Auditor for Global Technologies (GTLL) resigns after going concern emphasis

Rhea-AI Filing Summary

Global Technologies, Ltd. reported that QI CPA LLC resigned as its independent registered public accounting firm effective June 16, 2026. QI CPA’s audit reports on the company’s financial statements for the fiscal years ended June 30, 2025 and June 30, 2024 contained an explanatory paragraph expressing substantial doubt about the company’s ability to continue as a going concern. The company states there were no disagreements with QI CPA on accounting principles, financial statement disclosure, or audit scope, and no reportable events other than previously disclosed issues related to internal control over financial reporting and disclosure controls and procedures. The company has asked QI CPA to provide a letter to the SEC confirming its agreement with these disclosures, which will be filed as an exhibit when received.

Positive

• None.

Negative

• Auditor resignation with prior going concern emphasis – QI CPA LLC resigned as independent auditor after issuing reports for 2024 and 2025 that highlighted substantial doubt about the company’s ability to continue as a going concern, increasing perceived financial and reporting risk.

Insights

Audit & reporting risk analyst

Auditor resignation plus going concern language heightens reporting risk.

Global Technologies, Ltd. disclosed that QI CPA LLC resigned as its independent registered public accounting firm effective June 16, 2026. QI CPA’s prior reports for the years ended June 30, 2025 and June 30, 2024 already included an explanatory paragraph about substantial doubt regarding the company’s ability to continue as a going concern.

The company reports no disagreements with QI CPA over accounting policies, disclosures, or audit scope, and cites no new reportable events beyond previously disclosed weaknesses in internal control over financial reporting and disclosure controls and procedures. That framing suggests the resignation is not attributed here to a specific accounting dispute.

The company has requested that QI CPA send a letter to the SEC indicating whether it agrees with these statements, to be filed as Exhibit 16.1 when received. Subsequent filings naming a new auditor and describing any updates to going concern or control issues will give additional clarity on audit stability.

8-K Event Classification

2 items: 4.01, 9.01

2 items

Item 4.01 Changes in Registrant's Certifying Accountant Governance

The company changed its independent auditing firm, which may involve disagreements on accounting matters.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Auditor resignation effective date: June 16, 2026 Fiscal year-end: June 30, 2025 Prior fiscal year-end: June 30, 2024

3 metrics

Auditor resignation effective date June 16, 2026 QI CPA LLC resignation as independent registered public accounting firm

Fiscal year-end June 30, 2025 Year for which QI CPA issued audit report with going concern paragraph

Prior fiscal year-end June 30, 2024 Year for which QI CPA issued audit report with going concern paragraph

Key Terms

going concern, independent registered public accounting firm, reportable events, internal control over financial reporting, +1 more

5 terms

going concern financial

"included an explanatory paragraph regarding substantial doubt about the Company’s ability to continue as a going concern"

A going concern is a business that is expected to continue its operations and meet its obligations for the foreseeable future, rather than shutting down or selling off assets. This assumption matters to investors because it indicates stability and ongoing profitability, making the business a more reliable investment. Think of it as believing a restaurant will stay open and serve customers, rather than closing down suddenly.

independent registered public accounting firm regulatory

"QI CPA resigned as the Company’s independent registered public accounting firm"

An independent registered public accounting firm is an outside accounting company officially registered with the government regulator to examine and report on a public company's financial records and controls. Investors treat its reports like an impartial inspector’s certificate — they add credibility to financial statements, help spot errors or misleading claims, and reduce the risk that shareholders are relying on unchecked or biased numbers.

reportable events regulatory

"there were no “reportable events” as defined in Item 304(a)(1)(v) of Regulation S-K"

Reportable events are significant incidents or changes a company is legally required to disclose to regulators and the public, such as major safety problems, legal actions, financial irregularities, or management changes. They matter to investors because these events can alter a company’s risk profile or future performance, much like a dashboard warning light signals a problem that could affect a car’s safety or reliability. Timely disclosure helps investors make informed decisions and maintain market fairness.

internal control over financial reporting financial

"including matters related to the Company’s internal control over financial reporting and disclosure controls and procedures"

Internal control over financial reporting is a company’s system of procedures and checks designed to make sure its financial statements are accurate and complete, like a set of guardrails and verification steps that catch mistakes or fraud before numbers are published. Investors care because strong controls make reported results more trustworthy, lower the risk of surprise restatements or regulatory problems, and give greater confidence when valuing the company or comparing it to peers.

disclosure controls and procedures regulatory

"including matters related to the Company’s internal control over financial reporting and disclosure controls and procedures"

Policies, routines and internal checks a public company uses to identify, collect and verify information that must appear in its financial reports and public filings, and to make sure that material news is disclosed accurately and on time. Investors care because effective controls increase confidence that the company’s reported numbers and disclosures are reliable and reduce the risk of surprises, much like a building’s inspection and alarm system helps occupants trust the structure’s safety.

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Understanding 8-K Material Events →

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		OMB APPROVAL
	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549	OMB Number: 3235-0060 Expires: November 30, 2027 Estimated average burden hours per response……………8.41

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) June 16, 2026

Global Technologies, LTD

(Exact name of registrant as specified in its charter)

Delaware		000-25668		86-0970492
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

806 Green Valley Rd, Suite 200, Greensboro, NC		27408
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (336) 740-9017

Not Applicable

(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 (see General Instruction 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))

SEC 873 (07-24) Potential persons who are to respond to the collection of information contained in this Form are not required to respond unless the Form displays a currently valid OMB control number.

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A Common Stock		GTLL		OTC Markets “PINK”

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 4.01 Changes in Registrant’s Certifying Accountant.

On June 16, 2026, Global Technologies, Ltd. (the “Company”) received written notice from QI CPA LLC (“QI CPA”) that QI CPA resigned as the Company’s independent registered public accounting firm, effective June 16, 2026.

QI CPA’s audit report on the Company’s financial statements for the fiscal year ended June 30, 2025 and June 30, 2024 did not contain an adverse opinion or disclaimer of opinion and was not qualified or modified as to audit scope or accounting principles, except that such report included an explanatory paragraph regarding substantial doubt about the Company’s ability to continue as a going concern.

During the fiscal years ended June 30, 2025 and June 30, 2024, and the subsequent interim period through June 8, 2026, there were no disagreements with QI CPA on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to QI CPA’s satisfaction, would have caused QI CPA to make reference to the subject matter of the disagreements in connection with its report.

During the fiscal years ended June 30, 2025 and June 30, 2024, and the subsequent interim period through June 8, 2026, there were no “reportable events” as defined in Item 304(a)(1)(v) of Regulation S-K, except as previously disclosed in the Company’s filings with the Securities and Exchange Commission, including matters related to the Company’s internal control over financial reporting and disclosure controls and procedures.

The Company has provided QI CPA with a copy of the disclosures contained in this Current Report on Form 8-K and has requested that QI CPA furnish the Company with a letter addressed to the Securities and Exchange Commission stating whether QI CPA agrees with the statements made herein. A copy of QI CPA’s letter will be filed as Exhibit 16.1 to this Current Report on Form 8-K or by amendment when received.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
16.1		Letter from QI CPA LLC addressed to the Securities and Exchange Commission.
104		Cover Page Interactive Data File.

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.

	GLOBAL TECHNOLOGIES, LTD (Registrant)
Date: June 16, 2026	/s/ H. Wyatt Flippen
	H. Wyatt Flippen
	CEO & Chairman

FAQ

What did Global Technologies, Ltd. disclose in this 8-K about its auditor?

Global Technologies, Ltd. disclosed that QI CPA LLC resigned as its independent registered public accounting firm effective June 16, 2026. The company also noted that QI CPA’s prior audit reports contained a going concern explanatory paragraph about the company’s ability to continue operating.

Did QI CPA’s audit reports for GTLL include a going concern warning?

Yes. QI CPA’s audit reports on GTLL’s financial statements for the fiscal years ended June 30, 2025 and June 30, 2024 included an explanatory paragraph expressing substantial doubt about the company’s ability to continue as a going concern, signaling elevated financial uncertainty.

Were there any disagreements between GTLL and QI CPA reported in this filing?

The company states there were no disagreements with QI CPA on accounting principles, financial statement disclosure, or auditing scope or procedures during the covered periods. It notes that, had disagreements existed and remained unresolved, they would have been referenced in QI CPA’s audit reports.

What reportable events related to GTLL’s internal controls are mentioned?

The company notes there were no reportable events as defined in Regulation S-K Item 304(a)(1)(v), except those previously disclosed. These previously disclosed matters relate to internal control over financial reporting and disclosure controls and procedures identified in earlier SEC filings.

What is GTLL planning to file as Exhibit 16.1 related to the auditor change?

Global Technologies, Ltd. has asked QI CPA to provide a letter addressed to the SEC stating whether it agrees with the company’s disclosures. Once received, this letter from QI CPA will be filed as Exhibit 16.1 to this report or by amendment.

What stock does Global Technologies, Ltd. trade under and where is it listed?

Global Technologies, Ltd.’s Class A Common Stock trades under the symbol GTLL. According to the disclosure, its shares are quoted on the OTC Markets platform, specifically the “PINK” marketplace for over-the-counter securities.

Filing Exhibits & Attachments

4 documents

Other Documents

• EX-16.1 EX-16.1 4.9 KB
• EX-101 XBRL SCHEMA FILE 3.0 KB
• EX-101 XBRL LABEL FILE 33.4 KB
• EX-101 XBRL PRESENTATION FILE 21.9 KB