Quarterly Report for Quarter Ending June 30, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion should be read with the unaudited consolidated financial statements and notes in Item 1, in particular Notes 2 and 11, and the forward-looking statements note above. It has been prepared by the successor custodian, who held no position with the Company during the periods discussed.

Business Overview

GlobalTek Ventures, Inc. (formerly Ameritek Ventures, Inc.) is a Nevada corporation. Its only operating activity is the rental of furnished condominiums in Chicago through Chicago Real Estate Partners, LLC, which bought its first units in the third quarter of 2025 and two further units in 2026. Its former software business was sold in October 2024 and Galaxy Batteries, Inc. was acquired in August 2025; the Order declared these and the other related-party agreements described in Note 2 void, the ZenaTech shares that represented most of the previously reported assets are no longer recognized, and the strategic plans that depended on affiliates of the former custodian are no longer pursued. The successor custodian's mandate is to complete the Company's rehabilitation, nominate an independent board and then end the custodianship.

Restatement

The December 31, 2025 balance sheet and the 2025 comparative periods are restated for the Order (Note 2). Stockholders' equity at December 31, 2025 changed from $7,800,321 as previously reported to a deficit of $1,044,672, principally from the derecognition of the ZenaTech shares ($10,471,466), partly offset by the derecognition of the Epazz, Inc. notes, accrued interest and management fees ($2,192,668) and the recognition of the Meridian liability ($566,195). The net loss for the six months ended June 30, 2025 changed from $7,526,738 to $4,644, mainly from the reversal of the loss on the ZenaTech shares and of stock-based compensation under the voided agreements.

Going concern

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As of June 30, 2026, the Company had cash of $29,328, current liabilities of $2,192,354, current assets of $30,815, a working capital deficit of $2,161,539 and a stockholders' deficit of $1,157,138. The Company generated operating revenue of $11,706 during the six months ended June 30, 2026 and has relied on related-party financing and other external sources of liquidity to fund operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern within one year after the date these consolidated financial statements are issued.

The successor custodian's plans to address these conditions include completing the rehabilitation of the Company under the Court's supervision, the financing of the Company's reporting obligations under the convertible note from Jennings Family Investments, Inc. approved by the Court on October 15, 2026 (Note 16), generating lease income from the furnished corporate housing units, and reducing operating expenditures. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities.

Business Strategy

The custodian's immediate objectives are to implement the Order, restore reporting compliance, nominate an independent board and continue to let the condominiums; reporting-compliance costs of up to $250,000 are to be funded under the Court-approved convertible note from Jennings Family Investments, Inc. (Notes 12 and 16). Longer-term plans will be for the board to be appointed.

Critical Accounting Policies

Our significant accounting policies are more fully described in the notes to our financial statements included herein for the six months ended June 30, 2026. The application of the Order where it does not resolve a matter, in particular the number of shares outstanding, the treatment of the shares issued to Maxim Group and the non-consolidation of Ecker Capital, LLC, and the measurement of the amount due to Epazz, Inc., involve significant judgement and are described in Notes 2, 6, 11 and 12. Changes in these judgements, or a decision of the Court or the Supreme Court of Nevada, could change the amounts reported materially.

New and Recently Adopted Accounting Pronouncements

Results of Operations

For the three and six months ended June 30, 2026 and 2025

GlobalTek recorded $6,287 and $11,706 in rental revenue for the three and six months ended June 30, 2026 from its furnished condominium units, compared with $22,492 for the three and six months ended June 30, 2025 as previously reported. The Company owned four condominium units at 512 N. McClurg Court, Chicago at June 30, 2026: two acquired in August 2025, unit 2112 acquired on January 23, 2026 for $308,354 and unit 3703 acquired on May 13, 2026 for $224,161 (total 2026 additions of $552,906 including $21,390 of closing costs paid by Epazz, Inc.). One of the four units was let at June 30, 2026. Revenue for the three and six months ended June 30, 2025 included non-recurring miscellaneous income; the decrease in 2026 reflects the absence of that income.

General and administrative expenses were $706,219 and $714,442 for the three and six months ended June 30, 2026, compared with $2,067 and $10,353 for the same periods of 2025. The increase is principally the $620,459 expense for the shares issued to Maxim Group for investment banking services on May 19, 2026, legal and professional fees relating to the litigation and to a proposed registration statement, and condominium rent, maintenance, accounting and transfer agent costs. Stock-based compensation of $183,000 previously reported for the 2025 periods has been reversed because the agreements under which the shares were issued were declared void. Depreciation and amortization increased to $10,024 and $18,232 for the three and six months ended June 30, 2026 from $2,000 and $4,000 in 2025 as the condominiums acquired since the third quarter of 2025 and the franchise and development rights were depreciated and amortized.

Interest expense was $6,011 and $11,957 for the three and six months ended June 30, 2026, compared with $7,236 and $12,783 (as restated) for the same periods of 2025. Interest expense now consists of interest on the Meridian note ($5,284 and $10,511 in each year) and on the Cloud Builder, Inc. and Advocate CPA, Inc. notes. Interest on the Epazz, Inc. notes assumed in the voided mergers is no longer recognized. The Company recorded no gains or losses on investments because the ZenaTech, Inc. shares received for Ecker Capital, LLC are no longer recognized; the gain of $1,725,833 and loss of $7,296,262 previously reported for the three and six months ended June 30, 2025, and the loss of $5,560,416 in the Company's draft for the six months ended June 30, 2026, have been reversed.

The net loss was $715,967 and $732,925 for the three and six months ended June 30, 2026, compared with net income of $11,189 and a net loss of $4,644 (as restated) for the corresponding periods of 2025.

Liquidity and Capital Resources

Cash Flow

The Company funded its operations and the purchase of real estate during the six months ended June 30, 2026 with cash advances from Epazz, Inc., an affiliate of the former custodian. The Company has no committed sources of financing and those advances cannot be expected to continue. The following is a summary of the changes in the Company's cash flows followed by a brief discussion of these changes:

Operating activities

Net cash used in operating activities was $101,217 for the six months ended June 30, 2026, compared with net cash provided of $1,038 for the same period of 2025. The net loss of $732,925 for 2026 included the non-cash expense of $620,459 for the shares issued to Maxim Group, depreciation and amortization of $18,232 and

accrued interest of $22,505 on the Meridian and other notes. The cash outflows do not compare directly with 2025 because the Company's activity in 2026 consisted of letting and maintaining its condominiums and funding the litigation, whereas in 2025 it had minimal activity.

Investing Activities

GlobalTek invested by purchasing a condominium for $552,906 during the six months ended June 30, 2026, of which $531,516 was paid in cash and $21,390 was paid directly by Epazz, Inc. There were no investing activities during the six months ended June 30, 2025.

Financing Activities

Net cash provided by financing activities was $659,518 for the six months ended June 30, 2026, consisting of net advances from Epazz, Inc. and other affiliates, compared with $100 in 2025. The advances are non-interest-bearing and have no fixed repayment terms. The $479,565 of management fees billed by Epazz, Inc. under the voided Management Services Agreement has been derecognized (Note 2); the successor custodian has not completed his analysis of the balance advanced before 2025 (Note 12).

Cash and Cash Equivalents

The Company had $29,328 in cash as of June 30, 2026, as compared with $1,138 as of June 30, 2025 and $2,543 as of December 31, 2025. On October 15, 2026 the Court approved the convertible note from Jennings Family Investments, Inc. described in Note 16, which funds the Company's reporting-compliance costs only. The amount due to Meridian Pacific Holdings, LLC of $576,706 at June 30, 2026 ($579,100 at August 11, 2026, with interest continuing to accrue) is due and unpaid.

Off Balance Sheet Arrangements

None.

Recent Accounting Pronouncements

See Note 3.