NOTE 7 — SHORT-TERM LOAN PAYABLES

The following table summarizes information with regard to short-term loan payables outstanding as of June 30, 2026 and December 31, 2025.

 SCHEDULE OF SHORT TERM LOAN PAYABLES OUTSTANDING

GLOBAL INTERACTIVE TECHNOLOGIES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

NOTE 7 — SHORT-TERM LOAN PAYABLES (cont.)

Levanston Korea LLC

From time to time, Levanston pays operating expenses to the Company’s vendors on the Company’s behalf. Such payments are recognized as operating expense and a corresponding credit to short-term borrowings. Expenses paid by Levanston on the Company’s behalf were $4,288 and $14,417 for the three and six months ended June 30, 2026, respectively. As of June 30, 2026 and December 31, 2025, amounts due to Levanston consisted of subsidiary-level loans of $1,521 and $1,638, respectively, bearing interest at 4.6%, and non-interest-bearing operating advances of $34,703 and nil, respectively. Accordingly, total amounts due to Levanston Korea LLC were $36,224 and $1,638 as of June 30, 2026 and December 31, 2025, respectively.

Corner Piece Capital Partners Pte. Ltd.

During the three months ended March 31, 2026, the Company borrowed $46,200 from Corner Piece Capital Partners Pte. Ltd. at an interest rate of 8% per annum. The loan, together with accrued interest of $513, was repaid in full on April 24, 2026.

FirstFire Global Opportunities Fund, LLC

On April 22, 2026, the Company issued a promissory note to FirstFire Global Opportunities Fund, LLC (“FirstFire”) with a principal amount of $550,000, an original issue discount of $44,000, a stated interest rate of 9% per annum, with the first twelve months of interest $49,500 guaranteed and deemed earned in full at issuance, and a maturity date of April 22, 2027. Of the $506,000 purchase price, $45,420 was paid directly to the placement agent and to FirstFire for its due diligence and legal fees, and the Company received net cash proceeds of $460,580. The original issue discount and issuance costs, totaling $89,420, were recorded as a discount against the note in accordance with ASC 835-30. Pursuant to the terms of the promissory note, the Company became obligated to repay the note following the completion of the June 2026 financing transaction.

In June 2026, the Company negotiated the settlement with FirstFire Global Opportunities Fund, LLC and repaid the obligation in full for $650,000. The repayment consisted of $550,000 of principal, $49,500 of contractual interest, and a $50,500 settlement premium. The repayment was funded with a portion of the proceeds received from the Company’s private placement completed in June 2026. The Company recognized interest expense of $49,500 and a loss on extinguishment of debt of $139,920, consisting of the write-off of the $89,420 unamortized discount and the $50,500 premium, for the three and six months ended June 30, 2026.

GIT Korea

During the three months ended June 30, 2026, the Company obtained non-interest-bearing advances from GIT Korea, consisting of a cash advance of $66,057 and $100,000 paid by GIT Korea directly to a marketing vendor on the Company’s behalf. The advances were repaid in full in cash during the quarter for a total of $168,000, including a foreign currency transaction loss of $1,943 on the KRW-denominated cash advance, which is included in other expenses.

GLOBAL INTERACTIVE TECHNOLOGIES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements