---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-020317"
form_type: "8-K"
ticker: "GTLL"
cik: "0000932021"
company_name: "GLOBAL TECHNOLOGIES LTD"
filed_at: "2023-06-06T23:59:59+00:00"
generated_at: "2026-06-14T07:06:22.979729+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Global Technologies issues $90K convertible note at $0.0001/share; rescinds prior $40K note

## Summary
- Issued $90,000 convertible note to Hillcrest Ridgewood Partners, due May 31, 2024, with 8% annual interest and 18% default rate.
- Conversion price fixed at $0.0001 per share, adjustable for stock splits/dividends; prior $40K note rescinded.
- Default triggers immediate payment of 150% of outstanding principal plus accrued interest.
- Securities sold in unregistered offering under Section 4(a)(2) and Rule 506(b); shares may become unrestricted after six months.
- Note convertible at any time; dilution from conversion could be significant given low conversion price.

## SEC filing metadata
- accession: 0001493152-23-020317
- form_type: 8-K
- ticker: GTLL
- cik: 0000932021
- company_name: GLOBAL TECHNOLOGIES LTD
- filed_at: 2023-06-06T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/932021/000149315223020317/0001493152-23-020317-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/932021/000149315223020317/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-020317
- JSON: https://secwatch.observer/filing/0001493152-23-020317.json
- Plain text: https://secwatch.observer/filing/0001493152-23-020317.txt

## Key facts
- Debt Financings
  GLOBAL TECHNOLOGIES LTD incurred convertible notes of $90,000 with Hillcrest Ridgewood Partners, LLC at 8% per annum maturing May 31, 2024.
  - Instrument: convertible notes
  - Principal: $90,000
  - Counterparty: Hillcrest Ridgewood Partners, LLC
  - Rate: 8% per annum
  - Maturity: May 31, 2024
  - Event: incurrence
  source text: On May 31, 2023, the Company and the Holder agreed to rescind the Old Convertible Note and issue the Holder a new Convertible Note (the “New Convertible Note”) in the amount of $90,000 and enter into a Securities Purchase Agreement (the “SPA”). The New Convertible Note has a term of one (1) year, Maturity Date of May 31, 2024, and bears interest at 8% per annum.
  evidence_url: https://www.sec.gov/Archives/edgar/data/932021/000149315223020317/0001493152-23-020317-index.htm
- Material Agreements
  GLOBAL TECHNOLOGIES LTD terminated Old Convertible Note with Hillcrest Ridgewood Partners, LLC valued at $40,000 (effective 2023-05-31).
  - Action: termination
  - Agreement: notes offering
  - Counterparty: Hillcrest Ridgewood Partners, LLC
  - Value: $40,000
  - Effective: 2023-05-31
  source text: As previously reported in the Company’s Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on May 23, 2023, the Company executed a Convertible Note (the “Old Convertible Note”) payable to Hillcrest Ridgewood Partners, LLC (the “Holder”) in the principal amount of $40,000 on May 17, 2023. On May 31, 2023, the Company and the Holder agreed to rescind the Old Convertible Note and issue the Holder a new Convertible Note (the “New Convertible Note”) in the amount of $90,000 and enter into a Securities Purchase Agreement (the “SPA”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/932021/000149315223020317/0001493152-23-020317-index.htm
- Material Agreements
  GLOBAL TECHNOLOGIES LTD entered into SPA with Hillcrest Ridgewood Partners, LLC (effective 2023-05-31).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: Hillcrest Ridgewood Partners, LLC
  - Effective: 2023-05-31
  source text: As previously reported in the Company’s Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on May 23, 2023, the Company executed a Convertible Note (the “Old Convertible Note”) payable to Hillcrest Ridgewood Partners, LLC (the “Holder”) in the principal amount of $40,000 on May 17, 2023. On May 31, 2023, the Company and the Holder agreed to rescind the Old Convertible Note and issue the Holder a new Convertible Note (the “New Convertible Note”) in the amount of $90,000 and enter into a Securities Purchase Agreement (the “SPA”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/932021/000149315223020317/0001493152-23-020317-index.htm
- Material Agreements
  GLOBAL TECHNOLOGIES LTD entered into New Convertible Note with Hillcrest Ridgewood Partners, LLC valued at $90,000 (effective 2023-05-31).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: Hillcrest Ridgewood Partners, LLC
  - Value: $90,000
  - Effective: 2023-05-31
  source text: As previously reported in the Company’s Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on May 23, 2023, the Company executed a Convertible Note (the “Old Convertible Note”) payable to Hillcrest Ridgewood Partners, LLC (the “Holder”) in the principal amount of $40,000 on May 17, 2023. On May 31, 2023, the Company and the Holder agreed to rescind the Old Convertible Note and issue the Holder a new Convertible Note (the “New Convertible Note”) in the amount of $90,000 and enter into a Securities Purchase Agreement (the “SPA”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/932021/000149315223020317/0001493152-23-020317-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.