Global Technologies Ltd 10-Q, filed May 24, 2021

Global Technologies Ltd (GTLL)

10-Q 2021-05-24 For: 2021-03-31

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Added on April 06, 2026

About this 10-Q

Global Technologies Ltd filed this 10-Q on May 24, 2021, covering the quarter ended March 31, 2021.

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		Emerging growth company	[ ]

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
Common Stock		GTLL		OTC Markets “PINK”

	PAGE
PART I - FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets as of March 31, 2021 (Unaudited) and June 30, 2020	1
Condensed Consolidated Statements of Operations for the three and nine months ended March 31, 2021 and 2020 (Unaudited)	2
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended March 31, 2021 and 2020 (Unaudited)	3
Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2021 and 2020 (Unaudited)	4
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3. Quantitative and Qualitative Disclosure About Market Risk	32
Item 4. Controls and Procedures	33

PART II – OTHER INFORMATION

Item 1. Legal Proceedings	34
Item 1A. Risk Factors	34
Item 2. Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities	34
Item 3. Defaults Upon Senior Securities	34
Item 4. Mine Safety Disclosures	34
Item 5. Other Information	34
Item 6. Exhibits	35
EXHIBIT INDEX	35

SIGNATURES	37

	●	Our ability to effectively execute our business plan;

	●	Our ability to manage our expansion, growth and operating expenses;

	●	Our ability to protect our brands and reputation;

	●	Our ability to repay our debts;

	●	Our ability to rely on third-party suppliers outside of the United States;

	●	Our ability to evaluate and measure our business, prospects and performance metrics;

	●	Our ability to compete and succeed in a highly competitive and evolving industry;

	●	Our ability to respond and adapt to changes in technology and customer behavior;

	●	Risks in connection with completed or potential acquisitions, dispositions and other strategic growth opportunities and initiatives;

	●	Risks related to the anticipated timing of the closing of any potential acquisitions; and

	●	Risks related to the integration with regards to potential or completed acquisitions.

	●	Various risks related to health epidemics, pandemics and similar outbreaks, such as the coronavirus disease 2019 (“COVID-19”) pandemic, which may have material adverse effects on our business, financial position, results of operations and/or cash flows.

	March 31, 2021			June 30, 2020
		(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	13,114		$	25
Accounts receivable		-			70,580
Loans receivable		-			104,812
Loan receivable, officer		15,007
Receivable, other		3,782			8,691
Total current assets		31,903			184,108
Property and equipment, less accumulated depreciation of $5,304 and $3,030		31,059			33,333
Investment in Global Clean Solutions, LLC		250,000			-
Goodwill		946,646			1,346,646
Total other assets		1,227,705			1,379,979
TOTAL ASSETS	$	1,259,608		$	1,564,087

LIABILITIES AND STOCKHOLDERS’ DEFICIENCY

CURRENT LIABILITIES
Accounts payable	$	12,954		$	512,585
Accrued interest		9,062			75,510
Accrued director’s compensation		-			79,803
Notes payable-third parties		581,000			1,293,027
Loan payable, related party		2,756			525
Loan payable, other		2,250			-
Note payable-related party		-			124,800
Debt discounts-third parties		(259,726	)		(453,608	)
Derivative liability		898,447			1,420,455
Total current liabilities		1,246,743			3,053,097

TOTAL LIABILITIES	$	1,246,743		$	3,053,097

STOCKHOLDERS’ DEFICIENCY
Preferred stock; 5,000,000 shares authorized, $.01 par value:
Series K; 3 shares authorized, par value $0.01, as of March 31, 2021 and June 30, 2020, there are 3 and 3 shares outstanding, respectively		-			-
Series L; 500,000 shares authorized, par value $0.01, as of March 31, 2021 and June 30, 2020, there are 255 and 10 shares outstanding, respectively		3			-
Common stock; 14,991,000,000 shares authorized, $.0001 par value, as of March 31, 2021 and June 30, 2020, there are 14,980,293,609 and 12,189,293,609 shares outstanding, respectively		1,498,029			1,218,929
Additional paid- in capital Class A common stock		162,538,126			158,129,422
Common stock to be issued		74,803			100,000
Accumulated deficit		(164,098,096	)		(160,937,361	)
Total stockholders’ equity (deficiency)		12,865			(1,489,010	)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY	$	1,259,608		$	1,564,087

	For the Three Months Ended March 31,						For the Nine Months Ended March 31,
	2021			2020			2021			2020
Revenue earned
Revenue	$	15,000		$	548,350		$	15,000		$	548,350
Cost of goods sold		-			70,850						70,850
Gross profit		15,000			477,500			15,000			477,500

Operating Expenses
Officer and director compensation, including stock-based compensation of $10,000, $10,000, $20,000 and $40,000, respectively		20,000			40,000			60,000			80,000
Salaries		-			-			-			30,000
Depreciation expense		758			1,732			2,274			1,732
Consulting services		1,700			-			1,700			50,000
Professional services		81,662			2,636			101,412			14,636
Selling, general and administrative		17,056			15,048			161,766			33,488

Total operating expenses		121,176			59,416			327,152			209,856

Income (Loss) from operations		(106,176	)		(59,416	)		(312,152	)		267,644

Other income (expenses)
Investment income from Global Clean Solutions, LLC		-			-			12,197			-
Interest income		-			1,212			-			1,859
Forgiveness of debt and accrued interest		336,786			-			336,786			-
Gain (loss) on derivative liability		18,937,780			1,233,967			433,147			223,201
Gain (loss) on issuance on notes payable		(2,600,575	)		-			(2,715,865	)		-
Interest expense		(59,561	)		(17,406	)		(150,965	)		(30,154	)
Amortization of debt discounts		(141,704	)		(1,076,357	)		(763,883	)		(1,246,642	)

Total other income (expenses)		16,472,726			141,416			(2,848,583	)		(1,051,736	)

Gain (loss) before provision for income taxes		16,366,550			559,500			(3,160,735	)		(784,092	)

Provision for income taxes		-			-			-			-

Net gain (loss)	$	16,366,550		$	559,500		$	(3,160,735	)	$	(784,092	)

Basic and diluted loss per common share	$	0.00		$	0.00		$	(0.00	)	$	(0.00	)

Weighted average common shares outstanding – basic and diluted		14,860,057,773			12,189,293,609			13,480,071,359			12,189,293,609

	Series K				Series L										Common Stock			Additional
	Preferred stock				Preferred stock				Common Stock						to be			Paid in		Accumulated
	Shares		Amount		Shares		Amount		Shares			Amount			Issued			Capital		Deficit			Total

Balances at December 31, 2020 (Unaudited)		3	$	-		10	$	-		14,795,683,162		$	1,479,568		$	120,000		$	157,999,103	$	(180,464,646	)	$	(20,865,975	)
Issuance of Series L Preferred stock in satisfaction of note payable		-		-		84		1		-			-			-			424,538		-			424,539
Issuance of Series L Preferred stock in satisfaction of note payable, related party		-		-		40		1		-			-			-			203,532		-			203,533
Issuance of Series L Preferred stock as reimbursement for shares returned to the Company		-		-		21		-		-			-			-			95,999		-			95,999
Issuance of Series L Preferred stock in satisfaction of consulting fees		-		-		100		1		-			-			-			499,999		-			500,000
Issuance of common stock to a noteholder in lieu of cash payment for principal and fees in the amount of $65,446		-		-		-		-		1,144,610,447			114,461			-			3,315,953		-			3,430,414
Return of common shares		-		-		-		-		(960,000,000	)		(96,000	)		-			-		-			(96,000	)
Common stock to be issued paid as cash		-		-		-		-		-			-			(55,197	)		-		-			(55,197	)
Common stock for services		-		-		-		-		-			-			10,000			-		-			10,000
Net gain for the three months March 31, 2021		-		-		-		-		-			-			-			-		16,366,550			16,336,550
Balances at March 31, 2021 (Unaudited)		3	$	-		255	$	3		14,980,293,609		$	1,498,029		$	74,803		$	162,538,126	$	(164,098,096	)	$	12,865

Balances at December 31, 2019 (Unaudited)		3	$	-		10	$	-		12,189,293,609		$	1,218,929		$	80,000		$	158,129,422	$	(161,730,012	)	$	(2,301,661	)
Net income for the three months March 31, 2020																					559,500			559,500
Balances at March 31, 2020 (Unaudited)		3	$	-		10	$	-		12,189,293,609		$	1,218,929		$	80,000		$	158,129,422	$	(161,170,512	)	$	(1,742,161	)

		March 31, 2021			March 31, 2020

OPERATING ACTIVITIES:
Net income (loss)		$	(3,160,735	)	$	(784,092	)
Adjustment to reconcile net loss to net cash provided by operating activities:
Issuance of common stock for conversion fees			130,319			-
Common stock to be issued for director fees			30,000			20,000
Issuance of Series L Preferred stock for consulting services			-			50,000
Issuance of Series K Preferred stock for consulting services			-			10,000
Derivative liability loss (gain)			(433,147	)		(223,201	)
Forgiveness of debt and accrued interest			(336,786	)		-
Loss on issuance of notes payable			2,715,865			-
Depreciation			2,274			1,732
Amortization of debt discounts			763,883			1,246,642
Changes in operating assets and liabilities:
Accounts receivable			70,580			(197,000	)
Loans receivable			104,812			-
Loan receivable, officer			(15,007	)		-
Receivable, other			4,909			-
Accounts payable			369			13,550
Accrued interest, net			7,203			30,154
Accrued director’s compensation, net			(539	)		60,000
Net cash (used in) provided by operating activities			(116,000	)		227,785

INVESTING ACTIVITIES:
Investment in subsidiaries			-			(1,346,646	)
Purchase of equipment			-			(36,363	)
Net cash (used in) by investing activities			-			(1,383,009	)

FINANCING ACTIVITIES:
Borrowings from loans payable			4,481			-
Issuance of convertible note for acquisition			-			2,000,000
Payments on convertible notes			(215,392	)		(862,077	)
Borrowings from notes payable			340,000			31,000
Net cash provided by financing activities			129,089			1,168,923

NET INCREASE IN CASH AND CASH EQUIVALENTS			13,089			13,699

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD			25			-

CASH AND CASH EQUIVALENTS, END OF PERIOD		$	13,114		$	13,699

Supplemental Disclosures of Cash Flow Information:
Taxes paid		$	-		$	-
Interest paid		$	-		$	-

Non-cash investing and financing activities:
Issuance of convertible note for acquisition of Global Clean Solutions, LLC membership units		$	250,000		$	-
Reduction of Jetco note in the amount per agreement applied to acquisition of subsidiaries		$	400,000		$	-
Issuance of common stock for debt		$	63,946		$
Issuance of Series L Preferred stock for payment of notes payable and accrued interest	$		628,071		$

	●	Direct to factory relationships
	●	Proprietary hand sanitizer ready to ship
	●	Funding programs available
	●	Government contract expertise
	●	Overseas production capabilities
	●	Distribution centers in CA and FL

Level 1:	Observable inputs such as quoted market prices in active markets for identical assets or liabilities
Level 2:	Observable market-based inputs or unobservable inputs that are corroborated by market data
Level 3:	Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions.

	09/03/2020		03/31/2021

Global Clean Solutions, LLC	$	250,000	$	250,000
Total investments	$	250,000	$	250,000

	Book Value		Fair Value		Difference
		(Unaudited)		(Unaudited)		(Unaudited)
Cash	$	546,411	$	546,411	$	-
Inventory		70,580		70,580		-
Property and Equipment		36,363		36,363		-
Total	$	653,354	$	653,354	$	-

Assets acquired	As of November 30, 2019

Cash	$	546,411
Inventory (i)		70,580
Property, plant and equipment (ii)		36,363
		653,354
Goodwill (iii)		1,346,646
Total purchase price	$	2,000,000

(i)	Inventories acquired were sold on March 11, 2020
(ii)	Property, plant and equipment acquired includes computers, software and other office equipment.
(iii)	Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired.

Balance as of November 30, 2019	$	1,346,646
Additions and adjustments		(400,000	)
Balance as of March 31, 2021	$	946,646

	March 31, 2021			June 30, 2020

Property and Equipment	$	36,363		$	36,363
Less: accumulated depreciation		(5,304	)		(3,030	)
Total	$	31,059		$	33,333

	(i)	Property and equipment are stated at cost and depreciated principally on methods and at rates designed to amortize their costs over their useful lives.
	(ii)	Depreciation expense for the nine months ended March 31, 2021 and 2020 was $2,274 and $1,732, respectively.

	March 31, 2021		June 30, 2020

Pursuant to January 26, 2018 Board of Directors Service Agreement	$	-	$	79,803
Total	$	-	$	79,803

	Pursuant to Employment Agreements		Pursuant to Board of Directors Services Agreements			Total

Balances at June 30, 2019		-		39,803			39,803
Officer’s/director’s compensation for the year ended June 30, 2020 (not including stock-based compensation of $40,000 accrued as Stock to be Issued)		-		40,000			40,000
Balances at June 30, 2020		-		79,803			79,803
Officer’s/director’s compensation for the nine months ended March 31, 2021 (not including stock-based compensation of $30,000 accrued as Stock to be Issued)		-		30,000			30,000
Cash compensation				(109,803	)		(109,803	)
Balances at March 31, 2021	$	-	$	-		$	-

	March 31, 2021		June 30, 2020
		(Unaudited)
Convertible Promissory Note dated January 24, 2018 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due January 24, 2019, in technical default, less unamortized debt discount of $0 and $0 at March 31, 2021 and June 30, 2020, respectively (i)	$	-	$	15,750
Convertible Promissory Note dated February 16, 2018 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due February 16, 2019, with unamortized debt discount of $0 and $0 at March 31, 2021 and June 30, 2020, respectively (ii)		-		8,000
Convertible Promissory Note dated June 3, 2018 payable to Valvasone Trust (“Valvasone”), interest at 5%, due June 3, 2019, with unamortized debt discount of $0 and $0 at March 31, 2021 and June 30, 2020, respectively (iii)		-		91,900
Convertible Promissory Note dated June 29, 2018 payable to Jody A. DellaDonna (“JDD”), interest at 5%, due June 29, 2019, with unamortized debt discount of $0 and $0 at March 31, 2021 and June 30, 2020, respectively (iv)		-		25,000
Convertible Promissory Note dated November 30, 2019 payable to Jetco Holdings, LLC (“Jetco”), interest at 3%, due November 30, 2020, with unamortized debt discount of $0 and $433,199 at March 31, 2021 and June 30, 2020, respectively (v)		-		1,121,376
Convertible Promissory Note dated December 17, 2019 payable to Armada Investment Fund, LLC (“Armada”), interest at 8%, due December 17, 2020, in technical default, with unamortized debt discount of $0 and $5,998 at, March 31, 2021 and June 30, 2020, respectively (vi)		11,000		11,000
Convertible Promissory Note dated March 20, 2020 payable to Jetco Holdings, LLC (“Jetco”), interest at 3%, due March 20, 2021, with unamortized debt discount of $0 and $14,411 at, March 31, 2021 and June 30, 2020, respectively (vii)		-		20,000
Convertible Promissory Note dated September 3, 2020 payable to Graphene Holdings, LLC (“Graphene”), interest at 3%, due March 3, 2021, in technical default, with unamortized debt discount of $0 and $0 at, March 31, 2021 and June 30, 2020, respectively (viii)		250,000		-
Convertible Promissory Note dated September 9, 2020 payable to Graphene Holdings, LLC (“Graphene”), interest at 3%, due March 9, 2021, in technical default, with unamortized debt discount of $0 and $0 at, March 31, 2021 and June 30, 2020, respectively (ix)		20,000		-
Convertible Promissory Note dated January 20, 2021 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due January 20, 2022, with unamortized debt discount of $80,458 and $0 at March 31, 2021 and June 30, 2020, respectively (x)		100,000		-
Convertible Promissory Note dated February 22, 2021 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due February 22, 2022, with unamortized debt discount of $179,178 and $0 at March 31, 2021 and June 30, 2020, respectively (xi)		200,000		-

Totals	$	581,000	$	1,293,027

(ii)	On February 16, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC (the “Holder”) in the principal amount of $8,000. The Convertible Note was fully funded on February 16, 2018. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (February 16, 2019) at the option of the holder at the Variable Conversion Price, which shall be equal to the lesser of (i) the price of any public offering of the Maker’s Common Stock or (ii) Fifty Percent (50%) of the lowest Trading Price (defined below) during the Twenty Trading Day period prior to the day the Holder delivers the Conversion Notice, and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. “Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded. The Convertible Note has a term of one (1) year and bears interest at 10% annually. On March 31, 2021, the Holder agreed to forgive all outstanding principal and interest in the amounts of $6,054 and $2,463, respectively. As of March 31, 2021, there was no outstanding principal or interest due.

(iii)	On June 3, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Valvasone Trust (the “Holder”) in the principal amount of $91,900. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (June 3, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. The Convertible Note has a term of one (1) year and bears interest at 5% annually. On March 31, 2021, the Company issued the Holder 26 shares of its Series L Preferred Stock in satisfaction of $71,900 principal, $18,380 default principal, $12,749 interest and $30,183 default interest. A balance of $2,453 was forgiven by the Holder. As of March 31, 2021, there was no outstanding principal or interest due.

(iv)	On June 29, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Jody A. DellaDonna (the “Holder”) in the principal amount of $25,000. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (June 29, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. The Convertible Note has a term of one (1) year and bears interest at 5% annually. On March 31, 2021, the Company issued the Holder 8 shares of its Series L Preferred Stock in satisfaction of $25,000 principal, $5,000 default principal, $3,437 interest and $7,890 default interest. A balance of $1,327 was forgiven by the Holder. As of March 31, 2021, there was no outstanding principal or interest due.

(v)	On November 30, 2019, the Company executed a Convertible Note (the “Convertible Note”) payable to Jetco Holdings, LLC (the “Holder”) in the principal amount of $2,000,000. The Convertible Note was Issued as part of the Purchase and Sale Agreement for the acquisition of TCBM Holdings, LLC. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (November 30, 2020) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. On March 15, 2021, the outstanding principal and interest on the Note were $503,714 and $46,485, respectively. On this same date, the Holder agreed to forgive $253,714 in outstanding principal and all outstanding interest leaving a remaining principal balance of $250,000. On March 15, 2021, the Company issued the Holder fifty (50) shares of the Company’s Series L Preferred Stock in satisfaction of the $250,000 principal balance. As of March 31, 2021, there was no outstanding principal or interest due.

(vi)	On December 17, 2019, the Company entered into a Securities Purchase Agreement (the “Agreement”) with Armada Capital Partners, LLC (“Armada”) wherein the Company issued Armada a Convertible Promissory Note (the “Convertible Note”) in the amount of $11,000 ($1,000 OID). The Convertible Note has a term of one (1) year (due on December 17, 2020) and bears interest at 8% annually. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 20, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 60% multiplied by the Market Price (as defined herein)(representing a discount rate of 40%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. As part and parcel of the foregoing transaction, Armada was issued a warrant granting the holder the right to purchase up to 560,800 shares of the Company’s common stock at an exercise price of $0.024 for a term of 5-years. The transaction closed on December 17, 2019. In addition, 10,000,000 shares of the Company’s common stock have been reserved at Pacific Stock Transfer Corporation for possible issuance upon the conversion of the Note into shares of our common stock. As of March 31, 2021, $11,000 principal plus $1,130 interest were due.

(vii)	On March 20, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Jetco Holdings, LLC (the “Holder”) in the principal amount of $20,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 20, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. On February 4, 2021, the Company remitted payment to the Holder in the amount of $20,532.93 to satisfy all outstanding principal and interest due under the Convertible Note. As of March 31, 2021, there was no outstanding principal or interest due.

(viii)	On September 3, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Graphene Holdings, LLC (the “Holder”) in the principal amount of $250,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 3, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. As of March 31, 2021, $250,000 principal plus $4,295 interest were due.

(ix)	On September 9, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Graphene Holdings, LLC (the “Holder”) in the principal amount of $20,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 9, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. As of March 31, 2021, $20,000 principal plus $321 interest were due.

(x)	On January 20, 2021, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC (the “Holder”) in the principal amount of up to $150,000. The Convertible Note shall accrue interest at 10% per annum. The Convertible Note was partially funded on January 27, 2021 in the amount of $100,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (January 20, 2022) at the option of the holder. The Conversion Price shall be equal to Fifty Percent (50%) of the lowest Trading Price (defined below) during the Valuation Period (defined below), and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. The total number of shares due under any conversion notice (“Notice Shares”) will be equal to the Conversion Amount divided by the Conversion Price. On the date that a Conversion Notice is delivered to Holder, the Company shall deliver an estimated number of shares (“Estimated Shares”) to Holder’s brokerage account equal to the Conversion Amount divided by 50% of the Market Price. “Market Price” shall mean the lowest of the daily Trading Price for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. The “Valuation Period” shall mean twenty (20) Trading Days, commencing on the first Trading Day following delivery and clearing of the Notice Shares in Holder’s brokerage account, as reported by Holder (“Valuation Start Date”). As of March 31, 2021, $100,000 principal plus $1,726 interest were due.

(xi)	On February 22, 2021, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC (the “Holder”) in the principal amount of up to $200,000. The Convertible Note shall accrue interest at 10% per annum. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (February 22, 2022) at the option of the holder. The conversion price shall be equal to the lesser of (i) the price of any public offering of the Maker’s Common Stock or (ii) Fifty Percent (50%) of the lowest Trading Price (defined below) during the Twenty Trading Day period prior to the day the Holder delivers the Conversion Notice (“Conversion Price”). “Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded. The Convertible Note was funded on March 2, 2021. As of March 31, 2021, $200,000 principal plus $1,589 interest were due.

	March 31, 2021		June 30, 2020

Forgiveness of principal and interest Tribridge Ventures, LLC	$	29,277	$	-
Forgiveness of interest Around the Clock Partners, LP		3,532		-
Forgiveness of interest Valvasone Trust		2,453		-
Forgiveness of interest Jody A. DellaDonna		1,327		-
Forgiveness of Jetco Holdings, LLC principal and interest		300,197		-
Total	$	336,786	$	-

	March 31, 2021		June 30, 2020

Unsecured Convertible Promissory Notes dated July 27, 2018, payable to Around the Clock Partners, LP (entity controlled by Wayne Anderson), interest at 5%, due July 27, 2019, with debt discount of $0 and $0 at March 31, 2021 and June 30, 2020, respectively (i)	$	-	$	124,800
Total	$	-	$	124,800

	March 31, 2021		June 30, 2020

Convertible Promissory Notes payable to Tri-Bridge Ventures, LLC. Please see NOTE F – NOTES PAYABLE, THIRD PARTIES for further information	$	458,926	$	213,993
Convertible Promissory Note payable to Valvasone Trust. Please see NOTE F – NOTES PAYABLE, THIRD PARTIES for further information		-		150,619
Convertible Promissory Notes payable to Jody A. DellaDonna. Please see NOTE F – NOTES PAYABLE, THIRD PARTIES for further information		-		40,974
Convertible Promissory Note payable to Around the Clock Partners, LP. Please see NOTE G – NOTES PAYABLE, RELATED PARTIES for further information		-		204,540
Convertible Promissory Notes payable to Jetco Holdings, LLC. Please see NOTE G – NOTES PAYABLE, THIRD PARTIES for further information		-		800,452
Convertible Promissory Note payable to Armada Investment Fund, LLC. Please see NOTE G – NOTES PAYABLE, THIRD PARTIES for further information		20,015		9,877
Convertible Promissory Notes payable to Graphene Holdings, LLC. Please see NOTE G – NOTES PAYABLE, THIRD PARTIES for further information		419,506		-
Total derivative liability	$	898,447	$	1,420,455

	Level 3
Balance at June 30, 2020	$	1,420,455
Additions		2,985,855
Gain		(433,147	)
Change resulting from conversions		(3,074,716	)
Balance at March 31, 2021	$	898,447

	Three Months Ended March 31,						Period over Period Change
	2021			2020			$			%
Revenues, net	$	15,000		$	548,350		$	15,000			100.00	%
Cost of revenues		-			70,850			-			-
Gross profit		15,000			477,500			15,000			100.00	%

Operating expenses:
Selling, general and administrative		17,056			15,408			1,648			10.70	%
Other operating expenses		104,120			44,008			59,752			134.67	%
Total operating expenses		121,176			59,416			61,760			103.95	%
Operating loss		(106,176	)		(59,416	)		(46,760	)		78.70	%

Other (expense) income:
Interest income		-			1,212			(1,212	)		-100.00	%
Forgiveness of debt and accrued interest		336,786			-			336,786			100.00	%
Loss on issuance on notes payable		(2,600,575	)		-			(2,600,575	)		100.00	%
Gain (loss) on derivative liability		18,937,780			1,233,967			17,703,813			1,434.71	%
Amortization of debt discounts		(141,704	)		(1,076,357	)		(934,653	)		-86.83	%
Interest expense		(59,561	)		(17,406	)		42,155			242.19	%
Total other income		16,472,726			141,416			16,331,310			11,548.41	%
Gain before income taxes		16,366,550			559,500			16,281,550			19,154.76	%
Income tax expense		-			-			-			-
Net gain		16,366,550			559,500			16,281,550			19,154.76	%

	Nine Months Ended March 31,						Period over Period Change
	2021			2020			$			%
Revenues, net	$	15,000		$	548,350		$	-533,350			-97.26	%
Cost of revenues		-			70,850			-70,850			-100.00	%
Gross profit		15,000			477,500			-462,500			-96.86	%

Operating expenses:
Selling, general and administrative		161,766			33,488			126,270			377.06	%
Other operating expenses		165,386			176,368			(10,982	)		-6.23	%
Total operating expenses		327,152			209,856			117,296			55.89	%
Operating (loss) income		(312,152	)		267,644			(579,796	)		-216.63	%

Other (expense) income:
Investment income		12,197			-			12,197			100.00	%
Interest income		-			1,859			(1,859	)		-100.00	%
Forgiveness of debt and accrued interest		336,786			-			336,786			100.00	%
Gain on derivative liability		433,147			223,201			209,946			94.06	%
Loss on issuance of notes payable		(2,715,865	)		-			(2,715,865	)		100	%
Amortization of debt discounts		(763,883	)		(1,246,642	)		(482,759	)		-38,72	%
Interest expense		(150,965	)		(30,154	)		120,811			400.65	%
Total other expenses		(2,848,583	)		(1,051,736	)		1,796,847			170.85	%
Loss before income taxes		(3,160,735	)		(1,051,736	)		2,108,999			200.53	%
Income tax expense		-			-			-			-
Net loss		(3,160,735	)		(784,092	)		2,376,643			303.11	%

	March 31, 2021			March 31, 2020
Cash Flows:

Net cash (used in) provided by operating activities	$	(116,000	)	$	227,785
Net cash used in investing activities		-			(1,383,009	)
Net cash provided by (used in) financing activities		129,089			1,168,923

Net increase (decrease) in cash		13,089			13,699
Cash at beginning of period		25			-

Cash at end of period	$	13,114		$	13,699

Exhibit		Description

3.1		Articles of Incorporation of New IFT Corporation (previously filed with Form 10 on June 8, 2020)
3.2		Amended and Restated Certificate of Incorporation of New IFT Corporation (previously filed with Form 10 on June 8, 2020)
3.3		Certificate of Designation, Rights, Preferences and Limitations of Series A 8% Convertible Preferred Stock (previously filed with Form 10 on June 8, 2020)
3.4		Certificate of Designation, Rights, Preferences and Limitations of Series B 8% Convertible Preferred Stock (previously filed with Form 10 on June 8, 2020)
3.5		Certificate of Merger of Interactive Flight Technologies, Inc. into Global Technologies, Ltd (previously filed with Form 10 on June 8, 2020)
3.6		Certificate of Designation, Rights, Preferences and Limitations of Series C Convertible Preferred Stock (previously filed with Form 10 on June 8, 2020)
3.7		Certificate of Designation, Rights, Preferences and Limitations of Series D Convertible Preferred Stock (previously filed with Form 10 on June 8, 2020)
3.8		Certificate of Designation, Rights, Preferences and Limitations of Series E 8% Convertible Preferred Stock (previously filed with Form 10 on June 8, 2020)
3.9		Certificate of Amendment to the Company’s Amended and Restated Certificate of Incorporation (previously filed with Form 10 on June 8, 2020)
3.10		Foreign Profit Corporation Articles of Continuance filed with the State of Wyoming (previously filed with Form 10 on June 8, 2020)
3.11		Certificate of Designation, Rights, Preferences and Limitations of Series K Super Voting Preferred Stock filed with the State of Wyoming (previously filed with Form 10 on June 8, 2020)
3.12		Certificate of Designation, Rights, Preferences and Limitations of Series L Preferred Stock filed with the State of Wyoming (previously filed with Form 10 on June 8, 2020)
3.13		Certificate of Designation, Rights, Preferences and Limitations of Series K Super Voting Preferred Stock filed with the State of Delaware (previously filed with Amendment No. 1 to Form 10 on July 24, 2020)
3.14		Certificate of Designation, Rights, Preferences and Limitations of Series L Preferred Stock filed with the State of Delaware (previously filed with Form 10 on June 8, 2020)
3.15		Amended and Restated Bylaws of Global Technologies, Ltd (previously filed with Form 8-K on January 21, 2021)
4.1		Specimen Certificate common stock (previously filed with Form 10 on June 8, 2020)
10.1		Board of Directors Services Agreement with Jimmy Wayne Anderson dated January 26, 2018 (previously filed with Form 10 on June 8, 2020)
10.2		Convertible Note between the Company and Tri-Bridge Ventures, LLC dated January 24, 2018 (previously filed with Form 10 on June 8, 2020)
10.3		Convertible Note between the Company and Tri-Bridge Ventures, LLC dated February 16, 2018 (previously filed with Form 10 on June 8, 2020)

10.4		Convertible Note between the Company and Valvasone Trust dated June 3 2018 (previously filed with Form 10 on June 8, 2020)
10.5		Convertible Note between the Company and Jody A. DellaDonna dated June 29, 2018 (previously filed with Form 10 on June 8, 2020)
10.6		Convertible Note between the Company and Around the Clock Partners, LP dated July 27, 2018 (previously filed with Form 10 on June 8, 2020)
10.7		Indemnification Agreement between the Company and Jimmy Wayne Anderson dated January 25, 2018 (previously filed with Form 10 on June 8, 2020)
10.8		Consulting Agreement between Global Technologies, Ltd and Sylios Corp dated August 22, 2019 (previously filed with Form 10 on June 8, 2020)
10.9		Securities Purchase Agreement between Global Technologies, Ltd and Armada Capital Partners, LLC dated December 13, 2019 (previously filed with Form 10 on June 8, 2020)
10.10		Convertible Promissory Note between Global Technologies, Ltd and Armada Capital Partners, LLC dated December 13, 2019 (previously filed with Form 10 on June 8, 2020)
10.11		Common Stock Purchase Warrant Agreement between Global Technologies, Ltd and Armada Capital Partners, LLC dated December 13, 2019 (previously filed with Form 10 on June 8, 2020)
10.12		TCBM, LLC Purchase and Sale Agreement dated November 30, 2019 (previously filed with Form 10 on June 8, 2020)
10.13		Convertible Promissory Note between Global Technologies, Ltd and Jetco Holdings, LLC dated March 20, 2020 (previously filed with Form 10 on June 8, 2020)
10.14		Securities Purchase Agreement between Global Technologies, Ltd and Jetco Holdings, LLC dated March 20, 2020 (previously filed with Form 10 on June 8, 2020)
10.15		Consulting Agreement between Global Technologies, Ltd and Brian McFadden dated January 2, 2020 (previously filed with Form 10 on June 8, 2020)
10.16		Consulting Agreement between Global Technologies, Ltd and Timothy Cabrera dated January 2, 2020 (previously filed with Form 10 on June 8, 2020)
10.17		Asset Purchase Agreement between HMNRTH, LLC, TCBM Holdings, LLC and Edison Nation, Inc. and Scalematix, LLC dated March 11, 2020 (previously filed with Form 10 on June 8, 2020)
10.18		Quality Agreement between HMNRTH, LLC and Nutralife Biosciences dated September 23, 2019 (previously filed with Amendment No. 2 to Form 10 on August 10, 2020)
10.19		Commitment to be Bound by the Amended Operating Agreement to Effect Transfer of Membership Interest (previously filed with Form 8-K on September 4, 2020)
10.20		Convertible Promissory Note between Global Technologies, Ltd. and Graphene Holdings, LLC dated September 3, 2020 (previously filed with Form 8-K on September 4, 2020)
10.21		Securities Purchase Agreement between Global Technologies, Ltd and Graphene Holdings, LLC dated September 9, 2020 (previously filed with Form 8-K on September 22, 2020)
10.22		Convertible Promissory Note between Global Technologies, Ltd and Graphene Holdings, LLC dated September 9, 2020 (previously filed with Form 8-K on September 22, 2020)
10.23		Platform License Agreement between Markets on Main, LLC and Honey Badger Media, LLC dated November 5, 2020 (previously filed with Form 10-K on December 18, 2020)
10.24		Amendment to Management Agreement dated December 28, 2020 (previously filed with Form 8-K on January 7, 2021)
10.25		Convertible Promissory Note between Global Technologies, Ltd and Tri-Bridge Ventures, LLC dated January 20, 2021 (previously filed with Form 10-Q on February 16, 2021)
10.26		Complaint for Declaratory Judgment dated February 9, 2021 (previously filed with Form 8-K on February 12, 2021)
20.27		Convertible Promissory Note between Global Technologies, Ltd and Tri-Bridge Ventures, LLC dated February 22, 2021 (previously filed with Form 8-K on March 8, 2021)
21.1		Articles of Organization for Markets on Main, LLC dated April 2, 2020 (previously filed with Form 10 on June 8, 2020)
21.2		Certificate of Formation TCBM Holdings, LLC dated (previously filed with Form 10 on June 8, 2020)
21.3		Certificate of Formation of HMNRTH, LLC dated July 30, 2019 (previously filed with Form 10 on June 8, 2020)
21.4		Certificate of Formation of 911 Help Now, LLC dated February 2, 2018 (previously filed with Form 10 on June 8, 2020)
31.1*		Chief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Chief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*		Certifications of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Graphic		Corporate logo- Global Technologies, Ltd

	GLOBAL TECHNOLOGIES, LTD

	By:	/s/ Jimmy Wayne Anderson
		Jimmy Wayne Anderson
		President

	Date:	May 24, 2021

1.	I have reviewed this quarterly report on Form 10-Q for the nine months ended March 31, 2021 of Global Technologies, Ltd;

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.	I am 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, including its consolidated subsidiaries, 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 my 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.