GLOBAL TECHNOLOGIES LTD
For the period ended Dec 31, 2024. Filed Feb 14, 2025.
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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.
Dec 31, 2024 · Filed Feb 14, 2025
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PART I - FINANCIAL INFORMATION
PART I
INDEX TO FINANCIAL STATEMENTS
| PAGE | |
|---|---|
| PART I - FINANCIAL INFORMATION | |
| Item 1. Consolidated Financial Statements (Unaudited) | |
| Condensed Consolidated Balance Sheets as of December 31, 2024 (Unaudited) and June 30, 2024 (Audited) | 1 |
| Condensed Consolidated Statements of Operations for the three and six months ended December 31, 2024 and 2023 (Unaudited) | 2 |
| Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficiency) for the three and six months ended December 31, 2024 and 2023 (Unaudited) | 3 |
| Condensed Consolidated Statements of Cash Flows for the six months ended December 31, 2024 and 2023 (Unaudited) | 4 |
| Notes to Condensed Consolidated Financial Statements | 5 |
CONDENSED CONSOLIDATED BALANCE SHEETS
| December 31, 2024 | June 30, 2024 | |
|---|---|---|
| (Unaudited) | (Audited) | |
| ASSETS | ||
| CURRENT ASSETS | ||
| Cash and cash equivalents | $63,896 | $115,747 |
| Accounts receivable | 247,009 | 184,692 |
| Prepaid deposits | 225,000 | 225,000 |
| Total current assets | 535,905 | 525,439 |
| Property and equipment, less accumulated depreciation of $46,752 and $34,756 | 352,611 | 126,607 |
| Goodwill | 7,685,636 | 7,685,636 |
| Intangible properties | 25,000 | 25,000 |
| Total other assets | 8,063,247 | 7,837,243 |
| TOTAL ASSETS | $8,599,152 | $8,362,682 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| CURRENT LIABILITIES | ||
| Accounts payable | $73,753 | $90,785 |
| Accrued interest | 104,469 | 85,650 |
| Accrued executive compensation | - | 58,333 |
| Notes payable-third parties | 320,000 | 435,000 |
| Loans payable, related party | 32,929 | 68,269 |
| Contingent consideration | 5,764,227 | 5,764,227 |
| Derivative liability | 327,947 | 327,947 |
| Total current liabilities | 6,623,325 | 6,830,211 |
| TOTAL LIABILITIES | 6,623,325 | 6,830,211 |
| STOCKHOLDERS’ EQUITY: | ||
| Preferred stock; 5,000,000 shares authorized, $.01 par value: | ||
| Series K; 3 shares authorized, par value $0.01, as of December 31, 2024 and June 30, 2024, there are 0 and 3 shares outstanding, respectively | - | - |
| Series N; 2,000,000 shares authorized, par value $0.01, as of December 31, 2024 and June 30, 2024, there are 1,864,500 shares outstanding, respectively | 18,645 | 18,645 |
| Class A Common stock; 14,991,000,000 shares authorized, $.0001 par value, as of December 31, 2024 and June 30, 2024, there are 14,688,440,097 and 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 | 1,861,142 | 1,861,142 |
| Exchange shares to be issued | 1,921,409 | 1,921,409 |
| Common stock to be issued | 30,000 | 30,000 |
| Accumulated deficit | (166,222,940) | (166,666,296) |
| Total stockholders’ equity | 1,975,827 | 1,532,471 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $8,599,152 | $8,362,682 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the three and six months ended December 31, 2024 and 2023
| For the Three Months Ended December 31, · For the Six Months Ended December 31, | ||||||
|---|---|---|---|---|---|---|
| 2024 · 2023 · 2024 · 2023 | ||||||
| Revenue | $917,077 | $ | - | $1,586,508 | $ | - |
| Cost of goods sold | 544,495 | - | 736,384 | - | ||
| Gross profit | 372,582 | - | 850,124 | - | ||
| Operating Expenses | ||||||
| Officer and director compensation | 43,572 | 25,000 | 68,572 | 50,000 | ||
| Consulting services-stock-based | - | - | - | 250,000 | ||
| Depreciation expense | 5,998 | 1,298 | 11,996 | 2,596 | ||
| Professional services | 100,100 | 26,542 | 237,016 | 26,542 | ||
| Selling, general and administrative | 27,130 | 10,264 | 70,113 | 59,255 | ||
| Total operating expenses | 176,800 | 63,104 | 387,698 | 388,393 | ||
| Income (loss) from operations | 195,782 | (63,104) | 462,426 | (388,393) | ||
| Other income (expenses) | ||||||
| Gain (loss) on derivative liability | - | (2,918,858) | - | (998,566) | ||
| Interest expense | (8,975) | (79,009) | (19,070) | (151,108) | ||
| Amortization of debt discounts | - | (394,521) | - | (692,603) | ||
| Total other income (expense) | (8,975) | (3,392,388) | (19,070) | (1,842,277) | ||
| Income (loss) before provision for income taxes | 186,807 | (3,455,492) | 443,356 | (2,230,670) | ||
| Provision for income taxes | - | - | - | - | ||
| Net income (loss) | $186,807 | $(3,455,492) | $443,356 | $(2,230,670) | ||
| Basic and diluted income (loss) per common share | $.00 | $(0.00) | $0.00 | $(0.00) | ||
| Weighted average common shares outstanding – basic and diluted | 14,688,440,097 | 14,688,440,097 | 14,688,440,097 | 14,688,440,097 | ||
The accompanying notes are an integral part of these condensed consolidated financial statements.
**GLOBAL TECHNOLOGIES, LTD
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (DEFICIENCY)
For the three and six months ended December 31, 2024
| Series K Preferred · Series N-L Preferred · Common Stock to · Additional | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| stock · stock · Common Stock · be · Paid in · Accumulated | |||||||||||
| Shares · Amount · Shares · Amount · Shares · Amount · Issued · Capital · Deficit · Total | |||||||||||
| Balances at June 30, 2024 | 3 | $ | - | 1,864,500 | $18,645 | 14,688,440,097 | $1,468,844 | $1,951,409 | $164,759,869 | $(166,666,296) | $1,532,471 |
| Net income for the three months ended September 30, 2024 | - | - | - | - | - | - | - | - | 256,549 | 256,549 | |
| Balances at September 30, 2024 | 3 | $ | - | 1,864,500 | $18,645 | 14,488,440,097 | $1,468,844 | $1,951,409 | $164,759,869 | $(166,409,747) | $1,789,020 |
| Series K Preferred Stock returned by its holder due to the exchange of the Series L for Series N | (3) | - | - | - | - | - | - | - | - | - | |
| Net income for the three months ended December 31, 2024 | - | - | - | - | - | - | - | 186,807 | 186,807 | ||
| Balances at December 31, 2024 | - | $ | - | 1,864,500 | $18,645 | 14,488,440,097 | $1,468,844 | $1,951,409 | $164,759,869 | $(166,222,940) | $1,975,827 |
| Balances at June 30, 2023 | 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 | |
| Net income for the three months ended September 30, 2023 | - | - | - | - | - | - | - | - | 1,224,822 | 1,224,822 | |
| Balances at September 30, 2023 | 3 | $ | - | 340 | $3 | 14,688,440,097 | $1,468,844 | $30,000 | $161,701,523 | $(166,253,555) | $(3,053,185) |
| 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) | |
| Net loss for the three months ended December 31, 2023 | - | - | - | - | - | - | - | - | (3,455,492) | (3,455,492) | |
| Balances at December 31, 2023 | 3 | $ | - | 340 | $3 | 14,688,440,097 | $1,468,844 | $30,000 | $161,201,011 | $(169,709,047) | $(7,009,189) |
The accompanying notes are an integral part of these condensed consolidated financial statements*.*
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