**FORM
      10-QSB**





SECURITIES
      AND EXCHANGE COMMISSION


WASHINGTON,
      DC 20549




xQUARTERLY
      REPORT UNDER
      SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934





For
      the
      quarterly period ended **** **September
      30, 2006**





oTRANSITION
      REPORT UNDER
      SECTION 13 OR 15(d) OF THE EXCHANGE ACT





For
      the
      transition period from____________ to _____________




Commission
      file number **000-31385**




**GLOBAL
      FOOD TECHNOLOGIES, INC.**


(Exact
      name of registrant as specified in charter)





**Delaware**
            **52-2257546**(State
                incorporation)
            (IRS
                Employer
              Identification
                No.)




113
                Court Street Hanford California
            93230(Address
                of principal executive offices)
            (zip
                code)





**559-589-0100**


(Issuer’s
      telephone number)





1656
      Kraft Road, Pocatello, Idaho 83204


(Former
      address since last report)





Check
      whether the issuer (1) filed all reports required to be filed by Section 13
      or
      15(d) of the Exchange Act during the past 12 months (or for such shorter period
      that the registrant was required to file such reports), and (2) has been subject
      to such filing requirements for the past 90 days.


Yes oNo
x





Indicate
      by check mark whether registrant is a shell company Yes oNo x





Indicate
      the number of shares outstanding of each issuer’s classes of common equity, as
      of the last practicable date:





Class
            
            Outstanding
                as of May 18, 2007Common
                stock, par value $0.0001
            
            25,870,832





Transitional
      Small Business Disclosure Format (Check one): Yes oNo x







GLOBAL
      FOOD TECHNOLOGIES, INC.


(A
      DEVELOPMENT STAGE COMPANY)


QUARTERLY
      REPORT ON FORM 10-QSB


QUARTER
      ENDED SEPTEMBER 30, 2006





TABLE
      OF
      CONTENTS







**PART
                I – FINANCIAL INFORMATION**
            3**ITEM
                1. CONDENSED FINANCIAL STATEMENTS**
            3Condensed
                balance sheet as of September 30, 2006  (unaudited)
            3Condensed
                statements of operations for the three and nine months ended September
                30,
                2006 and 2005 and the period from July 25, 2001 (Inception) to September
                30, 2006 - unaudited
            4Condensed
                statement of changes in stockholders' equity for the period from
                July 25,
                2001 (Inception) to September 30, 2006 - unaudited
            5Condensed
                statements of cash flows for the nine months ended September 30, 2006
                and 2005 and the period from July 25, 2001 (Inception) to September
                30,
                2006 - unaudited
            6Notes
                to condensed consolidated financial statements - unaudited
            7**ITEM
                2. MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF
                OPERATION**
            12**ITEM
                3. CONTROLS AND PROCEDURES**
            17**PART
                II - OTHER INFORMATION**
            18**ITEM
                1. LEGAL PROCEEDINGS**
            18**ITEM
                2. UNREGISTERED SALES OF EQUITY SECURITIES**
            19**ITEM
                3. DEFAULTS UPON SENIOR SECURITIES**
            19**ITEM
                4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY
                HOLDERS**
            19**ITEM
                5. OTHER INFORMATION**
            19**ITEM
                6. EXHIBITS**
            20




2


**PART
      I - FINANCIAL INFORMATION**





**ITEM
      1.**  **FINANCIAL
      STATEMENTS** ****





GLOBAL
      FOOD TECHNOLOGIES, INC.


(A
      DEVELOPMENT STAGE COMPANY)


CONDENSED
      BALANCE SHEET


(Unaudited)





September 30,
              2006ASSETSCurrent AssetsCash
            
            $
            129,578Prepaid expenses
            
            
            60,085Total Current Assets
            
            
            189,663Fixed Assets - net
            
            
            180,171Other asset
            
            
            11,500TOTAL ASSETS
            
            $
            381,334LIABILITIES AND STOCKHOLDERS’ DEFICIENCYCurrent liabilitiesNotes payable - related parties
            
            $
            540,000Accounts payable
            
            
            356,459Accrued liabilities
            
            
            214,383Total Current Liabilities
            
            
            1,110,842Commitments and contingenciesStockholders’ DeficiencyPreferred stock, $.0001 par value, 20,000,000 shares authorized, none outstanding
            
            
            -Common stock, $.0001 par value, 100,000,000 shares authorized, 24,381,256 shares issued and outstanding
            
            
            2,438Additional paid-in capital
            
            
            28,897,566Deficit Accumulated During the Development Stage
            
            
            (29,629,512
            )Total stockholders’ deficiency
            
            
            (729,508
            )TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
            
            $
            381,334





See
      accompanying notes to Condensed Financial Statements


3





GLOBAL
      FOOD TECHNOLOGIES, INC.


**** (A
      DEVELOPMENT STAGE COMPANY)


CONDENSED
      STATEMENTS OF OPERATIONS


(Unaudited)




For the Three Months Ended
                September 30,
            
            For the Nine Months Ended
                September 30,
            
            The
                Period From July
              25,
                2001 (Inception)
              To
              September2006
            
            
            2005
            
            
            2006
            
            
            2005
            
            
            30, 2006Revenues
            
            $
            -
            
            $
            -
            
            $
            -
            
            $
            -
            
            $
            -ExpensesMarketing
            
            
            811,533
            
            
            389,311
            
            
            2,425,621
            
            
            763,682
            
            
            4,595,697General and administrative
            
            
            469,066
            
            
            268,500
            
            
            1,378,019
            
            
            1,105,682
            
            
            6,003,425Research and development
            
            
            709,388
            
            
            1,546,669
            
            
            2,563,160
            
            
            2,799,923
            
            
            14,772,593Depreciation
            
            
            28,612
            
            
            25,903
            
            
            83,543
            
            
            77,709
            
            
            411,665Interest
            
            
            55,870
            
            
            -
            
            
            147,051
            
            
            -
            
            
            239,021Impairment of BEST system
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            3,157,111Merger related costs
            
            
            -
            
            
            450,000
            
            
            -
            
            
            450,000
            
            
            450,000Total Expenses
            
            
            2,074,469
            
            
            2,680,383
            
            
            6,597,394
            
            
            5,196,996
            
            
            29,629,512NET LOSS
            
            $
            (2,074,469
            )
            $
            (2,680,383
            )
            $
            (6,597,394
            )
            $
            (5,196,996
            )
            $
            (29,629,512
            )Loss per share, basic and diluted
            
            $
            (0.09
            )
            $
            (0.12
            )
            $
            (0.28
            )
            $
            (0.26
            )Weighted average shares
            
            
            24,270,437
            
            
            21,792,257
            
            
            23,910,884
            
            
            20,113,945





See
      accompanying notes to condensed financial statements




4


GLOBAL
      FOOD TECHNOLOGIES, INC.


(A
      DEVELOPMENT STAGE COMPANY)


CONDENSED
      STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIENCY)


FOR
      THE
      PERIOD FROM JULY 25, 2001 (INCEPTION) TO SEPTEMBER 30, 2006


(Unaudited)





Common
                Stock
            
            Additional
                Paid-in
            
            
            Deficit
                Accumulated During the Development
            
            
            Total
                Stockholders’ EquityShares
            
            
            Amount
            
            
            Capital
            
            
            Stage
            
            
            (Deficiency)Issuance
                to founders at inception, at par
            
            
            10,333,333
            
            $
            1,033
            
            $
            (1,002
            )
            $
            
            
            $
            $
                31Sales
                of stock for cash
            
            
            298,706
            
            
            30
            
            
            154,008
            
            
            
            
            
            154,038Premium
                on preferred stock
            
            
            
            
            
            
            
            
            (200,800
            )
            
            
            
            
            (200,800
            )Net
                loss
            
            
            
            
            
            
            
            
            
            
            
            (
                957,269
            )
            
            (957,269
            )Balance,
                December 31,2001
            
            
            10,632,039
            
            
            1,063
            
            
            (47,794
            )
            
            (957,269
            )
            
            (1,004,000
            )Sales
                of stock for cash
            
            
            4,848,575
            
            
            485
            
            
            4,308,374
            
            
            
            
            
            4,308,859Premium
                on preferred stock
            
            
            
            
            
            
            
            
            (12,500
            )
            
            
            
            
            (12,500
            )Net
                loss
            
            
            
            
            
            
            
            
            
            
            
            (3,584,307
            )
            
            (3,584,307
            )Balance,
                December 31, 2002
            
            
            15,480,614
            
            
            1,548
            
            
            4,248,080
            
            
            (4,541,576
            )
            
            (291,948
            )Sales
                of stock for cash
            
            
            2,155,353
            
            
            216
            
            
            3,865,864
            
            
            
            
            
            3,866,080Premium
                on preferred stock
            
            
            
            
            
            
            
            
            (291,800
            )
            
            
            
            
            (291,800
            )Net
                loss
            
            
            
            
            
            
            
            
            
            
            
            (4,265,029
            )
            
            (4,265,029
            )Balance,
                December 31, 2003
            
            
            17,635,967
            
            
            1,764
            
            
            7,822,144
            
            
            (8,806,605
            )
            
            (982,697
            )Sales
                of stock for cash
            
            
            1,199,081
            
            
            120
            
            
            4,434,772
            
            
            
            
            
            4,434,892Premium
                on preferred stock
            
            
            
            
            
            
            
            
            (37,501
            )
            
            
            
            
            (37,501
            )Fair
                value of warrants issued for services
            
            
            
            
            
            
            
            
            3,400
            
            
            
            
            
            3,400Net
                loss
            
            
            
            
            
            
            
            
            
            
            
            (2,626,785
            )
            
            (2,626,785
            )Balance,
                December 31, 2004
            
            
            18,835,048
            
            
            1,884
            
            
            12,222,815
            
            
            (11,433,390
            )
            
            791,309Sales
                of stock for cash
            
            
            1,732,220
            
            
            173
            
            
            7,943,948
            
            
            
            
            
            7,944,121Premium
                on preferred stock
            
            
            
            
            
            
            
            
            (271,123
            )
            
            
            
            
            (271,123
            )Fair
                value of warrants issued for services
            
            
            
            
            
            
            
            
            21,825
            
            
            
            
            
            21,825Stock
                issued for services
            
            
            82,598
            
            
            8
            
            
            371,683
            
            
            
            
            
            371,691Conversion
                of preferred stock
            
            
            2,400,540
            
            
            240
            
            
            2,938,879
            
            
            
            
            
            2,939,119Stock
                transferred in consummation of merger
            
            
            100,000
            
            
            10
            
            
            
            
            
            
            
            
            10Stock
                issued for merger related costs
            
            
            100,000
            
            
            10
            
            
            449,990
            
            
            
            
            
            450,000Stock
                issued to round up split
            
            
            1,369Fair
                value of stock issued for media contract
            
            
            244,444
            
            
            24
            
            
            1,099,976
            
            
            
            
            
            1,100,000Net
                loss
            
            
            
            
            
            
            
            
            
            
            
            (11,598,728
            )
            
            (11,598,728
            )Balance,
                December 31, 2005
            
            
            23,496,219
            
            
            2,349
            
            
            24,777,993
            
            
            (23,032,118
            )
            
            1,748,224Sales
                of stock for cash
            
            
            491,606
            
            
            50
            
            
            2,122,930
            
            
            
            
            
            2,122,980Fair
                value of stock issued for media contract
            
            
            369,444
            
            
            37
            
            
            1,662,460
            
            
            
            
            
            1,662,497Fair
                value of stock issued for services
            
            
            23,987
            
            
            2
            
            
            107,936
            
            
            
            
            
            107,938Fair
                value of warrants issued for services
            
            
            
            
            
            
            
            
            226,247
            
            
            
            
            
            226,247Net
                loss
            
            
            
            
            
            
            
            
            
            
            
            (6,597,394
            )
            
            (6,597,394
            )Balance,
                September 30, 2006
            
            
            24,381,256
            
            $
            2,438
            
            $
            28,897,566
            
            $
            (29,629,512
            )
            $
            (729,508
            )





See
      accompanying notes to Condensed Financial Statements


5


GLOBAL
      FOOD TECHNOLOGIES, INC.


(A
      DEVELOPMENT STAGE COMPANY)


CONDENSED
      STATEMENTS OF CASH FLOWS


(Unaudited)





For
                the Nine Months Ended September 30,
            
            The
                Period From July 25, 2001 (Inception) To September
                30,2006
            
            2005
            
            2006CASH FLOWS FROM OPERATING ACTIVITIESNet loss
            
            $
            (6,597,394
            )
            $
            (5,196,996
            )
            $
            (29,629,512
            )Adjustments to reconcile net loss to net cash used in operating activities:Depreciation
            
            
            83,543
            
            
            77,709
            
            
            411,664Impairment of BEST system
            
            
            -
            
            
            -
            
            
            3,157,111Merger related costs
            
            
            -
            
            
            450,000
            
            
            450,000Fair value of warrants issued for services
            
            
            226,247
            
            
            15,300
            
            
            251,469Fair value of stock issued for services
            
            
            107,938
            
            
            204,750
            
            
            479,630Fair value of stock issued for media services
            
            
            1,662,497
            
            
            -
            
            
            2,762,497Changes in assets and liabilities:Change in prepaid expenses
            
            
            91,933
            
            
            62,213
            
            
            (60,085
            )Changein current liabilities
            
            
            243,044
            
            
            (41,744
            )
            
            570,842Net Cash used in Operating Activities
            
            
            (4,182,192
            )
            
            (4,428,768
            )
            
            (21,606,384
            )CASH FLOWS FROM INVESTING ACTIVITIESIncrease in BEST system
            
            
            -
            
            
            -
            
            
            (3,157,111
            )Increase in fixed assets
            
            
            (22,910
            )
            
            (10,080
            )
            
            (591,837
            )Increase in other asset
            
            
            -
            
            
            (2,500
            )
            
            (11,500
            )Net Cash used in Investing Activities
            
            
            (22,910
            )
            
            (12,580
            )
            
            (3,760,448
            )CASH FLOWS FROM FINANCING ACTIVITIESSale of common stock
            
            
            2,122,980
            
            
            7,630,808
            
            
            22,831,001Sale of Series A redeemable preferred stock
            
            
            -
            
            
            -
            
            
            2,170,405Redemption of Series A preferred stock
            
            
            -
            
            
            (45,000
            )
            
            (45,000
            )Proceeds from notes payable – related parties
            
            
            740,000
            
            
            -
            
            
            740,000Principal payments on notes payable – related parties
            
            
            (200,000
            )
            
            -
            
            
            (200,000
            )Net Cash Provided by Financing Activities
            
            
            2,662,980
            
            
            7,585,808
            
            
            25,496,410INCREASE (DECREASE) IN CASH
            
            
            (1,542,122
            )
            
            3,144,460
            
            
            129,578CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD
            
            
            1,671,700
            
            
            126,079
            
            
            -CASH AND CASH EQUIVALENTS – END OF PERIOD
            
            $
            129,578
            
            $
            3,270,539
            
            $
            129,578SUPPLEMENTAL DISCLOSURESInterest included in operating activities
            
            $
            -
            
            $
            -
            
            $
            91,720Non-cash financing transactionsConversion of redeemable preferred stock
            
            $
            -
            
            $
            -
            
            $
            2,939,119Accretion of redemption value of preferred stock
            
            $
            -
            
            $
            271,123
            
            $
            813,724




See
      accompanying notes to Condensed Financial Statements


6





GLOBAL
      FOOD TECHNOLOGIES, INC.


(A
      DEVELOPMENT STAGE COMPANY)


NOTES
      TO
      FINANCIAL STATEMENTS


NINE
      MONTHS ENDED SEPTEMBER 30, 2006 AND 2005





**1.** **Description
      and nature of the business, organization and basis of
      presentation**





Global
      Food Technologies, Inc. (the “Company”, “we” or “us”) is a biotechnology company
      focused on food safety processes for the food processing industry. The Company
      is dedicated to using its proprietary scientific processes to substantially
      increase the shelf life of commercially packaged seafood, poultry and meat,
      and
      to make those products safer for human consumption. We have applied the research
      and technology developed over the prior four years into the “BEST” food
      processing system. We have had no revenues to date and thus continue operations
      in the development stage. We have developed the ***iPuraTM*** brand
      for
      the food processed by our technology and are now referring to the “BEST” system
      as the “ ***iPuraTM
      Food Processing System”.*** Our
      ability to generate revenue from the ***iPuraTM*** system
      will depend, among other things, on our ability to demonstrate the merits of
      the ***iPuraTM*** system
      and develop markets and alliances to penetrate those markets. The Company’s
      fiscal year end is December 31.





**Organization**


Boulevard
      Acquisition Corporation, a Delaware corporation (“BAC”), was incorporated on
      March 24, 1999 to serve as a vehicle to effect a merger, exchange of capital
      stock, asset acquisition or other business combination with a private business.




On
      August
      19, 2005, BAC entered into an Asset Acquisition Agreement with Global Food
      Technologies, Inc., a privately held Delaware corporation (“Tech”), and Solvis
      Group, Inc., a Delaware corporation, whereby BAC agreed to acquire all of the
      assets and properties subject to all claims, liabilities and obligations of
      Tech
      in exchange for the issuance to Tech of 22,943,693 shares of common stock of
      BAC, representing approximately ninety-seven percent (97%), of BAC’s issued and
      outstanding capital stock. BAC initially issued Solvis Group, Inc. 520,000
      shares as consideration for facilitating the merger, with the fair value of
      the
      shares, $2,340,000, being charged to expense as a cost of the merger. This
      agreement was amended in April 2006 and the transaction restated to reduce
      the
      shares issued to Solvis Group, Inc. from 520,000 shares to 100,000 shares,
      reducing the facilitation fee to $450,000 based on the fair value of $4.50
      per
      share and increasing the percentage of shares received by Tech to
      99.1%.




The
      acquisition was accounted for as a reverse merger (recapitalization) with Tech
      being deemed the accounting acquirer. Accordingly, the historical financial
      information presented in the financial statements is that of Tech (since July
      25, 2001, date of Tech’s inception) as adjusted. The basis of the assets and
      liabilities of Tech, the accounting acquirer, have been carried over in the
      recapitalization. Subsequent to the acquisition, the BAC changed its name to
      Global Food Technologies, Inc.




**Basis
      of presentation**


The
      accompanying unaudited condensed financial statements have been prepared in
      accordance with generally accepted accounting principles in the United States
      of
      America for interim financial information and pursuant to the rules and
      regulations of the United States Securities and Exchange Commission (“SEC”).
      Accordingly, they do not include all of the information and footnotes required
      by generally accepted accounting principles for complete financial statements.
      In the opinion of management, all adjustments (consisting of normal recurring
      adjustments) considered necessary for a fair presentation have been included.
      These financial statements should be read in conjunction with the Company’s
      Amended Annual Report on Form 10-KSB/A for the fiscal year ended December 31,
      2005, filed with the SEC on July 31, 2007. The results of operations for interim
      periods are not necessarily indicative of the results expected for a full year
      or for any future period.




7




**Going
      concern**





We
      are
      currently a development stage enterprise. All loses accumulated since the
      inception of business have been considered as part of our development stage
      activities.





The
      accompanying financial statements have been prepared on the basis that we will
      continue as a going concern, which assumes the realization of assets and the
      satisfaction of liabilities in the normal course of business. Since inception,
      we have been engaged in product development and pre-operational activities.
      No
      revenue has been generated and we have incurred accumulated losses and used
      cash
      in operations of $29,629,512 and $21,606,384 as of September 30, 2006.
      Continuation of our existence is dependant on our ability to raise additional
      capital and achieve sustained profitable operations. The uncertainty related
      to
      these conditions raises substantial doubt about our ability to continue as
      a
      going concern. The accompanying financial statements do not include any
      adjustments that might result from the outcome of this uncertainty.





The
      sole
      source of cash has been the sale of its equity to investors. Although we expect
      to generate revenue from installing and operating the ***iPuraTM*** food
      processing systems within the next 12 months, any funds generated from
      installing and operating our ***iPuraTM*** food
      processing systems during fiscal year 2007 are not expected to cover all of
      our
      operating expenses. In addition to cash in hand as of September 30, 2006, we
      believe that we will need approximately $7 million to cover operating expenses
      during the next twelve months, including costs for the construction of two ***iPuraTM*** food
      processing systems. We are actively pursuing all potential financing options
      as
      we look to secure additional funds both to stabilize and to grow our business
      operations. Our management will review any financing options at their disposal,
      and will judge each potential source of funds on its individual merits.





**Accounting
      policies**





Use
      of
      estimates - The
      preparation of financial statements in conformity with U.S. generally accepted
      accounting principles requires management to make estimates and assumptions
      that
      affect the reported amounts of assets and liabilities and disclosure of
      contingent assets and liabilities at the date of the financial statements and
      the reported amounts of revenues and expenses during the reporting period.
      Actual results could differ from those estimates.





***iPuraTM*** (formerly
      the “BEST”) Seafood Processing System **-** The ***iPuraTM*** Seafood
      Processing System, the physical embodiment of our food processing technology,
      was completed, tested and available for commercial application (in a previous
      generation design) in 2005 and was capitalized at a construction cost of
      $3,157,111. Design, testing and support costs involved were expensed. In 2005,
      mechanical and software upgrades were implemented to optimize the mechanical
      process. The improvements were so substantial that this prior model was deemed
      inappropriate for installation in a customer’s processing facility. As a result,
      the Company recorded an asset impairment charge of $3,157,111 for the year
      ended
      December 31, 2005. A new model is being constructed with increased capacity
      and
      simplified operating and maintenance parameters. Design, testing and support
      costs incurred on this model through September 30, 2006 have been included
      in
      research and development costs.




8


Loss
      per share -
      Loss
      per share was computed using the weighted average number of shares of common
      stock equivalents outstanding during the period. Stock purchase warrants were
      not used in the computation as their effect would be antidilutive.





Stock-based
      compensation -
      Statement of Financial Accounting Standards No. 123, "Accounting
      for


Stock-Based
      Compensation" ("SFAS No. 123"), established a fair value method of accounting
      for stock-based compensation plans and for transactions in which an entity
      acquires goods or services from non-employees in exchange for equity
      instruments. Through December 31, 2005, the Company accounted for stock-based
      compensation utilizing the fair value method of accounting prescribed in SFAS
      No. 123.





In
      December 2004, the Financial Accounting Standards Board (“FASB”) issued
      Statement of Financial Accounting Standards 123R, “Share-Based Payment” (“SFAS
      123R”). This statement requires that the cost resulting from all share-based
      payment transactions be recognized in the financial statements. This statement
      establishes fair value as the measurement objective in accounting for
      share-based payment arrangements and requires all entities to apply a fair-value
      based measurement method in accounting for share-based payment transactions
      with
      employees except for equity instruments held by employee share ownership plans.
      Effective January 1, 2006, the Company adopted the fair value recognition
      provisions of SFAS 123R, using the modified prospective method. Under this
      method, the provisions of SFAS 123R apply to all awards granted or modified
      after the date of adoption and all previously granted awards not yet vested
      as
      of the date of adoption. The initial adoption of this standard had no effect
      on
      the Company’s financial statements.


Shares,
      warrants and options issued to non-employees for services are accounted for
      in
      accordance with SFAS 123(R) and Emerging Issues Task Force Issue No. 96-18
      (“EITF 96-18”), “Accounting for Equity Instruments that are Issued to Other Than
      Employees for Acquiring or In Conjunction with Selling Goods or Services”
whereby the fair value of such option and warrant grants is determined using
      the
      Black-Scholes Model at the earlier of the date at which the non-employee’s
      performance is completed or a performance commitment is reached.





Recent
      accounting pronouncements - In
      September 2006, the FASB issued SFAS No. 157, Fair Value Measurements. SFAS
      No.
      157 defines fair value, establishes a framework for measuring fair value in
      U.S.
      generally accepted accounting principles and expands disclosures about fair
      value measurements. SFAS No. 157 is effective for fiscal years beginning after
      November 15, 2006 and interim periods within those fiscal years. The Company
      is
      currently evaluating the effect that the adoption of SFAS No. 157 will have
      on
      its financial position and results of operations.





In
      June
      2006, the FASB issued FASB Interpretation No. 48, Accounting for Uncertainty
      in
      Income Taxes, an interpretation of FASB Statement No.109 (FIN 48). FIN 48
      provides criteria for the recognition, measurement, presentation and disclosure
      of uncertain tax positions that has an effect on a company's financial
      statements accounted for in accordance with SFAS No. 109, Accounting for Income
      Taxes, as a result of positions taken or expected to be taken in a company's
      tax
      return. A tax benefit from an uncertain position may be recognized only if
      it is
      "more likely than not" that the position is sustainable based on its technical
      merits. The provisions of FIN 48 are effective for fiscal years beginning after
      December 15, 2006. The Company is currently evaluating the potential effect
      that
      the adoption of FIN 48 will have on the Company's financial statement
      presentation and disclosures.





In
      February 2007, the FASB issued SFAS 159 The Fair Value Option for Financial
      Assets and Financial Liabilities. SFAS 159 permits the measurement of certain
      financial instruments at fair value. Entities may choose to measure eligible
      items at fair value at specified election dates, reporting unrealized gains
      and
      losses on such items at each subsequent reporting period. SFAS 159 is effective
      for fiscal years beginning after November 15, 2007. The Company has not
      evaluated the potential impact of the fair value option.




9


**2.** **Notes
      payable - related parties**





On
      April
      3, 2006, we arranged a 30 day bridge loan in the amount of $350,000 from a
      non-principal shareholder. The loan bears interest at eight percent (8%) per
      annum plus an additional five points, or $17,500, which was recorded as interest
      expense. The loan is secured by all assets, including any intellectual assets,
      of the Company. Additional consideration included the issuance of warrants
      to
      purchase 35,000 shares of our common stock. The warrants are exercisable at
      $4.50 per share for two (2) years from the date of repayment. The Company
      determined the fair value of the warrants to be $49,245 based
      upon a Black-Scholes option pricing model with the following assumptions:
      expected volatility of 50%, a risk-free interest rate of 4.8%, an expected
      term
      of 2 years, and 0% dividend yield. The $49,245 was recorded
      as additional interest expense In July 2006, $100,000 of principal was repaid,
      leaving a balance of $250,000 that is currently past due. The loan is currently
      in default and the Company is negotiating an extension of this note. The loan
      is
      guaranteed by the President of the Company and a Director of the Company who
      was
      also the former Chief Technology Officer of the Company





In
      April
      and May of 2006, we arranged a series of 3 loans aggregating $290,000 from
      a
      Director of the Company. Two loans aggregating $190,000 are demand loans. The
      third loan for $100,000 matured July 18, 2006, and was repaid on its due date.
      The loans bear interest of 8% plus an additional five points, aggregating
      $14,500, due at maturity, which was expensed as additional interest expense
      in
      2006. Additional consideration for the 3 loans was approved by the Board in
      August 2006, in the form of warrants to purchase 29,000 shares of our common
      stock. The warrants are exercisable at $4.50 per share for two (2) years from
      the date of repayment. The Company determined the fair value of the warrants
      to
      be $40,803 based
      upon a Black-Scholes option pricing model with the following assumptions:
      expected volatility of 50%, a risk-free interest rate of 4.8%, an expected
      term
      of 2 years, and 0% dividend yield. The $40,803 was recorded
      as additional interest expense In August 2006 another loan for $100,000 was
      made
      for 90 days from the Director’s IRA account at 8% interest and no additional
      consideration. The loan was extended in November 2006 for an additional six
      months maturing in May 2007. In May 2007, the loan was further extended to
      November, 2007. All loans are unsecured.





**3.** **Shareholders’
      Equity**





At
      September 30, 2006, our authorized capital consists of One Hundred Twenty
      Million (120,000,000) shares, consisting of Common Stock in the amount of One
      Hundred Million (100,000,000) shares, $0.0001 par value and Preferred Stock
      in
      the amount of Twenty Million (20,000,000) shares, $0.0001 par
      value.





**Media
      Agreement** **.** On
      September 30, 2005, we entered into a three year contract for media production
      and distribution services with Global Media Fund, LLC, which will provide
      nationally syndicated newspaper and radio features about us, our BEST food
      processing systems and food safety issues to 10,000 newspapers and 6,000 radio
      stations. The total cost for the contract is $4,500,000. The Company agreed
      to
      pay (i) $2,250,000 in cash or unrestricted common stock of the Company and
      (ii)
      $2,250,000 in shares of restricted common stock of Company. The $2,250,000
      payable in shares of restricted common stock are to be paid in shares valued
      at
      90% of market price at the time of issuance (but not less than the market price
      of the unrestricted shares) in 12 quarterly installments which began in January
      2006.




10


During
      the three and nine months ended September 30, 2006, and in accordance with
      the
      media agreement, 81,480 and 244,444 shares, respectively, of unrestricted common
      stock valued at $366,660 and $1,100,000, respectively, were issued. In addition,
      41,665 and 124,998 shares, respectively, of restricted common stock valued
      at
      $187,500 and $562,497, respectively, were issued. The total of $554,160 and
      $1,662,497, respectively, was charged to marketing expense at the date the
      common shares were issued.





**Warrants** **.** At
      September 30, 2006, there were 2,293,471 warrants outstanding. There were
      169,329 warrants issued in the six months ended September 30, 2006 to cash
      investors in conjunction with sales of common stock. Additionally, 181,808
      warrants have been issued for services, additional consideration for short
      tem
      loans and as compensation to placement agents of our securities. These warrants
      are exercisable at $4.50 to $5.00 and for a period of 2 to 3 years. No warrants
      have been exercised.





**Private
      Placements** **.** On
      April
      5, 2006, we commenced a private placement of our securities to accredited
      investors in conformity with Rule 506 of Regulation D of the Securities Act
      of
      1933, as amended. The offering consists of 500,000 units, each consisting of
      two
      shares of Common Stock and one warrant to purchase one share of Common Stock
      for
      a maximum offering price of $4,500,000.




In
      May
      2006, we met with a group of our current stockholders in London, England in
      conjunction with the Brussels Seafood Show. Certain shareholders, without
      solicitation from GFT, expressed an interest in adding to their investment,
      resulting in 26 shareholders investing $688,264 by September 30, 2006. These
      sales of common stock were made at a price of $4.50 per share and were conducted
      under the provisions of SEC Regulation S.





The
      aggregate proceeds from both the Regulation D and Regulation S offerings as
      of
      September 30, 2006, was $2,212,420 and resulted in the issuance of 491,606
      shares and 169,329 warrants. Both of these offerings continue with the issuance
      of stock and warrants and the collection of cash proceeds. There were costs
      associated with these proceeds in the amount of $89,440 including $67,140 of
      direct costs and $21,947 as imputed value of warrants issued to placement
      agents, which are netted against the aggregate proceeds.




**4.**  **Subsequent
      Events**





The
      Company continues to sell its common shares in reference to its April 5, 2006
      private placement of its securities to accredited investors in conformity with
      Rule 506 of Regulation D of the Securities Act of 1933, as amended. In addition,
      we continue to sell Common Stock to non-US persons in Regulation S offerings
      to
      investors residing in foreign countries. During the period October 1, 2006
      through June 27, 2007, the Company sold 728,311 shares of its common stock
      for
      net proceeds of $3,318,709.




Common
      Stock continues to be issued in accordance with the Media Agreement described
      in
      Note 3. During the period October 1, 2006 to April 1, 2007, a total of 125,000
      shares of common stock valued at $562,500 were issued under the media agreement.





In
      March
      2007, the Board awarded stock grants to certain employees, consultants and
      advisors as compensation for services. A total of 174,322 shares were awarded
      with a fair market value of $784,449 which will be recorded as compensation
      expense in the first quarter of 2007. Of these shares 45,000 were awarded in
      the
      form of restricted stock under our Stock Incentive Plan - 2006. One advisor
      also
      received 150,000 warrants to purchase common stock at he price of $5.00 per
      share for a period of 5 years. This warrant has an imputed value of $308,827
      which will be recorded as compensation expense in the first quarter of
      2007


11




**ITEM
      2.**  **MANAGEMENT’S
      DISCUSSION AND ANALYSIS OR PLAN OF OPERATION**




The
      following presentation of Management’s Plan of Operation has been prepared by
      internal management and should be read in conjunction with the financial
      statements and notes thereto included in Item 1 of this Quarterly Report on
      Form
      10-QSB. Except for the historical information contained herein, the discussion
      in this report contains certain forward-looking statements that involve risks
      and uncertainties, such as statements of our business plans, objectives,
      expectations and intentions as of the date of this filing. The cautionary
      statements about reliance on forward-looking statements made below in this
      document should be given serious consideration with respect to all
      forward-looking statements wherever they appear in this report, notwithstanding
      that the “safe harbor” protections available to some publicly reporting
      companies under applicable federal securities law do not apply to us at this
      time. Our actual results could differ materially from those discussed here.




**Plan
      of Operation**





From
      the
      commencement of our research and development activities in 2001, we have raised
      substantial equity capital to fund the development of our BEST Seafood
      Processing System. The BEST Seafood Processing System has been re-branded as
      the *iPuraTM
      System* and is
      ready for market introduction as the embodiment of ***The*** **** ***iPura*** **TM** ***Food Safety Program*** ,
      although our other prospective products still require additional research and
      development. To date, we have not generated any revenues and we have incurred
      accumulated losses of $36,127,217 and used cash in operations of $21,981,220
      as
      of December 31, 2006. Research on our first generation prototype was completed
      in 2004, and development and refinement on the commercial system design
      continued through 2005, especially adapting the system to processing salmon.
      Production has commenced on one unit of the current generation of
      the **** ***iPura*** **TM** ****** system,
      including the material handling components necessary for processing salmon,
      which we intend to use for our first commercial installation with a customer
      in
      Chile.





GFT
      began
      promoting the *iPuraTM* label
      through industry trade shows, trade publications, workshops, seminars, invited
      speaking engagements, and meetings sponsored on our behalf by various
      governmental agencies and industry trade associations. Through various media,
      we
      believe that we have aroused interest and countered price objections.
      The Company
      is executing its marketing strategy by promoting the *iPura* TM
brand
      to food processors and industry associations as the world’s first food safety
      label. **** In
      2008,
      we expect to begin marketing the *iPura* TM
brand
      to consumers. The *iPura* TM
label
      is **** anchored
      with a descriptive and lasting slogan: **** “ **The
      Highest Standard in Food SafetyTM”.**





· The
      science and marketing connect perfectly with world food safety issues.


· The *iPura* TM
label
      is a tool which communicates that exceptional food safety measures have been
      taken to protect consumer health.


· The
      label
      will serve to identify food products that have a higher level of safety and
      quality.


· GFT
      has
      filed trade marks for its brand and slogan in every major food producing and
      food consuming nation.


· Trade
      marks are expected to be listed on the primary registry at the USPTO and
      internationally, as a global trademark search by counsel found no prior marks
      or
      obstructions.




The *iPuraTM* Food Safety
      Program is the constitution of the *iPuraTM* food
      safety brand, which is anticipated to include:





· An
      organic pathogenic and spoilage microorganism “kill step” prior to packaging.


12


· Intelligent
      packaging of product.


· Product
      traceability of handling and temperature.


· An
      independent third party certification of standards.


· A
      unique
      product insurance that follows the *iPura* TM
labeled
      product throughout the distribution chain.


· A
      distribution chain and consumer “pull through” marketing program promoting *iPuraTM* as “The
      Highest Standard in Food SafetyTM.”





The *iPuraTM* Food
      Safety Program will help the food chain grow their margins by increasing the
      quality, safety, and economic value of their products by reducing or eliminating
      the waste and liability associated with the distribution of contaminated food,
      and by increasing shelf life.


We will
      aggressively promote the *iPura* TM brand
      utilizing an extensive media and educational campaign focusing on the health
      and
      economic benefits of *iPura* TM **** treated
      products and the increased profit margins available to the entire distribution
      chain. GFT has entered into a media-buying agreement, financed with common
      stock, with its strategic partner Global Media Fund LLC. The agenda includes
      regular distribution of feature articles in the U.S. to over 10,000 newspapers,
      news, wire services, and radio spots to more than 6,000 radio stations, over
      a
      24-month period. ** The
      estimated retail value of such media spots is $54 million. GFT’s pull-through
      marketing campaign will begin with “Ask your grocer for *iPuraTM* ”.
      F ood
      safety is public health news and the *iPuraTM* food safety
      brand is expected to be publicized as news in media across the globe.





Initially,
      we have targeted three major seafood markets: Chile, Vietnam, and China. Each
      is among
      the
      world’s top 10 seafood exporting
      markets and potential customers as well as certain government agencies in each
      country have expressed significant interest in installing *iPura* TM
      systems. With **** the
      official sponsorship of government and industry associations, GFT has presented
      to hundreds of processors in these countries, and will be ready to fill any
      orders that result from these presentations with large volume processors as
      soon
      as growth capital is secured. GFT anticipates expanding into other large seafood
      producing countries such as Norway, Thailand, India, Canada, and the United
      States in phase two. Seafood will be followed by poultry and pork, with plans
      to
      develop a system for meat and other food products marketed under the *iPura* TM
label.





We
      also
      intend to participate in the following industry conferences:




·
            Institute
                of Food Technologists Expo


·
            Food
                Marketing Institute Annual Business
                Conference


·
            Food
                Safety Conference (International Association for Food
                Protection)


·
            National
                Food Policy Conference





As
      of
      September 30, 2006, we had no debt other than trade indebtedness in the ordinary
      course of business and short tem loans of $540,000 from a Director and a
      shareholder. Based on our cash balance as of September 30, 2006, we estimate
      that we will need to raise additional capital in the amount of $7 million to
      cover our operating costs for the remainder of 2006 and for fiscal year 2007
      and
      to build two units of ***The
      iPura*** **TM**  ***System*** .
      If
      additional units are required to meet customer demand, we will need to raise
      additional funds. Any additional capital we raise may involve issuing additional
      shares of common stock or other equity securities, or obtaining debt financing.
      However, at this point, we have not specifically identified the type or sources
      of this funding. We are aggressively exploring commercial and joint venture
      financing opportunities and relationships with potential processor/customers
      with sale and lease-back arrangements.





We
      believe that we have adequate plant capabilities and capacity and sufficient
      qualified personnel to achieve our planned operations over the next 12 months,
      although we do anticipate an investment in additional research and laboratory
      facilities to meet any accelerated or new product support requirements. In
      addition, an increase in the number of units of the ***iPura*** **TM**  ***System*** produced
      and installed beyond the next two units will likely require outsourcing of
      fabrication, integration and installation of the units, which will be supervised
      by our existing personnel. We will add non-technical support personnel as
      required to manage the increase in administrative activity.




13


**Critical
      accounting policies**





Use
      of
      estimates - The
      preparation of financial statements in conformity with U.S. generally accepted
      accounting principles requires management to make estimates and assumptions
      that
      affect the reported amounts of assets and liabilities and disclosure of
      contingent assets and liabilities at the date of the financial statements and
      the reported amounts of revenues and expenses during the reporting period.
      Actual results could differ from those estimates.





***iPuraTM*** (formerly
      the “BEST”) Seafood Processing System **-** The ***iPuraTM*** Seafood
      Processing System, the physical embodiment of our food processing technology,
      was completed, tested and available for commercial application (in a previous
      generation design) in 2005 and was capitalized at a construction cost of
      $3,157,111. Design, testing and support costs involved were expensed. In 2005,
      mechanical and software upgrades were implemented to optimize the mechanical
      process. The improvements were so substantial that this prior model was deemed
      inappropriate for installation in a customer’s processing facility. As a result,
      the Company recorded an asset impairment charge of $3,157,111 for the year
      ended
      December 31, 2005. A new model is being constructed with increased capacity
      and
      simplified operating and maintenance parameters. Design, testing and support
      costs incurred on this model through March 31, 2006 have been included in
      research and development costs.





Loss
      per share -
      Loss
      per share was computed using the weighted average number of shares of common
      stock equivalents outstanding during the period. Stock purchase warrants were
      not used in the computation as their effect would be antidilutive.





Stock-based
      compensation -
      Statement of Financial Accounting Standards No. 123, "Accounting for Stock-Based
      Compensation" ("SFAS No. 123"), established a fair value method of accounting
      for stock-based compensation plans and for transactions in which an entity
      acquires goods or services from non-employees in exchange for equity
      instruments. Through December 31, 2005, the Company accounted for stock-based
      compensation utilizing the fair value method of accounting prescribed in SFAS
      No. 123.




In
      December 2004, the Financial Accounting Standards Board (“FASB”) issued
      Statement of Financial Accounting Standards 123R, “Share-Based Payment” (“SFAS
      123R”). This statement requires that the cost resulting from all share-based
      payment transactions be recognized in the financial statements. This statement
      establishes fair value as the measurement objective in accounting for
      share-based payment arrangements and requires all entities to apply a fair-value
      based measurement method in accounting for share-based payment transactions
      with
      employees except for equity instruments held by employee share ownership plans.
      Effective January 1, 2006, the Company adopted the fair value recognition
      provisions of SFAS 123R, using the modified prospective method. Under this
      method, the provisions of SFAS 123R apply to all awards granted or modified
      after the date of adoption and all previously granted awards not yet vested
      as
      of the date of adoption. The initial adoption of this standard had no effect
      on
      the Company’s financial statements.




Shares,
      warrants and options issued to non-employees for services are accounted for
      in
      accordance with SFAS 123(R) and Emerging Issues Task Force Issue No. 96-18
      (“EITF 96-18”), “Accounting for Equity Instruments that are Issued to Other Than
      Employees for Acquiring or In Conjunction with Selling Goods or Services”
whereby the fair value of such option and warrant grants is determined using
      the
      Black-Scholes Model at the earlier of the date at which the non-employee’s
      performance is completed or a performance commitment is reached




14


**Recent
      accounting pronouncements**





In
      September 2006, the FASB issued SFAS No. 157, Fair Value Measurements. SFAS
      No.
      157 defines fair value, establishes a framework for measuring fair value in
      U.S.
      generally accepted accounting principles and expands disclosures about fair
      value measurements. SFAS No. 157 is effective for fiscal years beginning after
      November 15, 2006 and interim periods within those fiscal years. The Company
      is
      currently evaluating the effect that the adoption of SFAS No. 157 will have
      on
      its financial position and results of operations.





In
      June
      2006, the FASB issued FASB Interpretation No. 48, Accounting for Uncertainty
      in
      Income Taxes, an interpretation of FASB Statement No.109 (FIN 48). FIN 48
      provides criteria for the recognition, measurement, presentation and disclosure
      of uncertain tax positions that has an effect on a company's financial
      statements accounted for in accordance with SFAS No. 109, Accounting for Income
      Taxes, as a result of positions taken or expected to be taken in a company's
      tax
      return. A tax benefit from an uncertain position may be recognized only if
      it is
      "more likely than not" that the position is sustainable based on its technical
      merits. The provisions of FIN 48 are effective for fiscal years beginning after
      December 15, 2006. The Company is currently evaluating the potential effect
      that
      the adoption of FIN 48 will have on the Company's financial statement
      presentation and disclosures.





In
      February 2007, the FASB issued SFAS 159 The Fair Value Option for Financial
      Assets and Financial Liabilities. SFAS 159 permits the measurement of certain
      financial instruments at fair value. Entities may choose to measure eligible
      items at fair value at specified election dates, reporting unrealized gains
      and
      losses on such items at each subsequent reporting period. SFAS 159 is effective
      for fiscal years beginning after November 15, 2007. The Company has not
      evaluated the potential impact of the fair value option.





**Off
      Balance Sheet Arrangements**





We
      do not
      have any off-balance sheet arrangements.





**Cautionary
      Information Regarding “Forward-Looking Statements”**




This
      Quarterly Report on Form 10-QSB includes certain statements about us that may
      be
      deemed to be “forward-looking statements” within the meaning of the Private
      Securities Litigation Reform Act of 1995. These forward-looking statements
      relate to matters such as, among other things, product development and
      acceptance, our anticipated financial performance, business prospects,
      technological developments, new products, future distribution or license rights,
      international expansion, possible strategic alternatives, new business concepts,
      capital expenditures, consumer trends and similar matters.





Forward-looking
      statements necessarily involve known and unknown risks, uncertainties and other
      factors that may cause our actual results, levels of activity, performance
      or
      achievements to be materially different from any future results, levels of
      activity, performance or achievement expressed or implied by these
      forward-looking statements. In some cases, you can identify forward-looking
      statements by terminology such as “may,” “will,” “should,” “could,” “intend,”
“expect,” “anticipate,” “assume,” “hope,” “plan,” “believe,” “seek,” “estimate,”
“predict,” “approximate,” “potential,” “continue” or the negative of these
      terms. Statements including these words and variations of these words, and
      other
      similar expressions, are forward-looking statements. Although we believe that
      the expectations reflected in our forward-looking statements are reasonable
      based upon our knowledge of our business, we cannot absolutely predict or
      guarantee any future results, levels of activity, performance or achievements.
      Moreover, neither we nor any other person assumes responsibility for the
      accuracy and completeness of these statements.




15


We
      note
      that a variety of factors could cause our actual results and future experiences
      to differ materially from the anticipated results or other expectations
      expressed in these forward-looking statements. The risks and uncertainties
      that
      may affect our operations, performance, development and results include, but
      are
      not limited to, the following:





·
            whether
                our system will perform as expected in commercial
                applications;




·
            our
                ability to enter into service contracts with food processors, the
                time it
                takes for us to enter into any of these contracts and the prices
                we are
                able to charge these customers;




·
            our
                ability to obtain one or more third-party manufacturers for our system
                components and other products;




·
            the
                cost at which we will be able to have our system components and other
                products manufactured, if at all, and the time it will take to have
                our
                system components and other products
                manufactured;




·
            our
                ability to obtain all required components for our systems on a timely
                basis and at the prices we
                anticipate;




·
            whether
                our systems and products are viewed as providing the benefits we
                claim and
                whether these benefits are marketable by any customers we may seek
                to
                obtain;




·
            our
                systems and products performing in the manner we expect in customer
                applications and without any material
                modifications;




·
            our
                ability to obtain all necessary governmental approvals for our systems
                and
                other products;




·
            whether
                we will be able to apply our technology to products other than fish
                or use
                our technology in any other fields;




·
            the
                pace at which we will utilize our existing working capital and whether
                our
                existing working capital will be sufficient for us to continue to
                develop
                our systems and products to the extent we
                anticipate;




·
            whether
                we will be able obtain additional financing to continue or expand
                operations and the terms on which we will be able to obtain this
                financing, if at all;




·
            our
                ability to protect our intellectual property and obtain and maintain
                patents and other protections for our intellectual
                property.




·
            the
                possible impact from competing products or
                technologies;




·
            possible
                reductions in consumer demand for fish and poultry, including as
                a result
                of any outbreaks of disease, including avian flu, or negative reports
                regarding the health benefits of fish and poultry;




16


·
            our
                ability to hire, train and retain a consistent supply of reliable
                and
                effective employees, both domestically and in any countries in which
                we
                might be able to install one of our processing
                system;




·
            the
                risk of non-payment by, and/or insolvency or bankruptcy of, our customers
                and others with indebtedness to us;




·
            the
                costs of complying with applicable labor laws and requirements, including,
                without limitation, with respect to health
                care;




·
            economic
                and political instability in foreign countries or restrictive actions
                by
                the governments of foreign countries in which we may seek to conduct
                our
                business or obtain customers;




·
            changes
                in tax laws or the laws and regulations governing food processing
                and on
                income generated outside the United
                States;




·
            general
                economic, business and social conditions in the United States and
                in
                foreign countries where we may conduct our
                business;




·
            fluctuation
                in interest rates, insurance, shipping, energy, fuel and other business
                utilities in any countries in which we conduct
                business;




·
            the
                stability of and fluctuations in currencies in which we conduct
                business;




·
            threats
                or acts of terrorism or war; strikes, work stoppages or slow downs
                by
                labor organizations in any countries in which we conduct business;
                and




·
            natural
                or man-made disasters that could adversely impact the industries
                or
                countries in which we conduct
                business.




Forward-looking
      statements made by us are based upon a knowledge of our business and the
      environment in which we operate. However, because of the factors listed above,
      actual results may differ from those in the forward-looking statements.
      Consequently, these cautionary statements qualify all of the forward-looking
      statements made in this report. We cannot assure you that the results or
      developments we anticipate will be realized or, even if substantially realized,
      that those results or developments will result in the expected consequences
      or
      otherwise affect us, our business or operations in the ways expected. You are
      cautioned not to place undue reliance on these forward-looking statements,
      which
      speak only as of their dates, or on any subsequent written and oral
      forward-looking statements attributable to us or persons acting on our behalf,
      all of which are expressly qualified in their entirety by these cautionary
      statements. Except to the extent required by law, we do not undertake any
      obligation to release or publish any revisions to our forward-looking
      statements, including without limitation those contained in this report, to
      reflect events or circumstances after the date of this report or to reflect
      the
      occurrence of unanticipated events.





**ITEM
      3.**  **CONTROLS
      AND PROCEDURES**





As
      required by Rule 13a-15(b) under the Securities Exchange Act of 1934 (the
“Exchange Act”), we carried out an evaluation of the effectiveness of the design
      and operation of our disclosure controls as of the end of the period covered
      by
      this report, September 30, 2006. This evaluation was carried out under the
      supervision and with the participation of our President, Mr. Keith Meeks, and
      our Chief Financial Officer, Mr. Marshall Sparks (collectively, the “Certifying
      Officers”). Based upon that evaluation, our Certifying Officers concluded that
      as of the end of the period covered by this report, September 30, 2006, our
      disclosure controls and procedures are effective in timely alerting management
      to material information relating to us and required to be included in our
      periodic filings with the Securities and Exchange Commission (the “Commission”).




17


Disclosure
      controls and procedures are controls and procedures that are designed to ensure
      that information required to be disclosed in our periodic reports under the
      Exchange Act is recorded, processed, summarized and reported, within the time
      periods specified in the Commission's rules and forms. Disclosure controls
      and
      procedures include, without limitation, controls and procedures designed to
      ensure that information required to be disclosed in our periodic reports that
      we
      file under the Exchange Act is accumulated and communicated to our management,
      including our principal executive and principal financial officers, or persons
      performing similar functions, as appropriate to allow timely decisions regarding
      required disclosure.





**Internal
      Control Over Financial Reporting**





Further,
      as required by Rule 13a-15(d) of the Exchange Act and under the supervision
      and
      with the participation of our Certifying Officers, we carried out an evaluation
      as to whether there has been any change in our internal control over financial
      reporting during our fiscal quarter ended September 30, 2006. Based upon this
      evaluation, we have concluded that there has not been any change in our internal
      control over financial reporting during our fiscal quarter ended September
      30,
      2006, that has materially affected, or is reasonably likely to materially
      affect, our internal control over financial reporting.





Internal
      control over financial reporting is a process designed by, or under the
      supervision of, our principal executive and principal financial officers, or
      persons performing similar functions, and effected by our board of directors,
      management and other personnel, to provide reasonable assurance regarding the
      reliability of financial reporting and the preparation of financial statements
      for external purposes in accordance with generally accepted accounting
      principles. Internal control over financial reporting includes those policies
      and procedures that: (i) pertain to the maintenance of records that in
      reasonable detail accurately and fairly reflect the transactions and
      dispositions of our assets; (ii) provide reasonable assurance that transactions
      are recorded as necessary to permit preparation of financial statements in
      accordance with generally accepted accounting principles, and that our receipts
      and expenditures are being made only in accordance with authorizations of our
      management and directors; and (iii) provide reasonable assurance regarding
      prevention or timely detection of unauthorized acquisition, use or disposition
      of our assets that could have a material effect on the financial
      statements.




**PART
      II - OTHER INFORMATION**





**ITEM
      1. LEGAL PROCEEDINGS**





We
      are
      not a party to any legal proceedings and, to our knowledge, no such proceedings
      are threatened or contemplated against us.




18


**ITEM
      2. UNREGISTERED SALES OF EQUITY SECURITIES**





**Sales
      of Unregistered Securities**




On
      April
      5, 2006, we commenced a private placement of our securities to accredited
      investors in conformity with Rule 506 of Regulation D of the Securities Act
      of
      1933, as amended. The offering consists of 500,000 units, each consisting of
      two
      shares of Common Stock and one warrant to purchase one share of Common Stock
      for
      a maximum offering price of $4,500,000. In May 2006, we met with a group of
      our
      current stockholders in London, England in conjunction with the Brussels Seafood
      Show. Certain shareholders, without solicitation from GFT, expressed an interest
      in adding to their investment and sales of common stock were made at a price
      of
      $4.50 per share and were conducted under the provisions of SEC Regulation
      S.





These
      private placements are ongoing, and as of September 30, 2006, $2,212,420 was
      raised resulting in the issuance of 491,605 shares of common stock and 169,329
      stock purchase warrants.





Common
      Stock continues to be issued in accordance with the Media Agreement with Global
      Media Fund. On January 1, April 1 and July 1, 2006, 81,482 shares were each
      issued for the initial commitment installments and 125,000 shares as the first
      three installments of the twelve quarterly commitments, for a total of 369,446
      shares. On August 1, 2006, the fourth installment for 41,667 shares was made
      on
      the quarterly commitment.




We
      relied
      upon the exemption provided in Section 4(2) of the Securities Act, Regulation
      S
      and/or Rule 506 thereunder, which covers "transactions by an issuer not
      involving any public offering," to issue securities discussed above without
      registration under the Securities Act of 1933. All of the purchasers are
      believed by the Company to be “accredited investors” or “non-US persons” within
      the meaning of the Securities Act of 1933.





**Purchases
      of Equity Securities**


We
      are
      required by the Securities Act of 1933 to disclose, in tabular format, any
      repurchases of our securities during the three months ending September 30,
      2006.
      We did not repurchase any of our securities during the three months ending
      September 30, 2006, and accordingly, we have eliminated such table.





**ITEM
      3. DEFAULTS UPON SENIOR SECURITIES**





None





**ITEM
      4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**





None





**ITEM
      5. OTHER INFORMATION**





**(a)**  **Information
      Required To Be Disclosed In A Report On Form 8-K, But Not
      Reported**





**None**





**(b)**  **Item
      407(c)(3) of Regulation S-B**




During
      our fiscal quarter covered by this Quarterly Report on Form 10-QSB, there have
      not been any material change to the procedures by which our security holders
      may
      recommend nominees to our Board of Directors.


19





**ITEM
      6. EXHIBITS**





Exhibit
              No.
            
            Description3.1(1)
            
            Certificate
                of Amendment to Certificate of Incorporation dated August 18,
                2005.3.2
                (2)
            
            Certificate
                of Amendment to Certificate of Incorporation dated September 15,
                2005.3.3
                (3)
            
            Restated
                Certificate of Incorporation dated October 18, 2005.3.4
                (3)
            
            Second
                Amended and Restated Bylaws as of August 31, 2005.10.1
                (4)
            
            Office
                Lease Agreement dated July 1, 2006 between Global Food Technologies
                Inc
                and City of Hanford31.1*
            
            Certification
                of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a),
                as
                adopted pursuant to Section 302 of the Sarbanes-Oxley Act of
                2002.31.2**
            
            Certification
                of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a),
                as
                adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32.1**
            
            Certification
                of Chief Executive Officer and Chief Financial Officer pursuant to
                pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
                906 of
                the Sarbanes-Oxley Act of 2002





*  Filed
      herewith


**  Furnished
      herewith








(1)
            Filed
                on August 19, 2005 as an exhibit to Global Food’s Report on Form 8-K and
                incorporated herein by reference.





(2)
            Filed
                on October 6, 2005 as an exhibit to Global Food’s Report on Form 8-K and
                incorporated herein by reference.





(3)
            Filed
                on November 23, 2005 as an exhibit to Global Food’s Report on Form 10-QSB
                and incorporated herein by
                reference.





(4)
            Filed
                on August 1, 2007 as an exhibit to Global Food’s Report on Form 10-QSB for
                the quarter ended June 30, 2006 and incorporated herein by
                reference


20


SIGNATURES





In
      accordance with the requirements of the Exchange Act, the registrant caused
      this
      report to be signed on its behalf by the undersigned, thereunto duly
      authorized.





GLOBAL
                FOOD TECHNOLOGIES, INC.Dated:
                August 1, 2007
            By:
            /s/
                Keith MeeksKeith
                Meeks, President andChief
                Executive Officer(PRINCIPAL
                EXECUTIVE OFFICER)Dated:
                August 1, 2007
            By:
            /s/
                Marshall F. SparksMarshall
                F. Sparks, Chief Financial Officer(PRINCIPAL
                ACCOUNTING OFFICER)




21