Look into financial statements of 12/31/22 ( filled 10K-A in 4/23).
Note:
I am not an accountant,I am shareholder.
DO YOUR OWN DD’s . Not recommending buy/ hold and sell.
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Following are my interpretations.
Please read 10K for accuracy.
All I can see is top two new offerings of shares were priced at the time.
0.004215. and 0.002548
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Followings are from 10 K(F-33)
“ of 5,500,000 Shares issued for cash of $231,866; and
? Of 847,133,242 Shares issued for the conversion of convertible notes of $2,158,969 and accrued interest of $6,491; and
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From page 68-69
During the year ended December 31, 2021, IGOR 1 converted $1,284,600 of the convertible note into 4,185,650 shares of the Company’s common stock. On June 24, 2021, the Company transferred 5,500,000 SURG shares received as repayment of $660,000 of this convertible note (See Note 10).
During the year ended December 31, 2022, IGOR 1 converted $1,659,869 of the convertible note into 590,117,647 shares of the Company’s common stock.
On November 15, 2020, the Company issued a promissory note to Alpha Eda, LLC (“Alpha”), a related party, for $140,000. The note accrues interest at 10%, is unsecured and was due on September 30, 2021. On June 20, 2021 Alpha and the Company extended the note maturity to December 31, 2021. On March 30, 2022 Alpha and the Company extended the note maturity to December 31, 2022. The balance of the note at December 31, 2022 and 2021 was $140,000 and $140,000 plus accrued interest of $32,633 and $16,633, respectively.
On February 9, 2022 the Board approved the employment of Ms. Rittman the spouse of Mr. Rittman, as an assistant to be paid $1,500 per month. Mr. Rittman recuse himself from voting on the matter due to a conflict.
Procedures for Approval of Related Party Transactions
Our Board of Directors is in charged with reviewing and approving all potential related party transactions. All such related party transactions must then be reported under applicable SEC rules. We have not adopted other procedures for review, or standards for approval, of such transactions, but instead review them on a case-by-case basis.
Director Independence
The Company has no outside directors as of December 31, 2022.
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From F-33
GBT TECHNOLOGIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 and 2021
During the year ended December 31, 2022, the Company had the following transactions in its common stock:
? Of 5,500,000 Shares issued for cash of $231,866; and
? Of 847,133,242 Shares issued for the conversion of convertible notes of $2,158,969 and accrued interest of $6,491; and
? cancelled 240,000 for services rendered
? Of 150,000,000 Shares issued to GBT Tokenize for certain joint venture agreement between Magic International Argentina FC, S.L. and the Company. The value of the shares of $1,500 was determined based on the FV of the Company’s common stock; and
? Of 500,000,000 Shares issued to Metaverse for certain equity method investment. The value of the shares of $5,000 was determined based on the FV of the Company’s common stock; and
Series B Preferred Shares
The Series B Preferred Stock has a stated value of $100 per share and is convertible into the Company’s common stock at a conversion price of $30per share representing 30 posts split common shares. Furthermore, the Series B Preferred Stock votes on an as converted basis and carries standard anti-dilution rights. These rights were subsequently removed, except in cases of stock dividends or splits.
As of December 31, 2022 and 2021, there were 45,000 Series B Preferred Shares outstanding.
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