8-K
GBT Technologies Inc. (GTCH)
UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities and Exchange Act of 1934
Date of Report (Date of earliest event
reported): March 14, 2022
GBT
TECHNOLOGIES INC.
(Exact name of registrant as specified in its charter)
| Nevada | 000-54530 | 27-0603137 |
|---|---|---|
| (State or other jurisdiction<br> of incorporation) | Commission File Number | (I.R.S. Employer<br> Identification No.) |
2450 Colorado Ave., Suite 100E, SantaMonica, CA 90404
(Address of principal executive offices) (Zip code)
Registrant’s telephone number including area code:
888-685-7336
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title<br>of each class | Trading<br>Symbol(s) | Name<br>of each exchange on which registered |
|---|---|---|
| Not<br>Applicable. |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Item 2.02 Results of Operations and Financial Condition
On March 14, 2022, GBT Technologies Inc. (the “Company”) issued a press release regarding the revenue generated pertaining to a revenue sharing arrangement. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) Index of Exhibits
| Exhibit<br> Number | Description |
|---|---|
| 99.1 | Press Release dated March 14, 2022 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GBT TECHNOLOGIES INC. | ||
|---|---|---|
| By: | /s/ Mansour Khatib | |
| Name: Mansour Khatib | ||
| Title: Chief Executive Officer | ||
| Date: March 14, 2022 |
EXHIBIT99.1
GBT Commenced Operations of It E-Commerce Platform
GBT Presents its First Two Weeks of Sales
West Hollywood, March 14, 2022 -- GBT Technologies Inc. ( OTC PINK: GTCH ) (“GBT” or the “Company”), which entered into a revenue sharing agreement with a third party is testing its AI platform – AVANT- AI (https://www.avant-ai.net/) to identify opportunities with respect to e-commerce sales through the world’s biggest online retail platform. The testing under the revenue sharing agreement commenced on March 1, 2022.
The e-commerce platform can be used via the following link:
https://www.amazon.com/s?me=A21C579I9MM2U0&marketplaceID=ATVPDKIKX0
Since March 1, 2022, the Company through the revenue sharing arrangement sold 360 items generating sales of $73,423.99 representing an approximate average of $203.96 per item/order. The sales breakdown for said the relevant two weeks are as followings:
| Date | Units Ordered | Ordered Product Sales | Average Sales Item/Order | ||||
|---|---|---|---|---|---|---|---|
| 3/1/22 | 22.00 | $ | 1,516.82 | $ | 68.95 | ||
| 3/2/22 | 19.00 | $ | 2,533.28 | $ | 133.33 | ||
| 3/3/22 | 12.00 | $ | 1,019.19 | $ | 84.93 | ||
| 3/4/22 | 20.00 | $ | 4,249.13 | $ | 212.46 | ||
| 3/5/22 | 20.00 | $ | 5,825.00 | $ | 291.25 | ||
| 3/6/22 | 25.00 | $ | 4,443.80 | $ | 177.75 | ||
| 3/7/22 | 20.00 | $ | 4,456.01 | $ | 222.80 | ||
| 3/8/22 | 38.00 | $ | 6,782.54 | $ | 178.49 | ||
| 3/9/22 | 41.00 | $ | 10,249.90 | $ | 250.00 | ||
| 3/10/22 | 56.00 | $ | 9,977.41 | $ | 178.17 | ||
| 3/11/22 | 45.00 | $ | 13,337.11 | $ | 296.38 | ||
| 3/12/22 | 42.00 | 9,033.80 | $ | 215.09 | |||
| Total | 360.00 | $ | 73,423.99 | $ | 203.96 |
“We were pleased to announce this new stream of revenue. As a reminder, we entered into a revenue sharing agreement for a term through the end of the year with an option to extend for additional terms. This opportunity may allow us to expand our operations to different domains, which potentially can complement our products when and if introduced to the market. Currently, we operate the e-commerce platform from West Hollywood, California and we are selling currently in the United States, Canada, Mexico and Brazil” provided Mansour Khatib, the Company’s CEO.
There is no guarantee that the Company will be successful in researching, developing or implementing this e-commerce system. In order to successfully implement this concept, the Company will need to raise adequate capital to support its operations and, if successfully developed, the Company would need to enter into a strategic relationship with a third party that has more experience in operating, selling and shipping. There is no guarantee that the Company will be successful in any or all of these critical steps.
About Us
GBT Technologies, Inc. (OTC PINK: GTCH) (“GBT”) (http://gbtti.com) is a development stage company which considers itself a native of Internet of Things (IoT), Artificial Intelligence (AI) and Enabled Mobile Technology Platforms used to increase IC performance. GBT has assembled a team with extensive technology expertise and is building an intellectual property portfolio consisting of many patents. GBT’s mission, to license the technology and IP to synergetic partners in the areas of hardware and software. Once commercialized, it is GBT’s goal to have a suite of products including smart microchips, AI, encryption, Blockchain, IC design, mobile security applications, database management protocols, with tracking and supporting cloud software (without the need for GPS). GBT envisions this system as a creation of a global mesh network using advanced nodes and super performing new generation IC technology. The core of the system will be its advanced microchip technology; technology that can be installed in any mobile or fixed device worldwide. GBT’s vision is to produce this system as a low cost, secure, private-mesh-network between any and all enabled devices. Thus, providing shared processing, advanced mobile database management and sharing while using these enhanced mobile features as an alternative to traditional carrier services.
Forward-Looking Statements
Certain statements contained in this press release may constitute “forward-looking statements”. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, governmental and public policy changes, the Company’s ability to raise capital on acceptable terms, if at all, the Company’s successful development of its products and the integration into its existing products and the commercial acceptance of the Company’s products. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of the press release.
Contact:
Mansour Khatib, CEO
press@gopherprotocol.com