# Global Technologies Ltd: Form 10-Q for the period ended Sep 30, 2024

- Company: [Global Technologies Ltd](/companies/gtll.md) (CIK 932021)
- Form: 10-Q
- Filed: 2024-11-12
- Accepted by EDGAR: Nov 12, 2024, 07:30 ET
- Period: 2024-09-30
- Accession: 0001493152-24-044515
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/932021/000149315224044515/form10-q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/932021/000149315224044515/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2024-09-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2024-07-01 to 2024-09-30 | $669.4k | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Cost of revenue | 3 months, 2024-07-01 to 2024-09-30 | $191.9k | us-gaap:CostOfRevenue |
| Gross profit | 3 months, 2024-07-01 to 2024-09-30 | $477.5k | us-gaap:GrossProfit |
| Selling, general and administrative | 3 months, 2024-07-01 to 2024-09-30 | $43.0k | us-gaap:SellingGeneralAndAdministrativeExpense |
| Operating income | 3 months, 2024-07-01 to 2024-09-30 | $266.6k | us-gaap:OperatingIncomeLoss |
| Net income | 3 months, 2024-07-01 to 2024-09-30 | $256.5k | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2024-07-01 to 2024-09-30 | $0.00 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2024-07-01 to 2024-09-30 | $0.00 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2024-07-01 to 2024-09-30 | 14,688,440,097 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 3 months, 2024-07-01 to 2024-09-30 | $217.1k | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Cash and equivalents | at 2024-09-30 | $292.9k | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2024-09-30 | $674.5k | us-gaap:AssetsCurrent |
| Total assets | at 2024-09-30 | $8.5m | us-gaap:Assets |
| Current liabilities | at 2024-09-30 | $6.7m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2024-09-30 | $6.7m | us-gaap:Liabilities |
| Shareholders' equity | at 2024-09-30 | $1.8m | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 17,319 characters.

Our Management’s Discussion and Analysis should be read in conjunction with our unaudited condensed consolidated financial statements and related notes thereto included elsewhere in this quarterly report.

### Forward-Looking Statements

*This Quarterly Report contains forward-looking statements and information relating to us that are based on the beliefs of our management as well as assumptions made by, and information currently available to, our management. When used in this report, the words “believe,” “anticipate,” “expect,” “will,” “estimate,” “intend”, “plan” and similar expressions, as they relate to us or our management, are intended to identify forward-looking statements. Although we believe that the plans, objectives, expectations and prospects reflected in or suggested by our forward-looking statements are reasonable, those statements involve risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements, and we can give no assurance that our plans, objectives, expectations and prospects will be achieved. Important factors that might cause our actual results to differ materially from the results contemplated by the forward-looking statements are contained in the “Risk Factors” section of and elsewhere in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, and in our subsequent filings with the SEC, and include, among others, the following: marijuana is illegal under federal law, the marijuana industry is subject to strong competition, our business is dependent on laws pertaining to the marijuana industry, the marijuana industry is subject to government regulation, our business model depends on the availability of private funding, we will be subject to general real estate risks, if debt payments to note holder are not made we could lose our investment in our real estate properties, terms and deployment of capital. The terms “Global Technologies, Ltd “Global Technologies,” “Global,” “we,” “us,” “our,” and the “Company” refer to Global Technologies, Ltd., individually, or as the context requires, collectively with its subsidiaries on a consolidated basis.*

### Company Overview

Global Technologies, Ltd. (hereinafter the “Company”, “Our”, “We”, or “Us”) was incorporated under the laws of the State of Delaware on January 20, 1999 under the name of NEW IFT Corporation. On August 13, 1999, the Company filed an Amended and Restated Certificate of Incorporation with the State of Delaware to change the name of the corporation to Global Technologies, Ltd.

Our principal executive office is located at 8 Campus Drive, Suite 105 Parsippany, New Jersey 07054 and our telephone number is (973) 233-5151. The information contained on, or that can be accessed through, our website is not a part of this Quarterly Report on Form 10-Q. We have included our website address in this Quarterly Report solely as an inactive textual reference.

### Current Operations

#### Our wholly owned operating subsidiaries:

#### About 10 Fold Services, LLC

10 Fold Services, LLC (“10 Fold Services”) was formed as a Wyoming limited liability company on November 22, 2023. 10 Fold Services is a strategic consulting and procurement agency specializing in go-to-market planning and execution for companies in the health and wellness industries. Leveraging an “automation-first” approach, the Company skillfully combines internal and external resources to ensure cost-effective and impactful market introductions. As a versatile entity that acts as a service provider, SaaS company, and outsourced sales force, 10 Fold Services is committed to delivering tailored solutions that enable businesses to achieve significant market presence and sustainable growth.

One of 10 Fold Services’ initial clients operates in the medical sector, focusing on weight loss and fitness. Through a strategic blend of cutting-edge technologies and traditional sales techniques, 10 Fold Services has successfully assisted this client in penetrating the market effectively. This approach not only facilitated initial market entry, but also set a robust foundation for ongoing growth and expansion in a competitive industry. 10 Fold Services plans to maintain and deepen this relationship, using the insights gained to assist other clients with similar products in achieving comparable success.

In addition to its consulting and sales efforts, 10 Fold Services is also amassing a valuable cache of underlying customer data, which holds potential for future marketing campaigns and strategic decision-making. This data is being collected with an eye towards both internal improvements and external market opportunities, enhancing the Company’s ability to advise and support clients with data-driven insights. With this expanding database, 10 Fold Services is well-positioned to optimize marketing strategies and refine sales tactics for itself and its clients, further solidifying its role as a leader in strategic consulting for the health and wellness sector.

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.

On December 3, 2023, 10 Fold Services (the “Company”) entered into an Operating Agreement (the “Agreement”) with a third-party entity (the “Contractor”) (together, the “Parties”). Under the terms of the Agreement, the Contractor agrees to leverage its connections in the industry to execute sales of pharmaceutical products included within the Company’s Sales Agent Agreement. As compensation, the Parties agree to a profit-sharing model where profits from all sales generated under this Agreement will be split equally (50/50) (“Profit Share”). Profits are defined as the net collections on sales executed by the Contractor and received by the Company minus all pre-approved expenses.

Additional information about 10 Fold Services can be found at www.10fold.services.

#### About GOe3, LLC

GOe3, LLC (“GOe3”) was formed as an Arizona limited liability company on February 12, 2000 and acquired in a Share Exchange Agreement on March 15, 2024. GOe3 intends on building and operating a network of universal electric vehicle (“EV”) charging stations within 45-75 miles of selected interstate highways across the U.S. GOe3 believes its patent-pending charging station design will be a vital component to the electric vehicle charging station expansion.

The GoE3 Platform includes:

- GOe3’s Unique, Universal 50+ kW Combination Level 2/3 E³EV Charging Station
- GOe3 Integrated Solar Deployment
- GOe3 Travel Phone App and Integrated Business/Consumer Portals

Highlights:

- Multiple patents pending, including networking charging stations;
- Ability to charge any EV manufactured at the fastest possible rate (CHAdeMO, SAE quick charge when available, J1772, and Tesla supported);
- Proprietary advertising/coupon portal supports geo-targeted marketing for surrounding businesses, creating exponential revenue potential; and
- Phone App/Business Portal capitalizes on industry unique features to generate revenue e.g. hotel booking commissions, coupon revenue, business services revenue, user friendly data mining, sponsorships, and more.

On June 8, 2023, GOe3, LLC (“GOe3”) entered into an Earnest Money Agreement (the “Agreement”) with an independent third-party for the purchase of 1,000 GOe3 home bidirectional chargers with active grid sensing and up to 1,000 workplace charger stations by the EV infrastructure bill. The Agreement is valued at $10,000,000.

GOe3 recently completed phase one of its General Services Administration registration and is dedicated in becoming a multiple awards schedule holder in order that they may be awarded contracts through the latest Clean Energy Infrastructure bill, grants, and tax credits that GOE3 is uniquely qualified to supply. The completion of GOe3’s phase one registration was a pivotal component to the initiation and buildout of the chargers to be supplied under the Agreement.

Additional information about GOe3 can be found at www.goe3.com. Please *see* **NOTE E – ACQUISITION OF GOe3, LLC** for further information.

#### About Foxx Trott Tango, LLC

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. Please *see* **NOTE D – ACQUISITION OF FOXX TROTT TANGO, LLC** for further information.

### Critical Accounting Policies, Judgments and Estimates

There were no material changes to our critical accounting policies and estimates during the interim period ended September 30, 2024.

Please see our Annual Report on Form 10-K for the year ended June 30, 2024 filed on September 25, 2024, for a discussion of our critical accounting policies and estimates and their effect, if any, on the Company’s financial results.

### Components of our Results of Operations

### Revenues

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.

### Cost of Revenues

Our cost of revenues includes inventory costs, materials and supplies costs, internal labor costs and related benefits, subcontractor costs, depreciation, overhead and shipping and handling costs.

### Selling, General and Administrative Expenses

Selling, general and administrative expenses consist of selling, marketing, advertising, administrative, finance and professional expenses.

### Interest Expense, Net

Interest expense includes the cost of our borrowings under our debt arrangements.

### Results of Operations

### For the Three Months Ended September 30, 2024 Compared to the Three Months Ended September 30, 2023

The following table sets forth information comparing the components of net income for the three months ended September 30, 2024 and 2023:

|  | Three Months Ended September 30, 2024 | 2023 | Period over Period Change $% |  |
| --- | ---: | ---: | ---: | ---: |
| **Revenues, net** | $669,431 | $- | $669,431 | 100.00% |
| Cost of revenues | 191,889 | - | 191,889 | 100.00% |
| **Gross profit** | 477,542 | - | 477,542 | 100.00% |
| **Operating expenses:** |  |  |  |  |
| Selling, general and administrative | 42,984 | 48,991 | (6,007) | -12.26% |
| Other operating expenses | 167,914 | 276,298 | (108,384) | -39.23% |
| Total operating expenses | 210,898 | 325,289 | (114,391) | -35.17% |
| Operating income (loss) | 266,644 | (325,289) | 591,933 | 181.97% |
| **Other (expense) income:** |  |  |  |  |
| Gain (loss) on derivative liability | - | 1,920,292 | (1,920,292) | -100.00% |
| Amortization of debt discounts | - | (298,802) | (298,802) | -100.00% |
| Interest expense | (10,095) | (72,099) | 62,004 | -86.00% |
| Total other (loss) income | (10,095) | 1,550,111 | (1,560,206) | -100.65% |
| Income before income taxes | 256,549 | 1,224,822 | (968,273) | -79.05% |
| Income tax expense | - | - | - | - |
| **Net income** | 256,549 | 1,224,822 | (968,273) | -79.05% |

### Revenue

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.

### Cost of Revenues

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.

### Gross Profit

For the three months ended September 30, 2024 and 2023, gross profit was $477,542 and $0, respectively.

### Operating Expenses

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%.

### Other Income (Expenses)

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.

### Income tax expense

There was no income tax expense for the three months ended September 30, 2024 and September 30, 2023.

### Net Income

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.

### Liquidity and Capital Resources

The following table summarizes the cash flows for the three months ended September 30, 2024 and 2023:

| Cash Flows: | 2024 | 2023 |
| --- | ---: | ---: |
| Net cash provided by (used in) operating activities | 217,114 | (102,726) |
| Net cash provided by investing activities | - | - |
| Net cash (used in) provided by financing activities | (40,000) | 97,616 |
| **Net increase (decrease) in cash** | 177,114 | (5,110) |
| Cash at beginning of period | 115,747 | 18,300 |
| **Cash at end of period** | $292,861 | $13,190 |

As of September 30, 2024 and 2023, the Company had cash of $292,861 and $13,190, respectively.

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.

We had cash provided by investing activities of $- and $- for the three months ended September 30, 2024 and 2023, respectively

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.

### Off-Balance Sheet Arrangements

We currently have no off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

### Known Trends, Events, Uncertainties and Factors That May Affect Future Operations

The impact of general economic conditions, actual and projected, including inflation, rising interest rates, lower consumer confidence, volatile capital markets, supply chain disruptions, uncertainty and volatility in the financial services sector and the impact of the Hamas-Israel and Russia-Ukraine conflicts, and government and business responses thereto, on the global economy and regional economies.

### Seasonality

We do not consider our business to be seasonal.

### Contractual Obligations and Commitments

We are subject to the legal proceedings described in “Part II, Item 1. Legal Proceedings” of this report. There are no legal proceedings which are pending or have been threatened against us or any of our officers, directors or control persons of which management is aware.

The Company has no debt covenants that require certain financial information to be met.

### Inflation and Changing Prices

Neither inflation nor changing prices for the three months ended September 30, 2024 had a material impact on our operations.

## Controls and procedures

As filed, 2,440 characters.

### Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this Form 10-Q, management performed, with the participation of our principal executive officer and principal financial officer, an evaluation of the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). Our disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, to allow timely decisions regarding required disclosures. Based on the evaluation, our principal executive officer and principal financial officer concluded that, as of September 30, 2024, our disclosure controls and procedures were not effective.

Due to resource constraints, material weaknesses are evident to management regarding our inability to generate all the necessary disclosure for inclusion in our filings with the Securities and Exchanges Commission, which is due to the lack of resources and segregation of duties. We lack sufficient personnel with the appropriate level of knowledge, experience and training in GAAP to meet the demands for a public company, including the accounting skills and understanding necessary to fulfill the requirements of GAAP-based reporting. This weakness causes us to not fully identify and resolve accounting and disclosure issues that could lead to a failure to perform timely internal control and reviews. In addition, the Company has not established an audit committee, does not have any independent outside directors on the Company’s Board of Directors, and lacks documentation of its internal control processes.

### Changes in Internal Control over Financial Reporting

There was no change to our internal controls or in other factors that could affect these controls during the period ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. However, our Board is currently seeking to improve our controls and procedures to remediate the deficiency described above.

## Risk factors

As filed, 349 characters.

Our business and common stock are subject to a number of risks and uncertainties. The discussion of such risks and uncertainties may be found under “Risk Factors” in the Company’s annual report on Form 10-K filed with the SEC on September 25, 2024. There have been no material changes to these risks during the three months ended September 30, 2024.

Filed Nov 12, 2024.
Source: SEC EDGAR, the filing index for accession 0001493152-24-044515. Last ingested by Listed: Oct 24, 2026, 15:01 ET. No prices; not investment advice.