GTII Global Tech Industries Group Inc (PK)

Item 1.01 Entry into a Material Definitive Agreement.

On March 31, 2021, Global Tech Industries Group, Inc., (“GTII” or the “Company”), a Nevada corporation, signed and executed a binding Stock Purchase Agreement (“SPA”) with Bronx Family Eye Care, Inc. (“BFE”), a New York corporation, engaged in the business of full scope optometry at its four primary locations, three of which are in the Bronx, one of which is in Manhattan, New York, as well as at a fabrication facility in the Bronx. The SPA was signed and closed electronically on March 31, 2021. The two companies had agreed to engage in a business combination such that BFE would become a wholly owned subsidiary of GTII when they signed a binding Letter of Intent (“LOI”) on March 21, 2021. Subsequently the shareholders of BFE (the “BFE shareholders”) acquired two million six hundred fifty thousand (2,650,000) shares of the common stock of GTII (the “GTII Common Stock”), issued on March 31, 2021, the date of the closing. Further, GTII waived the LOI’s condition precedent of a two-year audit of BFE, inclusive of the starting balance sheet as of January 1, 2021 and by an auditor that is subject to the public corporation accounting oversight board (“PCAOB”) which was to occur prior to Closing, and replaced it with a condition subsequent to Closing, such that the inability, refusal or other failure to successfully complete the audit would be grounds for the recission of the SPA and cancellation of the issued GTII stock. As such, this SPA is legally binding on the parties and is in full force and effect as of March 31, 2021.