RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

6 Months Ended

Dec. 31, 2025

Accounting Changes and Error Corrections [Abstract]

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

NOTE K - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

The effect of the restatement adjustments on the consolidated statement of operations for the three months ended September 30, 2024 follows:

	As previously reported			Restatement Adjustments			As Restated
Revenue	$	669,431		$	-		$	669,431
Less: shared revenue		191,889			-			191,889
Net revenue		477,542			-			477,542
Total operating expenses		210,898			(5,998	)		204,900
Income from operations		266,644			5,998			272,642
Interest expense		(10,095	)		-			(10,095	)
Income before provision of income taxes		256,549			5,998			262,547
Provision for income taxes		-			-			-
Net income	$	256,549		$	5,998		$	262,547
Basic and diluted income per common share	$	0.00		$	0.00		$	0.00

The effect of the restatement adjustments on the consolidated statement of operations for the six months ended December 31, 2024 follows:

	As previously reported			Restatement Adjustments			As Restated
Revenue	$	1,586,508		$	-		$	1,586,508
Less: shared revenue		736,384			238,000			974,384
Net revenue		850,124			(238,000	)		612,124
Total operating expenses		387,698			(11,996	)		375,702
Income from operations		462,426			(226,004	)		236,422
Interest expense		(19,070	)		-			(19,070	)
Income before provision of income taxes		443,356			(226,004	)		217,352
Provision for income taxes		-			-			-
Net income	$	443356		$	(226,004	)	$	217,352
Basic and diluted income per common share	$	0.00		$	(0.00	)	$	0.00

GLOBAL TECHNOLOGIES, LTD

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended December 31, 2025 and 2024

(Unaudited)

NOTE K - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (cont’d)

The effect of the restatement adjustments on the consolidated statement of cash flows for the three months ended September 30, 2024 follows:

	As previously reported			Restatement Adjustments			As Restated
Net income	$	256,549		$	5,998		$	262,547
Adjustments to reconcile net income to net cash used in operating activities
Depreciation		5,998			(5,998	)		-
Changes in operating assets and liabilities:
Accounts receivable		28,082			-			28,082
Accounts payable		(40,437	)		-			(40,437	)
Accrued interest		10,095			-			10,095
Accrued executive compensation		(43,173	)		-			(43,173	)
Net cash provided by operating activities		217,114			-			217,114
Net cash used by financing activities		(40,000	)		-			(40,000	)
Net increase in cash and cash equivalents		177,114			-			177,114
Cash and cash equivalents, beginning of period		115,747			-			115,747
Cash and cash equivalents, end of period	$	292,861		$	-		$	292,861

The effect of the restatement adjustments on the consolidated statement of cash flows for the six months ended December 31, 2024 follows:

	As previously reported			Restatement Adjustments			As Restated
Net income (loss)	$	443,356		$	(226,004	)	$	217,352
Adjustments to reconcile net income to net cash used in operating activities
Depreciation		11,996			(11,996	)		-
Changes in operating assets and liabilities:
Accounts receivable		(62,317	)		-			(62,317	)
Accounts payable		(17,032	)		-			(17,032	)
Accrued interest		18,819			-			18,819
Accrued executive compensation		(58,333	)		-			(58,333	)
Net cash provided by operating activities		335,489			(238,000	)		98,489
Net cash (used) by investing activities		(238,000	)		238,000			-
Net cash used by financing activities		(150,340	)		-			(150,340	)
Net increase in cash and cash equivalents		(51,851	)		-			(51,851	)
Cash and cash equivalents, beginning of period		115,747			-			115,747
Cash and cash equivalents, end of period	$	63,896		$	-		$	63,896