Current Report Filing (8-k)
April 25 2022 - 11:47AM
Edgar (US Regulatory)
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2022-04-19
2022-04-19
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xbrli:shares
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): April 19, 2022.
Global
Tech Industries Group, Inc.
(Exact
name of registrant as specified in its charter)
Nevada |
|
000-10210 |
|
83-0250943 |
(State
or Other Jurisdiction |
|
(Commission |
|
(I.R.S.
Employer |
of
Incorporation) |
|
File
Number) |
|
Identification
No.) |
511
Sixth Avenue, Suite 800 New York, NY 10011
(Address
of Principal Executive Offices) (Zip Code)
(212)
-204-7926
(Registrant’s
telephone number, including area code)
(Former
name or former address, if changed since last report)
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:
☐ |
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)) |
Securities
registered pursuant to Section 12(g) of the Act: None
Securities
registered pursuant to Section 12(g) of the Act:
Title
of each Class |
|
Trading
Symbol |
|
Name
of each exchange on which registered |
Common
Stock |
|
GTII |
|
N/A |
Indicate
by check mark whether the registrant is an emerging growth company 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. ☐
Item
1.01 Entry into a Material Definitive Agreement.
On
April 19, 2022, Global Tech Industries Group, Inc. (the “Company”) entered into an asset purchase agreement (the “Purchase
Agreement”) with Parabolic Tech DMCC (“Parabolic”). Pursuant to the Purchase Agreement, the Company sold Parabolic
all of the assets and operations related to its “Beyond Blockchain” business (the “Assets”). Parabolic also assumed
all related liabilities. In exchange for the Assets, the Company was paid $25,000 in cash at closing. In accordance with the Purchase
Agreement, Parabolic will also be issuing the Company (i) 10% of the tokens in the initial subsequent token offering that Parabolic undertakes
using the Assets, and (ii) 10% of the tokens in Parabolic’s own initial post-closing proprietary token offering. The Company will
utilize Parabolic for its initial cryptocurrency dividend.
Item
9.01 (d) Exhibits.
10.1 |
|
Asset
Purchase Agreement, dated April 19, 2022, by and between Global Tech Industries Group, Inc. and Parabolic Tech DMCC |
10.2 |
|
Assignment
and Assumption Agreement, dated April 19, 2022, by and between Global Tech Industries Group, Inc. and Parabolic Tech DMCC |
10.3 |
|
Intellectual
Property Assignment, dated April 19, 2022, by and between Global Tech Industries Group, Inc. and Parabolic Tech DMCC |
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
April
25, 2022
GLOBAL
TECH INDUSTRIES GROUP, INC. |
|
|
|
|
|
/s/
David Reichman |
|
By: |
David
Reichman |
|
Title: |
Chairman
and CEO |
|
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