# Global Technologies Ltd: Form 10-Q for the period ended Mar 31, 2025

- Company: [Global Technologies Ltd](/companies/gtll.md) (CIK 932021)
- Form: 10-Q
- Filed: 2025-05-14
- Accepted by EDGAR: May 14, 2025, 16:27 ET
- Period: 2025-03-31
- Accession: 0001641172-25-010291
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/932021/000164117225010291/form10-q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/932021/000164117225010291/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2025-03-31.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2025-01-01 to 2025-03-31 | $1.0m | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Revenue | 9 months, 2024-07-01 to 2025-03-31 | $2.6m | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Cost of revenue | 3 months, 2025-01-01 to 2025-03-31 | $948.0k | us-gaap:CostOfRevenue |
| Cost of revenue | 9 months, 2024-07-01 to 2025-03-31 | $1.7m | us-gaap:CostOfRevenue |
| Gross profit | 3 months, 2025-01-01 to 2025-03-31 | $54.0k | us-gaap:GrossProfit |
| Gross profit | 9 months, 2024-07-01 to 2025-03-31 | $904.1k | us-gaap:GrossProfit |
| Selling, general and administrative | 3 months, 2025-01-01 to 2025-03-31 | $27.5k | us-gaap:SellingGeneralAndAdministrativeExpense |
| Selling, general and administrative | 9 months, 2024-07-01 to 2025-03-31 | $97.6k | us-gaap:SellingGeneralAndAdministrativeExpense |
| Operating income | 3 months, 2025-01-01 to 2025-03-31 | −$187.4k | us-gaap:OperatingIncomeLoss |
| Operating income | 9 months, 2024-07-01 to 2025-03-31 | $275.0k | us-gaap:OperatingIncomeLoss |
| Net income | 3 months, 2025-01-01 to 2025-03-31 | −$193.3k | us-gaap:NetIncomeLoss |
| Net income | 9 months, 2024-07-01 to 2025-03-31 | $250.1k | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2025-01-01 to 2025-03-31 | $0.00 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months, 2024-07-01 to 2025-03-31 | $0.00 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2025-01-01 to 2025-03-31 | $0.00 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months, 2024-07-01 to 2025-03-31 | $0.00 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2025-01-01 to 2025-03-31 | 14,688,440,097 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months, 2024-07-01 to 2025-03-31 | 14,688,440,097 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 9 months, 2024-07-01 to 2025-03-31 | $302.5k | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Cash and equivalents | at 2025-03-31 | $29.9k | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2025-03-31 | $705.7k | us-gaap:AssetsCurrent |
| Total assets | at 2025-03-31 | $4.9m | us-gaap:Assets |
| Current liabilities | at 2025-03-31 | $4.1m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2025-03-31 | $4.1m | us-gaap:Liabilities |
| Shareholders' equity | at 2025-03-31 | $821.8k | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 21,836 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 806 Green Valley Road, Suite 200, Greensboro, North Carolina 27408 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

Global Technologies, Ltd. is committed to delivering transformative innovation by aligning our investments with evolving consumer demand and high-potential growth sectors. While our legacy strategy included a dual focus on health and wellness through 10 Fold Services and electric vehicle (EV) infrastructure via GOe3, we have recently realigned our capital allocation and strategic priorities to reflect current market conditions and emerging opportunities.

The EV charging industry is undergoing significant consolidation and competitive saturation, prompting Global to reassess the long-term viability of our involvement through GOe3. As a result, we are limiting further investment of time, energy, and capital into GOe3 and the EV infrastructure sector. This decision reflects not a retreat, but a disciplined pivot toward sectors where we see stronger consumer demand and clearer paths to profitability.

Our health and wellness initiatives—anchored by 10 Fold Services and its affiliated operations—are now the core of Global’s strategic growth plan. These operations deliver strategic consulting, lead generation, and operational support to a rapidly growing network of wellness clinics, medical spas, and health service providers. By focusing on this vibrant and resilient sector, we believe we are positioning Global Technologies to deliver greater long-term value to our shareholders.

#### 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 functions as a service provider, SaaS platform, 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 and building a strong foundation for growth. The Company plans to maintain and deepen this relationship, using key insights to support other clients with similar objectives.

10 Fold is also amassing a valuable repository of customer data, collected through its marketing and engagement efforts. This growing database serves both internal development and external client initiatives—enabling data-driven strategies that sharpen competitive advantage and enhance client outcomes.

On November 23, 2023, 10 Fold Services entered into a Sales Agent Agreement with a supplier of pharmaceutical products, acting as a non-exclusive Sales Agent. Under this agreement, 10 Fold informs and educates potential customers and facilitates product sales, earning commissions based on volume. Additionally, on December 3, 2023, the Company entered into a profit-sharing Operating Agreement with a third-party contractor to execute pharmaceutical sales through industry connections, splitting profits equally after approved expenses.

### Regulatory Update & Strategic Pivot

In early 2025, 10 Fold Services encountered a temporary disruption following the FDA’s recent ruling in favor of pharmaceutical manufacturers Eli Lilly and Novo Nordisk. This ruling paused the Company’s wholesale sales channel for GLP-1 medications, pending further regulatory clarification.

In response, 10 Fold is actively pivoting to adapt to the evolving market. Drawing on its human capital, software investments, and strategic partnerships, the Company is shifting its model toward direct-to-consumer (DTC) pharmaceutical sales. This pivot reflects months of preparation and collaboration with technology providers to establish a scalable, compliant, and consumer-focused revenue channel.

Despite the regulatory pause, 10 Fold remains agile, forward-looking, and committed to unlocking long-term value for its clients, partners, and shareholders.

For more information, please visit: www.10fold.services

### About GOe3, LLC

### GOe3, LLC

GOe3, LLC (“GOe3”) was formed as an Arizona limited liability company on February 12, 2000, and was acquired by Global Technologies, LTD (“GTLL”) through a Share Exchange Agreement on March 15, 2024. GOe3 was established to develop and operate a nationwide network of universal electric vehicle (“EV”) charging stations located within 45–75 miles of selected interstate highways across the United States. GOe3’s patent-pending charging station design combines Level 2 and Level 3 functionality and is supported by a platform integrating solar deployment, mobile applications, and business/consumer service portals.

Key features of the GOe3 platform include:

- A unique, universal 50+ kW combination Level 2/3 E³EV charging station;
- Integrated solar deployment for energy efficiency;
- A proprietary phone application and web-based business/consumer portal that supports:
- Real-time couponing and location-based advertising;
- Compatibility with all major EV manufacturers (CHAdeMO, SAE, J1772, Tesla);
- Enhanced monetization tools such as hotel booking, business services, and sponsorships.

On June 8, 2023, GOe3 entered into an Earnest Money Agreement with a third party for the anticipated delivery of 1,000 home bi-directional chargers with grid-sensing capabilities and up to 1,000 workplace chargers, totaling approximately $10,000,000 in projected revenue.

Despite these promising developments, GOe3 has faced significant operational and market headwinds. The company has been unable to complete key software development projects required to support the back-end of its EV charging network, limiting its ability to meet the compliance and performance standards necessary to secure government-sector contracts. Additionally, recent changes in U.S. federal policy regarding EV infrastructure funding, grants, and tax incentives have created further uncertainty and impeded market entry.

As a result of these challenges, and in light of delays by GOe3’s management in executing critical milestones—including the completion of its platform software and government contracting readiness—Global Technologies, LTD has made the strategic decision to reduce its business investment in GOe3. Accordingly, the Company will also reassess and reduce the goodwill value previously assigned to the GOe3 acquisition as of March 15, 2024.

Global Technologies, LTD remains committed to a disciplined capital allocation strategy and will continue to evaluate the performance of its subsidiaries to ensure alignment with long-term shareholder value creation.

For more information, please refer to NOTE E – ACQUISITION OF GOe3, LLC.

#### About Foxx Trott Tango, LLC

Foxx Trot Tango, LLC (“Foxx Trot”) was formed as a Wyoming limited liability company on February 3, 2022, and was acquired through a membership interest purchase agreement on July 25, 2023. Foxx Trot previously held title to a commercial building located in Sylvester, Georgia, which was sold on March 26, 2024. Following the completion of that transaction, the Company elected to dissolve Foxx Trot and does not intend to utilize the entity for any future real estate acquisitions or operations.

### Critical Accounting Policies, Judgments and Estimates

There were no material changes to our critical accounting policies and estimates during the interim period ended March 31, 2025.

Please see our Annual Report on Form 10-K for the year ended June 30, 2024 filed on September 24, 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, payroll, administrative, finance and professional expenses.

### Interest Expense, Net

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

### Results of Operations

### Three months ended March 31, 2025 compared to three months ended March 31, 2024

The following table sets forth information comparing the components of net (loss) income for the three months ended March 31, 2025 and 2024:

|  | Three Months Ended March 31, 2025 | 2024 | Period over Period Change $% |  |
| --- | ---: | ---: | ---: | ---: |
| Revenues, net | $1,001,944 | $451,509 | $550,435 | 121.91% |
| Cost of revenues | 947,953 | 364,199 | 583,654 | 160.26% |
| Gross profit | 53,991 | 87,310 | (33,219) | 38.05% |
| Operating expenses: |  |  |  |  |
| Selling, general and administrative | 27,458 | 62,981 | (35,523) | -56.40% |
| Other operating expenses | 213,992 | 50,276 | 163,646 | 325.50% |
| Total operating expenses | 241,380 | 113,257 | 128,123 | 113.13% |
| Operating income/ loss | (187,289) | 25,947 | (161,342) | 621.81% |
| Other (expense) income: |  |  |  |  |
| Forgiveness of debt | - | 102,616 | (102,616) | -100.00% |
| Gain on sale of assets | - | 180,378 | (180,378) | -100.00% |
| Gain (loss) on derivative liability | - | 2,543,902 | (2,543,902) | -100.00% |
| Amortization of debt discounts | - | - | - | - |
| Interest expense | (5,908) | (44,049) | 38,141 | -86.59% |
| Total other income (expense) | (5,908) | 2,782,847 | (2,788,755) | -100.21% |
| Income (loss) before income taxes | (193,197) | 2,756,900 | (2,950,097) | -107.01% |
| Income tax expense | - | - | - | - |
| Net income (loss) | (193,197) | 2,756,900 | (2,950,097) | -107.01% |

### Revenue

For the three months ended March 31, 2025 and 2024, we generated revenue of $1,001,944 and $451,509, respectively.

### Cost of Revenues

For the three months ended March 31, 2025 and 2024, cost of revenues was $947,853 and $364,199, respectively.

### Gross Profit

For the three months ended March 31, 2025 and 2024, gross profit was $53,991 and $87,310, respectively.

### Operating Expenses

Selling, general and administrative expenses were $27,458 and $62,981 for the three months ended March 31, 2025 and 2024. The Company’s operating expenses are largely attributable to executive compensation and professional services for the three months ended March 31, 2025.

### Other Income (Expenses)

Other Expenses – Interest expense for the three months ended March 31, 2025 was $5,908, compared to $44,049 for the same period in the prior year. Additional other expenses for the three-month period ended March 31, 2025 included losses related to derivative liabilities and the amortization of debt discounts.

### Income tax expense

There was no income tax expense for the three months ended March 31, 2025 and March 31, 2024.

### Net Income (loss)

Net income (loss) for the three months ended March 31, 2025 and March 31, 2024 were ($193,197) and $2,756,900, respectively.

### Nine months ended March 31, 2025 compared to nine months ended March 31, 2024

The following table sets forth information comparing the components of net (loss) income for the nine months ended March 31, 2025 and 2024:

|  | Nine Months Ended March 31, 2025 | 2024 | Period over Period Change $% |  |
| --- | ---: | ---: | ---: | ---: |
| Revenue | $2,588,452 | $451,509 | $2,136,943 | 473.29% |
| Cost of revenue | 1,684,337 | 364,199 | 1,320,138 | 362.48% |
| Gross profit | 904,115 | 87,310 | 816,805 | 935.52% |
| Operating Expenses |  |  |  |  |
| Officer and director compensation | 135,183 | 75,000 | 60,183 | 80.24% |
| Consulting/marketing services | 359,015 | 252,818 | 106,197 | 42.01% |
| Depreciation expense | 26,258 | 11,869 | -695 | -.18% |
| Professional services | 11,050 | 39,727 | (28,677) | -72.19% |
| Selling, general and administrative | 97,572 | 122,236 | (24,664) | -20.18% |
| Total operating expenses | 629,078 | 501,650 | 127,428 | 25.40% |
| Income (loss) from operations | 275,037 | (414,340) | 689,377 | -166.38% |
| Other income (expenses) |  |  |  |  |
| Forgiveness of debt | - | 102,616 | (102,616) | -100.00% |
| Gain on sale of assets | - | 180,378 | (180,378) | -100.00% |
| Gain (loss) on derivative liability | - | 1,545,336 | (1,545,336) | -100.00% |
| Interest Expense | (24,978) | -195,157 | 170,179 | -87.20% |
| Amortization of debt | - | -692,603 | 692,603 | -100.00% |
| Total Other Income | (24,978) | 940,570 | -965,548 | -102.66% |
| Income (loss) before income taxes | 250,059 | 526,230 | -276,171 | -52.48% |
| Provision for income taxes | - | - | - | - |
| Net Income (loss) | 250,059 | 526,230 | -276,171 | -52.48% |

### Revenue

For the nine months ended March 31, 2025 and 2024, we generated revenue of $2,588,452 and 451,509, respectively.

### Cost of Revenues

For the nine months ended March 31, 2025 and 2024, cost of revenues was $1,684,337 and $364,199, respectively.

### Gross Profit

For the nine months ended March 31, 2025 and 2024, gross profit was $904,115 and $87,310, respectively.

### Operating Expenses

Selling, general, and administrative expenses were $97,572 and $122,236 for the nine months ended March 31, 2025 and 2024, respectively, representing a decrease of $24,664. However, the Company experienced significant increases in consulting and marketing expenses. For the same nine-month periods, consulting and marketing expenses rose from $252,818 in 2024 to $359,015 in 2025—an increase of $106,197. Officer and director compensation also increased, driven by the expansion of the executive team. Compensation for officers and directors totaled $135,183 for the nine months ended March 31, 2025, compared to $75,000 for the same period in 2024, representing an increase of $60,183.

Overall, the Company’s operating expenses for the nine months ended March 31, 2025, were primarily driven by executive compensation, consulting services, software fees, travel, and marketing initiatives. These expenditures reflect strategic investments in leadership, business development, and operational infrastructure intended to support long-term growth. Executive compensation supports leadership efforts in executing strategic priorities, while consulting services have been used to enhance sales operations, financial planning, and technological development. Software fees reflect investments in automation, analytics, and customer management systems aimed at increasing efficiency and scalability. Travel expenses were incurred to support business development, investor relations, and partnership expansion. Marketing expenditures were focused on building brand awareness, acquiring new customers, and strengthening market positioning. Collectively, these investments are intended to drive continued revenue growth, improve operational efficiency, and reinforce the Company’s market presence.

### Other Income (Expenses)

For the nine months ended March 31, 2025, the Company recorded other expenses of ($24,978), compared to other income of $940,570 for the same period in 2024. This represents a decrease of $965,548, or approximately 102.66%. The decline is attributable to the absence of one-time gains recognized in the prior year, including forgiveness of debt ($102,616), gain on sale of assets ($180,378), and a gain on derivative liability ($1,545,336), all of which were not repeated in the current period. Additionally, interest expense decreased significantly from ($195,157) in 2024 to ($24,978) in 2025. The Company also recognized no amortization of debt in the current period, compared to ($692,603) in 2024.

### Income tax expense

There was no income tax expense for the nine months ended March 31, 2025 and March 31, 2024.

### Net Income (loss)

Net income for the nine months ended March 31, 2025 was $250,059, compared to $526,230 for the same period in 2024, representing a decrease of $276,171, or 52.48%. While the Company experienced a substantial increase in revenue and gross profit due to growth in its 10 Fold Services subsidiary, the decline in net income was primarily the result of the non-recurrence of substantial one-time gains reported in the prior period’s other income.

### Liquidity and Capital Resources

The following table summarizes the cash flows for the nine months ended March 31, 2025 and 2024:

| Cash Flows: | 2025 | 2024 |
| --- | ---: | ---: |
| Net cash provided (used in) operating activities | 302,506 | (139,924) |
| Net cash (used) by investing activities | (238,000) | - |
| Net cash provided (used) by financing activities | (150,340) | 266,199 |
| Net increase (decrease) in cash | (85,834) | 126,275 |
| Cash at beginning of period | 115,747 | 18,300 |
| Cash at end of period | $29,913 | $144,575 |

As of March 31, 2025 and 2024, the Company had cash of $29,913 and $144,575 respectively.

### 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.

### Seasonality

We do not consider our business to be seasonal.

### Commitments and Contingencies

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.

### Inflation and Changing Prices

Neither inflation nor changing prices for the nine months ended March 31, 2025 had a material impact on our operations.

## Controls and procedures

As filed, 2,432 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 March 31, 2025, 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 March 31, 2025 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.

Filed May 14, 2025.
Source: SEC EDGAR, the filing index for accession 0001641172-25-010291. Last ingested by Listed: Oct 24, 2026, 15:01 ET. No prices; not investment advice.