Current Report Filing (8-k)
October 06 2021 - 06:02AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities and
Exchange Act of 1934
Date of Report (Date of earliest event reported): October
1, 2021
Commission File Number 000-54530
GBT TECHNOLOGIES INC.
(Exact name of small business issuer as specified in
its charter)
Nevada
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27-0603137
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(State or other jurisdiction of incorporation or
organization)
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(I.R.S. Employer Identification No.)
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2450 Colorado Ave., Suite 100E, Santa Monica, CA
90404
(Address of principal executive offices)
888-685-7336
(Issuer’s telephone number)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant
is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act: Not applicable.
Title of each class
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Trading Symbol
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Name of each exchange on which registered
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Not applicable.
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Item 2.03
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Creation of Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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On June 22, 2020, GBT Technologies Inc. (the “Company”)
received a $150,000 loan from the Small Business Administration (“SBA”) under the Economic Injury Disaster Loan (“EIDL”)
program related to the COVID-19 relief efforts in consideration of a note dated June 16, 2020 (the “Original Note”). The Original
Note bears interest at 3.75% per annum, requires monthly principal and interest payments of $731 after 12 months from funding and is due
30 years from the date of issuance of the Original Note. The monthly payments have been extended by the SBA to all EIDL borrowers with
additional 12 months. Monthly payments will be commenced on or around June 16, 2022.
On October 1, 2021, the Company entered an Amended
Loan Authorization and Agreement with the SBA providing for the modification of the Original Note providing for monthly principal and
interest payments of $1,771 after 24 months from the Original Note commencing on or around June 22, 2022. The Modified Note will continue
to bear interest at 3.75% per annum and is due 30 years from the date of issuance of the Original Note.
The Modified Note is guaranteed by Douglas Davis,
the former CEO of the Company and current consultant, as well as by GBT Tokenize Corp which controls the Company and own 800 million shares
of common stock of the Company.
The additional funding of $200,000 was received by
the Company on October 5, 2021.
Item 9.01 Financial Statements and Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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GBT TECHNOLOGIES INC.
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By:
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/s/ Mansour Khatib
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Name:
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Mansour Khatib
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Title:
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Chief Executive Officer
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Date: October 5, 2021
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