SEC Info - Global Tech Industries Group, Inc.

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		Alternative Formats (Word, et al.) Controls and Procedures Defaults Upon Senior Securities Exhibits Financial Statements Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operations Notes to Unaudited Condensed Consolidated Financial Statements Other Information Part I. Financial Information Part Ii. Other Information Quantitative and Qualitative Disclosures About Market Risk Signatures Unaudited Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 Unaudited Condensed Consolidated Statements of Cash Flows for the Nine months ended September 30, 2021 and 2020 Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months ended September 30, 2021 and 2020 Unaudited Condensed Consolidated Statements of Stockholders' Equity (Deficit) for the Three and Nine months ended September 30, 2021 and 2020 Unregistered Sales of Equity Securities and Use of Proceeds
1	1st Page – Filing Submission
"	Part I. Financial Information
"	Financial Statements
"	Unaudited Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020
"	Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months ended September 30, 2021 and 2020
"	Unaudited Condensed Consolidated Statements of Stockholders' Equity (Deficit) for the Three and Nine months ended September 30, 2021 and 2020
"	Unaudited Condensed Consolidated Statements of Cash Flows for the Nine months ended September 30, 2021 and 2020
"	Notes to Unaudited Condensed Consolidated Financial Statements
"	Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Quantitative and Qualitative Disclosures About Market Risk
"	Controls and Procedures
"	Part Ii. Other Information
"	Legal Proceedings
"	Unregistered Sales of Equity Securities and Use of Proceeds
"	Defaults Upon Senior Securities
"	Other Information
"	Exhibits
"	Signatures

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i ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

i ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 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.

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).

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 definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Form 10-Q may contain “forward-looking statements,” as that term is used in federal securities laws, about Global Tech’s consolidated financial condition, results of operations and business. These statements include, among others:

Global Tech Industries Group, Inc. (“Global Tech,” “GTII,” “we,” “our,” “us,” “the Company,” “management”) is a Nevada corporation which has been operating under several different names since 1980.

Western Exploration, Inc., a Nevada corporation, was formed on July 24, 1980. In 1990, Western Exploration, Inc. changed its name to Nugget Exploration, Inc. On November 10, 1999, a wholly-owned subsidiary of Nugget Exploration, Inc., Nugget Holdings Corporation, merged with and into GoHealthMD, Inc., a Delaware corporation. Shortly thereafter, Nugget Exploration, Inc. changed its name to GoHealthMD, Inc., a Nevada corporation.

On August 18, 2004, GoHealthMD, Inc., the Nevada Corporation, changed its name to Tree Top Industries, Inc. On July 7, 2017, Tree Top Industries, Inc. changed its name to Global Tech Industries Group, Inc. GoHealthMD, Inc. continues to exist as a Delaware corporation and wholly owned subsidiary of Global Tech Industries Group, Inc., TTI Strategic Acquisitions and Equity Group, Inc., and TTII Oil & Gas, Inc., a Delaware corporation, all were formed by Global Tech in the anticipation of technologies, products, or services being acquired. G T International, Inc., a Nevada corporation, is also a wholly-owned subsidiary of Global Tech Industries Group, Inc. Not all subsidiaries have current operations.

On December 31, 2012, Global Tech and its new subsidiary, TTII Oil & Gas, Inc., a Delaware corporation, signed a binding asset purchase agreement with American Resource Technologies, Inc. (“ARUR”), a Kansas corporation, to acquire all the assets of ARUR for a purchase price of $513,538, which was paid in the form of 4,668,530 shares of Global Tech’s common stock as described in the asset purchase agreement. The shares were valued at $0.11 per share, based on the closing trading price of the common stock on the Closing Date. The assets purchased from ARUR include a 75% working interest in oil and gas leases in Kansas, as well as other oil field assets, a natural gas pipeline, currently shut down that is also located in Kansas, 25% interest in three other business entities operating in Kansas, and accounts receivables from two companies operating in Brazil in the amounts of $3,600,000 and $3,600,000 respectively. TTII Oil & Gas, Inc. also purchased three promissory notes in the amounts of $100,000, $100,000 and $350,000, as well an overdue contract for revenue in the amount of $1,000,000. Finally, a gun sight patent was also acquired from Century Technologies, Inc. All accounts and notes receivable were deemed uncollectable due to the age and circumstances, and therefore were assessed no value in the asset purchase. The equity ownerships were also deemed to be impaired due to the inactive nature of the entities, and were not allocated any value. The gun sight patent was also not readily assessable as to value and no purchase price was allocated to this asset. Also, due to the mechanic’s lien and lawsuit on the oil leases, as well as the absence of an official reserve report, the oil lease was also impaired and no value was recorded for this asset. On September 2015, the Chautauqua County Court decided that American Resource Technologies Inc management and Board of Directors improperly acted and rendered the original Agreement a nullity. During 2019, the Company removed additional obligations related to the ARUR acquisition and settled legal fees due. The Company cancelled the 4,668,530 shares issued to the shareholder of ARUR effective May 18, 2020, and returned the shares to Treasury.

The Company currently has investing operations through TTII Strategic Acquisitions and Equity Group, Inc., wherein the Company holds one Marketable Securitie, which changes in value regularly and is marked to market on our books quarterly. The Company is also involved in various merger and acquisition activities, and is currently negotiating opportunities that are expected to bring operating revenues to the Company. The Company continues to seek opportunities to utilize its intellectual properties and relationships with our valued business associates.

On February 28, 2021, the Company executed a Stock Purchase Agreement wherein the Company acquired all the issued and outstanding stock of Gold Transactions International, Inc. (GTI) (a Utah Corporation), for the issuance of 6,000,000 shares of common stock valued at $6,000,000 on the grant date of February 24, 2021. Pursuant to the SPA, a performance obligation exists wherein GTI must achieve a certain profit margin once revenues commence to receive the shares issued. Therefore, the shares have been placed in escrow until the performance obligation is met and the acquisition has not been included in these financial statements. The acquisition of GTI will be accounted for as an asset purchased due to the fact that GTI had been newly formed, had only one asset or asset group and had no operations at the time of the acquisition. Revenue generation for GTI commenced in Q2 of 2021, and the performance obligation is expected to be satisfied at the end of the year. GTI is in the business of participating, through a License Agreement, with a private joint venture network of companies, in transporting, assaying, buying, storing and selling gold from international artisan gold miners. After the mined dore gold has been shipped to a network third party refinery in the DMCC, a free trade zone in Dubai, the artisan miner’s gold is purchased and refined and sold to the network’s customers. GTI makes revenue on the margin spread of the buy and sell prices.

March 17, 2021, the Company’s Board of Directors approved the declaration by management of a Warrant to holders of its common stock to purchase additional shares of stock. On March 22, 2021, Global Tech Industries Group, Inc., (“GTII”) a Nevada corporation, entered into a warrant agreement with Liberty Stock Transfer Agent (“Liberty”), whereby Liberty agreed to act as GTII’s warrant agent in its offering of warrants to GTII’s shareholders (each, a “Warrant”). All shareholder of record on April 1, 2021, were issued 0.10 of a Warrant per share of Common Stock held of record by such holder. However, no fractional Warrants were issued. The Warrants were issued on or about April 8, 2021. Each full Warrant shall be exercisable into one share of GTII’s common stock at an exercise price of $2.75. The Warrants shall expire on April 8, 2023. Manhattan Transfer Registrar Co. shall act as co-agent with Liberty. The Warrants do not have a cashless exercise provision.

During the first and second quarters of 2021, the Company entered into binding agreements with three companies in the field of eye care, retail eye wear, full scope optometry, telemedicine software, and at-home and bulk eye exams. The Bronx Family Eye Care, Inc. is a company that provides retail eyewear and medically oriented full scope optometry at four brick and mortar locations. Bronx Family’s licensed optometrists use cutting-edge equipment to provide diagnosis and treatment for diseases of the eye, as well as corrective eyewear. Bronx Family also performs edging of lenses for its customers at their in-house facility, as well as providing services to outside practices. My Retina is a SaaS (Software as a Service) software and practice management company that fills an important need for their client-companies to satisfy diagnostic medical care measures in an in- home/house-call setting. My Retina licenses, leases, and operates its proprietary telemedicine software, as well as medical equipment, which together expedite diagnostic medical eye exam data to its corporate clients. Eyecare and Eyewear, Inc. is a diagnostic medical eye exam company that provides on-demand services of at-home eye exams to patients, as well as bulk exams conducted at medical offices, and virtual exams conducted through telemedicine software.

During the second quarter of 2021, the Company signed an agreement with Alt5 Sigma to host a trading platform. The Company then launched Beyond Blockchain (a GTII company) on June 18, 2021, an online cryptocurrency trading platform that provides access to Digital Currency and is changing the way customers transact with Digital Assets. Beyond Blockchain is a registered Money Services Business under FINTRAC guidelines and incorporate world class AML and KYC technology. It uses two-factor authentication to secure customers’ assets as well as AI liveness testing to secure the user experience. Beyond Blockchain allows multi-currency clearing and direct settlements in Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Bitcoin Cash (BCH), Litecoin (LTC), Bitcoin SV (BSV), Aave (AAVE), Compound (COMP), Uniswap (UNI), Chainlink (LINK) and Yearn Finance (YFI).

On August 24, 2021, the Company and We SuperGreen Energy Corp (WSGE) and WSGE shareholders reached and signed a Definitive Letter Agreement wherein the Company will acquire 100% of the shares of WSGE, subject to various closing conditions, expected to close before the calendar year end. The conditions for WSGE include the completion of a 2 year audit of WSGE, written verification of a substantial bona fide purchase order contract in an amount of no less than $50 million dollars, by a customer, awarded to SuperGreen, a substantial cash deposit by the customer to GTII’s satisfaction, transfer of patents and other legal approvals. The Company will also receive all proper legal approvals for the transaction and file for up-listing to a national exchange, and use its best efforts to raise capital to assist with the costs of the acquisition. Consideration for the acquisition will consist of all Preferred shares being assigned to the CEO of WSGE, and common share issuances in an amount sufficient to give the shareholders of WSGE majority in the Company.

As of August 2, 2021 we have 1 full-time employee and 1 part time employee. We have not experienced any work stoppages and we consider relations with our employees to be good.

There were no revenues generated during the three months ended September 30, 2021, however the Company did generate $8,500 in non-recurring revenues in the three months ended September 30, 2020. Our general operating expenses increased from $280,046 in 2020 to $2,566,851 in 2021. The increase was primarily the result of an increase in professional services including investor relations, IT, legal, accounting and consulting for our digital asset platform, fine art and medical advisory board, as well as charitable service contributions. The Company issued $2,305,888 in stock to our professionals during the third quarter 2021 as compared to $65,750 for the third quarter 2020. Our interest expense decreased to $16,762 for the three months ended September 30, 2021 from $60,724 for the three months ended September 30, 2020, due to the conversion of related party debt at December 31, 2020. We also had unrealized loss from our marketable securities of $(185,000) for the three months ended September 30, 2021, compared to a gain of $14,966 for the three months ended September 30, 2020.

Our net loss increased by $2,451,309 from $(317,304) in the 3r^d quarter 2020 to a loss of $(2,768,613) in the 3r^d quarter 2021. The primary reason for this increase was the increase in professional services, as the Company entered a growth stage of acquisitions and funding requirements. We expect that our losses will continue until we are able to establish a consistent revenue source and finalize our projected acquisitions.

We realized revenues of $0 during the nine months ended September 30, 2021 and $8,500 of non-recurring revenues during the nine months ended September 30, 2020. Our general operating expenses increased from $786,954 in 2020 to $4,661,352 in 2021. The increase was primarily the result of increases in professional fees related to our acquisitions, investor relations and consulting on our fine art and NFT trading platform, along with consulting by our medical advisory board, and consultants related to a 501c charitable organization.

Our net loss increased by $3,591,675 from $(954,788) in 2020 to a loss of $(4,546,463) in 2021. The primary reason for this increase was the significant increase in professional fees of $3,179,878, charitable contributions of $540,000, less the gain we received from our unrealized gain on marketable securities of $164,000 compared to a loss of $(901) during the nine months ended September 30, 2020. We expect that our losses will continue until we are able to establish a consistent revenue source and finalize our projected acquisition. Management and the Board are considering multiple options currently available.

At September 30, 2021 we had cash on hand of $295,083 compared to $2,479 at December 31, 2020. Cash used by our operations of $(224,121) during the nine months ended September 30, 2021 compared to cash used of $(105,089) during the nine months ended September 30, 2020. Our operations are supported by our CEO who uses individual credit to pay for expenses of the Company. In the first nine months of 2021 our CEO advanced $160,439 as compared to cash advance of $104,981 during 2020. During the nine months ended September 30, 2021, the Company reimbursed our CEO $186,069 compared to $0 for the nine months ended September 30, 2020. We received $150,000 during the first quarter of 2021, from an accredited investor as a stock deposit, which was used to satisfy the convertible debenture of $74,800 plus accrued interest and penalties. We received an additional $190,000 from an accredited investor as a stock deposit during the 2^ndquarter 2021, and an additional $150,000 during the 3^rd quarter 2021.We anticipate that we will continue to have a negative cash flow from operations for 2021. We do not have sufficient cash on hand at September 30, 2021 to cover our negative cash flow. We will attempt to raise capital through the sale of our common stock or through debt financing,

Some of Global Tech’s past due obligations, including $338,000 of accounts payable, and $113,000 of notes payable and judgments, were incurred or obtained prior to 2005. No actions have been taken by any of the applicable creditors, and the statute of limitations has been exceeded for the creditors to seek legal action. Global Tech believes that these obligations will not be satisfied in the future because the statute of limitations has been exceeded, and is currently seeking a judicial resolution to these obligations.

Any remedy to our current lack of liquidity must take into account all the foregoing liabilities. Global Tech intends to expand and develop its new acquisition operating activities to generate significant cashflow to allow it to pay its current obligations and settle its remaining obligations. Capital raise plans are under consideration but it cannot be assured that they will materialize in the current economic environment. Currently, Global Tech is without adequate financing or liquid assets. Because no actions have been taken on the aforementioned past due obligations and demand has not been made by the applicable current note holders, we are unable to accurately quantify the effect the overdue accounts have on Global Tech’s financial condition, liquidity and capital resources. However, in the event that all of these obligations and notes payable were required to be paid in an amount equal to the full balance of each, Global Tech would not be able to meet the obligations based upon its current financial status. The liquidity shortfall of $(2,740,896) would cause Global Tech to default and, further, would put our continued viability in jeopardy.

As of September 30, 2021, one new contractual obligation has been executed by the Company. This obligation is due to the hosting and service of our digital asset trading platform with Alt5 and consists of $3,500 per month.

The Company has incurred significant losses from operations, and such losses are expected to continue. The Company’s auditors have included a “Going Concern Qualification” in their report for the year ended December 31, 2020. In addition, the Company has limited working capital. The foregoing raises substantial doubt about the Company’s ability to continue as a going concern. Management’s plans include seeking additional capital and/or debt financing. There is no guarantee that additional capital and/or debt financing will be available when and to the extent required, or that if available, it will be on terms acceptable to the Company. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The “Going Concern Qualification” may make it substantially more difficult to raise capital.

The Company is concerned that the COVID-19 virus may impact the Company’s ability to raise additional equity capital due to the uncertainty of the virus’ effects on the economy and capital markets, which may make potential investors less likely to invest during the pandemic. This may affect the Company’s ability to raise equity capital to meet its financial obligations, implement its business plan and continue as a going concern.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information we are required to disclose is recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the Commission. David Reichman, our Chief Executive Officer and our Principal Accounting Officer, is responsible for establishing and maintaining our disclosure controls and procedures.

Under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this report. The disclosure controls and procedures ensure that all information required to be disclosed by us in the reports that we file or submit under the Exchange Act is: (i) recorded, processed, summarized and reported, within the time periods specified in the SEC’s rule and forms; and (ii) accumulated and communicated to our management as appropriate to allow timely decisions regarding required disclosure. Based on that evaluation, management concluded that our controls were not effective as of September 30, 2021.

There were no changes in our internal control over financial reporting that occurred during the fiscal quarter ended September 30, 2021 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

On February 3, 2017, the Company filed suit in Eastern District Federal Court New York against American Resource Technologies, Inc., (ARUR) and several directors and officers relating to the Chautauqua County Court Kansas decision nullifying the acquisition Agreement of ARUR. The Company has made several attempts to recover the shares of GTII stock paid to ARUR for the asset acquisition and the various costs and expenses expended by GTII in fulfillment of its obligations under the contract with ARUR. The failure of non-litigation attempts to resolve the matter resulted in filing an action for declaratory judgment in the US District Court for the Eastern District of New York, Docket No. 17-CV-0698. The case was subsequently withdrawn due to the close of ARUR operations. During 2020, the Company was successful in recalling the 4,668,530 shares and cancelling them from the shareholder list

On December 30, 2016, the Company executed a stock purchase agreement (the “Agreement”), which was signed and closed in Hong Kong, with GoFun Group, Ltd. through its wholly owned subsidiary Go F & B Holdings, Ltd. GoFun Group, Ltd. is a privately held company running a casual dining restaurant business, based in Hong Kong. Subsequent to the agreement being signed, GoFun Group failed to substantially perform under the agreement, including, but not limited to providing audited financials of its assets, making the ongoing payments called for in the agreement, along with other matters that led Global Tech to initiate litigation in the United States. Currently, Global Tech and GoFun are litigating the matter in the U.S District Court for the southern district of New York. The original acquisition agreement and rescission was recorded on the Company’s books in 2016, however the physical share certificates were not returned to the Company. During the last quarter 2019, the Company was able to secure, via preliminary settlement, the return of 43,649,491 shares of the Company’s stock, that was issued in good faith to GoFun in anticipation of a final stock exchange. The stock has since been returned to the Company’s treasury and cancelled. The Company also reclassified a deposit received from GoFun shareholders in the amount of $128,634 for future share issuances pursuant to the Acquisition Agreement, to a Gain on Settlements and Debt Relief as part of the legal settlement of this case. As of this writing, motions are pending that may require remaining negotiations to continue in arbitration.

On December 30, 2019, a dispute between the Company and its counsel regarding the GoFun matter, above, resulted in a filing, and subsequent settlement, of an action in the Supreme Court of the State of New York for the County of New York (Index No. 656396/2019). Pursuant to the settlement, prior counsel for the Company accepted previously-issued shares in 2016, as full payment for all legal work, expenses, costs, and other fees.

On March 17, 2021, the Company filed an action against Pacific Technologies Group, Inc., Rollings Hills Oil and Gas Inc., Demand Brands, Inc., Innovativ Media Group, Inc. Tom Coleman, and Bruce Hannan, in the Supreme Court of the State of New York, County of New York (Index No. 651771/2021), alleging fraud, rescission and cancellation of a written instrument, unconscionability, breach of contract, breach of good faith and fair dealing, unjust enrichment, and civil conspiracy. The action stems from a stock purchase agreement entered into by the Company and Pacific Technologies Group, Inc. (then known as Demand Brands, Inc.) on October 16, 2018. On May 22, defendants filed a motion seeking additional time to answer. As of the date of this writing, no ruling on that motion has been entered.

On August 16, 2021, the Company filed an action against David Wells, in the United States District Court for the Southern District of New York (Case 1:21-cv-06891) seeking injunctive relief and relinquishment of 150,000 shares held in the name of David Wells. As of the date of this writing, David Wells has appeared, through counsel, but has not yet filed an answer to the Company’s complaint.

On August 24, 2021, the Company filed an application for a temporary restraining (“TRO”) order in the Superior Court of New Jersey, Chancery Division: Monmouth County (Docket No.: Mon-C-132-21) seeking to restrain Liberty Stock Transfer, Inc. from removing restrictive legends from 6,000,000 shares of Company stock held in the name of International Monetary, as well as from transferring said shares. The Court granted the TRO effective until September 28, 2021. On September 28, 2021. the Court declined to issue any further restraints.

In the interim, on September 16, 2021, International Monetary filed an action against the Company in Clark County, Nevada (Case No: A-21-841175-B) alleging breach of contract and breach good faith and fair dealing, as well as a request for declaratory relief, and temporary restraining order and preliminary injunction. On September 30, 2021, the Company filed a notice of removal of the action to the United States District Court for the District of Nevada (Case 2:21-cv-01820), as well as a request for a temporary restraining order enjoining International Monetary from taking any action to remove the restrictive legend shares from Company shares held in its name. On October 14, 2021, International Monetary filed a motion to strike the petition for removal. As of the date of this writing, no ruling on that motion has been entered.

There were no unregistered shares of common stock sold for cash during the three months ended September 30, 2021.

There were shares of common stock issued for legal, marketing, and other professional services rendered to the Company by five consultants in the aggregate amount of 1,007,140 shares during the three months ended September 30, 2021.

None of these notes have been paid, and management has indicated that no demand for payment for any of these notes has been received by the Company. However, the Company received a notice of motion from Luckysurf.com dated October 22, 2002, seeking entry of a judgment for $30,000. No further information or action has been received by the Company relating to this note.

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

	September 30,			December 31,
	2021			2020
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	i 295,083		$	i 2,479
Prepaid expenses		-			i 222,167
Marketable securities		i 195,000			i 31,000

Total Current Assets		i 490,083			i 255,646

PROPERTY & EQUIPMENT (NET)		i 2,143			i 2,946

OTHER ASSETS
License, net		i 3,958			-
Fine art		i 67,845			-

Total Other Assets		i 71,803			-

TOTAL ASSETS	$	i 564,029		$	i 258,592

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES
Accounts payable and accrued expenses	$	i 688,733		$	i 610,715
Accounts payable and accrued expenses-related parties		i 521,274			i 8,953
Accrued interest payable		i 376,007			i 357,708
Notes payable in default		i 871,082			i 871,082
Due to related parties		i 83,883			i 109,513
Convertible debenture		-			i 74,800
Notes payable		i 200,000			-
Stock deposits		i 490,000			-

Total Current Liabilities		i 3,230,979			i 2,032,771

Total Liabilities		i 3,230,979			i 2,032,771

STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock, par value $ i i .001 / , i i 50,000 / authorized, i i i i 1,000 / / / issued and outstanding		i 1			i 1
Common stock, par value $ i i 0.001 / per share, i i 550,000,000 / shares authorized; i 246,722,140 (including i 10,150,000 shares held in escrow) and i 230,498,005 issued and i 236,572,140 and i 230,498,005 outstanding, respectively		i 246,722			i 230,498
Additional paid-in-capital		i 229,725,779			i 168,398,511
Accumulated (Deficit)		( i 232,639,452	)		( i 170,403,189	)

Total Stockholders' Equity (Deficit)		( i 2,666,950	)		( i 1,774,179	)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$	i 564,029		$	i 258,592


	For The Nine Months Ended
	September 30,
	2021			2020

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss	$	( i 4,546,463	)		( i 954,788	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		i 1,845			-
Stock issued for services		i 3,643,612			i 158,050
Imputed interest on loan		i 10,080			i 10,080
(Gain) loss on marketable securities		( i 164,000	)		i 901
Change in operating assets and liabilities
Decrease is prepaid expenses		i 222,167			-
Increase in accounts payable and accrued expenses-related parties		i 512,321			i 3
Increase (decrease) in interest payable		i 18,299			i 26,517
Increase in interest payable-related parties		-			i 135,548
Increase in accounts payable and accrued expenses		i 78,018			i 518,600

Net Cash Used in Operating Activities		( i 224,121	)		( i 105,089	)

CASH FLOWS FROM INVESTING ACTIVITIES

Sale of marketable securities		-			i 143
Cash paid for other assets		( i 67,845	)		-
Cash paid for fixed assets		( i 5,000	)		-

Net Cash Provided by (Used in) Investing Activities		( i 72,845	)		i 143

CASH FLOWS FROM FINANCING ACTIVITIES
Cash received from debt financing		i 200,000			-
Cash from stock deposits		i 490,000			-
Cash paid on convertible debenture		( i 74,800	)		-
Cash paid on related party loans		( i 186,069	)		-
Cash received from related party loans		i 160,439			i 104,981

Net Cash Provided by Financing Activities		i 589,570			i 104,981

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		i 292,604			i 35

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		i 2,479			i 1,435

CASH AND CASH EQUIVALENTS, END OF PERIOD	$	i 295,083		$	i 1,470

SUPPLEMENTAL DISCLOSURES:

Cash paid for interest	$	-		$	-
Cash paid for income taxes	$	-		$	-

NON-CASH INVESTING AND FINANCING ACTIVITIES:

Stock issued and held in escrow for potential acquisitions		i 10,150			-
Reclassification of notes payable to stock deposits		i 150,000			-

	2021			2020
	For the Three Months Ended
	September 30,
	2021			2020
Loss (numerator)	$	( i 2,768,613	)	$	( i 317,304	)
Shares (denominator)		i 235,247,771			i 205,377,721
Basic and diluted loss per share	$	( i 0.01	)	$	( i 0.00	)

	2021			2020
	For the Nine months Ended
	September 30,
	2021			2020
Loss (numerator)	$	( i 4,546,463	)	$	( i 954,788	)
Shares (denominator)		i 234,303,915			i 205,732,175
Basic and diluted loss per share	$	( i 0.02	)	$	( i 0.00	)

	September 30, 2021			December 31, 2020
Computer equipment	$	i 3,213		$	i 3,213
Total fixed assets		i 3,213			i 3,213
Accumulated Depreciation		( i 1,070	)		( i 267	)
Net fixed assets	$	i 2,143		$	i 2,946

Global Tech Industries Group, Inc. – ‘10-Q’ for 9/30/21

On: Monday, 11/15/21, at 4:53pm ET · For: 9/30/21 · Accession #: 1493152-21-28692 · File #: 0-10210

Previous ‘10-Q’: ‘10-Q’ on 8/16/21 for 6/30/21 · Next: ‘10-Q’ on 5/23/22 for 3/31/22 · Latest: ‘10-Q’ on 11/14/23 for 9/30/23 · 25 References:

Quarterly Report — Form 10-Q

Filing Table of Contents

‘10-Q’ — Quarterly Report

Document Table of Contents

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Dates Referenced Herein and Documents Incorporated by Reference

25 Previous Filings that this Filing References

Large accelerated filer	☐	Accelerated filer	☐
i Non-accelerated filer	☒	Smaller reporting company	i ☒
		Emerging growth company	i ☐

		Pages
PART I. FINANCIAL INFORMATION		3

Item 1.	Financial Statements	3

	Unaudited Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020.	3

	Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months ended September 30, 2021 and 2020.	4

	Unaudited Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the Three and Nine months ended September 30, 2021 and 2020.	5

	Unaudited Condensed Consolidated Statements of Cash Flows for the Nine months ended September 30, 2021 and 2020.	6

	Notes to Unaudited Condensed Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	22

Item 4.	Controls and Procedures	22

PART II. OTHER INFORMATION		23

Item 1.	Legal Proceedings	23

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24

Item 3.	Defaults Upon Senior Securities	24

Item 5.	Other Information	25

Item 6.	Exhibits	25

SIGNATURES		28

		Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

		Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

		Level 3 inputs to the valuation methodology are unobservable and significant to the fair measurement.

	●	Access to the Network’s gold operations, to participate in the profits generated by the margin between the buy and sell prices, based on the % of funds advanced into the Network,

	●	an exclusive license to market and promote the gold buy/sell program in an attempt to increase the buying power of the Network. The term of the License is un-defined and perpetual.

	●	Reporting from the Network partners of gold transactions shared in, and the revenue generated on a monthly basis. Payments, however are quarterly to the Network partners.

	September 30, 2021			December 31, 2020
License – Digital platform	$	i 5,000		$	i 0
Total licensed assets		i 5,000			i 0
Accumulated Amortization		( i 1,042	)		i 0
Net licensed assets	$	i 3,958		$	i 0

	a)	i Super voting power, wherein the i 1,000 shares have the right to vote in the amount equal to fifty-one percent (51%) of the total vote with respect to any proposal relating to (i) increasing the authorized share capital of the Company, and (ii) effecting any forward stock split of the Company’s authorized, issued or outstanding shares of capital stock, and (iii) any other matter subject to a shareholder vote.

	b)	No entitlement to dividends.

	c)	No liquidation preferences.

	d)	No conversion rights.

	e)	Automatic Redemption Rights upon certain triggers, to be redeemed at par value.

	●	One option allows for the purchase of one share of common stock
	●	The strike price of the option is $ i .01
	●	The conversion term is i 2 years from issuance date
	●	All options are vested immediately

Assumptions:	2020
Assumptions applicable to stock options issued
Risk-free interest rate		i 3	%
Expected lives (in years)		i 2
Expected stock volatility		i 72	%
Dividend yield		-

			2021 Warrants
Assumptions:
Assumptions applicable to stock options issued
Risk-free interest rate			i .25- %
Expected lives (in years)			i 2-
Expected stock volatility			i 266- %
Dividend yield			-

●	statements concerning the potential benefits that may be experienced from business activities and certain transactions contemplated or completed; and

●	statements of our expectations, beliefs, future plans and strategies, anticipated developments and other matters that are not historical facts. These statements may be made expressly in this Form 10-Q. You can find many of these statements by looking for words such as “believes,” “expects,” “anticipates,” “estimates,” “opines,” or similar expressions used in this Form 10-Q. These forward-looking statements are subject to numerous assumptions, risks and uncertainties that may cause our actual results to be materially different from any future results expressed or implied in those statements. The most important facts that could prevent us from achieving our stated goals include, but are not limited to, the following:

a)	volatility or decline of Global Tech’s stock price; potential fluctuation of quarterly results;

b)	Potential fluctuation of quarterly results;

c)	failure to earn revenues or profits;

d)	inadequate capital to continue or expand our business, and inability to raise additional capital or financing to implement our business plans;

e)	failure to commercialize our technology or to make sales;

f)	decline in demand for our products and services;

g)	Rapid adverse changes in markets;

h)	litigation with or legal claims and allegations by outside parties against GTII, including but not limited to challenges to intellectual property rights;and

i)	insufficient revenues to cover operating costs.

The Company has the following note payable obligations in default:

Note payable to Facts and Comparisons due September 1, 2002, with interest accrued at 6% per annum, unsecured, in settlement of a trade payable; unpaid to date and in default		18,000

Note payable to Luckysurf.com due September 12, 2002 with interest accrued at 6% per annum, unsecured, in settlement of a trade payable; unpaid to date and in default		30,000

Note payable to Michael Marks (a shareholder) due August 31, 2000 with interest accrued at 5% per annum, unsecured; unpaid to date and in default		25,000

Note payable to Steven Goldberg (a former consultant) due July 10, 2002, unsecured with interest of 7% accrued if unpaid at due date, in settlement of liability; unpaid to date and in default		40,000

Note payable to a corporation, unsecured with interest of 6% per annum, unpaid to date and in default		7,000

Note payable to a corporation, unsecured with interest accruing at 6% per annum, unpaid to date and in default		100,000

Note payable to a corporation, unsecured with interest accruing at 6% per annum, unpaid to date and in default		32,746

Note payable to a corporation, unsecured with interest accruing at 6% per annum, unpaid to date and in default		32,960

Note payable to a corporation, unsecured, non interest bearing, unpaid to date and in default		192,000

Note payable to an LLC, unsecured with interest accruing at 6% per annum, unpaid to date and in default		5,000

Various Notes payable to an individual, unsecured with interest accruing at 6% per annum, unpaid to date and in default		388,376

Totals	$	871,082

EXHIBIT NO.		DESCRIPTION

3.1		Articles of incorporation of Tree Top Industries, as amended (1)

3.2		By-Laws (2)

10.1		Employment Agreement, dated October 1, 2007, by and between GLOBAL TECH INDUSTRIES GROUP, INC. and David Reichman (3)

10.2		Employment Agreement, dated April 1, 2009, by and between Tree Top Industries Inc. and Kathy Griffin (4)

10.3		Bridge Loan Term Sheet, dated January 11, 2010, by and between TTII and GeoGreen Biofuels, Inc. (5)

10.4		Business and Financial Consulting Agreement, dated February 22, 2010 by and between GLOBAL TECH INDUSTRIES GROUP, INC. and Asia Pacific Capital Corporation (6)

10.5		Distribution Agreement, by and between GLOBAL TECH INDUSTRIES GROUP, INC. and NetThruster, Inc., dated February 9, 2011(7)

10.6		Term Agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC. and Sky Corporation, doo, dated April 18, 2011 (8)

10.7		Term Agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC. and Adesso Biosciences, Ltd, dated October 12, 2011(9)

10.8		Term Agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC. and Stemcom, LLC d/b/a Pipeline Nutrition, dated March 1, 2012(10)

10.9		Mutual disengagement agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC. and Stemcom, LLC d/b/a Pipeline Nutrition, dated March 23, 2012(11)

10.10		Reserve Equity financing agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC. and AGS Capital Group, dated August 15, 2012. (12)

10.11		Asset purchase Agreement by and between TTII Oil & Gas, Inc. a subsidiary of GLOBAL TECH INDUSTRIES GROUP, INC. and American Resource Technologies, Inc. (13)

10.12		Resignation of Mr. Robert Hantman, Esq. as a member of the board of directors (14)
10.13		Stock Purchase Agreement by and between GLOBAL TECH INDUSTRIES GROUP, INC., G T International, Inc. and Go F & B Holdings, Ltd., dated December 30, 2016 (15)

10.14		Letter of Intent Agreement, dated April 12, 2019, by and between Global Tech Industries Group, Inc., First Capital Master Advisor, LLC and GCA Equity Partners, executed on or before April 12, 2019 (16)

10.15		Termination of a Letter of Intent Agreement, dated December 26,, 2019, by and between Global Tech Industries Group, Inc. First Capital Master Advisor, LLC and GCA Equity Partners, executed on or before April 12, 2019(17)

10.16		Security Purchase Agreement, dated November 22, 2020, by and between Global Tech Industries Group, Inc. and Geneva Roth Remark Capital Holdings, Inc. (18)

10.17		Stock Purchase Agreement, dated February28, 2021 by and between Global Tech Industries Group, Inc. and Gold Transactions International, Inc. (19)

10.18		Warrant Agreement, dated March 22, 2021, by and between Global Tech Industries Group, Inc. and Liberty Stock Transfer Company, Inc. (20)

10.19		Binding Letter Agreement, dated March 23, 2021, by and between Global Tech Industries Group, Inc. and Bronx Family Eye Care, Inc.(21)

10.20		Stock Purchase Agreement, dated March 31, 2021, by and between Global Tech Industries Group, Inc. and Bronx Family Eye Care, Inc.(22)

10.21		Independent Contractor Agent Agreement, dated April 7, 2021, by and between Global Industries Group, Inc. and Mr. Ronald Cavalier (23)

10.22		Binding Letter Agreement, dated April 30, 2021, by and between Global Tech Industries Group, Inc. and MyRetinaDocs, LLC (24)

10.23		Gold Transactions International, Inc. completed its official audit and filed its financial disclosures, as required by Stock Purchase Agreement, dated February 28, 2021 by and between Global Tech Industries Group, Inc. and Gold Transactions International, Inc. (25)

10.24		Binding Letter Agreement expanding business combination, dated May 26, 2021, by and between Global Tech Industries Group, Inc. and MyRetinaDocs, LLC (26)

21.1		Subsidiaries of the registrant

31.1		Section 302 Certification of Chief Executive Officer

31.2		Section 302 Certification of Chief Financial Officer

32.1		Section 906 Certification of Chief Executive Officer

32.2		Section 906 Certification of Chief Financial Officer

(1)	Filed November 13, 2009, as an exhibit to a Form 10-Q and incorporated herein by reference.
	Filed January 3, 2012, as an exhibit to an 8 – K and incorporated herein by reference.
	Filed April 12, 2013, as an exhibit to an 8 – K and incorporated herein by reference.

(2)	Filed July 19, 2010, as an exhibit to a Form 10-K/A and incorporated herein by reference.

(3)	Filed November 7, 2007, as an exhibit to a Form 8-K and incorporated herein by reference.

(4)	Filed March 25, 2010, as an exhibit to a Form 8-K and incorporated herein by reference.

(5)	Filed January 19, 2010, as an exhibit to a Form 8-K and incorporated herein by reference.

(6)	Filed July 19, 2010, as an exhibit to a Form 10-Q/A and incorporated herein by reference.

(7)	Filed February 9, 2011, as an exhibit to a Form 8-K and incorporated herein by reference.

(8)	Filed April 19, 2011, as an exhibit to a Form 8 - K and incorporated herein by reference.

(9)	Filed October 18, 2011 as an exhibit to a Form 8 - K and incorporated herein by reference.

(10)	Filed March 6, 2012 as an exhibit to a Form 8 – K and incorporated herein by reference.

(11)	Filed March 23, 2012 as an exhibit to a Form 8 – K and incorporated herein by reference.

(12)	Filed August 21, 2012 as an exhibit to a Form 8 – K and incorporated herein by reference.

(13)	Filed January 8, 2013 as an exhibit to a Form 8 – K and incorporated herein by reference.

(14)	Filed January 8, 2013 as an exhibit to a Form 8 – K and incorporated herein by reference.

(15)	Filed January 5, 2017 as an exhibit to a Form 8 – K and incorporated herein by reference.
(16)	Filed April 12, 2019, as an exhibit to a Form 8 – K and incorporated herein by reference.

(17)	Filed December 26, 2019, as an exhibit to a Form 8 -K and incorporated herein by reference

(18)	Filed November 27, 2020, as an exhibit to a Form 8 -K and incorporated herein by reference

(19)	Filed March 1, 2021, as an exhibit to a Form 8 – K and incorporated herein by reference

(20)	Filed March 23, 2021, as an exhibit to a Form 8 -K and incorporated herein by reference

(21)	Filed March 24, 2021, as an exhibit to a Form 8 – K and incorporated herein by reference

(22)	Filed April 6, 2021, as an exhibit to a Form 8 – K and incorporated herein by reference

(23)	Filed April 7, 2021, as an exhibit to a Form 8 0 K and incorporated herein by reference

(24)	Filed April 30, 2021, as an exhibit to a Form 8 – k and incorporated herein by reference

(25)	Filed May 13, 2021, as an exhibit to a Form 8 – K and incorporated herein by reference

(26)	Filed June 6, 2021, as an exhibit to a Form 8 – K and incorporated herein by reference

Dated: November 15, 2021	GLOBAL TECH INDUSTRIES GROUP, INC.

	By:	/s/ David Reichman
		David Reichman, Chairman of the Board, Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer

This ‘10-Q’ Filing	Date	Other Filings

	4/8/23
	12/31/21	10-K, NT 10-K
	11/27/21
Filed on:	11/15/21
	10/14/21
	10/5/21
For Period end:	9/30/21
	9/28/21
	9/16/21
	8/24/21	CORRESP
	8/16/21	10-Q
	8/6/21
	8/2/21
	7/27/21
	7/20/21
	6/30/21	10-Q
	6/28/21
	6/24/21
	6/18/21
	6/6/21
	6/4/21
	5/13/21	8-K
	5/1/21
	4/30/21	8-K
	4/23/21
	4/8/21	10-K
	4/7/21	8-K
	4/6/21	8-K
	4/1/21	NT 10-K
	3/31/21	10-Q, NT 10-K, NT 10-Q
	3/26/21
	3/24/21	8-K
	3/23/21	8-K
	3/22/21
	3/17/21	8-K
	3/1/21	8-K
	2/28/21
	2/26/21
	2/24/21
	12/31/20	10-K, NT 10-K
	12/19/20
	11/27/20	8-K
	9/30/20	10-Q, NT 10-Q
	6/30/20	10-Q
	5/18/20
	3/31/20	10-Q
	3/11/20
	1/1/20
	12/31/19	10-K, 8-K, NT 10-K
	12/30/19	8-K
	12/26/19	8-K
	10/5/19
	4/12/19	8-K
	10/16/18
	10/5/18
	7/7/17
	2/3/17
	1/5/17	8-K
	12/30/16	8-K
	4/7/16
	3/11/14
	1/31/14
	6/26/13
	4/12/13	8-K
	1/8/13	8-K
	12/31/12	10-K, NT 10-K
	9/17/12
	8/28/12
	8/21/12	8-K
	4/12/12
	3/23/12	8-K
	3/6/12	8-K
	1/3/12	8-K
	10/18/11	8-K
	4/19/11	8-K
	2/9/11	8-K
	7/19/10	10-K/A, 10-Q/A, 4, CORRESP
	3/25/10	8-K
	1/27/10
	1/19/10	8-K
	12/27/09
	11/13/09
	11/7/07	8-K
	8/18/04	8-K
	10/22/02
	9/12/02
	9/1/02
	7/10/02
	8/31/00
	11/10/99	3, 8-K, 8-K/A
		List all Filings