10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020

Commission file number 000-10210

GLOBAL TECH INDUSTRIES GROUP, INC.

Nevada	83-0250943
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

511 Sixth Avenue, Suite 800 New York, New York	10011
(Address of principal executive offices)	(Zip Code)

212.204.7926

Registrant’s telephone number, including

area code:

Securities Registered Pursuant to Section 12(b) of the Act: None

Securities Registered Pursuant to Section 12(g) of the Act:

Common Shares, par value $0.001 per share

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [  ] No [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [  ] No [X]

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files) Yes [X] No [  ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated filer	[  ]	Accelerated filer	[  ]
Non-accelerated filer	[X]	Smaller reporting company	[X]
		Emerging growth company	[  ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. [  ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

The aggregate market value of voting stock held by non-affiliates of the registrant was approximately $2,645,844 as of June 30, 2020 (computed by reference to the last sale price of a share of the registrant’s common stock the last day of the registrant’s second fiscal quarter as reported by Financial Industry Regulatory Authority Bulletin Board).

There were 245,148,005 shares outstanding of the registrant’s common stock as of March 29, 2021.

Table of Contents
PART I
Item 1.	Business	3
Item 2.	Properties	7
Item 3.	Legal Proceeding	7
Item 4.	Mine Safety	7
PART II
Item 5.	Market for the Registrant’s Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities	8
Item 6.	Selected Financial Data	9
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	9
Item 8.	Financial Statements and Supplementary Data	12
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	36
Item 9A.	Controls and Procedures	36
PART III
Item 10.	Directors and Executive Officers and Corporate Governance	38
Item 11.	Executive Compensation	43
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters	46
Item 13.	Certain Relationships and Related Transactions, and Director Independence	47
Item 14.	Principal Accounting Fees and Services	47
PART IV
Item 15.	Exhibits, Financial Statements Schedules	48
	Signatures	51
	Certifications

2

PART I

ITEM 1. BUSINESS

General

Global Tech Industries Group, Inc. (“Global Tech”, “GTII”, “we”. “our”, “us”, “the Company”, “management”) is a Nevada corporation which has been operating under several different names since 1980.

Western Exploration, Inc., a Nevada corporation, was formed on July 24, 1980. In 1990, Western Exploration, Inc. changed its name to Nugget Exploration, Inc. On November 10, 1999, a wholly owned subsidiary of Nugget Exploration, Inc., Nugget Holdings Corporation, merged with and into GoHealthMD, Inc., a Delaware corporation. Shortly thereafter, Nugget Exploration, Inc. changed its name to GoHealthMD, Inc., a Nevada corporation.

On August 18, 2004, GoHealthMD, Inc., the Nevada Corporation, changed its name to Tree Top Industries, Inc. On July 7, 2017, Tree Top Industries, Inc. changed its name to Global Tech Industries Group, Inc. GoHealthMD, Inc. continues to exist as a Delaware corporation and wholly owned subsidiary of Global Tech Industries Group, Inc., TTI Strategic Acquisitions and Equity Group, Inc., and TTII Oil & Gas, Inc., a Delaware corporation, all were formed by Global Tech in the anticipation of technologies, products, or services being acquired. G T International, Inc., a Nevada corporation, is also a wholly-owned subsidiary of Global Tech Industries Group, Inc. Not all subsidiaries have current operations.

The Company currently has investing operations through TTII Strategic Acquisitions and Equity Group, Inc., wherein the Company holds various Marketable Securities, however the amounts of investments are minimal as of December 31, 2020. The Company is also involved in various merger and acquisition activities, and is currently negotiating opportunities that are expected to bring operating revenues to the Company, (see subsequent events). The Company continues to seek opportunities to utilize its intellectual properties and relationships with our valued business associates.

3

Organizational History

We were incorporated in 1980 under the laws of the State of Nevada under the name of Western Exploration, Inc. Western Exploration, Inc., a Nevada corporation, was formed on July 24, 1980. In 1990, Western Exploration, Inc. changed its name to Nugget Exploration, Inc. On November 10, 1999, a wholly-owned subsidiary of Nugget Exploration, Inc., Nugget Holdings Corporation merged with and into GoHealthMD, Inc., a Delaware corporation. Shortly thereafter, Nugget Exploration, Inc. changed its name to GoHealthMD, Inc. a Nevada corporation.

On August 18, 2004, GoHealthMD, Inc., the Nevada Corporation, changed its name to Tree Top Industries, Inc. On July 7, 2016, Tree Top Industries, Inc. changed its name to Global Tech Industries Group, Inc. GoHealthMD, Inc. continues to exist as a Delaware corporation and wholly-owned subsidiary of Global Tech Industries Group, Inc. NetThruster, Inc. MLN, Inc., BioEnergy Applied Technologies, Inc. (“BAT”), Eye Care Centers International, Inc., GoHealthMD Nano Pharmaceuticals, Inc., TTI Strategic Acquisitions and Equity Group, Inc. and TTII Oil & Gas, Inc, all were formed by Global Tech in the anticipation of technologies, products or services being acquired. G T International, Inc. is a wholly owned subsidiary of Global Tech Industries Group, Inc., existing as a Wyoming corporation. Not all subsidiaries are currently active.

On December 31, 2012, Global Tech and its new subsidiary, TTII Oil & Gas, Inc., a Delaware corporation, signed a binding asset purchase agreement with American Resource Technologies, Inc. (“ARUR”), a Kansas corporation, to acquire all the assets of ARUR for a purchase price of $513,538, which was paid in the form of 4,668,530 shares of Global Tech’s common stock as described in the asset purchase agreement. The shares were valued at $0.11 per share, based on the closing trading price of the common stock on the Closing Date. The assets purchased from ARUR include a 75% working interest in oil and gas leases in Kansas, as well as other oil field assets, a natural gas pipeline, currently shut down that is also located in Kansas, 25% interest in three other business entities operating in Kansas, and accounts receivables from two companies operating in Brazil in the amounts of $3,600,000 and $3,600,000 respectively. TTII Oil & Gas, Inc. also purchased three promissory notes in the amounts of $100,000, $100,000 and $350,000, as well an overdue contract for revenue in the amount of $1,000,000. Finally, a gun sight patent was also acquired from Century Technologies, Inc. All accounts and notes receivable were deemed uncollectable due to the age and circumstances, and therefore were assessed no value in the asset purchase. The equity ownerships were also deemed to be impaired due to the inactive nature of the entities, and were not allocated any value. The gun sight patent was also not readily assessable as to value and no purchase price was allocated to this asset. Also, due to the mechanic’s lien and lawsuit on the oil leases, as well as the absence of an official reserve report, the oil lease was also impaired and no value was recorded for this asset. On September 2015, the Chautauqua County Court decided that American Resource Technologies Inc management and Board of Directors improperly acted and rendered the original Agreement a nullity. During 2019, the Company removed additional obligations related to the ARUR acquisition and settled legal fees due. During the 2^nd quarter 2020, the Company was successful in recalling the 4,668,530 shares and cancelling them from the shareholders list.

4

On December 30, 2016, Global Tech Industries Group, Inc., a Nevada corporation, executed a stock purchase agreement (the “Agreement”), which was signed and closed in Hong Kong, with GoFun Group, Ltd. through its wholly owned subsidiary Go F & B Holdings, Ltd. GoFun Group, Ltd. is a privately held company running a casual dining restaurant business, based in Hong Kong. Subsequent to the agreement being signed, GoFun Group failed to substantially perform under the agreement, including, but not limited to providing audited financials of its assets, making the ongoing payments called for in the agreement, along with other matters that led Global Tech to initiate litigation in the United States. Currently, Global Tech and GoFun are litigating the matter in the U.S District Court for the Southern District of New York, Docket No.17-CV-03727. On October 2, 2019, the Company was able to secure, via preliminary settlement, the return of 43,649,491 shares of the Company’s stock, that was issued in good faith to GoFun in anticipation of a final stock exchange. The stock has since been returned to the Company’s treasury and cancelled. As of this writing, motions are pending that may require remaining negotiations to continue in arbitration.

On December 30, 2019, a dispute between the Company and its counsel regarding the GoFun matter, above, resulted in a filing, and subsequent settlement, of an action in the Supreme Court of the State of New York for the County of New York (Index No. 656396/2019). Pursuant to the settlement, counsel for the company accepted previously-issued shares as full payment for all legal work, expenses, costs, and other fees.

Research and Development

Although Global Tech’s staff is limited, it continues to monitor new developments and any emerging technologies.

Intellectual Property

With the acquisition of BAT, Global Tech acquired fifteen (15) intellectual properties pertaining to the construction of the mobile configuration and operation of the glyd-arc medical waste destruction unit, as well as an enhanced configuration and novel method for coal gasification.

There is currently no use or activity involving the intellectual properties of the Company, and accordingly, there is no recorded value assigned to these assets.

Government Regulation

BAT

According to the Environmental Protection Agency (“EPA”), no registration of the BAT system is required because the waste destruction process does not involve incineration. Incineration processes are subject to regulation by the EPA. However, any hazardous waste destruction system that is constructed will be subject to the state laws and regulations where the system is located, as well as any regulations pertaining to the storage, transporting and/or destroying hazardous waste. BAT is also subject to government laws and regulations governing health, safety, working conditions, employee relations, wrongful termination, wages, taxes and other matters applicable to businesses in general. The Company currently has no plans to manufacture, sell, or use any BAT-related systems.

5

Competition

The Company is in the process of developing or acquiring ongoing operations, and therefore has no competition to disclose.

Employees

As of December 31, 2020, the Company employed two people. Both employees are in executive positions.

6

Seasonality

Our operations are not expected to be affected by seasonal fluctuations, although our cash flow may be affected by fluctuations in the timing of cash receipts from customers, if any.

ITEM 2. PROPERTIES

Currently, GTII does not lease, rent or own any property, other than its office which acts only as a mail receipt center.

ITEM 3. LEGAL PROCEEDINGS

During March 2013, the Company was named in an action pertaining to the 75% working interest in the Ownbey Lease. Subsequent to the Company’s purchase of the assets and the termination of the operator, a mechanics lien was filed against the property claiming approximately $267,000 in fees are due to the previous operator. An action commenced in the District Court of Chautauqua County, Kansas, captioned Aesir Energy, Inc. vs. American Resource Technologies, Inc.; Nancy Ownbey Archer; Jimmy Stephen Ownbey; Robbie Faye Butts; Global Tech Industries Group, Inc. and TTII oil & Gas, Inc. In February 2017, the Chautauqua Court ruled that the acquisition agreement be nullified. During 2019, all assets and liabilities were removed from the companies’ books including an asset retirement obligation of $101,250 that was associated with the oil and gas property. No other monetary claims have been asserted against GTII or TTII Oil & Gas, Inc

On February 3, 2017, the Company filed suit in Eastern District Federal Court New York against American Resource Technologies, Inc., (ARUR) and several directors and officers relating to the Chautauqua County Court Kansas decision nullifying the acquisition Agreement of ARUR. The Company has made several attempts to recover the shares of GTII stock paid to ARUR for the asset acquisition and the various costs and expenses expended by GTII in fulfillment of its obligations under the contract with ARUR. The failure of non-litigation attempts to resolve the matter resulted in filing an action for declaratory judgment in the US District Court for the Eastern District of New York, Docket No. 17-CV-0698. The case was subsequently withdrawn due to the close of ARUR operations. .. During the 2^nd quarter 2020, the Company was successful in recalling the 4,668,530 shares and cancelling them from the shareholders list.

On December 30, 2016, the Company executed a stock purchase agreement (the “Agreement”), which was signed and closed in Hong Kong, with GoFun Group, Ltd. through its wholly owned subsidiary Go F & B Holdings, Ltd. GoFun Group, Ltd. is a privately held company running a casual dining restaurant business, based in Hong Kong. Subsequent to the agreement being signed, GoFun Group failed to substantially perform under the agreement, including, but not limited to providing audited financials of its assets, making the ongoing payments called for in the agreement, along with other matters that led Global Tech to initiate litigation in the United States. Currently, Global Tech and GoFun are litigating the matter in the U.S District Court for the Southern District of New York, Docket No.17-CV-03727 . On October 2, 2019, the Company was able to secure, via preliminary settlement, the return of 43,649,491 shares of the Company’s stock, that was issued in good faith to GoFun in anticipation of a final stock exchange. The stock has since been returned to the Company’s treasury and cancelled. The Company also reclassified a deposit received from GoFun shareholders in the amount of $128,634 for future share issuances pursuant to the Acquisition Agreement, to a Gain on Settlements and Debt Relief as part of the legal settlement of this case. As of this writing, motions are pending that may require remaining negotiations to continue in arbitration.

.

On December 30, 2019, a dispute between the Company and its counsel regarding the GoFun matter, above, resulted in a filing, and subsequent settlement, of an action in the Supreme Court of the State of New York for the County of New York (Index No. 656396/2019). Pursuant to the settlement, counsel for the Company accepted previously-issued shares as full payment for all legal work, expenses, costs, and other fees.

ITEM 4. Mine Safety

N/A

7

PART II

ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

GTII’s common stock is quoted through the over-the-counter market on the OTC Market Group, Inc. Board. (“OTCQB”) under the symbol “GTII.” Prior to 2010, there was limited trading of GTII’s common stock. The following table sets forth high and low sales prices of GTII common stock for each fiscal quarter for the last two fiscal years as reported by the OTC Markets., based on closing prices. The prices in the table reflect inter-dealer prices, without retail markup, markdown or commission and may not represent actual transactions.

Year Ended December 31, 2020	High		Low
First Quarter ended March 31, 2019	$	0.15	$	0.09
Second Quarter ended June 30, 2019	$	0.17	$	0.05
Third Quarter ended September 30, 2019	$	0.06	$	0.03
Fourth Quarter ended December 31, 2019	$	0.05	$	0.02
First Quarter ended March 31, 2020	$	0.038	$	0.017
Second Quarter ended June 30, 2020	$	0.027	$	0.014
Third Quarter ended September 30, 2020	$	0.052	$	0.013
Fourth Quarter ended December 31, 2020	$	0.139	$	0.038

As of March 29, 2021, there were approximately 308 record holders of GTII common stock, not including shares held in “street name” in brokerage accounts. As of March 29, 2020, there were approximately 245,148,005 shares of GTII’s common stock issued and outstanding on record.

Dividends

GTII has not declared or paid any cash dividends on its common stock.

Transfer Agent and Registrar

The transfer agent and registrar for GTII’s common stock is Liberty Stock Transfer, Inc. The Company email address is: 1041 Highway 36, Suite 310, Atlantic Highlands, NJ 07716 and the phone number is (732) 372-0707.

Repurchases of Our Securities

None of the shares of our common stock were repurchased by the Company during the fiscal year ended December 31, 2020.

Sales of Our Unregistered Securities during 2020 Not Previously Disclosed

None

8

ITEM 6. Selected Financial Data

N/A

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cautionary Statements

This Form 10-K may contain “forward-looking statements,” as that term is used in federal securities laws, about Global Tech’s consolidated financial condition, results of operations and business. These statements include, among others:

● statements concerning the potential benefits that may be experienced from business activities and certain transactions contemplated or completed; and

● statements of our expectations, beliefs, future plans and strategies, anticipated developments and other matters that are not historical facts. These statements may be made expressly in this Form 10-K. You can find many of these statements by looking for words such as “believes,” “expects,” “anticipates,” “estimates,” “opines,” or similar expressions used in this Form 10-K. These forward-looking statements are subject to numerous assumptions, risks and uncertainties that may cause our actual results to be materially different from any future results expressed or implied in those statements. The most important facts that could prevent us from achieving our stated goals include, but are not limited to, the following:

a)	volatility or decline of Global Tech’s stock price;
b)	potential fluctuation of quarterly results;
c)	failure to earn revenues or profits;
d)	inadequate capital to continue or expand our business, and inability to raise additional capital or financing to implement our business plans;
e)	failure to commercialize our technology or to make sales;
f)	decline in demand for our products and services;
g)	rapid adverse changes in markets;
h)	litigation with or legal claims and allegations by outside parties against GTII, including but not limited to challenges to intellectual property rights;
i)	insufficient revenues to cover operating costs; and
J)	inability to make a business acquisition that is profitable for the Company and its shareholders.

There is no assurance that we will be profitable, we may not be able to successfully develop, manage or market our products and services, we may not be able to attract and retain qualified executives and technology personnel, we may not be able to obtain customers for our products or services, our products and services may become obsolete, government regulation may hinder our business, additional dilution in outstanding stock ownership may be incurred due to the issuance of more shares, warrants and stock options, or the exercise of outstanding warrants and stock options, and other risks inherent in our businesses.

9

Because the statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements. We caution you not to place undue reliance on the statements, which speak only as of the date of this Form 10-K. The cautionary statements contained or referred to in this section should be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. We do not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of this Form 10K, or to reflect the occurrence of unanticipated events.

PLAN OF OPERATIONS

With the suspension of the Company’s oil operation, and the legal ruling that the oil properties were no longer the property of GTII, the Company has sought other potential business opportunities. Subsequent to December 31, 2020, the Company has acquired two companies with operating activities which will assist to support its administrative expenses and to enable the Company to earn profits and achieve positive cash flow. The operations of our acquisitions are in the purchasing and selling of precious metal, specifically purchasing gold internationally and selling from our facilities in Dubai. Our other acquisition is in the family eye care industry, which includes exams and production of eye wear.

This plan is totally dependent on the Chairman, David Reichman’s continued support, as well as our ability to raise capital. Execution of the business plan is subject to this constraint as well as the finding of sufficient funding.

RESULTS OF OPERATIONS

During the 2020 year, we generated revenues of $8,500, compared to $0 for 2019. Our total operating expenses increased from $1,861,764 in 2019 to $2,573,359 in 2020. The increase was primarily the result of the increase in stock-based compensation to our professionals. General and administrative expenses decreased from $992,865 in 2019 to $65,856 in 2020, a decrease of $927,009, mostly due to the decrease in travel related expenses due to the restrictions of Covid-19. Compensation to officers and service fees to professionals increased by $1,638,337, from $868,899 to $2,507,236 due mostly to the increase in share-based compensation, and medical benefits for employees. Depreciation expense increased to $267 from $0 the prior year.

Our net loss increased by $1,349,651 to $2,778,486 in 2020 from $1,428,835 in 2019, due to the 2019 debt relief gains and increased stock-based compensation in 2020.

LIQUIDITY AND CAPITAL RESOURCES

At December 31, 2020, we had cash on hand of $2,479 compared to $1,435 at December 31, 2019. We used cash in our operations of $173,399 in 2020 compared to $223,597 in 2019, a 29% decrease. However, we raised net $109,513 and $45,601 from related party loans in 2020 and 2019, respectively. We anticipate that we will have an increase in our cash flow from continuing operations with the acquisitions made subsequent to year end. We do not have sufficient cash on hand at December 31, 2020 to cover our negative cash flow. We will attempt to increase our operating activities with our acquisitions in 2021, and possibly raise capital through the sale of our common stock or through debt financing.

10

Some of Global Tech’s past due obligations, including $338,000 of accounts payable, and $113,000 of notes payable and judgments, were incurred or obtained prior to 2005. No actions have been taken by any of the applicable creditors. Action by any such creditor would materially decrease our liquidity. Global Tech has no credit facilities with which to resolve these outstanding obligations from prior years, but will attempt to fully resolve them upon a successful capital raise and monetary action of the business. This may have a negative impact on our future liquidity in the event we must prioritize the repayment of these obligations when capital becomes available. In December 2020, the officers, directors and affiliates of the Company converted accrued wages and expenses of $688,955 and $3,974,751 in notes payable and accrued interest to stock and options received. In 2019, the officers converted accrued wages of $680,000, and cash advances of $400,224 into notes payable of $2,579,673.

Any remedy to our current lack of liquidity must take into account all the foregoing liabilities. Global Tech intends to continue its pursuit to raise capital in order to monetize its business and pay all its liabilities. Capital raise plans are under consideration but it cannot be assured that they will materialize in the current economic environment. Currently, Global Tech is without adequate financing or assets. Because no actions have been taken on the aforementioned past due obligations and demand has not been made by the applicable officers or Directors, we are unable to accurately quantify the effect the overdue accounts have on Global Tech’s financial condition, liquidity and capital resources. However, in the event that all of these obligations and notes payable were required to be paid in an amount equal to the full balance of each, Global Tech would not be able to meet the obligations based upon its current financial status. The liquidity shortfall of $1,777,125 would cause Global Tech to default and, further, would put our continued viability in jeopardy.

CONTRACTUAL OBLIGATIONS

None

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. These principles require us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, cash flow and related disclosure of contingent assets and liabilities. Our estimates include those related to revenue recognition, accounts receivable reserves, income and other taxes, stock-based compensation and equipment and contingent obligations. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates. To the extent that there are material differences between these estimates and our actual results, our future financial statements will be affected.

We define our “critical accounting policies” as those U.S. generally accepted accounting principles that require us to make subjective estimates about matters that are uncertain and are likely to have a material impact on our financial condition and results of operations as well as the specific manner in which we apply those principles. Our estimates are based upon assumptions and judgments about matters that are highly uncertain at the time the accounting estimate is made and applied and require us to continually assess a range of potential outcomes. A detailed discussion of the critical accounting policies that most affect our company is located in Footnote 2 of the notes to our financial statements.

11

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

CERTIFIED PUBLIC ACCOUNTING FIRM

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of

Global Tech Industries Group, Inc.

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheet of Global Tech Industries Group, Inc. (the Company) as of December 31, 2020 and 2019 and the related consolidated statements of operations, changes in stockholders’ deficit and cash flows for the years then ended, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019 and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Consideration of the Company’s Ability to Continue as a Going Concern

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1, the Company has incurred significant accumulated deficits, recurring operating losses and a negative working capital. This and other factors raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also discussed in Note1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Stock for Services

As described in Note 7 to the financial statements, the Company issued common stock for services.  Management establishes their estimate for the value of the stock for services using historical stock price information.

The principal considerations for our determination that performing procedures relating to stock for services is a critical audit matter are due to the material impact it has on the consolidated financial statements.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, evaluating the reasonableness of the historical stock price information used by management to determine the expense related to stock for services.

/s/ Pinnacle Accountancy Group of Utah

We have served as the Company’s auditor since 2020

Pinnacle Accountancy Group of Utah

(a dba of Heaton & Company, PLLC)

Farmington, Utah

April 8, 2021

12

Global Tech Industries Group, Inc.

Consolidated Balance Sheets

ASSETS

	December 31,			December 31,
	2020			2019
CURRENT ASSETS
Cash and cash equivalents	$	2,479		$	1,435
Prepaid expenses		222,167			-
Marketable securities		31,000			44,044
Total Current Assets		255,646			45,479
PROPERTY AND EQUIPMENT (NET)		2,946			-
TOTAL ASSETS	$	258,592		$	45,479
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accounts payable and accrued expenses	$	610,715		$	722,372
Accounts payable and accrued expenses-officers and directors		8,953			8,955
Accrued interest payable		357,708			310,307
Accrued interest payable-officers and directors		-			298,796
Notes payable in default		871,082			871,082
Due to officers and directors		109,513			-
Convertible debenture		74,800			-
Total Current Liabilities		2,032,771			2,211,512
LONG-TERM LIABILITIES
Notes payable related party		-			3,540,405
Total Long-Term Liabilities		-			3,540,405
Total Liabilities		2,032,771			5,751,917
STOCKHOLDERS’ DEFICIT
Preferred Stock, par value $.001, 50,000 authorized, 1,000 issued and outstanding		1			1
Common Stock, par value $0.001 per share, 350,000,000 shares authorized; 230,498,005 and 205,277,990 issued and outstanding, respectively		230,498			205,278
Additional paid-in-capital		168,398,511			161,712,986
Accumulated Deficit		(170,403,189	)		(167,624,703	)
Total Stockholders’ Deficit		(1,774,179	)		(5,706,438	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	258,592		$	45,479

The accompanying notes are an integral part of these consolidated financial statements.

13

Global Tech Industries Group, Inc.

Consolidated Statements of Operations

	For the Years Ended
	December 31,
	2020			2019
REVENUES, net	$	8,500		$	-
OPERATING EXPENSES
General and administrative		65,856			992,865
Compensation and professional fees		2,507,236			868,899
Depreciation		267			-
Total Operating Expenses		2,573,359			1,861,764
OPERATING LOSS		(2,564,859	)		(1,861,764	)
OTHER INCOME (EXPENSES)
Gain (loss) on sale of marketable securities		(12,901	)		67,342
Gain on settlements and debt relief		-			472,421
Interest expense		(200,726	)		(106,834	)
Total Other Income (Expenses)		(213,627	)		432,929
LOSS BEFORE INCOME TAXES		(2,778,486	)		(1,428,835	)
INCOME TAX EXPENSE		-			-
NET LOSS	$	(2,778,486	)	$	(1,428,835	)
OTHER COMPREHENSIVE INCOME		-			-
COMPREHENSIVE LOSS	$	(2,778,486	)	$	(1,428,835	)
BASIC AND DILUTED LOSS PER SHARE	$	(0.01	)	$	(0.01	)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED		207,923,257			178,502,990

The accompanying notes are an integral part of these consolidated financial statements.

14

Global Tech Industries Group, Inc.

Consolidated Statement of Stockholders’ Deficit

For the Years Ended December 31, 2020 and 2019

																Total
	Preferred Stock				Common Stock						Additional		Accumulated			Stockholders’
	Shares		Amount		Shares			Amount			Capital		Deficit			Deficit
Balance, December 31, 2018		1,000	$	1		170,777,990		$	170,778		$	160,739,496	$	(166,195,868	)	$	(5,285,593	)
Common stock issued for services & ESOP plan						33,500,000			33,500			936,050					969,550
Imputed interest – loan												13,440					13,440
Stock issued PPM						1,000,000			1,000			24,000					25,000
Net loss for the year ended December 31, 2019														(1,428,835	)		(1,428,835	)
Balance, December 31, 2019		1,000	$	1		205,277,990		$	205,278		$	161,712,986	$	(167,624,703	)	$	(5,706,438	)
Common stock issued for services						25,224,840			25,225			2,008,374					2,033,599
Cancellation of ARUR acquisition shares						(4,668,530	)		(4,668	)		4,668					-
Common stock issued for conversion of notes payable -related party						3,540,405			3,540			384,134					387,674
Common stock issued for conversion of accrued interest-related party						434,345			434			47,128					47,562
Common stock issued for conversion of accounts payable-related party						8,955			9			972					981
Common stock issued for accrued wages-related party						680,000			680			73,780					74,460
Stock options issued for conversion of notes payable-related party												339,952					339,952
Stock options issued for conversion of accrued interest-related party												41,706					41,706
Stock options issued for conversion of accounts payable-related party												860					860
Stock options issued for conversion of accrued wages-related party												65,295					65,295
Gain on forgiveness of debt-related party												3,705,216					3,705,216
Imputed interest – loan												13,440					13,440
Net loss for the year ended December 31, 2020														(2,778,486	)		(2,778,486	)
Balance, December 31, 2020		1,000		1		230,498,005		$	230,498		$	168,398,511	$	(170,403,189	)	$	(1,774,179	)

The accompanying notes are an integral part of these consolidated financial statements.

15

Global Tech Industries Group, Inc.

Consolidated Statements of Cash Flows

	For The Years Ended
	December 31,
	2020			2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(2,778,486	)		(1,428,835	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		267			-
Stock issued for services		2,033,599			969,550
Imputed interest on loan		13,440			13,440
Realized (gain) loss on sale of marketable securities		12,901			(67,342	)
Gain on settlements and debt relief		-			(472,421	)
Change in operating assets and liabilities:
Increase in prepaid expenses		(222,167	)		-
Increase in accounts payable and accrued expenses		577,299			225,037
Increase (decrease) in accounts payable and accrued expenses – officers and directors		(2	)		495,130
Increase in accrued interest payable		54,201			35,354
Increase in accrued interest payable – officers and directors		135,549			6,490
Net Cash Used in Operating Activities		(173,399	)		(223,597	)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for property and equipment		(3,213	)		-
Proceeds from sale of marketable securities		143			206,236
Net Cash Provided by (Used in) Investing Activities		(3,070	)		206,236
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock		-			25,000
Proceeds from convertible debenture		68,000			-
Payments on notes payable		-			(59,624	)
Payments to officers and directors		(68,000	)		(62,591	)
Proceeds from officers and directors		177,513			108,192
Net Cash Provided by Financing Activities		177,513			10,977
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,044			(6,384	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		1,435			7,819
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	2,479		$	1,435
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest	$	-		$	-
Cash paid for income taxes	$	-		$	-
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Reclassification of accruals to notes payable, related party	$	-		$	1,080,224
Conversion of accruals and notes payable-related party to stock	$	510,677		$	-
Conversion of accrual and notes payable-related party to options	$	447,813		$	-
Gain on forgiveness of debt - related party	$	3,705,216		$	-

The accompanying notes are an integral part of these consolidated financial statements.

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NOTE 1 – NATURE OF OPERATIONS

A) ORGANIZATIONAL HISTORY

We were incorporated in 1980 under the laws of the State of Nevada under the name of Western Exploration, Inc. Western Exploration, Inc., a Nevada corporation, was formed on July 24, 1980. In 1990, Western Exploration, Inc. changed its name to Nugget Exploration, Inc. On November 10, 1999, a wholly-owned subsidiary of Nugget Exploration, Inc., Nugget Holdings Corporation, merged with and into GoHealthMD, Inc., a Delaware corporation. Shortly thereafter, Nugget Exploration, Inc. changed its name to GoHealthMD, Inc. a Nevada corporation.

On August 18, 2004, GoHealthMD, Inc., the Nevada Corporation, changed its name to Tree Top Industries, Inc. On July 7, 2016, Tree Top Industries, Inc. changed its name to Global Tech Industries Group, Inc. TTI Strategic Acquisitions and Equity Group, Inc. and TTII Oil & Gas, Inc, all were formed by Global Tech in the anticipation of technologies, products or services being acquired. G T International, Inc. is a wholly owned subsidiary of Global Tech Industries Group, Inc., existing as a Wyoming corporation. TTI Strategic Acquisitions is the only subsidiary with current financial activity.

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B) GOING CONCERN

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company incurred a net loss of $2,778,486 during the fiscal year ended December 31, 2020 and has an accumulated deficit of $170,403,189 at December 31, 2020. The Company also had negative working capital of $1,777,125 and $2,166,033 at December 31, 2020 and 2019, respectively, and negative cash flow from operations of $173,399 and $223,597, respectively, for the years then ended.

During 2013, the Company generated significant revenues and left the exploration stage, however, the Company did not generate significant revenues during the years ended December 31, 2020 or 2019, and its cash flows are not sufficient enough to support all expenses of the Company. The Company as yet, still requires substantial financing. Most of the financing has been provided by David Reichman, the Chief Executive Officer and Chairman. The Company is dependent upon his ability and willingness to continue to provide the financing necessary to meet reporting and filing requirements of a public company.

In order for the Company to remain a going concern, it will need to continue to receive funds from equity or debt financing and secure operating revenues. There can be no assurance that the Company will continue to receive any proceeds from equity offerings or that the Company will be able to obtain the necessary funds to finance its operations. These conditions raise substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

On March 11, 2020, the World Health Organization declared the outbreak of a coronavirus (COVID-19) a pandemic. As a result, economic uncertainties have arisen which have the potential to negatively impact the Company’s ability to raise funding from the markets. Other financial impact could occur though such potential impact is unknown at this time.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

A) PRINCIPLES OF CONSOLIDATION

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Ludicrous, Inc., TTI Strategic Acquisitions and Equity Group, Inc, TTII Oil & Gas, Inc., and G T International, Inc. All subsidiaries of the Company, other than TTI Strategic Acquisitions and Equity Group, Inc., currently have no financial activity. All significant inter-company balances and transactions have been eliminated.

B) USE OF MANAGEMENT’S ESTIMATES

The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. These financial statements have material estimates for valuation of stock and option transactions.

C) CASH EQUIVALENTS

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are maintained with major financial institutions in the U S. Deposits held with these banks at times exceed $250,000 of insurance provided on such deposits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash and cash equivalents. At December 31, 2020 and 2019, no excess existed. There were no cash equivalents at December 31, 2020 and 2019.

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D) FIXED ASSETS

Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, ranging from 3 to 7 years for furniture, fixtures, machinery and equipment. Leasehold improvements are amortized over the lesser of the term of the lease or the economic life of the asset. Routine repairs and maintenance are expensed when incurred.

E) INCOME TAXES

The Company follows ASC 740, “Income Taxes,”, which discusses recognition and measurement of uncertain tax positions using a “more-likely-than-not” approach, requiring the recognition and measurement of uncertain tax positions. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will to be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

F) REVENUE RECOGNITION

The Company had $8,500 and $0 in revenue during 2020 and 2019, respectively, for consulting services. However, these services are not expected to continue and therefore the Company currently has no source of operating revenue. The Company recognizes revenues in accordance with ASC 606 Revenue from Contracts with Customers. Revenue is recognized as services are rendered or when control of our products are transferred to our customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or products. The Company does not have any significant financing components as payment is received at or shortly after point of sale. The Company’s performance obligations related to services or products, transfers control to the customer at a point in time. Revenues for services and products are recorded upon shipment or delivery of services to the customer. If we subsequently determine that collection from that customer is not reasonably assured, we record an allowance for doubtful accounts and bad debt expense for all that customer’s unpaid invoices and cease recognizing revenue for continued services provided until cash is received.

G) STOCK-BASED COMPENSATION

The Company accounts for stock-based compensation in accordance with the provisions of ASC 718, “Compensation – Stock Compensation.” ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on the grant-date fair value of the award. That cost will be recognized over the period during which an employee is required to provide service in exchange for the reward- known as the requisite service period. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. The grant-date fair value of employee share options and similar instruments are estimated using the Black Scholes option-pricing model adjusted for the unique characteristics of those instruments.

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Equity instruments issued to non-employees are recorded at their fair values as determined in accordance with ASC 718 as amended by ASU 2018-07. As such, the grant date is the measurement date of an award’s fair value.

H) INTANGIBLE ASSETS AND BUSINESS COMBINATIONS

The Company follows ASC 805, “Business Combinations,” and ASC 350, “Intangibles - Goodwill and Other”. ASC 805 requires the use of the purchase method of accounting for any business combinations, and further clarifies the criteria to recognize intangible assets separately from goodwill. Under ASC 350, goodwill and indefinite−life intangible assets are reviewed for impairment annually.

I) FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company follows ASC 820, “Fair Value Measurements,” defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows:

[  ]	Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
[  ]	Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
[  ]	Level 3 inputs to the valuation methodology are unobservable and significant to the fair measurement.

The carrying amounts reported in the balance sheets for cash and cash equivalents, and current liabilities each qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The carrying value of notes payable approximates fair value because negotiated terms and conditions are consistent with current market rates as of December 31, 2020 and 2019.

Marketable securities are reported at the quoted and listed market rates of the securities held at the year end.

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The following table presents the Company’s Marketable securities within the fair value hierarchy utilized to measure fair value on a recurring basis as of December 31, 2020 and 2019:

	Level 1		Level 2		Level 3
Marketable Securities – 2020	$	31,000	$	-0-	$	-0-
Marketable Securities – 2019	$	44,044	$	-0-	$	-0-

J) BASIC AND DILUTED EARNINGS (LOSS) PER SHARE

The Company calculates earnings (loss) per share in accordance with ASC 260, “Earnings Per Share.” Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share gives effect to dilutive convertible securities, options, warrants and other potential common stock outstanding during the period; only in periods in which such effect is dilutive. For 2020 there were 4,500,664 stock options outstanding, however their effects were anti-dilutive. In 2019, there were no common stock equivalents.

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	For the Years Ended
	December 31,
	2020			2019
Loss (numerator)	$	(2,778,486	)	$	(1,428,835	)
Shares (denominator)		207,923,257			178,502,990
Basic and diluted loss per share	$	(.01	)	$	(.01	)

K) RECENT ACCOUNTING PRONOUNCEMENTS

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

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L) MARKETABLE SECURITIES

The Company purchases marketable securities and engages in trading activities for its own account. Securities that are held principally for resale in the near term are recorded at fair value with changes in fair value included in earnings. Interest and dividends are included in net Interest Income.

M) Concentrations

The Company generated 100% of its revenue from one customer during 2020. There were no revenues in 2019.

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NOTE 3 – RELATED PARTY TRANSACTIONS

Notes Payable-Related Party

The Company is indebted to the officers of the Company for unpaid wages, expenses and cash advances from current and previous years that were converted into Notes during 2019. Various Directors and Shareholders have also advanced funds to the Company to support operations. The balances at December 31, 2020 and 2019 for Related Party Notes Payable are $0 and $3,540,405, respectively. Accrued interest on the related party notes at December 31, 2020 and 2019 total $0 and $298,796, respectively. On December 19, 2020, the Company converted $3,540,405 of notes payable and $434,345 of accrued interest on related party notes into 4,663,705 shares of common stock and 4,500,664 stock options, leaving $0 related party notes and accrued interest at December 31, 2020. The value of the shares and options issued for notes payable, interest, accrued wages and accounts payable to related parties, and the related gain on forgiveness of the remaining debt recorded as additional paid-in capital is further described below:

	Stock		Options		Gain		Total
Notes payable	$	387,674	$	339,952	$	2,812,779	$	3,540,405
Accrued interest		47,561		41,706		345,078		434,345
Accrued wages		74,460		65,295		540,245		680,000
Accounts payable		982		860		7,114		8,956
Totals	$	510,677	$	447,813	$	3,705,216	$	4,663,706

Mr. Reichman, our CEO, has rendered services to the Company and his wages have been accrued in accrued expenses during 2017, 2018 and 2019. At December 30, 2019, Mr. Reichman agreed to consolidate accrued wages, auto allowance and cash advances in the amount of $2,016,672, into a long-term Note Payable bearing interest at 5% with a term date of July 15, 2021. At December 31, 2019, the Notes Payable to Mr. Reichman totaled $2,437,717. On December 19, 2020, Mr. Reichman’s Notes, accrued interest and 2020 accrued wages, totaling $3,192,385 were converted to 3,192,385 shares of common stock and 3,080,781 stock options. At December 31, 2020, Mr. Reichman’s Note payable was $0. Accrued interest on Mr. Reichman’s Notes was $0 and $163,254 at December 31, 2020 and 2019, respectively.

Mrs. Griffin, our President, has rendered services to the Company and her wages have been accrued in accrued expenses during 2017, 2018 and 2019. At December 30, 2019, Mrs. Griffin agreed to consolidate accrued wages and expenses into a long-term Note Payable of $563,000, bearing 5% interest, with a term date of July 15, 2021. At December 31, 2019, the Notes Payable to Mrs. Griffin totaled $769,670. On December 19, 2020, Mrs. Griffin’s Notes, accrued interest and 2020 accrued wages, totaling $1,045,700 were converted to 1,045,700 shares of common stock and 1,009,143 stock options. At December 31, 2020, Mrs. Griffin’s Note payable was $0. Accrued interest on Mrs. Griffin’s Notes was $0 and $67,168 at December 31, 2020 and 2019, respectively.

On December 13, 2012, the Company executed a note payable to an individual and board member in the amount of $19,000, interest accrues at 8% per annum, unsecured, due after 8 months of execution, but extended to July 15, 2021. On December 19, 2020, the loan and accrued interest were converted into 30,459 shares of common stock and 26,459 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $10,319 respectively.

On March 6, April 22, April 30, May 24, June 14, June 21, July 3, July 30, November 20, December 2, December 13, 2013, the Company executed notes payable to an individual and board member in the total amount of $31,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution, but extended to July 15, 2021. On December 19, 2020, the loan and accrued interest were converted into 44,532 shares of common stock and 38,683 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $12,137, respectively.

On January 2, January 21, April 24, May 19, July 28, August 26, and December 23, 2014, the Company executed notes payable to an individual and board member in the total amount of $31,500, interest accrues at 6% per annum, unsecured, due after 8 months of execution, but extended to July 15, 2021. On December 19, 2020, the loan and accrued interest were converted into 43,536 shares of common stock and 37,818 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $10,617, respectively.

On February 11, April 21, May 6, June 8, June 15, July 17, August 19, October 20, 2015, and January 22, 2016 the Company executed notes payable to an individual and board member in the total amount of $34,800, interest accrues at 6% per annum, unsecured, due after 8 months of execution, but extended to July 15, 2021. On December 19, 2020, the loan and accrued interest were converted into 45,837 shares of common stock and 39,817 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $9,471, respectively.

On February 28, 2013, the Company executed a note payable to a Trust and shareholder, whose Trustee is our CEO, in the amount of $5,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution, and extended to July 15, 2021. On December 19, 2020, the loan and accrued interest were converted into 7,275 shares of common stock and 6,320 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $2,050, respectively.

On July 23, July 24, August 5, August 26, and September 13, 2013, the Company executed a note payable to a Trust and shareholder, whose Trustee is our CEO, in the total amount of $80,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution. $7,924 was paid on December 31, 2020, leaving a balance of $72,076. On December 19, 2020, the loan and accrued interest were converted into 75,319 shares of common stock and 65,427 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $0, respectively.

On May 15, July 12, July 17, and November 22, 2013, the Company executed notes payable to an Trust and shareholder, whose Trustee is our CEO, in the total amount of $83,877, interest accrues at 6% per annum, unsecured, due after 8 months of execution, and extended to July 15, 2021. On December 19, 2020, the loan and accrued interest were converted into 96,430 shares of common stock and 83,765 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $8,778, respectively.

24

On January 22, 2014, the Company executed a note agreement with a Trust and shareholder, whose Trustee is our CEO, in the amount of $14,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution, and has been extended to July 15, 2021. On December 19, 2020, the loan and accrued interest were converted into 19,619 shares of common stock and 17,042 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $4,989, respectively.

On April 7, 2014, April 17, 2014, June 6, 2014, July 18, 2014 and October 10, 2014, the Company executed note agreements with a Trust and shareholder whose Trustee is our CEO, in various amounts totaling $24,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution, and has been extended to July 15, 2021. On December 19, 2020, the loan and accrued interest were converted into 33,528 shares of common stock and 29,124 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $8,448, respectively.

On October 10, 2014, the Company executed a note payable to a Trust and shareholder, whose Trustee is our CEO, in the amount of $5,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution, but extended to July 15, 2021. On December 19, 2020, the loan and accrued interest were converted into 6,792 shares of common stock and 5,900 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $1,567, respectively.

On December 30, 2019, the Company executed a note payable to a Trust and shareholder, whose Trustee is our CEO, in the amount of $12,765, interest accrues at 6%, per annum, unsecured, due on July 15, 2021. On December 19, 2020, the loan and accrued interest were converted into 13,339 shares of common stock and 11,587 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $0, respectively.

(b) Additional detail to all Notes Payable-Related Party is as follows:

2020		2019		Interest			Interest Expense
Principal		Principal		Rate			12/31/2020		12/31/2019		Maturity
$	-	$	2,016,672		5.00	%	$	75,265	$	-		7/15/21
	-		563,000		5.00	%		21,113		-		7/15/21
	-		409,920		5.00	%		15,372		20,496		7/15/21
	-		11,125		5.00	%		417		556		7/15/21
	-		200,000		5.00	%		7,500		10,000		7/15/21
	-		6,670		5.00	%		249		334		7/15/21
	-		19,000		8.00	%		1,140		1,520		7/15/21
	-		31,000		6.00	%		1,170		1,560		7/15/21
	-		31,500		6.00	%		1,419		1,892		7/15/21
	-		34,800		6.00	%		1,566		2,088		7/15/21
	-		5,000		6.00	%		225		300		7/15/21
	-		72,076		6.00	%		3,600		4,800		7/15/21
	-		-		6.00	%		2,214		2,952		N/A
	-		-		6.00	%		113		150		N/A
	-		83,877		6.00	%		1,005		1,340		7/15/21
	-		14,000		6.00	%		630		840		7/15/21
	-		24,000		6.00	%		1,080		1,440		7/15/21
	-		5,000		6.00	%		225		300		7/15/21
	-		12,765		6.00	%		573		-		7/15/21
$	0	$	3,540,405				$	134,876	$	50,568

Due to Officers and Directors

Due to officers consists of cash advances and expenses paid by Mr. Reichman in order to satisfy the expense needs of the Company. The balance of advances made by Mr. Reichman at December 30, 2019 in the amount of $400,223, were consolidated with other amounts due Mr. Reichman, and a Note Payable was issued in its stead. The payables and cash advances are unsecured, due on demand and do not bear interest. During 2020 Mr. Reichman advanced $177,513 to the Company to cover operating expenses and was repaid $68,000. During 2019 Mr. Reichman advanced $108,192, to the Company and was repaid $62,591. At December 31, 2020 and 2019, the amounts Due to Officers and Directors for cash advances and expenses are $109,513 and $0, respectively.

NOTE 4 - FIXED ASSETS

During the year ended 2020, the Company wrote off all fixed assets purchased prior to 2019, that were fully depreciated. Depreciation expense was $267 and $0 during the years ended December 31, 2020 and 2019, respectively.

Fixed assets consist of the following:

	2020			2019
Computer equipment	$	3,213		$	134,896
Office equipment		-			22,600
Telephone equipment		-			12,900
Total fixed assets		3,213			170,396
Accumulated Depreciation		(267	)		(170,396	)
Net fixed assets	$	2,946		$	-

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NOTE 5 - NOTES PAYABLE

(a) NOTES PAYABLE IN DEFAULT:

Notes payable in default consist of various notes bearing interest at rates from 5% to 9%, which are unsecured with original due dates between August 2000 and December 2016. All the notes are unpaid to date and are in default and are thus classified as current liabilities. At December 31, 2020 and 2019, notes payable in default amounted to $871,082 and $871,082, respectively. Accrued interest on the notes in default at December 31, 2020 and 2019 are $345,663 and $310,307, respectively. Below is a discussion of the details to the notes payable in default and a table summarizing the notes in default with additional information.

During 2002, the Company settled a trade payable in litigation by executing a note payable to a Company in the amount of $18,000, interest accrues at 6% per annum, unsecured, due September 1, 2002, and in default . Accrued interest at December 31, 2020 and 2019 is $20,880 and $19,800, respectively.

Also during 2002, in settlement of another trade payable, the Company executed a note payable to a Company in the amount of $30,000, interest accrues at 6% per annum, unsecured, due September 12, 2002, in default. Accrued interest at December 31, 2020 and 2019 is $32,299 and $30,499, respectively.

During 2000, the Company executed a note payable to an individual in the amount of $25,000, interest accrues at 5% per annum, unsecured, due August 31, 2000, in default. Accrued interest at December 31, 2020 and 2019 is $27,091 and $25,839, respectively.

In 2002, the Company settled an obligation with a consultant by executing a note payable for $40,000, interest accrues at 7% per annum, unsecured, due July 10, 2002, in default. Accrued interest at December 31, 2020 and 2019 is $52,287 and $49,487, respectively.

On December 27, 2009, the Company executed a note payable to an individual for various advances to the Company in the amount of $292,860. On June 26, 2013, this note was renegotiated to include the accrued interest. The new note balance is $388,376 and interest accrues at 5% per annum, unsecured, and is extended to October 5, 2019, with monthly installments beginning in 2014 of $5,553, which did not occur. This note is in default. Accrued interest at December 31, 2020 and 2019 is $145,909 and $126,489, respectively.

In January 27, 2010, the Company executed a note payable to a corporation in the amount of $192,000, bears no interest and is due on demand after 6 months of execution and is unsecured. No demand has been made at the date of these financial statements, but the note is in default. Interest expense in the amount of $13,440 has been imputed for this note in 2020 and 2019, with an offsetting entry to Paid in Capital.

On August 28, 2012, and September 17, 2012, the Company executed a note payable to a corporation in the amount of $12,000 and $20,000, respectively. On June 26, 2013, this note was renegotiated to include the accrued interest. The new note balance is $32,960 and interest accrues at 5% per annum, unsecured, and is extended to October 5, 2018, with monthly installments beginning in 2014 of $473, which did not occur, and is unsecured and in default. Accrued interest at December 31, 2020 and 2019 is $12,383 and $10,735, respectively.

On April 12, 2012, the Company executed a note payable to a corporation in the amount of $100,000, however on June 26, 2013, this note was renegotiated to bear interest at 5% per annum, unsecured, extended to October 5, 2018, with monthly installments beginning in 2014 of $1,430, which did not occur and this note is in default. Accrued interest at December 31, 2020 and 2019 is $37,568 and $32,568, respectively.

On December 31, 2012, the Company executed a note payable to a corporation in the amount of $32,000, however on June 26, 2013, this note was renegotiated to include accrued interest. The new note balance is $32,746, bears interest at 5% per annum, unsecured, extended to October 5, 2018, with monthly installments beginning in 2014 of $468, which did not occur and this note is in default. Accrued interest at December 31, 2020 and 2019 is $12,300 and $10,664, respectively.

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On March 11, 2014, the Company executed a note agreement with an LLC in the amount of $5,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution, extended to October 5, 2018 and is in default. Accrued interest at December 31, 2020 and 2019 is $2,042 and $1,742, respectively.

On January 31, 2014, the Company executed a note agreement with a Corporation in the amount of $7,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution, but extended to October 5, 2018 and is in default. Accrued interest at December 31, 2020 and 2019 is $2,904 and $2,484, respectively.

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None of the above notes are convertible or have any covenants.

(b) Additional detail to all Notes Payable in Default is as follows:

2020		2019		Interest			Interest Expense
Principal		Principal		Rate			12/31/2020		12/31/2019		Maturity
$	32,960		32,960		5.00	%		1,649		1,648		10/5/18
	32,746		32,746		5.00	%		1,637		1,636		10/5/18
	5,000		5,000		6.00	%		300		300		10/5/18
	100,000		100,000		5.00	%		5,000		5,000		10/5/18
	7,000		7,000		6.00	%		420		420		10/5/18
	388,376		388,376		5.00	%		19,420		19,419		10/5/18
	192,000		192,000		0	%		13,440		13,440		10/5/18
	18,000		18,000		6.00	%		1,080		1,080		9/1/2002
	30,000		30,000		6.00	%		1,800		1,800		9/12/2002
	25,000		25,000		5.00	%		1,250		1,250		8/31/2000
	40,000		40,000		7.00	%		2,800		2,800		7/10/2002
$	871,082	$	871,082				$	48,796	$	48,793

At December 31, 2020 and 2019, accrued interest on the outstanding notes payable were $345,663 and $310,307, respectively and related party notes was $0 and $298,796, respectively. Interest expense on the outstanding notes amounted to $183,669 and $99,361 for the years ended December 31, 2020 and 2019, including the imputed interest discussed above.

(c) CONVERTIBLE DEBENTURE:

On November 27, 2020, the Company executed a convertible debenture with a corporation in the amount of $74,800, interest accrues at 10% per annum, unsecured, due on November 27, 2021. The debenture includes a conversion right to be exercised at any time 180 days after execution of the note and is convertible into common stock of the Company at 75% of the market price, being calculated as the lowest three trading prices during the fifteen trading day period prior to conversion. The Debenture also required the Company to reserve 5 times the expected conversion share amount at the transfer agent, to insure there are sufficient shares available upon conversion.

The convertible debenture also contains a OID or original issue discount of $6,800, which was deducted from the proceeds, thus advancing $68,000 to the Company. Because the Company subsequently prepaid the debenture, the OID was completely expensed in the 2020 year.

The convertible debenture can be prepaid before the maturity date, however, if it is prepaid there are penalties associated with an early prepayment as follows:

Payment within 60 days of execution, prepayment penalty is 15%.

Payment after 60 days but within 90 days, prepayment penalty is 20%

Payment after 90 days but within 120 days, prepayment penalty is 25%

Payment after 120 days but within 180 days, prepayment penalty is 29%

Because the Company prepaid the Convertible Debenture on February 26, 2021 (see subsequent events), the Company accrued the related penalties pursuant to the agreement, along with the accrued interest. Accrued interest and penalties at December 31, 2020 was $12,045, and the Convertible Debenture balance was $74,800.

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NOTE 6 - INCOME TAXES

The Company follows the provisions of ASC 740, “Income Taxes.” This standard requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. As a result of the implementation of this standard, the Company performed a review of its material tax positions in accordance with recognition and measurement standards established by ASC 740.

Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

Deferred tax assets and the valuation account are as follows:

	2020			2019
Deferred tax assets:
NOL carryover	$	3,508,211		$	3,354,581
Valuation allowance		(3,508,211	)		(3,354,581	)
Net deferred tax asset	$	-		$	-

The income tax provision differs from the amount of income tax determined by applying the U.S. federal and state income tax rates of 21% to pretax income from continuing operations for the years ended December 31, 2020 and 2019.

The components of income tax expense are as follows:

	2020			2019
Book loss	$	(583,482	)	$	(300,055	)
Stock based compensation		427,056			203,606
Non-deductible expenses		87			1,352
Unrealized/Realized gains or losses on Securities (net)		2,709			1,642
Change in NOL valuation allowance		153,630			93,455
	$	-		$	-

The Company currently has no issues creating timing differences that would mandate deferred tax expense. Net operating losses would create possible tax assets in future years. Due to the uncertainty of the utilization of net operating loss carry forwards, a valuation allowance has been made to the extent of any tax benefit that net operating losses may generate. A provision for income taxes has not been made due to net operating loss carry-forwards of $15,878,689 and $15,147,119 as of December 31, 2020 and 2019, respectively, which may be offset against future taxable income. No tax benefit has been reported in the financial statements.

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A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

		December 31,
		2020		2019
Beginning balance	$	3,354,581	$	3,261,126
Additions based on tax positions related to current year		153,630		93,455
Additions for tax positions of prior years		-		-
Reductions for tax positions of prior years		-		-
Reductions in benefit due to income tax expense		-		-
Ending balance	$	3,508,211	$	3,354,581

The Company did not have any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months.

The Company includes interest and penalties arising from the underpayment of income taxes in the consolidated statements of operations in the provision for income taxes. As of December 31, 2020, and 2019, the Company had no accrued interest or penalties related to uncertain tax positions.

The tax years that remain subject to examination by major taxing jurisdictions are for the years ended December 31, 2020, 2019, 2018, 2017, 2016 and 2015.

NOTE 7 - STOCKHOLDERS’ DEFICIT

A) NUMBER OF SHARES AUTHORIZED

The Board of Directors have authorized 350,000,000 shares of common stock to be issued at a par value of $0.001. As of December 31, 2020 and 2019, 230,498,005 and 205,277,990 shares of common stock are issued and outstanding, respectively.

B) PREFERRED STOCK

The Board of Directors authorized 50,000 shares of “blank check” preferred stock. The terms, rights and features of the preferred stock will be determined by the Board of Directors upon issuance. Subject to the provisions of the Company’s certificate of amendment to the articles of incorporation and the limitations prescribed by law, the Board of Directors would be expressly authorized, at its discretion, to adopt resolutions to issue shares, to fix the number of shares and to change the number of shares constituting any series and to provide for or change the voting powers, designations, preferences and relative, participating, optional or other special rights, qualifications, limitations or restrictions thereof, including dividend rights (including whether the dividends are cumulative), dividend rates, terms of redemption (including sinking fund provisions), redemption prices, conversion rights and liquidation preferences of the shares constituting any series of the preferred stock, in each case without any further action or vote by the stockholders. The Board of Directors would be required to make any determination to issue shares of preferred stock based on its judgment as to the best interests of the Company.

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During 2016, Board of Directors authorized the issuance of 1,000 shares of Series A Preferred Stock to David Reichman, the Company’s CEO. Mr. Reichman has advance significant capital and expended significant time to the Company without compensation. As an effort to give Mr. Reichman security for his advances, the 1,000 shares of preferred were issued. The Series A Preferred Shares have the following features attached:

1)	Non-participating in the dividends to the Common Shareholders
2)	No Liquidation Preference
3)	Voting Rights to include: the right to vote in an amount equal to 51% of the total vote with respect to any proposal relating to (a) increasing the authorized share capital of the Company, (b) effecting any forward stock split of the Company’s authorized, issued or outstanding shares of capital stock, and (c) any other matter subject to a shareholder vote.
4)	No conversion rights
5)	Redemption Rights: The Series A shares shall be automatically redeemed upon (a) Mr. Reichman ceases to serve as an officer or director of the Company, (b) on the date that the Company’s shares or common stock first trade on any national securities exchange

C) ISSUANCES OF COMMON STOCK

On June 28, 2019, the Board of Directors authorized the issuance of 5,000,000 shares for services valued at $262,500, the market price of the shares upon authorization.

On October 10, 2019, the Board of Directors authorized the issuance of 1,000,000 shares for cash of $25,000 pursuant to a private placement memorandum.

On December 19, 2019, the Board of Directors authorized the issuance of 8,000,000 shares for services valued at $168,000, the market price of the shares upon authorization.

On December 21, 2019, the Board of Directors authorized the issuance of 15,500,000 shares for services valued at $389,050, the market price of the shares upon authorization.

On December 21, 2019, the Board of Directors authorized the issuance of 5,000,000 shares for the employee profit sharing plan valued at $150,000, the market price of the shares upon authorization.

On May 6, 2020, the Board of Directors authorized the issuance of 3,040,000 shares for services valued at $60,800, the market price of the shares upon grant.

On June 24, 2020, the Board of Directors authorized the issuance of 1,500,000 shares for services valued at $30,000, the market price of the shares upon grant.

On September 3, 2020, the Board of Directors authorized the issuance of 500,000 shares for services valued at $20,750, the market price of the shares upon grant.

On September 23, 2020, the Board of Directors authorized the issuance of 1,500,000 shares for services valued at $30,000, the market price of the shares upon grant.

On November 18, 2020, the Board of Directors authorized the issuance of 10,000,000 shares for IR and marketing services valued at $1,158,000, the market price of the shares upon grant.

On December 3, 2020, the Board of Directors authorized the issuance of 3,000,000 shares for IR services valued at $322,500, the market price of the shares upon grant. Since the service period had not been completed at December 31, 2020, the Company recorded a prepaid expense in the amount of $222,167, which will be expensed in the first quarter 2021.

On December 16, 2020, the Board of Directors authorized the issuance of 3,000,000 shares for services valued at $249,674, the market price of the shares upon grant.

On December 19, 2020, the Board of Directors authorized the issuance of 4,663,705 shares for the conversion of related party notes payable and accrued interest of $510,676, the market price of the shares upon grant.

On December 19, 2020, the Board of Directors authorized the issuance of 2,500,000 shares for the services valued $161,875, the market price of the shares upon grant.

On December 31, 2020, the Board of Directors authorized the issuance of 184,840 shares previously “held for cancellation” shares that were issued in 2013 for services. No expense was recorded for this adjustment.

D) 2007 OMNIBUS STOCK AND INCENTIVE PLAN

On September 24, 2007, the Board of Directors authorized the creation of the 2007 Omnibus Stock and Incentive Plan (the “2007 Plan”). The 2007 Plan was approved by the stockholders on November 28, 2007. An aggregate of 60,000 shares of common stock are reserved for issuance and available for awards under the 2007 Plan.

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Awards under the 2007 Plan may include non-qualified stock options, incentive stock options, stock appreciation rights (“SARs”), restricted shares of common stock, restricted units and performance awards. For a complete description of the Plan, see Global Tech’s Form 8-K filed with the SEC on November 7, 2007.

E) UNEARNED ESOP SHARES

Effective January 1, 2009, the Company organized the Tree Top Industries Profit-Sharing Plan Trust, to manage the Company’s Employee Stock Option Profit-Sharing Plan (“the Plan”). On November 13, 2018 the Trust name was changed to Global Tech Industries Group Profit Sharing Plan Trust. At the direction of the Board of Directors, the Company annually issues shares to the Trust for the future benefit of the employees of the Company. The plan allows the Board of Directors to issue shares to the Trust annually to be allocated to the participants.

The Plan was organized consistent with the requirements of Section 401(a) of the Internal Revenue Code of 1986, however, the Plan has not been administered as a qualified retirement plan, and therefore, the shares issued to the ESOP have not been deducted for federal tax purposes. The employee group is a Top Heavy group of Key Employees, however, the plan will also cover all employees that are eligible. Eligibility occurs for each employee that is employed on the anniversary date of the Plan. Participation shall cease upon the termination of the employee services, on account of death, disability, retirement or the separation from the employer. Each year the Employer shall contribute either cash or stock of the Corporation, an amount to the Plan as shall be determined by the Board of Directors. The contributions vest as follows:

For each of the first two years of Service	10% per year
Each additional year of Service over two years	20% additional
Full vesting after six years of Service

Retirement and death benefits commence at the termination of Service. Benefits may be paid in Cash, Stock or through a Qualified Join and Survivor Annuity.

Pursuant to ASC 718, the Company’s ESOP Plan is a non-leveraged plan, and therefore compensation expense is recorded at the fair value of the shares issued at the grant date. The Company has never issued dividends to its shareholders, and therefore no dividends have been issued to the ESOP plan. The ESOP shares are considered issued and outstanding for the earnings per share computation. Compensation expense of $0 and $150,000 has been recorded during 2020 or 2019, respectively, for the ESOP shares issued. There have been 23,500,000 and 23,500,000 share allocated to the participants of the Plan, as of December 31, 2020 and 2019, respectively and none of the shares have been committed for release. There are no shares in suspense as of December 31, 2020 and 2019, respectively. The fair value of the ESOP shares being held by the Trust as of December 31, 2020 and 2019 is $2,350,000 and $878,900, respectively. There is no repurchase obligation on the Company to purchase back any shares issued to the ESOP Trust. No dividends have been issued to the ESOP Trust, therefore there has been no tax benefit treatment in the Earnings Per Share computation.

In December 2019, the Company issued 5,000,000 shares to the ESOP Trust account for the future benefit of the employees of the Company. These shares have been recorded as compensation expense of $150,000, which was the fair value of the shares at the grant date. No ESOP shares were issued for the 2020 year.

F) STOCK OPTIONS

On December 19, 2020, in conjunction with the conversion of related party notes, accrued interest and compensation, the Company authorized the issuance of 4,500,664 stock options with the following features:

● One option allows for the purchase of one share of common stock

● The strike price of the option is $.01

● The conversion term is 2 years from issuance date

● All options are vested immediately

The value of the options were determined using the Black-Scholes valuation method, and the Company uses the following methods to determine its underlying assumptions: expected volatilities are based on the historical monthly closing price of the Company’s common stock; the expected term is 2 year, the risk free interest rate used is based on the U.S Treasury implied yield zero-coupon issue with similar life terms to the expected life of the grant; and the expected divided yield is based on the current annual dividend. No compensation was recorded with the 4,500,664 option issuance as the $447,813 valuation of the options granted did not exceed the recorded amount of debt it was converting.

Assumptions:	2020			2019
Assumptions applicable to stock options issued
Risk-free interest rate		3	%		-
Expected lives (in years)		2			-
Expected stock volatility		72	%		-
Dividend yield		-			-

Stock option transactions are as follows:

			Weighted		Weighted
			Average		Average		Aggregate
			Exercise		Remaining		Intrinsic
	Shares		Price		Term		Value
Outstanding at January 1, 2019		-	$	-		-	$	-
Granted
Exercised
Forfeited
Outstanding at December 31,2019		-	$	-		-	$	-
Granted		4,500,664	$	.01		2 yrs	$	427,563
Exercised
Forfeited
Outstanding at December 31, 2020		4,500,664	$	.01		2 yrs	$	427,563

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NOTE 8- COMMITMENTS AND CONTINGENCIES

A) LEASES

Global Tech Industries Group, Inc. currently does not lease, rent or own any property.

B) LITIGATION

On December 31, 2012, Global Tech and its new subsidiary, TTII Oil & Gas, Inc., a Delaware corporation, signed a binding asset purchase agreement with American Resource Technologies, Inc. (“ARUR”), a Kansas corporation, to acquire all the assets of ARUR for a purchase price of $513,538, which was paid in the form of 4,668,530 shares of Global Tech’s common stock as described in the asset purchase agreement. The shares were valued at $0.11 per share, based on the closing trading price of the common stock on the Closing Date. The assets purchased from ARUR include a 75% working interest in oil and gas leases in Kansas, as well as other oil field assets, a natural gas pipeline, currently shut down that is also located in Kansas, 25% interest in three other business entities operating in Kansas, and accounts receivables from two companies operating in Brazil in the amounts of $3,600,000 and $3,600,000 respectively. TTII Oil & Gas, Inc. also purchased three promissory notes in the amounts of $100,000, $100,000 and $350,000, as well an overdue contract for revenue in the amount of $1,000,000. Finally, a gun sight patent was also acquired from Century Technologies, Inc. All accounts and notes receivable were deemed uncollectable due to the age and circumstances, and therefore were assessed no value in the asset purchase. The equity ownerships were also deemed to be impaired due to the inactive nature of the entities, and were not allocated any value. The gun sight patent was also not readily assessable as to value and no purchase price was allocated to this asset. Also, due to the mechanic’s lien and lawsuit on the oil leases, as well as the absence of an official reserve report, the oil lease was also impaired and no value was recorded for this asset. On September 2015, the Chautauqua County Court decided that American Resource Technologies Inc management and Board of Directors improperly acted and rendered the original Agreement a nullity. During 2019, the Company removed additional obligations related to the ARUR acquisition and settled legal fees due.

During March 2013, the Company was named in an action pertaining to the 75% working interest in the Ownbey Lease. Subsequent to the Company’s purchase of the assets and the termination of the operator, a mechanics lien was filed against the property claiming approximately $267,000 in fees are due to the previous operator. An action commenced in the District Court of Chautauqua County, Kansas, captioned Aesir Energy, Inc. vs. American Resource Technologies, Inc.; Nancy Ownbey Archer; Jimmy Stephen Ownbey; Robbie Faye Butts; Global Tech Industries Group, Inc. and TTII oil & Gas, Inc. In February 2017, the Chautauqua Court ruled that the acquisition agreement be nullified. During 2019, all assets and liabilities were removed from the Company’s books including an asset retirement obligation of $101,250 that was associated with the oil and gas property and recorded as a gain on settlement. No other monetary claims have been asserted against GTII or TTII Oil & Gas, Inc

On February 3, 2017, the Company filed suit in Eastern District Federal Court New York against American Resource Technologies, Inc., (ARUR) and several directors and officers relating to the Chautauqua County Court Kansas decision nullifying the acquisition Agreement of ARUR. The Company has made several attempts to recover the shares of GTII stock paid to ARUR for the asset acquisition and the various costs and expenses expended by GTII in fulfillment of its obligations under the contract with ARUR. The failure of non-litigation attempts to resolve the matter resulted in filing an action for declaratory judgment in the US District Court for the Eastern District of New York, Docket No. 17-CV-0698. The case was subsequently withdrawn due to the close of ARUR operations. During 2020, the Company was successful in recalling the 4,668,530 shares and cancelling them from the shareholder list

On December 30, 2016, the Company executed a stock purchase agreement (the “Agreement”), which was signed and closed in Hong Kong, with GoFun Group, Ltd. through its wholly owned subsidiary Go F & B Holdings, Ltd. GoFun Group, Ltd. is a privately held company running a casual dining restaurant business, based in Hong Kong. Subsequent to the agreement being signed, GoFun Group failed to substantially perform under the agreement, including, but not limited to providing audited financials of its assets, making the ongoing payments called for in the agreement, along with other matters that led Global Tech to initiate litigation in the United States. Currently, Global Tech and GoFun are litigating the matter in the U.S District Court for the southern district of New York. The original acquisition agreement and rescission was recorded on the Company’s books in 2016, however the physical share certificates were not returned to the Company. During the last quarter 2019, the Company was able to secure, via preliminary settlement, the return of 43,649,491 shares of the Company’s stock, that was issued in good faith to GoFun in anticipation of a final stock exchange. The stock has since been returned to the Company’s treasury and cancelled. The Company also reclassified a deposit received from GoFun shareholders in the amount of $128,634 for future share issuances pursuant to the Acquisition Agreement, to a Gain on Settlements and Debt Relief as part of the legal settlement of this case. As of this writing, motions are pending that may require remaining negotiations to continue in arbitration.

On December 30, 2019, a dispute between the Company and its counsel regarding the GoFun matter, above, resulted in a filing, and subsequent settlement, of an action in the Supreme Court of the State of New York for the County of New York (Index No. 656396/2019). Pursuant to the settlement, prior counsel for the Company accepted previously-issued shares in 2016, as full payment for all legal work, expenses, costs, and other fees.

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C) EMPLOYMENT AGREEMENT

Effective October 1, 2007, the Company entered into a two-year employment agreement with David Reichman, Chief Executive Officer, pursuant to which Mr. Reichman was paid an annual salary of $250,000, payable in semi-monthly installments. In addition, Mr. Reichman may be paid a bonus or bonuses during each year, as determined at the sole discretion of the Board of Directors and receive stock options to purchase 1.2 million shares of common stock as discussed above. During the year ended December 31, 2009, the Board of Directors approved the extension of this contract an additional two years from the date of expiration, at an annual salary of $500,000. During the year ended December 31, 2012, the Board of Directors approved the extension of this contract until December 31, 2013 with a salary of $1. Mr. Reichman’s salary has been accruing because Global Tech is without the resources to pay the salary in full. This employment agreement was filed on November 7, 2007, as exhibit 99.2 to a current report of the Company on Form 8-K and is incorporated herein by reference. Mr. Reichman’s contract has been extended by mutual consent to December 31, 2017. Predicated upon the executed Agreement between GTII and GoFun, The Board of Directors of GTII voted pursuant to the Agreement to begin salary payments as of April 2, 2017, retroactive to January 1, 2017, and thru December 31, 2020.

Effective April 1, 2009, the Company entered into a three-year employment agreement with Kathy Griffin, President, pursuant to which Mrs. Griffin was paid an annual salary of $127,500, payable in semi-monthly installments. In addition, Mrs. Griffin may be paid a bonus or bonuses during each year, as determined at the discretion of the CEO, and receive stock options to purchase shares of common stock as discussed above. Mrs. Griffin was given a salary increase effective April 1, 2010 to an annual salary of $180,000. This salary increase accrued in 2010 because Global Tech was without resources to pay the salary increase. This employment agreement was filed on March 25, 2010 as exhibit 10.1 to a current report of the Company on Form 8-K and is incorporated herein by reference. Mrs. Griffin’s employment contract has been extended at December 31, 2012 until December 31, 2013, with a salary of $1. Mrs. Griffin’s contract was extended by mutual consent to December 31, 2017. Predicated upon the executed Agreement between GTII and GoFun, The Board of Directors of GTII voted pursuant to the Agreement to begin salary payments as of April 2, 2017, retroactive to January 1, 2017, and thru December 31, 2020.

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NOTE 9 - MARKETABLE SECURITIES

The Company has acquired various shares of Marketable Securities over the past several years and engages in trading activities for its own account. The Company’s marketable securities are listed on various exchanges with readily determinable fair value per the guidance of ASC 321, “Investments – Equity Securities.” The fair value of these shares at December 31, 2020 and 2019 amounted to $31,000 and $44,044, respectively. All realized gains and losses and unrealized gains and losses are recorded in earnings. For the year ended December 31, 2020, the Company recorded a net loss of $12,901 which consisted of realized gains of $40, and unrealized losses of $12,941. For the year ended December 31, 2019, the Company recorded a net gain of $67,342 which consisted of realized gains of $75,190 and unrealized losses of $7,848. The Company does not hold any equity securities that do not have readily available fair values, therefore no impairment analysis or other methods to determine value are used.

NOTE 10 - ASSET RETIREMENT OBLIGATION

During 2013, the Company began the re-work project on various well associated with the Ownbey Oil and Gas Lease purchased on December 31, 2012. The Company will be required as part of the purchase of this lease to remediate the Ownbey property upon its abandonment of the lease. In accordance with FASB ASC 410, “Asset Retirement and Environmental Obligations,” the Company recognized the fair value of the liability for an asset retirement obligation in the amount of $101,250. Because the Company does not have a certified valuation report for the Ownbey lease we did not capitalize this cost, but instead expensed the entire amount during the 2013 year. During 2019 the Company reversed all obligation associated with the ARUR acquisition due to the Kansas Court ruling (see litigation in Note 8) The following table describes all changes to the Company’s asset retirement obligation liability during 2020 and 2019:

	December 31,
	2020		2019
Asset retirement obligation-beginning of year	$	-	$	101,250
Liabilities incurred		-		-
Accretion expense		-		-
Rescission of agreement		-		(101,250	)
Asset retirement obligation-end of year	$	-	$	-

NOTE 11 - SUBSEQUENT EVENTS

On February 26, 2021, the Company prepaid the Convertible Debenture before it’s due date by paying all principal, interest and penalties in the amount of $91,924. All reserved share for the conversion of the debenture were released by our transfer agent for future issuances.

On February 28, 2021, the Company executed a final Stock Purchase Agreement wherein the Company acquired all the issued and outstanding stock of Gold Transactions International, Inc. (GTI) (a Utah Corporation), for the issuance of 6,000,000 shares of common stock valued at $6,000,000. Effective March 1, 2021, the operations of GTI will be consolidated with the Company. GTI is in the business of participating, through a License Agreement, with a private joint venture network of companies, in transporting, assaying, buying, storing and selling gold from international artisan gold miners. After the mined dore gold has been shipped to a network third party refinery in the DMCC, a free trade zone in Dubai, the artisan miner’s gold is purchased and refined and sold to the network’s customers. GTI makes revenue on the margin spread of the buy and sell prices.

There were no acquisition related cost incurred in acquiring GTI. GTI has assets of $5,044,610 with current portion of long-term debts in the amount of $246,958, and long term debt of $4,797,652. GTI has had no revenues from inception on November 10, 2020 through the end of the 2020 year. Revenues, however, have commenced in the 2^nd quarter of 2021. Because the acquisition occurred after the Company’s year end, no revenues or expenses have been included in the consolidated financial statements included herein. The Company will record the acquisition price of 6,000,000 shares valued at $6,000,000 as an intangible asset and will assume GTI’s assets and liabilities.

On March 15, 2021, the Company issued 3,000,000 shares as part of a 2020 IR services agreement, and issued another 3,000,000 shares to professionals for services rendered during the 1^st quarter 2021.

On March 21, 2021, the Company, signed a binding, letter agreement with Bronx Family Eye Care, Inc. (BFE), engaged in the business of full scope optometry at its four primary locations, three of which are in the Bronx, one of which is in Manhattan, New York, as well as at a fabrication facility in the Bronx. The two companies agreed to engage in a business combination such that BFE will become a wholly owned subsidiary of GTII, and the shareholders of BFE will acquire two million six hundred fifty thousand (2,650,000) shares of the Company’s common stock, subject to the terms and conditions set forth in the Agreement.

There were no acquisition related costs incurred in acquiring BFE. Due to the acquisition occurring only 9 days before the Company’s filing deadline, the Company has not had a chance to review or audit the assets, liabilities and operating results of BFE, and the initial accounting of the BFE acquisition is incomplete as of the date of the Company’s 10-K filing. Therefore, disclosures related to the issuers recording of the acquisition, and related balance sheet and income statement disclosures cannot be made at this time. Because the acquisition of BFE occurred after the year end of the Company, no revenues or expenses have been included in the consolidated financial statements included herein. BFE is a currently operating company with revenues in excess of $1,000,000 annually.

The Company has evaluated events subsequent to the balance sheet through the date the financial statements were issued and noted no additional events requiring disclosure.

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ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

ITEM 9A. CONTROLS AND PROCEDURES

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information we are required to disclose is recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the Commission. David Reichman, our Chief Executive Officer and our Principal Accounting Officer, is responsible for establishing and maintaining our disclosure controls and procedures.

Under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this report. The disclosure controls and procedures ensure that all information required to be disclosed by us in the reports that we file or submit under the Exchange Act is: (i) recorded, processed, summarized and reported, within the time periods specified in the SEC’s rule and forms; and (ii) accumulated and communicated to our management as appropriate to allow timely decisions regarding required disclosure. Based on that evaluation, management concluded that our controls were not effective as of December 31, 2020.

Management’s Annual Report on Internal Control over Financial Reporting

Our management is responsible to establish and maintain adequate internal control over financial reporting. Our Chief Executive Officer and Chief Financial Officer are responsible to design or supervise a process that provides reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The policies and procedures include:

● maintenance of records in reasonable detail to accurately and fairly reflect the transactions and dispositions of assets,

● reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and directors, and

● reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on our financial statements.

Internal control over financial reporting cannot provide absolute assurance of achieving financial reporting objectives because of its inherent limitations, including the possibility of human error and circumvention by collusion or overriding of controls. Accordingly, even an effective internal control system may not prevent or detect material misstatements on a timely basis. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

For the year ended December 31, 2020, our management has relied on the Committee of Sponsoring Organizations of the Treadway Commission (COSO), “Internal Control - Integrated Framework,” to evaluate the effectiveness of our internal control over financial reporting. Based upon that framework, management concluded that our internal control over financial reporting had material weaknesses and was not effective as of December 31, 2020. A material weakness is a deficiency, or combination thereof, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.

The material weaknesses relate to the limited number of persons responsible for the recording and reporting of financial information, the lack of separation of financial reporting duties, and the limited size of our management team in general. We are in the process of evaluating methods of improving our internal control over financial reporting, including the possible addition of financial reporting staff and the increased separation of financial reporting responsibility, and intend to implement such steps as are necessary and possible to correct these material weaknesses.

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This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation requirements by the company’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the company to provide only management’s report in this annual report.

Changes in Internal Controls over Financial Reporting

During the year ended December 31, 2020 there was no significant change in our internal controls over financial reporting or in other factors that materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

Inherent Limitations over Internal Controls

GTII’s management does not expect that its disclosure controls or its internal control over financial reporting will prevent or detect all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within GTII have been detected. These inherent limitations include the realities that judgments in decision making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.

Our disclosure controls and procedures are designed to provide reasonable assurance of that our reports will be accurate. Our Chief Executive Officer and Principal Accounting Officer concludes that our disclosure controls and procedures were not effective at that reasonable assurance level, as of the end of the period covered by this Form 10-K due to the lack of sufficient segregation of duties and the lack of appropriate personnel. The Company plans to address these material weaknesses as resources become available by hiring additional professional staff, such as a Chief Financial Officer, as funding becomes available, outsourcing certain aspects of the recording and reporting functions, and separating responsibilities. Our future reports shall also indicate that our disclosure controls and procedures are designed for this reason and shall indicate the related conclusion by the Chief Executive Officer and Principal Accounting Officer as to their effectiveness.

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PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE.

The following table sets forth information about our executive officers and directors:

Name	Age	Position
David Reichman	76	Chief Executive Officer and Chairman of the Board of Directors
Kathy M. Griffin	66	President and Director
Frank Benintendo	75	Secretary and Director
Donald Gilbert	84	Director and Chairman of Audit Committee
Michael Valle	64	Director

Directors serve until the next annual meeting and until their successors are elected and qualified. The directors of our company are elected by the vote of a majority in interest of the holders of the voting stock of our company and hold office until the expiration of the term for which he or she was elected and until a successor has been elected and qualified.

A majority of the authorized number of directors constitutes a quorum of the Board for the transaction of business. The directors must be present in person or telephonically at the meeting to constitute a quorum. However, any action required or permitted to be taken by the Board may be taken without a meeting if all members of the Board individually or collectively consent in writing to the action.

Directors may receive compensation for their services and reimbursement for their expenses as shall be determined from time to time by resolution of the Board. Our directors currently do not receive monetary compensation for their service on the Board of Directors.

Officers are appointed to serve until such time as their successors have been duly appointed by the Board of Directors.

The principal occupations for the past five years (and, in some instances, for prior years) of each of our executive officers and directors, followed by our key employees, are as follows:

Officers

David Reichman – CEO

Mr. Reichman has been the CEO of Global Tech Industries Group, Inc. for eighteen years. Prior to that, Mr. Reichman maintained a Business Management and Tax Law consulting group, and he is licensed by the US Treasury /Internal Revenue Service. In addition, Mr. Reichman was a Co-General Partner and Tax Matters Partner in Harrison Re-cycling Associates, a company that operated the first recycling equipment for non-biodegradable Styrofoam and Styrene plastic in North America. Previously, Mr. Reichman had worked for The American Express Company, where he held several positions, including Manager of Budget and Cost. During his tenure at American Express, he developed, along with Control Data Corporation, a Flexible Budgeting System for Management Control of International Operations, and the use of Time-Share computer equipment. Mr. Reichman’s education includes an MBA from Northeastern University, through the Harvard Case Study Program, as well as specialized education in business and scientific theory from The Wharton School of University of Pennsylvania and IBM Systems Scientific Institute. Mr. Reichman resides in New York City.

Kathy M. Griffin – President

Mrs. Griffin, President of Global Tech Industries Group, Inc., is also member of the Board of Directors and has been with the Global Tech Industries Group for eleven years. Prior to that, Mrs. Griffin worked in marketing and sales, new business development and general business management. She started her career at Superior Brands, Inc., where from December 1977 to December 1990 she held several positions, including internationals Marketing Manager. She was responsible for the successful start-up and implementation of the first international joint venture for Superior Brands, Inc. In addition, she managed Koning US, Inc., a consumer products marketing company from 1993 to 2004, and, from January 2006 to February 2009, was employed as an executive in the New Business Development Group, by Specialized Technology Resources, Inc., a global provider of supply chain, corporate social responsibility, and consulting services. Mrs. Griffin’s education includes a Bachelor’s degree from Boston College University, and a Master’s degree in Public Administration from the University of Massachusetts John McCormick Graduate School of Policy and Global Studies.

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Board of Directors

Frank Benintendo: has been a Director since 2004. Mr., Benintendo has spent over 45 years in the graphic arts/marketing field and was Chief Creative Officer of Popcorn Indiana, Inc., a Goldman Sachs investment portfolio company from 2003 to 2015, which was sold to Eagle Brands. Today, Mr. Benintendo runs his own creative/marketing consulting firm, FBI Designs, Inc. working in the Consumer Goods Product area. Mr. Benintendo’s skills and background were attractive to Global Tech Industries Group, Inc. since it had no creative/marketing staff. Mr. Benintendo’s design firm designed the current Global Tech Industries Group logo and worked several versions of its website, including the current iteration.

Don Gilbert, PhD: has been a Director since 2006. Mr. Gilbert has been an Enrolled Agent, licensed to practice before the U.S. Treasury Department and Department of Taxation in all fifty states. Mr. Gilbert served the US Treasury for 35 years in various legal and tax-related managerial positions. For the past 17, years, he has worked in the corporate world with executives across the country. Mr. Gilbert has business connections that have been helpful to Global Tech Industries Group.

Michael Valle previously served on the board of directors, from 2004 but resigned for personal reasons in December 2009. Mr. Valle since then has return to the board as a director in 2016. The board welcomed his return to the board because he has worked in the financial industry in New York for much of his career, where he served as Vice President of Investments for Smith Barney and Paine Webber, among other financial institutions. When Mr. Valle left the financial industry, he taught Finance and Economics for 5 years. For the past ten years, Mr. Valle has worked as a Sales Representative for Better Way Mortgages.

Family Relationships

There are no family relationships among our executive officers and directors.

Board Leadership Structure and Role in Risk Oversight

Although we have not adopted a formal policy on whether the Chairman and Chief Executive Officer positions should be separate or combined, we have recently determined that it is in the best interests of the Company and its shareholders for these positions to remain combined. However, the board of directors has created the position of Vice-Chairman to secure the continuity of the chain of command in case one or all of the officers are unable to carry out their responsibilities for a period of time, and to further ensure that responsible management of the company moves forward unhindered.

Our Board of Directors focuses on the most significant risks facing our company and our company’s general risk management strategy, and also ensure that risks undertaken by our Company are consistent with the Board’s appetite for risk. While the Board oversees our company’s risk management, management is responsible for day-to-day risk management processes. We believe this division of responsibilities is the most effective approach for addressing the risks facing our company and that our Board leadership structure supports this approach.

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Limitation of Liability and Indemnification of Officers and Directors

Under Nevada General Corporation Law and our articles of incorporation, our directors will have no personal liability to us or our stockholders for monetary damages incurred as the result of the breach or alleged breach by a director of his “duty of care.” This provision does not apply to the directors’ (i) acts or omissions that involve intentional misconduct or a knowing and culpable violation of law, (ii) acts or omissions that a director believes to be contrary to the best interests of the corporation or our shareholders or that involve the absence of good faith on the part of the director, (iii) approval of any transaction from which a director derives an improper personal benefit, (iv) acts or omissions that show a reckless disregard for the director’s duty to the corporation or our shareholders in circumstances in which the director was aware, or should have been aware, in the ordinary course of performing a director’s duties, of a risk of serious injury to the corporation or our shareholders, (v) acts or omissions that constituted an unexcused pattern of inattention that amounts to an abdication of the director’s duty to the corporation or our shareholders, or (vi) approval of an unlawful dividend, distribution, stock repurchase or redemption. This provision would generally absolve directors of personal liability for negligence in the performance of duties, including gross negligence.

The effect of this provision in our articles of incorporation is to eliminate the rights of the Company and our stockholders (through stockholder’s derivative suits on behalf of the Company to recover monetary damages against a director for breach of his fiduciary duty of care as a director (including breaches resulting from negligent or grossly negligent behavior) except in the situations described in clauses (i) through (vi) above. This provision does not limit nor eliminate the rights of the Company or any stockholder to seek non-monetary relief such as an injunction or rescission in the event of a breach of a director’s duty of care. In addition, our Articles of Incorporation provide that if Nevada law is amended to authorize the future elimination or limitation of the liability of a director, then the liability of the directors will be eliminated or limited to the fullest extent permitted by the law, as amended. Nevada General Corporation Law grants corporations the right to indemnify their directors, officers, employees and agents in accordance with applicable law. Our bylaws provide for indemnification of such persons to the full extent allowable under applicable law. These provisions will not alter the liability of the directors under federal securities laws.

We intend to enter into agreements to indemnify our directors and officers, in addition to the indemnification provided for in our bylaws. These agreements, among other things, indemnify our directors and officers for certain expenses (including attorneys’ fees), judgments, fines, and settlement amounts incurred by any such person in any action or proceeding, including any action by or in the right of the Company, arising out of such person’s services as a director or officer of the Company, any subsidiary of the Company or any other company or enterprise to which the person provides services at the request of the Company. We believe that these provisions and agreements are necessary to attract and retain qualified directors and officers.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Company pursuant to the foregoing provisions, the Company has been informed that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

Involvement in Certain Legal Proceedings

To our knowledge, during the past ten years, none of our directors, executive officers, promoters, control persons, or nominees has been:

● the subject of any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;

● convicted in a criminal proceeding or is subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);

● subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction or any Federal or State authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities;

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● found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law.

● the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (a) any Federal or State securities or commodities law or regulation; (b) any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order; or (c) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

● the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

Board Committees

Audit Committee. Our board of directors has appointed an audit committee. During our fiscal year ended December 31, 2020, our audit committee is comprised of Donald Gilbert. Mr. Gilbert is the sole member of the Audit Committee. Our audit committee is authorized to:

● appoint, compensate, and oversee the work of any registered public accounting firm employed by us;

● resolve any disagreements between management and the auditor regarding financial reporting;

● pre-approve all auditing and non-audit services;

● retain independent counsel, accountants, or others to advise the audit committee or assist in the conduct of an investigation;

● meet with our officers, external auditors, or outside counsel, as necessary; and

● oversee that management has established and maintained processes to assure our compliance with all applicable laws, regulations and corporate policy.

The audit committee did not hold any meetings during the fiscal year ended December 31, 2020.

Compensation Committee. Our compensation committee is comprised of Frank Benintendo. Our compensation committee is authorized to:

● discharge the responsibilities of the board of directors relating to compensation of the directors, executive officers and key employees;

● assist the board of directors in establishing appropriate incentive compensation and equity-based plans and to administer such plans;

● oversee the annual process of evaluation of the performance of our management;

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Nominating Committee. The Company does not currently have a nominating committee, but may form one in the future. When formed, the nominating committee will be authorized to:

● assist the board of directors by identifying qualified candidates for director nominees, and to recommend to the board of directors the director nominees for the next annual meeting of shareholders;

● lead the board of directors in its annual review of its performance;

● recommend to the board director nominees for each committee of the board of directors; and

● develop and recommend to the board of directors corporate governance guidelines applicable to us.

Executive Committee, Our Executive Committee is comprised of David Reichman, Kathy Griffin, Frank Benintendo and Donald Gilbert. Our Executive committee is authorized to:

● Act on behalf of the Board of Directors to recommend any action in the execution of its fiduciary responsibility that benefits or appears to benefit the shareholders and the Company’s mission

Report of the Audit Committee

Our audit committee has reviewed and discussed our audited financial statements for the fiscal year ended December 31, 2020 with senior management. The audit committee has also discussed with Heaton & Company, PLLC the Company’s independent registered public accounting firm, the matters required to be discussed by the statement on Auditing Standards No. 61, Communication with Audit Committees, and received the written disclosures and the letter from Heaton & Company, PLLC, as required by Independence Standards Board Standard No. 1, Independence Discussion with Audit Committees. The audit committee has discussed with Heaton & Company, PLLC, the independence of Heaton & Company, PLLC as our auditors. Finally, in considering whether the independent auditors’ provision of non-audit services to us is compatible with the auditors’ independence for Heaton & Company, PLLC, our audit committee has recommended to the board of directors that our audited financial statements be included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 for filing with the United States Securities and Exchange Commission. Our audit committee did not submit a formal report regarding its findings.

AUDIT COMMITTEE

Donald Gilbert

Notwithstanding anything to the contrary set forth in any of our previous or future filings under the United States Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, that might incorporate this report in future filings with the Securities and Exchange Commission, in whole or in part, the foregoing report shall not be deemed to be incorporated by reference into any such filing.

Indebtedness of Executive Officers

No executive officer, director or any member of these individuals’ immediate families or any corporation or organization with whom any of these individuals is an affiliate is or has been indebted to us since the beginning of our last fiscal year.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Exchange Act requires the Company’s directors, executive officers and persons who own more than 10% of the Company’s stock (collectively, “Reporting Persons”) to file with the SEC initial reports of ownership and changes in ownership of the Company’s common stock. Reporting Persons are required by SEC regulations to furnish the Company with copies of all Section 16(a) reports they file. To the Company’s knowledge, based solely on its review of the copies of such reports received or written representations from certain Reporting Persons that no other reports were required, the Company believes that during its fiscal year ended December 31, 2020 all Reporting Persons timely complied with all applicable filing requirements.

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ITEM 11. EXECUTIVE COMPENSATION.

Compensation Discussion and Analysis

The following Compensation Discussion and Analysis describes the material elements of compensation for our executive officers identified in the Summary Compensation Table (“Named Executive Officers”), and executive officers that we may hire in the future. As more fully described below, our board of directors approves all decisions for the total direct compensation of our executive officers, including the Named Executive Officers brought forward by the Compensation Committee.

Compensation Program Objectives and Rewards

Our compensation philosophy is based on the premise of attracting, retaining, and motivating exceptional leaders, setting high goals, working toward the common objectives of meeting the expectations of customers and stockholders, and rewarding outstanding performance. Following this philosophy, in determining executive compensation, we consider all relevant factors, such as the competition for talent, our desire to link pay with performance in the future, the use of equity to align executive interests with those of our stockholders, individual contributions, teamwork and performance, and each executive’s total compensation package. We strive to accomplish these objectives by compensating all executives with total compensation packages consisting of a combination of competitive base salary and incentive compensation.

While we have only hired two executives since inception because our business has not grown sufficiently to justify additional hires, we expect to grow and hire in the future. To date, we have not applied a formal compensation program to determine the compensation of the Named Executives Officers. In the future, as we and our management team expand, our board of directors expects to add independent members, form a compensation committee comprised of independent directors, and apply the compensation philosophy and policies described in this section of the Form 10-K.

The primary purpose of the compensation and benefits described below is to attract, retain, and motivate highly talented individuals when we do hire, who will engage in the behaviors necessary to enable us to succeed in our mission while upholding our values in a highly competitive marketplace. Different elements are designed to engender different behaviors, and the actual incentive amounts which may be awarded to each Named Executive Officer are subject to the annual review of the board of directors. The following is a brief description of the key elements of our planned executive compensation structure.

● Base salary and benefits are designed to attract and retain employees over time.

● Incentive compensation awards are designed to focus employees on the business objectives for a particular year.

● Equity incentive awards, such as stock options and non-vested stock, focus executives’ efforts on the behaviors within the recipients’ control that they believe are designed to ensure our long-term success as reflected in increases to our stock prices over a period of several years, growth in our profitability and other elements.

● Severance and change in control plans are designed to facilitate a company’s ability to attract and retain executives as we compete for talented employees in a marketplace where such protections are commonly offered. We currently have not given separation benefits to any of our Name Executive Officers.

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Benchmarking

We have not yet adopted benchmarking but may do so in the future. When making compensation decisions, our board of directors may compare each element of compensation paid to our Named Executive Officers against a report showing comparable compensation metrics from a group that includes both publicly-traded and privately-held companies. Our board believes that while such peer group benchmarks are a point of reference for measurement, they are not necessarily a determining factor in setting executive compensation as each executive officer’s compensation relative to the benchmark varies based on scope of responsibility and time in the position. We have not yet formally established our peer group for this purpose.

The Elements of David Reichman’s and Kathy Griffin’s Compensation Programs

Base Salary

Executive officer base salaries are based on job responsibilities and individual contribution. The board reviews the base salaries of our executive officers, including our Named Executive Officers, considering factors such as corporate progress toward achieving objectives (without reference to any specific performance-related targets) and individual performance experience and expertise. Additional factors reviewed by the board of directors in determining appropriate base salary levels and raises include subjective factors related to corporate and individual performance. For the year ended December 31, 2020, all executive officer base salary decisions were approved by the board of directors.

Our board of directors determines base salaries for the Named Executive Officers at the beginning of each fiscal year, and the board proposes new base salary amounts, if appropriate, based on its evaluation of individual performance and expected future contributions. We do not have a 401(k) Plan, but if we adopt one in the future, base salary would be the only element of compensation that would be used in determining the amount of contributions permitted under the 401(k) Plan.

Incentive Compensation Awards

The Named Executives have not been paid bonuses and our board of directors has not yet established a formal compensation policy for the determination of bonuses. If our revenue grows and bonuses become affordable and justifiable, we expect to use the following parameters in justifying and quantifying bonuses for our Named Executive Officers and other officers of Global Tech Industries Group, Inc. (1) the growth in our revenue, (2) the growth in our earnings before interest, taxes, depreciation and amortization, as adjusted (“EBITDA”), and (3) our stock price. The board has not adopted specific performance goals and target bonus amounts for any of our fiscal years, but may do so in the future.

Equity Incentive Awards

No stock option awards have been made to any of our Named Executives or other officers or employees of Global Tech Industries Group, Inc. under Omnibus Stock and Incentive Plan, which was subsequently cancelled.

Benefits and Prerequisites

At this stage of our business we have limited benefits and no prerequisites for our employees. We do not have a 401(k) Plan, but do have a Profit Sharing Plan Trust specifically earmarked as a retirement plan. This plan is funded by adding an amount as deemed appropriate by the Board of Directors each year. We may adopt other plans and/or confer other fringe benefits for our executive officers in the future if our business grows sufficiently to enable us to afford them.

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Separation and Change in Control Arrangements

We have employment agreements with our Named Executive Officers. They are eligible for specific benefits or payments if their employment or engagement terminates or if there is a change of control.

Executive Officer Compensation

The following table sets forth the annual compensation for years ended December 31, 2020 and 2019 to our Chief Executive Officer and our President.

Name and Principal Position	Year		Salary ($)		Bonus ($)		Stock Awards ($)		Option Awards ($)		Non-Equity Incentive Plan Compensation ($)		Change in Pension Value and Non-Qualified Deferred Compensation Earnings ($)		All Other Compensation ($)	Total ($)
David Reichman Chairman & CEO		2020	$	500,000		-		27,375		-		244,554		-		$	771,929
Kathy M. Griffin President		2020	$	180,000		-		27,375		-		-		-		$	207,375
David Reichman Chairman & CEO		2019	$	500,000		-		-		-		44,465		-		$	544,465
Kathy M. Griffin President		2019	$	180,000		-		-		-		-		-		$	180,000

Employment Agreements

Commencing on January 1, 2017, Mr. Reichman is serving as the Chief Executive Officer of the Company and Chairman of the Board on a full-time basis. Mr. Reichman’s base salary is $500,000 per year. He is entitled to participate in all benefits that the Company has or will implement, including covering all of Mr. Reichman’s health insurance premiums. Mr. Reichman executed the Company’s standard Employment Confidentiality and Inventions Agreement. Mrs. Griffin is serving as the President of the Company on a full-time basis. Mrs. Griffin’s base salary is $180,000 per year. She is entitled to participate in all benefits that the Company has or will implement, including covering all Mrs. Griffin’s health insurance premiums. Mrs. Griffin executed the Company’s standard Employment Confidentiality and Inventions Agreement

Option Exercises and Stock Vested

N/A

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Director Compensation

No non-employee directors were paid any compensation for their services or reimbursement for their incidental expenses, except that on December 30, 2020, each director was issued 250,000 shares of common stock.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The following table sets forth, as of March 29, 2021, the number of and percent of our common stock beneficially owned by:

● each of our directors;

● each of our named executive officers;

● our directors and executive officers as a group, and persons or groups known by us to own beneficially 5% or more of our common stock:

Unless otherwise specified, we believe that all persons named in the table have sole voting and investment power with respect to all shares of common stock beneficially owned by them. The address for our executive officers and directors is the same as our address.

A person is deemed to be the beneficial owner of securities that can be acquired by him within 60 days of March 29, 2021 upon the exercise of options, warrants or convertible securities. Each beneficial owner’s percentage ownership is determined by assuming that options, warrants or convertible securities that are held by him, but not those held by any other person, and which are exercisable within 60 days of March 29, 2021 have been exercised and converted.

	Common Stock Beneficially Owned
Name of Beneficial Owner	Shares		Percent
David Reichman		38,841,285		16.81
Kathy M. Griffin		11,605,840		5.02
Frank Benintendo		4692,079		2.03
Donald Gilbert		4,599,218		2.00
Michael Valle		1,859,000		.80
Gregory Ozzimo		500,000		.22

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

Certain Relationships and Related Transactions

Notes Payable – Related Party

During 2019, the Company is indebted to the officers of the Company for unpaid wages, expenses and cash advances from current and previous years that were converted into Notes. Various Directors and Shareholders have also advanced funds to the Company to support operations. On December 19, 2020, the Company converted $3,540,405 of notes payable and $434,345 of accrued interest on related party notes into 4,663,705 shares of common stock and 4,500,664 stock options, leaving $0 related party notes and accrued interest at December 31, 2020. The balances at December 31, 2020 and 2019 for Related Party Notes Payable are $0 and $3,540,405 respectively. Accrued interest on the related party notes at December 31, 2020 and 2019 total $0 and $298,796, respectively.

Mr. Reichman, our CEO, has rendered services to the Company and his wages have been accrued in accrued expenses during 2017, 2018 and 2019. At December 30, 2019, Mr. Reichman agreed to consolidate accrued wages, auto allowance and cash advances in the amount of $2,016,672, into a long-term Note Payable bearing interest at 5% with a term date of July 15, 2021. At December 31, 2019, the Notes Payable to Mr. Reichman totaled $2,437,717. On December 19, 2020, Mr. Reichman’s Notes, accrued interest and 2020 accrued wages, totaling $3,192,385 were converted to 3,192,385 shares of common stock and 3,080,781 stock options. At December 31, 2020, Mr. Reichman’s Note payable was $0. Accrued interest on Mr. Reichman’s Notes are $0 and $163,254 at December 31, 2020 and 2019, respectively.

Mrs. Griffin, our President, has rendered services to the Company and her wages have been accrued in accrued expenses during 2017, 2018 and 2019. At December 30, 2019, Mrs. Griffin agreed to consolidate accrued wages and expenses into a long-term Note Payable of $563,000, bearing 5% interest, with a term date of July 15, 2021. At December 31, 2019, the Notes Payable to Mrs. Griffin totaled $769,670. On December 19, 2020, Mrs. Griffin’s Notes, accrued interest and 2020 accrued wages, totaling $1,045,700 were converted to 1,045,700 shares of common stock and 1,009,143 stock options. At December 31, 2020, Mrs. Griffin’s Note payable was $0. Accrued interest on Mrs. Griffin’s Notes are $0 and $67,168 at December 31, 2020 and 2019, respectively.

On December 30, 2019, the Company executed a note payable to a Trust and shareholder, whose Trustee is our CEO, in the amount of $12,765, interest accrues at 6%, per annum, unsecured, due on July 15, 2021. Accrued interest at December 31, 2020 is $0.

Due to Officers and Directors

Due to officers consists of cash advances and expenses paid by Mr. Reichman in order to satisfy the expense needs of the Company. The balance of advances made by Mr. Reichman at December 30, 2019 in the amount of $400,223, were consolidated with other amounts due Mr. Reichman, and a Note Payable was issued in its stead. The payables and cash advances are unsecured, due on demand and do not bear interest. During 2020 Mr. Reichman advanced $177,513 to the Company to cover operating expenses and was repaid $68,000. During 2019 Mr. Reichman advanced $108,192, to the Company and was repaid $62,591. At December 31, 2020 and 2019, the amounts Due to Officers and Directors for cash advances and expenses are $109,513 and $0, respectively.

Director Independence

We currently have two independent directors as that term is defined in Rule 4200 of Nasdaq’s listing standards.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.

Audit Fees

The aggregate fees billable to us in 2020 for the audit and reviews of our 2020 and 2019 financial statements total approximately $20,500 and $20,500, respectively. Fees billed to us for the 2020 period was $20,500 from Heaton & Company, PLLC. Fees billed in 2019 were $13,000 from Heaton & Company, PLLC and $7,500 from KSP.

Audit Related Fees

N/A

Tax Fees

N/A

All Other Fees

N/A

Pre-Approval Policies and Procedures of Audit and Non-Audit Services of Independent Registered Public Accounting Firm

The audit committee’s policy is to pre-approve, typically at the beginning of our fiscal year, all audit and non-audit services, other than de minimis non-audit services, to be provided by an independent registered public accounting firm. These services may include, among others, audit services, audit-related services, tax services and other services and such services are generally subject to a specific budget. The independent registered public accounting firm and management are required to periodically report to the full board of directors regarding the extent of services provided by the independent registered public accounting firm in accordance with this pre-approval, and the fees for the services performed to date. As part of the board’s review, the board will evaluate other known potential engagements of the independent auditor, including the scope of work proposed to be performed and the proposed fees, and approve or reject each service, taking into account whether the services are permissible under applicable law and the possible impact of each non-audit service on the independent auditor’s independence from management. At audit committee meetings throughout the year, the auditor and management may present subsequent services for approval. Typically, these would be services such as due diligence for an acquisition, that would not have been known at the beginning of the year.

The audit committee has considered the provision of non-audit services provided by our independent registered public accounting firm to be compatible with maintaining their independence. The audit committee will continue to approve all audit and permissible non-audit services provided by our independent registered public accounting firm.

47

As of the date of this filing, our current policy is to not engage to provide, among other things, bookkeeping services, appraisal or valuation services, or international audit services. The policy provides that we engage to provide audit, tax compliance, and other assurance services, such as review of SEC reports or filings.

PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

The following documents are filed as part of this 10-K:

1. Financial Statements

The following documents are filed in Part II, Item 8 of this annual report on Form 10-K:

[  ]	Consolidated Balance Sheets as of December 31, 2020 and 2019
[  ]	Consolidated Statements of Operations for the years ended December 31, 2020 and 2019
[  ]	Consolidated Statement of Stockholders’ Deficit for the years ended December 31, 2020 and 2019
[  ]	Consolidated Statements of Cash Flows for the years ended December 31, 2020 and 2019
[  ]	Notes to Consolidated Financial Statements

2. Financial Statement Schedules

None

48

3. Exhibits

EXHIBIT NO.	DESCRIPTION
3.1	Articles of incorporation of Global Tech Industries Group, Inc. as amended (1)
3.2	By-Laws (2)
10.1	Employment Agreement, dated October 1, 2007, by and between Global Tech Industries Group, Inc. and David Reichman (3)
10.2	Employment Agreement, dated April 1, 2009, by and between Global Tech Industries Group, Inc. and Kathy Griffin (4)
10.3	Bridge Loan Term Sheet, dated January 11, 2010, by and between Global Tech Industries Group, Inc. and GeoGreen Biofuels, Inc. (5)
10.4	Business and Financial Consulting Agreement, dated February 22, 2010 by and between Global Tech Industries Group, Inc. and Asia Pacific Capital Corporation (6)
10.5	Distribution Agreement, by and between Global Tech Industries Group, Inc. and NetThruster, Inc., dated February 9, 2011(7)
10.6	Term Agreement by and between Global Tech Industries Group, Inc. and Sky Corporation, doo, dated April 18, 2011 (8)
10.7	Term Agreement by and between Global Tech Industries Group, Inc. and Adesso Biosciences, Ltd, dated October 12, 2011(9)
10.8	Term Agreement by and between Global Tech Industries Group, Inc. and Stemcom, LLC d/b/a Pipeline Nutrition, dated March 1, 2012(10)
10.9	Mutual disengagement agreement by and between Global Tech Industries Group, Ind. and Stemcom, LLC d/b/a Pipeline Nutrition, dated March 23, 2012(11)
10.10	Reserve Equity financing agreement by and between Global Tech Industries Group, Inc. and AGS Capital Group, dated August 15, 2012. (12)
10.11	Asset purchase Agreement by and between TTII Oil & Gas, Inc. a subsidiary of Global Tech Industries Group, Inc. and American Resource Technologies, Inc. (13)
10.12	Resignation of Mr. Robert Hantman, Esq. as a member of the board of directors (14)
21.1	Subsidiaries of the registrant
31.1	Section 302 Certification of Chief Executive Officer
31.2	Section 302 Certification of Chief Financial Officer
32.1	Section 906 Certification of Chief Executive Officer
32.2	Section 906 Certification of Chief Financial Officer

49

(1)	Filed November 13, 2009, as an exhibit to a Form 10-Q and incorporated herein by reference. Filed January 3, 2012, as an exhibit to an 8 – K and incorporated herein by reference. Filed April 12, 2013, as an exhibit to an 8 – K and incorporated herein by reference.
(2)	Filed July 19, 2010, as an exhibit to a Form 10-K/A and incorporated herein by reference.
(3)	Filed November 7, 2007, as an exhibit to a Form 8-K and incorporated herein by reference.
(4)	Filed March 25, 2010, as an exhibit to a Form 8-K and incorporated herein by reference.
(5)	Filed January 19, 2010, as an exhibit to a Form 8-K and incorporated herein by reference.
(6)	Filed July 19, 2010, as an exhibit to a Form 10-Q/A and incorporated herein by reference.
(7)	Filed February 9, 2011, as an exhibit to a Form 8-K and incorporated herein by reference.
(8)	Filed April 19, 2011, as an exhibit to a Form 8 - K and incorporated herein by reference.
(9)	Filed October 18, 2011 as an exhibit to a Form 8 - K and incorporated herein by reference.
(10)	Filed March 6, 2012 as an exhibit to a Form 8 – K and incorporated herein by reference.
(11)	Filed March 23, 2012 as an exhibit to a Form 8 – K and incorporated herein by reference.
(12)	Filed August 21, 2012 as an exhibit to a Form 8 – K and incorporated herein by reference.
(13)	Filed January 8, 2013 as an exhibit to a Form 8 – K and incorporated herein by reference.
(14)	Filed January 8, 2013 as an exhibit to a Form 8 – K and incorporated herein by reference.

(a) Exhibits

3. Exhibits

50

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	GLOBAL TECH INDUSTRIES GROUP, INC.
Dated: April 8, 2021	By:	/s/ David Reichman
		David Reichman,
		Chairman of the Board,
		Chief Executive Officer,
		Chief Financial Officer and
		Principal Accounting Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ David Reichman	Dated: April 8, 2021
	David Reichman,
	Chairman of the Board,
	Chief Executive Officer,
	Chief Financial Officer and
	Principal Accounting Officer
By:	/s/ Kathy M. Griffin	Dated: April 8, 2021
	Kathy M. Griffin,
	Director and President
By:	/s/ Donald Gilbert	Dated: April 8, 2021
	Donald Gilbert,
	Director & Audit Chair

51

EX-21.1

Exhibit 21.1

Subsidiaries of the Registrant:

1. TTII Oil & Gas, Inc.

Delaware Corporation

511 Sixth Avenue, Suite 800

New York, NY 10011

2. TTI Strategic Acquisitions & Equity Group, Inc.

Delaware Corporation

511 Sixth Avenue, Suite 800

New York, NY 10011

3. G T International Group, Inc.

Wyoming Corporation

511 Sixth Avenue, Suite 800

New York, NY 10011

EX-31.1

EXHIBIT 31.1

SECTION 302 CERTIFICATION

I, David Reichman, certify that:

1.	I have reviewed this Annual report on Form 10-K of Global Tech Industries Group, Inc.
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, 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 our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the small business issuer’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.

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (of persons performing the equivalent functions):

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 small business issuer’s internal control over financial reporting.

Date: April 8, 2021

/s/ David Reichman

David Reichman, Chief Executive Officer

(Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

SECTION 302 CERTIFICATION

I, David Reichman, certify that:

1.	I have reviewed this Annual report on Form 10-K of Global Tech Industries Group, Inc
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, 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 our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the small business issuer’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.

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (of persons performing the equivalent functions):

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 small business issuer’s internal control over financial reporting.

Date: April 8, 2021

/s/ David Reichman

David Reichman, Chief Financial Officer

(Principal Financial/Accounting Officer)

EX-32.1

EXHIBIT 32.1

SECTION 906 CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Global Tech Industries Group, Inc. (the “Company”) on Form 10-K for the period ending December 31, 2020 (the “Report”) I, David Reichman, Chief Executive Officer of the Company, certify, pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d)of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ David Reichman	Date: April 8, 2021
David Reichman,
Chief Executive Officer

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

EX-32.2

EXHIBIT 32.2

SECTION 906 CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Global Tech Industries Group, Inc (the “Company”) on Form 10-K for the period ending December 31, 2020 (the “Report”) I, David Reichman, Chief Executive Officer of the Company, certify, pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d)of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ David Reichman	Date April 8, 2021
David Reichman,
Chief Financial Officer

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act as amended.

XML

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 29, 2021	Jun. 30, 2020
Cover [Abstract]
Entity Registrant Name	GLOBAL TECH INDUSTRIES GROUP, INC.
Entity Central Index Key	0000356590
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filer	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 2,645,844
Entity Common Stock, Shares Outstanding		245,148,005
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020

XML

Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 2,479	$ 1,435
Prepaid expenses	222,167
Marketable securities	31,000	44,044
Total Current Assets	255,646	45,479
PROPERTY AND EQUIPMENT (NET)	2,946
TOTAL ASSETS	258,592	45,479
CURRENT LIABILITIES
Accounts payable and accrued expenses	610,715	722,372
Accounts payable and accrued expenses-officers and directors	8,953	8,955
Accrued interest payable	357,708	310,307
Accrued interest payable-officers and directors		298,796
Notes payable in default	871,082	871,082
Due to officers and directors	109,513
Convertible debenture	74,800
Total Current Liabilities	2,032,771	2,211,512
LONG-TERM LIABILITIES
Notes payable related party		3,540,405
Total Long-Term Liabilities		3,540,405
Total Liabilities	2,032,771	5,751,917
STOCKHOLDERS' DEFICIT
Preferred Stock, par value $.001, 50,000 authorized, 1,000 issued and outstanding	1	1
Common Stock, par value $0.001 per share, 350,000,000 shares authorized; 230,498,005 and 205,277,990 issued and outstanding, respectively	230,498	205,278
Additional paid-in-capital	168,398,511	161,712,986
Accumulated Deficit	(170,403,189)	(167,624,703)
Total Stockholders' Deficit	(1,774,179)	(5,706,438)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 258,592	$ 45,479

XML

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000	50,000
Preferred stock, shares issued	1,000	1,000
Preferred stock, shares outstanding	1,000	1,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	350,000,000	350,000,000
Common stock, shares issued	230,498,005	205,277,990
Common stock, shares outstanding	230,498,005	205,277,990

XML

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
REVENUES, net	$ 8,500
OPERATING EXPENSES
General and administrative	65,856	992,865
Compensation and professional fees	2,507,236	868,899
Depreciation	267
Total Operating Expenses	2,573,359	1,861,764
OPERATING LOSS	(2,564,859)	(1,861,764)
OTHER INCOME (EXPENSES)
Gain (loss) on sale of marketable securities	(12,901)	67,342
Gain on settlements and debt relief		472,421
Interest expense	(200,726)	(106,834)
Total Other Income (Expenses)	(213,627)	432,929
LOSS BEFORE INCOME TAXES	(2,778,486)	(1,428,835)
INCOME TAX EXPENSE
NET LOSS	(2,778,486)	(1,428,835)
OTHER COMPREHENSIVE INCOME
COMPREHENSIVE LOSS	$ (2,778,486)	$ (1,428,835)
BASIC AND DILUTED LOSS PER SHARE	$ (0.01)	$ (0.01)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED	207,923,257	178,502,990

XML

Consolidated Statement of Stockholders' Deficit - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2018	$ 1	$ 170,778	$ 160,739,496	$ (166,195,868)	$ (5,285,593)
Balance, shares at Dec. 31, 2018	1,000	170,777,990
Common stock issued for services & ESOP plan		$ 33,500	936,050		969,550
Common stock issued for services & ESOP plan, shares		33,500,000
Imputed interest - loan			13,440		13,440
Stock issued PPM		$ 1,000	24,000		25,000
Stock issued PPM, shares		1,000,000
Net loss				(1,428,835)	(1,428,835)
Balance at Dec. 31, 2019	$ 1	$ 205,278	161,712,986	(167,624,703)	(5,706,438)
Balance, shares at Dec. 31, 2019	1,000	205,277,990
Common stock issued for services & ESOP plan		$ 25,225	2,008,374		2,033,599
Common stock issued for services & ESOP plan, shares		25,224,840
Cancellation of ARUR acquisition shares		$ (4,668)	4,668
Cancellation of ARUR acquisition shares, shares		(4,668,530)
Common stock issued for conversion of notes payable - related party		$ 3,540	384,134		387,674
Common stock issued for conversion of notes payable - related party, shares		3,540,405
Stock options issued for conversion of notes payable-related party			339,952		339,952
Common stock issued for conversion of accrued interest-related party		$ 434	47,128		47,562
Common stock issued for conversion of accrued interest-related party, shares		434,345
Stock options issued for conversion of accrued wages-related party			65,295		65,295
Common stock issued for conversion of accounts payable-related party		$ 9	972		981
Common stock issued for conversion of accounts payable-related party, shares		8,955
Common stock issued for accrued wages-related party		$ 680	73,780		74,460
Common stock issued for accrued wages-related party, shares		680,000
Stock options issued for conversion of accrued interest-related party			41,706		41,706
Stock options issued for conversion of accounts payable-related party			860		860
Gain on forgiveness of debt-related party			3,705,216		3,705,216
Imputed interest - loan			13,440		13,440
Net loss				(2,778,486)	(2,778,486)
Balance at Dec. 31, 2020	$ 1	$ 230,498	$ 168,398,511	$ 170,403,189	$ (1,774,179)
Balance, shares at Dec. 31, 2020	1,000	230,498,005

XML

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (2,778,486)	$ (1,428,835)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	267
Stock issued for services	2,033,599	969,550
Imputed interest on loan	13,440	13,440
Realized (gain) loss on sale of marketable securities	12,901	(67,342)
Gain on settlements and debt relief		(472,421)
Change in operating assets and liabilities:
Increase in prepaid expenses	(222,167)
Increase in accounts payable and accrued expenses	577,299	225,037
Increase (decrease) in accounts payable and accrued expenses - officers and directors	(2)	495,130
Increase in accrued interest payable	54,201	35,354
Increase in accrued interest payable - officers and directors	135,549	6,490
Net Cash Used in Operating Activities	(173,399)	(223,597)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for property and equipment	(3,213)
Proceeds from sale of marketable securities	143	206,236
Net Cash Provided by (Used in) Investing Activities	(3,070)	206,236
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock		25,000
Proceeds from convertible debenture	68,000
Payments on notes payable		(59,624)
Payments to officers and directors	(68,000)	(62,591)
Proceeds from officers and directors	177,513	108,192
Net Cash Provided by Financing Activities	177,513	10,977
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	1,044	(6,384)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	1,435	7,819
CASH AND CASH EQUIVALENTS, END OF PERIOD	2,479	1,435
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest
Cash paid for income taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Reclassification of accruals to notes payable, related party		1,080,224
Conversion of accruals and notes payable-related party to stock	510,677
Conversion of accrual and notes payable-related party to options	447,813
Gain on forgiveness of debt - related party	$ 3,705,216

XML

Nature of Operations

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations

NOTE 1 – NATURE OF OPERATIONS

A) ORGANIZATIONAL HISTORY

We were incorporated in 1980 under the laws of the State of Nevada under the name of Western Exploration, Inc. Western Exploration, Inc., a Nevada corporation, was formed on July 24, 1980. In 1990, Western Exploration, Inc. changed its name to Nugget Exploration, Inc. On November 10, 1999, a wholly-owned subsidiary of Nugget Exploration, Inc., Nugget Holdings Corporation, merged with and into GoHealthMD, Inc., a Delaware corporation. Shortly thereafter, Nugget Exploration, Inc. changed its name to GoHealthMD, Inc. a Nevada corporation.

On August 18, 2004, GoHealthMD, Inc., the Nevada Corporation, changed its name to Tree Top Industries, Inc. On July 7, 2016, Tree Top Industries, Inc. changed its name to Global Tech Industries Group, Inc. TTI Strategic Acquisitions and Equity Group, Inc. and TTII Oil & Gas, Inc, all were formed by Global Tech in the anticipation of technologies, products or services being acquired. G T International, Inc. is a wholly owned subsidiary of Global Tech Industries Group, Inc., existing as a Wyoming corporation. TTI Strategic Acquisitions is the only subsidiary with current financial activity.

B) GOING CONCERN

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company incurred a net loss of $2,778,486 during the fiscal year ended December 31, 2020 and has an accumulated deficit of $170,403,189 at December 31, 2020. The Company also had negative working capital of $1,777,125 and $2,166,033 at December 31, 2020 and 2019, respectively, and negative cash flow from operations of $173,399 and $223,597, respectively, for the years then ended.

During 2013, the Company generated significant revenues and left the exploration stage, however, the Company did not generate significant revenues during the years ended December 31, 2020 or 2019, and its cash flows are not sufficient enough to support all expenses of the Company. The Company as yet, still requires substantial financing. Most of the financing has been provided by David Reichman, the Chief Executive Officer and Chairman. The Company is dependent upon his ability and willingness to continue to provide the financing necessary to meet reporting and filing requirements of a public company.

In order for the Company to remain a going concern, it will need to continue to receive funds from equity or debt financing and secure operating revenues. There can be no assurance that the Company will continue to receive any proceeds from equity offerings or that the Company will be able to obtain the necessary funds to finance its operations. These conditions raise substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

On March 11, 2020, the World Health Organization declared the outbreak of a coronavirus (COVID-19) a pandemic. As a result, economic uncertainties have arisen which have the potential to negatively impact the Company’s ability to raise funding from the markets. Other financial impact could occur though such potential impact is unknown at this time.

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Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Significant Accounting Policies

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

A) PRINCIPLES OF CONSOLIDATION

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Ludicrous, Inc., TTI Strategic Acquisitions and Equity Group, Inc, TTII Oil & Gas, Inc., and G T International, Inc. All subsidiaries of the Company, other than TTI Strategic Acquisitions and Equity Group, Inc., currently have no financial activity. All significant inter-company balances and transactions have been eliminated.

B) USE OF MANAGEMENT’S ESTIMATES

The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. These financial statements have material estimates for valuation of stock and option transactions.

C) CASH EQUIVALENTS

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are maintained with major financial institutions in the U S. Deposits held with these banks at times exceed $250,000 of insurance provided on such deposits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash and cash equivalents. At December 31, 2020 and 2019, no excess existed. There were no cash equivalents at December 31, 2020 and 2019.

D) FIXED ASSETS

Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, ranging from 3 to 7 years for furniture, fixtures, machinery and equipment. Leasehold improvements are amortized over the lesser of the term of the lease or the economic life of the asset. Routine repairs and maintenance are expensed when incurred.

E) INCOME TAXES

The Company follows ASC 740, “Income Taxes,”, which discusses recognition and measurement of uncertain tax positions using a “more-likely-than-not” approach, requiring the recognition and measurement of uncertain tax positions. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will to be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

F) REVENUE RECOGNITION

The Company had $8,500 and $0 in revenue during 2020 and 2019, respectively, for consulting services. However, these services are not expected to continue and therefore the Company currently has no source of operating revenue. The Company recognizes revenues in accordance with ASC 606 Revenue from Contracts with Customers. Revenue is recognized as services are rendered or when control of our products are transferred to our customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or products. The Company does not have any significant financing components as payment is received at or shortly after point of sale. The Company’s performance obligations related to services or products, transfers control to the customer at a point in time. Revenues for services and products are recorded upon shipment or delivery of services to the customer. If we subsequently determine that collection from that customer is not reasonably assured, we record an allowance for doubtful accounts and bad debt expense for all that customer’s unpaid invoices and cease recognizing revenue for continued services provided until cash is received.

G) STOCK-BASED COMPENSATION

The Company accounts for stock-based compensation in accordance with the provisions of ASC 718, “Compensation – Stock Compensation.” ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on the grant-date fair value of the award. That cost will be recognized over the period during which an employee is required to provide service in exchange for the reward- known as the requisite service period. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. The grant-date fair value of employee share options and similar instruments are estimated using the Black Scholes option-pricing model adjusted for the unique characteristics of those instruments.

Equity instruments issued to non-employees are recorded at their fair values as determined in accordance with ASC 718 as amended by ASU 2018-07. As such, the grant date is the measurement date of an award’s fair value.

H) INTANGIBLE ASSETS AND BUSINESS COMBINATIONS

The Company follows ASC 805, “Business Combinations,” and ASC 350, “Intangibles - Goodwill and Other”. ASC 805 requires the use of the purchase method of accounting for any business combinations, and further clarifies the criteria to recognize intangible assets separately from goodwill. Under ASC 350, goodwill and indefinite−life intangible assets are reviewed for impairment annually.

I) FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company follows ASC 820, “Fair Value Measurements,” defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows:

[  ]	Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
[  ]	Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
[  ]	Level 3 inputs to the valuation methodology are unobservable and significant to the fair measurement.

The carrying amounts reported in the balance sheets for cash and cash equivalents, and current liabilities each qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The carrying value of notes payable approximates fair value because negotiated terms and conditions are consistent with current market rates as of December 31, 2020 and 2019.

Marketable securities are reported at the quoted and listed market rates of the securities held at the year end.

The following table presents the Company’s Marketable securities within the fair value hierarchy utilized to measure fair value on a recurring basis as of December 31, 2020 and 2019:

	Level 1		Level 2		Level 3
Marketable Securities – 2020	$	31,000	$	-0-	$	-0-
Marketable Securities – 2019	$	44,044	$	-0-	$	-0-

J) BASIC AND DILUTED EARNINGS (LOSS) PER SHARE

The Company calculates earnings (loss) per share in accordance with ASC 260, “Earnings Per Share.” Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share gives effect to dilutive convertible securities, options, warrants and other potential common stock outstanding during the period; only in periods in which such effect is dilutive. For 2020 there were 4,500,664 stock options outstanding, however their effects were anti-dilutive. In 2019, there were no common stock equivalents.

	For the Years Ended
	December 31,
	2020			2019
Loss (numerator)	$	(2,778,486	)	$	(1,428,835	)
Shares (denominator)		207,923,257			178,502,990
Basic and diluted loss per share	$	(.01	)	$	(.01	)

K) RECENT ACCOUNTING PRONOUNCEMENTS

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

L) MARKETABLE SECURITIES

The Company purchases marketable securities and engages in trading activities for its own account. Securities that are held principally for resale in the near term are recorded at fair value with changes in fair value included in earnings. Interest and dividends are included in net Interest Income.

M) Concentrations

The Company generated 100% of its revenue from one customer during 2020. There were no revenues in 2019.

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Related Party Transactions

12 Months Ended

Dec. 31, 2020

Related Party Transactions [Abstract]

Related Party Transactions

NOTE 3 – RELATED PARTY TRANSACTIONS

Notes Payable-Related Party

The Company is indebted to the officers of the Company for unpaid wages, expenses and cash advances from current and previous years that were converted into Notes during 2019. Various Directors and Shareholders have also advanced funds to the Company to support operations. The balances at December 31, 2020 and 2019 for Related Party Notes Payable are $0 and $3,540,405, respectively. Accrued interest on the related party notes at December 31, 2020 and 2019 total $0 and $298,796, respectively. On December 19, 2020, the Company converted $3,540,405 of notes payable and $434,345 of accrued interest on related party notes into 4,663,705 shares of common stock and 4,500,664 stock options, leaving $0 related party notes and accrued interest at December 31, 2020. The value of the shares and options issued for notes payable, interest, accrued wages and accounts payable to related parties, and the related gain on forgiveness of the remaining debt recorded as additional paid-in capital is further described below:

	Stock		Options		Gain		Total
Notes payable	$	387,674	$	339,952	$	2,812,779	$	3,540,405
Accrued interest		47,561		41,706		345,078		434,345
Accrued wages		74,460		65,295		540,245		680,000
Accounts payable		982		860		7,114		8,956
Totals	$	510,677	$	447,813	$	3,705,216	$	4,663,706

Mr. Reichman, our CEO, has rendered services to the Company and his wages have been accrued in accrued expenses during 2017, 2018 and 2019. At December 30, 2019, Mr. Reichman agreed to consolidate accrued wages, auto allowance and cash advances in the amount of $2,016,672, into a long-term Note Payable bearing interest at 5% with a term date of July 15, 2021. At December 31, 2019, the Notes Payable to Mr. Reichman totaled $2,437,717. On December 19, 2020, Mr. Reichman’s Notes, accrued interest and 2020 accrued wages, totaling $3,192,385 were converted to 3,192,385 shares of common stock and 3,080,781 stock options. At December 31, 2020, Mr. Reichman’s Note payable was $0. Accrued interest on Mr. Reichman’s Notes was $0 and $163,254 at December 31, 2020 and 2019, respectively.

Mrs. Griffin, our President, has rendered services to the Company and her wages have been accrued in accrued expenses during 2017, 2018 and 2019. At December 30, 2019, Mrs. Griffin agreed to consolidate accrued wages and expenses into a long-term Note Payable of $563,000, bearing 5% interest, with a term date of July 15, 2021. At December 31, 2019, the Notes Payable to Mrs. Griffin totaled $769,670. On December 19, 2020, Mrs. Griffin’s Notes, accrued interest and 2020 accrued wages, totaling $1,045,700 were converted to 1,045,700 shares of common stock and 1,009,143 stock options. At December 31, 2020, Mrs. Griffin’s Note payable was $0. Accrued interest on Mrs. Griffin’s Notes was $0 and $67,168 at December 31, 2020 and 2019, respectively.

On December 13, 2012, the Company executed a note payable to an individual and board member in the amount of $19,000, interest accrues at 8% per annum, unsecured, due after 8 months of execution, but extended to July 15, 2021. On December 19, 2020, the loan and accrued interest were converted into 30,459 shares of common stock and 26,459 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $10,319 respectively.

On March 6, April 22, April 30, May 24, June 14, June 21, July 3, July 30, November 20, December 2, December 13, 2013, the Company executed notes payable to an individual and board member in the total amount of $31,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution, but extended to July 15, 2021. On December 19, 2020, the loan and accrued interest were converted into 44,532 shares of common stock and 38,683 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $12,137, respectively.

On January 2, January 21, April 24, May 19, July 28, August 26, and December 23, 2014, the Company executed notes payable to an individual and board member in the total amount of $31,500, interest accrues at 6% per annum, unsecured, due after 8 months of execution, but extended to July 15, 2021. On December 19, 2020, the loan and accrued interest were converted into 43,536 shares of common stock and 37,818 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $10,617, respectively.

On February 11, April 21, May 6, June 8, June 15, July 17, August 19, October 20, 2015, and January 22, 2016 the Company executed notes payable to an individual and board member in the total amount of $34,800, interest accrues at 6% per annum, unsecured, due after 8 months of execution, but extended to July 15, 2021. On December 19, 2020, the loan and accrued interest were converted into 45,837 shares of common stock and 39,817 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $9,471, respectively.

On February 28, 2013, the Company executed a note payable to a Trust and shareholder, whose Trustee is our CEO, in the amount of $5,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution, and extended to July 15, 2021. On December 19, 2020, the loan and accrued interest were converted into 7,275 shares of common stock and 6,320 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $2,050, respectively.

On July 23, July 24, August 5, August 26, and September 13, 2013, the Company executed a note payable to a Trust and shareholder, whose Trustee is our CEO, in the total amount of $80,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution. $7,924 was paid on December 31, 2020, leaving a balance of $72,076. On December 19, 2020, the loan and accrued interest were converted into 75,319 shares of common stock and 65,427 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $0, respectively.

On May 15, July 12, July 17, and November 22, 2013, the Company executed notes payable to an Trust and shareholder, whose Trustee is our CEO, in the total amount of $83,877, interest accrues at 6% per annum, unsecured, due after 8 months of execution, and extended to July 15, 2021. On December 19, 2020, the loan and accrued interest were converted into 96,430 shares of common stock and 83,765 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $8,778, respectively.

On January 22, 2014, the Company executed a note agreement with a Trust and shareholder, whose Trustee is our CEO, in the amount of $14,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution, and has been extended to July 15, 2021. On December 19, 2020, the loan and accrued interest were converted into 19,619 shares of common stock and 17,042 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $4,989, respectively.

On April 7, 2014, April 17, 2014, June 6, 2014, July 18, 2014 and October 10, 2014, the Company executed note agreements with a Trust and shareholder whose Trustee is our CEO, in various amounts totaling $24,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution, and has been extended to July 15, 2021. On December 19, 2020, the loan and accrued interest were converted into 33,528 shares of common stock and 29,124 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $8,448, respectively.

On October 10, 2014, the Company executed a note payable to a Trust and shareholder, whose Trustee is our CEO, in the amount of $5,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution, but extended to July 15, 2021. On December 19, 2020, the loan and accrued interest were converted into 6,792 shares of common stock and 5,900 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $1,567, respectively.

On December 30, 2019, the Company executed a note payable to a Trust and shareholder, whose Trustee is our CEO, in the amount of $12,765, interest accrues at 6%, per annum, unsecured, due on July 15, 2021. On December 19, 2020, the loan and accrued interest were converted into 13,339 shares of common stock and 11,587 stock options. At December 31, 2020, the balance of this loan is $0. Accrued interest at December 31, 2020 and 2019 was $0 and $0, respectively.

(b) Additional detail to all Notes Payable-Related Party is as follows:

2020		2019		Interest			Interest Expense
Principal		Principal		Rate			12/31/2020		12/31/2019		Maturity
$	-	$	2,016,672		5.00	%	$	75,265	$	-		7/15/21
	-		563,000		5.00	%		21,113		-		7/15/21
	-		409,920		5.00	%		15,372		20,496		7/15/21
	-		11,125		5.00	%		417		556		7/15/21
	-		200,000		5.00	%		7,500		10,000		7/15/21
	-		6,670		5.00	%		249		334		7/15/21
	-		19,000		8.00	%		1,140		1,520		7/15/21
	-		31,000		6.00	%		1,170		1,560		7/15/21
	-		31,500		6.00	%		1,419		1,892		7/15/21
	-		34,800		6.00	%		1,566		2,088		7/15/21
	-		5,000		6.00	%		225		300		7/15/21
	-		72,076		6.00	%		3,600		4,800		7/15/21
	-		-		6.00	%		2,214		2,952		N/A
	-		-		6.00	%		113		150		N/A
	-		83,877		6.00	%		1,005		1,340		7/15/21
	-		14,000		6.00	%		630		840		7/15/21
	-		24,000		6.00	%		1,080		1,440		7/15/21
	-		5,000		6.00	%		225		300		7/15/21
	-		12,765		6.00	%		573		-		7/15/21
$	0	$	3,540,405				$	134,876	$	50,568

Due to Officers and Directors

Due to officers consists of cash advances and expenses paid by Mr. Reichman in order to satisfy the expense needs of the Company. The balance of advances made by Mr. Reichman at December 30, 2019 in the amount of $400,223, were consolidated with other amounts due Mr. Reichman, and a Note Payable was issued in its stead. The payables and cash advances are unsecured, due on demand and do not bear interest. During 2020 Mr. Reichman advanced $177,513 to the Company to cover operating expenses and was repaid $68,000. During 2019 Mr. Reichman advanced $108,192, to the Company and was repaid $62,591. At December 31, 2020 and 2019, the amounts Due to Officers and Directors for cash advances and expenses are $109,513 and $0, respectively.

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Fixed Assets

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Fixed Assets

NOTE 4 - FIXED ASSETS

During the year ended 2020, the Company wrote off all fixed assets purchased prior to 2019, that were fully depreciated. Depreciation expense was $267 and $0 during the years ended December 31, 2020 and 2019, respectively.

Fixed assets consist of the following:

	2020			2019
Computer equipment	$	3,213		$	134,896
Office equipment		-			22,600
Telephone equipment		-			12,900
Total fixed assets		3,213			170,396
Accumulated Depreciation		(267	)		(170,396	)
Net fixed assets	$	2,946		$	-

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Notes Payable

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Notes Payable

NOTE 5 - NOTES PAYABLE

(a) NOTES PAYABLE IN DEFAULT:

Notes payable in default consist of various notes bearing interest at rates from 5% to 9%, which are unsecured with original due dates between August 2000 and December 2016. All the notes are unpaid to date and are in default and are thus classified as current liabilities. At December 31, 2020 and 2019, notes payable in default amounted to $871,082 and $871,082, respectively. Accrued interest on the notes in default at December 31, 2020 and 2019 are $345,663 and $310,307, respectively. Below is a discussion of the details to the notes payable in default and a table summarizing the notes in default with additional information.

During 2002, the Company settled a trade payable in litigation by executing a note payable to a Company in the amount of $18,000, interest accrues at 6% per annum, unsecured, due September 1, 2002, and in default . Accrued interest at December 31, 2020 and 2019 is $20,880 and $19,800, respectively.

Also during 2002, in settlement of another trade payable, the Company executed a note payable to a Company in the amount of $30,000, interest accrues at 6% per annum, unsecured, due September 12, 2002, in default. Accrued interest at December 31, 2020 and 2019 is $32,299 and $30,499, respectively.

During 2000, the Company executed a note payable to an individual in the amount of $25,000, interest accrues at 5% per annum, unsecured, due August 31, 2000, in default. Accrued interest at December 31, 2020 and 2019 is $27,091 and $25,839, respectively.

In 2002, the Company settled an obligation with a consultant by executing a note payable for $40,000, interest accrues at 7% per annum, unsecured, due July 10, 2002, in default. Accrued interest at December 31, 2020 and 2019 is $52,287 and $49,487, respectively.

On December 27, 2009, the Company executed a note payable to an individual for various advances to the Company in the amount of $292,860. On June 26, 2013, this note was renegotiated to include the accrued interest. The new note balance is $388,376 and interest accrues at 5% per annum, unsecured, and is extended to October 5, 2019, with monthly installments beginning in 2014 of $5,553, which did not occur. This note is in default. Accrued interest at December 31, 2020 and 2019 is $145,909 and $126,489, respectively.

In January 27, 2010, the Company executed a note payable to a corporation in the amount of $192,000, bears no interest and is due on demand after 6 months of execution and is unsecured. No demand has been made at the date of these financial statements, but the note is in default. Interest expense in the amount of $13,440 has been imputed for this note in 2020 and 2019, with an offsetting entry to Paid in Capital.

On August 28, 2012, and September 17, 2012, the Company executed a note payable to a corporation in the amount of $12,000 and $20,000, respectively. On June 26, 2013, this note was renegotiated to include the accrued interest. The new note balance is $32,960 and interest accrues at 5% per annum, unsecured, and is extended to October 5, 2018, with monthly installments beginning in 2014 of $473, which did not occur, and is unsecured and in default. Accrued interest at December 31, 2020 and 2019 is $12,383 and $10,735, respectively.

On April 12, 2012, the Company executed a note payable to a corporation in the amount of $100,000, however on June 26, 2013, this note was renegotiated to bear interest at 5% per annum, unsecured, extended to October 5, 2018, with monthly installments beginning in 2014 of $1,430, which did not occur and this note is in default. Accrued interest at December 31, 2020 and 2019 is $37,568 and $32,568, respectively.

On December 31, 2012, the Company executed a note payable to a corporation in the amount of $32,000, however on June 26, 2013, this note was renegotiated to include accrued interest. The new note balance is $32,746, bears interest at 5% per annum, unsecured, extended to October 5, 2018, with monthly installments beginning in 2014 of $468, which did not occur and this note is in default. Accrued interest at December 31, 2020 and 2019 is $12,300 and $10,664, respectively.

On March 11, 2014, the Company executed a note agreement with an LLC in the amount of $5,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution, extended to October 5, 2018 and is in default. Accrued interest at December 31, 2020 and 2019 is $2,042 and $1,742, respectively.

On January 31, 2014, the Company executed a note agreement with a Corporation in the amount of $7,000, interest accrues at 6% per annum, unsecured, due after 8 months of execution, but extended to October 5, 2018 and is in default. Accrued interest at December 31, 2020 and 2019 is $2,904 and $2,484, respectively.

None of the above notes are convertible or have any covenants.

(b) Additional detail to all Notes Payable in Default is as follows:

2020		2019		Interest			Interest Expense
Principal		Principal		Rate			12/31/2020		12/31/2019		Maturity
$	32,960		32,960		5.00	%		1,649		1,648		10/5/18
	32,746		32,746		5.00	%		1,637		1,636		10/5/18
	5,000		5,000		6.00	%		300		300		10/5/18
	100,000		100,000		5.00	%		5,000		5,000		10/5/18
	7,000		7,000		6.00	%		420		420		10/5/18
	388,376		388,376		5.00	%		19,420		19,419		10/5/18
	192,000		192,000		0	%		13,440		13,440		10/5/18
	18,000		18,000		6.00	%		1,080		1,080		9/1/2002
	30,000		30,000		6.00	%		1,800		1,800		9/12/2002
	25,000		25,000		5.00	%		1,250		1,250		8/31/2000
	40,000		40,000		7.00	%		2,800		2,800		7/10/2002
$	871,082	$	871,082				$	48,796	$	48,793

At December 31, 2020 and 2019, accrued interest on the outstanding notes payable were $345,663 and $310,307, respectively and related party notes was $0 and $298,796, respectively. Interest expense on the outstanding notes amounted to $183,669 and $99,361 for the years ended December 31, 2020 and 2019, including the imputed interest discussed above.

(c) CONVERTIBLE DEBENTURE:

On November 27, 2020, the Company executed a convertible debenture with a corporation in the amount of $74,800, interest accrues at 10% per annum, unsecured, due on November 27, 2021. The debenture includes a conversion right to be exercised at any time 180 days after execution of the note and is convertible into common stock of the Company at 75% of the market price, being calculated as the lowest three trading prices during the fifteen trading day period prior to conversion. The Debenture also required the Company to reserve 5 times the expected conversion share amount at the transfer agent, to insure there are sufficient shares available upon conversion.

The convertible debenture also contains a OID or original issue discount of $6,800, which was deducted from the proceeds, thus advancing $68,000 to the Company. Because the Company subsequently prepaid the debenture, the OID was completely expensed in the 2020 year.

The convertible debenture can be prepaid before the maturity date, however, if it is prepaid there are penalties associated with an early prepayment as follows:

Payment within 60 days of execution, prepayment penalty is 15%.

Payment after 60 days but within 90 days, prepayment penalty is 20%

Payment after 90 days but within 120 days, prepayment penalty is 25%

Payment after 120 days but within 180 days, prepayment penalty is 29%

Because the Company prepaid the Convertible Debenture on February 26, 2021 (see subsequent events), the Company accrued the related penalties pursuant to the agreement, along with the accrued interest. Accrued interest and penalties at December 31, 2020 was $12,045, and the Convertible Debenture balance was $74,800.

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Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 6 - INCOME TAXES

The Company follows the provisions of ASC 740, “Income Taxes.” This standard requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. As a result of the implementation of this standard, the Company performed a review of its material tax positions in accordance with recognition and measurement standards established by ASC 740.

Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

Deferred tax assets and the valuation account are as follows:

	2020			2019
Deferred tax assets:
NOL carryover	$	3,508,211		$	3,354,581
Valuation allowance		(3,508,211	)		(3,354,581	)
Net deferred tax asset	$	-		$	-

The income tax provision differs from the amount of income tax determined by applying the U.S. federal and state income tax rates of 21% to pretax income from continuing operations for the years ended December 31, 2020 and 2019.

The components of income tax expense are as follows:

	2020			2019
Book loss	$	(583,482	)	$	(300,055	)
Stock based compensation		427,056			203,606
Non-deductible expenses		87			1,352
Unrealized/Realized gains or losses on Securities (net)		2,709			1,642
Change in NOL valuation allowance		153,630			93,455
	$	-		$	-

The Company currently has no issues creating timing differences that would mandate deferred tax expense. Net operating losses would create possible tax assets in future years. Due to the uncertainty of the utilization of net operating loss carry forwards, a valuation allowance has been made to the extent of any tax benefit that net operating losses may generate. A provision for income taxes has not been made due to net operating loss carry-forwards of $15,878,689 and $15,147,119 as of December 31, 2020 and 2019, respectively, which may be offset against future taxable income. No tax benefit has been reported in the financial statements.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

		December 31,
		2020		2019
Beginning balance	$	3,354,581	$	3,261,126
Additions based on tax positions related to current year		153,630		93,455
Additions for tax positions of prior years		-		-
Reductions for tax positions of prior years		-		-
Reductions in benefit due to income tax expense		-		-
Ending balance	$	3,508,211	$	3,354,581

The Company did not have any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months.

The Company includes interest and penalties arising from the underpayment of income taxes in the consolidated statements of operations in the provision for income taxes. As of December 31, 2020, and 2019, the Company had no accrued interest or penalties related to uncertain tax positions.

The tax years that remain subject to examination by major taxing jurisdictions are for the years ended December 31, 2020, 2019, 2018, 2017, 2016 and 2015.

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Stockholders' Deficit

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Stockholders' Deficit

NOTE 7 - STOCKHOLDERS’ DEFICIT

A) NUMBER OF SHARES AUTHORIZED

The Board of Directors have authorized 350,000,000 shares of common stock to be issued at a par value of $0.001. As of December 31, 2020 and 2019, 230,498,005 and 205,277,990 shares of common stock are issued and outstanding, respectively.

B) PREFERRED STOCK

The Board of Directors authorized 50,000 shares of “blank check” preferred stock. The terms, rights and features of the preferred stock will be determined by the Board of Directors upon issuance. Subject to the provisions of the Company’s certificate of amendment to the articles of incorporation and the limitations prescribed by law, the Board of Directors would be expressly authorized, at its discretion, to adopt resolutions to issue shares, to fix the number of shares and to change the number of shares constituting any series and to provide for or change the voting powers, designations, preferences and relative, participating, optional or other special rights, qualifications, limitations or restrictions thereof, including dividend rights (including whether the dividends are cumulative), dividend rates, terms of redemption (including sinking fund provisions), redemption prices, conversion rights and liquidation preferences of the shares constituting any series of the preferred stock, in each case without any further action or vote by the stockholders. The Board of Directors would be required to make any determination to issue shares of preferred stock based on its judgment as to the best interests of the Company.

During 2016, Board of Directors authorized the issuance of 1,000 shares of Series A Preferred Stock to David Reichman, the Company’s CEO. Mr. Reichman has advance significant capital and expended significant time to the Company without compensation. As an effort to give Mr. Reichman security for his advances, the 1,000 shares of preferred were issued. The Series A Preferred Shares have the following features attached:

1)	Non-participating in the dividends to the Common Shareholders
2)	No Liquidation Preference
3)	Voting Rights to include: the right to vote in an amount equal to 51% of the total vote with respect to any proposal relating to (a) increasing the authorized share capital of the Company, (b) effecting any forward stock split of the Company’s authorized, issued or outstanding shares of capital stock, and (c) any other matter subject to a shareholder vote.
4)	No conversion rights
5)	Redemption Rights: The Series A shares shall be automatically redeemed upon (a) Mr. Reichman ceases to serve as an officer or director of the Company, (b) on the date that the Company’s shares or common stock first trade on any national securities exchange

C) ISSUANCES OF COMMON STOCK

On June 28, 2019, the Board of Directors authorized the issuance of 5,000,000 shares for services valued at $262,500, the market price of the shares upon authorization.

On October 10, 2019, the Board of Directors authorized the issuance of 1,000,000 shares for cash of $25,000 pursuant to a private placement memorandum.

On December 19, 2019, the Board of Directors authorized the issuance of 8,000,000 shares for services valued at $168,000, the market price of the shares upon authorization.

On December 21, 2019, the Board of Directors authorized the issuance of 15,500,000 shares for services valued at $389,050, the market price of the shares upon authorization.

On December 21, 2019, the Board of Directors authorized the issuance of 5,000,000 shares for the employee profit sharing plan valued at $150,000, the market price of the shares upon authorization.

On May 6, 2020, the Board of Directors authorized the issuance of 3,040,000 shares for services valued at $60,800, the market price of the shares upon grant.

On June 24, 2020, the Board of Directors authorized the issuance of 1,500,000 shares for services valued at $30,000, the market price of the shares upon grant.

On September 3, 2020, the Board of Directors authorized the issuance of 500,000 shares for services valued at $20,750, the market price of the shares upon grant.

On September 23, 2020, the Board of Directors authorized the issuance of 1,500,000 shares for services valued at $30,000, the market price of the shares upon grant.

On November 18, 2020, the Board of Directors authorized the issuance of 10,000,000 shares for IR and marketing services valued at $1,158,000, the market price of the shares upon grant.

On December 3, 2020, the Board of Directors authorized the issuance of 3,000,000 shares for IR services valued at $322,500, the market price of the shares upon grant. Since the service period had not been completed at December 31, 2020, the Company recorded a prepaid expense in the amount of $222,167, which will be expensed in the first quarter 2021.

On December 16, 2020, the Board of Directors authorized the issuance of 3,000,000 shares for services valued at $249,674, the market price of the shares upon grant.

On December 19, 2020, the Board of Directors authorized the issuance of 4,663,705 shares for the conversion of related party notes payable and accrued interest of $510,676, the market price of the shares upon grant.

On December 19, 2020, the Board of Directors authorized the issuance of 2,500,000 shares for the services valued $161,875, the market price of the shares upon grant.

On December 31, 2020, the Board of Directors authorized the issuance of 184,840 shares previously “held for cancellation” shares that were issued in 2013 for services. No expense was recorded for this adjustment.

D) 2007 OMNIBUS STOCK AND INCENTIVE PLAN

On September 24, 2007, the Board of Directors authorized the creation of the 2007 Omnibus Stock and Incentive Plan (the “2007 Plan”). The 2007 Plan was approved by the stockholders on November 28, 2007. An aggregate of 60,000 shares of common stock are reserved for issuance and available for awards under the 2007 Plan.

Awards under the 2007 Plan may include non-qualified stock options, incentive stock options, stock appreciation rights (“SARs”), restricted shares of common stock, restricted units and performance awards. For a complete description of the Plan, see Global Tech’s Form 8-K filed with the SEC on November 7, 2007.

E) UNEARNED ESOP SHARES

Effective January 1, 2009, the Company organized the Tree Top Industries Profit-Sharing Plan Trust, to manage the Company’s Employee Stock Option Profit-Sharing Plan (“the Plan”). On November 13, 2018 the Trust name was changed to Global Tech Industries Group Profit Sharing Plan Trust. At the direction of the Board of Directors, the Company annually issues shares to the Trust for the future benefit of the employees of the Company. The plan allows the Board of Directors to issue shares to the Trust annually to be allocated to the participants.

The Plan was organized consistent with the requirements of Section 401(a) of the Internal Revenue Code of 1986, however, the Plan has not been administered as a qualified retirement plan, and therefore, the shares issued to the ESOP have not been deducted for federal tax purposes. The employee group is a Top Heavy group of Key Employees, however, the plan will also cover all employees that are eligible. Eligibility occurs for each employee that is employed on the anniversary date of the Plan. Participation shall cease upon the termination of the employee services, on account of death, disability, retirement or the separation from the employer. Each year the Employer shall contribute either cash or stock of the Corporation, an amount to the Plan as shall be determined by the Board of Directors. The contributions vest as follows:

For each of the first two years of Service	10% per year
Each additional year of Service over two years	20% additional
Full vesting after six years of Service

Retirement and death benefits commence at the termination of Service. Benefits may be paid in Cash, Stock or through a Qualified Join and Survivor Annuity.

Pursuant to ASC 718, the Company’s ESOP Plan is a non-leveraged plan, and therefore compensation expense is recorded at the fair value of the shares issued at the grant date. The Company has never issued dividends to its shareholders, and therefore no dividends have been issued to the ESOP plan. The ESOP shares are considered issued and outstanding for the earnings per share computation. Compensation expense of $0 and $150,000 has been recorded during 2020 or 2019, respectively, for the ESOP shares issued. There have been 23,500,000 and 23,500,000 share allocated to the participants of the Plan, as of December 31, 2020 and 2019, respectively and none of the shares have been committed for release. There are no shares in suspense as of December 31, 2020 and 2019, respectively. The fair value of the ESOP shares being held by the Trust as of December 31, 2020 and 2019 is $2,350,000 and $878,900, respectively. There is no repurchase obligation on the Company to purchase back any shares issued to the ESOP Trust. No dividends have been issued to the ESOP Trust, therefore there has been no tax benefit treatment in the Earnings Per Share computation.

In December 2019, the Company issued 5,000,000 shares to the ESOP Trust account for the future benefit of the employees of the Company. These shares have been recorded as compensation expense of $150,000, which was the fair value of the shares at the grant date. No ESOP shares were issued for the 2020 year.

F) STOCK OPTIONS

On December 19, 2020, in conjunction with the conversion of related party notes, accrued interest and compensation, the Company authorized the issuance of 4,500,664 stock options with the following features:

● One option allows for the purchase of one share of common stock

● The strike price of the option is $.01

● The conversion term is 2 years from issuance date

● All options are vested immediately

The value of the options were determined using the Black-Scholes valuation method, and the Company uses the following methods to determine its underlying assumptions: expected volatilities are based on the historical monthly closing price of the Company’s common stock; the expected term is 2 year, the risk free interest rate used is based on the U.S Treasury implied yield zero-coupon issue with similar life terms to the expected life of the grant; and the expected divided yield is based on the current annual dividend. No compensation was recorded with the 4,500,664 option issuance as the $447,813 valuation of the options granted did not exceed the recorded amount of debt it was converting.

Assumptions:	2020			2019
Assumptions applicable to stock options issued
Risk-free interest rate		3	%		-
Expected lives (in years)		2			-
Expected stock volatility		72	%		-
Dividend yield		-			-

Stock option transactions are as follows:

			Weighted		Weighted
			Average		Average		Aggregate
			Exercise		Remaining		Intrinsic
	Shares		Price		Term		Value
Outstanding at January 1, 2019		-	$	-		-	$	-
Granted
Exercised
Forfeited
Outstanding at December 31,2019		-	$	-		-	$	-
Granted		4,500,664	$	.01		2 yrs	$	427,563
Exercised
Forfeited
Outstanding at December 31, 2020		4,500,664	$	.01		2 yrs	$	427,563

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 8- COMMITMENTS AND CONTINGENCIES

A) LEASES

Global Tech Industries Group, Inc. currently does not lease, rent or own any property.

B) LITIGATION

On December 31, 2012, Global Tech and its new subsidiary, TTII Oil & Gas, Inc., a Delaware corporation, signed a binding asset purchase agreement with American Resource Technologies, Inc. (“ARUR”), a Kansas corporation, to acquire all the assets of ARUR for a purchase price of $513,538, which was paid in the form of 4,668,530 shares of Global Tech’s common stock as described in the asset purchase agreement. The shares were valued at $0.11 per share, based on the closing trading price of the common stock on the Closing Date. The assets purchased from ARUR include a 75% working interest in oil and gas leases in Kansas, as well as other oil field assets, a natural gas pipeline, currently shut down that is also located in Kansas, 25% interest in three other business entities operating in Kansas, and accounts receivables from two companies operating in Brazil in the amounts of $3,600,000 and $3,600,000 respectively. TTII Oil & Gas, Inc. also purchased three promissory notes in the amounts of $100,000, $100,000 and $350,000, as well an overdue contract for revenue in the amount of $1,000,000. Finally, a gun sight patent was also acquired from Century Technologies, Inc. All accounts and notes receivable were deemed uncollectable due to the age and circumstances, and therefore were assessed no value in the asset purchase. The equity ownerships were also deemed to be impaired due to the inactive nature of the entities, and were not allocated any value. The gun sight patent was also not readily assessable as to value and no purchase price was allocated to this asset. Also, due to the mechanic’s lien and lawsuit on the oil leases, as well as the absence of an official reserve report, the oil lease was also impaired and no value was recorded for this asset. On September 2015, the Chautauqua County Court decided that American Resource Technologies Inc management and Board of Directors improperly acted and rendered the original Agreement a nullity. During 2019, the Company removed additional obligations related to the ARUR acquisition and settled legal fees due.

During March 2013, the Company was named in an action pertaining to the 75% working interest in the Ownbey Lease. Subsequent to the Company’s purchase of the assets and the termination of the operator, a mechanics lien was filed against the property claiming approximately $267,000 in fees are due to the previous operator. An action commenced in the District Court of Chautauqua County, Kansas, captioned Aesir Energy, Inc. vs. American Resource Technologies, Inc.; Nancy Ownbey Archer; Jimmy Stephen Ownbey; Robbie Faye Butts; Global Tech Industries Group, Inc. and TTII oil & Gas, Inc. In February 2017, the Chautauqua Court ruled that the acquisition agreement be nullified. During 2019, all assets and liabilities were removed from the Company’s books including an asset retirement obligation of $101,250 that was associated with the oil and gas property and recorded as a gain on settlement. No other monetary claims have been asserted against GTII or TTII Oil & Gas, Inc

On February 3, 2017, the Company filed suit in Eastern District Federal Court New York against American Resource Technologies, Inc., (ARUR) and several directors and officers relating to the Chautauqua County Court Kansas decision nullifying the acquisition Agreement of ARUR. The Company has made several attempts to recover the shares of GTII stock paid to ARUR for the asset acquisition and the various costs and expenses expended by GTII in fulfillment of its obligations under the contract with ARUR. The failure of non-litigation attempts to resolve the matter resulted in filing an action for declaratory judgment in the US District Court for the Eastern District of New York, Docket No. 17-CV-0698. The case was subsequently withdrawn due to the close of ARUR operations. During 2020, the Company was successful in recalling the 4,668,530 shares and cancelling them from the shareholder list

On December 30, 2016, the Company executed a stock purchase agreement (the “Agreement”), which was signed and closed in Hong Kong, with GoFun Group, Ltd. through its wholly owned subsidiary Go F & B Holdings, Ltd. GoFun Group, Ltd. is a privately held company running a casual dining restaurant business, based in Hong Kong. Subsequent to the agreement being signed, GoFun Group failed to substantially perform under the agreement, including, but not limited to providing audited financials of its assets, making the ongoing payments called for in the agreement, along with other matters that led Global Tech to initiate litigation in the United States. Currently, Global Tech and GoFun are litigating the matter in the U.S District Court for the southern district of New York. The original acquisition agreement and rescission was recorded on the Company’s books in 2016, however the physical share certificates were not returned to the Company. During the last quarter 2019, the Company was able to secure, via preliminary settlement, the return of 43,649,491 shares of the Company’s stock, that was issued in good faith to GoFun in anticipation of a final stock exchange. The stock has since been returned to the Company’s treasury and cancelled. The Company also reclassified a deposit received from GoFun shareholders in the amount of $128,634 for future share issuances pursuant to the Acquisition Agreement, to a Gain on Settlements and Debt Relief as part of the legal settlement of this case. As of this writing, motions are pending that may require remaining negotiations to continue in arbitration.

On December 30, 2019, a dispute between the Company and its counsel regarding the GoFun matter, above, resulted in a filing, and subsequent settlement, of an action in the Supreme Court of the State of New York for the County of New York (Index No. 656396/2019). Pursuant to the settlement, prior counsel for the Company accepted previously-issued shares in 2016, as full payment for all legal work, expenses, costs, and other fees.

C) EMPLOYMENT AGREEMENT

Effective October 1, 2007, the Company entered into a two-year employment agreement with David Reichman, Chief Executive Officer, pursuant to which Mr. Reichman was paid an annual salary of $250,000, payable in semi-monthly installments. In addition, Mr. Reichman may be paid a bonus or bonuses during each year, as determined at the sole discretion of the Board of Directors and receive stock options to purchase 1.2 million shares of common stock as discussed above. During the year ended December 31, 2009, the Board of Directors approved the extension of this contract an additional two years from the date of expiration, at an annual salary of $500,000. During the year ended December 31, 2012, the Board of Directors approved the extension of this contract until December 31, 2013 with a salary of $1. Mr. Reichman’s salary has been accruing because Global Tech is without the resources to pay the salary in full. This employment agreement was filed on November 7, 2007, as exhibit 99.2 to a current report of the Company on Form 8-K and is incorporated herein by reference. Mr. Reichman’s contract has been extended by mutual consent to December 31, 2017. Predicated upon the executed Agreement between GTII and GoFun, The Board of Directors of GTII voted pursuant to the Agreement to begin salary payments as of April 2, 2017, retroactive to January 1, 2017, and thru December 31, 2020.

Effective April 1, 2009, the Company entered into a three-year employment agreement with Kathy Griffin, President, pursuant to which Mrs. Griffin was paid an annual salary of $127,500, payable in semi-monthly installments. In addition, Mrs. Griffin may be paid a bonus or bonuses during each year, as determined at the discretion of the CEO, and receive stock options to purchase shares of common stock as discussed above. Mrs. Griffin was given a salary increase effective April 1, 2010 to an annual salary of $180,000. This salary increase accrued in 2010 because Global Tech was without resources to pay the salary increase. This employment agreement was filed on March 25, 2010 as exhibit 10.1 to a current report of the Company on Form 8-K and is incorporated herein by reference. Mrs. Griffin’s employment contract has been extended at December 31, 2012 until December 31, 2013, with a salary of $1. Mrs. Griffin’s contract was extended by mutual consent to December 31, 2017. Predicated upon the executed Agreement between GTII and GoFun, The Board of Directors of GTII voted pursuant to the Agreement to begin salary payments as of April 2, 2017, retroactive to January 1, 2017, and thru December 31, 2020.

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Marketable Securities

12 Months Ended

Dec. 31, 2020

Marketable Securities [Abstract]

Marketable Securities

NOTE 9 - MARKETABLE SECURITIES

The Company has acquired various shares of Marketable Securities over the past several years and engages in trading activities for its own account. The Company’s marketable securities are listed on various exchanges with readily determinable fair value per the guidance of ASC 321, “Investments – Equity Securities.” The fair value of these shares at December 31, 2020 and 2019 amounted to $31,000 and $44,044, respectively. All realized gains and losses and unrealized gains and losses are recorded in earnings. For the year ended December 31, 2020, the Company recorded a net loss of $12,901 which consisted of realized gains of $40, and unrealized losses of $12,941. For the year ended December 31, 2019, the Company recorded a net gain of $67,342 which consisted of realized gains of $75,190 and unrealized losses of $7,848. The Company does not hold any equity securities that do not have readily available fair values, therefore no impairment analysis or other methods to determine value are used.

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Asset Retirement Obligation

12 Months Ended

Dec. 31, 2020

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligation

NOTE 10 - ASSET RETIREMENT OBLIGATION

During 2013, the Company began the re-work project on various well associated with the Ownbey Oil and Gas Lease purchased on December 31, 2012. The Company will be required as part of the purchase of this lease to remediate the Ownbey property upon its abandonment of the lease. In accordance with FASB ASC 410, “Asset Retirement and Environmental Obligations,” the Company recognized the fair value of the liability for an asset retirement obligation in the amount of $101,250. Because the Company does not have a certified valuation report for the Ownbey lease we did not capitalize this cost, but instead expensed the entire amount during the 2013 year. During 2019 the Company reversed all obligation associated with the ARUR acquisition due to the Kansas Court ruling (see litigation in Note 8) The following table describes all changes to the Company’s asset retirement obligation liability during 2020 and 2019:

	December 31,
	2020		2019
Asset retirement obligation-beginning of year	$	-	$	101,250
Liabilities incurred		-		-
Accretion expense		-		-
Rescission of agreement		-		(101,250	)
Asset retirement obligation-end of year	$	-	$	-

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Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

NOTE 11 - SUBSEQUENT EVENTS

On February 26, 2021, the Company prepaid the Convertible Debenture before it’s due date by paying all principal, interest and penalties in the amount of $91,924. All reserved share for the conversion of the debenture were released by our transfer agent for future issuances.

On February 28, 2021, the Company executed a final Stock Purchase Agreement wherein the Company acquired all the issued and outstanding stock of Gold Transactions International, Inc. (GTI) (a Utah Corporation), for the issuance of 6,000,000 shares of common stock valued at $6,000,000. Effective March 1, 2021, the operations of GTI will be consolidated with the Company. GTI is in the business of participating, through a License Agreement, with a private joint venture network of companies, in transporting, assaying, buying, storing and selling gold from international artisan gold miners. After the mined dore gold has been shipped to a network third party refinery in the DMCC, a free trade zone in Dubai, the artisan miner’s gold is purchased and refined and sold to the network’s customers. GTI makes revenue on the margin spread of the buy and sell prices.

There were no acquisition related cost incurred in acquiring GTI. GTI has assets of $5,044,610 with current portion of long-term debts in the amount of $246,958, and long term debt of $4,797,652. GTI has had no revenues from inception on November 10, 2020 through the end of the 2020 year. Revenues, however, have commenced in the 2^nd quarter of 2021. Because the acquisition occurred after the Company’s year end, no revenues or expenses have been included in the consolidated financial statements included herein. The Company will record the acquisition price of 6,000,000 shares valued at $6,000,000 as an intangible asset and will assume GTI’s assets and liabilities.

On March 15, 2021, the Company issued 3,000,000 shares as part of a 2020 IR services agreement, and issued another 3,000,000 shares to professionals for services rendered during the 1^st quarter 2021.

On March 21, 2021, the Company, signed a binding, letter agreement with Bronx Family Eye Care, Inc. (BFE), engaged in the business of full scope optometry at its four primary locations, three of which are in the Bronx, one of which is in Manhattan, New York, as well as at a fabrication facility in the Bronx. The two companies agreed to engage in a business combination such that BFE will become a wholly owned subsidiary of GTII, and the shareholders of BFE will acquire two million six hundred fifty thousand (2,650,000) shares of the Company’s common stock, subject to the terms and conditions set forth in the Agreement. 

There were no acquisition related costs incurred in acquiring BFE. Due to the acquisition occurring only 9 days before the Company’s filing deadline, the Company has not had a chance to review or audit the assets, liabilities and operating results of BFE, and the initial accounting of the BFE acquisition is incomplete as of the date of the Company’s 10-K filing. Therefore, disclosures related to the issuers recording of the acquisition, and related balance sheet and income statement disclosures cannot be made at this time. Because the acquisition of BFE occurred after the year end of the Company, no revenues or expenses have been included in the consolidated financial statements included herein. BFE is a currently operating company with revenues in excess of $1,000,000 annually.

The Company has evaluated events subsequent to the balance sheet through the date the financial statements were issued and noted no additional events requiring disclosure.

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Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Principles of Consolidation

A) PRINCIPLES OF CONSOLIDATION

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Ludicrous, Inc., TTI Strategic Acquisitions and Equity Group, Inc, TTII Oil & Gas, Inc., and G T International, Inc. All subsidiaries of the Company, other than TTI Strategic Acquisitions and Equity Group, Inc., currently have no financial activity. All significant inter-company balances and transactions have been eliminated.

Use of Management's Estimates

B) USE OF MANAGEMENT’S ESTIMATES

The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. These financial statements have material estimates for valuation of stock and option transactions.

Cash Equivalents

C) CASH EQUIVALENTS

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are maintained with major financial institutions in the U S. Deposits held with these banks at times exceed $250,000 of insurance provided on such deposits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash and cash equivalents. At December 31, 2020 and 2019, no excess existed. There were no cash equivalents at December 31, 2020 and 2019.

Fixed Assets

D) FIXED ASSETS

Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, ranging from 3 to 7 years for furniture, fixtures, machinery and equipment. Leasehold improvements are amortized over the lesser of the term of the lease or the economic life of the asset. Routine repairs and maintenance are expensed when incurred.

Income Taxes

E) INCOME TAXES

The Company follows ASC 740, “Income Taxes,”, which discusses recognition and measurement of uncertain tax positions using a “more-likely-than-not” approach, requiring the recognition and measurement of uncertain tax positions. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will to be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

Revenue Recognition

F) REVENUE RECOGNITION

The Company had $8,500 and $0 in revenue during 2020 and 2019, respectively, for consulting services. However, these services are not expected to continue and therefore the Company currently has no source of operating revenue. The Company recognizes revenues in accordance with ASC 606 Revenue from Contracts with Customers. Revenue is recognized as services are rendered or when control of our products are transferred to our customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or products. The Company does not have any significant financing components as payment is received at or shortly after point of sale. The Company’s performance obligations related to services or products, transfers control to the customer at a point in time. Revenues for services and products are recorded upon shipment or delivery of services to the customer. If we subsequently determine that collection from that customer is not reasonably assured, we record an allowance for doubtful accounts and bad debt expense for all that customer’s unpaid invoices and cease recognizing revenue for continued services provided until cash is received.

Stock-Based Compensation

G) STOCK-BASED COMPENSATION

The Company accounts for stock-based compensation in accordance with the provisions of ASC 718, “Compensation – Stock Compensation.” ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on the grant-date fair value of the award. That cost will be recognized over the period during which an employee is required to provide service in exchange for the reward- known as the requisite service period. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. The grant-date fair value of employee share options and similar instruments are estimated using the Black Scholes option-pricing model adjusted for the unique characteristics of those instruments.

Equity instruments issued to non-employees are recorded at their fair values as determined in accordance with ASC 718 as amended by ASU 2018-07. As such, the grant date is the measurement date of an award’s fair value.

Intangible Assets and Business Combinations

H) INTANGIBLE ASSETS AND BUSINESS COMBINATIONS

The Company follows ASC 805, “Business Combinations,” and ASC 350, “Intangibles - Goodwill and Other”. ASC 805 requires the use of the purchase method of accounting for any business combinations, and further clarifies the criteria to recognize intangible assets separately from goodwill. Under ASC 350, goodwill and indefinite−life intangible assets are reviewed for impairment annually.

Fair Value of Financial Instruments

I) FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company follows ASC 820, “Fair Value Measurements,” defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows:

[  ]	Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
[  ]	Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
[  ]	Level 3 inputs to the valuation methodology are unobservable and significant to the fair measurement.

The carrying amounts reported in the balance sheets for cash and cash equivalents, and current liabilities each qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The carrying value of notes payable approximates fair value because negotiated terms and conditions are consistent with current market rates as of December 31, 2020 and 2019.

Marketable securities are reported at the quoted and listed market rates of the securities held at the year end.

The following table presents the Company’s Marketable securities within the fair value hierarchy utilized to measure fair value on a recurring basis as of December 31, 2020 and 2019:

	Level 1		Level 2		Level 3
Marketable Securities – 2020	$	31,000	$	-0-	$	-0-
Marketable Securities – 2019	$	44,044	$	-0-	$	-0-

Basic and Diluted Earnings (Loss) Per Share

J) BASIC AND DILUTED EARNINGS (LOSS) PER SHARE

The Company calculates earnings (loss) per share in accordance with ASC 260, “Earnings Per Share.” Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share gives effect to dilutive convertible securities, options, warrants and other potential common stock outstanding during the period; only in periods in which such effect is dilutive. For 2020 there were 4,500,664 stock options outstanding, however their effects were anti-dilutive. In 2019, there were no common stock equivalents.

	For the Years Ended
	December 31,
	2020			2019
Loss (numerator)	$	(2,778,486	)	$	(1,428,835	)
Shares (denominator)		207,923,257			178,502,990
Basic and diluted loss per share	$	(.01	)	$	(.01	)

Recent Accounting Pronouncements

K) RECENT ACCOUNTING PRONOUNCEMENTS

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Marketable Securities

L) MARKETABLE SECURITIES

The Company purchases marketable securities and engages in trading activities for its own account. Securities that are held principally for resale in the near term are recorded at fair value with changes in fair value included in earnings. Interest and dividends are included in net Interest Income.

Concentrations

M) Concentrations

The Company generated 100% of its revenue from one customer during 2020. There were no revenues in 2019.

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Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The following table presents the Company’s Marketable securities within the fair value hierarchy utilized to measure fair value on a recurring basis as of December 31, 2020 and 2019:

	Level 1		Level 2		Level 3
Marketable Securities – 2020		31,000		-0-		-0-
Marketable Securities – 2019		44,044		-0-		-0-

Schedule of Basic and Diluted Per Share

In 2019, there were no common stock equivalents.

	For the Years Ended
	December 31,
	2020			2019
Loss (numerator)	$	(2,778,486	)	$	(1,428,835	)
Shares (denominator)		207,923,257			178,502,990
Basic and diluted loss per share	$	(.01	)	$	(.01	)

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Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2020

Related Party Transactions [Abstract]

Schedule of Shares and Options Issued for Debt to Related Parties

The value of the shares and options issued for notes payable, interest, accrued wages and accounts payable to related parties, and the related gain on forgiveness of the remaining debt recorded as additional paid-in capital is further described below:

	Stock		Options		Gain		Total
Notes payable	$	387,674	$	339,952	$	2,812,779	$	3,540,405
Accrued interest		47,561		41,706		345,078		434,345
Accrued wages		74,460		65,295		540,245		680,000
Accounts payable		982		860		7,114		8,956
Totals	$	510,677	$	447,813	$	3,705,216	$	4,663,706

Schedule of Notes Payable Related Party

(b) Additional detail to all Notes Payable-Related Party is as follows:

2020		2019		Interest			Interest Expense
Principal		Principal		Rate			12/31/2020		12/31/2019		Maturity
$	-	$	2,016,672		5.00	%	$	75,265	$	-		7/15/21
	-		563,000		5.00	%		21,113		-		7/15/21
	-		409,920		5.00	%		15,372		20,496		7/15/21
	-		11,125		5.00	%		417		556		7/15/21
	-		200,000		5.00	%		7,500		10,000		7/15/21
	-		6,670		5.00	%		249		334		7/15/21
	-		19,000		8.00	%		1,140		1,520		7/15/21
	-		31,000		6.00	%		1,170		1,560		7/15/21
	-		31,500		6.00	%		1,419		1,892		7/15/21
	-		34,800		6.00	%		1,566		2,088		7/15/21
	-		5,000		6.00	%		225		300		7/15/21
	-		72,076		6.00	%		3,600		4,800		7/15/21
	-		-		6.00	%		2,214		2,952		N/A
	-		-		6.00	%		113		150		N/A
	-		83,877		6.00	%		1,005		1,340		7/15/21
	-		14,000		6.00	%		630		840		7/15/21
	-		24,000		6.00	%		1,080		1,440		7/15/21
	-		5,000		6.00	%		225		300		7/15/21
	-		12,765		6.00	%		573		-		7/15/21
$	0	$	3,540,405				$	134,876	$	50,568

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Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of Fixed assets

Fixed assets consist of the following:

	2020			2019
Computer equipment	$	3,213		$	134,896
Office equipment		-			22,600
Telephone equipment		-			12,900
Total fixed assets		3,213			170,396
Accumulated Depreciation		(267	)		(170,396	)
Net fixed assets	$	2,946		$	-

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Notes Payable (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Notes Payable

(b) Additional detail to all Notes Payable in Default is as follows:

2020		2019		Interest			Interest Expense
Principal		Principal		Rate			12/31/2020		12/31/2019		Maturity
$	32,960		32,960		5.00	%		1,649		1,648		10/5/18
	32,746		32,746		5.00	%		1,637		1,636		10/5/18
	5,000		5,000		6.00	%		300		300		10/5/18
	100,000		100,000		5.00	%		5,000		5,000		10/5/18
	7,000		7,000		6.00	%		420		420		10/5/18
	388,376		388,376		5.00	%		19,420		19,419		10/5/18
	192,000		192,000		0	%		13,440		13,440		10/5/18
	18,000		18,000		6.00	%		1,080		1,080		9/1/2002
	30,000		30,000		6.00	%		1,800		1,800		9/12/2002
	25,000		25,000		5.00	%		1,250		1,250		8/31/2000
	40,000		40,000		7.00	%		2,800		2,800		7/10/2002
$	871,082	$	871,082				$	48,796	$	48,793

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets

Deferred tax assets and the valuation account are as follows:

	2020			2019
Deferred tax assets:
NOL carryover	$	3,508,211		$	3,354,581
Valuation allowance		(3,508,211	)		(3,354,581	)
Net deferred tax asset	$	-		$	-

Schedule of Components of Income Tax Expense

The components of income tax expense are as follows:

	2020			2019
Book loss	$	(583,482	)	$	(300,055	)
Stock based compensation		427,056			203,606
Non-deductible expenses		87			1,352
Unrealized/Realized gains or losses on Securities (net)		2,709			1,642
Change in NOL valuation allowance		153,630			93,455
	$	-		$	-

Schedule of Reconciliation of Beginning and Ending of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

		December 31,
		2020		2019
Beginning balance	$	3,354,581	$	3,261,126
Additions based on tax positions related to current year		153,630		93,455
Additions for tax positions of prior years		-		-
Reductions for tax positions of prior years		-		-
Reductions in benefit due to income tax expense		-		-
Ending balance	$	3,508,211	$	3,354,581

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Stockholders' Deficit (Tables)

12 Months Ended

Dec. 31, 2020

Stockholders Deficit

Schedule of Stock Option Issuance of Fair Value Assumptions

Assumptions:	2020			2019
Assumptions applicable to stock options issued
Risk-free interest rate		3	%		-
Expected lives (in years)		2			-
Expected stock volatility		72	%		-
Dividend yield		-			-

Schedule of Stock Option

Stock option transactions are as follows:

			Weighted		Weighted
			Average		Average		Aggregate
			Exercise		Remaining		Intrinsic
	Shares		Price		Term		Value
Outstanding at January 1, 2019		-	$	-		-	$	-
Granted
Exercised
Forfeited
Outstanding at December 31,2019		-	$	-		-	$	-
Granted		4,500,664	$	.01		2 yrs	$	427,563
Exercised
Forfeited
Outstanding at December 31, 2020		4,500,664	$	.01		2 yrs	$	427,563

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Asset Retirement Obligation (Tables)

12 Months Ended

Dec. 31, 2020

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Asset Retirement Obligation

The following table describes all changes to the Company’s asset retirement obligation liability during 2020 and 2019:

	December 31,
	2020		2019
Asset retirement obligation-beginning of year	$	-	$	101,250
Liabilities incurred		-		-
Accretion expense		-		-
Rescission of agreement		-		(101,250	)
Asset retirement obligation-end of year	$	-	$	-

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Nature of Operations (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 2,778,486	$ 1,428,835
Accumulated deficit	170,403,189	167,624,703
Working capital	(1,777,125)	(2,166,033)
Net cash used in operating activities	$ 173,399	$ 223,597

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Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Deposits held with banks	$ 250,000
Cash equivalents
Common stock equivalent shares excluded from calculation of anti-dilutive effect	4,500,664
Revenue	$ 8,500
Revenue [Member] | Customer Concentration Risk [Member]
Concentration risk, percentage	100.00%	0.00%
Consulting Services [Member]
Revenue	$ 8,500
Property Plant and Equipment [Member] | Minimum [Member]
Estimated useful lives	3 years
Property Plant and Equipment [Member] | Maximum [Member]
Estimated useful lives	7 years

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Significant Accounting Policies - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Level 1 [Member]
Marketable Securities	$ 31,000	$ 44,044
Level 2 [Member]
Marketable Securities	0	0
Level 3 [Member]
Marketable Securities	$ 0	$ 0

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Significant Accounting Policies - Schedule of Basic and Diluted Per Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Loss (numerator)	$ (2,778,486)	$ (1,428,835)
Shares (denominator)	207,923,257	178,502,990
Basic and diluted loss per share	$ (0.01)	$ (0.01)

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Related Party Transactions (Details Narrative) - USD ($)																																															1 Months Ended		12 Months Ended
	Dec. 19, 2020	Dec. 30, 2019	Jan. 22, 2016	Oct. 20, 2015	Aug. 19, 2015	Jul. 17, 2015	Jun. 15, 2015	Jun. 08, 2015	May 06, 2015	Apr. 21, 2015	Feb. 11, 2015	Dec. 23, 2014	Oct. 10, 2014	Aug. 26, 2014	Jul. 28, 2014	Jul. 18, 2014	Jun. 06, 2014	May 19, 2014	Apr. 24, 2014	Apr. 17, 2014	Apr. 07, 2014	Jan. 22, 2014	Jan. 02, 2014	Dec. 13, 2013	Dec. 02, 2013	Nov. 22, 2013	Nov. 20, 2013	Sep. 13, 2013	Aug. 26, 2013	Aug. 05, 2013	Jul. 30, 2013	Jul. 24, 2013	Jul. 23, 2013	Jul. 17, 2013	Jul. 12, 2013	Jul. 03, 2013	Jun. 26, 2013	Jun. 21, 2013	Jun. 14, 2013	May 24, 2013	May 15, 2013	Apr. 30, 2013	Apr. 22, 2013	Mar. 06, 2013	Feb. 28, 2013	Dec. 13, 2012	Dec. 30, 2019	Jan. 21, 2014	Dec. 31, 2020	Dec. 31, 2019	Dec. 27, 2009
Balance due to related parties	$ 3,540,405																																																$ 0	$ 3,540,405
Accrued interest	434,345																																																0	298,796
Debt due date																																					Oct. 05, 2019
Accrued interest and accrued wages																																																	510,677
Notes payables																																					$ 388,376
Accrued interest rate per annum																																					5.00%
Due to officers																																																	109,513
Money loaned to company by related party																																																	177,513	108,192
Repayment of related party loans																																																	68,000	62,591
Director [Member]
Due to officers																																																	109,513	0
Notes Payable [Member]
Accrued interest																																																	345,663	310,307
Notes payables																																																	0	298,796	$ 292,860
Notes Payable [Member] | Trust and Shareholder [Member]
Debt due date													Jul. 15, 2021			Jul. 15, 2021	Jul. 15, 2021			Jul. 15, 2021	Jul. 15, 2021	Jul. 15, 2021				Jul. 15, 2021								Jul. 15, 2021	Jul. 15, 2021						Jul. 15, 2021				Jul. 15, 2021		Jul. 15, 2021
Notes payables		$ 12,765											$ 24,000			$ 24,000	$ 24,000			$ 24,000	$ 24,000	$ 14,000				$ 83,877		$ 80,000	$ 80,000	$ 80,000		$ 80,000	$ 80,000	$ 83,877	$ 83,877						$ 83,877				$ 5,000		$ 12,765
Accrued interest rate per annum		6.00%											6.00%			6.00%	6.00%			6.00%	6.00%	6.00%				6.00%		6.00%	6.00%	6.00%		6.00%	6.00%	6.00%	6.00%						6.00%				6.00%		6.00%
Debt term													8 months			8 months	8 months			8 months	8 months	8 months				8 months		8 months	8 months	8 months		8 months	8 months	8 months	8 months						8 months				8 months
Notes Payable Related Party One [Member]
Balance due to related parties																																																	0
Accrued interest																																																	$ 0	$ 12,137
Debt due date																																																	Jul. 15, 2021	Jul. 15, 2021
Accrued interest rate per annum																																																	5.00%	5.00%
Notes Payable Related Party Two [Member]
Balance due to related parties																																																	$ 0
Accrued interest																																																	$ 0	$ 10,617
Debt due date																																																	Jul. 15, 2021	Jul. 15, 2021
Accrued interest rate per annum																																																	5.00%	5.00%
Notes Payable Related Party Three [Member]
Balance due to related parties																																																	$ 0
Accrued interest																																																	$ 0	$ 9,471
Debt due date																																																	Jul. 15, 2021	Jul. 15, 2021
Accrued interest rate per annum																																																	5.00%	5.00%
Notes Payable Related Party Four [Member]
Balance due to related parties																																																	$ 0
Accrued interest																																																	$ 0	$ 2,050
Debt due date																																																	Jul. 15, 2021	Jul. 15, 2021
Accrued interest rate per annum																																																	5.00%	5.00%
Notes Payable Related Party Five [Member]
Balance due to related parties																																																	$ 0
Accrued interest																																																	$ 0	$ 0
Debt due date																																																	Jul. 15, 2021	Jul. 15, 2021
Notes payable related party																																																	$ 72,076
Accrued interest rate per annum																																																	5.00%	5.00%
Execution amount paid																																																	$ 7,924
Notes Payable Related Party Eight [Member]
Balance due to related parties																																																	0
Accrued interest																																																	$ 0	$ 8,780
Debt due date																																																	Jul. 15, 2021	Jul. 15, 2021
Accrued interest rate per annum																																																	6.00%	6.00%
Notes Payable Related Party Nine [Member]
Balance due to related parties																																																	$ 0
Accrued interest																																																	$ 0	$ 4,989
Debt due date																																																	Jul. 15, 2021	Jul. 15, 2021
Accrued interest rate per annum																																																	6.00%	6.00%
Notes Payable Related Party Ten [Member]
Balance due to related parties																																																	$ 0
Accrued interest																																																	$ 0	$ 8,448
Debt due date																																																	Jul. 15, 2021	Jul. 15, 2021
Accrued interest rate per annum																																																	6.00%	6.00%
Notes Payable 1 [Member]
Debt due date																																																	Oct. 05, 2018	Oct. 05, 2018
Accrued interest rate per annum																																																	5.00%	5.00%
Notes Payable 1 [Member] | Trust and Shareholder [Member]
Debt due date													Jul. 15, 2021
Notes payables													$ 5,000
Accrued interest rate per annum													6.00%
Debt term													8 months
Notes Payable Related Party Eleven [Member]
Balance due to related parties																																																	$ 0
Accrued interest																																																	$ 0	$ 1,567
Debt due date																																																	Jul. 15, 2021	Jul. 15, 2021
Accrued interest rate per annum																																																	6.00%	6.00%
Notes Payable Related Party Twelve [Member]
Balance due to related parties																																																	$ 0
Accrued interest																																																	$ 0	$ 0
Debt due date																																																	Jul. 15, 2021	Jul. 15, 2021
Accrued interest rate per annum																																																	6.00%	6.00%
CEO [Member]
Balance due to related parties																																																	$ 0	$ 2,437,717
Accrued interest																																																	0	163,254
Cash		$ 2,016,672																																													$ 2,016,672
Accrued wages		2,016,672																																													2,016,672
Allowance for notes payable		$ 2,016,672																																													$ 2,016,672
Notes payable bearing interest rate		5.00%																																													5.00%
Debt due date		Jul. 15, 2021
Accrued interest and accrued wages		$ 3,192,385
Due to officers		$ 400,223																																													$ 400,223
Money loaned to company by related party																																																	177,513	108,192
Repayment of related party loans																																																	68,000	62,591
President [Member]
Balance due to related parties																																																	0	769,670
Accrued interest																																																	0	67,168
Notes payable bearing interest rate		5.00%																																													5.00%
Debt due date		Jul. 15, 2021
Accrued interest and accrued wages	$ 1,045,700
Notes payable related party		$ 563,000																																													$ 563,000
Debt expenses		$ 16,000
Individual and Board Member [Member] | Notes Payable [Member]
Debt due date			Jul. 15, 2021	Jul. 15, 2021	Jul. 15, 2021	Jul. 15, 2021	Jul. 15, 2021	Jul. 15, 2021	Jul. 15, 2021	Jul. 15, 2021	Jul. 15, 2021	Jul. 15, 2021		Jul. 15, 2021	Jul. 15, 2021			Jul. 15, 2021	Jul. 15, 2021				Jul. 15, 2021	Jul. 15, 2021	Jul. 15, 2021		Jul. 15, 2021				Jul. 15, 2021					Jul. 15, 2021		Jul. 15, 2021	Jul. 15, 2021	Jul. 15, 2021		Jul. 15, 2021	Jul. 15, 2021	Jul. 15, 2021		Jul. 15, 2021		Jul. 15, 2021
Notes payables			$ 34,800	$ 34,800	$ 34,800	$ 34,800	$ 34,800	$ 34,800	$ 34,800	$ 34,800	$ 34,800	$ 31,500		$ 31,500	$ 31,500			$ 31,500	$ 31,500				$ 31,500	$ 31,000	$ 31,000		$ 31,000				$ 31,000					$ 31,000		$ 31,000	$ 31,000	$ 31,000		$ 31,000	$ 31,000	$ 31,000		$ 19,000		$ 31,500
Accrued interest rate per annum			6.00%	6.00%	6.00%	6.00%	6.00%	6.00%	6.00%	6.00%	6.00%	6.00%		6.00%	6.00%			6.00%	6.00%				6.00%	6.00%	6.00%		6.00%				6.00%					6.00%		6.00%	6.00%	6.00%		6.00%	6.00%	6.00%		8.00%		6.00%
Debt term			8 months	8 months	8 months	8 months	8 months	8 months	8 months	8 months	8 months	8 months		8 months	8 months			8 months	8 months				8 months	8 months	8 months		8 months				8 months					8 months		8 months	8 months	8 months		8 months	8 months	8 months		8 months		8 months
Individual and Board Member [Member] | Notes Payable Related Party [Member]
Balance due to related parties																																																	0
Accrued interest																																																	$ 0	$ 10,319
Stock Options [Member]
Share conversion	4,500,664
Stock Options [Member] | Notes Payable Related Party One [Member]
Share conversion	38,683
Stock Options [Member] | Notes Payable Related Party Two [Member]
Share conversion	37,818
Stock Options [Member] | Notes Payable Related Party Three [Member]
Share conversion	39,817
Stock Options [Member] | Notes Payable Related Party Four [Member]
Share conversion	6,320
Stock Options [Member] | Notes Payable Related Party Five [Member]
Share conversion	65,427
Stock Options [Member] | Notes Payable Related Party Eight [Member]
Share conversion	83,765
Stock Options [Member] | Notes Payable Related Party Nine [Member]
Share conversion	17,042
Stock Options [Member] | Notes Payable Related Party Ten [Member]
Share conversion	29,124
Stock Options [Member] | Notes Payable Related Party Eleven [Member]
Share conversion	5,900
Stock Options [Member] | Notes Payable Related Party Twelve [Member]
Share conversion	11,587
Stock Options [Member] | CEO [Member]
Share conversion	3,080,781
Stock Options [Member] | President [Member]
Share conversion	1,009,143
Stock Options [Member] | Individual and Board Member [Member]
Share conversion	26,459
Common Stock [Member]
Share conversion	4,663,705
Common Stock [Member] | Notes Payable Related Party One [Member]
Share conversion	44,532
Common Stock [Member] | Notes Payable Related Party Two [Member]
Share conversion	43,536
Common Stock [Member] | Notes Payable Related Party Three [Member]
Share conversion	45,837
Common Stock [Member] | Notes Payable Related Party Four [Member]
Share conversion	7,275
Common Stock [Member] | Notes Payable Related Party Five [Member]
Share conversion	75,319
Common Stock [Member] | Notes Payable Related Party Eight [Member]
Share conversion	96,430
Common Stock [Member] | Notes Payable Related Party Nine [Member]
Share conversion	19,619
Common Stock [Member] | Notes Payable Related Party Ten [Member]
Share conversion	33,528
Common Stock [Member] | Notes Payable Related Party Eleven [Member]
Share conversion	6,792
Common Stock [Member] | Notes Payable Related Party Twelve [Member]
Share conversion	13,339
Common Stock [Member] | CEO [Member]
Share conversion	3,192,385
Common Stock [Member] | President [Member]
Share conversion	1,045,700
Common Stock [Member] | Individual and Board Member [Member]
Share conversion	30,459

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Related Party Transactions - Schedule of Shares and Options Issued for Debt to Related Parties (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)
Stock value	$ 510,677
Options value	447,813
Gain	3,705,216
Total	4,663,706
Notes Payable [Member]
Stock value	387,674
Options value	339,952
Gain	2,812,779
Total	3,540,405
Accrued Interest [Member]
Stock value	47,561
Options value	41,706
Gain	345,078
Total	434,345
Accrued Wages [Member]
Stock value	74,460
Options value	65,295
Gain	540,245
Total	680,000
Accounts Payable [Member]
Stock value	982
Options value	860
Gain	7,114
Total	$ 8,956

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Related Party Transactions - Schedule of Notes Payable Related Party (Details) - USD ($)		12 Months Ended
	Jun. 26, 2013	Dec. 31, 2020	Dec. 31, 2019
Principal			$ 3,540,405
Year-to-Date Interest Rate	5.00%
Interest Expense		48,796	48,793
Maturity	Oct. 05, 2019
Notes Payable Related Party One [Member]
Principal			$ 2,016,672
Year-to-Date Interest Rate		5.00%	5.00%
Interest Expense		$ 75,624
Maturity		Jul. 15, 2021	Jul. 15, 2021
Notes Payable Related Party Two [Member]
Principal			$ 563,000
Year-to-Date Interest Rate		5.00%	5.00%
Interest Expense		$ 21,113
Maturity		Jul. 15, 2021	Jul. 15, 2021
Notes Payable Related Party Three [Member]
Principal			$ 409,920
Year-to-Date Interest Rate		5.00%	5.00%
Interest Expense		$ 15,372	$ 20,496
Maturity		Jul. 15, 2021	Jul. 15, 2021
Notes Payable Related Party Four [Member]
Principal			$ 11,125
Year-to-Date Interest Rate		5.00%	5.00%
Interest Expense		$ 417	$ 556
Maturity		Jul. 15, 2021	Jul. 15, 2021
Notes Payable Related Party Five [Member]
Principal			$ 200,000
Year-to-Date Interest Rate		5.00%	5.00%
Interest Expense		$ 7,500	$ 10,000
Maturity		Jul. 15, 2021	Jul. 15, 2021
Notes Payable Related Party Six [Member]
Principal			$ 6,670
Year-to-Date Interest Rate		5.00%	5.00%
Interest Expense		$ 249	$ 334
Maturity		Jul. 15, 2021	Jul. 15, 2021
Notes Payable Related Party Seven [Member]
Principal			$ 19,000
Year-to-Date Interest Rate		8.00%	8.00%
Interest Expense		$ 1,140	$ 1,520
Maturity		Jul. 15, 2021	Jul. 15, 2021
Notes Payable Related Party Eight [Member]
Principal			$ 31,000
Year-to-Date Interest Rate		6.00%	6.00%
Interest Expense		$ 1,170	$ 1,560
Maturity		Jul. 15, 2021	Jul. 15, 2021
Notes Payable Related Party Nine [Member]
Principal			$ 31,500
Year-to-Date Interest Rate		6.00%	6.00%
Interest Expense		$ 1,419	$ 1,892
Maturity		Jul. 15, 2021	Jul. 15, 2021
Notes Payable Related Party Ten [Member]
Principal			$ 34,800
Year-to-Date Interest Rate		6.00%	6.00%
Interest Expense		$ 1,566	$ 2,088
Maturity		Jul. 15, 2021	Jul. 15, 2021
Notes Payable Related Party Eleven [Member]
Principal			$ 5,000
Year-to-Date Interest Rate		6.00%	6.00%
Interest Expense		$ 225	$ 300
Maturity		Jul. 15, 2021	Jul. 15, 2021
Notes Payable Related Party Twelve [Member]
Principal			$ 72,076
Year-to-Date Interest Rate		6.00%	6.00%
Interest Expense		$ 3,600	$ 4,800
Maturity		Jul. 15, 2021	Jul. 15, 2021
Notes Payable Related Party Thirteen [Member]
Principal
Year-to-Date Interest Rate		6.00%	6.00%
Interest Expense		$ 2,214	$ 2,952
Notes Payable Related Party Fourteen [Member]
Principal
Year-to-Date Interest Rate		6.00%	6.00%
Interest Expense		$ 113	$ 150
Notes Payable Related Party Fifteen [Member]
Principal			$ 83,877
Year-to-Date Interest Rate		6.00%	6.00%
Interest Expense		$ 1,005	$ 1,340
Maturity		Jul. 15, 2021	Jul. 15, 2021
Notes Payable Related Party Sixteen [Member]
Principal			$ 14,000
Year-to-Date Interest Rate		6.00%	6.00%
Interest Expense		$ 630	$ 840
Maturity		Jul. 15, 2021	Jul. 15, 2021
Notes Payable Related Party Seventeen [Member]
Principal			$ 24,000
Year-to-Date Interest Rate		6.00%	6.00%
Interest Expense		$ 1,080	$ 1,440
Maturity		Jul. 15, 2021	Jul. 15, 2021
Notes Payable Related Party Eighteen [Member]
Principal			$ 5,000
Year-to-Date Interest Rate		6.00%	6.00%
Interest Expense		$ 225	$ 300
Maturity		Jul. 15, 2021	Jul. 15, 2021
Notes Payable Related Party Nineteen [Member]
Principal			$ 12,765
Year-to-Date Interest Rate		6.00%	6.00%
Interest Expense		$ 573
Maturity		Jul. 15, 2021	Jul. 15, 2021
Notes Payable Related Party [Member]
Interest Expense		$ 134,876	$ 50,568

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Fixed Assets (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 267

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Fixed Assets - Schedule of Fixed assets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Total fixed assets	$ 3,213	$ 170,396
Accumulated Depreciation	(267)	(170,396)
Net fixed assets	2,946
Computer Equipment [Member]
Total fixed assets	3,213	134,896
Office Equipment [Member]
Total fixed assets		22,600
Telephone Equipment [Member]
Total fixed assets		$ 12,900

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Notes Payable (Details Narrative) - USD ($)							12 Months Ended
	Nov. 27, 2021	Nov. 27, 2020	Mar. 11, 2014	Jan. 31, 2014	Jun. 26, 2013	Jan. 27, 2010	Dec. 31, 2020	Dec. 31, 2019	Dec. 19, 2020	Dec. 31, 2012	Sep. 17, 2012	Aug. 28, 2012	Apr. 12, 2012	Dec. 27, 2009
Debt instrument face amount							$ 871,082	$ 871,082
Accrued interest							0	298,796	$ 434,345
Accrued interest rate per annum					5.00%
Due date					Oct. 05, 2019
Notes payables					$ 388,376
Monthly installment payments					$ 5,553
Interest expense							48,796	48,793
Interest payable current							357,708	310,307
Accrued interest payable related party							434,347	298,796
Convertible debenture		$ 747,800
Proceeds from convertible debenture							68,000
Convertible Debt [Member]
Debt instrument face amount		$ 74,800
Accrued interest							12,045
Accrued interest rate per annum		10.00%
Convertible debenture							74,800
Debt conversion, discount		$ 6,800
Proceeds from convertible debenture		$ 68,000
Convertible Debt [Member] | Payment Within 60 Days of Execution [Member]
Debt instrument redemption price percentage		15.00%
Convertible Debt [Member] | Payment After 60 Days within 90 Days [Member]
Debt instrument redemption price percentage		20.00%
Convertible Debt [Member] | Payment After 90 Days Within 120 Days [Member]
Debt instrument redemption price percentage		25.00%
Convertible Debt [Member] | Payment After 120 Days within 180 Days [Member]
Debt instrument redemption price percentage		29.00%
Convertible Debt [Member] | Subsequent Event [Member]
Due date	Nov. 27, 2021
Debt conversion rate	75.00%
Debt conversion, description	The debenture includes a conversion right to be exercised at any time 180 days after execution of the note and is convertible into common stock of the Company at 75% of the market price, being calculated as the lowest three trading prices during the fifteen trading day period prior to conversion. The Debenture also required the Company to reserve 5 times the expected conversion share amount at the transfer agent, to insure there are sufficient shares available upon conversion.
Note Agreement With LLC [Member]
Debt instrument face amount			$ 5,000
Accrued interest							2,042	1,742
Accrued interest rate per annum			6.00%
Due date			Oct. 05, 2018
Debt term			8 months
Note Agreement with Corporation [Member]
Debt instrument face amount				$ 7,000
Accrued interest							2,904	2,484
Accrued interest rate per annum				6.00%
Due date				Oct. 05, 2018
Debt term				8 months
Notes Payable [Member]
Accrued interest							345,663	310,307
Notes payables							0	298,796						$ 292,860
Interest expense							183,669	99,361
Notes Payable [Member] | Corporation [Member]
Accrued interest rate per annum					5.00%
Due date					Oct. 05, 2018
Notes payables						$ 192,000	37,568	32,568		$ 32,000	$ 20,000	$ 12,000	$ 100,000
Monthly installment payments					$ 1,430
Debt term						6 months
Interest expense							13,440	13,440
Notes Payable [Member] | During 2002 [Member]
Accrued interest							20,880	19,800
Litigation settlement amount							$ 18,000
Accrued interest rate per annum							6.00%
Due date							Sep. 01, 2002
Notes Payable [Member] | During 2000 [Member]
Accrued interest							$ 27,091	25,839
Litigation settlement amount							$ 25,000
Accrued interest rate per annum							5.00%
Due date							Aug. 31, 2000
Notes Payable 1 [Member]
Debt instrument face amount							$ 32,960	$ 32,960
Accrued interest rate per annum							5.00%	5.00%
Due date							Oct. 05, 2018	Oct. 05, 2018
Interest expense							$ 1,649	$ 1,648
Notes Payable 1 [Member] | During 2002 [Member]
Accrued interest							32,299	30,499
Litigation settlement amount							$ 30,000
Accrued interest rate per annum							6.00%
Due date							Sep. 12, 2002
Notes Payable 2 [Member]
Debt instrument face amount							$ 32,746	$ 32,746
Accrued interest rate per annum							5.00%	5.00%
Due date							Oct. 05, 2018	Oct. 05, 2018
Interest expense							$ 1,637	$ 1,636
Notes Payable 2 [Member] | During 2002 [Member]
Accrued interest							52,287	49,487
Litigation settlement amount							$ 40,000
Accrued interest rate per annum							7.00%
Due date							Jul. 10, 2002
New Note [Member]
Accrued interest							$ 145,909	126,489
New Note 1 [Member]
Debt instrument face amount					$ 32,960
Accrued interest							12,383	10,735
Accrued interest rate per annum					5.00%
Due date					Oct. 05, 2018
Monthly installment payments					$ 473
New Note 2 [Member]
Debt instrument face amount					$ 32,746
Accrued interest							$ 12,300	$ 10,664
Accrued interest rate per annum					5.00%
Due date					Oct. 05, 2018
Monthly installment payments					$ 468
Minimum [Member]
Notes bearing interest rate							5.00%
Maximum [Member]
Notes bearing interest rate							9.00%

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Notes Payable - Schedule of Notes Payable (Details) - USD ($)		12 Months Ended
	Jun. 26, 2013	Dec. 31, 2020	Dec. 31, 2019
Principal		$ 871,082	$ 871,082
Interest Rate	5.00%
Year-to-Date Interest Expense		48,796	48,793
Maturity	Oct. 05, 2019
Notes Payable 1 [Member]
Principal		$ 32,960	$ 32,960
Interest Rate		5.00%	5.00%
Year-to-Date Interest Expense		$ 1,649	$ 1,648
Maturity		Oct. 05, 2018	Oct. 05, 2018
Notes Payable 2 [Member]
Principal		$ 32,746	$ 32,746
Interest Rate		5.00%	5.00%
Year-to-Date Interest Expense		$ 1,637	$ 1,636
Maturity		Oct. 05, 2018	Oct. 05, 2018
Notes Payable 3 [Member]
Principal		$ 5,000	$ 5,000
Interest Rate		6.00%	6.00%
Year-to-Date Interest Expense		$ 300	$ 300
Maturity		Oct. 05, 2018	Oct. 05, 2018
Notes Payable 4 [Member]
Principal		$ 100,000	$ 100,000
Interest Rate		5.00%	5.00%
Year-to-Date Interest Expense		$ 5,000	$ 5,000
Maturity		Oct. 05, 2018	Oct. 05, 2018
Notes Payable 5 [Member]
Principal		$ 7,000	$ 7,000
Interest Rate		6.00%	6.00%
Year-to-Date Interest Expense		$ 420	$ 420
Maturity		Oct. 05, 2018	Oct. 05, 2018
Notes Payable 6 [Member]
Principal		$ 388,376	$ 388,376
Interest Rate		5.00%	5.00%
Year-to-Date Interest Expense		$ 19,420	$ 19,419
Maturity		Oct. 05, 2018	Oct. 05, 2018
Notes Payable 7 [Member]
Principal		$ 192,000	$ 192,000
Interest Rate		0.00%	0.00%
Year-to-Date Interest Expense		$ 13,440	$ 13,440
Maturity		Oct. 05, 2018	Oct. 05, 2018
Notes Payable 8 [Member]
Principal		$ 18,000	$ 18,000
Interest Rate		6.00%	6.00%
Year-to-Date Interest Expense		$ 1,080	$ 1,080
Maturity		Sep. 01, 2002	Sep. 01, 2002
Notes Payable 9 [Member]
Principal		$ 30,000	$ 30,000
Interest Rate		6.00%	6.00%
Year-to-Date Interest Expense		$ 1,800	$ 1,800
Maturity		Sep. 12, 2002	Sep. 12, 2002
Notes Payable 10 [Member]
Principal		$ 25,000	$ 25,000
Interest Rate		5.00%	5.00%
Year-to-Date Interest Expense		$ 1,250	$ 1,250
Maturity		Aug. 31, 2000	Aug. 31, 2000
Notes Payable 11 [Member]
Principal		$ 40,000	$ 40,000
Interest Rate		7.00%	7.00%
Year-to-Date Interest Expense		$ 2,800	$ 2,800
Maturity		Jul. 10, 2002	Jul. 10, 2002

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Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal and state income tax rates	21.00%	21.00%
Net operating loss carry-forwards	$ 15,878,689	$ 15,147,119
Accrued interest or penalties related to uncertain tax positions

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Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
NOL carryover	$ 3,508,211	$ 3,354,581
Valuation allowance	(3,508,211)	(3,354,581)
Net deferred tax asset

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Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Book loss	$ (583,482)	$ (300,055)
Stock based compensation	427,056	203,606
Non-deductible expenses	87	1,352
Unrealized/Realized gains or losses on Securities (net)	2,709	1,642
Change in NOL valuation allowance	153,630	93,455
Income tax expense benefit

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Income Taxes - Schedule of Reconciliation of Beginning and Ending of Unrecognized Tax Benefits (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Beginning balance	$ 3,354,581	$ 3,261,126
Additions based on tax positions related to current year	153,630	93,455
Additions for tax positions of prior years
Reductions for tax positions of prior years
Reductions in benefit due to income tax expense
Ending balance	$ 3,508,211	$ 3,354,581

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Stockholders' Deficit (Details Narrative) - USD ($)															12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Dec. 19, 2020	Dec. 16, 2020	Dec. 03, 2020	Nov. 18, 2020	Sep. 23, 2020	Sep. 03, 2020	Jun. 24, 2020	May 06, 2020	Dec. 21, 2019	Dec. 19, 2019	Oct. 10, 2019	Jun. 28, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2016	Sep. 24, 2007
Number of common shares authorized		350,000,000													350,000,000	350,000,000
Common stock par value		$ 0.001													$ 0.001	$ 0.001
Preferred stock par value		$ 0.001													$ 0.001	$ 0.001
Common stock, issued		230,498,005													230,498,005	205,277,990
Common stock, outstanding		230,498,005													230,498,005	205,277,990
Preferred stock shares authorized		50,000													50,000	50,000
Preferred stock shares issued		1,000													1,000	1,000
Voting rights																	Voting Rights to include: the right to vote in an amount equal to 51% of the total vote with respect to any proposal relating to (a) increasing the authorized share capital of the Company,
Issued shares for services, value															$ 2,033,599	$ 969,550	$ 2,175,048
Prepaid expenses		$ 222,167													222,167
Notes Payable Related Party [Member] | Stock Options [Member]
Share based compensation vesting rights, description			All options are vested immediately
Number of shares authorized to issued			4,500,664
Number of options granted			447,813
Expiration period			2 years
Share price			$ .01
2007 Omnibus Stock and Incentive Plan [Member]
Common stock reserved for future issuance																			60,000
ESOP Plan [Member]
Compensation expense															$ 0	$ 150,000
Number of allocated shares		23,500,000													23,500,000	23,500,000
Number of suspense shares
Number of common shares issued, value		$ 2,350,000													$ 2,350,000	$ 878,900
Subsequent Event [Member]
Number of shares issued during period for services	3,000,000
Employees [Member]
Number of shares issued during period for services											5,000,000
Issued shares for services, value											$ 150,000
Compensation expense																$ 150,000
Number of common shares issued																5,000,000
Notes Payable Related Party [Member]
Number of shares issued during period for services			4,663,705
Issued shares for services, value			$ 510,676
CEO [Member]
Preferred stock shares issued																		1,000
Board of Directors [Member]
Number of shares issued during period for services		184,840	2,500,000	3,000,000	3,000,000	10,000,000	1,500,000	500,000	1,500,000	3,040,000	15,500,000	8,000,000	1,000,000	5,000,000
Issued shares for services, value			$ 161,875	$ 249,674	$ 322,500	$ 1,158,000	$ 30,000	$ 20,750	$ 30,000	$ 60,800	$ 389,050	$ 168,000	$ 25,000	$ 262,500
Share based compensation vesting rights, period																2 years
Share based compensation vesting rights, percentage																10.00%
Board of Directors [Member] | Maximum [Member]
Share based compensation vesting rights, period																2 years
Share based compensation vesting rights, percentage																20.00%
Share based compensation vesting rights, description																Full vesting after six years of Service
Board of Directors [Member] | Subsequent Event [Member]
Prepaid expenses	$ 222,167
Series A Preferred Stock [Member]
Preferred stock shares authorized																		1,000

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Stockholders' Deficit - Schedule of Stock Option Issuance of Fair Value Assumptions (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Risk-free interest rate	3.00%	0.00%
Expected lives (in years)	2 years	0 years
Expected stock volatility	72.00%	0.00%
Dividend yield	0.00%	0.00%

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Stockholders' Deficit - Schedule of Stock Option (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Shares Outstanding, Beginning Balance	4,500,664
Shares Granted
Shares Exercised
Shares Forfeited
Shares Outstanding, Ending Balance	4,500,664	4,500,664
Weighted Average Exercise Price Outstanding, Beginning Balance	$ .01
Weighted Average Exercise Price Granted
Weighted Average Exercise Price Exercised
Weighted Average Exercise Price Forfeited
Weighted Average Exercise Price Outstanding, Ending Balance	$ .01	$ .01
Weighted Average Remaining Term Granted	2 years
Weighted Average Remaining Term Outstanding	2 years
Aggregate Intrinsic Value Outstanding, Beginning Balance
Aggregate Intrinsic Value Outstanding, Granted		$ 427,563
Aggregate Intrinsic Value Outstanding, Ending Balance	$ 427,563

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Commitments and Contingencies (Details Narrative)						3 Months Ended	12 Months Ended
	Dec. 31, 2012 USD ($) Int $ / shares shares	Apr. 01, 2010 USD ($)	Apr. 01, 2009 USD ($)	Apr. 01, 2009	Oct. 01, 2007 USD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2009 USD ($)	Dec. 31, 2018 USD ($)	Mar. 31, 2013 USD ($)
Promissory notes						$ 3,540,405		$ 3,540,405
Asset retirement obligation										$ 101,250
Number of stock options issued to purchase of common stock | shares
Contract extension description								During the year ended December 31, 2012, the Board of Directors approved the extension of this contract until December 31, 2013 with a salary of $1.
American Resource Technologies, Inc [Member]
Repurchasing | shares							4,668,530
Promissory Notes [Member]
Promissory notes	$ 100,000
Promissory Notes One [Member]
Promissory notes	100,000
Promissory Notes Two [Member]
Promissory notes	350,000
BRAZIL | Companies One [Member]
Accounts receivables	3,600,000
BRAZIL | Companies Two [Member]
Accounts receivables	3,600,000
TTII Oil & Gas, Inc. [Member]
Contract for revenue	1,000,000
Asset Purchase Agreement [Member] | American Resource Technologies, Inc [Member]
Issuance of common stock to purchase of assets	$ 513,538
Issuance of common stock to purchase of assets, shares | shares	4,668,530
Common stock price per share | $ / shares	$ 0.11
Percentage of working interest in oil and gas leases	75.00%
Asset Purchase Agreement [Member] | Variable Interest Entity [Member]
Percentage of working interest in oil and gas leases	25.00%
Number of operating entities | Int	3
Ownbey Lease [Member]
Working interest, percentage											75.00%
Fee outstanding											$ 267,000
Acquisition Agreement [Member]
Asset retirement obligation						$ 101,250		$ 101,250
Employment Agreement [Member]
Settlement of preliminary shares return | shares						43,649,491
Annual salary					$ 250,000				$ 500,000
Number of stock options issued to purchase of common stock | shares					1,200,000
Agreement term				3 years	2 years				2 years
Employment Agreement [Member] | Shareholders [Member]
Deposit received							$ 128,634
Employment Agreement [Member] | President [Member]
Annual salary			$ 127,500
Contract extension description			Mrs. Griffin's employment contract has been extended at December 31, 2012 until December 31, 2013, with a salary of $1.
Employment Agreement [Member] | President [Member] | Maximum [Member]
Annual salary		$ 180,000

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Marketable Securities (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Marketable Securities [Abstract]
Payment to acquire equity	$ 31,000	$ 44,044
Gain on sale of marketable securities	(12,901)	67,342
Realized gains on marketable securities	40	75,190
Unrealized losses on marketable securities	$ (12,941)	$ (7,848)

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Asset Retirement Obligation (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2013
Asset Retirement Obligation Disclosure [Abstract]
Fair value of liability for asset retirement obligation			$ 101,250

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Asset Retirement Obligation - Schedule of Asset Retirement Obligations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2013
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligation-beginning of year		$ 101,250
Liabilities incurred			$ 101,250
Accretion expense
Rescission of agreement		(101,250)
Asset retirement obligation-end of year

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Subsequent Events (Details Narrative) - USD ($)						12 Months Ended
	Mar. 31, 2021	Mar. 21, 2021	Mar. 15, 2021	Feb. 28, 2021	Feb. 26, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock issued value							$ 25,000
Assets						$ 258,592	$ 45,479
Common Stock [Member]
Number of stock issued							1,000,000
Stock issued value							$ 1,000
Stock issued during period, shares, issued for services						25,224,840	33,500,000
Subsequent Event [Member]
Prepayment of convertible debt					$ 91,924
Stock issued during period, shares, issued for services	3,000,000
Subsequent Event [Member] | Bronx Family Eye Care, Inc.[Member]
Stock issued for acquisition		2,650,000
Revenues		$ 1,000,000
Subsequent Event [Member] | Gold Transactions International, Inc. [Member]
Assets				$ 5,044,610
Current portion of long-term debts				246,958
Long term debt				$ 4,797,652
Stock issued for acquisition				6,000,000
Acquisition stcok value				$ 6,000,000
Subsequent Event [Member] | Stock Purchase Agreement [Member] | Gold Transactions International, Inc. [Member] | Common Stock [Member]
Number of stock issued				6,000,000
Stock issued value				$ 6,000,000
Subsequent Event [Member] | 2020 IR services agreement [Member]
Number of stock issued			3,000,000