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): May 8, 2025

 

GlobalTech Corporation

(Exact name of registrant as specified in its charter)

 

Nevada

 

000-56482

 

82-3926338

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

3550 Barron Way Suite 13a, Reno, NV

 

89511

(Address of principal executive offices)

 

(Zip Code)

 

Registrant's telephone number, including area code: 775-624-4817

 

______________________________________________

(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 (17CFR 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(b) of the Act: None.

 

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 2.02 Results of Operations and Financial Condition.

 

On May 8, 2025, GlobalTech Corporation. (“GlobalTech” or the “Company”) issued a press release disclosing its financial results for the quarter ended March 31, 2025. A copy of the press release, which includes a summary of such financial results, is furnished as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.

 

The information contained in this Current Report and Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as expressly set forth by specific reference in such a filing.

 

This Current Report on Form 8-K, including the press release furnished as Exhibit 99.1 to this Current Report on Form 8-K, contains forward-looking statements, and, as such, may involve known and unknown risks, uncertainties and assumptions. You can identify these forward-looking statements by words such as “may,” “should,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan” and other similar expressions. These forward-looking statements relate to the Company’s current expectations and are subject to the limitations and qualifications set forth in the press release as well as in the Company’s other filings with the Securities and Exchange Commission, including, without limitation, that actual events and/or results may differ materially from those projected in such forward-looking statements. These statements also involve known and unknown risks, which may cause the results of the Company, its divisions and concepts to be materially different than those expressed or implied in such statements, including, but not limited to those referenced in the press release. Accordingly, readers should not place undue reliance on any forward-looking statements. Forward-looking statements may include comments as to the Company’s beliefs and expectations as to future financial performance, events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the Company’s control. More information on potential factors that could affect the Company’s financial results is included from time to time in the “Forward-Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s periodic and current filings with the SEC, including the Form 10-Qs and Form 10-Ks, filed with the SEC and available at www.sec.gov and in the “Investor” – “SEC Filings” section of the Company’s website at www.globaltechcorporation.com. Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as otherwise provided by law.

 

Item 9.01 Financial Statements and Exhibits.

 

Exhibit

No.

 

Description

 

 

 

99.1*

 

Press Release of GlobalTech Corporation, dated May 8, 2025

104

 

Inline XBRL for the cover page of this Current Report on Form 8-K

 

* Furnished herewith.

 

The inclusion of any website address in this Form 8-K, and any exhibit thereto, is intended to be an inactive textual reference only and not an active hyperlink. The information contained in, or that can be accessed through, such website is not part of or incorporated into this Form 8-K.

 

 

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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.

 

 

GlobalTech Corporation

 

 

 

 

 

/s/ Dana Green

 

 

Dana Green

Chief Executive Officer

 

 

 

 

 

Date: May 8, 2025

 

 

 

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EXHIBIT 99.1

 

 

GlobalTech Corporation Announces First Quarter 2025 Results

 

RENO, Nev., May 8, 2025 (GLOBE NEWSWIRE)--GlobalTech Corporation (GTC, OTC:GTLK)(“GlobalTech” or the “Company”), a leading U.S.-based technology investment holding company and a leading provider of broadband and telecommunication services in Pakistan, today announced its financial results for the first quarter ending March 31, 2025.

 

Recent Corporate Highlights:

 

·

Entered into Acquisition Agreement with Crickslab, acquiring a core engine with complete source code for further development into baseball league management system

 

Q1 Financial Highlights

·

Net Revenue increased to $4.3 million, up 17.3% over the first quarter of 2024

·

Telecom service revenue increased by 4.9% over the first quarter of 2024

·

Broadband services revenue increased by 195.6% over the prior-year period, representing 16% of gross revenue

·

Operating loss improved to $(0.9) million, from $(1.2) million in the year-ago period

·

Operating margins improved to negative 21.7%, versus negative 31%, in the year-ago period, up 930 basis points

·

Net Loss declined to $1.1 million in 2025, compared to $1.4 million in the year-ago period

·

Total cash and cash equivalents were $3.0 million as of March 31, 2025, including $2.7 million of restricted cash

 

Dan Green, GlobalTech CEO commented, "We continued to experience significant growth and margin improvement during the first quarter. Our broadband services revenue increased by 196% in the first quarter, driven by a significant increase in broadband revenue. This segment now represents 16% of gross revenue, up from 6.3% in the first quarter of 2024. The stronger revenue growth contributed to margin improvement as gross margins improved 620 basis points to 9.4% and operating margins improving 930 basis points to negative 21.7%.

 

Detailed financial information can be found on the Company’s Website and in the Company’s Quarterly Report on Form 10-Q filed today with the Securities and Exchange Commission at www.sec.gov.

 

About Worldcall Telecom Limited (www.worldcall.net.pk)

 

Worldcall Telecom Limited (PSX:WTL) is a publicly listed telecom and media operator in Pakistan. Worldcall has substantial deployments in Long Distance and International (LDI), broadband, metro fiber optic networks, and media playout facilities for its cable operations. Worldcall has deployed approximately 2,000 km of metro fiber in 20 cities across Pakistan to provide its customers with internet and television service with a potential service footprint of 3.2 million homes. GlobalTech owns, directly and indirectly through associates, an aggregate of around 55% of WorldCall Telecom Limited.

 

About GlobalTech Corporation

 

GlobalTech Corporation, headquartered in the USA, is a technology investment holding company that aims to provide growth capital and technological innovation to sectors such as AI, Big Data, and telecommunications. GTC partners with global companies to deliver innovative solutions that transform industries.

 

For more information, visit: www.globaltechcorporation.com

 

 
1

 

 

 

 

Forward Looking Statements

 

Certain of the matters discussed in this communication which are not statements of historical fact constitute forward-looking statements, that involve a number of risks and uncertainties. Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. The important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, our need for additional capital, the terms of such capital and potential dilution caused thereby; foreign currency exchange losses, fluctuations and translation risks related to our business in Pakistan; the international economic environment, geopolitical developments and unexpected global events which could cause our business to decline; investing in emerging markets, where our operations are located, is subject to greater risks than investing in more developed markets, including significant political, legal and economic risks; our revenue performance can be unpredictable by nature; we operate in highly competitive markets, which we expect only to become more competitive; we may be unable to keep pace with technological changes and evolving industry standards; we are exposed to cyber-attacks and other cybersecurity threats that may lead to compromised or inaccessible telecommunications, digital and financial services, and/or leaks or unauthorized processing of confidential information, and perceptions of such threats may cause customers to lose confidence in our services; the telecommunications industry is highly capital-intensive and requires substantial and ongoing expenditures of capital; we may also be subject to increases in license fees for some of our licenses or to obtain new licenses; the loss of important intellectual property rights, as well as third-party claims that we have infringed on their intellectual property rights; our substantial amounts of indebtedness and debt service obligations could materially decrease our cash flow, which could adversely affect our business and financial condition; our status as a controlled company; the fact that no active trading market for our common stock exists, and an active trading market may not develop or be sustained in the future; stockholders may be diluted significantly through our efforts to obtain financing and satisfy obligations through the issuance of additional shares of the common stock; the telecommunications industry is a highly regulated industry, and we are subject to an extensive variety of laws and operate in uncertain judicial and regulatory environments, which may result in unanticipated outcomes that could harm our business; our operating subsidiaries are located in Pakistan, and their assets are in Pakistan, which may affect shareholder rights, including the ability to enforce civil liabilities under U.S. securities laws; we are, and may in the future be, involved in, associated with, or otherwise subject to legal liability in connection with disputes and litigation with regulators, competitors, and third parties; our licenses are granted for specific periods and may be suspended, revoked, or we may be unable to extend or replace these licenses upon expiration; we may be affected by economic downturns both in Pakistan and globally, changes in inflation and interest rates, increased costs of borrowing associated therewith and potential declines in the availability of such funding; and risks relating to future divestitures, asset sales, joint ventures and acquisitions.

 

 
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Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in GlobalTech’s publicly filed reports, including, but not limited to, GlobalTech’s Annual Report on Form 10-K for the year ended December 31, 2024, and future Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, including the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. These reports are available at www.sec.gov. GlobalTech cautions that the foregoing list of important factors is not complete. All subsequent written and oral forward-looking statements attributable to GlobalTech or any person acting on behalf of GlobalTech are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on GlobalTech’s future results. The forward-looking statements included in this press release are made only as of the date hereof. GlobalTech cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, GlobalTech undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that are not paid for by GlobalTech. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

 

Contact:

Louie Toma

CORE IR

louie@coreir.com

212-655-0924

 

 
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GLOBALTECH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

As of March 31, 2025 and December 31, 2024

 

 

 

March 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

ASSETS

 

(Unaudited)

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$ 290,895

 

 

$ 822,251

 

Restricted cash

 

 

2,699,712

 

 

 

2,633,019

 

Accounts receivable – net

 

 

4,038,133

 

 

 

3,780,777

 

Short term investments

 

 

958,652

 

 

 

970,596

 

Prepayments

 

 

22,137

 

 

 

60,234

 

Stores and spares

 

 

837,135

 

 

 

838,641

 

Loans and advances

 

 

4,728,774

 

 

 

4,660,122

 

Other receivables

 

 

4,139,321

 

 

 

3,947,158

 

Total current assets

 

 

17,714,759

 

 

 

17,712,798

 

Property, plant and equipment

 

 

16,532,155

 

 

 

16,936,286

 

Operating lease right-of-use assets

 

 

441,403

 

 

 

451,111

 

Intangible assets – net

 

 

10,015,209

 

 

 

10,264,049

 

Long term loans and other assets

 

 

3,169,989

 

 

 

3,123,604

 

Deferred tax asset

 

 

8,415,570

 

 

 

8,468,381

 

TOTAL ASSETS

 

$ 56,289,085

 

 

$ 56,956,229

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Trade and other payables

 

$ 27,507,617

 

 

$ 27,263,298

 

Current portion of non-current liabilities

 

 

7,722,084

 

 

 

7,413,649

 

Accrued interest

 

 

3,664,339

 

 

 

3,545,054

 

Short term borrowings

 

 

926,995

 

 

 

1,103,560

 

Provision for taxation – net

 

 

1,161,750

 

 

 

1,125,182

 

Total current liabilities

 

 

40,982,785

 

 

 

40,450,743

 

Term finance certificates

 

 

598,334

 

 

 

906,455

 

Long term financing – secured

 

 

1,168,628

 

 

 

1,154,484

 

Long term deposits and payable

 

 

1,354,946

 

 

 

1,412,328

 

License fee payable

 

 

162,199

 

 

 

163,217

 

Operating lease liability

 

 

556,689

 

 

 

635,030

 

Post employment benefits

 

 

661,151

 

 

 

676,084

 

Other payables

 

 

548,540

 

 

 

709,975

 

Total non- current liabilities

 

 

5,050,487

 

 

 

5,657,573

 

TOTAL LIABILITIES

 

$ 46,033,272

 

 

$ 46,108,316

 

CONTINGENCIES AND COMMITMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHAREHOLDERS' EQUITY:

 

 

 

 

 

 

 

 

Common stock, $0.0001 par value - authorized 500,000,000 shares at March 31, 2025 and December 31, 2024 and issued 139,933,391 and 139,933,391 shares, respectively.

 

 

13,993

 

 

 

13,993

 

Accumulated other comprehensive loss

 

 

(602,224 )

 

 

(896,497 )

Accumulated deficit

 

 

(38,731,980 )

 

 

(38,110,867 )

Non-Controlling interest

 

 

49,576,022

 

 

 

49,841,283

 

TOTAL SHAREHOLDERS’ EQUITY

 

 

10,255,813

 

 

 

10,847,914

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$ 56,289,085

 

 

$ 56,956,229

 

 

 
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GLOBALTECH CORPORATION

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

 

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

 

 

 

 

 

 

2025

 

 

2024

 

NET REVENUE

 

$ 4,341,720

 

 

$ 3,702,258

 

Direct operating costs

 

 

(3,931,698 )

 

 

(3,582,159 )

Other operating costs

 

 

(641,745 )

 

 

(486,008 )

Depreciation and amortization

 

 

(501,098 )

 

 

(778,368 )

Other expenses

 

 

(210,851 )

 

 

(3,795 )

OPERATING LOSS

 

 

(943,672 )

 

 

(1,148,073 )

OTHER:

 

 

 

 

 

 

 

 

Other income

 

 

218,938

 

 

 

265,651

 

Finance cost

 

 

(346,737 )

 

 

(493,290 )

LOSS BEFORE TAXATION

 

 

(1,071,471 )

 

 

(1,375,713 )

Taxation

 

 

(53,733 )

 

 

(45,446 )

NET LOSS

 

$ (1,125,204 )

 

$ (1,421,158 )

NET LOSS ATTRIBUTABLE TO:

 

 

 

 

 

 

 

 

Common shareholders of GlobalTech Corporation

 

 

(621,113 )

 

 

(779,221 )

Non - controlling interest (NCI)

 

 

(504,091 )

 

 

(641,937 )

 

 

 

(1,125,204 )

 

 

(1,421,158 )

 

 

 

 

 

 

 

 

 

Net loss per common share: basic and diluted

 

$ (0.01 )

 

$ (0.01 )

Weighted-average common shares used to compute basic and diluted loss per share

 

 

139,933,391

 

 

 

139,763,391

 

 

 
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