salary of $8,500
per month and $125,000 worth of Series N Preferred Stock. The Agreement has a term of one year and shall renew for successive one year
terms, unless either party terminates the Agreement. The Agreement is effective as of November 22, 2024. As of June 30, 2025 and 2024
accrued compensation due Mr. Flippen was $17,000 and $0 respectively.
**NOTE
M - GOING CONCERN UNCERTAINTY**
Under
ASC 205-40, we have the responsibility to evaluate whether conditions and/or events raise substantial doubt about our ability to meet
our future financial obligations as they become due within one year after the date that the financial statements are issued. As required
by this standard, our evaluation shall initially not take into consideration the potential mitigating effects of our plans that have
not been fully implemented as of the date the financial statements are issued.
In
performing the first step of this assessment, we concluded that the following conditions raise substantial doubt about our ability to
meet our financial obligations as they become due. We have a history of net losses: As of June 30, 2025, we had an accumulated deficit
of $167,555,637. For the year ended June 30, 2025, we had cash provided in operating activities of $354,823. We expect to continue to
incur negative cash flows until such time as our operating segments generate sufficient cash inflows to finance our operations and debt
service requirements.
In
performing the second step of this assessment, we are required to evaluate whether our plans to mitigate the conditions above alleviate
the substantial doubt about our ability to meet our obligations as they become due within one year after the date that the financial
statements are issued. Our future plans include securing additional funding sources that may include establishing corporate partnerships,
establishing licensing revenue agreements, issuing additional convertible debentures and issuing public or private equity securities,
including selling common stock through an at-the-market facility (ATM).
There
is no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds will
be available through external sources. The lack of additional capital resulting from the inability to generate cash flow from operations
or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore,
have a material effect on the business. Furthermore, there can be no assurance that any such required funds, if available, will be available
on attractive terms or they will not have a significant dilutive effect on the Companys existing shareholders. We have therefore
concluded there is substantial doubt about our ability to continue as a going concern.
The
accompanying consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets
and the satisfaction of liabilities in the normal course of business. The accompanying consolidated financial statements do not include
any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification
of liabilities that may result from our failure to continue as a going concern.
**NOTE
N - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS**
****
The
Company has restated the consolidated financial statements at June 30, 2024 and for the year then ended (which were included in the Companys
Form 10-K filed with the SEC on September 25, 2024) in order to correct the accounting for(1) the acquisition of GOe3, LLC on March 15,
2024 (2) the writeoff of prepaid deposits of $225,000 at June 30, 2024 (3) the writeoff of property and equipment (net) of $126,607 at
June 30, 2024, (4) the writeoff of intangible properties of $25,000 at June 30, 2024, and (5) the calculation of derivative liability
at June 30, 2024.
As
previously recorded, the Company capitalized goodwill of $7,685,636 from the acquisition of GOe3, LLC and credited $1,921,409 to the
stockholders equity account titled Exchange Shares to be issued and credited $5,764,227 to the liability account
titled Contingent Consideration. Since GOe3, LLC had no meaningful operations prior to the Companys acquisition
and since the fair value of GOe3, LLCs identifiable net assets at the March 15, 2024 acquisition date was negative $84, the Company
has restated the goodwill amount to $0, the Exchange shares to be issued stockholders equity account amount to $0,
and the Contingent consideration liability account amount to $0.
As
previously reported at June 30, 2024, the Company recorded a $327,947 derivative liability relating to two convertible notes payable
to Tri-Bridge Ventures, LLC with a total face value of $300,000. The Company has restated the derivative liability from $327,947 to the
correct amount of $498,000.
| 59 | |
| | |
**NOTE
N - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (contd)**
The
effect of the restatement adjustments on the consolidated balance sheet at June 30, 2024 follows:
SCHEDULE
OF RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
|
| |
As previously reported | | |
Restatement Adjustments | | |
As Restated | | |
|
Cash and cash equivalents | |
$ | 115,747 | | |
$ | - | | |
$ | 115,747 | | |
|
Accounts receivable | |
| 184,692 | | |
| - | | |
| 184,692 | | |
|
Prepaid deposits | |
| 225,000 | | |
| (225,000 | )(2) | |
| - | | |
|
Total current assets | |
| 525,439 | | |
| (225,000 | ) | |
| 300,439 | | |
|
Property and equipment (net) | |
| 126,607 | | |
| (126,607 | )(3) | |
| - | | |
|
Goodwill | |
| 7,685,636 | | |
| (7,685,636 | )(1) | |
| - | | |
|
Intangible properties | |
| 25,000 | | |
| (25,000 | )(4) | |
| - | | |
|
Total other assets | |
| 7,837,243 | | |
| (7,837,243 | ) | |
| - | | |
|
Total assets | |
$ | 8,362,682 | | |
$ | (8,062,243 | ) | |
$ | 300,439 | | |
|
| |
| | | |
| | | |
| | | |
|
Accounts payable | |
$ | 90,785 | | |
$ | - | | |
$ | 90,785 | | |
|
Accrued interest | |
| 85,650 | | |
| - | | |
| 85,650 | | |
|
Accrued executive compensation | |
| 58,333 | | |
| - | | |
| 58,333 | | |
|
Notes payable - third party | |
| 435,000 | | |
| - | | |
| 435,000 | | |
|
Loans payable - related parties | |
| 68,269 | | |
| - | | |
| 68,269 | | |
|
Contingent consideration | |
| 5,764,227 | | |
| (5,764,227 | )(1) | |
| - | | |
|
Derivative liability | |
| 327,947 | | |
| 170,053 | (5) | |
| 498,000 | | |
|
Total current liabilities and total liabilities | |
| 6,830,211 | | |
| (5,594,174 | ) | |
| 1,236,037 | | |
|
| |
| | | |
| | | |
| | | |
|
Series K preferred stock | |
| - | | |
| - | | |
| - | | |
|
Series N preferred stock | |
| 18,645 | | |
| - | | |
| 18,645 | | |
|
Preferred stock | |
| 18,645 | | |
| - | | |
| 18,645 | | |
|
Class A common stock | |
| 1,468,844 | | |
| - | | |
| 1,468,844 | | |
|
Additional paid in capital: | |
| | | |
| | | |
| - | | |
|
Class A common stock | |
| 162,898,727 | | |
| - | | |
| 162,898,727 | | |
|
Preferred stock | |
| 1,861,142 | | |
| - | | |
| 1,861,142 | | |
|
Exchange shares to be issued | |
| 1,921,409 | | |
| (1,921,409 | )(1) | |
| - | | |
|
Common stock to be issued | |
| 30,000 | | |
| - | | |
| 30,000 | | |
|
Accumulated deficit | |
| (166,666,296 | ) | |
| (546,660 | ) | |
| (167,212,956 | ) | |
|
Total stockholders equity (deficiency) | |
| 1,532,471 | | |
| (2,468,069 | ) | |
| (935,598 | ) | |
|
| |
| | | |
| | | |
| | | |
|
Total liabilities and stockholders equity (deficiency) | |
$ | 8,362,682 | | |
$ | (8,062,243 | ) | |
$ | 300,439 | | |
The
effect of the restatement adjustments on the consolidated statement of operations for the year ended June 30, 2024 follows:
|
| |
As previously reported | | |
Restatement Adjustments | | |
As Restated | | |
|
Revenue | |
$ | 1,057,685 | | |
$ | - | | |
$ | 1,057,685 | | |
|
Less: shared revenue | |
| 576,630 | | |
| - | | |
| 576,630 | | |
|
Net revenue | |
| 481,055 | | |
| - | | |
| 481,055 | | |
|
| |
| | | |
| | | |
| | | |
|
Total operating expenses | |
| 693,039 | | |
| - | | |
| 693,039 | | |
|
Loss from operations | |
| (211,984 | ) | |
| - | | |
| (211,984 | ) | |
|
| |
| | | |
| | | |
| | | |
|
Gain (loss) on derivative liability | |
| 1,545,336 | | |
| (170,053 | )(5) | |
| 1,375,283 | | |
|
| |
| | |
| (692,603 | )(6) | |
| (692,603 | ) | |
|
Forgiveness of debt and accrued interest | |
| 196,832 | | |
| - | | |
| 196,832 | | |
|
Gain on sale of assets | |
| 180,378 | | |
| - | | |
| 180,378 | | |
|
Writeoff of prepaid deposits | |
| - | | |
| (225,000 | )(2) | |
| (225,000 | ) | |
|
Writeoff of property and equipment (net) | |
| - | | |
| (126,607 | )(3) | |
| (126,607 | ) | |
|
Writeoff of intangible properties | |
| - | | |
| (25,000 | )(4) | |
| (25,000 | ) | |
|
Interest expense | |
| (205,878 | ) | |
| - | | |
| (205,878 | ) | |
|
Amortization of debt discounts | |
| (692,603 | ) | |
| 692,603 | (6) | |
| - | | |
|
Total other income (expense) | |
| 1,024,065 | | |
| (546,660 | ) | |
| 477,405 | | |
|
| |
| | | |
| | | |
| | | |
|
Income (loss) before provision of income taxes | |
| 812,081 | | |
| (546,660 | ) | |
| 265,421 | | |
|
| |
| | | |
| | | |
| | | |
|
Provision for income taxes | |
| - | | |
| - | | |
| - | | |
|
| |
| | | |
| | | |
| | | |
|
Net income (loss) | |
$ | 812,081 | | |
$ | (546,660 | ) | |
$ | 265,421 | | |
|
| |
| | | |
| | | |
| | | |
|
Basic and diluted income (loss) per common share | |
$ | 0.00 | | |
$ | (0.00 | ) | |
$ | 0.00 | | |
| 60 | |
| | |
**NOTE
N - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (contd)**
The
effect of the restatement adjustments on the consolidated statement of cash flows for the year ended June 30, 2024 follows:
|
| |
As previously reported | | |
Restatement Adjustments | | |
As Restated | | |
|
Net income (loss) | |
$ | 812,081 | | |
$ | (546,660 | ) | |
$ | 265,421 | | |
|
Adjustments to reconcile net income to net cash used in operating activities | |
| | | |
| | | |
| - | | |
|
(Gain) loss on derivative liability | |
| (1,545,336 | ) | |
| 170,053 | (6) | |
| (1,375,283 | ) | |
|
| |
| | |
| 692,603 | (6) | |
| 692,603 | | |
|
Amortization of debt discounts | |
| 692,603 | | |
| (692,603 | )(6) | |
| - | | |
|
Gain on sale of assets | |
| (180,378 | ) | |
| - | | |
| (180,378 | ) | |
|
Depreciation | |
| 16,145 | | |
| - | | |
| 16,145 | | |
|
Writeoff of prepaid deposits | |
| - | | |
| 225,000 | (2) | |
| 225,000 | | |
|
Writeoff of property and equipment (net) | |
| - | | |
| 126,607 | (3) | |
| 126,607 | | |
|
Writeoff of intangible properties | |
| - | | |
| 25,000 | (4) | |
| 25,000 | | |
|
Exchange of stock and issuance of | |
| | | |
| | | |
| - | | |
|
Series N Preferred Stock for bonus compensation | |
| 182,500 | | |
| - | | |
| 182,500 | | |
|
Net acquisition of FTT | |
| 25,000 | | |
| - | | |
| 25,000 | | |
|
Issuance of Series L Preferred Stock for compensation | |
| 120,000 | | |
| - | | |
| 120,000 | | |
|
Changes in operating assets and liabilities: | |
| | | |
| | | |
| - | | |
|
Accounts receivable | |
| (184,692 | ) | |
| - | | |
| (184,692 | ) | |
|
Prepaid deposits | |
| (225,000 | ) | |
| - | | |
| (225,000 | ) | |
|
Accounts payable | |
| 59,128 | | |
| - | | |
| 59,128 | | |
|
Accrued interest | |
| 130,878 | | |
| - | | |
| 130,878 | | |
|
Accrued executive compensation | |
| 58,333 | | |
| - | | |
| 58,333 | | |
|
Net cash used in operating activities | |
| (38,738 | ) | |
| - | | |
| (38,738 | ) | |
|
| |
| | | |
| | | |
| | | |
|
Net cash provided by financing activities | |
| 136,185 | | |
| - | | |
| 136,185 | | |
|
| |
| | | |
| | | |
| | | |
|
Net increase in cash and cash equivalents | |
| 97,447 | | |
| - | | |
| 97,447 | | |
|
| |
| | | |
| | | |
| | | |
|
Cash and cash equivalents, beginning of period | |
| 18,300 | | |
| - | | |
| 18,300 | | |
|
Cash and cash equivalents, end of period | |
$ | 115,747 | | |
$ | - | | |
$ | 115,747 | | |
**NOTE
O - SUBSEQUENT EVENTS**
The
Company has evaluated events subsequent to the balance sheet through the date the financial statements were issued and noted the following
events requiring disclosure:
Series
P Preferred Stock
****
On
August 20, 2025, the Companys Board of Directors approved, by Unanimous Written Consent, the authorization of a new class of preferred
stock designated as Series P Preferred Stock pursuant to the Companys Certificate of Incorporation and the Delaware General Corporation
Law. The Board authorized the filing of a Certificate of Designation with the Secretary of State of the State of Delaware setting forth
the rights, preferences, limitations, and privileges of the Series P Preferred Stock.
The
Company authorized the issuance of up to 750,000 shares
of Series P Preferred Stock, par value $0.01 per
share, in a private placement at $1.00 per share to accredited investors pursuant to Rule 506(b) of Regulation D under the
Securities Act of 1933, as amended. Each share of Series P Preferred Stock is convertible into one share of
Class A Common Stock at the option of the holder, has voting rights equal to 1000 votes per share, a six-month lock-up period, and a liquidation
preference senior to common stock and junior to Series N Preferred Stock. Holders are also entitled to receive quarterly revenue share
distributions equal to 5% of the net revenue of Primecare Supply, LLC and PulseAi; and 5% of the gross revenue of GTLL Advisory Group,
LLC until each holder has received 200% of their original investment.
On
August 24, 2025, the Company issued 200,000
shares of Series P Preferred Stock to an accredited investor
pursuant to the private placement described above and received cash proceeds of $200,000.
Executive
Employment Agreement
****
On
November 17, 2025, the Company entered into an Executive Employment Agreement with Fredrick K. Cutcher, pursuant to which Mr. Cutcher
was appointed Managing Director of Primecare Supply, LLC, a wholly owned subsidiary of the Company. The agreement provides for a base
salary of $10,000
per month, eligibility for discretionary bonuses, profit participation
and relocation assistance pursuant to an addendum, and participation in the Companys standard benefit and expense reimbursement
programs.
The
agreement has an initial term of one year and automatically renews for successive one-year terms unless either party provides at least
30 days written notice of non-renewal. Either party may terminate the agreement upon 30 days written notice. The agreement
also includes customary confidentiality, intellectual property, and restrictive covenant provisions.
| 61 | |
| | |
**Item
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures.**
None.
**Item
9A. Controls and Procedures.**
**Evaluation
of Disclosure Controls and Procedures**
Our
management conducted an evaluation, with the participation of our Chief Executive Officer, who is our principal executive officer and
our principal financial and accounting officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e)
and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) as of the end of the period covered
by this Annual Report on Form 10-K. Based on that evaluation, we concluded that because of the material weakness and significant deficiencies
in our internal control over financial reporting described below, our disclosure controls and procedures were not effective as of June
30, 2025 or 2024.
**Managements
Annual Report on Internal Control over Financial Reporting**
Management
is responsible for the preparation of our financial statements and related information. Management uses its best judgment to ensure that
the financial statements present accurately, in material respects, our financial position and results of operations in fairness and conformity
with generally accepted accounting principles.
Management
is responsible for establishing and maintaining adequate internal control over financial reporting as defined in the Exchange Act. These
internal controls are designed to provide reasonable assurance that the reported financial information is presented fairly, that disclosures
are adequate, and that the assumptions and opinions in the preparation of financial statements are reasonable. There are inherent limitations
in the effectiveness of any system of internal controls, including the possibility of human error and overriding of controls. Consequently,
an ineffective internal control system can only provide reasonable, not absolute, assurance with respect to reporting financial information.
Our
internal control over financial reporting includes policies and procedures that: (i) pertain to maintaining records that, in reasonable
detail, accurately and fairly reflect our transactions; (ii) provide reasonable assurance that transactions are recorded as necessary
for preparation of our financial statements in accordance with generally accepted accounting principles and that the receipts and expenditures
of company assets are made in accordance with our managements and directors authorization; and (iii) provide reasonable
assurance regarding the prevention or timely detection of unauthorized acquisition, use, or disposition of assets that could have a material
effect on our financial statements.
We
conducted an evaluation of the effectiveness of our internal control over financial reporting, based on the framework in Internal
Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO)
and published in 2013, and subsequent guidance prepared by COSO specifically for smaller public companies. Based on that evaluation,
management concluded that our internal control over financial reporting was not effective as of June 30, 2025 and June 30, 2024 for the
reasons discussed below.
A
significant deficiency is a deficiency, or combination of deficiencies in internal control over financial reporting, that adversely affects
the entitys ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted
accounting principles such that there is more than a remote likelihood that a misstatement of the entitys financial statements
that is more than inconsequential will not be prevented or detected by the entitys internal control. A material weakness is a
deficiency or a combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility
that a material misstatement of the annual or interim consolidated financial statements will not be prevented or detected on a timely
basis. Management identified the following material weakness and significant deficiencies in its assessment of the effectiveness of internal
control over financial reporting as of June 30, 2025 and June 30, 2024:
|
|
|
The
Company did not maintain effective controls over certain aspects of the financial reporting process because we lacked personnel with
accounting expertise and an adequate supervisory review structure that is commensurate with our financial reporting requirements. | |
|
|
|
| |
|
|
|
Material
Weakness Inadequate segregation of duties. | |
We
expect to be materially dependent on a third party that can provide us with accounting consulting services for the foreseeable future.
Until such time as we have a chief financial officer with the requisite expertise in U.S. GAAP, there are no assurances that the material
weaknesses and significant deficiencies in our disclosure controls and procedures and internal control over financial reporting will
not result in errors in our financial statements, which could lead to a restatement of those financial statements. Our management does
not expect that our disclosure controls and procedures or our internal controls will prevent all error and all fraud. A control system,
no matter how well conceived and maintained, can provide only reasonable, not absolute, assurance that the objectives of the control
system are met. Further, the design of a control system must account for resource constraints. In addition, the benefits of controls
must be considered relative to their costs. Due to the inherent limitations in all control systems, no evaluation of controls can provide
absolute assurance that all control issues and instances of fraud, if any, can and will be detected.
| 62 | |
| | |
**Changes
in Internal Controls over Financial Reporting**
There
have been no changes in our internal control over financial reporting during the year ended June 30, 2024 that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.
**Item
9B. Other Information.**
**Critical
Accounting Policies**
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 the disclosure of contingent
assets and liabilities of the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Notes to the Consolidated Financial Statements describes the significant accounting policies and methods used in the preparation
of the Consolidated Financial Statements. Estimates are used for, but not limited to, contingencies and taxes. Actual results could differ
materially from those estimates. The following critical accounting policies are impacted significantly by judgments, assumptions, and
estimates used in the preparation of the Consolidated Financial Statements.
Loss
Contingencies
The
Company is subject to various loss contingencies arising in the ordinary course of business. The Company considers the likelihood of
loss or impairment of an asset or the incurrence of a liability, as well as its ability to reasonably estimate the amount of loss in
determining loss contingencies. An estimated loss contingency is accrued when management concludes that it is probable that an asset
has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. The Company regularly evaluates
current information available to us to determine whether such accruals should be adjusted.
Accounting
for Acquisitions
In
accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination,
which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for
by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset
acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest
in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain
from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions and immediately expense
acquisition-related costs and fees associated with business combinations.
Income
Taxes
The
Company recognizes deferred tax assets (future tax benefits) and liabilities for the expected future tax consequences of temporary differences
between the book carrying amounts and the tax basis of assets and liabilities. The deferred tax assets and liabilities represent the
expected future tax return consequences of those differences, which are expected to be either deductible or taxable when the assets and
liabilities are recovered or settled.
| 63 | |
| | |
Recent
Issued Accounting Pronouncements
In
June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13,
Financial InstrumentsCredit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU
2016-13). Financial InstrumentsCredit Losses (Topic 326) amends guideline on reporting credit losses for assets held at
amortized cost basis and available-for-sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable
initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit
losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets
to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner
similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down.
ASU 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net
income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures,
reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash.
The amendments in this ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods within those
fiscal years. We are currently evaluating the impact of the adoption of ASU 2016-13 on our financial statements.
In
July 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-11. Among other
things, ASU 2017-11 provides guidance that eliminates the requirement to consider down round features when determining
whether certain financial instruments or embedded features are indexed to an entitys stock and need to be classified as liabilities.
ASU 2017-11 provides for entities to recognize the effect of a down round feature only when it is triggered and then as a dividend and
a reduction to income available to common stockholders in basic earnings per share. The guidance is effective for annual periods beginning
after December 15, 2018; early adoption is permitted. The Company has adopted ASU 2017-11. As a result, we have not recognized the fair
value of the warrants containing down round features as liabilities.
In
August 2020, the FASB issued ASU 2020-06, Debt Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging Contracts in Entitys Own Equity (Subtopic 815-40). This ASU reduces the number of accounting models
for convertible debt instruments and convertible preferred stock. As well as amend the guidance for the derivatives scope exception for
contracts in an entitys own equity to reduce form-over-substance-based accounting conclusions. In addition, this ASU improves
and amends the related EPS guidance. This standard is effective for us on May 1, 2022, including interim periods within those fiscal
years. Adoption is either a modified retrospective method or a fully retrospective method of transition. We are currently evaluating
the impact of the adoption of ASU 2020-06 on our financial statements.
Management
has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant
impact on our consolidated financial statements and related disclosures.
Off-Balance
Sheet Arrangements
We
are not currently a party to, or otherwise involved with, any off-balance sheet arrangements that have or are reasonably likely to have
a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations,
liquidity, capital expenditures or capital resources.
Share-based
Compensation
The
Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, *Compensation-Stock Compensation*(FASB ASC Topic 718), which requires all share-based payments to employees, including grants of employee stock options,
to be recognized in the consolidated financial statements based on their fair values.
| 64 | |
| | |
**PART
III**
**Item
10. Directors and Executive Officers.**
**Directors
and Executive Officers**
The
names and ages of our Directors and Executive Officers are set forth below. Our By-Laws provide for not less than one Director. All Directors
are elected annually by the stockholders to serve until the next annual meeting of the stockholders and until their successors are duly
elected and qualified. The officers are elected by our Board.
|
Name | |
Age | |
Position and
Term | |
|
H. Wyatt Flippen | |
54 | |
Chief executive Officer, Chairman
of the Board | |
|
Fredrick Cutcher | |
40 | |
President 10 Fold, Board Member | |
**H.
Wyatt Flippen Chief Executive Officer, Chairman of the Board**
****
Mr.
Flippen brings to Global Technologies a wealth of experience as a dynamic leader with a proven ability to drive growth and build impactful
brands. With an extensive background spanning finance, technology, and entrepreneurship, Mr. Flippen has successfully guided teams through
transformative growth in diverse industries.
Most
recently, Mr. Flippen served as Co-Founder and CEO of a holding company managing innovative marketing and consulting ventures. Known
for his expertise in data analytics and consumer behavior, he has built a reputation for creating winning strategies that enhance sales
and foster brand loyalty. His career includes co-founding MortgageToday.com, where he mastered measurable marketing and digital branding
strategies to deliver exceptional results.
Mr.
Flippen holds a Bachelor of Science in Business Administration from Longwood University and has completed advanced coursework in banking
and finance at the University of Virginias Darden School of Business. Beyond his professional endeavors, Mr. Flippen is actively
involved in community initiatives, serving on various boards and coaching high school baseball in the Greensboro-Triad area.
****
**Fredrick
Cutcher President 10 Fold Services, LLC, Board Member**
Fredrick
Cutcher is a seasoned financial professional with more than 12 years of experience in the industry. With a strong background in financial
management, communications, and leadership, Mr. Cutcher has developed an extensive skill set that makes him well-suited for his role
as 10 Fold Services, LLCs President and serving on the Companys Board of Directors.
Mr.
Cutcher served in various senior-level roles throughout his career, including as a Financial Manager and Senior Sales Manager. This breadth
of experience has provided him with a comprehensive understanding of budgeting, financial forecasting, and strategic planning, as well
as a keen eye for evaluating risk and developing innovative solutions based on his experience.
Throughout
his career, Mr. Cutcher has demonstrated a track record of success, consistently leading himself and teams to exceed financial targets
and achieve organizational goals. He is known for his ability to build strong relationships with clients and stakeholders, and for his
strategic vision that is always forward-looking and growth-oriented.
| 65 | |
| | |
Mr.
Cutcher is looking forward to leveraging his expertise and experience to drive the continued success of his organization. He is committed
to creating a culture of collaboration and innovation, and to fostering a strong sense of purpose and direction throughout the company.
With his leadership, experience, and strategic vision, Mr. Cutcher is poised to lead his organization to new heights of success and profit.
**Family
Relationships**
There
are no family relationships among the directors and executive officers.
**Conflicts
of Interest- General**
Our
directors and officers are, or may become, in their individual capacities, officers, directors, controlling shareholder and/or partners
of other entities engaged in a variety of businesses. Thus, there exist potential conflicts of interest including, among other things,
time, efforts and corporation opportunity, involved in participation with such other business entities. While our sole officer and director
of our business is engaged in business activities outside of our business, he devotes to our business such time as he believes to be
necessary.
**Conflicts
of Interest- Corporate Opportunities**
Presently
no requirement is contained in our Articles of Incorporation, Bylaws, or minutes which requires officers and directors of our business
to disclose to us business opportunities which come to their attention. Our officers and directors do, however, have a fiduciary duty
of loyalty to us to disclose to us any business opportunities which come to their attention, in their capacity as an officer and/or director
or otherwise. Excluded from this duty would be opportunities which the person learns about through his involvement as an officer and
director of another company. We have no intention of merging with or acquiring an affiliate, associate person or business opportunity
from any affiliate or any client of any such person.
**Committees
to the Board of Directors**
In
the ordinary course of business, the board of directors maintains a compensation committee and an audit committee.
The
primary function of the compensation committee is to review and make recommendations to the board of directors with respect to the compensation,
including bonuses, of our officers and to administer the grants under our stock option plan.
The
functions of the audit committee are to review the scope of the audit procedures employed by our independent auditors, to review with
the independent auditors our accounting practices and policies and recommend to whom reports should be submitted, to review with the
independent auditors their final audit reports, to review with our internal and independent auditors our overall accounting and financial
controls, to be available to the independent auditors during the year for consultation, to approve the audit fee charged by the independent
auditors, to report to the board of directors with respect to such matters and to recommend the selection of the independent auditors.
In
the absence of a separate audit committee our board of directors functions as audit committee and performs some of the same functions
of an audit committee, such as recommending a firm of independent certified public accountants to audit the annual financial statements;
reviewing the independent auditors independence, the financial statements and their audit report; and reviewing managements
administration of the system of internal accounting controls.
| 66 | |
| | |
**Involvement
in Certain Legal Proceedings**
To
the best of our knowledge, none of our directors or executive officers has, during the past ten years:
(1)
had a petition under the Federal bankruptcy laws or any state insolvency law filed by or against, or a receiver, fiscal agent or similar
officer was appointed by a court for the business or property of such person, or any partnership in which he was a general partner at
or within two years before the time of such filing, or any corporation or business association of which he was an executive officer at
or within two years before the time of such filing;
(2)
has been convicted in a criminal proceeding or is a named subject of a pending criminal proceeding (excluding traffic violations and
other minor offenses);
(3)
has been the subject of any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction,
permanently or temporarily enjoining him from, or otherwise limiting, the following activities:
(i)
Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage
transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing,
or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment
company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection
with such activity;
(ii)
Engaging in any type of business practice; or
(iii)
Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of
Federal or State securities laws or Federal commodities laws;
(4)
has been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority
barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any activity described in (3)(i)
above, or to be associated with persons engaged in any such activity;
(5)
has been found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities
law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated;
(6)
has been found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated
any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been
subsequently reversed, suspended or vacated;
(7)
has been the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently
reversed, suspended or vacated, relating to an alleged violation of:
(i)
Any Federal or State securities or commodities law or regulation; or
(ii)
Any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent
injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or
prohibition order; or
(iii)
Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or
(8)
has been the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory
organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section
1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has
disciplinary authority over its members or persons associated with a member.
| 67 | |
| | |
**Item
11. Executive Compensation.**
**Summary
Compensation Table**
The
following table sets forth with respect to the named executive officer, compensation made for the twelve months ended June 30, 2025 and
2024:
|
Name
and Principal Position | |
Year | | |
Salary-
Paid or accrued
($) | | |
Bonus
($) | | |
Stock Awards ($) | | |
Option Awards ($) | | |
Non-Equity Incentive
Plan Compensation ($) | | |
Change
in Pension
Value &
Non- Qualified Deferred Compensation Earnings ($) | | |
All
Other Compensation ($) | | |
Total ($) | | |
|
| |
| | |
(a) | | |
(b) | | |
(c)(3) | | |
(d) | | |
| | |
| | |
(e) | | |
| | |
|
H. Wyatt Flippen, Chief Executive
Officer, Chairman of the Board (1) | |
| 2025 | | |
| | | |
| | | |
$ | 125,000 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
Fredirick Cutcher, President 10 Fold, Board
Member (2)(3) | |
| 2025 | | |
| | | |
| | | |
$ | 0 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
|
(1) |
On
November 22, 2024, the Company entered into an Executive Employment Agreement (the Agreement) with Mr. Flippen for
his role as the Companys Chief Executive Officer. Under the terms of the Agreement, Mr. Flippen is to receive a base salary
of $8,500 per month and $125,000 worth of Series N Preferred Stock. The Agreement has a term of one year and shall renew for successive
one year terms, unless either party terminates the Agreement. | |
|
|
|
| |
|
|
(2) |
On
November 22, 2024, Mr. Cutcher resigned as President and Chief Executive Officer of the Company. The Company retained his services
as President of its subsidiary, 10 Fold Services, LLC, and he continues to serve as a member of the Companys Board of Directors. | |
|
|
|
| |
|
(3) |
On
May 17, 2023, the Company entered into an Employment Agreement (the Agreement) with Mr. Cutcher for his role as the
Companys Chief Executive Officer. Under the terms of the Agreement, Mr. Cutcher is to receive a base salary of $100,000 and
$100,000 in Restricted Stock Units that vest at the end of the initial term of the Agreement. The Agreement has a term of one year
and shall renew for successive one-year terms unless either party terminates the Agreement. The Agreement was effective as of May
17, 2023. | |
**Directors
Compensation**
The
following table sets forth with respect to the named director, compensation information inclusive of equity awards and payments made
for the years ended June 30, 2025 and 2024:
|
Name | |
Year | | |
Fees Earned or
Paid in Cash ($) | | |
Stock Awards ($) | | |
Option Awards ($) | | |
Non-Equity Incentive
Plan Compensation ($) | | |
Nonqualified Deferred Compensation Earnings ($) | | |
All
Other Compensation ($) | | |
Total ($) | | |
|
| |
| | |
(b) | | |
(c) | | |
(d) | | |
(e) | | |
(f) | | |
(g) | | |
(h) | | |
|
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
H. Wyatt Flippen (2025) (1) | |
| 2025 | | |
$ | 59,500 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
Fredrick Cutcher (2025)(2) | |
| 2025 | | |
$ | 171,811 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
|
(2024) | |
| 2024 | | |
$ | 100,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
|
(1) |
Mr.
Flippen was appointed to the Companys Board of Directors on November 22, 2024 and later was appointed the Companys
Chairman of the Board on May 19, 2025. For the periods presented, Mr. Flippen had not entered into a Board of Directors Service Agreement. | |
|
(2) |
Mr.
Cutcher was appointed to the Companys Board of Directors on May 17, 2023. On November 22, 2024 Mr. Cutcher resigned. Mr. Cutcher
remained as a Board Member and the President of 10 Fold Services, LLC. For the periods presented, Mr. Cutcher had not entered into
a Board of Directors Service Agreement. | |
| 68 | |
| | |
**Director
Independence**
The
Company has two directors, H. Wyatt Flippen and Fredrick Cutcher, who are employees of the Company. An independent director
is defined generally as a person other than an officer or employee of the Company or its subsidiaries or any other individual having
a relationship that, in the opinion of the Companys board of directors, would interfere with the directors exercise of
independent judgment in carrying out the responsibilities of a director. At present, the Company does not have an independent director,
but intends on appointing new directors that are deemed independent during the current fiscal year.
**Employment
Agreements**
On
November 22, 2024, the Company entered into an Executive Employment Agreement (the Agreement) with Mr. Flippen for his
role as the Companys Chief Executive Officer. Under the terms of the Agreement, Mr. Flippen is to receive a base salary of $8,500
per month and $125,000 worth of Series N Preferred Stock. The Agreement has a term of one year and shall renew for successive one year
terms, unless either party terminates the Agreement.
On
May 17, 2023, the Company entered into an Employment Agreement (the Agreement) with Mr. Cutcher for his role as the Companys
Chief Executive Officer. Under the terms of the Agreement, Mr. Cutcher is to receive a base salary of $100,000 and $100,000 in Restricted
Stock Units that vest at the end of the initial term of the Agreement. The Agreement has a term of one year and shall renew for successive
one-year terms unless either party terminates the Agreement. The Agreement was effective as of May 17, 2023.
**Stock
Option Plan and other Employee Benefits Plans**
The
Company does not maintain a Stock Option Plan or other Employee Benefit Plans.
**Overview
of Compensation Program**
We
currently do not maintain a Compensation Committee of the Board of Directors. Until a formal committee is established, our entire Board
of Directors has responsibility for establishing, implementing and continually monitoring adherence with the Companys compensation
philosophy. The Board of Directors ensures that the total compensation paid to the executives is fair, reasonable, and competitive.
**Role
of Executive Officers in Compensation Decisions**
The
Board of Directors makes all compensation decisions for, and approves recommendations regarding equity awards to, the executive officers
and directors of the Company.
**Item
12. Security Ownership of Certain Beneficial Owners and Management.**
As
of December 29, 2025, the Company had authorized 14,991,000,000 shares of Class A Common Stock, 4,000,000 Class B Common Stock and 5,000,000
shares of Preferred Stock. As of December 29, 2025, there were 14,688,440,097 shares of Class A Common Stock, 0 shares of Class B Common
Stock, 1,989,500 shares of Series N Preferred Stock and 200,000 shares of Series P Preferred Stock issued and outstanding. and
The
following table sets forth certain information, as of December 29, 2025, with respect to any person (including any group,
as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the Exchange Act)) who is
known to us to be the beneficial owner of more than five percent (5%) of any class of our voting securities, and as to those shares of
our equity securities beneficially owned by each of our directors and executive officers and all of our directors and executive officers
as a group.
The
number of shares of common stock beneficially owned by each person is determined under the rules of the Commission and the information
is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares
as to which such person has sole or shared voting power or investment power and also any shares which the individual has the right to
acquire within sixty (60) days after the date hereof, through the exercise of any stock option, warrant or other right. Unless otherwise
indicated, each person has sole investment and voting power (or shares such power with his or her spouse) with respect to the shares
set forth in the following table. The inclusion herein of any shares deemed beneficially owned does not constitute an admission of beneficial
ownership of those shares.
| 69 | |
| | |
The
table below shows the number of shares beneficially owned as of December 29, 2025 by each of our individual directors and executive officers,
by other holders of 5% or more of the outstanding Class A Common Stock and by all our current directors and executive officers as a group.
|
| |
Class
A Common
Stock | | |
| | |
|
Name of Beneficial
Owner | |
Beneficially Owned (1)(2) | | |
Percentage
of Common
Stock (2) | | |
|
5% Stockholders | |
| | |
| | |
|
None | |
| - | | |
| - | % | |
|
Current Executive Officers
and Directors | |
| | | |
| | | |
|
Fredrick Cutcher (3) | |
| 11,760,000 | | |
| * | % | |
|
H. Wyatt Flippen | |
| 250,000 | | |
| * | % | |
|
Total Executive Officers
and Directors | |
| 11,760,000 | | |
| * | % | |
|
|
(1) |
Beneficial
Ownership is determined in accordance with the rules of the Securities and Exchange Commission and generally includes voting or investment
power with respect to securities. Shares of Class A Common Stock subject to options, warrants, or convertible debt currently exercisable
or convertible, or exercisable or convertible within 60 days of December 29, 2025 are deemed outstanding for computing percentage
of the person holding such option or warrant but are not deemed outstanding for computing the percentage of any person. Percentages
are based on a total of shares of Class A Common Stock outstanding on December 29, 2025 and the shares issuable upon exercise of
options, warrants exercisable, and debt convertible on or within 60 days of December 29, 2025. | |
|
|
|
| |
|
|
(2) |
The
number of shares of Class A Common Stock outstanding used in computing ownership percentages
is 14,692,619,097 shares, calculated on an as-converted basis. This amount consists of 14,688,440,097
shares of Class A Common Stock outstanding, together with 3,979,000 shares of Class A Common
Stock issuable upon conversion of 1,989,500 shares of Series N Preferred Stock outstanding,
and 200,000 shares of Class A Common Stock issuable upon conversion of 200,000 shares of
Series P Preferred Stock outstanding.
This
calculation excludes an indeterminate number of shares of Class A Common Stock that may be issuable upon conversion of the Companys
outstanding convertible notes, as the conversion terms and timing of such instruments are not determinable as of the measurement date. | |
|
|
|
| |
|
|
(3) |
The
address for Mr. Fredrick K. Cutcher is 806 Green Valley Road, Suite 200, Greensboro, North
Carolina 27408. Mr. Cutcher beneficially owns 11,650,000 shares of Class A Common Stock,
together with 55,000 shares of Series N Preferred Stock, which are convertible into 110,000
shares of Class A Common Stock on an as-converted basis. | |
|
|
|
| |
|
|
(4) |
The
address for Mr. H. Wyatt Flippen is 806 Green Valley Road, Suite 200, Greensboro, North Carolina
27408. Mr. Flippen beneficially owns 125,000 shares of Series N Preferred Stock, which are
convertible into 250,000 shares of Class A Common Stock on an as-converted basis. | |
|
|
|
| |
|
|
(5) |
*Indicates
ownership of less than one percent (1%) of the Companys outstanding Class A Common Stock. | |
| 70 | |
| | |
|
| |
| | |
Percentage
of | | |
|
| |
Series N | | |
Series N | | |
|
Name of Beneficial
Owner | |
Beneficially Owned
(1)(2) | | |
Preferred
Stock | | |
|
Sylios Corp (3) | |
| 55,000 | | |
| 2.95 | % | |
|
Jimmy Wayne Anderson (4) | |
| 225,500 | | |
| 12.09 | % | |
|
Around the Clock Partners, LP (5) | |
| 200,000 | | |
| 11.80 | % | |
|
Jetco Holdings, LLC (6) | |
| 704,000 | | |
| 37.76 | % | |
|
MainSpring, LLC (7) | |
| 275,000 | | |
| 14.75 | % | |
|
Valvasone Trust (8) | |
| 242,000 | | |
| 12.98 | % | |
|
Fredrick Cutcher (9) | |
| 55,000 | | |
| 2.95 | % | |
|
Jody A. DellaDonna (10) | |
| 44,000 | | |
| 2.36 | % | |
|
Steven Schutt (11) | |
| 27,500 | | |
| 1.47 | % | |
|
Phillip McFillin (12) | |
| 16,500 | | |
| 0.88 | % | |
|
H. Wyatt Flippen (13) | |
| 125,000 | | |
| 6.28 | % | |
|
Total | |
| 1,989,500 | | |
| 100.00 | % | |
|
|
(1) |
Each
share of the Companys Series N Preferred Stock can be converted into shares of the Companys Class A Common stock based
on a fixed conversion price of $.50. | |
|
|
|
| |
|
|
(2) |
The
number of shares Series N Preferred Stock outstanding used in computing the percentages is 1,989,500 as of December 22, 2025. | |
|
|
|
| |
|
|
(3) |
Sylios
Corp is a Florida corporation. The address for Sylios Corp is 501 1st Ave N., Suite 901, St. Petersburg, FL 33701. Mr. Anderson is
the control person for Sylios Corp. | |
|
|
|
| |
|
|
(4) |
The
address for Mr. Anderson is 501 1st Ave N., Suite 901, St. Petersburg, FL 33701. | |
|
|
|
| |
|
|
(5) |
Around
the Clock Partners, LP is a Delaware limited partnership. The address for Around the Clock Partners, LP is 501 1st Ave N., Suite
901, St. Petersburg, FL 33701. Mr. Anderson is the control person for Around the Clock Partners, LP. | |
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(6) |
Jetco
Holdings, LLC is a Wyoming limited liability company. The address for Jetco Holdings, LLC is 11718 SE Federal Highway, Suite 372,
Hobe Sound, FL 33455. Timothy Cabrera is the control person for Jetco Holdings, LLC. | |
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(7) |
MainSpring,
LLC is a Wyoming limited liability company. The address for MainSpring, LLC is 611 Fort Harrison Ave S, Suite 363, Clearwater, FL
33756. Brian McFadden is the control person for MainSpring, LLC. | |
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(8) |
The
address for Valvasone Trust 5114 Stoneywood Circle, Mableton, GA 30126. | |
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(9) |
The
address for Mr. Cutcher is 8 Campus Dr., Suite 105, Parsippany, NJ 07054. | |
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(10) |
The
address for Jody A. DellaDonna is 109 Carrick Way, Macon, GA 31210. | |
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(11) |
The
address for Steven Schutt is 18245 Paulson Dr., Suite 39, Port Charlotte, FL 33954. | |
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(12) |
The
address for Phillip McFillin is 116 Kings Highway East, Suite 2A, Haddonfield, NJ 08033. | |
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(13) |
The
address for H. Wyatt Flippen is 5404 Ashbey Lane, Summerfield, NC 27358. | |
Please
*see***NOTE J CAPITAL STOCK** for further information.
| 71 | |
| | |
**Item
13. Certain Relationships and Related Transactions, and Director Independence.**
**Policies
and Procedures for Related Person Transactions**
The
Companys board of directors has adopted a written related person transaction policy that sets forth the following policies and
procedures for the review and approval or ratification of related person transactions.
A
Related Party Transaction is a transaction, arrangement, or relationship in which the Company or any of its subsidiaries
was, is or will be a participant, the amount of which involved exceeds $120,000, and in which any related party had, has or will have
a direct or indirect material interest. A Related Party means:
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any
person who is, or at any time during the applicable period was, one of the Companys executive officers or a member of or nominee
for the board of directors; | |
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any
person (including any entity or group) who is known by the Company to be the beneficial owner of more than five percent (5%) of our
voting stock; | |
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any
immediate family member of any of the foregoing persons, which means any child, stepchild, parent, stepparent, spouse, sibling, mother-in-law,
father-in-law, daughter-in-law, brother-in-law or sister-in-law of a director, officer, or a beneficial owner of more than five percent
(5%) of our voting stock, and any person (other than a tenant or employee) sharing the household of such director, executive officer,
or beneficial owner of more than five percent (5%) of our voting stock; | |
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any
of the foregoing persons that qualify as such at any time during the fiscal year in which a transaction that would otherwise be subject
to this the policy occurs, even if such person has ceased to have such status during such fiscal year; and | |
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any
firm, corporation, or other entity in which any of the foregoing persons is a partner or principal or in a similar position or in
which such person has a ten percent (10%) or greater beneficial ownership interest. | |
In
addition, we will have in place policies and procedures designed to minimize potential conflicts of interest arising from any dealings
the Company may have with its affiliates and to provide appropriate procedures for the disclosure of any real or potential conflicts
of interest that may exist from time to time.
**Other
Related Party Transactions**
We
have entered into indemnification agreements with each of our directors and executive officers. These agreements require us to indemnify
and advance litigation expenses incurred by such individuals by reason of (i) their status as directors and/or officers of the Company,
(ii) acts or omissions made in good faith, (iii) their service in any capacity with respect to an employee benefit plan of our company
or one or more of our majority owned subsidiaries, or (iv) their service as directors, officers, managers, general partners, trustees,
employees, or agents of another entity (including a majority owned subsidiary of our company) at our request while directors and/or officers
of our company to the fullest extent permitted by applicable law. See Limitations on Personal Liability of Directors, Indemnification
and Advancement Rights of Directors and Officers, and Director and Officer Insurance for more detail on the extent to which Delaware
law permits the indemnification of Directors and Officers under the indemnification agreement.
Pursuant
to the indemnification agreements, the Company will advance all reasonable expenses to be incurred by the indemnitee related to a proceeding
for which the indemnitee is entitled to indemnification. The indemnitee shall repay, to the Company, any expenses advance to the indemnitee
if it is ultimately be determined that indemnitee is not entitled to be indemnified against such expenses.
| 72 | |
| | |
**Transactions
with Related Parties**
On
February 2, 2025, the Company issued one-hundred twenty-five thousand (125,000) shares of Series N Preferred Stock to H. Wyatt Flippen,
its Chief Executive Officer, as per the terms of his Executive Employment Agreement.
On
June 26, 2024, the Company issued fifty-five thousand (55,000) shares of Series N Preferred Stock to Fredrick Cutcher, its Chief Executive
Officer, as per the terms of the Share Exchange Agreement between the Company and its Series L Preferred Stockholders.
On
June 10, 2024, the Company issued ten (10) shares of Series L Preferred Stock to Fredrick Cutcher, its Chief Executive Officer, for services
rendered on behalf of the Company.
**Promoters
and Certain Control Persons**
None.
**List
of Parents**
None.
**Item
14. Principal Accounting Fees and Services**
The
following is a summary of the fees billed to the Company by our auditors for professional accounting services rendered for the fiscal
years ended June 30, 2025 and 2024.
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| |
Fiscal
Year 2025 | | |
Fiscal
Year 2024 | | |
|
Audit Fees (1) | |
$ | 50,000 | | |
$ | 11,000 | | |
|
Audit-Related Fees | |
| - | | |
| - | | |
|
Tax Fees (2) | |
| - | | |
| - | | |
|
Other Fees (3) | |
$ | 6,000 | | |
| - | | |
|
Total | |
$ | 11,000 | | |
$ | 11,000 | | |
(1)
Audit fees consist of fees billed for services rendered for the audit of our financial statements and review of our financial statements
included in our quarterly reports on Form 10Q.
(2)
Tax fees consist of fees billed for professional services related to the preparation of our U.S. federal and state income tax returns.
(3)
Other fees consist of fees billed for professional services related to non-recurring fees for the initial public offering and the acquisitions
completed during the year.
| 73 | |
| | |
**Item
15. Financial Statements and Exhibits.**
**EXHIBIT
INDEX**
|
Exhibit |
|
Description | |
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| |
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3.1 |
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Articles of Incorporation of New IFT Corporation (previously filed with Form 10 on June 8, 2020) | |
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3.2 |
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Amended and Restated Certificate of Incorporation of New IFT Corporation (previously filed with Form 10 on June 8, 2020) | |
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3.3 |
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Certificate of Designation, Rights, Preferences and Limitations of Series K Super Voting Preferred Stock filed with the State of Delaware (previously filed with Amendment No. 1 to Form 10 on July 24, 2020) | |
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3.4 |
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Certificate of Designation, Rights, Preferences and Limitations of Series L Preferred Stock filed with the State of Delaware (previously filed with Form 10 on June 8, 2020) | |
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3.5 |
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Certificate of Designation, Rights, Preferences and Limitations of Series N Preferred Stock filed with the State of Delaware (previously filed with Form 8-K on June 27, 2024) | |
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3.6 |
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Amended and Restated Bylaws of Global Technologies, Ltd (previously filed with Form 8-K on January 21, 2021) | |
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3.7 |
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Certificate of Designation of Series P Preferred Stock (previously filed with Form 8-K on September 3, 2025) | |
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10.1+ |
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Employment Agreement between the Company and Frederick Kalei Cutcher date May 17, 2023 (previously filed with Form 10-Q on May 23, 2023) | |
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10.2 |
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Convertible Note between the Company and Hillcrest Ridgewood Partners, LLC dated May 17, 2023 (previously filed with Form 10-Q on May 23, 2023) | |
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10.3 |
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Convertible Note between the Company and Hillcrest Ridgewood Partners, LLC dated May 31, 2023 (previously filed with Form 8-K on June 6, 2023) | |
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10.4 |
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Securities Purchase Agreement between the Company and Hillcrest Ridgewood Partners, LLC dated May 31, 2023 (previously filed with Form 8-K on June 6, 2023) | |
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10.5 |
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Membership Interest Purchase Agreement between the Company and TXC Services, LLC dated June 9, 2023 (previously filed with Form 8-K on June 20, 2023) | |
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10.6 |
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Convertible Note between the Company and Hillcrest Ridgewood Partners, LLC dated July 18, 2023 (previously filed with Form 8-K on July 21, 2023) | |
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10.7 |
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Securities Purchase Agreement between the Company and Hillcrest Ridgewood Partners, LLC dated July 18, 2023 (previously filed with Form 8-K on July 21, 2023) | |
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10.8 |
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Amended and Restated Membership Interest Purchase Agreement between the Company and TXC Services, LLC dated July 25, 2023 (previously filed with Form 8-K on July 31, 2023) | |
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10.9 |
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Assignment of Membership Units between the Company and TXC Services, LLC dated July 25, 2023 (previously filed with Form 8-K on July 31, 2023) | |
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10.10 |
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Secured Promissory Note between Foxx Trot Tango, LLC and TK Management Services, LLC dated January 06, 2023 (previously filed with Form 8-K on July 31, 2023) | |
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10.11 |
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TK Management Services, LLC Security Deed dated January 06, 2023 (previously filed with Form 8-K on July 31, 2023) | |
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10.12 |
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Guaranty Agreement between the Company and TK Management Services, LLC dated July 25, 2023 (previously filed with Form 8-K on July 31, 2023) | |
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10.13 |
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Secured Convertible Note between the Company and TXC Services, LLC dated July 25, 2023 (previously filed with Form 8-K on July 31, 2023) | |
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10.14 |
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Securities Purchase Agreement between the Company and TXC Services, LLC dated July 25, 2023 (previously filed with Form 8-K on July 31, 2023) | |
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10.15 |
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Security Deed between the Company and TXC Services, LLC dated July 25, 2023 (previously filed with Form 8-K on July 31, 2023) | |
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10.16 |
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Security Agreement and Pledge of Membership interest between the Company and TXC Services, LLC dated July 25, 2023 (previously filed with Form 8-K on July 31, 2023) | |
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10.17 |
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Third Amended and Restated Limited Liability Company Agreement dated July 25, 2023 (previously filed with Form 8-K on July 31, 2023) | |
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10.18 |
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Consulting Agreement between the Company and Brain Bridge Advisors, LLC dated August 23, 2023 (previously filed with Form 10-K on December 29, 2023) | |
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10.19 |
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Securities Purchase Agreement between the Company and Jetco Holdings, LLC dated November 17, 2023 (previously filed with Form 8-K on November 27, 2023) | |
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10.20 |
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Form of Indemnification Agreement entered into between the Company and Fredrick Kutcher (previously filed with Form 10-K on December 29, 2023) | |
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10.21 |
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Convertible Note between the Company and MainSpring, LLC dated October 31, 2023 (previously filed with Form 10-Q on January 9, 2024) | |
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10.22 |
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Securities Purchase Agreement between the Company and MainSpring, LLC dated October 31, 2023 (previously filed with Form 10-Q on January 9, 2024) | |
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10.23 |
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Asset Purchase Agreement between the Company and Jetco Holdings, LLC (previously filed with Form 8-K on January 31, 2024) | |
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10.24 |
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Share Exchange Agreement (previously filed with Form 8-K on March 19, 2024) | |
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10.25 |
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Share Exchange Agreement (previously filed with Form 8-K on June 27, 2024) | |
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10.26 |
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Employment Agreement dated November 22, 2024, by and between the Company and H. Wyatt Flippen (previously filed with Form 8-K on November 25, 2024) | |
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10.27 |
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Indemnification Agreement dated as of November 22, 2024 by and between the Company and H. Wyatt Flippen (previously filed with Form 8-K on November 25, 2024) | |
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10.28 |
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Series P Subscription Agreement (previously file with Form 8-K on September 3, 2025) | |
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10.29 |
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Revenue Sharing Agreement (previously filed with Form 8-K on September 3, 2025) | |
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21.1 |
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List of subsidiaries (previously filed with Form 10-Q on February 6, 2024) | |
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21.2 |
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Articles of Formation Foxx Trot Tango, LLC (previously filed with Form 10-K on December 29, 2023) | |
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21.3 |
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Certificate of Organization for 10 Fold Services, LLC (previously filed with Form 8-K on January 31, 2024) | |
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31.1* |
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Chief
Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
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31.2* |
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Chief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
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32.1* |
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Certifications
of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002 | |
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Graphic |
|
Corporate
logo- Global Technologies, Ltd | |
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101* |
|
Interactive
Data File | |
|
101.INS |
|
Inline
XBRL Instance Document | |
|
101.SCH |
|
Inline
XBRL Taxonomy Extension Schema Document | |
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101.CAL |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase Document | |
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101.DEF |
|
Inline
XBRL Taxonomy Extension Definition Linkbase Document | |
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101.LAB |
|
Inline
XBRL Taxonomy Extension Label Linkbase Document | |
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101.PRE |
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Inline
XBRL Taxonomy Extension Presentation Linkbase Document | |
|
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) | |
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* |
Filed
herewith. | |
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** |
Furnished
herewith (not filed). | |
|
+ |
Management
contract or compensatory plan or arrangement. | |
**Item
16. Form 10-K Summary**
None
| 74 | |
| | |
**SIGNATURES**
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
Date:
December 30, 2025
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GLOBAL
TECHNOLOGIES, LTD. | |
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By: |
/s/
H. Wyatt Flippen | |
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H.
Wyatt Flippen | |
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Chief
Executive Officer and Chief Financial Officer | |
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(Principal
Executive Officer) | |
Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
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Name |
|
Position |
|
Date | |
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| |
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/s/
H. Wyatt Flippen |
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H.
Wyatt Flippen |
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Chief
Executive Officer, Chief Financial Officer and Chairman of the Board of Directors (Principal Executive Officer, Principal Financial
Officer) |
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December
30, 2025 | |
| 75 | |