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Monday, June 15, 2020 12:35:48 PM
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.
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 due under the terms of the Agreement. The shares were subsequently transferred to the principal of Jetco Holdings, LLC as payment against the November 30, 2019 convertible note. Please see NOTE F - NOTES PAYABLE, THIRD PARTIES for further information.
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Recent GTLL News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/29/2024 11:32:59 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/28/2024 12:38:23 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/16/2024 11:35:17 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/14/2024 11:55:44 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/14/2024 11:30:59 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/06/2024 01:45:40 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 02/06/2024 10:09:40 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/31/2024 02:49:24 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 01/09/2024 03:56:40 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/04/2024 12:30:13 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/02/2024 09:45:15 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/29/2023 02:17:24 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/27/2023 09:45:16 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 11/15/2023 09:06:42 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/31/2023 08:15:23 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/31/2023 01:17:05 PM
- Form 8-K/A - Current report: [Amend] • Edgar (US Regulatory) • 07/24/2023 08:39:11 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/21/2023 08:27:42 PM
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