GLOBAL TECHNOLOGIES LTD
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-14.
0001493152-24-019084
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-12.
0001493152-24-044515
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 84 previous paragraphs and 71 current paragraphs.
47 unchanged; 13 reworded; 11 added; 22 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
About Foxx Trott Tango, LLC
Current report
Since our inception on January 20, 1999, we have generated minimal revenue from our operations. We cannot guarantee we will be successful in our business operations. We have limited financial resources and limited operations until such time that we are able to begin to generate revenue from our own operations. Our business is subject to risks inherent in the establishment of a new business plan through the start-up of 10 Fold Services and subsequent acquisition of Goe3, including the financial risks associated with the limited capital resources currently available to us and risks associated with the implementation of our business strategies.
Current report
Cost of Revenues
Current report
For the Three Months Ended September 30, 2024 Compared to the Three Months Ended September 30, 2023
Current report
Cost of Revenues
Current report
Selling, general and administrative expenses were $42,984 and $48,991 for the three months ended September 30, 2024 and 2023, respectively, representing a decrease of $6,007, or 12.26%.
Current report
Other income (expenses) were ($10,095) and $1,550,111 for the three months ended September 30, 2024 and 2023, respectively, representing a decrease of $1,560,206, or -100.65%. The other income (expenses) for the three months ended September 30, 2024 included interest expense of ($10,095). The decrease in other income for the three months ended September 30, 2024 was largely attributable to a gain on derivative liability recognized in the three months ended September 30, 2023 versus no gain in derivative liability recognized in the three months ended September 30, 2024.
Current report
Net Income
Current report
We had cash (used in) provided by financing activities of ($40,000) and $97,616 for the three months ended September 30, 2024 and 2023, respectively, of which $40,000 was for payments against convertible notes payable during the three months ended September 30, 2024.
Current report
Contractual Obligations and Commitments
Current report
The Company has no debt covenants that require certain financial information to be met.
Removed paragraphs (22)
Previous report
Global Technologies, Ltd (“Global”) 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 stakeholders.
Previous report
About Foxx Trot Tango, LLC
Previous report
We currently generate revenue through our wholly owned subsidiary, 10 Fold Services, by facilitating sales introductions between customers and suppliers in the health and wellness sector. Utilizing an “automation-first” approach, 10 Fold Services specializes in strategic consulting and procurement, helping companies craft and execute effective go-to-market strategies.
Previous report
Three months ended March 31, 2024 compared to three months ended March 31, 2023
Previous report
Selling, general and administrative expenses were $62,981 and $4,497 for the three months ended March 31, 2024 and 2023, respectively, representing an increase of $58,484, or 1,300.51%. The increase in selling, general and administrative expenses is largely attributable to the payment of property taxes on the Company’s commercial property. Total operating expenses were $113,257 and $46,295 for the three months ended March 31, 2024 and 2023, respectively, representing an increase of $66,962, or 144.64%.
Previous report
Other income (expenses) were $2,782,847 and ($622,087) for the three months ended March 31, 2024 and 2023, respectively, representing a decrease of $3,404,934, -547.34%. The other income (expenses) for the three months ended March 31, 2024 included interest expense of ($44,049), forgiveness of debt of $102,616, gain on sale of commercial property of $180,378 and gain on derivative liability of $2,543,902.
Previous report
Net Income (loss)
Previous report
Nine months ended March 31, 2024 compared to nine months ended March 31, 2023
Previous report
Revenue
Previous report
For the nine months ended March 31, 2024 and 2023, we generated revenue of $451,509 and $14,000, respectively. Revenue for the nine months ended March 31, 2024 was entirely comprised of revenue generated through the Company’s wholly owned subsidiary 10 Fold Services.
Previous report
For the nine months ended March 31, 2024 and 2023, cost of revenues was $364,199 and $0, respectively.
Previous report
Gross Profit
Previous report
For the nine months ended March 31, 2024 and 2023, gross profit was $87,310 and $14,000, respectively.
Previous report
Operating Expenses
Previous report
Selling, general and administrative expenses were $122,236 and $17,166 for the nine months ended March 31, 2024 and 2023, respectively, representing an increase of $105,070, or 612.08%. The increase in selling, general and administrative expenses is largely attributable to the payment of property taxes on the Company’s commercial property. Total operating expenses were $501,650 and $423,827 for the nine months ended March 31, 2024 and 2023, respectively, representing an increase of $77,823, or 18.36%.
Previous report
Other Income (Expenses)
Previous report
Other income (expenses) were $940,570 and ($134,287) for the nine months ended March 31, 2024 and 2023, respectively, representing a decrease of $1,074,857, or -800.42%. The other income (expenses) for the nine months ended March 31, 2024 included interest expense of ($195,157), amortization of debt discounts of ($692,603), gain on sale of commercial property of $180,378, forgiveness of debt of $102,626 and a gain on derivative liability of $1,545,336.
Previous report
Income tax expense
Previous report
Net Income (loss)
Previous report
For the nine months ended March 31, 2024, net income was $526,230, as compared to a net loss of ($544,114) for nine months ended March 31, 2023, a decrease of $1,070,344. The increase in net income for the nine months ended March 31, 2024 was largely attributable to the Company’s increase in revenue and gain on derivative liability.
Previous report
We had cash provided by financing activities of $266,199 and $5,387 for the nine months ended March 31, 2024 and 2023, respectively, of which $186,199 was from borrowings from loans payable - related parties, borrowings from loan payable officer in the amount of $5,000, borrowings from the issuance of a convertible note in the amount of $45,000 and proceeds from the sale of Series L Preferred Stock in the amount of $30,000 during the nine months ended March 31, 2024.
Previous report
Commitments and Contingencies
Reworded paragraphs (13)
Previous wording
On November 23, 2023, 10 Fold Services (the “Sales Agent”) entered into a Sales Agent Agreement (the “Agreement”) with a supplier of pharmaceutical products (the “Company”), whereby 10 Fold will act in the capacity as a non-exclusive Sales Agent. Under the terms of the Agreement, the Sales Agent will inform and educate potential customers on products marketed by the Company and to initiate sales of the products. As compensation for its services, the Sales Agent shall receive a commission based on volume sales of the pharmaceutical product.
Current wording
On November 23, 2023, 10 Fold Services (the “Sales Agent”) entered into a Sales Agent Agreement (the “Agreement”) with a supplier of pharmaceutical products (the “Company”), whereby 10 Fold services will act in the capacity as a non-exclusive Sales Agent. Under the terms of the Agreement, the Sales Agent will inform and educate potential customers on products marketed by the Company and to initiate sales of the products. As compensation for its services, the Sales Agent shall receive a commission based on volume sales of the pharmaceutical product.
Previous wording
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 is the owner of a commercial building in Sylvester, GA. The Company intends on utilizing Foxx Trot for the purchase of additional parcels of real estate. Pleasesee NOTE D – ACQUISITION OF FOXX TROT TANGO, LLC for further information.
Current wording
Foxx Trott Tango, LLC (“Foxx Trott”) was formed as a Wyoming limited liability company on February 3, 2022. Foxx Trott was acquired through a membership interest purchase agreement on July 25, 2023. Foxx Trott is the owner of a commercial building in Sylvester, GA. The Company intends on utilizing Foxx Trott for the purchase of additional parcels of real estate. Pleasesee NOTE D – ACQUISITION OF FOXX TROTT TANGO, LLC for further information.
Previous wording
Selling, general and administrative expenses consist of selling, marketing, advertising, payroll, administrative, finance and professional expenses.
Current wording
Selling, general and administrative expenses consist of selling, marketing, advertising, administrative, finance and professional expenses.
Previous wording
The following table sets forth information comparing the components of net (loss) income for the three months ended March 31, 2024 and 2023:
Current wording
The following table sets forth information comparing the components of net income for the three months ended September 30, 2024 and 2023:
Previous wording
For the three months ended March 31, 2024 and 2023, we generated revenue of $451,509 and $0, respectively. Revenue for the three months ended March 31, 2024 was entirely comprised of revenue generated through the Company’s wholly owned subsidiary 10 Fold Services.
Current wording
For the three months ended September 30, 2024 and 2023, we generated revenue of $669,431 and $0, respectively. Our revenue for the three months ended September 30, 2024 was largely attributable to revenue generated through 10 Fold Services. The Company’s newly acquired subsidiary, GOe3, recognized revenue through the sale of tax credits.
Previous wording
For the three months ended March 31, 2024 and 2023, cost of revenues was $364,199 and $0, respectively.
Current wording
For the three months ended September 30, 2024 and 2023, cost of revenues was $191,889 and $0, respectively. The makeup of the cost of goods sold for the three months ended September 30, 2024 was entirely comprised of costs associated with the revenue derived from 10 Fold Services.
Previous wording
For the three months ended March 31, 2024 and 2023, gross profit was $87,310 and $0, respectively.
Current wording
For the three months ended September 30, 2024 and 2023, gross profit was $477,542 and $0, respectively.
Previous wording
For the three months ended March 31, 2024, net income was $2,756,900 as compared to a net loss of ($668,382) for three months ended March 31, 2023, a decrease of $3,425,282. The increase in net income for the three months ended March 31, 2024 was largely attributable to the Company’s increase in revenue and gain on derivative liability.
Current wording
For the three months ended September 30, 2024, net income was $256,549, as compared to net income of $1,224,822 for three months ended September 30, 2023, a decrease of $968,273. The decrease in net income for the three months ended September 30, 2024 was largely attributable to the Company’s gain on derivative liability recognized in the three months ended September 30, 2023 versus no gain on derivative liability recognized in the three months ended September 30, 2024.
Previous wording
The following table summarizes the cash flows for the nine months ended March 31, 2024 and 2023:
Current wording
The following table summarizes the cash flows for the three months ended September 30, 2024 and 2023:
Previous wording
As of March 31, 2024 and 2023, the Company had cash of $144,575 and $-, respectively.
Current wording
As of September 30, 2024 and 2023, the Company had cash of $292,861 and $13,190, respectively.
Previous wording
We had cash (used in) operating activities of ($139,924) for the nine months ended March 31, 2024, compared to ($329,881) for the nine months ended March 31, 2023. The net cash used in operating activities for the nine months ended March 31, 2024 consisted primarily of net income of $526,230 offset largely by a gain on derivative liability of ($1,545,336), gain on sale of assets of ($180,378), issuance of Series L Preferred Stock of $250,000 and amortization of debt discounts of $692,603.
Current wording
We had cash provided by (used in) operating activities of $217,114 for the three months ended September 30, 2024, compared to ($102,726) for the three months ended September 30, 2023. The net cash provided by operating activities for the three months ended September 30, 2024 consisted primarily of net income of $256,549 offset by accounts payable of $40,000 and accrued compensation of $43,173.
Previous wording
We had cash provided by investing activities of $- and $- for the nine months ended March 31, 2024 and 2023, respectively
Current wording
We had cash provided by investing activities of $- and $- for the three months ended September 30, 2024 and 2023, respectively
Previous wording
Neither inflation nor changing prices for the nine months ended March 31, 2024 had a material impact on our operations.
Current wording
Neither inflation nor changing prices for the three months ended September 30, 2024 had a material impact on our operations.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
The following table sets forth information comparing the components of net (loss) income for the nine months ended March 31, 2024 and 2023:
Previous report — wording carried elsewhere
There was no income tax expense for the six months ended March 31, 2024 and March 31, 2023.