Item 1.01 Entry into a Material Definitive Agreement.
On January 18, 2022, Classroom Salon Holdings LLC ("Classroom Holdings"), a
Delaware limited liability company and Classroom Holdings, a wholly-owned
subsidiary of Global Tech Industries Group, Inc.'s ("GTII" or the "Company"), a
Nevada corporation, pending successful completion of a two-year audit of by an
auditor subject to the public corporation accounting oversight board ("PCAOB"),
signed and executed membership interest purchase agreements, as well as
assignments of membership interests, for the acquisition of 100% of the interest
in Classroom Salon LLC ("Classroom Salon"), a Pennsylvania limited liability
company, with all of the members of Classroom Salon. On December 18, 2021, GTII
and Classroom Holdings agreed to engage in a business combination whereby
Classroom Holdings would become a wholly owned subsidiary of GTII when they a
signed a membership interest purchase agreement ("MIPA"). Pursuant to the MIPA,
the members of Classroom Holdings (the "Classroom Holdings members") acquired
ten million (10,000,000) shares of the common stock of GTII (the "GTII Common
Stock"), issued as of December 18, 2021.
Item 1.02 Termination of A Definitive Material Agreement
On August 23, 2021 Global Tech Industries Group, Inc., a Nevada corporation
("GTII"), and We SuperGreen Energy Corp ("WSGE") signed a binding letter
agreement to engage in a merger/business combination. The completion of an audit
of the financial statements of WSGE by an auditor subject to the public
corporation accounting oversight board ("PCAOB"), was a condition to be met
before the closing of the transaction could occur. On January 24, GTII provided
notice to WSGE that the letter agreement has been terminated due to WSGE's
inability to provide audited financial statements by December 31, 2021, as
provided therein.
Item 9.01 (d) Exhibits.
10.1 Membership Interest Purchase Agreement, dated January 18, 2022, between
Ananda Gunawardena and Classroom Salon Holdings LLC
10.2 Membership Interest Purchase Agreement, dated January 18, 2022, between
Carnegie Mellon and Classroom Salon Holdings LLC
10.3 Membership Interest Purchase Agreement, dated January 18, 2022, between
Tommy Wang and Classroom Salon Holdings LLC
10.4 Assignment of Membership Interest, dated January 18, 2022, - Ananda
Gunawardena to Classroom Salon Holdings LLC
10.5 Assignment of Membership Interest, dated January 18, 2022, - Carnegie
Mellon to Classroom Salon Holdings LLC
10.6 Assignment of Membership Interest, dated January 18, 2022, - Tommy Wang
to Classroom Salon Holdings LLC
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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