GLOBAL TECH INDUSTRIES GROUP, INC. (OTCMKTS:GTII) Files An 8-K Other Events
Item 8.01 Other Events.
On March 4, 2020, the U.S. Securities and Exchange Commission (the “Commission”) issued an order under Section 36 (Release No. 34-88318) of the Securities Exchange Act of 1934 (“Exchange Act”) granting exemptions from specified provisions of the Exchange Act and certain rules thereunder (the “Order”). The Order provides that a registrant (as defined in Exchange Act Rule 12b-2) subject to the reporting requirements of Exchange Act Section 13(a) or 15(d), and any person required to make any filings with respect to such a registrant, is exempt from any requirement to file or furnish materials with the Commission under Exchange Act Sections 13(a), 13(f), 13(g), 14(a), 14(c), 14(f), 15(d) and Regulations 13A, Regulation 13D-G (except for those provisions mandating the filing of Schedule 13D or amendments to Schedule 13D), 14A, 14C and 15D, and Exchange Act Rules 13f-1, and 14f-1, as applicable, where certain conditions are satisfied.
Global Tech Industries Group, Inc. (the “Company”) is furnishing this Current Report on Form 8-K to indicate its reliance on the Order in connection with the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 as a result of the circumstances set forth below.
A significant portion of the Company’s business communications among the legal, accounting and auditing functions have been limited to virtual communication regarding its preparation of its financial statements. As a result of these travel and work restrictions stemming from the COVID-19 pandemic, the Company is unable to satisfactorily complete and verify the financial records it needs to permit the Company to file a timely and accurate Quarterly Report on Form 10-Q for its quarter ended March 31, 2020 by the prescribed date without undue hardship and expense to the Company.
Accordingly, in reliance upon the Order, the Company expects to file its Quarterly Report on Form 10-Q approximately 45 days after May 15, 2020.
| –– |
About GLOBAL TECH INDUSTRIES GROUP, INC. (OTCMKTS:GTII)
Global Tech Industries Group, Inc., formerly Tree Top Industries Inc., is a development-stage company. The Company is engaged in acquiring companies and technologies using various business paradigms, including exchange of stock, joint venture and other partnership configurations. The Company is involved in producing oil from its oil and gas operations in the State of Kansas. The Company holds working interest in the Ownbey Oil and Gas leases in Chautauqua County Kansas. The lease has approximately 13 working wells out of a total of over 30 wells. The Company owns intellectual properties pertaining to the construction of the mobile configuration and operation of the glyd-arc medical waste destruction unit, as well as configuration and method for coal gasification. Its subsidiaries include NetThruster, Inc., BioEnergy Applied Technologies Inc., GoHealthMD, Inc., MLN, Inc., Eye Care Centers International, Inc., TTI Strategic Acquisitions and Equity Group, Inc. and TTII Oil & Gas, Inc.