secwatch.observer — SEC 8-K summary
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Issuer:     GLOBAL TECHNOLOGIES LTD (GTLL)
CIK:        0000932021
Form:       8-K
Filed at:   2023-06-06T23:59:59+00:00
Accession:  0001493152-23-020317
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Global Technologies issues $90K convertible note at $0.0001/share; rescinds prior $40K note
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- 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- Conversion price fixed at $0.0001 per share, adjustable for stock splits/dividends; prior $40K note rescinded.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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/932021/000149315223020317/0001493152-23-020317-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/932021/000149315223020317/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-020317

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer