Global Technologies Group, Inc. (GTGP)

[236T568]

The Filing of False and Misleading Financial Statements with the SEC by Global Technologies Group, Inc. (GTGP)

1. GTGP was formerly called Global Music International, Inc. but changed its name to Global Technologies Group, Inc.

2. On Frebruary 19, 2008 GTGP filed an 8-K with the SEC stating that:

“On February 14, 2008, the Board of Directors of Global Music International, Inc. (the “Company”) concluded that the Company’s previously issued financial statements for each reporting period from January 1, 2006 through September 30, 2007 will be restated to make necessary accounting adjustments. Accordingly, the Company’s prior financial statements for such periods should no longer be relied upon.”

The GTGP 8-K also stated that

“The Company has not determined the amount of such additional charges. However, the effects on previously reported financial statements are expected to be material.”

http://www.sec.gov/Archives/edgar/data/1308841/000110801708000104/globalmusic8k.htm


3. A couple of weeks later, on March 7, 2008, GTGP filed an 8-K/A with the SEC stating that most of its senior officers/directors had resigned effective January 25 and 30, 2008:

Item 5.02 Departure of Directors or Principal Officers; Election of Directors, Appointment of Principal Officers.

On January 25, 2008, David R.Allen resigned as Chief Financial Officer of the Company, effective on January 25, 2008.

On January 25, 2008 Christopher Mauritz, Executive Vice President, Officer and Director of the Company resigned his position, effective on January 25, 2008.

On January 30, 2008 Ji Shen resigned his position as Vice President and Director of the company, effective January 30, 2008.

http://www.sec.gov/Archives/edgar/data/1308841/000110801708000129/global8k.htm


4. At this point in time, the last two sets of financial statements filed by GTGP were the 10-K for the fiscal year end June 30, 2007 (filed on Sept. 27, 2007) and the 10-Q for the first quarter ending Sept. 30, 2007 (filed on November 14, 2007).

June 30, 2007 10-K:
http://www.sec.gov/Archives/edgar/data/1308841/000110801707000646/globalmusic10ksb07.htm

and

Sept. 30, 2007 10-Q:
http://www.sec.gov/Archives/edgar/data/1308841/000110801707000776/gm10qsb.htm


5. During 2008, the GTGP stockholders waited for the RESTATED financials to be filed with the SEC. GTGP failed to do this during 2008.

6. During 2009, the GTGP stockholders waited for the RESTATED financials to be filed with the SEC. GTGP failed to do this during 2009.

7. During 2010, the GTGP stockholders waited for the RESTATED financials to be filed with the SEC. GTGP failed to do this during 2010.

8. During the first half of 2011, the GTGP stockholders waited for the RESTATED financials to be filed with the SEC. GTGP failed to do this during the first half of 2011.

9. Then on September 13, 2011, GTGP files the amended 10-K for the year ending June 30, 2007:

http://www.sec.gov/Archives/edgar/data/1308841/000110801711000352/global10k.htm


10. A few days later, on September 16, 2011, GTGP files the amended 10-Q for the quarter ending September 30, 2007:

http://www.sec.gov/Archives/edgar/data/1308841/000110801711000358/gtg10q.htm


11. At this point in time, investors expected GTGP to file the RESTATED financials for the previous periods. However, amazingly, GTGP, fully knowing that the 10-Q and 10-K previously filed with the SEC in 2007 and discussed in paragraph (4) could not be relied upon, needed to be RESTATED and needed MATERIAL adjustments, did the unthinkable: GTGP filed the same FALSE AND MISLEADING 10-Q and 10-K in September 2011 as it had filed in 2007. A simple review of the 10-K’s and 10-Q’s included in the links in paragraphs (4), (9) and (10) would verify this deceptive behavior by GTGP.

12. What was GTGP thinking? It now appears that GTGP has not filed financial statements with the SEC that conform with GAAP since 2005 – a full 7 years.

HOW LONG BEFORE THE SEC WAKES UP AND REVOKES THE REGISTRATION OF GTGP’S SECURITIES SO THAT IT NO LONGER TRADES?
One month?
Two months?
Three months?