Globaltek Ventures, Inc 10-Q for FY2023 Q3

Globaltek Ventures, Inc. (ATVK)

10-Q 2023-11-14 For: 2023-09-30

Added on April 06, 2026

About this 10-Q

Globaltek Ventures, Inc filed this 10-Q on November 14, 2023, covering the quarter ended September 30, 2023 (FY2023 Q3).

Headline figures

Quarter ended September 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $186.34K; down 67.6% from $575.47K a year earlier
Net loss: $38.76K; compared with net income of $23.03K a year earlier
Diluted EPS: $0.00; compared with $0.00 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

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

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets (unaudited)	4
	Condensed Consolidated Statements of Operations (unaudited)	5
	Condensed Consolidated Statements of Stockholders’ Equity (Deficit) (unaudited)	6
	Condensed Consolidated Statements of Cash Flows (unaudited)	7
	Notes to Condensed Consolidated Financial Statements (unaudited)	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	18
Item 4.	Controls and Procedures	18

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	19
Item 1A.	Risk Factors	19
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	19
Item 3.	Defaults Upon Senior Securities	19
Item 4.	Mine Safety Disclosures	19
Item 5.	Other Information	19
Item 6.	Exhibits	19
Signatures		20

	As of			As of
	September 30,			December 31,
	2023			2022
ASSETS
Current assets:
Cash	$	7,497		$	751
Accounts receivable, net		74,943			374,003
Prepaid expenses		1,521			1,519
Total current assets		83,961			376,273
Property and equipment, net		-			-
Long-term assets:
Investment in securities		661,886			661,886
Patent		250,000			250,000
Product development, net		534,162			2,791,472
Goodwill		2,184,715			-
Total long-term assets		3,630,763			3,703,358
Total assets	$	3,714,724		$	4,079,631
LIABILITIES AND STOCKHOLDER’S EQUITY
Current liabilities:
Accounts payable	$	1,166,295		$	1,191,025
Accrued interest and expenses		205,270			426,842
Deferred revenue		517,000			386,496
Short-term debt		21,000			21,000
Total current liabilities		1,909,565			2,025,363
Long-term liabilities:
Long term debts		1,589,386			1,755,899
Total liabilities		3,498,951			3,781,262
Stockholders' equity (deficit):
Preferred stock Series A, $0.01 par value, 10,000,000 shares authorized, 7,488,730 issued and outstanding, respectively		74,887			74,887
Preferred stock Series B, $0.01 par value, 10,000,000 shares authorized, 10,000,000 issued and outstanding, respectively		100,000			100,000
Preferred stock Series C, $0.01 par value, 60,000,000 shares authorized, 36,888,972 issued and outstanding, respectively		368,890			368,890
Preferred stock Series D, $0.01 par value, 10,000,000 shares authorized, 9,083,630 issued and outstanding, respectively		90,836			90,836
Preferred stock Series E, $0.01 par value, 23,000,000 shares authorized, 23,000,000 issued and outstanding, respectively		230,000			230,000
Common stock, $0.001 par value, 950,000,000 shares authorized, 514,226,791 issued and outstanding, respectively		514,227			514,227
Additional paid in capital		1,239,878			1,239,878
Accumulated deficit		(2,402,945	)		(2,320,349	)
Total stockholders' equity		215,773			298,369
Total liabilities and stockholders' equity	$	3,714,724		$	4,079,631

		Three months ended						Nine months ended
		September 30						September 30
		2023			2022			2023			2022
Revenue:	$	186,337		$	575,466		$	702,936		$	805,240

Expenses:
Development and support		105,548			547,560			406,640			719,339
General and administrative		71,796			70,123			193,307			296,054
Salaries and benefits		-			9,489			277			11,854
Depreciation and amortization		10,044			53,174			72,593			153,782
Total operating expenses		187,388			680,346			672,817			1,181,029

Operating income/(loss)		(1,051	)		(104,880	)		30,119			(375,789	)

Other income (expense):
Income from Robotic Arm		-			165,472			-			496,414
Interest expense		(37,705	)		(37,567	)		(112,715	)		(113,823	)
Net income (loss):	$	(38,756	)	$	23,025		$	(82,596	)	$	6,802

Net income (loss) per common share:
Basic	$	(0.00	)	$	0.00		$	(0.00	)	$	0.00
Diluted	$	(0.00	)	$	0.00		$	(0.00	)	$	0.00

Shares used in computing earnings per share
Basic		514,226,791			514,226,791			514,226,791			514,226,791
Diluted		514,226,791			514,226,791			514,226,791			514,226,791

Nine months ended September 30, 2023
	Series A			Series B			Series C			Series D			Series E						Additional				Total
	Preferred Stock			Preferred Stock			Preferred Stock			Preferred Stock			Preferred Stock			Common Stock			Paid-in		(Accumulated		Stockholders’
	Shares	Amount		Shares	Amount		Shares	Equity		Shares	Amount		Shares	Amount		Shares	Amount		Capital		Deficit)		Equity
Balance, December 31, 2021	7,488,730	$	74,887	10,000,000	$	100,000	36,888,972	$	368,890	9,083,630	$	90,836	23,000,000	$	230,000	514,226,791	$	514,227	$	1,239,878	$	(2,481,091)	$	137,627
Net income September 30, 2022	-		-	-		-	-		-	-		-	-		-	-		-		-	$	6,802		6,802
Balance, September 30, 2022	7,488,730	$	74,887	10,000,000	$	100,000	36,888,972	$	368,890	9,083,630	$	90,836	23,000,000	$	230,000	514,226,791	$	514,227	$	1,239,878	$	(2,480,426)	$	138,292
Balance, December 31, 2022	7,488,730	$	74,887	10,000,000	$	100,000	36,888,972	$	368,890	9,083,630	$	90,836	23,000,000	$	230,000	514,226,791	$	514,227	$	1,239,878	$	(2,320,349)	$	298,369
Net loss September 30, 2023	-		-	-		-	-		-	-		-	-		-	-		-		-	$	(82,596	)	(82,596)
Balance, September 30, 2023	7,488,730	$	74,887	10,000,000	$	100,000	36,888,972	$	368,890	9,083,630	$	90,836	23,000,000	$	230,000	514,226,791	$	514,227	$	1,239,878	$	(2,402,945)	$	215,773

Furniture and fixtures		5 years
Computers and equipment		3-5 years
Website development		3 years
Leasehold improvements		5 years

	Fair Value Measurements as of September 30, 2023
	Level 1		Level 2			Level 3
Assets
ZenaTech securities	$	-	$	661,886		$	-
Total assets				661,886
Liabilities
Short-term debt		-		21,000			-
Long-term debt, including current portion		-		1,589,386			-
Total liabilities	$		$	(1,610,386	)	$

	Fair Value Measurements as of December 31, 2022
	Level 1		Level 2			Level 3
Assets
ZenaTech securities	$	-	$	661,886		$	-
Total assets				661,886
Liabilities
Short-term debt		-		21,000			-
Long-term debt, including current portion		-		1,755,899			-
Total liabilities	$		$	(1,776,899	)	$

		September 30, 2023			December 31, 2022
Furniture and fixtures	$	7,694		$	7,694
Computer and equipment		28,568			28,568
Software		4,200			4,200
Assets held under capital leases		2,783			2,783
Total property and equipment		43,245			43,245
Less: accumulated depreciation		(43,245	)		(43,245	)
Net property and equipment	$	-		$	-

		May 2021
Consideration paid:
Total cost	$	675,000
Net assets acquired:
Additional paid-in capital		(235,012	)
Capital stock		(35,926	)
Owners - fractional stock purchase		88,902
Retained earnings at December 31, 2020		352,609
Treasury stock		33,326
Retained earnings January 1, 2021 to May 14, 2021		(103,138	)
Total net assets acquired when purchasing Interactive Systems, Inc.		(100,761	)
Consideration paid in excess of fair value (Goodwill)	$	775,761
(1) The excess of the net fair value of assets acquired and liabilities assumed from purchase of Interactive Systems, Inc. was assigned to Goodwill.

		October 2021
Consideration paid:
Total cost	$	500,000
Net assets acquired:
Cash		(51,806	)
Accounts receivable		(36,928	)
Fixed assets - net		(5,798	)
Lease deposits		(5,800	)
Amex - CC		9,353
Deferred revenue		6,646
Accrued interest		167
Note payable		30,816
Total book value		(53,349	)

Total net assets acquired when purchasing interlinkONE, Inc.		446,651
Consideration paid in excess of the fair value (Product development costs1)	$	446,651
`(1)`The excess of the net fair value of assets acquired and liabilities assumed from purchase of interlinkONE was assigned o product development costs.

		Nine months ended September 30,
		2023		2022		Change ($)
Cash flow (used in) provided by operating activities	$	173,259	$	234,891	$	(61,632)
Cash flow (used in) provided by investing activities	$	–	$	(36,071)	$	36,071
Cash flow (used in) provided by financing activities	$	(166,513)	$	(266,250)	$	(59,737)

	1)	lack of a functioning audit committee resulting in ineffective oversight in the establishment and monitoring of required internal control and procedures; and

	2)	inadequate segregation of duties consistent with control objectives.

Exhibit Number		Name of Exhibit
31.1		Certification of Chief Executive Officer, pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002. (1)

31.2		Certification of Chief Financial Officer, pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002. (1)

32.1		Certification of Chief Executive Officer and Chief Financial Officer, pursuant to 18 United States Code Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002. (1)

101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH		Inline XBRL Taxonomy Extension Schema
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB		Inline XBRL Taxonomy Extension Labels Linkbase
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

	Total		Total	Total	Amortization	Amortization	Net
	Costs	Additions	Total Costs	Amortization	Quarter End.	9-Months Ended	Book Value
	12/31/2022	2023	09/30/2023	12/31/2022	09/30/2023	09/30/2023	09/30/2023
Ameritek	$ 120,000	$ -	$ 120,000	-	$ 2,000	$ 6,000	$ 114,000
interlinkONE	446,651	-	446,651	37,221	7,444	22,333	387,097
interlinkONE	36,071	-	36,071	1,202	601	1,804	33,065
Total costs	$ 602,722	$ -	$ 602,722	$ 38,423	$ 10,045	$ 30,136	$ 534,163

	AMERITEK VENTURE, INC.

Dated: November 14, 2023	By:	/s/ Shaun Passley
		Shaun Passley, PhD
		Chief Executive Officer, CFO, Chairman

1.	I have reviewed this Form 10-Q for Ameritek Ventures Inc. for the quarter ended September 30, 2023;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	Ameritek Ventures, Inc.

Date: November 14, 2023	By:	/s/ Shaun Passley
	Name:	Shaun Passley
	Title:	CEO
		(Chief Executive Officer)

	Ameritek Ventures Inc.

Date: November 14, 2023	By:	/s/ Shaun Passley
	Name:	Shaun Passley
	Title:	Chief Financial Officer
		(Principal Financial Officer)