GBT Technologies Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>GBT Technologies Inc. has submitted its 2023 annual report on Form 10-K, detailing its operations and financial status for the year ending December 31, 2023.</b>

AI Summary

GBT Technologies Inc. (GTCH) filed a Annual Report (10-K) with the SEC on April 19, 2024. GBT Technologies Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company was formerly known as Gopher Protocol Inc. and Forex International Trading Corp. Incorporated in Nevada, GBT Technologies Inc. operates in the Services-Management Consulting Services sector (SIC 8742). The filing was made on April 19, 2024. The report covers the fiscal year from January 1, 2023, to December 31, 2023.

Why It Matters

For investors and stakeholders tracking GBT Technologies Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of GBT Technologies Inc.'s financial performance, business operations, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. The filing includes historical financial data and details on preferred stock series, offering insights into the company's capital structure and changes over recent fiscal years.

Risk Assessment

Risk Level: low — GBT Technologies Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant negative financial disclosures or operational changes that would indicate high risk.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand GBT Technologies Inc.'s performance and potential challenges.

Key Numbers

• 2023 — Fiscal Year (Reporting period)
• 2023-12-31 — Fiscal Year End (Date)
• 2024-04-19 — Filing Date (Date)
• 88 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• GBT Technologies Inc. (company) — Filer name
• 0001731122-24-000657 (filing_id) — Accession number
• 20231231 (date) — Fiscal year end
• 20240419 (date) — Filing date
• 8742 (sic_code) — Standard Industrial Classification
• NV (state) — State of incorporation
• Gopher Protocol Inc. (company) — Former company name
• Forex International Trading Corp. (company) — Former company name

FAQ

Industry Context

GBT Technologies Inc. operates within the management consulting services industry. This sector involves providing expert advice to businesses on management issues.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, which governs the reporting requirements for public companies in the United States.

What Investors Should Do

1. Review the full 10-K document for detailed financial statements and management discussion.
2. Analyze the company's business description and risk factors for operational insights.
3. Compare the 2023 financial data with previous years to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-19: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the annual 10-K filing for fiscal year 2023, following previous filings which would include quarterly reports (10-Q) and potentially other current reports (8-K).

Key Financial Figures

• $0.00001 — 2(g) of the Exchange Act: Common Stock, $0.00001 par value per share Indicate by check
• $0.002 — maintained by OTC Markets Group Inc. of $0.002. For purposes of this response, the reg
• $50,000 — of common stock valued at approximately $50,000. In order to maintain its 50% ownership
• $35,000 — Series I Stock") with a stated value of $35,000 per share which is convertible into com
• $0 — stated value by the conversion price of $0.0035, which, if converted in full would
• $30,000,000 — "). The Purchase Price for the asset is $30,000,000 (the "Purchase Price"), which VisionWav
• $0.0001 — e will pay with shares of common stock, $0.0001 par value per share (the "Common Stock"
• $100,000 — a convertible promissory note of GTX of $100,000 (the "GTX Notes"). In addition, GBT Tok
• $150,000 — 2022) shares of common stock of GTX for $150,000 - in total FV of $8,846 as of June 30,
• $8,846 — ck of GTX for $150,000 - in total FV of $8,846 as of June 30, 2023 based on level 1 st
• $0.01 — one-time basis at a conversion price of $0.01 per share. The remaining 50% of the pri
• $65,613 — al with all unpaid interest in total of $65,613 due to the collectability issue. GTX c
• $90,000 — poration (f/k/a GTX Corp.) ("MetAlert") $90,000. For such loan, MetAlert provided Token
• $95,770 — al with all unpaid interest in total of $95,770 due to the collectability issue. MetAl
• $7,500 — ompany's 50% owned subsidiary, assigned $7,500 from the GTX Notes to Stanley Hills, LL

Filing Documents

• e5600_10k.htm (10-K) — 1494KB
• e5600_ex4-18.htm (EX-4.18) — 21KB
• e5600_ex31-1.htm (EX-31.1) — 7KB
• e5600_ex32-1.htm (EX-32.1) — 3KB
• 0001731122-24-000657.txt (&nbsp;) — 7466KB
• gtch-20231231.xsd (EX-101.SCH) — 74KB
• gtch-20231231_cal.xml (EX-101.CAL) — 65KB
• gtch-20231231_def.xml (EX-101.DEF) — 293KB
• gtch-20231231_lab.xml (EX-101.LAB) — 471KB
• gtch-20231231_pre.xml (EX-101.PRE) — 434KB
• e5600_10k_htm.xml (XML) — 943KB

BUSINESS

BUSINESS 3 ITEM 1A.

RISK FACTORS

RISK FACTORS 10 ITEM 1B. UNRESOLVED STAFF COMMENTS 16 ITEM 2.

PROPERTIES

PROPERTIES 16 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 16 ITEM 4. MINE SAFETY DISCLOSURES 19 PART II 19 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 19 ITEM 6. RESERVED 22 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 22 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 35 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 35 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 35 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 36 ITEM 9B. OTHER INFORMATION 37 ITEM 9C DISCLOSURES REGARDING FOREIGN JURISDICATIONS THAT PREVENT INSPECTIONS 37 PART III 37 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 37 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 39 ITEM 12. SECURITY 40 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 41 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 43 ITEM 15. EXHIBITS 44 ITEM 16. FORM 10-K SUMMARY 47

SIGNATURES

SIGNATURES 48 INDEX TO FINANCIAL STATEMENTS F-1 i In this annual report, references to "GBT", "GOPH", "GTCH" or "the Company," or "we," or "us," and "our" refer to GBT Technologies Inc. or f/k/a Gopher Protocol Inc. Except for the historical information contained herein, some of the statements in this report contain forward-looking statements that involve risks and uncertainties. These statements are found in the sections entitled "Business," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Quantitative and Qualitative Disclosures about Market Risk." They include statements concerning: our business strategy; expectations of market and customer response; liquidity and capital expenditures; future sources of revenues; expansion of our proposed product line; and trends in industry activity generally. In some cases, you can identify forward-looking statements by words such as "may," "will," "should," "expect," "plan," "could," "anticipate," "intend," "believe," "estimate," "predict," "potential," "goal," or "continue" or similar terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including, but not limited to, the risks outlined under "Risk Factors," that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. For example, assumptions that could cause actual results to vary materially from future results include, but are not limited to our ability to successfully develop and market our products to customers; our ability to generate customer demand for our products in our target markets; the development of our target markets and market opportunities; our ability to manufacture suitable products at a competitive

DESCRIPTION OF BUSINESS

ITEM 1. DESCRIPTION OF BUSINESS OVERVIEW GBT Technologies Inc. (formally known as Gopher Protocol Inc., the "Company", "GBT", "Gopher", "Gopher Protocol" "GOPH" or "GTCH") was incorporated on July 22, 2009 under the laws of the State of Nevada. The Company via its 50% subsidiary, is targeting growing markets such as development of Internet of Things (IoT) and Artificial Intelligence (AI) enabled networking and tracking technologies, including wireless mesh network technology platform and fixed solutions, development of an intelligent human body vitals device, asset-tracking IoT, and wireless mesh networks. Effective August 5, 2019, the Company changed its name from Gopher Protocol Inc. to GBT Technologies Inc. The Company technologies can be grouping as (i) the provision of IT consulting services; and (ii) from the licensing of its technology. (ii) from selling electronic products through e-commerce platforms. (iv) an advanced RF-based computer vision system, to utilize this platform potential to significantly enhance object detection and imaging capabilities, using radio waves to create detailed 2D and 3D images .On February 18, 2022 the Company, effective March 1, 2022 entered into a Revenue Sharing Agreement ("RSA") with Mahaser LTD. ("Mahaser") pursuant to which the Company shares revenues generated by Mahaser with respect to e-commerce sales through the online retail platform in the United States of America. Effective July 1, 2023, the Company agreed to terminate the RSA with Mahaser Ltd. GBT Tokenize Joint Venture (Impaired in 2021) On March 6, 2020, the Company through Greenwich entered into a Joint Venture and Territorial License Agreement (the "2020 Tokenize Agreement") with Tokenize-It, S.A. ("Tokenize"). Under the 2020 Tokenize Agreement, the parties formed GBT Tokenize and Tokenize contributed its technology portfolio as described in the 2020 Tokenize Agreement with each Tokenize and the Company owning 50% of GBT Tokenize. The purpose of GBT Token

View Full Filing

View this 10-K filing on SEC EDGAR