CAPITAL STOCK | NOTE K - CAPITAL STOCK Preferred Stock Filed with the State of Delaware Series A-E Preferred Stock On September 30, 1999, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series A 8% Convertible Preferred Stock, par value $ 0.01 3,000 0 0 On September 30, 1999, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series B 8% Convertible Preferred Stock, par value $ 0.01 3,000 0 0 GLOBAL TECHNOLOGIES, LTD NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the nine months ended March 31, 2024 and 2023 (Unaudited) NOTE K - CAPITAL STOCK (cont’d) On February 15, 2000, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series C 5% Convertible Preferred Stock, par value $ 0.01 1,000 0 0 On April 26, 2001, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series D Convertible Preferred Stock, par value $ 0.01 800 0 0 On June 28, 2001, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series E 8% Convertible Preferred Stock, par value $ 0.01 250 0 0 Series K Super Voting Preferred Stock On July 31, 2019, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series K Super Voting Preferred Stock, par value $ 0.01 3 3 3 Dividends. Liquidation and Redemption Rights. Conversion. Rank All shares of the Series K Super Voting Preferred Stock shall rank (i) senior to the Corporation’s (A) Common Stock, par value $0.0001 per share (“Common Stock”), and any other class or series of capital stock of the Corporation hereafter created, except as otherwise provided in clauses (ii) and (iii) of this Section 4, (ii) pari passu Voting Rights. A. If at least one share of Series K Super Voting Preferred Stock is issued and outstanding, then the total aggregate issued shares of Series K Super Voting Preferred Stock at any given time, regardless of their number, shall have voting rights equal to 20 times the sum of: i) the total number of shares of Common stock which are issued and outstanding at the time of voting, plus ii) the total number of shares of any and all Preferred stocks which are issued and outstanding at the time of voting. GLOBAL TECHNOLOGIES, LTD NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the nine months ended March 31, 2024 and 2023 (Unaudited) NOTE K - CAPITAL STOCK (cont’d) B. Each individual share of Series K Super Voting Preferred Stock shall have voting rights equal to: [twenty times the sum of: {all shares of Common stock issued and outstanding at the time of voting + all shares of any other Preferred stocks issued and outstanding at the time of voting}] Divided by: [the number of shares of Series K Super Voting Preferred Stock issued and outstanding at the time of voting] With respect to all matters upon which stockholders are entitled to vote or to which stockholders are entitled to give consent, the holders of the outstanding shares of Series K Super Voting Preferred Stock shall vote together with the holders of Common Stock without regard to class, except as to those matters on which separate class voting is required by applicable law or the Certificate of Incorporation or By-laws. Series L Preferred Stock On July 31, 2019, the Company filed a Certificate of Designations, Rights, Preferences and Limitations for a newly designated Series L Preferred Stock, par value $ 0.01 500,000 365 294 Dividends. Voting. a. If at least one share of Series L Preferred Stock is issued and outstanding, then the total aggregate issued shares of Series L Preferred Stock at any given time, regardless of their number, shall have voting rights equal to four times the sum of: i) the total number of shares of Common Stock which are issued and outstanding at the time of voting, plus ii) the total number of shares of all series of Preferred Stock which are issued and outstanding at the time of voting. b. Each individual share of Series L Preferred Stock shall have voting rights equal to: [four times the sum of: {all shares of Common Stock issued and outstanding at time of voting + the total number of shares of all series of Preferred Stock issued and outstanding at time of voting}] divided by: [the number of shares of Series L Preferred Stock issued and outstanding at the time of voting] Conversion Rights a) Outstanding b) Method of Conversion i. Procedure- Before any holder of Series L Preferred Stock shall be entitled to convert the same into shares of common stock, such holder shall surrender the certificate or certificates therefore, duly endorsed, at the office of the Company or of any transfer agent for the Series L Preferred Stock, and shall give written notice 5 business days prior to date of conversion to the Company at its principal corporate office, of the election to convert the same and shall state therein the name or names in which the certificate or certificates for shares of common stock are to be issued. The Company shall, within five business days, issue and deliver at such office to such holder of Series L Preferred Stock, or to the nominee or nominees of such holder, a certificate or certificates for the number of shares of common stock to which such holder shall be entitled as aforesaid. Conversion shall be deemed to have been effected on the date when delivery of notice of an election to convert and certificates for shares is made, and such date is referred to herein as the “Conversion Date.” GLOBAL TECHNOLOGIES, LTD NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the nine months ended March 31, 2024 and 2023 (Unaudited) NOTE K - CAPITAL STOCK (cont’d) ii. Issuance- Shares of Series L Preferred Stock may only be issued in exchange for the partial or full retirement of debt held by Management, Employees, Consultants or as directed by a majority vote of the Board of Directors. The number of Shares of Series L Preferred Stock to be issued to each qualified person (member of Management, Employee or Consultant) holding a Note shall be determined by the following formula: For retirement of debt: One (1) share of Series L Preferred stock shall be issued for each Five Thousand Dollar ($5,000) tranche of outstanding liability. As an example: If an officer has accrued wages due to him or her in the amount of $25,000, the officer can elect to accept 5 shares of Series L Preferred stock to satisfy the outstanding obligation of the Company iii. Calculation for conversion into Common Stock- Each individual share of Series L Preferred Stock shall be convertible into the number of shares of Common Stock equal to: [5000] divided by: [.50 times the lowest closing price of the Company’s common stock for the immediate five-day period prior to the receipt of the Notice of Conversion remitted to the Company by the Series L Preferred stockholder] Common Stock Class A and Class B: Identical Rights. GLOBAL TECHNOLOGIES, LTD NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the nine months ended March 31, 2024 and 2023 (Unaudited) NOTE K - CAPITAL STOCK (cont’d) Stock Splits. Liquidation Rights Voting Rights. (a) The holders of the Class A Shares and the Class B Shares shall vote as a single class on all matters submitted to a vote of the stockholders, with each Class A Share being entitled to one (1) vote and each Class B Share being entitled to six (6) votes, except as otherwise provided by law (b) The holders of Class A Shares and Class B Shares are not entitled to cumulative votes in the election of any directors. Preemptive or Subscription Rights. GLOBAL TECHNOLOGIES, LTD NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the nine months ended March 31, 2024 and 2023 (Unaudited) NOTE K - CAPITAL STOCK (cont’d) Conversion Rights. (a) Automatic Conversion. Each Class B Share shall (subject to receipt of any and all necessary approvals) convert automatically into one fully paid and non-assessable Class A Share (i) upon its sale, gift, or other transfer to a party other than a Principal Stockholder (as defined below) or an Affiliate of a Principal Stockholder (as defined below), (ii) upon the death of the Class B Stockholder holding such Class B Share, unless the Class B Shares are transferred by operation of law to a Principal Stockholder or an Affiliate of a Principal Stockholder, or (iii) in the event of a sale, gift, or other transfer of a Class B Share to an Affiliate of a Principal Stockholder, upon the death of the transferor. Each of the foregoing automatic conversion events shall be referred to hereinafter as an “Event of Automatic Conversion.” For purposes of this ARTICLE FIVE, “Principal Stockholder” includes any of Donald H. Goldman, Steven M. Fieldman, Lance Fieldman, Yuri Itkis, Michall Itkis and Boris Itkis and an “Affiliate of a Principal Stockholder” is a person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. For purposes of this definition, “control,” when used with respect to any specified person, means the power to direct or cause the direction of the management, and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. Without limitation, an Affiliate also includes the estate of such individual. (b) Voluntary Conversion. Each Class B Share shall be convertible at the option of the holder, for no additional consideration, into one fully paid and non-assessable Class A Share at any time. (c) Conversion Procedure. Promptly upon the occurrence of an Event of Automatic Conversion such that Class B shares are converted automatically into Class A Shares, or upon the voluntary conversion by the holder, the holder of such shares shall surrender the certificate or certificates therefor, duly endorsed in blank or accompanied by proper instruments of transfer, at the office of the Corporation or of any transfer agent for the Class A Shares, and shall give written notice to the Corporation at such office (i) stating that the shares are being converted pursuant to an Event of Automatic Conversion into Class A Shares as provided in subparagraph 5.6(a) hereof or a voluntary conversion as provided in subparagraph 5.6(b) hereof, (ii) specifying the Event of Automatic Conversion (and, if the occurrence of such event is within the control of the transferor, stating the transferor’s intent to effect an Event of Automatic Conversion) or whether such conversion is voluntary, (iii) identifying the number of Class B Shares being converted, and (iv) setting out the name or names (with addresses) and denominations in which the certificate or certificates for Class A Shares shall be issued and including instructions for delivery thereof. Delivery of such notice together with the certificates representing the Class B Shares shall obligate the Corporation to issue such Class A Shares and the Corporation shall be justified in relying upon the information and the certification contained in such notice and shall not be liable for the result of any inaccuracy with respect thereto. Thereupon, the Corporation or its transfer agent shall promptly issue and deliver at such stated address to such holder or to the transferee of Class B Shares a certificate or certificates for the number of Class A Shares to which such holder or transferee is entitled, registered in the name of such holder, the designee of such holder or transferee, as specified in such notice. To the extent permitted by law, conversion pursuant to (i) an Event of Automatic Conversion shall be deemed to have been effected as of the date on which the Event of Automatic Conversion occurred or (ii) a voluntary conversion shall be deemed to have been effected as of the date the Corporation receives the written notice pursuant to this subparagraph (c) (each date being the “Conversion Date”). The person entitled to receive the Class A Shares issuable upon such conversion shall be treated for all purposes as the record holder of such Class A Shares at and as of the Conversion Date, and the right of such person as the holder of Class B Shares shall cease and terminate at and as of the Conversion Date, in each case without regard to any failure by the holder to deliver the certificates or the notice by this subparagraph (c). (d) Unconverted Shares. In the event of the conversion of fewer than all of the Class B Shares evidenced by a certificate surrendered to the Corporation in accordance with the procedures of this Paragraph 5.6, the Corporation shall execute and deliver to or upon the written order of the holder of such certificate, without charge to such holder, a new certificate evidencing the number of Class B Shares not converted. (e) Reissue of Shares. Class B Shares that are converted into Class A Shares as provided herein shall be retired and cancelled and shall not be reissued. (f) Reservation. The Corporation hereby reserves and shall at all times reserve and keep available, out of its authorized and unissued Class A Shares, for the purpose of effecting conversions, such number of duly authorized Class A Shares as shall from time to time be sufficient to effect the conversion of all outstanding Class B Shares. The Corporation covenants that all the Class A Shares so issuable shall, when so issued, be duly and validly issued, fully paid and non-assessable, and free from liens and charges with respect to the issue. The Corporation will take all such action as may be necessary to assure that all such Class A Shares may be so issued without violation of any applicable law or regulation, or any of the requirements of any national securities exchange upon which the Class A Shares may be listed. The Corporation will not take any action that results in any adjustment of the conversion ratio if the total number of Class A Shares issued and issuable after such action upon conversion of the Class B Shares would exceed the total number of Class A Shares then authorized by the Amended and Restated Certificate of Incorporation, as amended. GLOBAL TECHNOLOGIES, LTD NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the nine months ended March 31, 2024 and 2023 (Unaudited) NOTE K - CAPITAL STOCK (cont’d) At March 31, 2024 and June 30, 2023, the Company is authorized to issue 14,991,000,000 14,991,000,000 14,688,440,097 14,488,440,097 4,000,000 4,000,000 0 0 Common Stock, Preferred Stock and Warrant Issuances For the nine months ended March 31, 2024 and year ended June 30, 2023, the Company issued and/or sold the following unregistered securities: Common Stock: Nine months ended March 31, 2024 On July 18, 2023, the Company issued 200,000,000 4 Year ended June 30, 2023 On July 14, 2022, the Company issued 111,111,111 shares of common stock with a fair market value of $ 33,333 to a noteholder in satisfaction of $ 20,000 principal against the note dated January 13, 2022. On July 15, 2022, the Company issued 212,500,000 shares of common stock with a fair market value of $ 63,750 to a noteholder in satisfaction of $ 23,750 principal and $ 1,750 interest against the note dated January 13, 2022. On August 8, 2022, the Company issued 379,166,667 shares of common stock with a fair market value of $ 113,750 to a noteholder in satisfaction of $ 43,750 principal and $ 1,750 interest against the note dated February 4, 2022. Common Stock to be issued at March 31, 2024 On May 19, 2023, Jetco Holdings, LLC submitted a Notice of Conversion for three 300,000,000 300,000,000 Mezzanine Equity As of March 31, 2024, the Company has common stock to be issued upon conversion of the Company’s Series L Preferred Stock (“Series L Preferred”) in the amount of $ 1,825,000 0.0001 18,250,000,000 GLOBAL TECHNOLOGIES, LTD NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the nine months ended March 31, 2024 and 2023 (Unaudited) NOTE K - CAPITAL STOCK (cont’d) Preferred Stock: Nine months ended March 31, 2024 On January 25, 2024, the Company issued twenty-five ( 25 On August 23, 2023, the Company issued fifty ( 50 On November 17, 2023, the Company issued six ( 6 On December 31, 2023, six ( 6 Year ended June 30, 2023 On June 30, 2023, the Company issued fifteen ( 15 On June 30, 2023, the Company issued six ( 6 Preferred Stock to be issued at March 31, 2024 Upon Closing of the acquisition of GOe3, LLC (“GOe3”), the Company was to designate a new series of Preferred Stock as per the terms of the Share Exchange Agreement. The newly designated Preferred Stock (the “New Preferred”) has been filed with the Secretary of State of the State of Delaware. Upon approval by the State of Delaware, the New Preferred shares will be issued. Warrants and Options: None. GLOBAL TECHNOLOGIES, LTD NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the nine months ended March 31, 2024 and 2023 (Unaudited) |