GBT Technologies Inc. Files Q2 2024 10-Q
Ticker: GTCH · Form: 10-Q · Filed: Aug 16, 2024 · CIK: 1471781
Sentiment: neutral
Topics: 10-Q, financials, reporting
TL;DR
GBT Tech filed its Q2 10-Q. Financials and operations update.
AI Summary
GBT Technologies Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as Gopher Protocol Inc. and Forex International Trading Corp., is incorporated in Nevada and operates in management consulting services. Its principal executive offices are located in Santa Monica, California.
Why It Matters
This filing provides investors with an update on GBT Technologies Inc.'s financial performance and operational status for the second quarter of 2024.
Risk Assessment
Risk Level: medium — The company has a history of name changes and operates in the management consulting sector, which can be subject to market fluctuations.
Key Numbers
- Q2 2024 — Reporting Period (Covers the second quarter of 2024.)
- 20240630 — Period End Date (The end date for the financial reporting period.)
- 20240816 — Filing Date (The date the 10-Q was officially filed with the SEC.)
Key Players & Entities
- GBT Technologies Inc. (company) — Filer
- Gopher Protocol Inc. (company) — Former company name
- Forex International Trading Corp. (company) — Former company name
- 20240630 (date) — Reporting period end date
- 20240816 (date) — Filing date
- 8742 (industry_code) — Standard Industrial Classification
FAQ
What is the primary business of GBT Technologies Inc.?
GBT Technologies Inc. operates in the SERVICES-MANAGEMENT CONSULTING SERVICES sector, with SIC code 8742.
When was the current 10-Q filing submitted?
The 10-Q filing was submitted on August 16, 2024.
What is the reporting period for this 10-Q?
The reporting period for this 10-Q is the quarter ending June 30, 2024.
What were GBT Technologies Inc.'s former company names?
GBT Technologies Inc. was formerly known as Gopher Protocol Inc. and Forex International Trading Corp.
In which state is GBT Technologies Inc. incorporated?
GBT Technologies Inc. is incorporated in Nevada (NV).
Filing Stats: 4,603 words · 18 min read · ~15 pages · Grade level 16.8 · Accepted 2024-08-15 17:38:13
Key Financial Figures
- $0.00001 — latest practicable date: Common Stock, $0.00001 par value 16,813,229,180 Common Shares
- $500 — H Preferred stock, $ 0.00001 par value ($500 stated value); 40,000 shares authorized
- $350 — I Preferred stock, $ 0.00001 par value ($350 stated value); 1,000 shares authorized;
- $0.0001 — e will pay with shares of common stock, $0.0001 par value per share (the "Common Stock"
Filing Documents
- e5834_10-q.htm (10-Q) — 1315KB
- e5834_ex31-1.htm (EX-31.1) — 8KB
- e5834_ex32-1.htm (EX-32.1) — 4KB
- 0001731122-24-001273.txt ( ) — 6449KB
- gtch-20240630.xsd (EX-101.SCH) — 65KB
- gtch-20240630_cal.xml (EX-101.CAL) — 56KB
- gtch-20240630_def.xml (EX-101.DEF) — 247KB
- gtch-20240630_lab.xml (EX-101.LAB) — 398KB
- gtch-20240630_pre.xml (EX-101.PRE) — 376KB
- e5834_10-q_htm.xml (XML) — 865KB
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 32 Item 4.
Controls and Procedures
Controls and Procedures 32 PART II. Other Information 34
: Condensed consolidated financial statements
Item 1: Condensed consolidated financial statements GBT TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS June 30, 2024 December 31, 2023 (Unaudited) (Audited) Current Assets: Cash $ 6,131 $ 529 Note receivable 46,250 46,250 Marketable securities 28,877 31,206 Total current assets 81,258 77,985 Total assets $ 81,258 $ 77,985 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable and accrued expenses $ 4,967,807 $ 5,372,846 Accounts Payable and accrued expenses - related party 2,703,413 1,767,710 Accrued settlement 4,090,057 4,090,057 Convertible notes payable, current, net of discount of $ 2,656 and $ 43,739 5,320,420 5,665,017 Convertible notes payable, related party, net of discount of $ 0 and $ 0 491,395 661,395 Notes payable, current, net of original issue discount of $ 0 and $ 2,265 21,252 46,532 Notes payable, related party 140,000 140,000 Derivative liability 4,670,346 14,116,062 Total current liabilities 22,404,690 31,859,619 Non-Current Liabilities: Note payable, noncurrent, net of discount of $ 0 and $ 0 328,748 328,748 Total noncurrent liabilities 328,748 328,748 Total liabilities 22,733,438 32,188,367 Stockholders' Deficit: Series B Preferred stock, $ 0.00001 par value; 20,000,000 shares authorized; 45,000 and 45,000 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively — — Series C Preferred stock, $ 0.00001 par value; 10,000 shares authorized; 700 and 700 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively — — Series H Preferred stock, $ 0.00001 par value ($500 stated value); 40,000 shares authorized; 20,000 and 20,000 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively — — Series I Preferred stock, $ 0.00001 par value ($350 stated value); 1,000 shares authorized; 1,000 and 1,000 shares issued and outstanding at June 30, 2024 a