Global Interactive Technologies, Inc. 8-K

What Happened
Global Interactive Technologies, Inc. (GITS) filed an 8-K reporting that on April 22, 2026 it closed a Securities Purchase Agreement with FirstFire Global Opportunities Fund, LLC to sell a convertible promissory note with an original principal amount of $550,000. The note was issued with an original issue discount of $44,000, resulting in net proceeds to GITS of $506,000. The note bears interest at 9% per year and matures 12 months after issuance.

Key Details

• Principal amount: $550,000; original issue discount: $44,000; net proceeds: $506,000.
• Interest rate: 9% per annum; maturity: 12 months from issuance (April 22, 2026).
• Conversion right on default: FirstFire may convert outstanding principal and interest into common stock at a conversion price equal to 85% of the 15‑trading‑day volume‑weighted average price (a 15% discount) if an event of default occurs.
• Default penalties: upon occurrence and continuation of default the outstanding balance is automatically increased to 125% of unpaid principal plus accrued interest, and the principal increases by $5,000 on the 1st of each month after default until repaid.
• Other: Note allows full prepayment by the Company (subject to its terms) and grants FirstFire piggyback registration rights after closing.

Why It Matters
This filing creates a new, short‑term financial obligation for GITS and provides immediate cash of $506,000 to the company. The conversion and default provisions could lead to dilution of existing shareholders if FirstFire converts the note following an event of default. Investors should note the relatively high default penalties and the conversion discount, which increase the potential for equity issuance if the company fails to meet the note’s terms.