UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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ITEM 2.01 COMPLETION OF DISPOSITION OF ASSETS.
On March 26, 2024 (the “Closing Date”), the Company closed on the sale of its commercial building located in Sylvester, Georgia for an aggregate cash purchase price of $3,717,778, subject to certain adjustments within the Purchase Agreement. The commercial building was acquired through the acquisition of Foxx Trot Tango, LLC (“FTT”) on June 25, 2023.
ITEM 2.03. CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT.
As previously reported on the Company’s Current Report on Form 8-K as filed with the Securities and Exchange Commission on June 20, 2023, the Company entered into a Membership Interest Purchase Agreement for the purchase of all 2,500,000 issued and outstanding Membership Units of FTT. As part of the purchase price, the Company was obligated to pay TXC Services, LLC (the “Seller”) a total of 680 shares of the Company’s Series L Preferred Stock (the “Contingent Consideration”) in the event certain milestones were met post-closing by the Seller. As of the Closing Date, none of the milestones were met by the Seller, thus the Company is no longer obligated to issue any Contingent Consideration to the Seller.
ITEM 7.01 REGULATION FD DISCLOSURE
On April 3, 2024, the Company issued a press release pertaining to the sale of its commercial property in Sylvester, Georgia. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The information in this Item 7.01 (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press release dated April 3, 2024 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements 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.
| GLOBAL TECHNOLOGIES, LTD | ||
| Date: April 3, 2024 | By: | /s/ Fredrick Cutcher |
| Name: | Fredrick Cutcher | |
| Title: | Chief Executive Officer | |