GTII Global Tech Industries Group Inc (CE)

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For Quarterly Period Ended

June 30, 2023

 

or

 

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Transition period from _______________ to ______________

 

Commission File Number: 000-10210

 

GLOBAL TECH INDUSTRIES GROUP, INC.

(Exact name of registrant as specified in its charter)

 

nevada		90-1604380
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

 

511 Sixth Avenue, Suite 800

New York, NY 10011

(Address of principal executive offices) (Zip Code)

 

(212) 204 7926

Registrant’s telephone number, including area code

 

 

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act: None

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None		N/A		N/A

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 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 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes

☐

No

☒

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.

 

As of August August 11, 2023, there were 346,101,402 shares of common stock outstanding.

 

 

 

TABLE OF CONTENTS

 

		Pages
PART I. FINANCIAL INFORMATION		3
Item 1.	Financial Statements	3
	Unaudited Condensed Consolidated Balance Sheets as of June 30, 2023, and December 31, 2022.	3
	Unaudited Condensed Consolidated Statements of Operations for the Three and Six months Ended June 30, 2023, and 2022.	4
	Unaudited Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the Six months ended June 30, 2023, and 2022.	5
	Unaudited Condensed Consolidated Statements of Cash Flows for the Six months ended June 30, 2023, and 2023.	6
	Notes to Unaudited Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	19
Item 4.	Controls and Procedures	19
PART II. OTHER INFORMATION		20
Item 1.	Legal Proceedings	20
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	21
Item 3.	Defaults Upon Senior Securities	21
Item 5.	Other Information	21
Item 6.	Exhibits	21
SIGNATURES		22

 

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

GLOBAL TECH INDUSTRIES GROUP, INC.

Consolidated Balance Sheets

(Unaudited)

 

		June 30,				December 31,
		2023				2022
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	4,011,563			$	3,320,164
Marketable securities			28,000				36,000
Total Current Assets			4,039,563				3,356,164
PROPERTY, PLANT & EQUIPMENT
Fixed Assets (net)			267				803
Total Property. Plant and Equipment			267				803
OTHER ASSETS
License			14,990,277				14,990,277
Total Other Assets			14,990,277				14,990,277
TOTAL ASSETS		$	19,030,105			$	18,347,244
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable and accrued expenses		$	963,477			$	952,507
Accounts payable and accrued expenses-related parties			1,802,522				1,551,208
Accounts payable and accrued expenses			1,802,522				1,551,208
Accrued interest payable			437,452				416,774
Notes payable in default			871,082				871,082
Due to related parties			1,075,000				-
Notes payable			435,000				80,000
Current portion of long-term debt			180,000				180,000
Total Current Liabilities			5,764,533				4,051,571
LONG TERM LIABILITIES
Long-term operating lease liabilities			-				-
Note Payable			4,788,177				4,788,177
Total Long-term liabilities			4,788,177				4,788,177
Total Liabilities			10,552,710				8,839,748
STOCKHOLDERS’ EQUITY
Preferred stock, par value $.001, 50,000 authorized,1,000 issued and outstanding			1				1
Common stock, par value $0.001 per share, 550,000,000 shares authorized; 345,501,402 (including 10,000,000 shares held in escrow) and 262,251,320 issued and 335,501,402 and 252,251,320
outstanding, respectively			345,500				262,251
Common stock, par value $0.001 per share, 550,000,000 shares authorized; 345,501,402 (including 10,000,000 shares held in escrow) and 262,251,320 issued and 335,501,402 and 252,251,320 outstanding, respectively			345,500				262,251
Additional paid-in-capital			335,880,548				256,976,102
Accumulated (Deficit)			(327,748,654	)			(247,730,858	)
Total Stockholders’ Equity			8,477,395				9,507,496
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	19,030,105			$	18,347,244

 

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

 

 

GLOBAL TECH INDUSTRIES GROUP, INC.

Condensed Consolidated Statements of Operations

(Unaudited) 

 

		2023				2022				2023				2022
		For The Three and Six Months Ended
		June 30,
		2023				2022				2023				2022
REVENUES, net		$	-			$	-			$	-			$	-
OPERATING EXPENSES
General and administrative			946,986				130,174				1,050,273				185,390
Compensation and professional fees			6,457,487				478,241				62,120,974				1,154,977
Charitable Donations			-				372,500				16,860,000				782,500
Depreciation			267				268				536				1,161
Total Operating Expenses			7,404,739				981,183				80,031,782				2,124,028
OPERATING LOSS			(7,404,739	)			(981,183	)			(80,031,782	)			(2,124,028	)
OTHER INCOME (EXPENSES)
Unrealized Gain/(Loss) on sale of marketable securities			(12,000	)			(36,000	)			(8,000	)			(63,000	)
Gain on settlement of debt			-				28,150								28,150
Gain/(loss) on sale of assets			-				22,291				50,000				22,291
Interest income			-				1,500				-				1,500
Interest expense			(13,999	)			(12,289	)			(28,014	)			(70,816	)
Total Other Income (Expenses)			(25,999	)			3,652				13,986				(81,875	)
LOSS BEFORE INCOME TAXES			(7,430,739	)			(977,531	)			(80,017,796	)			(2,205,903	)
INCOME TAX EXPENSE			-				-				-				-
COMPREHENSIVE LOSS		$	(7,430,739	)		$	(977,531	)		$	(80,017,796	)		$	(2,205,903	)
BASIC AND DILUTED LOSS PER SHARE		$	(0.02	)		$	(0.00	)		$	(0.25	)		$	(0.01	)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED			334,234,875				257,142,064				314,834,287				256,507,508

 

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

 

 

GLOBAL TECH INDUSTRIES GROUP, INC.

Condensed Consolidated Statements of Stockholders’ Equity (Deficit)

For the Three and Six Months Ended June 30, 2023, and 2022 (Unaudited) 

 

		Shares				Amount				Shares				Amount				Capital				(Deficit)				Equity
		Preferred Stock								Common Stock								Additional				Retained				Total
		Shares				Amount				Shares				Amount				Capital				(Deficit)				Equity
Balance, December 31, 2021			1,000			$	1				255,790,585			$	255,791			$	237,774,709			$	(234,155,911	)		$	3,874,590
Common stock issued for services											750,247				750				1,180,348								1,181,098
Common stock issued for charitable donations											250,000				250				409,750								410,000
Revesal of acquisition																			(6,969,500	)			18,255				(6,951,245	)
Imputed interest – loan																			6,720								6,720
Escrow release from acquisition																			7,920,090								7,920,090
Proceeds from the exercise of warrants																			8,875								8,875
Common stock issued for notes payable, accrued interest, and accrued expenses											672,457				672				1,074,405								1,075,077
Net loss for the six months ended June 30							-																(2,205,903	)			(2,205,903	)
Balance, June 30, 2022			1,000			$	1				257,463,289			$	257,463			$	241,405,397			$	(236,343,559	)		$	5,319,302
Balance, December 31, 2022			1,000			$	1				262,251,320			$	262,251			$	256,976,102			$	(247,730,858	)		$	9,507,496
Balance			1,000			$	1				262,251,320			$	262,251			$	256,976,102			$	(247,730,858	)		$	9,507,496
Common stock issued for services											41,223,221				41,222				62,079,753								62,120,975
Common stock issued for charitable donations											11,000,000				11,000				16,849,000								16,860,000
Imputed interest – loan																			6,720								6,720
Stock dividend											31,026,861				31,027				(31,027	)
Net loss for the six months ended June 30							-																(80,017,796	)			(80,017,796	)
Balance, June 30, 2023			1,000			$	1				345,501,402			$	345,500			$	335,880,548			$	(327,748,654	)		$	8,477,395
Balance			1,000			$	1				345,501,402			$	345,500			$	335,880,548			$	(327,748,654	)		$	8,477,395

 

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

 

 

GLOBAL TECH INDUSTRIES GROUP, INC.

Condensed Consolidated Statements of Cash Flows

(unaudited) 

 

		2023				2022
		For The Six Months Ended
		June 30,
		2023				2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$	(80,017,796	)		$	(2,205,903	)
Adjustments to reconcile net loss to net cash used in operating activities (net of acquisition):
Depreciation			536				1,161
Stock issued for services			78,980,974				1,591,098
Imputed interest on loan			6,720				6,720
Gain on debt conversion			-				(28,150	)
Gain on asset sales			(50,000	)			(22,291	)
Loss on marketable securities			8,000				63,000
Change in operating assets and liabilities
Increase in accounts payable and accrued expenses			10,972				8,459
Increase in accounts payable and accrued expenses-related parties			251,314				615,179
Increase in accrued interest payable			20,678				63,920
Net Cash Used in Operating Activities			(788,602	)			93,193
CASH FLOWS FROM INVESTING ACTIVITIES
Cash returned in acquisition reversal BEC			-				(183,933	)
Cash acquired in GTI acquisition			-				2,373
Cash from sale of assets			50,000				25,000
Net Cash Provided by (Used in) Investing Activities			50,000				(156,560	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from shareholder advance			1,075,000				-
Proceeds from note payable			355,000				50,000
Proceeds from exercise of warrants			-				8,875
Net Cash Provided by Financing Activities			1,430,001				58,875
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			691,399				(4,492	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD			3,320,164				359,143
CASH AND CASH EQUIVALENTS, END OF PERIOD		$	4,011,563			$	354,651
SUPPLEMENTAL DISCLOSURES:
Stock issued and held in escrow		$	-			$	10,000
Common stock issued for debt, accrued interest and accrued expenses		$	-			$	1,075,077
Stock released from escrow for license acquisition (net of debt)		$	-			$	7,920,090
Stock dividend		$	31,027			$	-
NON-CASH INVESTING AND FINANCING ACTIVITIES:
NONE

 

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

 

 

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

 

NOTE 1 - CONDENSED FINANCIAL STATEMENTS

 

A) CONSOLIDATION

 

The accompanying consolidated financial statements have been prepared by Global Tech Industries Group, Inc. (“the Company”) without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position at June 30, 2023, and the results of operations and cash flows for the three and six months then ended, have been made.

 

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the period ended June 30, 2023, are not necessarily indicative of the operating results for what will be the full year ended December 31, 2022.

 

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries as disclosed in Note 2 below. All significant inter-company balances and transactions have been eliminated.

 

B) GOING CONCERN

 

The Company’s consolidated financial statements are prepared using U.S. GAAP applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenue sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. These conditions raise substantial doubt regarding the Company’s ability to continue as a going concern.

 

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its operating expenses and seeking equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.

 

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

7

 

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

 

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

 

A) PRINCIPLES OF CONSOLIDATION

 

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, TTI Strategic Acquisitions and Equity Group, Inc, Classroom Salon Holdings, LLC, Gold Transactions International, Inc. and GT International, Inc. All significant inter-company balances and transactions have been eliminated.

 

B) USE OF MANAGEMENT’S ESTIMATES

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.

 

C) CASH EQUIVALENTS

 

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are maintained with major financial institutions in the U S. Deposits held with these banks at times exceed $250,000 of insurance provided on such deposits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash and cash equivalents. On June 30, 2023 and December 31, 2022, $4,011,563 and $3,320,164 excess cash balances existed, respectively.

 

D) INCOME TAXES

 

The Company applies ASC 740 which requires the asset and liability method of accounting for income taxes. The asset and liability method require that the current or deferred tax consequences of all events recognized in the financial statements are measured by applying the provisions of enacted tax laws to determine the amount of taxes payable or refundable currently or in future years. Deferred tax assets are reviewed for recoverability and the Company records a valuation allowance to reduce its deferred tax assets when it is more likely than not that all or some portion of the deferred tax assets will not be recovered.

 

ASC 740 requires recognition and measurement of uncertain tax positions using a “more-likely-than-not” approach, requiring the recognition and measurement of uncertain tax positions. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will to be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

8

 

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

 

E) REVENUE RECOGNITION

 

The Company had no revenues during the three and six months ended June 30, 2023 and 2022, however when revenues commence, the Company will recognize revenues in accordance with ASC 606, “Revenue from Contracts with Customers.” Revenue is recognized per our contract with our customers at a point of time when control of our products or services are transferred to our customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products, and after all our performance obligations have been met. The Company currently has no consulting revenues with performance obligations of hours expended on various projects with our customers pursuant to underlying contracts. If we subsequently determine that collection from any customer is not reasonably assured, we record an allowance for doubtful accounts and bad debt expense for all that customer’s unpaid invoices and cease recognizing revenue for continued services provided until cash is received.

 

F) STOCK-BASED COMPENSATION

 

The Company accounts for stock-based compensation in accordance with the provisions of ASC 718. ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on the grant-date fair value of the award. That cost will be recognized over the period during which an employee is required to provide service in exchange for the reward- known as the requisite service period. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. The grant-date fair value of employee share options and similar instruments are estimated using the Black Scholes option-pricing model adjusted for the unique characteristics of those instruments.

 

Equity instruments issued to non-employees are recorded at their fair values as determined in accordance with ASC 718 as amended by ASU 2018-07. As such, the grant date is the measurement date of an award’s fair value., which is expensed over the requisite service period.

 

G) FAIR VALUE OF FINANCIAL INSTRUMENTS

 

The Company follows ASC 820, “Fair Value Measurements,” which defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows:

 

	Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
	Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
	Level 3 inputs to the valuation methodology are unobservable and significant to the fair measurement.

 

The carrying amounts reported in the balance sheets for cash and cash equivalents, and current liabilities each qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The carrying value of notes payable approximates fair value because negotiated terms and conditions are consistent with current market rates as of June 30, 2023, and December 31, 2022.

 

Marketable securities are reported at the quoted and listed market rates of the securities held at the period end.

 

9

 

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

 

The following table presents the Company’s marketable securities within the fair value hierarchy utilized to measure fair value on a recurring basis as of June 30, 2023 and December 31, 2022:

 SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS

			Level 1				Level 2				Level 3
Marketable Securities – June 30, 2023			$	28,000			$	-0-			$	-0-
Marketable Securities – December 31, 2022			$	36,000			$	-0-			$	-0-

 

H) BASIC AND DILUTED LOSS PER SHARE

 

The Company calculates earnings per share in accordance with ASC 260, “Earnings Per Share.” Basic loss per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share gives effect to dilutive convertible securities, options, warrants and other potential common stock outstanding during the period; only in periods in which such effect is dilutive. For the three months ended June 30, 2023, and 2022, there were 23,358,496 warrants outstanding, however their effects were anti-dilutive. and there were no potentially dilutive securities to consider in the fully diluted earnings per share calculation.

 SCHEDULE OF BASIC AND DILUTED PER SHARE

		2023				2022
		For the Three Months Ended
		June 30,
		2023				2022
Loss (numerator)		$	(7,430,739	)		$	(977,531	)
Shares (denominator)			334,234,875				257,142,064
Basic and diluted loss per share		$	(0.02	)		$	(0.00	)

 

For the six ended June 30, 2023, and 2022, and there were no potentially dilutive securities to consider in the fully diluted earnings per share calculation.

 

		2023				2022
		For the Six Months Ended
		June 30,
		2023				2022
Loss (numerator)		$	(80,017,796	)		$	(2,205,903	)
Shares (denominator)			314,834,287				256,507,508
Basic and diluted loss per share		$	(0.25	)		$	(0.01	)

 

I) RECENT ACCOUNTING PRONOUNCEMENTS

 

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

J) MARKTABLE SECURITIES

 

The Company purchases marketable securities and engages in trading activities for its own account. Securities that are held principally for resale in the near term are recorded at fair value with changes in fair value included in earnings. Interest and dividends are included in net Interest Income.

 

K) LONG LIVED ASSETS

 

The Company evaluates its long-lived assets in accordance with FASB ASC 350, “Intangibles-Goodwill and Other,” and FASB ASC 360, “Property, Plant, and Equipment.” Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets and is recorded in the period in which the determination was made.

 

10

 

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

 

NOTE 3 - MARKETABLE SECURITIES

 

The Company has acquired various shares of Marketable Securities. During the six months ended June 30, 2023, the Company recorded a loss of $(8,000) which consisted of unrealized gains (losses) by marking to market, the value of the shares held. For the six months ended June 30, 2022, the Company recorded unrealized loss of $(63,000). The Company does not hold any equity securities that do not have readily available fair values, therefore no impairment analysis or other methods to determine value are used.

 

NOTE 4 – FIXED ASSETS

 

Depreciation expense for the six months ended June 30, 2023, and 2022 was $536 and $1,161, respectively. June 30, 2023, assets of $3,214.

 

Fixed assets consist of the following:

  SCHEDULE OF FIXED ASSETS

		June 30, 2023				December 31, 2022
Equipment		$	3,214			$	3,214
Furniture and fixtures			-				-
Total fixed assets			3,214				3,214
Accumulated Depreciation			(2,947	)			(2,411	)
Net fixed assets		$	267			$	803

 

NOTE 5 – LICENSES

 

GOLD TRANSACTIONS NETWORK LICENSE

 

On February 28, 2021, pursuant to a Stock Purchase Agreement (the “SPA”) between the Company and Gold Transactions International, Inc. (GTI), the Company purchased 100% of the stock of GTI and assumed its sole asset a License Agreement held by GTI. The exclusive license (“License”) provides access to a joint venture of companies (the “Network”), that buys gold from artisan miners internationally, and provides transportation, assaying, refining and storage facilities in the DMCC1, a free trade zone for commodities trading in Dubai, and then sells the refined gold to its customers. The License Agreement grants the Company the following:

 

	●	Access to the Network’s gold operations, to participate in the profits generated by the margin between the buy and sell prices, based on the percentage (%) of funds advanced into the Network,
	●	an exclusive license to market and promote the gold buy/sell program in an attempt to increase the buying power of the Network. The term of the License is un-defined and perpetual.
	●	Reporting from the Network partners of gold transactions shared in, and the revenue generated on a monthly basis. Payments, however are quarterly to the Network partners.

 

Pursuant to the SPA, 100% of the GTI shares were exchanged for 6,000,000 shares of the Company’s common stock (acquisition date fair value was $10,018,085). This transaction closed in the second quarter of 2022. As per the table below the License asset was valued at $14,990,277 net of additional liabilities as per table below recorded on the closing date of the transaction May 25, 2022.

 

The acquisition of GTI is being treated as an asset purchase and not business combination per ASC 805 as substantially all of the assets acquired are concentrated in a single identifiable asset. The following table summarizes the consideration transferred to acquire GTI and the amount of identified assets, and liabilities assumed at the acquisition date.

 

Recognized amounts of identifiable assets acquired and liabilities assumed:

 SCHEDULE OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED 

Cash and cash equivalents		$	2,373
License (including intangibles)			14,990,277
Trade payables			(6,388	)
Note payable			(4,968,177	)
Total identifiable net assets		$	10,018,085

 

11

 

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

 

NOTE 6 - RELATED PARTY TRANSACTIONS

 

Accrued Payables and Accrued Expenses – Related Parties

 

Related party payables and accrued expenses totaled $1,802,522 and $1,551,208 on March 31, 2023, and December 31, 2022. These totals are detailed as follows:

 

Due to related parties advances consists of cash advances and expenses paid by Mr. Reichman to satisfy the expense needs of the Company. The payables and cash advances are unsecured, due on demand and do not bear interest. As of June 30, 2023, and December 31, 2022, these amounts totaled $97,963 and $270,649.

 

The Company does not have sufficient operations and funds to pay its officers their wages in cash, therefore all wages have been accrued for the six months ended June 30, 2023, and 2022. The accrued officer wages for the three months ended June 30, 2023, and 2022 are $162,000 and $137,000, respectively. The balance of accrued wages due to the officers on June 30, 2023, and December 31, 2022, are $1,632,500 and $1,232,500, respectively. Additionally, there is an expense account due Mr. Reichman in total of $72,059 and $48,059 on June 30, 2023, and December 31, 2022.

 

Due to Related Parties

 

Due to related parties consists of shareholder loans of $1,075,000. The balances are unsecured, due on demand and do not bear interest. As of June 30, 2023, and December 31, 2022, these amounts totaled $1,075,000 and $0.

 

NOTE 7 - NOTES PAYABLE

 

(a) NOTES PAYABLE IN DEFAULT:

 

Notes payable in default consist of various notes bearing interest at rates from 5% to 9%, which are unsecured with original due dates between August 2000 and December 2016. All the notes are unpaid to date and are in default and are thus classified as current liabilities. At June 30, 2023 and December 31, 2022, notes payable in default amounted to $871,082 and $871,082, respectively. Below is a discussion of the details to the notes payable in default and a table summarizing the notes in default with additional information.

 

12

 

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

 

None of the above notes are convertible or have any covenants.

 

(b) Additional detail to all Notes Payable in Default is as follows:

 SCHEDULE OF NOTES PAYABLE

June 30, 2022				December 31, 2022				Interest				Interest Expense
Principal				Principal				Rate				6/30/2023				6/30/2022				Maturity
$	32,960			$	32,960				5.00	%		$	824			$	824				10/5/18
	32,746				32,746				5.00	%			818				818				10/5/18
	5,000				5,000				6.00	%			150				150				10/5/18
	100,000				100,000				5.00	%			2,500				2,500				10/5/18
	7,000				7,000				6.00	%			210				210				10/5/18
	388,376				388,376				5.00	%			9,710				9,710				10/5/18
	192,000				192,000				0	%			6,720				6,720				10/5/18
	18,000				18,000				6.00	%			540				540				9/1/2002
	30,000				30,000				6.00	%			900				900				9/12/2002
	25,000				25,000				5.00	%			626				626				8/31/2000
	40,000				40,000				7.00	%			1,400				1,400				7/10/2002
$	871,082			$	871,082							$	24,398			$	24,398

 

On June 30, 2023, and December 31, 2022, accrued interest on the outstanding notes payable (default and current) were $437,452 and $416,774, respectively. Interest expense on the outstanding notes amounted to $24,398 and $24,398 for the six months ended June 30, 2023, and 2022 including the imputed interest discussed below.

 

13

 

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

June 30, 2023

 

(c) NOTES PAYABLE

 

On November 29, 2022, the Company received cash from an individual in the amount of $50,000 as a loan bearing interest at 5%, with a term of 12 months of the date received. On March 31, 2023, accrued interest on this note totaled $1,771 respectively.

 

On December 5, 2022, the Company received cash from an individual in the amount of $30,000 as a loan bearing interest at 5%, with a term of 12 months of the date received. On March 31, 2023, accrued interest on this note totaled $1,028, respectively.

 

On January 1, 2023, the Company had legal fees paid directly from an individual in the amount of $20,000 as a loan bearing interest at 5%, with a term of 12 months of the date received. On March 31, 2023, accrued interest on this note totaled $600, respectively.

 

In connection with the acquisition of the License Agreement, the Company executed a Promissory Note in the amount of $5,044,610, bears interest at 2.168%, is payable quarterly in graduating amounts over a 5-year period and is unsecured. On December 31, 2020, the Note Holder agreed to delay the interest accrual until 2023 and delayed the quarterly installments. As of June 30, 2023, the balance on this loan was $4,968,177.

 

The Company has debt obligations on the note as follows:

 SCHEDULE OF FUTURE MATURITIES OF NOTES PAYABLE

Year Due		Amount
2024			187,388
2025			487,480
2026			794,133
2027			1.107.489
Thereafter			2,391,687
Total			4,968,177

 

(d) IMPUTED INTEREST

 

During the six months ended June 30, 2023 and 2022, the Company recorded imputed interest on a non-interest-bearing note in the amount of $6,720, as an increase in additional paid in capital.

 

NOTE 8 - STOCKHOLDERS’ EQUITY (DEFICIT)

 

ISSUANCES OF COMMON STOCK

 

During the six months ended June 30, 2023, the Company issued 52,223,221 shares of common stock with a fair market value of $78,980,973 for services rendered. Directors were issued 36,460,714 shares with a total value of $54,691,071 to related parties. A total of 557,934 shares issued for services performed during the period including legal, IR services, IT and consulting services valued at $7,429,902. Medical advisory and service related to a 501c charitable organization received 11,000,000 shares valued at $16,860,000. All non director services performed were from outside, unrelated third parties. The Company issued 31,026,861 shares of common stock as a stock dividend on April 29,2013.

 

During the six months ended June 30, 2022, the Company issued 1,400,247 shares of common stock with a fair market value of $1,590,918. The services performed during the quarter were, legal, IR services, IT and consulting services for art procurement, medical advisory and service related to a 501c charitable organization. All services performed were from outside, unrelated third parties. 

 

14

 

GLOBAL TECH INDUSTRIES GROUP, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

June 30, 2023

 

NOTE 9 – LEGAL ACTIONS

 

On December 30, 2016, the Company executed a stock purchase agreement (the “HK SPA”), which was signed and closed in Hong Kong, with GoFun Group, Ltd. through its wholly owned subsidiary Go F & B Holdings, Ltd. GoFun Group, Ltd. is a privately held company running a casual dining restaurant business, based in Hong Kong. Subsequent to the HK SPA being signed, GoFun Group failed to substantially perform under the agreement, including, but not limited to providing audited financials of its assets, making the ongoing payments called for in the agreement, along with other matters that led Global Tech to initiate litigation in the United States. Global Tech and GoFun litigated the matter in the U.S District Court for the Southern District of New York, Docket No.17-CV-03727 . On October 2, 2019, the Company was able to secure, via preliminary settlement, the return of 43,649,491 shares of the Company’s stock out of the original 50,649,491 that were issued in good faith to GoFun in anticipation of a final stock exchange. That stock was returned to the Company’s treasury and cancelled. On May 14, 2021, the Superior Court of New Jersey, Chancery Division: Monmouth County (docket no. PAS-MON-C-60-21) issued an order restraining the removal of restrictive legends on the remaining 7,000,000 shares of stock. Subsequently, the Company and GoFun mutually agreed to resolve the matter and as of the date of this filing, the matter has been resolved among all the parties. .

 

On December 30, 2019, a dispute between the Company and its counsel regarding the GoFun matter, above, resulted in a filing, and subsequent settlement, of an action in the Supreme Court of the State of New York for the County of New York (Index No. 656396/2019). Pursuant to the settlement, counsel for the Company accepted previously-issued shares as full payment for all legal work, expenses, costs, and other fees.

 

On March 17, 2021, the Company filed an action against Pacific Technologies Group, Inc., Rollings Hills Oil and Gas Inc., Demand Brands, Inc., Innovativ Media Group, Inc., Tom Coleman, and Bruce Hannan, in the Supreme Court of the State of New York, County of New York (Index No. 651771/2021), alleging fraud, rescission and cancellation of a written instrument, unconscionability, breach of contract, breach of good faith and fair dealing, unjust enrichment, and civil conspiracy. The action stems from a stock purchase agreement entered into by the Company and Pacific Technologies Group, Inc. (then known as Demand Brands, Inc.) on October 16, 2018. On May 22, defendants filed a motion seeking additional time to answer. On November 23, 2021, the defendants filed a venue-related procedural motion to dismiss. On January 21, 2022, the Company submitted its opposition to said motion, and on February 11, 2022, defendants filed their affirmation in reply. To date, no decision on that motion has been entered by the Court.

 

On August 16, 2021, the Company filed an action against David Wells, in the United States District Court for the Southern District of New York (Case 1:21-cv-06891) seeking injunctive relief and relinquishment of 150,000 shares held in the name of David Wells. As of December 31, 2021, David Wells had not filed an answer to the Company’s complaint. On November 11, 2021, David Wells filed an action against GTII in the United States District Court for the District of Nevada,(Case 2:21-cv-02040) claiming a violation of the duty to register transfer of shares. As of December 31, 2021, the parties were engaged in briefing jurisdictional motions. As of the date of this filing, the David Wells matter has been primarily resolved, with a few minor issues still open between the parties. It is anticipated that the open issues, which are primarily administrative, will be closed within the few weeks.

 

On August 24, 2021, the Company filed an application for a temporary restraining (“TRO”) order in the Superior Court of New Jersey, Chancery Division: Monmouth County (Docket No.: Mon-C-132-21) seeking to restrain Liberty Stock Transfer, Inc. from removing restrictive legends from 6,000,000 shares of Company stock held in the name of International Monetary, as well as from transferring said shares. The Court granted the TRO effective until September 28, 2021. On September 28, 2021, the Court declined to issue any further restraints.

 

In the interim, on September 16, 2021, International Monetary filed an action against the Company in Clark County, Nevada (Case No: A-21-841175-B) alleging breach of contract and breach good faith and fair dealing, as well as a request for declaratory relief, and temporary restraining order and preliminary injunction. On September 30, 2021, the Company filed a notice of removal of the action to the United States District Court for the District of Nevada (Case 2:21-cv-01820), as well as a request for a temporary restraining order enjoining International Monetary from taking any action to remove the restrictive legend shares from Company shares held in its name. On October 14, 2021, International Monetary filed a motion to strike the petition for removal. As of December 31, 2021, no ruling on that motion had been entered. On November 3, 2022, the Company entered into a settlement agreement with two separate private lenders, which provided for the settlement of all disputes and claims of the parties, including those arising in connection with the lenders’ loans to the Company (the “Settlement Agreement”). The transactions under the Settlement Agreement closed on November 8, 2022.

 

On January 28, 2023, the board authorized management to issue 227,284 shares of the Company’s common stock, restricted by Rule 144, to International Monetary in keeping with the previously signed settlement agreement.

 

NOTE 10 – SUBSEQUENT EVENTS

 

On July 7, 2023, the Company’s Board of Directors authorized the Company to renew its 10b-5 stock repurchase plan (the “10b-5 Plan”) for up outstanding common stock, for an additional twelve months. On July 8, 2023, the Board of Directors executed the new 10b-5 Plan, keeping all parameters of the original plan the same in compliance with SEC Rule 10b5-1.

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Cautionary Statements

 

This Form 10-Q may contain “forward-looking statements,” as that term is used in federal securities laws, about Global Tech’s consolidated financial condition, results of operations and business. These statements include, among others:

 

●	statements concerning the potential benefits that may be experienced from business activities and certain transactions contemplated or completed; and
●	statements of our expectations, beliefs, future plans and strategies, anticipated developments and other matters that are not historical facts. These statements may be made expressly in this Form 10-Q. You can find many of these statements by looking for words such as “believes,” “expects,” “anticipates,” “estimates,” “opines,” or similar expressions used in this Form 10-Q. These forward-looking statements are subject to numerous assumptions, risks and uncertainties that may cause our actual results to be materially different from any future results expressed or implied in those statements. The most important facts that could prevent us from achieving our stated goals include, but are not limited to, the following:

 

a)	volatility or decline of Global Tech’s stock price; potential fluctuation of quarterly results;
b)	Potential fluctuation of quarterly results;
c)	failure to earn revenues or profits;
d)	failure to commercialize our technology or to make sales;
e)	decline in demand for our products and services;
f)	Rapid adverse changes in markets;
g)	litigation with or legal claims and allegations by outside parties against GTII, including but not limited to challenges to intellectual property rights; and
h)	insufficient revenues to cover operating costs.

 

 

General Business

 

Global Tech Industries Group, Inc. (“Global Tech”, “GTII”, “we”. “our”, “us”, “the Company”, “management”) is a Nevada corporation which has been operating under several different names since 1980.

 

The Company was incorporated in 1980 under the laws of the State of Nevada under the name of Western Exploration, Inc. Western Exploration, Inc., a Nevada corporation, was formed on July 24, 1980. In 1990, Western Exploration, Inc. changed its name to Nugget Exploration, Inc. On November 10, 1999, a wholly-owned subsidiary of Nugget Exploration, Inc., Nugget Holdings Corporation merged with and into GoHealthMD, Inc., a Delaware corporation. Shortly thereafter, Nugget Exploration, Inc. changed its name to GoHealthMD, Inc. a Nevada corporation.

 

On August 18, 2004, GoHealthMD, Inc., the Nevada Corporation, changed its name to Tree Top Industries, Inc. On July 7, 2016, Tree Top Industries, Inc. changed its name to Global Tech Industries Group, Inc. GoHealthMD, Inc. continues to exist as a Delaware corporation and wholly-owned subsidiary of Global Tech Industries Group, Inc. NetThruster, Inc. MLN, Inc., BioEnergy Applied Technologies, Inc. (“BAT”), Eye Care Centers International, Inc., GoHealthMD Nano Pharmaceuticals, Inc., TTI Strategic Acquisitions and Equity Group, Inc. and TTII Oil & Gas, Inc, all were formed by Global Tech in the anticipation of technologies, products or services being acquired. G T International, Inc. is a wholly owned subsidiary of Global Tech Industries Group, Inc., existing as a Wyoming corporation. Not all subsidiaries are currently active.

 

On March 17, 2021, the Company’s Board of Directors approved the distribution of Warrants to holders of its common stock to purchase additional shares of stock. On March 22, 2021, Global Tech Industries Group, Inc., (“GTII”) a Nevada corporation, entered into a warrant agreement with Liberty Stock Transfer Agent (“Liberty”), whereby Liberty agreed to act as GTII’s warrant agent in its distribution of warrants to the Company’s shareholders (each, a “Warrant”). All shareholders of record on April 1, 2021, were issued 0.10 of a Warrant per share of Common Stock held of record by such holder; however, no fractional Warrants were issued. The Warrants were issued on or about April 8, 2021. On August 27, 2021, the SEC deemed effective the Company’s registration statement on Form S-1, registering the shares of common stock underlying the warrants. Each full Warrant is exercisable into one share of GTII’s common stock at an exercise price of $2.75. The Warrants shall expire on April 8, 2023. Manhattan Transfer Registrar Co. shall act as co-agent with Liberty. The Warrants do not have a cashless exercise provision.

 

On June 28, 2021, the Company increased its authorized shares of common stock to 550,000,000.

 

On September 3, 2021, the Company formed a new subsidiary, incorporated in the state of Nevada, named Global Tech Health, Inc. (“GTHI”). GTHI is wholly-owned by the Company and is intended to act as the holding company for any acquired healthcare related assets.

 

On May 26, 2022, the Company increase its authorized shares of common stock to 750,000,000.

 

On September 5, 2022, Michael Valle, a member of the board of directors of GTII, died of natural causes. The board is actively looking for a replacement board member.

 

On January 12, 2023, the Company signed a second extension letter to the Stock Purchase Agreement, signed with Wildfire Media Corp, (“Wildfire”) on September 14, 2022, extending the deadline to March 31, 2023.

 

On January 30, 2023, the Company signed an extension to the LOI, signed with CREATD on January 9, 2023, extending the deadline to March 7, 2023.

 

On February 23, 2023, the Company and CREATD agreed to disengage from the LOI, ahead of the March 7, 2023 deadline.

 

On March 30, 2023, the Company signed a third extension letter to the Stock Purchase Agreement, signed with Wildfire on September 14, 2022, extending the deadline to May 15, 2023.

 

On April 23, 2023, the board approved that Mr. Reichman and corporate counsel could act independently on behalf of the Company to settle the GoFun matter. As of the date of this filing, the matter has been resolved.

 

On May 2, 2023, the Company approved Liberty Stock Transfer, Inc. The Company’s transfer agent to begin the stock dividend distribution, which was previously approved by the board, for all shareholders as of April 15, 2023.

 

On May 4, 2023, the Company received a letter from Wildfire stating that is no longer wanted to move forward with the agreement and the two Companies agreed to mutually part ways.

 

On June 2, 2023, the Company retained Sichenzia Ross to assist the Company updating and completing its current reporting requirements, as well as on other corporate matters.

 

On June 9, 2023, the Company signed a Memorandum of Understanding, (“MOU”) with AI Commerce Holdings, LLC, to negotiate for the purpose of acquiring AI Commerce Group, LLC. As of the date of this filing, negotiations are ongoing.

 

 

Employees

 

As of June 30, 2023, the Company employs two individuals in executive positions.

 

RESULTS OF OPERATIONS

 

Results of Operations for the Three Months Ended June 30, 2023, Compared to Three Months Ended June 30, 2022:

 

There were no revenues generated during the three months ended June 30, 2023, or 2022. Our operating expenses increased from $981,183 in 2022 to $ 7,404,739 in 2023. The increase was primarily the result of an increase in professional services including investor relations, IT, legal, accounting and consulting and directors fees. The Company issued $6,457,487 in stock during the second quarter 2023 as compared to $478,241 for the same quarter of 2022. Our interest expense decreased to $16,202 for the three months ended June 30, 2023, from $12,289 for the three months ended June 30, 2022. We also had unrealized loss from our marketable securities of $(12,000) for the three months ended June 30, 2023, compared to a loss of $(36,000) for the three months ended June 30, 2022.

 

Our net loss increased by $6,453,208 from $(977,531) in the first quarter 2022 to a loss of ($7,430,739) in the first quarter 2023. The primary reason for this increase was the increase in stock for services issued. We expect that our losses will continue until we are able to establish a consistent revenue source and finalize our projected acquisitions.

 

Results of Operations for the Six Months Ended June 30, 2023, Compared to Six Months Ended June 30, 2022:

 

There were no revenues generated during the six months ended June 30, 2023, or 2022. Our operating expenses increased from $2,124,028 in 2022 to $80,031,781 in 2023. The increase was primarily the result of an increase in professional services including investor relations, IT, legal, accounting and consulting and directors fees. The Company issued $78,980,974 in stock during the six months of 2023 as compared to $1,937,477 for the same period of 2022. Our interest expense decreased to $30,217 for the six months ended June 30, 2023, from $70,816 for the six months ended June 30, 2022. We also had unrealized loss from our marketable securities of $(8,000) for the six months ended June 30, 2023, compared to a loss of $(63,000) for the six months ended June 30, 2022.

 

Our net loss increased by $77,811,893 from $(2,205,903) in the first two quarters 2022 to a loss of ($80,017,796) in the first quarter 2023. The primary reason for this increase was the increase in stock for services issued. We expect that our losses will continue until we are able to establish a consistent revenue source and finalize our projected acquisitions.

 

LIQUIDITY AND CAPITAL RESOURCES

 

On June 30, 2023, we had cash on hand of $4,011,563 compared to $3,320,164 on December 31, 2022. Cash used by our operations was $2,669,602 during the six months ended June 30, 2023, compared to cash provided of $93,193 during the six months ended June 30, 2022. Cash provided by related parties totaled $2,956,000 and during the six months ended June 30, 2023, Total cash provided for operations during the six months ended June 30, 2023, was $3,311,011. We anticipate that we will have a negative cash flow from operations for 2023. We will attempt to raise capital through the sale of our common stock or through debt financing,

 

Some of Global Tech’s past due obligations, including $338,000 of accounts payable, and $871,082 of notes payable and judgments, were incurred or obtained prior to 2005. No actions have been taken by any of the applicable creditors, and the statute of limitations has been exceeded for the creditors to seek legal action. Global Tech believes that these obligations will not be satisfied in the future because the statute of limitations has been exceeded, and is currently seeking a judicial resolution to these obligations.

 

 

Any remedy to our current lack of liquidity must take into account all the foregoing liabilities. Global Tech intends to expand and develop its new acquisition operating activities to generate significant cashflow to allow it to pay its current obligations and settle its remaining obligations. Capital raise plans are under consideration but it cannot be assured that they will materialize in the current economic environment. Currently, Global Tech is without adequate financing or liquid assets. Because no actions have been taken on the aforementioned past due obligations and demand has not been made by the applicable current note holders, we are unable to accurately quantify the effect the overdue accounts have on Global Tech’s financial condition, liquidity and capital resources. However, in the event that all of these obligations and notes payable were required to be paid in an amount equal to the full balance of each, Global Tech would not be able to meet the obligations based upon its current financial status. The liquidity shortfall of $1,934,084 would cause Global Tech to default and, further, would put our continued viability in jeopardy.

 

Going Concern Qualification

 

The Company has incurred significant losses from operations, and such losses are expected to continue. The Company’s auditors have included a “Going Concern Qualification” in their report for the year ended December 31, 2021. In addition, the Company has limited working capital. The foregoing raises substantial doubt about the Company’s ability to continue as a going concern. Management’s plans include seeking additional capital and/or debt financing. There is no guarantee that additional capital and/or debt financing will be available when and to the extent required, or that if available, it will be on terms acceptable to the Company. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The “Going Concern Qualification” may make it substantially more difficult to raise capital.

 

Off-Balance Sheet Arrangements

 

We have no off-balance sheet arrangements.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not Applicable.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information we are required to disclose is recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the Commission. David Reichman, our Chief Executive Officer and our Principal Accounting Officer, is responsible for establishing and maintaining our disclosure controls and procedures.

 

Under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this report. The disclosure controls and procedures ensure that all information required to be disclosed by us in the reports that we file or submit under the Exchange Act is: (i) recorded, processed, summarized and reported, within the time periods specified in the SEC’s rule and forms; and (ii) accumulated and communicated to our management as appropriate to allow timely decisions regarding required disclosure. Based on that evaluation, management concluded that our controls were not effective as of June 30, 2023.

 

Changes in Internal Controls over Financial Reporting

 

There were no changes in our internal control over financial reporting that occurred during the nine months ended June 30, 2023, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

 

PART II OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

On December 30, 2016, the Company executed a stock purchase agreement (the “Agreement”), which was signed and closed in Hong Kong, with GoFun Group, Ltd. through its wholly owned subsidiary Go F & B Holdings, Ltd. GoFun Group, Ltd. is a privately held company running a casual dining restaurant business, based in Hong Kong. Subsequent to the agreement being signed, GoFun Group failed to substantially perform under the agreement, including, but not limited to providing audited financials of its assets, making the ongoing payments called for in the agreement, along with other matters that led Global Tech to initiate litigation in the United States. Global Tech and GoFun litigated the matter in the U.S District Court for the Southern District of New York, Docket No.17-CV-03727 . On October 2, 2019, the Company was able to secure, via preliminary settlement, the return of 43,649,491 shares of the Company’s stock out of the original 50,649,491 that were issued in good faith to GoFun in anticipation of a final stock exchange. That stock was returned to the Company’s treasury and cancelled. On May 14, 2021, the Superior Court of New Jersey, Chancery Division: Monmouth County (docket no. PAS-MON-C-60-21) issued an order restraining the removal of restrictive legends on the remaining 7,000,000 shares of stock. Subsequently, the Company and GoFun mutually agreed to resolve the matter and as of the date of this filing, the matter has been resolved among all the parties. ..

 

On December 30, 2019, a dispute between the Company and its counsel regarding the GoFun matter, above, resulted in a filing, and subsequent settlement, of an action in the Supreme Court of the State of New York for the County of New York (Index No. 656396/2019). Pursuant to the settlement, counsel for the Company accepted previously-issued shares as full payment for all legal work, expenses, costs, and other fees.

 

On March 17, 2021, the Company filed an action against Pacific Technologies Group, Inc., Rollings Hills Oil and Gas Inc., Demand Brands, Inc., Innovativ Media Group, Inc., Tom Coleman, and Bruce Hannan, in the Supreme Court of the State of New York, County of New York (Index No. 651771/2021), alleging fraud, rescission and cancellation of a written instrument, unconscionability, breach of contract, breach of good faith and fair dealing, unjust enrichment, and civil conspiracy. The action stems from a stock purchase agreement entered into by the Company and Pacific Technologies Group, Inc. (then known as Demand Brands, Inc.) on October 16, 2018. On May 22, defendants filed a motion seeking additional time to answer. On November 23, 2021, the defendants filed a venue-related procedural motion to dismiss. On January 21, 2022, the Company submitted its opposition to said motion, and on February 11, 2022, defendants filed their affirmation in reply. To date, no decision on that motion has been entered by the Court.

 

On August 16, 2021, the Company filed an action against David Wells, in the United States District Court for the Southern District of New York (Case 1:21-cv-06891) seeking injunctive relief and relinquishment of 150,000 shares held in the name of David Wells. As of December 31, 2021, David Wells had not filed an answer to the Company’s complaint. On November 11, 2021, David Wells filed an action against GTII in the United States District Court for the District of Nevada,(Case 2:21-cv-02040) claiming a violation of the duty to register transfer of shares. As of December 31, 2021, the parties were engaged in briefing jurisdictional motions. As of the date of this filing, the David Wells matter has been primarily resolved, with a few minor issues still open between the parties. It is anticipated that the open issues, which are primarily administrative, will be closed within the few weeks.

,

On August 24, 2021, the Company filed an application for a temporary restraining (“TRO”) order in the Superior Court of New Jersey, Chancery Division: Monmouth County (Docket No.: Mon-C-132-21) seeking to restrain Liberty Stock Transfer, Inc. from removing restrictive legends from 6,000,000 shares of Company stock held in the name of International Monetary, as well as from transferring said shares. The Court granted the TRO effective until September 28, 2021. On September 28, 2021, the Court declined to issue any further restraints.

 

In the interim, on September 16, 2021, International Monetary filed an action against the Company in Clark County, Nevada (Case No: A-21-841175-B) alleging breach of contract and breach good faith and fair dealing, as well as a request for declaratory relief, and temporary restraining order and preliminary injunction. On September 30, 2021, the Company filed a notice of removal of the action to the United States District Court for the District of Nevada (Case 2:21-cv-01820), as well as a request for a temporary restraining order enjoining International Monetary from taking any action to remove the restrictive legend shares from Company shares held in its name. On October 14, 2021, International Monetary filed a motion to strike the petition for removal. As of December 31, 2021, no ruling on that motion had been entered. On November 3, 2022, the Company entered into a settlement agreement with two separate private lenders, which provided for the settlement of all disputes and claims of the parties, including those arising in connection with the lenders’ loans to the Company (the “Settlement Agreement”). The transactions under the Settlement Agreement closed on November 8, 2022.

 

On January 28, 2023, the board authorized management to issue 227,284 shares of the Company’s common stock, restricted by Rule 144, to International Monetary in keeping with the previously signed settlement agreement.

 

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

There were shares of common stock issued for legal, marketing, and other professional services rendered by the Company to consultants in the aggregate amount of 15,762,507 shares during the six months ended June 30, 2023, with a value of $17,562,152. Additionally, 36,460,714 shares were issued to related parties with a fair market value of $61,418,821.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

The Company has the following note payable obligations in default:
Note payable to Facts and Comparisons due September 1, 2002, with interest accrued at 6% per annum, unsecured, in settlement of a trade payable; unpaid to date and in default			18,000
Note payable to Luckysurf.com due September 12, 2002 with interest accrued at 6% per annum, unsecured, in settlement of a trade payable; unpaid to date and in default			30,000
Note payable to Michael Marks (a shareholder) due August 31, 2000 with interest accrued at 5% per annum, unsecured; unpaid to date and in default			25,000
Note payable to Steven Goldberg (a former consultant) due July 10, 2002, unsecured with interest of 7% accrued if unpaid at due date, in settlement of liability; unpaid to date and in default			40,000
Note payable to a corporation, unsecured with interest of 6% per annum, unpaid to date and in default			7,000
Note payable to a corporation, unsecured with interest accruing at 6% per annum, unpaid to date and in default			100,000
Note payable to a corporation, unsecured with interest accruing at 6% per annum, unpaid to date and in default			32,746
Note payable to a corporation, unsecured with interest accruing at 6% per annum, unpaid to date and in default			32,960
Note payable to a corporation, unsecured, non interest bearing, unpaid to date and in default			192,000
Note payable to an LLC, unsecured with interest accruing at 6% per annum, unpaid to date and in default			5,000
Various Notes payable to an individual, unsecured with interest accruing at 6% per annum, unpaid to date and in default			388,376
Totals		$	871,082

 

None of these notes have been paid, and management has indicated that no demand for payment for any of these notes has been received by the Company. However, the Company received a notice of motion from Luckysurf.com dated October 22, 2002, seeking entry of a judgment for $30,000. No further information or action has been received by the Company relating to this note.

 

ITEM 5. OTHER INFORMATION

 

Not Applicable

 

ITEM 6. EXHIBITS

 

3. Exhibits

 

EXHIBIT NO.		DESCRIPTION
31.1		Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 Sarbanes-Oxley Act of 2002.*
31.2		Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 Sarbanes-Oxley Act of 2002.*
32.1		Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 Sarbanes-Oxley Act of 2002.*
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

SIGNATURES

 

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

 

Dated: August 14, 2023	GLOBAL TECH INDUSTRIES GROUP, INC.
	By:	/s/ David Reichman
		David Reichman, Chairman of the Board, Chief Executive Officer, Chief Financial Officer (Principal Executive Officer, Principal Financial and Accounting Officer)

 

 

 

EXHIBIT 31.1

 

SECTION 302 CERTIFICATION

 

I, David Reichman, certify that:

 

1.	I have reviewed this report on Form 10-Q of GLOBAL TECH INDUSTRIES GROUP, INC.;
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.	The registrant’s other certifying officer(s) and I are 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 small business issuer’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.

 

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our 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 (of 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 small business issuer’s internal control over financial reporting.

 

Date: August 14, 2023

 

/s/ David Reichman
David Reichman, Chief Executive Officer
(Principal Executive Officer)

 

 

EXHIBIT 31.2

 

SECTION 302 CERTIFICATION

 

I, David Reichman, certify that:

 

1.	I have reviewed this report on Form 10-Q of GLOBAL TECH INDUSTRIES GROUP, INC.;
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.	The registrant’s other certifying officer(s) and I are 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 small business issuer’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.

 

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our 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 (of 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 small business issuer’s internal control over financial reporting.

 

Date: August 14, 2023

 

/s/ David Reichman
David Reichman, Chief Financial Officer
(Principal Financial/Accounting Officer)

 

 

 

EXHIBIT 32.1

 

SECTION 906 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 Quarterly Report of GLOBAL TECH INDUSTRIES GROUP, INC. (the “Company”) on Form 10-Q for the period ending June 30, 2023 (the “Report”) I, David Reichman, Chief Executive Officer of the Company, certify, pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

 

	(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.

 

/s/ David Reichman		Date: August 14, 2023
David Reichman,
Chief Executive Officer

 

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. 

 

 

EXHIBIT 32.2

 

SECTION 906 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 Quarterly Report of GLOBAL TECH INDUSTRIES GROUP, INC. (the “Company”) on Form 10-Q for the period ending June 30, 2023 (the “Report”) I, David Reichman, Chief Financial Officer (Principal Financial/Accounting Officer) of the Company, certify, pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

 

	(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.

 

/s/ David Reichman		Date: August 14, 2023
David Reichman,
Chief Financial Officer

 

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

 

 

v3.23.2

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 11, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	000-10210
Entity Registrant Name	GLOBAL TECH INDUSTRIES GROUP, INC.
Entity Central Index Key	0000356590
Entity Tax Identification Number	90-1604380
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	511 Sixth Avenue
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10011
City Area Code	212
Local Phone Number	204 7926
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 Common Stock, Shares Outstanding		346,101,402

v3.23.2

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 4,011,563	$ 3,320,164
Marketable securities	28,000	36,000
Total Current Assets	4,039,563	3,356,164
PROPERTY, PLANT & EQUIPMENT
Fixed Assets (net)	267	803
Total Property. Plant and Equipment	267	803
OTHER ASSETS
License	14,990,277	14,990,277
Total Other Assets	14,990,277	14,990,277
TOTAL ASSETS	19,030,105	18,347,244
CURRENT LIABILITIES
Accounts payable and accrued expenses	963,477	952,507
Accrued interest payable	437,452	416,774
Notes payable in default	871,082	871,082
Notes payable	435,000	80,000
Current portion of long-term debt	180,000	180,000
Total Current Liabilities	5,764,533	4,051,571
LONG TERM LIABILITIES
Long-term operating lease liabilities
Note Payable	4,788,177	4,788,177
Total Long-term liabilities	4,788,177	4,788,177
Total Liabilities	10,552,710	8,839,748
STOCKHOLDERS’ EQUITY
Preferred stock, par value $.001, 50,000 authorized,1,000 issued and outstanding	1	1
Common stock, par value $0.001 per share, 550,000,000 shares authorized; 345,501,402 (including 10,000,000 shares held in escrow) and 262,251,320 issued and 335,501,402 and 252,251,320 outstanding, respectively	345,500	262,251
Additional paid-in-capital	335,880,548	256,976,102
Accumulated (Deficit)	(327,748,654)	(247,730,858)
Total Stockholders’ Equity	8,477,395	9,507,496
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	19,030,105	18,347,244
Related Party [Member]
CURRENT LIABILITIES
Accounts payable and accrued expenses	1,802,522	1,551,208
Due to related parties	1,075,000
Subsidiary [Member]
CURRENT LIABILITIES
Due to related parties	$ 1,075,000

v3.23.2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000	50,000
Preferred stock, shares issued	1,000	1,000
Preferred stock, shares outstanding	1,000	1,000
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	550,000,000	550,000,000
Common stock shares issued	345,501,402	262,251,320
Common stock shares held in escrow	10,000,000	10,000,000
Common stock shares outstanding	335,501,402	252,251,320

v3.23.2

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
REVENUES, net
OPERATING EXPENSES
General and administrative	946,986	130,174	1,050,273	185,390
Compensation and professional fees	6,457,487	478,241	62,120,974	1,154,977
Charitable Donations		372,500	16,860,000	782,500
Depreciation	267	268	536	1,161
Total Operating Expenses	7,404,739	981,183	80,031,782	2,124,028
OPERATING LOSS	(7,404,739)	(981,183)	(80,031,782)	(2,124,028)
OTHER INCOME (EXPENSES)
Unrealized Gain/(Loss) on sale of marketable securities	(12,000)	(36,000)	(8,000)	(63,000)
Gain on settlement of debt		28,150		28,150
Gain/(loss) on sale of assets		22,291	50,000	22,291
Interest income		1,500		1,500
Interest expense	(13,999)	(12,289)	(28,014)	(70,816)
Total Other Income (Expenses)	(25,999)	3,652	13,986	(81,875)
LOSS BEFORE INCOME TAXES	(7,430,739)	(977,531)	(80,017,796)	(2,205,903)
INCOME TAX EXPENSE
COMPREHENSIVE LOSS	$ (7,430,739)	$ (977,531)	$ (80,017,796)	$ (2,205,903)
BASIC LOSS PER SHARE	$ (0.02)	$ (0.00)	$ (0.25)	$ (0.01)
DILUTED LOSS PER SHARE	$ (0.02)	$ (0.00)	$ (0.25)	$ (0.01)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC	334,234,875	257,142,064	314,834,287	256,507,508
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, DILUTED	334,234,875	257,142,064	314,834,287	256,507,508

v3.23.2

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2021	$ 1	$ 255,791	$ 237,774,709	$ (234,155,911)	$ 3,874,590
Balance, shares at Dec. 31, 2021	1,000	255,790,585
Common stock issued for services		$ 750	1,180,348		1,181,098
Common stock issued for services, shares		750,247
Common stock issued for charitable donations		$ 250	409,750		410,000
Common stock issued for charitable donations, shares		250,000
Revesal of acquisition			(6,969,500)	18,255	(6,951,245)
Imputed interest – loan			6,720		6,720
Escrow release from acquisition			7,920,090		7,920,090
Proceeds from the exercise of warrants			8,875		8,875
Common stock issued for notes payable, accrued interest, and accrued expenses		$ 672	1,074,405		1,075,077
Common stock issued for notes payable, accrued interest, and accrued expenses, shares		672,457
Net loss for the six months ended June 30				(2,205,903)	(2,205,903)
Balance at Jun. 30, 2022	$ 1	$ 257,463	241,405,397	(236,343,559)	5,319,302
Balance, shares at Jun. 30, 2022	1,000	257,463,289
Balance at Dec. 31, 2022	$ 1	$ 262,251	256,976,102	(247,730,858)	9,507,496
Balance, shares at Dec. 31, 2022	1,000	262,251,320
Common stock issued for services		$ 41,222	62,079,753		62,120,975
Common stock issued for services, shares		41,223,221
Common stock issued for charitable donations		$ 11,000	16,849,000		16,860,000
Common stock issued for charitable donations, shares		11,000,000
Imputed interest – loan			6,720		6,720
Net loss for the six months ended June 30				(80,017,796)	(80,017,796)
Stock dividend		$ 31,027	(31,027)
Stock dividend, shares		31,026,861
Balance at Jun. 30, 2023	$ 1	$ 345,500	$ 335,880,548	$ (327,748,654)	$ 8,477,395
Balance, shares at Jun. 30, 2023	1,000	345,501,402

v3.23.2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (80,017,796)	$ (2,205,903)
Adjustments to reconcile net loss to net cash used in operating activities (net of acquisition):
Depreciation	536	1,161
Stock issued for services	78,980,974	1,591,098
Imputed interest on loan	6,720	6,720
Gain on debt conversion		(28,150)
Gain on asset sales	(50,000)	(22,291)
Loss on marketable securities	8,000	63,000
Change in operating assets and liabilities
Increase in accounts payable and accrued expenses	10,972	8,459
Increase in accounts payable and accrued expenses-related parties	251,314	615,179
Increase in accrued interest payable	20,678	63,920
Net Cash Used in Operating Activities	(788,602)	93,193
CASH FLOWS FROM INVESTING ACTIVITIES
Cash returned in acquisition reversal BEC		(183,933)
Cash acquired in GTI acquisition		2,373
Cash from sale of assets	50,000	25,000
Net Cash Provided by (Used in) Investing Activities	50,000	(156,560)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from shareholder advance	1,075,000
Proceeds from note payable	355,000	50,000
Proceeds from exercise of warrants		8,875
Net Cash Provided by Financing Activities	1,430,001	58,875
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	691,399	(4,492)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	3,320,164	359,143
CASH AND CASH EQUIVALENTS, END OF PERIOD	4,011,563	354,651
SUPPLEMENTAL DISCLOSURES:
Stock issued and held in escrow		10,000
Common stock issued for debt, accrued interest and accrued expenses		1,075,077
Stock released from escrow for license acquisition (net of debt)		7,920,090
Stock dividend	$ 31,027

v3.23.2

CONDENSED FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONDENSED FINANCIAL STATEMENTS	NOTE 1 - CONDENSED FINANCIAL STATEMENTS   A) CONSOLIDATION   The accompanying consolidated financial statements have been prepared by Global Tech Industries Group, Inc. (“the Company”) without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position at June 30, 2023, and the results of operations and cash flows for the three and six months then ended, have been made.   The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the period ended June 30, 2023, are not necessarily indicative of the operating results for what will be the full year ended December 31, 2022.   The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries as disclosed in Note 2 below. All significant inter-company balances and transactions have been eliminated.   B) GOING CONCERN   The Company’s consolidated financial statements are prepared using U.S. GAAP applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenue sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. These conditions raise substantial doubt regarding the Company’s ability to continue as a going concern.   In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its operating expenses and seeking equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.   The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.     GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements

v3.23.2

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES   A) PRINCIPLES OF CONSOLIDATION   The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, TTI Strategic Acquisitions and Equity Group, Inc, Classroom Salon Holdings, LLC, Gold Transactions International, Inc. and GT International, Inc. All significant inter-company balances and transactions have been eliminated.   B) USE OF MANAGEMENT’S ESTIMATES   The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.   C) CASH EQUIVALENTS   The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are maintained with major financial institutions in the U S. Deposits held with these banks at times exceed $250,000 of insurance provided on such deposits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash and cash equivalents. On June 30, 2023 and December 31, 2022, $4,011,563 and $3,320,164 excess cash balances existed, respectively.   D) INCOME TAXES   The Company applies ASC 740 which requires the asset and liability method of accounting for income taxes. The asset and liability method require that the current or deferred tax consequences of all events recognized in the financial statements are measured by applying the provisions of enacted tax laws to determine the amount of taxes payable or refundable currently or in future years. Deferred tax assets are reviewed for recoverability and the Company records a valuation allowance to reduce its deferred tax assets when it is more likely than not that all or some portion of the deferred tax assets will not be recovered.   ASC 740 requires recognition and measurement of uncertain tax positions using a “more-likely-than-not” approach, requiring the recognition and measurement of uncertain tax positions. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will to be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.     GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements   E) REVENUE RECOGNITION   The Company had no revenues during the three and six months ended June 30, 2023 and 2022, however when revenues commence, the Company will recognize revenues in accordance with ASC 606, “Revenue from Contracts with Customers.” Revenue is recognized per our contract with our customers at a point of time when control of our products or services are transferred to our customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products, and after all our performance obligations have been met. The Company currently has no consulting revenues with performance obligations of hours expended on various projects with our customers pursuant to underlying contracts. If we subsequently determine that collection from any customer is not reasonably assured, we record an allowance for doubtful accounts and bad debt expense for all that customer’s unpaid invoices and cease recognizing revenue for continued services provided until cash is received.   F) STOCK-BASED COMPENSATION   The Company accounts for stock-based compensation in accordance with the provisions of ASC 718. ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on the grant-date fair value of the award. That cost will be recognized over the period during which an employee is required to provide service in exchange for the reward- known as the requisite service period. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. The grant-date fair value of employee share options and similar instruments are estimated using the Black Scholes option-pricing model adjusted for the unique characteristics of those instruments.   Equity instruments issued to non-employees are recorded at their fair values as determined in accordance with ASC 718 as amended by ASU 2018-07. As such, the grant date is the measurement date of an award’s fair value., which is expensed over the requisite service period.   G) FAIR VALUE OF FINANCIAL INSTRUMENTS   The Company follows ASC 820, “Fair Value Measurements,” which defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows:     Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.       Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.       Level 3 inputs to the valuation methodology are unobservable and significant to the fair measurement.   The carrying amounts reported in the balance sheets for cash and cash equivalents, and current liabilities each qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The carrying value of notes payable approximates fair value because negotiated terms and conditions are consistent with current market rates as of June 30, 2023, and December 31, 2022.   Marketable securities are reported at the quoted and listed market rates of the securities held at the period end.     GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements   The following table presents the Company’s marketable securities within the fair value hierarchy utilized to measure fair value on a recurring basis as of June 30, 2023 and December 31, 2022:  SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS       Level 1     Level 2     Level 3   Marketable Securities – June 30, 2023     $ 28,000     $ -0-     $ -0-   Marketable Securities – December 31, 2022     $ 36,000     $ -0-     $ -0-     H) BASIC AND DILUTED LOSS PER SHARE   The Company calculates earnings per share in accordance with ASC 260, “Earnings Per Share.” Basic loss per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share gives effect to dilutive convertible securities, options, warrants and other potential common stock outstanding during the period; only in periods in which such effect is dilutive. For the three months ended June 30, 2023, and 2022, there were 23,358,496 warrants outstanding, however their effects were anti-dilutive. and there were no potentially dilutive securities to consider in the fully diluted earnings per share calculation.  SCHEDULE OF BASIC AND DILUTED PER SHARE     2023     2022       For the Three Months Ended       June 30,       2023     2022   Loss (numerator)   $ (7,430,739 )   $ (977,531 ) Shares (denominator)     334,234,875       257,142,064   Basic and diluted loss per share   $ (0.02 )   $ (0.00 )   For the six ended June 30, 2023, and 2022, and there were no potentially dilutive securities to consider in the fully diluted earnings per share calculation.       2023     2022       For the Six Months Ended       June 30,       2023     2022   Loss (numerator)   $ (80,017,796 )   $ (2,205,903 ) Shares (denominator)     314,834,287       256,507,508   Basic and diluted loss per share   $ (0.25 )   $ (0.01 )   I) RECENT ACCOUNTING PRONOUNCEMENTS   The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.   J) MARKTABLE SECURITIES   The Company purchases marketable securities and engages in trading activities for its own account. Securities that are held principally for resale in the near term are recorded at fair value with changes in fair value included in earnings. Interest and dividends are included in net Interest Income.   K) LONG LIVED ASSETS   The Company evaluates its long-lived assets in accordance with FASB ASC 350, “Intangibles-Goodwill and Other,” and FASB ASC 360, “Property, Plant, and Equipment.” Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets and is recorded in the period in which the determination was made.     GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements

v3.23.2

MARKETABLE SECURITIES	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	NOTE 3 - MARKETABLE SECURITIES   The Company has acquired various shares of Marketable Securities. During the six months ended June 30, 2023, the Company recorded a loss of $(8,000) which consisted of unrealized gains (losses) by marking to market, the value of the shares held. For the six months ended June 30, 2022, the Company recorded unrealized loss of $(63,000). The Company does not hold any equity securities that do not have readily available fair values, therefore no impairment analysis or other methods to determine value are used.

v3.23.2

FIXED ASSETS	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
FIXED ASSETS	NOTE 4 – FIXED ASSETS   Depreciation expense for the six months ended June 30, 2023, and 2022 was $536 and $1,161, respectively. June 30, 2023, assets of $3,214.   Fixed assets consist of the following:   SCHEDULE OF FIXED ASSETS     June 30, 2023     December 31, 2022   Equipment   $ 3,214     $ 3,214   Furniture and fixtures     -       -   Total fixed assets     3,214       3,214   Accumulated Depreciation     (2,947 )     (2,411 ) Net fixed assets   $ 267     $ 803

v3.23.2

LICENSES	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
LICENSES	NOTE 5 – LICENSES   GOLD TRANSACTIONS NETWORK LICENSE   On February 28, 2021, pursuant to a Stock Purchase Agreement (the “SPA”) between the Company and Gold Transactions International, Inc. (GTI), the Company purchased 100% of the stock of GTI and assumed its sole asset a License Agreement held by GTI. The exclusive license (“License”) provides access to a joint venture of companies (the “Network”), that buys gold from artisan miners internationally, and provides transportation, assaying, refining and storage facilities in the DMCC1, a free trade zone for commodities trading in Dubai, and then sells the refined gold to its customers. The License Agreement grants the Company the following:     ● Access to the Network’s gold operations, to participate in the profits generated by the margin between the buy and sell prices, based on the percentage (%) of funds advanced into the Network,         ● an exclusive license to market and promote the gold buy/sell program in an attempt to increase the buying power of the Network. The term of the License is un-defined and perpetual.         ● Reporting from the Network partners of gold transactions shared in, and the revenue generated on a monthly basis. Payments, however are quarterly to the Network partners.   Pursuant to the SPA, 100% of the GTI shares were exchanged for 6,000,000 shares of the Company’s common stock (acquisition date fair value was $10,018,085). This transaction closed in the second quarter of 2022. As per the table below the License asset was valued at $14,990,277 net of additional liabilities as per table below recorded on the closing date of the transaction May 25, 2022.   The acquisition of GTI is being treated as an asset purchase and not business combination per ASC 805 as substantially all of the assets acquired are concentrated in a single identifiable asset. The following table summarizes the consideration transferred to acquire GTI and the amount of identified assets, and liabilities assumed at the acquisition date.   Recognized amounts of identifiable assets acquired and liabilities assumed:  SCHEDULE OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED            Cash and cash equivalents   $ 2,373   License (including intangibles)     14,990,277   Trade payables     (6,388 ) Note payable     (4,968,177 )           Total identifiable net assets   $ 10,018,085       GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements

v3.23.2

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 6 - RELATED PARTY TRANSACTIONS   Accrued Payables and Accrued Expenses – Related Parties   Related party payables and accrued expenses totaled $1,802,522 and $1,551,208 on March 31, 2023, and December 31, 2022. These totals are detailed as follows:   Due to related parties advances consists of cash advances and expenses paid by Mr. Reichman to satisfy the expense needs of the Company. The payables and cash advances are unsecured, due on demand and do not bear interest. As of June 30, 2023, and December 31, 2022, these amounts totaled $97,963 and $270,649.   The Company does not have sufficient operations and funds to pay its officers their wages in cash, therefore all wages have been accrued for the six months ended June 30, 2023, and 2022. The accrued officer wages for the three months ended June 30, 2023, and 2022 are $162,000 and $137,000, respectively. The balance of accrued wages due to the officers on June 30, 2023, and December 31, 2022, are $1,632,500 and $1,232,500, respectively. Additionally, there is an expense account due Mr. Reichman in total of $72,059 and $48,059 on June 30, 2023, and December 31, 2022.   Due to Related Parties   Due to related parties consists of shareholder loans of $1,075,000. The balances are unsecured, due on demand and do not bear interest. As of June 30, 2023, and December 31, 2022, these amounts totaled $1,075,000 and $0.

v3.23.2

NOTES PAYABLE	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTE 7 - NOTES PAYABLE   (a) NOTES PAYABLE IN DEFAULT:   Notes payable in default consist of various notes bearing interest at rates from 5% to 9%, which are unsecured with original due dates between August 2000 and December 2016. All the notes are unpaid to date and are in default and are thus classified as current liabilities. At June 30, 2023 and December 31, 2022, notes payable in default amounted to $871,082 and $871,082, respectively. Below is a discussion of the details to the notes payable in default and a table summarizing the notes in default with additional information.     GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements   None of the above notes are convertible or have any covenants.   (b) Additional detail to all Notes Payable in Default is as follows:  SCHEDULE OF NOTES PAYABLE June 30, 2022     December 31, 2022     Interest     Interest Expense         Principal     Principal     Rate     6/30/2023     6/30/2022     Maturity   $ 32,960     $ 32,960       5.00 %   $ 824     $ 824       10/5/18     32,746       32,746       5.00 %     818       818       10/5/18     5,000       5,000       6.00 %     150       150       10/5/18     100,000       100,000       5.00 %     2,500       2,500       10/5/18     7,000       7,000       6.00 %     210       210       10/5/18     388,376       388,376       5.00 %     9,710       9,710       10/5/18     192,000       192,000       0 %     6,720       6,720       10/5/18     18,000       18,000       6.00 %     540       540       9/1/2002     30,000       30,000       6.00 %     900       900       9/12/2002     25,000       25,000       5.00 %     626       626       8/31/2000     40,000       40,000       7.00 %     1,400       1,400       7/10/2002                                                 $ 871,082     $ 871,082             $ 24,398     $ 24,398             On June 30, 2023, and December 31, 2022, accrued interest on the outstanding notes payable (default and current) were $437,452 and $416,774, respectively. Interest expense on the outstanding notes amounted to $24,398 and $24,398 for the six months ended June 30, 2023, and 2022 including the imputed interest discussed below.     GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements June 30, 2023   (c) NOTES PAYABLE   On November 29, 2022, the Company received cash from an individual in the amount of $50,000 as a loan bearing interest at 5%, with a term of 12 months of the date received. On March 31, 2023, accrued interest on this note totaled $1,771 respectively.   On December 5, 2022, the Company received cash from an individual in the amount of $30,000 as a loan bearing interest at 5%, with a term of 12 months of the date received. On March 31, 2023, accrued interest on this note totaled $1,028, respectively.   On January 1, 2023, the Company had legal fees paid directly from an individual in the amount of $20,000 as a loan bearing interest at 5%, with a term of 12 months of the date received. On March 31, 2023, accrued interest on this note totaled $600, respectively.   In connection with the acquisition of the License Agreement, the Company executed a Promissory Note in the amount of $5,044,610, bears interest at 2.168%, is payable quarterly in graduating amounts over a 5-year period and is unsecured. On December 31, 2020, the Note Holder agreed to delay the interest accrual until 2023 and delayed the quarterly installments. As of June 30, 2023, the balance on this loan was $4,968,177.   The Company has debt obligations on the note as follows:  SCHEDULE OF FUTURE MATURITIES OF NOTES PAYABLE Year Due   Amount           2024     187,388   2025     487,480   2026     794,133   2027     1.107.489   Thereafter     2,391,687             Total     4,968,177     (d) IMPUTED INTEREST   During the six months ended June 30, 2023 and 2022, the Company recorded imputed interest on a non-interest-bearing note in the amount of $6,720, as an increase in additional paid in capital.

v3.23.2

STOCKHOLDERS’ EQUITY (DEFICIT)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
STOCKHOLDERS’ EQUITY (DEFICIT)	NOTE 8 - STOCKHOLDERS’ EQUITY (DEFICIT)   ISSUANCES OF COMMON STOCK   During the six months ended June 30, 2023, the Company issued 52,223,221 shares of common stock with a fair market value of $78,980,973 for services rendered. Directors were issued 36,460,714 shares with a total value of $54,691,071 to related parties. A total of 557,934 shares issued for services performed during the period including legal, IR services, IT and consulting services valued at $7,429,902. Medical advisory and service related to a 501c charitable organization received 11,000,000 shares valued at $16,860,000. All non director services performed were from outside, unrelated third parties. The Company issued 31,026,861 shares of common stock as a stock dividend on April 29,2013.   During the six months ended June 30, 2022, the Company issued 1,400,247 shares of common stock with a fair market value of $1,590,918. The services performed during the quarter were, legal, IR services, IT and consulting services for art procurement, medical advisory and service related to a 501c charitable organization. All services performed were from outside, unrelated third parties.      GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements June 30, 2023

v3.23.2

LEGAL ACTIONS	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
LEGAL ACTIONS	NOTE 9 – LEGAL ACTIONS   On December 30, 2016, the Company executed a stock purchase agreement (the “HK SPA”), which was signed and closed in Hong Kong, with GoFun Group, Ltd. through its wholly owned subsidiary Go F & B Holdings, Ltd. GoFun Group, Ltd. is a privately held company running a casual dining restaurant business, based in Hong Kong. Subsequent to the HK SPA being signed, GoFun Group failed to substantially perform under the agreement, including, but not limited to providing audited financials of its assets, making the ongoing payments called for in the agreement, along with other matters that led Global Tech to initiate litigation in the United States. Global Tech and GoFun litigated the matter in the U.S District Court for the Southern District of New York, Docket No.17-CV-03727 . On October 2, 2019, the Company was able to secure, via preliminary settlement, the return of 43,649,491 shares of the Company’s stock out of the original 50,649,491 that were issued in good faith to GoFun in anticipation of a final stock exchange. That stock was returned to the Company’s treasury and cancelled. On May 14, 2021, the Superior Court of New Jersey, Chancery Division: Monmouth County (docket no. PAS-MON-C-60-21) issued an order restraining the removal of restrictive legends on the remaining 7,000,000 shares of stock. Subsequently, the Company and GoFun mutually agreed to resolve the matter and as of the date of this filing, the matter has been resolved among all the parties. .   On December 30, 2019, a dispute between the Company and its counsel regarding the GoFun matter, above, resulted in a filing, and subsequent settlement, of an action in the Supreme Court of the State of New York for the County of New York (Index No. 656396/2019). Pursuant to the settlement, counsel for the Company accepted previously-issued shares as full payment for all legal work, expenses, costs, and other fees.   On March 17, 2021, the Company filed an action against Pacific Technologies Group, Inc., Rollings Hills Oil and Gas Inc., Demand Brands, Inc., Innovativ Media Group, Inc., Tom Coleman, and Bruce Hannan, in the Supreme Court of the State of New York, County of New York (Index No. 651771/2021), alleging fraud, rescission and cancellation of a written instrument, unconscionability, breach of contract, breach of good faith and fair dealing, unjust enrichment, and civil conspiracy. The action stems from a stock purchase agreement entered into by the Company and Pacific Technologies Group, Inc. (then known as Demand Brands, Inc.) on October 16, 2018. On May 22, defendants filed a motion seeking additional time to answer. On November 23, 2021, the defendants filed a venue-related procedural motion to dismiss. On January 21, 2022, the Company submitted its opposition to said motion, and on February 11, 2022, defendants filed their affirmation in reply. To date, no decision on that motion has been entered by the Court.   On August 16, 2021, the Company filed an action against David Wells, in the United States District Court for the Southern District of New York (Case 1:21-cv-06891) seeking injunctive relief and relinquishment of 150,000 shares held in the name of David Wells. As of December 31, 2021, David Wells had not filed an answer to the Company’s complaint. On November 11, 2021, David Wells filed an action against GTII in the United States District Court for the District of Nevada,(Case 2:21-cv-02040) claiming a violation of the duty to register transfer of shares. As of December 31, 2021, the parties were engaged in briefing jurisdictional motions. As of the date of this filing, the David Wells matter has been primarily resolved, with a few minor issues still open between the parties. It is anticipated that the open issues, which are primarily administrative, will be closed within the few weeks.   On August 24, 2021, the Company filed an application for a temporary restraining (“TRO”) order in the Superior Court of New Jersey, Chancery Division: Monmouth County (Docket No.: Mon-C-132-21) seeking to restrain Liberty Stock Transfer, Inc. from removing restrictive legends from 6,000,000 shares of Company stock held in the name of International Monetary, as well as from transferring said shares. The Court granted the TRO effective until September 28, 2021. On September 28, 2021, the Court declined to issue any further restraints.   In the interim, on September 16, 2021, International Monetary filed an action against the Company in Clark County, Nevada (Case No: A-21-841175-B) alleging breach of contract and breach good faith and fair dealing, as well as a request for declaratory relief, and temporary restraining order and preliminary injunction. On September 30, 2021, the Company filed a notice of removal of the action to the United States District Court for the District of Nevada (Case 2:21-cv-01820), as well as a request for a temporary restraining order enjoining International Monetary from taking any action to remove the restrictive legend shares from Company shares held in its name. On October 14, 2021, International Monetary filed a motion to strike the petition for removal. As of December 31, 2021, no ruling on that motion had been entered. On November 3, 2022, the Company entered into a settlement agreement with two separate private lenders, which provided for the settlement of all disputes and claims of the parties, including those arising in connection with the lenders’ loans to the Company (the “Settlement Agreement”). The transactions under the Settlement Agreement closed on November 8, 2022.   On January 28, 2023, the board authorized management to issue 227,284 shares of the Company’s common stock, restricted by Rule 144, to International Monetary in keeping with the previously signed settlement agreement.

v3.23.2

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 10 – SUBSEQUENT EVENTS   On July 7, 2023, the Company’s Board of Directors authorized the Company to renew its 10b-5 stock repurchase plan (the “10b-5 Plan”) for up outstanding common stock, for an additional twelve months. On July 8, 2023, the Board of Directors executed the new 10b-5 Plan, keeping all parameters of the original plan the same in compliance with SEC Rule 10b5-1.

v3.23.2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
PRINCIPLES OF CONSOLIDATION	A) PRINCIPLES OF CONSOLIDATION   The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, TTI Strategic Acquisitions and Equity Group, Inc, Classroom Salon Holdings, LLC, Gold Transactions International, Inc. and GT International, Inc. All significant inter-company balances and transactions have been eliminated.
USE OF MANAGEMENT’S ESTIMATES	B) USE OF MANAGEMENT’S ESTIMATES   The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.
CASH EQUIVALENTS	C) CASH EQUIVALENTS   The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are maintained with major financial institutions in the U S. Deposits held with these banks at times exceed $250,000 of insurance provided on such deposits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash and cash equivalents. On June 30, 2023 and December 31, 2022, $4,011,563 and $3,320,164 excess cash balances existed, respectively.
INCOME TAXES	D) INCOME TAXES   The Company applies ASC 740 which requires the asset and liability method of accounting for income taxes. The asset and liability method require that the current or deferred tax consequences of all events recognized in the financial statements are measured by applying the provisions of enacted tax laws to determine the amount of taxes payable or refundable currently or in future years. Deferred tax assets are reviewed for recoverability and the Company records a valuation allowance to reduce its deferred tax assets when it is more likely than not that all or some portion of the deferred tax assets will not be recovered.   ASC 740 requires recognition and measurement of uncertain tax positions using a “more-likely-than-not” approach, requiring the recognition and measurement of uncertain tax positions. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will to be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.     GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements
REVENUE RECOGNITION	E) REVENUE RECOGNITION   The Company had no revenues during the three and six months ended June 30, 2023 and 2022, however when revenues commence, the Company will recognize revenues in accordance with ASC 606, “Revenue from Contracts with Customers.” Revenue is recognized per our contract with our customers at a point of time when control of our products or services are transferred to our customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products, and after all our performance obligations have been met. The Company currently has no consulting revenues with performance obligations of hours expended on various projects with our customers pursuant to underlying contracts. If we subsequently determine that collection from any customer is not reasonably assured, we record an allowance for doubtful accounts and bad debt expense for all that customer’s unpaid invoices and cease recognizing revenue for continued services provided until cash is received.
STOCK-BASED COMPENSATION	F) STOCK-BASED COMPENSATION   The Company accounts for stock-based compensation in accordance with the provisions of ASC 718. ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on the grant-date fair value of the award. That cost will be recognized over the period during which an employee is required to provide service in exchange for the reward- known as the requisite service period. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. The grant-date fair value of employee share options and similar instruments are estimated using the Black Scholes option-pricing model adjusted for the unique characteristics of those instruments.   Equity instruments issued to non-employees are recorded at their fair values as determined in accordance with ASC 718 as amended by ASU 2018-07. As such, the grant date is the measurement date of an award’s fair value., which is expensed over the requisite service period.
FAIR VALUE OF FINANCIAL INSTRUMENTS	G) FAIR VALUE OF FINANCIAL INSTRUMENTS   The Company follows ASC 820, “Fair Value Measurements,” which defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows:     Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.       Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.       Level 3 inputs to the valuation methodology are unobservable and significant to the fair measurement.   The carrying amounts reported in the balance sheets for cash and cash equivalents, and current liabilities each qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The carrying value of notes payable approximates fair value because negotiated terms and conditions are consistent with current market rates as of June 30, 2023, and December 31, 2022.   Marketable securities are reported at the quoted and listed market rates of the securities held at the period end.     GLOBAL TECH INDUSTRIES GROUP, INC. Notes to the Unaudited Condensed Consolidated Financial Statements   The following table presents the Company’s marketable securities within the fair value hierarchy utilized to measure fair value on a recurring basis as of June 30, 2023 and December 31, 2022:  SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS       Level 1     Level 2     Level 3   Marketable Securities – June 30, 2023     $ 28,000     $ -0-     $ -0-   Marketable Securities – December 31, 2022     $ 36,000     $ -0-     $ -0-
BASIC AND DILUTED LOSS PER SHARE	H) BASIC AND DILUTED LOSS PER SHARE   The Company calculates earnings per share in accordance with ASC 260, “Earnings Per Share.” Basic loss per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share gives effect to dilutive convertible securities, options, warrants and other potential common stock outstanding during the period; only in periods in which such effect is dilutive. For the three months ended June 30, 2023, and 2022, there were 23,358,496 warrants outstanding, however their effects were anti-dilutive. and there were no potentially dilutive securities to consider in the fully diluted earnings per share calculation.  SCHEDULE OF BASIC AND DILUTED PER SHARE     2023     2022       For the Three Months Ended       June 30,       2023     2022   Loss (numerator)   $ (7,430,739 )   $ (977,531 ) Shares (denominator)     334,234,875       257,142,064   Basic and diluted loss per share   $ (0.02 )   $ (0.00 )   For the six ended June 30, 2023, and 2022, and there were no potentially dilutive securities to consider in the fully diluted earnings per share calculation.       2023     2022       For the Six Months Ended       June 30,       2023     2022   Loss (numerator)   $ (80,017,796 )   $ (2,205,903 ) Shares (denominator)     314,834,287       256,507,508   Basic and diluted loss per share   $ (0.25 )   $ (0.01 )
RECENT ACCOUNTING PRONOUNCEMENTS	I) RECENT ACCOUNTING PRONOUNCEMENTS   The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
MARKTABLE SECURITIES	J) MARKTABLE SECURITIES   The Company purchases marketable securities and engages in trading activities for its own account. Securities that are held principally for resale in the near term are recorded at fair value with changes in fair value included in earnings. Interest and dividends are included in net Interest Income.
LONG LIVED ASSETS	K) LONG LIVED ASSETS   The Company evaluates its long-lived assets in accordance with FASB ASC 350, “Intangibles-Goodwill and Other,” and FASB ASC 360, “Property, Plant, and Equipment.” Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets and is recorded in the period in which the determination was made.

v3.23.2

SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS	The following table presents the Company’s marketable securities within the fair value hierarchy utilized to measure fair value on a recurring basis as of June 30, 2023 and December 31, 2022:  SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS       Level 1     Level 2     Level 3   Marketable Securities – June 30, 2023     $ 28,000     $ -0-     $ -0-   Marketable Securities – December 31, 2022     $ 36,000     $ -0-     $ -0-
SCHEDULE OF BASIC AND DILUTED PER SHARE	SCHEDULE OF BASIC AND DILUTED PER SHARE     2023     2022       For the Three Months Ended       June 30,       2023     2022   Loss (numerator)   $ (7,430,739 )   $ (977,531 ) Shares (denominator)     334,234,875       257,142,064   Basic and diluted loss per share   $ (0.02 )   $ (0.00 )   For the six ended June 30, 2023, and 2022, and there were no potentially dilutive securities to consider in the fully diluted earnings per share calculation.       2023     2022       For the Six Months Ended       June 30,       2023     2022   Loss (numerator)   $ (80,017,796 )   $ (2,205,903 ) Shares (denominator)     314,834,287       256,507,508   Basic and diluted loss per share   $ (0.25 )   $ (0.01 )

v3.23.2

FIXED ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
SCHEDULE OF FIXED ASSETS	Fixed assets consist of the following:   SCHEDULE OF FIXED ASSETS     June 30, 2023     December 31, 2022   Equipment   $ 3,214     $ 3,214   Furniture and fixtures     -       -   Total fixed assets     3,214       3,214   Accumulated Depreciation     (2,947 )     (2,411 ) Net fixed assets   $ 267     $ 803

v3.23.2

LICENSES (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
SCHEDULE OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED	Recognized amounts of identifiable assets acquired and liabilities assumed:  SCHEDULE OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED            Cash and cash equivalents   $ 2,373   License (including intangibles)     14,990,277   Trade payables     (6,388 ) Note payable     (4,968,177 )           Total identifiable net assets   $ 10,018,085

v3.23.2

NOTES PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
SCHEDULE OF NOTES PAYABLE	(b) Additional detail to all Notes Payable in Default is as follows:  SCHEDULE OF NOTES PAYABLE June 30, 2022     December 31, 2022     Interest     Interest Expense         Principal     Principal     Rate     6/30/2023     6/30/2022     Maturity   $ 32,960     $ 32,960       5.00 %   $ 824     $ 824       10/5/18     32,746       32,746       5.00 %     818       818       10/5/18     5,000       5,000       6.00 %     150       150       10/5/18     100,000       100,000       5.00 %     2,500       2,500       10/5/18     7,000       7,000       6.00 %     210       210       10/5/18     388,376       388,376       5.00 %     9,710       9,710       10/5/18     192,000       192,000       0 %     6,720       6,720       10/5/18     18,000       18,000       6.00 %     540       540       9/1/2002     30,000       30,000       6.00 %     900       900       9/12/2002     25,000       25,000       5.00 %     626       626       8/31/2000     40,000       40,000       7.00 %     1,400       1,400       7/10/2002                                                 $ 871,082     $ 871,082             $ 24,398     $ 24,398
SCHEDULE OF FUTURE MATURITIES OF NOTES PAYABLE	The Company has debt obligations on the note as follows:  SCHEDULE OF FUTURE MATURITIES OF NOTES PAYABLE Year Due   Amount           2024     187,388   2025     487,480   2026     794,133   2027     1.107.489   Thereafter     2,391,687             Total     4,968,177

v3.23.2

SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Inputs, Level 1 [Member]
Platform Operator, Crypto-Asset [Line Items]
Marketable Securities	$ 28,000	$ 36,000
Fair Value, Inputs, Level 2 [Member]
Platform Operator, Crypto-Asset [Line Items]
Marketable Securities	0	0
Fair Value, Inputs, Level 3 [Member]
Platform Operator, Crypto-Asset [Line Items]
Marketable Securities	$ 0	$ 0

v3.23.2

SCHEDULE OF BASIC AND DILUTED PER SHARE (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Loss (numerator)	$ (7,430,739)	$ (977,531)	$ (80,017,796)	$ (2,205,903)
Shares (denominator)	334,234,875	257,142,064	314,834,287	256,507,508
Basic loss per share	$ (0.02)	$ (0.00)	$ (0.25)	$ (0.01)
Diluted loss per share	$ (0.02)	$ (0.00)	$ (0.25)	$ (0.01)

v3.23.2

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Deposits held with banks	$ 250,000
Cash	$ 4,011,563		$ 3,320,164
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive, shares	23,358,496	23,358,496

v3.23.2

MARKETABLE SECURITIES (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Gain/(loss) on sale of marketable securities	$ (12,000)	$ (36,000)	$ (8,000)	$ (63,000)

v3.23.2

SCHEDULE OF FIXED ASSETS (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total fixed assets	$ 3,214	$ 3,214
Accumulated Depreciation	(2,947)	(2,411)
Total Property. Plant and Equipment	267	803
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	3,214	3,214
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets

v3.23.2

FIXED ASSETS (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 267	$ 268	$ 536	$ 1,161
Cost of goods and services sold depreciation			$ 3,214

v3.23.2

SCHEDULE OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED (Details)	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Cash and cash equivalents	$ 2,373
License (including intangibles)	14,990,277
Trade payables	(6,388)
Note payable	(4,968,177)
Total identifiable net assets	$ 10,018,085

v3.23.2

LICENSES (Details Narrative) - USD ($)	Feb. 28, 2021	Jun. 30, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Intangible assets net excluding goodwill		$ 14,990,277	$ 14,990,277
Stock Purchase Agreement [Member] | Shareholders [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares exchange	6,000,000
Grant date fair value	$ 10,018,085
Intangible assets net excluding goodwill	$ 14,990,277
Stock Purchase Agreement [Member] | Gold Transactions International, Inc. [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Equity method investment ownership percentage	100.00%

v3.23.2

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Accounts payable and accrued expenses		$ 963,477			$ 952,507
Accrued expenses		72,059			48,059
Forecast [Member]
Related Party Transaction [Line Items]
Payments for Loans	$ 1,075,000
Related Party [Member]
Related Party Transaction [Line Items]
Accounts payable and accrued expenses		1,802,522		$ 1,802,522	1,551,208
Other Liabilities, Current		1,075,000
Related Party [Member] | Mr Reichman [Member]
Related Party Transaction [Line Items]
Due to related parties		97,963			270,649
Officers [Member]
Related Party Transaction [Line Items]
Wages		162,000	$ 137,000
Accrued wages		$ 1,632,500			$ 1,232,500

v3.23.2

SCHEDULE OF NOTES PAYABLE (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Short-Term Debt [Line Items]
Principal	$ 871,082		$ 871,082
Interest Expense	24,398	$ 24,398
Notes Payable One [Member]
Short-Term Debt [Line Items]
Principal	$ 32,960		$ 32,960
Interest Rate	5.00%		5.00%
Interest Expense	$ 824	$ 824
Maturity	Oct. 05, 2018	Oct. 05, 2018
Notes Payable Two [Member]
Short-Term Debt [Line Items]
Principal	$ 32,746		$ 32,746
Interest Rate	5.00%		5.00%
Interest Expense	$ 818	$ 818
Maturity	Oct. 05, 2018	Oct. 05, 2018
Notes Payable Three [Member]
Short-Term Debt [Line Items]
Principal	$ 5,000		$ 5,000
Interest Rate	6.00%		6.00%
Interest Expense	$ 150	$ 150
Maturity	Oct. 05, 2018	Oct. 05, 2018
Notes payable four [Member]
Short-Term Debt [Line Items]
Principal	$ 100,000		$ 100,000
Interest Rate	5.00%		5.00%
Interest Expense	$ 2,500	$ 2,500
Maturity	Oct. 05, 2018	Oct. 05, 2018
Notes payable five [Member]
Short-Term Debt [Line Items]
Principal	$ 7,000		$ 7,000
Interest Rate	6.00%		6.00%
Interest Expense	$ 210	$ 210
Maturity	Oct. 05, 2018	Oct. 05, 2018
Notes Payable Six [Member]
Short-Term Debt [Line Items]
Principal	$ 388,376		$ 388,376
Interest Rate	5.00%		5.00%
Interest Expense	$ 9,710	$ 9,710
Maturity	Oct. 05, 2018	Oct. 05, 2018
Notes payable seven [Member]
Short-Term Debt [Line Items]
Principal	$ 192,000		$ 192,000
Interest Rate	0.00%		0.00%
Interest Expense	$ 6,720	$ 6,720
Maturity	Oct. 05, 2018	Oct. 05, 2018
Notes payable eight [Member]
Short-Term Debt [Line Items]
Principal	$ 18,000		$ 18,000
Interest Rate	6.00%		6.00%
Interest Expense	$ 540	$ 540
Maturity	Sep. 01, 2002	Sep. 01, 2002
Notes payable nine [Member]
Short-Term Debt [Line Items]
Principal	$ 30,000		$ 30,000
Interest Rate	6.00%		6.00%
Interest Expense	$ 900	$ 900
Maturity	Sep. 12, 2002	Sep. 12, 2002
Notes payable ten [Member]
Short-Term Debt [Line Items]
Principal	$ 25,000		$ 25,000
Interest Rate	5.00%		5.00%
Interest Expense	$ 626	$ 626
Maturity	Aug. 31, 2000	Aug. 31, 2000
Notes payable eleven [Member]
Short-Term Debt [Line Items]
Principal	$ 40,000		$ 40,000
Interest Rate	7.00%		7.00%
Interest Expense	$ 1,400	$ 1,400
Maturity	Jul. 10, 2002	Jul. 10, 2002

v3.23.2

SCHEDULE OF FUTURE MATURITIES OF NOTES PAYABLE (Details)	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 187,388
2025	487,480
2026	794,133
2027	1,107,489
Thereafter	2,391,687
Total	$ 4,968,177

v3.23.2

NOTES PAYABLE (Details Narrative) - USD ($)				3 Months Ended	6 Months Ended
	Jan. 01, 2023	Dec. 05, 2022	Nov. 29, 2022	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Accrued interest					$ 437,452		$ 416,774
Interest expense, long-term debt					24,398	$ 24,398
Received cash	$ 20,000	$ 30,000	$ 50,000
Debt instrument term	12 months	12 months	12 months
Debt instrument face amount					871,082		871,082
Loan payable					4,968,177
Imputed interest on loan					6,720	$ 6,720
Accrued Liabilities [Member]
Debt Instrument [Line Items]
Accrued interest				$ 1,771
Notes Payable [Member]
Debt Instrument [Line Items]
Notes payable in default					$ 871,082		$ 871,082
Debt interest percentage	5.00%	5.00%	5.00%
Notes Payable [Member] | Accrued Liabilities [Member]
Debt Instrument [Line Items]
Accrued interest				1,028
Note Payable [Member] | Accrued Liabilities [Member]
Debt Instrument [Line Items]
Accrued interest				$ 600
Promissory Note [Member] | License Agreement [Member]
Debt Instrument [Line Items]
Debt interest percentage				2.168%
Debt instrument term				5 years
Debt instrument face amount				$ 5,044,610
Minimum [Member]
Debt Instrument [Line Items]
Notes bearing interest rate					5.00%
Maximum [Member]
Debt Instrument [Line Items]
Notes bearing interest rate					9.00%

v3.23.2

STOCKHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($)		6 Months Ended
	Apr. 29, 2013	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock issued for services		$ 62,120,975	$ 1,181,098
Board of Directors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock issued for services, shares		557,934
Common stock issued for services		$ 7,429,902
Board of Directors [Member] | Medical Advisory Charitable and Other Services [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock issued for services, shares		11,000,000
Common stock issued for services		$ 16,860,000
Board of Directors [Member] | Legal services [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock issued for services, shares		36,460,714
Common stock issued for services		$ 54,691,071
Issuances of Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock issued for services, shares		52,223,221	1,400,247
Common stock issued for services		$ 78,980,973	$ 1,590,918
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock issued for services, shares		41,223,221	750,247
Common stock issued for services		$ 41,222	$ 750
Shares of stock dividend	31,026,861	31,026,861

v3.23.2

LEGAL ACTIONS (Details Narrative) - shares					1 Months Ended
	Jan. 28, 2023	May 14, 2021	Oct. 02, 2019	Oct. 02, 2019	Aug. 24, 2021	Aug. 16, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock issued during period shares relief and relinguishment						150,000
Stock issued during period shares restrictive legends					6,000,000
Board of Directors [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Issuance of shares	227,284
Employment Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Settlement of preliminary shares return				43,649,491
Number of stock exchange, shares			50,649,491
Stock issued during period remaining shares		7,000,000

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