GTIC 10-K & 10-Q changes, risk factors and insider trading

Operating expenses for year ended May 31, 20242025 increaseddecreased to $35,469$31,099 from $31,691$35,469 incurred during the year ended May 31, 20232024 due to ana increasedecrease in professional fees.fees and general and administrative expenses.

Interest expense for the year ended May 31, 20242025 and May 31, 20232024 was $29,632$29,551 and $29,551form$29,632 from interest expense on convertible notes, respectively.

Net loss for the year ended May 31, 20242025 increaseddecreased to $65,101$60,650 from $61,242$65,101 for the year ended May 31, 20232024 due to the increase indecrease in operating expenses and interest expense during the year ended May 31, 2023.2025.

The following summary of our operations should be read in conjunction with our unaudited financial statements for the sixnine months ended NovemberFebruary 30,28, 20252026 and 2024.2025.

Three months ending NovemberFebruary 30,28, 20252026 compared to three months ending NovemberFebruary 30,28, 20242025:

Net loss totalled $14,121$12,937 for the three months ended NovemberFebruary 30,28, 2025,2026, compared to a net loss for the three months ended NovemberFebruary 30,28, 20242025 of $11,927.$11,786. The increase in net loss was mainly due to the increase in professional fees.

SixNine months ending NovemberFebruary 30,28, 20252026 compared to sixNine months ending NovemberFebruary 30,28, 20242025:

Net loss totaled $32,718$45,655 for the sixnine months ended NovemberFebruary 30,28, 2025,2026, compared to a net loss for the sixnine months ended NovemberFebruary 30,28, 20242025 of $36,913.$48,699. The decrease in net loss was mainly due to the decrease in professional fees.

The increase in working capital deficiency during the sixnine months ended NovemberFebruary 30,28, 20252026 was primarily a result of an increase in due to related parties and accrued interest payable.

During the sixnine months ended NovemberFebruary 30,28, 2025,2026, our Company used $14,650$22,404 in cash from operating activities, compared to $17,681$26,795 cash used in operating activities during the sixnine months ended NovemberFebruary 30,28, 2024.2025.

The cash used from operating activities for the sixnine months ended NovemberFebruary 30,28, 20242026 was attributed to a net loss of $36,913,$45,655, reduced by changes in operating assets and liabilities of $19,232.$21,251.

During the sixnine months ended NovemberFebruary 30,28, 20252026 and 2024,2025, our Company did not use any cash in investing activities.

During the sixnine months ended NovemberFebruary 30,28, 20252026 and 2024,2025, our Company received $14,650$22,404 and $17,681$26,795 from director’s advancement, respectively.

We have incurred net loss since our inception on April 20, 2013 through NovemberFebruary 30,28, 20252026 totalling $39,182,351$39,195,288 and have completed only the preliminary stages of our business plan. We anticipate incurring additional losses before realizing any revenues and will depend on additional financing in order to meet our continuing obligations and ultimately, to attain profitability. We will obtain additional financing through the issuance of additional equity or through the assumption of debt. Accordingly, our independent auditors’ report on our financial statements for the year ended May 31, 2025 includes an explanatory paragraph regarding concerns about our ability to continue as a going concern, including additional information contained in the notes to our financial statements describing the circumstances leading to this disclosure. The financial statements do not include any adjustments that might result from the uncertainty about our ability to continue our business.