{"url_path":"/sec/gits/10-q/2026/item-1","section_key":"item-1","section_title":"Item 1 Legal Proceedings.**","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-06-22","source_url":"https://www.sec.gov/Archives/edgar/data/1911545/0001493152-26-029583-index.html","accession_number":"0001493152-26-029583","cik":"0001911545","ticker":"GITS","issuer_name":"Global Interactive Technologies, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1911545/0001493152-26-029583-index.html","primary_entity_key":"0001911545","primary_entity_name":"Global Interactive Technologies, Inc."},"word_count":290,"has_tables":true,"body_markdown":"**Item\n1. Legal Proceedings.**\n\n \n\nOn November 6, 2024, the Financial Services Commission of Korea notified\nthe Company that it intends to impose an administrative fine of KRW 142,100,000 on Hanryu Holdings, Inc. (the former name of the Company),\nalleging that the Company failed to submit a securities registration statement in Korea in connection with the portion of the IPO funds\nraised from Korean investors in 2023.\n\n \n\nIn response, the Company contested the notice, asserting that it only\nheld an information session without soliciting subscriptions, and that Hanryu Holdings, Inc. is a U.S. corporation not subject to Korean\nregulations and therefore not obligated to file a securities registration statement in Korea. However, on March 27, 2025, the Financial\nServices Commission rejected the Company’s objection.\n\n \n\nAs a result, on June 24, 2025, the Company filed an administrative\nappeal with the Korea Central Administrative Appeals Commission seeking cancellation of the administrative fine. An administrative appeal\nto the Administrative Appeals Commission is a non-judicial procedure that can be filed prior to an administrative lawsuit, and based on\nthe outcome of the appeal, the Company may file an administrative lawsuit with the court.\n\n \n\nRegarding the administrative appeal filed against the imposition of\na fine of KRW 142,100,000 by the Financial Services Commission, the Korean Central Administrative Appeals Commission scheduled a hearing\nfor October 14, 2025. As a result of the hearing, the Commission dismissed the Company’s appeal to cancel the fine of KRW 142,100,000.\n\n \n\nThe Company received the written decision of\nthe administrative appeal from the Central Administrative Appeals Commission by mail on November 6, 2025. The Company is currently\nseeking the cancellation of the administrative surcharge imposed by the Securities and Futures Commission of Korea through\nadministrative court proceedings, and the matter remains pending."}