0001493152-21-025316.txt : 20211013 0001493152-21-025316.hdr.sgml : 20211013 20211013163309 ACCESSION NUMBER: 0001493152-21-025316 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 76 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20211013 DATE AS OF CHANGE: 20211013 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GLOBAL TECHNOLOGIES LTD CENTRAL INDEX KEY: 0000932021 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 860970492 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25668 FILM NUMBER: 211321591 BUSINESS ADDRESS: STREET 1: 501 1ST AVENUE STREET 2: SUITE 901 CITY: ST. PETERSBURG STATE: FL ZIP: 33701 BUSINESS PHONE: 727-482-1505 MAIL ADDRESS: STREET 1: 501 1ST AVENUE STREET 2: SUITE 901 CITY: ST. PETERSBURG STATE: FL ZIP: 33701 10-K 1 form10-k.htm
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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 June 30, 2021

 

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _____to _____

 

Commission File Number: 000-25668

 

 

GLOBAL TECHNOLOGIES, LTD

(Exact name of registrant as specified in its charter)

 

Delaware   86-0970492

(State or other jurisdiction

of incorporation)

 

(IRS Employer

Identification No.)

     

510 1st Ave N., Suite 901

St. Petersburg, FL

  33701
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (727) 482-1505

 

 

 

A Registered Agent, Inc.

8 The Green, Suite A

Dover, DE 19901

(302) 288-0670

(Name, address, including zip code, and telephone number, including area code, of agent for service)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, $0.0001 par value per share   GTLL   OTC Markets “PINK”

 

 

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

 

Yes ☒ No

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.

 

☐ Yes ☒ No

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Securities Exchange Act of 1934 during the preceding 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 ☐ 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 ☐ 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 Smaller Reporting Company
  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

 

The aggregate market value on December 31, 2020 (the last business day of the Company’s most recently completed second quarter) of the voting common stock held by non-affiliates of the registrant, computed by reference to the closing price of the stock on that date, was approximately $9,495,747. The registrant does not have non-voting common stock outstanding.

 

As of October 13, 2021, there were 14,680,293,609 shares of registrant’s Class A common stock outstanding.

 

 

 

 

 

 

USE OF MARKET AND INDUSTRY DATA

 

This Annual Report on Form 10-K includes market and industry data that we have obtained from third-party sources, including industry publications, as well as industry data prepared by our management on the basis of its knowledge of and experience in the industries in which we operate (including our management’s estimates and assumptions relating to such industries based on that knowledge). Management has developed its knowledge of such industries through its experience and participation in these industries. While our management believes the third-party sources referred to in this Annual Report on Form 10-K are reliable, neither we nor our management have independently verified any of the data from such sources referred to in this Annual Report on Form 10-K or ascertained the underlying economic assumptions relied upon by such sources. Furthermore, internally prepared and third-party market prospective information, in particular, are estimates only and there will usually be differences between the prospective and actual results, because events and circumstances frequently do not occur as expected, and those differences may be material. Also, references in this Annual Report on Form 10-K to any publications, reports, surveys or articles prepared by third parties should not be construed as depicting the complete findings of the entire publication, report, survey or article. The information in any such publication, report, survey or article is not incorporated by reference in this Annual Report on Form 10-K.

 

Cautionary Note Regarding Forward Looking Statements

 

This annual report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may,” “should,” “could,” “will,” “plan,” “future,” “continue, “and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. These forward-looking statements are based largely on our expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond our control. Therefore, actual results could differ materially from the forward-looking statements contained in this document, and readers are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. A wide variety of factors could cause or contribute to such differences and could adversely impact revenues, profitability, cash flows and capital needs. There can be no assurance that the forward-looking statements contained in this document will, in fact, transpire or prove to be accurate. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled “Risk Factors” that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by any forward-looking statements.

 

Important factors that may cause the actual results to differ from the forward-looking statements, projections or other expectations include, but are not limited to, the following:

 

  risk that we will not be able to remediate identified material weaknesses in our internal control over financial reporting and disclosure controls and procedures;
     
  risk that we fail to meet the requirements of the agreements under which we acquired our business interests, including any cash payments to the business operations, which could result in the loss of our right to continue to operate or develop the specific businesses described in the agreements;
     
  risk that we will be unable to secure additional financing in the near future in order to commence and sustain our planned development and growth plans;
     
  risk that we cannot attract, retain and motivate qualified personnel, particularly employees, consultants and contractors for our operations;
     
  risks and uncertainties relating to the various industries and operations we are currently engaged in;
     
  results of initial feasibility, pre-feasibility and feasibility studies, and the possibility that future growth, development or expansion will not be consistent with our expectations;
     
  risks related to the inherent uncertainty of business operations including profit, cost of goods, production costs and cost estimates and the potential for unexpected costs and expenses;
     
  risks related to commodity price fluctuations;
     
  the uncertainty of profitability based upon our history of losses;
     
  risks related to failure to obtain adequate financing on a timely basis and on acceptable terms for our planned development projects;
     
  risks related to environmental regulation and liability;
     
  risks related to tax assessments; and
     
  other risks and uncertainties related to our prospects, properties and business strategy.

 

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Except as required by law, we do not undertake to update or revise any of the forward-looking statements to conform these statements to actual results, whether as a result of new information, future events or otherwise.

 

As used in this annual report, “Global Technologies,” the “Company,” “we,” “us,” or “our” refer to Global Technologies, Ltd. unless otherwise indicated.

 

2
 

 

TABLE OF CONTENTS

 

    PAGE
PART I    
     
Item 1. Business 4
Item 1A. Risk Factors 8
Item 1B. Unresolved Staff Comments 20
Item 2. Properties 20
Item 3. Legal Proceedings 20
Item 4. Mine Safety Disclosures 20
   
PART II    
     
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21
Item 6. Selected Financial Data 22
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 22
Item 7A. Quantitative and Qualitative Disclosures about Market Risk 27
Item 8. Financial Statements and Supplementary Data 27
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 28
Item 9A. Controls and Procedures 28
Item 9B. Other Information 29
   
PART III    
     
Item 10. Directors, Executive Officers and Corporate Governance 31
Item 11. Executive Compensation 33
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 35
Item 13. Certain Relationships and Related Transactions, and Director Independence 36
Item 14. Principal Accounting Fees and Services 36
   
PART IV    
     
Item 15. Exhibits 37
     
Signatures 39

 

3
 

 

PART I

 

Item 1. Business.

 

Overview

 

Global Technologies, Ltd is a publicly quoted company that was incorporated under the laws of the State of Delaware on January 20, 1999 under the name of NEW IFT Corporation. On August 13, 1999, the Company filed an Amended and Restated Certificate of Incorporation with the State of Delaware to change the name of the corporation to Global Technologies, Ltd. Our principal executive offices are located at 501 1st Ave N., Suite 901, St. Petersburg, FL 33701 and our telephone number is (727) 482-1505. Our website address is www.globaltechnologiesltd.info. The information provided on our website is not part of this Annual Report and is therefore not incorporated by reference unless such information is otherwise specifically referenced elsewhere in this Annual Report.

 

COVID-19

 

COVID-19 has caused and continues to cause significant loss of life and disruption to the global economy, including the curtailment of activities by businesses and consumers in much of the world as governments and others seek to limit the spread of the disease, and through business and transportation shutdowns and restrictions on people’s movement and congregation.

 

As a result of the pandemic, we have experienced, and continue to experience, weakened demand for our CBD products. Many of our wholesale and retail customers have been unable to sell our products in their stores due to government-mandated closures and have deferred or significantly reduced orders for our products. We expect these trends to continue until such closures are significantly curtailed or lifted. In addition, the pandemic has reduced foot traffic in their stores where our products are sold that remain open, and the global economic impact of the pandemic has temporarily reduced consumer demand for our products as they focus on purchasing essential goods.

  

Given these factors, the Company anticipates that the greatest impact from the COVID-19 pandemic will occur in the third and fourth quarters of fiscal 2020 and first quarter of fiscal 2021 and will most likely result in a significant delay in the buildout of our Markets on Main operations.

 

In addition, certain of our suppliers and the manufacturers of certain of our products were adversely impacted by COVID-19. As a result, we faced delays or difficulty sourcing products, which negatively affected our business and financial results. Even if we are able to find alternate sources for such products, they may cost more and cause delays in our supply chain, which could adversely impact our profitability and financial condition.

 

We have taken actions to protect our employees in response to the pandemic, including closing our corporate office and requiring our office employee to work from home. At the manufacturing facility where our HMNRTH CBD products are produced, certain practices have been taken into effect to safeguard workers, including a staggered work schedule, and shortening of the work week. If this were to continue, it may significantly delay our ability to have product produced for delivery.

 

Prior Operational History

 

From inception until March 2011, Global Technologies was a technology portfolio company that acquired nascent technology and related innovations, inventions and IP assets to enhance their growth and development. The Company built revenues and asset value through a model of continuous growth, income from or sale of its portfolio holdings, and technology licensing or distribution agreements.

 

The Company invested primarily in innovative and promising clean/renewable energy or bio-tech technologies that had reached the stage in the critical Technology Development & Demonstration phase of the Innovative Cycle, which includes Prototype, Demonstration and Market Analysis.

 

In March 2011, the Company abandoned its operations. Mr. Jimmy Wayne Anderson, our sole officer and director, was appointed a director of the Company in December 2017 and an officer in January 2018.

 

Current Operations

 

Global Technologies, Ltd (“Global”) is a holding corporation, which through its subsidiaries, has operations engaged in the online sales of CBD and hemp related products, the acquisition of intellectual property in the safety and security space and as a portal for entrepreneurs to provide immediate access to live shopping, e-commerce, product placement in brick and mortar retail outlets and logistics.

 

On November 30, 2019, the Company entered into a Purchase and Sale Agreement (the “Agreement”) for the purchase of TCBM Holdings, LLC (“TCBM”). Under the terms of the Agreement, the Company issued a Convertible Promissory Note (the “Note”) in the amount of $2,000,000 to Jetco Holdings, LLC for the purchase of all issued and outstanding membership units of TCBM and its subsidiaries, HMNRTH, LLC and 911 Help Now, LLC. As of March 15, 2021, the outstanding principal and interest on the Note were $503,714 and $46,485, respectively. On this same date, the Holder agreed to forgive $253,714 in outstanding principal and all outstanding interest leaving a remaining principal balance of $250,000. On March 15, 2021, the Company issued the Holder fifty (50) shares of the Company’s Series L Preferred Stock in satisfaction of the $250,000 principal balance. As of June 30, 2021, there was no outstanding principal or interest due. Please see NOTE F - NOTES PAYABLE, THIRD PARTIES for further information.

 

On March 11, 2020, the Company, through its two wholly owned subsidiaries, HMNRTH, LLC (the “Seller”) and TCBM Holdings, LLC (the “Owner”) (together Seller and Owner the “Selling Parties”) entered into an Asset Purchase Agreement (the “Agreement”) with Edison Nation, Inc. and its wholly owned subsidiary, Scalematix, LLC (together the “Buyer”), for the sale of certain assets in the health and wellness industry and related consumer products industry. Under the terms of the Agreement, Buyer was to remit $70,850 via wire transfer at Closing and issue to a representative of the Selling Parties Two Hundred Thirty-Eight Thousand Seven Hundred and Fifty (238,750) shares of restricted common stock. In addition, the Selling Parties shall have the right to additional earn out compensation based upon the following metrics: (i) at such time as the purchased assets achieve cumulative revenue of $2,500,000, the Selling Parties shall earn One Hundred Twenty-Five Thousand (125,000) shares of common stock; and (ii) at such time as the purchased assets achieve cumulative revenue of $5,000,000, the Selling Parties shall earn One Hundred Twenty-Five Thousand (125,000) shares of common stock. The Closing of the transaction occurred on March 11, 2020. As of the date of this filing, the Company has received the 238,750 shares of restricted common stock valued at $477,500 and the $70,850 in cash compensation due under the terms of the Agreement. The shares and cash compensation were subsequently transferred to the principal of Jetco Holdings, LLC as payment against the November 30, 2019 Convertible Promissory Note issued to Jetco Holdings, LLC.

 

On September 3, 2020, the Company entered into a Commitment to be Bound by the Amended Operating Agreement to Effect Transfer of Membership Interest in order to facilitate the transfer of 25 Membership Units (the “Units”) issued by Global Clean Solutions, LLC (“Global”) and held in the name of Graphene Holdings, LLC (“Graphene”) to the Company. In exchange for the transfer of the Units to the Company, the Company issued to Graphene a Convertible Promissory Note (the “Note”) in the amount of $250,000. Please see NOTE F - NOTES PAYABLE, THIRD PARTIES and NOTE M - SUBSEQUENT EVENTS for further information.

 

4
 

 

Our wholly owned subsidiaries:

 

About TCBM Holdings, LLC

 

TCBM Holdings, LLC (“TCBM”) was formed as a Delaware limited liability company on August 10, 2017. TCBM is a holding corporation, which operated through its two wholly owned subsidiaries, HMNRTH, LLC and 911 Help Now, LLC.

 

About HMNRTH, LLC

 

HMNRTH, LLC (“HMN”) was formed as a Delaware limited liability company on July 30, 2019. HMNRTH operates as an online store selling a variety of hemp and CBD related products. The Company’s business model is to bridge the gap between the lifestyle and knowledge components within the cannabis industry. The Company’s goal is to educate every consumer while cultivating an experience by providing quality products, branded cutting-edge content, and diversified product lines for any purpose. Most importantly, we want our clients to discover their inner HMN, redefine their inner HMN and Empower their inner HMN.

 

In September 2019, the Company entered into a Quality Agreement with Nutralife Biosciences for the development and production of its CBD line of products. The Company’s product line includes hemp derived, full spectrum cannabidiol tinctures and creams in varying sizes.

 

In order for the Company to generate revenue through HMNRTH, we will need to: (i) produce additional inventory for retail sales through the Company’s ecommerce site or sales, or (ii) sales to third party distributors, or (iii) direct sales to brick and mortar CBD retail outlets, or (iv) generate additional CBD formulas to be utilized in new products At present, the Company does not have the required capital to move forward with any of the options and there is no guarantee that we will be able to raise the required funds.

 

Regulation of HMNRTH products:

 

The manufacture, labeling and distribution of our products is regulated by various federal, state and local agencies. These governmental authorities may commence regulatory or legal proceedings, which could restrict the permissible scope of our product claims or the ability to sell our products in the future. The FDA regulates our nutraceutical and wellness products to ensure that the products are not adulterated or misbranded.

 

We are subject to additional regulation as a result of our CBD products. The shifting compliance environment and the need to build and maintain robust systems to comply with different compliance in multiple jurisdictions increase the possibility that we may violate one or more of the requirements. If our operations are found to be in violation of any of such laws or any other governmental regulations that apply to us, we may be subject to penalties, including, without limitation, civil and criminal penalties, damages, fines, the curtailment or restructuring of our operations, any of which could adversely affect our ability to operate our business and our financial results.

 

Failure to comply with FDA requirements may result in, among other things, injunctions, product withdrawals, recalls, product seizures, fines and criminal prosecutions. Our advertising is subject to regulation by the FTC under the FTCA. Additionally, some states also permit advertising and labeling laws to be enforced by private attorney generals, who may seek relief for consumers, seek class action certifications, seek class wide damages and product recalls of products sold by us. Any actions against us by governmental authorities or private litigants could have a material adverse effect on our business, financial condition and results of operations.

 

About 911 Help Now, LLC

 

911 Help Now, LLC (“911”) was formed as a Delaware limited liability company on February 2, 2018. 911 was a holding company of intellectual property in the safety and security space. At present, we own no intellectual property within our 911 subsidiary. In order to generate future revenue within 911, we will need to identify and either acquire or license intellectual property. In the event of an acquisition, we will then need to either develop products utilizing our intellectual property or license out our intellectual property to a third party. There is no guarantee that we will be successful with an acquisition or licensing of any intellectual property.

 

About Markets on Main, LLC

 

Markets on Main, LLC (“MOM”) was formed as a Florida limited liability company on April 2, 2020. MOM is A full service, sales and distribution, third-party logistics provider and portal to multi-channel sales opportunities. MOM’s focus is on bringing small businesses and entrepreneurs to large opportunities and distribution. MOM will provide the following services to its clients: inventory management, brand management, fulfillment and drop-ship capabilities, retail distribution and customer service. MOM’s website can be found at www.marketsonmain.com.

 

On November 5, 2020, the Company, through its wholly owned subsidiary Markets on Main, LLC (“Licensor”), entered into a Platform License Agreement (the “License Agreement”) with Honey Badger Media, LLC (the “Licensee”). Under the terms of the License Agreement, the Company grants the Licensee a perpetual, non-exclusive license to operate the Platform, fulfillment opportunities and its related technologies. In consideration for the License, the Licensee shall pay to the Licensor a fee equal to twenty percent (20%) of the Net Profits generated from Licensee’s clients through the Platform.

 

Investments:

 

Global Clean Solutions, LLC Investment

 

Global Clean Solutions (“Global Clean”) was founded as a special purpose entity in the Personal Protective Equipment Industry during the initial stages of the pandemic in 2020. Its management set out with a simple mission; deliver customers PPE while removing the panic from the pandemic. Global Clean has created a solid and repeatable foundation and is able to satisfy the needs of both government municipalities and corporations that many companies have tried, and few have succeeded.

 

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

 

The Company elected to impair its investment in Global Clean as it does not anticipate generating any further revenue from this investment.

 

Services:

 

Consulting Services

 

On May 10, 2021, the Company entered into a Consulting Agreement (the “Agreement”) with CoroWare, Inc. (“CoroWare”). Under the terms of the Agreement, the Company is to prepare the following financial reports for CoroWare: (i) Registration Statement and all subsequent amendments, (ii) Quarterly Reports for the periods ended March 31, 2021, June 30, 2021 and September 30, 2021, and (iii) Annual Report for the period ended December 31, 2021. The Agreement shall have a term one (1) year or until CoroWare’s Annual Report is filed with OTC Markets or the SEC. The Company shall be compensated a total of $45,000 in three equal payments of $15,000.

 

Consultants

 

On January 2, 2020, the Company entered into a Consulting Agreement (the “Agreement”) with Timothy Cabrera (the “Consultant”). Under the terms of the Agreement, the Consultant is to provide services to further the business plan of the Company’s subsidiaries, seek and advise the Company on the acquisition of potential products, seek acquisition candidates and on the sale of any inventory. The Agreement has a term of one (1) year and the Consultant is to be compensated Two Hundred Fifty Thousand and NO/100 Dollars ($250,000). On February 15, 2021, the Company issued fifty shares of the Company’s Series L Preferred Stock to the Consultant in satisfaction of $250,000 cash compensation due for past consulting services. All compensation due under the Agreement has been satisfied.

 

On January 2, 2020, the Company entered into a Consulting Agreement (the “Agreement”) with Brian McFadden (the “Consultant”). Under the terms of the Agreement, the Consultant is to provide services to manage the Company’s HMNRTH subsidiary, manage the process of new CBD formulas from development to sale, seek and advise the Company on the acquisition of potential products and on the sale of any inventory. The Agreement has a term of one (1) year and the Consultant is to be compensated Two Hundred Fifty Thousand and NO/100 Dollars ($250,000). On February 15, 2021, the Company issued fifty shares of the Company’s Series L Preferred Stock to the Consultant in satisfaction of $250,000 cash compensation due for past consulting services. All compensation due under the Agreement has been satisfied.

 

On August 22, 2019, the Company entered into a Consulting Agreement (the “Agreement”) with Sylios Corp (the “Consultant”), an entity controlled by the Company’s President, Jimmy Wayne Anderson. Under the terms of the Agreement, the Consultant is to provide services related to acquisitions, mergers and certain day to day tasks of managing a public company. As compensation, the Company shall pay Consultant $50,000 through the issuance of ten (10) shares of the Company’s Series L Preferred Stock. The Company issued the shares of Series L Preferred Stock on September 2, 2019. The Agreement had a term of six (6) months or until the Consultant completed the services requested. The services under the Agreement have been satisfied.

 

5
 

 

Revenue

 

For the years ended June 30, 2021 and 2020, we had $15,000 and $548,350 in revenue. Our revenue for the twelve months ended June 30, 2021 was 100% comprised from consulting services from one client. Our revenue for the twelve months ended June 30, 2020 was 100% comprised of the sale of hemp and CBD inventory through our subsidiary, HMNRTH, LLC.

 

Research and development

 

For the twelve months ended June 30, 2021 and 2020, we had $0 and $0 research and development costs, respectively.

 

Employees

 

Currently, Global Technologies has one part-time employee who devotes approximately 10-15 hours per week to the Company’s operations. We intend on retaining additional officers, ancillary staff and consultants during the fiscal year ended June 30, 2022 as our operational subsidiaries further their business plans.

 

Our Business Plan

 

Our business plan is to operate through our wholly owned subsidiaries for the foreseeable future, while seeking potential acquisition, joint venture and merger candidates.

 

Our wholly owned subsidiaries:

 

About TCBM Holdings, LLC

 

TCBM Holdings, LLC (“TCBM”) was formed as a Delaware limited liability company on August 10, 2017. TCBM is a holding corporation, which operated through its two wholly owned subsidiaries, HMNRTH, LLC and 911 Help Now, LLC.

 

About HMNRTH, LLC

 

HMNRTH, LLC (“HMN”) was formed as a Delaware limited liability company on July 30, 2019. HMNRTH operates as an online store selling a variety of hemp and CBD related products. The Company’s business model is to bridge the gap between the lifestyle and knowledge components within the cannabis industry. The Company’s goal is to educate every consumer while cultivating an experience by providing quality products, branded cutting-edge content, and diversified product lines for any purpose. Most importantly, we want our clients to discover their inner HMN, redefine their inner HMN and Empower their inner HMN.

 

In September 2019, the Company entered into a Quality Agreement with Nutralife Biosciences for the development and production of its CBD line of products. The Company’s product line includes hemp derived, full spectrum cannabidiol tinctures and creams in varying sizes.

 

In order for the Company to generate revenue through HMNRTH, we will need to: (i) produce additional inventory for retail sales through the Company’s ecommerce site or sales, or (ii) sales to third party distributors, or (iii) direct sales to brick and mortar CBD retail outlets, or (iv) generate additional CBD formulas to be utilized in new products At present, the Company does not have the required capital to initiate any of the options and there is no guarantee that we will be able to raise the required funds.

 

Regulation of HMNRTH products:

 

The manufacture, labeling and distribution of our products is regulated by various federal, state and local agencies. These governmental authorities may commence regulatory or legal proceedings, which could restrict the permissible scope of our product claims or the ability to sell our products in the future. The FDA regulates our nutraceutical and wellness products to ensure that the products are not adulterated or misbranded.

 

We are subject to additional regulation as a result of our CBD products. The shifting compliance environment and the need to build and maintain robust systems to comply with different compliance in multiple jurisdictions increase the possibility that we may violate one or more of the requirements. If our operations are found to be in violation of any of such laws or any other governmental regulations that apply to us, we may be subject to penalties, including, without limitation, civil and criminal penalties, damages, fines, the curtailment or restructuring of our operations, any of which could adversely affect our ability to operate our business and our financial results.

 

Failure to comply with FDA requirements may result in, among other things, injunctions, product withdrawals, recalls, product seizures, fines and criminal prosecutions. Our advertising is subject to regulation by the FTC under the FTCA. Additionally, some states also permit advertising and labeling laws to be enforced by private attorney generals, who may seek relief for consumers, seek class action certifications, seek class wide damages and product recalls of products sold by us. Any actions against us by governmental authorities or private litigants could have a material adverse effect on our business, financial condition and results of operations.

 

About 911 Help Now, LLC

 

911 Help Now, LLC (“911”) was formed as a Delaware limited liability company on February 2, 2018. 911 was a holding company of intellectual property in the safety and security space. At present, we own no intellectual property within our 911 subsidiary. In order to generate future revenue within 911, we will need to identify and either acquire or license intellectual property. In the event of an acquisition, we will then need to either develop products utilizing our intellectual property or license out our intellectual property to a third party. There is no guarantee that we will be successful with an acquisition or licensing of any intellectual property.

 

About Markets on Main, LLC

 

Markets on Main, LLC (“MOM”) was formed as a Florida limited liability company on April 2, 2020. MOM is A full service, sales and distribution, third-party logistics provider and portal to multi-channel sales opportunities. MOM’s focus is on bringing small businesses and entrepreneurs to large opportunities and distribution. MOM will provide the following services to its clients: inventory management, brand management, fulfillment and drop-ship capabilities, retail distribution and customer service. MOM’s website can be found at www.marketsonmain.com.

 

6
 

 

Potential Future Acquisitions

 

In implementing a structure for a particular business acquisition, we may become a party to a merger, consolidation, reorganization, joint venture, or licensing agreement with another company or entity. We may also acquire stock or assets of an existing business. Upon consummation of a transaction, it is probable that our present management and stockholders will no longer be in control of us. In addition, our sole director may, as part of the terms of the acquisition transaction, resign and be replaced by new directors without a vote of our stockholders, or sell his stock in us. Any such sale will only be made in compliance with the securities laws of the United States and any applicable state.

 

It is anticipated that any securities issued in any such acquisition would be issued in reliance upon exemption from registration under application federal and state securities laws. In some circumstances, as a negotiated element of the transaction, we may agree to register all or a part of such securities immediately after the transaction is consummated or at specified times thereafter. If such registration occurs, it will be undertaken by the surviving entity after it has successfully consummated a merger or acquisition and is no longer considered an inactive company.

 

The issuance of substantial additional securities and their potential sale into any trading market which may develop in our securities may have a depressive effect on the value of our securities in the future. There is no assurance that such a trading market will develop.

 

While the actual terms of a transaction cannot be predicted, it is expected that the parties to any business transaction will find it desirable to avoid the creation of a taxable event and thereby structure the business transaction in a so-called “tax-free” reorganization under Sections 368(a)(1) or 351 of the Internal Revenue Code (the “Code”). In order to obtain tax-free treatment under the Code, it may be necessary for the owner of the acquired business to own 80% or more of the voting stock of the surviving entity. In such event, our stockholders would retain less than 20% of the issued and outstanding shares of the surviving entity. This would result in significant dilution in the equity of our stockholders.

 

As part of our investigation, we expect to meet personally with management and key personnel, visit and inspect material facilities, obtain independent analysis of verification of certain information provided, check references of management and key personnel, and take other reasonable investigative measures, to the extent of our limited financial resources and management expertise. The manner in which we participate in an opportunity will depend on the nature of the opportunity, the respective needs and desires of both parties, and the management of the opportunity.

 

With respect to any merger or acquisition, and depending upon, among other things, the target company’s assets and liabilities, our stockholders will in all likelihood hold a substantially lesser percentage ownership interest in us following any merger or acquisition. The percentage ownership may be subject to significant reduction in the event we acquire a target company with assets and expectations of growth. Any merger or acquisition can be expected to have a significant dilutive effect on the percentage of shares held by our stockholders.

 

We will participate in a business opportunity only after the negotiation and execution of appropriate written business agreements. Although the terms of such agreements cannot be predicted, generally we anticipate that such agreements will (i) require specific representations and warranties by all of the parties; (ii) specify certain events of default; (iii) detail the terms of closing and the conditions which must be satisfied by each of the parties prior to and after such closing; (iv) outline the manner of bearing costs, including costs associated with the Company’s attorneys and accountants; (v) set forth remedies on defaults; and (vi) include miscellaneous other terms.

 

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As stated above, we will not acquire or merge with any entity which cannot provide independent audited financial statements within a reasonable period of time after closing of the proposed transaction. If such audited financial statements are not available at closing, or within time parameters necessary to ensure our compliance within the requirements of the 1934 Act, or if the audited financial statements provided do not conform to the representations made by that business to be acquired, the definitive closing documents will provide that the proposed transaction will be voidable, at the discretion of our present management. If such transaction is voided, the definitive closing documents will also contain a provision providing for reimbursement for our costs associated with the proposed transaction.

 

There are no guarantees that we will be successful in Closing any additional acquisitions or mergers.

 

Competition

 

We believe we are an insignificant participant among the firms, which engage in the acquisition of business opportunities. There are many established venture capital and financial concerns that have significantly greater financial and personnel resources and technical expertise than we have. In view of our limited financial resources and limited management availability, we will continue to be at a significant competitive disadvantage compared to our competitors.

 

In reference to our subsidiary 911 Help Now (“911”), the Personal Emergency Response marketplace is a large and fragmented market, which has many competitors with larger financial resources than us. Our differentiating factor in this space is our no monthly fee sales model. At present, we own no intellectual property within our 911 subsidiary. In order to generate future revenue within 911, we will need to identify and either acquire or license intellectual property. In the event of an acquisition, we will then need to either develop products utilizing our intellectual property or license out our intellectual property to a third party. There is no guarantee that we will be successful with an acquisition or licensing of any intellectual property.

 

In reference to our subsidiary HMNRTH (“HMNRTH”), the market for the sale of CBD-based products is fragmented and intensely competitive. Currently, in the United States, we do not believe that there are any businesses that can demonstrate or claim a dominant market share of the growing CBD products market. Our competitors in the retail location sales of CBD-based products include Green Roads, PlusCBD, and Select CBD, and in the digital space include Diamond CBD, CBDistillery, and Lazarus Natural. We expect that the quantity and composition of the competitive environment will continue to evolve as the industry matures and new customers enter the marketplace. In order for the Company to generate revenue through HMNRTH, we will need to: (i) produce additional inventory for retail sales through the Company’s ecommerce site or sales, or (ii) sales to third party distributors, or (iii) direct sales to brick and mortar CBD retail outlets, or (iv) generate additional CBD formulas to be utilized in new products At present, the Company does not have the required capital to move forward with any of the options and there is no guarantee that we will be able to raise the required funds.

 

In reference to our newly formed business operation through our subsidiary Markets on Main (“MOM”), the Company’s goal is to become a leader in sales and distribution of entrepreneur driven products, in a highly competitive industry. We compete with companies from all industries, some of which have substantially more resources, stronger name recognition, and longer operating histories than us, and which benefit from greater economies of scale.

 

We target products that leverage some sort of intellectual property that we may own or license from the entrepreneurs. Under the Company’s business plan, we anticipate that certain of our licensors will have reserved the right to manufacture, distribute and sell similar or identical products. Some of these products could directly compete with our products and could be sold to our customers or directly to consumers at lower prices than those at which our products are sold. Our competitors for MOM include Funko, Inc. and Edison Nation, Inc. to name a few. We anticipate generating revenue through MOM during the current fiscal quarter through our fulfillment relationships with QVC and TBD Safety.

 

Investment Company Act 1940

 

Although we will be subject to regulation under the Securities Act of 1933, as amended, and the 1934 Act, we believe we will not be subject to regulation under the Investment Company Act of 1940 (the “1940 Act”) insofar as we will not be engaged in the business of investing or trading in securities. In the event we engage in business combinations that result in us holding passive investment interests in a number of entities, we could be subject to regulation under the 1940 Act. In such event, we would be required to register as an investment company and incur significant registration and compliance costs. We have obtained no formal determination from the SEC as to our status under the 1940 Act and, consequently, any violation of the 1940 Act would subject us to material adverse consequences. We believe that, currently, we are exempt under Regulation 3a-2 of the 1940 Act.

 

Intellectual Property

 

We own no intellectual property.

 

Corporate Information

 

Our principal executive offices are located at 501 1st Ave N., Suite 901, St. Petersburg, FL 33701. Our telephone number is (727) 482-1505.

 

Available Information

 

Our website, www.globaltechnologiesltd.info, provides access, without charge, to our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports as soon as reasonably practicable after such material is electronically filed with the Securities and Exchange Commission (“SEC”). The information provided on our website is not part of this Annual Report and is therefore not incorporated by reference unless such information is otherwise specifically referenced elsewhere in this Annual Report. The SEC also maintains a website at www.sec.gov that contains reports, proxy and information statements, and other information regarding our company that we file electronically with the SEC.

 

Factors Effecting Future Performance

 

Rather than an operating business, our goal is to obtain debt and/or equity financing to meet our ongoing operating expenses and attempt to merge with another entity with experienced management and opportunities for growth in return for shares of our common stock to create value for our shareholders.

 

Although there is no assurance that this series of events will be successfully completed, we believe we can successfully complete an acquisition or merger which will enable us to continue as a going concern. Any acquisition or merger will most likely be dilutive to our existing stockholders.

 

The factors affecting our future performance are listed and explained below under the section “Risk Factors” below:

 

Item 1A. Risk Factors.

 

You should carefully consider the risks described below and other information in this prospectus, including the financial statements and related notes that appear at the end of this prospectus, before deciding to invest in our securities. These risks should be considered in conjunction with any other information included herein, including in conjunction with forward-looking statements made herein. If any of the following risks actually occur, they could materially adversely affect our business, financial condition, operating results or prospects. Additional risks and uncertainties that we do not presently know or that we currently deem immaterial may also impair our business, financial condition, operating results and prospects.

 

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Risks Relating to Our Company

 

We have incurred significant losses and anticipate future losses.

 

As of June 30, 2021, we had an accumulated deficit of $165,166,022 and a stockholders’ deficit of approximately $1,045,063.

 

Future losses are likely to occur as, until we are able to merge with another entity with experienced management and opportunities for growth in return for shares of our common stock to create value for our shareholders as we have no sources of income to meet our operating expenses. As a result of these, among other factors, we received from our registered independent public accountants in their report for the financial statements for the years ended June 30, 2021 and 2020, an explanatory paragraph stating that there is substantial doubt about our ability to continue as a going concern.

 

Our existing financial resources are insufficient to meet our ongoing operating expenses.

 

We have no sources of income at this time and no existing cash balances to meet our ongoing operating expenses. In the short term, unless we are able to raise additional debt and/or equity we shall be unable to meet our ongoing operating expenses. On a longer-term basis, we intend to raise the debt and/or equity to meet our ongoing operating expenses and merge with another entity with experienced management and opportunities for growth in return for shares of our common stock to create value for our shareholders. There can be no assurance that this series of events will be successfully completed.

 

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Scarcity of, and competition for, business opportunities and combinations.

 

We believe we are an insignificant participant among the firms which engage in the acquisition of business opportunities. There are many established venture capital and financial concerns that have significantly greater financial and personnel resources and technical expertise than we have. Nearly all such entities have significantly greater financial resources, technical expertise and managerial capabilities than us and, consequently, we will be at a competitive disadvantage in identifying possible business opportunities and successfully completing a business combination. Moreover, we will also compete in seeking merger or acquisition candidates with numerous other small public companies. In view of our limited financial resources and limited management availability, we will continue to be at a significant competitive disadvantage compared to our competitors.

 

We may be negatively affected by adverse general economic conditions.

 

Current conditions in domestic and global economies are extremely uncertain. Adverse changes may occur as a result of softening global economies, wavering consumer confidence caused by the threat of terrorism and war, and other factors capable of affecting economic conditions. Such changes could have a material adverse effect on our business, financial condition, and results of operations.

 

Because our principal shareholder controls our activities, he may cause us to act in a manner that is most beneficial to himself and not to other shareholders which could cause us not to take actions that outside investors might view favorably.

 

Our principal shareholder, our sole officer and director, has voting authority for ninety six percent (96%) of our outstanding common stock. As a result, he effectively controls all matters requiring stockholder approval, including the election of directors, the approval of significant corporate transactions, such as mergers and related party transaction. These insiders also have the ability to delay or perhaps even block, by their ownership of our stock, an unsolicited tender offer. This concentration of ownership could have the effect of delaying, deterring or preventing a change in control of our company that you might view favorably.

 

Our director may have conflicts of interest which may not be resolved favorably to us.

 

Certain conflicts of interest may exist between our sole director and us. Our sole Director has other business interests to which he devotes his attention and may be expected to continue to do so although management time should be devoted to our business. As a result, conflicts of interest may arise that can be resolved only through exercise of such judgment as is consistent with fiduciary duties to us. See “Directors and Executive Officers” (page 31 below), and “Conflicts of Interest” (page 32 below).

 

We may depend upon outside consultants/advisors; who may not be available on reasonable terms and as needed.

 

To supplement the business experience of our officers and directors, we may be required to employ accountants, technical experts, appraisers, attorneys, or other consultants or advisors. Our Board without any input from stockholders will make the selection of any such advisors. Furthermore, it is anticipated that such persons may be engaged on an “as needed” basis without a continuing fiduciary or other obligation to us. In the event we consider it necessary to hire outside advisors, we may elect to hire persons who are affiliates, if they are able to provide the required services.

 

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We may not be able to meet the filing and internal control reporting requirements imposed by the Securities and Exchange Commission, which may result in a decline in the price of our common shares and an inability to obtain future financing.

 

As directed by Section 404 of the Sarbanes-Oxley Act, as amended by SEC Release No. 33-8934 on June 26, 2008, the SEC adopted rules requiring each public company to include a report of management on the company’s internal controls over financial reporting in its annual reports. In addition, the independent registered public accounting firm auditing a company’s financial statements may have to also attest to and report on management’s assessment of the effectiveness of the company’s internal controls over financial reporting. We may be required to include a report of management on its internal control over financial reporting. The internal control report must include a statement

 

  Of management’s responsibility for establishing and maintaining adequate internal control over its financial reporting;

 

  Of management’s assessment of the effectiveness of its internal control over financial reporting as of year-end; and

 

  Of the framework used by management to evaluate the effectiveness of our internal control over financial reporting.

 

Furthermore, our independent registered public accounting firm may be required to file its attestation on whether it believes that we have maintained, in all material respects, effective internal control over financial reporting.

 

While we expect to expend significant resources in developing the necessary documentation and testing procedures required by Section 404 of the Sarbanes-Oxley Act, there is a risk that we may not be able to comply timely with all of the requirements imposed by this rule. In the event that we are unable to receive a positive attestation from our independent registered public accounting firm with respect to our internal controls, investors and others may lose confidence in the reliability of our financial statements and our stock price and ability to obtain equity or debt financing as needed could suffer.

 

In addition, in the event that our independent registered public accounting firm is unable to rely on our internal controls in connection with its audit of our financial statements, and in the further event that it is unable to devise alternative procedures in order to satisfy itself as to the material accuracy of our financial statements and related disclosures, it is possible that we would be unable to file our Annual Report on Form 10-K with the SEC, which could also adversely affect the market price of our common stock and our ability to secure additional financing as needed.

 

Reporting requirements under the Exchange Act and compliance with the Sarbanes-Oxley Act of 2002, including establishing and maintaining acceptable internal controls over financial reporting, are costly and may increase substantially.

 

The rules and regulations of the SEC require a public company to prepare and file periodic reports under the Exchange Act, which will require that the Company engage legal, accounting, auditing and other professional services. The engagement of such services is costly. Additionally, the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) requires, among other things, that we design, implement and maintain adequate internal controls and procedures over financial reporting. The costs of complying with the Sarbanes-Oxley Act and the limited technically qualified personnel we have may make it difficult for us to design, implement and maintain adequate internal controls over financial reporting. In the event that we fail to maintain an effective system of internal controls or discover material weaknesses in our internal controls, we may not be able to produce reliable financial reports or report fraud, which may harm our overall financial condition and result in loss of investor confidence and a decline in our share price.

 

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As a public company, we will be subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Act of 2010 and other applicable securities rules and regulations. Despite recent reforms made possible by the JOBS Act, compliance with these rules and regulations will nonetheless increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on our systems and resources. The Exchange Act requires, among other things, that we file annual, quarterly, and current reports with respect to our business and operating results.

 

We are working with our legal, accounting and financial advisors to identify those areas in which changes should be made to our financial and management control systems to manage our growth and our obligations as a public company. These areas include corporate governance, corporate control, disclosure controls and procedures and financial reporting and accounting systems. We have made, and will continue to make, changes in these and other areas. However, we anticipate that the expenses that will be required in order to adequately prepare for being a public company could be material. We estimate that the aggregate cost of increased legal services; accounting and audit functions; personnel, such as a chief financial officer familiar with the obligations of public company reporting; consultants to design and implement internal controls; and financial printing alone will be a few hundred thousand dollars per year and could be several hundred thousand dollars per year. In addition, if and when we retain independent directors and/or additional members of senior management, we may incur additional expenses related to director compensation and/or premiums for directors’ and officers’ liability insurance, the costs of which we cannot estimate at this time. We may also incur additional expenses associated with investor relations and similar functions, the cost of which we also cannot estimate at this time. However, these additional expenses individually, or in the aggregate, may also be material.

 

In addition, being a public company could make it more difficult or more costly for us to obtain certain types of insurance, including directors’ and officers’ liability insurance, and we may be forced to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. The impact of these events could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors, our board committees or as executive officers.

 

The increased costs associated with operating as a public company may decrease our net income or increase our net loss and may cause us to reduce costs in other areas of our business or increase the prices of our products or services to offset the effect of such increased costs. Additionally, if these requirements divert our management’s attention from other business concerns, they could have a material adverse effect on our business, financial condition and results of operations.

 

We have material weakness in our controls and procedures.

 

We have conducted an evaluation of our internal control over financial reporting based on the framework in “Internal Control Integrated Framework” issued by the Committee of Sponsoring Organizations for the Treadway Commission (“COSO”) and published in 2013, and subsequent guidance prepared by COSO specifically for smaller public companies. Based on that evaluation, management concluded that our internal control over financial reporting was not effective as of June 30, 2021 and 2020 for the reasons discussed below:

 

Management identified the following material weakness and significant deficiencies in its assessment of the effectiveness of internal control over financial reporting as of June 30, 2021:

 

  The Company did not maintain effective controls over certain aspects of the financial reporting process because we lacked personnel with accounting expertise and an adequate supervisory review structure that is commensurate with our financial reporting requirements.

 

  Material Weakness – Inadequate segregation of duties.

 

The management of the Company believes that these material weaknesses will remain until such time that the Company has the resources to increase the number of personnel committed to the performance of its financial duties that such weaknesses can be specifically addressed. This will include, but not limited to, the following:

 

  Hiring of additional personnel to adequately segregate financial reporting duties.

 

  The retention of outside consultants to review our controls and procedures

 

A significant deficiency is a deficiency, or combination of deficiencies in internal control over financial reporting, that adversely affects the entity’s ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the entity’s financial statements that is more than inconsequential will not be prevented or detected by the entity’s internal control.

 

A material weakness is a deficiency or a combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the annual or interim consolidated financial statements will not be prevented or detected on a timely basis.

 

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General Business Risks

 

Conflicts of interest may arise from other business activities of our directors and officers.

 

Our sole officer and director, Jimmy Wayne Anderson, currently serves in the role as President and Chairman of another publicly traded entity, Sylios Corp (a fully-reporting company “UNGS” on the OTC Markets “PINK”). Mr. Anderson also serves as the President and Chairman of AMDAQ Corp, a spin-off of Sylios Corp. As such, Mr. Anderson may not be able to dedicate the required time to the Company to further its operations.

 

We are highly dependent on the services of key executives, the loss of whom could materially harm our business and our strategic direction. If we lose key management or significant personnel, cannot recruit qualified employees, directors, officers, or other personnel or experience increases in our compensation costs, our business may materially suffer.

 

We are highly dependent on our management team, specifically Jimmy Wayne Anderson, who we currently anticipate will be able to devote 10-15 hours per week to the Company’s operations. If we lose key employees, our business may suffer. Furthermore, our future success will also depend in part on the continued service of our management personnel and our ability to identify, hire, and retain additional key personnel. We do not carry “key-man” life insurance on the lives of any of our executives, employees or advisors. We experience intense competition for qualified personnel and may be unable to attract and retain the personnel necessary for the development of our business. Because of this competition, our compensation costs may increase significantly.

 

We will need to raise additional capital to continue operations over the coming year.

 

We anticipate the need to raise approximately $1,000,000 in capital to fund our operations through June 30, 2022. We expect to use these cash proceeds, primarily to identify new business opportunities and possible acquisitions. We cannot guarantee that we will be able to raise these required funds or generate sufficient revenue to remain operational.

 

We may be unable to manage growth, which may impact our potential profitability.

 

Successful implementation of our business strategy requires us to manage our growth. Growth could place an increasing strain on our management and financial resources. To manage growth effectively, we will need to:

 

  Establish definitive business strategies, goals and objectives;
  Maintain a system of management controls; and
  Attract and retain qualified personnel, as well as, develop, train and manage management-level and other employees.

 

If we fail to manage our growth effectively, our business, financial condition or operating results could be materially harmed, and our stock price may decline.

 

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Our lack of adequate D&O insurance may also make it difficult for us to retain and attract talented and skilled directors and officers.

 

We may in the future be subject to additional litigation, including potential class action and stockholder derivative actions. Risks associated with legal liability are difficult to assess and quantify, and their existence and magnitude can remain unknown for significant periods of time. To date, we have not obtained directors and officers liability (“D&O”) insurance. While neither Delaware law nor our Articles of Incorporation or bylaws require us to indemnify or advance expenses to our officers and directors involved in such a legal action, we have entered into an indemnification agreement with our President and intend to enter into similar agreements with other officers and directors in the future. Without adequate D&O insurance, the amounts we would pay to indemnify our officers and directors should they be subject to legal action based on their service to the Company could have a material adverse effect on our financial condition, results of operations and liquidity. Furthermore, our lack of adequate D&O insurance may make it difficult for us to retain and attract talented and skilled directors and officers, which could adversely affect our business.

 

If we are unable to maintain effective internal control over our financial reporting, the reputational effects could materially adversely affect our business.

 

Under the provisions of Section 404(a) of the Sarbanes-Oxley Act of 2002, as amended by the Dodd Frank Wall Street Reform and Consumer Protection Act of 2010, the SEC adopted rules requiring public companies to perform an evaluation of Internal Control over Financial Reporting (Internal Controls) and to report on our evaluation in our Annual Report on Form 10-K. Our Internal Controls constitute a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. In the event we discover material weakness in our internal controls and our remediation of such reported material weakness is ineffective, or if in the future we are unable to maintain effective Internal Controls, additional resulting material restatements could occur, regulatory actions could be taken, and a resulting loss of investor confidence in the reliability of our financial statements could occur.

 

We expect to incur substantial expenses to meet our reporting obligations as a public company. In addition, failure to maintain adequate financial and management processes and controls could lead to errors in our financial reporting and could harm our ability to manage our expenses.

 

We estimate that it will cost approximately $50,000 annually to maintain the proper management and financial controls for our filings required as a public reporting company. In addition, if we do not maintain adequate financial and management personnel, processes and controls, we may not be able to accurately report our financial performance on a timely basis, which could cause a decline in our stock price and adversely affect our ability to raise capital.

 

If the registration of our common stock is revoked in the future, our business opportunities will cease to exist.

 

In the event our securities registration was to be revoked, we would not have the ability to raise money through the issuance of shares and would lose the ability to continue the business plan set out in this filing. Common stock issued and outstanding at that time would no longer be tradable.

 

Our business operations have been and may continue to be materially and adversely affected by the outbreak of the novel respiratory illness coronavirus (“COVID-19”).

 

On March 11, 2020, the World Health Organization declared the outbreak of the novel respiratory illness COVID-19 a pandemic. The new strain of COVID-19 is considered to be highly contagious and poses a serious public health threat.

 

Any outbreak of such epidemic illness or other adverse public health developments may materially and adversely affect the global economy, our markets and our business.

 

We cannot foresee whether the outbreak of COVID-19 will be effectively contained, nor can we predict the severity and duration of its impact. If the outbreak of COVID-19 is not effectively and timely controlled, our business operations and financial condition may be materially and adversely affected as a result of the deteriorating market outlook for retail and online sales, the slowdown in regional and national economic growth, weakened liquidity and financial condition of our customers or other factors that we cannot foresee. Any of these factors and other factors beyond our control could have an adverse effect on the overall business environment, cause uncertainties in the regions where we conduct business, cause our business to suffer in ways that we cannot predict and materially and adversely impact our business, financial condition and results of operations.”

 

Our ability to use our net operating loss carry-forwards and certain other tax attributes may be limited.

 

We have incurred substantial losses during our history. To the extent that we continue to generate taxable losses, unused losses will carry forward to offset future taxable income, if any, until such unused losses expire. Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, if a corporation undergoes an “ownership change,” generally defined as a greater than 50% change (by value) in its equity ownership over a three-year period, the corporation’s ability to use its pre-change net operating loss carry-forwards, or NOLs, and other pre-change tax attributes (such as research tax credits) to offset its post-change income may be limited. We may experience ownership changes in the future as a result of subsequent shifts in our stock ownership. As a result, if we earn net taxable income, our ability to use our pre-change net operating loss carry-forwards to offset U.S. federal taxable income may be subject to limitations, which could potentially result in increased future tax liability to us. In addition, at the state level, there may be periods during which the use of NOLs is suspended or otherwise limited, which could accelerate or permanently increase state taxes owed.

 

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Risks Associated with Our Subsidiary, HMNRTH, LLC

 

All strains of cannabis other than hemp remain illegal under Federal law.

 

Despite the development of a legal cannabis industry under the laws of certain states and the legalization of hemp under the Agriculture Improvement Act of 2018, the state laws legalizing medical and adult cannabis use are in conflict with the Federal Controlled Substances Act, which classifies cannabis as a “Schedule-I” controlled substance and makes cannabis use and possession illegal on a national level. The United States Supreme Court has ruled that the Federal government has the right to regulate and criminalize cannabis, even for medical purposes, and thus Federal law criminalizing the use of cannabis preempts state laws that legalize its use. However, the Obama Administration determined that it is not an efficient use of resources to direct Federal law enforcement agencies to prosecute those lawfully abiding by state laws allowing the use and distribution of medical and recreational cannabis. There is no guarantee that the current or any future Administration will not change the Federal government’s stated policy regarding the low-priority enforcement of Federal laws in states where cannabis has been legalized. Any such change in the Federal government’s enforcement of Federal laws could cause significant financial damage to us and our shareholders.

 

We recently entered the CBD Market and as a result, we are subject to numerous potential regulatory matters, which could negatively impact our operations.

 

The Drug Enforcement Administration (“DEA”) which enforces the controlled substances laws of the United States has issued various rules and announcements concerning various items considered to be marijuana extracts which may encompass Cannabinoids. The uncertainty involves the extent to which the DEA will try to restrict the marketing or distribution of hemp finished/CBD products which we manufacture and distribute. If the DEA or other government agency were to take any action concerning our CBD products, it would have a negative impact on our revenues and financial condition.

 

Because we are subject to numerous laws and regulations, we could incur substantial costs.

 

The manufacture, labeling and distribution of our products is regulated by various federal, state and local agencies. These governmental authorities may commence regulatory or legal proceedings, which could restrict the permissible scope of our product claims or the ability to sell our products in the future. The FDA regulates our nutraceutical and wellness products to ensure that the products are not adulterated or misbranded.

 

We are subject to additional regulation as a result of our CBD products. The shifting compliance environment and the need to build and maintain robust systems to comply with different compliance in multiple jurisdictions increase the possibility that we may violate one or more of the requirements. If our operations are found to be in violation of any of such laws or any other governmental regulations that apply to us, we may be subject to penalties, including, without limitation, civil and criminal penalties, damages, fines, the curtailment or restructuring of our operations, any of which could adversely affect our ability to operate our business and our financial results.

 

Failure to comply with FDA requirements may result in, among other things, injunctions, product withdrawals, recalls, product seizures, fines and criminal prosecutions. Our advertising is subject to regulation by the FTC under the FTCA. Additionally, some states also permit advertising and labeling laws to be enforced by private attorney generals, who may seek relief for consumers, seek class action certifications, seek class wide damages and product recalls of products sold by us. Any actions against us by governmental authorities or private litigants could have a material adverse effect on our business, financial condition and results of operations.

 

Laws and regulations affecting the medical marijuana industry are constantly changing, which could detrimentally affect our proposed operations.

 

Local, state and federal medical marijuana laws and regulations are broad in scope and subject to evolving interpretations, which could require us to incur substantial costs associated with compliance or alter our business plan. In addition, violations of these laws, or allegations of such violations, could disrupt our business and result in a material adverse effect on our operations. In addition, it is possible that regulations may be enacted in the future that will be directly applicable to our proposed business. We cannot predict the nature of any future laws, regulations, interpretations or applications, nor can we determine what effect additional governmental regulations or administrative policies and procedures, when and if promulgated, could have on our business.

 

Until we have developed and launched our products at commercial levels, there is uncertainty of market acceptance and the efficacy of the commercialization strategy.

 

While we have launched the sale of our CBD products on our ecommerce website, natural, hemp-based consumer products are new to the marketplace and it is not yet determined whether such products will gain consumer acceptance. Until we have consistent, proven sales, there is uncertainty of product acceptance in the intended markets and our ability to commercialize our products. As with any transformational product, there will be a time before customers embrace the product and recognize its full value. If there are no, or only low levels of, product acceptance and sales, we may have to alter our business plan. As is typical of any new business concept, demand and market acceptance for newly introduced products and services is subject to great uncertainty. Achieving market acceptance will require us to undertake substantial marketing efforts and to make significant expenditures to create awareness of and demand for our products. We have limited marketing experience and limited financial, personnel and other resources to undertake extensive marketing activities. Our efforts will be subject to all of the risks associated with the commercialization of new products, including unanticipated delays, expenses and the evolution of industry standards. There can be no assurance that markets for our products will not be limited, or that our strategies will result in successful product commercialization or in initial or continued market acceptance for our products.

 

Due to controversy over the cannabis plant within the United States, we face challenges getting our products into stores.

 

Some of our products are intended for ingestion purposes. There are potential significant health benefits to consuming hemp-based products, however, all products derived from the cannabis plant are controversial. Our products contain only trace amounts of THC and are below the legal limit for ingestion within the U.S. However, we anticipate that we may face scrutiny and experience resistance in getting our products into stores due to hesitation by food chains to carry any product even affiliated with the cannabis plant.

  

15
 

 

We face substantial risk of product liability claims and potential adverse product publicity.

 

Like any other retailer, distributor or manufacturer of products that are designed to be ingested, we face an inherent risk of exposure to product liability claims in the event that the use of our products results in injury. In the event we do not have adequate insurance or contractual indemnification, product liability claims could have a material adverse effect on the Company. The Company is not currently a named defendant in any product liability lawsuit; however, other manufacturers and distributors of nutritional supplements currently are or have been named as defendants in such lawsuits. The successful assertion or settlement of any uninsured claim, a significant number of insured claims, or a claim exceeding the Company’s insurance coverage could have a material adverse effect on the Company.

 

Government regulation of cannabis and hemp is constantly evolving, and unfavorable developments could have an adverse effect on our operating results.

 

Any changes in laws or regulations relating to cannabis and hemp could adversely affect our business, results of operations and our business prospects.

 

Risks Associated with Our Subsidiary, Markets on Main, LLC

 

An inability to develop and introduce products in a timely and cost-effective manner may damage our business.

 

Our sales and profitability depend on our ability to bring products to market to meet customer demands and before consumers begin to lose interest in a given property. There is no guarantee that we will be able to manufacture, source and ship new or continuing products in a timely manner and on a cost-effective basis to meet constantly changing consumer demands. This risk is heightened by our customers’ increasingly compressed shipping schedules and the seasonality of our business. Moreover, unforeseen delays or difficulties in the development process, significant increases in the planned cost of development, manufacturing delays or changes in anticipated consumer demand for our products and new brands may cause the introduction date for products to be later than anticipated, may reduce or eliminate the profitability of such products or, in some situations, may cause a product or new brand introduction to be discontinued.

 

Our success will depend on the reliability and performance of third-party distributors, manufacturers and suppliers.

 

We compete with other companies for the production capacity of third-party suppliers for components. Certain of these competing companies have substantially greater financial and other resources than we have, and we may be at a competitive disadvantage in seeking to procure production capacity. Our inability to contract with third-party manufacturers and suppliers to provide a sufficient supply of our products on acceptable terms and on a timely basis could negatively impact our relationships with existing customers and cause us to lose revenue-generating opportunities with potential customers. We also rely on operators and distributors to market and distribute our products. If our operators or distributors are unsuccessful, we may miss revenue-generating opportunities that might otherwise have been recognized.

 

We are increasingly dependent on information technology, and potential cyberattacks, security problems or other disruption and expanding social media vehicles present new risks.

 

We rely on information technology networks and systems, including the internet, to process, transmit and store electronic information, and to manage or support a variety of business processes, including financial transactions and records, billing and operating data. We may purchase some of our information technology from vendors, on whom our systems will depend, and we rely on commercially available systems, software, tools and monitoring to provide security for processing, transmission and storage of confidential operator and other customer information. We depend upon the secure transmission of this information over public networks. Our networks and storage applications could be subject to unauthorized access by hackers or others through cyberattacks, which are rapidly evolving and becoming increasingly sophisticated, or by other means, or may be breached due to operator error, malfeasance or other system disruptions. In some cases, it will be difficult to anticipate or immediately detect such incidents and the damage they cause. Any significant breakdown, invasion, destruction, interruption or leakage of information from our systems could harm our reputation and business.

 

In addition, the use of social media could cause us to suffer brand damage or information leakage. Negative posts or comments about us on any social networking website could damage our or our brands’ reputations. Employees or others might disclose non-public sensitive information relating to our business through external media channels, including through the use of social media. The continuing evolution of social media will present us with new challenges and risks.

 

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Defects in products we develop internally or for clients could reduce our revenue, increase our costs, burden our engineering and marketing resources, involve us in litigation and adversely affect us.

 

Our success will depend on our ability to avoid, detect and correct defects in our products. We may not be able to maintain products that are free from defects. Although we have taken steps to prevent defects, our products could suffer such defects. The occurrence of such defects or malfunctions could result in physical harm to the patrons of our customers and the subsequent termination of agreements, cancellation of orders, product returns and diversion of our resources. Even if our customers do not suffer financial losses, customers may replace our products if they do not perform according to expectations. Any of these occurrences could also result in the loss of or delay in market acceptance of our products and/or loss of sales. In addition, the occurrence of defects in our products may give rise to claims for lost revenues and related litigation by our customers and may subject us to investigation or other disciplinary action by regulatory authorities that could include suspension or revocation of our ability to do business in certain jurisdictions.

 

Our success depends, in part, on our ability to successfully manage our future inventories.

 

We must maintain sufficient inventory levels to operate our business successfully, but we must also avoid accumulating excess inventory, which increases working capital needs and lowers gross margin. We must typically order our CBD products well in advance of the time these products will be offered for sale to our customers. As a result, it may be difficult to respond to changes in consumer preferences and market conditions, which, for pop culture products, can change rapidly. If we do not accurately anticipate the popularity of certain products, then we may not have sufficient inventory to meet demand. Alternatively, if demand or future sales do not reach forecasted levels, we could have excess inventory that we may need to hold for a long period of time, write down, sell at prices lower than expected or discard. If we are not successful in managing our inventory, our business, financial condition and results of operations could be adversely affected.

 

We may also be negatively affected by changes in retailers’ inventory policies and practices. As a result of the desire of retailers to more closely manage inventory levels, there is a growing trend to make purchases on a “just-in-time” basis. This requires us to more closely anticipate demand and could require us to carry additional inventory. Policies and practices of individual retailers may adversely affect us as well, including those relating to access to and time on shelf space, price demands, payment terms and favoring the products of our competitors. Our retail customers make no binding long-term commitments to us regarding purchase volumes and make all purchases by delivering purchase orders. Any retailer can therefore freely reduce its overall purchase of our products, including the number and variety of our products that it carries, and reduce the shelf space allotted for our products. If demand or future sales do not reach forecasted levels, we could have excess inventory that we may need to hold for a long period of time, write down, sell at prices lower than expected or discard. If we are not successful in managing our inventory, our business, financial condition and results of operations could be adversely affected.

 

An inability to develop and introduce products in a timely and cost-effective manner may damage our business.

 

Our sales and profitability for our CBD products depend on our ability to bring products to market to meet customer demands before consumers begin to lose interest in a given property. There is no guarantee that we will be able to source our manufacturing and ship new or continuing products in a timely manner or on a cost-effective basis to meet constantly changing consumer demands. This risk is heightened by our customers’ increasingly compressed shipping schedules and the seasonality of our business. These time constraints may lead our customers to reduce their demand for these products in order to minimize their inventory risk. Moreover, unforeseen delays or difficulties in the development process, significant increases in the planned cost of development, manufacturing or distribution delays or changes in anticipated consumer demand for our products and new brands, or the related third party content, may cause the introduction date for new CBD products to be later than anticipated, may reduce or eliminate the profitability of such products or, in some situations, may cause a product or new brand introduction to be discontinued.

 

Risk to Our Common Stock

 

If we fail to remain current on our reporting requirements, we could be removed from the OTC Bulletin Board which would limit the ability of broker-dealers to sell our securities in the secondary market.

 

Companies trading on the Over the Counter Bulletin Board must be reporting issuers under Section 12 of the Securities Exchange Act of 1934, as amended, and must be current in their reports under Section 13, in order to maintain price quotation privileges on the OTC Bulletin Board. As a result, the market liquidity for our securities could be severely adversely affected by limiting the ability of broker-dealers to sell our securities and the ability of stockholders to sell their securities in the secondary market. In addition, we may be unable to get relisted on the OTC Bulletin Board, which may have an adverse material effect on the Company.

 

Restrictions on the Use of Rule 144 by Shell Companies or Former Shell Companies

 

Rule 144 is not available for the resale of securities initially issued by shell companies (other than business combination related shell companies) or issuers that have been at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition if the following conditions are met:

 

  the issuer of the securities that was formerly a shell company has ceased to be a shell company;
     
  the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;
     
  the issuer of the securities has filed all Exchange Act reports and materials required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Current Reports on Form 8-K; and
     
  at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.

 

At the present time, the Company is not classified as a “shell company” under Rule 405 of the Securities Act.

 

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We do not expect to pay dividends in the future; any return on investment may be limited to the value of our common stock.

 

We do not currently anticipate paying cash dividends in the foreseeable future. The payment of dividends on our common stock will depend on earnings, financial condition and other business and economic factors affecting it at such time as the board of directors may consider relevant. Our current intention is to apply net earnings, if any, in the foreseeable future to increasing our capital base and development and marketing efforts. There can be no assurance that the Company will ever have sufficient earnings to declare and pay dividends to the holders of our common stock, and in any event, a decision to declare and pay dividends is at the sole discretion of our board of directors. If we do not pay dividends, our common stock may be less valuable because a return on your investment will only occur if its stock price appreciates.

 

Authorization of preferred stock.

 

Our Certificate of Incorporation authorizes the issuance of up to 5,000,000 shares of preferred stock with designations, rights and preferences determined from time to time by its Board of Directors. Accordingly, our Board of Directors is empowered, without stockholder approval, to issue preferred stock with dividend, liquidation, conversion, voting, or other rights which could adversely affect the voting power or other rights of the holders of the common stock. On July 16, 2019, the Company’s Board of Directors approved the designation of two new series of preferred stock, Series K Super Voting Preferred Stock (3 shares authorized) and Series L Preferred Stock (500,000 shares authorized).

 

At present, we have authorized 5,000,000 shares of Preferred Stock with 258 and 13 shares outstanding at June 30, 2021 and 2020, respectively. In the event of issuance of additional shares, the preferred stock could be utilized, under certain circumstances, as a method of discouraging, delaying or preventing a change in control of the Company. Please see NOTE I - CAPITAL STOCK for further information.

 

The market price for our common stock may be particularly volatile given our status as a relatively unknown company, with a limited operating history and lack of profits which could lead to wide fluctuations in our share price. You may be unable to sell your common stock at or above your purchase price, which may result in substantial losses to you.

 

Our stock price may be particularly volatile when compared to the shares of larger, more established companies that trade on a national securities exchange and have large public floats. The volatility in our share price will be attributable to a number of factors. First, our common stock will be compared to the shares of such larger, more established companies, sporadically and thinly traded. As a consequence of this limited liquidity, the trading of relatively small quantities of shares by our shareholders may disproportionately influence the price of those shares in either direction. The price for our shares could decline precipitously in the event that a large number of shares of our common stock are sold on the market without commensurate demand. Second, we are a speculative or “risky” investment due to our limited operating history and lack of profits to date, and uncertainty of future market acceptance for our potential products. As a consequence of this enhanced risk, more risk-adverse investors may, under the fear of losing all or most of their investment in the event of negative news or lack of progress, be more inclined to sell their shares on the market more quickly and at greater discounts than would be the case with the stock of a larger, more established company that trades on a national securities exchange and has a large public float. Many of these factors are beyond our control and may decrease the market price of our common stock, regardless of our operating performance. We cannot make any predictions or projections as to what the prevailing market price for our common stock will be at any time. Moreover, the OTC Bulletin Board is not a liquid market in contrast to the major stock exchanges. We cannot assure you as to the liquidity or the future market prices of our common stock if a market does develop. If an active market for our common stock does not develop, the fair market value of our common stock could be materially adversely affected.

 

Existing stockholders will experience significant dilution from our sale of shares under potential Securities Purchase Agreements.

 

The sale of shares pursuant to any Securities Purchase Agreements executed by the Company in the future will have a dilutive impact on our stockholders. As a result, the market price of our common stock could decline significantly, as we sell shares pursuant to the Securities Purchase Agreement. In addition, for any particular advance, we will need to issue a greater number of shares of common stock under the Securities Purchase Agreement as our stock price declines. If our stock price is lower, then our existing stockholders would experience greater dilution.

 

The Company May Issue Shares of Preferred Stock with Greater Rights than Common Stock.

 

The Company’s charter authorizes the Board of Directors to issue one or more series of preferred stock and set the terms of the preferred stock without seeking any further approval from holders of the Company’s common stock. Any preferred stock that is issued may rank ahead of the Company’s common stock in terms of dividends, priority and liquidation premiums and may have greater voting rights than the Company’s common stock.

 

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Being a Public Company Significantly Increases the Company’s Administrative Costs.

 

The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC and listing requirements subsequently adopted by the NYSE Amex in response to Sarbanes-Oxley, have required changes in corporate governance practices, internal control policies and audit committee practices of public companies. Although the Company is a relatively small public company, these rules, regulations, and requirements for the most part apply to the same extent as they apply to all major publicly traded companies. As a result, they have significantly increased the Company’s legal, financial, compliance and administrative costs, and have made certain other activities more time consuming and costly, as well as requiring substantial time and attention of our senior management. The Company expects its continued compliance with these and future rules and regulations to continue to require significant resources. These rules and regulations also may make it more difficult and more expensive for the Company to obtain director and officer liability insurance in the future and could make it more difficult for it to attract and retain qualified members for the Company’s Board of Directors, particularly to serve on its audit committee.

 

Our shares are subject to the U.S. “Penny Stock” Rules and investors who purchase our shares may have difficulty re-selling their shares as the liquidity of the market for our shares may be adversely affected by the impact of the “Penny Stock” Rules.

 

Our stock is subject to U.S. “Penny Stock” rules, which may make the stock more difficult to trade on the open market. Our common shares are not currently traded on the OTC Bulletin Board, but it is the Company’s plan that the common shares be quoted on the OTC Bulletin Board. A “penny stock” is generally defined by regulations of the U.S. Securities and Exchange Commission (“SEC”) as an equity security with a market price of less than US$5.00 per share. However, an equity security with a market price under US $5.00 will not be considered a penny stock if it fits within any of the following exceptions:

 

  (i) the equity security is listed on NASDAQ or a national securities exchange;
     
  (ii) the issuer of the equity security has been in continuous operation for less than three years, and either has (a) net tangible assets of at least US $5,000,000, or (b) average annual revenue of at least US $6,000,000; or
     
  (iii) the issuer of the equity security has been in continuous operation for more than three years and has net tangible assets of at least US $2,000,000.

 

Our common stock does not currently fit into any of the above exceptions.

 

If an investor buys or sells a penny stock, SEC regulations require that the investor receive, prior to the transaction, a disclosure explaining the penny stock market and associated risks. Furthermore, trading in our common stock will be subject to Rule 15g-9 of the Exchange Act, which relates to non-NASDAQ and non-exchange listed securities. Under this rule, broker/dealers who recommend our securities to persons other than established customers and accredited investors must make a special written suitability determination for the purchaser and receive the purchaser’s written agreement to a transaction prior to sale. Securities are exempt from this rule if their market price is at least $5.00 per share. Since our common stock is currently deemed penny stock regulations, it may tend to reduce market liquidity of our common stock, because they limit the broker/dealers’ ability to trade, and a purchaser’s ability to sell, the stock in the secondary market.

 

The low price of our common stock has a negative effect on the amount and percentage of transaction costs paid by individual shareholders. The low price of our common stock also limits our ability to raise additional capital by issuing additional shares. There are several reasons for these effects. First, the internal policies of certain institutional investors prohibit the purchase of low-priced stocks. Second, many brokerage houses do not permit low-priced stocks to be used as collateral for margin accounts or to be purchased on margin. Third, some brokerage house policies and practices tend to discourage individual brokers from dealing in low-priced stocks. Finally, broker’s commissions on low-priced stocks usually represent a higher percentage of the stock price than commissions on higher priced stocks. As a result, the Company’s shareholders may pay transaction costs that are a higher percentage of their total share value than if our share price were substantially higher.

 

Because we can issue additional shares of common stock, purchasers of our common stock may incur immediate dilution and experience further dilution.

 

We are authorized to issue up to 14,991,000,000 shares of common stock, of which 14,680,293,609 and 12,189,293,609 shares of common stock are issued and outstanding as of June 30, 2021 and June 30, 2020, respectively. Our Board of Directors has the authority to cause us to issue additional shares of common stock and to determine the rights, preferences and privileges of such shares, without consent of any of our stockholders. Consequently, the stockholders may experience more dilution in their ownership of our stock in the future. Please see NOTE-I CAPITAL STOCK for further information.

 

A reverse stock split may decrease the liquidity of the shares of our common stock.

 

The liquidity of the shares of our common stock may be affected adversely by a reverse stock split given the reduced number of shares that will be outstanding following a reverse stock split, especially if the market price of our common stock does not increase as a result of the reverse stock split.

 

Following a reverse stock split, the resulting market price of our common stock may not attract new investors, including institutional investors, and may not satisfy the investing requirements of those investors. Consequently, the trading liquidity of our common stock may not improve.

 

Although we believe that a higher market price of our common stock may help generate greater or broader investor interest, we cannot assure you that a reverse stock split will result in a share price that will attract new investors.

 

You may be diluted by conversions of the Company’s convertible notes and future conversions of the Company’s Series L Preferred Stock.

 

As of June 30, 2021, we had (i) outstanding Convertible Promissory Notes in an aggregate principal amount of $649,750, which are convertible for up to 373,473,068 shares of our Class A Common Stock based on a closing stock price of $0.0032 and inherit conversion features; and (ii) 255 shares of Series L Preferred Stock outstanding, which are convertible into 587,557,604 shares of our Class A Common Stock based on a closing stock price of $0.0032 and the inherit conversion feature.

 

The conversion of the Convertible Promissory Notes and Series L Preferred Stock will result in further dilution of your investment. In addition, you may experience additional dilution if we issue common stock in the future. As a result of this dilution, you may receive significantly less in net tangible book value than the full purchase price you paid for the shares in the event of liquidation. As of the date of this filing, the Company does not have a sufficient number of authorized but unissued shares to issue in the event our noteholders and the holder of our Series L Preferred stock were to elect to convert into shares of our Class A Common Stock. The Company may be required to file an Amendment to its Articles of Incorporation to increase the number of authorized shares of Class A Common Stock or to effect a reverse stock split to satisfy the requested conversions.

 

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Issuances of shares of common stock or securities convertible into or exercisable for shares of common stock following this offering, will dilute your ownership interests and may adversely affect the future market price of our common stock.

 

The issuance of additional shares of our common stock or securities convertible into or exchangeable for our common stock could be dilutive to stockholders if they do not invest in future offerings. We may seek additional capital through a combination of private and public offerings in the future.

 

The Company’s shares of common stock are quoted on the OTC Pink Sheet market, which limits the liquidity and price of the Company’s common stock.

 

The Company’s shares of Common Stock are traded on the OTC Pink Sheet market under the symbol “GTLL.” Quotation of the Company’s securities on the OTC Pink Sheet market limits the liquidity and price of the Company’s Common Stock more than if the Company’s shares of Common Stock were listed on The Nasdaq Stock Market or a national exchange. There is currently no active trading market in the Company’s Common Stock. There can be no assurance that there will be an active trading market for the Company’s Common Stock following a business combination. In the event that an active trading market commences, there can be no assurance as to the market price of the Company’s shares of Common Stock, whether any trading market will provide liquidity to investors, or whether any trading market will be sustained.

 

FINRA sales practice requirements may limit a stockholder’s ability to buy and sell our stock.

 

The Financial Industry Regulatory Authority, Inc. (“FINRA”) has adopted rules requiring that, in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative or low-priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer’s financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA has indicated its belief that there is a high probability that speculative or low-priced securities will not be suitable for at least some customers. If these FINRA requirements are applicable to us or our securities, they may make it more difficult for broker-dealers to recommend that at least some of their customers buy our common stock, which may limit the ability of our stockholders to buy and sell our common stock and could have an adverse effect on the market for and price of our common stock.

 

We are classified as a “smaller reporting company” and we cannot be certain if the reduced disclosure requirements applicable to smaller reporting companies will make our common stock less attractive to investors.

 

We are a “smaller reporting company.” Specifically, “smaller reporting companies” are able to provide simplified executive compensation disclosures in their filings; are exempt from the provisions of Section 404(b) of the Sarbanes-Oxley Act requiring that independent registered public accounting firms provide an attestation report on the effectiveness of internal control over financial reporting; and have certain other decreased disclosure obligations in their SEC filings.

 

Because directors and officers currently and for the foreseeable future will continue to control Global Technologies, it is not likely that you will be able to elect directors or have any say in the policies of the Company

 

Our shareholders are not entitled to cumulative voting rights. Consequently, the election of directors and all other matters requiring shareholder approval will be decided by majority vote. The directors, officers and affiliates of Global Technologies beneficially own approximately 30% of our outstanding common stock either through direct ownership or through another class of capital stock that may be convertible into shares of our common stock. Due to such significant ownership position held by our insiders, new investors may not be able to effect a change in our business or management, and therefore, shareholders would have no recourse as a result of decisions made by management. Our President, Jimmy Wayne Anderson, owns 90,000,000 shares of the Company’s Class A Common Stock, 3 shares of Series K Super Voting Preferred stock and 18 shares of Series L Preferred stock convertible into 41,474,654 based on a conversion price of $0.00217. Sylios Corp, an entity controlled by Mr. Anderson, owns 10 shares of Series L Preferred stock convertible into 23,041,475 based on a conversion price of $0.00217. Our President is also the control person for one of the entities, Around the Clock Partners, LP (“ATC”), that owns 40 shares of Series L Preferred stock convertible into 92,165,899 based on a conversion price of $0.00217. As of the date of this filing, our President would have voting rights equal to 297,300,901,491 shares (90,000,000 shares of common, 4,145,024,151 votes through the issuance of the Company’s Series L Preferred Stock and 293,605,877,340 votes through the issuance of the Company’s Series K Preferred Stock for a total of 297,300,901,491 votes) out of a total of 366,467,346,417 votes available to vote on matters brought before shareholders, or 81.13%.

 

Cautionary Note

 

We have sought to identify what we believe to be the most significant risks to our business, but we cannot predict whether, or to what extent, any of such risks may be realized nor can we guarantee that we have identified all possible risks that might arise. Investors should carefully consider all of such risk factors before making an investment decision with respect to our common stock.

 

Item 1B. Unresolved Staff Comments.

 

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this item.

 

Item 2. Properties.

 

Currently, the Company shares office space with Sylios Corp at 501 1st Ave N., Suite 901, St. Petersburg, FL 33701 and is not required to reimburse Sylios Corp for monthly rent. The Company anticipates that this relationship will change as we expand on our business plan and with the addition of key employees.

 

The Company’s third-party manufacturing and warehouse facility for its HMNRTH product line is located in Coconut Creek, FL. The Company was not required to enter into a lease for the warehouse facility.

 

Item 3. Legal Proceedings.

 

From time to time, we may be a defendant and plaintiff in various legal proceedings arising in the normal course of our business. We are currently not a party to any material pending legal proceedings or government actions, including any bankruptcy, receivership, or similar proceedings. In addition, management is not aware of any known litigation or liabilities involving the operators of our properties that could affect our operations. Should any liabilities be incurred in the future, they will be accrued based on management’s best estimate of the potential loss. As such, there is no adverse effect on our consolidated financial position, results of operations or cash flow at this time. Furthermore, Management of the Company does not believe that there are any proceedings to which any director, officer, or affiliate of the Company, any owner of record of the beneficially or more than five percent of the common stock of the Company, or any associate of any such director, officer, affiliate of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company.

 

On February 9, 2021, the Company filed a Complaint for Declaratory Judgment in the Circuit Court of the Eleventh Judicial Circuit in and for Miami-Dade County, Florida against Fortis Holdings, Ltd, Wayfarer Management, Ltd, Flash Funding, Inc. and OTC Capital Partners, LLC (together, the “Defendants”). The Complaint cites errors and improper inclusions of transfers that are void for fraud or want of consideration. Plaintiff is not seeking monetary relief in this action, but rather a declaratory decree establishing that the transactions with the named Defendants are void, erroneous or cancellable. As of the date of this filing, three of the Defendants have failed to answer the Claim. The Company has filed a Motion for Clerk Defaults against three of the Defendants. On August 18, 2021, the Company filed a Notice without Prejudice dropping OTC Capital Partners, LLC as a defendant. On September 10, 2021, the Company filed a Motion for Entry of Default Judgment, the same was heard and granted on October 5, 2021 during a status conference of the pending case. The Final Judgement was submitted for Execution to the Judge on October 5, 2021. To date, the Company has yet to receive the executed Final Judgment from the Court but expects the same to be entered shortly. 

 

Item 4. Mine Safety Disclosures.

 

None

 

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PART II

 

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

 

Market Information

 

Our common stock is quoted under the symbol “GTLL” on the OTC Markets “PINK.” The following information reflects the high and low bid prices of the Company’s common stock on the OTC Markets “PINK.”

 

Quarterly period  Low   High 
Fiscal year ended June 30, 2021:          
First Quarter  $0.0001   $0.0002 
Second Quarter  $0.0001   $0.0009 
Third Quarter  $0.0005   $0.0359 
Fourth Quarter  $0.0021   $0.0058 
           
Fiscal year ended June 30, 2020:          
First Quarter  $0.000001   $0.0001 
Second Quarter  $0.000001   $0.0001 
Third Quarter  $0.000001   $0.0001 
Fourth Quarter  $0.000001   $0.0001 

 

Holders of Record

 

The Company had approximately 149 holders of record of our Class A Common Stock as of October 11, 2021.

 

Dividends

 

We have never paid cash dividends on any of our capital stock, and we currently intend to retain our future earnings, if any, to fund the development and growth of our business. We do not intend to pay cash dividends to holders of our common stock in the foreseeable future.

 

Securities Authorized for Issuance under Equity Compensation Plans

 

The Company does not currently maintain any Equity Compensation Plans.

 

Recent Sales of Unregistered Securities; Uses of Proceeds from Registered Securities

 

We claimed exemption from registration under the Securities Act for the sales and issuances of securities in the following transactions under Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder, in that such sales and issuances did not involve a public offering, or under Rule 701 promulgated under the Securities Act, in that they were offered and sold either pursuant to written compensatory plans or pursuant to a written contract relating to compensation, as provided by Rule 701. All of the purchasers of unregistered securities for which we relied on Section 4(a)(2) and/or Regulation D represented that they were accredited investors as defined under the Securities Act. We claimed such exemption on the basis that (a) the purchasers in each case represented that they intended to acquire the securities for investment only and not with a view to the distribution thereof and that they either received adequate information about the registrant or had access, through employment or other relationships, to such information and (b) appropriate legends were affixed to the stock certificates issued in such transactions.

 

Class A Common Stock:

 

Year ended June 30, 2021

 

On September 22, 2020, the Company issued 596,785,387 shares of restricted common stock with a fair market value of $59,679 to a noteholder in satisfaction of $29,839 in penalties against the note dated January 24, 2018.

 

On November 25, 2020, the Company issued 637,526,342 shares of restricted common stock with a fair market value of $63,753 to a noteholder in satisfaction of $31,876 in penalties against the note dated January 24, 2018.

 

On December 13, 2020, the Company issued 669,338,906 shares of restricted common stock with a fair market value of $200,802 to a noteholder in satisfaction of $33,467 in penalties against the note dated January 24, 2018.

 

On December 22, 2020, the Company issued 702,738,918 shares of restricted common stock with a fair market value of $281,096 to a noteholder in satisfaction of $35,137 in penalties against the note dated January 24, 2018.

 

On January 14, 2021, the Company issued 500,000,000 shares of restricted common stock with a fair market value of $900,000 to a noteholder in satisfaction of $20,000 principal against the note dated June 3, 2019.

 

On January 19, 2021, the Company issued 300,000,000 shares of restricted common stock with a fair market value of $1,200,000 to a noteholder in satisfaction of $42,000 principal against the note dated November 30, 2019.

 

On January 21, 2021, the Company issued 194,610,447 shares of restricted common stock with a fair market value of $1,264,968 to a noteholder in satisfaction of $1,946 principal against the note dated January 24, 2018.

 

On February 22, 2021, the Company issued 150,000,000 shares of restricted common stock with a fair market value of $1,710,000 to a noteholder in satisfaction of $1,946 in penalties against the note dated January 24, 2018.

 

A total of 1,260,000,000 shares of common stock were returned to the Company during the year ended June 30, 2021 to be retired.

 

Year ended June 30, 2020

 

None

 

Warrants:

 

On December 17, 2019, the Company entered into a Securities Purchase Agreement (the “Agreement”) with Armada Capital Partners, LLC (“Armada”) wherein the Company issued Armada a Convertible Promissory Note (the “Note”) in the amount of $11,000 ($1,000 OID). The Note has a term of one (1) year (due on December 13, 2020) and bears interest at 8% annually. As part and parcel of the foregoing transaction, Armada was issued a warrant granting the holder the right to purchase up to 560,800 shares of the Company’s common stock at an exercise price of $0.024 for a term of 5-years. The transaction closed on December 17, 2019.

 

Penny Stock

 

Penny Stock Regulation Broker-dealer practices in connection with transactions in “penny stocks” are regulated by certain penny stock rules adopted by the Securities and Exchange Commission. Penny stocks generally are equity securities with a price of less than $5.00. Excluded from the penny stock designation are securities registered on certain national securities exchanges or quoted on NASDAQ, provided that current price and volume information with respect to transactions in such securities is provided by the exchange/system or sold to established customers or accredited investors.

 

The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document that provides information about penny stocks and the risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in connection with the transaction, and the monthly account statements showing the market value of each penny stock held in the customer’s account. In addition, the penny stock rules generally require that prior to a transaction in a penny stock, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written agreement to the transaction.

 

These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for a stock that becomes subject to the penny stock rules. As our securities have become subject to the penny stock rules, investors may find it more difficult to sell their securities.

 

21
 

 

Item 6. Selected Financial Data

 

Not required for smaller reporting company.

 

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes thereto included elsewhere in this Annual Report. This discussion and analysis contain forward-looking statements that are based upon current expectations and involve risks, assumptions and uncertainties.

 

Our Management’s Discussion and Analysis contains not only statements that are historical facts, but also statements that are forward-looking. Forward-looking statements are, by their very nature, uncertain and risky. Forward-looking statements are often identified by words like: “believe”, “expect”, “estimate”, “anticipate”, “intend”, “project” and similar expressions, or words that, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this prospectus. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions. These risks and uncertainties include international, national, and local general economic and market conditions; our ability to sustain, manage, or forecast growth; our ability to successfully make and integrate acquisitions; new product development and introduction; existing government regulations and changes in, or the failure to comply with, government regulations; adverse publicity; competition; the loss of significant customers or suppliers; fluctuations and difficulty in forecasting operating results; change in business strategy or development plans; business disruptions; the ability to attract and retain qualified personnel; the ability to protect technology; the risk of foreign currency exchange rate; and other risks that might be detailed from time to time in our filing with the Securities and Exchange Commission. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this prospectus.

 

Although the forward-looking statements in this annual report on Form 10-K reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by them. Consequently, and because forward-looking statements are inherently subject to risks and uncertainties, the actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. You are urged to carefully review and consider the various disclosures made by us in herein and in our other reports as we attempt to advise interested parties of the risks and factors that may affect our business, financial condition, and results of operations and prospects.

 

Our financial statements are stated in United States Dollars (USD or US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. All references to “common stock” refer to the common shares in our capital stock.

 

Overview

 

Global Technologies, Ltd is a publicly quoted company that was incorporated under the laws of the State of Delaware on January 20, 1999 under the name of NEW IFT Corporation. On August 13, 1999, the Company filed an Amended and Restated Certificate of Incorporation with the State of Delaware to change the name of the corporation to Global Technologies, Ltd. Our principal executive offices are located at 501 1st Ave N., Suite 901, St. Petersburg, FL 33701 and our telephone number is (727) 482-1505. Our website address is www.globaltechnologiesltd.info. The information provided on our website is not part of this Annual Report and is therefore not incorporated by reference unless such information is otherwise specifically referenced elsewhere in this Annual Report.

 

Prior Operational History

 

From inception until March 2011, Global Technologies was a technology portfolio company that acquired nascent technology and related innovations, inventions and IP assets to enhance their growth and development. The Company built revenues and asset value through a model of continuous growth, income from or sale of its portfolio holdings, and technology licensing or distribution agreements.

 

The Company invested primarily in innovative and promising clean/renewable energy or bio-tech technologies that had reached the stage in the critical Technology Development & Demonstration phase of the Innovative Cycle, which includes Prototype, Demonstration and Market Analysis.

 

In March 2011, the Company abandoned its operations. Mr. Jimmy Wayne Anderson, our sole officer and director, was appointed a director of the Company in December 2017 and an officer in January 2018.

 

22
 

 

Current Operations

 

Global Technologies, Ltd (“Global”) is a holding corporation, which through its subsidiaries, has operations engaged in the online sales of CBD and hemp related products, the acquisition of intellectual property in the safety and security space and as a portal for entrepreneurs to provide immediate access to live shopping, e-commerce and product placement in brick and mortar retail outlets.

 

On November 30, 2019, the Company entered into a Purchase and Sale Agreement (the “Agreement”) for the purchase of TCBM Holdings, LLC (“TCBM”). Under the terms of the Agreement, the Company issued a Convertible Promissory Note (the “Note”) in the amount of $2,000,000 to Jetco Holdings, LLC for the purchase of all issued and outstanding membership units of TCBM and its subsidiaries, HMNRTH, LLC and 911 Help Now, LLC. As of March 15, 2021, the outstanding principal and interest on the Note were $503,714 and $46,485, respectively. On this same date, the Holder agreed to forgive $253,714 in outstanding principal and all outstanding interest leaving a remaining principal balance of $250,000. On March 15, 2021, the Company issued the Holder fifty (50) shares of the Company’s Series L Preferred Stock in satisfaction of the $250,000 principal balance. As of June 30, 2021, there was no outstanding principal or interest due. Please see NOTE F - NOTES PAYABLE, THIRD PARTIES for further information.

 

On March 11, 2020, the Company, through its two wholly owned subsidiaries, HMNRTH, LLC (the “Seller”) and TCBM Holdings, LLC (the “Owner”) (together Seller and Owner the “Selling Parties”) entered into an Asset Purchase Agreement (the “Agreement”) with Edison Nation, Inc. and its wholly owned subsidiary, Scalematix, LLC (together the “Buyer”), for the sale of certain assets in the health and wellness industry and related consumer products industry. Under the terms of the Agreement, Buyer was to remit $70,850 via wire transfer at Closing and issue to a representative of the Selling Parties Two Hundred Thirty-Eight Thousand Seven Hundred and Fifty (238,750) shares of restricted common stock. In addition, the Selling Parties shall have the right to additional earn out compensation based upon the following metrics: (i) at such time as the purchased assets achieve cumulative revenue of $2,500,000, the Selling Parties shall earn One Hundred Twenty-Five Thousand (125,000) shares of common stock; and (ii) at such time as the purchased assets achieve cumulative revenue of $5,000,000, the Selling Parties shall earn One Hundred Twenty-Five Thousand (125,000) shares of common stock. The Closing of the transaction occurred on March 11, 2020. As of the date of this filing, the Company has received the 238,750 shares of restricted common stock valued at $477,500 and the $70,850 in cash compensation due under the terms of the Agreement. The shares and cash compensation were subsequently transferred to the principal of Jetco Holdings, LLC as payment against the November 30, 2019 Convertible Promissory Note issued to Jetco Holdings, LLC.

 

On September 3, 2020, the Company entered into a Commitment to be Bound by the Amended Operating Agreement to Effect Transfer of Membership Interest in order to facilitate the transfer of 25 Membership Units (the “Units”) issued by Global Clean Solutions, LLC (“Global”) and held in the name of Graphene Holdings, LLC (“Graphene”) to the Company. In exchange for the transfer of the Units to the Company, the Company issued to Graphene a Convertible Promissory Note (the “Note”) in the amount of $250,000. Please see NOTE F - NOTES PAYABLE, THIRD PARTIES and NOTE M - SUBSEQUENT EVENTS for further information.

 

Our wholly owned subsidiaries:

 

About TCBM Holdings, LLC

 

TCBM Holdings, LLC (“TCBM”) was formed as a Delaware limited liability company on August 10, 2017. TCBM is a holding corporation, which operated through its two wholly owned subsidiaries, HMNRTH, LLC and 911 Help Now, LLC.

 

About HMNRTH, LLC

 

HMNRTH, LLC (“HMN”) was formed as a Delaware limited liability company on July 30, 2019. HMNRTH operates as an online store selling a variety of hemp and CBD related products. The Company’s business model is to bridge the gap between the lifestyle and knowledge components within the cannabis industry. The Company’s goal is to educate every consumer while cultivating an experience by providing quality products, branded cutting-edge content, and diversified product lines for any purpose. Most importantly, we want our clients to discover their inner HMN, redefine their inner HMN and Empower their inner HMN.

 

In order for the Company to generate revenue through HMNRTH, we will need to: (i) produce additional inventory for retail sales through the Company’s ecommerce site or sales, or (ii) sales to third party distributors, or (iii) direct sales to brick and mortar CBD retail outlets, or (iv) generate additional CBD formulas to be utilized in new products At present, the Company does not have the required capital to initiate any of the options and there is no guarantee that we will be able to raise the required funds.

 

About 911 Help Now, LLC

 

911 Help Now, LLC (“911”) was formed as a Delaware limited liability company on February 2, 2018. 911 was a holding company of intellectual property in the safety and security space. At present, we own no intellectual property within our 911 subsidiary. In order to generate future revenue within 911, we will need to identify and either acquire or license intellectual property. In the event of an acquisition, we will then need to either develop products utilizing our intellectual property or license out our intellectual property to a third party. There is no guarantee that we will be successful with an acquisition or licensing of any intellectual property.

 

About Markets on Main, LLC

 

Markets on Main, LLC (“MOM”) was formed as a Florida limited liability company on April 2, 2020. MOM is A full service, sales and distribution, third-party logistics provider and portal to multi-channel sales opportunities. MOM’s focus is on bringing small businesses and entrepreneurs to large opportunities and distribution. MOM will provide the following services to its clients: inventory management, brand management, fulfillment and drop-ship capabilities, retail distribution and customer service. MOM’s website can be found at www.marketsonmain.com.

 

Investments:

 

Global Clean Solutions, LLC Investment

 

Global Clean Solutions (“Global Clean”) was founded as a special purpose entity in the Personal Protective Equipment Industry during the initial stages of the pandemic in 2020. Its management set out with a simple mission; deliver customers PPE while removing the panic from the pandemic. Global Clean has created a solid and repeatable foundation and is able to satisfy the needs of both government municipalities and corporations that many companies have tried, and few have succeeded.

 

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

 

The Company elected to impair its investment in Global Clean as it does not anticipate generating any further revenue from this investment.

 

Services:

 

Consulting Services

 

On May 10, 2021, the Company entered into a Consulting Agreement (the “Agreement”) with CoroWare, Inc. (“CoroWare”). Under the terms of the Agreement, the Company is to prepare the following financial reports for CoroWare: (i) Registration Statement and all subsequent amendments, (ii) Quarterly Reports for the periods ended March 31, 2021, June 30, 2021 and September 30, 2021, and (iii) Annual Report for the period ended December 31, 2021. The Agreement shall have a term one (1) year or until CoroWare’s Annual Report is filed with OTC Markets or the SEC. The Company shall be compensated a total of $45,000 in three equal payments of $15,000.

 

Plan of Operation

 

Our plan of operations is to raise capital through the issuance of debt and/or equity to meet our ongoing operating expenses and attempt to identify acquisition candidates to create value for our shareholders. There can be no assurance that we will successfully complete any additional acquisitions. Any merger or acquisition completed by us can be expected to have a significant dilutive effect on the percentage of shares held by our current stockholders.

 

23
 

 

Financing Needs

 

In order to fund our operations, we rely upon direct investments, partnerships and joint ventures with accredited investors. Once the Company becomes profitable, we intend to fund our operations from free cash flow.

 

At present, the Company only has sufficient funds to conduct its operations for two to three months. There can be no assurance that additional financing will be available in amounts or on terms acceptable to the Company, if at all.

 

If we are not successful in generating sufficient liquidity from Company operations or in raising sufficient capital resources, on terms acceptable to us, this could have a material adverse effect on the Company’s business, results of operations liquidity and financial condition.

 

The Company presently does not have any available credit, bank financing or other external sources of liquidity. Due to its brief history under its current business model and historical operating losses, the Company’s operations have not been a source of liquidity. The Company will need to obtain additional capital in order to expand operations and become profitable. In order to obtain capital, the Company may need to sell additional shares of its common stock or borrow funds from private lenders. There can be no assurance that the Company will be successful in obtaining additional funding.

 

The Company will need additional investments in order to continue operations. Additional investments are being sought, but the Company cannot guarantee that it will be able to obtain such investments. Financing transactions may include the issuance of equity or debt securities, obtaining credit facilities, or other financing mechanisms. In the event there is a downturn in the U.S. stock and debt markets, this could make it more difficult to obtain financing through the issuance of equity or debt securities. Even if the Company is able to raise the funds required, it is possible that it could incur unexpected costs and expenses, fail to collect significant amounts owed to it, or experience unexpected cash requirements that would force it to seek alternative financing. Further, if the Company issues additional equity or debt securities, stockholders may experience additional dilution or the new equity securities may have rights, preferences or privileges senior to those of existing holders.

 

Results from Operations – For the years ended June 30, 2021 and June 30, 2020.

 

Our results of operations for the years ended June 30, 2021 and 2020 are summarized below:

 

   June 30, 2021   June 30, 2020 
Gross revenues  $15,000   $548,350 
Cost of goods sold   -    70,850 
Total Operating expenses   366,804    709,736 
Income (loss) from Operations   (351,804)   (232,236)
Other (Expense)   (3,876,857)   (318,705)
Net Loss   (4,228,661)   (550,941)
Net loss per share- basic and diluted  $(0.00)  $(0.00)

 

Revenues

 

Since our inception on January 20, 1999, we have generated minimal revenue from our operations. We cannot guarantee we will be successful in our business operations. We have limited financial resources and limited operations until such time that we are able to begin to generate revenue from our own operations. Our business is subject to risks inherent in the establishment of a new business plan through the acquisition of TCBM Holdings, LLC and the formation of Markets on Main, LLC, including the financial risks associated with the limited capital resources currently available to us and risks associated with the implementation of our business strategies.

 

For the years ended June 30, 2021 and 2020, we generated $15,000 and $548,350 in revenue, respectively. Our revenue for the year ended June 30, 2021 was 100% comprised of consulting revenue with one customer. Our revenue for the year ended June 30, 2020 was 100% comprised of the sale of hemp and CBD inventory through our subsidiary. HMNRTH, LLC. The sale of inventory was part of the normal operations of the Company, and it is anticipated that we will recognize similar operating activity with other customers during fiscal 2022. The lack of revenue from HMNRTH during the year ended June 30, 2021 was largely attributable to the Company’s inability to raise capital for inventory. The Company is in discussions with the manufacturer of its CBD products to formulate two new flavors upon successful financing.

 

For the years ended June 30, 2021 and 2020, our cost of goods sold was $0 and $70,850, respectively. The makeup of the cost of goods sold for the year ended June 30, 2020 was 100% comprised of costs for the development and production of the hemp and CBD products sold.

 

24
 

 

Operating Expenses

 

Our operating expenses were $366,804 and $709,736 for years ended June 30, 2021 and 2020, respectively.

 

We incurred $0 and $0 in advertising expenses for the years ended June 30, 2021 and 2020, respectively.

 

We incurred $80,000 (including $40,000 stock-based compensation) and $80,000 (including $40,000 stock-based compensation) in officer and director related expenses for years ended June 30, 2021 and 2020, respectively. The Company anticipates that these expenses will increase during fiscal 2022 as the Company expands the operations of Markets on Main and the Company will need to expand its management and ancillary staff.

 

Loss from Operations

 

The Company’s loss from operations increased to $(351,804) for the year ended June 30, 2021 from $(232,236) in 2020, an increase of $(119,568). The increase in loss from operations is largely attributable to a decrease in revenue and increase in selling, general and administrative expenses during the year ended June 30, 2021.

 

Other Income (Expenses)

 

Other Income (Expenses) included interest expense, interest income, gain on derivative liability, investment income, forgiveness of debt and accrued interest, loss on issuance of convertible notes and amortization of debt discounts in the amount of $(3,876,857) during the year ended June 30, 2021 as compared to $(318,705) the year ended June 30, 2020. The increase in other income (expenses) during the year ended June 30, 2021 is largely attributable to the Company’s loss on issuance of convertible notes in the amount of $(2,759,425), amortization of debt discounts in the amount of $(841,124) and impairment of goodwill in the amount of $(473,322).

 

Net Income (Loss)

 

For the year ended June 30, 2021, our net loss increased to $(4,228,661), as compared to a net loss of $(550,941) for the year ended June 30, 2020, an increase of $(3,677,720). The increase in net loss is largely attributable to the Company’s loss on issuance of convertible notes, amortization of debt discounts and impairment of goodwill.

 

Liquidity and Capital Resources

 

Cash on Hand

 

Our cash on hand as of June 30, 2021 and June 30, 2020 was $56,300 and $25, respectively.

 

We currently have no external sources of liquidity such as arrangements with credit institutions or off-balance sheet arrangements that will have or are reasonably likely to have a current or future effect on our financial condition or immediate access to capital.

 

We are dependent on the sale of our securities or issuance of debt to fund our operations and will remain so until we generate sufficient revenues to pay for our operating costs. Our officers and directors have made no written commitments with respect to providing a source of liquidity in the form of cash advances, loans and/or financial guarantees.

 

25
 

 

If we are unable to raise the funds, we will seek alternative financing through means such as borrowings from institutions or private individuals. There can be no assurance that we will be able to raise the capital we need for our operations from the sale of our securities. We have not located any sources for these funds and may not be able to do so in the future. We expect that we will seek additional financing in the future. However, we may not be able to obtain additional capital or generate sufficient revenues to fund our operations. If we are unsuccessful at raising sufficient funds, for whatever reason, to fund our operations, we may be forced to cease operations. If we fail to raise funds, we expect that we will be required to seek protection from creditors under applicable bankruptcy laws.

 

Our independent registered public accounting firm has expressed doubt about our ability to continue as a going concern and believes that our ability is dependent on our ability to implement our business plan, raise capital and generate revenues. Please see NOTE L- GOING CONCERN UNCERTAINTY for further information.

 

Notes payable, third parties

 

Our Notes payable third parties were $649,750 and $1,293,027 at June 30, 2021 and June 30, 2020, respectively. Please see NOTE F – NOTES PAYABLE, THIRD PARTIES for a full schedule of all notes payable to third parties, including issue date, maturity date and interest rate.

 

Notes payable, related parties

 

Our Note payable related party was $0 and $124,800 June 30, 2021 and June 30, 2020, respectively. Please see NOTE G – NOTE PAYABLE, RELATED PARTY for a full schedule of all notes payable to related parties, including issue date, maturity date and interest rate.

 

Use of Cash

 

We had net cash provided (used) in operating activities for the years ended June 30, 2021 and June 30, 2020 of $(141,564) and $(176,789), respectively.

 

We had net cash provided (used) in investing activities for the years ended June 30, 2021 and June 30, 2020 of $- and $-, respectively.

 

We had net cash provided (used) by financing activities for the years ended June 30, 2021 and June 30, 2020 of $197,839 and $176,814, respectively.

 

Our cash flows for the years ended June 30, 2021 and 2020 are summarized below:

 

  

Year Ended

June 30, 2021

  

Year Ended

June 30, 2020

 
Net cash provided (used) in operating activities  $(141,564)  $(176,789)
Net cash (used) by investing activities  $-  $- 
Net cash provided by financing activities  $197,839   $176,814 
Net Change in Cash  $56,275   $25 
Cash at beginning of period  $25   $- 
Cash at end of period  $56,300   $25 

 

26
 

 

Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

 

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this item.

 

Item 8. Financial Statements and Supplementary Data.

  

INDEX TO FINANCIAL STATEMENTS

 

Financial Statements   Page
Report of Independent Registered Public Accounting Firm   F-1
Consolidated Balance Sheets as of June 30, 2021 and 2020   F-2
Consolidated Statements of Operations for the years ended June 30, 2021 and 2020   F-3
Consolidated Statements of Stockholders’ (Deficiency) for the years ended June 30, 2021 and 2020   F-4
Consolidated Statements of Cash Flows for the years ended June 30, 2021 and 2020   F-5
Notes to Consolidated Financial Statements   F-6 to F-24

 

27
 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Directors and Shareholders of Global Technologies, Ltd.

 

Opinion on the Financial Statements

 

We have audited the accompanying consolidated balance sheets of Global Technologies, Ltd. (“the Company”) as of June 30, 2021 and 2020, and the related consolidated statements of operations, stockholders’ (deficiency), and cash flows for each of the years in the two-year period ended June 30, 2021, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2021 and 2020, and the results of its operations and its cash flows for each of the years in the two-year period ended June 30, 2021, in conformity with accounting principles generally accepted in the United States of America.

 

Going Concern

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note L to the financial statements, the Company has an accumulated deficit, net losses, and negative cash flows from operations. These 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 described in Note L. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Basis for Opinion

 

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. 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 audits 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 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 audits, 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 audits included performing procedures to assess the risks of material misstatement of the 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 financial statements. Our audits 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 audits provide 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 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 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 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.

 

Goodwill – Refer to Note C of the Financial Statements

 

Description of the Critical Audit Matter

 

Goodwill consists of the excess of the purchase price over the fair value of tangible and identifiable intangible assets acquired. Goodwill is subject to annual impairment tests, and if it is determined to be impaired, goodwill is written down to fair value.

 

We identified the Company's goodwill as a critical audit matter because of the significant estimates and assumptions management makes to estimate the fair value of its reporting units, especially considering the lack of recent operations and impact of the COVID-19 pandemic.  This required a high degree of auditor judgment, and an increased extent of effort was required when performing the audit procedures to evaluate the methodology and the reasonableness of related assumptions. In particular, fair value estimates are sensitive to significant assumptions and factors such as expectations about future market and economic conditions, revenue growth rates, strategic plans, and historical operating results, among others.

 

How the Critical Audit Matter Was Addressed in the Audit

 

Our principal audit procedures to evaluate management’s valuation of goodwill consisted of the following, among others:

 

1.We obtained an understanding of management’s process to estimate the fair value of its reporting units and ensure the accuracy of key data used in their estimation process.

 

2.We evaluated management's knowledge and skill to accurately forecast net sales and earnings.

 

3.We evaluated management's forecasts including net sales and cost of goods sold for reasonableness by obtaining supporting evidence for assumptions and estimates related to management's forecasts and comparing forecast assumptions and estimates with information provided by the Company.

 

4.We evaluated the assumptions used by management, including testing the underlying source information and the mathematical accuracy of the calculations by developing a range of independent estimates and comparing those to the rates, selected by management.

 

 
   
We have served as the Company’s auditor since 2019.  
   
Spokane, Washington  
October 13, 2021  

 

F-1
 

 

GLOBAL TECHNOLOGIES, LTD

CONSOLIDATED BALANCE SHEETS

 

   June 30, 2021   June 30, 2020 
         
ASSETS          
CURRENT ASSETS          
Cash and cash equivalents  $56,300   $25 
Accounts receivable   -    70,580 
Prepaid director’s compensation   

12,000

    

-

 
Loans receivable   -    104,812 
Loan receivable, other   3,782    8,691 
Total current assets   72,082    184,108 
Property and equipment, less accumulated depreciation of $8,226 and $3,030   28,137    33,333 
Goodwill   473,323    1,346,646 
Total other assets   501,460    1,379,979 
TOTAL ASSETS  $573,542   $1,564,087 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY          
           
CURRENT LIABILITIES          
Accounts payable  $4,123   $512,585 
Accrued default interest   40,216    - 
Accrued interest   18,975    75,510 
Accrued director’s compensation   -    79,803 
Notes payable-third parties   649,750    1,293,027 
Loans payable, related party   11,999    525 
Note payable-related party   -    124,800 
Default principal, notes payable-third parties   

137,200

    

-

 
Debt discounts   (251,235)   (453,608)
Derivative liability   1,007,577    1,420,455 
Total current liabilities   1,618,605    3,053,097 
           
TOTAL LIABILITIES  $1,618,605   $3,053,097 
           
STOCKHOLDERS’ DEFICIENCY          
Preferred stock; 5,000,000 shares authorized, $.01 par value:  $    $  
Series K; 3 shares authorized, par value $0.01, as of June 30, 2021 and 2020, there are 3 and 3 shares outstanding, respectively   -    - 
Series L; 500,000 shares authorized, par value $0.01, as of June 30, 2021 and 2020, there are 255 and 10 shares outstanding, respectively   3    - 
Common stock; 14,991,000,000 shares authorized, $.0001 par value, as of June 30, 2021 and 2020, there are 14,680,293,609 and 12,189,293,609 shares outstanding, respectively   1,468,029    1,218,929 
Additional paid- in capital Class A common stock   161,225,814    158,069,422 
Additional paid- in capital preferred stock   1,282,310    60,000 
Common stock to be issued   144,803    100,000 
Accumulated deficit   (165,166,022)   (160,937,361)
Total stockholders’ deficiency   (1,045,063)   (1,489,010)
           
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY  $573,542   $1,564,087 

 

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

 

F-2
 

 

GLOBAL TECHNOLOGIES, LTD

CONSOLIDATED STATEMENTS OF OPERATIONS

For the years ended June 30, 2021 and 2020

 

   2021   2020 
Revenue earned          
Revenue  $15,000   $548,350 
Cost of goods sold   -    70,850 
Gross profit   15,000    477,500 
           
Operating Expenses          
Officer and director compensation, including stock-based compensation of $40,000 and $40,000, respectively   80,000    80,000 
Consulting services   1,700    550,000 
Depreciation expense   5,196    3,030 
Professional services   106,612    25,636 
Selling, general and administrative   173,296    51,070 
           
Total operating expenses   366,804    709,736 
           
Loss from operations   (351,804)   (232,236)
           
Other income (expense)          
Gain on derivative liability   436,326    2,190,053 
Interest income   -    1,860 
Investment income from Global Clean Solutions, LLC   12,197    - 
Write-off of Global Clean Solutions, LLC   

(250,000

)   

-

 
Forgiveness of debt and accrued interest   336,786    - 
Impairment of goodwill   

(473,322

)   - 
Interest expense   (112,593)   (60,179)
Default principal and interest expense   (225,702)   - 
Loss on issuance of convertible notes   (2,759,425)   (873,048)
Amortization of debt discounts   (841,124)   (1,577,391)
           
Total other income (expense)   (3,876,857)   (318,705)
           
Loss before provision for income taxes   (4,228,661)   (550,941)
           
Provision for income taxes   -    - 
           
Net loss  $(4,228,661)  $(550,941)
           
Basic and diluted loss per common share  $(0.00)  $(0.00)
           
Weighted average common shares outstanding – basic and diluted   14,977,786,974    12,189,293,609 

 

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

 

F-3
 

 

GLOBAL TECHNOLOGIES, LTD
CONSOLIDATED STATEMENTS OF STOCKHOLDERS (DEFICIENCY)

For the years ended June 30, 2021 and 2020

 

    Shares     Amount     Shares     Amount     Shares     Amount     Issued     Capital     Deficit     Total  
    Series K Preferred     Series L Preferred           Common Stock to     Additional              
    stock     stock     Common Stock     be     Paid in     Accumulated        
    Shares     Amount     Shares     Amount     Shares     Amount     Issued     Capital     Deficit     Total  
                                                             
Balances at June 30, 2019     -     $ -       -     $ -       12,189,293,609     $ 1,218,929       60,000     $ 158,069,422     $ (160,386,420 )   $ (1,038,069 )
Issuance of Series L preferred stock in satisfaction of compensation due for consulting fees     -       -       10       -       -       -       -       50,000       -       50,000  
Issuance of Series K preferred stock in satisfaction of services rendered as an officer     3       -       -       -       -       -       -       10,000       -       10,000  
Common stock for services     -       -       -       -       -       -       40,000       -       -       40,000  
Net loss for the year ended June 30, 2020     -       -       -       -       -       -       -       -       (550,941 )     (550,941 )
Balances at June 30, 2020     3     $ -       10     $ -       12,189,293,609     $ 1,218,929       100,000     $ 158,129,422     $ (160,937,361 )   $ (1,489,010 )
Issuance of common stock to a noteholder in lieu of cash payment for principal and fees in the amount of $196,765     -       -       -       -       3,751,000,000       375,100       -       3,184,634       -       3,559,734  
Issuance of Series L Preferred stock in satisfaction of note payable     -       -       84       1       -       -       -       424,538       -       424,539  
Issuance of Series L Preferred stock in satisfaction of note payable, related party                     40       -       -       -       -       203,532       -       203,532  
Issuance of Series L Preferred stock as reimbursement for shares returned to the Company     -       -       21       1       -       -       -       64,999       -       65,000  
Issuance of Series L Preferred stock in satisfaction of consulting fees     -       -       100       1       -       -       -       499,999       -       500,000  
Common stock to be issued paid as cash     -       -       -       -       -       -       (55,197     -       -       (55,197 )
Common stock for services     -       -       -       -       -       -       40,000       -       -       40,000  
Return of common shares     -       -       -       -       (1,260,000,000 )     (126,000 )     60,000       -       -       (66,000 )
Net loss for the year ended June 30, 2021     -                -       -       -       -       -       -       -       (4,228,661 )     (4,228,661 )
Balances at June 30, 2021     3     $ -     255     $ 3       14,680,293,609      $ 1,468,029     $

144,803

    $

162,508,124

    $ (165,166,022 )    $ (1,045,063 )

 

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

 

F-4
 

 

GLOBAL TECHNOLOGIES, LTD
CONSOLIDATED STATEMENTS OF CASH FLOWS

For the years ended June 30, 2021 and 2020

 

   June 30, 2021   June 30, 2020 
         
OPERATING ACTIVITIES:          
Net (loss)  $(4,228,661)  $(550,941)
Adjustment to reconcile net loss to net cash provided by operating activities:          
Issuance of common stock for conversion fees   130,319    - 
Issuance of Series L Preferred stock for consulting services   -    50,000 
Issuance of Series K Preferred stock for consulting services   -    10,000 
Common stock to be issued   44,803    40,000 
Transfer of shares of common stock received in sale of HMNRTH products to Jetco noteholder   -    (477,500)
Inventory from acquisition   -    70,580 
Derivative liability (gain) loss   (436,326)   (2,190,053)
Forgiveness of debt and accrued interest   (336,786)   - 
Loss on issuance of note payable   2,759,425    873,048 
Write-off of Global Clean Solutions, LLC investment   

250,000

    

-

 
Impairment of goodwill   

473,322

    - 
Depreciation   5,196    3,030 
Amortization of debt discounts   841,124    1,577,391 
Changes in operating assets and liabilities:          
Accounts and loans receivable   160,283    (184,083)
Prepaid director’s compensation   

(12,000

   - 
Bank overdrafts   -    (8,997)
Accounts payable   (8,795)   510,557 
Accrued interest   17,116    60,179 
Accrued default interest   40,216    - 
Default principal, notes payable-third parties   137,200    - 
Accrued director’s compensation   22,000    40,000 
Net cash provided by operating activities   (141,564)   (176,789)
           
INVESTING ACTIVITIES:          
Net cash (used) by investing activities   -    - 
           
FINANCING ACTIVITIES:          
Borrowings from loans payable   4,481    - 
Payments on convertible notes   (215,392)   (401,122)
Borrowings from notes payable   408,750    31,525 
Cash from acquisition   -    546,411 
Net cash provided from financing activities   197,839    176,814 
           
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   56,275    25 
           
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD   25    - 
           
CASH AND CASH EQUIVALENTS, END OF PERIOD  $56,300   $25 
           
Supplemental Disclosures of Cash Flow Information:          
Taxes paid  $-   $- 
Interest paid  $-   $- 
           
Non-cash investing and financing activities:          
Issuance of convertible note for acquisition  $-   $1,453,589 
Issuance of convertible note for acquisition of Global Clean Solutions, LLC  $250,000   $- 
Reduction of Jetco note in the amount per agreement applied to acquisition of subsidiaries  $400,000   $- 
Issuance of common stock for debt  $63,946   $- 
Issuance of Series L Preferred stock for payment of notes payable and accrued interest  $628,071   $- 
Issuance of Series L Preferred stock for payment of accounts payable  $500,000   $

-

 
Issuance of Series L Preferred stock for return of common stock  $104,000   $

-

 
Transfer of shares of common stock received in sale of HMNRTH products to Jetco noteholder  $-   $477,500 

 

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

 

F-5
 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE A – ORGANIZATION

 

Overview

 

Global Technologies, Ltd. (hereinafter the “Company”, “Our”, “We”, or “Us”) is a publicly quoted company that was incorporated under the laws of the State of Delaware on January 20, 1999 under the name of NEW IFT Corporation. On August 13, 1999, the Company filed an Amended and Restated Certificate of Incorporation with the State of Delaware to change the name of the corporation to Global Technologies, Ltd. Our principal executive offices are located at 501 1st Ave N., Suite 901, St. Petersburg, FL 33701 and our telephone number is (727) 482-1505. Our website address is www.globaltechnologiesltd.info. The information contained on, or that can be accessed through, our website is not a part of this Annual Report on Form 10-K. We have included our website address in this Annual Report solely as an inactive textual reference.

 

Prior Operational History

 

From inception until March 2011, Global Technologies was a technology portfolio company that acquired nascent technology and related innovations, inventions and IP assets to enhance their growth and development. The Company built revenues and asset value through a model of continuous growth, income from or sale of its portfolio holdings, and technology licensing or distribution agreements.

 

The Company invested primarily in innovative and promising clean/renewable energy or bio-tech technologies that had reached the stage in the critical Technology Development & Demonstration phase of the Innovative Cycle, which includes Prototype, Demonstration and Market Analysis.

 

In March 2011, the Company abandoned its operations. Mr. Jimmy Wayne Anderson, our sole officer and director, was appointed a director of the Company in December 2017 and an officer in January 2018.

 

Current Operations

 

Global Technologies, Ltd (“Global”) is a holding corporation, which through its subsidiaries, has operations engaged in the online sales of CBD and hemp related products, the acquisition of intellectual property in the safety and security space and as a portal for entrepreneurs to provide immediate access to live shopping, e-commerce, product placement in brick and mortar retail outlets and logistics.

 

On November 30, 2019, the Company entered into a Purchase and Sale Agreement (the “Agreement”) for the purchase of TCBM Holdings, LLC (“TCBM”). Under the terms of the Agreement, the Company issued a Convertible Promissory Note in the amount of $2,000,000 to Jetco Holdings, LLC for the purchase of all issued and outstanding membership units of TCBM and its subsidiaries, HMNRTH, LLC and 911 Help Now, LLC. As of March 15, 2021, the outstanding principal and interest on the Note were $503,714 and $46,485, respectively. On this same date, the Holder agreed to forgive $253,714 in outstanding principal and all outstanding interest leaving a remaining principal balance of $250,000. On March 15, 2021, the Company issued the Holder fifty (50) shares of the Company’s Series L Preferred Stock in satisfaction of the $250,000 principal balance. As of June 30, 2021, there was no outstanding principal or interest due. Please see NOTE F - NOTES PAYABLE, THIRD PARTIES for further information.

 

On March 11, 2020, the Company, through its two wholly owned subsidiaries, HMNRTH, LLC (the “Seller”) and TCBM Holdings, LLC (the “Owner”) (together Seller and Owner the “Selling Parties”) entered into an Asset Purchase Agreement (the “Agreement”) with Edison Nation, Inc. and its wholly owned subsidiary, Scalematix, LLC (together the “Buyer”), for the sale of certain assets in the health and wellness industry and related consumer products industry. Under the terms of the Agreement, Buyer was to remit $70,850 via wire transfer at Closing and issue to a representative of the Selling Parties Two Hundred Thirty-Eight Thousand Seven Hundred and Fifty (238,750) shares of restricted common stock. In addition, the Selling Parties shall have the right to additional earn out compensation based upon the following metrics: (i) at such time as the purchased assets achieve cumulative revenue of $2,500,000, the Selling Parties shall earn One Hundred Twenty-Five Thousand (125,000) shares of common stock; and (ii) at such time as the purchased assets achieve cumulative revenue of $5,000,000, the Selling Parties shall earn One Hundred Twenty-Five Thousand (125,000) shares of common stock. The Closing of the transaction occurred on March 11, 2020. As of the date of this filing, the Company has received the 238,750 shares of restricted common stock valued at $477,500 and the $70,850 in cash compensation due under the terms of the Agreement. The shares and cash compensation were subsequently transferred to the principal of Jetco Holdings, LLC as payment against the November 30, 2019 Convertible Promissory Note issued to Jetco Holdings, LLC.

 

On September 3, 2020, the Company entered into a Commitment to be Bound by the Amended Operating Agreement to Effect Transfer of Membership Interest in order to facilitate the transfer of 25 Membership Units (the “Units”) issued by Global Clean Solutions, LLC (“Global”) and held in the name of Graphene Holdings, LLC (“Graphene”) to the Company. In exchange for the transfer of the Units to the Company, the Company issued to Graphene a Convertible Promissory Note (the “Note”) in the amount of $250,000. Please see NOTE G - NOTES PAYABLE, THIRD PARTIES and NOTE M - SUBSEQUENT EVENTS for further information.

 

F-6
 

 

Our wholly owned subsidiaries:

 

About TCBM Holdings, LLC

 

TCBM Holdings, LLC (“TCBM”) was formed as a Delaware limited liability company on August 10, 2017. TCBM is a holding corporation, which operated through its two wholly owned subsidiaries, HMNRTH, LLC and 911 Help Now, LLC.

 

About HMNRTH, LLC

 

HMNRTH, LLC (“HMN”) was formed as a Delaware limited liability company on July 30, 2019. HMNRTH operates as an online store selling a variety of hemp and CBD related products. The Company’s business model is to bridge the gap between the lifestyle and knowledge components within the cannabis industry. The Company’s goal is to educate every consumer while cultivating an experience by providing quality products, branded cutting-edge content, and diversified product lines for any purpose. Most importantly, we want our clients to discover their inner HMN, redefine their inner HMN and Empower their inner HMN.

 

In September 2019, the Company entered into a Quality Agreement with Nutralife Biosciences for the development and production of its CBD line of products. The Company’s product line includes hemp derived, full spectrum cannabidiol tinctures and creams in varying sizes.

 

In order for the Company to generate revenue through HMNRTH, we will need to: (i) produce additional inventory for retail sales through the Company’s ecommerce site or sales, or (ii) sales to third party distributors, or (iii) direct sales to brick and mortar CBD retail outlets, or (iv) generate additional CBD formulas to be utilized in new products At present, the Company does not have the required capital to initiate any of the options and there is no guarantee that we will be able to raise the required funds.

 

Regulation of HMNRTH products:

 

The manufacture, labeling and distribution of our products is regulated by various federal, state and local agencies. These governmental authorities may commence regulatory or legal proceedings, which could restrict the permissible scope of our product claims or the ability to sell our products in the future. The FDA regulates our nutraceutical and wellness products to ensure that the products are not adulterated or misbranded.

 

We are subject to additional regulation as a result of our CBD products. The shifting compliance environment and the need to build and maintain robust systems to comply with different compliance in multiple jurisdictions increase the possibility that we may violate one or more of the requirements. If our operations are found to be in violation of any of such laws or any other governmental regulations that apply to us, we may be subject to penalties, including, without limitation, civil and criminal penalties, damages, fines, the curtailment or restructuring of our operations, any of which could adversely affect our ability to operate our business and our financial results.

 

Failure to comply with FDA requirements may result in, among other things, injunctions, product withdrawals, recalls, product seizures, fines and criminal prosecutions. Our advertising is subject to regulation by the FTC under the FTCA. Additionally, some states also permit advertising and labeling laws to be enforced by private attorney generals, who may seek relief for consumers, seek class action certifications, seek class wide damages and product recalls of products sold by us. Any actions against us by governmental authorities or private litigants could have a material adverse effect on our business, financial condition and results of operations.

 

F-7
 

 

About 911 Help Now, LLC

 

911 Help Now, LLC (“911”) was formed as a Delaware limited liability company on February 2, 2018. 911 was a holding company of intellectual property in the safety and security space. At present, we own no intellectual property within our 911 subsidiary. In order to generate future revenue within 911, we will need to identify and either acquire or license intellectual property. In the event of an acquisition, we will then need to either develop products utilizing our intellectual property or license out our intellectual property to a third party. There is no guarantee that we will be successful with an acquisition or licensing of any intellectual property.

 

About Markets on Main, LLC

 

Markets on Main, LLC (“MOM”) was formed as a Florida limited liability company on April 2, 2020. MOM is A full service, sales and distribution, third-party logistics provider and portal to multi-channel sales opportunities. MOM’s focus is on bringing small businesses and entrepreneurs to large opportunities and distribution. MOM will provide the following services to its clients: inventory management, brand management, fulfillment and drop-ship capabilities, retail distribution and customer service. MOM’s website can be found at www.marketsonmain.com.

 

On November 5, 2020, the Company, through its wholly owned subsidiary Markets on Main, LLC (“Licensor”), entered into a Platform License Agreement (the “License Agreement”) with Honey Badger Media, LLC (the “Licensee”). Under the terms of the License Agreement, the Company grants the Licensee a perpetual, non-exclusive license to operate the Platform, fulfillment opportunities and its related technologies. In consideration for the License, the Licensee shall pay to the Licensor a fee equal to twenty percent (20%) of the Net Profits generated from Licensee’s clients through the Platform.

 

Investments:

 

About Global Clean Solutions, LLC

 

Global Clean Solutions was founded as a special purpose entity in the Personal Protective Equipment Industry during the initial stages of the pandemic in 2020. Its management set out with a simple mission; deliver customers PPE while removing the panic from the pandemic. Global Clean Solutions has created a solid and repeatable foundation and is able to satisfy the needs of both government municipalities and corporations that many companies have tried, and few have succeeded.

 

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

 

The Company elected to impair its investment in Global Clean as it does not anticipate generating any further revenue from this investment.

 

Services:

 

Consulting Services

 

On May 10, 2021, the Company entered into a Consulting Agreement (the “Agreement”) with CoroWare, Inc. (“CoroWare”). Under the terms of the Agreement, the Company is to prepare the following financial reports for CoroWare: (i) Registration Statement and all subsequent amendments, (ii) Quarterly Reports for the periods ended March 31, 2021, June 30, 2021 and September 30, 2021, and (iii) Annual Report for the period ended December 31, 2021. The Agreement shall have a term one (1) year or until CoroWare’s Annual Report is filed with OTC Markets or the SEC. The Company shall be compensated a total of $45,000 in three equal payments of $15,000.

 

Consultants

 

On January 2, 2020, the Company entered into a Consulting Agreement (the “Agreement”) with Timothy Cabrera (the “Consultant”). Under the terms of the Agreement, the Consultant is to provide services to further the business plan of the Company’s subsidiaries, seek and advise the Company on the acquisition of potential products, seek acquisition candidates and on the sale of any inventory. The Agreement has a term of one (1) year and the Consultant is to be compensated Two Hundred Fifty Thousand and NO/100 Dollars ($250,000). On February 15, 2021, the Company issued fifty shares of the Company’s Series L Preferred Stock to the Consultant in satisfaction of $250,000 cash compensation due for past consulting services. All compensation due under the Agreement has been satisfied.

 

On January 2, 2020, the Company entered into a Consulting Agreement (the “Agreement”) with Brian McFadden (the “Consultant”). Under the terms of the Agreement, the Consultant is to provide services to manage the Company’s HMNRTH subsidiary, manage the process of new CBD formulas from development to sale, seek and advise the Company on the acquisition of potential products and on the sale of any inventory. The Agreement has a term of one (1) year and the Consultant is to be compensated Two Hundred Fifty Thousand and NO/100 Dollars ($250,000). On February 15, 2021, the Company issued fifty shares of the Company’s Series L Preferred Stock to the Consultant in satisfaction of $250,000 cash compensation due for past consulting services. All compensation due under the Agreement has been satisfied.

 

On August 22, 2019, the Company entered into a Consulting Agreement (the “Agreement”) with Sylios Corp (the “Consultant”), an entity controlled by the Company’s President, Jimmy Wayne Anderson. Under the terms of the Agreement, the Consultant is to provide services related to acquisitions, mergers and certain day to day tasks of managing a public company. As compensation, the Company shall pay Consultant $50,000 through the issuance of ten (10) shares of the Company’s Series L Preferred Stock. The Company issued the shares of Series L Preferred Stock on September 2, 2019. The Agreement had a term of six (6) months or until the Consultant completed the services requested. The services under the Agreement have been satisfied.

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Summary of Significant Accounting Policies

 

This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States and have been consistently applied in the preparation of the financial statements.

 

Principles of Consolidation

 

The consolidated financial statements include the accounts of Global Technologies and its wholly owned subsidiaries TCBM Holdings, LLC and Markets on Main, LLC. All inter-company balances and transactions have been eliminated in consolidation.

 

Cash Equivalents

 

Investments having an original maturity of 90 days or less that are readily convertible into cash are considered to be cash equivalents. For the periods presented, the Company had no cash equivalents.

 

F-8
 

 

Accounts Receivable and Allowance for Doubtful Accounts:

 

Accounts receivable are recorded at invoiced amount and generally do not bear interest. An allowance for doubtful accounts is established, as necessary, based on past experience and other factors which, in management’s judgment, deserve current recognition in estimating bad debts. Such factors include growth and composition of accounts receivable, the relationship of the allowance for doubtful accounts to accounts receivable and current economic conditions. The determination of the collectability of amounts due from customer accounts requires the Company to make judgments regarding future events and trends. Allowances for doubtful accounts are determined based on assessing the Company’s portfolio on an individual customer and on an overall basis. This process consists of a review of historical collection experience, current aging status of the customer accounts, and the financial condition of Global Technologies’ customers. Based on a review of these factors, the Company establishes or adjusts the allowance for specific customers and the accounts receivable portfolio as a whole. At June 30, 2021 and 2020, an allowance for doubtful accounts was not considered necessary as all accounts receivable were deemed collectible.

 

Accounts receivable – related party and allowance for doubtful accounts

 

Accounts receivable – related party are presented net of an allowance for doubtful accounts. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, a customer’s historical payment history, its current credit-worthiness and current economic trends. Accounts are written off after exhaustive efforts at collection.

 

Management believes that the accounts receivable are fully collectable. Therefore, no allowance for doubtful accounts is deemed to be required on its accounts receivable – related party at June 30, 2021.

 

Concentrations of Risks

 

Concentration of Accounts Receivable –At June 30, 2021, the Company had no accounts receivable. At June 30, 2020, one customer accounted for 100% of the Company’s total accounts receivable.

 

Concentration of Revenues – For the years ended June 30, 2021 and 2020, one customer accounted for 100% of the Company’s total revenues.

 

Concentration of Suppliers – The Company relies on a limited number of suppliers and contract manufacturers. In particular, a single supplier is currently the sole manufacturer of the Company’s CBD products.

 

Concentration of Loans Receivable – The Company had no loan receivable at June 30, 2021. At June 30, 2020, one borrower accounted for 100% of the Company’s total loans receivable.

 

Concentration of Loans Receivable, Other –At June 30, 2021, one borrower accounted for 100% of the Company’s total loans receivable, other. The Company had no loans receivable, other at June 30, 2020.

 

Income Taxes

 

In accordance with Accounting Standards Codification (ASC) 740 - Income Taxes, the provision for income taxes is computed using the asset and liability method. The asset and liability method measures deferred income taxes by applying enacted statutory rates in effect at the balance sheet date to the differences between the tax basis of assets and liabilities and their reported amounts on the financial statements. The resulting deferred tax assets or liabilities are adjusted to reflect changes in tax laws as they occur. A valuation allowance is provided when it is not more likely than not that a deferred tax asset will be realized.

 

We expect to recognize the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a “more-likely-than-not” threshold, the amount to be recognized in the financial statements will be the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. As of June 30, 2021, we had no uncertain tax positions. We recognize interest and penalties, if any, related to uncertain tax positions as general and administrative expenses. We currently have no federal or state tax examinations nor have we had any federal or state examinations since our inception. To date, we have not incurred any interest or tax penalties.

 

F-9
 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)

 

Financial Instruments and Fair Value of Financial Instruments

 

We adopted ASC Topic 820, Fair Value Measurements and Disclosures, for assets and liabilities measured at fair value on a recurring basis. ASC Topic 820 establishes a common definition for fair value to be applied to existing US GAAP that requires the use of fair value measurements that establishes a framework for measuring fair value and expands disclosure about such fair value measurements.

 

ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC Topic 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

 

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

 

The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. Except for the derivative liability, we had no financial assets or liabilities carried and measured at fair value on a recurring or nonrecurring basis during the periods presented.

 

Derivative Liabilities

 

We evaluate convertible notes payable, stock options, stock warrants and other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under the relevant sections of ASC Topic 815-40, Derivative Instruments and Hedging: Contracts in Entity’s Own Equity.

 

The result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative instrument and is marked-to-market at each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of operations as other income or other expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Financial instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815-40 are reclassified to a liability account at the fair value of the instrument on the reclassification date. Please see NOTE H - DERIVATIVE LIABILITY for further information.

 

Long-lived Assets

 

Long-lived assets such as property and equipment and intangible assets are periodically reviewed for impairment. We test for impairment losses on long-lived assets used in operations whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Impairment evaluations involve management’s estimates on asset useful lives and future cash flows. Actual useful lives and cash flows could be different from those estimated by management which could have a material effect on our reporting results and financial positions. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

 

Accounting for Investments - The Company accounts for investments based upon the type and nature of the investment and the availability of current information to determine its value. Investments in marketable securities in which there is a trading market will be valued at market value on the nearest trading date relative to the Company’s financial reporting requirements. Investments in which there is no trading market from which to obtain recent pricing and trading data for valuation purposes will be valued based upon management’s review of available financial information, disclosures related to the investment and recent valuations related to the investment’s fundraising efforts.

 

On September 3, 2020, the Company entered into a Commitment to be Bound by the Amended Operating Agreement to Effect Transfer of Membership Interest in order to facilitate the transfer of 25 Membership Units (the “Units”), representing a twenty five percent ownership, issued by Global Clean Solutions, LLC (“Global”) and held in the name of Graphene Holdings, LLC (“Graphene”) to the Company. The Company reviews its investments for impairment on a quarterly basis. After reviewing the status of Global’s financial condition, the Company has determined that no impairment of its investment is necessary for the year ended June 30, 2021. For the year ended June 30, 2021, there were no similar transactions with third-parties.

 

   June 30, 2021   September 30, 2020 
         
Global Clean Solutions, LLC  $-   $250,000 
Total investments  $-   $250,000 

 

The above investment does not have a readily determinable fair value, as identified in ASC 321-10-35-2, and each investment is measured at cost less impairment. The Company monitors the investment for any changes in observable prices from orderly transactions. For the year ended June 30, 2021, the Company generated $12,197 investment income from its investment in Global. The Company elected to impair its investment in Global Clean as it does not anticipate generating any further revenue from its investment.

 

Marketable Equity Securities

 

Marketable equity securities are stated at lower of cost or market value with unrealized gains and losses included in operations. The Company has classified its marketable equity securities as trading securities.

 

Deferred Financing Costs

 

Deferred financing costs represent costs incurred in the connection with obtaining debt financing. These costs are amortized ratably and charged to financing expenses over the term of the related debt.

 

Revenue recognition

 

Generally, the Company considers all revenues as arising from contracts with customers. Revenue is recognized based on the five-step process outlined in the Accounting Standards Codification (“ASC”) 606:

 

Step 1 – Identify the Contract with the Customer – A contract exists when (a) the parties to the contract have approved the contract and are committed to perform their respective obligations, (b) the entity can identify each party’s rights regarding the goods or services to be transferred, (c) the entity can identify the payment terms for the goods or services to be transferred, (d) the contract has commercial substance and it is probably that the entity will collect substantially all of the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer.

 

Step 2 – Identify Performance Obligations in the Contract – Upon execution of a contract, the Company identifies as performance obligations each promise to transfer to the customer either (a) goods or services that are distinct, or (b) a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. To the extent a contract includes multiple promised goods or services, the Company must apply judgement to determine whether the goods or services are capable of being distinct within the context of the contract. If these criteria are not met, the goods or services are accounted for as a combined performance obligation.

 

Service revenue is recognized when the professional consulting, maintenance or other ancillary services are provided to the customer. Shipping and handling costs charged to customers are classified as revenue, and the shipping and handling costs incurred are included in cost of sales. Shipping and handling costs charged to customers are classified as revenue, and the shipping and handling costs incurred are included in cost of sales.

 

F-10
 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)

 

Step 3 – Determine the Transaction Price – When (or as) a performance obligation is satisfied, the Company shall recognize as revenue the amount of the transaction price that is allocated to the performance obligation. The contract terms are used to determine the transaction price. Generally, all contracts include fixed consideration. If a contract did include variable consideration, the Company would determine the amount of variable consideration that should be included in the transaction price based on expected value method. Variable consideration would be included in the transaction price, if in the Company’s judgement, it is probable that a significant future reversal of cumulative revenue under the contract would not occur.

  

Step 4 – Allocate the Transaction Price – After the transaction price has been determined, the next step is to allocate the transaction price to each performance obligation in the contract. If the contract only has one performance obligation, the entire transaction price will be applied to that obligation. If the contract has multiple performance obligations, the transaction price is allocated to the performance obligations based on the relative standalone selling price (SSP) at contract inception.

 

Step 5 – Satisfaction of the Performance Obligations (and Recognize Revenue) – Revenue is recognized when (or as) goods or services are transferred to a customer. The Company satisfies each of its performance obligations by transferring control of the promised good or service underlying that performance obligation to the customer. Control is the ability to direct the use of and obtain substantially all of the remaining benefits from an asset. It includes the ability to prevent other entities from directing the use of and obtaining the benefits from an asset. Indicators that control has passed to the customer include: a present obligation to pay; physical possession of the asset; legal title; risks and rewards of ownership; and acceptance of the asset(s). Performance obligations can be satisfied at a point in time or over time.

 

Substantially all of the Company’s revenues continue to be recognized when control of the goods is transferred to the customer, which is upon shipment of the finished goods to the customer. All sales have fixed pricing and there are currently no material variable components included in the Company’s revenue. Additionally, the Company will issue credits for defective merchandise, historically these credits for defective merchandise have not been material. Based on the Company’s analysis of the new revenue standards, revenue recognition from the sale of finished goods to customers, which represents substantially all of the Company’s revenues, was not impacted by the adoption of the new revenue standards.

 

Stock-Based Compensation

 

We account for share-based awards to employees in accordance with ASC 718 “Stock Compensation”. Under this guidance, stock compensation expense is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the estimated service period (generally the vesting period) on the straight-line attribute method. The Company accounts for non-employee stock-based awards in accordance with the Accounting Standards Update (ASU) 2018-07, Compensation—Stock Compensation (Topic 718): Under the new standard, the Company will value all equity classified awards at their grant-date under ASC718 and no options were required to be revalued at adoption.

 

Related Parties

 

A party is considered to be related to us if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with us. Related parties also include our principal owners, our management, members of the immediate families of our principal owners and our management and other parties with which we may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties, or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests, is also a related party.

 

Advertising Costs

 

Advertising costs are expensed as incurred. For the periods presented, we had no advertising costs.

 

Loss per Share

 

We compute net loss per share in accordance with FASB ASC 260. The ASC specifies the computation, presentation and disclosure requirements for loss per share for entities with publicly held common stock.

 

Basic loss per share amounts are computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed on the basis of the weighted average number of common shares and dilutive securities (such as stock options, warrants and convertible securities) outstanding. Dilutive securities having an anti-dilutive effect on diluted net loss per share are excluded from the calculation. For the years ended June 30, 2021 and 2020, the Company excluded 59,095,209,336 and 25,621,051,276, respectively, shares relating to convertible notes payable to third parties, shares issuable upon the exercise of the Armada warrant and share issuable upon conversion of the Company’s Series L Preferred stock.

 

Recently Enacted Accounting Standards

 

F-11
 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)

 

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”).  Financial Instruments—Credit Losses (Topic 326) amends guideline on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities.  For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses.  The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected.  For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down.  ASU 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income.  The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash.  The amendments in this ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.  We are currently evaluating the impact of the adoption of ASU 2016-13 on our financial statements.

 

In July 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2017-11. Among other things, ASU 2017-11 provides guidance that eliminates the requirement to consider “down round” features when determining whether certain financial instruments or embedded features are indexed to an entity’s stock and need to be classified as liabilities. ASU 2017-11 provides for entities to recognize the effect of a down round feature only when it is triggered and then as a dividend and a reduction to income available to common stockholders in basic earnings per share. The guidance is effective for annual periods beginning after December 15, 2018; early adoption is permitted. The Company has adopted ASU 2017-11. As a result, we have not recognized the fair value of the warrants containing down round features as liabilities.

 

In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40)”. This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock.  As well as amend the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions.  In addition, this ASU improves and amends the related EPS guidance. This standard is effective for us on May 1, 2022, including interim periods within those fiscal years.  Adoption is either a modified retrospective method or a fully retrospective method of transition. We are currently evaluating the impact of the adoption of ASU 2020-06 on our financial statements.

 

Management has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our consolidated financial statements and related disclosures.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.

 

Fair Value of Financial Instruments

 

The Company defines the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. Financial instruments included in the Company’s financial statements include cash, accounts payable and accrued expenses, accrued interest payable, loans payable to related parties, notes payable to third parties, notes payable to related parties and derivative liability. Unless otherwise disclosed in the notes to the financial statements, the carrying value of financial instruments is considered to approximate fair value due to the short maturity and characteristics of those instruments. The carrying value of debt approximates fair value as terms approximate those currently available for similar debt instruments.

 

Goodwill

 

After completing the purchase price allocation, any residual of cost over fair value of the net identifiable assets and liabilities was assigned to the unidentifiable asset, goodwill. Formerly subject to mandatory amortization, this now is not permitted to be amortized at all, by any allocation scheme and over any useful life. Impairment testing, using a methodology at variance with that set forth in FAS 144 (which, however, continues in effect for all other types of long-lived assets and intangibles other than goodwill), must be applied periodically, and any computed impairment will be presented as a separate line item in that period’s income statement, as a component of income from continuing operations (unless associated with discontinued operations, in which case, the impairment would, net of income tax effects, be combined with the remaining effects of the discontinued operations. In accordance with Statement No. 142, “Goodwill and Other Intangible Assets,” the Company does not amortize goodwill, but performs impairment tests of the carrying value on a semi-annual and annual basis.

 

Intangible Assets

 

Intangible assets are stated at the lesser of cost or fair value. Please see NOTE C – ACQUISITION OF TCBM HOLDINGS, LLC for further information.

  

F-12
 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE C – ACQUISITION OF TCBM HOLDINGS, LLC

 

On November 30, 2019, the Company acquired 100% ownership of TCBM Holdings, LLC (“TCBM”) and TCBM’s two wholly owned subsidiaries, HMNRTH, LLC and 911 Help Now, LLC. The combination has been accounted for in the accompanying consolidated financial statements as an “acquisition” transaction. Accordingly, the financial position and results of operation of the Company prior to November 30, 2019 has been excluded from the accompanying consolidated financial statements. The Company acquired a 100% interest in exchange for a Convertible Promissory Note in the amount of $2,000,000.

 

Details regarding the book values and fair values of the net assets acquired are as follows:

 

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

 

Goodwill and Intangibles

 

Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Intangible assets other than goodwill are recorded at fair value at the time acquired or at cost, if applicable. Intangible assets that do not have indefinite lives are amortized in line with the pattern in which the economic benefits of the intangible asset are consumed. If the pattern of economic benefit cannot be reliably determined, the intangible assets are amortized on a straight-line basis over the shorter of the legal or estimated life. Goodwill and indefinite-lived intangibles assets are not amortized but are tested for impairment in the fourth quarter using the same dates each year or more frequently if changes in circumstances or the occurrence of events indicate potential impairment.

 

In performing the annual impairment test, the fair value of each indefinite-lived intangible asset is compared to its carrying value and an impairment charge is recorded if the carrying value exceeds the fair value. For goodwill, the Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, and whether it is necessary to perform the quantitative goodwill impairment test. The quantitative test is required only if the Company concludes that it is more-likely-than-not that a reporting unit’s fair value is less than its carrying amount. For quantitative testing, the Company compares the fair value of each reporting unit with its carrying amount. If the carrying amount exceeds the fair value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit.

 

Fair values are determined using established business valuation techniques and models developed by the Company, estimates of market participant assumptions of future cash flows, future growth rates and discount rates to value estimated cash flows. Changes in economic and operating conditions, actual growth below the assumed market participant assumptions or an increase in the discount rate could result in an impairment charge in a future period.

 

Acquisitions

 

Upon acquisition of a business, the Company uses the income, market or cost approach (or a combination thereof) for the valuation as appropriate. The valuation inputs in these models and analyses are based on market participant assumptions.  Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability.

 

Fair value estimates are based on a series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. Management values property, plant and equipment using the cost approach supported where available by observable market data, which includes consideration of obsolescence. Management values acquired intangible assets using the relief from royalty method or excess earnings method, forms of the income approach supported by observable market data for peer companies. The significant assumptions used to estimate the value of the acquired intangible assets include discount rates and certain assumptions that form the basis of future cash flows (such as revenue growth rates, customer attrition rates, and royalty rates). Acquired inventories are marked to fair value for valuation of the total purchase price. For certain items, the carrying value is determined to be a reasonable approximation of fair value based on information available to the Company.

 

Assets acquired 

As of

November 30,

2019

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

 

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

 

The changes in the carrying amount of goodwill for the period from November 30, 2019 through June 30, 2021 were as follows:

 

     
Balance as of November 30, 2019  $1,346,646 
Additions and adjustments   (873,323)
Balance as of June 30, 2021  $473,323 

 

For the years ended June 30, 2021 and 2020, the Company recorded an impairment of goodwill in the amount of $873,323 and $0, respectively. During the fourth quarter of fiscal 2021 (second calendar quarter of 2021), the Company performed an interim goodwill impairment analysis on the TCBM Holdings, LLC acquisition and its $946,646 goodwill balance based on assessed potential indicators of impairment, including recent disruptions to the domestic CBD market resulting from the COVID-19 pandemic, the increasing uncertainty of near-term demand requirements, supply constraints and financing constraints. In the previous 2020 annual goodwill impairment evaluation, this reporting unit had a fair value of approximately 100% of the carrying value. The impairment assessment and valuation method require the Company to make estimates and assumptions regarding future operating results, cash flows, changes in working capital and capital expenditures, selling prices, profitability, and the cost of capital. As a result of the fourth quarter 2021 goodwill impairment evaluation, the Company determined that the fair value of the TCBM Holdings, LLC acquisition was below carrying value, including goodwill, by $473,323. This was primarily due to changes in the timing and amount of expected cash flows resulting from lower projected revenues, profitability and cash flows due to near-term reductions in the domestic CBD market. Consequently, during the fourth quarter of 2021, the Company recorded a $473,323 impairment charge for the partial impairment of the TCBM Holdings, LLC acquisition goodwill.

 

NOTE D - PROPERTY AND EQUIPMENT

 SCHEDULE OF PROPERTY AND EQUIPMENT

   

June 30, 2021

   

June 30, 2020

 
           
Property and Equipment (i)   $ 36,363     $ 36,363  
Less: accumulated depreciation (ii)    

(8,226

)    

(3,030

)
Total   $ 28,137     $ 33,333  

 

(i)Property and equipment are stated at cost and depreciated principally on methods and at rates designed to amortize their costs over their useful lives.
(ii)Depreciation expense for the years ended June 30, 2021 and 2020 was $5,196 and $3,030, respectively.

 

NOTE E – ACCRUED OFFICER AND DIRECTOR COMPENSATION

 

Accrued officer and director compensation is due to Wayne Anderson, the sole officer and director of the Company, and consists of:

 

   June 30, 2021   June 30, 2020 
        
Pursuant to January 26, 2018 Board of Directors Service Agreement  $-   $79,803 
Total  $-

   $79,803 

 

F-13
 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE E – ACCRUED OFFICER AND DIRECTOR COMPENSATION (cont’d)

 

For the years ended June 30, 2021 and 2020, the balance of accrued officer and director compensation changed as follows:

 

   Pursuant to
Employment
Agreements
   Pursuant to
Board of
Directors
Services
Agreements
   Total 
             
Balance June 30, 2019   -    39,803    39,803 
Officer’s/director’s compensation for the year ended June 30, 2020 (including stock-based compensation of $40,000 accrued as Stock to be Issued)   -    40,000    40,000 
Balances at June 30, 2020  -   79,803   79,803 
Officer’s/director’s compensation for the year ended June 30, 2021 (including stock-based compensation of $40,000 accrued as Stock to be Issued)   

-

    40,000    40,000 
Cash compensation   -    (119,803)   (119,803)
Balances at June 30, 2021  $-   $-   $- 

 

(i)As of June 30, 2021 and June 30, 2020, total shares of common stock accrued as “Stock to be Issued” to Mr. Anderson as per the terms of the Board of Director’s Services Agreement is 84,803 and 10,000, respectively.

 

Please see NOTE M - SUBSEQUENT EVENTS for further information.

 

NOTE F - NOTES PAYABLE, THIRD PARTIES

 

Notes payable to third parties consist of:

 

   June 30, 2021   June 30, 2020 
         
Totals  $649,750   $839,418 
Convertible Promissory Note dated January 24, 2018 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due January 24, 2019-with unamortized debt discount of $0 and $0 at June 30, 2021 and June 30, 2020, respectively (i)  $-   $15,750 
Convertible Promissory Note dated February 16, 2018 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due February 16, 2019-with unamortized debt discount of $0 and $0 at June 30, 2021 and June 30, 2020, respectively (ii)   -    8,000 
Convertible Promissory Note dated June 3, 2018 payable to Valvasone Trust (“Valvasone”), interest at 5%, default rate of 15%, due June 3, 2019-with unamortized debt discount of $0 and $0 at June 30, 2021 and June 30, 2020, respectively (iii)   -    91,900 
Convertible Promissory Note dated June 29, 2018 payable to Jody A. DellaDonna (“JDD”), interest at 5%, default rate of 15%, due June 29, 2019-with unamortized debt discount of $0 and $0 at June 30, 2021 and June 30, 2020, respectively (iv)   -    25,000 
Convertible Promissory Note dated November 30, 2019 payable to Jetco Holdings, LLC (“Jetco”), interest at 3%, due November 30, 2020-with unamortized debt discount of $0 and $433,199 at June 30, 2021 and June 30, 2020, respectively (v)   -    688,177 
Convertible Promissory Note dated December 17, 2019 payable to Armada Investment Fund, LLC (“Armada”), interest at 8%, due December 17, 2020, in technical default-with unamortized debt discount of $0 and $5,998 at, June 30, 2021 and June 30, 2020, respectively (vi)   11,000    

5,002

 
Convertible Promissory Note dated March 20, 2020 payable to Jetco Holdings, LLC (“Jetco”), interest at 3%, due March 20, 2021-with unamortized debt discount of $0 and $14,411 at, June 30, 2021 and June 30, 2020, respectively (vii)   -    5,589 
Convertible Promissory Note dated September 3, 2020 payable to Graphene Holdings, LLC (“Graphene”), interest at 3%, due March 3, 2021, in technical default, with unamortized debt discount of $0 and $0 at, June 30, 2021 and June 30, 2020, respectively (viii)   

250,000

    

-

 
Convertible Promissory Note dated September 9, 2020 payable to Graphene Holdings, LLC (“Graphene”), interest at 3%, due March 9, 2021, in technical default, with unamortized debt discount of $0 and $0 at, June 30, 2021 and June 30, 2020, respectively (ix)   

20,000

    

-

 
Convertible Promissory Note dated January 20, 2021 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due January 20, 2022, with unamortized debt discount of $55,616 and $0 at June 30, 2021 and June 30, 2020, respectively (x)   

100,000

    

-

 
Convertible Promissory Note dated February 22, 2021 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due February 22, 2022, with unamortized debt discount of $129,316 and $0 at June 30, 2021 and June 30, 2020, respectively (xi)   

200,000

    

-

 
Convertible Promissory Note dated June 17, 2021 payable to Power Up Lending Group Ltd. (“Power Up”), interest at 8%, due June 17, 2022-with unamortized debt discount of $66,303 and $0 at, June 30, 2021 and June 30, 2020, respectively (xii)   

68,750

    

-

 
Totals  $649,750   $839,418 

 

(i) On January 24, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC in the principal amount of $15,750. The Convertible Note was fully funded on January 24, 2018. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (January 24, 2019) at the option of the holder. The Conversion Price shall be equal to Fifty Percent (50%) of the lowest Trading Price (defined below) during the Valuation Period (defined below), and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. The total number of shares due under any conversion notice (“Notice Shares”) will be equal to the Conversion Amount divided by the Conversion Price. On the date that a Conversion Notice is delivered to Holder, the Company shall deliver an estimated number of shares (“Estimated Shares”) to Holder’s brokerage account equal to the Conversion Amount divided by 50% of the Market Price. “Market Price” shall mean the lowest of the daily Trading Price for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. The “Valuation Period” shall mean twenty (20) Trading Days, commencing on the first Trading Day following delivery and clearing of the Notice Shares in Holder’s brokerage account, as reported by Holder (“Valuation Start Date”). If at any time, one or multiple times, during the Valuation Period the number of Estimated Shares delivered to Holder is less than the Notice Shares, the company must immediately deliver enough shares equal to the difference. A Conversion Amount will not be considered fully converted until the end of the Valuation Period for that Conversion Amount. “Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities The Convertible Note has a term of one (1) year and bears interest at 10% annually. On March 31, 2021, the Holder agreed to forgive all outstanding principal and interest in the amounts of $15,750 and $5,010, respectively. As of June 30, 2021, there was no outstanding principal or interest due.

 

F-14
 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

(ii) On February 16, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC in the principal amount of $8,000. The Convertible Note was fully funded on February 16, 2018. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (February 16, 2019) at the option of the holder at the Variable Conversion Price, which shall be equal to the lesser of (i) the price of any public offering of the Maker’s Common Stock or (ii) Fifty Percent (50%) of the lowest Trading Price (defined below) during the Twenty Trading Day period prior to the day the Holder delivers the Conversion Notice, and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. “Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded. The Convertible Note has a term of one (1) year and bears interest at 10% annually. On March 31, 2021, the Holder agreed to forgive all outstanding principal and interest in the amounts of $6,054 and $2,463, respectively. As of June 30, 2021, there was no outstanding principal or interest due.
   
(iii) On June 3, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Valvasone Trust in the principal amount of $91,900. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (June 3, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. The Convertible Note has a term of one (1) year and bears interest at 5% annually. On January 14, 2021, the Company issued 500,000,000 shares of restricted common stock to the noteholder in satisfaction of $20,000 principal against the Convertible Note. On March 31, 2021, the Company issued the Holder 26 shares of its Series L Preferred Stock in satisfaction of $71,900 principal, $18,380 default principal, $12,749 interest and $30,183 default interest. A balance of $2,453 was forgiven by the Holder. As of June 30, 2021, there was no outstanding principal or interest due.
   
(iv) On June 29, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Jody A. DellaDonna in the principal amount of $25,000. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (June 29, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. The Convertible Note has a term of one (1) year and bears interest at 5% annually. On March 31, 2021, the Company issued the Holder 8 shares of its Series L Preferred Stock in satisfaction of $25,000 principal, $5,000 default principal, $3,437 interest and $7,890 default interest. A balance of $1,327 was forgiven by the Holder. As of June 30, 2021, there was no outstanding principal or interest due.
   
(v) On November 30, 2019, the Company executed a Convertible Note (the “Convertible Note”) payable to Jetco Holdings, LLC in the principal amount of $2,000,000. The Convertible Note was Issued as part of the Purchase and Sale Agreement for the acquisition of TCBM Holdings, LLC. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (November 30, 2020) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. On January 19, 2021, the Company issued 300,000,000 shares of restricted common stock to the noteholder in satisfaction of $42,000 principal against the Convertible Note. On March 15, 2021, the outstanding principal and interest on the Note were $503,714 and $46,485, respectively. On this same date, the Holder agreed to forgive $253,714 in outstanding principal and all outstanding interest leaving a remaining principal balance of $250,000. On March 15, 2021, the Company issued the Holder fifty (50) shares of the Company’s Series L Preferred Stock in satisfaction of the $250,000 principal balance. As of June 30, 2021, there was no outstanding principal or interest due.
   
(vi)

On December 17, 2019, the Company entered into a Securities Purchase Agreement (the “Agreement”) with Armada Capital Partners, LLC (“Armada”) wherein the Company issued Armada a Convertible Promissory Note (the “Convertible Note”) in the amount of $11,000 ($1,000 OID). The Convertible Note has a term of one (1) year (due on December 17, 2020) and bears interest at 8% annually. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 20, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 60% multiplied by the Market Price (as defined herein)(representing a discount rate of 40%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. As part and parcel of the foregoing transaction, Armada was issued a warrant granting the holder the right to purchase up to 560,800 shares of the Company’s common stock at an exercise price of $0.024 for a term of 5-years. The transaction closed on December 17, 2019. In addition, 10,000,000 shares of the Company’s common stock have been reserved at Pacific Stock Transfer Corporation for possible issuance upon the conversion of the Note into shares of our common stock. As of June 30, 2021, $11,000 principal plus $1,350 interest were due.

   
(vii) On March 20, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Jetco Holdings, LLC in the principal amount of $20,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 20, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. On February 4, 2021, the Company remitted payment to the Holder in the amount of $20,532.93 to satisfy all outstanding principal and interest due under the Convertible Note. As of June 30, 2021, there was no outstanding principal or interest due.
   
(viii) On September 3, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Graphene Holdings, LLC (the “Holder”) in the principal amount of $250,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 3, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. As of June 30, 2021, $250,000 principal plus $6,164 interest were due. Please see NOTE M - SUBSEQUENT EVENTS for further information.
   
(ix) On September 9, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Graphene Holdings, LLC (the “Holder”) in the principal amount of $20,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 9, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. As of June 30, 2021, $20,000 principal plus $471 interest were due.
   
(x) On January 20, 2021, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC (the “Holder”) in the principal amount of up to $150,000. The Convertible Note shall accrue interest at 10% per annum. The Convertible Note was partially funded on January 27, 2021 in the amount of $100,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (January 20, 2022) at the option of the holder. The Conversion Price shall be equal to Fifty Percent (50%) of the lowest Trading Price (defined below) during the Valuation Period (defined below), and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. The total number of shares due under any conversion notice (“Notice Shares”) will be equal to the Conversion Amount divided by the Conversion Price. On the date that a Conversion Notice is delivered to Holder, the Company shall deliver an estimated number of shares (“Estimated Shares”) to Holder’s brokerage account equal to the Conversion Amount divided by 50% of the Market Price. “Market Price” shall mean the lowest of the daily Trading Price for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. The “Valuation Period” shall mean twenty (20) Trading Days, commencing on the first Trading Day following delivery and clearing of the Notice Shares in Holder’s brokerage account, as reported by Holder (“Valuation Start Date”). As of June 30, 2021, $100,000 principal plus $4,219 interest were due.
   
(xi) On February 22, 2021, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC (the “Holder”) in the principal amount of up to $200,000. The Convertible Note shall accrue interest at 10% per annum. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (February 22, 2022) at the option of the holder. The conversion price shall be equal to the lesser of (i) the price of any public offering of the Maker’s Common Stock or (ii) Fifty Percent (50%) of the lowest Trading Price (defined below) during the Twenty Trading Day period prior to the day the Holder delivers the Conversion Notice (“Conversion Price”). “Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded. The Convertible Note was funded on March 2, 2021. As of June 30, 2021, $200,000 principal plus $6,575 interest were due.
   
(xii) On June 17, 2021, the Company issued to Power Up Lending Group Ltd. (the “Investor”) a Convertible Promissory Note (the “Convertible Note”) in the principal amount of $68,750. The Convertible Note has a term of one (1) year and bears interest at 8% annually. The Convertible Note is convertible, in whole or in part, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this Convertible Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount at the option of the holder. The “Variable Conversion Price” shall mean 61% multiplied by the Market Price (as defined herein) (representing a discount rate of 39%). “Market Price” means the lowest Trading Price (as defined below) for the Common Stock during the ten (10) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. “Trading Price” means, for any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets electronic quotation system or applicable trading market (the “OTC”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. Bloomberg) or, if the OTC is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets”. The transaction closed on June 21, 2021. As of June 30, 2021, $68,750 principal plus $196 interest were due.

 

Income from forgiveness of principal and interest on convertible notes payable consists of:

 

   June 30, 2021   June 30, 2020 
         
Forgiveness of principal and interest Tribridge Ventures, LLC  $29,277   $- 
Forgiveness of interest Around the Clock Partners, LP   3,532    - 
Forgiveness of interest Valvasone Trust   2,453    - 
Forgiveness of interest Jody A. DellaDonna   1,327    - 
Forgiveness of Jetco Holdings, LLC principal and interest   300,197    - 
Total  $336,786   $- 

 

Default principal, notes payable-third parties:

 

   June 30, 2021   June 30, 2020 
         
Armada Investment Fund, LLC  $2,200   $- 
Graphene Holdings, LLC   135,000    - 
Total  $137,200   $- 

 

Accrued default interest, notes payable-third parties:

 

   June 30, 2021   June 30, 2020 
         
Armada Investment Fund, LLC  $1,269   $- 
Graphene Holdings, LLC   38,947    - 
Total  $40,216   $- 

 

F-15
 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE G - NOTE PAYABLE, RELATED PARTY

 

Notes payable to related parties consist of:

 

   June 30, 2021   June 30, 2020 
        
Total  $

-

   $124,800 

Unsecured Convertible Promissory Notes dated July 27, 2018, payable to Around the Clock Partners, LP (entity controlled by Wayne Anderson), interest at 5%, default rate of 15%, due July 27, 2019- less unamortized debt discount of $0 and $0 at June 30, 2021 and June 30, 2020, respectively (i)

  $-   $124,800 
Total  $

-

   $124,800 

 

(i) On July 27, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Around the Clock Partners, LP in the principal amount of $124,800. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (July 27, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. The Convertible Note has a term of one (1) year and bears interest at 5% annually. On March 1, 2021, the Company issued the Holder 40 shares of its Series L Preferred Stock in satisfaction of $124,800 principal, $24,906 default principal, $16,160 interest and $37,666 default interest. A balance of $3,532 was forgiven by the Holder. As of June 30, 2021, there was no outstanding principal or interest due.

   

NOTE H - DERIVATIVE LIABILITY

 

The derivative liability at June 30, 2021 and June 30, 2020 consisted of:

 

  

June 30, 2021

   June 30, 2020 
        
Convertible Promissory Notes payable to Tri-Bridge Ventures, LLC. Please see NOTE F – NOTES PAYABLE, THIRD PARTIES for further information  $548,392   $213,933 
Convertible Promissory Note payable to Valvasone Trust. Please see NOTE F – NOTES PAYABLE, THIRD PARTIES for further information   -    150,619 
Convertible Promissory Notes payable to Jody A. DellaDonna. Please see NOTE F – NOTES PAYABLE, THIRD PARTIES for further information   

-

    40,974 
Convertible Promissory Note payable to Around the Clock Partners, LP. Please see NOTE G – NOTES PAYABLE, RELATED PARTIES for further information   -    204,540 
Convertible Promissory Notes payable to Jetco Holdings, LLC. Please see NOTE G – NOTES PAYABLE, RELATED PARTIES for further information   

-

     800,452 
Convertible Promissory Note payable to Armada Investment Fund, LLC. Please see NOTE G – NOTES PAYABLE, RELATED PARTIES for further information   

18,865

    9,877
Convertible Promissory Notes payable to Graphene Holdings, LLC. Please see NOTE G – NOTES PAYABLE, THIRD PARTIES for further information   

332,519

    

-

 
Convertible Promissory Note payable to Power Up Lending Group Ltd. Please see NOTE G – NOTES PAYABLE, RELATED PARTIES for further information   

107,801

    - 
Total derivative liability  $

1,007,577

   $1,420,455 

 

The Convertible Promissory Notes (the “Notes”) contain a variable conversion feature based on the future trading price of the Company’s common stock. Therefore, the number of shares of common stock issuable upon conversion of the Notes is indeterminate. Accordingly, we have recorded the fair value of the embedded conversion features as a derivative liability at the respective issuance dates of the notes and charged the applicable amounts to debt discounts (limited to the face value of the respective notes) and the remainder to other expenses. The increase (decrease) in the fair value of the derivative liability from the respective issue dates of the notes to the measurement dates is charged (credited) to other expense (income).

 

The fair value of the derivative liability was measured at the respective issuance dates and at June 30, 2021, and June 30, 2020 using the Black Scholes option pricing model. Assumptions used for the calculation of the derivative liability of the Notes at June 30, 2021 were (1) stock price of $0.0032 per share, (2) conversion prices ranging from $0.0015 to $0.0021 per share, (3) term of 6 months to 1 year, (4) expected volatility of 257.53% to 392.02%, and (5) risk free interest rate of 0.09%. Assumptions used for the calculation of the derivative liability of the Notes at June 30, 2020 were (1) stock price of $0.0001 per share, (2) conversion prices ranging from $0.00001 to $0.00007 per share, (3) term of 6 months to 1 year, (4) expected volatility of 113.19% to 139.74%, and (5) risk free interest rate of 0.16%.

 

The following table provides a reconciliation of the beginning and ending balances for the convertible note embedded derivative liability measured at fair value using significant unobservable inputs (Level 3): 

 

   Level 3 
Balance at June 30, 2019  $ 715,350 
Additions   2,904,047 
Gain   (2,190,052)
Change resulting from conversions    
Balance at June 30, 2020  $1,420,455 
Additions   3,398,176 
(Gain)Loss – year to date   (446,532
Change resulting from conversions and payoffs   

(3,364,522

)
Balance at June 30, 2021  $1,007,577 

 

NOTE I - CAPITAL STOCK

 

Preferred Stock

 

Filed with the State of Delaware:

 

On September 30, 1999, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series A 8% Convertible Preferred Stock, par value $0.01. The designation of the new Series A 8% Convertible Preferred Stock was approved by the Board of Directors on August 16, 1999. The Company is authorized to issue 3,000 shares of the Series A 8% Convertible Preferred Stock. At June 30, 2021 and 2020, the Company had 0 and 0 shares issued and outstanding, respectively.

 

On September 30, 1999, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series B 8% Convertible Preferred Stock, par value $0.01. The designation of the new Series B 8% Convertible Preferred Stock was approved by the Board of Directors on August 16, 1999. The Company is authorized to issue 3,000 shares of the Series B 8% Convertible Preferred Stock. At June 30, 2021 and 2020, the Company had 0 and 0 shares issued and outstanding, respectively.

 

F-16
 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE I - CAPITAL STOCK (cont’d)

 

On February 15, 2000, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series C 5% Convertible Preferred Stock, par value $0.01. The designation of the new Series C 5% Convertible Preferred Stock was approved by the Board of Directors on February 14, 2000. The Company is authorized to issue 1,000 shares of the Series C 5% Convertible Preferred Stock. At June 30, 2021 and 2020, the Company had 0 and 0 shares issued and outstanding, respectively.

 

On April 26, 2001, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series D Convertible Preferred Stock, par value $0.01. The designation of the new Series D Convertible Preferred Stock was approved by the Board of Directors on April 26, 2001. The Company is authorized to issue 800 shares of the Series D Convertible Preferred Stock. At June 30, 2021 and 2020, the Company had 0 and 0 shares issued and outstanding, respectively.

 

On June 28, 2001, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series E 8% Convertible Preferred Stock, par value $0.01. The designation of the new Series E 8% Convertible Preferred Stock was approved by the Board of Directors on March 30, 2001. The Company is authorized to issue 250 shares of the Series E Convertible Preferred Stock. At June 30, 2021 and 2020, the Company had 0 and 0 shares issued and outstanding, respectively.

 

Series K Super Voting Preferred Stock

 

On July 31, 2019, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series K Super Voting Preferred Stock, par value $0.01. The designation of the new Series K Super Voting Preferred Stock was approved by the Board of Directors on July 16, 2019. The Company is authorized to issue three (3) shares of the Series K Super Voting Preferred Stock. At June 30, 2021 and 2020, the Company had 3 and 3 shares issued and outstanding, respectively.

 

Dividends. Initially, there will be no dividends due or payable on the Series K Super Voting Preferred Stock. Any future terms with respect to dividends shall be determined by the Board consistent with the Corporation’s Certificate of Incorporation. Any and all such future terms concerning dividends shall be reflected in an amendment to this Certificate, which the Board shall promptly file or cause to be filed.

 

Liquidation and Redemption Rights. Upon the occurrence of a Liquidation Event (as defined below), the holders of Series K Super Voting Preferred Stock are entitled to receive net assets on a pro-rata basis. Each holder of Series K Super Voting Preferred Stock is entitled to receive ratably any dividends declared by the Board, if any, out of funds legally available for the payment of dividends. As used herein, “Liquidation Event” means (i) the liquidation, dissolution or winding-up, whether voluntary or involuntary, of the Corporation, (ii) the purchase or redemption by the Corporation of shares of any class of stock or the merger or consolidation of the Corporation with or into any other corporation or corporations, unless (a) the holders of the Series K Super Voting Preferred Stock receive securities of the surviving Corporation having substantially similar rights as the Series K Super Voting Preferred Stock and the stockholders of the Corporation immediately prior to such transaction are holders of at least a majority of the voting securities of the successor Corporation immediately thereafter (the “Permitted Merger”), unless the holders of the shares of Series K Super Voting Preferred Stock elect otherwise or (b) the sale, license or lease of all or substantially all, or any material part of, the Corporation’s assets, unless the holders of Series K Super Voting Preferred Stock elect otherwise.

 

Conversion. No conversion of the Series K Super Voting Preferred Stock is permitted.

 

Rank. All shares of the Series K Super Voting Preferred Stock shall rank (i) senior to the Corporation’s (A) Common Stock, par value $0.0001 per share (“Common Stock”), and any other class or series of capital stock of the Corporation hereafter created, except as otherwise provided in clauses (ii) and (iii) of this Section 4, (ii) pari passu with any class or series of capital stock of the Corporation hereafter created and specifically ranking, by its terms, on par with the Series K Super Voting Preferred-Stock and (iii) junior to any class or series of capital stock of the Corporation hereafter created specifically ranking, by its terms, senior to the Series K Preferred Stock, in each case as to distribution of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary.

 

Voting Rights.

 

A. If at least one share of Series K Super Voting Preferred Stock is issued and outstanding, then the total aggregate issued shares of Series K Super Voting Preferred Stock at any given time, regardless of their number, shall have voting rights equal to 20 times the sum of: i) the total number of shares of Common stock which are issued and outstanding at the time of voting, plus ii) the total number of shares of any and all Preferred stocks which are issued and outstanding at the time of voting.

 

F-17
 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE I - CAPITAL STOCK (cont’d)

 

B. Each individual share of Series K Super Voting Preferred Stock shall have the voting rights equal to:

 

[twenty times the sum of: {all shares of Common stock issued and outstanding at the time of voting + all shares of any other Preferred stocks issued and outstanding at the time of voting}]

 

Divided by:

 

[the number of shares of Series K Super Voting Preferred Stock issued and outstanding at the time of voting]

 

With respect to all matters upon which stockholders are entitled to vote or to which stockholders are entitled to give consent, the holders of the outstanding shares of Series K Super Voting Preferred Stock shall vote together with the holders of Common Stock without regard to class, except as to those matters on which separate class voting is required by applicable law or the Certificate of Incorporation or By-laws.

 

Series L Preferred Stock

 

On July 31, 2019, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series L Preferred Stock, par value $0.01. The designation of the new Series L Preferred Stock was approved by the Board of Directors on July 16, 2019. The Company is authorized to issue five hundred thousand (500,000) shares of the Series L Preferred Stock. At June 30, 2021 and 2020, the Company had 255 and 10 shares issued and outstanding, respectively.

 

Dividends. The holders of Series L Preferred Stock shall be entitled to receive dividends when, as and if declared by the Board of Directors, in its sole discretion.

 

Voting.

 

a. If at least one share of Series L Preferred Stock is issued and outstanding, then the total aggregate issued shares of Series L Preferred Stock at any given time, regardless of their number, shall have voting rights equal to four times the sum of: i) the total number of shares of Common Stock which are issued and outstanding at the time of voting, plus ii) the total number of shares of all series of Preferred Stock which are issued and outstanding at the time of voting.

 

b. Each individual share of Series L Preferred Stock shall have the voting rights equal to:

 

[four times the sum of: {all shares of Common Stock issued and outstanding at time of voting + the total number of shares of all series of Preferred Stock issued and outstanding at time of voting}]

 

divided by:

 

[the number of shares of Series L Preferred Stock issued and outstanding at the time of voting]

 

Conversion Rights.

 

a) Outstanding. If at least one share of Series L Preferred Stock is issued and outstanding, then the total aggregate issued shares of Series L Preferred Stock at any given time, regardless of their number, shall be convertible into the number of shares of Common Stock defined by the formula set forth is section 4.b.

 

b) Method of Conversion.

 

i. Procedure- Before any holder of Series L Preferred Stock shall be entitled to convert the same into shares of common stock, such holder shall surrender the certificate or certificates therefore, duly endorsed, at the office of the Company or of any transfer agent for the Series L Preferred Stock, and shall give written notice 5 business days prior to date of conversion to the Company at its principal corporate office, of the election to convert the same and shall state therein the name or names in which the certificate or certificates for shares of common stock are to be issued. The Company shall, within five business days, issue and deliver at such office to such holder of Series L Preferred Stock, or to the nominee or nominees of such holder, a certificate or certificates for the number of shares of common stock to which such holder shall be entitled as aforesaid. Conversion shall be deemed to have been effected on the date when delivery of notice of an election to convert and certificates for shares is made, and such date is referred to herein as the “Conversion Date.”

 

F-18
 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE I - CAPITAL STOCK (cont’d)

 

ii. Issuance- Shares of Series L Preferred Stock may only be issued in exchange for the partial or full retirement of debt held by Management, Employees, Consultants or as directed by a majority vote of the Board of Directors. The number of Shares of Series L Preferred Stock to be issued to each qualified person (member of Management, Employee or Consultant) holding a Note shall be determined by the following formula:

 

For retirement of debt: One (1) share of Series L Preferred stock shall be issued for each Five Thousand Dollar ($5,000) tranche of outstanding liability. As an example: If an officer has accrued wages due to him or her in the amount of $25,000, the officer can elect to accept 5 shares of Series L Preferred stock to satisfy the outstanding obligation of the Company.

 

iii. Calculation for conversion into Common Stock- Each individual share of Series L Preferred Stock shall be convertible into the number of shares of Common Stock equal to:

 

[5000]

 

divided by:

 

[.50 times the lowest closing price of the Company’s common stock for the immediate five-day period prior to the receipt of the Notice of Conversion remitted to the Company by the Series L Preferred stockholder]

 

Common Stock

 

Class A and Class B:

 

Identical Rights. Except as otherwise expressly provided in ARTICLE FIVE of the Company’s Amended and Restated Certificate of Incorporation dated August 13, 1999, all Common Shares shall be identical and shall entitle the holders thereof to the same rights and privileges.

 

F-19
 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE I - CAPITAL STOCK (cont’d)

 

Stock Splits. The Corporation shall not in any manner subdivide (by any stock split, reclassification, stock dividend, recapitalization, or otherwise) or combine the outstanding shares of one class of Common Shares unless the outstanding shares of all classes of Common Shares shall be proportionately subdivided or combined.

 

Liquidation Rights. Upon any voluntary or involuntary liquidation, dissolution, or winding up of the affairs of the Corporation, after payment shall have been made to holders of outstanding Preferred Shares, if any, of the full amount to which they are entitled pursuant to the Certificate of Incorporation, the holders of Common Shares shall be entitled, to the exclusion of the holders of the Preferred Shares, if any, to share ratably, in accordance with the number of Common Shares held by each such holder, in all remaining assets of the Corporation available for distribution among the holders of Common Shares, whether such assets are capital, surplus, or earnings. For the purposes of this paragraph, neither the consolidation or merger of the Corporation with or into any other corporation or corporations in which the stockholders of the Corporation receive capital stock and/or securities (including debt securities) of the acquiring corporation (or of the direct or indirect parent corporation of the acquiring corporation) nor the sale, lease or transfer of the Corporation, shall be deemed to be a voluntary or involuntary liquidation, dissolution, or winding up of the Corporation as those terms are used in this paragraph.

 

Voting Rights.

 

(a) The holders of the Class A Shares and the Class B Shares shall vote as a single class on all matters submitted to a vote of the stockholders, with each Class A Share being entitled to one (1) vote and each Class B Share being entitled to six (6) votes, except as otherwise provided by law.

 

(b) The holders of Class A Shares and Class B Shares are not entitled to cumulative votes in the election of any directors.

 

Preemptive or Subscription Rights. No holder of Common Shares shall be entitled to preemptive or subscription rights.

 

F-20
 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE I - CAPITAL STOCK (cont’d)

 

Conversion Rights.

 

(a) Automatic Conversion. Each Class B Share shall (subject to receipt of any and all necessary approvals) convert automatically into one fully paid and non-assessable Class A Share (i) upon its sale, gift, or other transfer to a party other than a Principal Stockholder (as defined below) or an Affiliate of a Principal Stockholder (as defined below), (ii) upon the death of the Class B Stockholder holding such Class B Share, unless the Class B Shares are transferred by operation of law to a Principal Stockholder or an Affiliate of a Principal Stockholder, or (iii) in the event of a sale, gift, or other transfer of a Class B Share to an Affiliate of a Principal Stockholder, upon the death of the transferor. Each of the foregoing automatic conversion events shall be referred to hereinafter as an “Event of Automatic Conversion.” For purposes of this ARTICLE FIVE, “Principal Stockholder” includes any of Donald H. Goldman, Steven M. Fieldman, Lance Fieldman, Yuri Itkis, Michall Itkis and Boris Itkis and an “Affiliate of a Principal Stockholder” is a person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. For purposes of this definition, “control,” when used with respect to any specified person, means the power to direct or cause the direction of the management, and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. Without limitation, an Affiliate also includes the estate of such individual.

 

(b) Voluntary Conversion. Each Class B Share shall be convertible at the option of the holder, for no additional consideration, into one fully paid and non-assessable Class A Share at any time.

 

(c) Conversion Procedure. Promptly upon the occurrence of an Event of Automatic Conversion such that Class B shares are converted automatically into Class A Shares, or upon the voluntary conversion by the holder, the holder of such shares shall surrender the certificate or certificates therefor, duly endorsed in blank or accompanied by proper instruments of transfer, at the office of the Corporation or of any transfer agent for the Class A Shares, and shall give written notice to the Corporation at such office (i) stating that the shares are being converted pursuant to an Event of Automatic Conversion into Class A Shares as provided in subparagraph 5.6(a) hereof or a voluntary conversion as provided in subparagraph 5.6(b) hereof, (ii) specifying the Event of Automatic Conversion (and, if the occurrence of such event is within the control of the transferor, stating the transferor’s intent to effect an Event of Automatic Conversion) or whether such conversion is voluntary, (iii) identifying the number of Class B Shares being converted, and (iv) setting out the name or names (with addresses) and denominations in which the certificate or certificates for Class A Shares shall be issued and including instructions for delivery thereof. Delivery of such notice together with the certificates representing the Class B Shares shall obligate the Corporation to issue such Class A Shares and the Corporation shall be justified in relying upon the information and the certification contained in such notice and shall not be liable for the result of any inaccuracy with respect thereto. Thereupon, the Corporation or its transfer agent shall promptly issue and deliver at such stated address to such holder or to the transferee of Class B Shares a certificate or certificates for the number of Class A Shares to which such holder or transferee is entitled, registered in the name of such holder, the designee of such holder or transferee, as specified in such notice. To the extent permitted by law, conversion pursuant to (i) an Event of Automatic Conversion shall be deemed to have been effected as of the date on which the Event of Automatic Conversion occurred or (ii) a voluntary conversion shall be deemed to have been effected as of the date the Corporation receives the written notice pursuant to this subparagraph (c) (each date being the “Conversion Date”). The person entitled to receive the Class A Shares issuable upon such conversion shall be treated for all purposes as the record holder of such Class A Shares at and as of the Conversion Date, and the right of such person as the holder of Class B Shares shall cease and terminate at and as of the Conversion Date, in each case without regard to any failure by the holder to deliver the certificates or the notice by this subparagraph (c).

 

(d) Unconverted Shares. In the event of the conversion of fewer than all of the Class B Shares evidenced by a certificate surrendered to the Corporation in accordance with the procedures of this Paragraph 5.6, the Corporation shall execute and deliver to or upon the written order of the holder of such certificate, without charge to such holder, a new certificate evidencing the number of Class B Shares not converted.

 

(e) Reissue of Shares. Class B Shares that are converted into Class A Shares as provided herein shall be retired and canceled and shall not be reissued.

 

(f) Reservation. The Corporation hereby reserves and shall at all times reserve and keep available, out of its authorized and unissued Class A Shares, for the purpose of effecting conversions, such number of duly authorized Class A Shares as shall from time to time be sufficient to effect the conversion of all outstanding Class B Shares. The Corporation covenants that all the Class A Shares so issuable shall, when so issued, be duly and validly issued, fully paid and non-assessable, and free from liens and charges with respect to the issue. The Corporation will take all such action as may be necessary to assure that all such Class A Shares may be so issued without violation of any applicable law or regulation, or any of the requirements of any national securities exchange upon which the Class A Shares may be listed. The Corporation will not take any action that results in any adjustment of the conversion ratio if the total number of Class A Shares issued and issuable after such action upon conversion of the Class B Shares would exceed the total number of Class A Shares then authorized by the Amended and Restated Certificate of Incorporation, as amended.

 

F-21
 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE I - CAPITAL STOCK (cont’d)

 

At June 30, 2021 and 2020, the Company is authorized to issue 14,991,000,000 and 14,991,000,000 shares of Class A Common Stock, respectively. At June 30, 2021 and 2020, the Company has 14,680,293,609 and 12,189,293,609 shares issued and outstanding, respectively. At June 30, 2021 and 2020, the Company is authorized to issue 4,000,000 and 4,000,000 shares of Class B Common Stock, respectively. At June 30, 2021 and 2020, the Company has 0 and 0 shares issued and outstanding, respectively.

 

Common Stock, Preferred Stock and Warrant Issuances

 

For the twelve months ended June 30, 2021 and June 30, 2020, the Company issued and/or sold the following unregistered securities:

 

Common Stock:

 

Year ended June 30, 2021

 

On September 22, 2020, the Company issued 596,785,387 shares of restricted common stock with a fair market value of $59,679 to a noteholder in satisfaction of $29,839 in penalties against the note dated January 24, 2018.

 

On November 25, 2020, the Company issued 637,526,342 shares of restricted common stock with a fair market value of $63,753 to a noteholder in satisfaction of $31,876 in penalties against the note dated January 24, 2018.

 

On December 13, 2020, the Company issued 669,338,906 shares of restricted common stock with a fair market value of $200,802 to a noteholder in satisfaction of $33,467 in penalties against the note dated January 24, 2018.

 

On December 22, 2020, the Company issued 702,738,918 shares of restricted common stock with a fair market value of $281,096 to a noteholder in satisfaction of $35,137 in penalties against the note dated January 24, 2018.

 

On January 14, 2021, the Company issued 500,000,000 shares of restricted common stock with a fair market value of $900,000 to a noteholder in satisfaction of $20,000 principal against the note dated June 3, 2019.

 

On January 19, 2021, the Company issued 300,000,000 shares of restricted common stock with a fair market value of $1,200,000 to a noteholder in satisfaction of $42,000 principal against the note dated November 30, 2019.

 

On January 21, 2021, the Company issued 194,610,447 shares of restricted common stock with a fair market value of $1,264,968 to a noteholder in satisfaction of $1,946 principal against the note dated January 24, 2018.

 

On February 22, 2021, the Company issued 150,000,000 shares of restricted common stock with a fair market value of $1,710,000 to a noteholder in satisfaction of $1,946 in penalties against the note dated January 24, 2018.

 

A total of 1,260,000,000 shares of common stock were returned to the Company during the year ended June 30, 2021 to be retired.

 

Year ended June 30, 2020

  

None

 

Preferred Stock:

 

Year ended June 30, 2021

 

On February 15, 2021, the Company issued 100 shares of the Company’s Series L Preferred Stock to two Consultants in satisfaction of $500,000 cash compensation due for past consulting services. Each Consultant received 50 Shares.

 

On March 1, 2021, the Company issued 40 shares of the Company’s Series L Preferred Stock, to an affiliate of the Company’s sole officer and director, in satisfaction of $200,000 principal and interest outstanding on a Convertible Promissory Note dated July 27, 2018.

 

On March 15, 2021, the Company issued 50 shares of the Company’s Series L Preferred Stock in satisfaction of $250,000 principal outstanding on a Convertible Promissory Note dated November 30, 2019.

 

On March 31, 2021, the Company issued 26 shares of the Company’s Series L Preferred Stock in satisfaction of $130,000 principal and interest outstanding on a Convertible Promissory Note dated June 3, 2018.

 

On March 31, 2021, the Company issued 8 shares of the Company’s Series L Preferred Stock in satisfaction of $40,000 principal and interest outstanding on a Convertible Promissory Note dated June 29, 2018.

 

On March 31, 2021, the Company issued 18 shares of the Company’s Series L Preferred Stock to the Company’s sole officer and director as reimbursement for returning 890,000,000 shares of common stock to the Company.

 

On March 31, 2021, the Company issued 3 shares of the Company’s Series L Preferred Stock to a non-affiliate as reimbursement for returning 150,000,000 shares of common stock to the Company.

  

Year ended June 30, 2020

 

On August 2, 2019, the Company issued 3 shares of its Series K Super Voting Preferred Stock to its sole officer and director, Jimmy Wayne Anderson.

 

On September 2, 2019, the Company issued 10 shares of its Series L Preferred Stock to Sylios Corp, an entity controlled by the Company’s sole officer and director.

 

Warrants and Options:

 

On December 17, 2019, the Company entered into a Securities Purchase Agreement (the “Agreement”) with Armada Capital Partners, LLC (“Armada”) wherein the Company issued Armada a Convertible Promissory Note (the “Note”) in the amount of $11,000 ($1,000 OID). The Note has a term of one (1) year (due on December 17, 2020) and bears interest at 8% annually. As part and parcel of the foregoing transaction, Armada was issued a warrant granting the holder the right to purchase up to 560,800 shares of the Company’s common stock at an exercise price of $0.024 for a term of 5-years. The transaction closed on December 17, 2019. Please see NOTE F - NOTES PAYABLE, THIRD PARTIES for further information.

 

NOTE J - INCOME TAXES

 

The Company accounts for income taxes using the asset and liability method described in SFAS No. 109, “Accounting For Income Taxes”, the objective of which is to establish deferred tax assets and liabilities for the temporary differences between the financial reporting and the tax basis of the Company’s assets and liabilities at the enacted tax rates expected to be in effect when such amounts are realized or settled. A valuation allowance related to deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. In recognition of the uncertainty regarding the ultimate amount of income tax benefits to be derived, the Company has recorded a full valuation allowance at June 30, 2021 and 2020.

 

The provision (benefit) for income taxes includes income taxes currently payable and those deferred because of temporary differences between the financial statement and tax bases of assets and liabilities.

 

Significant components of the Company’s deferred tax assets and liabilities are calculated at an estimated effective tax rate of 21%. (35% for tax year 2017)

 

The provision for (benefit from) income taxes differs from the amount computed by applying the statutory United States federal income tax rate for the periods presented to income (loss) before income taxes. The income tax rate was 21% for the year ended June 30, 2021 and 2020. The sources of the difference are as follows:

 

F-22
 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE J - INCOME TAXES (cont’d)

 

         
   Year Ended 
   June 30, 2021   June 30, 2020 
Expected tax at 21% and 21%, respectively  $(888,019)  $(115,698)
Non-deductible stock-based compensation   35,767    21,000 
Non-deductible loss (nontaxable income) from derivative liability   (91,628)   (276,571)
Non-deductible default principle   28,812    - 
Non-deductible loss on issuance of convertible nots   579,479    - 
Non-deductible amortization of debt discounts   176,636    331,252 
Impairment of goodwill   

99,398

    

-

 
Forgiveness of debt and accrued interest   

(70,725

)   

-

 
Increase (decrease) in Valuation allowance   130,280    40,017 
Provision for (benefit from) income taxes  $-   $- 

 

All tax years remain subject to examination by the Internal Revenue Service.

 

Significant components of the Company’s deferred income tax are as follows:

 

   June 30, 2021   June 30, 2020 
Unpaid accrued officer and director compensation  $-   $16,759 
Net operating loss carry-forwards   30,128,849    29,383,089 
Valuation allowance   (30,128,849)   (29,399,848)
Net non-current deferred tax asset  $-   $- 

 

Based on management’s present assessment, the Company has not yet determined it to be more likely than not that a deferred tax asset of $30,128,849 attributable to the net operating loss carryforward as of June 30, 2021 will be realized. Accordingly, the Company has provided a 100% allowance against the deferred tax asset in the financial statements at June 30, 2021. The Company will continue to review this valuation allowance and make adjustments as appropriate. $28,980,000 of the net operating loss carryforward expires in the year 2022.

 

Current tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited.

 

NOTE K - COMMITMENTS AND CONTINGENCIES

 

Occupancy

 

Currently, the Company shares office space with Sylios Corp at 501 1st Ave N., Suite 901, St. Petersburg, FL 33701 and is not required to reimburse Sylios Corp for monthly rent. The Company anticipates that this relationship will change with the additional employees, and it will be required to enter into a lease for a separate office space.

 

Employment and Director Agreements

 

On January 26, 2018, the Company executed a new Board of Directors Service Agreement with Jimmy Wayne Anderson. Under the terms of the Agreement, commencing the first calendar quarter of 2018 the Company is to pay Mr. Anderson $10,000 per quarter for which Mr. Anderson serves on the Board of Directors. In addition to cash compensation, the Company is to issue Mr. Anderson the equivalent of $10,000 of the Company’s common stock on the last calendar day of each quarter. The calculation for the number of shares to be issued to Mr. Anderson shall be as follows: $10,000/(Closing stock price on the last trading day of each quarter x .80). Please see NOTE E – ACCRUED OFFICER AND DIRECTOR COMPENSATION and NOTE M - SUBSEQUENT EVENTS for further information.

 

NOTE L - GOING CONCERN UNCERTAINTY

 

Under ASC 205-40, we have the responsibility to evaluate whether conditions and/or events raise substantial doubt about our ability to meet our future financial obligations as they become due within one year after the date that the financial statements are issued. As required by this standard, our evaluation shall initially not take into consideration the potential mitigating effects of our plans that have not been fully implemented as of the date the financial statements are issued.

 

In performing the first step of this assessment, we concluded that the following conditions raise substantial doubt about our ability to meet our financial obligations as they become due. We have a history of net losses: As of June 30, 2021 and June 30, 2020, we had an accumulated deficit of $165,166,022 and $160,937,361, respectively. For the year ended June 30, 2021 and June 30, 2020, we had cash used in operating activities of $141,564 and $176,789, respectively. We expect to continue to incur negative cash flows until such time as our operating segments generate sufficient cash inflows to finance our operations and debt service requirements.

 

In performing the second step of this assessment, we are required to evaluate whether our plans to mitigate the conditions above alleviate the substantial doubt about our ability to meet our obligations as they become due within one year after the date that the financial statements are issued. Our future plans include securing additional funding sources that may include establishing corporate partnerships, establishing licensing revenue agreements, issuing additional convertible debentures and issuing public or private equity securities, including selling common stock through an at-the-market facility (ATM).

 

There is no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds will be available through external sources. The lack of additional capital resulting from the inability to generate cash flow from operations or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have a material effect on the business. Furthermore, there can be no assurance that any such required funds, if available, will be available on attractive terms or they will not have a significant dilutive effect on the Company’s existing shareholders. We have therefore concluded there is substantial doubt about our ability to continue as a going concern.

 

F-23
 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE L - GOING CONCERN UNCERTAINTY (cont’d)

 

The accompanying consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from our failure to continue as a going concern.

 

NOTE M - SUBSEQUENT EVENTS

 

On July 1, 2021, the Company executed a new Board of Directors Service Agreement with Jimmy Wayne Anderson. Under the terms of the Agreement, Mr. Anderson shall receive a one-time bonus payment of Fifty Thousand and no/100 dollars ($50,000.00) upon execution of the Agreement, and Twenty Thousand and no/100 dollars ($20,000.00) paid to Mr. Anderson on the last calendar day of each quarter as long as Mr. Anderson continues to fulfill his duties and provide the services set forth above. The compensation of $20,000 per quarter shall commence with the third calendar quarter of 2021 (first fiscal quarter of 2022).

 

On July 12, 2021, the Company issued to Power Up Lending Group Ltd. (the “Investor”) a Convertible Promissory Note (the “Convertible Note”) in the principal amount of $48,750. The Convertible Note has a term of one (1) year (Maturity Date of June 12, 2022) and bears interest at 8% annually. The Convertible Note is convertible, in whole or in part, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this Convertible Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount at the option of the holder. The “Variable Conversion Price” shall mean 61% multiplied by the Market Price (as defined herein) (representing a discount rate of 39%). “Market Price” means the lowest Trading Price (as defined below) for the Common Stock during the ten (10) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. “Trading Price” means, for any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets electronic quotation system or applicable trading market (the “OTC”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. Bloomberg) or, if the OTC is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets”. The transaction closed on July 15, 2021.

 

On September 9, 2021, the Company issued to Power Up Lending Group Ltd. (the “Investor”) a Convertible Promissory Note (the “Convertible Note”) in the principal amount of $48,750. The Convertible Note has a term of one (1) year (Maturity Date of September 9, 2022) and bears interest at 8% annually. The Convertible Note is convertible, in whole or in part, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this Convertible Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount at the option of the holder. The “Variable Conversion Price” shall mean 61% multiplied by the Market Price (as defined herein) (representing a discount rate of 39%). “Market Price” means the lowest Trading Price (as defined below) for the Common Stock during the ten (10) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. “Trading Price” means, for any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets electronic quotation system or applicable trading market (the “OTC”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. Bloomberg) or, if the OTC is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets”. The transaction closed on September 13, 2021.

 

On September 22, 2021, Graphene Holdings, LLC (“Graphene”) forgave all unpaid principal and interest on the Convertible Promissory Note issued by the Company on September 3, 2020 in the acquisition of Graphene’s 25% ownership interest in Global Clean Solutions, LLC (“Global Clean”). The Company retained its 25% ownership in Global Clean.

 

F-24
 

 

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

 

None.

 

Item 9A. Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

Our management conducted an evaluation, with the participation of our Chief Executive Officer, who is our principal executive officer and our principal financial and accounting officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Annual Report on Form 10-K. Based on that evaluation, we concluded that because of the material weakness and significant deficiencies in our internal control over financial reporting described below, our disclosure controls and procedures were not effective as of June 30, 2021 or 2020.

 

Management’s Annual Report on Internal Control over Financial Reporting

 

Management is responsible for the preparation of our financial statements and related information. Management uses its best judgment to ensure that the financial statements present accurately, in material respects, our financial position and results of operations in fairness and conformity with generally accepted accounting principles.

 

Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in the Exchange Act. These internal controls are designed to provide reasonable assurance that the reported financial information is presented fairly, that disclosures are adequate, and that the assumptions and opinions in the preparation of financial statements are reasonable. There are inherent limitations in the effectiveness of any system of internal controls, including the possibility of human error and overriding of controls. Consequently, an ineffective internal control system can only provide reasonable, not absolute, assurance with respect to reporting financial information.

  

Our internal control over financial reporting includes policies and procedures that: (i) pertain to maintaining records that, in reasonable detail, accurately and fairly reflect our transactions; (ii) provide reasonable assurance that transactions are recorded as necessary for preparation of our financial statements in accordance with generally accepted accounting principles and that the receipts and expenditures of company assets are made in accordance with our management’s and directors’ authorization; and (iii) provide reasonable assurance regarding the prevention or timely detection of unauthorized acquisition, use, or disposition of assets that could have a material effect on our financial statements.

 

We conducted an evaluation of the effectiveness of our internal control over financial reporting, based on the framework in “Internal Control Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and published in 2013, and subsequent guidance prepared by COSO specifically for smaller public companies. Based on that evaluation, management concluded that our internal control over financial reporting was not effective as of June 30, 2021 and June 30, 2020 for the reasons discussed below.

 

A significant deficiency is a deficiency, or combination of deficiencies in internal control over financial reporting, that adversely affects the entity’s ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the entity’s financial statements that is more than inconsequential will not be prevented or detected by the entity’s internal control. A material weakness is a deficiency or a combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the annual or interim consolidated financial statements will not be prevented or detected on a timely basis. Management identified the following material weakness and significant deficiencies in its assessment of the effectiveness of internal control over financial reporting as of June 30, 2021 and June 30, 2020:

 

  The Company did not maintain effective controls over certain aspects of the financial reporting process because we lacked personnel with accounting expertise and an adequate supervisory review structure that is commensurate with our financial reporting requirements.

 

  Material Weakness – Inadequate segregation of duties.

 

We expect to be materially dependent on a third party that can provide us with accounting consulting services for the foreseeable future. Until such time as we have a chief financial officer with the requisite expertise in U.S. GAAP, there are no assurances that the material weaknesses and significant deficiencies in our disclosure controls and procedures and internal control over financial reporting will not result in errors in our financial statements, which could lead to a restatement of those financial statements. Our management does not expect that our disclosure controls and procedures or our internal controls will prevent all error and all fraud. A control system, no matter how well conceived and maintained, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must account for resource constraints. In addition, the benefits of controls must be considered relative to their costs. Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, can and will be detected.

 

28

 

 

Changes in Internal Controls over Financial Reporting

 

There have been no changes in our internal control over financial reporting during the year ended June 30, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

Item 9B. Other Information.

 

Critical Accounting Policies

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Notes to the Consolidated Financial Statements describes the significant accounting policies and methods used in the preparation of the Consolidated Financial Statements. Estimates are used for, but not limited to, contingencies and taxes. Actual results could differ materially from those estimates. The following critical accounting policies are impacted significantly by judgments, assumptions, and estimates used in the preparation of the Consolidated Financial Statements.

 

Loss Contingencies

 

The Company is subject to various loss contingencies arising in the ordinary course of business. The Company considers the likelihood of loss or impairment of an asset or the incurrence of a liability, as well as its ability to reasonably estimate the amount of loss in determining loss contingencies. An estimated loss contingency is accrued when management concludes that it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. The Company regularly evaluates current information available to us to determine whether such accruals should be adjusted.

 

Accounting for Acquisitions

 

In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions and immediately expense acquisition-related costs and fees associated with business combinations.

 

Income Taxes

 

The Company recognizes deferred tax assets (future tax benefits) and liabilities for the expected future tax consequences of temporary differences between the book carrying amounts and the tax basis of assets and liabilities. The deferred tax assets and liabilities represent the expected future tax return consequences of those differences, which are expected to be either deductible or taxable when the assets and liabilities are recovered or settled.

 

Recent Issued Accounting Pronouncements

 

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In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”).  Financial Instruments—Credit Losses (Topic 326) amends guideline on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities.  For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses.  The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected.  For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down.  ASU 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income.  The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash.  The amendments in this ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.  We are currently evaluating the impact of the adoption of ASU 2016-13 on our financial statements.

 

In July 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2017-11. Among other things, ASU 2017-11 provides guidance that eliminates the requirement to consider “down round” features when determining whether certain financial instruments or embedded features are indexed to an entity’s stock and need to be classified as liabilities. ASU 2017-11 provides for entities to recognize the effect of a down round feature only when it is triggered and then as a dividend and a reduction to income available to common stockholders in basic earnings per share. The guidance is effective for annual periods beginning after December 15, 2018; early adoption is permitted. The Company has adopted ASU 2017-11. As a result, we have not recognized the fair value of the warrants containing down round features as liabilities.

 

In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40)”. This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock.  As well as amend the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions.  In addition, this ASU improves and amends the related EPS guidance. This standard is effective for us on May 1, 2022, including interim periods within those fiscal years.  Adoption is either a modified retrospective method or a fully retrospective method of transition. We are currently evaluating the impact of the adoption of ASU 2020-06 on our financial statements.

 

Management has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our consolidated financial statements and related disclosures.

 

Off-Balance Sheet Arrangements

 

We are not currently a party to, or otherwise involved with, any off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

 

Share-based Compensation

 

The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation-Stock Compensation (“FASB ASC Topic 718”), which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the consolidated financial statements based on their fair values. 

 

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PART III

 

Item 10. Directors and Executive Officers.

 

Directors and Executive Officers

 

The names and ages of our Directors and Executive Officers are set forth below. Our By-Laws provide for not less than one Director. All Directors are elected annually by the stockholders to serve until the next annual meeting of the stockholders and until their successors are duly elected and qualified. The officers are elected by our Board.

 

Name   Age   Position and Term
Jimmy Wayne Anderson   55   President, Principal Financial Officer and Chairman of the Board (January 2018 to present)

 

Jimmy Wayne Anderson, President, Principal Financial Officer, Director and Chairman of the Board – Mr. Anderson is the acting President and Chairman of the Board of Global Technologies. Mr. Anderson was appointed to the Board in December 2017 and assumed the role of President and Principal Financial Officer in January 2018. Mr. Anderson leverages nearly 15 years of business experience inclusive of corporate filings, filings with the Securities and Exchange Commission and corporate action filings with the Financial Industry Regulatory Authority (“FINRA”). Mr. Anderson completed his undergraduate education at the University of Georgia and received his Doctorate degree from Temple University.

 

Prior to joining the Company, Mr. Anderson held the following roles:

 

1.From inception in 2008 to the President, Mr. Anderson has served as the sole officer and director of Sylios Corp, a publicly traded company listed on the OTC Markets “PINK” under the symbol “UNGS.” Sylios Corp is a holding corporation with a market capitalization of under $1 million that has operations engaged in the exploration and development of oil and natural gas properties, purchase of royalty and working interest units in producing properties (oil and natural gas) and alternative land development projects. The Company maintains equity investments in our two spin-offs (The Greater Cannabis Company, Inc. and AMDAQ Corp) catering to the medical and recreational marijuana industry and blockchain technology. Sylios Corp is a fully reporting entity with the SEC that is currently delinquent in its filings.

 

2.From 2017 to the present (except for a 6-month period in 2018), Mr. Anderson has served as the sole officer and director of AMDAQ Corp. AMDAQ Corp is a spin-off from Sylios Corp that is currently in the process of filing a Registration Statement on Form S-1. AMDAQ’s multi-faceted business model will allow the company to take advantage of the significant emerging opportunities being developed utilizing blockchain technology. On March 8, 2019, the Company expanded its presence within the blockchain sector by acquiring Arch Exchange Transfer, LLC (“Arch”). Arch, a registered stock transfer agent, has been formed as a decentralized transfer & exchange service. The Company’s technology is being created on the Ethereum block chain with an associated token to help facilitate transactions and payments. This application-based technology utilizes a cryptographically stored ledger in an open source peer-to-peer environment. AMDAQ Corp’s current assets are under $1 million.
3.From inception in 2014 through July 31, 2018, Mr. Anderson served as the sole officer and director of The Greater Cannabis Company, Inc., a publicly traded company listed on the OTC Markets “QB” under the symbol “GCAN.” The Greater Cannabis Company, Inc. is a biopharmaceutical company that is focused on the development and commercialization of cannabinoid delivery systems with a market capitalization of under $1 million.
4.From April 10, 2018 through April 24, 2018, Mr. Anderson also served as the sole officer and director of Soligen Technologies, Inc., a publicly traded company listed on the OTC Markets “PINK” under the symbol “SGTN.” Mr. Anderson resigned as a director of Soligen Technologies, Inc. on January 13, 2019.

 

The Company anticipates that its management team will be replaced upon a successful acquisition or merger.

 

Family Relationships

 

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

 

Conflicts of Interest- General

 

Our directors and officers are, or may become, in their individual capacities, officers, directors, controlling shareholder and/or partners of other entities engaged in a variety of businesses. Thus, there exist potential conflicts of interest including, among other things, time, efforts and corporation opportunity, involved in participation with such other business entities. While our sole officer and director of our business is engaged in business activities outside of our business, he devotes to our business such time as he believes to be necessary.

 

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Conflicts of Interest- Corporate Opportunities

 

Presently no requirement contained in our Articles of Incorporation, Bylaws, or minutes which requires officers and directors of our business to disclose to us business opportunities which come to their attention. Our officers and directors do, however, have a fiduciary duty of loyalty to us to disclose to us any business opportunities which come to their attention, in their capacity as an officer and/or director or otherwise. Excluded from this duty would be opportunities which the person learns about through his involvement as an officer and director of another company. We have no intention of merging with or acquiring an affiliate, associate person or business opportunity from any affiliate or any client of any such person.

 

Committees to the Board of Directors

 

In the ordinary course of business, the board of directors maintains a compensation committee and an audit committee.

 

The primary function of the compensation committee is to review and make recommendations to the board of directors with respect to the compensation, including bonuses, of our officers and to administer the grants under our stock option plan.

 

The functions of the audit committee are to review the scope of the audit procedures employed by our independent auditors, to review with the independent auditors our accounting practices and policies and recommend to whom reports should be submitted, to review with the independent auditors their final audit reports, to review with our internal and independent auditors our overall accounting and financial controls, to be available to the independent auditors during the year for consultation, to approve the audit fee charged by the independent auditors, to report to the board of directors with respect to such matters and to recommend the selection of the independent auditors.

 

In the absence of a separate audit committee our board of directors’ functions as audit committee and performs some of the same functions of an audit committee, such as recommending a firm of independent certified public accountants to audit the annual financial statements; reviewing the independent auditor’s independence, the financial statements and their audit report; and reviewing management’s administration of the system of internal accounting controls.

 

Involvement in Certain Legal Proceedings

 

To the best of our knowledge, none of our directors or executive officers has, during the past ten years:

 

(1) had a petition under the Federal bankruptcy laws or any state insolvency law filed by or against, or a receiver, fiscal agent or similar officer was appointed by a court for the business or property of such person, or any partnership in which he was a general partner at or within two years before the time of such filing, or any corporation or business association of which he was an executive officer at or within two years before the time of such filing;

 

(2) has been convicted in a criminal proceeding or is a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses);

 

(3) has been the subject of any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him from, or otherwise limiting, the following activities:

 

(i) Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity;

 

(ii) Engaging in any type of business practice; or

 

(iii) Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of Federal or State securities laws or Federal commodities laws;

 

(4) has been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any activity described in (3)(i) above, or to be associated with persons engaged in any such activity;

 

(5) has been found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated;

 

(6) has been found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated;

 

32

 

 

(7) has been 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:

 

(i) Any Federal or State securities or commodities law or regulation; or

 

(ii) 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

 

(iii) Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

 

(8) has been 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.

 

Item 11. Executive Compensation.

 

Summary Compensation Table

 

The following table sets forth with respect to the named executive officer, compensation made through the twelve months ended June 30, 2021:

 

Name and Principal Position  Year   Salary- Paid or accrued
($)
   Bonus
($)
   Stock Awards
($)
   Option Awards
($)
   Non-Equity Incentive Plan Compensation
($)
   Change in Pension Value & Non-Qualified Deferred Compensation Earnings
($)
  

All Other

Compensation
($)

   Total
($)
 
       (a)   (b)   (c)(3)   (d)           (e)     
                                     

Jimmy Wayne Anderson,

President, Treasurer, Secretary, Chairman (1)(2)(3)

   2021      0    0    0    0    0    0         0    0 
    2020    0    0    0    0    0    0    0    0 

   2019      0    0    0    0    0    0    

0

    0 
    2018    0    0      90,000       0         0         0    

0

      90,000 

 

  (1) On December 15, 2017, Jimmy Wayne Anderson was appointed to the Company’s Board of Directors.
     
  (2) On January 25, 2018, Mr. Anderson assumed the roles as the Company’s President, Treasurer and Secretary.
     
  (3) On August 2, 2019, the Company issued 3 shares of its Series K Super Voting Preferred stock (“Series K”) to the Company’s sole officer and director, Jimmy Wayne Anderson, as consideration for services provided as an officer of the Company. The Company’s Series K has no monetary value as there is no conversion feature, and the Company is not required to purchase the Series K from its holder.

 

  (a) Accrued salary and salary paid. Please see NOTE G - ACCRUED OFFICER AND DIRECTOR COMPENSATION for further information.
     
  (b) Accrued bonus to employee for execution of employment agreement.
     
  (c) Delivery of common stock to officer for services rendered. Mr. Anderson received 900,000,000 shares of the Company’s common stock.
     
  (d) Options issued to employee for execution of employment agreement. More details on Options noted under Employment Agreements section below.
     
  (e) Equity compensation received as a Director of the Company.

 

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Directors’ Compensation

 

On January 26, 2018, the Company executed a new Board of Directors Service Agreement with Wayne Anderson. Under the terms of the Agreement, commencing the first calendar quarter of 2018 the Company is to pay Mr. Anderson $10,000 per quarter for which Mr. Anderson serves on the Board of Directors. In addition to cash compensation, the Company is to issue Mr. Anderson the equivalent of $10,000 of the Company’s common stock on the last calendar day of each quarter. The calculation for the number of shares to be issued to Mr. Anderson shall be as follows: $10,000/(Closing stock price on the last trading day of each quarter x .80). The Agreement is in effect so long as Mr. Anderson serves on the Board.

 

The following table sets forth with respect to the named director, compensation information inclusive of equity awards and payments made through the twelve months ended June 30, 2021:

 

Name  

Fees Earned

or Paid

in Cash

($)

   

Stock

Awards

($)

   

Option

Awards

($)

   

Non-Equity

Incentive Plan

Compensation

($)

   

Nonqualified Deferred Compensation Earnings

($)

   

All Other

Compensation

($)

   

Total

($)

 
    (b)     (c)     (d)     (e)     (f)     (g)     (h)  
                                           
Jimmy Wayne Anderson (2021)(1)   $ 40,000     $ 40,000       -       -       -       -     $ 80,000  
Jimmy Wayne Anderson (2020)(1)   $ 40,000     $ 40,000       -       -       -       -     $ 80,000  
Jimmy Wayne Anderson (2019)(1)   $ 40,000     $ 40,000          -            -             -            -     $ 80,000  
Jimmy Wayne Anderson (2018)(1)   $ 20,000     $ 20,000       -       -       -       -     $ 40,000  

 

 

(1)

On January 26, 2018, the Company executed a new Board of Directors Service Agreement with Wayne Anderson. Under the terms of the Agreement, commencing the first calendar quarter of 2018 the Company is to pay Mr. Anderson $10,000 per quarter for which Mr. Anderson serves on the Board of Directors. In addition to cash compensation, the Company is to issue Mr. Anderson the equivalent of $10,000 of the Company’s common stock on the last calendar day of each quarter. The calculation for the number of shares to be issued to Mr. Anderson shall be as follows: $10,000/(Closing stock price on the last trading day of each quarter x .80). Please see NOTE G - ACCRUED OFFICER AND DIRECTOR COMPENSATION and NOTE M - SUBSEQUENT EVENTS

for further information.

 

Employment Agreements

 

The Company does not have any written agreements with any of its executive officers.

 

Stock Option Plan and other Employee Benefits Plans

 

The Company does not maintain a Stock Option Plan or other Employee Benefit Plans.

 

Overview of Compensation Program

 

We currently do not maintain a Compensation Committee of the Board of Directors. Until a formal committee is established, our entire Board of Directors has responsibility for establishing, implementing and continually monitoring adherence with the Company’s compensation philosophy. The Board of Directors ensures that the total compensation paid to the executives is fair, reasonable, and competitive.

 

Role of Executive Officers in Compensation Decisions

 

The Board of Directors makes all compensation decisions for, and approves recommendations regarding equity awards to, the executive officers and directors of the Company.

 

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Item 12. Security Ownership of Certain Beneficial Owners and Management.

 

As of October 11, 2021, the Company had authorized 14,991,000,000 shares of Class A Common Stock, 4,000,000 Class B Common Stock and 5,000,000 shares of Preferred Stock. There were 14,680,293,609 shares of Class A Common Stock, 0 shares of Class B Common Stock and 258 shares of Preferred Stock issued and outstanding as of October 11, 2021.

 

The following table sets forth certain information, as of October 11, 2021, with respect to any person (including any “group”, as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) who is known to us to be the beneficial owner of more than five percent (5%) of any class of our voting securities, and as to those shares of our equity securities beneficially owned by each of our directors and executive officers and all of our directors and executive officers as a group.

 

The number of shares of common stock beneficially owned by each person is determined under the rules of the Commission and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares as to which such person has sole or shared voting power or investment power and also any shares which the individual has the right to acquire within sixty (60) days after the date hereof, through the exercise of any stock option, warrant or other right. Unless otherwise indicated, each person has sole investment and voting power (or shares such power with his or her spouse) with respect to the shares set forth in the following table. The inclusion herein of any shares deemed beneficially owned does not constitute an admission of beneficial ownership of those shares.

 

The table below shows the number of shares beneficially owned as of October 11, 2021 by each of our individual directors and executive officers, by other holders of 5% or more of the outstanding Class A common stock and by all our current directors and executive officers as a group.

 

       

Class A

Common Stock

        Percentage of    
Name of Beneficial Owner  Beneficially Owned

(1)(2)

   Common Stock (3) 
Jimmy Wayne Anderson (3)(4)   131,474,654    0.86%
Fortis Holdings LTD (5)   2,026,000,000    13.27%
           
Officers and Directors as a Group   131,474,654    0.86%

 

 

  (1)

Beneficial Ownership is determined in accordance with the rules of the Securities and Exchange Commission and generally includes voting or investment power with respect to securities. Shares of common stock subject to options, warrants, or convertible debt currently exercisable or convertible, or exercisable or convertible within 60 days of October 11, 2021 are deemed outstanding for computing percentage of the person holding such option or warrant but are not deemed outstanding for computing the percentage of any person. Percentages are based on a total of shares of Class A common stock outstanding on October 11, 2021 and the shares issuable upon exercise of options, warrants exercisable, and debt convertible on or within 60 days of October 11, 2021.

     
  (2) The number of common shares outstanding used in computing the percentages is 15,267,851,213 that includes 14,680,293,609 Class A common shares outstanding and 587,557,604 shares of common stock issuable upon conversion of all 255 shares of Series L Preferred Stock outstanding at October 11, 2021.
     
  (3) Included within Mr. Anderson’s beneficial ownership includes 90,000,000 shares of common stock issued to Mr. Anderson for services rendered on behalf of the Company and, 41,474,654 shares issuable upon the conversion of the 18 shares of Series L Preferred Stock issued to Mr. Anderson. Mr. Anderson disclaims beneficial ownership of the shares of common stock that would be issued upon the conversion of the shares of Series L Preferred stock owned by Sylios Corp and Around the Clock Partners, LP.
     
  (4) The address for Mr. Anderson, Sylios Corp and Around the Clock Partners, LP is 501 1st Ave N., Suite 901, St. Petersburg, FL 33701.
     
  (5) The address for Fortis Holdings LTD is Capital City Building, Suite 305, Victoria, Mahe, Seychelles. The last known principal for Fortis was Anthony Welch up until his death in 2014.

 

  

Series K

Preferred Stock

   Percentage of 
   Beneficially   Series K 
Name of Beneficial Owner  Owned (1)(2)   Preferred Stock 
Jimmy Wayne Anderson (3)   3    100.00%
           
Officers and Directors as a Group   3    100.00%

 

  (1) The Company’s Series K Super Voting Preferred Stock has no conversion feature.
     
  (2) The number of Series K Preferred shares outstanding used in computing the percentages is 3 as of October 11, 2021.
     
  (3) The address for Mr. Anderson is 501 1st Ave N., Suite 901, St. Petersburg, FL 33701.

 

  

Series L

Preferred Stock

   Percentage of 
   Beneficially   Series L 
Name of Beneficial Owner  Owned (1)(2)   Preferred Stock 
Sylios Corp (3)   10    3.92%
Jimmy Wayne Anderson (4)   18    7.06%
Around the Clock Partners, LP (5)   40    15.69%
Jetco Holdings, LLC (6)   100    39.22%
MainSpring, LLC (7)   50    19.61%
Valvasone Trust (8)   29    11.38%
Jody A. DellaDonna (9)   8    3.14%
           
Total   255    100.00%

 

  (1) Each share of the Company’s Series L Preferred stock can be converted into shares of the Company’s Class A Common stock based on the following formula: $5,000 divided by .70 times the lowest closing price of the Company’s Class A Common Stock for the immediate five-day period prior to the receipt of the Notice of Conversion.
     
  (2) The number of Series L Preferred shares outstanding used in computing the percentages is 255 as of October 11, 2021.
     
  (3) Sylios Corp is a Florida corporation. The address for Sylios Corp is 501 1st Ave N., Suite 901, St. Petersburg, FL 33701. Mr. Anderson is the controlling principal for Sylios Corp.
     
  (4) The address for Mr. Anderson is 501 1st Ave N., Suite 901, St. Petersburg, FL 33701.
     
  (5) Around the Clock Partners, LP is a Delaware limited partnership. The address for Around the Clock Partners, LP is 501 1st Ave N., Suite 901, St. Petersburg, FL 33701. Mr. Anderson is the controlling principal for Around the Clock Partners, LP.
     
  (6) Jetco Holdings, LLC is a Wyoming limited liability company. The address for Jetco Holdings, LLC is 11718 SE Federal Highway, Suite 372, Hobe Sound, FL 33455. Timothy Cabrera is the controlling principal for Jetco Holdings, LLC.
     
  (7) MainSpring, LLC is a Wyoming limited liability company. The address for MainSpring, LLC is 611 Fort Harrison Ave S, Suite 363, Clearwater, FL 33756. Brian McFadden is the controlling principal for MainSpring, LLC.
     
  (8) The address for Valvasone Trust 5114 Stoneywood Circle, Mableton, GA 30126. The trustee for Valvasone Trust is John DellaDonna.
     
  (9) The address for Jody A. DellaDonna is 109 Carrick Way, Macon, GA 31210.

 

Please see NOTE I – CAPITAL STOCK for further information.

 

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Item 13. Certain Relationships and Related Transactions, and Director Independence.

 

Transactions with Related Persons

 

At June 30, 2021, the Company had $12,000 in prepaid board of director’s compensation to its sole officer and director, Jimmy Wayne Anderson.

 

At June 30, 2021, the Company had a loan receivable, other, to Sylios Corp, an entity controlled by the Company’s sole officer and director.

 

On March 31, 2021, the Company issued 18 shares of the Company’s Series L Preferred Stock to the Company’s sole officer and director, Jimmy Wayne Anderson, as reimbursement for returning 890,000,000 shares of common stock to the Company.

 

On March 1, 2021, the Company issued 40 shares of the Company’s Series L Preferred Stock, to Around the Clock Partners, LP, an entity controlled by Company’s sole officer and director, in satisfaction of $200,000 principal and interest outstanding on a Convertible Promissory Note dated July 27, 2018.

 

On September 2, 2019, the Company issued 10 shares of its Series L Preferred stock to Sylios Corp, an entity controlled by the Company’s sole officer and director, Jimmy Wayne Anderson.

 

On August 22, 2019, the Company entered into a Consulting Agreement (the “Agreement”) with Sylios Corp (the “Consultant”), an entity controlled by the Company’s President, Jimmy Wayne Anderson. Under the terms of the Agreement, the Consultant is to provide services related to acquisitions, mergers and certain day to day tasks of managing a public company. As compensation, the Company shall pay Consultant $50,000 through the issuance of t10 shares of the Company’s Series L Preferred Stock. The Company issued the shares of Series L Preferred Stock on September 2, 2019. The Agreement had a term of six (6) months or until the Consultant completed the services requested. The services have been completed by the Consultant.

 

On August 2, 2019, the Company issued 3 shares of its Series K Super Voting Preferred stock to the Company’s sole officer and director, Jimmy Wayne Anderson, as consideration for services provided as an officer of the Company.

 

On July 27, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Around the Clock Partners, LP (the “Holder”) in the principal amount of $124,800. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (July 27, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. The Convertible Note has a term of one (1) year and bears interest at 5% annually. On March 1, 2021, the Company issued the Holder 40 shares of its Series L Preferred Stock in satisfaction of $124,800 principal, $24,906 default principal, $16,160 interest and $37,666 default interest. A balance of $3,532 was forgiven by the Holder. As of March 31, 2021, there was no outstanding principal or interest due.

 

During the year ended June 30, 2018, the Company issued 900,000,000 shares of its Class A Common Stock to its sole officer and director, Jimmy Wayne Anderson.

 

Promoters and Certain Control Persons

 

None.

 

List of Parents

 

None.

 

Item 14. Principal Accounting Fees and Services

 

The following is a summary of the fees billed to the Company by Fruci & Associates II, PLLC for professional accounting services rendered for the fiscal years ended June 30, 2021 and 2020.

 

  

Fiscal Year

2021

  

Fiscal Year

2020

 
Audit Fees (1)  $20,500   $17,500 
Audit-Related Fees   -    - 
Tax Fees (2)   -    - 
Other Fees (3)   -    - 
Total  $

20,500

   $17,500 

 

(1) Audit fees consist of fees billed for services rendered for the audit of our financial statements and review of our financial statements included in our quarterly reports on Form 10–Q.

 

(2) Tax fees consist of fees billed for professional services related to the preparation of our U.S. federal and state income tax returns.

(3) Other fees consist of fees billed for professional services related to non-recurring fees for the initial public offering and the acquisitions completed during the year.

 

Director Independence

 

The Company has one director, Jimmy Wayne Anderson, who also serves as the Company’s sole officer. All current directors are shareholders of the Company.

 

36

 

 

Item 15. Financial Statements and Exhibits.

  

EXHIBIT INDEX

 

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

 

37

 

 

10.4   Convertible Note between the Company and Valvasone Trust dated June 3 2018 (previously filed with Form 10 on June 8, 2020)
10.5   Convertible Note between the Company and Jody A. DellaDonna dated June 29, 2018 (previously filed with Form 10 on June 8, 2020)
10.6   Convertible Note between the Company and Around the Clock Partners, LP dated July 27, 2018 (previously filed with Form 10 on June 8, 2020)
10.7   Indemnification Agreement between the Company and Jimmy Wayne Anderson dated January 25, 2018 (previously filed with Form 10 on June 8, 2020)
10.8   Consulting Agreement between Global Technologies, Ltd and Sylios Corp dated August 22, 2019 (previously filed with Form 10 on June 8, 2020)
10.9   Securities Purchase Agreement between Global Technologies, Ltd and Armada Capital Partners, LLC dated December 13, 2019 (previously filed with Form 10 on June 8, 2020)
10.10   Convertible Promissory Note between Global Technologies, Ltd and Armada Capital Partners, LLC dated December 13, 2019 (previously filed with Form 10 on June 8, 2020)
10.11   Common Stock Purchase Warrant Agreement between Global Technologies, Ltd and Armada Capital Partners, LLC dated December 13, 2019 (previously filed with Form 10 on June 8, 2020)
10.12   TCBM, LLC Purchase and Sale Agreement dated November 30, 2019 (previously filed with Form 10 on June 8, 2020)
10.13   Convertible Promissory Note between Global Technologies, Ltd and Jetco Holdings, LLC dated March 20, 2020 (previously filed with Form 10 on June 8, 2020)
10.14   Securities Purchase Agreement between Global Technologies, Ltd and Jetco Holdings, LLC dated March 20, 2020 (previously filed with Form 10 on June 8, 2020)
10.15   Consulting Agreement between Global Technologies, Ltd and Brian McFadden dated January 2, 2020 (previously filed with Form 10 on June 8, 2020)
10.16   Consulting Agreement between Global Technologies, Ltd and Timothy Cabrera dated January 2, 2020 (previously filed with Form 10 on June 8, 2020)
10.17   Asset Purchase Agreement between HMNRTH, LLC, TCBM Holdings, LLC and Edison Nation, Inc. and Scalematix, LLC dated March 11, 2020 (previously filed with Form 10 on June 8, 2020)
10.18   Quality Agreement between HMNRTH, LLC and Nutralife Biosciences dated September 23, 2019 (previously filed with Amendment No. 2 to Form 10 on August 10, 2020)
10.19   Commitment to be Bound by the Amended Operating Agreement to Effect Transfer of Membership Interest (previously filed with Form 8-K on September 4, 2020)
10.20   Convertible Promissory Note between Global Technologies, Ltd. and Graphene Holdings, LLC dated September 3, 2020 (previously filed with Form 8-K on September 4, 2020)
10.21   Securities Purchase Agreement between Global Technologies, Ltd and Graphene Holdings, LLC dated September 9, 2020 (previously filed with Form 8-K on September 22, 2020)
10.22   Convertible Promissory Note between Global Technologies, Ltd and Graphene Holdings, LLC dated September 9, 2020 (previously filed with Form 8-K on September 22, 2020)
10.23   Platform License Agreement between Markets on Main, LLC and Honey Badger Media, LLC dated November 5, 2020 (previously filed with Form 10-K on December 18, 2020)
10.24   Amendment to Management Agreement dated December 28, 2020 (previously filed with Form 8-K on January 7, 2021)
10.25   Convertible Promissory Note between Global Technologies, Ltd and Tri-Bridge Ventures, LLC dated January 20, 2021 (previously filed with Form 10-Q on February 16, 2021)
10.26   Complaint for Declaratory Judgment dated February 9, 2021 (previously filed with Form 8-K on February 12, 2021)
10.27   Convertible Promissory Note between Global Technologies, Ltd and Tri-Bridge Ventures, LLC dated February 22, 2021 (previously filed with Form 8-K on March 8, 2021)
10.28   Convertible Promissory Note between the Company and Power Up Lending Group Ltd. dated June 17, 2021 (previously filed with Form 8-K on June 24, 2021)
10.29   Securities Purchase Agreement between the Company and Power Up Lending Group Ltd. dated June 17, 2021 (previously filed with Form 8-K on June 24, 2021)
10.30*   Board of Directors Services Agreement with Jimmy Wayne Anderson dated July 1, 2021
10.31   Convertible Promissory Note between the Company and Power Up Lending Group Ltd. dated July 12, 2021 (previously filed with Form 8-K on July 19, 2021)
10.32   Securities Purchase Agreement between the Company and Power Up Lending Group Ltd. dated July 12, 2021 (previously filed with Form 8-K on July 19, 2021)
10.33   Convertible Promissory Note between the Company and Power Up Lending Group Ltd. dated September 9, 2021 (previously filed with Form 8-K on September 16, 2021)
10.34   Securities Purchase Agreement between the Company and Power Up Lending Group Ltd. dated September 9, 2021 (previously filed with Form 8-K on September 16, 2021)
21.1   Articles of Organization for Markets on Main, LLC dated April 2, 2020 (previously filed with Form 10 on June 8, 2020)
21.2   Certificate of Formation TCBM Holdings, LLC dated (previously filed with Form 10 on June 8, 2020)
21.3   Certificate of Formation of HMNRTH, LLC dated July 30, 2019 (previously filed with Form 10 on June 8, 2020)
21.4   Certificate of Formation of 911 Help Now, LLC dated February 2, 2018 (previously filed with Form 10 on June 8, 2020)
31.1*   Chief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*   Chief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*   Certifications of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Graphic   Corporate logo- Global Technologies, Ltd

 

* Filed herewith
** Furnished herewith (not filed).

 

38

 

 

SIGNATURES

 

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

 

Date: October 13, 2021

 

  GLOBAL TECHNOLOGIES, LTD.
     
  By: /s/ Jimmy Wayne Anderson
    Jimmy Wayne Anderson
    Chairman and Chief Executive Officer
    (Principal Executive Officer)

 

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

 

Name   Position   Date
         
 /s/ Jimmy Wayne Anderson        
Jimmy Wayne Anderson   President, Chief Executive Officer and Director (Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer)  

October 13, 2021

 

39

 

EX-10.30 2 ex10-30.htm

 

Exhibit 10.30

 

Global Technologies, Ltd

Board of Directors Services Agreement

 

This Board of Directors Services Agreement (the “Agreement”), dated July 1, 2021, is entered into between Global Technologies, Ltd, a Delaware corporation (“the Company), and Jimmy Wayne Anderson, an individual with a principal place of residence in St. Petersburg, FL (“Director”).

 

WHEREAS, the Company desires to retain the services of Director for the benefit of the Company and its stockholders; and

 

WHEREAS, Director desires to serve on the Company’s Board of Directors for the period of time and subject to the terms and conditions set forth herein;

 

NOW, THEREFORE, for consideration and as set forth herein, the parties hereto agree as follows:

 

1. Board Duties. Director agrees to provide services to the Company as a member of the Board of Directors. Director shall, for so long as he remains a member of the Board of Directors, but in any case, not less than one year from the date hereof, meet with the Company upon written request, at dates and times mutually agreeable to Director and the Company, to discuss any matter involving the Company or its Subsidiaries, which involves or may involve issues of which Director has knowledge and cooperate in the review, defense or prosecution of such matters. Director acknowledges and agrees that the Company may rely upon Director’s expertise in product development, marketing or other business disciplines where Director has a deep understanding with respect to the Company’s business operations and that such requests may require substantial additional time and efforts in addition to Director’s customary service as a member of the Board of Directors. Director will notify the Company promptly if he is subpoenaed or otherwise served with legal process in any matter involving the Company or its subsidiaries. Director will notify the Company if any attorney who is not representing the Company contacts or attempts to contact Director (other than Director’s own legal counsel) to obtain information that in any way relates to the Company or its Subsidiaries, and Director will not discuss any of these matters with any such attorney without first so notifying the Company and providing the Company with an opportunity to have its attorney present during any meeting or conversation with any such attorney.

 

2. Compensation. As compensation for the services provided herein, the Company shall pay to Director a one-time bonus payment of Fifty Thousand and no/100 dollars ($50,000.00) upon execution of this Agreement, and Twenty Thousand and no/100 dollars ($20,000.00) paid to the Director on the last calendar day of each quarter as long as Director continues to fulfill his duties and provide the services set forth above. The compensation of $20,000 per quarter shall commence with the third calendar quarter of 2021 (first fiscal quarter of 2022).

 

3. Benefits and Expenses. The Company shall reimburse Director for reasonable out-of-pocket expenses incurred in connection with discharging his duties as a Board member. Any additional expenses shall be pre-approved by the President or CFO of the Company and will be reimbursed subject to receiving reasonable substantiating documentation relating to such expenses.

 

4. Mutual Non-Disparagement. Director and the Company mutually agree to forbear from making, causing to be made, publishing, ratifying or endorsing any and all disparaging remarks, derogatory statements or comments made to any party with respect to either of them. Further, the parties hereto agree to forbear from making any public or non-confidential statement with respect to the any claim or complain against either party without the mutual consent of each of them, to be given in advance of any such statement.

 

5. Anti-Dilution. The Company agrees to not issue equity capital for consideration less than fair market value, or otherwise issue equity capital that would have the effect of diluting Director’s ownership position in the Company in a manner that is not implemented pro-rata with respect all stockholders. Issuance of stock options or other equity grants to employees or consultants, shares issued in connection with acquisitions approved by the Board of Directors, and shares issued for consideration at fair market value shall not be considered dilutive.

 

 

 

 

6. Cooperation. In the event of any claim or litigation against the Company and/or Director based upon any alleged conduct, acts or omissions of Director during the tenure of Director as an officer of the Company, whether known or unknown, threatened or not as of the time of this writing, the Company will cooperate with Director and provide to Director such information and documents as are necessary and reasonably requested by Director or his counsel, subject to restrictions imposed by federal or state securities laws or court order or injunction. The Company shall cooperate in all respects to ensure that Director has access all available insurance coverage and shall do nothing to damage Director’s status as an insured and shall provide all necessary information for Director to make or tender any claim under applicable coverage.

 

7. Board of Directors Status of Director. Director’s membership on the Company’s Board of Directors shall not be disturbed for at least the greater of any period of time: (a) specified in any other agreement or contract defining Director’s role as a member of the Board of Directors, (b) a period of one year from the date hereof, or (c) so long as Director owns, directly or indirectly, at least 10% of the issued or outstanding equity stock in the Company. Membership on the Board shall require adherence to board member conduct policies adopted by the board and enforced equally upon all directors.

 

Director may voluntarily resign his position on the Board of Directors at any time and without penalty or liability of any kind.

 

8. Confidentiality. Subject to exceptions mutually agreed upon by the parties to this Agreement in advance and in writing, the terms and conditions of this Agreement shall remain confidential and protected from disclosure except as required by law in connection with any registration or filing, in relation to a lawful subpoena, or as may be necessary for purposes of disclosure to accountants, financial advisors or other experts, who shall be made aware of and agree to be bound by the confidentiality provisions hereof.

 

9. Governing Law. This Agreement shall be governed by the law of the State of Delaware. In the event of any dispute regarding the performance or terms hereof, the prevailing party in any litigation shall be entitled to an award of reasonable attorneys’ fees and costs of suit, together with any other relief awarded hereunder or in accordance with governing law.

 

In witness whereof, the parties hereto enter into this Agreement as of the date first set forth above.

 

THE COMPANY:     DIRECTOR:
     
 
Name: Jimmy Wayne Anderson   Jimmy Wayne Anderson
Title:  President     

 

 

 

EX-31.1 3 ex31-1.htm

 

Exhibit 31.1

 

CERTIFICATIONS

 

I, Jimmy Wayne Anderson, certify that:

 

1.

I have reviewed this annual report on Form 10-K for the year ended June 30, 2021 of Global Technologies, Ltd.;

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

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. I have disclosed, based on my 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 (or 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 registrant’s internal control over financial reporting.

 

Date: October 13, 2021

 
   
/s/ Jimmy Wayne Anderson  
Jimmy Wayne Anderson  
Principal Executive Officer and Principal Financial Officer  

 

 

 

 

EX-31.2 4 ex31-2.htm

 

Exhibit 31.2

 

Certification of Principal Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a) or 15d-14(a)

under the Securities Exchange Act of 1934

 

I, Jimmy Wayne Anderson, Principal Financial Officer of Global Technologies, Ltd., certify that:

 

1.

I have reviewed this annual report on Form 10-K for the year ended June 30, 2021 of Global Technologies, Ltd.;

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

 

  a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report 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 registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or 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 registrant’s internal control over financial reporting.

 

Date: October 13, 2021

 
     
By: /s/ Jimmy Wayne Anderson  
  Principal Financial Officer  

 

 

 

 

EX-32.1 5 ex32-1.htm

 

Exhibit 32.1

 

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 Technologies, Ltd. (the “Company”) on Form 10-K for the period ended June 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jimmy Wayne Anderson, Chief Executive Officer and Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

(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.

 

Dated: October 13, 2021

/s/ Jimmy Wayne Anderson
  Jimmy Wayne Anderson
  Chief Executive Officer and Principal Financial Officer

 

 

 

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(hereinafter the “Company”, “Our”, “We”, or “Us”) is a publicly quoted company that was incorporated under the laws of the State of Delaware on January 20, 1999 under the name of NEW IFT Corporation. On August 13, 1999, the Company filed an Amended and Restated Certificate of Incorporation with the State of Delaware to change the name of the corporation to Global Technologies, Ltd. Our principal executive offices are located at 501 1<sup>st </sup>Ave N., Suite 901, St. Petersburg, FL 33701 and our telephone number is (727) 482-1505. Our website address is www.globaltechnologiesltd.info. The information contained on, or that can be accessed through, our website is not a part of this Annual Report on Form 10-K. We have included our website address in this Annual Report solely as an inactive textual reference.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Prior Operational History</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">From inception until March 2011, Global Technologies was a technology portfolio company that acquired nascent technology and related innovations, inventions and IP assets to enhance their growth and development. The Company built revenues and asset value through a model of continuous growth, income from or sale of its portfolio holdings, and technology licensing or distribution agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The Company invested primarily in innovative and promising clean/renewable energy or bio-tech technologies that had reached the stage in the critical Technology Development &amp; Demonstration phase of the Innovative Cycle, which includes Prototype, Demonstration and Market Analysis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">In March 2011, the Company abandoned its operations. Mr. Jimmy Wayne Anderson, our sole officer and director, was appointed a director of the Company in December 2017 and an officer in January 2018.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Current Operations</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Global Technologies, Ltd (“Global”) is a holding corporation, which through its subsidiaries, has operations engaged in the online sales of CBD and hemp related products, the acquisition of intellectual property in the safety and security space and as a portal for entrepreneurs to provide immediate access to live shopping, e-commerce, product placement in brick and mortar retail outlets and logistics.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On November 30, 2019, the Company entered into a Purchase and Sale Agreement (the “Agreement”) for the purchase of TCBM Holdings, LLC (“TCBM”). Under the terms of the Agreement, the Company issued a Convertible Promissory Note in the amount of $<span id="xdx_907_eus-gaap--ConvertibleDebt_c20191130__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember_pp0p0">2,000,000 </span></span><span style="font: 10pt Times New Roman, Times, Serif">to Jetco Holdings, LLC for the purchase of all issued and outstanding membership units of TCBM and its subsidiaries, HMNRTH, LLC and 911 Help Now, LLC. As of March 15, 2021, the outstanding principal and interest on the Note were $<span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20210315__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember_zKAc2zznTSOk">503,714</span> and $<span id="xdx_908_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_pp0p0_c20210315__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember_zeVz51ITdLY4" title="Debt interest">46,485</span>, respectively. On this same date, the Holder agreed to forgive $<span id="xdx_908_eus-gaap--DebtInstrumentDecreaseForgiveness_pp0p0_c20210314__20210315__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember_zr13ZvYST9Vl" title="Debt forgiveness">253,714</span> in outstanding principal and all outstanding interest leaving a remaining principal balance of $<span id="xdx_90E_eus-gaap--ConvertibleDebt_iI_pp0p0_c20210315__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember_zghAXSUCGXif">250,000</span>. On March 15, 2021, the Company issued the Holder fifty (<span id="xdx_904_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pp0p0_c20210314__20210315__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember_zQfgl2eIjtWc" title="Debt conversion, shares issued">50</span>) shares of the Company’s Series L Preferred Stock in satisfaction of the $<span id="xdx_904_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_c20210314__20210315__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember_zec2kFje99Pl" title="Debt conversion, amount">250,000</span> principal balance. As of June 30, 2021, there was no outstanding principal or interest due. Please <i>see</i> <b>NOTE F - NOTES PAYABLE, THIRD PARTIES </b>for further information.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify">On March 11, 2020, the Company, through its two wholly owned subsidiaries, HMNRTH, LLC (the “Seller”) and TCBM Holdings, LLC (the “Owner”) (together Seller and Owner the “Selling Parties”) entered into an Asset Purchase Agreement (the “Agreement”) with Edison Nation, Inc. and its wholly owned subsidiary, Scalematix, LLC (together the “Buyer”), for the sale of certain assets in the health and wellness industry and related consumer products industry. Under the terms of the Agreement, Buyer was to remit $<span id="xdx_90C_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_c20200306__20200311__us-gaap--TypeOfArrangementAxis__custom--AssetPurchaseAgreementMember_zIXxTfJ9uve8">70,850 </span>via wire transfer at Closing and issue to a representative of the Selling Parties Two Hundred Thirty-Eight Thousand Seven Hundred and Fifty (<span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_c20200306__20200311__us-gaap--TypeOfArrangementAxis__custom--AssetPurchaseAgreementMember_zUenuVTRiNR6">238,750</span>) shares of restricted common stock. In addition, the Selling Parties shall have the right to additional earn out compensation based upon the following metrics: (i) at such time as the purchased assets achieve cumulative revenue of $<span id="xdx_90E_ecustom--CumulativeRevenue_c20200310__20200311__srt--StatementScenarioAxis__custom--TransactionOneMember_pp0p0">2,500,000</span>, the Selling Parties shall earn One Hundred Twenty-Five Thousand (<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200310__20200311__srt--StatementScenarioAxis__custom--TransactionOneMember_pdd">125,000</span>) shares of common stock; and (ii) at such time as the purchased assets achieve cumulative revenue of $<span id="xdx_904_ecustom--CumulativeRevenue_c20200310__20200311__srt--StatementScenarioAxis__custom--TransactionTwoMember_pp0p0">5,000,000</span>, the Selling Parties shall earn One Hundred Twenty-Five Thousand (<span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200310__20200311__srt--StatementScenarioAxis__custom--TransactionTwoMember_pdd">125,000</span>) shares of common stock. The Closing of the transaction occurred on March 11, 2020. As of the date of this filing, the Company has received the <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_c20210523__20210524__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_pdd">238,750 </span>shares of restricted common stock valued at $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures_c20210523__20210524__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_pp0p0">477,500 </span>and the $<span id="xdx_90E_ecustom--AmountToBeCompensated_c20210523__20210524__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_pp0p0">70,850 </span>in cash compensation due under the terms of the Agreement. The shares and cash compensation were subsequently transferred to the principal of Jetco Holdings, LLC as payment against the November 30, 2019 Convertible Promissory Note issued to Jetco Holdings, LLC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 3, 2020, the Company entered into a Commitment to be Bound by the Amended Operating Agreement to Effect Transfer of Membership Interest in order to facilitate the transfer of 25 Membership Units (the “Units”) issued by Global Clean Solutions, LLC (“Global”) and held in the name of Graphene Holdings, LLC (“Graphene”) to the Company. In exchange for the transfer of the Units to the Company, the Company issued to Graphene a Convertible Promissory Note (the “Note”) in the amount of $<span id="xdx_904_eus-gaap--ConvertibleDebt_c20200903__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember__dei--LegalEntityAxis__custom--GrapheneMember_pp0p0" title="Convertible promissory note">250,000</span>. Please <i>see </i><b>NOTE G - NOTES PAYABLE, THIRD PARTIES and NOTE M - SUBSEQUENT EVENTS </b>for further information.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i><span style="text-decoration: underline">Our wholly owned subsidiaries:</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>About TCBM Holdings, LLC</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">TCBM Holdings, LLC (“TCBM”) was formed as a Delaware limited liability company on August 10, 2017. TCBM is a holding corporation, which operated through its two wholly owned subsidiaries, HMNRTH, LLC and 911 Help Now, LLC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>About HMNRTH, LLC</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">HMNRTH, LLC (“HMN”) was formed as a Delaware limited liability company on July 30, 2019. HMNRTH operates as an online store selling a variety of hemp and CBD related products. The Company’s business model is to bridge the gap between the lifestyle and knowledge components within the cannabis industry. The Company’s goal is to educate every consumer while cultivating an experience by providing quality products, branded cutting-edge content, and diversified product lines for any purpose. Most importantly, we want our clients to discover their inner HMN, redefine their inner HMN and Empower their inner HMN. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In September 2019, the Company entered into a Quality Agreement with Nutralife Biosciences for the development and production of its CBD line of products. The Company’s product line includes hemp derived, full spectrum cannabidiol tinctures and creams in varying sizes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">In order for the Company to generate revenue through HMNRTH, we will need to: (i) produce additional inventory for retail sales through the Company’s ecommerce site or sales, or (ii) sales to third party distributors, or (iii) direct sales to brick and mortar CBD retail outlets, or (iv) generate additional CBD formulas to be utilized in new products At present, the Company does not have the required capital to initiate any of the options and there is no guarantee that we will be able to raise the required funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Regulation of HMNRTH products:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The manufacture, labeling and distribution of our products is regulated by various federal, state and local agencies. These governmental authorities may commence regulatory or legal proceedings, which could restrict the permissible scope of our product claims or the ability to sell our products in the future. The FDA regulates our nutraceutical and wellness products to ensure that the products are not adulterated or misbranded.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We are subject to additional regulation as a result of our CBD products. The shifting compliance environment and the need to build and maintain robust systems to comply with different compliance in multiple jurisdictions increase the possibility that we may violate one or more of the requirements. If our operations are found to be in violation of any of such laws or any other governmental regulations that apply to us, we may be subject to penalties, including, without limitation, civil and criminal penalties, damages, fines, the curtailment or restructuring of our operations, any of which could adversely affect our ability to operate our business and our financial results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Failure to comply with FDA requirements may result in, among other things, injunctions, product withdrawals, recalls, product seizures, fines and criminal prosecutions. Our advertising is subject to regulation by the FTC under the FTCA. Additionally, some states also permit advertising and labeling laws to be enforced by private attorney generals, who may seek relief for consumers, seek class action certifications, seek class wide damages and product recalls of products sold by us. Any actions against us by governmental authorities or private litigants could have a material adverse effect on our business, financial condition and results of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>About 911 Help Now, LLC</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">911 Help Now, LLC (“911”) was formed as a Delaware limited liability company on February 2, 2018. 911 was a holding company of intellectual property in the safety and security space. At present, we own no intellectual property within our 911 subsidiary. In order to generate future revenue within 911, we will need to identify and either acquire or license intellectual property. In the event of an acquisition, we will then need to either develop products utilizing our intellectual property or license out our intellectual property to a third party. There is no guarantee that we will be successful with an acquisition or licensing of any intellectual property.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>About Markets on Main, LLC</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Markets on Main, LLC (“MOM”) was formed as a Florida limited liability company on April 2, 2020. MOM is A full service, sales and distribution, third-party logistics provider and portal to multi-channel sales opportunities. MOM’s focus is on bringing small businesses and entrepreneurs to large opportunities and distribution. MOM will provide the following services to its clients: inventory management, brand management, fulfillment and drop-ship capabilities, retail distribution and customer service. MOM’s website can be found at <span style="text-decoration: underline">www.marketsonmain.com</span>.</span></p> <p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On November 5, 2020, the Company, through its wholly owned subsidiary Markets on Main, LLC (“Licensor”), entered into a Platform License Agreement (the “License Agreement”) with Honey Badger Media, LLC (the “Licensee”). Under the terms of the License Agreement, the Company grants the Licensee a perpetual, non-exclusive license to operate the Platform, fulfillment opportunities and its related technologies. <span style="background-color: white">In consideration for the License, the Licensee shall </span>pay to the Licensor a fee equal to twenty percent (20%) of the Net Profits generated from Licensee’s clients through the Platform.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i><span style="text-decoration: underline">Investments:</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>About Global Clean Solutions, LLC</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Global Clean Solutions was founded as a special purpose entity in the Personal Protective Equipment Industry during the initial stages of the pandemic in 2020. Its management set out with a simple mission; deliver customers PPE while removing the panic from the pandemic. Global Clean Solutions has created a solid and repeatable foundation and is able to satisfy the needs of both government municipalities and corporations that many companies have tried, and few have succeeded.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Direct to factory relationships</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Proprietary hand sanitizer ready to ship</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Funding programs available</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Government contract expertise</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Overseas production capabilities</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Distribution centers in CA and FL</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="margin: 0; font-family: Times New Roman, Times, Serif"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company elected to impair its investment in Global Clean as it does not anticipate generating any further revenue from this investment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><span style="text-decoration: underline">Services:</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Consulting Services</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 10, 2021, the Company entered into a Consulting Agreement (the “Agreement”) with CoroWare, Inc. (“CoroWare”). Under the terms of the Agreement, the Company is to prepare the following financial reports for CoroWare: (i) Registration Statement and all subsequent amendments, (ii) Quarterly Reports for the periods ended March 31, 2021, June 30, 2021 and September 30, 2021, and (iii) Annual Report for the period ended December 31, 2021. The Agreement shall have a term one (1) year or until CoroWare’s Annual Report is filed with OTC Markets or the SEC. The Company shall be compensated a total of $<span id="xdx_90F_eus-gaap--DeferredCompensationArrangementWithIndividualCompensationExpense_c20210505__20210510__srt--ProductOrServiceAxis__custom--ConsultingServicesMember_zQtXaWmL08gl" title="Total compensation">45,000</span> in three equal payments of $<span id="xdx_90B_ecustom--CompensationPaymentInstallments_c20210505__20210510__srt--ProductOrServiceAxis__custom--ConsultingServicesMember_zrPS2pHOGo01" title="CompensationPayment">15,000</span>.</p> <p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Consultants</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 2, 2020, the Company entered into a Consulting Agreement (the “Agreement”) with Timothy Cabrera (the “Consultant”). Under the terms of the Agreement, the Consultant is to provide services to further the business plan of the Company’s subsidiaries, seek and advise the Company on the acquisition of potential products, seek acquisition candidates and on the sale of any inventory. <span id="xdx_907_ecustom--AgreementDescription_c20191230__20200102__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__srt--TitleOfIndividualAxis__custom--TimothyCabreraMember" title="Agreement description">The Agreement has a term of one (<span id="xdx_901_ecustom--AgreementTerm_dtY_c20191230__20200102__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__srt--TitleOfIndividualAxis__custom--TimothyCabreraMember_zddTzcnzs8Z9" title="Agreement term">1</span>) year and the Consultant is to be compensated Two Hundred Fifty Thousand and NO/100 Dollars ($250,000).</span> On February 15, 2021, the Company issued fifty shares of the Company’s Series L Preferred Stock to the Consultant in satisfaction of $<span id="xdx_904_eus-gaap--OfficersCompensation_c20191230__20200102__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__srt--TitleOfIndividualAxis__custom--TimothyCabreraMember_pp0p0" title="Officers compensation">250,000</span> cash compensation due for past consulting services. All compensation due under the Agreement has been satisfied.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 2, 2020, the Company entered into a Consulting Agreement (the “Agreement”) with Brian McFadden (the “Consultant”). Under the terms of the Agreement, the Consultant is to provide services to manage the Company’s HMNRTH subsidiary, manage the process of new CBD formulas from development to sale, seek and advise the Company on the acquisition of potential products and on the sale of any inventory. <span id="xdx_90A_ecustom--AgreementDescription_c20191230__20200102__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__srt--TitleOfIndividualAxis__custom--BrianMcFaddenMember" title="Agreement description">The Agreement has a term of one (<span id="xdx_908_ecustom--AgreementTerm_dtY_c20191230__20200102__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__srt--TitleOfIndividualAxis__custom--BrianMcFaddenMember_zBGsPJ3dXcA2" title="Agreement term">1</span>) year and the Consultant is to be compensated Two Hundred Fifty Thousand and NO/100 Dollars ($250,000).</span> On February 15, 2021, the Company issued fifty shares of the Company’s Series L Preferred Stock to the Consultant in satisfaction of $<span id="xdx_901_eus-gaap--OfficersCompensation_c20191230__20200102__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__srt--TitleOfIndividualAxis__custom--BrianMcFaddenMember_pp0p0" title="Officers compensation">250,000</span> cash compensation due for past consulting services. All compensation due under the Agreement has been satisfied.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 22, 2019, the Company entered into a Consulting Agreement (the “Agreement”) with Sylios Corp (the “Consultant”), an entity controlled by the Company’s President, Jimmy Wayne Anderson. Under the terms of the Agreement, the Consultant is to provide services related to acquisitions, mergers and certain day to day tasks of managing a public company. As compensation, the Company shall pay Consultant $<span id="xdx_903_eus-gaap--StockIssuedDuringPeriodValueShareBasedCompensation_c20190820__20190822__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--SyliosCorpMember__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember_pp0p0" title="Issuance of Series L preferred stock in satisfaction of compensation due for past consulting fees">50,000</span> through the issuance of ten (<span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20190820__20190822__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--SyliosCorpMember__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember_pdd" title="Issuance of Series L preferred stock in satisfaction of compensation due for consulting fees, shares">10</span>) shares of the Company’s Series L Preferred Stock. The Company issued the shares of Series L Preferred Stock on September 2, 2019. <span id="xdx_905_ecustom--AgreementDescription_c20190820__20190822__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--SyliosCorpMember" title="Agreement description">The Agreement had a term of six (<span id="xdx_90A_ecustom--AgreementTerm_dtM_c20190820__20190822__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--SyliosCorpMember_zkUK3fDzveOe" title="Agreement term">6</span>) months or until the Consultant completed the services requested.</span> The services under the Agreement have been satisfied.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> 2000000 503714 46485 253714 250000 50 250000 70850 238750 2500000 125000 5000000 125000 238750 477500 70850 250000 45000 15000 The Agreement has a term of one (1) year and the Consultant is to be compensated Two Hundred Fifty Thousand and NO/100 Dollars ($250,000). P1Y 250000 The Agreement has a term of one (1) year and the Consultant is to be compensated Two Hundred Fifty Thousand and NO/100 Dollars ($250,000). P1Y 250000 50000 10 The Agreement had a term of six (6) months or until the Consultant completed the services requested. P6M <p id="xdx_804_eus-gaap--SignificantAccountingPoliciesTextBlock_zlSFdHsrf1Z5" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>NOTE B - <span id="xdx_823_zUOtfmvP79Zb">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Summary of Significant Accounting Policies</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States and have been consistently applied in the preparation of the financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p id="xdx_843_eus-gaap--ConsolidationPolicyTextBlock_zfeAq85ZDFv9" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Principles of Consolidation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The consolidated financial statements include the accounts of Global Technologies and its wholly owned subsidiaries TCBM Holdings, LLC and Markets on Main, LLC. All inter-company balances and transactions have been eliminated in consolidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p id="xdx_845_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zRzg6aAuSN24" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Cash Equivalents</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Investments having an original maturity of 90 days or less that are readily convertible into cash are considered to be cash equivalents. For the periods presented, the Company had <span id="xdx_904_eus-gaap--CashEquivalentsAtCarryingValue_iI_pp0p0_do_c20210630_zC7P2alLLk74" title="Cash equivalents"><span id="xdx_903_eus-gaap--CashEquivalentsAtCarryingValue_iI_pp0p0_do_c20200630_zkU1w5VLROmh" title="Cash equivalents">no</span></span> cash equivalents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"/> <p id="xdx_843_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zX5lTUK5PBS9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>Accounts Receivable and Allowance for Doubtful Accounts:</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">Accounts receivable are recorded at invoiced amount and generally do not bear interest. An allowance for doubtful accounts is established, as necessary, based on past experience and other factors which, in management’s judgment, deserve current recognition in estimating bad debts. Such factors include growth and composition of accounts receivable, the relationship of the allowance for doubtful accounts to accounts receivable and current economic conditions. The determination of the collectability of amounts due from customer accounts requires the Company to make judgments regarding future events and trends. Allowances for doubtful accounts are determined based on assessing the Company’s portfolio on an individual customer and on an overall basis. This process consists of a review of historical collection experience, current aging status of the customer accounts, and the financial condition of Global Technologies’ customers. Based on a review of these factors, the Company establishes or adjusts the allowance for specific customers and the accounts receivable portfolio as a whole. At June 30, 2021 and 2020, an allowance for doubtful accounts was <span id="xdx_903_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_pp0p0_do_c20210630_zj89JOMv57k1" title="Allowance for doubtful accounts"><span id="xdx_902_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_pp0p0_do_c20200630_zjStwMbHVfLh" title="Allowance for doubtful accounts">no</span></span>t considered necessary as all accounts receivable were deemed collectible.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_84C_eus-gaap--ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy_zL1Ei8COTx48" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>Accounts receivable – related party and allowance for doubtful accounts</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif; background-color: white">Accounts receivable – related party are presented net of an allowance for doubtful accounts. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, a customer’s historical payment history, its current credit-worthiness and current economic trends. Accounts are written off after exhaustive efforts at collection.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif; background-color: white">Management believes that the accounts receivable are fully collectable. Therefore, <span id="xdx_905_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_do_c20210630_z0d1FB8pDTa4" title="Allowance for doubtful accounts">no</span> allowance for doubtful accounts is deemed to be required on its accounts receivable – related party at June 30, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_84B_eus-gaap--ConcentrationRiskCreditRisk_znTLEWLPWI39" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Concentrations of Risks</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i><span style="text-decoration: underline">Concentration of Accounts Receivable </span></i>–At June 30, 2021, the Company had no accounts receivable. At June 30, 2020, one customer accounted for <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPercentage_c20190701__20200630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zHfwZiqqMQE8">100%</span> of the Company’s total accounts receivable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37.55pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i><span style="text-decoration: underline">Concentration of Revenues</span></i> – For the years ended June 30, 2021 and 2020, one customer accounted for <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPercentage_c20200701__20210630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_z7AQ9tSFxR5l"><span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPercentage_c20190701__20200630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zipaMXhhzGs1">100%</span></span></span><span style="font: 10pt Times New Roman, Times, Serif"> of the Company’s total revenues.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37.55pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif; background-color: white"><i><span style="text-decoration: underline">Concentration of Suppliers </span></i>– The Company relies on a limited number of suppliers and contract manufacturers. In particular, a single supplier is currently the sole manufacturer of the Company’s CBD products.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i><span style="text-decoration: underline">Concentration of Loans Receivable</span></i> – The Company had no loan receivable at June 30, 2021. At June 30, 2020, one borrower accounted for <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPercentage_c20190701__20200630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--LoansReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneBorrowerMember_z8qoUbcHICE5">100%</span> </span><span style="font: 10pt Times New Roman, Times, Serif">of the Company’s total loans receivable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white"><i><span style="text-decoration: underline">Concentration of Loans Receivable, Other</span></i> –At June 30, 2021, one borrower accounted for <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPercentage_c20200701__20210630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--LoansReceivableOtherMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneBorrowerMember_zjMcj17Jt9o9">100%</span> of the Company’s total loans receivable, other. The Company had no loans receivable, other at June 30, 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_848_eus-gaap--IncomeTaxPolicyTextBlock_zmJOs403TwT6" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Income Taxes</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In accordance with Accounting Standards Codification (ASC) 740 - Income Taxes, the provision for income taxes is computed using the asset and liability method. The asset and liability method measures deferred income taxes by applying enacted statutory rates in effect at the balance sheet date to the differences between the tax basis of assets and liabilities and their reported amounts on the financial statements. The resulting deferred tax assets or liabilities are adjusted to reflect changes in tax laws as they occur. A valuation allowance is provided when it is not more likely than not that a deferred tax asset will be realized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We expect to recognize the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a “more-likely-than-not” threshold, the amount to be recognized in the financial statements will be the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. As of June 30, 2021, we had no uncertain tax positions. We recognize interest and penalties, if any, related to uncertain tax positions as general and administrative expenses. We currently have no federal or state tax examinations nor have we had any federal or state examinations since our inception. To date, we have not incurred any interest or tax penalties.</span></p> <p id="xdx_85C_z4tG7In9qpHd" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>GLOBAL TECHNOLOGIES, LTD</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><i>For the years ended June 30, 2021 and 2020 </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_842_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zizIJm6MYLQ9" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Financial Instruments and Fair Value of Financial Instruments</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We adopted ASC Topic 820, <i>Fair Value Measurements and Disclosures</i>, for assets and liabilities measured at fair value on a recurring basis. ASC Topic 820 establishes a common definition for fair value to be applied to existing US GAAP that requires the use of fair value measurements that establishes a framework for measuring fair value and expands disclosure about such fair value measurements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC Topic 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.6in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Level 1:</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Observable inputs such as quoted market prices in active markets for identical assets or liabilities</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Level 2:</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Observable market-based inputs or unobservable inputs that are corroborated by market data</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Level 3:</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. Except for the derivative liability, we had no financial assets or liabilities carried and measured at fair value on a recurring or nonrecurring basis during the periods presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_840_eus-gaap--DerivativesPolicyTextBlock_zZMiXB7Q7dY8" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Derivative Liabilities</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We evaluate convertible notes payable, stock options, stock warrants and other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under the relevant sections of ASC Topic 815-40, <i>Derivative Instruments and Hedging: Contracts in Entity’s Own Equity</i>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative instrument and is marked-to-market at each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of operations as other income or other expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Financial instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815-40 are reclassified to a liability account at the fair value of the instrument on the reclassification date. Please <i>see</i> <b>NOTE H - DERIVATIVE LIABILITY </b>for further information.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_842_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock_zEMOTfGA5Bxa" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Long-lived Assets</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Long-lived assets such as property and equipment and intangible assets are periodically reviewed for impairment. We test for impairment losses on long-lived assets used in operations whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Impairment evaluations involve management’s estimates on asset useful lives and future cash flows. Actual useful lives and cash flows could be different from those estimated by management which could have a material effect on our reporting results and financial positions. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"/> <p id="xdx_84E_eus-gaap--InvestmentPolicyTextBlock_zumIT7RVXfx6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><i><span id="xdx_86B_z7AOVqe9ljG">Accounting for Investments</span> </i>- The Company accounts for investments based upon the type and nature of the investment and the availability of current information to determine its value. Investments in marketable securities in which there is a trading market will be valued at market value on the nearest trading date relative to the Company’s financial reporting requirements. Investments in which there is no trading market from which to obtain recent pricing and trading data for valuation purposes will be valued based upon management’s review of available financial information, disclosures related to the investment and recent valuations related to the investment’s fundraising efforts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">On September 3, 2020, the Company entered into a Commitment to be Bound by the Amended Operating Agreement to Effect Transfer of Membership Interest in order to facilitate the transfer of 25 Membership Units (the “Units”), representing a twenty five percent ownership, issued by Global Clean Solutions, LLC (“Global”) and held in the name of Graphene Holdings, LLC (“Graphene”) to the Company. The Company reviews its investments for impairment on a quarterly basis. After reviewing the status of Global’s financial condition, the Company has determined that no impairment of its investment is necessary for the year ended <span style="background-color: white">June 30, 2021</span>. For the year ended <span style="background-color: white">June 30, 2021, there were no similar transactions with third-parties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="background-color: white"> </span></p> <p id="xdx_893_eus-gaap--ScheduleOfCostMethodInvestmentsTableTextBlock_zBAgHbZ3tubh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_8B5_zy3tIbDxe1oe" style="display: none">SCHEDULE OF INVESTMENT</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_497_20210630_zgXUFWgRFXih" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">June 30, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_494_20200930_zlkl4CUpgYB5" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">September 30, 2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--Investments_iI_hdei--LegalEntityAxis__custom--GlobalCleanSolutionsLLCMember_z4YoApuUtQe9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif">Global Clean Solutions, LLC</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0763">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">250,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--Investments_iI_zWGcqPVHLMca" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif">Total investments</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0766">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">250,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8AF_zk7ZZ315z5o5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The above investment does not have a readily determinable fair value, as identified in ASC 321-10-35-2, and each investment is measured at cost less impairment. The Company monitors the investment for any changes in observable prices from orderly transactions. For the year ended <span style="background-color: white">June 30, 2021</span>, the Company generated $<span id="xdx_900_eus-gaap--InvestmentIncomeNet_c20200701__20210630_pp0p0">12,197</span> investment income from its investment in Global. The Company elected to impair its investment in Global Clean as it does not anticipate generating any further revenue from its investment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_847_eus-gaap--MarketableSecuritiesPolicy_zWxBz2llTFVi" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Marketable Equity Securities</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Marketable equity securities are stated at lower of cost or market value with unrealized gains and losses included in operations. The Company has classified its marketable equity securities as trading securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_84A_ecustom--DeferredFinancingCostsPolicyTextBlock_zSVgfykT85Ac" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Deferred Financing Costs</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Deferred financing costs represent costs incurred in the connection with obtaining debt financing. These costs are amortized ratably and charged to financing expenses over the term of the related debt.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p id="xdx_847_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zOcGrKNwSGJf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Revenue recognition</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Generally, the Company considers all revenues as arising from contracts with customers. Revenue is recognized based on the five-step process outlined in the Accounting Standards Codification (“ASC”) 606:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Step 1 – Identify the Contract with the Customer – A contract exists when (a) the parties to the contract have approved the contract and are committed to perform their respective obligations, (b) the entity can identify each party’s rights regarding the goods or services to be transferred, (c) the entity can identify the payment terms for the goods or services to be transferred, (d) the contract has commercial substance and it is probably that the entity will collect substantially all of the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Step 2 – Identify Performance Obligations in the Contract – Upon execution of a contract, the Company identifies as performance obligations each promise to transfer to the customer either (a) goods or services that are distinct, or (b) a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. To the extent a contract includes multiple promised goods or services, the Company must apply judgement to determine whether the goods or services are capable of being distinct within the context of the contract. If these criteria are not met, the goods or services are accounted for as a combined performance obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: #F9F9F9">Service revenue is recognized when the professional consulting, maintenance or other ancillary services are provided to the customer. Shipping and handling costs charged to customers are classified as revenue, and the shipping and handling costs incurred are included in cost of sales. Shipping and handling costs charged to customers are classified as revenue, and the shipping and handling costs incurred are included in cost of sales.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>GLOBAL TECHNOLOGIES, LTD</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><i>For the years ended June 30, 2021 and 2020 </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Step 3 – Determine the Transaction Price – When (or as) a performance obligation is satisfied, the Company shall recognize as revenue the amount of the transaction price that is allocated to the performance obligation. The contract terms are used to determine the transaction price. Generally, all contracts include fixed consideration. If a contract did include variable consideration, the Company would determine the amount of variable consideration that should be included in the transaction price based on expected value method. Variable consideration would be included in the transaction price, if in the Company’s judgement, it is probable that a significant future reversal of cumulative revenue under the contract would not occur.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Step 4 – Allocate the Transaction Price – After the transaction price has been determined, the next step is to allocate the transaction price to each performance obligation in the contract. If the contract only has one performance obligation, the entire transaction price will be applied to that obligation. If the contract has multiple performance obligations, the transaction price is allocated to the performance obligations based on the relative standalone selling price (SSP) at contract inception.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Step 5 – Satisfaction of the Performance Obligations (and Recognize Revenue) – Revenue is recognized when (or as) goods or services are transferred to a customer. The Company satisfies each of its performance obligations by transferring control of the promised good or service underlying that performance obligation to the customer. Control is the ability to direct the use of and obtain substantially all of the remaining benefits from an asset. It includes the ability to prevent other entities from directing the use of and obtaining the benefits from an asset. Indicators that control has passed to the customer include: a present obligation to pay; physical possession of the asset; legal title; risks and rewards of ownership; and acceptance of the asset(s). Performance obligations can be satisfied at a point in time or over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify">Substantially all of the Company’s revenues continue to be recognized when control of the goods is transferred to the customer, which is upon shipment of the finished goods to the customer. All sales have fixed pricing and there are currently no material variable components included in the Company’s revenue. Additionally, the Company will issue credits for defective merchandise, historically these credits for defective merchandise have not been material. Based on the Company’s analysis of the new revenue standards, revenue recognition from the sale of finished goods to customers, which represents substantially all of the Company’s revenues, was not impacted by the adoption of the new revenue standards.</p> <p id="xdx_854_z4Z2wM6k5uO9" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p id="xdx_840_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zYdQ9G1eIEg7" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Stock-Based Compensation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We account for share-based awards to employees in accordance with ASC 718 “Stock Compensation”. Under this guidance, stock compensation expense is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the estimated service period (generally the vesting period) on the straight-line attribute method. The Company accounts for non-employee stock-based awards in accordance with the Accounting Standards Update (ASU) 2018-07, <i>Compensation—Stock Compensation (Topic 718): </i>Under the new standard, the Company will value all equity classified awards at their grant-date under ASC718 and no options were required to be revalued at adoption.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_841_ecustom--RelatedPartiesPolicyTextBlock_zZnwvIXSyQRl" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Related Parties</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">A party is considered to be related to us if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with us. Related parties also include our principal owners, our management, members of the immediate families of our principal owners and our management and other parties with which we may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties, or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests, is also a related party.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_840_eus-gaap--AdvertisingCostsPolicyTextBlock_zGMKttDUalCa" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Advertising Costs</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Advertising costs are expensed as incurred. For the periods presented, we had no advertising costs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_840_eus-gaap--EarningsPerSharePolicyTextBlock_zMrhT65zmmvi" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Loss per Share</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We compute net loss per share in accordance with FASB ASC 260. The ASC specifies the computation, presentation and disclosure requirements for loss per share for entities with publicly held common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Basic loss per share amounts are computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed on the basis of the weighted average number of common shares and dilutive securities (such as stock options, warrants and convertible securities) outstanding. Dilutive securities having an anti-dilutive effect on diluted net loss per share are excluded from the calculation. For the years ended June 30, 2021 and 2020, the Company excluded <span id="xdx_90E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20200701__20210630_zk34Jmfx9ndc">59,095,209,336 </span></span><span style="font-family: Times New Roman, Times, Serif">and <span id="xdx_902_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20190701__20200630_pdd">25,621,051,276</span></span><span style="font-family: Times New Roman, Times, Serif">, </span><span style="font-family: Times New Roman, Times, Serif">respectively, shares relating to convertible notes payable to third parties, shares issuable upon the exercise of the Armada warrant and share issuable upon conversion of the Company’s Series L Preferred stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_842_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z5ShMDubL3qk" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Recently Enacted Accounting Standards</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>GLOBAL TECHNOLOGIES, LTD</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><i>For the years ended June 30, 2021 and 2020 </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”).  Financial Instruments—Credit Losses (Topic 326) amends guideline on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities.  For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses.  The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected.  For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down.  ASU 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income.  The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash.  The amendments in this ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.  We are currently evaluating the impact of the adoption of ASU 2016-13 on our financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In July 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2017-11. Among other things, ASU 2017-11 provides guidance that eliminates the requirement to consider “down round” features when determining whether certain financial instruments or embedded features are indexed to an entity’s stock and need to be classified as liabilities. ASU 2017-11 provides for entities to recognize the effect of a down round feature only when it is triggered and then as a dividend and a reduction to income available to common stockholders in basic earnings per share. The guidance is effective for annual periods beginning after December 15, 2018; early adoption is permitted. The Company has adopted ASU 2017-11. As a result, we have not recognized the fair value of the warrants containing down round features as liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; background-color: white">In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40)”. This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock.  As well as amend the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions.  In addition, this ASU improves and amends the related EPS guidance. This standard is effective for us on May 1, 2022, including interim periods within those fiscal years.  Adoption is either a modified retrospective method or a fully retrospective method of transition. We are currently evaluating the impact of the adoption of ASU 2020-06 on our financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our consolidated financial statements and related disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_846_eus-gaap--UseOfEstimates_zY2VXi02Tlcg" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Use of Estimates</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_843_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zbza5obUpFV9" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Fair Value of Financial Instruments</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The Company defines the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. Financial instruments included in the Company’s financial statements include cash, accounts payable and accrued expenses, accrued interest payable, loans payable to related parties, notes payable to third parties, notes payable to related parties and derivative liability. Unless otherwise disclosed in the notes to the financial statements, the carrying value of financial instruments is considered to approximate fair value due to the short maturity and characteristics of those instruments. The carrying value of debt approximates fair value as terms approximate those currently available for similar debt instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p id="xdx_84F_eus-gaap--GoodwillAndIntangibleAssetsGoodwillPolicy_zEWVHNhlmKhi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Goodwill</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">After completing the purchase price allocation, any residual of cost over fair value of the net identifiable assets and liabilities was assigned to the unidentifiable asset, goodwill. Formerly subject to mandatory amortization, this now is not permitted to be amortized at all, by any allocation scheme and over any useful life. Impairment testing, using a methodology at variance with that set forth in FAS 144 (which, however, continues in effect for all other types of long-lived assets and intangibles other than goodwill), must be applied periodically, and any computed impairment will be presented as a separate line item in that period’s income statement, as a component of income from continuing operations (unless associated with discontinued operations, in which case, the impairment would, net of income tax effects, be combined with the remaining effects of the discontinued operations. In accordance with Statement No. 142, “Goodwill and Other Intangible Assets,” the Company does not amortize goodwill, but performs impairment tests of the carrying value on a semi-annual and annual basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_842_eus-gaap--IntangibleAssetsFiniteLivedPolicy_zfiHMZVnccUj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Intangible Assets</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Intangible assets are stated at the lesser of cost or fair value</span><span style="font-family: Times New Roman, Times, Serif">. Please <i>see </i><b>NOTE C – ACQUISITION OF TCBM HOLDINGS, LLC </b>for further information.</span></p> <p id="xdx_85A_zEuwb7S4yEVb" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>GLOBAL TECHNOLOGIES, LTD</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><i>For the years ended June 30, 2021 and 2020 </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p id="xdx_843_eus-gaap--ConsolidationPolicyTextBlock_zfeAq85ZDFv9" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Principles of Consolidation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The consolidated financial statements include the accounts of Global Technologies and its wholly owned subsidiaries TCBM Holdings, LLC and Markets on Main, LLC. All inter-company balances and transactions have been eliminated in consolidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p id="xdx_845_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zRzg6aAuSN24" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Cash Equivalents</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Investments having an original maturity of 90 days or less that are readily convertible into cash are considered to be cash equivalents. For the periods presented, the Company had <span id="xdx_904_eus-gaap--CashEquivalentsAtCarryingValue_iI_pp0p0_do_c20210630_zC7P2alLLk74" title="Cash equivalents"><span id="xdx_903_eus-gaap--CashEquivalentsAtCarryingValue_iI_pp0p0_do_c20200630_zkU1w5VLROmh" title="Cash equivalents">no</span></span> cash equivalents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"/> 0 0 <p id="xdx_843_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zX5lTUK5PBS9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>Accounts Receivable and Allowance for Doubtful Accounts:</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">Accounts receivable are recorded at invoiced amount and generally do not bear interest. An allowance for doubtful accounts is established, as necessary, based on past experience and other factors which, in management’s judgment, deserve current recognition in estimating bad debts. Such factors include growth and composition of accounts receivable, the relationship of the allowance for doubtful accounts to accounts receivable and current economic conditions. The determination of the collectability of amounts due from customer accounts requires the Company to make judgments regarding future events and trends. Allowances for doubtful accounts are determined based on assessing the Company’s portfolio on an individual customer and on an overall basis. This process consists of a review of historical collection experience, current aging status of the customer accounts, and the financial condition of Global Technologies’ customers. Based on a review of these factors, the Company establishes or adjusts the allowance for specific customers and the accounts receivable portfolio as a whole. At June 30, 2021 and 2020, an allowance for doubtful accounts was <span id="xdx_903_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_pp0p0_do_c20210630_zj89JOMv57k1" title="Allowance for doubtful accounts"><span id="xdx_902_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_pp0p0_do_c20200630_zjStwMbHVfLh" title="Allowance for doubtful accounts">no</span></span>t considered necessary as all accounts receivable were deemed collectible.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> 0 0 <p id="xdx_84C_eus-gaap--ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy_zL1Ei8COTx48" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>Accounts receivable – related party and allowance for doubtful accounts</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif; background-color: white">Accounts receivable – related party are presented net of an allowance for doubtful accounts. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, a customer’s historical payment history, its current credit-worthiness and current economic trends. Accounts are written off after exhaustive efforts at collection.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif; background-color: white">Management believes that the accounts receivable are fully collectable. Therefore, <span id="xdx_905_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_do_c20210630_z0d1FB8pDTa4" title="Allowance for doubtful accounts">no</span> allowance for doubtful accounts is deemed to be required on its accounts receivable – related party at June 30, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> 0 <p id="xdx_84B_eus-gaap--ConcentrationRiskCreditRisk_znTLEWLPWI39" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Concentrations of Risks</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i><span style="text-decoration: underline">Concentration of Accounts Receivable </span></i>–At June 30, 2021, the Company had no accounts receivable. At June 30, 2020, one customer accounted for <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPercentage_c20190701__20200630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zHfwZiqqMQE8">100%</span> of the Company’s total accounts receivable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37.55pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i><span style="text-decoration: underline">Concentration of Revenues</span></i> – For the years ended June 30, 2021 and 2020, one customer accounted for <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPercentage_c20200701__20210630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_z7AQ9tSFxR5l"><span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPercentage_c20190701__20200630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zipaMXhhzGs1">100%</span></span></span><span style="font: 10pt Times New Roman, Times, Serif"> of the Company’s total revenues.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37.55pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif; background-color: white"><i><span style="text-decoration: underline">Concentration of Suppliers </span></i>– The Company relies on a limited number of suppliers and contract manufacturers. In particular, a single supplier is currently the sole manufacturer of the Company’s CBD products.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i><span style="text-decoration: underline">Concentration of Loans Receivable</span></i> – The Company had no loan receivable at June 30, 2021. At June 30, 2020, one borrower accounted for <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPercentage_c20190701__20200630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--LoansReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneBorrowerMember_z8qoUbcHICE5">100%</span> </span><span style="font: 10pt Times New Roman, Times, Serif">of the Company’s total loans receivable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white"><i><span style="text-decoration: underline">Concentration of Loans Receivable, Other</span></i> –At June 30, 2021, one borrower accounted for <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPercentage_c20200701__20210630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--LoansReceivableOtherMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneBorrowerMember_zjMcj17Jt9o9">100%</span> of the Company’s total loans receivable, other. The Company had no loans receivable, other at June 30, 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> 1 1 1 1 1 <p id="xdx_848_eus-gaap--IncomeTaxPolicyTextBlock_zmJOs403TwT6" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Income Taxes</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In accordance with Accounting Standards Codification (ASC) 740 - Income Taxes, the provision for income taxes is computed using the asset and liability method. The asset and liability method measures deferred income taxes by applying enacted statutory rates in effect at the balance sheet date to the differences between the tax basis of assets and liabilities and their reported amounts on the financial statements. The resulting deferred tax assets or liabilities are adjusted to reflect changes in tax laws as they occur. A valuation allowance is provided when it is not more likely than not that a deferred tax asset will be realized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We expect to recognize the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a “more-likely-than-not” threshold, the amount to be recognized in the financial statements will be the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. As of June 30, 2021, we had no uncertain tax positions. We recognize interest and penalties, if any, related to uncertain tax positions as general and administrative expenses. We currently have no federal or state tax examinations nor have we had any federal or state examinations since our inception. To date, we have not incurred any interest or tax penalties.</span></p> <p id="xdx_842_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zizIJm6MYLQ9" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Financial Instruments and Fair Value of Financial Instruments</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We adopted ASC Topic 820, <i>Fair Value Measurements and Disclosures</i>, for assets and liabilities measured at fair value on a recurring basis. ASC Topic 820 establishes a common definition for fair value to be applied to existing US GAAP that requires the use of fair value measurements that establishes a framework for measuring fair value and expands disclosure about such fair value measurements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC Topic 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.6in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Level 1:</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Observable inputs such as quoted market prices in active markets for identical assets or liabilities</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Level 2:</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Observable market-based inputs or unobservable inputs that are corroborated by market data</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Level 3:</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. Except for the derivative liability, we had no financial assets or liabilities carried and measured at fair value on a recurring or nonrecurring basis during the periods presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_840_eus-gaap--DerivativesPolicyTextBlock_zZMiXB7Q7dY8" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Derivative Liabilities</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We evaluate convertible notes payable, stock options, stock warrants and other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under the relevant sections of ASC Topic 815-40, <i>Derivative Instruments and Hedging: Contracts in Entity’s Own Equity</i>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative instrument and is marked-to-market at each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of operations as other income or other expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Financial instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815-40 are reclassified to a liability account at the fair value of the instrument on the reclassification date. Please <i>see</i> <b>NOTE H - DERIVATIVE LIABILITY </b>for further information.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_842_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock_zEMOTfGA5Bxa" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Long-lived Assets</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Long-lived assets such as property and equipment and intangible assets are periodically reviewed for impairment. We test for impairment losses on long-lived assets used in operations whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Impairment evaluations involve management’s estimates on asset useful lives and future cash flows. Actual useful lives and cash flows could be different from those estimated by management which could have a material effect on our reporting results and financial positions. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"/> <p id="xdx_84E_eus-gaap--InvestmentPolicyTextBlock_zumIT7RVXfx6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><i><span id="xdx_86B_z7AOVqe9ljG">Accounting for Investments</span> </i>- The Company accounts for investments based upon the type and nature of the investment and the availability of current information to determine its value. Investments in marketable securities in which there is a trading market will be valued at market value on the nearest trading date relative to the Company’s financial reporting requirements. Investments in which there is no trading market from which to obtain recent pricing and trading data for valuation purposes will be valued based upon management’s review of available financial information, disclosures related to the investment and recent valuations related to the investment’s fundraising efforts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">On September 3, 2020, the Company entered into a Commitment to be Bound by the Amended Operating Agreement to Effect Transfer of Membership Interest in order to facilitate the transfer of 25 Membership Units (the “Units”), representing a twenty five percent ownership, issued by Global Clean Solutions, LLC (“Global”) and held in the name of Graphene Holdings, LLC (“Graphene”) to the Company. The Company reviews its investments for impairment on a quarterly basis. After reviewing the status of Global’s financial condition, the Company has determined that no impairment of its investment is necessary for the year ended <span style="background-color: white">June 30, 2021</span>. For the year ended <span style="background-color: white">June 30, 2021, there were no similar transactions with third-parties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="background-color: white"> </span></p> <p id="xdx_893_eus-gaap--ScheduleOfCostMethodInvestmentsTableTextBlock_zBAgHbZ3tubh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_8B5_zy3tIbDxe1oe" style="display: none">SCHEDULE OF INVESTMENT</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_497_20210630_zgXUFWgRFXih" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">June 30, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_494_20200930_zlkl4CUpgYB5" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">September 30, 2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--Investments_iI_hdei--LegalEntityAxis__custom--GlobalCleanSolutionsLLCMember_z4YoApuUtQe9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif">Global Clean Solutions, LLC</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0763">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">250,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--Investments_iI_zWGcqPVHLMca" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif">Total investments</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0766">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">250,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8AF_zk7ZZ315z5o5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The above investment does not have a readily determinable fair value, as identified in ASC 321-10-35-2, and each investment is measured at cost less impairment. The Company monitors the investment for any changes in observable prices from orderly transactions. For the year ended <span style="background-color: white">June 30, 2021</span>, the Company generated $<span id="xdx_900_eus-gaap--InvestmentIncomeNet_c20200701__20210630_pp0p0">12,197</span> investment income from its investment in Global. The Company elected to impair its investment in Global Clean as it does not anticipate generating any further revenue from its investment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_893_eus-gaap--ScheduleOfCostMethodInvestmentsTableTextBlock_zBAgHbZ3tubh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_8B5_zy3tIbDxe1oe" style="display: none">SCHEDULE OF INVESTMENT</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_497_20210630_zgXUFWgRFXih" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">June 30, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_494_20200930_zlkl4CUpgYB5" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">September 30, 2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--Investments_iI_hdei--LegalEntityAxis__custom--GlobalCleanSolutionsLLCMember_z4YoApuUtQe9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif">Global Clean Solutions, LLC</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0763">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">250,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--Investments_iI_zWGcqPVHLMca" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif">Total investments</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0766">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">250,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> </table> 250000 250000 12197 <p id="xdx_847_eus-gaap--MarketableSecuritiesPolicy_zWxBz2llTFVi" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Marketable Equity Securities</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Marketable equity securities are stated at lower of cost or market value with unrealized gains and losses included in operations. The Company has classified its marketable equity securities as trading securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_84A_ecustom--DeferredFinancingCostsPolicyTextBlock_zSVgfykT85Ac" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Deferred Financing Costs</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Deferred financing costs represent costs incurred in the connection with obtaining debt financing. These costs are amortized ratably and charged to financing expenses over the term of the related debt.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p id="xdx_847_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zOcGrKNwSGJf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Revenue recognition</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Generally, the Company considers all revenues as arising from contracts with customers. Revenue is recognized based on the five-step process outlined in the Accounting Standards Codification (“ASC”) 606:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Step 1 – Identify the Contract with the Customer – A contract exists when (a) the parties to the contract have approved the contract and are committed to perform their respective obligations, (b) the entity can identify each party’s rights regarding the goods or services to be transferred, (c) the entity can identify the payment terms for the goods or services to be transferred, (d) the contract has commercial substance and it is probably that the entity will collect substantially all of the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Step 2 – Identify Performance Obligations in the Contract – Upon execution of a contract, the Company identifies as performance obligations each promise to transfer to the customer either (a) goods or services that are distinct, or (b) a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. To the extent a contract includes multiple promised goods or services, the Company must apply judgement to determine whether the goods or services are capable of being distinct within the context of the contract. If these criteria are not met, the goods or services are accounted for as a combined performance obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: #F9F9F9">Service revenue is recognized when the professional consulting, maintenance or other ancillary services are provided to the customer. Shipping and handling costs charged to customers are classified as revenue, and the shipping and handling costs incurred are included in cost of sales. Shipping and handling costs charged to customers are classified as revenue, and the shipping and handling costs incurred are included in cost of sales.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>GLOBAL TECHNOLOGIES, LTD</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><i>For the years ended June 30, 2021 and 2020 </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Step 3 – Determine the Transaction Price – When (or as) a performance obligation is satisfied, the Company shall recognize as revenue the amount of the transaction price that is allocated to the performance obligation. The contract terms are used to determine the transaction price. Generally, all contracts include fixed consideration. If a contract did include variable consideration, the Company would determine the amount of variable consideration that should be included in the transaction price based on expected value method. Variable consideration would be included in the transaction price, if in the Company’s judgement, it is probable that a significant future reversal of cumulative revenue under the contract would not occur.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Step 4 – Allocate the Transaction Price – After the transaction price has been determined, the next step is to allocate the transaction price to each performance obligation in the contract. If the contract only has one performance obligation, the entire transaction price will be applied to that obligation. If the contract has multiple performance obligations, the transaction price is allocated to the performance obligations based on the relative standalone selling price (SSP) at contract inception.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Step 5 – Satisfaction of the Performance Obligations (and Recognize Revenue) – Revenue is recognized when (or as) goods or services are transferred to a customer. The Company satisfies each of its performance obligations by transferring control of the promised good or service underlying that performance obligation to the customer. Control is the ability to direct the use of and obtain substantially all of the remaining benefits from an asset. It includes the ability to prevent other entities from directing the use of and obtaining the benefits from an asset. Indicators that control has passed to the customer include: a present obligation to pay; physical possession of the asset; legal title; risks and rewards of ownership; and acceptance of the asset(s). Performance obligations can be satisfied at a point in time or over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify">Substantially all of the Company’s revenues continue to be recognized when control of the goods is transferred to the customer, which is upon shipment of the finished goods to the customer. All sales have fixed pricing and there are currently no material variable components included in the Company’s revenue. Additionally, the Company will issue credits for defective merchandise, historically these credits for defective merchandise have not been material. Based on the Company’s analysis of the new revenue standards, revenue recognition from the sale of finished goods to customers, which represents substantially all of the Company’s revenues, was not impacted by the adoption of the new revenue standards.</p> <p id="xdx_840_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zYdQ9G1eIEg7" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Stock-Based Compensation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We account for share-based awards to employees in accordance with ASC 718 “Stock Compensation”. Under this guidance, stock compensation expense is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the estimated service period (generally the vesting period) on the straight-line attribute method. The Company accounts for non-employee stock-based awards in accordance with the Accounting Standards Update (ASU) 2018-07, <i>Compensation—Stock Compensation (Topic 718): </i>Under the new standard, the Company will value all equity classified awards at their grant-date under ASC718 and no options were required to be revalued at adoption.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_841_ecustom--RelatedPartiesPolicyTextBlock_zZnwvIXSyQRl" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Related Parties</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">A party is considered to be related to us if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with us. Related parties also include our principal owners, our management, members of the immediate families of our principal owners and our management and other parties with which we may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties, or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests, is also a related party.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_840_eus-gaap--AdvertisingCostsPolicyTextBlock_zGMKttDUalCa" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Advertising Costs</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Advertising costs are expensed as incurred. For the periods presented, we had no advertising costs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_840_eus-gaap--EarningsPerSharePolicyTextBlock_zMrhT65zmmvi" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Loss per Share</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We compute net loss per share in accordance with FASB ASC 260. The ASC specifies the computation, presentation and disclosure requirements for loss per share for entities with publicly held common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Basic loss per share amounts are computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed on the basis of the weighted average number of common shares and dilutive securities (such as stock options, warrants and convertible securities) outstanding. Dilutive securities having an anti-dilutive effect on diluted net loss per share are excluded from the calculation. For the years ended June 30, 2021 and 2020, the Company excluded <span id="xdx_90E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20200701__20210630_zk34Jmfx9ndc">59,095,209,336 </span></span><span style="font-family: Times New Roman, Times, Serif">and <span id="xdx_902_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20190701__20200630_pdd">25,621,051,276</span></span><span style="font-family: Times New Roman, Times, Serif">, </span><span style="font-family: Times New Roman, Times, Serif">respectively, shares relating to convertible notes payable to third parties, shares issuable upon the exercise of the Armada warrant and share issuable upon conversion of the Company’s Series L Preferred stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> 59095209336 25621051276 <p id="xdx_842_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z5ShMDubL3qk" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Recently Enacted Accounting Standards</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>GLOBAL TECHNOLOGIES, LTD</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><i>For the years ended June 30, 2021 and 2020 </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”).  Financial Instruments—Credit Losses (Topic 326) amends guideline on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities.  For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses.  The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected.  For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down.  ASU 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income.  The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash.  The amendments in this ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.  We are currently evaluating the impact of the adoption of ASU 2016-13 on our financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In July 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2017-11. Among other things, ASU 2017-11 provides guidance that eliminates the requirement to consider “down round” features when determining whether certain financial instruments or embedded features are indexed to an entity’s stock and need to be classified as liabilities. ASU 2017-11 provides for entities to recognize the effect of a down round feature only when it is triggered and then as a dividend and a reduction to income available to common stockholders in basic earnings per share. The guidance is effective for annual periods beginning after December 15, 2018; early adoption is permitted. The Company has adopted ASU 2017-11. As a result, we have not recognized the fair value of the warrants containing down round features as liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; background-color: white">In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40)”. This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock.  As well as amend the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions.  In addition, this ASU improves and amends the related EPS guidance. This standard is effective for us on May 1, 2022, including interim periods within those fiscal years.  Adoption is either a modified retrospective method or a fully retrospective method of transition. We are currently evaluating the impact of the adoption of ASU 2020-06 on our financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our consolidated financial statements and related disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_846_eus-gaap--UseOfEstimates_zY2VXi02Tlcg" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Use of Estimates</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_843_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zbza5obUpFV9" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Fair Value of Financial Instruments</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The Company defines the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. Financial instruments included in the Company’s financial statements include cash, accounts payable and accrued expenses, accrued interest payable, loans payable to related parties, notes payable to third parties, notes payable to related parties and derivative liability. Unless otherwise disclosed in the notes to the financial statements, the carrying value of financial instruments is considered to approximate fair value due to the short maturity and characteristics of those instruments. The carrying value of debt approximates fair value as terms approximate those currently available for similar debt instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p id="xdx_84F_eus-gaap--GoodwillAndIntangibleAssetsGoodwillPolicy_zEWVHNhlmKhi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Goodwill</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">After completing the purchase price allocation, any residual of cost over fair value of the net identifiable assets and liabilities was assigned to the unidentifiable asset, goodwill. Formerly subject to mandatory amortization, this now is not permitted to be amortized at all, by any allocation scheme and over any useful life. Impairment testing, using a methodology at variance with that set forth in FAS 144 (which, however, continues in effect for all other types of long-lived assets and intangibles other than goodwill), must be applied periodically, and any computed impairment will be presented as a separate line item in that period’s income statement, as a component of income from continuing operations (unless associated with discontinued operations, in which case, the impairment would, net of income tax effects, be combined with the remaining effects of the discontinued operations. In accordance with Statement No. 142, “Goodwill and Other Intangible Assets,” the Company does not amortize goodwill, but performs impairment tests of the carrying value on a semi-annual and annual basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_842_eus-gaap--IntangibleAssetsFiniteLivedPolicy_zfiHMZVnccUj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Intangible Assets</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Intangible assets are stated at the lesser of cost or fair value</span><span style="font-family: Times New Roman, Times, Serif">. Please <i>see </i><b>NOTE C – ACQUISITION OF TCBM HOLDINGS, LLC </b>for further information.</span></p> <p id="xdx_805_eus-gaap--BusinessCombinationDisclosureTextBlock_z3238rllX32b" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTE C – <span id="xdx_824_zOSY3BscsCZf">ACQUISITION OF TCBM HOLDINGS, LLC</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On November 30, 2019, the Company acquired <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_c20191130__dei--LegalEntityAxis__custom--TCBMMember__srt--ConsolidatedEntitiesAxis__custom--HMNRTHLLCAndNineHundredAndElevenHelpNowLLCMember_pdd" title="Ownership interest percentage">100%</span> ownership of TCBM Holdings, LLC (“TCBM”) and TCBM’s two wholly owned subsidiaries, HMNRTH, LLC and 911 Help Now, LLC. The combination has been accounted for in the accompanying consolidated financial statements as an “acquisition” transaction. Accordingly, the financial position and results of operation of the Company prior to November 30, 2019 has been excluded from the accompanying consolidated financial statements. The Company acquired a 100% interest in exchange for a Convertible Promissory Note in the amount of $<span id="xdx_906_eus-gaap--ConvertibleNotesPayable_c20191130__dei--LegalEntityAxis__custom--TCBMMember__srt--ConsolidatedEntitiesAxis__custom--HMNRTHLLCAndNineHundredAndElevenHelpNowLLCMember_pp0p0" title="Convertible promissory note">2,000,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_zJRHIfIfha56" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Details regarding the book values and fair values of the net assets acquired are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8BD_zZlQJMZCihv8" style="display: none">SCHEDULE OF FAIR VALUE OF NET ASSETS ACQUIRED</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_499_20191130__us-gaap--BusinessAcquisitionAxis__custom--BookValueMember_zeBN0bO16YA3" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">Book Value</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49B_20191130__us-gaap--BusinessAcquisitionAxis__custom--FairValueMember_zOFg1FvuHvN3" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">Fair Value</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49C_20191130__us-gaap--BusinessAcquisitionAxis__custom--DifferenceMember_zLF1AjSFp8yj" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">Difference</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pp0p0_zwTuv1kgvH3h" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 55%"><span style="font: 10pt Times New Roman, Times, Serif">Cash</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">546,411</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">546,411</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right">    <span style="-sec-ix-hidden: xdx2ixbrl0806"> </span><span style="font: 10pt Times New Roman, Times, Serif">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory_iI_pp0p0_zTIsea5wp2xk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Inventory</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">70,580</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">70,580</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0810"> </span><span style="font-size: 10pt">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_iI_pp0p0_z97QqiMJ91mf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Property and Equipment</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">36,363</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">36,363</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"/></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0814">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pp0p0" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">653,354</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">653,354</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0818">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A7_zU3ohQMIPfbc" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>Goodwill and Intangibles</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Intangible assets other than goodwill are recorded at fair value at the time acquired or at cost, if applicable. Intangible assets that do not have indefinite lives are amortized in line with the pattern in which the economic benefits of the intangible asset are consumed. If the pattern of economic benefit cannot be reliably determined, the intangible assets are amortized on a straight-line basis over the shorter of the legal or estimated life. Goodwill and indefinite-lived intangibles assets are not amortized but are tested for impairment in the fourth quarter using the same dates each year or more frequently if changes in circumstances or the occurrence of events indicate potential impairment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">In performing the annual impairment test, the fair value of each indefinite-lived intangible asset is compared to its carrying value and an impairment charge is recorded if the carrying value exceeds the fair value. For goodwill, the Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, and whether it is necessary to perform the quantitative goodwill impairment test. The quantitative test is required only if the Company concludes that it is more-likely-than-not that a reporting unit’s fair value is less than its carrying amount. For quantitative testing, the Company compares the fair value of each reporting unit with its carrying amount. If the carrying amount exceeds the fair value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Fair values are determined using established business valuation techniques and models developed by the Company, estimates of market participant assumptions of future cash flows, future growth rates and discount rates to value estimated cash flows. Changes in economic and operating conditions, actual growth below the assumed market participant assumptions or an increase in the discount rate could result in an impairment charge in a future period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>Acquisitions</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Upon acquisition of a business, the Company uses the income, market or cost approach (or a combination thereof) for the valuation as appropriate. The valuation inputs in these models and analyses are based on market participant assumptions.  Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Fair value estimates are based on a series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. Management values property, plant and equipment using the cost approach supported where available by observable market data, which includes consideration of obsolescence. Management values acquired intangible assets using the relief from royalty method or excess earnings method, forms of the income approach supported by observable market data for peer companies. The significant assumptions used to estimate the value of the acquired intangible assets include discount rates and certain assumptions that form the basis of future cash flows (such as revenue growth rates, customer attrition rates, and royalty rates). Acquired inventories are marked to fair value for valuation of the total purchase price. For certain items, the carrying value is determined to be a reasonable approximation of fair value based on information available to the Company.</span></p> <p id="xdx_897_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_zSe8zWWmtQSh" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8B1_zsSzgDYOQBr7" style="display: none">SCHEDULE OF ASSETS ACQUIRED</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Assets acquired</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_493_20191130_zu7e2ROyiDKl" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>As of</b></span></p> <p style="font-family: Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>November 30,</b></span></p> <p style="font-family: Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></span></p></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pp0p0_maBCRIAz6IN_zwAKAKkf7kK9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif">Cash</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">546,411</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory_iI_pp0p0_maBCRIAz6IN_zCUkZmJQ02ka" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span id="xdx_F43_zSYs3PvBrBld" style="font-family: Times New Roman, Times, Serif">Inventory (i)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">70,580</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_iI_pp0p0_maBCRIAz6IN_zvv7HdtA8Zr3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span id="xdx_F40_zCIm1n4CBzt6" style="font-family: Times New Roman, Times, Serif">Property, plant and equipment (ii)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">36,363</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iTI_pp0p0_mtBCRIAz6IN_maBCRIAzn7F_zJdaqO5ojAF1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="display: none; font-family: Times New Roman, Times, Serif">Assets acquired excluding goodwill</td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">653,354</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--Goodwill_iI_pp0p0_maBCRIAzn7F_zK7N4FEWFSh7" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span id="xdx_F43_zKd0jxnwA84i" style="font-family: Times New Roman, Times, Serif">Goodwill (iii)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,346,646</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iTI_pp0p0_mtBCRIAzn7F_zdOI54F8Uitc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total purchase price</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.3in; text-align: center"><span id="xdx_F0C_zem0QwsYkVpi" style="font: 10pt Times New Roman, Times, Serif">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zm2vXE8aJcKh" style="font: 10pt Times New Roman, Times, Serif">Inventories acquired were sold on March 11, 2020</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F0D_zgZv9mxCSvF8" style="font: 10pt Times New Roman, Times, Serif">(ii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_zxGzqxkJnfVl" style="font: 10pt Times New Roman, Times, Serif">Property, plant and equipment acquired includes computers, software and other office equipment.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F01_zEoimfW36tM3" style="font: 10pt Times New Roman, Times, Serif">(iii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zIegHjy1rBYi" style="font: 10pt Times New Roman, Times, Serif">Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired.</span></td></tr> </table> <p id="xdx_8AE_zhHSOyf6CQw6" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_891_eus-gaap--ScheduleOfGoodwillTextBlock_zevgU2Mf1jJ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The changes in the carrying amount of goodwill for the period from November 30, 2019 through June 30, 2021 were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8BF_zDtbXpXTRvm8" style="display: none">SCHEDULE OF GOODWILL</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_497_20191201__20210630_zI86eVNceN73" style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_eus-gaap--Goodwill_iS_pp0p0_zUvn0q0SakHf" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif">Balance as of November 30, 2019</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,346,646</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_eus-gaap--GoodwillPeriodIncreaseDecrease_i_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Additions and adjustments</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(873,323</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_409_eus-gaap--Goodwill_iE_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Balance as of June 30, 2021</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">473,323</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A3_z3sMoDXjwh4d" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the years ended June 30, 2021 and 2020, the Company recorded an impairment of goodwill in the amount of $<span id="xdx_902_eus-gaap--GoodwillPeriodIncreaseDecrease_c20200701__20210630_zpv0HOJWWod3">873,323</span> and $<span id="xdx_90D_eus-gaap--GoodwillPeriodIncreaseDecrease_c20190701__20200630_zZ3s6YMAB9f1">0</span>, respectively. <span style="background-color: white">During the fourth quarter of fiscal 2021 (second calendar quarter of 2021), the Company performed an interim goodwill impairment analysis on the TCBM Holdings, LLC acquisition and its $<span id="xdx_90A_eus-gaap--Goodwill_iI_c20210630__us-gaap--BusinessAcquisitionAxis__custom--TCBMHoldingsLLCMember_zGup4ye0sTkb">946,646</span> goodwill balance based on assessed potential indicators of impairment, including recent disruptions to the domestic CBD market resulting from the COVID-19 pandemic, the increasing uncertainty of near-term demand requirements, supply constraints and financing constraints. In the previous 2020 annual goodwill impairment evaluation, this reporting unit had a fair value of approximately 100% of the carrying value. The impairment assessment and valuation method require the Company to make estimates and assumptions regarding future operating results, cash flows, changes in working capital and capital expenditures, selling prices, profitability, and the cost of capital. As a result of the fourth quarter 2021 goodwill impairment evaluation, the Company determined that the fair value of the TCBM Holdings, LLC acquisition was below carrying value, including goodwill, by $<span id="xdx_904_eus-gaap--GoodwillImpairmentLoss_c20210401__20210630__us-gaap--BusinessAcquisitionAxis__custom--TCBMHoldingsLLCMember_zqdYlD9WDGri">473,323</span>. This was primarily due to changes in the timing and amount of expected cash flows resulting from lower projected revenues, profitability and cash flows due to near-term reductions in the domestic CBD market. Consequently, during the fourth quarter of 2021, the Company recorded a $<span id="xdx_90E_eus-gaap--GoodwillImpairmentLoss_c20210401__20210630__us-gaap--BusinessAcquisitionAxis__custom--TCBMHoldingsLLCMember_zC3Cuj0H6xgh">473,323</span> impairment charge for the partial impairment of the TCBM Holdings, LLC acquisition goodwill.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> 1 2000000 <p id="xdx_89E_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_zJRHIfIfha56" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Details regarding the book values and fair values of the net assets acquired are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8BD_zZlQJMZCihv8" style="display: none">SCHEDULE OF FAIR VALUE OF NET ASSETS ACQUIRED</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_499_20191130__us-gaap--BusinessAcquisitionAxis__custom--BookValueMember_zeBN0bO16YA3" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">Book Value</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49B_20191130__us-gaap--BusinessAcquisitionAxis__custom--FairValueMember_zOFg1FvuHvN3" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">Fair Value</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49C_20191130__us-gaap--BusinessAcquisitionAxis__custom--DifferenceMember_zLF1AjSFp8yj" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">Difference</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pp0p0_zwTuv1kgvH3h" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 55%"><span style="font: 10pt Times New Roman, Times, Serif">Cash</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">546,411</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">546,411</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right">    <span style="-sec-ix-hidden: xdx2ixbrl0806"> </span><span style="font: 10pt Times New Roman, Times, Serif">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory_iI_pp0p0_zTIsea5wp2xk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Inventory</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">70,580</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">70,580</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0810"> </span><span style="font-size: 10pt">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_iI_pp0p0_z97QqiMJ91mf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Property and Equipment</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">36,363</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">36,363</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"/></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0814">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pp0p0" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">653,354</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">653,354</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0818">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> </table> 546411 546411 70580 70580 36363 36363 653354 653354 <p id="xdx_897_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_zSe8zWWmtQSh" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8B1_zsSzgDYOQBr7" style="display: none">SCHEDULE OF ASSETS ACQUIRED</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Assets acquired</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_493_20191130_zu7e2ROyiDKl" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>As of</b></span></p> <p style="font-family: Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>November 30,</b></span></p> <p style="font-family: Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></span></p></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pp0p0_maBCRIAz6IN_zwAKAKkf7kK9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif">Cash</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">546,411</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory_iI_pp0p0_maBCRIAz6IN_zCUkZmJQ02ka" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span id="xdx_F43_zSYs3PvBrBld" style="font-family: Times New Roman, Times, Serif">Inventory (i)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">70,580</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_iI_pp0p0_maBCRIAz6IN_zvv7HdtA8Zr3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span id="xdx_F40_zCIm1n4CBzt6" style="font-family: Times New Roman, Times, Serif">Property, plant and equipment (ii)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">36,363</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iTI_pp0p0_mtBCRIAz6IN_maBCRIAzn7F_zJdaqO5ojAF1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="display: none; font-family: Times New Roman, Times, Serif">Assets acquired excluding goodwill</td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">653,354</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--Goodwill_iI_pp0p0_maBCRIAzn7F_zK7N4FEWFSh7" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span id="xdx_F43_zKd0jxnwA84i" style="font-family: Times New Roman, Times, Serif">Goodwill (iii)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,346,646</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iTI_pp0p0_mtBCRIAzn7F_zdOI54F8Uitc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total purchase price</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.3in; text-align: center"><span id="xdx_F0C_zem0QwsYkVpi" style="font: 10pt Times New Roman, Times, Serif">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zm2vXE8aJcKh" style="font: 10pt Times New Roman, Times, Serif">Inventories acquired were sold on March 11, 2020</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F0D_zgZv9mxCSvF8" style="font: 10pt Times New Roman, Times, Serif">(ii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_zxGzqxkJnfVl" style="font: 10pt Times New Roman, Times, Serif">Property, plant and equipment acquired includes computers, software and other office equipment.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F01_zEoimfW36tM3" style="font: 10pt Times New Roman, Times, Serif">(iii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zIegHjy1rBYi" style="font: 10pt Times New Roman, Times, Serif">Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired.</span></td></tr> </table> 546411 70580 36363 653354 1346646 2000000 <p id="xdx_891_eus-gaap--ScheduleOfGoodwillTextBlock_zevgU2Mf1jJ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The changes in the carrying amount of goodwill for the period from November 30, 2019 through June 30, 2021 were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8BF_zDtbXpXTRvm8" style="display: none">SCHEDULE OF GOODWILL</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_497_20191201__20210630_zI86eVNceN73" style="text-align: right; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_eus-gaap--Goodwill_iS_pp0p0_zUvn0q0SakHf" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif">Balance as of November 30, 2019</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,346,646</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_eus-gaap--GoodwillPeriodIncreaseDecrease_i_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Additions and adjustments</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(873,323</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_409_eus-gaap--Goodwill_iE_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Balance as of June 30, 2021</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">473,323</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 1346646 -873323 473323 873323 0 946646 473323 473323 <p id="xdx_80E_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zgK5nz3SZ4U9" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTE D - <span id="xdx_82D_ztN93lLU5iA9">PROPERTY AND EQUIPMENT</span></b></span></p> <p id="xdx_893_eus-gaap--PropertyPlantAndEquipmentTextBlock_zI6wosw8n3Kk" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif; display: none"> <span id="xdx_8BD_z1ITXcb7g5o4">SCHEDULE OF PROPERTY AND EQUIPMENT</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td colspan="2" id="xdx_498_20210630_zVoe5KfMCSb5" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="margin: 0"><b>June 30, 2021</b></p></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td colspan="2" id="xdx_49F_20200630_zZLfKrEnolzk" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="margin: 0"><b>June 30, 2020</b></p></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"/> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_maPPAENzhoJ_zeoTrvV83SUh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%"><span id="xdx_F40_zVZRHAgQ68" style="font: 10pt Times New Roman, Times, Serif">Property and Equipment (i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 16%"><span style="font: 10pt Times New Roman, Times, Serif">36,363</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 16%"><span style="font-family: Times New Roman, Times, Serif">36,363</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr id="xdx_401_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_msPPAENzhoJ_zRZZHFGOjgf6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F48_zCOsDKGV4s33" style="font-family: Times New Roman, Times, Serif">Less: accumulated depreciation (ii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">(8,226</span></p></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="margin: 0">(3,030</p><span style="font-family: Times New Roman, Times, Serif"/></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pp0p0_mtPPAENzhoJ_zGClvwiyEWB9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Total</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">28,137</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">33,333</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif; width: 3%"><span id="xdx_F06_zQaw2IwAtmve" style="font: 10pt Times New Roman, Times, Serif">(i)</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zz3g3hjbVjgj" style="font: 10pt Times New Roman, Times, Serif">Property and equipment are stated at cost and depreciated principally on methods and at rates designed to amortize their costs over their useful lives.</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif"><span id="xdx_F0F_z4LMgXNqiWFj" style="font: 10pt Times New Roman, Times, Serif">(ii)</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zIIT6LwQAi0j" style="font: 10pt Times New Roman, Times, Serif">Depreciation expense for the years ended June 30, 2021 and 2020 was $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1BFUlRZIEFORCBFUVVJUE1FTlQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_908_eus-gaap--Depreciation_c20200701__20210630_pp0p0" title="Depreciation">5,196</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1BFUlRZIEFORCBFUVVJUE1FTlQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_900_eus-gaap--Depreciation_pp0p0_c20190701__20200630_zjtkj771Ei5" title="Depreciation">3,030</span>, respectively.</span></td></tr></table> <p id="xdx_8A6_zyzYsMo6Swxf" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_893_eus-gaap--PropertyPlantAndEquipmentTextBlock_zI6wosw8n3Kk" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif; display: none"> <span id="xdx_8BD_z1ITXcb7g5o4">SCHEDULE OF PROPERTY AND EQUIPMENT</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td colspan="2" id="xdx_498_20210630_zVoe5KfMCSb5" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="margin: 0"><b>June 30, 2021</b></p></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td colspan="2" id="xdx_49F_20200630_zZLfKrEnolzk" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="margin: 0"><b>June 30, 2020</b></p></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"/> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_maPPAENzhoJ_zeoTrvV83SUh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%"><span id="xdx_F40_zVZRHAgQ68" style="font: 10pt Times New Roman, Times, Serif">Property and Equipment (i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 16%"><span style="font: 10pt Times New Roman, Times, Serif">36,363</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 16%"><span style="font-family: Times New Roman, Times, Serif">36,363</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr id="xdx_401_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_msPPAENzhoJ_zRZZHFGOjgf6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F48_zCOsDKGV4s33" style="font-family: Times New Roman, Times, Serif">Less: accumulated depreciation (ii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">(8,226</span></p></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="margin: 0">(3,030</p><span style="font-family: Times New Roman, Times, Serif"/></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pp0p0_mtPPAENzhoJ_zGClvwiyEWB9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Total</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">28,137</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">33,333</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif; width: 3%"><span id="xdx_F06_zQaw2IwAtmve" style="font: 10pt Times New Roman, Times, Serif">(i)</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zz3g3hjbVjgj" style="font: 10pt Times New Roman, Times, Serif">Property and equipment are stated at cost and depreciated principally on methods and at rates designed to amortize their costs over their useful lives.</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif"><span id="xdx_F0F_z4LMgXNqiWFj" style="font: 10pt Times New Roman, Times, Serif">(ii)</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zIIT6LwQAi0j" style="font: 10pt Times New Roman, Times, Serif">Depreciation expense for the years ended June 30, 2021 and 2020 was $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1BFUlRZIEFORCBFUVVJUE1FTlQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_908_eus-gaap--Depreciation_c20200701__20210630_pp0p0" title="Depreciation">5,196</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1BFUlRZIEFORCBFUVVJUE1FTlQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_900_eus-gaap--Depreciation_pp0p0_c20190701__20200630_zjtkj771Ei5" title="Depreciation">3,030</span>, respectively.</span></td></tr></table> 36363 36363 8226 3030 28137 33333 5196 3030 <p id="xdx_80B_ecustom--AccruedOfficerAndDirectorCompensationTextBlock_zjHeHykhFKD6" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTE E – <span id="xdx_823_zmgLm5WH0AMg">ACCRUED OFFICER AND DIRECTOR COMPENSATION</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_899_ecustom--ScheduleOfAccruedOfficerAndDirectorCompensationTableTextBlock_ze9smllUXqb4" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Accrued officer and director compensation is due to Wayne Anderson, the sole officer and director of the Company, and consists of:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8B4_zKMNr8SpEpq" style="display: none">SCHEDULE OF ACCRUED OFFICER AND DIRECTOR COMPENSATION</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2021</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2020</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: normal 10pt Times New Roman, Times, Serif; text-align: center"/><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Pursuant to January 26, 2018 Board of Directors Service Agreement</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_eus-gaap--AccruedBonusesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember_z8cKZph8z1c6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl0873">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_eus-gaap--AccruedBonusesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember_z7vNVhPaXc72" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="Total"><span style="font-family: Times New Roman, Times, Serif">79,803</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_eus-gaap--AccruedBonusesCurrentAndNoncurrent_iI_pp0p0_c20210630_zMcuikCqLmT9" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl0877">-</span><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"/> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_eus-gaap--AccruedBonusesCurrentAndNoncurrent_iI_pp0p0_c20200630_zZA1vuPqAOde" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total"><span style="font-family: Times New Roman, Times, Serif">79,803</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> </table> <p id="xdx_8A6_zrX9yULYqe0h" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>GLOBAL TECHNOLOGIES, LTD</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><i>For the years ended June 30, 2021 and 2020 </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTE E – ACCRUED OFFICER AND DIRECTOR COMPENSATION (cont’d)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_896_ecustom--ScheduleOfChangesInAccruedOfficerAndDirectorCompensationTableTextBlock_zUkuwhzYj8x9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For the years ended June 30, 2021 and 2020, the balance of accrued officer and director compensation changed as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8B2_zl7mrjcifc58" style="display: none">SCHEDULE OF CHANGES IN ACCRUED OFFICER AND DIRECTOR COMPENSATION</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Pursuant to<br/> Employment<br/> Agreements</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Pursuant to <br/> Board of <br/> Directors<br/> Services<br/> Agreements</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font-family: Times New Roman, Times, Serif">Balance June 30, 2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iS_pp0p0_c20190701__20200630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementsMember_z8807VTY7Vhi" style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 16%" title="Accrued officer and director compensation, beginning balance"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0883">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iS_pp0p0_c20190701__20200630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember_zb8flrjozP06" style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 16%" title="Accrued officer and director compensation, beginning balance"><span style="font-family: Times New Roman, Times, Serif">39,803</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iS_pp0p0_c20190701__20200630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember_zlbOJ1tjwRt2" style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 16%" title="Accrued officer and director compensation, beginning balance"><span style="font-family: Times New Roman, Times, Serif">39,803</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Officer’s/director’s compensation for the year ended June 30, 2020 (including stock-based compensation of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENIQU5HRVMgSU4gQUNDUlVFRCBPRkZJQ0VSIEFORCBESVJFQ1RPUiBDT01QRU5TQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90E_ecustom--AccruedShareBasedCompensation_pp0p0_c20190701__20200630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember_z5Hh5EBqTknb" title="Stock-based compensation">40,000</span> accrued as Stock to be Issued)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_988_eus-gaap--OfficersCompensation_c20190701__20200630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementsMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Officer's/director's compensation"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0891">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98B_eus-gaap--OfficersCompensation_c20190701__20200630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Officer's/director's compensation"><span style="font-family: Times New Roman, Times, Serif">40,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--OfficersCompensation_c20190701__20200630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Officer's/director's compensation"><span style="font-family: Times New Roman, Times, Serif">40,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Balances at June 30, 2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"/><td id="xdx_980_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iS_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementsMember_zl07xQOwoMZ" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Accrued officer and director compensation, beginning balance"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0897">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"/><td id="xdx_984_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iS_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember_zHaVpaslc2m7" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Accrued officer and director compensation, beginning balance"><span style="font-family: Times New Roman, Times, Serif">79,803</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"/><td id="xdx_984_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iS_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember_zMEh4xim2Rr" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Accrued officer and director compensation, beginning balance"><span style="font-family: Times New Roman, Times, Serif">79,803</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Officer’s/director’s compensation for the year ended June 30, 2021 (including stock-based compensation of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENIQU5HRVMgSU4gQUNDUlVFRCBPRkZJQ0VSIEFORCBESVJFQ1RPUiBDT01QRU5TQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_909_ecustom--AccruedShareBasedCompensation_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember_zvRBGu43SUk8" title="Stock-based compensation">40,000</span> accrued as Stock to be Issued)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><p id="xdx_983_eus-gaap--OfficersCompensation_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementsMember_zyRl1yxLT2Gb" style="margin: 0" title="Officer's/director's compensation"><span style="-sec-ix-hidden: xdx2ixbrl0905">-</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td id="xdx_98C_eus-gaap--OfficersCompensation_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right" title="Officer's/director's compensation">40,000</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td id="xdx_988_eus-gaap--OfficersCompensation_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right" title="Officer's/director's compensation">40,000</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">Cash compensation</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensation_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementsMember_zKga13udk2hi" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Cash compensation"><span style="-sec-ix-hidden: xdx2ixbrl0911">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensation_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember_zPHvERbcG42k" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(119,803</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensation_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember_zs0FtgXKBvB5" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(119,803</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Balances at June 30, 2021</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98A_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iE_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementsMember_zW8OhZKd5ek8" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Accrued officer and director compensation, ending balance"><span style="-sec-ix-hidden: xdx2ixbrl0915">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_985_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iE_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember_z9zCBBhR9wVb" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Accrued officer and director compensation, ending balance"><span style="-sec-ix-hidden: xdx2ixbrl0917">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_986_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iE_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember_z3kyWhrFtyJi" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Accrued officer and director compensation, ending balance"><span style="-sec-ix-hidden: xdx2ixbrl0919">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">(i)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">As of June 30, 2021 and June 30, 2020, total shares of common stock accrued as “Stock to be Issued” to Mr. Anderson as per the terms of the Board of Director’s Services Agreement is <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENIQU5HRVMgSU4gQUNDUlVFRCBPRkZJQ0VSIEFORCBESVJFQ1RPUiBDT01QRU5TQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90A_ecustom--CommonStockToBeIssuedForServices_iI_c20210630__srt--TitleOfIndividualAxis__custom--MrAndersonMember_zHVwxQfgwn1d">84,803 </span></span><span style="font: 10pt Times New Roman, Times, Serif">and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENIQU5HRVMgSU4gQUNDUlVFRCBPRkZJQ0VSIEFORCBESVJFQ1RPUiBDT01QRU5TQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_900_ecustom--CommonStockToBeIssuedForServices_c20200630__srt--TitleOfIndividualAxis__custom--MrAndersonMember_pdd">10,000</span></span><span style="font: 10pt Times New Roman, Times, Serif">, </span><span style="font: 10pt Times New Roman, Times, Serif">respectively. </span></td></tr></table> <p id="xdx_8A6_z6nIEDGXffd9" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify">Please <i>see</i> <b>NOTE M - SUBSEQUENT EVENTS</b> for further information.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p id="xdx_899_ecustom--ScheduleOfAccruedOfficerAndDirectorCompensationTableTextBlock_ze9smllUXqb4" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Accrued officer and director compensation is due to Wayne Anderson, the sole officer and director of the Company, and consists of:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8B4_zKMNr8SpEpq" style="display: none">SCHEDULE OF ACCRUED OFFICER AND DIRECTOR COMPENSATION</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2021</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2020</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: normal 10pt Times New Roman, Times, Serif; text-align: center"/><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Pursuant to January 26, 2018 Board of Directors Service Agreement</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_eus-gaap--AccruedBonusesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember_z8cKZph8z1c6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl0873">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_eus-gaap--AccruedBonusesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember_z7vNVhPaXc72" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="Total"><span style="font-family: Times New Roman, Times, Serif">79,803</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_eus-gaap--AccruedBonusesCurrentAndNoncurrent_iI_pp0p0_c20210630_zMcuikCqLmT9" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total"><span style="-sec-ix-hidden: xdx2ixbrl0877">-</span><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"/> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_eus-gaap--AccruedBonusesCurrentAndNoncurrent_iI_pp0p0_c20200630_zZA1vuPqAOde" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total"><span style="font-family: Times New Roman, Times, Serif">79,803</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> </table> 79803 79803 <p id="xdx_896_ecustom--ScheduleOfChangesInAccruedOfficerAndDirectorCompensationTableTextBlock_zUkuwhzYj8x9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For the years ended June 30, 2021 and 2020, the balance of accrued officer and director compensation changed as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8B2_zl7mrjcifc58" style="display: none">SCHEDULE OF CHANGES IN ACCRUED OFFICER AND DIRECTOR COMPENSATION</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Pursuant to<br/> Employment<br/> Agreements</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Pursuant to <br/> Board of <br/> Directors<br/> Services<br/> Agreements</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font-family: Times New Roman, Times, Serif">Balance June 30, 2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iS_pp0p0_c20190701__20200630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementsMember_z8807VTY7Vhi" style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 16%" title="Accrued officer and director compensation, beginning balance"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0883">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iS_pp0p0_c20190701__20200630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember_zb8flrjozP06" style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 16%" title="Accrued officer and director compensation, beginning balance"><span style="font-family: Times New Roman, Times, Serif">39,803</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iS_pp0p0_c20190701__20200630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember_zlbOJ1tjwRt2" style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 16%" title="Accrued officer and director compensation, beginning balance"><span style="font-family: Times New Roman, Times, Serif">39,803</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Officer’s/director’s compensation for the year ended June 30, 2020 (including stock-based compensation of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENIQU5HRVMgSU4gQUNDUlVFRCBPRkZJQ0VSIEFORCBESVJFQ1RPUiBDT01QRU5TQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90E_ecustom--AccruedShareBasedCompensation_pp0p0_c20190701__20200630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember_z5Hh5EBqTknb" title="Stock-based compensation">40,000</span> accrued as Stock to be Issued)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_988_eus-gaap--OfficersCompensation_c20190701__20200630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementsMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Officer's/director's compensation"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0891">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98B_eus-gaap--OfficersCompensation_c20190701__20200630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Officer's/director's compensation"><span style="font-family: Times New Roman, Times, Serif">40,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--OfficersCompensation_c20190701__20200630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Officer's/director's compensation"><span style="font-family: Times New Roman, Times, Serif">40,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Balances at June 30, 2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"/><td id="xdx_980_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iS_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementsMember_zl07xQOwoMZ" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Accrued officer and director compensation, beginning balance"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0897">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"/><td id="xdx_984_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iS_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember_zHaVpaslc2m7" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Accrued officer and director compensation, beginning balance"><span style="font-family: Times New Roman, Times, Serif">79,803</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"/><td id="xdx_984_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iS_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember_zMEh4xim2Rr" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Accrued officer and director compensation, beginning balance"><span style="font-family: Times New Roman, Times, Serif">79,803</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Officer’s/director’s compensation for the year ended June 30, 2021 (including stock-based compensation of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENIQU5HRVMgSU4gQUNDUlVFRCBPRkZJQ0VSIEFORCBESVJFQ1RPUiBDT01QRU5TQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_909_ecustom--AccruedShareBasedCompensation_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember_zvRBGu43SUk8" title="Stock-based compensation">40,000</span> accrued as Stock to be Issued)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><p id="xdx_983_eus-gaap--OfficersCompensation_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementsMember_zyRl1yxLT2Gb" style="margin: 0" title="Officer's/director's compensation"><span style="-sec-ix-hidden: xdx2ixbrl0905">-</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td id="xdx_98C_eus-gaap--OfficersCompensation_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right" title="Officer's/director's compensation">40,000</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td id="xdx_988_eus-gaap--OfficersCompensation_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right" title="Officer's/director's compensation">40,000</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">Cash compensation</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensation_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementsMember_zKga13udk2hi" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Cash compensation"><span style="-sec-ix-hidden: xdx2ixbrl0911">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensation_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember_zPHvERbcG42k" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(119,803</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensation_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember_zs0FtgXKBvB5" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(119,803</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Balances at June 30, 2021</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98A_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iE_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementsMember_zW8OhZKd5ek8" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Accrued officer and director compensation, ending balance"><span style="-sec-ix-hidden: xdx2ixbrl0915">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_985_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iE_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember_z9zCBBhR9wVb" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Accrued officer and director compensation, ending balance"><span style="-sec-ix-hidden: xdx2ixbrl0917">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_986_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iE_pp0p0_c20200701__20210630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember_z3kyWhrFtyJi" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Accrued officer and director compensation, ending balance"><span style="-sec-ix-hidden: xdx2ixbrl0919">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">(i)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">As of June 30, 2021 and June 30, 2020, total shares of common stock accrued as “Stock to be Issued” to Mr. Anderson as per the terms of the Board of Director’s Services Agreement is <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENIQU5HRVMgSU4gQUNDUlVFRCBPRkZJQ0VSIEFORCBESVJFQ1RPUiBDT01QRU5TQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90A_ecustom--CommonStockToBeIssuedForServices_iI_c20210630__srt--TitleOfIndividualAxis__custom--MrAndersonMember_zHVwxQfgwn1d">84,803 </span></span><span style="font: 10pt Times New Roman, Times, Serif">and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENIQU5HRVMgSU4gQUNDUlVFRCBPRkZJQ0VSIEFORCBESVJFQ1RPUiBDT01QRU5TQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_900_ecustom--CommonStockToBeIssuedForServices_c20200630__srt--TitleOfIndividualAxis__custom--MrAndersonMember_pdd">10,000</span></span><span style="font: 10pt Times New Roman, Times, Serif">, </span><span style="font: 10pt Times New Roman, Times, Serif">respectively. </span></td></tr></table> 39803 39803 40000 40000 40000 79803 79803 40000 40000 40000 -119803 -119803 84803 10000 <p id="xdx_804_eus-gaap--DebtDisclosureTextBlock_zqkPtolT2Iz9" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTE F - <span id="xdx_824_zIP7wHYoBzUk">NOTES PAYABLE, THIRD PARTIES </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_896_eus-gaap--ScheduleOfDebtTableTextBlock_zuYOUlFv0KR2" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Notes payable to third parties consist of:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8B8_zkhSBtvnbN15" style="display: none">SCHEDULE OF NOTES PAYABLE TO THIRD PARTIES</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Totals</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630_zdHwVoC4Mxjh" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals">649,750</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630_ziJVYvhr9fwf" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif">839,418</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span id="xdx_F49_z015yGAINZv2" style="font-family: Times New Roman, Times, Serif">Convertible Promissory Note dated January 24, 2018 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due January 24, 2019-with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_900_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">at June 30, 2021 and June 30, 2020, respectively (i)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_989_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember_fKGkp_zRKUwu3dvByb" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="Totals"><span style="-sec-ix-hidden: xdx2ixbrl0933">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98C_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember_fKGkp_zKFUcrRG23G4" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif">15,750</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible Promissory Note dated February 16, 2018 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due February 16, 2019-with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90B_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90C_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">at June 30, 2021 and June 30, 2020, respectively (ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember_fKGlpKQ_____z1OhumRwail5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0939">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_982_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember_fKGlpKQ_____z0OfhAXnj6va" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif">8,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible Promissory Note dated June 3, 2018 payable to Valvasone Trust (“Valvasone”), interest at 5%, default rate of 15%, due June 3, 2019-with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90C_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--ValvasoneTrustMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--ValvasoneTrustMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">at June 30, 2021 and June 30, 2020, respectively (iii)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember_fKGlpaSk___za36Lenclhf8" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0945">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98C_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember_fKGlpaSk___z0Xatyq5gGzb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif">91,900</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible Promissory Note dated June 29, 2018 payable to Jody A. DellaDonna (“JDD”), interest at 5%, default rate of 15%, due June 29, 2019-with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90F_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90E_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">at June 30, 2021 and June 30, 2020, respectively (iv)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember_fKGl2KQ_____zH2IuH66llh7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals"><span style="-sec-ix-hidden: xdx2ixbrl0951">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember_fKGl2KQ_____zbTsQ5KOV6Yd" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif">25,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible Promissory Note dated November 30, 2019 payable to Jetco Holdings, LLC (“Jetco”), interest at 3%, due November 30, 2020-with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_900_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_pp0p0">433,199 </span></span><span style="font-family: Times New Roman, Times, Serif">at June 30, 2021 and June 30, 2020, respectively (v)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember_fKHYp_zTOtZEzCk5n3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0957">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98F_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember_fKHYp_zpJg4rOshLIj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif">688,177</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible Promissory Note dated December 17, 2019 payable to Armada Investment Fund, LLC (“Armada”), interest at 8%, due December 17, 2020, in technical default-with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20200630__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_pp0p0">5,998 </span></span><span style="font-family: Times New Roman, Times, Serif">at, June 30, 2021 and June 30, 2020, respectively (vi)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_989_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_fKHZpKQ_____z6mOPHpMkh54" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals">11,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p id="xdx_984_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_fKHZpKQ_____zCXs3iOnGr27" style="font: 10pt Times New Roman, Times, Serif; margin: 0" title="Totals">5,002</p><span style="font-family: Times New Roman, Times, Serif"/></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Convertible Promissory Note dated March 20, 2020 payable to Jetco Holdings, LLC (“Jetco”), interest at 3%, due March 20, 2021-with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember__dei--LegalEntityAxis__custom--JetcoHoldingsMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember__dei--LegalEntityAxis__custom--JetcoHoldingsMember_pp0p0">14,411 </span></span><span style="font-family: Times New Roman, Times, Serif">at, June 30, 2021 and June 30, 2020, respectively (vii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember_fKHZpaSk___zwdWlhu8iHK2" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right" title="Totals"><span style="-sec-ix-hidden: xdx2ixbrl0969">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98C_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember_fKHZpaSk___zetYis7hBnT2" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif">5,589</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Convertible Promissory Note dated September 3, 2020 payable to Graphene Holdings, LLC (“Graphene”), interest at 3%, due March 3, 2021, in technical default, with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pp0p0" title="Unamortized debt discount">0</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_900_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_z2ozetwqKoai" title="Unamortized debt discount">0</span> at, June 30, 2021 and June 30, 2020, respectively (viii)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><p id="xdx_98E_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember_fKHZpaWkp_zRqCMkiNtF77" style="margin: 0" title="Totals">250,000</p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><p id="xdx_981_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember_fKHZpaWkp_zSLRIKGRwrh2" style="margin: 0" title="Totals"><span style="-sec-ix-hidden: xdx2ixbrl0979">-</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Convertible Promissory Note dated September 9, 2020 payable to Graphene Holdings, LLC (“Graphene”), interest at 3%, due March 9, 2021, in technical default, with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pp0p0" title="Unamortized debt discount">0</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_900_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zB5V1Hdektq4" title="Unamortized debt discount">0</span> at, June 30, 2021 and June 30, 2020, respectively (ix)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><p id="xdx_986_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember_fKGl4KQ_____zQIN5icHHraf" style="margin: 0" title="Totals">20,000</p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><p id="xdx_989_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember_fKGl4KQ_____zSoUJwnvla0k" style="margin: 0" title="Totals"><span style="-sec-ix-hidden: xdx2ixbrl0987">-</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Convertible Promissory Note dated January 20, 2021 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due January 20, 2022, with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0" title="Unamortized debt discount">55,616</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_z3zx0MBCZboa" title="Unamortized debt discount">0</span> at June 30, 2021 and June 30, 2020, respectively (x)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><p id="xdx_986_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember_fKHgp_zszHyHL8ItZb" style="margin: 0" title="Totals">100,000</p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><p id="xdx_985_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember_fKHgp_zOAdZlM784P1" style="margin: 0" title="Totals"><span style="-sec-ix-hidden: xdx2ixbrl0995">-</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Convertible Promissory Note dated February 22, 2021 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due February 22, 2022, with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90C_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zG6LFyiXPepg" title="Unamortized debt discount">129,316</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0" title="Unamortized debt discount">0</span> at June 30, 2021 and June 30, 2020, respectively (xi)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><p id="xdx_981_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember_fKHhpKQ_____z8uEi3mZYpw" style="margin: 0" title="Totals">200,000</p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><p id="xdx_98C_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember_fKHhpKQ_____zTQ3wVFBcl29" style="margin: 0" title="Totals"><span style="-sec-ix-hidden: xdx2ixbrl1003">-</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Convertible Promissory Note dated June 17, 2021 payable to Power Up Lending Group Ltd. (“Power Up”), interest at 8%, due June 17, 2022-with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90C_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember__dei--LegalEntityAxis__custom--PowerUpLendingGroupLtdMember_pp0p0" title="Unamortized debt discount">66,303</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_900_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember__dei--LegalEntityAxis__custom--PowerUpLendingGroupLtdMember_zPpVYROzPJAf" title="Unamortized debt discount">0</span> at, June 30, 2021 and June 30, 2020, respectively (xii)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><p id="xdx_983_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember_fKHhpaSk___zbg2n8m2PEh" style="margin: 0" title="Totals">68,750</p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><p id="xdx_985_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember_fKHhpaSk___zLCeGP0fB52c" style="margin: 0" title="Totals"><span style="-sec-ix-hidden: xdx2ixbrl1011">-</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Totals</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_988_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_c20210630_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals">649,750</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_989_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_c20200630_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif">839,418</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.3in; text-align: center"><span id="xdx_F01_zN66mlNc5Ys3" style="font-size: 10pt">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zTRLrFMyGdg6" style="font-family: Times New Roman, Times, Serif">On January 24, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_c20180124__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0" title="Debt principal amount">15,750</span>. The Convertible Note was fully funded on January 24, 2018. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90B_eus-gaap--DebtInstrumentMaturityDate_dd_c20180123__20180124__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zhhz64pdEGph" title="Debt maturity date">January 24, 2019</span>) at the option of the holder. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--DebtConversionDescription_c20180123__20180124__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember" title="Debt conversion description">The Conversion Price shall be equal to Fifty Percent (50%) of the lowest Trading Price (defined below) during the Valuation Period (defined below), and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. The total number of shares due under any conversion notice (“Notice Shares”) will be equal to the Conversion Amount divided by the Conversion Price. On the date that a Conversion Notice is delivered to Holder, the Company shall deliver an estimated number of shares (“Estimated Shares”) to Holder’s brokerage account equal to the Conversion Amount divided by <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_c20180123__20180124__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pdd" title="Debt conversion, threshold percentage of stock price trigger">50%</span> of the Market Price. “Market Price” shall mean the lowest of the daily Trading Price for the Common Stock during the twenty (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_pid_uInteger_c20180123__20180124__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zxJATx6V0QN5" title="Debt conversion, trading days">20</span>) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. The “Valuation Period” shall mean twenty (20) Trading Days, commencing on the first Trading Day following delivery and clearing of the Notice Shares in Holder’s brokerage account, as reported by Holder (“Valuation Start Date”). If at any time, one or multiple times, during the Valuation Period the number of Estimated Shares delivered to Holder is less than the Notice Shares, the company must immediately deliver enough shares equal to the difference. A Conversion Amount will not be considered fully converted until the end of the Valuation Period for that Conversion Amount.</span> “Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities The Convertible Note has a term of one (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90F_eus-gaap--DebtInstrumentTerm_dtY_c20180123__20180124__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zTFhMMHrE6m4" title="Debt term">1</span>) year and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20180124__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pdd" title="Debt interest rate">10%</span> annually. On March 31, 2021, the Holder agreed to forgive all outstanding principal and interest in the amounts of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90C_eus-gaap--DebtInstrumentDecreaseForgiveness_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_pp0p0" title="Debt forgiveness">15,750</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentDecreaseForgiveness_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_pp0p0" title="Debt forgiveness">5,010</span>, respectively. As of June 30, 2021, there was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_do_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zz37Hc7sKID9" title="Debt principal amount"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_902_eus-gaap--InterestPayableCurrent_iI_pp0p0_do_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zVKTqCFOoVeg" title="Accrued interest">no</span></span> outstanding principal or interest due.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>GLOBAL TECHNOLOGIES, LTD</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><i>For the years ended June 30, 2021 and 2020 </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.3in; text-align: center"><span id="xdx_F09_zrgniy6wH9Dk" style="font: 10pt Times New Roman, Times, Serif">(ii)</span></td> <td id="xdx_F1B_z9cuOMk39Q29" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On February 16, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20180216__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zCHJT9S9kBM3">8,000</span>. The Convertible Note was fully funded on February 16, 2018. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--DebtConversionDescription_c20180215__20180216__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember" title="Debt conversion description">The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_dd_c20180215__20180216__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zntYqPgFtVTj">February 16, 2019</span>) at the option of the holder at the Variable Conversion Price, which shall be equal to the lesser of (i) the price of any public offering of the Maker’s Common Stock or (ii) Fifty Percent (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_c20180215__20180216__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zCauWMR90HX">50%</span>) of the lowest Trading Price (defined below) during the Twenty Trading Day period prior to the day the Holder delivers the Conversion Notice, and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice.</span> “Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded. The Convertible Note has a term of one (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90E_eus-gaap--DebtInstrumentTerm_dtY_c20180215__20180216__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zUWnYGiYUKje">1</span>) year and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20180216__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pdd">10%</span> annually. On March 31, 2021, the Holder agreed to forgive all outstanding principal and interest in the amounts of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--DebtInstrumentDecreaseForgiveness_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_z1rDEOlBSHdh">6,054</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90B_eus-gaap--DebtInstrumentDecreaseForgiveness_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_zUZEX1vdURi8">2,463</span>, respectively. As of June 30, 2021, there was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--InterestPayableCurrent_iI_pp0p0_do_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zIrmfeMP4R63"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_do_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zgWdSkkginNl">no</span></span> outstanding principal or interest due.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F05_z1bQGB97TK4" style="font: 10pt Times New Roman, Times, Serif">(iii)</span></td> <td id="xdx_F13_z8mufHGiZnHj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On June 3, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Valvasone Trust in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_c20180603__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--ValvasoneTrustMember_pp0p0">91,900</span>. The Convertible Note was issued for compensation due for consulting services. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--DebtConversionDescription_c20180602__20180603__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--ValvasoneTrustMember_zRU0Y8mvX3ph">The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (</span><span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_dd_c20180602__20180603__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--ValvasoneTrustMember_zVHYVK0dhSz6">June 3, 2019</span><span>) at the option of the holder at the conversion price which shall be equal to the lower of: (a) </span><span id="xdx_90D_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_c20180602__20180603__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--ValvasoneTrustMember_zZ48C2akoMc2">50% </span><span>of the lowest trading price of the Company’s common stock during the </span><span id="xdx_903_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20180628__20180629__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember_zPKFUwBzl1Y6">25 </span><span>consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date.</span> The Convertible Note has a term of one (1) year and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20180629__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember_pdd">5% </span>annually. On January 14, 2021, the Company issued <span id="xdx_90F_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pp0p0_c20210113__20210114__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--ValvasoneTrustMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zQrxLexKOm95">500,000,000</span> shares of restricted common stock to the noteholder in satisfaction of $<span><span id="xdx_90F_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_c20210113__20210114__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--ValvasoneTrustMember_zqvdB60WRB47">20,000</span></span> principal against the Convertible Note. On March 31, 2021, the Company issued the Holder 26 shares of its Series L Preferred Stock in satisfaction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_zLXtbzxEfpN4">71,900 </span>principal, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_ecustom--DebtInstrumentDefaultPrincipal_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_zLAJLrZykF87">18,380 </span>default principal, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--InterestExpenseDebt_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_zkMoVqhrhUi">12,749 </span>interest and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_ecustom--DebtInstrumentDefaultInterest_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_z4eUztSarRqc">30,183 </span>default interest. A balance of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--DebtInstrumentDecreaseForgiveness_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_zp52bTesSFN1">2,453 </span>was forgiven by the Holder. As of June 30, 2021, there was no outstanding principal or interest due.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F07_zYHHYHD5oYqf" style="font: 10pt Times New Roman, Times, Serif">(iv)</span></td> <td id="xdx_F14_zN8ffTRTo55l" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On June 29, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Jody A. DellaDonna in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_c20180629__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember_pp0p0">25,000</span>. The Convertible Note was issued for compensation due for consulting services. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_eus-gaap--DebtConversionDescription_c20180628__20180629__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember">The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_dd_c20180628__20180629__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember_z6MQBWxUgAmk">June 29, 2019</span>) at the option of the holder at the conversion price which shall be equal to the lower of: (a) <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_c20180628__20180629__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember_pdd">50%</span> of the lowest trading price of the Company’s common stock during the <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20180628__20180629__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember_zBSTOtlVMBf">25</span> consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date.</span> The Convertible Note has a term of one (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_908_eus-gaap--DebtInstrumentTerm_dtY_c20180628__20180629__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember_ztvjqtbmzhPa">1</span>) year and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_c20180629__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember_zWA4TbqERerc">5%</span> annually. On March 31, 2021, the Company issued the Holder 8 shares of its Series L Preferred Stock in satisfaction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_zgXFlfqUsXs5">25,000</span> principal, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_ecustom--DebtInstrumentDefaultPrincipal_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_zfdNYQlkSNg9">5,000</span> default principal, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--InterestExpenseDebt_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_zgC9w3WxlT4l">3,437</span> interest and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_ecustom--DebtInstrumentDefaultInterest_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_zJnJeqjnp3Da">7,890</span> default interest. A balance of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_eus-gaap--DebtInstrumentDecreaseForgiveness_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_z4OgVINs6En4">1,327</span> was forgiven by the Holder. As of June 30, 2021, there was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--InterestPayableCurrent_iI_pp0p0_do_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_z4rkXeXoxyI1"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_do_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zSqkbP6pal8c">no</span></span> outstanding principal or interest due.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F04_zv8wD9Gmm4T8" style="font: 10pt Times New Roman, Times, Serif">(v)</span></td> <td id="xdx_F18_zvDxuZUn8Ph4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On November 30, 2019, the Company executed a Convertible Note (the “Convertible Note”) payable to Jetco Holdings, LLC in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_c20191130__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_pp0p0">2,000,000</span>. The Convertible Note was Issued as part of the Purchase and Sale Agreement for the acquisition of TCBM Holdings, LLC. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_dd_c20191128__20191130__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_zs6oTxo4kvf9">November 30, 2020</span>) at the option of the holder. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--DebtConversionDescription_c20191128__20191130__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember">The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be </span><span id="xdx_908_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_c20191128__20191130__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_zoyilZvQCVIh">70% </span><span>multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (</span><span id="xdx_90B_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20191128__20191130__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_zp2wOGTZZ5cb">20</span><span>) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. </span>The Convertible Note has a term of one (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_900_eus-gaap--DebtInstrumentTerm_dtY_c20191128__20191130__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_zU2Gtlposo64">1</span>) year and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20191130__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_pdd">3% </span>annually. On January 19, 2021, the Company issued <span id="xdx_90B_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pp0p0_c20210118__20210119__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zoh7Z1pcQmH6">300,000,000</span> shares of restricted common stock to the noteholder in satisfaction of $<span id="xdx_90D_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_c20210118__20210119__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_zWrRIhPd99pf">42,000</span> principal against the Convertible Note. On March 15, 2021, the outstanding principal and interest on the Note were $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--DebtInstrumentDecreaseForgiveness_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_zGSOvLVlvQR">503,714 </span>and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_eus-gaap--DebtInstrumentDecreaseForgiveness_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_zpFYxk5Xg1Vf">46,485</span>, respectively. On this same date, the Holder agreed to forgive $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90F_eus-gaap--DebtInstrumentDecreaseForgiveness_pp0p0_c20210301__20210315__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_zvdhThcl3Dw8">253,714 </span>in outstanding principal and all outstanding interest leaving a remaining principal balance of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--InterestExpenseDebt_pp0p0_c20210301__20210315__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_zcQChuKJ7GLb">250,000</span>. On March 15, 2021, the Company issued the Holder fifty (50) shares of the Company’s Series L Preferred Stock in satisfaction of the $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90E_eus-gaap--InterestExpenseDebt_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_ztBi1PDGhlMk">250,000 </span>principal balance. As of June 30, 2021, there was no outstanding principal or interest due.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F0B_zJgfoPxDD1Dc" style="font: 10pt Times New Roman, Times, Serif">(vi)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p id="xdx_F10_z1MbTPyui8n2" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify; background-color: white">On December 17, 2019, the Company entered into a Securities Purchase Agreement (the “Agreement”) with Armada Capital Partners, LLC (“Armada”) wherein the Company issued Armada a Convertible Promissory Note (the “Convertible Note”) in the amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_c20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember_pp0p0">11,000</span> ($<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember_pp0p0">1,000</span> OID). The Convertible Note has a term of one (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_902_eus-gaap--DebtInstrumentTerm_dtY_c20191216__20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_z9Godlno6Z4c">1</span>) year (due on <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--DebtInstrumentMaturityDate_dd_c20191216__20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_zDN2OIEGswkj">December 17, 2020</span>) and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember_pdd">8%</span> annually. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--DebtConversionDescription_c20191128__20191130__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_z6ZVLsfjrpvj">The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 20, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_c20191128__20191130__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_z8EzySBKoy35">60%</span> multiplied by the Market Price (as defined herein)(representing a discount rate of 40%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_908_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20191128__20191130__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_zR8gBC5wFei3">20</span>) Trading Day period ending on the last complete Trading Day prior to the Conversion Date.</span> “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. As part and parcel of the foregoing transaction, Armada was issued a warrant granting the holder the right to purchase up to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_902_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_c20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember_pdd">560,800</span> shares of the Company’s common stock at an exercise price of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember_pdd">0.024</span> for a term of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember_zAUFKVEJl9t8">5</span>-years. The transaction closed on December 17, 2019. In addition, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_c20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--PacificStockTransferCorporationMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_pdd">10,000,000</span> shares of the Company’s common stock have been reserved at Pacific Stock Transfer Corporation for possible issuance upon the conversion of the Note into shares of our common stock. As of June 30, 2021, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_c20210630__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_pp0p0">11,000</span> principal plus $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_eus-gaap--InterestPayableCurrent_c20210630__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_pp0p0">1,350</span> interest were due.</p> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F0B_zJiK6sX3S6Mj" style="font: 10pt Times New Roman, Times, Serif">(vii)</span></td> <td id="xdx_F17_zrhe0IcM3yzh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On March 20, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Jetco Holdings, LLC in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_c20200320__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember__dei--LegalEntityAxis__custom--JetcoHoldingsMember_pp0p0">20,000</span>. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_dd_c20200319__20200320__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember__dei--LegalEntityAxis__custom--JetcoHoldingsMember_zzDGzYXAuUS8">March 20, 2021</span>) at the option of the holder. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90E_eus-gaap--DebtConversionDescription_c20191216__20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember">The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_908_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_c20191216__20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_z1fK6TjSQ4G5">70%</span> multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20191216__20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_zEspDC5r2vh1">20</span>) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. </span>“Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--DebtInstrumentTerm_dtY_c20200319__20200320__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember__dei--LegalEntityAxis__custom--JetcoHoldingsMember_zDnN1Jhb07ec">1</span>) year and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_c20200320__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember__dei--LegalEntityAxis__custom--JetcoHoldingsMember_zmwqZN0XQI7c">3%</span> annually. On February 4, 2021, the Company remitted payment to the Holder in the amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--DebtInstrumentDecreaseForgiveness_pp0p0_c20210203__20210204__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_zFClifjaEVOf">20,532</span>.93 to satisfy all outstanding principal and interest due under the Convertible Note. As of June 30, 2021, there was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--InterestPayableCurrent_iI_pp0p0_do_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zVzXI4qKuZq6"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_do_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zRN0obgDTZ2b">no</span></span> outstanding principal or interest due.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F03_zhSGan8xrbT9" style="font: 10pt Times New Roman, Times, Serif">(viii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_zQgOxEO6fhW3" style="font: 10pt Times New Roman, Times, Serif">On September 3, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Graphene Holdings, LLC (the “Holder”) in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_c20200903__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pp0p0">250,000</span>. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90B_eus-gaap--DebtInstrumentMaturityDate_dd_c20200901__20200903__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zvIxAbHFYiVh">March 3, 2021</span>) at the option of the holder. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_902_eus-gaap--DebtConversionDescription_c20200901__20200903__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember">The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_c20200901__20200909__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pdd">70%</span> multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_pid_uInteger_c20200901__20200909__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zKng1DcAfoU2">20</span>) Trading Day period ending on the last complete Trading Day prior to the Conversion Date.</span> “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--DebtInstrumentTerm_dtY_c20200901__20200903__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zp4MSvowBLE8">1</span>) year and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20200903__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pdd">3%</span> annually. As of June 30, 2021, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pp0p0">250,000</span> principal plus $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90E_eus-gaap--InterestPayableCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pp0p0">6,164</span> interest were due. Please <i>see</i> <b>NOTE M - SUBSEQUENT EVENTS</b> for further information.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F08_zIb2TTqNrX3l" style="font: 10pt Times New Roman, Times, Serif">(ix)</span></td> <td id="xdx_F11_zLgE55q8Wxha" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On September 9, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Graphene Holdings, LLC (the “Holder”) in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_c20200909__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pp0p0">20,000</span>. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90B_eus-gaap--DebtInstrumentMaturityDate_dd_c20200901__20200909__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zdUvyIWF1oa">March 9, 2021</span>) at the option of the holder. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtConversionDescription_c20200901__20200909__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember">The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_c20200901__20200909__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zooSVLvHAGf1">70%</span> multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_pid_uInteger_c20200901__20200909__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_z4cEqsRacGDj">20</span>) Trading Day period ending on the last complete Trading Day prior to the Conversion Date.</span> “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentTerm_dtY_c20200901__20200909__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zvoNsmbo3p6g">1</span>) year and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20200909__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pdd">3%</span> annually. As of June 30, 2021, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pp0p0">20,000</span> principal plus $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90E_eus-gaap--InterestPayableCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pp0p0">471</span> interest were due.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F05_zJlJ0k1bhZIg" style="font: 10pt Times New Roman, Times, Serif">(x)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F15_zExom5LoolPf" style="font: 10pt Times New Roman, Times, Serif">On January 20, 2021, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC (the “Holder”) in the principal amount of up to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_c20210120__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0" title="Debt principal amount">150,000</span>. The Convertible Note shall accrue interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20210120__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pdd" title="Debt interest rate">10%</span> per annum. The Convertible Note was partially funded on January 27, 2021 in the amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--ProceedsFromConvertibleDebt_c20210101__20210127__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0" title="Proceeds from convertible debt">100,000</span>. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--DebtConversionDescription_c20210101__20210120__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember" title="Debt conversion description">The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtInstrumentMaturityDate_dd_c20210101__20210120__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zJQOuc16pz45" title="Debt maturity date">January 20, 2022</span>) at the option of the holder. The Conversion Price shall be equal to Fifty Percent (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90F_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_c20210101__20210120__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pdd" title="Debt conversion, threshold percentage of stock price trigger">50%</span>) of the lowest Trading Price (defined below) during the Valuation Period (defined below), and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. The total number of shares due under any conversion notice (“Notice Shares”) will be equal to the Conversion Amount divided by the Conversion Price.</span> On the date that a Conversion Notice is delivered to Holder, the Company shall deliver an estimated number of shares (“Estimated Shares”) to Holder’s brokerage account equal to the Conversion Amount divided by 50% of the Market Price. “Market Price” shall mean the lowest of the daily Trading Price for the Common Stock during the twenty (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_900_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_pid_uInteger_c20210101__20210120__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zrt1kMXkPn7d" title="Debt conversion, trading days">20</span>) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. The “Valuation Period” shall mean twenty (20) Trading Days, commencing on the first Trading Day following delivery and clearing of the Notice Shares in Holder’s brokerage account, as reported by Holder (“Valuation Start Date”). As of June 30, 2021, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0" title="Debt principal amount">100,000</span> principal plus $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_eus-gaap--InterestPayableCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0" title="Accrued interest">4,219</span> interest were due.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F04_zTVfaes48Nzh" style="font: 10pt Times New Roman, Times, Serif">(xi)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_zPjzedHxzf79" style="font: 10pt Times New Roman, Times, Serif">On February 22, 2021, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC (the “Holder”) in the principal amount of up to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_c20210222__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0" title="Debt principal amount">200,000</span>. The Convertible Note shall accrue interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20210222__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pdd" title="Debt interest rate">10%</span> per annum. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90B_eus-gaap--DebtConversionDescription_c20210201__20210222__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember" title="Debt conversion description">The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_dd_c20210201__20210222__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zJzhegq4cSR1" title="Debt maturity date">February 22, 2022</span>) at the option of the holder. The conversion price shall be equal to the lesser of (i) the price of any public offering of the Maker’s Common Stock or (ii) Fifty Percent (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_c20210201__20210222__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pdd" title="Debt conversion, threshold percentage of stock price trigger">50%</span>) of the lowest Trading Price (defined below) during the Twenty Trading Day period prior to the day the Holder delivers the Conversion Notice (“Conversion Price”). </span>“Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded. The Convertible Note was funded on March 2, 2021. As of June 30, 2021, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zwuh91qapOih" title="Debt principal amount">200,000</span> principal plus $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--InterestPayableCurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zHwUuHb3mAp7" title="Accrued interest">6,575</span> interest were due.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F01_zV5P6q4Mz0k3" style="font: 10pt Times New Roman, Times, Serif">(xii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F14_zXq3jJeMfb25" style="font: 10pt Times New Roman, Times, Serif">On June 17, 2021, the Company issued to Power Up Lending Group Ltd. (the “Investor”) a Convertible Promissory Note (the “Convertible Note”) in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_c20210617__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember__dei--LegalEntityAxis__custom--PowerUpLendingGroupLtdMember_pp0p0" title="Debt principal amount">68,750</span>. The Convertible Note has a term of one (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--DebtInstrumentTerm_dtY_c20210601__20210617__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember__dei--LegalEntityAxis__custom--PowerUpLendingGroupLtdMember_zeNolcMVmU7l" title="Debt term">1</span>) year and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20210617__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember__dei--LegalEntityAxis__custom--PowerUpLendingGroupLtdMember_pdd" title="Debt interest rate">8%</span> annually. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--DebtConversionDescription_c20210601__20210617__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember__dei--LegalEntityAxis__custom--PowerUpLendingGroupLtdMember" title="Debt conversion description">The Convertible Note is convertible, in whole or in part, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this Convertible Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount at the option of the holder. The “Variable Conversion Price” shall mean 61% multiplied by the Market Price (as defined herein) (representing a discount rate of 39%). “Market Price” means the lowest Trading Price (as defined below) for the Common Stock during the ten (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_pid_uInteger_c20210601__20210617__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember__dei--LegalEntityAxis__custom--PowerUpLendingGroupLtdMember_zXerFO9Cj9R8" title="Debt conversion, trading days">10</span>) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date.</span> “Trading Price” means, for any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets electronic quotation system or applicable trading market (the “OTC”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. Bloomberg) or, if the OTC is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets”. The transaction closed on June 21, 2021. As of June 30, 2021, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember__dei--LegalEntityAxis__custom--PowerUpLendingGroupLtdMember_pp0p0" title="Debt principal amount">68,750</span> principal plus $<span id="xdx_90B_eus-gaap--InterestPayableCurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember__dei--LegalEntityAxis__custom--PowerUpLendingGroupLtdMember_zBq4EhJ9YAz5">196</span> interest were due.</span></td></tr> </table> <p id="xdx_8AA_zWQXonzeQOj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"/> <p id="xdx_895_eus-gaap--InterestAndOtherIncomeTableTextBlock_zicY6j6hZ7Ja" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Income from forgiveness of principal and interest on convertible notes payable consists of:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8BB_zeJL7e4U1MJd" style="display: none">SCHEDULE OF INTEREST FROM FORGIVENESS OF NOTES PAYABLE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20200701__20210630_zz8isYXN5pQ4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_492_20190701__20200630_zQVh8kf1n8yd" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr id="xdx_400_ecustom--ForgivenessOfDebtAndAccruedInterest_hdei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zedWVY2laMNb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Forgiveness of principal and interest Tribridge Ventures, LLC</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">29,277</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1193">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--ForgivenessOfDebtAndAccruedInterest_hdei--LegalEntityAxis__custom--ClockPartnersLPMember_zWHR0WIO5wzb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Forgiveness of interest Around the Clock Partners, LP</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,532</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl1196"> </span></td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--ForgivenessOfDebtAndAccruedInterest_hdei--LegalEntityAxis__custom--ValvasoneTrustMember_zhrUinPP8Akh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Forgiveness of interest Valvasone Trust</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,453</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl1199"> </span></td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ForgivenessOfDebtAndAccruedInterest_hdei--LegalEntityAxis__custom--JodyADellaDonnaMember_zHJAWLyIQ2zl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Forgiveness of interest Jody A. DellaDonna</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,327</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl1202"> </span></td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--ForgivenessOfDebtAndAccruedInterest_hdei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_z6QYwK5v7aS4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Forgiveness of Jetco Holdings, LLC principal and interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">300,197</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl1205"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--ForgivenessOfDebtAndAccruedInterest_zRiNB282Tny3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">336,786</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1208">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Default principal, notes payable-third parties:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Armada Investment Fund, LLC</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_ecustom--DefaultPrincipalNotesPayablethirdParties_iI_c20210630__dei--LegalEntityAxis__custom--ArmadaInvestmentFundLLCMember_zeHY91HRIuDd" style="width: 14%; text-align: right" title="Default Principal Notes Payable Third Parties">2,200</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_ecustom--DefaultPrincipalNotesPayablethirdParties_iI_c20200630__dei--LegalEntityAxis__custom--ArmadaInvestmentFundLLCMember_zkZXi6qnnUZ" style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1211">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Graphene Holdings, LLC</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_982_ecustom--DefaultPrincipalNotesPayablethirdParties_iI_c20210630__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zvtYGjrywXn2" style="border-bottom: Black 1.5pt solid; text-align: right">135,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_987_ecustom--DefaultPrincipalNotesPayablethirdParties_iI_c20200630__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_ze8cIPiH5zr1" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1213">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_ecustom--DefaultPrincipalNotePayablethirdParties_iI_c20210630_zoITWPgZhwHa" style="border-bottom: Black 2.5pt double; text-align: right" title="Default Principal Notes Payable Third Parties">137,200</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_ecustom--DefaultPrincipalNotePayablethirdParties_iI_c20200630_zlHFRmoVxts1" style="border-bottom: Black 2.5pt double; text-align: right" title="Default Principal Notes Payable Third Parties"><span style="-sec-ix-hidden: xdx2ixbrl1217">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Accrued default interest, notes payable-third parties:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Armada Investment Fund, LLC</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_ecustom--AccruedDefaultInterest_iI_c20210630__dei--LegalEntityAxis__custom--ArmadaInvestmentFundLLCMember_zfbIxREkSxT9" style="width: 14%; text-align: right" title="Accrued Default Interest">1,269</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_ecustom--AccruedDefaultInterest_iI_c20200630__dei--LegalEntityAxis__custom--ArmadaInvestmentFundLLCMember_z7tLh4LDOkC4" style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1220">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Graphene Holdings, LLC</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98D_ecustom--AccruedDefaultInterest_iI_c20210630__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zK6EqClUNEk" style="border-bottom: Black 1.5pt solid; text-align: right">38,947</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98F_ecustom--AccruedDefaultInterest_iI_c20200630__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_z2yHeemkZowf" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1222">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_ecustom--AccruedDefaultInterest_iI_c20210630_zeiJl2mOCi68" style="border-bottom: Black 2.5pt double; text-align: right">40,216</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_ecustom--AccruedDefaultInterest_iI_c20200630_zO1IPmiTIYp5" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1224">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A4_zRmBgEMKjDih" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>GLOBAL TECHNOLOGIES, LTD</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><i>For the years ended June 30, 2021 and 2020 </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_896_eus-gaap--ScheduleOfDebtTableTextBlock_zuYOUlFv0KR2" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Notes payable to third parties consist of:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8B8_zkhSBtvnbN15" style="display: none">SCHEDULE OF NOTES PAYABLE TO THIRD PARTIES</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Totals</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630_zdHwVoC4Mxjh" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals">649,750</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630_ziJVYvhr9fwf" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif">839,418</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span id="xdx_F49_z015yGAINZv2" style="font-family: Times New Roman, Times, Serif">Convertible Promissory Note dated January 24, 2018 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due January 24, 2019-with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_900_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">at June 30, 2021 and June 30, 2020, respectively (i)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_989_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember_fKGkp_zRKUwu3dvByb" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="Totals"><span style="-sec-ix-hidden: xdx2ixbrl0933">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98C_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember_fKGkp_zKFUcrRG23G4" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif">15,750</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible Promissory Note dated February 16, 2018 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due February 16, 2019-with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90B_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90C_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">at June 30, 2021 and June 30, 2020, respectively (ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember_fKGlpKQ_____z1OhumRwail5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0939">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_982_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember_fKGlpKQ_____z0OfhAXnj6va" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif">8,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible Promissory Note dated June 3, 2018 payable to Valvasone Trust (“Valvasone”), interest at 5%, default rate of 15%, due June 3, 2019-with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90C_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--ValvasoneTrustMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--ValvasoneTrustMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">at June 30, 2021 and June 30, 2020, respectively (iii)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98E_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember_fKGlpaSk___za36Lenclhf8" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0945">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98C_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember_fKGlpaSk___z0Xatyq5gGzb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif">91,900</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible Promissory Note dated June 29, 2018 payable to Jody A. DellaDonna (“JDD”), interest at 5%, default rate of 15%, due June 29, 2019-with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90F_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90E_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">at June 30, 2021 and June 30, 2020, respectively (iv)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember_fKGl2KQ_____zH2IuH66llh7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals"><span style="-sec-ix-hidden: xdx2ixbrl0951">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember_fKGl2KQ_____zbTsQ5KOV6Yd" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif">25,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible Promissory Note dated November 30, 2019 payable to Jetco Holdings, LLC (“Jetco”), interest at 3%, due November 30, 2020-with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_900_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_pp0p0">433,199 </span></span><span style="font-family: Times New Roman, Times, Serif">at June 30, 2021 and June 30, 2020, respectively (v)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember_fKHYp_zTOtZEzCk5n3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0957">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98F_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember_fKHYp_zpJg4rOshLIj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif">688,177</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible Promissory Note dated December 17, 2019 payable to Armada Investment Fund, LLC (“Armada”), interest at 8%, due December 17, 2020, in technical default-with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20200630__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_pp0p0">5,998 </span></span><span style="font-family: Times New Roman, Times, Serif">at, June 30, 2021 and June 30, 2020, respectively (vi)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_989_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_fKHZpKQ_____z6mOPHpMkh54" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals">11,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p id="xdx_984_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_fKHZpKQ_____zCXs3iOnGr27" style="font: 10pt Times New Roman, Times, Serif; margin: 0" title="Totals">5,002</p><span style="font-family: Times New Roman, Times, Serif"/></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Convertible Promissory Note dated March 20, 2020 payable to Jetco Holdings, LLC (“Jetco”), interest at 3%, due March 20, 2021-with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember__dei--LegalEntityAxis__custom--JetcoHoldingsMember_pp0p0">0 </span></span><span style="font-family: Times New Roman, Times, Serif">and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember__dei--LegalEntityAxis__custom--JetcoHoldingsMember_pp0p0">14,411 </span></span><span style="font-family: Times New Roman, Times, Serif">at, June 30, 2021 and June 30, 2020, respectively (vii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember_fKHZpaSk___zwdWlhu8iHK2" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right" title="Totals"><span style="-sec-ix-hidden: xdx2ixbrl0969">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98C_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember_fKHZpaSk___zetYis7hBnT2" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif">5,589</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Convertible Promissory Note dated September 3, 2020 payable to Graphene Holdings, LLC (“Graphene”), interest at 3%, due March 3, 2021, in technical default, with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pp0p0" title="Unamortized debt discount">0</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_900_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_z2ozetwqKoai" title="Unamortized debt discount">0</span> at, June 30, 2021 and June 30, 2020, respectively (viii)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><p id="xdx_98E_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember_fKHZpaWkp_zRqCMkiNtF77" style="margin: 0" title="Totals">250,000</p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><p id="xdx_981_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember_fKHZpaWkp_zSLRIKGRwrh2" style="margin: 0" title="Totals"><span style="-sec-ix-hidden: xdx2ixbrl0979">-</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Convertible Promissory Note dated September 9, 2020 payable to Graphene Holdings, LLC (“Graphene”), interest at 3%, due March 9, 2021, in technical default, with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pp0p0" title="Unamortized debt discount">0</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_900_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zB5V1Hdektq4" title="Unamortized debt discount">0</span> at, June 30, 2021 and June 30, 2020, respectively (ix)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><p id="xdx_986_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember_fKGl4KQ_____zQIN5icHHraf" style="margin: 0" title="Totals">20,000</p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><p id="xdx_989_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember_fKGl4KQ_____zSoUJwnvla0k" style="margin: 0" title="Totals"><span style="-sec-ix-hidden: xdx2ixbrl0987">-</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Convertible Promissory Note dated January 20, 2021 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due January 20, 2022, with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0" title="Unamortized debt discount">55,616</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_z3zx0MBCZboa" title="Unamortized debt discount">0</span> at June 30, 2021 and June 30, 2020, respectively (x)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><p id="xdx_986_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember_fKHgp_zszHyHL8ItZb" style="margin: 0" title="Totals">100,000</p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><p id="xdx_985_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember_fKHgp_zOAdZlM784P1" style="margin: 0" title="Totals"><span style="-sec-ix-hidden: xdx2ixbrl0995">-</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Convertible Promissory Note dated February 22, 2021 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due February 22, 2022, with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90C_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zG6LFyiXPepg" title="Unamortized debt discount">129,316</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0" title="Unamortized debt discount">0</span> at June 30, 2021 and June 30, 2020, respectively (xi)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><p id="xdx_981_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember_fKHhpKQ_____z8uEi3mZYpw" style="margin: 0" title="Totals">200,000</p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><p id="xdx_98C_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember_fKHhpKQ_____zTQ3wVFBcl29" style="margin: 0" title="Totals"><span style="-sec-ix-hidden: xdx2ixbrl1003">-</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Convertible Promissory Note dated June 17, 2021 payable to Power Up Lending Group Ltd. (“Power Up”), interest at 8%, due June 17, 2022-with unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90C_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember__dei--LegalEntityAxis__custom--PowerUpLendingGroupLtdMember_pp0p0" title="Unamortized debt discount">66,303</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_900_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember__dei--LegalEntityAxis__custom--PowerUpLendingGroupLtdMember_zPpVYROzPJAf" title="Unamortized debt discount">0</span> at, June 30, 2021 and June 30, 2020, respectively (xii)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><p id="xdx_983_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember_fKHhpaSk___zbg2n8m2PEh" style="margin: 0" title="Totals">68,750</p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><p id="xdx_985_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember_fKHhpaSk___zLCeGP0fB52c" style="margin: 0" title="Totals"><span style="-sec-ix-hidden: xdx2ixbrl1011">-</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Totals</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_988_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_c20210630_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals">649,750</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_989_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_c20200630_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Totals"><span style="font-family: Times New Roman, Times, Serif">839,418</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.3in; text-align: center"><span id="xdx_F01_zN66mlNc5Ys3" style="font-size: 10pt">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zTRLrFMyGdg6" style="font-family: Times New Roman, Times, Serif">On January 24, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_c20180124__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0" title="Debt principal amount">15,750</span>. The Convertible Note was fully funded on January 24, 2018. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90B_eus-gaap--DebtInstrumentMaturityDate_dd_c20180123__20180124__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zhhz64pdEGph" title="Debt maturity date">January 24, 2019</span>) at the option of the holder. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--DebtConversionDescription_c20180123__20180124__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember" title="Debt conversion description">The Conversion Price shall be equal to Fifty Percent (50%) of the lowest Trading Price (defined below) during the Valuation Period (defined below), and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. The total number of shares due under any conversion notice (“Notice Shares”) will be equal to the Conversion Amount divided by the Conversion Price. On the date that a Conversion Notice is delivered to Holder, the Company shall deliver an estimated number of shares (“Estimated Shares”) to Holder’s brokerage account equal to the Conversion Amount divided by <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_c20180123__20180124__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pdd" title="Debt conversion, threshold percentage of stock price trigger">50%</span> of the Market Price. “Market Price” shall mean the lowest of the daily Trading Price for the Common Stock during the twenty (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_pid_uInteger_c20180123__20180124__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zxJATx6V0QN5" title="Debt conversion, trading days">20</span>) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. The “Valuation Period” shall mean twenty (20) Trading Days, commencing on the first Trading Day following delivery and clearing of the Notice Shares in Holder’s brokerage account, as reported by Holder (“Valuation Start Date”). If at any time, one or multiple times, during the Valuation Period the number of Estimated Shares delivered to Holder is less than the Notice Shares, the company must immediately deliver enough shares equal to the difference. A Conversion Amount will not be considered fully converted until the end of the Valuation Period for that Conversion Amount.</span> “Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities The Convertible Note has a term of one (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90F_eus-gaap--DebtInstrumentTerm_dtY_c20180123__20180124__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zTFhMMHrE6m4" title="Debt term">1</span>) year and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20180124__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pdd" title="Debt interest rate">10%</span> annually. On March 31, 2021, the Holder agreed to forgive all outstanding principal and interest in the amounts of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90C_eus-gaap--DebtInstrumentDecreaseForgiveness_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_pp0p0" title="Debt forgiveness">15,750</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentDecreaseForgiveness_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_pp0p0" title="Debt forgiveness">5,010</span>, respectively. As of June 30, 2021, there was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_do_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zz37Hc7sKID9" title="Debt principal amount"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_902_eus-gaap--InterestPayableCurrent_iI_pp0p0_do_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteOneMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zVKTqCFOoVeg" title="Accrued interest">no</span></span> outstanding principal or interest due.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>GLOBAL TECHNOLOGIES, LTD</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><i>For the years ended June 30, 2021 and 2020 </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.3in; text-align: center"><span id="xdx_F09_zrgniy6wH9Dk" style="font: 10pt Times New Roman, Times, Serif">(ii)</span></td> <td id="xdx_F1B_z9cuOMk39Q29" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On February 16, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20180216__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zCHJT9S9kBM3">8,000</span>. The Convertible Note was fully funded on February 16, 2018. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--DebtConversionDescription_c20180215__20180216__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember" title="Debt conversion description">The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_dd_c20180215__20180216__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zntYqPgFtVTj">February 16, 2019</span>) at the option of the holder at the Variable Conversion Price, which shall be equal to the lesser of (i) the price of any public offering of the Maker’s Common Stock or (ii) Fifty Percent (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_c20180215__20180216__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zCauWMR90HX">50%</span>) of the lowest Trading Price (defined below) during the Twenty Trading Day period prior to the day the Holder delivers the Conversion Notice, and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice.</span> “Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded. The Convertible Note has a term of one (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90E_eus-gaap--DebtInstrumentTerm_dtY_c20180215__20180216__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zUWnYGiYUKje">1</span>) year and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20180216__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pdd">10%</span> annually. On March 31, 2021, the Holder agreed to forgive all outstanding principal and interest in the amounts of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--DebtInstrumentDecreaseForgiveness_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_z1rDEOlBSHdh">6,054</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90B_eus-gaap--DebtInstrumentDecreaseForgiveness_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_zUZEX1vdURi8">2,463</span>, respectively. As of June 30, 2021, there was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--InterestPayableCurrent_iI_pp0p0_do_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zIrmfeMP4R63"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_do_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwoMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zgWdSkkginNl">no</span></span> outstanding principal or interest due.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F05_z1bQGB97TK4" style="font: 10pt Times New Roman, Times, Serif">(iii)</span></td> <td id="xdx_F13_z8mufHGiZnHj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On June 3, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Valvasone Trust in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_c20180603__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--ValvasoneTrustMember_pp0p0">91,900</span>. The Convertible Note was issued for compensation due for consulting services. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--DebtConversionDescription_c20180602__20180603__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--ValvasoneTrustMember_zRU0Y8mvX3ph">The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (</span><span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_dd_c20180602__20180603__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--ValvasoneTrustMember_zVHYVK0dhSz6">June 3, 2019</span><span>) at the option of the holder at the conversion price which shall be equal to the lower of: (a) </span><span id="xdx_90D_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_c20180602__20180603__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--ValvasoneTrustMember_zZ48C2akoMc2">50% </span><span>of the lowest trading price of the Company’s common stock during the </span><span id="xdx_903_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20180628__20180629__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember_zPKFUwBzl1Y6">25 </span><span>consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date.</span> The Convertible Note has a term of one (1) year and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20180629__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember_pdd">5% </span>annually. On January 14, 2021, the Company issued <span id="xdx_90F_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pp0p0_c20210113__20210114__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--ValvasoneTrustMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zQrxLexKOm95">500,000,000</span> shares of restricted common stock to the noteholder in satisfaction of $<span><span id="xdx_90F_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_c20210113__20210114__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--ValvasoneTrustMember_zqvdB60WRB47">20,000</span></span> principal against the Convertible Note. On March 31, 2021, the Company issued the Holder 26 shares of its Series L Preferred Stock in satisfaction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_zLXtbzxEfpN4">71,900 </span>principal, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_ecustom--DebtInstrumentDefaultPrincipal_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_zLAJLrZykF87">18,380 </span>default principal, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--InterestExpenseDebt_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_zkMoVqhrhUi">12,749 </span>interest and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_ecustom--DebtInstrumentDefaultInterest_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_z4eUztSarRqc">30,183 </span>default interest. A balance of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--DebtInstrumentDecreaseForgiveness_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteThreeMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_zp52bTesSFN1">2,453 </span>was forgiven by the Holder. As of June 30, 2021, there was no outstanding principal or interest due.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F07_zYHHYHD5oYqf" style="font: 10pt Times New Roman, Times, Serif">(iv)</span></td> <td id="xdx_F14_zN8ffTRTo55l" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On June 29, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Jody A. DellaDonna in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_c20180629__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember_pp0p0">25,000</span>. The Convertible Note was issued for compensation due for consulting services. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_eus-gaap--DebtConversionDescription_c20180628__20180629__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember">The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_dd_c20180628__20180629__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember_z6MQBWxUgAmk">June 29, 2019</span>) at the option of the holder at the conversion price which shall be equal to the lower of: (a) <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_c20180628__20180629__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember_pdd">50%</span> of the lowest trading price of the Company’s common stock during the <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20180628__20180629__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember_zBSTOtlVMBf">25</span> consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date.</span> The Convertible Note has a term of one (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_908_eus-gaap--DebtInstrumentTerm_dtY_c20180628__20180629__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember_ztvjqtbmzhPa">1</span>) year and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_c20180629__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__srt--TitleOfIndividualAxis__custom--JodyADellaDonnaMember_zWA4TbqERerc">5%</span> annually. On March 31, 2021, the Company issued the Holder 8 shares of its Series L Preferred Stock in satisfaction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_zgXFlfqUsXs5">25,000</span> principal, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_ecustom--DebtInstrumentDefaultPrincipal_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_zfdNYQlkSNg9">5,000</span> default principal, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--InterestExpenseDebt_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_zgC9w3WxlT4l">3,437</span> interest and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_ecustom--DebtInstrumentDefaultInterest_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_zJnJeqjnp3Da">7,890</span> default interest. A balance of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_eus-gaap--DebtInstrumentDecreaseForgiveness_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_z4OgVINs6En4">1,327</span> was forgiven by the Holder. As of June 30, 2021, there was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--InterestPayableCurrent_iI_pp0p0_do_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_z4rkXeXoxyI1"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_do_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFourMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zSqkbP6pal8c">no</span></span> outstanding principal or interest due.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F04_zv8wD9Gmm4T8" style="font: 10pt Times New Roman, Times, Serif">(v)</span></td> <td id="xdx_F18_zvDxuZUn8Ph4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On November 30, 2019, the Company executed a Convertible Note (the “Convertible Note”) payable to Jetco Holdings, LLC in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_c20191130__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_pp0p0">2,000,000</span>. The Convertible Note was Issued as part of the Purchase and Sale Agreement for the acquisition of TCBM Holdings, LLC. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_dd_c20191128__20191130__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_zs6oTxo4kvf9">November 30, 2020</span>) at the option of the holder. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--DebtConversionDescription_c20191128__20191130__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember">The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be </span><span id="xdx_908_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_c20191128__20191130__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_zoyilZvQCVIh">70% </span><span>multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (</span><span id="xdx_90B_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20191128__20191130__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_zp2wOGTZZ5cb">20</span><span>) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. </span>The Convertible Note has a term of one (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_900_eus-gaap--DebtInstrumentTerm_dtY_c20191128__20191130__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_zU2Gtlposo64">1</span>) year and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20191130__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_pdd">3% </span>annually. On January 19, 2021, the Company issued <span id="xdx_90B_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pp0p0_c20210118__20210119__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zoh7Z1pcQmH6">300,000,000</span> shares of restricted common stock to the noteholder in satisfaction of $<span id="xdx_90D_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_c20210118__20210119__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_zWrRIhPd99pf">42,000</span> principal against the Convertible Note. On March 15, 2021, the outstanding principal and interest on the Note were $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--DebtInstrumentDecreaseForgiveness_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_zGSOvLVlvQR">503,714 </span>and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_eus-gaap--DebtInstrumentDecreaseForgiveness_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_zpFYxk5Xg1Vf">46,485</span>, respectively. On this same date, the Holder agreed to forgive $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90F_eus-gaap--DebtInstrumentDecreaseForgiveness_pp0p0_c20210301__20210315__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_zvdhThcl3Dw8">253,714 </span>in outstanding principal and all outstanding interest leaving a remaining principal balance of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--InterestExpenseDebt_pp0p0_c20210301__20210315__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_zcQChuKJ7GLb">250,000</span>. On March 15, 2021, the Company issued the Holder fifty (50) shares of the Company’s Series L Preferred Stock in satisfaction of the $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90E_eus-gaap--InterestExpenseDebt_pp0p0_c20200701__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_ztBi1PDGhlMk">250,000 </span>principal balance. As of June 30, 2021, there was no outstanding principal or interest due.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F0B_zJgfoPxDD1Dc" style="font: 10pt Times New Roman, Times, Serif">(vi)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p id="xdx_F10_z1MbTPyui8n2" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify; background-color: white">On December 17, 2019, the Company entered into a Securities Purchase Agreement (the “Agreement”) with Armada Capital Partners, LLC (“Armada”) wherein the Company issued Armada a Convertible Promissory Note (the “Convertible Note”) in the amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_c20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember_pp0p0">11,000</span> ($<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember_pp0p0">1,000</span> OID). The Convertible Note has a term of one (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_902_eus-gaap--DebtInstrumentTerm_dtY_c20191216__20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_z9Godlno6Z4c">1</span>) year (due on <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--DebtInstrumentMaturityDate_dd_c20191216__20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_zDN2OIEGswkj">December 17, 2020</span>) and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember_pdd">8%</span> annually. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--DebtConversionDescription_c20191128__20191130__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_z6ZVLsfjrpvj">The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 20, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_c20191128__20191130__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_z8EzySBKoy35">60%</span> multiplied by the Market Price (as defined herein)(representing a discount rate of 40%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_908_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20191128__20191130__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember__dei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_zR8gBC5wFei3">20</span>) Trading Day period ending on the last complete Trading Day prior to the Conversion Date.</span> “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. As part and parcel of the foregoing transaction, Armada was issued a warrant granting the holder the right to purchase up to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_902_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_c20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember_pdd">560,800</span> shares of the Company’s common stock at an exercise price of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember_pdd">0.024</span> for a term of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember_zAUFKVEJl9t8">5</span>-years. The transaction closed on December 17, 2019. In addition, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_c20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--PacificStockTransferCorporationMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_pdd">10,000,000</span> shares of the Company’s common stock have been reserved at Pacific Stock Transfer Corporation for possible issuance upon the conversion of the Note into shares of our common stock. As of June 30, 2021, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_c20210630__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_pp0p0">11,000</span> principal plus $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_eus-gaap--InterestPayableCurrent_c20210630__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_pp0p0">1,350</span> interest were due.</p> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F0B_zJiK6sX3S6Mj" style="font: 10pt Times New Roman, Times, Serif">(vii)</span></td> <td id="xdx_F17_zrhe0IcM3yzh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On March 20, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Jetco Holdings, LLC in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_c20200320__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember__dei--LegalEntityAxis__custom--JetcoHoldingsMember_pp0p0">20,000</span>. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_dd_c20200319__20200320__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember__dei--LegalEntityAxis__custom--JetcoHoldingsMember_zzDGzYXAuUS8">March 20, 2021</span>) at the option of the holder. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90E_eus-gaap--DebtConversionDescription_c20191216__20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember">The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_908_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_c20191216__20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_z1fK6TjSQ4G5">70%</span> multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20191216__20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_zEspDC5r2vh1">20</span>) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. </span>“Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--DebtInstrumentTerm_dtY_c20200319__20200320__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember__dei--LegalEntityAxis__custom--JetcoHoldingsMember_zDnN1Jhb07ec">1</span>) year and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_c20200320__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember__dei--LegalEntityAxis__custom--JetcoHoldingsMember_zmwqZN0XQI7c">3%</span> annually. On February 4, 2021, the Company remitted payment to the Holder in the amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--DebtInstrumentDecreaseForgiveness_pp0p0_c20210203__20210204__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_zFClifjaEVOf">20,532</span>.93 to satisfy all outstanding principal and interest due under the Convertible Note. As of June 30, 2021, there was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--InterestPayableCurrent_iI_pp0p0_do_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zVzXI4qKuZq6"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_do_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zRN0obgDTZ2b">no</span></span> outstanding principal or interest due.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F03_zhSGan8xrbT9" style="font: 10pt Times New Roman, Times, Serif">(viii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_zQgOxEO6fhW3" style="font: 10pt Times New Roman, Times, Serif">On September 3, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Graphene Holdings, LLC (the “Holder”) in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_c20200903__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pp0p0">250,000</span>. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90B_eus-gaap--DebtInstrumentMaturityDate_dd_c20200901__20200903__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zvIxAbHFYiVh">March 3, 2021</span>) at the option of the holder. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_902_eus-gaap--DebtConversionDescription_c20200901__20200903__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember">The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_c20200901__20200909__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pdd">70%</span> multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_pid_uInteger_c20200901__20200909__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zKng1DcAfoU2">20</span>) Trading Day period ending on the last complete Trading Day prior to the Conversion Date.</span> “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--DebtInstrumentTerm_dtY_c20200901__20200903__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zp4MSvowBLE8">1</span>) year and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20200903__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pdd">3%</span> annually. As of June 30, 2021, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pp0p0">250,000</span> principal plus $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90E_eus-gaap--InterestPayableCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pp0p0">6,164</span> interest were due. Please <i>see</i> <b>NOTE M - SUBSEQUENT EVENTS</b> for further information.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F08_zIb2TTqNrX3l" style="font: 10pt Times New Roman, Times, Serif">(ix)</span></td> <td id="xdx_F11_zLgE55q8Wxha" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On September 9, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Graphene Holdings, LLC (the “Holder”) in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_c20200909__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pp0p0">20,000</span>. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90B_eus-gaap--DebtInstrumentMaturityDate_dd_c20200901__20200909__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zdUvyIWF1oa">March 9, 2021</span>) at the option of the holder. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtConversionDescription_c20200901__20200909__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember">The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_c20200901__20200909__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zooSVLvHAGf1">70%</span> multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_pid_uInteger_c20200901__20200909__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_z4cEqsRacGDj">20</span>) Trading Day period ending on the last complete Trading Day prior to the Conversion Date.</span> “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentTerm_dtY_c20200901__20200909__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zvoNsmbo3p6g">1</span>) year and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20200909__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pdd">3%</span> annually. As of June 30, 2021, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pp0p0">20,000</span> principal plus $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90E_eus-gaap--InterestPayableCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteNineMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_pp0p0">471</span> interest were due.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F05_zJlJ0k1bhZIg" style="font: 10pt Times New Roman, Times, Serif">(x)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F15_zExom5LoolPf" style="font: 10pt Times New Roman, Times, Serif">On January 20, 2021, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC (the “Holder”) in the principal amount of up to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_c20210120__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0" title="Debt principal amount">150,000</span>. The Convertible Note shall accrue interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20210120__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pdd" title="Debt interest rate">10%</span> per annum. The Convertible Note was partially funded on January 27, 2021 in the amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--ProceedsFromConvertibleDebt_c20210101__20210127__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0" title="Proceeds from convertible debt">100,000</span>. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--DebtConversionDescription_c20210101__20210120__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember" title="Debt conversion description">The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtInstrumentMaturityDate_dd_c20210101__20210120__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zJQOuc16pz45" title="Debt maturity date">January 20, 2022</span>) at the option of the holder. The Conversion Price shall be equal to Fifty Percent (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90F_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_c20210101__20210120__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pdd" title="Debt conversion, threshold percentage of stock price trigger">50%</span>) of the lowest Trading Price (defined below) during the Valuation Period (defined below), and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. The total number of shares due under any conversion notice (“Notice Shares”) will be equal to the Conversion Amount divided by the Conversion Price.</span> On the date that a Conversion Notice is delivered to Holder, the Company shall deliver an estimated number of shares (“Estimated Shares”) to Holder’s brokerage account equal to the Conversion Amount divided by 50% of the Market Price. “Market Price” shall mean the lowest of the daily Trading Price for the Common Stock during the twenty (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_900_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_pid_uInteger_c20210101__20210120__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zrt1kMXkPn7d" title="Debt conversion, trading days">20</span>) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. The “Valuation Period” shall mean twenty (20) Trading Days, commencing on the first Trading Day following delivery and clearing of the Notice Shares in Holder’s brokerage account, as reported by Holder (“Valuation Start Date”). As of June 30, 2021, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0" title="Debt principal amount">100,000</span> principal plus $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_eus-gaap--InterestPayableCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0" title="Accrued interest">4,219</span> interest were due.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F04_zTVfaes48Nzh" style="font: 10pt Times New Roman, Times, Serif">(xi)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_zPjzedHxzf79" style="font: 10pt Times New Roman, Times, Serif">On February 22, 2021, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC (the “Holder”) in the principal amount of up to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_c20210222__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pp0p0" title="Debt principal amount">200,000</span>. The Convertible Note shall accrue interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20210222__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pdd" title="Debt interest rate">10%</span> per annum. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90B_eus-gaap--DebtConversionDescription_c20210201__20210222__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember" title="Debt conversion description">The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_dd_c20210201__20210222__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zJzhegq4cSR1" title="Debt maturity date">February 22, 2022</span>) at the option of the holder. The conversion price shall be equal to the lesser of (i) the price of any public offering of the Maker’s Common Stock or (ii) Fifty Percent (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_c20210201__20210222__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_pdd" title="Debt conversion, threshold percentage of stock price trigger">50%</span>) of the lowest Trading Price (defined below) during the Twenty Trading Day period prior to the day the Holder delivers the Conversion Notice (“Conversion Price”). </span>“Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded. The Convertible Note was funded on March 2, 2021. As of June 30, 2021, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zwuh91qapOih" title="Debt principal amount">200,000</span> principal plus $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--InterestPayableCurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteElevenMember__dei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zHwUuHb3mAp7" title="Accrued interest">6,575</span> interest were due.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_F01_zV5P6q4Mz0k3" style="font: 10pt Times New Roman, Times, Serif">(xii)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F14_zXq3jJeMfb25" style="font: 10pt Times New Roman, Times, Serif">On June 17, 2021, the Company issued to Power Up Lending Group Ltd. (the “Investor”) a Convertible Promissory Note (the “Convertible Note”) in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_c20210617__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember__dei--LegalEntityAxis__custom--PowerUpLendingGroupLtdMember_pp0p0" title="Debt principal amount">68,750</span>. The Convertible Note has a term of one (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--DebtInstrumentTerm_dtY_c20210601__20210617__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember__dei--LegalEntityAxis__custom--PowerUpLendingGroupLtdMember_zeNolcMVmU7l" title="Debt term">1</span>) year and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20210617__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember__dei--LegalEntityAxis__custom--PowerUpLendingGroupLtdMember_pdd" title="Debt interest rate">8%</span> annually. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--DebtConversionDescription_c20210601__20210617__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember__dei--LegalEntityAxis__custom--PowerUpLendingGroupLtdMember" title="Debt conversion description">The Convertible Note is convertible, in whole or in part, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this Convertible Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount at the option of the holder. The “Variable Conversion Price” shall mean 61% multiplied by the Market Price (as defined herein) (representing a discount rate of 39%). “Market Price” means the lowest Trading Price (as defined below) for the Common Stock during the ten (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_pid_uInteger_c20210601__20210617__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember__dei--LegalEntityAxis__custom--PowerUpLendingGroupLtdMember_zXerFO9Cj9R8" title="Debt conversion, trading days">10</span>) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date.</span> “Trading Price” means, for any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets electronic quotation system or applicable trading market (the “OTC”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. Bloomberg) or, if the OTC is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets”. The transaction closed on June 21, 2021. As of June 30, 2021, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gVEhJUkQgUEFSVElFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember__dei--LegalEntityAxis__custom--PowerUpLendingGroupLtdMember_pp0p0" title="Debt principal amount">68,750</span> principal plus $<span id="xdx_90B_eus-gaap--InterestPayableCurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteTwelveMember__dei--LegalEntityAxis__custom--PowerUpLendingGroupLtdMember_zBq4EhJ9YAz5">196</span> interest were due.</span></td></tr> </table> 649750 839418 0 0 15750 0 0 8000 0 0 91900 0 0 25000 0 433199 688177 0 5998 11000 5002 0 14411 5589 0 0 250000 0 0 20000 55616 0 100000 129316 0 200000 66303 0 68750 649750 839418 15750 2019-01-24 The Conversion Price shall be equal to Fifty Percent (50%) of the lowest Trading Price (defined below) during the Valuation Period (defined below), and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. The total number of shares due under any conversion notice (“Notice Shares”) will be equal to the Conversion Amount divided by the Conversion Price. On the date that a Conversion Notice is delivered to Holder, the Company shall deliver an estimated number of shares (“Estimated Shares”) to Holder’s brokerage account equal to the Conversion Amount divided by 50% of the Market Price. “Market Price” shall mean the lowest of the daily Trading Price for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. The “Valuation Period” shall mean twenty (20) Trading Days, commencing on the first Trading Day following delivery and clearing of the Notice Shares in Holder’s brokerage account, as reported by Holder (“Valuation Start Date”). If at any time, one or multiple times, during the Valuation Period the number of Estimated Shares delivered to Holder is less than the Notice Shares, the company must immediately deliver enough shares equal to the difference. A Conversion Amount will not be considered fully converted until the end of the Valuation Period for that Conversion Amount. 0.50 20 P1Y 0.10 15750 5010 0 0 8000 The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (February 16, 2019) at the option of the holder at the Variable Conversion Price, which shall be equal to the lesser of (i) the price of any public offering of the Maker’s Common Stock or (ii) Fifty Percent (50%) of the lowest Trading Price (defined below) during the Twenty Trading Day period prior to the day the Holder delivers the Conversion Notice, and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. 2019-02-16 0.50 P1Y 0.10 6054 2463 0 0 91900 The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity ( 2019-06-03 0.50 25 0.05 500000000 20000 71900 18380 12749 30183 2453 25000 The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (June 29, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. 2019-06-29 0.50 25 P1Y 0.05 25000 5000 3437 7890 1327 0 0 2000000 2020-11-30 The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 0.70 20 P1Y 0.03 300000000 42000 503714 46485 253714 250000 250000 11000 1000 P1Y 2020-12-17 0.08 The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 20, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 60% multiplied by the Market Price (as defined herein)(representing a discount rate of 40%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. 0.60 20 560800 0.024 P5Y 10000000 11000 1350 20000 2021-03-20 The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. 0.70 20 P1Y 0.03 20532 0 0 250000 2021-03-03 The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. 0.70 20 P1Y 0.03 250000 6164 20000 2021-03-09 The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. 0.70 20 P1Y 0.03 20000 471 150000 0.10 100000 The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (January 20, 2022) at the option of the holder. The Conversion Price shall be equal to Fifty Percent (50%) of the lowest Trading Price (defined below) during the Valuation Period (defined below), and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. The total number of shares due under any conversion notice (“Notice Shares”) will be equal to the Conversion Amount divided by the Conversion Price. 2022-01-20 0.50 20 100000 4219 200000 0.10 The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (February 22, 2022) at the option of the holder. The conversion price shall be equal to the lesser of (i) the price of any public offering of the Maker’s Common Stock or (ii) Fifty Percent (50%) of the lowest Trading Price (defined below) during the Twenty Trading Day period prior to the day the Holder delivers the Conversion Notice (“Conversion Price”). 2022-02-22 0.50 200000 6575 68750 P1Y 0.08 The Convertible Note is convertible, in whole or in part, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this Convertible Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount at the option of the holder. The “Variable Conversion Price” shall mean 61% multiplied by the Market Price (as defined herein) (representing a discount rate of 39%). “Market Price” means the lowest Trading Price (as defined below) for the Common Stock during the ten (10) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. 10 68750 196 <p id="xdx_895_eus-gaap--InterestAndOtherIncomeTableTextBlock_zicY6j6hZ7Ja" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Income from forgiveness of principal and interest on convertible notes payable consists of:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8BB_zeJL7e4U1MJd" style="display: none">SCHEDULE OF INTEREST FROM FORGIVENESS OF NOTES PAYABLE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20200701__20210630_zz8isYXN5pQ4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_492_20190701__20200630_zQVh8kf1n8yd" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr id="xdx_400_ecustom--ForgivenessOfDebtAndAccruedInterest_hdei--LegalEntityAxis__custom--TriBridgeVenturesLLCMember_zedWVY2laMNb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Forgiveness of principal and interest Tribridge Ventures, LLC</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">29,277</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1193">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--ForgivenessOfDebtAndAccruedInterest_hdei--LegalEntityAxis__custom--ClockPartnersLPMember_zWHR0WIO5wzb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Forgiveness of interest Around the Clock Partners, LP</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,532</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl1196"> </span></td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--ForgivenessOfDebtAndAccruedInterest_hdei--LegalEntityAxis__custom--ValvasoneTrustMember_zhrUinPP8Akh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Forgiveness of interest Valvasone Trust</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,453</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl1199"> </span></td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ForgivenessOfDebtAndAccruedInterest_hdei--LegalEntityAxis__custom--JodyADellaDonnaMember_zHJAWLyIQ2zl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Forgiveness of interest Jody A. DellaDonna</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,327</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl1202"> </span></td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--ForgivenessOfDebtAndAccruedInterest_hdei--LegalEntityAxis__custom--JetcoHoldingsLLCMember_z6QYwK5v7aS4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Forgiveness of Jetco Holdings, LLC principal and interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">300,197</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl1205"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--ForgivenessOfDebtAndAccruedInterest_zRiNB282Tny3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">336,786</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1208">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Default principal, notes payable-third parties:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Armada Investment Fund, LLC</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_ecustom--DefaultPrincipalNotesPayablethirdParties_iI_c20210630__dei--LegalEntityAxis__custom--ArmadaInvestmentFundLLCMember_zeHY91HRIuDd" style="width: 14%; text-align: right" title="Default Principal Notes Payable Third Parties">2,200</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_ecustom--DefaultPrincipalNotesPayablethirdParties_iI_c20200630__dei--LegalEntityAxis__custom--ArmadaInvestmentFundLLCMember_zkZXi6qnnUZ" style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1211">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Graphene Holdings, LLC</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_982_ecustom--DefaultPrincipalNotesPayablethirdParties_iI_c20210630__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zvtYGjrywXn2" style="border-bottom: Black 1.5pt solid; text-align: right">135,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_987_ecustom--DefaultPrincipalNotesPayablethirdParties_iI_c20200630__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_ze8cIPiH5zr1" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1213">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_ecustom--DefaultPrincipalNotePayablethirdParties_iI_c20210630_zoITWPgZhwHa" style="border-bottom: Black 2.5pt double; text-align: right" title="Default Principal Notes Payable Third Parties">137,200</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_ecustom--DefaultPrincipalNotePayablethirdParties_iI_c20200630_zlHFRmoVxts1" style="border-bottom: Black 2.5pt double; text-align: right" title="Default Principal Notes Payable Third Parties"><span style="-sec-ix-hidden: xdx2ixbrl1217">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Accrued default interest, notes payable-third parties:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Armada Investment Fund, LLC</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_ecustom--AccruedDefaultInterest_iI_c20210630__dei--LegalEntityAxis__custom--ArmadaInvestmentFundLLCMember_zfbIxREkSxT9" style="width: 14%; text-align: right" title="Accrued Default Interest">1,269</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_ecustom--AccruedDefaultInterest_iI_c20200630__dei--LegalEntityAxis__custom--ArmadaInvestmentFundLLCMember_z7tLh4LDOkC4" style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1220">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Graphene Holdings, LLC</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98D_ecustom--AccruedDefaultInterest_iI_c20210630__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zK6EqClUNEk" style="border-bottom: Black 1.5pt solid; text-align: right">38,947</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98F_ecustom--AccruedDefaultInterest_iI_c20200630__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_z2yHeemkZowf" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1222">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_ecustom--AccruedDefaultInterest_iI_c20210630_zeiJl2mOCi68" style="border-bottom: Black 2.5pt double; text-align: right">40,216</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_ecustom--AccruedDefaultInterest_iI_c20200630_zO1IPmiTIYp5" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1224">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 29277 3532 2453 1327 300197 336786 2200 135000 137200 1269 38947 40216 <p id="xdx_808_ecustom--NotesPayableRelatedPartiesTextBlock_zwBIRjixKLle" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTE G - <span id="xdx_826_z0y5lMZzxPJc">NOTE PAYABLE, RELATED PARTY</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_892_ecustom--ScheduleOfNotesPayableToRelatedPartiesTableTextBlock_zhJvkYsnnhwh" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Notes payable to related parties consist of:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8B6_zZGES4rxMlkh" style="display: none">SCHEDULE OF NOTES PAYABLE TO RELATED PARTIES</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: normal 10pt Times New Roman, Times, Serif; text-align: center"/><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><p id="xdx_983_eus-gaap--NotesPayableRelatedPartiesClassifiedCurrent_iI_pp0p0_c20210630_zkAAt2TAtPhe" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0" title="Total"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1230">-</span></span></p> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_989_eus-gaap--NotesPayableRelatedPartiesClassifiedCurrent_iI_pp0p0_c20200630_zNttxF9hI91h" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total"><span style="font-family: Times New Roman, Times, Serif">124,800</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_F4B_zQ1xOTyl4nij" style="font-family: Times New Roman, Times, Serif">Unsecured Convertible Promissory Notes dated July 27, 2018, payable to Around the Clock Partners, LP (entity controlled by Wayne Anderson), interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_c20180727__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_zcaQ8DDSor4b" title="Debt interest rate">5%</span>, default rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20210630__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_pdd" title="Debt interest rate">15%</span>, due <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_dd_c20180726__20180727__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_zOIY9zQuVBa2" title="Debt maturity date">July 27, 2019</span>- less unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_eus-gaap--DebtInstrumentUnamortizedDiscount_c20210630__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_pp0p0" title="Unamortized debt discount">0</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90A_eus-gaap--DebtInstrumentUnamortizedDiscount_c20200630__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_pp0p0" title="Unamortized debt discount">0</span> at June 30, 2021 and June 30, 2020, respectively (i)</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_984_eus-gaap--NotesPayableRelatedPartiesClassifiedCurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember_fKGkp_zZb8URArdxWl" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="Total"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1244">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_eus-gaap--NotesPayableRelatedPartiesClassifiedCurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember_fKGkp_zUVO7wfgRAg" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="Total"><span style="font-family: Times New Roman, Times, Serif">124,800</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><p id="xdx_98A_eus-gaap--NotesPayableRelatedPartiesClassifiedCurrent_c20210630_pp0p0" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0" title="Total"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1248">-</span></span></p> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98B_eus-gaap--NotesPayableRelatedPartiesClassifiedCurrent_c20200630_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total"><span style="font-family: Times New Roman, Times, Serif">124,800</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.3in; text-align: center"><span id="xdx_F05_zBgbtg9CLQtd" style="font: 10pt Times New Roman, Times, Serif">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_z9Mx9W6Dtyia" style="font: 10pt Times New Roman, Times, Serif">On July 27, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Around the Clock Partners, LP in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_c20180727__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_pp0p0" title="Debt principal amount">124,800</span>. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (July 27, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_eus-gaap--DebtConversionDescription_c20180726__20180727__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember" title="Debt conversion, description">(a) <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_c20180726__20180727__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_pdd" title="Debt conversion threshold percentage">50%</span> of the lowest trading price of the Company’s common stock during the <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--DebtInstrumentConvertibleThresholdConsecutiveTradingDays1_pid_uInteger_c20180726__20180727__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_z8cKSJJRabNb" title="Debt conversion, consecutive trading days">25</span> consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date.</span> The Convertible Note has a term of one (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_909_eus-gaap--DebtInstrumentTerm_dtY_c20180726__20180727__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_zJnyImtIMDZj" title="Debt instrument term">1</span>) year and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_900_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20180727__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_pdd" title="Debt interest rate">5%</span> annually. On March 1, 2021, the Company issued the Holder 40 shares of its Series L Preferred Stock in satisfaction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_903_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_c20210301__20210302__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_zvBpm0IZ5eda" title="Debt conversion, amount">124,800</span> principal, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_906_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_c20210228__20210302__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__us-gaap--FinancialInstrumentAxis__custom--DefaultPrincipalAmountMember_zM9ZYc4sftT4" title="Debt conversion, amount">24,906</span> default principal, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_906_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_c20210211__20210302__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_zwNY14Qo69m3" title="Debt conversion, amount">16,160</span> interest and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_902_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_c20210228__20210302__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__us-gaap--FinancialInstrumentAxis__custom--DefaultInterestAmountMember_zfil3pzviU3k" title="Debt conversion, amount">37,666</span> default interest. A balance of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_902_eus-gaap--DebtInstrumentDecreaseForgiveness_c20200701__20210630__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_pp0p0" title="Debt forgiveness">3,532</span> was forgiven by the Holder. As of June 30, 2021, there was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_do_c20210630__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_zKnJgz2DTIra" title="Debt principal amount"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_906_eus-gaap--InterestPayableCurrent_iI_pp0p0_do_c20210630__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_zOjRth0LlM04" title="Accrued interest">no</span></span> outstanding principal or interest due.</span></td></tr> </table> <p id="xdx_8AB_z3WCix4mWWY3" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">  <b> </b></span></p> <p id="xdx_892_ecustom--ScheduleOfNotesPayableToRelatedPartiesTableTextBlock_zhJvkYsnnhwh" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Notes payable to related parties consist of:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8B6_zZGES4rxMlkh" style="display: none">SCHEDULE OF NOTES PAYABLE TO RELATED PARTIES</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: normal 10pt Times New Roman, Times, Serif; text-align: center"/><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><p id="xdx_983_eus-gaap--NotesPayableRelatedPartiesClassifiedCurrent_iI_pp0p0_c20210630_zkAAt2TAtPhe" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0" title="Total"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1230">-</span></span></p> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_989_eus-gaap--NotesPayableRelatedPartiesClassifiedCurrent_iI_pp0p0_c20200630_zNttxF9hI91h" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total"><span style="font-family: Times New Roman, Times, Serif">124,800</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_F4B_zQ1xOTyl4nij" style="font-family: Times New Roman, Times, Serif">Unsecured Convertible Promissory Notes dated July 27, 2018, payable to Around the Clock Partners, LP (entity controlled by Wayne Anderson), interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_c20180727__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_zcaQ8DDSor4b" title="Debt interest rate">5%</span>, default rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20210630__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_pdd" title="Debt interest rate">15%</span>, due <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_dd_c20180726__20180727__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_zOIY9zQuVBa2" title="Debt maturity date">July 27, 2019</span>- less unamortized debt discount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_eus-gaap--DebtInstrumentUnamortizedDiscount_c20210630__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_pp0p0" title="Unamortized debt discount">0</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90A_eus-gaap--DebtInstrumentUnamortizedDiscount_c20200630__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_pp0p0" title="Unamortized debt discount">0</span> at June 30, 2021 and June 30, 2020, respectively (i)</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_984_eus-gaap--NotesPayableRelatedPartiesClassifiedCurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember_fKGkp_zZb8URArdxWl" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="Total"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1244">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_eus-gaap--NotesPayableRelatedPartiesClassifiedCurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember_fKGkp_zUVO7wfgRAg" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="Total"><span style="font-family: Times New Roman, Times, Serif">124,800</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><p id="xdx_98A_eus-gaap--NotesPayableRelatedPartiesClassifiedCurrent_c20210630_pp0p0" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0" title="Total"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1248">-</span></span></p> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98B_eus-gaap--NotesPayableRelatedPartiesClassifiedCurrent_c20200630_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total"><span style="font-family: Times New Roman, Times, Serif">124,800</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.3in; text-align: center"><span id="xdx_F05_zBgbtg9CLQtd" style="font: 10pt Times New Roman, Times, Serif">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_z9Mx9W6Dtyia" style="font: 10pt Times New Roman, Times, Serif">On July 27, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Around the Clock Partners, LP in the principal amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_c20180727__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_pp0p0" title="Debt principal amount">124,800</span>. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (July 27, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_eus-gaap--DebtConversionDescription_c20180726__20180727__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember" title="Debt conversion, description">(a) <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_c20180726__20180727__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_pdd" title="Debt conversion threshold percentage">50%</span> of the lowest trading price of the Company’s common stock during the <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--DebtInstrumentConvertibleThresholdConsecutiveTradingDays1_pid_uInteger_c20180726__20180727__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_z8cKSJJRabNb" title="Debt conversion, consecutive trading days">25</span> consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date.</span> The Convertible Note has a term of one (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_909_eus-gaap--DebtInstrumentTerm_dtY_c20180726__20180727__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_zJnyImtIMDZj" title="Debt instrument term">1</span>) year and bears interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_900_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20180727__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_pdd" title="Debt interest rate">5%</span> annually. On March 1, 2021, the Company issued the Holder 40 shares of its Series L Preferred Stock in satisfaction of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_903_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_c20210301__20210302__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__us-gaap--FinancialInstrumentAxis__custom--PrincipalAmountMember_zvBpm0IZ5eda" title="Debt conversion, amount">124,800</span> principal, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_906_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_c20210228__20210302__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__us-gaap--FinancialInstrumentAxis__custom--DefaultPrincipalAmountMember_zM9ZYc4sftT4" title="Debt conversion, amount">24,906</span> default principal, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_906_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_c20210211__20210302__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__us-gaap--FinancialInstrumentAxis__custom--InterestAmountMember_zwNY14Qo69m3" title="Debt conversion, amount">16,160</span> interest and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_902_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_c20210228__20210302__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__us-gaap--FinancialInstrumentAxis__custom--DefaultInterestAmountMember_zfil3pzviU3k" title="Debt conversion, amount">37,666</span> default interest. A balance of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_902_eus-gaap--DebtInstrumentDecreaseForgiveness_c20200701__20210630__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_pp0p0" title="Debt forgiveness">3,532</span> was forgiven by the Holder. As of June 30, 2021, there was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_do_c20210630__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_zKnJgz2DTIra" title="Debt principal amount"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgVE8gUkVMQVRFRCBQQVJUSUVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_906_eus-gaap--InterestPayableCurrent_iI_pp0p0_do_c20210630__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertiblePromissoryNotesMember__dei--LegalEntityAxis__custom--ClockPartnersLPMember_zOjRth0LlM04" title="Accrued interest">no</span></span> outstanding principal or interest due.</span></td></tr> </table> 124800 0.05 0.15 2019-07-27 0 0 124800 124800 124800 (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. 0.50 25 P1Y 0.05 124800 24906 16160 37666 3532 0 0 <p id="xdx_806_eus-gaap--DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_zn265saS7YA2" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTE H - <span id="xdx_82C_zivOh07ZC60c">DERIVATIVE LIABILITY</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfDerivativeInstrumentsTextBlock_zOQt81lCeAy7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The derivative liability at June 30, 2021 and June 30, 2020 consisted of:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8BE_zsqo4REaY0nb" style="display: none">SCHEDULE OF DERIVATIVE LIABILITY</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"><b>June 30, 2021</b></span></p> </td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">June 30, 2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"/><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Convertible Promissory Notes payable to Tri-Bridge Ventures, LLC. Please see <b>NOTE F – NOTES PAYABLE, THIRD PARTIES</b> for further information</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td id="xdx_980_eus-gaap--DerivativeLiabilitiesCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNotesPayableOneMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="Total derivative liability">548,392</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td id="xdx_981_eus-gaap--DerivativeLiabilitiesCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNotesPayableOneMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="Total derivative liability"><span style="font: 10pt Times New Roman, Times, Serif">213,933</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Convertible Promissory Note payable to Valvasone Trust. Please see <b>NOTE F – NOTES PAYABLE, THIRD PARTIES</b> for further information</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--DerivativeLiabilitiesCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNotesPayableTwoMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total derivative liability"><span style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1287">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--DerivativeLiabilitiesCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNotesPayableTwoMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total derivative liability"><span style="font: 10pt Times New Roman, Times, Serif">150,619</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Convertible Promissory Notes payable to Jody A. DellaDonna. Please see <b>NOTE F – NOTES PAYABLE, THIRD PARTIES</b> for further information</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p id="xdx_986_eus-gaap--DerivativeLiabilitiesCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNotesPayableThreeMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; margin: 0" title="Total derivative liability"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1291">-</span></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td id="xdx_987_eus-gaap--DerivativeLiabilitiesCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNotesPayableThreeMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total derivative liability"><span style="font: 10pt Times New Roman, Times, Serif">40,974</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Convertible Promissory Note payable to Around the Clock Partners, LP. Please see <b>NOTE G – NOTES PAYABLE, RELATED PARTIES</b> for further information</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td id="xdx_981_eus-gaap--DerivativeLiabilitiesCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNotesPayableFourMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total derivative liability"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1295">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td id="xdx_980_eus-gaap--DerivativeLiabilitiesCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNotesPayableFourMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total derivative liability"><span style="font: 10pt Times New Roman, Times, Serif">204,540</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible Promissory Notes payable to Jetco Holdings, LLC. Please see <b>NOTE G – NOTES PAYABLE, RELATED PARTIES</b> for further information</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p id="xdx_988_eus-gaap--DerivativeLiabilitiesCurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember_zCWjcIWczEH" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1298">-</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0" title="Total derivative liability"><span style="font-family: Times New Roman, Times, Serif"/></p> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_eus-gaap--DerivativeLiabilitiesCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total derivative liability"><span style="font-family: Times New Roman, Times, Serif"> 800,452</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible Promissory Note payable to Armada Investment Fund, LLC. Please see <b>NOTE G – NOTES PAYABLE, RELATED PARTIES</b> for further information</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p id="xdx_98A_eus-gaap--DerivativeLiabilitiesCurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_zsrZBZ3B1Nh7" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">18,865</span></p> <span style="font-family: Times New Roman, Times, Serif"/></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--DerivativeLiabilitiesCurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_zUI3OrQ1tggg" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,877</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"/> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Convertible Promissory Notes payable to Graphene Holdings, LLC. Please see <b>NOTE G – NOTES PAYABLE, THIRD PARTIES</b> for further information</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p id="xdx_98D_eus-gaap--DerivativeLiabilitiesCurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember_zrr02Kz6Jjjb" style="font: 10pt Times New Roman, Times, Serif; margin: 0">332,519</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total derivative liability"><p id="xdx_98D_eus-gaap--DerivativeLiabilitiesCurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember_z9jmwCWRwMm" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1304">-</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Convertible Promissory Note payable to Power Up Lending Group Ltd. Please see <b>NOTE G – NOTES PAYABLE, RELATED PARTIES</b> for further information</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total derivative liability"><p id="xdx_985_eus-gaap--DerivativeLiabilitiesCurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember_zDiC4Gttwx73" style="font: 10pt Times New Roman, Times, Serif; margin: 0">107,801</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--DerivativeLiabilitiesCurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember_zuZaXKmInmmk" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total derivative liability"><span style="-sec-ix-hidden: xdx2ixbrl1307">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Total derivative liability</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><p id="xdx_98D_eus-gaap--DerivativeLiabilitiesCurrent_iI_pp0p0_c20210630_z4F6drtplHNe" style="font: 10pt Times New Roman, Times, Serif; margin: 0">1,007,577</p> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td id="xdx_988_eus-gaap--DerivativeLiabilitiesCurrent_c20200630_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total derivative liability"><span style="font: 10pt Times New Roman, Times, Serif">1,420,455</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> </tr> </table> <p id="xdx_8A2_zJIHYl57eSa1" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The Convertible Promissory Notes (the “Notes”) contain a variable conversion feature based on the future trading price of the Company’s common stock. Therefore, the number of shares of common stock issuable upon conversion of the Notes is indeterminate. Accordingly, we have recorded the fair value of the embedded conversion features as a derivative liability at the respective issuance dates of the notes and charged the applicable amounts to debt discounts (limited to the face value of the respective notes) and the remainder to other expenses. The increase (decrease) in the fair value of the derivative liability from the respective issue dates of the notes to the measurement dates is charged (credited) to other expense (income).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The fair value of the derivative liability was measured at the respective issuance dates and at June 30, 2021, and June 30, 2020 using the Black Scholes option pricing model. Assumptions used for the calculation of the derivative liability of the Notes at June 30, 2021 were (1) stock price of $<span id="xdx_908_eus-gaap--SharePrice_c20210630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_pdd">0.0032 </span></span><span style="font-family: Times New Roman, Times, Serif">per share, (2) conversion prices ranging from $<span id="xdx_905_eus-gaap--SharePrice_iI_c20210630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputConversionPriceMember__srt--RangeAxis__srt--MinimumMember_zjcPzQH0PWXh">0.0015 </span></span><span style="font-family: Times New Roman, Times, Serif">to $<span id="xdx_900_eus-gaap--SharePrice_c20210630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputConversionPriceMember__srt--RangeAxis__srt--MaximumMember_pdd">0.0021 </span></span><span style="font-family: Times New Roman, Times, Serif">per share, (3) term of <span id="xdx_908_ecustom--DerivativeLiabilityMeasurementInputTerm_dtM_c20200701__20210630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__srt--RangeAxis__srt--MinimumMember_zjlkMcy8Bnqh">6 </span></span><span style="font-family: Times New Roman, Times, Serif">months to <span id="xdx_902_ecustom--DerivativeLiabilityMeasurementInputTerm_dtY_c20200701__20210630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__srt--RangeAxis__srt--MaximumMember_zOWIf9OWAb94">1 </span></span><span style="font-family: Times New Roman, Times, Serif">year, (4) expected volatility of <span id="xdx_90F_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_dp_uPercentage_c20210630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__srt--RangeAxis__srt--MinimumMember_z2M0iH9L4rFf">257.53</span></span><span style="font-family: Times New Roman, Times, Serif">% to <span id="xdx_90E_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_dp_uPercentage_c20210630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__srt--RangeAxis__srt--MaximumMember_zwefkZuDCfFb">392.02</span></span><span style="font-family: Times New Roman, Times, Serif">%, and (5) risk free interest rate of <span id="xdx_909_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_dp_uPercentage_c20210630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zeWKEgLj8F55">0.09%</span></span><span style="font-family: Times New Roman, Times, Serif">. Assumptions used for the calculation of the derivative liability of the Notes at June 30, 2020 were (1) stock price of $<span id="xdx_904_eus-gaap--SharePrice_c20200630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_pdd">0.0001 </span></span><span style="font-family: Times New Roman, Times, Serif">per share, (2) conversion prices ranging from $<span id="xdx_906_eus-gaap--SharePrice_iI_c20200630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputConversionPriceMember__srt--RangeAxis__srt--MinimumMember_zcalNlGK6Yfi">0.00001 </span></span><span style="font-family: Times New Roman, Times, Serif">to $<span id="xdx_90D_eus-gaap--SharePrice_iI_c20200630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputConversionPriceMember__srt--RangeAxis__srt--MaximumMember_z8plVOfdruOk">0.00007 </span></span><span style="font-family: Times New Roman, Times, Serif">per share, (3) term of <span id="xdx_90C_ecustom--DerivativeLiabilityMeasurementInputTerm_dtM_c20190701__20200630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__srt--RangeAxis__srt--MinimumMember_ze2kOpe4qPze">6 </span></span><span style="font-family: Times New Roman, Times, Serif">months to <span id="xdx_90F_ecustom--DerivativeLiabilityMeasurementInputTerm_dtY_c20190701__20200630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__srt--RangeAxis__srt--MaximumMember_zSGm2eD6ji1i">1 </span></span><span style="font-family: Times New Roman, Times, Serif">year, (4) expected volatility of <span id="xdx_903_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_dp_uPercentage_c20200630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__srt--RangeAxis__srt--MinimumMember_zejJcJgC5QOc">113.19% </span></span><span style="font-family: Times New Roman, Times, Serif">to <span id="xdx_904_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_dp_uPercentage_c20200630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__srt--RangeAxis__srt--MaximumMember_zkXkqzjg0as9">139.74%</span></span><span style="font-family: Times New Roman, Times, Serif">, and (5) risk free interest rate of <span id="xdx_90E_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_dp_uPercentage_c20200630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zEGMmpgo8jS2">0.16%</span></span><span style="font-family: Times New Roman, Times, Serif">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_890_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock_zgj7f3g7J5Xh" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The following table provides a reconciliation of the beginning and ending balances for the convertible note embedded derivative liability measured at fair value using significant unobservable inputs (Level 3): </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8B7_zC6vQJTZj21" style="display: none">SCHEDULE OF EMBEDDED DERIVATIVE LIABILITY MEASURED AT FAIR VALUE USING SIGNIFICANT UNOBSERVABLE INPUTS</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Level 3</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Balance at June 30, 2019</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif">$</span><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--DerivativeLiabilities_iS_pp0p0_c20190701__20200630_zE9S8ejOtbH" style="text-align: right; width: 16%" title="Balance Beginning"><span style="font-family: Times New Roman, Times, Serif">715,350</span></td><td style="text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Additions</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98B_ecustom--EmbeddedDerivativeFairValueOfEmbeddedAdditions_c20190701__20200630_pp0p0" style="text-align: right" title="Additions"><span style="font-family: Times New Roman, Times, Serif">2,904,047</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Gain</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98F_eus-gaap--EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet_pp0p0_c20190701__20200630_zHyMWpqUC74i" style="border-bottom: Black 1.5pt solid; text-align: right" title="Gain"><span style="font-family: Times New Roman, Times, Serif">(2,190,052</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none"><span style="display: none; background-color: white">Change resulting from conversions</span></td><td style="display: none"> </td> <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left"> </td><td id="xdx_987_ecustom--EmbeddedDerivativeChangeResultingFromConversionsEmbeddedDerivativeNet_pp0p0_c20190701__20200630_z8bE5SSR8JQ8" style="border-bottom: Black 1.5pt solid; display: none; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1335">-</span></td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at June 30, 2020</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_989_eus-gaap--DerivativeLiabilities_iS_pp0p0_c20200701__20210630_z5kyUKjADTJa" style="text-align: right" title="Balance Beginning"><span style="font-family: Times New Roman, Times, Serif">1,420,455</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Additions</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--EmbeddedDerivativeFairValueOfEmbeddedAdditions_pp0p0_c20200701__20210630_zKiNKi7V60ka" style="text-align: right" title="Additions">3,398,176</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">(Gain)Loss – year to date</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td id="xdx_989_eus-gaap--EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet_pp0p0_c20200701__20210630_zizmktWYSrA7" style="padding-bottom: 1pt; padding-left: -150pt; text-align: right" title="(Gain) Loss - year to date"><span style="font: 10pt Times New Roman, Times, Serif">(446,532</span></td><td style="padding-bottom: 1pt; text-align: left">) </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Change resulting from conversions and payoffs</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><p id="xdx_984_ecustom--EmbeddedDerivativeChangeResultingFromConversionsEmbeddedDerivativeNet_pp0p0_c20200701__20210630_z8a42IU48n4d" style="font: 10pt Times New Roman, Times, Serif; margin: 0" title="Change resulting from conversions and payoffs">(3,364,522</p></td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2021</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--DerivativeLiabilities_iE_pp0p0_c20200701__20210630_zrmDujxXjZag" style="border-bottom: Black 2pt double; text-align: right" title="Balance Ending">1,007,577</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zyATpKcv18n1" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfDerivativeInstrumentsTextBlock_zOQt81lCeAy7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The derivative liability at June 30, 2021 and June 30, 2020 consisted of:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8BE_zsqo4REaY0nb" style="display: none">SCHEDULE OF DERIVATIVE LIABILITY</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"><b>June 30, 2021</b></span></p> </td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">June 30, 2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"/><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Convertible Promissory Notes payable to Tri-Bridge Ventures, LLC. Please see <b>NOTE F – NOTES PAYABLE, THIRD PARTIES</b> for further information</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td id="xdx_980_eus-gaap--DerivativeLiabilitiesCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNotesPayableOneMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="Total derivative liability">548,392</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td id="xdx_981_eus-gaap--DerivativeLiabilitiesCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNotesPayableOneMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="Total derivative liability"><span style="font: 10pt Times New Roman, Times, Serif">213,933</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Convertible Promissory Note payable to Valvasone Trust. Please see <b>NOTE F – NOTES PAYABLE, THIRD PARTIES</b> for further information</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--DerivativeLiabilitiesCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNotesPayableTwoMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total derivative liability"><span style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1287">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--DerivativeLiabilitiesCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNotesPayableTwoMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total derivative liability"><span style="font: 10pt Times New Roman, Times, Serif">150,619</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Convertible Promissory Notes payable to Jody A. DellaDonna. Please see <b>NOTE F – NOTES PAYABLE, THIRD PARTIES</b> for further information</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p id="xdx_986_eus-gaap--DerivativeLiabilitiesCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNotesPayableThreeMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; margin: 0" title="Total derivative liability"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1291">-</span></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td id="xdx_987_eus-gaap--DerivativeLiabilitiesCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNotesPayableThreeMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total derivative liability"><span style="font: 10pt Times New Roman, Times, Serif">40,974</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Convertible Promissory Note payable to Around the Clock Partners, LP. Please see <b>NOTE G – NOTES PAYABLE, RELATED PARTIES</b> for further information</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td id="xdx_981_eus-gaap--DerivativeLiabilitiesCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNotesPayableFourMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total derivative liability"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1295">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td id="xdx_980_eus-gaap--DerivativeLiabilitiesCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNotesPayableFourMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total derivative liability"><span style="font: 10pt Times New Roman, Times, Serif">204,540</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible Promissory Notes payable to Jetco Holdings, LLC. Please see <b>NOTE G – NOTES PAYABLE, RELATED PARTIES</b> for further information</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p id="xdx_988_eus-gaap--DerivativeLiabilitiesCurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember_zCWjcIWczEH" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1298">-</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0" title="Total derivative liability"><span style="font-family: Times New Roman, Times, Serif"/></p> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_eus-gaap--DerivativeLiabilitiesCurrent_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember_pp0p0" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total derivative liability"><span style="font-family: Times New Roman, Times, Serif"> 800,452</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible Promissory Note payable to Armada Investment Fund, LLC. Please see <b>NOTE G – NOTES PAYABLE, RELATED PARTIES</b> for further information</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p id="xdx_98A_eus-gaap--DerivativeLiabilitiesCurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_zsrZBZ3B1Nh7" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">18,865</span></p> <span style="font-family: Times New Roman, Times, Serif"/></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--DerivativeLiabilitiesCurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_zUI3OrQ1tggg" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,877</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"/> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Convertible Promissory Notes payable to Graphene Holdings, LLC. Please see <b>NOTE G – NOTES PAYABLE, THIRD PARTIES</b> for further information</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p id="xdx_98D_eus-gaap--DerivativeLiabilitiesCurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember_zrr02Kz6Jjjb" style="font: 10pt Times New Roman, Times, Serif; margin: 0">332,519</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total derivative liability"><p id="xdx_98D_eus-gaap--DerivativeLiabilitiesCurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSevenMember_z9jmwCWRwMm" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1304">-</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Convertible Promissory Note payable to Power Up Lending Group Ltd. Please see <b>NOTE G – NOTES PAYABLE, RELATED PARTIES</b> for further information</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total derivative liability"><p id="xdx_985_eus-gaap--DerivativeLiabilitiesCurrent_iI_pp0p0_c20210630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember_zDiC4Gttwx73" style="font: 10pt Times New Roman, Times, Serif; margin: 0">107,801</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--DerivativeLiabilitiesCurrent_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteEightMember_zuZaXKmInmmk" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total derivative liability"><span style="-sec-ix-hidden: xdx2ixbrl1307">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Total derivative liability</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><p id="xdx_98D_eus-gaap--DerivativeLiabilitiesCurrent_iI_pp0p0_c20210630_z4F6drtplHNe" style="font: 10pt Times New Roman, Times, Serif; margin: 0">1,007,577</p> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td id="xdx_988_eus-gaap--DerivativeLiabilitiesCurrent_c20200630_pp0p0" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Total derivative liability"><span style="font: 10pt Times New Roman, Times, Serif">1,420,455</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> </tr> </table> 548392 213933 150619 40974 204540 800452 18865 9877 332519 107801 1007577 1420455 0.0032 0.0015 0.0021 P6M P1Y 2.5753 3.9202 0.0009 0.0001 0.00001 0.00007 P6M P1Y 1.1319 1.3974 0.0016 <p id="xdx_890_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock_zgj7f3g7J5Xh" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The following table provides a reconciliation of the beginning and ending balances for the convertible note embedded derivative liability measured at fair value using significant unobservable inputs (Level 3): </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8B7_zC6vQJTZj21" style="display: none">SCHEDULE OF EMBEDDED DERIVATIVE LIABILITY MEASURED AT FAIR VALUE USING SIGNIFICANT UNOBSERVABLE INPUTS</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Level 3</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Balance at June 30, 2019</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif">$</span><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--DerivativeLiabilities_iS_pp0p0_c20190701__20200630_zE9S8ejOtbH" style="text-align: right; width: 16%" title="Balance Beginning"><span style="font-family: Times New Roman, Times, Serif">715,350</span></td><td style="text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Additions</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98B_ecustom--EmbeddedDerivativeFairValueOfEmbeddedAdditions_c20190701__20200630_pp0p0" style="text-align: right" title="Additions"><span style="font-family: Times New Roman, Times, Serif">2,904,047</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Gain</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98F_eus-gaap--EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet_pp0p0_c20190701__20200630_zHyMWpqUC74i" style="border-bottom: Black 1.5pt solid; text-align: right" title="Gain"><span style="font-family: Times New Roman, Times, Serif">(2,190,052</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none"><span style="display: none; background-color: white">Change resulting from conversions</span></td><td style="display: none"> </td> <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left"> </td><td id="xdx_987_ecustom--EmbeddedDerivativeChangeResultingFromConversionsEmbeddedDerivativeNet_pp0p0_c20190701__20200630_z8bE5SSR8JQ8" style="border-bottom: Black 1.5pt solid; display: none; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1335">-</span></td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at June 30, 2020</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_989_eus-gaap--DerivativeLiabilities_iS_pp0p0_c20200701__20210630_z5kyUKjADTJa" style="text-align: right" title="Balance Beginning"><span style="font-family: Times New Roman, Times, Serif">1,420,455</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Additions</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--EmbeddedDerivativeFairValueOfEmbeddedAdditions_pp0p0_c20200701__20210630_zKiNKi7V60ka" style="text-align: right" title="Additions">3,398,176</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">(Gain)Loss – year to date</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td id="xdx_989_eus-gaap--EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet_pp0p0_c20200701__20210630_zizmktWYSrA7" style="padding-bottom: 1pt; padding-left: -150pt; text-align: right" title="(Gain) Loss - year to date"><span style="font: 10pt Times New Roman, Times, Serif">(446,532</span></td><td style="padding-bottom: 1pt; text-align: left">) </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Change resulting from conversions and payoffs</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><p id="xdx_984_ecustom--EmbeddedDerivativeChangeResultingFromConversionsEmbeddedDerivativeNet_pp0p0_c20200701__20210630_z8a42IU48n4d" style="font: 10pt Times New Roman, Times, Serif; margin: 0" title="Change resulting from conversions and payoffs">(3,364,522</p></td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2021</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--DerivativeLiabilities_iE_pp0p0_c20200701__20210630_zrmDujxXjZag" style="border-bottom: Black 2pt double; text-align: right" title="Balance Ending">1,007,577</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 715350 2904047 -2190052 1420455 3398176 -446532 -3364522 1007577 <p id="xdx_809_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_z9ixnZ0rYHL2" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTE I - <span id="xdx_825_ztRFK8nlbSLh">CAPITAL STOCK</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i>Preferred Stock</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Filed with the State of Delaware</b>:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On September 30, 1999, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series A 8% Convertible Preferred Stock, par value $<span id="xdx_909_eus-gaap--PreferredStockParOrStatedValuePerShare_c19990930__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_pdd" title="Preferred stock, par value">0.01</span>. The designation of the new Series A 8% Convertible Preferred Stock was approved by the Board of Directors on August 16, 1999. The Company is authorized to issue <span id="xdx_901_eus-gaap--PreferredStockSharesAuthorized_c19990930__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_pdd" title="Preferred stock, shares authorized">3,000</span> shares of the Series A 8% Convertible Preferred Stock. At June 30, 2021 and 2020, the Company had <span id="xdx_902_eus-gaap--PreferredStockSharesIssued_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_pdd" title="Preferred stock, shares issued"><span id="xdx_903_eus-gaap--PreferredStockSharesOutstanding_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_pdd" title="Preferred stock, shares outstanding">0</span></span> and <span id="xdx_903_eus-gaap--PreferredStockSharesIssued_c20200630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_pdd" title="Preferred stock, shares issued"><span id="xdx_900_eus-gaap--PreferredStockSharesOutstanding_c20200630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_pdd" title="Preferred stock, shares outstanding">0</span></span> shares issued and outstanding, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On September 30, 1999, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series B 8% Convertible Preferred Stock, par value $<span id="xdx_908_eus-gaap--PreferredStockParOrStatedValuePerShare_c19990930__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_pdd" title="Preferred stock, par value">0.01</span>. The designation of the new Series B 8% Convertible Preferred Stock was approved by the Board of Directors on August 16, 1999. The Company is authorized to issue <span id="xdx_906_eus-gaap--PreferredStockSharesAuthorized_c19990930__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_pdd" title="Preferred stock, shares authorized">3,000</span> shares of the Series B 8% Convertible Preferred Stock. At June 30, 2021 and 2020, the Company had <span id="xdx_90C_eus-gaap--PreferredStockSharesIssued_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_pdd" title="Preferred stock, shares issued"><span id="xdx_902_eus-gaap--PreferredStockSharesOutstanding_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_pdd" title="Preferred stock, shares outstanding">0</span></span> and <span id="xdx_902_eus-gaap--PreferredStockSharesIssued_c20200630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_pdd" title="Preferred stock, shares issued"><span id="xdx_903_eus-gaap--PreferredStockSharesOutstanding_c20200630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_pdd" title="Preferred stock, shares outstanding">0</span></span> shares issued and outstanding, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>GLOBAL TECHNOLOGIES, LTD</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><i>For the years ended June 30, 2021 and 2020 </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTE I - CAPITAL STOCK (cont’d)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On February 15, 2000, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series C 5% Convertible Preferred Stock, par value $<span id="xdx_90B_eus-gaap--PreferredStockParOrStatedValuePerShare_c20000215__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_pdd" title="Preferred stock, par value">0.01</span>. The designation of the new Series C 5% Convertible Preferred Stock was approved by the Board of Directors on February 14, 2000. The Company is authorized to issue <span id="xdx_907_eus-gaap--PreferredStockSharesAuthorized_c20000215__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_pdd" title="Preferred stock, shares authorized">1,000</span> shares of the Series C 5% Convertible Preferred Stock. At June 30, 2021 and 2020, the Company had <span id="xdx_90D_eus-gaap--PreferredStockSharesIssued_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_pdd" title="Preferred stock, shares issued"><span id="xdx_905_eus-gaap--PreferredStockSharesOutstanding_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_pdd" title="Preferred stock, shares outstanding">0</span></span> and <span id="xdx_90C_eus-gaap--PreferredStockSharesIssued_c20200630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_pdd" title="Preferred stock, shares issued"><span id="xdx_902_eus-gaap--PreferredStockSharesOutstanding_c20200630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_pdd" title="Preferred stock, shares outstanding">0</span></span> shares issued and outstanding, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On April 26, 2001, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series D Convertible Preferred Stock, par value $<span id="xdx_90E_eus-gaap--PreferredStockParOrStatedValuePerShare_c20010426__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesDPreferredStockMember_pdd" title="Preferred stock, par value">0.01</span>. The designation of the new Series D Convertible Preferred Stock was approved by the Board of Directors on April 26, 2001. The Company is authorized to issue <span id="xdx_90E_eus-gaap--PreferredStockSharesAuthorized_c20010426__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesDPreferredStockMember_pdd" title="Preferred stock, shares authorized">800</span> shares of the Series D Convertible Preferred Stock. At June 30, 2021 and 2020, the Company had <span id="xdx_90E_eus-gaap--PreferredStockSharesIssued_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesDPreferredStockMember_pdd" title="Preferred stock, shares issued"><span id="xdx_904_eus-gaap--PreferredStockSharesOutstanding_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesDPreferredStockMember_pdd" title="Preferred stock, shares outstanding">0</span></span> and <span id="xdx_90D_eus-gaap--PreferredStockSharesIssued_c20200630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesDPreferredStockMember_pdd" title="Preferred stock, shares issued"><span id="xdx_905_eus-gaap--PreferredStockSharesOutstanding_c20200630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesDPreferredStockMember_pdd" title="Preferred stock, shares outstanding">0</span></span> shares issued and outstanding, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On June 28, 2001, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series E 8% Convertible Preferred Stock, par value $<span id="xdx_90B_eus-gaap--PreferredStockParOrStatedValuePerShare_c20010628__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesEPreferredStockMember_pdd" title="Preferred stock, par value">0.01</span>. The designation of the new Series E 8% Convertible Preferred Stock was approved by the Board of Directors on March 30, 2001. The Company is authorized to issue <span id="xdx_901_eus-gaap--PreferredStockSharesAuthorized_c20010628__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesEPreferredStockMember_pdd" title="Preferred stock, shares authorized">250</span> shares of the Series E Convertible Preferred Stock. At June 30, 2021 and 2020, the Company had <span id="xdx_90F_eus-gaap--PreferredStockSharesIssued_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesEPreferredStockMember_pdd" title="Preferred stock, shares issued"><span id="xdx_907_eus-gaap--PreferredStockSharesOutstanding_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesEPreferredStockMember_pdd" title="Preferred stock, shares outstanding">0</span></span> and <span id="xdx_90E_eus-gaap--PreferredStockSharesIssued_c20200630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesEPreferredStockMember_pdd" title="Preferred stock, shares issued"><span id="xdx_904_eus-gaap--PreferredStockSharesOutstanding_c20200630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesEPreferredStockMember_pdd" title="Preferred stock, shares outstanding">0</span></span> shares issued and outstanding, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Series K Super Voting Preferred Stock</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On July 31, 2019, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series K Super Voting Preferred Stock, par value $<span id="xdx_90B_eus-gaap--PreferredStockParOrStatedValuePerShare_c20190731__us-gaap--StatementClassOfStockAxis__custom--SeriesKSuperVotingPreferredStockMember_pdd" title="Preferred stock, par value">0.01</span>. The designation of the new Series K Super Voting Preferred Stock was approved by the Board of Directors on July 16, 2019. The Company is authorized to issue three (<span id="xdx_901_eus-gaap--PreferredStockSharesAuthorized_c20190731__us-gaap--StatementClassOfStockAxis__custom--SeriesKSuperVotingPreferredStockMember_pdd" title="Preferred stock, shares authorized">3</span>) shares of the Series K Super Voting Preferred Stock. At June 30, 2021 and 2020, the Company had <span id="xdx_90C_eus-gaap--PreferredStockSharesIssued_c20210630__us-gaap--StatementClassOfStockAxis__custom--SeriesKSuperVotingPreferredStockMember_pdd" title="Preferred stock, shares issued"><span id="xdx_903_eus-gaap--PreferredStockSharesOutstanding_c20210630__us-gaap--StatementClassOfStockAxis__custom--SeriesKSuperVotingPreferredStockMember_pdd" title="Preferred stock, shares outstanding">3</span></span> and <span id="xdx_90B_eus-gaap--PreferredStockSharesIssued_c20200630__us-gaap--StatementClassOfStockAxis__custom--SeriesKSuperVotingPreferredStockMember_pdd" title="Preferred stock, shares issued"><span id="xdx_902_eus-gaap--PreferredStockSharesOutstanding_c20200630__us-gaap--StatementClassOfStockAxis__custom--SeriesKSuperVotingPreferredStockMember_pdd" title="Preferred stock, shares outstanding">3</span></span> shares issued and outstanding, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Dividends. </i>Initially, there will be no dividends due or payable on the Series K Super Voting Preferred Stock. Any future terms with respect to dividends shall be determined by the Board consistent with the Corporation’s Certificate of Incorporation. Any and all such future terms concerning dividends shall be reflected in an amendment to this Certificate, which the Board shall promptly file or cause to be filed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Liquidation and Redemption Rights.</i> Upon the occurrence of a Liquidation Event (as defined below), the holders of Series K Super Voting Preferred Stock are entitled to receive net assets on a pro-rata basis. Each holder of Series K Super Voting Preferred Stock is entitled to receive ratably any dividends declared by the Board, if any, out of funds legally available for the payment of dividends. As used herein, “Liquidation Event” means (i) the liquidation, dissolution or winding-up, whether voluntary or involuntary, of the Corporation, (ii) the purchase or redemption by the Corporation of shares of any class of stock or the merger or consolidation of the Corporation with or into any other corporation or corporations, unless (a) the holders of the Series K Super Voting Preferred Stock receive securities of the surviving Corporation having substantially similar rights as the Series K Super Voting Preferred Stock and the stockholders of the Corporation immediately prior to such transaction are holders of at least a majority of the voting securities of the successor Corporation immediately thereafter (the “Permitted Merger”), unless the holders of the shares of Series K Super Voting Preferred Stock elect otherwise or (b) the sale, license or lease of all or substantially all, or any material part of, the Corporation’s assets, unless the holders of Series K Super Voting Preferred Stock elect otherwise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Conversion. </i>No conversion of the Series K Super Voting Preferred Stock is permitted.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Rank</i>. <span id="xdx_909_ecustom--PreferredStockRankDescription_c20200701__20210630__us-gaap--StatementClassOfStockAxis__custom--SeriesKSuperVotingPreferredStockMember" title="Preferred stock, rank description">All shares of the Series K Super Voting Preferred Stock shall rank (i) senior to the Corporation’s (A) Common Stock, par value $0.0001 per share (“Common Stock”), and any other class or series of capital stock of the Corporation hereafter created, except as otherwise provided in clauses (ii) and (iii) of this Section 4, (ii) <i>pari passu </i> with any class or series of capital stock of the Corporation hereafter created and specifically ranking, by its terms, on par with the Series K Super Voting Preferred-Stock and (iii) junior to any class or series of capital stock of the Corporation hereafter created specifically ranking, by its terms, senior to the Series K Preferred Stock, in each case as to distribution of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Voting Rights.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">A. If at least one share of Series K Super Voting Preferred Stock is issued and outstanding, then the total aggregate issued shares of Series K Super Voting Preferred Stock at any given time, regardless of their number, shall have voting rights equal to 20 times the sum of: i) the total number of shares of Common stock which are issued and outstanding at the time of voting, plus ii) the total number of shares of any and all Preferred stocks which are issued and outstanding at the time of voting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>GLOBAL TECHNOLOGIES, LTD</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><i>For the years ended June 30, 2021 and 2020 </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>NOTE I - CAPITAL STOCK (cont’d)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">B. Each individual share of Series K Super Voting Preferred Stock shall have the voting rights equal to:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">[twenty times the sum of: {all shares of Common stock issued and outstanding at the time of voting + all shares of any other Preferred stocks issued and outstanding at the time of voting}]</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Divided by:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">[the number of shares of Series K Super Voting Preferred Stock issued and outstanding at the time of voting]</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">With respect to all matters upon which stockholders are entitled to vote or to which stockholders are entitled to give consent, the holders of the outstanding shares of Series K Super Voting Preferred Stock shall vote together with the holders of Common Stock without regard to class, except as to those matters on which separate class voting is required by applicable law or the Certificate of Incorporation or By-laws.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Series L Preferred Stock</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On July 31, 2019, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series L Preferred Stock, par value $<span id="xdx_90C_eus-gaap--PreferredStockParOrStatedValuePerShare_c20190731__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember_pdd" title="Preferred stock, par value">0.01</span>. The designation of the new Series L Preferred Stock was approved by the Board of Directors on July 16, 2019. The Company is authorized to issue five hundred thousand (<span id="xdx_909_eus-gaap--PreferredStockSharesAuthorized_c20190731__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember_pdd" title="Preferred stock, shares authorized">500,000</span>) shares of the Series L Preferred Stock. At June 30, 2021 and 2020, the Company had <span id="xdx_90A_eus-gaap--PreferredStockSharesIssued_iI_c20210630__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStocksMember_zHNRoHCVuQ3j" title="Preferred stock, shares issued"><span id="xdx_90D_eus-gaap--PreferredStockSharesOutstanding_iI_c20210630__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStocksMember_zNKdVp8AwNTk" title="Preferred stock, shares outstanding">255</span></span> and <span id="xdx_906_eus-gaap--PreferredStockSharesIssued_iI_c20200630__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStocksMember_zMjjUjaKY7Z" title="Preferred stock, shares issued"><span id="xdx_908_eus-gaap--PreferredStockSharesOutstanding_iI_c20200630__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStocksMember_zyTLaqKF3L31" title="Preferred stock, shares outstanding">10</span></span> shares issued and outstanding, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Dividends. </i>The holders of Series L Preferred Stock shall be entitled to receive dividends when, as and if declared by the Board of Directors, in its sole discretion.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Voting.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">a. If at least one share of Series L Preferred Stock is issued and outstanding, then the total aggregate issued shares of Series L Preferred Stock at any given time, regardless of their number, shall have voting rights equal to four times the sum of: i) the total number of shares of Common Stock which are issued and outstanding at the time of voting, plus ii) the total number of shares of all series of Preferred Stock which are issued and outstanding at the time of voting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">b. Each individual share of Series L Preferred Stock shall have the voting rights equal to:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">[four times the sum of: {all shares of Common Stock issued and outstanding at time of voting + the total number of shares of all series of Preferred Stock issued and outstanding at time of voting}]</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">divided by:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">[the number of shares of Series L Preferred Stock issued and outstanding at the time of voting]</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Conversion Rights</i>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">a) <span style="text-decoration: underline">Outstanding</span>. If at least one share of Series L Preferred Stock is issued and outstanding, then the total aggregate issued shares of Series L Preferred Stock at any given time, regardless of their number, shall be convertible into the number of shares of Common Stock defined by the formula set forth is section 4.b.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">b) <span style="text-decoration: underline">Method of Conversion</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">i. Procedure- Before any holder of Series L Preferred Stock shall be entitled to convert the same into shares of common stock, such holder shall surrender the certificate or certificates therefore, duly endorsed, at the office of the Company or of any transfer agent for the Series L Preferred Stock, and shall give written notice 5 business days prior to date of conversion to the Company at its principal corporate office, of the election to convert the same and shall state therein the name or names in which the certificate or certificates for shares of common stock are to be issued. The Company shall, within five business days, issue and deliver at such office to such holder of Series L Preferred Stock, or to the nominee or nominees of such holder, a certificate or certificates for the number of shares of common stock to which such holder shall be entitled as aforesaid. Conversion shall be deemed to have been effected on the date when delivery of notice of an election to convert and certificates for shares is made, and such date is referred to herein as the “Conversion Date.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>GLOBAL TECHNOLOGIES, LTD</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><i>For the years ended June 30, 2021 and 2020 </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>NOTE I - CAPITAL STOCK (cont’d)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ii. Issuance- Shares of Series L Preferred Stock may only be issued in exchange for the partial or full retirement of debt held by Management, Employees, Consultants or as directed by a majority vote of the Board of Directors. The number of Shares of Series L Preferred Stock to be issued to each qualified person (member of Management, Employee or Consultant) holding a Note shall be determined by the following formula:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For retirement of debt: <span id="xdx_90B_eus-gaap--DebtConversionDescription_c20190611__20190612__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember" title="Debt converted into stock, description">One (1) share of Series L Preferred stock shall be issued for each Five Thousand Dollar ($5,000) tranche of outstanding liability. As an example: If an officer has accrued wages due to him or her in the amount of $25,000, the officer can elect to accept 5 shares of Series L Preferred stock to satisfy the outstanding obligation of the Company.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">iii. Calculation for conversion into Common Stock- Each individual share of Series L Preferred Stock shall be convertible into the number of shares of Common Stock equal to:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">[5000]</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">divided by:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">[.50 times the lowest closing price of the Company’s common stock for the immediate five-day period prior to the receipt of the Notice of Conversion remitted to the Company by the Series L Preferred stockholder]</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i>Common Stock</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Class A and Class B:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Identical Rights.</i> Except as otherwise expressly provided in ARTICLE FIVE of the Company’s Amended and Restated Certificate of Incorporation dated August 13, 1999, all Common Shares shall be identical and shall entitle the holders thereof to the same rights and privileges.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>GLOBAL TECHNOLOGIES, LTD</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><i>For the years ended June 30, 2021 and 2020 </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTE I - CAPITAL STOCK (cont’d)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Stock Splits.</i> The Corporation shall not in any manner subdivide (by any stock split, reclassification, stock dividend, recapitalization, or otherwise) or combine the outstanding shares of one class of Common Shares unless the outstanding shares of all classes of Common Shares shall be proportionately subdivided or combined.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Liquidation Rights</i>. Upon any voluntary or involuntary liquidation, dissolution, or winding up of the affairs of the Corporation, after payment shall have been made to holders of outstanding Preferred Shares, if any, of the full amount to which they are entitled pursuant to the Certificate of Incorporation, the holders of Common Shares shall be entitled, to the exclusion of the holders of the Preferred Shares, if any, to share ratably, in accordance with the number of Common Shares held by each such holder, in all remaining assets of the Corporation available for distribution among the holders of Common Shares, whether such assets are capital, surplus, or earnings. For the purposes of this paragraph, neither the consolidation or merger of the Corporation with or into any other corporation or corporations in which the stockholders of the Corporation receive capital stock and/or securities (including debt securities) of the acquiring corporation (or of the direct or indirect parent corporation of the acquiring corporation) nor the sale, lease or transfer of the Corporation, shall be deemed to be a voluntary or involuntary liquidation, dissolution, or winding up of the Corporation as those terms are used in this paragraph.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Voting Rights.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(a) <span id="xdx_905_eus-gaap--CommonStockVotingRights_c20200701__20210630" title="Common stock, voting rights">The holders of the Class A Shares and the Class B Shares shall vote as a single class on all matters submitted to a vote of the stockholders, with each Class A Share being entitled to one (1) vote and each Class B Share being entitled to six (6) votes, except as otherwise provided by law.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(b) The holders of Class A Shares and Class B Shares are not entitled to cumulative votes in the election of any directors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Preemptive or Subscription Rights. </i>No holder of Common Shares shall be entitled to preemptive or subscription rights.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>GLOBAL TECHNOLOGIES, LTD</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><i>For the years ended June 30, 2021 and 2020 </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTE I - CAPITAL STOCK (cont’d)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Conversion Rights.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(a) Automatic Conversion. Each Class B Share shall (subject to receipt of any and all necessary approvals) convert automatically into one fully paid and non-assessable Class A Share (i) upon its sale, gift, or other transfer to a party other than a Principal Stockholder (as defined below) or an Affiliate of a Principal Stockholder (as defined below), (ii) upon the death of the Class B Stockholder holding such Class B Share, unless the Class B Shares are transferred by operation of law to a Principal Stockholder or an Affiliate of a Principal Stockholder, or (iii) in the event of a sale, gift, or other transfer of a Class B Share to an Affiliate of a Principal Stockholder, upon the death of the transferor. Each of the foregoing automatic conversion events shall be referred to hereinafter as an “Event of Automatic Conversion.” For purposes of this ARTICLE FIVE, “Principal Stockholder” includes any of Donald H. Goldman, Steven M. Fieldman, Lance Fieldman, Yuri Itkis, Michall Itkis and Boris Itkis and an “Affiliate of a Principal Stockholder” is a person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. For purposes of this definition, “control,” when used with respect to any specified person, means the power to direct or cause the direction of the management, and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. Without limitation, an Affiliate also includes the estate of such individual.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(b) Voluntary Conversion. Each Class B Share shall be convertible at the option of the holder, for no additional consideration, into one fully paid and non-assessable Class A Share at any time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(c) Conversion Procedure. Promptly upon the occurrence of an Event of Automatic Conversion such that Class B shares are converted automatically into Class A Shares, or upon the voluntary conversion by the holder, the holder of such shares shall surrender the certificate or certificates therefor, duly endorsed in blank or accompanied by proper instruments of transfer, at the office of the Corporation or of any transfer agent for the Class A Shares, and shall give written notice to the Corporation at such office (i) stating that the shares are being converted pursuant to an Event of Automatic Conversion into Class A Shares as provided in subparagraph 5.6(a) hereof or a voluntary conversion as provided in subparagraph 5.6(b) hereof, (ii) specifying the Event of Automatic Conversion (and, if the occurrence of such event is within the control of the transferor, stating the transferor’s intent to effect an Event of Automatic Conversion) or whether such conversion is voluntary, (iii) identifying the number of Class B Shares being converted, and (iv) setting out the name or names (with addresses) and denominations in which the certificate or certificates for Class A Shares shall be issued and including instructions for delivery thereof. Delivery of such notice together with the certificates representing the Class B Shares shall obligate the Corporation to issue such Class A Shares and the Corporation shall be justified in relying upon the information and the certification contained in such notice and shall not be liable for the result of any inaccuracy with respect thereto. Thereupon, the Corporation or its transfer agent shall promptly issue and deliver at such stated address to such holder or to the transferee of Class B Shares a certificate or certificates for the number of Class A Shares to which such holder or transferee is entitled, registered in the name of such holder, the designee of such holder or transferee, as specified in such notice. To the extent permitted by law, conversion pursuant to (i) an Event of Automatic Conversion shall be deemed to have been effected as of the date on which the Event of Automatic Conversion occurred or (ii) a voluntary conversion shall be deemed to have been effected as of the date the Corporation receives the written notice pursuant to this subparagraph (c) (each date being the “Conversion Date”). The person entitled to receive the Class A Shares issuable upon such conversion shall be treated for all purposes as the record holder of such Class A Shares at and as of the Conversion Date, and the right of such person as the holder of Class B Shares shall cease and terminate at and as of the Conversion Date, in each case without regard to any failure by the holder to deliver the certificates or the notice by this subparagraph (c).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(d) Unconverted Shares. In the event of the conversion of fewer than all of the Class B Shares evidenced by a certificate surrendered to the Corporation in accordance with the procedures of this Paragraph 5.6, the Corporation shall execute and deliver to or upon the written order of the holder of such certificate, without charge to such holder, a new certificate evidencing the number of Class B Shares not converted.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(e) Reissue of Shares. Class B Shares that are converted into Class A Shares as provided herein shall be retired and canceled and shall not be reissued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(f) Reservation. The Corporation hereby reserves and shall at all times reserve and keep available, out of its authorized and unissued Class A Shares, for the purpose of effecting conversions, such number of duly authorized Class A Shares as shall from time to time be sufficient to effect the conversion of all outstanding Class B Shares. The Corporation covenants that all the Class A Shares so issuable shall, when so issued, be duly and validly issued, fully paid and non-assessable, and free from liens and charges with respect to the issue. The Corporation will take all such action as may be necessary to assure that all such Class A Shares may be so issued without violation of any applicable law or regulation, or any of the requirements of any national securities exchange upon which the Class A Shares may be listed. The Corporation will not take any action that results in any adjustment of the conversion ratio if the total number of Class A Shares issued and issuable after such action upon conversion of the Class B Shares would exceed the total number of Class A Shares then authorized by the Amended and Restated Certificate of Incorporation, as amended.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>GLOBAL TECHNOLOGIES, LTD</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><i>For the years ended June 30, 2021 and 2020 </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTE I - CAPITAL STOCK (cont’d)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">At June 30, 2021 and 2020, the Company is authorized to issue <span id="xdx_908_eus-gaap--CommonStockSharesAuthorized_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_pdd" title="Common stock, shares authorized">14,991,000,000</span> and <span id="xdx_90F_eus-gaap--CommonStockSharesAuthorized_c20200630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_pdd" title="Common stock, shares authorized">14,991,000,000</span> shares of Class A Common Stock, respectively. At June 30, 2021 and 2020, the Company has <span id="xdx_904_eus-gaap--CommonStockSharesIssued_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_pdd" title="Common stock, shares issued"><span id="xdx_903_eus-gaap--CommonStockSharesOutstanding_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_pdd" title="Common stock, shares outstanding">14,680,293,609</span></span> and <span id="xdx_907_eus-gaap--CommonStockSharesIssued_c20200630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_pdd" title="Common stock, shares issued"><span id="xdx_902_eus-gaap--CommonStockSharesOutstanding_c20200630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_pdd" title="Common stock, shares outstanding">12,189,293,609</span></span> shares issued and outstanding, respectively. At June 30, 2021 and 2020, the Company is authorized to issue <span id="xdx_909_eus-gaap--CommonStockSharesAuthorized_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_pdd" title="Common stock, shares authorized">4,000,000</span> and <span id="xdx_908_eus-gaap--CommonStockSharesAuthorized_c20200630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_pdd" title="Common stock, shares authorized">4,000,000</span> shares of Class B Common Stock, respectively. At June 30, 2021 and 2020, the Company has <span id="xdx_905_eus-gaap--CommonStockSharesIssued_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_pdd" title="Common stock, shares issued"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_pdd" title="Common stock, shares outstanding">0</span></span> and <span id="xdx_904_eus-gaap--CommonStockSharesIssued_c20200630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_pdd" title="Common stock, shares issued"><span id="xdx_903_eus-gaap--CommonStockSharesOutstanding_c20200630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_pdd" title="Common stock, shares outstanding">0</span></span> shares issued and outstanding, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Common Stock, Preferred Stock and Warrant Issuances</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For the twelve months ended June 30, 2021 and June 30, 2020, the Company issued and/or sold the following unregistered securities:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Common Stock:</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Year ended June 30, 2021</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 22, 2020, the Company issued <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesOther_c20200920__20200922__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderOneMember_zUKPP16wmgEg" title="Shares issued for penalties, shares">596,785,387</span> shares of restricted common stock with a fair market value of $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueOther_pp0p0_c20200920__20200922__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderOneMember_zRjx44XIblle" title="Shares issued for penalties, value">59,679</span> to a noteholder in satisfaction of $<span id="xdx_90E_ecustom--DebtInstrumentPenalties_pp0p0_c20200920__20200922__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderOneMember_z5vLE98eXy3b" title="Debt instrument, penalties">29,839</span> in penalties against the note dated January 24, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 25, 2020, the Company issued <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesOther_c20201123__20201125__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderTwoMember_zP3krf23MN5d" title="Shares issued for penalties, shares">637,526,342</span> shares of restricted common stock with a fair market value of $<span id="xdx_908_eus-gaap--StockIssuedDuringPeriodValueOther_pp0p0_c20201123__20201125__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderTwoMember_zxy3jRbIqgxf" title="Shares issued for penalties, value">63,753</span> to a noteholder in satisfaction of $<span id="xdx_90A_ecustom--DebtInstrumentPenalties_pp0p0_c20201123__20201125__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderTwoMember_z407VANHKUY3" title="Debt instrument, penalties">31,876</span> in penalties against the note dated January 24, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 13, 2020, the Company issued <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesOther_c20201211__20201213__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderThreeMember_zYJznHClCQmi" title="Shares issued for penalties, shares">669,338,906</span> shares of restricted common stock with a fair market value of $<span id="xdx_901_eus-gaap--StockIssuedDuringPeriodValueOther_pp0p0_c20201211__20201213__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderThreeMember_zpu1WhQ3riel" title="Shares issued for penalties, value">200,802</span> to a noteholder in satisfaction of $<span id="xdx_90C_ecustom--DebtInstrumentPenalties_pp0p0_c20201211__20201213__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderThreeMember_zRd1u3xiE5wk" title="Debt instrument, penalties">33,467</span> in penalties against the note dated January 24, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 22, 2020, the Company issued <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesOther_c20201220__20201222__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderFourMember_zqvNNWCT6YZa" title="Shares issued for penalties, shares">702,738,918</span> shares of restricted common stock with a fair market value of $<span id="xdx_903_eus-gaap--StockIssuedDuringPeriodValueOther_pp0p0_c20201220__20201222__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderFourMember_zN6xP1KJwjV5" title="Shares issued for penalties, value">281,096</span> to a noteholder in satisfaction of $<span id="xdx_903_ecustom--DebtInstrumentPenalties_pp0p0_c20201220__20201222__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderFourMember_zxJw2x1S2Iei" title="Debt instrument, penalties">35,137</span> in penalties against the note dated January 24, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 14, 2021, the Company issued <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesOther_c20210112__20210114__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderFiveMember_zD2H9ZciNOob" title="Shares issued for penalties, shares">500,000,000</span> shares of restricted common stock with a fair market value of $<span id="xdx_905_eus-gaap--StockIssuedDuringPeriodValueOther_pp0p0_c20210112__20210114__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderFiveMember_zp9rkWbk6xo8" title="Shares issued for penalties, value">900,000</span> to a noteholder in satisfaction of $<span id="xdx_907_ecustom--DebtInstrumentPenalties_pp0p0_c20210112__20210114__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderFiveMember_z9C50tVokGdl" title="Debt instrument, penalties">20,000</span> principal against the note dated June 3, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 19, 2021, the Company issued <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesOther_c20210117__20210119__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderSixMember_zETS9Jizhdyh" title="Shares issued for penalties, shares">300,000,000</span> shares of restricted common stock with a fair market value of $<span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodValueOther_pp0p0_c20210117__20210119__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderSixMember_zWg4i14dVpFi" title="Shares issued for penalties, value">1,200,000</span> to a noteholder in satisfaction of $<span id="xdx_90F_ecustom--DebtInstrumentPenalties_pp0p0_c20210117__20210119__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderSixMember_zIEbuxaEv02d" title="Debt instrument, penalties">42,000</span> principal against the note dated November 30, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 21, 2021, the Company issued <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesOther_c20210118__20210121__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderSevenMember_zOuFRGVNiWmg" title="Shares issued for penalties, shares">194,610,447</span> shares of restricted common stock with a fair market value of $<span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodValueOther_pp0p0_c20210118__20210121__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderSevenMember_zWqdEYSf5Cah" title="Shares issued for penalties, value">1,264,968</span> to a noteholder in satisfaction of $<span id="xdx_904_ecustom--DebtInstrumentPenalties_pp0p0_c20210118__20210121__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderSevenMember_zaJTjgUMuB2" title="Debt instrument, penalties">1,946</span> principal against the note dated January 24, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 22, 2021, the Company issued <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesOther_c20210220__20210222__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderEightMember_zN89VqCDdTUd" title="Shares issued for penalties, shares">150,000,000</span> shares of restricted common stock with a fair market value of $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueOther_c20210201__20210222__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderEightMember_pp0p0" title="Shares issued for penalties, value">1,710,000</span> to a noteholder in satisfaction of $<span id="xdx_909_ecustom--DebtInstrumentPenalties_pp0p0_c20210220__20210222__us-gaap--StatementClassOfStockAxis__custom--RestrictedCommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NoteholderEightMember_zwpdRRdKeDxf" title="Debt instrument, penalties">1,946</span> in penalties against the note dated January 24, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A total of <span id="xdx_908_ecustom--CommonStockReturned_pid_uShares_c20200701__20210630_zjiqVUdjP5k7" title="Number of shares returned">1,260,000,000</span> shares of common stock were returned to the Company during the year ended June 30, 2021 to be retired.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Year ended June 30, 2020</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">None</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Preferred Stock:</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><i>Year ended June 30, 2021</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">On February 15, 2021, the Company issued <span id="xdx_903_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20210201__20210215__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TwoConsultantsMember_zQJpEhfZO2Hk" title="Debt conversion, shares">100 shares</span> of the Company’s Series L Preferred Stock to two Consultants in satisfaction of $<span id="xdx_907_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20210201__20210215__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TwoConsultantsMember_pp0p0" title="Shares issued for services, value">500,000</span> cash compensation due for past consulting services. Each Consultant received 50 Shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 1, 2021, the Company issued <span id="xdx_90D_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20210227__20210302__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SoleOfficerAndDirectorMember_zh4kKFmSFEwa" title="Debt conversion, shares">40 shares</span> of the Company’s Series L Preferred Stock, to an affiliate of the Company’s sole officer and director, in satisfaction of $<span id="xdx_906_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_c20210227__20210302__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SoleOfficerAndDirectorMember_zSoCHjcO2dXh" title="Debt conversion, value">200,000</span> principal and interest outstanding on a Convertible Promissory Note dated July 27, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 15, 2021, the Company issued <span id="xdx_908_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20210301__20210315__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__us-gaap--AwardDateAxis__custom--NovemberThirtyTwoThousandNintyMember_zxuUxIKMGV57" title="Debt conversion, shares">50 shares</span> of the Company’s Series L Preferred Stock in satisfaction of $<span id="xdx_90D_eus-gaap--DebtConversionConvertedInstrumentAmount1_c20210301__20210315__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__us-gaap--AwardDateAxis__custom--NovemberThirtyTwoThousandNintyMember_pp0p0" title="Debt conversion, value">250,000</span> principal outstanding on a Convertible Promissory Note dated November 30, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 31, 2021, the Company issued <span id="xdx_902_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20210301__20210331__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__us-gaap--AwardDateAxis__custom--JuneThreeTwoThousandEighteenMember_zvikwU45Fu4b" title="Debt conversion, shares">26 shares</span> of the Company’s Series L Preferred Stock in satisfaction of $<span id="xdx_901_eus-gaap--DebtConversionConvertedInstrumentAmount1_c20210301__20210331__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__us-gaap--AwardDateAxis__custom--JuneThreeTwoThousandEighteenMember_pp0p0" title="Debt conversion, value">130,000</span> principal and interest outstanding on a Convertible Promissory Note dated June 3, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 31, 2021, the Company issued <span id="xdx_905_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20210301__20210331__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__us-gaap--AwardDateAxis__custom--JuneTwentyNineTwoThousandEighteenMember_zyAmtk5zEeX5" title="Debt conversion, shares">8 shares</span> of the Company’s Series L Preferred Stock in satisfaction of $<span id="xdx_909_eus-gaap--DebtConversionConvertedInstrumentAmount1_c20210301__20210331__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__us-gaap--AwardDateAxis__custom--JuneTwentyNineTwoThousandEighteenMember_pp0p0" title="Debt conversion, value">40,000</span> principal and interest outstanding on a Convertible Promissory Note dated June 29, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 31, 2021, the Company issued <span id="xdx_907_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20210329__20210331__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SoleOfficerAndDirectorMember_zvKxPZNJjn67" title="Debt conversion, shares">18</span> shares of the Company’s Series L Preferred Stock to the Company’s sole officer and director as reimbursement for returning <span id="xdx_906_eus-gaap--StockRepurchasedDuringPeriodShares_c20210329__20210331__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SoleOfficerAndDirectorMember_zgcE9AztYk7e" title="Common stock shares returned, shares">890,000,000</span> shares of common stock to the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 31, 2021, the Company issued <span id="xdx_903_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20210327__20210331__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember_zZmVcAjG3kv8" title="Debt conversion, shares">3</span> shares of the Company’s Series L Preferred Stock to a non-affiliate as reimbursement for returning <span id="xdx_902_eus-gaap--StockRepurchasedDuringPeriodShares_c20210301__20210331__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NonAffiliateMember_pdd" title="Common stock shares returned, shares">150,000,000</span> shares of common stock to the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Year ended June 30, 2020</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 2, 2019, the Company issued <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20190801__20190802__us-gaap--StatementClassOfStockAxis__custom--SeriesKSuperVotingPreferredStockMember__srt--TitleOfIndividualAxis__custom--WayneAndersonMember_pdd" title="Number of shares issued">3</span> shares of its Series K Super Voting Preferred Stock to its sole officer and director, Jimmy Wayne Anderson.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 2, 2019, the Company issued <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20190901__20190902__us-gaap--StatementClassOfStockAxis__custom--SeriesLPreferredStockMember__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember_pdd">10</span> shares of its Series L Preferred Stock to Sylios Corp, an entity controlled by the Company’s sole officer and director.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Warrants and Options:</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">On December 17, 2019, the Company entered into a Securities Purchase Agreement (the “Agreement”) with Armada Capital Partners, LLC (“Armada”) wherein the Company issued Armada a Convertible Promissory Note (the “Note”) in the amount of $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_c20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember_pp0p0" title="Debt principal amount">11,000</span> ($<span id="xdx_900_eus-gaap--DebtInstrumentUnamortizedDiscountCurrent_c20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember_pp0p0" title="Unamortized debt discount">1,000</span> OID). The Note has a term of one (<span id="xdx_904_eus-gaap--DebtInstrumentTerm_dtY_c20191216__20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_zBPamA0AuK6e" title="Debt term">1</span>) year (due on <span id="xdx_901_eus-gaap--DebtInstrumentMaturityDate_dd_c20191216__20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteSixMember_zkUuaolzmNlh" title="Debt maturity date">December 17, 2020</span>) and bears interest at <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember_pdd" title="Debt interest rate">8%</span> annually. As part and parcel of the foregoing transaction, Armada was issued a warrant granting the holder the right to purchase up to <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_c20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember_pdd" title="Warrants to purchase common stock">560,800</span> shares of the Company’s common stock at an exercise price of $<span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember_pdd" title="Warrants exercise price">0.024</span> for a term of <span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20191217__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--ArmadaCapitalPartnersLLCMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteFiveMember_zKas35pURFyj" title="Warrants term">5</span>-years. The transaction closed on December 17, 2019. Please see <b>NOTE F - NOTES PAYABLE, THIRD PARTIES</b> for further information.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> 0.01 3000 0 0 0 0 0.01 3000 0 0 0 0 0.01 1000 0 0 0 0 0.01 800 0 0 0 0 0.01 250 0 0 0 0 0.01 3 3 3 3 3 All shares of the Series K Super Voting Preferred Stock shall rank (i) senior to the Corporation’s (A) Common Stock, par value $0.0001 per share (“Common Stock”), and any other class or series of capital stock of the Corporation hereafter created, except as otherwise provided in clauses (ii) and (iii) of this Section 4, (ii) pari passu with any class or series of capital stock of the Corporation hereafter created and specifically ranking, by its terms, on par with the Series K Super Voting Preferred-Stock and (iii) junior to any class or series of capital stock of the Corporation hereafter created specifically ranking, by its terms, senior to the Series K Preferred Stock, in each case as to distribution of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary. 0.01 500000 255 255 10 10 One (1) share of Series L Preferred stock shall be issued for each Five Thousand Dollar ($5,000) tranche of outstanding liability. As an example: If an officer has accrued wages due to him or her in the amount of $25,000, the officer can elect to accept 5 shares of Series L Preferred stock to satisfy the outstanding obligation of the Company. The holders of the Class A Shares and the Class B Shares shall vote as a single class on all matters submitted to a vote of the stockholders, with each Class A Share being entitled to one (1) vote and each Class B Share being entitled to six (6) votes, except as otherwise provided by law. 14991000000 14991000000 14680293609 14680293609 12189293609 12189293609 4000000 4000000 0 0 0 0 596785387 59679 29839 637526342 63753 31876 669338906 200802 33467 702738918 281096 35137 500000000 900000 20000 300000000 1200000 42000 194610447 1264968 1946 150000000 1710000 1946 1260000000 100 500000 40 200000 50 250000 26 130000 8 40000 18 890000000 3 150000000 3 10 11000 1000 P1Y 2020-12-17 0.08 560800 0.024 P5Y <p id="xdx_802_eus-gaap--IncomeTaxDisclosureTextBlock_zFrD4DVXqQnb" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTE J - <span id="xdx_825_zj8q7rKr7KT9">INCOME TAXES </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The Company accounts for income taxes using the asset and liability method described in SFAS No. 109, “Accounting For Income Taxes”, the objective of which is to establish deferred tax assets and liabilities for the temporary differences between the financial reporting and the tax basis of the Company’s assets and liabilities at the enacted tax rates expected to be in effect when such amounts are realized or settled. A valuation allowance related to deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. In recognition of the uncertainty regarding the ultimate amount of income tax benefits to be derived, the Company has recorded a full valuation allowance at June 30, 2021 and 2020.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The provision (benefit) for income taxes includes income taxes currently payable and those deferred because of temporary differences between the financial statement and tax bases of assets and liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Significant components of the Company’s deferred tax assets and liabilities are calculated at an estimated effective tax rate of 21%. (35% for tax year 2017)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The provision for (benefit from) income taxes differs from the amount computed by applying the statutory United States federal income tax rate for the periods presented to income (loss) before income taxes. The income tax rate was 21% for the year ended June 30, 2021 and 2020. The sources of the difference are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>GLOBAL TECHNOLOGIES, LTD</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><i>For the years ended June 30, 2021 and 2020 </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTE J - INCOME TAXES (cont’d)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b/></span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p id="xdx_895_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_znb29AGqNp0l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_8B6_zFnxO26oR2p7" style="display: none">SCHEDULE OF PROVISION (BENEFIT) FOR INCOME TAXES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; display: none"> </td> <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"> </td><td id="xdx_493_20200701__20210630_zWTt6yOqzlac" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; display: none"> </td> <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"> </td><td id="xdx_498_20190701__20200630_zyO2zzvixGi4" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year Ended</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_i_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected tax at 21% and 21%, respectively</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(888,019</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(115,698</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40E_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_i_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-deductible stock-based compensation</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">35,767</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">21,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_ecustom--IncomeTaxReconciliationNondeductibleExpenseIncomeFromDerivativeLiability_i_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-deductible loss (nontaxable income) from derivative liability</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(91,628</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(276,571</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40C_ecustom--IncomeTaxReconciliationNondeductibleDefaultPrinciple_zqHaUxkdHYV2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Non-deductible default principle</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">28,812</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1574">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--IncomeTaxReconciliationNondeductibleLossOnIssuanceOfConvertibleNots_zFn5ZS6aBMCd" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Non-deductible loss on issuance of convertible nots</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">579,479</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1577">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseAmortization_i_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-deductible amortization of debt discounts</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">176,636</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">331,252</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseImpairmentLosses_zbq1LCDsQH2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Impairment of goodwill</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">99,398</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1583">-</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--IncomeTaxReconciliationNondeductibleExpenseForgivenessOfDebtAndAccruedInterest_zFwI1i26x4O5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Forgiveness of debt and accrued interest</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(70,725</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1586">-</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_i_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Increase (decrease) in Valuation allowance</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">130,280</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">40,017</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_eus-gaap--IncomeTaxExpenseBenefit_iTC_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Provision for (benefit from) income taxes</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1591">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1592">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8AC_zEhP0XROtpJc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">All tax years remain subject to examination by the Internal Revenue Service.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zsx4g1E4UOig" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">Significant components of the Company’s deferred income tax are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8B1_zzipEDUrjRp" style="display: none">SCHEDULE OF COMPONENTS OF DEFERRED INCOME TAX</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49F_20210630_zlrgzCrFUyih" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49C_20200630_zrp1KPcw5HHd" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_iI_pp0p0_maDTANzO1c_zpKxwZJes1F9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Unpaid accrued officer and director compensation</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1596">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,759</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pp0p0_maDTANzO1c_z3gcWHEuwWO4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net operating loss carry-forwards</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">30,128,849</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">29,383,089</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pp0p0_di_msDTANzO1c_zD2dsydYErze" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Valuation allowance</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(30,128,849</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(29,399,848</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsNet_iTI_pp0p0_mtDTANzO1c_z1gdLNXPxAIl" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Net non-current deferred tax asset</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1605">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1606">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8AF_zHJpD8oD6T2d" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Based on management’s present assessment, the Company has not yet determined it to be more likely than not that a deferred tax asset of $<span id="xdx_90A_eus-gaap--DeferredTaxAssetsNet_c20200630__srt--TitleOfIndividualAxis__custom--OfficerAndDirectorMember_pp0p0">30,128,849 </span></span><span style="font-family: Times New Roman, Times, Serif">attributable to the </span><span style="font-family: Times New Roman, Times, Serif">net operating loss carryforward as of June 30, 2021 will be realized. Accordingly, the Company has provided a <span id="xdx_90D_ecustom--DeferredTaxAssetsValuationAllowancePercentage_c20190701__20200630_zRadidXaS1h9">100% </span></span><span style="font-family: Times New Roman, Times, Serif">allowance against the deferred tax asset in the financial statements at June 30, 2021. <span id="xdx_907_eus-gaap--IncomeTaxExaminationDescription_c20200701__20210630">The Company will continue to review this valuation allowance and make adjustments as appropriate. $28,980,000 of the net operating loss carryforward expires in the year 2022.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Current tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_895_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_znb29AGqNp0l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_8B6_zFnxO26oR2p7" style="display: none">SCHEDULE OF PROVISION (BENEFIT) FOR INCOME TAXES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; display: none"> </td> <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"> </td><td id="xdx_493_20200701__20210630_zWTt6yOqzlac" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; display: none"> </td> <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"> </td><td id="xdx_498_20190701__20200630_zyO2zzvixGi4" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year Ended</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_i_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected tax at 21% and 21%, respectively</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(888,019</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(115,698</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40E_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_i_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-deductible stock-based compensation</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">35,767</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">21,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_ecustom--IncomeTaxReconciliationNondeductibleExpenseIncomeFromDerivativeLiability_i_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-deductible loss (nontaxable income) from derivative liability</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(91,628</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(276,571</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40C_ecustom--IncomeTaxReconciliationNondeductibleDefaultPrinciple_zqHaUxkdHYV2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Non-deductible default principle</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">28,812</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1574">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--IncomeTaxReconciliationNondeductibleLossOnIssuanceOfConvertibleNots_zFn5ZS6aBMCd" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Non-deductible loss on issuance of convertible nots</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">579,479</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1577">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseAmortization_i_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-deductible amortization of debt discounts</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">176,636</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">331,252</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseImpairmentLosses_zbq1LCDsQH2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Impairment of goodwill</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">99,398</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1583">-</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--IncomeTaxReconciliationNondeductibleExpenseForgivenessOfDebtAndAccruedInterest_zFwI1i26x4O5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Forgiveness of debt and accrued interest</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(70,725</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1586">-</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_i_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Increase (decrease) in Valuation allowance</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">130,280</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">40,017</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_eus-gaap--IncomeTaxExpenseBenefit_iTC_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Provision for (benefit from) income taxes</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1591">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1592">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> -888019 -115698 35767 21000 -91628 -276571 28812 579479 176636 331252 99398 -70725 130280 40017 <p id="xdx_89E_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zsx4g1E4UOig" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">Significant components of the Company’s deferred income tax are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"> <span id="xdx_8B1_zzipEDUrjRp" style="display: none">SCHEDULE OF COMPONENTS OF DEFERRED INCOME TAX</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49F_20210630_zlrgzCrFUyih" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49C_20200630_zrp1KPcw5HHd" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_iI_pp0p0_maDTANzO1c_zpKxwZJes1F9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Unpaid accrued officer and director compensation</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1596">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,759</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pp0p0_maDTANzO1c_z3gcWHEuwWO4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net operating loss carry-forwards</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">30,128,849</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">29,383,089</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pp0p0_di_msDTANzO1c_zD2dsydYErze" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Valuation allowance</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(30,128,849</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(29,399,848</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsNet_iTI_pp0p0_mtDTANzO1c_z1gdLNXPxAIl" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Net non-current deferred tax asset</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1605">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1606">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 16759 30128849 29383089 30128849 29399848 30128849 1 The Company will continue to review this valuation allowance and make adjustments as appropriate. $28,980,000 of the net operating loss carryforward expires in the year 2022. <p id="xdx_808_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zcR2KYfXQC9d" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTE K - <span id="xdx_821_zvWVH4PgEqe2">COMMITMENTS AND CONTINGENCIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Occupancy</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Currently, the Company shares office space with Sylios Corp at 501 1<sup>st</sup> Ave N., Suite 901, St. Petersburg, FL 33701 and is not required to reimburse Sylios Corp for monthly rent. The Company anticipates that this relationship will change with the additional employees, and it will be required to enter into a lease for a separate office space.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Employment and Director Agreements</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_ecustom--AgreementDescription_c20180123__20180126__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember__srt--TitleOfIndividualAxis__custom--JimmyWayneAndersonMember_zKUHJsZnP2f6" title="Agreement Description">On January 26, 2018, the Company executed a new Board of Directors Service Agreement with Jimmy Wayne Anderson. Under the terms of the Agreement, commencing the first calendar quarter of 2018 the Company is to pay Mr. Anderson $<span id="xdx_903_eus-gaap--OfficersCompensation_pp0p0_c20180123__20180126__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember__srt--TitleOfIndividualAxis__custom--JimmyWayneAndersonMember_zIS4KP5B94Nk" title="Officers compensation">10,000</span> per quarter for which Mr. Anderson serves on the Board of Directors. In addition to cash compensation, the Company is to issue Mr. Anderson the equivalent of $<span id="xdx_901_eus-gaap--StockIssuedDuringPeriodValueShareBasedCompensation_pp0p0_c20180123__20180126__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember__srt--TitleOfIndividualAxis__custom--JimmyWayneAndersonMember_zvTOryKrZ90g" title="Addition to cash compensation">10,000</span> of the Company’s common stock on the last calendar day of each quarter. The calculation for the number of shares to be issued to Mr. Anderson shall be as follows: $10,000/(Closing stock price on the last trading day of each quarter x .80).</span> Please <i>see</i> <b>NOTE E – ACCRUED OFFICER AND DIRECTOR COMPENSATION and NOTE M - SUBSEQUENT EVENTS </b>for further information.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> On January 26, 2018, the Company executed a new Board of Directors Service Agreement with Jimmy Wayne Anderson. Under the terms of the Agreement, commencing the first calendar quarter of 2018 the Company is to pay Mr. Anderson $10,000 per quarter for which Mr. Anderson serves on the Board of Directors. In addition to cash compensation, the Company is to issue Mr. Anderson the equivalent of $10,000 of the Company’s common stock on the last calendar day of each quarter. The calculation for the number of shares to be issued to Mr. Anderson shall be as follows: $10,000/(Closing stock price on the last trading day of each quarter x .80). 10000 10000 <p id="xdx_806_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_ztI99f3b1tsh" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTE L - <span id="xdx_82A_zBUPXN11Y1Y5">GOING CONCERN UNCERTAINTY</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Under ASC 205-40, we have the responsibility to evaluate whether conditions and/or events raise substantial doubt about our ability to meet our future financial obligations as they become due within one year after the date that the financial statements are issued. As required by this standard, our evaluation shall initially not take into consideration the potential mitigating effects of our plans that have not been fully implemented as of the date the financial statements are issued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In performing the first step of this assessment, we concluded that the following conditions raise substantial doubt about our ability to meet our financial obligations as they become due. We have a history of net losses: As of June 30, 2021 and June 30, 2020, we had an accumulated deficit of $<span id="xdx_902_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pp0p0_di_c20210630_zaDNcv7VeDqe">165,166,022 </span></span><span style="font-family: Times New Roman, Times, Serif">and $<span id="xdx_904_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pp0p0_di_c20200630_zQuiFGke21me">160,937,361</span></span><span style="font-family: Times New Roman, Times, Serif">, </span><span style="font-family: Times New Roman, Times, Serif">respectively. For the year ended June 30, 2021 and June 30, 2020, we had cash used in operating activities of $<span id="xdx_908_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pp0p0_di_c20200701__20210630_zeDsxWRMIQyh">141,564 </span></span><span style="font-family: Times New Roman, Times, Serif">and $<span id="xdx_905_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pp0p0_di_c20190701__20200630_z25QxDoGa5gi">176,789</span></span><span style="font-family: Times New Roman, Times, Serif">, </span><span style="font-family: Times New Roman, Times, Serif">respectively. We expect to continue to incur negative cash flows until such time as our operating segments generate sufficient cash inflows to finance our operations and debt service requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">In performing the second step of this assessment, we are required to evaluate whether our plans to mitigate the conditions above alleviate the substantial doubt about our ability to meet our obligations as they become due within one year after the date that the financial statements are issued. Our future plans include securing additional funding sources that may include establishing corporate partnerships, establishing licensing revenue agreements, issuing additional convertible debentures and issuing public or private equity securities, including selling common stock through an at-the-market facility (ATM).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">There is no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds will be available through external sources. The lack of additional capital resulting from the inability to generate cash flow from operations or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have a material effect on the business. Furthermore, there can be no assurance that any such required funds, if available, will be available on attractive terms or they will not have a significant dilutive effect on the Company’s existing shareholders. We have therefore concluded there is substantial doubt about our ability to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>GLOBAL TECHNOLOGIES, LTD</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><i>For the years ended June 30, 2021 and 2020 </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTE L - GOING CONCERN UNCERTAINTY (cont’d)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The accompanying consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from our failure to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> -165166022 -160937361 -141564 -176789 <p id="xdx_80C_eus-gaap--SubsequentEventsTextBlock_zI4RfMC02DNe" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTE M - <span id="xdx_824_ztmLVYdtjgXg">SUBSEQUENT EVENTS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90D_ecustom--AgreementDescription_c20210629__20210701__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember__srt--TitleOfIndividualAxis__custom--JimmyWayneAndersonMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zRb8qLTMPJYc" title="Agreement description">On July 1, 2021, the Company executed a new Board of Directors Service Agreement with Jimmy Wayne Anderson. Under the terms of the Agreement, Mr. Anderson shall receive a one-time bonus payment of Fifty Thousand and no/100 dollars ($<span id="xdx_903_ecustom--OfficersOneTimeBonus_pp0p0_c20210629__20210701__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember__srt--TitleOfIndividualAxis__custom--JimmyWayneAndersonMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zPEOkTTcQNni" title="Officers one time bonus">50,000.00</span>) upon execution of the Agreement, and Twenty Thousand and no/100 dollars ($20,000.00) paid to Mr. Anderson on the last calendar day of each quarter as long as Mr. Anderson continues to fulfill his duties and provide the services set forth above. The compensation of $<span id="xdx_908_eus-gaap--OfficersCompensation_pp0p0_c20210629__20210701__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServiceAgreementMember__srt--TitleOfIndividualAxis__custom--JimmyWayneAndersonMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zKpvwV29SCu9" title="Officers compensation">20,000</span> per quarter shall commence with the third calendar quarter of 2021 (first fiscal quarter of 2022).</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 12, 2021, the Company issued to Power Up Lending Group Ltd. (the “Investor”) a Convertible Promissory Note (the “Convertible Note”) in the principal amount of $<span id="xdx_906_eus-gaap--ConvertibleNotesPayable_iI_pp0p0_c20210712__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zUo3W1hiEFv2" title="Convertible promissory note">48,750</span>. The Convertible Note has a term of one (<span id="xdx_90F_eus-gaap--DebtInstrumentTerm_dtY_c20210711__20210712__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zw4uldpcHrH9" title="Debt term">1</span>) year (Maturity Date of <span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_dd_c20210711__20210712__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zpGgsafjg8Tc" title="Debt maturity date">June 12, 2022</span>) and bears interest at <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20210711__20210712__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zoLIT53IxcH1" title="Accrued interest">8%</span> annually. The Convertible Note is convertible, in whole or in part, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this Convertible Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount at the option of the holder. The “Variable Conversion Price” shall mean <span id="xdx_90A_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_c20210711__20210712__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zQuZShH4FGZ6" title="Conversion percentage">61%</span> multiplied by the Market Price (as defined herein) (representing a discount rate of <span id="xdx_902_ecustom--DebtInstumentDiscountRate_dp_c20210711__20210712__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zonEeBxLvcqe" title="Discount rate">39%</span>). “Market Price” means the lowest Trading Price (as defined below) for the Common Stock during the ten (<span id="xdx_907_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20210711__20210712__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zsz52B7V52ya">10</span>) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. “Trading Price” means, for any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets electronic quotation system or applicable trading market (the “OTC”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. Bloomberg) or, if the OTC is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets”. The transaction closed on July 15, 2021.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 9, 2021, the Company issued to Power Up Lending Group Ltd. (the “Investor”) a Convertible Promissory Note (the “Convertible Note”) in the principal amount of $<span id="xdx_909_eus-gaap--ConvertibleNotesPayable_iI_pp0p0_c20210909__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zuWMjagEqYEc">48,750</span>. The Convertible Note has a term of one (1) year (Maturity Date of <span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_dd_c20210908__20210909__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zNVHfgxIci05">September 9, 2022</span>) and bears interest at <span id="xdx_901_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20210908__20210909__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zclN0KXrAol8">8</span>% annually. The Convertible Note is convertible, in whole or in part, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this Convertible Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount at the option of the holder. The “Variable Conversion Price” shall mean <span id="xdx_902_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_c20210908__20210909__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zRck9JpwBuD3">61</span>% multiplied by the Market Price (as defined herein) (representing a discount rate of <span id="xdx_90A_ecustom--DebtInstumentDiscountRate_dp_c20210908__20210909__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_z6wgSgdQLwv">39</span>%). “Market Price” means the lowest Trading Price (as defined below) for the Common Stock during the ten (<span id="xdx_903_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20210907__20210909__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember_zagESjV13LDc">10</span>) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. “Trading Price” means, for any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets electronic quotation system or applicable trading market (the “OTC”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. Bloomberg) or, if the OTC is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets”. The transaction closed on September 13, 2021. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 22, 2021, Graphene Holdings, LLC (“Graphene”) forgave all unpaid principal and interest on the Convertible Promissory Note issued by the Company on September 3, 2020 in the acquisition of Graphene’s <span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_c20210922__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zPMafS7ZAA38" title="Percentage of ownership">25</span>% ownership interest in Global Clean Solutions, LLC (“Global Clean”). The Company retained its <span id="xdx_900_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_c20210922__dei--LegalEntityAxis__custom--GrapheneHoldingsLLCMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zkMepjM8WOyl">25</span>% ownership in Global Clean.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_014"/>Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><b>None.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_015"/>Item 9A. Controls and Procedures.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i>Evaluation of Disclosure Controls and Procedures</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Our management conducted an evaluation, with the participation of our Chief Executive Officer, who is our principal executive officer and our principal financial and accounting officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Annual Report on Form 10-K. Based on that evaluation, we concluded that because of the material weakness and significant deficiencies in our internal control over financial reporting described below, our disclosure controls and procedures were not effective as of June 30, 2021 or 2020.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i>Management’s Annual Report on Internal Control over Financial Reporting</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Management is responsible for the preparation of our financial statements and related information. Management uses its best judgment to ensure that the financial statements present accurately, in material respects, our financial position and results of operations in fairness and conformity with generally accepted accounting principles.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in the Exchange Act. These internal controls are designed to provide reasonable assurance that the reported financial information is presented fairly, that disclosures are adequate, and that the assumptions and opinions in the preparation of financial statements are reasonable. There are inherent limitations in the effectiveness of any system of internal controls, including the possibility of human error and overriding of controls. Consequently, an ineffective internal control system can only provide reasonable, not absolute, assurance with respect to reporting financial information.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Our internal control over financial reporting includes policies and procedures that: (i) pertain to maintaining records that, in reasonable detail, accurately and fairly reflect our transactions; (ii) provide reasonable assurance that transactions are recorded as necessary for preparation of our financial statements in accordance with generally accepted accounting principles and that the receipts and expenditures of company assets are made in accordance with our management’s and directors’ authorization; and (iii) provide reasonable assurance regarding the prevention or timely detection of unauthorized acquisition, use, or disposition of assets that could have a material effect on our financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We conducted an evaluation of the effectiveness of our internal control over financial reporting, based on the framework in “Internal Control Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and published in 2013, and subsequent guidance prepared by COSO specifically for smaller public companies. Based on that evaluation, management concluded that our internal control over financial reporting was not effective as of June 30, 2021 and June 30, 2020 for the reasons discussed below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">A significant deficiency is a deficiency, or combination of deficiencies in internal control over financial reporting, that adversely affects the entity’s ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the entity’s financial statements that is more than inconsequential will not be prevented or detected by the entity’s internal control. A material weakness is a deficiency or a combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the annual or interim consolidated financial statements will not be prevented or detected on a timely basis. Management identified the following material weakness and significant deficiencies in its assessment of the effectiveness of internal control over financial reporting as of June 30, 2021 and June 30, 2020:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The Company did not maintain effective controls over certain aspects of the financial reporting process because we lacked personnel with accounting expertise and an adequate supervisory review structure that is commensurate with our financial reporting requirements.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Material Weakness – Inadequate segregation of duties.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We expect to be materially dependent on a third party that can provide us with accounting consulting services for the foreseeable future. Until such time as we have a chief financial officer with the requisite expertise in U.S. GAAP, there are no assurances that the material weaknesses and significant deficiencies in our disclosure controls and procedures and internal control over financial reporting will not result in errors in our financial statements, which could lead to a restatement of those financial statements. Our management does not expect that our disclosure controls and procedures or our internal controls will prevent all error and all fraud. A control system, no matter how well conceived and maintained, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must account for resource constraints. In addition, the benefits of controls must be considered relative to their costs. Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, can and will be detected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i>Changes in Internal Controls over Financial Reporting</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">There have been no changes in our internal control over financial reporting during the year ended June 30, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_016"/>Item 9B. Other Information.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Critical Accounting Policies</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Notes to the Consolidated Financial Statements describes the significant accounting policies and methods used in the preparation of the Consolidated Financial Statements. Estimates are used for, but not limited to, contingencies and taxes. Actual results could differ materially from those estimates. The following critical accounting policies are impacted significantly by judgments, assumptions, and estimates used in the preparation of the Consolidated Financial Statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline">Loss Contingencies</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The Company is subject to various loss contingencies arising in the ordinary course of business. The Company considers the likelihood of loss or impairment of an asset or the incurrence of a liability, as well as its ability to reasonably estimate the amount of loss in determining loss contingencies. An estimated loss contingency is accrued when management concludes that it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. The Company regularly evaluates current information available to us to determine whether such accruals should be adjusted.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration: underline">Accounting for Acquisitions</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions and immediately expense acquisition-related costs and fees associated with business combinations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline">Income Taxes</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The Company recognizes deferred tax assets (future tax benefits) and liabilities for the expected future tax consequences of temporary differences between the book carrying amounts and the tax basis of assets and liabilities. The deferred tax assets and liabilities represent the expected future tax return consequences of those differences, which are expected to be either deductible or taxable when the assets and liabilities are recovered or settled.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline">Recent Issued Accounting Pronouncements</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">I<span style="font-size: 10pt">n June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”).  Financial Instruments—Credit Losses (Topic 326) amends guideline on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities.  For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses.  The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected.  For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down.  ASU 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income.  The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash.  The amendments in this ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.  We are currently evaluating the impact of the adoption of ASU 2016-13 on our financial statements.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">In July 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2017-11. Among other things, ASU 2017-11 provides guidance that eliminates the requirement to consider “down round” features when determining whether certain financial instruments or embedded features are indexed to an entity’s stock and need to be classified as liabilities. ASU 2017-11 provides for entities to recognize the effect of a down round feature only when it is triggered and then as a dividend and a reduction to income available to common stockholders in basic earnings per share. The guidance is effective for annual periods beginning after December 15, 2018; early adoption is permitted. The Company has adopted ASU 2017-11. As a result, we have not recognized the fair value of the warrants containing down round features as liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; background-color: white">In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40)”. This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock.  As well as amend the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions.  In addition, this ASU improves and amends the related EPS guidance. This standard is effective for us on May 1, 2022, including interim periods within those fiscal years.  Adoption is either a modified retrospective method or a fully retrospective method of transition. We are currently evaluating the impact of the adoption of ASU 2020-06 on our financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Management has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our consolidated financial statements and related disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline">Off-Balance Sheet Arrangements</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We are not currently a party to, or otherwise involved with, any off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline">Share-based Compensation</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, <i>Compensation-Stock Compensation</i> (“FASB ASC Topic 718”), which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the consolidated financial statements based on their fair values.</span><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"><b><span id="a_017"/>PART III</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_018"/>Item 10. Directors and Executive Officers.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Directors and Executive Officers</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The names and ages of our Directors and Executive Officers are set forth below. Our By-Laws provide for not less than one Director. All Directors are elected annually by the stockholders to serve until the next annual meeting of the stockholders and until their successors are duly elected and qualified. The officers are elected by our Board.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; background-color: White"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Name</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Age</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Position and Term</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Jimmy Wayne Anderson</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">55</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 63%; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">President, Principal Financial Officer and Chairman of the Board (January 2018 to present)</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Jimmy Wayne Anderson, President, Principal Financial Officer, Director and Chairman of the Board – </b>Mr. Anderson is the acting President and Chairman of the Board of Global Technologies. Mr. Anderson was appointed to the Board in December 2017 and assumed the role of President and Principal Financial Officer in January 2018. Mr. Anderson leverages nearly 15 years of business experience inclusive of corporate filings, filings with the Securities and Exchange Commission and corporate action filings with the Financial Industry Regulatory Authority (“FINRA”). Mr. Anderson completed his undergraduate education at the University of Georgia and received his Doctorate degree from Temple University.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Prior to joining the Company, Mr. Anderson held the following roles:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">From inception in 2008 to the President, Mr. Anderson has served as the sole officer and director of Sylios Corp, a publicly traded company listed on the OTC Markets “PINK” under the symbol “UNGS.” Sylios Corp is a holding corporation with a market capitalization of under $1 million that <span style="background-color: white">has operations engaged in the exploration and development of oil and natural gas properties, purchase of royalty and working interest units in producing properties (oil and natural gas) and alternative land development projects. The Company maintains equity investments in our two spin-offs (The Greater Cannabis Company, Inc. and AMDAQ Corp) catering to the medical and recreational marijuana industry and blockchain technology. Sylios Corp</span> is a fully reporting entity with the SEC that is currently delinquent in its filings.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 7.5pt; background-color: white"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">From 2017 to the present (except for a 6-month period in 2018), Mr. Anderson has served as the sole officer and director of AMDAQ Corp. AMDAQ Corp is a spin-off from Sylios Corp that is currently in the process of filing a Registration Statement on Form S-1. AMDAQ’s multi-faceted business model will allow the company to take advantage of the significant emerging opportunities being developed utilizing blockchain technology. On March 8, 2019, the Company expanded its presence within the blockchain sector by acquiring Arch Exchange Transfer, LLC (“Arch”). Arch, a registered stock transfer agent, has been formed as a decentralized transfer &amp; exchange service. The Company’s technology is being created on the Ethereum block chain with an associated token to help facilitate transactions and payments. This application-based technology utilizes a cryptographically stored ledger in an open source peer-to-peer environment. AMDAQ Corp’s current assets are under $1 million.</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 7.5pt; background-color: white"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">3.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">From inception in 2014 through July 31, 2018, Mr. Anderson served as the sole officer and director of The Greater Cannabis Company, Inc., a publicly traded company listed on the OTC Markets “QB” under the symbol “GCAN.” The Greater Cannabis Company, Inc. is a <span style="background-color: white">biopharmaceutical company that is focused on the development and commercialization of cannabinoid delivery systems with a market capitalization of under $1 million.</span></span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 7.5pt; background-color: white"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">4.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">From April 10, 2018 through April 24, 2018, Mr. Anderson also served as the sole officer and director of Soligen Technologies, Inc., a publicly traded company listed on the OTC Markets “PINK” under the symbol “SGTN.” Mr. Anderson resigned as a director of Soligen Technologies, Inc. on January 13, 2019.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The Company anticipates that its management team will be replaced upon a successful acquisition or merger.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Family Relationships</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">There are no family relationships among the directors and executive officers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Conflicts of Interest- General</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our directors and officers are, or may become, in their individual capacities, officers, directors, controlling shareholder and/or partners of other entities engaged in a variety of businesses. Thus, there exist potential conflicts of interest including, among other things, time, efforts and corporation opportunity, involved in participation with such other business entities. While our sole officer and director of our business is engaged in business activities outside of our business, he devotes to our business such time as he believes to be necessary.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Conflicts of Interest- Corporate Opportunities</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Presently no requirement contained in our Articles of Incorporation, Bylaws, or minutes which requires officers and directors of our business to disclose to us business opportunities which come to their attention. Our officers and directors do, however, have a fiduciary duty of loyalty to us to disclose to us any business opportunities which come to their attention, in their capacity as an officer and/or director or otherwise. Excluded from this duty would be opportunities which the person learns about through his involvement as an officer and director of another company. We have no intention of merging with or acquiring an affiliate, associate person or business opportunity from any affiliate or any client of any such person.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Committees to the Board of Directors</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In the ordinary course of business, the board of directors maintains a compensation committee and an audit committee.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The primary function of the compensation committee is to review and make recommendations to the board of directors with respect to the compensation, including bonuses, of our officers and to administer the grants under our stock option plan.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The functions of the audit committee are to review the scope of the audit procedures employed by our independent auditors, to review with the independent auditors our accounting practices and policies and recommend to whom reports should be submitted, to review with the independent auditors their final audit reports, to review with our internal and independent auditors our overall accounting and financial controls, to be available to the independent auditors during the year for consultation, to approve the audit fee charged by the independent auditors, to report to the board of directors with respect to such matters and to recommend the selection of the independent auditors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In the absence of a separate audit committee our board of directors’ functions as audit committee and performs some of the same functions of an audit committee, such as recommending a firm of independent certified public accountants to audit the annual financial statements; reviewing the independent auditor’s independence, the financial statements and their audit report; and reviewing management’s administration of the system of internal accounting controls.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>Involvement in Certain Legal Proceedings</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">To the best of our knowledge, none of our directors or executive officers has, during the past ten years:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">(1) had a petition under the Federal bankruptcy laws or any state insolvency law filed by or against, or a receiver, fiscal agent or similar officer was appointed by a court for the business or property of such person, or any partnership in which he was a general partner at or within two years before the time of such filing, or any corporation or business association of which he was an executive officer at or within two years before the time of such filing;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">(2) has been convicted in a criminal proceeding or is a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses);</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">(3) has been the subject of any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him from, or otherwise limiting, the following activities:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 33.75pt; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">(i) Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 33.75pt; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 33.75pt; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">(ii) Engaging in any type of business practice; or</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 33.75pt; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 33.75pt; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">(iii) Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of Federal or State securities laws or Federal commodities laws;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">(4) has been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any activity described in (3)(i) above, or to be associated with persons engaged in any such activity;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">(5) has been found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">(6) has been found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">(7) has been 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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 33.75pt; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">(i) Any Federal or State securities or commodities law or regulation; or</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 33.75pt; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 33.75pt; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">(ii) 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</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 33.75pt; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 33.75pt; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">(iii) Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">(8) has been 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_019"/>Item 11. Executive Compensation.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Summary Compensation Table</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The following table sets forth with respect to the named executive officer, compensation made through the twelve months ended June 30, 2021:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif">Name and Principal Position</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif">Year</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif">Salary- Paid or accrued<br/> ($)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif">Bonus<br/> ($)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif">Stock Awards<br/> ($)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif">Option Awards<br/> ($)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif">Non-Equity Incentive Plan Compensation<br/> ($)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif">Change in Pension Value &amp; Non-Qualified Deferred Compensation Earnings <br/> ($)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif"><b>All Other</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif"><b>Compensation<br/> ($)</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif">Total<br/> ($)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif">(a)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif">(b)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif">(c)(3)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif">(d)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif">(e)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 28%; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font: 9pt Times New Roman, Times, Serif">Jimmy Wayne Anderson,</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font: 9pt Times New Roman, Times, Serif">President, Treasurer, Secretary, Chairman (1)(2)(3)</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 4%; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">  0</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">     0</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 9pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 9pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 9pt">2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 9pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 9pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-size: 9pt">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 9pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 9pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-size: 9pt">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 9pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 9pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-size: 9pt">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 9pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 9pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-size: 9pt">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 9pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 9pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-size: 9pt">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 9pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 9pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-size: 9pt">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 9pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 9pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-size: 9pt">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 9pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 9pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 9pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-size: 9pt">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 9pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"/></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif">2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">  0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font: 9pt Times New Roman, Times, Serif">0</span></p> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 9pt Times New Roman, Times, Serif">2018</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">  90,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">   0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">     0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">     0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font: 9pt Times New Roman, Times, Serif">0</span></p> <span style="font: 9pt Times New Roman, Times, Serif"/></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 9pt Times New Roman, Times, Serif">  90,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 9pt Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(1)</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On December 15, 2017, Jimmy Wayne Anderson was appointed to the Company’s Board of Directors.</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(2)</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On January 25, 2018, Mr. Anderson assumed the roles as the Company’s President, Treasurer and Secretary.</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(3)</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On August 2, 2019, the Company issued 3 shares of its Series K Super Voting Preferred stock (“Series K”) to the Company’s sole officer and director, Jimmy Wayne Anderson, as consideration for services provided as an officer of the Company. The Company’s Series K has no monetary value as there is no conversion feature, and the Company is not required to purchase the Series K from its holder.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(a)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Accrued salary and salary paid. Please <i>see</i> <b>NOTE G - ACCRUED OFFICER AND DIRECTOR COMPENSATION</b> for further information.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(b)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Accrued bonus to employee for execution of employment agreement.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(c)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Delivery of common stock to officer for services rendered. Mr. Anderson received 900,000,000 shares of the Company’s common stock.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(d)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Options issued to employee for execution of employment agreement. More details on Options noted under Employment Agreements section below.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(e)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Equity compensation received as a Director of the Company.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Directors’ Compensation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On January 26, 2018, the Company executed a new Board of Directors Service Agreement with Wayne Anderson. Under the terms of the Agreement, commencing the first calendar quarter of 2018 the Company is to pay Mr. Anderson $10,000 per quarter for which Mr. Anderson serves on the Board of Directors. In addition to cash compensation, the Company is to issue Mr. Anderson the equivalent of $10,000 of the Company’s common stock on the last calendar day of each quarter. The calculation for the number of shares to be issued to Mr. Anderson shall be as follows: $10,000/(Closing stock price on the last trading day of each quarter x .80). The Agreement is in effect so long as Mr. Anderson serves on the Board.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The following table sets forth with respect to the named director, compensation information inclusive of equity awards and payments made through the twelve months ended June 30, 2021:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><b>Name</b></span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Fees Earned</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>or Paid</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>in Cash</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>($)</b></span></p></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Stock</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Awards</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>($)</b></span></p></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Option</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Awards</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>($)</b></span></p></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Non-Equity</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Incentive Plan</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Compensation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>($)</b></span></p></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Nonqualified Deferred Compensation Earnings</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>($)</b></span></p></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>All Other</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Compensation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>($)</b></span></p></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Total</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>($)</b></span></p></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(b)</span></td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(c)</span></td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(d)</span></td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(e)</span></td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(f)</span></td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(g)</span></td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(h)</span></td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif">Jimmy Wayne Anderson (2021)(1)</td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif">$</td> <td style="font-family: Times New Roman, Times, Serif; text-align: right">40,000</td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif">$</td> <td style="font-family: Times New Roman, Times, Serif; text-align: right">40,000</td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: right">-</td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: right">-</td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: right">-</td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: right">-</td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif">$</td> <td style="font-family: Times New Roman, Times, Serif; text-align: right">80,000</td> <td style="font-family: Times New Roman, Times, Serif"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Jimmy Wayne Anderson (2020)(1)</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">40,000</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">40,000</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: right">-</td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">80,000</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 37%"><span style="font: 10pt Times New Roman, Times, Serif">Jimmy Wayne Anderson (2019)(1)</span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td> <td style="font-family: Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">40,000</span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td> <td style="font-family: Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">40,000</span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">   -</span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">     -</span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">      -</span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">     -</span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td> <td style="font-family: Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">80,000</span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Jimmy Wayne Anderson (2018)(1)</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">20,000</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">20,000</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">-</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">-</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">-</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">-</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">40,000</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"/> <div style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 25%"><div style="border-top: Black 1.5pt solid; font: 1pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></div></div> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 26, 2018, the Company executed a new Board of Directors Service Agreement with Wayne Anderson. Under the terms of the Agreement, commencing the first calendar quarter of 2018 the Company is to pay Mr. Anderson $10,000 per quarter for which Mr. Anderson serves on the Board of Directors. In addition to cash compensation, the Company is to issue Mr. Anderson the equivalent of $10,000 of the Company’s common stock on the last calendar day of each quarter. The calculation for the number of shares to be issued to Mr. Anderson shall be as follows: $10,000/(Closing stock price on the last trading day of each quarter x .80). Please <i>see</i> <b>NOTE G - ACCRUED OFFICER AND DIRECTOR COMPENSATION</b> and <b>NOTE M - SUBSEQUENT EVENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">for further information.</p> <span style="font: 10pt Times New Roman, Times, Serif"/></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>Employment Agreements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The Company does not have any written agreements with any of its executive officers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>Stock Option Plan and other Employee Benefits Plans</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The Company does not maintain a Stock Option Plan or other Employee Benefit Plans.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Overview of Compensation Program</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We currently do not maintain a Compensation Committee of the Board of Directors. Until a formal committee is established, our entire Board of Directors has responsibility for establishing, implementing and continually monitoring adherence with the Company’s compensation philosophy. The Board of Directors ensures that the total compensation paid to the executives is fair, reasonable, and competitive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Role of Executive Officers in Compensation Decisions</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The Board of Directors makes all compensation decisions for, and approves recommendations regarding equity awards to, the executive officers and directors of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><b><span id="a_020"/>Item 12. Security Ownership of Certain Beneficial Owners and Management.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As of October 11, 2021, the Company had authorized 14,991,000,000 shares of Class A Common Stock, 4,000,000 Class B Common Stock and 5,000,000 shares of Preferred Stock. There were 14,680,293,609 shares of Class A Common Stock, 0 shares of Class B Common Stock and 258 shares of Preferred Stock issued and outstanding as of October 11, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The following table sets forth certain information, as of October 11, 2021, with respect to any person (including any “group”, as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) who is known to us to be the beneficial owner of more than five percent (5%) of any class of our voting securities, and as to those shares of our equity securities beneficially owned by each of our directors and executive officers and all of our directors and executive officers as a group.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The number of shares of common stock beneficially owned by each person is determined under the rules of the Commission and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares as to which such person has sole or shared voting power or investment power and also any shares which the individual has the right to acquire within sixty (60) days after the date hereof, through the exercise of any stock option, warrant or other right. Unless otherwise indicated, each person has sole investment and voting power (or shares such power with his or her spouse) with respect to the shares set forth in the following table. The inclusion herein of any shares deemed beneficially owned does not constitute an admission of beneficial ownership of those shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The table below shows the number of shares beneficially owned as of October 11, 2021 by each of our individual directors and executive officers, by other holders of 5% or more of the outstanding Class A common stock and by all our current directors and executive officers as a group.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><b>   </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><b>   </b></span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>Class A</b></span></p> <p style="margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>Common Stock</b></span></p></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><b>   </b></span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><b>   </b></span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Percentage of</b></span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><b>   </b></span></td> </tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Name of Beneficial Owner</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Beneficially </b>Owned</span><p style="margin: 0">(1)(2)</p></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">Common Stock (3)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Jimmy Wayne Anderson (3)(4)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">131,474,654</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">0.86</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif">Fortis Holdings LTD (5)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">2,026,000,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">13.27</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Officers and Directors as a Group</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">131,474,654</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.86</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 1pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(1)</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">Beneficial Ownership is determined in accordance with the rules of the Securities and Exchange Commission and generally includes voting or investment power with respect to securities. Shares of common stock subject to options, warrants, or convertible debt currently exercisable or convertible, or exercisable or convertible within 60 days of October 11, 2021 are deemed outstanding for computing percentage of the person holding such option or warrant but are not deemed outstanding for computing the percentage of any person. Percentages are based on a total of shares of Class A common stock outstanding on October 11, 2021 and the shares issuable upon exercise of options, warrants exercisable, and debt convertible on or within 60 days of October 11, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"/></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(2)</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The number of common shares outstanding used in computing the percentages is 15,267,851,213 that includes 14,680,293,609 Class A common shares outstanding and 587,557,604 shares of common stock issuable upon conversion of all 255 shares of Series L Preferred Stock outstanding at October 11, 2021.</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(3)</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Included within Mr. Anderson’s beneficial ownership includes 90,000,000 shares of common stock issued to Mr. Anderson for services rendered on behalf of the Company and, 41,474,654 shares issuable upon the conversion of the 18 shares of Series L Preferred Stock issued to Mr. Anderson. Mr. Anderson disclaims beneficial ownership of the shares of common stock that would be issued upon the conversion of the shares of Series L Preferred stock owned by Sylios Corp and Around the Clock Partners, LP.</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(4)</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The address for Mr. Anderson, Sylios Corp and Around the Clock Partners, LP is 501 1st Ave N., Suite 901, St. Petersburg, FL 33701.</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(5)</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The address for Fortis Holdings LTD is Capital City Building, Suite 305, Victoria, Mahe, Seychelles. The last known principal for Fortis was Anthony Welch up until his death in 2014.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Series K</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Preferred Stock</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Percentage of</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Beneficially</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Series K</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Name of Beneficial Owner</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Owned (1)(2)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Preferred Stock</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Jimmy Wayne Anderson (3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.00</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Officers and Directors as a Group</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.00</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The Company’s Series K Super Voting Preferred Stock has no conversion feature.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The number of Series K Preferred shares outstanding used in computing the percentages is 3 as of October 11, 2021.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The address for Mr. Anderson is 501 1st Ave N., Suite 901, St. Petersburg, FL 33701.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Series L</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Preferred Stock</b></span></p></td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Percentage of</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Beneficially</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Series L</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Name of Beneficial Owner</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Owned (1)(2)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Preferred Stock</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Sylios Corp (3)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">10</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3.92</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Jimmy Wayne Anderson (4)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.06</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Around the Clock Partners, LP (5)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15.69</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Jetco Holdings, LLC (6)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39.22</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">MainSpring, LLC (7)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19.61</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Valvasone Trust (8)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11.38</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Jody A. DellaDonna (9)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3.14</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">255</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100.00</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Each share of the Company’s Series L Preferred stock can be converted into shares of the Company’s Class A Common stock based on the following formula: $5,000 divided by .70 times the lowest closing price of the Company’s Class A Common Stock for the immediate five-day period prior to the receipt of the Notice of Conversion.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The number of Series L Preferred shares outstanding used in computing the percentages is 255 as of October 11, 2021.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Sylios Corp is a Florida corporation. The address for Sylios Corp is 501 1st Ave N., Suite 901, St. Petersburg, FL 33701. Mr. Anderson is the controlling principal for Sylios Corp.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(4)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The address for Mr. Anderson is 501 1st Ave N., Suite 901, St. Petersburg, FL 33701.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(5)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Around the Clock Partners, LP is a Delaware limited partnership. The address for Around the Clock Partners, LP is 501 1st Ave N., Suite 901, St. Petersburg, FL 33701. Mr. Anderson is the controlling principal for Around the Clock Partners, LP.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(6)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Jetco Holdings, LLC is a Wyoming limited liability company. The address for Jetco Holdings, LLC is 11718 SE Federal Highway, Suite 372, Hobe Sound, FL 33455. Timothy Cabrera is the controlling principal for Jetco Holdings, LLC.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(7)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">MainSpring, LLC is a Wyoming limited liability company. The address for MainSpring, LLC is 611 Fort Harrison Ave S, Suite 363, Clearwater, FL 33756. Brian McFadden is the controlling principal for MainSpring, LLC.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(8)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The address for Valvasone Trust 5114 Stoneywood Circle, Mableton, GA 30126. The trustee for Valvasone Trust is John DellaDonna.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(9)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The address for Jody A. DellaDonna is 109 Carrick Way, Macon, GA 31210.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">Please <i>see </i><b>NOTE I – CAPITAL STOCK</b> for further information.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif"><span id="a_021"/><span style="font-size: 10pt"><b>Item 13. Certain Relationships and Related Transactions, and Director Independence.</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>Transactions with Related Persons</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At June 30, 2021, the Company had $12,000 in prepaid board of director’s compensation to its sole officer and director, Jimmy Wayne Anderson.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At June 30, 2021, the Company had a loan receivable, other, to Sylios Corp, an entity controlled by the Company’s sole officer and director.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 31, 2021, the Company issued 18 shares of the Company’s Series L Preferred Stock to the Company’s sole officer and director, Jimmy Wayne Anderson, as reimbursement for returning 890,000,000 shares of common stock to the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 1, 2021, the Company issued 40 shares of the Company’s Series L Preferred Stock, to Around the Clock Partners, LP, an entity controlled by Company’s sole officer and director, in satisfaction of $200,000 principal and interest outstanding on a Convertible Promissory Note dated July 27, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On September 2, 2019, the Company issued 10 shares of its Series L Preferred stock to Sylios Corp, an entity controlled by the Company’s sole officer and director, Jimmy Wayne Anderson.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 22, 2019, the Company entered into a Consulting Agreement (the “Agreement”) with Sylios Corp (the “Consultant”), an entity controlled by the Company’s President, Jimmy Wayne Anderson. Under the terms of the Agreement, the Consultant is to provide services related to acquisitions, mergers and certain day to day tasks of managing a public company. As compensation, the Company shall pay Consultant $50,000 through the issuance of t10 shares of the Company’s Series L Preferred Stock. The Company issued the shares of Series L Preferred Stock on September 2, 2019. The Agreement had a term of six (6) months or until the Consultant completed the services requested. The services have been completed by the Consultant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On August 2, 2019, the Company issued 3 shares of its Series K Super Voting Preferred stock to the Company’s sole officer and director, Jimmy Wayne Anderson, as consideration for services provided as an officer of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On July 27, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Around the Clock Partners, LP (the “Holder”) in the principal amount of $124,800. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (July 27, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. The Convertible Note has a term of one (1) year and bears interest at 5% annually. On March 1, 2021, the Company issued the Holder 40 shares of its Series L Preferred Stock in satisfaction of $124,800 principal, $24,906 default principal, $16,160 interest and $37,666 default interest. A balance of $3,532 was forgiven by the Holder. As of March 31, 2021, there was no outstanding principal or interest due.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">During the year ended June 30, 2018, the Company issued 900,000,000 shares of its Class A Common Stock to its sole officer and director, Jimmy Wayne Anderson.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Promoters and Certain Control Persons</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">None.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>List of Parents</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">None.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="a_022"/><span style="font-size: 10pt"><b>Item 14. Principal Accounting Fees and Services</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The following is a summary of the fees billed to the Company by Fruci &amp; Associates II, PLLC for professional accounting services rendered for the fiscal years ended June 30, 2021 and 2020.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Fiscal Year</p> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">2021</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Fiscal Year</span></p> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">2020</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Audit Fees (1)</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">20,500</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">17,500</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Audit-Related Fees</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Tax Fees (2)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other Fees (3)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">20,500</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">17,500</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(1) Audit fees consist of fees billed for services rendered for the audit of our financial statements and review of our financial statements included in our quarterly reports on Form 10–Q.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(2) Tax fees consist of fees billed for professional services related to the preparation of our U.S. federal and state income tax returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">​</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(3) Other fees consist of fees billed for professional services related to non-recurring fees for the initial public offering and the acquisitions completed during the year.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>Director Independence</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The Company has one director, Jimmy Wayne Anderson, who also serves as the Company’s sole officer. All current directors are shareholders of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="ar_001"/>Item 15. Financial Statements and Exhibits.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>EXHIBIT INDEX</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"/></p> <table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"><span style="font: 10pt Times New Roman, Times, Serif"><b>Exhibit</b></span></td> <td style="font: 9pt Times New Roman, Times, Serif; width: 0.1in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: black 1.5pt solid; font: 9pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><b>Description</b></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">3.1</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex3-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Articles of Incorporation of New IFT Corporation (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">3.2</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex3-2.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Amended and Restated Certificate of Incorporation of New IFT Corporation (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">3.3</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex3-3.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Certificate of Designation, Rights, Preferences and Limitations of Series A 8% Convertible Preferred Stock (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">3.4</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex3-4.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Certificate of Designation, Rights, Preferences and Limitations of Series B 8% Convertible Preferred Stock (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">3.5</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex3-5.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Certificate of Merger of Interactive Flight Technologies, Inc. into Global Technologies, Ltd (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">3.6</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex3-6.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Certificate of Designation, Rights, Preferences and Limitations of Series C Convertible Preferred Stock (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">3.7</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex3-7.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Certificate of Designation, Rights, Preferences and Limitations of Series D Convertible Preferred Stock (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">3.8</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex3-8.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Certificate of Designation, Rights, Preferences and Limitations of Series E 8% Convertible Preferred Stock (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">3.9</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex3-9.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Certificate of Amendment to the Company’s Amended and Restated Certificate of Incorporation (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">3.10</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex3-10.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Foreign Profit Corporation Articles of Continuance filed with the State of Wyoming (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">3.11</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex3-11.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Certificate of Designation, Rights, Preferences and Limitations of Series K Super Voting Preferred Stock filed with the State of Wyoming (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">3.12</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex3-12.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Certificate of Designation, Rights, Preferences and Limitations of Series L Preferred Stock filed with the State of Wyoming (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">3.13</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220013943/ex3-13.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Certificate of Designation, Rights, Preferences and Limitations of Series K Super Voting Preferred Stock filed with the State of Delaware (previously filed with Amendment No. 1 to Form 10 on July 24, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">3.14</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex3-14.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Certificate of Designation, Rights, Preferences and Limitations of Series L Preferred Stock filed with the State of Delaware (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">3.15</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315221001499/ex3-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Amended and Restated Bylaws of Global Technologies, Ltd (previously filed with Form 8-K on January 21, 2021)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">4.1</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex4-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Specimen Certificate common stock (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.1</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Board of Directors Services Agreement with Jimmy Wayne Anderson dated January 26, 2018 (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.2</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex10-2.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Convertible Note between the Company and Tri-Bridge Ventures, LLC dated January 24, 2018 (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.3</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex10-3.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Convertible Note between the Company and Tri-Bridge Ventures, LLC dated February 16, 2018 (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> </table> <p style="margin: 0; font-size: 9pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="margin: 0; font-size: 9pt"/> <p style="margin: 0; font-size: 9pt"/> <p style="margin: 0; font-size: 9pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"><span style="font: 10pt Times New Roman, Times, Serif">10.4</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify; width: 0.1in"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex10-4.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Convertible Note between the Company and Valvasone Trust dated June 3 2018 (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.5</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex10-5.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Convertible Note between the Company and Jody A. DellaDonna dated June 29, 2018 (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.6</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex10-6.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Convertible Note between the Company and Around the Clock Partners, LP dated July 27, 2018 (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.7</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex10-7.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Indemnification Agreement between the Company and Jimmy Wayne Anderson dated January 25, 2018 (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.8</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex10-8.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Consulting Agreement between Global Technologies, Ltd and Sylios Corp dated August 22, 2019 (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.9</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex10-9.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Securities Purchase Agreement between Global Technologies, Ltd and Armada Capital Partners, LLC dated December 13, 2019 (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.10</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex10-10.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Convertible Promissory Note between Global Technologies, Ltd and Armada Capital Partners, LLC dated December 13, 2019 (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.11</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex10-11.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt">Common Stock Purchase Warrant Agreement between Global Technologies, Ltd and Armada Capital Partners, LLC dated December 13, 2019 (previously filed with Form 10 on June 8, 2020)</span></span></a></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.12</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex10-12.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">TCBM, LLC Purchase and Sale Agreement dated November 30, 2019 (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.13</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex10-13.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Convertible Promissory Note between Global Technologies, Ltd and Jetco Holdings, LLC dated March 20, 2020 (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.14</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex10-14.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Securities Purchase Agreement between Global Technologies, Ltd and Jetco Holdings, LLC dated March 20, 2020 (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.15</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex10-15.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Consulting Agreement between Global Technologies, Ltd and Brian McFadden dated January 2, 2020 (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.16</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex10-16.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Consulting Agreement between Global Technologies, Ltd and Timothy Cabrera dated January 2, 2020 (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.17</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex10-17.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Asset Purchase Agreement between HMNRTH, LLC, TCBM Holdings, LLC and Edison Nation, Inc. and Scalematix, LLC dated March 11, 2020 (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.18</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220015053/ex10-18.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Quality Agreement between HMNRTH, LLC and Nutralife Biosciences dated September 23, 2019 (previously filed with Amendment No. 2 to Form 10 on August 10, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.19</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220017314/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Commitment to be Bound by the Amended Operating Agreement to Effect Transfer of Membership Interest (previously filed with Form 8-K on September 4, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.20</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220017314/ex10-2.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Convertible Promissory Note between Global Technologies, Ltd. and Graphene Holdings, LLC dated September 3, 2020 (previously filed with Form 8-K on September 4, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.21</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220018189/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Securities Purchase Agreement between Global Technologies, Ltd and Graphene Holdings, LLC dated September 9, 2020 (previously filed with Form 8-K on September 22, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.22</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220018189/ex10-2.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Convertible Promissory Note between Global Technologies, Ltd and Graphene Holdings, LLC dated September 9, 2020 (previously filed with Form 8-K on September 22, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.23</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220023967/ex10-23.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Platform License Agreement between Markets on Main, LLC and Honey Badger Media, LLC dated November 5, 2020 (previously filed with Form 10-K on December 18, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.24</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315221000418/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Amendment to Management Agreement dated December 28, 2020 (previously filed with Form 8-K on January 7, 2021)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.25</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315221004007/ex10-25.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Convertible Promissory Note between Global Technologies, Ltd and Tri-Bridge Ventures, LLC dated January 20, 2021 (previously filed with Form 10-Q on February 16, 2021)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.26</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315221003471/ex99-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Complaint for Declaratory Judgment dated February 9, 2021 (previously filed with Form 8-K on February 12, 2021)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.27</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315221005582/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Convertible Promissory Note between Global Technologies, Ltd and Tri-Bridge Ventures, LLC dated February 22, 2021 (previously filed with Form 8-K on March 8, 2021)</span></a></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.28</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315221015217/ex10-1.htm" style="-sec-extract: exhibit"><span style="font: 10pt Times New Roman, Times, Serif">Convertible Promissory Note between the Company and Power Up Lending Group Ltd. dated June 17, 2021 (previously filed with Form 8-K on June 24, 2021)</span></a></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.29</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315221015217/ex10-2.htm" style="-sec-extract: exhibit"><span style="font: 10pt Times New Roman, Times, Serif">Securities Purchase Agreement between the Company and Power Up Lending Group Ltd. dated June 17, 2021 (previously filed with Form 8-K on June 24, 2021)</span></a></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">10.30*</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="ex10-30.htm">Board of Directors Services Agreement with Jimmy Wayne Anderson dated July 1, 2021</a></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.31</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315221017211/ex10-1.htm" style="-sec-extract: exhibit"><span style="font: 10pt Times New Roman, Times, Serif">Convertible Promissory Note between the Company and Power Up Lending Group Ltd. dated July 12, 2021 (previously filed with Form 8-K on July 19, 2021)</span></a></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">10.32</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315221017211/ex10-2.htm" style="-sec-extract: exhibit"><span style="font: 10pt Times New Roman, Times, Serif">Securities Purchase Agreement between the Company and Power Up Lending Group Ltd. dated July 12, 2021 (previously filed with Form 8-K on July 19, 2021)</span></a></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">10.33</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315221022927/ex10-1.htm" style="-sec-extract: exhibit">Convertible Promissory Note between the Company and Power Up Lending Group Ltd. dated September 9, 2021 (previously filed with Form 8-K on September 16, 2021)</a></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">10.34</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315221022927/ex10-2.htm" style="-sec-extract: exhibit">Securities Purchase Agreement between the Company and Power Up Lending Group Ltd. dated September 9, 2021 (previously filed with Form 8-K on September 16, 2021)</a></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">21.1</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex21-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Articles of Organization for Markets on Main, LLC dated April 2, 2020 (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">21.2</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex21-2.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Certificate of Formation TCBM Holdings, LLC dated (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">21.3</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex21-3.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Certificate of Formation of HMNRTH, LLC dated July 30, 2019 (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">21.4</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/932021/000149315220010738/ex21-4.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Certificate of Formation of 911 Help Now, LLC dated February 2, 2018 (previously filed with Form 10 on June 8, 2020)</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">31.1*</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="ex31-1.htm"><span style="font-size: 10pt">Chief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">31.2*</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="ex31-2.htm"><span style="font-size: 10pt">Chief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">32.1*</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="ex32-1.htm"><span style="font-size: 10pt">Certifications of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</span></a></span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif"> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">Graphic</span></td> <td style="font: 9pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Corporate logo- Global Technologies, Ltd</span></td></tr> </table> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 9pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">*</span></td> <td style="font: 9pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Filed herewith</span></td></tr> <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 9pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">**</span></td> <td style="font: 9pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Furnished herewith (not filed).</span></td></tr> </table> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="m_001"/><span style="font-size: 10pt"><b>SIGNATURES</b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Date: October 13, 2021</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font-family: Times New Roman, Times, Serif"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><b>GLOBAL TECHNOLOGIES, LTD.</b></span></td></tr> <tr style="font-family: Times New Roman, Times, Serif"> <td style="font-family: Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 3%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 47%"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">By:</span></td> <td style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>/s/ Jimmy Wayne Anderson</i></span></td></tr> <tr style="font-family: Times New Roman, Times, Serif"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Jimmy Wayne Anderson</span></td></tr> <tr style="font-family: Times New Roman, Times, Serif"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Chairman and Chief Executive Officer</i></span></td></tr> <tr style="font-family: Times New Roman, Times, Serif"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>(Principal Executive Officer)</i></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Name</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Position</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 17%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Date</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i> /s/ Jimmy Wayne Anderson</i></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Jimmy Wayne Anderson</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">President, Chief Executive Officer and Director (Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">October 13,</span><span style="font-family: Times New Roman, Times, Serif"> 2021</span></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; text-align: left; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0; margin-bottom: 0; text-align: center"/> On July 1, 2021, the Company executed a new Board of Directors Service Agreement with Jimmy Wayne Anderson. Under the terms of the Agreement, Mr. Anderson shall receive a one-time bonus payment of Fifty Thousand and no/100 dollars ($50,000.00) upon execution of the Agreement, and Twenty Thousand and no/100 dollars ($20,000.00) paid to Mr. Anderson on the last calendar day of each quarter as long as Mr. Anderson continues to fulfill his duties and provide the services set forth above. The compensation of $20,000 per quarter shall commence with the third calendar quarter of 2021 (first fiscal quarter of 2022). 50000.00 20000 48750 P1Y 2022-06-12 0.08 0.61 0.39 10 48750 2022-09-09 0.08 0.61 0.39 10 0.25 0.25 Inventories acquired were sold on March 11, 2020 Property, plant and equipment acquired includes computers, software and other office equipment. Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Property and equipment are stated at cost and depreciated principally on methods and at rates designed to amortize their costs over their useful lives. Depreciation expense for the years ended June 30, 2021 and 2020 was $5,196 and $3,030, respectively. On January 24, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC in the principal amount of $15,750. The Convertible Note was fully funded on January 24, 2018. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (January 24, 2019) at the option of the holder. The Conversion Price shall be equal to Fifty Percent (50%) of the lowest Trading Price (defined below) during the Valuation Period (defined below), and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. The total number of shares due under any conversion notice (“Notice Shares”) will be equal to the Conversion Amount divided by the Conversion Price. On the date that a Conversion Notice is delivered to Holder, the Company shall deliver an estimated number of shares (“Estimated Shares”) to Holder’s brokerage account equal to the Conversion Amount divided by 50% of the Market Price. “Market Price” shall mean the lowest of the daily Trading Price for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. The “Valuation Period” shall mean twenty (20) Trading Days, commencing on the first Trading Day following delivery and clearing of the Notice Shares in Holder’s brokerage account, as reported by Holder (“Valuation Start Date”). If at any time, one or multiple times, during the Valuation Period the number of Estimated Shares delivered to Holder is less than the Notice Shares, the company must immediately deliver enough shares equal to the difference. A Conversion Amount will not be considered fully converted until the end of the Valuation Period for that Conversion Amount. “Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities The Convertible Note has a term of one (1) year and bears interest at 10% annually. On March 31, 2021, the Holder agreed to forgive all outstanding principal and interest in the amounts of $15,750 and $5,010, respectively. As of June 30, 2021, there was no outstanding principal or interest due. On February 16, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC in the principal amount of $8,000. The Convertible Note was fully funded on February 16, 2018. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (February 16, 2019) at the option of the holder at the Variable Conversion Price, which shall be equal to the lesser of (i) the price of any public offering of the Maker’s Common Stock or (ii) Fifty Percent (50%) of the lowest Trading Price (defined below) during the Twenty Trading Day period prior to the day the Holder delivers the Conversion Notice, and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. “Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded. The Convertible Note has a term of one (1) year and bears interest at 10% annually. On March 31, 2021, the Holder agreed to forgive all outstanding principal and interest in the amounts of $6,054 and $2,463, respectively. As of June 30, 2021, there was no outstanding principal or interest due. On June 3, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Valvasone Trust in the principal amount of $91,900. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (June 3, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. The Convertible Note has a term of one (1) year and bears interest at 5% annually. On January 14, 2021, the Company issued 500,000,000 shares of restricted common stock to the noteholder in satisfaction of $20,000 principal against the Convertible Note. On March 31, 2021, the Company issued the Holder 26 shares of its Series L Preferred Stock in satisfaction of $71,900 principal, $18,380 default principal, $12,749 interest and $30,183 default interest. A balance of $2,453 was forgiven by the Holder. As of June 30, 2021, there was no outstanding principal or interest due. On June 29, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Jody A. DellaDonna in the principal amount of $25,000. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (June 29, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. The Convertible Note has a term of one (1) year and bears interest at 5% annually. On March 31, 2021, the Company issued the Holder 8 shares of its Series L Preferred Stock in satisfaction of $25,000 principal, $5,000 default principal, $3,437 interest and $7,890 default interest. A balance of $1,327 was forgiven by the Holder. As of June 30, 2021, there was no outstanding principal or interest due. On November 30, 2019, the Company executed a Convertible Note (the “Convertible Note”) payable to Jetco Holdings, LLC in the principal amount of $2,000,000. The Convertible Note was Issued as part of the Purchase and Sale Agreement for the acquisition of TCBM Holdings, LLC. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (November 30, 2020) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. On January 19, 2021, the Company issued 300,000,000 shares of restricted common stock to the noteholder in satisfaction of $42,000 principal against the Convertible Note. On March 15, 2021, the outstanding principal and interest on the Note were $503,714 and $46,485, respectively. On this same date, the Holder agreed to forgive $253,714 in outstanding principal and all outstanding interest leaving a remaining principal balance of $250,000. On March 15, 2021, the Company issued the Holder fifty (50) shares of the Company’s Series L Preferred Stock in satisfaction of the $250,000 principal balance. As of June 30, 2021, there was no outstanding principal or interest due. On December 17, 2019, the Company entered into a Securities Purchase Agreement (the “Agreement”) with Armada Capital Partners, LLC (“Armada”) wherein the Company issued Armada a Convertible Promissory Note (the “Convertible Note”) in the amount of $11,000 ($1,000 OID). The Convertible Note has a term of one (1) year (due on December 17, 2020) and bears interest at 8% annually. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 20, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 60% multiplied by the Market Price (as defined herein)(representing a discount rate of 40%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. As part and parcel of the foregoing transaction, Armada was issued a warrant granting the holder the right to purchase up to 560,800 shares of the Company’s common stock at an exercise price of $0.024 for a term of 5-years. The transaction closed on December 17, 2019. In addition, 10,000,000 shares of the Company’s common stock have been reserved at Pacific Stock Transfer Corporation for possible issuance upon the conversion of the Note into shares of our common stock. As of June 30, 2021, $11,000 principal plus $1,350 interest were due. On March 20, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Jetco Holdings, LLC in the principal amount of $20,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 20, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. On February 4, 2021, the Company remitted payment to the Holder in the amount of $20,532.93 to satisfy all outstanding principal and interest due under the Convertible Note. As of June 30, 2021, there was no outstanding principal or interest due. On September 3, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Graphene Holdings, LLC (the “Holder”) in the principal amount of $250,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 3, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. As of June 30, 2021, $250,000 principal plus $6,164 interest were due. Please see NOTE M - SUBSEQUENT EVENTS for further information. On September 9, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Graphene Holdings, LLC (the “Holder”) in the principal amount of $20,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 9, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. As of June 30, 2021, $20,000 principal plus $471 interest were due. On January 20, 2021, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC (the “Holder”) in the principal amount of up to $150,000. The Convertible Note shall accrue interest at 10% per annum. The Convertible Note was partially funded on January 27, 2021 in the amount of $100,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (January 20, 2022) at the option of the holder. The Conversion Price shall be equal to Fifty Percent (50%) of the lowest Trading Price (defined below) during the Valuation Period (defined below), and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. The total number of shares due under any conversion notice (“Notice Shares”) will be equal to the Conversion Amount divided by the Conversion Price. On the date that a Conversion Notice is delivered to Holder, the Company shall deliver an estimated number of shares (“Estimated Shares”) to Holder’s brokerage account equal to the Conversion Amount divided by 50% of the Market Price. “Market Price” shall mean the lowest of the daily Trading Price for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. The “Valuation Period” shall mean twenty (20) Trading Days, commencing on the first Trading Day following delivery and clearing of the Notice Shares in Holder’s brokerage account, as reported by Holder (“Valuation Start Date”). As of June 30, 2021, $100,000 principal plus $4,219 interest were due. On February 22, 2021, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC (the “Holder”) in the principal amount of up to $200,000. The Convertible Note shall accrue interest at 10% per annum. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (February 22, 2022) at the option of the holder. The conversion price shall be equal to the lesser of (i) the price of any public offering of the Maker’s Common Stock or (ii) Fifty Percent (50%) of the lowest Trading Price (defined below) during the Twenty Trading Day period prior to the day the Holder delivers the Conversion Notice (“Conversion Price”). “Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded. The Convertible Note was funded on March 2, 2021. As of June 30, 2021, $200,000 principal plus $6,575 interest were due. On June 17, 2021, the Company issued to Power Up Lending Group Ltd. (the “Investor”) a Convertible Promissory Note (the “Convertible Note”) in the principal amount of $68,750. The Convertible Note has a term of one (1) year and bears interest at 8% annually. The Convertible Note is convertible, in whole or in part, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this Convertible Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount at the option of the holder. The “Variable Conversion Price” shall mean 61% multiplied by the Market Price (as defined herein) (representing a discount rate of 39%). “Market Price” means the lowest Trading Price (as defined below) for the Common Stock during the ten (10) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. “Trading Price” means, for any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets electronic quotation system or applicable trading market (the “OTC”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. Bloomberg) or, if the OTC is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets”. The transaction closed on June 21, 2021. As of June 30, 2021, $68,750 principal plus $196 interest were due. On July 27, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Around the Clock Partners, LP in the principal amount of $124,800. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (July 27, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. The Convertible Note has a term of one (1) year and bears interest at 5% annually. On March 1, 2021, the Company issued the Holder 40 shares of its Series L Preferred Stock in satisfaction of $124,800 principal, $24,906 default principal, $16,160 interest and $37,666 default interest. A balance of $3,532 was forgiven by the Holder. As of June 30, 2021, there was no outstanding principal or interest due. XML 15 R1.htm IDEA: XBRL DOCUMENT v3.21.2
Cover - USD ($)
12 Months Ended
Jun. 30, 2021
Oct. 13, 2021
Dec. 31, 2020
Cover [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Annual Report true    
Document Transition Report false    
Document Period End Date Jun. 30, 2021    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2021    
Current Fiscal Year End Date --06-30    
Entity File Number 000-25668    
Entity Registrant Name GLOBAL TECHNOLOGIES, LTD    
Entity Central Index Key 0000932021    
Entity Tax Identification Number 86-0970492    
Entity Incorporation, State or Country Code DE    
Entity Address, Address Line One 510 1st Ave N.    
Entity Address, Address Line Two Suite 901    
Entity Address, City or Town St. Petersburg    
Entity Address, State or Province FL    
Entity Address, Postal Zip Code 33701    
City Area Code 727    
Local Phone Number 482-1505    
Title of 12(b) Security Common Stock, $0.0001 par value per share    
Trading Symbol GTLL    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Public Float     $ 9,495,747
Entity Common Stock, Shares Outstanding   14,680,293,609  
ICFR Auditor Attestation Flag false    
XML 16 R2.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2021
Jun. 30, 2020
CURRENT ASSETS    
Cash and cash equivalents $ 56,300 $ 25
Accounts receivable 70,580
Prepaid director’s compensation 12,000
Loans receivable 104,812
Loan receivable, other 3,782 8,691
Total current assets 72,082 184,108
Property and equipment, less accumulated depreciation of $8,226 and $3,030 28,137 33,333
Goodwill 473,323 1,346,646
Total other assets 501,460 1,379,979
TOTAL ASSETS 573,542 1,564,087
CURRENT LIABILITIES    
Accounts payable 4,123 512,585
Accrued default interest 40,216
Accrued interest 18,975 75,510
Accrued director’s compensation 79,803
Notes payable-third parties 649,750 1,293,027
Loans payable, related party 11,999 525
Note payable-related party 124,800
Default principal, notes payable-third parties 137,200
Debt discounts (251,235) (453,608)
Derivative liability 1,007,577 1,420,455
Total current liabilities 1,618,605 3,053,097
TOTAL LIABILITIES 1,618,605 3,053,097
STOCKHOLDERS’ DEFICIENCY    
Common stock; 14,991,000,000 shares authorized, $.0001 par value, as of June 30, 2021 and 2020, there are 14,680,293,609 and 12,189,293,609 shares outstanding, respectively 1,468,029 1,218,929
Additional paid- in capital preferred stock 1,282,310 60,000
Common stock to be issued 144,803 100,000
Accumulated deficit (165,166,022) (160,937,361)
Total stockholders’ deficiency (1,045,063) (1,489,010)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY 573,542 1,564,087
Series K Preferred Stock [Member]    
STOCKHOLDERS’ DEFICIENCY    
Preferred stock value
Total stockholders’ deficiency
Series L Preferred Stock [Member]    
STOCKHOLDERS’ DEFICIENCY    
Preferred stock value 3
Total stockholders’ deficiency 3
Common Class A [Member]    
STOCKHOLDERS’ DEFICIENCY    
Additional paid- in capital common stock $ 161,225,814 $ 158,069,422
XML 17 R3.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Balance Sheets (Parenthetical)
Jun. 30, 2020
USD ($)
$ / shares
shares
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ $ 3,030 [1]
Preferred Stock, Shares Authorized 5,000,000
Preferred Stock, Par or Stated Value Per Share | $ / shares $ 0.01
Common Stock, Shares Authorized 14,991,000,000
Common Stock, Par or Stated Value Per Share | $ / shares $ 0.0001
Common Stock, Shares, Outstanding 12,189,293,609
Series K Preferred Stock [Member]  
Preferred Stock, Shares Authorized 3
Preferred Stock, Par or Stated Value Per Share | $ / shares $ 0.01
Preferred Stock, Shares Outstanding 3
Series L Preferred Stock [Member]  
Preferred Stock, Shares Authorized 500,000
Preferred Stock, Par or Stated Value Per Share | $ / shares $ 0.01
Preferred Stock, Shares Outstanding 10
[1] Depreciation expense for the years ended June 30, 2021 and 2020 was $5,196 and $3,030, respectively.
XML 18 R4.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Operations - USD ($)
12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Revenue earned    
Revenue $ 15,000 $ 548,350
Cost of goods sold 70,850
Gross profit 15,000 477,500
Operating Expenses    
Officer and director compensation, including stock-based compensation of $40,000 and $40,000, respectively 80,000 80,000
Consulting services 1,700 550,000
Depreciation expense 5,196 3,030
Professional services 106,612 25,636
Selling, general and administrative 173,296 51,070
Total operating expenses 366,804 709,736
Loss from operations (351,804) (232,236)
Other income (expense)    
Gain on derivative liability 436,326 2,190,053
Interest income 1,860
Investment income from Global Clean Solutions, LLC 12,197
Write-off of Global Clean Solutions, LLC (250,000)
Forgiveness of debt and accrued interest 336,786
Impairment of goodwill (473,322)
Interest expense (112,593) (60,179)
Default principal and interest expense (225,702)
Loss on issuance of convertible notes (2,759,425) (873,048)
Amortization of debt discounts (841,124) (1,577,391)
Total other income (expense) (3,876,857) (318,705)
Loss before provision for income taxes (4,228,661) (550,941)
Provision for income taxes
Net loss $ (4,228,661) $ (550,941)
Basic and diluted loss per common share $ (0.00) $ (0.00)
Weighted average common shares outstanding – basic and diluted 14,977,786,974 12,189,293,609
XML 19 R5.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Operations (Parenthetical) - USD ($)
12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Income Statement [Abstract]    
Share-based Payment Arrangement, Noncash Expense $ 40,000 $ 40,000
XML 20 R6.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Shareholders' Equity (Deficiency) - USD ($)
Series K Preferred Stock [Member]
Series L Preferred Stock [Member]
Common Stock [Member]
Common Stock To Be Issued [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Balances at June 30, 2020 at Jun. 30, 2019 $ 1,218,929 $ 60,000 $ 158,069,422 $ (160,386,420) $ (1,038,069)
Beginning balance, shares at Jun. 30, 2019 12,189,293,609        
Issuance of Series L preferred stock in satisfaction of compensation due for consulting fees 50,000 50,000
Issuance of Series L preferred stock in satisfaction of compensation due for consulting fees, shares   10          
Issuance of Series K preferred stock in satisfaction of services rendered as an officer 10,000 10,000
Issuance of Series K preferred stock in satisfaction of services rendered as an officer, shares 3            
Common stock for services 40,000 40,000
Net loss (550,941) (550,941)
Balances at June 30, 2021 at Jun. 30, 2020 $ 1,218,929 100,000 158,129,422 (160,937,361) (1,489,010)
Ending balance, shares at Jun. 30, 2020 3 10 12,189,293,609        
Issuance of common stock to a noteholder in lieu of cash payment for principal and fees in the amount of $196,765 $ 375,100 3,184,634 3,559,734
Issuance of common stock to a noteholder in lieu of cash payment for principal and fees in the amount of $196,765, Shares     3,751,000,000        
Issuance of Series L Preferred stock in satisfaction of note payable $ 1 424,538 424,539
Issuance of Series L Preferred stock in satisfaction of note payable, Shares   84          
Issuance of Series L Preferred stock in satisfaction of note payable, related party   203,532 203,532
Issuance of Series L Preferred stock in satisfaction of note payable, related party,Shares   40          
Issuance of Series L Preferred stock as reimbursement for shares returned to the Company $ 1 64,999 65,000
Issuance of Series L Preferred stock as reimbursement for shares returned to the Company, Shares   21          
Issuance of Series L Preferred stock in satisfaction of consulting fees $ 1 499,999 $ 500,000
Issuance of Series L Preferred stock in satisfaction of consulting fees, Shares             100
Common stock to be issued paid as cash (55,197) $ (55,197)
Common stock for services 4 40,000
Return of common shares $ (126,000) 60,000 (66,000)
Return of common shares, Shares     (1,260,000,000)        
Net loss (4,228,661) (4,228,661)
Balances at June 30, 2021 at Jun. 30, 2021 $ 3 $ 1,468,029 $ 144,803 $ 162,508,124 $ (165,166,022) $ (1,045,063)
Ending balance, shares at Jun. 30, 2021 3 255 14,680,293,609        
XML 21 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
OPERATING ACTIVITIES:    
Net (loss) $ (4,228,661) $ (550,941)
Adjustment to reconcile net loss to net cash provided by operating activities:    
Issuance of common stock for conversion fees 130,319
Issuance of Series L Preferred stock for consulting services 50,000
Issuance of Series K Preferred stock for consulting services 10,000
Common stock to be issued 44,803 40,000
Transfer of shares of common stock received in sale of HMNRTH products to Jetco noteholder (477,500)
Inventory from acquisition 70,580
Derivative liability (gain) loss (436,326) (2,190,053)
Forgiveness of debt and accrued interest (336,786)
Loss on issuance of note payable 2,759,425 873,048
Write-off of Global Clean Solutions, LLC investment 250,000
Impairment of goodwill 473,322
Depreciation 5,196 3,030
Amortization of debt discounts 841,124 1,577,391
Changes in operating assets and liabilities:    
Accounts and loans receivable 160,283 (184,083)
Prepaid director’s compensation (12,000)
Bank overdrafts (8,997)
Accounts payable (8,795) 510,557
Accrued interest 17,116 60,179
Accrued default interest 40,216
Default principal, notes payable-third parties 137,200
Accrued director’s compensation 22,000 40,000
Net cash provided by operating activities (141,564) (176,789)
INVESTING ACTIVITIES:    
Net cash (used) by investing activities
FINANCING ACTIVITIES:    
Borrowings from loans payable 4,481
Payments on convertible notes (215,392) (401,122)
Borrowings from notes payable 408,750 31,525
Cash from acquisition 546,411
Net cash provided from financing activities 197,839 176,814
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 56,275 25
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 25
CASH AND CASH EQUIVALENTS, END OF PERIOD 56,300 25
Supplemental Disclosures of Cash Flow Information:    
Taxes paid
Interest paid
Non-cash investing and financing activities:    
Issuance of convertible note for acquisition 1,453,589
Issuance of convertible note for acquisition of Global Clean Solutions, LLC 250,000
Reduction of Jetco note in the amount per agreement applied to acquisition of subsidiaries 400,000
Issuance of common stock for debt 63,946
Issuance of Series L Preferred stock for payment of notes payable and accrued interest 628,071
Issuance of Series L Preferred stock for payment of accounts payable 500,000
Issuance of Series L Preferred stock for return of common stock 104,000
Transfer of shares of common stock received in sale of HMNRTH products to Jetco noteholder $ 477,500
XML 22 R8.htm IDEA: XBRL DOCUMENT v3.21.2
ORGANIZATION
12 Months Ended
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION

NOTE A – ORGANIZATION

 

Overview

 

Global Technologies, Ltd. (hereinafter the “Company”, “Our”, “We”, or “Us”) is a publicly quoted company that was incorporated under the laws of the State of Delaware on January 20, 1999 under the name of NEW IFT Corporation. On August 13, 1999, the Company filed an Amended and Restated Certificate of Incorporation with the State of Delaware to change the name of the corporation to Global Technologies, Ltd. Our principal executive offices are located at 501 1st Ave N., Suite 901, St. Petersburg, FL 33701 and our telephone number is (727) 482-1505. Our website address is www.globaltechnologiesltd.info. The information contained on, or that can be accessed through, our website is not a part of this Annual Report on Form 10-K. We have included our website address in this Annual Report solely as an inactive textual reference.

 

Prior Operational History

 

From inception until March 2011, Global Technologies was a technology portfolio company that acquired nascent technology and related innovations, inventions and IP assets to enhance their growth and development. The Company built revenues and asset value through a model of continuous growth, income from or sale of its portfolio holdings, and technology licensing or distribution agreements.

 

The Company invested primarily in innovative and promising clean/renewable energy or bio-tech technologies that had reached the stage in the critical Technology Development & Demonstration phase of the Innovative Cycle, which includes Prototype, Demonstration and Market Analysis.

 

In March 2011, the Company abandoned its operations. Mr. Jimmy Wayne Anderson, our sole officer and director, was appointed a director of the Company in December 2017 and an officer in January 2018.

 

Current Operations

 

Global Technologies, Ltd (“Global”) is a holding corporation, which through its subsidiaries, has operations engaged in the online sales of CBD and hemp related products, the acquisition of intellectual property in the safety and security space and as a portal for entrepreneurs to provide immediate access to live shopping, e-commerce, product placement in brick and mortar retail outlets and logistics.

 

On November 30, 2019, the Company entered into a Purchase and Sale Agreement (the “Agreement”) for the purchase of TCBM Holdings, LLC (“TCBM”). Under the terms of the Agreement, the Company issued a Convertible Promissory Note in the amount of $2,000,000 to Jetco Holdings, LLC for the purchase of all issued and outstanding membership units of TCBM and its subsidiaries, HMNRTH, LLC and 911 Help Now, LLC. As of March 15, 2021, the outstanding principal and interest on the Note were $503,714 and $46,485, respectively. On this same date, the Holder agreed to forgive $253,714 in outstanding principal and all outstanding interest leaving a remaining principal balance of $250,000. On March 15, 2021, the Company issued the Holder fifty (50) shares of the Company’s Series L Preferred Stock in satisfaction of the $250,000 principal balance. As of June 30, 2021, there was no outstanding principal or interest due. Please see NOTE F - NOTES PAYABLE, THIRD PARTIES for further information.

 

On March 11, 2020, the Company, through its two wholly owned subsidiaries, HMNRTH, LLC (the “Seller”) and TCBM Holdings, LLC (the “Owner”) (together Seller and Owner the “Selling Parties”) entered into an Asset Purchase Agreement (the “Agreement”) with Edison Nation, Inc. and its wholly owned subsidiary, Scalematix, LLC (together the “Buyer”), for the sale of certain assets in the health and wellness industry and related consumer products industry. Under the terms of the Agreement, Buyer was to remit $70,850 via wire transfer at Closing and issue to a representative of the Selling Parties Two Hundred Thirty-Eight Thousand Seven Hundred and Fifty (238,750) shares of restricted common stock. In addition, the Selling Parties shall have the right to additional earn out compensation based upon the following metrics: (i) at such time as the purchased assets achieve cumulative revenue of $2,500,000, the Selling Parties shall earn One Hundred Twenty-Five Thousand (125,000) shares of common stock; and (ii) at such time as the purchased assets achieve cumulative revenue of $5,000,000, the Selling Parties shall earn One Hundred Twenty-Five Thousand (125,000) shares of common stock. The Closing of the transaction occurred on March 11, 2020. As of the date of this filing, the Company has received the 238,750 shares of restricted common stock valued at $477,500 and the $70,850 in cash compensation due under the terms of the Agreement. The shares and cash compensation were subsequently transferred to the principal of Jetco Holdings, LLC as payment against the November 30, 2019 Convertible Promissory Note issued to Jetco Holdings, LLC.

 

On September 3, 2020, the Company entered into a Commitment to be Bound by the Amended Operating Agreement to Effect Transfer of Membership Interest in order to facilitate the transfer of 25 Membership Units (the “Units”) issued by Global Clean Solutions, LLC (“Global”) and held in the name of Graphene Holdings, LLC (“Graphene”) to the Company. In exchange for the transfer of the Units to the Company, the Company issued to Graphene a Convertible Promissory Note (the “Note”) in the amount of $250,000. Please see NOTE G - NOTES PAYABLE, THIRD PARTIES and NOTE M - SUBSEQUENT EVENTS for further information.

 

 

Our wholly owned subsidiaries:

 

About TCBM Holdings, LLC

 

TCBM Holdings, LLC (“TCBM”) was formed as a Delaware limited liability company on August 10, 2017. TCBM is a holding corporation, which operated through its two wholly owned subsidiaries, HMNRTH, LLC and 911 Help Now, LLC.

 

About HMNRTH, LLC

 

HMNRTH, LLC (“HMN”) was formed as a Delaware limited liability company on July 30, 2019. HMNRTH operates as an online store selling a variety of hemp and CBD related products. The Company’s business model is to bridge the gap between the lifestyle and knowledge components within the cannabis industry. The Company’s goal is to educate every consumer while cultivating an experience by providing quality products, branded cutting-edge content, and diversified product lines for any purpose. Most importantly, we want our clients to discover their inner HMN, redefine their inner HMN and Empower their inner HMN.

 

In September 2019, the Company entered into a Quality Agreement with Nutralife Biosciences for the development and production of its CBD line of products. The Company’s product line includes hemp derived, full spectrum cannabidiol tinctures and creams in varying sizes.

 

In order for the Company to generate revenue through HMNRTH, we will need to: (i) produce additional inventory for retail sales through the Company’s ecommerce site or sales, or (ii) sales to third party distributors, or (iii) direct sales to brick and mortar CBD retail outlets, or (iv) generate additional CBD formulas to be utilized in new products At present, the Company does not have the required capital to initiate any of the options and there is no guarantee that we will be able to raise the required funds.

 

Regulation of HMNRTH products:

 

The manufacture, labeling and distribution of our products is regulated by various federal, state and local agencies. These governmental authorities may commence regulatory or legal proceedings, which could restrict the permissible scope of our product claims or the ability to sell our products in the future. The FDA regulates our nutraceutical and wellness products to ensure that the products are not adulterated or misbranded.

 

We are subject to additional regulation as a result of our CBD products. The shifting compliance environment and the need to build and maintain robust systems to comply with different compliance in multiple jurisdictions increase the possibility that we may violate one or more of the requirements. If our operations are found to be in violation of any of such laws or any other governmental regulations that apply to us, we may be subject to penalties, including, without limitation, civil and criminal penalties, damages, fines, the curtailment or restructuring of our operations, any of which could adversely affect our ability to operate our business and our financial results.

 

Failure to comply with FDA requirements may result in, among other things, injunctions, product withdrawals, recalls, product seizures, fines and criminal prosecutions. Our advertising is subject to regulation by the FTC under the FTCA. Additionally, some states also permit advertising and labeling laws to be enforced by private attorney generals, who may seek relief for consumers, seek class action certifications, seek class wide damages and product recalls of products sold by us. Any actions against us by governmental authorities or private litigants could have a material adverse effect on our business, financial condition and results of operations.

 

 

About 911 Help Now, LLC

 

911 Help Now, LLC (“911”) was formed as a Delaware limited liability company on February 2, 2018. 911 was a holding company of intellectual property in the safety and security space. At present, we own no intellectual property within our 911 subsidiary. In order to generate future revenue within 911, we will need to identify and either acquire or license intellectual property. In the event of an acquisition, we will then need to either develop products utilizing our intellectual property or license out our intellectual property to a third party. There is no guarantee that we will be successful with an acquisition or licensing of any intellectual property.

 

About Markets on Main, LLC

 

Markets on Main, LLC (“MOM”) was formed as a Florida limited liability company on April 2, 2020. MOM is A full service, sales and distribution, third-party logistics provider and portal to multi-channel sales opportunities. MOM’s focus is on bringing small businesses and entrepreneurs to large opportunities and distribution. MOM will provide the following services to its clients: inventory management, brand management, fulfillment and drop-ship capabilities, retail distribution and customer service. MOM’s website can be found at www.marketsonmain.com.

 

On November 5, 2020, the Company, through its wholly owned subsidiary Markets on Main, LLC (“Licensor”), entered into a Platform License Agreement (the “License Agreement”) with Honey Badger Media, LLC (the “Licensee”). Under the terms of the License Agreement, the Company grants the Licensee a perpetual, non-exclusive license to operate the Platform, fulfillment opportunities and its related technologies. In consideration for the License, the Licensee shall pay to the Licensor a fee equal to twenty percent (20%) of the Net Profits generated from Licensee’s clients through the Platform.

 

Investments:

 

About Global Clean Solutions, LLC

 

Global Clean Solutions was founded as a special purpose entity in the Personal Protective Equipment Industry during the initial stages of the pandemic in 2020. Its management set out with a simple mission; deliver customers PPE while removing the panic from the pandemic. Global Clean Solutions has created a solid and repeatable foundation and is able to satisfy the needs of both government municipalities and corporations that many companies have tried, and few have succeeded.

 

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

 

The Company elected to impair its investment in Global Clean as it does not anticipate generating any further revenue from this investment.

 

Services:

 

Consulting Services

 

On May 10, 2021, the Company entered into a Consulting Agreement (the “Agreement”) with CoroWare, Inc. (“CoroWare”). Under the terms of the Agreement, the Company is to prepare the following financial reports for CoroWare: (i) Registration Statement and all subsequent amendments, (ii) Quarterly Reports for the periods ended March 31, 2021, June 30, 2021 and September 30, 2021, and (iii) Annual Report for the period ended December 31, 2021. The Agreement shall have a term one (1) year or until CoroWare’s Annual Report is filed with OTC Markets or the SEC. The Company shall be compensated a total of $45,000 in three equal payments of $15,000.

 

Consultants

 

On January 2, 2020, the Company entered into a Consulting Agreement (the “Agreement”) with Timothy Cabrera (the “Consultant”). Under the terms of the Agreement, the Consultant is to provide services to further the business plan of the Company’s subsidiaries, seek and advise the Company on the acquisition of potential products, seek acquisition candidates and on the sale of any inventory. The Agreement has a term of one (1) year and the Consultant is to be compensated Two Hundred Fifty Thousand and NO/100 Dollars ($250,000). On February 15, 2021, the Company issued fifty shares of the Company’s Series L Preferred Stock to the Consultant in satisfaction of $250,000 cash compensation due for past consulting services. All compensation due under the Agreement has been satisfied.

 

On January 2, 2020, the Company entered into a Consulting Agreement (the “Agreement”) with Brian McFadden (the “Consultant”). Under the terms of the Agreement, the Consultant is to provide services to manage the Company’s HMNRTH subsidiary, manage the process of new CBD formulas from development to sale, seek and advise the Company on the acquisition of potential products and on the sale of any inventory. The Agreement has a term of one (1) year and the Consultant is to be compensated Two Hundred Fifty Thousand and NO/100 Dollars ($250,000). On February 15, 2021, the Company issued fifty shares of the Company’s Series L Preferred Stock to the Consultant in satisfaction of $250,000 cash compensation due for past consulting services. All compensation due under the Agreement has been satisfied.

 

On August 22, 2019, the Company entered into a Consulting Agreement (the “Agreement”) with Sylios Corp (the “Consultant”), an entity controlled by the Company’s President, Jimmy Wayne Anderson. Under the terms of the Agreement, the Consultant is to provide services related to acquisitions, mergers and certain day to day tasks of managing a public company. As compensation, the Company shall pay Consultant $50,000 through the issuance of ten (10) shares of the Company’s Series L Preferred Stock. The Company issued the shares of Series L Preferred Stock on September 2, 2019. The Agreement had a term of six (6) months or until the Consultant completed the services requested. The services under the Agreement have been satisfied.

 

XML 23 R9.htm IDEA: XBRL DOCUMENT v3.21.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
12 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Summary of Significant Accounting Policies

 

This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States and have been consistently applied in the preparation of the financial statements.

 

Principles of Consolidation

 

The consolidated financial statements include the accounts of Global Technologies and its wholly owned subsidiaries TCBM Holdings, LLC and Markets on Main, LLC. All inter-company balances and transactions have been eliminated in consolidation.

 

Cash Equivalents

 

Investments having an original maturity of 90 days or less that are readily convertible into cash are considered to be cash equivalents. For the periods presented, the Company had no cash equivalents.

 

 

Accounts Receivable and Allowance for Doubtful Accounts:

 

Accounts receivable are recorded at invoiced amount and generally do not bear interest. An allowance for doubtful accounts is established, as necessary, based on past experience and other factors which, in management’s judgment, deserve current recognition in estimating bad debts. Such factors include growth and composition of accounts receivable, the relationship of the allowance for doubtful accounts to accounts receivable and current economic conditions. The determination of the collectability of amounts due from customer accounts requires the Company to make judgments regarding future events and trends. Allowances for doubtful accounts are determined based on assessing the Company’s portfolio on an individual customer and on an overall basis. This process consists of a review of historical collection experience, current aging status of the customer accounts, and the financial condition of Global Technologies’ customers. Based on a review of these factors, the Company establishes or adjusts the allowance for specific customers and the accounts receivable portfolio as a whole. At June 30, 2021 and 2020, an allowance for doubtful accounts was not considered necessary as all accounts receivable were deemed collectible.

 

Accounts receivable – related party and allowance for doubtful accounts

 

Accounts receivable – related party are presented net of an allowance for doubtful accounts. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, a customer’s historical payment history, its current credit-worthiness and current economic trends. Accounts are written off after exhaustive efforts at collection.

 

Management believes that the accounts receivable are fully collectable. Therefore, no allowance for doubtful accounts is deemed to be required on its accounts receivable – related party at June 30, 2021.

 

Concentrations of Risks

 

Concentration of Accounts Receivable –At June 30, 2021, the Company had no accounts receivable. At June 30, 2020, one customer accounted for 100% of the Company’s total accounts receivable.

 

Concentration of Revenues – For the years ended June 30, 2021 and 2020, one customer accounted for 100% of the Company’s total revenues.

 

Concentration of Suppliers – The Company relies on a limited number of suppliers and contract manufacturers. In particular, a single supplier is currently the sole manufacturer of the Company’s CBD products.

 

Concentration of Loans Receivable – The Company had no loan receivable at June 30, 2021. At June 30, 2020, one borrower accounted for 100% of the Company’s total loans receivable.

 

Concentration of Loans Receivable, Other –At June 30, 2021, one borrower accounted for 100% of the Company’s total loans receivable, other. The Company had no loans receivable, other at June 30, 2020.

 

Income Taxes

 

In accordance with Accounting Standards Codification (ASC) 740 - Income Taxes, the provision for income taxes is computed using the asset and liability method. The asset and liability method measures deferred income taxes by applying enacted statutory rates in effect at the balance sheet date to the differences between the tax basis of assets and liabilities and their reported amounts on the financial statements. The resulting deferred tax assets or liabilities are adjusted to reflect changes in tax laws as they occur. A valuation allowance is provided when it is not more likely than not that a deferred tax asset will be realized.

 

We expect to recognize the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a “more-likely-than-not” threshold, the amount to be recognized in the financial statements will be the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. As of June 30, 2021, we had no uncertain tax positions. We recognize interest and penalties, if any, related to uncertain tax positions as general and administrative expenses. We currently have no federal or state tax examinations nor have we had any federal or state examinations since our inception. To date, we have not incurred any interest or tax penalties.

 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)

 

Financial Instruments and Fair Value of Financial Instruments

 

We adopted ASC Topic 820, Fair Value Measurements and Disclosures, for assets and liabilities measured at fair value on a recurring basis. ASC Topic 820 establishes a common definition for fair value to be applied to existing US GAAP that requires the use of fair value measurements that establishes a framework for measuring fair value and expands disclosure about such fair value measurements.

 

ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC Topic 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

 

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

 

The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. Except for the derivative liability, we had no financial assets or liabilities carried and measured at fair value on a recurring or nonrecurring basis during the periods presented.

 

Derivative Liabilities

 

We evaluate convertible notes payable, stock options, stock warrants and other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under the relevant sections of ASC Topic 815-40, Derivative Instruments and Hedging: Contracts in Entity’s Own Equity.

 

The result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative instrument and is marked-to-market at each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of operations as other income or other expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Financial instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815-40 are reclassified to a liability account at the fair value of the instrument on the reclassification date. Please see NOTE H - DERIVATIVE LIABILITY for further information.

 

Long-lived Assets

 

Long-lived assets such as property and equipment and intangible assets are periodically reviewed for impairment. We test for impairment losses on long-lived assets used in operations whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Impairment evaluations involve management’s estimates on asset useful lives and future cash flows. Actual useful lives and cash flows could be different from those estimated by management which could have a material effect on our reporting results and financial positions. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

 

Accounting for Investments - The Company accounts for investments based upon the type and nature of the investment and the availability of current information to determine its value. Investments in marketable securities in which there is a trading market will be valued at market value on the nearest trading date relative to the Company’s financial reporting requirements. Investments in which there is no trading market from which to obtain recent pricing and trading data for valuation purposes will be valued based upon management’s review of available financial information, disclosures related to the investment and recent valuations related to the investment’s fundraising efforts.

 

On September 3, 2020, the Company entered into a Commitment to be Bound by the Amended Operating Agreement to Effect Transfer of Membership Interest in order to facilitate the transfer of 25 Membership Units (the “Units”), representing a twenty five percent ownership, issued by Global Clean Solutions, LLC (“Global”) and held in the name of Graphene Holdings, LLC (“Graphene”) to the Company. The Company reviews its investments for impairment on a quarterly basis. After reviewing the status of Global’s financial condition, the Company has determined that no impairment of its investment is necessary for the year ended June 30, 2021. For the year ended June 30, 2021, there were no similar transactions with third-parties.

 

   June 30, 2021   September 30, 2020 
         
Global Clean Solutions, LLC  $-   $250,000 
Total investments  $-   $250,000 

 

The above investment does not have a readily determinable fair value, as identified in ASC 321-10-35-2, and each investment is measured at cost less impairment. The Company monitors the investment for any changes in observable prices from orderly transactions. For the year ended June 30, 2021, the Company generated $12,197 investment income from its investment in Global. The Company elected to impair its investment in Global Clean as it does not anticipate generating any further revenue from its investment.

 

Marketable Equity Securities

 

Marketable equity securities are stated at lower of cost or market value with unrealized gains and losses included in operations. The Company has classified its marketable equity securities as trading securities.

 

Deferred Financing Costs

 

Deferred financing costs represent costs incurred in the connection with obtaining debt financing. These costs are amortized ratably and charged to financing expenses over the term of the related debt.

 

Revenue recognition

 

Generally, the Company considers all revenues as arising from contracts with customers. Revenue is recognized based on the five-step process outlined in the Accounting Standards Codification (“ASC”) 606:

 

Step 1 – Identify the Contract with the Customer – A contract exists when (a) the parties to the contract have approved the contract and are committed to perform their respective obligations, (b) the entity can identify each party’s rights regarding the goods or services to be transferred, (c) the entity can identify the payment terms for the goods or services to be transferred, (d) the contract has commercial substance and it is probably that the entity will collect substantially all of the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer.

 

Step 2 – Identify Performance Obligations in the Contract – Upon execution of a contract, the Company identifies as performance obligations each promise to transfer to the customer either (a) goods or services that are distinct, or (b) a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. To the extent a contract includes multiple promised goods or services, the Company must apply judgement to determine whether the goods or services are capable of being distinct within the context of the contract. If these criteria are not met, the goods or services are accounted for as a combined performance obligation.

 

Service revenue is recognized when the professional consulting, maintenance or other ancillary services are provided to the customer. Shipping and handling costs charged to customers are classified as revenue, and the shipping and handling costs incurred are included in cost of sales. Shipping and handling costs charged to customers are classified as revenue, and the shipping and handling costs incurred are included in cost of sales.

 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)

 

Step 3 – Determine the Transaction Price – When (or as) a performance obligation is satisfied, the Company shall recognize as revenue the amount of the transaction price that is allocated to the performance obligation. The contract terms are used to determine the transaction price. Generally, all contracts include fixed consideration. If a contract did include variable consideration, the Company would determine the amount of variable consideration that should be included in the transaction price based on expected value method. Variable consideration would be included in the transaction price, if in the Company’s judgement, it is probable that a significant future reversal of cumulative revenue under the contract would not occur.

  

Step 4 – Allocate the Transaction Price – After the transaction price has been determined, the next step is to allocate the transaction price to each performance obligation in the contract. If the contract only has one performance obligation, the entire transaction price will be applied to that obligation. If the contract has multiple performance obligations, the transaction price is allocated to the performance obligations based on the relative standalone selling price (SSP) at contract inception.

 

Step 5 – Satisfaction of the Performance Obligations (and Recognize Revenue) – Revenue is recognized when (or as) goods or services are transferred to a customer. The Company satisfies each of its performance obligations by transferring control of the promised good or service underlying that performance obligation to the customer. Control is the ability to direct the use of and obtain substantially all of the remaining benefits from an asset. It includes the ability to prevent other entities from directing the use of and obtaining the benefits from an asset. Indicators that control has passed to the customer include: a present obligation to pay; physical possession of the asset; legal title; risks and rewards of ownership; and acceptance of the asset(s). Performance obligations can be satisfied at a point in time or over time.

 

Substantially all of the Company’s revenues continue to be recognized when control of the goods is transferred to the customer, which is upon shipment of the finished goods to the customer. All sales have fixed pricing and there are currently no material variable components included in the Company’s revenue. Additionally, the Company will issue credits for defective merchandise, historically these credits for defective merchandise have not been material. Based on the Company’s analysis of the new revenue standards, revenue recognition from the sale of finished goods to customers, which represents substantially all of the Company’s revenues, was not impacted by the adoption of the new revenue standards.

 

Stock-Based Compensation

 

We account for share-based awards to employees in accordance with ASC 718 “Stock Compensation”. Under this guidance, stock compensation expense is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the estimated service period (generally the vesting period) on the straight-line attribute method. The Company accounts for non-employee stock-based awards in accordance with the Accounting Standards Update (ASU) 2018-07, Compensation—Stock Compensation (Topic 718): Under the new standard, the Company will value all equity classified awards at their grant-date under ASC718 and no options were required to be revalued at adoption.

 

Related Parties

 

A party is considered to be related to us if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with us. Related parties also include our principal owners, our management, members of the immediate families of our principal owners and our management and other parties with which we may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties, or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests, is also a related party.

 

Advertising Costs

 

Advertising costs are expensed as incurred. For the periods presented, we had no advertising costs.

 

Loss per Share

 

We compute net loss per share in accordance with FASB ASC 260. The ASC specifies the computation, presentation and disclosure requirements for loss per share for entities with publicly held common stock.

 

Basic loss per share amounts are computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed on the basis of the weighted average number of common shares and dilutive securities (such as stock options, warrants and convertible securities) outstanding. Dilutive securities having an anti-dilutive effect on diluted net loss per share are excluded from the calculation. For the years ended June 30, 2021 and 2020, the Company excluded 59,095,209,336 and 25,621,051,276, respectively, shares relating to convertible notes payable to third parties, shares issuable upon the exercise of the Armada warrant and share issuable upon conversion of the Company’s Series L Preferred stock.

 

Recently Enacted Accounting Standards

 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)

 

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”).  Financial Instruments—Credit Losses (Topic 326) amends guideline on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities.  For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses.  The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected.  For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down.  ASU 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income.  The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash.  The amendments in this ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.  We are currently evaluating the impact of the adoption of ASU 2016-13 on our financial statements.

 

In July 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2017-11. Among other things, ASU 2017-11 provides guidance that eliminates the requirement to consider “down round” features when determining whether certain financial instruments or embedded features are indexed to an entity’s stock and need to be classified as liabilities. ASU 2017-11 provides for entities to recognize the effect of a down round feature only when it is triggered and then as a dividend and a reduction to income available to common stockholders in basic earnings per share. The guidance is effective for annual periods beginning after December 15, 2018; early adoption is permitted. The Company has adopted ASU 2017-11. As a result, we have not recognized the fair value of the warrants containing down round features as liabilities.

 

In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40)”. This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock.  As well as amend the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions.  In addition, this ASU improves and amends the related EPS guidance. This standard is effective for us on May 1, 2022, including interim periods within those fiscal years.  Adoption is either a modified retrospective method or a fully retrospective method of transition. We are currently evaluating the impact of the adoption of ASU 2020-06 on our financial statements.

 

Management has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our consolidated financial statements and related disclosures.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.

 

Fair Value of Financial Instruments

 

The Company defines the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. Financial instruments included in the Company’s financial statements include cash, accounts payable and accrued expenses, accrued interest payable, loans payable to related parties, notes payable to third parties, notes payable to related parties and derivative liability. Unless otherwise disclosed in the notes to the financial statements, the carrying value of financial instruments is considered to approximate fair value due to the short maturity and characteristics of those instruments. The carrying value of debt approximates fair value as terms approximate those currently available for similar debt instruments.

 

Goodwill

 

After completing the purchase price allocation, any residual of cost over fair value of the net identifiable assets and liabilities was assigned to the unidentifiable asset, goodwill. Formerly subject to mandatory amortization, this now is not permitted to be amortized at all, by any allocation scheme and over any useful life. Impairment testing, using a methodology at variance with that set forth in FAS 144 (which, however, continues in effect for all other types of long-lived assets and intangibles other than goodwill), must be applied periodically, and any computed impairment will be presented as a separate line item in that period’s income statement, as a component of income from continuing operations (unless associated with discontinued operations, in which case, the impairment would, net of income tax effects, be combined with the remaining effects of the discontinued operations. In accordance with Statement No. 142, “Goodwill and Other Intangible Assets,” the Company does not amortize goodwill, but performs impairment tests of the carrying value on a semi-annual and annual basis.

 

Intangible Assets

 

Intangible assets are stated at the lesser of cost or fair value. Please see NOTE C – ACQUISITION OF TCBM HOLDINGS, LLC for further information.

  

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

XML 24 R10.htm IDEA: XBRL DOCUMENT v3.21.2
ACQUISITION OF TCBM HOLDINGS, LLC
12 Months Ended
Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]  
ACQUISITION OF TCBM HOLDINGS, LLC

NOTE C – ACQUISITION OF TCBM HOLDINGS, LLC

 

On November 30, 2019, the Company acquired 100% ownership of TCBM Holdings, LLC (“TCBM”) and TCBM’s two wholly owned subsidiaries, HMNRTH, LLC and 911 Help Now, LLC. The combination has been accounted for in the accompanying consolidated financial statements as an “acquisition” transaction. Accordingly, the financial position and results of operation of the Company prior to November 30, 2019 has been excluded from the accompanying consolidated financial statements. The Company acquired a 100% interest in exchange for a Convertible Promissory Note in the amount of $2,000,000.

 

Details regarding the book values and fair values of the net assets acquired are as follows:

 

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

 

Goodwill and Intangibles

 

Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Intangible assets other than goodwill are recorded at fair value at the time acquired or at cost, if applicable. Intangible assets that do not have indefinite lives are amortized in line with the pattern in which the economic benefits of the intangible asset are consumed. If the pattern of economic benefit cannot be reliably determined, the intangible assets are amortized on a straight-line basis over the shorter of the legal or estimated life. Goodwill and indefinite-lived intangibles assets are not amortized but are tested for impairment in the fourth quarter using the same dates each year or more frequently if changes in circumstances or the occurrence of events indicate potential impairment.

 

In performing the annual impairment test, the fair value of each indefinite-lived intangible asset is compared to its carrying value and an impairment charge is recorded if the carrying value exceeds the fair value. For goodwill, the Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, and whether it is necessary to perform the quantitative goodwill impairment test. The quantitative test is required only if the Company concludes that it is more-likely-than-not that a reporting unit’s fair value is less than its carrying amount. For quantitative testing, the Company compares the fair value of each reporting unit with its carrying amount. If the carrying amount exceeds the fair value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit.

 

Fair values are determined using established business valuation techniques and models developed by the Company, estimates of market participant assumptions of future cash flows, future growth rates and discount rates to value estimated cash flows. Changes in economic and operating conditions, actual growth below the assumed market participant assumptions or an increase in the discount rate could result in an impairment charge in a future period.

 

Acquisitions

 

Upon acquisition of a business, the Company uses the income, market or cost approach (or a combination thereof) for the valuation as appropriate. The valuation inputs in these models and analyses are based on market participant assumptions.  Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability.

 

Fair value estimates are based on a series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. Management values property, plant and equipment using the cost approach supported where available by observable market data, which includes consideration of obsolescence. Management values acquired intangible assets using the relief from royalty method or excess earnings method, forms of the income approach supported by observable market data for peer companies. The significant assumptions used to estimate the value of the acquired intangible assets include discount rates and certain assumptions that form the basis of future cash flows (such as revenue growth rates, customer attrition rates, and royalty rates). Acquired inventories are marked to fair value for valuation of the total purchase price. For certain items, the carrying value is determined to be a reasonable approximation of fair value based on information available to the Company.

 

Assets acquired 

As of

November 30,

2019

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

 

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

 

The changes in the carrying amount of goodwill for the period from November 30, 2019 through June 30, 2021 were as follows:

 

     
Balance as of November 30, 2019  $1,346,646 
Additions and adjustments   (873,323)
Balance as of June 30, 2021  $473,323 

 

For the years ended June 30, 2021 and 2020, the Company recorded an impairment of goodwill in the amount of $873,323 and $0, respectively. During the fourth quarter of fiscal 2021 (second calendar quarter of 2021), the Company performed an interim goodwill impairment analysis on the TCBM Holdings, LLC acquisition and its $946,646 goodwill balance based on assessed potential indicators of impairment, including recent disruptions to the domestic CBD market resulting from the COVID-19 pandemic, the increasing uncertainty of near-term demand requirements, supply constraints and financing constraints. In the previous 2020 annual goodwill impairment evaluation, this reporting unit had a fair value of approximately 100% of the carrying value. The impairment assessment and valuation method require the Company to make estimates and assumptions regarding future operating results, cash flows, changes in working capital and capital expenditures, selling prices, profitability, and the cost of capital. As a result of the fourth quarter 2021 goodwill impairment evaluation, the Company determined that the fair value of the TCBM Holdings, LLC acquisition was below carrying value, including goodwill, by $473,323. This was primarily due to changes in the timing and amount of expected cash flows resulting from lower projected revenues, profitability and cash flows due to near-term reductions in the domestic CBD market. Consequently, during the fourth quarter of 2021, the Company recorded a $473,323 impairment charge for the partial impairment of the TCBM Holdings, LLC acquisition goodwill.

 

XML 25 R11.htm IDEA: XBRL DOCUMENT v3.21.2
PROPERTY AND EQUIPMENT
12 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE D - PROPERTY AND EQUIPMENT

 SCHEDULE OF PROPERTY AND EQUIPMENT

   

June 30, 2021

   

June 30, 2020

 
           
Property and Equipment (i)   $ 36,363     $ 36,363  
Less: accumulated depreciation (ii)    

(8,226

)    

(3,030

)
Total   $ 28,137     $ 33,333  

 

(i)Property and equipment are stated at cost and depreciated principally on methods and at rates designed to amortize their costs over their useful lives.
(ii)Depreciation expense for the years ended June 30, 2021 and 2020 was $5,196 and $3,030, respectively.

 

XML 26 R12.htm IDEA: XBRL DOCUMENT v3.21.2
ACCRUED OFFICER AND DIRECTOR COMPENSATION
12 Months Ended
Jun. 30, 2021
Accrued Officer And Director Compensation  
ACCRUED OFFICER AND DIRECTOR COMPENSATION

NOTE E – ACCRUED OFFICER AND DIRECTOR COMPENSATION

 

Accrued officer and director compensation is due to Wayne Anderson, the sole officer and director of the Company, and consists of:

 

   June 30, 2021   June 30, 2020 
        
Pursuant to January 26, 2018 Board of Directors Service Agreement  $-   $79,803 
Total  $-

   $79,803 

 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE E – ACCRUED OFFICER AND DIRECTOR COMPENSATION (cont’d)

 

For the years ended June 30, 2021 and 2020, the balance of accrued officer and director compensation changed as follows:

 

   Pursuant to
Employment
Agreements
   Pursuant to
Board of
Directors
Services
Agreements
   Total 
             
Balance June 30, 2019   -    39,803    39,803 
Officer’s/director’s compensation for the year ended June 30, 2020 (including stock-based compensation of $40,000 accrued as Stock to be Issued)   -    40,000    40,000 
Balances at June 30, 2020  -   79,803   79,803 
Officer’s/director’s compensation for the year ended June 30, 2021 (including stock-based compensation of $40,000 accrued as Stock to be Issued)   

-

    40,000    40,000 
Cash compensation   -    (119,803)   (119,803)
Balances at June 30, 2021  $-   $-   $- 

 

(i)As of June 30, 2021 and June 30, 2020, total shares of common stock accrued as “Stock to be Issued” to Mr. Anderson as per the terms of the Board of Director’s Services Agreement is 84,803 and 10,000, respectively.

 

Please see NOTE M - SUBSEQUENT EVENTS for further information.

 

XML 27 R13.htm IDEA: XBRL DOCUMENT v3.21.2
NOTES PAYABLE, THIRD PARTIES
12 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
NOTES PAYABLE, THIRD PARTIES

NOTE F - NOTES PAYABLE, THIRD PARTIES

 

Notes payable to third parties consist of:

 

   June 30, 2021   June 30, 2020 
         
Totals  $649,750   $839,418 
Convertible Promissory Note dated January 24, 2018 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due January 24, 2019-with unamortized debt discount of $0 and $0 at June 30, 2021 and June 30, 2020, respectively (i)  $-   $15,750 
Convertible Promissory Note dated February 16, 2018 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due February 16, 2019-with unamortized debt discount of $0 and $0 at June 30, 2021 and June 30, 2020, respectively (ii)   -    8,000 
Convertible Promissory Note dated June 3, 2018 payable to Valvasone Trust (“Valvasone”), interest at 5%, default rate of 15%, due June 3, 2019-with unamortized debt discount of $0 and $0 at June 30, 2021 and June 30, 2020, respectively (iii)   -    91,900 
Convertible Promissory Note dated June 29, 2018 payable to Jody A. DellaDonna (“JDD”), interest at 5%, default rate of 15%, due June 29, 2019-with unamortized debt discount of $0 and $0 at June 30, 2021 and June 30, 2020, respectively (iv)   -    25,000 
Convertible Promissory Note dated November 30, 2019 payable to Jetco Holdings, LLC (“Jetco”), interest at 3%, due November 30, 2020-with unamortized debt discount of $0 and $433,199 at June 30, 2021 and June 30, 2020, respectively (v)   -    688,177 
Convertible Promissory Note dated December 17, 2019 payable to Armada Investment Fund, LLC (“Armada”), interest at 8%, due December 17, 2020, in technical default-with unamortized debt discount of $0 and $5,998 at, June 30, 2021 and June 30, 2020, respectively (vi)   11,000    

5,002

 
Convertible Promissory Note dated March 20, 2020 payable to Jetco Holdings, LLC (“Jetco”), interest at 3%, due March 20, 2021-with unamortized debt discount of $0 and $14,411 at, June 30, 2021 and June 30, 2020, respectively (vii)   -    5,589 
Convertible Promissory Note dated September 3, 2020 payable to Graphene Holdings, LLC (“Graphene”), interest at 3%, due March 3, 2021, in technical default, with unamortized debt discount of $0 and $0 at, June 30, 2021 and June 30, 2020, respectively (viii)   

250,000

    

-

 
Convertible Promissory Note dated September 9, 2020 payable to Graphene Holdings, LLC (“Graphene”), interest at 3%, due March 9, 2021, in technical default, with unamortized debt discount of $0 and $0 at, June 30, 2021 and June 30, 2020, respectively (ix)   

20,000

    

-

 
Convertible Promissory Note dated January 20, 2021 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due January 20, 2022, with unamortized debt discount of $55,616 and $0 at June 30, 2021 and June 30, 2020, respectively (x)   

100,000

    

-

 
Convertible Promissory Note dated February 22, 2021 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due February 22, 2022, with unamortized debt discount of $129,316 and $0 at June 30, 2021 and June 30, 2020, respectively (xi)   

200,000

    

-

 
Convertible Promissory Note dated June 17, 2021 payable to Power Up Lending Group Ltd. (“Power Up”), interest at 8%, due June 17, 2022-with unamortized debt discount of $66,303 and $0 at, June 30, 2021 and June 30, 2020, respectively (xii)   

68,750

    

-

 
Totals  $649,750   $839,418 

 

(i) On January 24, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC in the principal amount of $15,750. The Convertible Note was fully funded on January 24, 2018. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (January 24, 2019) at the option of the holder. The Conversion Price shall be equal to Fifty Percent (50%) of the lowest Trading Price (defined below) during the Valuation Period (defined below), and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. The total number of shares due under any conversion notice (“Notice Shares”) will be equal to the Conversion Amount divided by the Conversion Price. On the date that a Conversion Notice is delivered to Holder, the Company shall deliver an estimated number of shares (“Estimated Shares”) to Holder’s brokerage account equal to the Conversion Amount divided by 50% of the Market Price. “Market Price” shall mean the lowest of the daily Trading Price for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. The “Valuation Period” shall mean twenty (20) Trading Days, commencing on the first Trading Day following delivery and clearing of the Notice Shares in Holder’s brokerage account, as reported by Holder (“Valuation Start Date”). If at any time, one or multiple times, during the Valuation Period the number of Estimated Shares delivered to Holder is less than the Notice Shares, the company must immediately deliver enough shares equal to the difference. A Conversion Amount will not be considered fully converted until the end of the Valuation Period for that Conversion Amount. “Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities The Convertible Note has a term of one (1) year and bears interest at 10% annually. On March 31, 2021, the Holder agreed to forgive all outstanding principal and interest in the amounts of $15,750 and $5,010, respectively. As of June 30, 2021, there was no outstanding principal or interest due.

 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

(ii) On February 16, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC in the principal amount of $8,000. The Convertible Note was fully funded on February 16, 2018. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (February 16, 2019) at the option of the holder at the Variable Conversion Price, which shall be equal to the lesser of (i) the price of any public offering of the Maker’s Common Stock or (ii) Fifty Percent (50%) of the lowest Trading Price (defined below) during the Twenty Trading Day period prior to the day the Holder delivers the Conversion Notice, and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. “Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded. The Convertible Note has a term of one (1) year and bears interest at 10% annually. On March 31, 2021, the Holder agreed to forgive all outstanding principal and interest in the amounts of $6,054 and $2,463, respectively. As of June 30, 2021, there was no outstanding principal or interest due.
   
(iii) On June 3, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Valvasone Trust in the principal amount of $91,900. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (June 3, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. The Convertible Note has a term of one (1) year and bears interest at 5% annually. On January 14, 2021, the Company issued 500,000,000 shares of restricted common stock to the noteholder in satisfaction of $20,000 principal against the Convertible Note. On March 31, 2021, the Company issued the Holder 26 shares of its Series L Preferred Stock in satisfaction of $71,900 principal, $18,380 default principal, $12,749 interest and $30,183 default interest. A balance of $2,453 was forgiven by the Holder. As of June 30, 2021, there was no outstanding principal or interest due.
   
(iv) On June 29, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Jody A. DellaDonna in the principal amount of $25,000. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (June 29, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. The Convertible Note has a term of one (1) year and bears interest at 5% annually. On March 31, 2021, the Company issued the Holder 8 shares of its Series L Preferred Stock in satisfaction of $25,000 principal, $5,000 default principal, $3,437 interest and $7,890 default interest. A balance of $1,327 was forgiven by the Holder. As of June 30, 2021, there was no outstanding principal or interest due.
   
(v) On November 30, 2019, the Company executed a Convertible Note (the “Convertible Note”) payable to Jetco Holdings, LLC in the principal amount of $2,000,000. The Convertible Note was Issued as part of the Purchase and Sale Agreement for the acquisition of TCBM Holdings, LLC. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (November 30, 2020) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. On January 19, 2021, the Company issued 300,000,000 shares of restricted common stock to the noteholder in satisfaction of $42,000 principal against the Convertible Note. On March 15, 2021, the outstanding principal and interest on the Note were $503,714 and $46,485, respectively. On this same date, the Holder agreed to forgive $253,714 in outstanding principal and all outstanding interest leaving a remaining principal balance of $250,000. On March 15, 2021, the Company issued the Holder fifty (50) shares of the Company’s Series L Preferred Stock in satisfaction of the $250,000 principal balance. As of June 30, 2021, there was no outstanding principal or interest due.
   
(vi)

On December 17, 2019, the Company entered into a Securities Purchase Agreement (the “Agreement”) with Armada Capital Partners, LLC (“Armada”) wherein the Company issued Armada a Convertible Promissory Note (the “Convertible Note”) in the amount of $11,000 ($1,000 OID). The Convertible Note has a term of one (1) year (due on December 17, 2020) and bears interest at 8% annually. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 20, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 60% multiplied by the Market Price (as defined herein)(representing a discount rate of 40%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. As part and parcel of the foregoing transaction, Armada was issued a warrant granting the holder the right to purchase up to 560,800 shares of the Company’s common stock at an exercise price of $0.024 for a term of 5-years. The transaction closed on December 17, 2019. In addition, 10,000,000 shares of the Company’s common stock have been reserved at Pacific Stock Transfer Corporation for possible issuance upon the conversion of the Note into shares of our common stock. As of June 30, 2021, $11,000 principal plus $1,350 interest were due.

   
(vii) On March 20, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Jetco Holdings, LLC in the principal amount of $20,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 20, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. On February 4, 2021, the Company remitted payment to the Holder in the amount of $20,532.93 to satisfy all outstanding principal and interest due under the Convertible Note. As of June 30, 2021, there was no outstanding principal or interest due.
   
(viii) On September 3, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Graphene Holdings, LLC (the “Holder”) in the principal amount of $250,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 3, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. As of June 30, 2021, $250,000 principal plus $6,164 interest were due. Please see NOTE M - SUBSEQUENT EVENTS for further information.
   
(ix) On September 9, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Graphene Holdings, LLC (the “Holder”) in the principal amount of $20,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 9, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. As of June 30, 2021, $20,000 principal plus $471 interest were due.
   
(x) On January 20, 2021, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC (the “Holder”) in the principal amount of up to $150,000. The Convertible Note shall accrue interest at 10% per annum. The Convertible Note was partially funded on January 27, 2021 in the amount of $100,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (January 20, 2022) at the option of the holder. The Conversion Price shall be equal to Fifty Percent (50%) of the lowest Trading Price (defined below) during the Valuation Period (defined below), and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. The total number of shares due under any conversion notice (“Notice Shares”) will be equal to the Conversion Amount divided by the Conversion Price. On the date that a Conversion Notice is delivered to Holder, the Company shall deliver an estimated number of shares (“Estimated Shares”) to Holder’s brokerage account equal to the Conversion Amount divided by 50% of the Market Price. “Market Price” shall mean the lowest of the daily Trading Price for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. The “Valuation Period” shall mean twenty (20) Trading Days, commencing on the first Trading Day following delivery and clearing of the Notice Shares in Holder’s brokerage account, as reported by Holder (“Valuation Start Date”). As of June 30, 2021, $100,000 principal plus $4,219 interest were due.
   
(xi) On February 22, 2021, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC (the “Holder”) in the principal amount of up to $200,000. The Convertible Note shall accrue interest at 10% per annum. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (February 22, 2022) at the option of the holder. The conversion price shall be equal to the lesser of (i) the price of any public offering of the Maker’s Common Stock or (ii) Fifty Percent (50%) of the lowest Trading Price (defined below) during the Twenty Trading Day period prior to the day the Holder delivers the Conversion Notice (“Conversion Price”). “Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded. The Convertible Note was funded on March 2, 2021. As of June 30, 2021, $200,000 principal plus $6,575 interest were due.
   
(xii) On June 17, 2021, the Company issued to Power Up Lending Group Ltd. (the “Investor”) a Convertible Promissory Note (the “Convertible Note”) in the principal amount of $68,750. The Convertible Note has a term of one (1) year and bears interest at 8% annually. The Convertible Note is convertible, in whole or in part, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this Convertible Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount at the option of the holder. The “Variable Conversion Price” shall mean 61% multiplied by the Market Price (as defined herein) (representing a discount rate of 39%). “Market Price” means the lowest Trading Price (as defined below) for the Common Stock during the ten (10) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. “Trading Price” means, for any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets electronic quotation system or applicable trading market (the “OTC”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. Bloomberg) or, if the OTC is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets”. The transaction closed on June 21, 2021. As of June 30, 2021, $68,750 principal plus $196 interest were due.

 

Income from forgiveness of principal and interest on convertible notes payable consists of:

 

   June 30, 2021   June 30, 2020 
         
Forgiveness of principal and interest Tribridge Ventures, LLC  $29,277   $- 
Forgiveness of interest Around the Clock Partners, LP   3,532    - 
Forgiveness of interest Valvasone Trust   2,453    - 
Forgiveness of interest Jody A. DellaDonna   1,327    - 
Forgiveness of Jetco Holdings, LLC principal and interest   300,197    - 
Total  $336,786   $- 

 

Default principal, notes payable-third parties:

 

   June 30, 2021   June 30, 2020 
         
Armada Investment Fund, LLC  $2,200   $- 
Graphene Holdings, LLC   135,000    - 
Total  $137,200   $- 

 

Accrued default interest, notes payable-third parties:

 

   June 30, 2021   June 30, 2020 
         
Armada Investment Fund, LLC  $1,269   $- 
Graphene Holdings, LLC   38,947    - 
Total  $40,216   $- 

 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

XML 28 R14.htm IDEA: XBRL DOCUMENT v3.21.2
NOTE PAYABLE, RELATED PARTY
12 Months Ended
Jun. 30, 2021
Note Payable Related Party  
NOTE PAYABLE, RELATED PARTY

NOTE G - NOTE PAYABLE, RELATED PARTY

 

Notes payable to related parties consist of:

 

   June 30, 2021   June 30, 2020 
        
Total  $

-

   $124,800 

Unsecured Convertible Promissory Notes dated July 27, 2018, payable to Around the Clock Partners, LP (entity controlled by Wayne Anderson), interest at 5%, default rate of 15%, due July 27, 2019- less unamortized debt discount of $0 and $0 at June 30, 2021 and June 30, 2020, respectively (i)

  $-   $124,800 
Total  $

-

   $124,800 

 

(i) On July 27, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Around the Clock Partners, LP in the principal amount of $124,800. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (July 27, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. The Convertible Note has a term of one (1) year and bears interest at 5% annually. On March 1, 2021, the Company issued the Holder 40 shares of its Series L Preferred Stock in satisfaction of $124,800 principal, $24,906 default principal, $16,160 interest and $37,666 default interest. A balance of $3,532 was forgiven by the Holder. As of June 30, 2021, there was no outstanding principal or interest due.

   

XML 29 R15.htm IDEA: XBRL DOCUMENT v3.21.2
DERIVATIVE LIABILITY
12 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE LIABILITY

NOTE H - DERIVATIVE LIABILITY

 

The derivative liability at June 30, 2021 and June 30, 2020 consisted of:

 

  

June 30, 2021

   June 30, 2020 
        
Convertible Promissory Notes payable to Tri-Bridge Ventures, LLC. Please see NOTE F – NOTES PAYABLE, THIRD PARTIES for further information  $548,392   $213,933 
Convertible Promissory Note payable to Valvasone Trust. Please see NOTE F – NOTES PAYABLE, THIRD PARTIES for further information   -    150,619 
Convertible Promissory Notes payable to Jody A. DellaDonna. Please see NOTE F – NOTES PAYABLE, THIRD PARTIES for further information   

-

    40,974 
Convertible Promissory Note payable to Around the Clock Partners, LP. Please see NOTE G – NOTES PAYABLE, RELATED PARTIES for further information   -    204,540 
Convertible Promissory Notes payable to Jetco Holdings, LLC. Please see NOTE G – NOTES PAYABLE, RELATED PARTIES for further information   

-

     800,452 
Convertible Promissory Note payable to Armada Investment Fund, LLC. Please see NOTE G – NOTES PAYABLE, RELATED PARTIES for further information   

18,865

    9,877
Convertible Promissory Notes payable to Graphene Holdings, LLC. Please see NOTE G – NOTES PAYABLE, THIRD PARTIES for further information   

332,519

    

-

 
Convertible Promissory Note payable to Power Up Lending Group Ltd. Please see NOTE G – NOTES PAYABLE, RELATED PARTIES for further information   

107,801

    - 
Total derivative liability  $

1,007,577

   $1,420,455 

 

The Convertible Promissory Notes (the “Notes”) contain a variable conversion feature based on the future trading price of the Company’s common stock. Therefore, the number of shares of common stock issuable upon conversion of the Notes is indeterminate. Accordingly, we have recorded the fair value of the embedded conversion features as a derivative liability at the respective issuance dates of the notes and charged the applicable amounts to debt discounts (limited to the face value of the respective notes) and the remainder to other expenses. The increase (decrease) in the fair value of the derivative liability from the respective issue dates of the notes to the measurement dates is charged (credited) to other expense (income).

 

The fair value of the derivative liability was measured at the respective issuance dates and at June 30, 2021, and June 30, 2020 using the Black Scholes option pricing model. Assumptions used for the calculation of the derivative liability of the Notes at June 30, 2021 were (1) stock price of $0.0032 per share, (2) conversion prices ranging from $0.0015 to $0.0021 per share, (3) term of 6 months to 1 year, (4) expected volatility of 257.53% to 392.02%, and (5) risk free interest rate of 0.09%. Assumptions used for the calculation of the derivative liability of the Notes at June 30, 2020 were (1) stock price of $0.0001 per share, (2) conversion prices ranging from $0.00001 to $0.00007 per share, (3) term of 6 months to 1 year, (4) expected volatility of 113.19% to 139.74%, and (5) risk free interest rate of 0.16%.

 

The following table provides a reconciliation of the beginning and ending balances for the convertible note embedded derivative liability measured at fair value using significant unobservable inputs (Level 3): 

 

   Level 3 
Balance at June 30, 2019  $ 715,350 
Additions   2,904,047 
Gain   (2,190,052)
Change resulting from conversions    
Balance at June 30, 2020  $1,420,455 
Additions   3,398,176 
(Gain)Loss – year to date   (446,532
Change resulting from conversions and payoffs   

(3,364,522

)
Balance at June 30, 2021  $1,007,577 

 

XML 30 R16.htm IDEA: XBRL DOCUMENT v3.21.2
CAPITAL STOCK
12 Months Ended
Jun. 30, 2021
Equity [Abstract]  
CAPITAL STOCK

NOTE I - CAPITAL STOCK

 

Preferred Stock

 

Filed with the State of Delaware:

 

On September 30, 1999, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series A 8% Convertible Preferred Stock, par value $0.01. The designation of the new Series A 8% Convertible Preferred Stock was approved by the Board of Directors on August 16, 1999. The Company is authorized to issue 3,000 shares of the Series A 8% Convertible Preferred Stock. At June 30, 2021 and 2020, the Company had 0 and 0 shares issued and outstanding, respectively.

 

On September 30, 1999, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series B 8% Convertible Preferred Stock, par value $0.01. The designation of the new Series B 8% Convertible Preferred Stock was approved by the Board of Directors on August 16, 1999. The Company is authorized to issue 3,000 shares of the Series B 8% Convertible Preferred Stock. At June 30, 2021 and 2020, the Company had 0 and 0 shares issued and outstanding, respectively.

 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE I - CAPITAL STOCK (cont’d)

 

On February 15, 2000, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series C 5% Convertible Preferred Stock, par value $0.01. The designation of the new Series C 5% Convertible Preferred Stock was approved by the Board of Directors on February 14, 2000. The Company is authorized to issue 1,000 shares of the Series C 5% Convertible Preferred Stock. At June 30, 2021 and 2020, the Company had 0 and 0 shares issued and outstanding, respectively.

 

On April 26, 2001, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series D Convertible Preferred Stock, par value $0.01. The designation of the new Series D Convertible Preferred Stock was approved by the Board of Directors on April 26, 2001. The Company is authorized to issue 800 shares of the Series D Convertible Preferred Stock. At June 30, 2021 and 2020, the Company had 0 and 0 shares issued and outstanding, respectively.

 

On June 28, 2001, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series E 8% Convertible Preferred Stock, par value $0.01. The designation of the new Series E 8% Convertible Preferred Stock was approved by the Board of Directors on March 30, 2001. The Company is authorized to issue 250 shares of the Series E Convertible Preferred Stock. At June 30, 2021 and 2020, the Company had 0 and 0 shares issued and outstanding, respectively.

 

Series K Super Voting Preferred Stock

 

On July 31, 2019, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series K Super Voting Preferred Stock, par value $0.01. The designation of the new Series K Super Voting Preferred Stock was approved by the Board of Directors on July 16, 2019. The Company is authorized to issue three (3) shares of the Series K Super Voting Preferred Stock. At June 30, 2021 and 2020, the Company had 3 and 3 shares issued and outstanding, respectively.

 

Dividends. Initially, there will be no dividends due or payable on the Series K Super Voting Preferred Stock. Any future terms with respect to dividends shall be determined by the Board consistent with the Corporation’s Certificate of Incorporation. Any and all such future terms concerning dividends shall be reflected in an amendment to this Certificate, which the Board shall promptly file or cause to be filed.

 

Liquidation and Redemption Rights. Upon the occurrence of a Liquidation Event (as defined below), the holders of Series K Super Voting Preferred Stock are entitled to receive net assets on a pro-rata basis. Each holder of Series K Super Voting Preferred Stock is entitled to receive ratably any dividends declared by the Board, if any, out of funds legally available for the payment of dividends. As used herein, “Liquidation Event” means (i) the liquidation, dissolution or winding-up, whether voluntary or involuntary, of the Corporation, (ii) the purchase or redemption by the Corporation of shares of any class of stock or the merger or consolidation of the Corporation with or into any other corporation or corporations, unless (a) the holders of the Series K Super Voting Preferred Stock receive securities of the surviving Corporation having substantially similar rights as the Series K Super Voting Preferred Stock and the stockholders of the Corporation immediately prior to such transaction are holders of at least a majority of the voting securities of the successor Corporation immediately thereafter (the “Permitted Merger”), unless the holders of the shares of Series K Super Voting Preferred Stock elect otherwise or (b) the sale, license or lease of all or substantially all, or any material part of, the Corporation’s assets, unless the holders of Series K Super Voting Preferred Stock elect otherwise.

 

Conversion. No conversion of the Series K Super Voting Preferred Stock is permitted.

 

Rank. All shares of the Series K Super Voting Preferred Stock shall rank (i) senior to the Corporation’s (A) Common Stock, par value $0.0001 per share (“Common Stock”), and any other class or series of capital stock of the Corporation hereafter created, except as otherwise provided in clauses (ii) and (iii) of this Section 4, (ii) pari passu with any class or series of capital stock of the Corporation hereafter created and specifically ranking, by its terms, on par with the Series K Super Voting Preferred-Stock and (iii) junior to any class or series of capital stock of the Corporation hereafter created specifically ranking, by its terms, senior to the Series K Preferred Stock, in each case as to distribution of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary.

 

Voting Rights.

 

A. If at least one share of Series K Super Voting Preferred Stock is issued and outstanding, then the total aggregate issued shares of Series K Super Voting Preferred Stock at any given time, regardless of their number, shall have voting rights equal to 20 times the sum of: i) the total number of shares of Common stock which are issued and outstanding at the time of voting, plus ii) the total number of shares of any and all Preferred stocks which are issued and outstanding at the time of voting.

 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE I - CAPITAL STOCK (cont’d)

 

B. Each individual share of Series K Super Voting Preferred Stock shall have the voting rights equal to:

 

[twenty times the sum of: {all shares of Common stock issued and outstanding at the time of voting + all shares of any other Preferred stocks issued and outstanding at the time of voting}]

 

Divided by:

 

[the number of shares of Series K Super Voting Preferred Stock issued and outstanding at the time of voting]

 

With respect to all matters upon which stockholders are entitled to vote or to which stockholders are entitled to give consent, the holders of the outstanding shares of Series K Super Voting Preferred Stock shall vote together with the holders of Common Stock without regard to class, except as to those matters on which separate class voting is required by applicable law or the Certificate of Incorporation or By-laws.

 

Series L Preferred Stock

 

On July 31, 2019, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series L Preferred Stock, par value $0.01. The designation of the new Series L Preferred Stock was approved by the Board of Directors on July 16, 2019. The Company is authorized to issue five hundred thousand (500,000) shares of the Series L Preferred Stock. At June 30, 2021 and 2020, the Company had 255 and 10 shares issued and outstanding, respectively.

 

Dividends. The holders of Series L Preferred Stock shall be entitled to receive dividends when, as and if declared by the Board of Directors, in its sole discretion.

 

Voting.

 

a. If at least one share of Series L Preferred Stock is issued and outstanding, then the total aggregate issued shares of Series L Preferred Stock at any given time, regardless of their number, shall have voting rights equal to four times the sum of: i) the total number of shares of Common Stock which are issued and outstanding at the time of voting, plus ii) the total number of shares of all series of Preferred Stock which are issued and outstanding at the time of voting.

 

b. Each individual share of Series L Preferred Stock shall have the voting rights equal to:

 

[four times the sum of: {all shares of Common Stock issued and outstanding at time of voting + the total number of shares of all series of Preferred Stock issued and outstanding at time of voting}]

 

divided by:

 

[the number of shares of Series L Preferred Stock issued and outstanding at the time of voting]

 

Conversion Rights.

 

a) Outstanding. If at least one share of Series L Preferred Stock is issued and outstanding, then the total aggregate issued shares of Series L Preferred Stock at any given time, regardless of their number, shall be convertible into the number of shares of Common Stock defined by the formula set forth is section 4.b.

 

b) Method of Conversion.

 

i. Procedure- Before any holder of Series L Preferred Stock shall be entitled to convert the same into shares of common stock, such holder shall surrender the certificate or certificates therefore, duly endorsed, at the office of the Company or of any transfer agent for the Series L Preferred Stock, and shall give written notice 5 business days prior to date of conversion to the Company at its principal corporate office, of the election to convert the same and shall state therein the name or names in which the certificate or certificates for shares of common stock are to be issued. The Company shall, within five business days, issue and deliver at such office to such holder of Series L Preferred Stock, or to the nominee or nominees of such holder, a certificate or certificates for the number of shares of common stock to which such holder shall be entitled as aforesaid. Conversion shall be deemed to have been effected on the date when delivery of notice of an election to convert and certificates for shares is made, and such date is referred to herein as the “Conversion Date.”

 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE I - CAPITAL STOCK (cont’d)

 

ii. Issuance- Shares of Series L Preferred Stock may only be issued in exchange for the partial or full retirement of debt held by Management, Employees, Consultants or as directed by a majority vote of the Board of Directors. The number of Shares of Series L Preferred Stock to be issued to each qualified person (member of Management, Employee or Consultant) holding a Note shall be determined by the following formula:

 

For retirement of debt: One (1) share of Series L Preferred stock shall be issued for each Five Thousand Dollar ($5,000) tranche of outstanding liability. As an example: If an officer has accrued wages due to him or her in the amount of $25,000, the officer can elect to accept 5 shares of Series L Preferred stock to satisfy the outstanding obligation of the Company.

 

iii. Calculation for conversion into Common Stock- Each individual share of Series L Preferred Stock shall be convertible into the number of shares of Common Stock equal to:

 

[5000]

 

divided by:

 

[.50 times the lowest closing price of the Company’s common stock for the immediate five-day period prior to the receipt of the Notice of Conversion remitted to the Company by the Series L Preferred stockholder]

 

Common Stock

 

Class A and Class B:

 

Identical Rights. Except as otherwise expressly provided in ARTICLE FIVE of the Company’s Amended and Restated Certificate of Incorporation dated August 13, 1999, all Common Shares shall be identical and shall entitle the holders thereof to the same rights and privileges.

 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE I - CAPITAL STOCK (cont’d)

 

Stock Splits. The Corporation shall not in any manner subdivide (by any stock split, reclassification, stock dividend, recapitalization, or otherwise) or combine the outstanding shares of one class of Common Shares unless the outstanding shares of all classes of Common Shares shall be proportionately subdivided or combined.

 

Liquidation Rights. Upon any voluntary or involuntary liquidation, dissolution, or winding up of the affairs of the Corporation, after payment shall have been made to holders of outstanding Preferred Shares, if any, of the full amount to which they are entitled pursuant to the Certificate of Incorporation, the holders of Common Shares shall be entitled, to the exclusion of the holders of the Preferred Shares, if any, to share ratably, in accordance with the number of Common Shares held by each such holder, in all remaining assets of the Corporation available for distribution among the holders of Common Shares, whether such assets are capital, surplus, or earnings. For the purposes of this paragraph, neither the consolidation or merger of the Corporation with or into any other corporation or corporations in which the stockholders of the Corporation receive capital stock and/or securities (including debt securities) of the acquiring corporation (or of the direct or indirect parent corporation of the acquiring corporation) nor the sale, lease or transfer of the Corporation, shall be deemed to be a voluntary or involuntary liquidation, dissolution, or winding up of the Corporation as those terms are used in this paragraph.

 

Voting Rights.

 

(a) The holders of the Class A Shares and the Class B Shares shall vote as a single class on all matters submitted to a vote of the stockholders, with each Class A Share being entitled to one (1) vote and each Class B Share being entitled to six (6) votes, except as otherwise provided by law.

 

(b) The holders of Class A Shares and Class B Shares are not entitled to cumulative votes in the election of any directors.

 

Preemptive or Subscription Rights. No holder of Common Shares shall be entitled to preemptive or subscription rights.

 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE I - CAPITAL STOCK (cont’d)

 

Conversion Rights.

 

(a) Automatic Conversion. Each Class B Share shall (subject to receipt of any and all necessary approvals) convert automatically into one fully paid and non-assessable Class A Share (i) upon its sale, gift, or other transfer to a party other than a Principal Stockholder (as defined below) or an Affiliate of a Principal Stockholder (as defined below), (ii) upon the death of the Class B Stockholder holding such Class B Share, unless the Class B Shares are transferred by operation of law to a Principal Stockholder or an Affiliate of a Principal Stockholder, or (iii) in the event of a sale, gift, or other transfer of a Class B Share to an Affiliate of a Principal Stockholder, upon the death of the transferor. Each of the foregoing automatic conversion events shall be referred to hereinafter as an “Event of Automatic Conversion.” For purposes of this ARTICLE FIVE, “Principal Stockholder” includes any of Donald H. Goldman, Steven M. Fieldman, Lance Fieldman, Yuri Itkis, Michall Itkis and Boris Itkis and an “Affiliate of a Principal Stockholder” is a person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. For purposes of this definition, “control,” when used with respect to any specified person, means the power to direct or cause the direction of the management, and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. Without limitation, an Affiliate also includes the estate of such individual.

 

(b) Voluntary Conversion. Each Class B Share shall be convertible at the option of the holder, for no additional consideration, into one fully paid and non-assessable Class A Share at any time.

 

(c) Conversion Procedure. Promptly upon the occurrence of an Event of Automatic Conversion such that Class B shares are converted automatically into Class A Shares, or upon the voluntary conversion by the holder, the holder of such shares shall surrender the certificate or certificates therefor, duly endorsed in blank or accompanied by proper instruments of transfer, at the office of the Corporation or of any transfer agent for the Class A Shares, and shall give written notice to the Corporation at such office (i) stating that the shares are being converted pursuant to an Event of Automatic Conversion into Class A Shares as provided in subparagraph 5.6(a) hereof or a voluntary conversion as provided in subparagraph 5.6(b) hereof, (ii) specifying the Event of Automatic Conversion (and, if the occurrence of such event is within the control of the transferor, stating the transferor’s intent to effect an Event of Automatic Conversion) or whether such conversion is voluntary, (iii) identifying the number of Class B Shares being converted, and (iv) setting out the name or names (with addresses) and denominations in which the certificate or certificates for Class A Shares shall be issued and including instructions for delivery thereof. Delivery of such notice together with the certificates representing the Class B Shares shall obligate the Corporation to issue such Class A Shares and the Corporation shall be justified in relying upon the information and the certification contained in such notice and shall not be liable for the result of any inaccuracy with respect thereto. Thereupon, the Corporation or its transfer agent shall promptly issue and deliver at such stated address to such holder or to the transferee of Class B Shares a certificate or certificates for the number of Class A Shares to which such holder or transferee is entitled, registered in the name of such holder, the designee of such holder or transferee, as specified in such notice. To the extent permitted by law, conversion pursuant to (i) an Event of Automatic Conversion shall be deemed to have been effected as of the date on which the Event of Automatic Conversion occurred or (ii) a voluntary conversion shall be deemed to have been effected as of the date the Corporation receives the written notice pursuant to this subparagraph (c) (each date being the “Conversion Date”). The person entitled to receive the Class A Shares issuable upon such conversion shall be treated for all purposes as the record holder of such Class A Shares at and as of the Conversion Date, and the right of such person as the holder of Class B Shares shall cease and terminate at and as of the Conversion Date, in each case without regard to any failure by the holder to deliver the certificates or the notice by this subparagraph (c).

 

(d) Unconverted Shares. In the event of the conversion of fewer than all of the Class B Shares evidenced by a certificate surrendered to the Corporation in accordance with the procedures of this Paragraph 5.6, the Corporation shall execute and deliver to or upon the written order of the holder of such certificate, without charge to such holder, a new certificate evidencing the number of Class B Shares not converted.

 

(e) Reissue of Shares. Class B Shares that are converted into Class A Shares as provided herein shall be retired and canceled and shall not be reissued.

 

(f) Reservation. The Corporation hereby reserves and shall at all times reserve and keep available, out of its authorized and unissued Class A Shares, for the purpose of effecting conversions, such number of duly authorized Class A Shares as shall from time to time be sufficient to effect the conversion of all outstanding Class B Shares. The Corporation covenants that all the Class A Shares so issuable shall, when so issued, be duly and validly issued, fully paid and non-assessable, and free from liens and charges with respect to the issue. The Corporation will take all such action as may be necessary to assure that all such Class A Shares may be so issued without violation of any applicable law or regulation, or any of the requirements of any national securities exchange upon which the Class A Shares may be listed. The Corporation will not take any action that results in any adjustment of the conversion ratio if the total number of Class A Shares issued and issuable after such action upon conversion of the Class B Shares would exceed the total number of Class A Shares then authorized by the Amended and Restated Certificate of Incorporation, as amended.

 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE I - CAPITAL STOCK (cont’d)

 

At June 30, 2021 and 2020, the Company is authorized to issue 14,991,000,000 and 14,991,000,000 shares of Class A Common Stock, respectively. At June 30, 2021 and 2020, the Company has 14,680,293,609 and 12,189,293,609 shares issued and outstanding, respectively. At June 30, 2021 and 2020, the Company is authorized to issue 4,000,000 and 4,000,000 shares of Class B Common Stock, respectively. At June 30, 2021 and 2020, the Company has 0 and 0 shares issued and outstanding, respectively.

 

Common Stock, Preferred Stock and Warrant Issuances

 

For the twelve months ended June 30, 2021 and June 30, 2020, the Company issued and/or sold the following unregistered securities:

 

Common Stock:

 

Year ended June 30, 2021

 

On September 22, 2020, the Company issued 596,785,387 shares of restricted common stock with a fair market value of $59,679 to a noteholder in satisfaction of $29,839 in penalties against the note dated January 24, 2018.

 

On November 25, 2020, the Company issued 637,526,342 shares of restricted common stock with a fair market value of $63,753 to a noteholder in satisfaction of $31,876 in penalties against the note dated January 24, 2018.

 

On December 13, 2020, the Company issued 669,338,906 shares of restricted common stock with a fair market value of $200,802 to a noteholder in satisfaction of $33,467 in penalties against the note dated January 24, 2018.

 

On December 22, 2020, the Company issued 702,738,918 shares of restricted common stock with a fair market value of $281,096 to a noteholder in satisfaction of $35,137 in penalties against the note dated January 24, 2018.

 

On January 14, 2021, the Company issued 500,000,000 shares of restricted common stock with a fair market value of $900,000 to a noteholder in satisfaction of $20,000 principal against the note dated June 3, 2019.

 

On January 19, 2021, the Company issued 300,000,000 shares of restricted common stock with a fair market value of $1,200,000 to a noteholder in satisfaction of $42,000 principal against the note dated November 30, 2019.

 

On January 21, 2021, the Company issued 194,610,447 shares of restricted common stock with a fair market value of $1,264,968 to a noteholder in satisfaction of $1,946 principal against the note dated January 24, 2018.

 

On February 22, 2021, the Company issued 150,000,000 shares of restricted common stock with a fair market value of $1,710,000 to a noteholder in satisfaction of $1,946 in penalties against the note dated January 24, 2018.

 

A total of 1,260,000,000 shares of common stock were returned to the Company during the year ended June 30, 2021 to be retired.

 

Year ended June 30, 2020

  

None

 

Preferred Stock:

 

Year ended June 30, 2021

 

On February 15, 2021, the Company issued 100 shares of the Company’s Series L Preferred Stock to two Consultants in satisfaction of $500,000 cash compensation due for past consulting services. Each Consultant received 50 Shares.

 

On March 1, 2021, the Company issued 40 shares of the Company’s Series L Preferred Stock, to an affiliate of the Company’s sole officer and director, in satisfaction of $200,000 principal and interest outstanding on a Convertible Promissory Note dated July 27, 2018.

 

On March 15, 2021, the Company issued 50 shares of the Company’s Series L Preferred Stock in satisfaction of $250,000 principal outstanding on a Convertible Promissory Note dated November 30, 2019.

 

On March 31, 2021, the Company issued 26 shares of the Company’s Series L Preferred Stock in satisfaction of $130,000 principal and interest outstanding on a Convertible Promissory Note dated June 3, 2018.

 

On March 31, 2021, the Company issued 8 shares of the Company’s Series L Preferred Stock in satisfaction of $40,000 principal and interest outstanding on a Convertible Promissory Note dated June 29, 2018.

 

On March 31, 2021, the Company issued 18 shares of the Company’s Series L Preferred Stock to the Company’s sole officer and director as reimbursement for returning 890,000,000 shares of common stock to the Company.

 

On March 31, 2021, the Company issued 3 shares of the Company’s Series L Preferred Stock to a non-affiliate as reimbursement for returning 150,000,000 shares of common stock to the Company.

  

Year ended June 30, 2020

 

On August 2, 2019, the Company issued 3 shares of its Series K Super Voting Preferred Stock to its sole officer and director, Jimmy Wayne Anderson.

 

On September 2, 2019, the Company issued 10 shares of its Series L Preferred Stock to Sylios Corp, an entity controlled by the Company’s sole officer and director.

 

Warrants and Options:

 

On December 17, 2019, the Company entered into a Securities Purchase Agreement (the “Agreement”) with Armada Capital Partners, LLC (“Armada”) wherein the Company issued Armada a Convertible Promissory Note (the “Note”) in the amount of $11,000 ($1,000 OID). The Note has a term of one (1) year (due on December 17, 2020) and bears interest at 8% annually. As part and parcel of the foregoing transaction, Armada was issued a warrant granting the holder the right to purchase up to 560,800 shares of the Company’s common stock at an exercise price of $0.024 for a term of 5-years. The transaction closed on December 17, 2019. Please see NOTE F - NOTES PAYABLE, THIRD PARTIES for further information.

 

XML 31 R17.htm IDEA: XBRL DOCUMENT v3.21.2
INCOME TAXES
12 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE J - INCOME TAXES

 

The Company accounts for income taxes using the asset and liability method described in SFAS No. 109, “Accounting For Income Taxes”, the objective of which is to establish deferred tax assets and liabilities for the temporary differences between the financial reporting and the tax basis of the Company’s assets and liabilities at the enacted tax rates expected to be in effect when such amounts are realized or settled. A valuation allowance related to deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. In recognition of the uncertainty regarding the ultimate amount of income tax benefits to be derived, the Company has recorded a full valuation allowance at June 30, 2021 and 2020.

 

The provision (benefit) for income taxes includes income taxes currently payable and those deferred because of temporary differences between the financial statement and tax bases of assets and liabilities.

 

Significant components of the Company’s deferred tax assets and liabilities are calculated at an estimated effective tax rate of 21%. (35% for tax year 2017)

 

The provision for (benefit from) income taxes differs from the amount computed by applying the statutory United States federal income tax rate for the periods presented to income (loss) before income taxes. The income tax rate was 21% for the year ended June 30, 2021 and 2020. The sources of the difference are as follows:

 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE J - INCOME TAXES (cont’d)

 

         
   Year Ended 
   June 30, 2021   June 30, 2020 
Expected tax at 21% and 21%, respectively  $(888,019)  $(115,698)
Non-deductible stock-based compensation   35,767    21,000 
Non-deductible loss (nontaxable income) from derivative liability   (91,628)   (276,571)
Non-deductible default principle   28,812    - 
Non-deductible loss on issuance of convertible nots   579,479    - 
Non-deductible amortization of debt discounts   176,636    331,252 
Impairment of goodwill   

99,398

    

-

 
Forgiveness of debt and accrued interest   

(70,725

)   

-

 
Increase (decrease) in Valuation allowance   130,280    40,017 
Provision for (benefit from) income taxes  $-   $- 

 

All tax years remain subject to examination by the Internal Revenue Service.

 

Significant components of the Company’s deferred income tax are as follows:

 

   June 30, 2021   June 30, 2020 
Unpaid accrued officer and director compensation  $-   $16,759 
Net operating loss carry-forwards   30,128,849    29,383,089 
Valuation allowance   (30,128,849)   (29,399,848)
Net non-current deferred tax asset  $-   $- 

 

Based on management’s present assessment, the Company has not yet determined it to be more likely than not that a deferred tax asset of $30,128,849 attributable to the net operating loss carryforward as of June 30, 2021 will be realized. Accordingly, the Company has provided a 100% allowance against the deferred tax asset in the financial statements at June 30, 2021. The Company will continue to review this valuation allowance and make adjustments as appropriate. $28,980,000 of the net operating loss carryforward expires in the year 2022.

 

Current tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited.

 

XML 32 R18.htm IDEA: XBRL DOCUMENT v3.21.2
COMMITMENTS AND CONTINGENCIES
12 Months Ended
Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE K - COMMITMENTS AND CONTINGENCIES

 

Occupancy

 

Currently, the Company shares office space with Sylios Corp at 501 1st Ave N., Suite 901, St. Petersburg, FL 33701 and is not required to reimburse Sylios Corp for monthly rent. The Company anticipates that this relationship will change with the additional employees, and it will be required to enter into a lease for a separate office space.

 

Employment and Director Agreements

 

On January 26, 2018, the Company executed a new Board of Directors Service Agreement with Jimmy Wayne Anderson. Under the terms of the Agreement, commencing the first calendar quarter of 2018 the Company is to pay Mr. Anderson $10,000 per quarter for which Mr. Anderson serves on the Board of Directors. In addition to cash compensation, the Company is to issue Mr. Anderson the equivalent of $10,000 of the Company’s common stock on the last calendar day of each quarter. The calculation for the number of shares to be issued to Mr. Anderson shall be as follows: $10,000/(Closing stock price on the last trading day of each quarter x .80). Please see NOTE E – ACCRUED OFFICER AND DIRECTOR COMPENSATION and NOTE M - SUBSEQUENT EVENTS for further information.

 

XML 33 R19.htm IDEA: XBRL DOCUMENT v3.21.2
GOING CONCERN UNCERTAINTY
12 Months Ended
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GOING CONCERN UNCERTAINTY

NOTE L - GOING CONCERN UNCERTAINTY

 

Under ASC 205-40, we have the responsibility to evaluate whether conditions and/or events raise substantial doubt about our ability to meet our future financial obligations as they become due within one year after the date that the financial statements are issued. As required by this standard, our evaluation shall initially not take into consideration the potential mitigating effects of our plans that have not been fully implemented as of the date the financial statements are issued.

 

In performing the first step of this assessment, we concluded that the following conditions raise substantial doubt about our ability to meet our financial obligations as they become due. We have a history of net losses: As of June 30, 2021 and June 30, 2020, we had an accumulated deficit of $165,166,022 and $160,937,361, respectively. For the year ended June 30, 2021 and June 30, 2020, we had cash used in operating activities of $141,564 and $176,789, respectively. We expect to continue to incur negative cash flows until such time as our operating segments generate sufficient cash inflows to finance our operations and debt service requirements.

 

In performing the second step of this assessment, we are required to evaluate whether our plans to mitigate the conditions above alleviate the substantial doubt about our ability to meet our obligations as they become due within one year after the date that the financial statements are issued. Our future plans include securing additional funding sources that may include establishing corporate partnerships, establishing licensing revenue agreements, issuing additional convertible debentures and issuing public or private equity securities, including selling common stock through an at-the-market facility (ATM).

 

There is no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds will be available through external sources. The lack of additional capital resulting from the inability to generate cash flow from operations or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have a material effect on the business. Furthermore, there can be no assurance that any such required funds, if available, will be available on attractive terms or they will not have a significant dilutive effect on the Company’s existing shareholders. We have therefore concluded there is substantial doubt about our ability to continue as a going concern.

 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE L - GOING CONCERN UNCERTAINTY (cont’d)

 

The accompanying consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from our failure to continue as a going concern.

 

XML 34 R20.htm IDEA: XBRL DOCUMENT v3.21.2
SUBSEQUENT EVENTS
12 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE M - SUBSEQUENT EVENTS

 

On July 1, 2021, the Company executed a new Board of Directors Service Agreement with Jimmy Wayne Anderson. Under the terms of the Agreement, Mr. Anderson shall receive a one-time bonus payment of Fifty Thousand and no/100 dollars ($50,000.00) upon execution of the Agreement, and Twenty Thousand and no/100 dollars ($20,000.00) paid to Mr. Anderson on the last calendar day of each quarter as long as Mr. Anderson continues to fulfill his duties and provide the services set forth above. The compensation of $20,000 per quarter shall commence with the third calendar quarter of 2021 (first fiscal quarter of 2022).

 

On July 12, 2021, the Company issued to Power Up Lending Group Ltd. (the “Investor”) a Convertible Promissory Note (the “Convertible Note”) in the principal amount of $48,750. The Convertible Note has a term of one (1) year (Maturity Date of June 12, 2022) and bears interest at 8% annually. The Convertible Note is convertible, in whole or in part, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this Convertible Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount at the option of the holder. The “Variable Conversion Price” shall mean 61% multiplied by the Market Price (as defined herein) (representing a discount rate of 39%). “Market Price” means the lowest Trading Price (as defined below) for the Common Stock during the ten (10) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. “Trading Price” means, for any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets electronic quotation system or applicable trading market (the “OTC”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. Bloomberg) or, if the OTC is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets”. The transaction closed on July 15, 2021.

 

On September 9, 2021, the Company issued to Power Up Lending Group Ltd. (the “Investor”) a Convertible Promissory Note (the “Convertible Note”) in the principal amount of $48,750. The Convertible Note has a term of one (1) year (Maturity Date of September 9, 2022) and bears interest at 8% annually. The Convertible Note is convertible, in whole or in part, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this Convertible Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount at the option of the holder. The “Variable Conversion Price” shall mean 61% multiplied by the Market Price (as defined herein) (representing a discount rate of 39%). “Market Price” means the lowest Trading Price (as defined below) for the Common Stock during the ten (10) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. “Trading Price” means, for any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets electronic quotation system or applicable trading market (the “OTC”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. Bloomberg) or, if the OTC is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets”. The transaction closed on September 13, 2021.

 

On September 22, 2021, Graphene Holdings, LLC (“Graphene”) forgave all unpaid principal and interest on the Convertible Promissory Note issued by the Company on September 3, 2020 in the acquisition of Graphene’s 25% ownership interest in Global Clean Solutions, LLC (“Global Clean”). The Company retained its 25% ownership in Global Clean.

 

 

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

 

None.

 

Item 9A. Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

Our management conducted an evaluation, with the participation of our Chief Executive Officer, who is our principal executive officer and our principal financial and accounting officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Annual Report on Form 10-K. Based on that evaluation, we concluded that because of the material weakness and significant deficiencies in our internal control over financial reporting described below, our disclosure controls and procedures were not effective as of June 30, 2021 or 2020.

 

Management’s Annual Report on Internal Control over Financial Reporting

 

Management is responsible for the preparation of our financial statements and related information. Management uses its best judgment to ensure that the financial statements present accurately, in material respects, our financial position and results of operations in fairness and conformity with generally accepted accounting principles.

 

Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in the Exchange Act. These internal controls are designed to provide reasonable assurance that the reported financial information is presented fairly, that disclosures are adequate, and that the assumptions and opinions in the preparation of financial statements are reasonable. There are inherent limitations in the effectiveness of any system of internal controls, including the possibility of human error and overriding of controls. Consequently, an ineffective internal control system can only provide reasonable, not absolute, assurance with respect to reporting financial information.

  

Our internal control over financial reporting includes policies and procedures that: (i) pertain to maintaining records that, in reasonable detail, accurately and fairly reflect our transactions; (ii) provide reasonable assurance that transactions are recorded as necessary for preparation of our financial statements in accordance with generally accepted accounting principles and that the receipts and expenditures of company assets are made in accordance with our management’s and directors’ authorization; and (iii) provide reasonable assurance regarding the prevention or timely detection of unauthorized acquisition, use, or disposition of assets that could have a material effect on our financial statements.

 

We conducted an evaluation of the effectiveness of our internal control over financial reporting, based on the framework in “Internal Control Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and published in 2013, and subsequent guidance prepared by COSO specifically for smaller public companies. Based on that evaluation, management concluded that our internal control over financial reporting was not effective as of June 30, 2021 and June 30, 2020 for the reasons discussed below.

 

A significant deficiency is a deficiency, or combination of deficiencies in internal control over financial reporting, that adversely affects the entity’s ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the entity’s financial statements that is more than inconsequential will not be prevented or detected by the entity’s internal control. A material weakness is a deficiency or a combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the annual or interim consolidated financial statements will not be prevented or detected on a timely basis. Management identified the following material weakness and significant deficiencies in its assessment of the effectiveness of internal control over financial reporting as of June 30, 2021 and June 30, 2020:

 

  The Company did not maintain effective controls over certain aspects of the financial reporting process because we lacked personnel with accounting expertise and an adequate supervisory review structure that is commensurate with our financial reporting requirements.

 

  Material Weakness – Inadequate segregation of duties.

 

We expect to be materially dependent on a third party that can provide us with accounting consulting services for the foreseeable future. Until such time as we have a chief financial officer with the requisite expertise in U.S. GAAP, there are no assurances that the material weaknesses and significant deficiencies in our disclosure controls and procedures and internal control over financial reporting will not result in errors in our financial statements, which could lead to a restatement of those financial statements. Our management does not expect that our disclosure controls and procedures or our internal controls will prevent all error and all fraud. A control system, no matter how well conceived and maintained, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must account for resource constraints. In addition, the benefits of controls must be considered relative to their costs. Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, can and will be detected.

 

 

Changes in Internal Controls over Financial Reporting

 

There have been no changes in our internal control over financial reporting during the year ended June 30, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

Item 9B. Other Information.

 

Critical Accounting Policies

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Notes to the Consolidated Financial Statements describes the significant accounting policies and methods used in the preparation of the Consolidated Financial Statements. Estimates are used for, but not limited to, contingencies and taxes. Actual results could differ materially from those estimates. The following critical accounting policies are impacted significantly by judgments, assumptions, and estimates used in the preparation of the Consolidated Financial Statements.

 

Loss Contingencies

 

The Company is subject to various loss contingencies arising in the ordinary course of business. The Company considers the likelihood of loss or impairment of an asset or the incurrence of a liability, as well as its ability to reasonably estimate the amount of loss in determining loss contingencies. An estimated loss contingency is accrued when management concludes that it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. The Company regularly evaluates current information available to us to determine whether such accruals should be adjusted.

 

Accounting for Acquisitions

 

In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions and immediately expense acquisition-related costs and fees associated with business combinations.

 

Income Taxes

 

The Company recognizes deferred tax assets (future tax benefits) and liabilities for the expected future tax consequences of temporary differences between the book carrying amounts and the tax basis of assets and liabilities. The deferred tax assets and liabilities represent the expected future tax return consequences of those differences, which are expected to be either deductible or taxable when the assets and liabilities are recovered or settled.

 

Recent Issued Accounting Pronouncements

 

 

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”).  Financial Instruments—Credit Losses (Topic 326) amends guideline on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities.  For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses.  The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected.  For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down.  ASU 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income.  The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash.  The amendments in this ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.  We are currently evaluating the impact of the adoption of ASU 2016-13 on our financial statements.

 

In July 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2017-11. Among other things, ASU 2017-11 provides guidance that eliminates the requirement to consider “down round” features when determining whether certain financial instruments or embedded features are indexed to an entity’s stock and need to be classified as liabilities. ASU 2017-11 provides for entities to recognize the effect of a down round feature only when it is triggered and then as a dividend and a reduction to income available to common stockholders in basic earnings per share. The guidance is effective for annual periods beginning after December 15, 2018; early adoption is permitted. The Company has adopted ASU 2017-11. As a result, we have not recognized the fair value of the warrants containing down round features as liabilities.

 

In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40)”. This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock.  As well as amend the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions.  In addition, this ASU improves and amends the related EPS guidance. This standard is effective for us on May 1, 2022, including interim periods within those fiscal years.  Adoption is either a modified retrospective method or a fully retrospective method of transition. We are currently evaluating the impact of the adoption of ASU 2020-06 on our financial statements.

 

Management has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our consolidated financial statements and related disclosures.

 

Off-Balance Sheet Arrangements

 

We are not currently a party to, or otherwise involved with, any off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

 

Share-based Compensation

 

The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation-Stock Compensation (“FASB ASC Topic 718”), which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the consolidated financial statements based on their fair values. 

 

 

PART III

 

Item 10. Directors and Executive Officers.

 

Directors and Executive Officers

 

The names and ages of our Directors and Executive Officers are set forth below. Our By-Laws provide for not less than one Director. All Directors are elected annually by the stockholders to serve until the next annual meeting of the stockholders and until their successors are duly elected and qualified. The officers are elected by our Board.

 

Name   Age   Position and Term
Jimmy Wayne Anderson   55   President, Principal Financial Officer and Chairman of the Board (January 2018 to present)

 

Jimmy Wayne Anderson, President, Principal Financial Officer, Director and Chairman of the Board – Mr. Anderson is the acting President and Chairman of the Board of Global Technologies. Mr. Anderson was appointed to the Board in December 2017 and assumed the role of President and Principal Financial Officer in January 2018. Mr. Anderson leverages nearly 15 years of business experience inclusive of corporate filings, filings with the Securities and Exchange Commission and corporate action filings with the Financial Industry Regulatory Authority (“FINRA”). Mr. Anderson completed his undergraduate education at the University of Georgia and received his Doctorate degree from Temple University.

 

Prior to joining the Company, Mr. Anderson held the following roles:

 

1.From inception in 2008 to the President, Mr. Anderson has served as the sole officer and director of Sylios Corp, a publicly traded company listed on the OTC Markets “PINK” under the symbol “UNGS.” Sylios Corp is a holding corporation with a market capitalization of under $1 million that has operations engaged in the exploration and development of oil and natural gas properties, purchase of royalty and working interest units in producing properties (oil and natural gas) and alternative land development projects. The Company maintains equity investments in our two spin-offs (The Greater Cannabis Company, Inc. and AMDAQ Corp) catering to the medical and recreational marijuana industry and blockchain technology. Sylios Corp is a fully reporting entity with the SEC that is currently delinquent in its filings.

 

2.From 2017 to the present (except for a 6-month period in 2018), Mr. Anderson has served as the sole officer and director of AMDAQ Corp. AMDAQ Corp is a spin-off from Sylios Corp that is currently in the process of filing a Registration Statement on Form S-1. AMDAQ’s multi-faceted business model will allow the company to take advantage of the significant emerging opportunities being developed utilizing blockchain technology. On March 8, 2019, the Company expanded its presence within the blockchain sector by acquiring Arch Exchange Transfer, LLC (“Arch”). Arch, a registered stock transfer agent, has been formed as a decentralized transfer & exchange service. The Company’s technology is being created on the Ethereum block chain with an associated token to help facilitate transactions and payments. This application-based technology utilizes a cryptographically stored ledger in an open source peer-to-peer environment. AMDAQ Corp’s current assets are under $1 million.
3.From inception in 2014 through July 31, 2018, Mr. Anderson served as the sole officer and director of The Greater Cannabis Company, Inc., a publicly traded company listed on the OTC Markets “QB” under the symbol “GCAN.” The Greater Cannabis Company, Inc. is a biopharmaceutical company that is focused on the development and commercialization of cannabinoid delivery systems with a market capitalization of under $1 million.
4.From April 10, 2018 through April 24, 2018, Mr. Anderson also served as the sole officer and director of Soligen Technologies, Inc., a publicly traded company listed on the OTC Markets “PINK” under the symbol “SGTN.” Mr. Anderson resigned as a director of Soligen Technologies, Inc. on January 13, 2019.

 

The Company anticipates that its management team will be replaced upon a successful acquisition or merger.

 

Family Relationships

 

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

 

Conflicts of Interest- General

 

Our directors and officers are, or may become, in their individual capacities, officers, directors, controlling shareholder and/or partners of other entities engaged in a variety of businesses. Thus, there exist potential conflicts of interest including, among other things, time, efforts and corporation opportunity, involved in participation with such other business entities. While our sole officer and director of our business is engaged in business activities outside of our business, he devotes to our business such time as he believes to be necessary.

 

 

Conflicts of Interest- Corporate Opportunities

 

Presently no requirement contained in our Articles of Incorporation, Bylaws, or minutes which requires officers and directors of our business to disclose to us business opportunities which come to their attention. Our officers and directors do, however, have a fiduciary duty of loyalty to us to disclose to us any business opportunities which come to their attention, in their capacity as an officer and/or director or otherwise. Excluded from this duty would be opportunities which the person learns about through his involvement as an officer and director of another company. We have no intention of merging with or acquiring an affiliate, associate person or business opportunity from any affiliate or any client of any such person.

 

Committees to the Board of Directors

 

In the ordinary course of business, the board of directors maintains a compensation committee and an audit committee.

 

The primary function of the compensation committee is to review and make recommendations to the board of directors with respect to the compensation, including bonuses, of our officers and to administer the grants under our stock option plan.

 

The functions of the audit committee are to review the scope of the audit procedures employed by our independent auditors, to review with the independent auditors our accounting practices and policies and recommend to whom reports should be submitted, to review with the independent auditors their final audit reports, to review with our internal and independent auditors our overall accounting and financial controls, to be available to the independent auditors during the year for consultation, to approve the audit fee charged by the independent auditors, to report to the board of directors with respect to such matters and to recommend the selection of the independent auditors.

 

In the absence of a separate audit committee our board of directors’ functions as audit committee and performs some of the same functions of an audit committee, such as recommending a firm of independent certified public accountants to audit the annual financial statements; reviewing the independent auditor’s independence, the financial statements and their audit report; and reviewing management’s administration of the system of internal accounting controls.

 

Involvement in Certain Legal Proceedings

 

To the best of our knowledge, none of our directors or executive officers has, during the past ten years:

 

(1) had a petition under the Federal bankruptcy laws or any state insolvency law filed by or against, or a receiver, fiscal agent or similar officer was appointed by a court for the business or property of such person, or any partnership in which he was a general partner at or within two years before the time of such filing, or any corporation or business association of which he was an executive officer at or within two years before the time of such filing;

 

(2) has been convicted in a criminal proceeding or is a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses);

 

(3) has been the subject of any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him from, or otherwise limiting, the following activities:

 

(i) Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity;

 

(ii) Engaging in any type of business practice; or

 

(iii) Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of Federal or State securities laws or Federal commodities laws;

 

(4) has been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any activity described in (3)(i) above, or to be associated with persons engaged in any such activity;

 

(5) has been found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated;

 

(6) has been found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated;

 

 

(7) has been 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:

 

(i) Any Federal or State securities or commodities law or regulation; or

 

(ii) 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

 

(iii) Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

 

(8) has been 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.

 

Item 11. Executive Compensation.

 

Summary Compensation Table

 

The following table sets forth with respect to the named executive officer, compensation made through the twelve months ended June 30, 2021:

 

Name and Principal Position  Year   Salary- Paid or accrued
($)
   Bonus
($)
   Stock Awards
($)
   Option Awards
($)
   Non-Equity Incentive Plan Compensation
($)
   Change in Pension Value & Non-Qualified Deferred Compensation Earnings
($)
  

All Other

Compensation
($)

   Total
($)
 
       (a)   (b)   (c)(3)   (d)           (e)     
                                     

Jimmy Wayne Anderson,

President, Treasurer, Secretary, Chairman (1)(2)(3)

   2021      0    0    0    0    0    0         0    0 
    2020    0    0    0    0    0    0    0    0 

   2019      0    0    0    0    0    0    

0

    0 
    2018    0    0      90,000       0         0         0    

0

      90,000 

 

  (1) On December 15, 2017, Jimmy Wayne Anderson was appointed to the Company’s Board of Directors.
     
  (2) On January 25, 2018, Mr. Anderson assumed the roles as the Company’s President, Treasurer and Secretary.
     
  (3) On August 2, 2019, the Company issued 3 shares of its Series K Super Voting Preferred stock (“Series K”) to the Company’s sole officer and director, Jimmy Wayne Anderson, as consideration for services provided as an officer of the Company. The Company’s Series K has no monetary value as there is no conversion feature, and the Company is not required to purchase the Series K from its holder.

 

  (a) Accrued salary and salary paid. Please see NOTE G - ACCRUED OFFICER AND DIRECTOR COMPENSATION for further information.
     
  (b) Accrued bonus to employee for execution of employment agreement.
     
  (c) Delivery of common stock to officer for services rendered. Mr. Anderson received 900,000,000 shares of the Company’s common stock.
     
  (d) Options issued to employee for execution of employment agreement. More details on Options noted under Employment Agreements section below.
     
  (e) Equity compensation received as a Director of the Company.

 

 

Directors’ Compensation

 

On January 26, 2018, the Company executed a new Board of Directors Service Agreement with Wayne Anderson. Under the terms of the Agreement, commencing the first calendar quarter of 2018 the Company is to pay Mr. Anderson $10,000 per quarter for which Mr. Anderson serves on the Board of Directors. In addition to cash compensation, the Company is to issue Mr. Anderson the equivalent of $10,000 of the Company’s common stock on the last calendar day of each quarter. The calculation for the number of shares to be issued to Mr. Anderson shall be as follows: $10,000/(Closing stock price on the last trading day of each quarter x .80). The Agreement is in effect so long as Mr. Anderson serves on the Board.

 

The following table sets forth with respect to the named director, compensation information inclusive of equity awards and payments made through the twelve months ended June 30, 2021:

 

Name  

Fees Earned

or Paid

in Cash

($)

   

Stock

Awards

($)

   

Option

Awards

($)

   

Non-Equity

Incentive Plan

Compensation

($)

   

Nonqualified Deferred Compensation Earnings

($)

   

All Other

Compensation

($)

   

Total

($)

 
    (b)     (c)     (d)     (e)     (f)     (g)     (h)  
                                           
Jimmy Wayne Anderson (2021)(1)   $ 40,000     $ 40,000       -       -       -       -     $ 80,000  
Jimmy Wayne Anderson (2020)(1)   $ 40,000     $ 40,000       -       -       -       -     $ 80,000  
Jimmy Wayne Anderson (2019)(1)   $ 40,000     $ 40,000          -            -             -            -     $ 80,000  
Jimmy Wayne Anderson (2018)(1)   $ 20,000     $ 20,000       -       -       -       -     $ 40,000  

 

 

(1)

On January 26, 2018, the Company executed a new Board of Directors Service Agreement with Wayne Anderson. Under the terms of the Agreement, commencing the first calendar quarter of 2018 the Company is to pay Mr. Anderson $10,000 per quarter for which Mr. Anderson serves on the Board of Directors. In addition to cash compensation, the Company is to issue Mr. Anderson the equivalent of $10,000 of the Company’s common stock on the last calendar day of each quarter. The calculation for the number of shares to be issued to Mr. Anderson shall be as follows: $10,000/(Closing stock price on the last trading day of each quarter x .80). Please see NOTE G - ACCRUED OFFICER AND DIRECTOR COMPENSATION and NOTE M - SUBSEQUENT EVENTS

for further information.

 

Employment Agreements

 

The Company does not have any written agreements with any of its executive officers.

 

Stock Option Plan and other Employee Benefits Plans

 

The Company does not maintain a Stock Option Plan or other Employee Benefit Plans.

 

Overview of Compensation Program

 

We currently do not maintain a Compensation Committee of the Board of Directors. Until a formal committee is established, our entire Board of Directors has responsibility for establishing, implementing and continually monitoring adherence with the Company’s compensation philosophy. The Board of Directors ensures that the total compensation paid to the executives is fair, reasonable, and competitive.

 

Role of Executive Officers in Compensation Decisions

 

The Board of Directors makes all compensation decisions for, and approves recommendations regarding equity awards to, the executive officers and directors of the Company.

 

 

Item 12. Security Ownership of Certain Beneficial Owners and Management.

 

As of October 11, 2021, the Company had authorized 14,991,000,000 shares of Class A Common Stock, 4,000,000 Class B Common Stock and 5,000,000 shares of Preferred Stock. There were 14,680,293,609 shares of Class A Common Stock, 0 shares of Class B Common Stock and 258 shares of Preferred Stock issued and outstanding as of October 11, 2021.

 

The following table sets forth certain information, as of October 11, 2021, with respect to any person (including any “group”, as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) who is known to us to be the beneficial owner of more than five percent (5%) of any class of our voting securities, and as to those shares of our equity securities beneficially owned by each of our directors and executive officers and all of our directors and executive officers as a group.

 

The number of shares of common stock beneficially owned by each person is determined under the rules of the Commission and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares as to which such person has sole or shared voting power or investment power and also any shares which the individual has the right to acquire within sixty (60) days after the date hereof, through the exercise of any stock option, warrant or other right. Unless otherwise indicated, each person has sole investment and voting power (or shares such power with his or her spouse) with respect to the shares set forth in the following table. The inclusion herein of any shares deemed beneficially owned does not constitute an admission of beneficial ownership of those shares.

 

The table below shows the number of shares beneficially owned as of October 11, 2021 by each of our individual directors and executive officers, by other holders of 5% or more of the outstanding Class A common stock and by all our current directors and executive officers as a group.

 

       

Class A

Common Stock

        Percentage of    
Name of Beneficial Owner  Beneficially Owned

(1)(2)

   Common Stock (3) 
Jimmy Wayne Anderson (3)(4)   131,474,654    0.86%
Fortis Holdings LTD (5)   2,026,000,000    13.27%
           
Officers and Directors as a Group   131,474,654    0.86%

 

 

  (1)

Beneficial Ownership is determined in accordance with the rules of the Securities and Exchange Commission and generally includes voting or investment power with respect to securities. Shares of common stock subject to options, warrants, or convertible debt currently exercisable or convertible, or exercisable or convertible within 60 days of October 11, 2021 are deemed outstanding for computing percentage of the person holding such option or warrant but are not deemed outstanding for computing the percentage of any person. Percentages are based on a total of shares of Class A common stock outstanding on October 11, 2021 and the shares issuable upon exercise of options, warrants exercisable, and debt convertible on or within 60 days of October 11, 2021.

     
  (2) The number of common shares outstanding used in computing the percentages is 15,267,851,213 that includes 14,680,293,609 Class A common shares outstanding and 587,557,604 shares of common stock issuable upon conversion of all 255 shares of Series L Preferred Stock outstanding at October 11, 2021.
     
  (3) Included within Mr. Anderson’s beneficial ownership includes 90,000,000 shares of common stock issued to Mr. Anderson for services rendered on behalf of the Company and, 41,474,654 shares issuable upon the conversion of the 18 shares of Series L Preferred Stock issued to Mr. Anderson. Mr. Anderson disclaims beneficial ownership of the shares of common stock that would be issued upon the conversion of the shares of Series L Preferred stock owned by Sylios Corp and Around the Clock Partners, LP.
     
  (4) The address for Mr. Anderson, Sylios Corp and Around the Clock Partners, LP is 501 1st Ave N., Suite 901, St. Petersburg, FL 33701.
     
  (5) The address for Fortis Holdings LTD is Capital City Building, Suite 305, Victoria, Mahe, Seychelles. The last known principal for Fortis was Anthony Welch up until his death in 2014.

 

  

Series K

Preferred Stock

   Percentage of 
   Beneficially   Series K 
Name of Beneficial Owner  Owned (1)(2)   Preferred Stock 
Jimmy Wayne Anderson (3)   3    100.00%
           
Officers and Directors as a Group   3    100.00%

 

  (1) The Company’s Series K Super Voting Preferred Stock has no conversion feature.
     
  (2) The number of Series K Preferred shares outstanding used in computing the percentages is 3 as of October 11, 2021.
     
  (3) The address for Mr. Anderson is 501 1st Ave N., Suite 901, St. Petersburg, FL 33701.

 

  

Series L

Preferred Stock

   Percentage of 
   Beneficially   Series L 
Name of Beneficial Owner  Owned (1)(2)   Preferred Stock 
Sylios Corp (3)   10    3.92%
Jimmy Wayne Anderson (4)   18    7.06%
Around the Clock Partners, LP (5)   40    15.69%
Jetco Holdings, LLC (6)   100    39.22%
MainSpring, LLC (7)   50    19.61%
Valvasone Trust (8)   29    11.38%
Jody A. DellaDonna (9)   8    3.14%
           
Total   255    100.00%

 

  (1) Each share of the Company’s Series L Preferred stock can be converted into shares of the Company’s Class A Common stock based on the following formula: $5,000 divided by .70 times the lowest closing price of the Company’s Class A Common Stock for the immediate five-day period prior to the receipt of the Notice of Conversion.
     
  (2) The number of Series L Preferred shares outstanding used in computing the percentages is 255 as of October 11, 2021.
     
  (3) Sylios Corp is a Florida corporation. The address for Sylios Corp is 501 1st Ave N., Suite 901, St. Petersburg, FL 33701. Mr. Anderson is the controlling principal for Sylios Corp.
     
  (4) The address for Mr. Anderson is 501 1st Ave N., Suite 901, St. Petersburg, FL 33701.
     
  (5) Around the Clock Partners, LP is a Delaware limited partnership. The address for Around the Clock Partners, LP is 501 1st Ave N., Suite 901, St. Petersburg, FL 33701. Mr. Anderson is the controlling principal for Around the Clock Partners, LP.
     
  (6) Jetco Holdings, LLC is a Wyoming limited liability company. The address for Jetco Holdings, LLC is 11718 SE Federal Highway, Suite 372, Hobe Sound, FL 33455. Timothy Cabrera is the controlling principal for Jetco Holdings, LLC.
     
  (7) MainSpring, LLC is a Wyoming limited liability company. The address for MainSpring, LLC is 611 Fort Harrison Ave S, Suite 363, Clearwater, FL 33756. Brian McFadden is the controlling principal for MainSpring, LLC.
     
  (8) The address for Valvasone Trust 5114 Stoneywood Circle, Mableton, GA 30126. The trustee for Valvasone Trust is John DellaDonna.
     
  (9) The address for Jody A. DellaDonna is 109 Carrick Way, Macon, GA 31210.

 

Please see NOTE I – CAPITAL STOCK for further information.

 

 

Item 13. Certain Relationships and Related Transactions, and Director Independence.

 

Transactions with Related Persons

 

At June 30, 2021, the Company had $12,000 in prepaid board of director’s compensation to its sole officer and director, Jimmy Wayne Anderson.

 

At June 30, 2021, the Company had a loan receivable, other, to Sylios Corp, an entity controlled by the Company’s sole officer and director.

 

On March 31, 2021, the Company issued 18 shares of the Company’s Series L Preferred Stock to the Company’s sole officer and director, Jimmy Wayne Anderson, as reimbursement for returning 890,000,000 shares of common stock to the Company.

 

On March 1, 2021, the Company issued 40 shares of the Company’s Series L Preferred Stock, to Around the Clock Partners, LP, an entity controlled by Company’s sole officer and director, in satisfaction of $200,000 principal and interest outstanding on a Convertible Promissory Note dated July 27, 2018.

 

On September 2, 2019, the Company issued 10 shares of its Series L Preferred stock to Sylios Corp, an entity controlled by the Company’s sole officer and director, Jimmy Wayne Anderson.

 

On August 22, 2019, the Company entered into a Consulting Agreement (the “Agreement”) with Sylios Corp (the “Consultant”), an entity controlled by the Company’s President, Jimmy Wayne Anderson. Under the terms of the Agreement, the Consultant is to provide services related to acquisitions, mergers and certain day to day tasks of managing a public company. As compensation, the Company shall pay Consultant $50,000 through the issuance of t10 shares of the Company’s Series L Preferred Stock. The Company issued the shares of Series L Preferred Stock on September 2, 2019. The Agreement had a term of six (6) months or until the Consultant completed the services requested. The services have been completed by the Consultant.

 

On August 2, 2019, the Company issued 3 shares of its Series K Super Voting Preferred stock to the Company’s sole officer and director, Jimmy Wayne Anderson, as consideration for services provided as an officer of the Company.

 

On July 27, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Around the Clock Partners, LP (the “Holder”) in the principal amount of $124,800. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (July 27, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. The Convertible Note has a term of one (1) year and bears interest at 5% annually. On March 1, 2021, the Company issued the Holder 40 shares of its Series L Preferred Stock in satisfaction of $124,800 principal, $24,906 default principal, $16,160 interest and $37,666 default interest. A balance of $3,532 was forgiven by the Holder. As of March 31, 2021, there was no outstanding principal or interest due.

 

During the year ended June 30, 2018, the Company issued 900,000,000 shares of its Class A Common Stock to its sole officer and director, Jimmy Wayne Anderson.

 

Promoters and Certain Control Persons

 

None.

 

List of Parents

 

None.

 

Item 14. Principal Accounting Fees and Services

 

The following is a summary of the fees billed to the Company by Fruci & Associates II, PLLC for professional accounting services rendered for the fiscal years ended June 30, 2021 and 2020.

 

  

Fiscal Year

2021

  

Fiscal Year

2020

 
Audit Fees (1)  $20,500   $17,500 
Audit-Related Fees   -    - 
Tax Fees (2)   -    - 
Other Fees (3)   -    - 
Total  $

20,500

   $17,500 

 

(1) Audit fees consist of fees billed for services rendered for the audit of our financial statements and review of our financial statements included in our quarterly reports on Form 10–Q.

 

(2) Tax fees consist of fees billed for professional services related to the preparation of our U.S. federal and state income tax returns.

(3) Other fees consist of fees billed for professional services related to non-recurring fees for the initial public offering and the acquisitions completed during the year.

 

Director Independence

 

The Company has one director, Jimmy Wayne Anderson, who also serves as the Company’s sole officer. All current directors are shareholders of the Company.

 

 

Item 15. Financial Statements and Exhibits.

  

EXHIBIT INDEX

 

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

 

 

10.4   Convertible Note between the Company and Valvasone Trust dated June 3 2018 (previously filed with Form 10 on June 8, 2020)
10.5   Convertible Note between the Company and Jody A. DellaDonna dated June 29, 2018 (previously filed with Form 10 on June 8, 2020)
10.6   Convertible Note between the Company and Around the Clock Partners, LP dated July 27, 2018 (previously filed with Form 10 on June 8, 2020)
10.7   Indemnification Agreement between the Company and Jimmy Wayne Anderson dated January 25, 2018 (previously filed with Form 10 on June 8, 2020)
10.8   Consulting Agreement between Global Technologies, Ltd and Sylios Corp dated August 22, 2019 (previously filed with Form 10 on June 8, 2020)
10.9   Securities Purchase Agreement between Global Technologies, Ltd and Armada Capital Partners, LLC dated December 13, 2019 (previously filed with Form 10 on June 8, 2020)
10.10   Convertible Promissory Note between Global Technologies, Ltd and Armada Capital Partners, LLC dated December 13, 2019 (previously filed with Form 10 on June 8, 2020)
10.11   Common Stock Purchase Warrant Agreement between Global Technologies, Ltd and Armada Capital Partners, LLC dated December 13, 2019 (previously filed with Form 10 on June 8, 2020)
10.12   TCBM, LLC Purchase and Sale Agreement dated November 30, 2019 (previously filed with Form 10 on June 8, 2020)
10.13   Convertible Promissory Note between Global Technologies, Ltd and Jetco Holdings, LLC dated March 20, 2020 (previously filed with Form 10 on June 8, 2020)
10.14   Securities Purchase Agreement between Global Technologies, Ltd and Jetco Holdings, LLC dated March 20, 2020 (previously filed with Form 10 on June 8, 2020)
10.15   Consulting Agreement between Global Technologies, Ltd and Brian McFadden dated January 2, 2020 (previously filed with Form 10 on June 8, 2020)
10.16   Consulting Agreement between Global Technologies, Ltd and Timothy Cabrera dated January 2, 2020 (previously filed with Form 10 on June 8, 2020)
10.17   Asset Purchase Agreement between HMNRTH, LLC, TCBM Holdings, LLC and Edison Nation, Inc. and Scalematix, LLC dated March 11, 2020 (previously filed with Form 10 on June 8, 2020)
10.18   Quality Agreement between HMNRTH, LLC and Nutralife Biosciences dated September 23, 2019 (previously filed with Amendment No. 2 to Form 10 on August 10, 2020)
10.19   Commitment to be Bound by the Amended Operating Agreement to Effect Transfer of Membership Interest (previously filed with Form 8-K on September 4, 2020)
10.20   Convertible Promissory Note between Global Technologies, Ltd. and Graphene Holdings, LLC dated September 3, 2020 (previously filed with Form 8-K on September 4, 2020)
10.21   Securities Purchase Agreement between Global Technologies, Ltd and Graphene Holdings, LLC dated September 9, 2020 (previously filed with Form 8-K on September 22, 2020)
10.22   Convertible Promissory Note between Global Technologies, Ltd and Graphene Holdings, LLC dated September 9, 2020 (previously filed with Form 8-K on September 22, 2020)
10.23   Platform License Agreement between Markets on Main, LLC and Honey Badger Media, LLC dated November 5, 2020 (previously filed with Form 10-K on December 18, 2020)
10.24   Amendment to Management Agreement dated December 28, 2020 (previously filed with Form 8-K on January 7, 2021)
10.25   Convertible Promissory Note between Global Technologies, Ltd and Tri-Bridge Ventures, LLC dated January 20, 2021 (previously filed with Form 10-Q on February 16, 2021)
10.26   Complaint for Declaratory Judgment dated February 9, 2021 (previously filed with Form 8-K on February 12, 2021)
10.27   Convertible Promissory Note between Global Technologies, Ltd and Tri-Bridge Ventures, LLC dated February 22, 2021 (previously filed with Form 8-K on March 8, 2021)
10.28   Convertible Promissory Note between the Company and Power Up Lending Group Ltd. dated June 17, 2021 (previously filed with Form 8-K on June 24, 2021)
10.29   Securities Purchase Agreement between the Company and Power Up Lending Group Ltd. dated June 17, 2021 (previously filed with Form 8-K on June 24, 2021)
10.30*   Board of Directors Services Agreement with Jimmy Wayne Anderson dated July 1, 2021
10.31   Convertible Promissory Note between the Company and Power Up Lending Group Ltd. dated July 12, 2021 (previously filed with Form 8-K on July 19, 2021)
10.32   Securities Purchase Agreement between the Company and Power Up Lending Group Ltd. dated July 12, 2021 (previously filed with Form 8-K on July 19, 2021)
10.33   Convertible Promissory Note between the Company and Power Up Lending Group Ltd. dated September 9, 2021 (previously filed with Form 8-K on September 16, 2021)
10.34   Securities Purchase Agreement between the Company and Power Up Lending Group Ltd. dated September 9, 2021 (previously filed with Form 8-K on September 16, 2021)
21.1   Articles of Organization for Markets on Main, LLC dated April 2, 2020 (previously filed with Form 10 on June 8, 2020)
21.2   Certificate of Formation TCBM Holdings, LLC dated (previously filed with Form 10 on June 8, 2020)
21.3   Certificate of Formation of HMNRTH, LLC dated July 30, 2019 (previously filed with Form 10 on June 8, 2020)
21.4   Certificate of Formation of 911 Help Now, LLC dated February 2, 2018 (previously filed with Form 10 on June 8, 2020)
31.1*   Chief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*   Chief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*   Certifications of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Graphic   Corporate logo- Global Technologies, Ltd

 

* Filed herewith
** Furnished herewith (not filed).

 

 

SIGNATURES

 

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

 

Date: October 13, 2021

 

  GLOBAL TECHNOLOGIES, LTD.
     
  By: /s/ Jimmy Wayne Anderson
    Jimmy Wayne Anderson
    Chairman and Chief Executive Officer
    (Principal Executive Officer)

 

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

 

Name   Position   Date
         
 /s/ Jimmy Wayne Anderson        
Jimmy Wayne Anderson   President, Chief Executive Officer and Director (Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer)  

October 13, 2021

 

 

XML 35 R21.htm IDEA: XBRL DOCUMENT v3.21.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
12 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
Principles of Consolidation

Principles of Consolidation

 

The consolidated financial statements include the accounts of Global Technologies and its wholly owned subsidiaries TCBM Holdings, LLC and Markets on Main, LLC. All inter-company balances and transactions have been eliminated in consolidation.

 

Cash Equivalents

Cash Equivalents

 

Investments having an original maturity of 90 days or less that are readily convertible into cash are considered to be cash equivalents. For the periods presented, the Company had no cash equivalents.

 

 

Accounts Receivable and Allowance for Doubtful Accounts:

Accounts Receivable and Allowance for Doubtful Accounts:

 

Accounts receivable are recorded at invoiced amount and generally do not bear interest. An allowance for doubtful accounts is established, as necessary, based on past experience and other factors which, in management’s judgment, deserve current recognition in estimating bad debts. Such factors include growth and composition of accounts receivable, the relationship of the allowance for doubtful accounts to accounts receivable and current economic conditions. The determination of the collectability of amounts due from customer accounts requires the Company to make judgments regarding future events and trends. Allowances for doubtful accounts are determined based on assessing the Company’s portfolio on an individual customer and on an overall basis. This process consists of a review of historical collection experience, current aging status of the customer accounts, and the financial condition of Global Technologies’ customers. Based on a review of these factors, the Company establishes or adjusts the allowance for specific customers and the accounts receivable portfolio as a whole. At June 30, 2021 and 2020, an allowance for doubtful accounts was not considered necessary as all accounts receivable were deemed collectible.

 

Accounts receivable – related party and allowance for doubtful accounts

Accounts receivable – related party and allowance for doubtful accounts

 

Accounts receivable – related party are presented net of an allowance for doubtful accounts. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, a customer’s historical payment history, its current credit-worthiness and current economic trends. Accounts are written off after exhaustive efforts at collection.

 

Management believes that the accounts receivable are fully collectable. Therefore, no allowance for doubtful accounts is deemed to be required on its accounts receivable – related party at June 30, 2021.

 

Concentrations of Risks

Concentrations of Risks

 

Concentration of Accounts Receivable –At June 30, 2021, the Company had no accounts receivable. At June 30, 2020, one customer accounted for 100% of the Company’s total accounts receivable.

 

Concentration of Revenues – For the years ended June 30, 2021 and 2020, one customer accounted for 100% of the Company’s total revenues.

 

Concentration of Suppliers – The Company relies on a limited number of suppliers and contract manufacturers. In particular, a single supplier is currently the sole manufacturer of the Company’s CBD products.

 

Concentration of Loans Receivable – The Company had no loan receivable at June 30, 2021. At June 30, 2020, one borrower accounted for 100% of the Company’s total loans receivable.

 

Concentration of Loans Receivable, Other –At June 30, 2021, one borrower accounted for 100% of the Company’s total loans receivable, other. The Company had no loans receivable, other at June 30, 2020.

 

Income Taxes

Income Taxes

 

In accordance with Accounting Standards Codification (ASC) 740 - Income Taxes, the provision for income taxes is computed using the asset and liability method. The asset and liability method measures deferred income taxes by applying enacted statutory rates in effect at the balance sheet date to the differences between the tax basis of assets and liabilities and their reported amounts on the financial statements. The resulting deferred tax assets or liabilities are adjusted to reflect changes in tax laws as they occur. A valuation allowance is provided when it is not more likely than not that a deferred tax asset will be realized.

 

We expect to recognize the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a “more-likely-than-not” threshold, the amount to be recognized in the financial statements will be the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. As of June 30, 2021, we had no uncertain tax positions. We recognize interest and penalties, if any, related to uncertain tax positions as general and administrative expenses. We currently have no federal or state tax examinations nor have we had any federal or state examinations since our inception. To date, we have not incurred any interest or tax penalties.

Financial Instruments and Fair Value of Financial Instruments

Financial Instruments and Fair Value of Financial Instruments

 

We adopted ASC Topic 820, Fair Value Measurements and Disclosures, for assets and liabilities measured at fair value on a recurring basis. ASC Topic 820 establishes a common definition for fair value to be applied to existing US GAAP that requires the use of fair value measurements that establishes a framework for measuring fair value and expands disclosure about such fair value measurements.

 

ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC Topic 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

 

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

 

The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. Except for the derivative liability, we had no financial assets or liabilities carried and measured at fair value on a recurring or nonrecurring basis during the periods presented.

 

Derivative Liabilities

Derivative Liabilities

 

We evaluate convertible notes payable, stock options, stock warrants and other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under the relevant sections of ASC Topic 815-40, Derivative Instruments and Hedging: Contracts in Entity’s Own Equity.

 

The result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative instrument and is marked-to-market at each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of operations as other income or other expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Financial instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815-40 are reclassified to a liability account at the fair value of the instrument on the reclassification date. Please see NOTE H - DERIVATIVE LIABILITY for further information.

 

Long-lived Assets

Long-lived Assets

 

Long-lived assets such as property and equipment and intangible assets are periodically reviewed for impairment. We test for impairment losses on long-lived assets used in operations whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Impairment evaluations involve management’s estimates on asset useful lives and future cash flows. Actual useful lives and cash flows could be different from those estimated by management which could have a material effect on our reporting results and financial positions. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

 

Accounting for Investments

Accounting for Investments - The Company accounts for investments based upon the type and nature of the investment and the availability of current information to determine its value. Investments in marketable securities in which there is a trading market will be valued at market value on the nearest trading date relative to the Company’s financial reporting requirements. Investments in which there is no trading market from which to obtain recent pricing and trading data for valuation purposes will be valued based upon management’s review of available financial information, disclosures related to the investment and recent valuations related to the investment’s fundraising efforts.

 

On September 3, 2020, the Company entered into a Commitment to be Bound by the Amended Operating Agreement to Effect Transfer of Membership Interest in order to facilitate the transfer of 25 Membership Units (the “Units”), representing a twenty five percent ownership, issued by Global Clean Solutions, LLC (“Global”) and held in the name of Graphene Holdings, LLC (“Graphene”) to the Company. The Company reviews its investments for impairment on a quarterly basis. After reviewing the status of Global’s financial condition, the Company has determined that no impairment of its investment is necessary for the year ended June 30, 2021. For the year ended June 30, 2021, there were no similar transactions with third-parties.

 

   June 30, 2021   September 30, 2020 
         
Global Clean Solutions, LLC  $-   $250,000 
Total investments  $-   $250,000 

 

The above investment does not have a readily determinable fair value, as identified in ASC 321-10-35-2, and each investment is measured at cost less impairment. The Company monitors the investment for any changes in observable prices from orderly transactions. For the year ended June 30, 2021, the Company generated $12,197 investment income from its investment in Global. The Company elected to impair its investment in Global Clean as it does not anticipate generating any further revenue from its investment.

 

Marketable Equity Securities

Marketable Equity Securities

 

Marketable equity securities are stated at lower of cost or market value with unrealized gains and losses included in operations. The Company has classified its marketable equity securities as trading securities.

 

Deferred Financing Costs

Deferred Financing Costs

 

Deferred financing costs represent costs incurred in the connection with obtaining debt financing. These costs are amortized ratably and charged to financing expenses over the term of the related debt.

 

Revenue recognition

Revenue recognition

 

Generally, the Company considers all revenues as arising from contracts with customers. Revenue is recognized based on the five-step process outlined in the Accounting Standards Codification (“ASC”) 606:

 

Step 1 – Identify the Contract with the Customer – A contract exists when (a) the parties to the contract have approved the contract and are committed to perform their respective obligations, (b) the entity can identify each party’s rights regarding the goods or services to be transferred, (c) the entity can identify the payment terms for the goods or services to be transferred, (d) the contract has commercial substance and it is probably that the entity will collect substantially all of the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer.

 

Step 2 – Identify Performance Obligations in the Contract – Upon execution of a contract, the Company identifies as performance obligations each promise to transfer to the customer either (a) goods or services that are distinct, or (b) a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. To the extent a contract includes multiple promised goods or services, the Company must apply judgement to determine whether the goods or services are capable of being distinct within the context of the contract. If these criteria are not met, the goods or services are accounted for as a combined performance obligation.

 

Service revenue is recognized when the professional consulting, maintenance or other ancillary services are provided to the customer. Shipping and handling costs charged to customers are classified as revenue, and the shipping and handling costs incurred are included in cost of sales. Shipping and handling costs charged to customers are classified as revenue, and the shipping and handling costs incurred are included in cost of sales.

 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)

 

Step 3 – Determine the Transaction Price – When (or as) a performance obligation is satisfied, the Company shall recognize as revenue the amount of the transaction price that is allocated to the performance obligation. The contract terms are used to determine the transaction price. Generally, all contracts include fixed consideration. If a contract did include variable consideration, the Company would determine the amount of variable consideration that should be included in the transaction price based on expected value method. Variable consideration would be included in the transaction price, if in the Company’s judgement, it is probable that a significant future reversal of cumulative revenue under the contract would not occur.

  

Step 4 – Allocate the Transaction Price – After the transaction price has been determined, the next step is to allocate the transaction price to each performance obligation in the contract. If the contract only has one performance obligation, the entire transaction price will be applied to that obligation. If the contract has multiple performance obligations, the transaction price is allocated to the performance obligations based on the relative standalone selling price (SSP) at contract inception.

 

Step 5 – Satisfaction of the Performance Obligations (and Recognize Revenue) – Revenue is recognized when (or as) goods or services are transferred to a customer. The Company satisfies each of its performance obligations by transferring control of the promised good or service underlying that performance obligation to the customer. Control is the ability to direct the use of and obtain substantially all of the remaining benefits from an asset. It includes the ability to prevent other entities from directing the use of and obtaining the benefits from an asset. Indicators that control has passed to the customer include: a present obligation to pay; physical possession of the asset; legal title; risks and rewards of ownership; and acceptance of the asset(s). Performance obligations can be satisfied at a point in time or over time.

 

Substantially all of the Company’s revenues continue to be recognized when control of the goods is transferred to the customer, which is upon shipment of the finished goods to the customer. All sales have fixed pricing and there are currently no material variable components included in the Company’s revenue. Additionally, the Company will issue credits for defective merchandise, historically these credits for defective merchandise have not been material. Based on the Company’s analysis of the new revenue standards, revenue recognition from the sale of finished goods to customers, which represents substantially all of the Company’s revenues, was not impacted by the adoption of the new revenue standards.

Stock-Based Compensation

Stock-Based Compensation

 

We account for share-based awards to employees in accordance with ASC 718 “Stock Compensation”. Under this guidance, stock compensation expense is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the estimated service period (generally the vesting period) on the straight-line attribute method. The Company accounts for non-employee stock-based awards in accordance with the Accounting Standards Update (ASU) 2018-07, Compensation—Stock Compensation (Topic 718): Under the new standard, the Company will value all equity classified awards at their grant-date under ASC718 and no options were required to be revalued at adoption.

 

Related Parties

Related Parties

 

A party is considered to be related to us if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with us. Related parties also include our principal owners, our management, members of the immediate families of our principal owners and our management and other parties with which we may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties, or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests, is also a related party.

 

Advertising Costs

Advertising Costs

 

Advertising costs are expensed as incurred. For the periods presented, we had no advertising costs.

 

Loss per Share

Loss per Share

 

We compute net loss per share in accordance with FASB ASC 260. The ASC specifies the computation, presentation and disclosure requirements for loss per share for entities with publicly held common stock.

 

Basic loss per share amounts are computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed on the basis of the weighted average number of common shares and dilutive securities (such as stock options, warrants and convertible securities) outstanding. Dilutive securities having an anti-dilutive effect on diluted net loss per share are excluded from the calculation. For the years ended June 30, 2021 and 2020, the Company excluded 59,095,209,336 and 25,621,051,276, respectively, shares relating to convertible notes payable to third parties, shares issuable upon the exercise of the Armada warrant and share issuable upon conversion of the Company’s Series L Preferred stock.

 

Recently Enacted Accounting Standards

Recently Enacted Accounting Standards

 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)

 

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”).  Financial Instruments—Credit Losses (Topic 326) amends guideline on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities.  For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses.  The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected.  For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down.  ASU 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income.  The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash.  The amendments in this ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.  We are currently evaluating the impact of the adoption of ASU 2016-13 on our financial statements.

 

In July 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2017-11. Among other things, ASU 2017-11 provides guidance that eliminates the requirement to consider “down round” features when determining whether certain financial instruments or embedded features are indexed to an entity’s stock and need to be classified as liabilities. ASU 2017-11 provides for entities to recognize the effect of a down round feature only when it is triggered and then as a dividend and a reduction to income available to common stockholders in basic earnings per share. The guidance is effective for annual periods beginning after December 15, 2018; early adoption is permitted. The Company has adopted ASU 2017-11. As a result, we have not recognized the fair value of the warrants containing down round features as liabilities.

 

In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40)”. This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock.  As well as amend the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions.  In addition, this ASU improves and amends the related EPS guidance. This standard is effective for us on May 1, 2022, including interim periods within those fiscal years.  Adoption is either a modified retrospective method or a fully retrospective method of transition. We are currently evaluating the impact of the adoption of ASU 2020-06 on our financial statements.

 

Management has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our consolidated financial statements and related disclosures.

 

Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.

 

Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

The Company defines the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. Financial instruments included in the Company’s financial statements include cash, accounts payable and accrued expenses, accrued interest payable, loans payable to related parties, notes payable to third parties, notes payable to related parties and derivative liability. Unless otherwise disclosed in the notes to the financial statements, the carrying value of financial instruments is considered to approximate fair value due to the short maturity and characteristics of those instruments. The carrying value of debt approximates fair value as terms approximate those currently available for similar debt instruments.

 

Goodwill

Goodwill

 

After completing the purchase price allocation, any residual of cost over fair value of the net identifiable assets and liabilities was assigned to the unidentifiable asset, goodwill. Formerly subject to mandatory amortization, this now is not permitted to be amortized at all, by any allocation scheme and over any useful life. Impairment testing, using a methodology at variance with that set forth in FAS 144 (which, however, continues in effect for all other types of long-lived assets and intangibles other than goodwill), must be applied periodically, and any computed impairment will be presented as a separate line item in that period’s income statement, as a component of income from continuing operations (unless associated with discontinued operations, in which case, the impairment would, net of income tax effects, be combined with the remaining effects of the discontinued operations. In accordance with Statement No. 142, “Goodwill and Other Intangible Assets,” the Company does not amortize goodwill, but performs impairment tests of the carrying value on a semi-annual and annual basis.

 

Intangible Assets

Intangible Assets

 

Intangible assets are stated at the lesser of cost or fair value. Please see NOTE C – ACQUISITION OF TCBM HOLDINGS, LLC for further information.

XML 36 R22.htm IDEA: XBRL DOCUMENT v3.21.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
SCHEDULE OF INVESTMENT

   June 30, 2021   September 30, 2020 
         
Global Clean Solutions, LLC  $-   $250,000 
Total investments  $-   $250,000 
XML 37 R23.htm IDEA: XBRL DOCUMENT v3.21.2
ACQUISITION OF TCBM HOLDINGS, LLC (Tables)
12 Months Ended
Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]  
SCHEDULE OF FAIR VALUE OF NET ASSETS ACQUIRED

Details regarding the book values and fair values of the net assets acquired are as follows:

 

   Book Value   Fair Value   Difference 
             
Cash  $546,411   $546,411   $     - 
Inventory   70,580    70,580     - 
Property and Equipment   36,363    36,363   - 
Total  $653,354   $653,354   $- 
SCHEDULE OF ASSETS ACQUIRED

 

Assets acquired 

As of

November 30,

2019

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

 

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

The changes in the carrying amount of goodwill for the period from November 30, 2019 through June 30, 2021 were as follows:

 

     
Balance as of November 30, 2019  $1,346,646 
Additions and adjustments   (873,323)
Balance as of June 30, 2021  $473,323 
XML 38 R24.htm IDEA: XBRL DOCUMENT v3.21.2
PROPERTY AND EQUIPMENT (Tables)
12 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]  
SCHEDULE OF PROPERTY AND EQUIPMENT

 SCHEDULE OF PROPERTY AND EQUIPMENT

   

June 30, 2021

   

June 30, 2020

 
           
Property and Equipment (i)   $ 36,363     $ 36,363  
Less: accumulated depreciation (ii)    

(8,226

)    

(3,030

)
Total   $ 28,137     $ 33,333  

 

(i)Property and equipment are stated at cost and depreciated principally on methods and at rates designed to amortize their costs over their useful lives.
(ii)Depreciation expense for the years ended June 30, 2021 and 2020 was $5,196 and $3,030, respectively.

XML 39 R25.htm IDEA: XBRL DOCUMENT v3.21.2
ACCRUED OFFICER AND DIRECTOR COMPENSATION (Tables)
12 Months Ended
Jun. 30, 2021
Accrued Officer And Director Compensation  
SCHEDULE OF ACCRUED OFFICER AND DIRECTOR COMPENSATION

Accrued officer and director compensation is due to Wayne Anderson, the sole officer and director of the Company, and consists of:

 

   June 30, 2021   June 30, 2020 
        
Pursuant to January 26, 2018 Board of Directors Service Agreement  $-   $79,803 
Total  $-

   $79,803 

SCHEDULE OF CHANGES IN ACCRUED OFFICER AND DIRECTOR COMPENSATION

For the years ended June 30, 2021 and 2020, the balance of accrued officer and director compensation changed as follows:

 

   Pursuant to
Employment
Agreements
   Pursuant to
Board of
Directors
Services
Agreements
   Total 
             
Balance June 30, 2019   -    39,803    39,803 
Officer’s/director’s compensation for the year ended June 30, 2020 (including stock-based compensation of $40,000 accrued as Stock to be Issued)   -    40,000    40,000 
Balances at June 30, 2020  -   79,803   79,803 
Officer’s/director’s compensation for the year ended June 30, 2021 (including stock-based compensation of $40,000 accrued as Stock to be Issued)   

-

    40,000    40,000 
Cash compensation   -    (119,803)   (119,803)
Balances at June 30, 2021  $-   $-   $- 

 

(i)As of June 30, 2021 and June 30, 2020, total shares of common stock accrued as “Stock to be Issued” to Mr. Anderson as per the terms of the Board of Director’s Services Agreement is 84,803 and 10,000, respectively.
XML 40 R26.htm IDEA: XBRL DOCUMENT v3.21.2
NOTES PAYABLE, THIRD PARTIES (Tables)
12 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
SCHEDULE OF NOTES PAYABLE TO THIRD PARTIES

Notes payable to third parties consist of:

 

   June 30, 2021   June 30, 2020 
         
Totals  $649,750   $839,418 
Convertible Promissory Note dated January 24, 2018 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due January 24, 2019-with unamortized debt discount of $0 and $0 at June 30, 2021 and June 30, 2020, respectively (i)  $-   $15,750 
Convertible Promissory Note dated February 16, 2018 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due February 16, 2019-with unamortized debt discount of $0 and $0 at June 30, 2021 and June 30, 2020, respectively (ii)   -    8,000 
Convertible Promissory Note dated June 3, 2018 payable to Valvasone Trust (“Valvasone”), interest at 5%, default rate of 15%, due June 3, 2019-with unamortized debt discount of $0 and $0 at June 30, 2021 and June 30, 2020, respectively (iii)   -    91,900 
Convertible Promissory Note dated June 29, 2018 payable to Jody A. DellaDonna (“JDD”), interest at 5%, default rate of 15%, due June 29, 2019-with unamortized debt discount of $0 and $0 at June 30, 2021 and June 30, 2020, respectively (iv)   -    25,000 
Convertible Promissory Note dated November 30, 2019 payable to Jetco Holdings, LLC (“Jetco”), interest at 3%, due November 30, 2020-with unamortized debt discount of $0 and $433,199 at June 30, 2021 and June 30, 2020, respectively (v)   -    688,177 
Convertible Promissory Note dated December 17, 2019 payable to Armada Investment Fund, LLC (“Armada”), interest at 8%, due December 17, 2020, in technical default-with unamortized debt discount of $0 and $5,998 at, June 30, 2021 and June 30, 2020, respectively (vi)   11,000    

5,002

 
Convertible Promissory Note dated March 20, 2020 payable to Jetco Holdings, LLC (“Jetco”), interest at 3%, due March 20, 2021-with unamortized debt discount of $0 and $14,411 at, June 30, 2021 and June 30, 2020, respectively (vii)   -    5,589 
Convertible Promissory Note dated September 3, 2020 payable to Graphene Holdings, LLC (“Graphene”), interest at 3%, due March 3, 2021, in technical default, with unamortized debt discount of $0 and $0 at, June 30, 2021 and June 30, 2020, respectively (viii)   

250,000

    

-

 
Convertible Promissory Note dated September 9, 2020 payable to Graphene Holdings, LLC (“Graphene”), interest at 3%, due March 9, 2021, in technical default, with unamortized debt discount of $0 and $0 at, June 30, 2021 and June 30, 2020, respectively (ix)   

20,000

    

-

 
Convertible Promissory Note dated January 20, 2021 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due January 20, 2022, with unamortized debt discount of $55,616 and $0 at June 30, 2021 and June 30, 2020, respectively (x)   

100,000

    

-

 
Convertible Promissory Note dated February 22, 2021 payable to Tri-Bridge Ventures, LLC (“Tri-Bridge”), interest at 10%, due February 22, 2022, with unamortized debt discount of $129,316 and $0 at June 30, 2021 and June 30, 2020, respectively (xi)   

200,000

    

-

 
Convertible Promissory Note dated June 17, 2021 payable to Power Up Lending Group Ltd. (“Power Up”), interest at 8%, due June 17, 2022-with unamortized debt discount of $66,303 and $0 at, June 30, 2021 and June 30, 2020, respectively (xii)   

68,750

    

-

 
Totals  $649,750   $839,418 

 

(i) On January 24, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC in the principal amount of $15,750. The Convertible Note was fully funded on January 24, 2018. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (January 24, 2019) at the option of the holder. The Conversion Price shall be equal to Fifty Percent (50%) of the lowest Trading Price (defined below) during the Valuation Period (defined below), and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. The total number of shares due under any conversion notice (“Notice Shares”) will be equal to the Conversion Amount divided by the Conversion Price. On the date that a Conversion Notice is delivered to Holder, the Company shall deliver an estimated number of shares (“Estimated Shares”) to Holder’s brokerage account equal to the Conversion Amount divided by 50% of the Market Price. “Market Price” shall mean the lowest of the daily Trading Price for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. The “Valuation Period” shall mean twenty (20) Trading Days, commencing on the first Trading Day following delivery and clearing of the Notice Shares in Holder’s brokerage account, as reported by Holder (“Valuation Start Date”). If at any time, one or multiple times, during the Valuation Period the number of Estimated Shares delivered to Holder is less than the Notice Shares, the company must immediately deliver enough shares equal to the difference. A Conversion Amount will not be considered fully converted until the end of the Valuation Period for that Conversion Amount. “Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities The Convertible Note has a term of one (1) year and bears interest at 10% annually. On March 31, 2021, the Holder agreed to forgive all outstanding principal and interest in the amounts of $15,750 and $5,010, respectively. As of June 30, 2021, there was no outstanding principal or interest due.

 

 

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended June 30, 2021 and 2020

 

(ii) On February 16, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC in the principal amount of $8,000. The Convertible Note was fully funded on February 16, 2018. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (February 16, 2019) at the option of the holder at the Variable Conversion Price, which shall be equal to the lesser of (i) the price of any public offering of the Maker’s Common Stock or (ii) Fifty Percent (50%) of the lowest Trading Price (defined below) during the Twenty Trading Day period prior to the day the Holder delivers the Conversion Notice, and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. “Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded. The Convertible Note has a term of one (1) year and bears interest at 10% annually. On March 31, 2021, the Holder agreed to forgive all outstanding principal and interest in the amounts of $6,054 and $2,463, respectively. As of June 30, 2021, there was no outstanding principal or interest due.
   
(iii) On June 3, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Valvasone Trust in the principal amount of $91,900. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (June 3, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. The Convertible Note has a term of one (1) year and bears interest at 5% annually. On January 14, 2021, the Company issued 500,000,000 shares of restricted common stock to the noteholder in satisfaction of $20,000 principal against the Convertible Note. On March 31, 2021, the Company issued the Holder 26 shares of its Series L Preferred Stock in satisfaction of $71,900 principal, $18,380 default principal, $12,749 interest and $30,183 default interest. A balance of $2,453 was forgiven by the Holder. As of June 30, 2021, there was no outstanding principal or interest due.
   
(iv) On June 29, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Jody A. DellaDonna in the principal amount of $25,000. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (June 29, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. The Convertible Note has a term of one (1) year and bears interest at 5% annually. On March 31, 2021, the Company issued the Holder 8 shares of its Series L Preferred Stock in satisfaction of $25,000 principal, $5,000 default principal, $3,437 interest and $7,890 default interest. A balance of $1,327 was forgiven by the Holder. As of June 30, 2021, there was no outstanding principal or interest due.
   
(v) On November 30, 2019, the Company executed a Convertible Note (the “Convertible Note”) payable to Jetco Holdings, LLC in the principal amount of $2,000,000. The Convertible Note was Issued as part of the Purchase and Sale Agreement for the acquisition of TCBM Holdings, LLC. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (November 30, 2020) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. On January 19, 2021, the Company issued 300,000,000 shares of restricted common stock to the noteholder in satisfaction of $42,000 principal against the Convertible Note. On March 15, 2021, the outstanding principal and interest on the Note were $503,714 and $46,485, respectively. On this same date, the Holder agreed to forgive $253,714 in outstanding principal and all outstanding interest leaving a remaining principal balance of $250,000. On March 15, 2021, the Company issued the Holder fifty (50) shares of the Company’s Series L Preferred Stock in satisfaction of the $250,000 principal balance. As of June 30, 2021, there was no outstanding principal or interest due.
   
(vi)

On December 17, 2019, the Company entered into a Securities Purchase Agreement (the “Agreement”) with Armada Capital Partners, LLC (“Armada”) wherein the Company issued Armada a Convertible Promissory Note (the “Convertible Note”) in the amount of $11,000 ($1,000 OID). The Convertible Note has a term of one (1) year (due on December 17, 2020) and bears interest at 8% annually. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 20, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 60% multiplied by the Market Price (as defined herein)(representing a discount rate of 40%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. As part and parcel of the foregoing transaction, Armada was issued a warrant granting the holder the right to purchase up to 560,800 shares of the Company’s common stock at an exercise price of $0.024 for a term of 5-years. The transaction closed on December 17, 2019. In addition, 10,000,000 shares of the Company’s common stock have been reserved at Pacific Stock Transfer Corporation for possible issuance upon the conversion of the Note into shares of our common stock. As of June 30, 2021, $11,000 principal plus $1,350 interest were due.

   
(vii) On March 20, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Jetco Holdings, LLC in the principal amount of $20,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 20, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. On February 4, 2021, the Company remitted payment to the Holder in the amount of $20,532.93 to satisfy all outstanding principal and interest due under the Convertible Note. As of June 30, 2021, there was no outstanding principal or interest due.
   
(viii) On September 3, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Graphene Holdings, LLC (the “Holder”) in the principal amount of $250,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 3, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. As of June 30, 2021, $250,000 principal plus $6,164 interest were due. Please see NOTE M - SUBSEQUENT EVENTS for further information.
   
(ix) On September 9, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Graphene Holdings, LLC (the “Holder”) in the principal amount of $20,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 9, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. As of June 30, 2021, $20,000 principal plus $471 interest were due.
   
(x) On January 20, 2021, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC (the “Holder”) in the principal amount of up to $150,000. The Convertible Note shall accrue interest at 10% per annum. The Convertible Note was partially funded on January 27, 2021 in the amount of $100,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (January 20, 2022) at the option of the holder. The Conversion Price shall be equal to Fifty Percent (50%) of the lowest Trading Price (defined below) during the Valuation Period (defined below), and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. The total number of shares due under any conversion notice (“Notice Shares”) will be equal to the Conversion Amount divided by the Conversion Price. On the date that a Conversion Notice is delivered to Holder, the Company shall deliver an estimated number of shares (“Estimated Shares”) to Holder’s brokerage account equal to the Conversion Amount divided by 50% of the Market Price. “Market Price” shall mean the lowest of the daily Trading Price for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. The “Valuation Period” shall mean twenty (20) Trading Days, commencing on the first Trading Day following delivery and clearing of the Notice Shares in Holder’s brokerage account, as reported by Holder (“Valuation Start Date”). As of June 30, 2021, $100,000 principal plus $4,219 interest were due.
   
(xi) On February 22, 2021, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC (the “Holder”) in the principal amount of up to $200,000. The Convertible Note shall accrue interest at 10% per annum. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (February 22, 2022) at the option of the holder. The conversion price shall be equal to the lesser of (i) the price of any public offering of the Maker’s Common Stock or (ii) Fifty Percent (50%) of the lowest Trading Price (defined below) during the Twenty Trading Day period prior to the day the Holder delivers the Conversion Notice (“Conversion Price”). “Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded. The Convertible Note was funded on March 2, 2021. As of June 30, 2021, $200,000 principal plus $6,575 interest were due.
   
(xii) On June 17, 2021, the Company issued to Power Up Lending Group Ltd. (the “Investor”) a Convertible Promissory Note (the “Convertible Note”) in the principal amount of $68,750. The Convertible Note has a term of one (1) year and bears interest at 8% annually. The Convertible Note is convertible, in whole or in part, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this Convertible Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount at the option of the holder. The “Variable Conversion Price” shall mean 61% multiplied by the Market Price (as defined herein) (representing a discount rate of 39%). “Market Price” means the lowest Trading Price (as defined below) for the Common Stock during the ten (10) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. “Trading Price” means, for any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets electronic quotation system or applicable trading market (the “OTC”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. Bloomberg) or, if the OTC is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets”. The transaction closed on June 21, 2021. As of June 30, 2021, $68,750 principal plus $196 interest were due.
SCHEDULE OF INTEREST FROM FORGIVENESS OF NOTES PAYABLE

Income from forgiveness of principal and interest on convertible notes payable consists of:

 

   June 30, 2021   June 30, 2020 
         
Forgiveness of principal and interest Tribridge Ventures, LLC  $29,277   $- 
Forgiveness of interest Around the Clock Partners, LP   3,532    - 
Forgiveness of interest Valvasone Trust   2,453    - 
Forgiveness of interest Jody A. DellaDonna   1,327    - 
Forgiveness of Jetco Holdings, LLC principal and interest   300,197    - 
Total  $336,786   $- 

 

Default principal, notes payable-third parties:

 

   June 30, 2021   June 30, 2020 
         
Armada Investment Fund, LLC  $2,200   $- 
Graphene Holdings, LLC   135,000    - 
Total  $137,200   $- 

 

Accrued default interest, notes payable-third parties:

 

   June 30, 2021   June 30, 2020 
         
Armada Investment Fund, LLC  $1,269   $- 
Graphene Holdings, LLC   38,947    - 
Total  $40,216   $- 
XML 41 R27.htm IDEA: XBRL DOCUMENT v3.21.2
NOTE PAYABLE, RELATED PARTY (Tables)
12 Months Ended
Jun. 30, 2021
Note Payable Related Party  
SCHEDULE OF NOTES PAYABLE TO RELATED PARTIES

Notes payable to related parties consist of:

 

   June 30, 2021   June 30, 2020 
        
Total  $

-

   $124,800 

Unsecured Convertible Promissory Notes dated July 27, 2018, payable to Around the Clock Partners, LP (entity controlled by Wayne Anderson), interest at 5%, default rate of 15%, due July 27, 2019- less unamortized debt discount of $0 and $0 at June 30, 2021 and June 30, 2020, respectively (i)

  $-   $124,800 
Total  $

-

   $124,800 

 

(i) On July 27, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Around the Clock Partners, LP in the principal amount of $124,800. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (July 27, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. The Convertible Note has a term of one (1) year and bears interest at 5% annually. On March 1, 2021, the Company issued the Holder 40 shares of its Series L Preferred Stock in satisfaction of $124,800 principal, $24,906 default principal, $16,160 interest and $37,666 default interest. A balance of $3,532 was forgiven by the Holder. As of June 30, 2021, there was no outstanding principal or interest due.
XML 42 R28.htm IDEA: XBRL DOCUMENT v3.21.2
DERIVATIVE LIABILITY (Tables)
12 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
SCHEDULE OF DERIVATIVE LIABILITY

The derivative liability at June 30, 2021 and June 30, 2020 consisted of:

 

  

June 30, 2021

   June 30, 2020 
        
Convertible Promissory Notes payable to Tri-Bridge Ventures, LLC. Please see NOTE F – NOTES PAYABLE, THIRD PARTIES for further information  $548,392   $213,933 
Convertible Promissory Note payable to Valvasone Trust. Please see NOTE F – NOTES PAYABLE, THIRD PARTIES for further information   -    150,619 
Convertible Promissory Notes payable to Jody A. DellaDonna. Please see NOTE F – NOTES PAYABLE, THIRD PARTIES for further information   

-

    40,974 
Convertible Promissory Note payable to Around the Clock Partners, LP. Please see NOTE G – NOTES PAYABLE, RELATED PARTIES for further information   -    204,540 
Convertible Promissory Notes payable to Jetco Holdings, LLC. Please see NOTE G – NOTES PAYABLE, RELATED PARTIES for further information   

-

     800,452 
Convertible Promissory Note payable to Armada Investment Fund, LLC. Please see NOTE G – NOTES PAYABLE, RELATED PARTIES for further information   

18,865

    9,877
Convertible Promissory Notes payable to Graphene Holdings, LLC. Please see NOTE G – NOTES PAYABLE, THIRD PARTIES for further information   

332,519

    

-

 
Convertible Promissory Note payable to Power Up Lending Group Ltd. Please see NOTE G – NOTES PAYABLE, RELATED PARTIES for further information   

107,801

    - 
Total derivative liability  $

1,007,577

   $1,420,455 
SCHEDULE OF EMBEDDED DERIVATIVE LIABILITY MEASURED AT FAIR VALUE USING SIGNIFICANT UNOBSERVABLE INPUTS

The following table provides a reconciliation of the beginning and ending balances for the convertible note embedded derivative liability measured at fair value using significant unobservable inputs (Level 3): 

 

   Level 3 
Balance at June 30, 2019  $ 715,350 
Additions   2,904,047 
Gain   (2,190,052)
Change resulting from conversions    
Balance at June 30, 2020  $1,420,455 
Additions   3,398,176 
(Gain)Loss – year to date   (446,532
Change resulting from conversions and payoffs   

(3,364,522

)
Balance at June 30, 2021  $1,007,577 

XML 43 R29.htm IDEA: XBRL DOCUMENT v3.21.2
INCOME TAXES (Tables)
12 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
SCHEDULE OF PROVISION (BENEFIT) FOR INCOME TAXES

         
   Year Ended 
   June 30, 2021   June 30, 2020 
Expected tax at 21% and 21%, respectively  $(888,019)  $(115,698)
Non-deductible stock-based compensation   35,767    21,000 
Non-deductible loss (nontaxable income) from derivative liability   (91,628)   (276,571)
Non-deductible default principle   28,812    - 
Non-deductible loss on issuance of convertible nots   579,479    - 
Non-deductible amortization of debt discounts   176,636    331,252 
Impairment of goodwill   

99,398

    

-

 
Forgiveness of debt and accrued interest   

(70,725

)   

-

 
Increase (decrease) in Valuation allowance   130,280    40,017 
Provision for (benefit from) income taxes  $-   $- 

SCHEDULE OF COMPONENTS OF DEFERRED INCOME TAX

Significant components of the Company’s deferred income tax are as follows:

 

   June 30, 2021   June 30, 2020 
Unpaid accrued officer and director compensation  $-   $16,759 
Net operating loss carry-forwards   30,128,849    29,383,089 
Valuation allowance   (30,128,849)   (29,399,848)
Net non-current deferred tax asset  $-   $- 

XML 44 R30.htm IDEA: XBRL DOCUMENT v3.21.2
ORGANIZATION (Details Narrative) - USD ($)
12 Months Ended
May 24, 2021
May 10, 2021
Mar. 31, 2021
Mar. 15, 2021
Mar. 11, 2020
Mar. 11, 2020
Jan. 02, 2020
Aug. 22, 2019
Jun. 30, 2021
Jun. 30, 2020
Sep. 03, 2020
Nov. 30, 2019
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                        
Officers compensation                 $ 80,000 $ 80,000    
Consulting Services [Member]                        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                        
Total compensation   $ 45,000                    
CompensationPayment   $ 15,000                    
Subsequent Event [Member] | Restricted Stock [Member]                        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                        
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures 238,750                      
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures $ 477,500                      
[custom:AmountToBeCompensated] $ 70,850                      
Transaction One [Member]                        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                        
[custom:CumulativeRevenue]           $ 2,500,000            
Stock Issued During Period, Shares, New Issues           125,000            
Transaction Two [Member]                        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                        
[custom:CumulativeRevenue]           $ 5,000,000            
Stock Issued During Period, Shares, New Issues           125,000            
Series L Preferred Stock [Member]                        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                        
Debt conversion, shares issued     3                  
Asset Purchase Agreement [Member]                        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                        
Related Party Transaction, Amounts of Transaction         $ 70,850              
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures         238,750              
Consulting Agreement [Member] | Timothy Cabrera [Member]                        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                        
Agreement description             The Agreement has a term of one (1) year and the Consultant is to be compensated Two Hundred Fifty Thousand and NO/100 Dollars ($250,000).          
Agreement term             1 year          
Officers compensation             $ 250,000          
Consulting Agreement [Member] | Brian Mc Fadden [Member]                        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                        
Agreement description             The Agreement has a term of one (1) year and the Consultant is to be compensated Two Hundred Fifty Thousand and NO/100 Dollars ($250,000).          
Agreement term             1 year          
Officers compensation             $ 250,000          
Jetco Holdings L L C [Member] | Purchase And Sale Agreement [Member] | Series L Preferred Stock [Member]                        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                        
Debt conversion, shares issued       50                
Debt conversion, amount       $ 250,000                
Sylios Corp [Member] | Consulting Agreement [Member]                        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                        
Agreement description               The Agreement had a term of six (6) months or until the Consultant completed the services requested.        
Agreement term               6 months        
Sylios Corp [Member] | Consulting Agreement [Member] | Series L Preferred Stock [Member]                        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                        
Issuance of Series L preferred stock in satisfaction of compensation due for past consulting fees               $ 50,000        
Issuance of Series L preferred stock in satisfaction of compensation due for consulting fees, shares               10        
Convertible Promissory Note [Member] | Jetco Holdings L L C [Member] | Purchase And Sale Agreement [Member]                        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                        
Convertible promissory note       250,000               $ 2,000,000
Debt Instrument, Face Amount       503,714                
Debt interest       46,485                
Debt forgiveness       $ 253,714                
Convertible Promissory Note [Member] | Graphene [Member]                        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                        
Convertible promissory note                     $ 250,000  
XML 45 R31.htm IDEA: XBRL DOCUMENT v3.21.2
SCHEDULE OF INVESTMENT (Details) - USD ($)
Jun. 30, 2021
Sep. 30, 2020
Total investments $ 250,000
Global Clean Solutions L L C [Member]    
Total investments $ 250,000
XML 46 R32.htm IDEA: XBRL DOCUMENT v3.21.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Product Information [Line Items]    
Cash equivalents $ 0 $ 0
Allowance for doubtful accounts 0 0
Allowance for doubtful accounts 0  
Investment Income, Net $ 12,197
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 59,095,209,336 25,621,051,276
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Customer [Member]    
Product Information [Line Items]    
Concentration Risk, Percentage   100.00%
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member]    
Product Information [Line Items]    
Concentration Risk, Percentage 100.00% 100.00%
Loans Receivable [Member] | Customer Concentration Risk [Member] | One Borrower [Member]    
Product Information [Line Items]    
Concentration Risk, Percentage   100.00%
Loans Receivable Other [Member] | Customer Concentration Risk [Member] | One Borrower [Member]    
Product Information [Line Items]    
Concentration Risk, Percentage 100.00%  
XML 47 R33.htm IDEA: XBRL DOCUMENT v3.21.2
SCHEDULE OF FAIR VALUE OF NET ASSETS ACQUIRED (Details)
Nov. 30, 2019
USD ($)
Business Acquisition [Line Items]  
Cash $ 546,411
Inventory 70,580 [1]
Property and Equipment 36,363 [2]
Total 653,354
Book Value [Member]  
Business Acquisition [Line Items]  
Cash 546,411
Inventory 70,580
Property and Equipment 36,363
Total 653,354
Fair Value [Member]  
Business Acquisition [Line Items]  
Cash 546,411
Inventory 70,580
Property and Equipment 36,363
Total 653,354
Difference [Member]  
Business Acquisition [Line Items]  
Cash
Inventory
Property and Equipment
Total
[1] Inventories acquired were sold on March 11, 2020
[2] Property, plant and equipment acquired includes computers, software and other office equipment.
XML 48 R34.htm IDEA: XBRL DOCUMENT v3.21.2
SCHEDULE OF ASSETS ACQUIRED (Details) - USD ($)
Jun. 30, 2021
Jun. 30, 2020
Nov. 30, 2019
Business Combination and Asset Acquisition [Abstract]      
Cash     $ 546,411
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory [1]     70,580
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment [2]     36,363
Assets acquired excluding goodwill     653,354
Goodwill $ 473,323 $ 1,346,646 1,346,646 [3]
Total purchase price     $ 2,000,000
[1] Inventories acquired were sold on March 11, 2020
[2] Property, plant and equipment acquired includes computers, software and other office equipment.
[3] Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired.
XML 49 R35.htm IDEA: XBRL DOCUMENT v3.21.2
SCHEDULE OF GOODWILL (Details) - USD ($)
12 Months Ended 19 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]      
Balance as of November 30, 2019 $ 1,346,646   $ 1,346,646 [1]
Additions and adjustments 873,323 $ 0 (873,323)
Balance as of June 30, 2021 $ 473,323 $ 1,346,646 $ 473,323
[1] Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired.
XML 50 R36.htm IDEA: XBRL DOCUMENT v3.21.2
ACQUISITION OF TCBM HOLDINGS, LLC (Details Narrative) - USD ($)
3 Months Ended 12 Months Ended 19 Months Ended
Jun. 30, 2021
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Nov. 30, 2019
Business Acquisition [Line Items]          
Goodwill, Period Increase (Decrease)   $ 873,323 $ 0 $ (873,323)  
Goodwill $ 473,323 473,323 1,346,646 473,323 $ 1,346,646 [1]
Goodwill, Impairment Loss   473,322    
TCBM Holdings LLC [Member]          
Business Acquisition [Line Items]          
Goodwill 946,646 $ 946,646   $ 946,646  
Goodwill, Impairment Loss $ 473,323        
T C B M [Member] | H M N R T H L L C And Nine Hundred And Eleven Help Now L L C [Member]          
Business Acquisition [Line Items]          
Ownership interest percentage         100.00%
Convertible promissory note         $ 2,000,000
[1] Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired.
XML 51 R37.htm IDEA: XBRL DOCUMENT v3.21.2
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)
Jun. 30, 2021
Jun. 30, 2020
Property, Plant and Equipment [Abstract]    
Property, Plant and Equipment, Gross [1] $ 36,363 $ 36,363
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment [2] (8,226) (3,030)
Total $ 28,137 $ 33,333
[1] Property and equipment are stated at cost and depreciated principally on methods and at rates designed to amortize their costs over their useful lives.
[2] Depreciation expense for the years ended June 30, 2021 and 2020 was $5,196 and $3,030, respectively.
XML 52 R38.htm IDEA: XBRL DOCUMENT v3.21.2
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) (Parenthetical) - USD ($)
12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Property, Plant and Equipment [Abstract]    
Depreciation $ 5,196 $ 3,030
XML 53 R39.htm IDEA: XBRL DOCUMENT v3.21.2
SCHEDULE OF ACCRUED OFFICER AND DIRECTOR COMPENSATION (Details) - USD ($)
Jun. 30, 2021
Jun. 30, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Total $ 79,803
Board Of Directors Service Agreement [Member]    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Total $ 79,803
XML 54 R40.htm IDEA: XBRL DOCUMENT v3.21.2
SCHEDULE OF CHANGES IN ACCRUED OFFICER AND DIRECTOR COMPENSATION (Details) - USD ($)
12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]    
Accrued officer and director compensation, beginning balance $ 79,803  
Officer's/director's compensation 80,000 $ 80,000
Cash compensation 40,000 40,000
Accrued officer and director compensation, ending balance 79,803
Officer And Director [Member]    
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]    
Accrued officer and director compensation, beginning balance 79,803 39,803
Officer's/director's compensation 40,000 40,000
Cash compensation (119,803)  
Accrued officer and director compensation, ending balance 79,803
Officer And Director [Member] | Employment Agreements [Member]    
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]    
Accrued officer and director compensation, beginning balance
Officer's/director's compensation
Cash compensation  
Accrued officer and director compensation, ending balance
Officer And Director [Member] | Board Of Directors Service Agreement [Member]    
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]    
Accrued officer and director compensation, beginning balance 79,803 39,803
Officer's/director's compensation 40,000 40,000
Cash compensation (119,803)  
Accrued officer and director compensation, ending balance $ 79,803
XML 55 R41.htm IDEA: XBRL DOCUMENT v3.21.2
SCHEDULE OF CHANGES IN ACCRUED OFFICER AND DIRECTOR COMPENSATION (Details) (Parenthetical) - USD ($)
12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Officer And Director [Member]    
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]    
Stock-based compensation $ 40,000 $ 40,000
Mr Anderson [Member]    
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]    
[custom:CommonStockToBeIssuedForServices-0] 84,803 10,000
XML 56 R42.htm IDEA: XBRL DOCUMENT v3.21.2
SCHEDULE OF NOTES PAYABLE TO THIRD PARTIES (Details)
Jan. 19, 2021
USD ($)
shares
Jan. 14, 2021
USD ($)
shares
Nov. 30, 2019
Integer
Jun. 29, 2018
Integer
Jun. 03, 2018
Jun. 30, 2021
USD ($)
Jun. 30, 2020
USD ($)
Short-term Debt [Line Items]              
Totals           $ 649,750 $ 839,418
Interest Payable, Current           18,975 75,510
Convertible Promissory Note One [Member]              
Short-term Debt [Line Items]              
Totals [1]           15,750
Convertible Promissory Note Two [Member]              
Short-term Debt [Line Items]              
Totals [2]           8,000
Convertible Promissory Note Three [Member]              
Short-term Debt [Line Items]              
Totals [3]           91,900
Convertible Promissory Note Three [Member] | Valvasone Trust [Member]              
Short-term Debt [Line Items]              
Debt Instrument, Maturity Date         Jun. 03, 2019    
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger         50.00%    
Debt Conversion, Converted Instrument, Amount   $ 20,000          
Convertible Promissory Note Three [Member] | Valvasone Trust [Member] | Restricted Stock [Member]              
Short-term Debt [Line Items]              
Debt Conversion, Converted Instrument, Shares Issued | shares   500,000,000          
Convertible Promissory Note Four [Member]              
Short-term Debt [Line Items]              
Totals [4]           25,000
Convertible Promissory Note Four [Member] | Jody A Della Donna [Member]              
Short-term Debt [Line Items]              
Debt Instrument, Maturity Date       Jun. 29, 2019      
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger       50.00%      
Debt Instrument, Convertible, Threshold Trading Days | Integer       25      
Convertible Promissory Note Five [Member]              
Short-term Debt [Line Items]              
Totals [5]           688,177
Convertible Promissory Note Five [Member] | Jetco Holdings L L C [Member]              
Short-term Debt [Line Items]              
Debt Instrument, Maturity Date     Nov. 30, 2020        
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger     70.00%        
Debt Instrument, Convertible, Threshold Trading Days | Integer     20        
Debt Conversion, Converted Instrument, Amount $ 42,000            
Convertible Promissory Note Five [Member] | Jetco Holdings L L C [Member] | Restricted Stock [Member]              
Short-term Debt [Line Items]              
Debt Conversion, Converted Instrument, Shares Issued | shares 300,000,000            
Convertible Promissory Note Six [Member]              
Short-term Debt [Line Items]              
Totals [6]           11,000 5,002
Convertible Promissory Note Six [Member] | Jetco Holdings L L C [Member]              
Short-term Debt [Line Items]              
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger     60.00%        
Debt Instrument, Convertible, Threshold Trading Days | Integer     20        
Convertible Promissory Note Seven [Member]              
Short-term Debt [Line Items]              
Totals [7]           5,589
Convertible Promissory Note Eight [Member]              
Short-term Debt [Line Items]              
Totals [8]           250,000
Convertible Promissory Note Nine [Member]              
Short-term Debt [Line Items]              
Totals [9]           20,000
Convertible Promissory Note Ten [Member]              
Short-term Debt [Line Items]              
Totals [10]           100,000
Convertible Promissory Note Eleven [Member]              
Short-term Debt [Line Items]              
Totals [11]           200,000
Convertible Promissory Note Twelve [Member]              
Short-term Debt [Line Items]              
Totals [12]           $ 68,750
[1] On January 24, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC in the principal amount of $15,750. The Convertible Note was fully funded on January 24, 2018. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (January 24, 2019) at the option of the holder. The Conversion Price shall be equal to Fifty Percent (50%) of the lowest Trading Price (defined below) during the Valuation Period (defined below), and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. The total number of shares due under any conversion notice (“Notice Shares”) will be equal to the Conversion Amount divided by the Conversion Price. On the date that a Conversion Notice is delivered to Holder, the Company shall deliver an estimated number of shares (“Estimated Shares”) to Holder’s brokerage account equal to the Conversion Amount divided by 50% of the Market Price. “Market Price” shall mean the lowest of the daily Trading Price for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. The “Valuation Period” shall mean twenty (20) Trading Days, commencing on the first Trading Day following delivery and clearing of the Notice Shares in Holder’s brokerage account, as reported by Holder (“Valuation Start Date”). If at any time, one or multiple times, during the Valuation Period the number of Estimated Shares delivered to Holder is less than the Notice Shares, the company must immediately deliver enough shares equal to the difference. A Conversion Amount will not be considered fully converted until the end of the Valuation Period for that Conversion Amount. “Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities The Convertible Note has a term of one (1) year and bears interest at 10% annually. On March 31, 2021, the Holder agreed to forgive all outstanding principal and interest in the amounts of $15,750 and $5,010, respectively. As of June 30, 2021, there was no outstanding principal or interest due.
[2] On February 16, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC in the principal amount of $8,000. The Convertible Note was fully funded on February 16, 2018. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (February 16, 2019) at the option of the holder at the Variable Conversion Price, which shall be equal to the lesser of (i) the price of any public offering of the Maker’s Common Stock or (ii) Fifty Percent (50%) of the lowest Trading Price (defined below) during the Twenty Trading Day period prior to the day the Holder delivers the Conversion Notice, and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. “Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded. The Convertible Note has a term of one (1) year and bears interest at 10% annually. On March 31, 2021, the Holder agreed to forgive all outstanding principal and interest in the amounts of $6,054 and $2,463, respectively. As of June 30, 2021, there was no outstanding principal or interest due.
[3] On June 3, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Valvasone Trust in the principal amount of $91,900. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (June 3, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. The Convertible Note has a term of one (1) year and bears interest at 5% annually. On January 14, 2021, the Company issued 500,000,000 shares of restricted common stock to the noteholder in satisfaction of $20,000 principal against the Convertible Note. On March 31, 2021, the Company issued the Holder 26 shares of its Series L Preferred Stock in satisfaction of $71,900 principal, $18,380 default principal, $12,749 interest and $30,183 default interest. A balance of $2,453 was forgiven by the Holder. As of June 30, 2021, there was no outstanding principal or interest due.
[4] On June 29, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Jody A. DellaDonna in the principal amount of $25,000. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (June 29, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. The Convertible Note has a term of one (1) year and bears interest at 5% annually. On March 31, 2021, the Company issued the Holder 8 shares of its Series L Preferred Stock in satisfaction of $25,000 principal, $5,000 default principal, $3,437 interest and $7,890 default interest. A balance of $1,327 was forgiven by the Holder. As of June 30, 2021, there was no outstanding principal or interest due.
[5] On November 30, 2019, the Company executed a Convertible Note (the “Convertible Note”) payable to Jetco Holdings, LLC in the principal amount of $2,000,000. The Convertible Note was Issued as part of the Purchase and Sale Agreement for the acquisition of TCBM Holdings, LLC. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (November 30, 2020) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. On January 19, 2021, the Company issued 300,000,000 shares of restricted common stock to the noteholder in satisfaction of $42,000 principal against the Convertible Note. On March 15, 2021, the outstanding principal and interest on the Note were $503,714 and $46,485, respectively. On this same date, the Holder agreed to forgive $253,714 in outstanding principal and all outstanding interest leaving a remaining principal balance of $250,000. On March 15, 2021, the Company issued the Holder fifty (50) shares of the Company’s Series L Preferred Stock in satisfaction of the $250,000 principal balance. As of June 30, 2021, there was no outstanding principal or interest due.
[6] On December 17, 2019, the Company entered into a Securities Purchase Agreement (the “Agreement”) with Armada Capital Partners, LLC (“Armada”) wherein the Company issued Armada a Convertible Promissory Note (the “Convertible Note”) in the amount of $11,000 ($1,000 OID). The Convertible Note has a term of one (1) year (due on December 17, 2020) and bears interest at 8% annually. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 20, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 60% multiplied by the Market Price (as defined herein)(representing a discount rate of 40%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. As part and parcel of the foregoing transaction, Armada was issued a warrant granting the holder the right to purchase up to 560,800 shares of the Company’s common stock at an exercise price of $0.024 for a term of 5-years. The transaction closed on December 17, 2019. In addition, 10,000,000 shares of the Company’s common stock have been reserved at Pacific Stock Transfer Corporation for possible issuance upon the conversion of the Note into shares of our common stock. As of June 30, 2021, $11,000 principal plus $1,350 interest were due.
[7] On March 20, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Jetco Holdings, LLC in the principal amount of $20,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 20, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. On February 4, 2021, the Company remitted payment to the Holder in the amount of $20,532.93 to satisfy all outstanding principal and interest due under the Convertible Note. As of June 30, 2021, there was no outstanding principal or interest due.
[8] On September 3, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Graphene Holdings, LLC (the “Holder”) in the principal amount of $250,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 3, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. As of June 30, 2021, $250,000 principal plus $6,164 interest were due. Please see NOTE M - SUBSEQUENT EVENTS for further information.
[9] On September 9, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to Graphene Holdings, LLC (the “Holder”) in the principal amount of $20,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 9, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. The Convertible Note has a term of one (1) year and bears interest at 3% annually. As of June 30, 2021, $20,000 principal plus $471 interest were due.
[10] On January 20, 2021, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC (the “Holder”) in the principal amount of up to $150,000. The Convertible Note shall accrue interest at 10% per annum. The Convertible Note was partially funded on January 27, 2021 in the amount of $100,000. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (January 20, 2022) at the option of the holder. The Conversion Price shall be equal to Fifty Percent (50%) of the lowest Trading Price (defined below) during the Valuation Period (defined below), and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. The total number of shares due under any conversion notice (“Notice Shares”) will be equal to the Conversion Amount divided by the Conversion Price. On the date that a Conversion Notice is delivered to Holder, the Company shall deliver an estimated number of shares (“Estimated Shares”) to Holder’s brokerage account equal to the Conversion Amount divided by 50% of the Market Price. “Market Price” shall mean the lowest of the daily Trading Price for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. The “Valuation Period” shall mean twenty (20) Trading Days, commencing on the first Trading Day following delivery and clearing of the Notice Shares in Holder’s brokerage account, as reported by Holder (“Valuation Start Date”). As of June 30, 2021, $100,000 principal plus $4,219 interest were due.
[11] On February 22, 2021, the Company executed a Convertible Note (the “Convertible Note”) payable to Tri-Bridge Ventures, LLC (the “Holder”) in the principal amount of up to $200,000. The Convertible Note shall accrue interest at 10% per annum. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (February 22, 2022) at the option of the holder. The conversion price shall be equal to the lesser of (i) the price of any public offering of the Maker’s Common Stock or (ii) Fifty Percent (50%) of the lowest Trading Price (defined below) during the Twenty Trading Day period prior to the day the Holder delivers the Conversion Notice (“Conversion Price”). “Trading Price” means, for any security as of any date, any trading price on the OTC Bulletin Board, or other applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded. The Convertible Note was funded on March 2, 2021. As of June 30, 2021, $200,000 principal plus $6,575 interest were due.
[12] On June 17, 2021, the Company issued to Power Up Lending Group Ltd. (the “Investor”) a Convertible Promissory Note (the “Convertible Note”) in the principal amount of $68,750. The Convertible Note has a term of one (1) year and bears interest at 8% annually. The Convertible Note is convertible, in whole or in part, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this Convertible Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount at the option of the holder. The “Variable Conversion Price” shall mean 61% multiplied by the Market Price (as defined herein) (representing a discount rate of 39%). “Market Price” means the lowest Trading Price (as defined below) for the Common Stock during the ten (10) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. “Trading Price” means, for any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets electronic quotation system or applicable trading market (the “OTC”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. Bloomberg) or, if the OTC is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets”. The transaction closed on June 21, 2021. As of June 30, 2021, $68,750 principal plus $196 interest were due.
XML 57 R43.htm IDEA: XBRL DOCUMENT v3.21.2
SCHEDULE OF NOTES PAYABLE TO THIRD PARTIES (Details) (Parenthetical)
1 Months Ended 9 Months Ended
Mar. 15, 2021
USD ($)
Feb. 04, 2021
USD ($)
Sep. 09, 2020
USD ($)
Integer
Sep. 03, 2020
USD ($)
Mar. 20, 2020
USD ($)
Dec. 17, 2019
USD ($)
Integer
$ / shares
shares
Nov. 30, 2019
USD ($)
Integer
Jun. 29, 2018
USD ($)
Integer
Jun. 03, 2018
USD ($)
Feb. 16, 2018
USD ($)
Jan. 24, 2018
USD ($)
Integer
Jun. 17, 2021
USD ($)
Integer
Feb. 22, 2021
USD ($)
Jan. 27, 2021
USD ($)
Jan. 20, 2021
USD ($)
Integer
Mar. 31, 2021
USD ($)
Jun. 30, 2021
USD ($)
Jun. 30, 2020
USD ($)
Short-term Debt [Line Items]                                    
Unamortized debt discount                                 $ 251,235 $ 453,608
Accrued interest                                 18,975 75,510
Armada Capital Partners L L C [Member] | Securities Purchase Agreement [Member]                                    
Short-term Debt [Line Items]                                    
Unamortized debt discount           $ 1,000                        
Debt principal amount           $ 11,000                        
Debt interest rate           8.00%                        
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares           560,800                        
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares           $ 0.024                        
Warrants and Rights Outstanding, Term           5 years                        
Convertible Promissory Note One [Member] | Tri Bridge Ventures L L C [Member]                                    
Short-term Debt [Line Items]                                    
Unamortized debt discount                                 0 0
Debt principal amount                     $ 15,750           0  
Debt maturity date                     Jan. 24, 2019              
Debt conversion description                     The Conversion Price shall be equal to Fifty Percent (50%) of the lowest Trading Price (defined below) during the Valuation Period (defined below), and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. The total number of shares due under any conversion notice (“Notice Shares”) will be equal to the Conversion Amount divided by the Conversion Price. On the date that a Conversion Notice is delivered to Holder, the Company shall deliver an estimated number of shares (“Estimated Shares”) to Holder’s brokerage account equal to the Conversion Amount divided by 50% of the Market Price. “Market Price” shall mean the lowest of the daily Trading Price for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. The “Valuation Period” shall mean twenty (20) Trading Days, commencing on the first Trading Day following delivery and clearing of the Notice Shares in Holder’s brokerage account, as reported by Holder (“Valuation Start Date”). If at any time, one or multiple times, during the Valuation Period the number of Estimated Shares delivered to Holder is less than the Notice Shares, the company must immediately deliver enough shares equal to the difference. A Conversion Amount will not be considered fully converted until the end of the Valuation Period for that Conversion Amount.              
Debt conversion, threshold percentage of stock price trigger                     50.00%              
Debt conversion, trading days | Integer                     20              
Debt term                     1 year              
Debt interest rate                     10.00%              
Accrued interest                                 0  
Convertible Promissory Note One [Member] | Tri Bridge Ventures L L C [Member] | Principal Amount [Member]                                    
Short-term Debt [Line Items]                                    
Debt forgiveness                               $ 15,750    
Convertible Promissory Note One [Member] | Tri Bridge Ventures L L C [Member] | Interest Amount [Member]                                    
Short-term Debt [Line Items]                                    
Debt forgiveness                               5,010    
Convertible Promissory Note Two [Member] | Tri Bridge Ventures L L C [Member]                                    
Short-term Debt [Line Items]                                    
Unamortized debt discount                                 0 0
Debt principal amount                   $ 8,000             0  
Debt maturity date                   Feb. 16, 2019                
Debt conversion description                   The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (February 16, 2019) at the option of the holder at the Variable Conversion Price, which shall be equal to the lesser of (i) the price of any public offering of the Maker’s Common Stock or (ii) Fifty Percent (50%) of the lowest Trading Price (defined below) during the Twenty Trading Day period prior to the day the Holder delivers the Conversion Notice, and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice.                
Debt conversion, threshold percentage of stock price trigger                   50.00%                
Debt term                   1 year                
Debt interest rate                   10.00%                
Accrued interest                                 0  
Convertible Promissory Note Two [Member] | Tri Bridge Ventures L L C [Member] | Principal Amount [Member]                                    
Short-term Debt [Line Items]                                    
Debt forgiveness                               6,054    
Convertible Promissory Note Two [Member] | Tri Bridge Ventures L L C [Member] | Interest Amount [Member]                                    
Short-term Debt [Line Items]                                    
Debt forgiveness                               2,463    
Convertible Promissory Note Three [Member] | Tri Bridge Ventures L L C [Member] | Principal Amount [Member]                                    
Short-term Debt [Line Items]                                    
Debt principal amount                               71,900    
Debt forgiveness                               2,453    
Debt instrument default principal                               18,380    
Convertible Promissory Note Three [Member] | Tri Bridge Ventures L L C [Member] | Interest Amount [Member]                                    
Short-term Debt [Line Items]                                    
Interest Expense, Debt                               12,749    
Debt instrument default interest                               30,183    
Convertible Promissory Note Three [Member] | Valvasone Trust [Member]                                    
Short-term Debt [Line Items]                                    
Unamortized debt discount                                 0 0
Debt principal amount                 $ 91,900                  
Debt maturity date                 Jun. 03, 2019                  
Debt conversion description                 The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (                  
Debt conversion, threshold percentage of stock price trigger                 50.00%                  
Convertible Promissory Note Four [Member] | Jody A Della Donna [Member]                                    
Short-term Debt [Line Items]                                    
Unamortized debt discount                                 0 0
Debt principal amount               $ 25,000                    
Debt maturity date               Jun. 29, 2019                    
Debt conversion description               The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (June 29, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date.                    
Debt conversion, threshold percentage of stock price trigger               50.00%                    
Debt conversion, trading days | Integer               25                    
Debt term               1 year                    
Debt interest rate               5.00%                    
Convertible Promissory Note Four [Member] | Tri Bridge Ventures L L C [Member]                                    
Short-term Debt [Line Items]                                    
Debt principal amount                                 0  
Accrued interest                                 0  
Convertible Promissory Note Four [Member] | Tri Bridge Ventures L L C [Member] | Principal Amount [Member]                                    
Short-term Debt [Line Items]                                    
Debt principal amount                               25,000    
Debt forgiveness                               1,327    
Debt instrument default principal                               5,000    
Convertible Promissory Note Four [Member] | Tri Bridge Ventures L L C [Member] | Interest Amount [Member]                                    
Short-term Debt [Line Items]                                    
Interest Expense, Debt                               3,437    
Debt instrument default interest                               7,890    
Convertible Promissory Note Five [Member] | Tri Bridge Ventures L L C [Member] | Principal Amount [Member]                                    
Short-term Debt [Line Items]                                    
Debt forgiveness $ 253,714                             503,714    
Convertible Promissory Note Five [Member] | Tri Bridge Ventures L L C [Member] | Interest Amount [Member]                                    
Short-term Debt [Line Items]                                    
Debt forgiveness                               46,485    
Interest Expense, Debt $ 250,000                             $ 250,000    
Convertible Promissory Note Five [Member] | Jetco Holdings L L C [Member]                                    
Short-term Debt [Line Items]                                    
Unamortized debt discount                                 0 433,199
Debt principal amount             $ 2,000,000                      
Debt maturity date             Nov. 30, 2020                      
Debt conversion description             The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be                      
Debt conversion, threshold percentage of stock price trigger             70.00%                      
Debt conversion, trading days | Integer             20                      
Debt term             1 year                      
Debt interest rate             3.00%                      
Convertible Promissory Note Five [Member] | Armada Capital Partners L L C [Member] | Securities Purchase Agreement [Member]                                    
Short-term Debt [Line Items]                                    
Unamortized debt discount           $ 1,000                        
Debt principal amount           $ 11,000                        
Debt interest rate           8.00%                        
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares           560,800                        
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares           $ 0.024                        
Warrants and Rights Outstanding, Term           5 years                        
Convertible Promissory Note Six [Member] | Jetco Holdings L L C [Member]                                    
Short-term Debt [Line Items]                                    
Debt conversion description             The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (March 20, 2021) at the option of the holder. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 60% multiplied by the Market Price (as defined herein)(representing a discount rate of 40%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date.                      
Debt conversion, threshold percentage of stock price trigger             60.00%                      
Debt conversion, trading days | Integer             20                      
Convertible Promissory Note Six [Member] | Armada Capital Partners L L C [Member] | Securities Purchase Agreement [Member]                                    
Short-term Debt [Line Items]                                    
Unamortized debt discount                                 0 5,998
Debt principal amount                                 11,000  
Debt maturity date           Dec. 17, 2020                        
Debt conversion description           The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date.                        
Debt conversion, threshold percentage of stock price trigger           70.00%                        
Debt conversion, trading days | Integer           20                        
Debt term           1 year                        
Accrued interest                                 1,350  
Convertible Promissory Note Six [Member] | Pacific Stock Transfer Corporation [Member] | Securities Purchase Agreement [Member]                                    
Short-term Debt [Line Items]                                    
Common Stock, Capital Shares Reserved for Future Issuance | shares           10,000,000                        
Convertible Promissory Note Seven [Member] | Tri Bridge Ventures L L C [Member]                                    
Short-term Debt [Line Items]                                    
Debt principal amount                                 0  
Accrued interest                                 0  
Convertible Promissory Note Seven [Member] | Tri Bridge Ventures L L C [Member] | Interest Amount [Member]                                    
Short-term Debt [Line Items]                                    
Debt forgiveness   $ 20,532                                
Convertible Promissory Note Seven [Member] | Jetco Holdings [Member]                                    
Short-term Debt [Line Items]                                    
Unamortized debt discount                                 0 14,411
Debt principal amount         $ 20,000                          
Debt maturity date         Mar. 20, 2021                          
Debt term         1 year                          
Debt interest rate         3.00%                          
Convertible Promissory Note Eight [Member] | Graphene Holdings L L C [Member]                                    
Short-term Debt [Line Items]                                    
Unamortized debt discount                                 0 0
Debt principal amount       $ 250,000                         250,000  
Debt maturity date       Mar. 03, 2021                            
Debt conversion description       The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date.                            
Debt term       1 year                            
Debt interest rate       3.00%                            
Accrued interest                                 6,164  
Convertible Promissory Note Nine [Member] | Graphene Holdings L L C [Member]                                    
Short-term Debt [Line Items]                                    
Unamortized debt discount                                 0 0
Debt principal amount     $ 20,000                           20,000  
Debt maturity date     Mar. 09, 2021                              
Debt conversion description     The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date.                              
Debt conversion, threshold percentage of stock price trigger     70.00%                              
Debt conversion, trading days | Integer     20                              
Debt term     1 year                              
Debt interest rate     3.00%                              
Accrued interest                                 471  
Convertible Promissory Note Ten [Member] | Tri Bridge Ventures L L C [Member]                                    
Short-term Debt [Line Items]                                    
Unamortized debt discount                                 55,616 0
Debt principal amount                             $ 150,000   100,000  
Debt maturity date                             Jan. 20, 2022      
Debt conversion description                             The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (January 20, 2022) at the option of the holder. The Conversion Price shall be equal to Fifty Percent (50%) of the lowest Trading Price (defined below) during the Valuation Period (defined below), and the Conversion Amount shall be the amount of principal or interest electively converted in the Conversion Notice. The total number of shares due under any conversion notice (“Notice Shares”) will be equal to the Conversion Amount divided by the Conversion Price.      
Debt conversion, threshold percentage of stock price trigger                             50.00%      
Debt conversion, trading days | Integer                             20      
Debt interest rate                             10.00%      
Accrued interest                                 4,219  
Proceeds from convertible debt                           $ 100,000        
Convertible Promissory Note Eleven [Member] | Tri Bridge Ventures L L C [Member]                                    
Short-term Debt [Line Items]                                    
Unamortized debt discount                                 129,316 0
Debt principal amount                         $ 200,000       200,000  
Debt maturity date                         Feb. 22, 2022          
Debt conversion description                         The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (February 22, 2022) at the option of the holder. The conversion price shall be equal to the lesser of (i) the price of any public offering of the Maker’s Common Stock or (ii) Fifty Percent (50%) of the lowest Trading Price (defined below) during the Twenty Trading Day period prior to the day the Holder delivers the Conversion Notice (“Conversion Price”).          
Debt conversion, threshold percentage of stock price trigger                         50.00%          
Debt interest rate                         10.00%          
Accrued interest                                 6,575  
Convertible Promissory Note Twelve [Member] | Power Up Lending Group Ltd [Member]                                    
Short-term Debt [Line Items]                                    
Unamortized debt discount                                 66,303 $ 0
Debt principal amount                       $ 68,750         68,750  
Debt conversion description                       The Convertible Note is convertible, in whole or in part, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this Convertible Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount at the option of the holder. The “Variable Conversion Price” shall mean 61% multiplied by the Market Price (as defined herein) (representing a discount rate of 39%). “Market Price” means the lowest Trading Price (as defined below) for the Common Stock during the ten (10) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date.            
Debt conversion, trading days | Integer                       10            
Debt term                       1 year            
Debt interest rate                       8.00%            
Accrued interest                                 $ 196  
XML 58 R44.htm IDEA: XBRL DOCUMENT v3.21.2
SCHEDULE OF INTEREST FROM FORGIVENESS OF NOTES PAYABLE (Details) - USD ($)
12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Total $ 336,786
Default Principal Notes Payable Third Parties 137,200
Default Principal Notes Payable Third Parties 137,200
Accrued Default Interest 40,216
Tri Bridge Ventures L L C [Member]    
Total 29,277
Clock Partners L P [Member]    
Total 3,532
Valvasone Trust [Member]    
Total 2,453
Jody A Della Donna [Member]    
Total 1,327
Jetco Holdings L L C [Member]    
Total 300,197
Armada Investment Fund L L C [Member]    
Default Principal Notes Payable Third Parties 2,200
Accrued Default Interest 1,269
Graphene Holdings L L C [Member]    
Default Principal Notes Payable Third Parties 135,000
Accrued Default Interest $ 38,947
XML 59 R45.htm IDEA: XBRL DOCUMENT v3.21.2
SCHEDULE OF NOTES PAYABLE TO RELATED PARTIES (Details) - USD ($)
Jun. 30, 2021
Jun. 30, 2020
Short-term Debt [Line Items]    
Total $ 124,800
Unsecured Convertible Promissory Notes [Member]    
Short-term Debt [Line Items]    
Total [1] $ 124,800
[1] On July 27, 2018, the Company executed a Convertible Note (the “Convertible Note”) payable to Around the Clock Partners, LP in the principal amount of $124,800. The Convertible Note was issued for compensation due for consulting services. The Convertible Note is convertible, in whole or in part, at any time and from time to time before maturity (July 27, 2019) at the option of the holder at the conversion price which shall be equal to the lower of: (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date. The Convertible Note has a term of one (1) year and bears interest at 5% annually. On March 1, 2021, the Company issued the Holder 40 shares of its Series L Preferred Stock in satisfaction of $124,800 principal, $24,906 default principal, $16,160 interest and $37,666 default interest. A balance of $3,532 was forgiven by the Holder. As of June 30, 2021, there was no outstanding principal or interest due.
XML 60 R46.htm IDEA: XBRL DOCUMENT v3.21.2
SCHEDULE OF NOTES PAYABLE TO RELATED PARTIES (Details) (Parenthetical)
1 Months Ended 12 Months Ended
Mar. 02, 2021
USD ($)
Mar. 02, 2021
USD ($)
Jun. 12, 2019
Jul. 27, 2018
USD ($)
Integer
Mar. 02, 2021
USD ($)
Jun. 30, 2021
USD ($)
Jun. 30, 2020
USD ($)
Accrued interest           $ 18,975 $ 75,510
Series L Preferred Stock [Member]              
Debt conversion, description     One (1) share of Series L Preferred stock shall be issued for each Five Thousand Dollar ($5,000) tranche of outstanding liability. As an example: If an officer has accrued wages due to him or her in the amount of $25,000, the officer can elect to accept 5 shares of Series L Preferred stock to satisfy the outstanding obligation of the Company.        
Unsecured Convertible Promissory Notes [Member] | Clock Partners L P [Member]              
Debt interest rate       5.00%   15.00%  
Debt maturity date       Jul. 27, 2019      
Unamortized debt discount           $ 0 $ 0
Debt principal amount       $ 124,800   0  
Debt conversion, description       (a) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the lowest trading price of the Company’s common stock during the 25 consecutive Trading Days prior to the Effective Date.      
Debt conversion threshold percentage       50.00%      
Debt conversion, consecutive trading days | Integer       25      
Debt instrument term       1 year      
Debt forgiveness           3,532  
Accrued interest           $ 0  
Unsecured Convertible Promissory Notes [Member] | Clock Partners L P [Member] | Series L Preferred Stock [Member] | Principal Amount [Member]              
Debt conversion, amount $ 124,800            
Unsecured Convertible Promissory Notes [Member] | Clock Partners L P [Member] | Series L Preferred Stock [Member] | Default Principal Amount [Member]              
Debt conversion, amount   $ 24,906          
Unsecured Convertible Promissory Notes [Member] | Clock Partners L P [Member] | Series L Preferred Stock [Member] | Interest Amount [Member]              
Debt conversion, amount         $ 16,160    
Unsecured Convertible Promissory Notes [Member] | Clock Partners L P [Member] | Series L Preferred Stock [Member] | Default Interest Amount [Member]              
Debt conversion, amount   $ 37,666          
XML 61 R47.htm IDEA: XBRL DOCUMENT v3.21.2
SCHEDULE OF DERIVATIVE LIABILITY (Details) - USD ($)
Jun. 30, 2021
Jun. 30, 2020
Short-term Debt [Line Items]    
Total derivative liability $ 1,007,577 $ 1,420,455
Convertible Promissory Notes Payable One [Member]    
Short-term Debt [Line Items]    
Total derivative liability 548,392 213,933
Convertible Promissory Notes Payable Two [Member]    
Short-term Debt [Line Items]    
Total derivative liability 150,619
Convertible Promissory Notes Payable Three [Member]    
Short-term Debt [Line Items]    
Total derivative liability 40,974
Convertible Promissory Notes Payable Four [Member]    
Short-term Debt [Line Items]    
Total derivative liability 204,540
Convertible Promissory Note Five [Member]    
Short-term Debt [Line Items]    
Total derivative liability 800,452
Convertible Promissory Note Six [Member]    
Short-term Debt [Line Items]    
Total derivative liability 18,865 9,877
Convertible Promissory Note Seven [Member]    
Short-term Debt [Line Items]    
Total derivative liability 332,519
Convertible Promissory Note Eight [Member]    
Short-term Debt [Line Items]    
Total derivative liability $ 107,801
XML 62 R48.htm IDEA: XBRL DOCUMENT v3.21.2
SCHEDULE OF EMBEDDED DERIVATIVE LIABILITY MEASURED AT FAIR VALUE USING SIGNIFICANT UNOBSERVABLE INPUTS (Details) - USD ($)
12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Balance Beginning $ 1,420,455 $ 715,350
Additions 3,398,176 2,904,047
(Gain) Loss - year to date (446,532) (2,190,052)
Change resulting from conversions and payoffs (3,364,522)
Balance Ending $ 1,007,577 $ 1,420,455
XML 63 R49.htm IDEA: XBRL DOCUMENT v3.21.2
DERIVATIVE LIABILITY (Details Narrative)
12 Months Ended
Jun. 30, 2021
$ / shares
Jun. 30, 2020
$ / shares
Measurement Input, Share Price [Member]    
Derivative [Line Items]    
Share Price $ 0.0032 $ 0.0001
Measurement Input, Conversion Price [Member] | Minimum [Member]    
Derivative [Line Items]    
Share Price 0.0015 0.00001
Measurement Input, Conversion Price [Member] | Maximum [Member]    
Derivative [Line Items]    
Share Price $ 0.0021 $ 0.00007
Measurement Input, Expected Term [Member] | Minimum [Member]    
Derivative [Line Items]    
[custom:DerivativeLiabilityMeasurementInputTerm] 6 months 6 months
Measurement Input, Expected Term [Member] | Maximum [Member]    
Derivative [Line Items]    
[custom:DerivativeLiabilityMeasurementInputTerm] 1 year 1 year
Measurement Input, Price Volatility [Member] | Minimum [Member]    
Derivative [Line Items]    
Derivative Liability, Measurement Input 2.5753 1.1319
Measurement Input, Price Volatility [Member] | Maximum [Member]    
Derivative [Line Items]    
Derivative Liability, Measurement Input 3.9202 1.3974
Measurement Input, Risk Free Interest Rate [Member]    
Derivative [Line Items]    
Derivative Liability, Measurement Input 0.0009 0.0016
XML 64 R50.htm IDEA: XBRL DOCUMENT v3.21.2
CAPITAL STOCK (Details Narrative) - USD ($)
1 Months Ended 12 Months Ended
Mar. 31, 2021
Mar. 31, 2021
Mar. 15, 2021
Mar. 02, 2021
Feb. 22, 2021
Jan. 21, 2021
Jan. 19, 2021
Jan. 14, 2021
Dec. 22, 2020
Dec. 13, 2020
Nov. 25, 2020
Sep. 22, 2020
Dec. 17, 2019
Sep. 02, 2019
Aug. 02, 2019
Jun. 12, 2019
Mar. 31, 2021
Feb. 22, 2021
Feb. 15, 2021
Jun. 30, 2021
Jun. 30, 2020
Jul. 31, 2019
Jun. 28, 2001
Apr. 26, 2001
Feb. 15, 2000
Sep. 30, 1999
Class of Stock [Line Items]                                                    
Preferred stock, par value                                         $ 0.01          
Preferred stock, shares authorized                                         5,000,000          
Common stock, voting rights                                       The holders of the Class A Shares and the Class B Shares shall vote as a single class on all matters submitted to a vote of the stockholders, with each Class A Share being entitled to one (1) vote and each Class B Share being entitled to six (6) votes, except as otherwise provided by law.            
Common stock, shares authorized                                         14,991,000,000          
Common stock, shares outstanding                                       14,680,293,609 12,189,293,609          
Number of shares returned                                       1,260,000,000            
Shares issued for services, value                                       $ 40,000 $ 40,000          
Unamortized debt discount                                       251,235 453,608          
Securities Purchase Agreement [Member] | Armada Capital Partners L L C [Member]                                                    
Class of Stock [Line Items]                                                    
Debt principal amount                         $ 11,000                          
Unamortized debt discount                         $ 1,000                          
Debt interest rate                         8.00%                          
Warrants to purchase common stock                         560,800                          
Warrants exercise price                         $ 0.024                          
Warrants term                         5 years                          
Securities Purchase Agreement [Member] | Armada Capital Partners L L C [Member] | Convertible Promissory Note Five [Member]                                                    
Class of Stock [Line Items]                                                    
Debt principal amount                         $ 11,000                          
Unamortized debt discount                         $ 1,000                          
Debt interest rate                         8.00%                          
Warrants to purchase common stock                         560,800                          
Warrants exercise price                         $ 0.024                          
Warrants term                         5 years                          
Securities Purchase Agreement [Member] | Armada Capital Partners L L C [Member] | Convertible Promissory Note Six [Member]                                                    
Class of Stock [Line Items]                                                    
Debt converted into stock, description                         The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall be 70% multiplied by the Market Price (as defined herein)(representing a discount rate of 30%), subject to adjustment as described herein (“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date.                          
Debt principal amount                                       11,000            
Unamortized debt discount                                       $ 0 $ 5,998          
Debt term                         1 year                          
Debt maturity date                         Dec. 17, 2020                          
Series A Preferred Stock [Member]                                                    
Class of Stock [Line Items]                                                    
Preferred stock, par value                                                   $ 0.01
Preferred stock, shares authorized                                                   3,000
Preferred stock, shares issued                                       0 0          
Preferred stock, shares outstanding                                       0 0          
Series B Preferred Stock [Member]                                                    
Class of Stock [Line Items]                                                    
Preferred stock, par value                                                   $ 0.01
Preferred stock, shares authorized                                                   3,000
Preferred stock, shares issued                                       0 0          
Preferred stock, shares outstanding                                       0 0          
Series C Preferred Stock [Member]                                                    
Class of Stock [Line Items]                                                    
Preferred stock, par value                                                 $ 0.01  
Preferred stock, shares authorized                                                 1,000  
Preferred stock, shares issued                                       0 0          
Preferred stock, shares outstanding                                       0 0          
Series D Preferred Stock [Member]                                                    
Class of Stock [Line Items]                                                    
Preferred stock, par value                                               $ 0.01    
Preferred stock, shares authorized                                               800    
Preferred stock, shares issued                                       0 0          
Preferred stock, shares outstanding                                       0 0          
Series E Preferred Stock [Member]                                                    
Class of Stock [Line Items]                                                    
Preferred stock, par value                                             $ 0.01      
Preferred stock, shares authorized                                             250      
Preferred stock, shares issued                                       0 0          
Preferred stock, shares outstanding                                       0 0          
Series K Super Voting Preferred Stock [Member]                                                    
Class of Stock [Line Items]                                                    
Preferred stock, par value                                           $ 0.01        
Preferred stock, shares authorized                                           3        
Preferred stock, shares issued                                       3 3          
Preferred stock, shares outstanding                                       3 3          
Preferred stock, rank description                                       All shares of the Series K Super Voting Preferred Stock shall rank (i) senior to the Corporation’s (A) Common Stock, par value $0.0001 per share (“Common Stock”), and any other class or series of capital stock of the Corporation hereafter created, except as otherwise provided in clauses (ii) and (iii) of this Section 4, (ii) pari passu with any class or series of capital stock of the Corporation hereafter created and specifically ranking, by its terms, on par with the Series K Super Voting Preferred-Stock and (iii) junior to any class or series of capital stock of the Corporation hereafter created specifically ranking, by its terms, senior to the Series K Preferred Stock, in each case as to distribution of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary.            
Series K Super Voting Preferred Stock [Member] | Wayne Anderson [Member]                                                    
Class of Stock [Line Items]                                                    
Number of shares issued                             3                      
Series L Preferred Stock [Member]                                                    
Class of Stock [Line Items]                                                    
Preferred stock, par value                                         $ 0.01 $ 0.01        
Preferred stock, shares authorized                                         500,000 500,000        
Preferred stock, shares outstanding                                       255 10          
Debt converted into stock, description                               One (1) share of Series L Preferred stock shall be issued for each Five Thousand Dollar ($5,000) tranche of outstanding liability. As an example: If an officer has accrued wages due to him or her in the amount of $25,000, the officer can elect to accept 5 shares of Series L Preferred stock to satisfy the outstanding obligation of the Company.                    
Debt conversion, shares   3                                                
Shares issued for services, value                                                
Series L Preferred Stock [Member] | Officer And Director [Member]                                                    
Class of Stock [Line Items]                                                    
Number of shares issued                           10                        
Series L Preferred Stock [Member] | November Thirty Two Thousand Ninty [Member]                                                    
Class of Stock [Line Items]                                                    
Debt conversion, shares     50                                              
Debt conversion, value     $ 250,000                                              
Series L Preferred Stock [Member] | June Three Two Thousand Eighteen [Member]                                                    
Class of Stock [Line Items]                                                    
Debt conversion, shares                                 26                  
Debt conversion, value                                 $ 130,000                  
Series L Preferred Stock [Member] | June Twenty Nine Two Thousand Eighteen [Member]                                                    
Class of Stock [Line Items]                                                    
Debt conversion, shares                                 8                  
Debt conversion, value                                 $ 40,000                  
Series L Preferred Stock [Member] | Two Consultants [Member]                                                    
Class of Stock [Line Items]                                                    
Debt conversion, shares                                     100              
Shares issued for services, value                                     $ 500,000              
Series L Preferred Stock [Member] | Sole Officer And Director [Member]                                                    
Class of Stock [Line Items]                                                    
Debt conversion, shares 18     40                                            
Debt conversion, value       $ 200,000                                            
Common stock shares returned, shares 890,000,000                                                  
Series L Preferred Stock [Member] | Non Affiliate [Member]                                                    
Class of Stock [Line Items]                                                    
Common stock shares returned, shares                                 150,000,000                  
Series L Preferred Stock [Member]                                                    
Class of Stock [Line Items]                                                    
Preferred stock, shares issued                                       255 10          
Preferred stock, shares outstanding                                       255 10          
Common Class A [Member]                                                    
Class of Stock [Line Items]                                                    
Common stock, shares authorized                                       14,991,000,000 14,991,000,000          
Common stock, shares issued                                       14,680,293,609 12,189,293,609          
Common stock, shares outstanding                                       14,680,293,609 12,189,293,609          
Common Class B [Member]                                                    
Class of Stock [Line Items]                                                    
Common stock, shares authorized                                       4,000,000 4,000,000          
Common stock, shares issued                                       0 0          
Common stock, shares outstanding                                       0 0          
Restricted Common Stock [Member] | Noteholder One [Member]                                                    
Class of Stock [Line Items]                                                    
Shares issued for penalties, shares                       596,785,387                            
Shares issued for penalties, value                       $ 59,679                            
Debt instrument, penalties                       $ 29,839                            
Restricted Common Stock [Member] | Noteholder Two [Member]                                                    
Class of Stock [Line Items]                                                    
Shares issued for penalties, shares                     637,526,342                              
Shares issued for penalties, value                     $ 63,753                              
Debt instrument, penalties                     $ 31,876                              
Restricted Common Stock [Member] | Noteholder Three [Member]                                                    
Class of Stock [Line Items]                                                    
Shares issued for penalties, shares                   669,338,906                                
Shares issued for penalties, value                   $ 200,802                                
Debt instrument, penalties                   $ 33,467                                
Restricted Common Stock [Member] | Noteholder Four [Member]                                                    
Class of Stock [Line Items]                                                    
Shares issued for penalties, shares                 702,738,918                                  
Shares issued for penalties, value                 $ 281,096                                  
Debt instrument, penalties                 $ 35,137                                  
Restricted Common Stock [Member] | Noteholder Five [Member]                                                    
Class of Stock [Line Items]                                                    
Shares issued for penalties, shares               500,000,000                                    
Shares issued for penalties, value               $ 900,000                                    
Debt instrument, penalties               $ 20,000                                    
Restricted Common Stock [Member] | Noteholder Six [Member]                                                    
Class of Stock [Line Items]                                                    
Shares issued for penalties, shares             300,000,000                                      
Shares issued for penalties, value             $ 1,200,000                                      
Debt instrument, penalties             $ 42,000                                      
Restricted Common Stock [Member] | Noteholder Seven [Member]                                                    
Class of Stock [Line Items]                                                    
Shares issued for penalties, shares           194,610,447                                        
Shares issued for penalties, value           $ 1,264,968                                        
Debt instrument, penalties           $ 1,946                                        
Restricted Common Stock [Member] | Noteholder Eight [Member]                                                    
Class of Stock [Line Items]                                                    
Shares issued for penalties, shares         150,000,000                                          
Shares issued for penalties, value                                   $ 1,710,000                
Debt instrument, penalties         $ 1,946                                          
XML 65 R51.htm IDEA: XBRL DOCUMENT v3.21.2
SCHEDULE OF PROVISION (BENEFIT) FOR INCOME TAXES (Details) - USD ($)
12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Income Tax Disclosure [Abstract]    
Expected tax at 21% and 21%, respectively $ (888,019) $ (115,698)
Non-deductible stock-based compensation 35,767 21,000
Non-deductible loss (nontaxable income) from derivative liability (91,628) (276,571)
Non-deductible default principle 28,812
Non-deductible loss on issuance of convertible nots 579,479
Non-deductible amortization of debt discounts 176,636 331,252
Impairment of goodwill 99,398
Forgiveness of debt and accrued interest (70,725)
Increase (decrease) in Valuation allowance 130,280 40,017
Provision for (benefit from) income taxes
XML 66 R52.htm IDEA: XBRL DOCUMENT v3.21.2
SCHEDULE OF COMPONENTS OF DEFERRED INCOME TAX (Details) - USD ($)
Jun. 30, 2021
Jun. 30, 2020
Income Tax Disclosure [Abstract]    
Unpaid accrued officer and director compensation $ 16,759
Net operating loss carry-forwards 30,128,849 29,383,089
Valuation allowance (30,128,849) (29,399,848)
Net non-current deferred tax asset
XML 67 R53.htm IDEA: XBRL DOCUMENT v3.21.2
INCOME TAXES (Details Narrative) - USD ($)
12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]    
Deferred Tax Assets, Net of Valuation Allowance
[custom:DeferredTaxAssetsValuationAllowancePercentage]   100.00%
Income Tax Examination, Description The Company will continue to review this valuation allowance and make adjustments as appropriate. $28,980,000 of the net operating loss carryforward expires in the year 2022.  
Officer And Director [Member]    
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]    
Deferred Tax Assets, Net of Valuation Allowance   $ 30,128,849
XML 68 R54.htm IDEA: XBRL DOCUMENT v3.21.2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
12 Months Ended
Jan. 26, 2018
Jun. 30, 2021
Jun. 30, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Officers compensation   $ 80,000 $ 80,000
Board Of Directors Service Agreement [Member] | Jimmy Wayne Anderson [Member]      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Agreement Description On January 26, 2018, the Company executed a new Board of Directors Service Agreement with Jimmy Wayne Anderson. Under the terms of the Agreement, commencing the first calendar quarter of 2018 the Company is to pay Mr. Anderson $10,000 per quarter for which Mr. Anderson serves on the Board of Directors. In addition to cash compensation, the Company is to issue Mr. Anderson the equivalent of $10,000 of the Company’s common stock on the last calendar day of each quarter. The calculation for the number of shares to be issued to Mr. Anderson shall be as follows: $10,000/(Closing stock price on the last trading day of each quarter x .80).    
Officers compensation $ 10,000    
Addition to cash compensation $ 10,000    
XML 69 R55.htm IDEA: XBRL DOCUMENT v3.21.2
GOING CONCERN UNCERTAINTY (Details Narrative) - USD ($)
12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Retained Earnings (Accumulated Deficit) $ 165,166,022 $ 160,937,361
Net Cash Provided by (Used in) Operating Activities $ 141,564 $ 176,789
XML 70 R56.htm IDEA: XBRL DOCUMENT v3.21.2
SUBSEQUENT EVENTS (Details Narrative)
12 Months Ended
Sep. 09, 2021
USD ($)
Integer
Sep. 09, 2021
USD ($)
Jul. 12, 2021
USD ($)
Integer
Jul. 01, 2021
USD ($)
Jan. 26, 2018
USD ($)
Jun. 30, 2021
USD ($)
Jun. 30, 2020
USD ($)
Sep. 22, 2021
Subsequent Event [Line Items]                
Officers compensation           $ 80,000 $ 80,000  
Subsequent Event [Member] | Graphene Holdings L L C [Member]                
Subsequent Event [Line Items]                
Convertible promissory note $ 48,750 $ 48,750 $ 48,750          
Debt term     1 year          
Debt maturity date   Sep. 09, 2022 Jun. 12, 2022          
Accrued interest   8.00% 8.00%          
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger   61.00% 61.00%          
Discount rate   0.39 0.39          
Debt Instrument, Convertible, Threshold Trading Days | Integer 10   10          
Percentage of ownership               25.00%
Board Of Directors Service Agreement [Member] | Jimmy Wayne Anderson [Member]                
Subsequent Event [Line Items]                
Agreement description         On January 26, 2018, the Company executed a new Board of Directors Service Agreement with Jimmy Wayne Anderson. Under the terms of the Agreement, commencing the first calendar quarter of 2018 the Company is to pay Mr. Anderson $10,000 per quarter for which Mr. Anderson serves on the Board of Directors. In addition to cash compensation, the Company is to issue Mr. Anderson the equivalent of $10,000 of the Company’s common stock on the last calendar day of each quarter. The calculation for the number of shares to be issued to Mr. Anderson shall be as follows: $10,000/(Closing stock price on the last trading day of each quarter x .80).      
Officers compensation         $ 10,000      
Board Of Directors Service Agreement [Member] | Jimmy Wayne Anderson [Member] | Subsequent Event [Member]                
Subsequent Event [Line Items]                
Agreement description       On July 1, 2021, the Company executed a new Board of Directors Service Agreement with Jimmy Wayne Anderson. Under the terms of the Agreement, Mr. Anderson shall receive a one-time bonus payment of Fifty Thousand and no/100 dollars ($50,000.00) upon execution of the Agreement, and Twenty Thousand and no/100 dollars ($20,000.00) paid to Mr. Anderson on the last calendar day of each quarter as long as Mr. Anderson continues to fulfill his duties and provide the services set forth above. The compensation of $20,000 per quarter shall commence with the third calendar quarter of 2021 (first fiscal quarter of 2022).        
Officers one time bonus       $ 50,000.00        
Officers compensation       $ 20,000        
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