U.S. Securities and Exchange Commission Washington, D.C. 20549  FORM 10-Q (Mark One)  X. QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ending June 30, 2010   . TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to_____  Commission file number    0-30520  GLOBAL IMMUNE TECHNOLOGIES, INC. ---------------------------------------------- (Exact Name of Registrant as specified in its Charter)  WYOMING98-05327255(State of Incorporation)(IRS Employer identification No.)  Avenida Jaime III, 25 1-B, 07012 Palma de Mallorca, Spain (Address of principal executive offices)           (Zip Code)  Issuers telephone number: (902)459-1133  Indicate by check mark whether the registrant (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  X. No  .  Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes  . No  .  Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definitions of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act. (Check one):  Large accelerated filer  ., Accelerated filer  ., Non-accelerated filer  ., Smaller reporting company  X.  Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes  X. No  .  APPLICABLE ON TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS  Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act subsequent to the distribution of securities under a plan confirmed by the court. Yes [ ] No [ ]  APPLICABLE ONLY TO CORPORATE ISSUERS:  Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. As of June 30, 2010 we had 16,195,645 shares of common stock issued and outstanding.          Table of Contents  PART I  FINANCIAL INFORMATIONItem 1.   Financial Statements3Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations17Item 3.  Quantitative and Qualitative Disclosures About Market Risk.23Item 4T.  Controls and Procedures23PART II. OTHER INFORMATIONItem 1.   Legal Proceedings24Item 1A.  Risk Factors25Item 2.   Unregistered Sale of Equity Securities and Use of Proceeds29Item 3.   Defaults upon Senior Securities..29Item 4.   Removed and Reserved29Item 5.   Other Information29Item 6.   Exhibits29Signatures30   2      PART I-FINANCIAL INFORMATION  Item 1. Financial Statements.                 GLOBAL IMMUNE TECHNOLOGIES, INC.  (A Development Stage Company)  FINANCIAL STATEMENTS  June 30, 2010 (Unaudited)  (Stated in U.S. Dollars)                   3     GLOBAL IMMUNE TECHNOLOGIES, INC. (A Development Stage Company)  BALANCE SHEETS (Unaudited) (Stated in U.S. Dollars)   JUNE 30MARCH 3120102010ASSETSTotal Assets$-$-LIABILITIESCurrentAccounts payable and accrued liabilities$143,036$143,036Due to related parties623,660611,774Total Liabilities766,696754,810STOCKHOLDERS DEFICIENCYCapital Stock(Note 4)Authorized:500,000,000 common shares no par valueIssued and outstanding:16,195,645 common shares at June 30, 2010 and March 31, 20103,465,5263,465,526Accumulated Deficit(4,236,764)(4,224,878)Accumulated Other Comprehensive Gain4,5424,542Total Stockholders Deficiency$(766,696)$(754,810)Total Liabilities and Stockholders Deficiency$-$-   Commitments And Contractual Obligations(Note 5)             The accompanying notes are an integral part of these financial statements.   4     GLOBAL IMMUNE TECHNOLOGIES, INC. (A Development Stage Company)  STATEMENTS OF OPERATIONS (Unaudited) (Stated in U.S. Dollars)  THREE MONTHS
ENDED JUNE 30CUMULATIVE FROM APRIL 1, 199920102009TO JUNE 30, 2010(Note 1)Revenue$-$-$-General and Administrative ExpensesManagement fees7,5006,750181,633Professional fees--454,872Travel and entertainment--3,498Transfer and filing fees4,656-7,656Foreign exchange (gain) loss(270)(875)488Rent--74,177General and sundry--306,184Office and administrative--118,605Consulting--125,49811,8865,8751,272,561Net Loss before Other Income (Expenses)(11,886)(5,875)(1,272,561)Other Income (Expenses)Deferred property costs written off--(318,404)Forgiveness of debt--145,450Gain on sale of mineral rights--110,859Legal settlement--129,031Write-offs--(607,353)Translation adjustment--(187,015)Net Loss from Continuing Operations(11,886)(5,875)(1,999,996)Net Loss from Discontinued Operations--(193,075)Net Loss For The Period$(11,886)(5,875)(2,193,071)Basic And Diluted Loss Per Share$0.00$0.00$0.00Weighted Average Number Of Common Shares Outstanding16,195,64516,195,645   5     GLOBAL IMMUNE TECHNOLOGIES, INC. (A Development Stage Company)  STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) (Stated in U.S. Dollars)   THREE MONTHS ENDED JUNE 30CUMULATIVE
FROM APRIL 1,
199920102009TO JUNE 30, 2010
(Note 1)Net Loss for the Period$(11,886)$(5,875)$(2,193,071)Other Comprehensive Item:Foreign currency translation adjustment--4,542Total Comprehensive Loss$(11,886)$(5,875)$(2,188,529)                              The accompanying notes are an integral part of these financial statements.  6     GLOBAL IMMUNE TECHNOLOGIES, INC. (A Development Stage Company)  STATEMENTS OF CASH FLOWS (Unaudited) (Stated in U.S. Dollars)  THREE MONTHS ENDED JUNE 30CUMULATIVE FROM APRIL 1, 199920102009TO JUNE 30, 2010(Note 1)Cash Flows (Used In) Provided By:Operating ActivitiesNet loss for the period$(11,886)(5,875)(2,193,071)Adjustments for items not involving cash:Deferred property costs written off--318,404Forgiveness of debt--(145,450)Gain on sale of mineral rights--(110,859)Legal settlement--(129,031)Write-offs--607,353(11,886)(5,875)(1,652,654)Changes in non-cash working capital items:Accounts payable and accrued liabilities--371,856(11,886)(5,875)(1,280,798)Investing ActivitiesMineral property acquisition--(207,545)Other--(607,353)--(814,898)Financing ActivitiesAdvances of loans, including from related parties11,8865,875617,425Common shares issued, net of issue costs--1,328,279Other debt advances--145,45011,8865,8752,091,154(Decrease) in Cash During the Period--(4,542)Foreign currency translation adjustment--4,542Net Cash (Used) During The Period---Cash, Beginning Of Period---Cash, End Of Period$-$-$-  The accompany notes are an integral part of these financial statements.  7


GLOBAL IMMUNE TECHNOLOGIES, INC.(A Development Stage Company)STATEMENT OF STOCKHOLDERS DEFICIENCY(Unaudited)(Note 1)PERIOD FROM MARCH 31, 1999 TO JUNE 30, 2010COMMONCUMULATIVESHARESPAID-INACCUMULATEDTRANSLATIONOUTSTANDINGCAPITALDEFICITADJUSTMENTTOTALBalance, March 31, 19993,029,415$2,137,247$(2,050,952)$-$86,295Shares for debt838,679108,302--108,302Private placement1,000,000210,532--210,532Stock options989,000170,618--170,618Warrants exercised785,000126,691--126,691Special warrants exercised789,474101,951--101,951Net loss from continuing operations--(172,556)-(172,556)Net loss from discontinued operations--(72,548)-(72,548)Deferred property costs written off--(318,404)-(318,404)Balance, March 31, 20007,431,5682,855,341(2,614,460)-240,881Net loss from continuing operations--(132,550)-(132,550)Net loss from discontinued operations--(120,527)-(120,527)Balance, March 31, 20017,431,568$2,855,341$(2,867,537)$-$(12,196)  8      GLOBAL IMMUNE TECHNOLOGIES, INC.(A Development Stage Company)STATEMENT OF STOCKHOLDERS DEFICIENCY (Continued)(Unaudited)(Note 1)PERIOD FROM MARCH 31, 1999 TO JUNE 30, 2010COMMONCUMULATIVESHARESPAID-INACCUMULATEDTRANSLATIONOUTSTANDINGCAPITALDEFICITADJUSTMENTTOTALBalance, March 31, 20017,431,568$2,855,341$(2,867,537)$-$(12,196)Share consolidation on a 5 for 1 basis(5,945,252)----Stock options497,32951,248--51,248Private placement150,00019,242--19,242Shares for acquisition2,675,0001--1Shares for assignment of agreement2,000,000175,098--175,098Shares for debt400,00010,262--10,262Convertible debentures6,450,000165,477--165,477Net loss for the year--(613,406)-(613,406)Balance, March 31, 200213,658,645$3,276,669$(3,480,943)-(204,274)Exercise of stock options (proceeds in payment of accounts payable and services provided)137,0008,485--8,485Net loss for the year--(79,105)-(79,105)Balance, March 31, 200313,795,645$3,285,154$(3,560,048)$-$(274,894)  9      GLOBAL IMMUNE TECHNOLOGIES, INC.(A Development Stage Company)STATEMENT OF STOCKHOLDERS DEFICIENCY (Continued)(Unaudited)(Note 1)PERIOD FROM MARCH 31, 1999 TO JUNE 30, 2010COMMONCUMULATIVESHARESPAID-INACCUMULATEDTRANSLATIONOUTSTANDINGCAPITALDEFICITADJUSTMENTTOTALBalance, March 31, 200313,795,645$3,285,154$(3,560,048)$-$(274,894)Shares for services2,400,00055,430--55,430Net income for the year--(106,831)-(106,831)Balance, March 31, 200416,195,6453,340,584(3,666,879)-(326,295)Net income for the year--46,433-46,433Translation adjustment-99,486(187,015)(1,790)(89,319)Balance, March 31, 200516,195,6453,440,070(3,807,461)(1,790)(369,181)Foreign exchange---(4,018)(4,018)Contribution of services-25,456--25,456Net loss for the year--(94,957)-(94,957)Balance, March 31, 200616,195,645$3,465,526$(3,902,418)$(5,808)$(442,700)  10      GLOBAL IMMUNE TECHNOLOGIES, INC.(A Development Stage Company)STATEMENT OF STOCKHOLDERS DEFICIENCY (Continued)(Unaudited)(Note 1)PERIOD FROM MARCH 31, 1999 TO JUNE 30, 2010COMMONCUMULATIVESHARESPAID-INACCUMULATEDTRANSLATIONOUTSTANDINGCAPITALDEFICITADJUSTMENTTOTALBalance, March 31, 200616,195,645$3,465,526$(3,902,418)$(5,808)$(442,700)Foreign exchange---9,5329,532Net loss for the year--(73,765)-(73,765)Balance, March 31, 200716,195,6453,465,526(3,976,183)3,724(506,933)Foreign exchange---818818Net loss for the year--(134,274)-(134,274)Balance, March 31, 200816,195,6453,465,526(4,110,457)4,542(640,389)Foreign exchange-----Net loss for the year--(53,401)-(53,401)Balance, March 31, 200916,195,6453,465,526(4,163,858)4,542(693,790)Net loss for the year--(61,020)-(61,020)Balance, March 31, 201016,195,645$3,465,526$(4,224,878)$4,542$(754,810)  11      GLOBAL IMMUNE TECHNOLOGIES, INC.(A Development Stage Company)STATEMENT OF STOCKHOLDERS DEFICIENCY (Continued)(Unaudited)(Note 1)PERIOD FROM MARCH 31, 1999 TO JUNE 30, 2010COMMONCUMULATIVESHARESPAID-INACCUMULATEDTRANSLATIONOUTSTANDINGCAPITALDEFICITADJUSTMENTTOTALBalance, March 31, 201016,195,645$3,465,526$(4,224,878)$4,542$(754,810)Net loss for the period--( 11,886)-(11,886)Balance, June 30, 201016,195,645$3,465,526$(4,236,764)$4,542$(766,696)  The accompany notes are an integral part of these financial statements.  12


GLOBAL IMMUNE TECHNOLOGIES, INC. (A Development Stage Company)  NOTES TO FINANCIAL STATEMENTS  June 30, 2010 (Unaudited) (Stated in U.S. Dollars)   1. BASIS OF PRESENTATION AND NATURE OF OPERATIONS  Basis of Presentation and Nature of Operations  Global Immune Technologies, Inc. (the Company) (formerly Secureview Systems, Inc.) was incorporated in 1985 as a British Columbia corporation.  During the fiscal year ended in 2007, the Company re-domiciled to the State of Wyoming.  Its business office is located in Sydney Mines, Nova Scotia.  The Company is considered a public shell company, with administrative expenses being its only operations.  The Company became an SEC reporting entity when, as a foreign issuer, it filed with the SEC, its first audited consolidated balance sheets as at March 31, 2002 and 2001, and the consolidated statements of operations and deficit and cash flows for each of the years in the three year period ended March 31, 2002. These financial statements were stated in Canadian dollars and presented in accordance with generally accepted accounting principles in the United States of America.  Prior to this filing, the Company was not an SEC reporting entity and was not required to file financial statements with the SEC.  On re-domiciling to the State of Wyoming, the Company became a US domestic reporting entity and filed its annual return and financial statements for the fiscal year ended March 31, 2007, The filed audited financial statements, stated in US dollars, comprised a balance sheet as of March 31, 2007 and the related statements of operations, shareholders deficit and cash flows for the two years then ended.  Accordingly, the cumulative figures disclosed in these financial statements are the aggregate of amounts since the Company became an SEC reporting entity, in US dollars, from April 1, 1999 to June 30, 2010.  Development Stage Activities  The Company is considered a development stage company in accordance with the Statement of Financial Accounting Standards No. 7, Accounting and Reporting for Development Stage Enterprises (codified in ASC Topic 915, Development Stage Entities).  Going Concern  The accompanying financial statements have been prepared assuming the Company will continue as a going concern.     13     GLOBAL IMMUNE TECHNOLOGIES, INC. (A Development Stage Company)  NOTES TO FINANCIAL STATEMENTS  June 30, 2010 (Unaudited) (Stated in U.S. Dollars)  1. BASIS OF PRESENTATION AND NATURE OF OPERATIONS (Continued)  The Company had no revenue and has incurred net losses aggregating $4,236,764.  The ability of the Company to continue as a going concern is dependent upon its ability to obtain financing.  Management has plans to seek additional capital through debt, and private and public offerings of its common stock.  The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.  The unaudited interim financial statements as of and for the three months ended June 30, 2010 reflect all adjustments which, in the opinion of management, are necessary to fairly state the Companys financial position and the results of its operations for the periods presented.  These first quarter financial statements should be read in conjunction with the Companys financial statements and notes thereto included in the Companys March 31, 2010 Form 10-K.  The Company assumes that the users of the interim financial information herein have read, or have access to, the audited financial statements for the preceding period, and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context.  Accordingly, footnote disclosures which would substantially duplicate that contained in the Companys March 31, 2010 financial statements, have been omitted.  The results of operations for the three month period ended June 30, 2010 are not necessarily indicative of the results for the entire year ending March 31, 2011.  2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America.  Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment.  Actual results may vary from these estimates.  The financial statements have, in managements opinion, been properly prepared within reasonable limits of materiality and within the framework of the significant accounting policies summarized below:  a)   Use of Estimates and Assumptions  The preparation of financial statements in conformity with United States 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.   14     GLOBAL IMMUNE TECHNOLOGIES, INC. (A Development Stage Company)  NOTES TO FINANCIAL STATEMENTS  June 30, 2010 (Unaudited) (Stated in U.S. Dollars)  2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)  d)Basic and Diluted Net Income (Loss) Per Share  The Company reports net income (loss) per share in accordance with SFAS No. 128 "Earnings per Share", which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders by the weighted average number of shares outstanding during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.  The Company has no options or warrants or other dilutive securities and therefore no dilutive potential shares. As the Company generated net losses in the periods presented, any exercise of options or warrants, if there were any, would be anti-dilutive. For those reasons, basic and diluted loss per share are the same.  e)  Foreign Currency Translation  The Companys functional currency is the U.S. dollar.  Transactions in Canadian dollars are translated into U.S. dollars as follows:  i) monetary items at the rate prevailing at the balance sheet date; ii) non-monetary items at the historical exchange rate; iii) revenue and expense at the average rate in effect during the applicable accounting period.  Gains and losses on translation are recorded in the statement of operations.   15     GLOBAL IMMUNE TECHNOLOGIES, INC. (A Development Stage Company)  NOTES TO FINANCIAL STATEMENTS  June 30, 2010 (Unaudited) (Stated in U.S. Dollars)   3. RELATED PARTY TRANSACTIONS AND AMOUNTS OWING  During the three month period ended June 30, 2010, the Company had the following transactions with related parties in the normal course of business. Related party transactions are recorded at their exchange amount, which is the amount of consideration paid or received as established and agreed to between the related parties.  Management fees with the Companys sole officer and director in the amount of $7,500 (2009 - $6,750).  The amounts due to related parties at June 30, 2010 and March 31, 2010 are to the following:  June 30, 2010March 31, 2010. the Companys sole officer and director$173,255$166,025. significant shareholders433,169428,513. another related party17,23617,236$623,660$611,774  All amounts are unsecured and interest free with no specific terms of repayment.  4. CAPITAL STOCK  Common Stock  Authorized  The Companys common stock has no par value.  Shareholders are entitled to one vote for each share on matters submitted to a vote to shareholders, and to share pro rata in all dividends payable on common stock after payment of dividends on any preferred shares having preference in payment of dividends.  The Company has no stock options or stock option plan, share purchase warrants or other dilutive securities.  5. COMMITMENTS AND CONTRACTUAL OBLIGATIONS  The Company has agreed to pay its President and sole director a management fee of approximately $2,250 ($2,500 CDN) per month.  No payments have been paid to date and this is recorded as an accrual due to an officer.    16     Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations   FORWARD-LOOKING STATEMENT NOTICE:  This quarterly report on Form 10-Q and our future filings with the Securities and Exchange Commission contain many forward-looking statements, which involve risks and uncertainties. For this purpose, any statements contained in this report that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, statements such as our plans, objective, expectations and intentions. You can identify these statements by our use of words such as "may," "expect," "believe," "anticipate," "intend," "could," "estimate," "continue," "plans," or other similar words or phrases. Some of these statements include discussions regarding our future business strategy and our ability to generate revenue, income, and cash flow.  These statements are intended to identify forward-looking statements within the meaning of the various securities acts. We wish to caution the reader that all forward-looking statements contained in this Form 10-Q are only estimates and predictions. Our actual results could differ materially from those anticipated as a result of risk facing us or actual events differing from the assumptions underlying such forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this Quarterly Report on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements. We undertake no obligation to update any of these factors or to publicly announce any change to our forward-looking statements made herein, whether as a result of new information, future events, changes in expectations or otherwise.  Overview  (a) Our Corporate History.  The Company was incorporated on September 18, 1985, under the laws of the Province of British Columbia under the name of Canadian Comstock Exploration Ltd. with an authorized share capital of 20,000,000 shares without par value.  The Company changed its name on June 7, 1995 to American Comstock Exploration Ltd. in connection with a consolidation of its share capital on a one for four basis.  The Company changed its name again on February 4, 1998 to "International Comstock Exploration Ltd." in connection with a consolidation of its share capital on a one for five basis.  The Company changed its name again on October 2, 2001 to "Secureview Systems Inc." in connection with a consolidation of its share capital on a one for five basis. In addition, the Company increased its authorized share capital to 100,000,000 shares without par value on October 2, 2001.  The Company changed its name again on May 2, 2005 to "Global Immune Technologies Inc." In addition, the Company increased its authorized share capital to an unlimited number of common shares without par value on March 23, 2005.  On February 28, 2006, the Company changed its corporate domicile from British Columbia, Canada to the State of Wyoming.  (b) Business History of the Issuer.  From its incorporation in 1985 until 1999, the Company has been engaged in the business of exploration of natural resource properties. During 2004 the Company disposed of its final interests in its natural resource properties. In early 1999 the Company initiated a search for other business opportunities culminating in May 1999 with the acquisition of the domain name ProSportsPool.com. In January 2000, the Company entered into an agreement with Internet Sports Network Inc. to develop and maintain a number of internet based games and contests. Internet Sports Network eventually developed "Fantasy Free for All" software and back end support for Nascar, Formula One, Cart series and Baseball and Hockey contests for ProSportsPool.com. The Company launched the ProSportsool.com website on March 1, 2000 with Formula 1 and NASCAR contests "Fantasy Free for All". The launch of the website was accompanied by a marketing campaign that included print, billboard, and internet-banner advertising. In March 21, 2000, the Company engaged Iceberg Media.com Inc. to provide three music channels - 1Groove.com, 2Kool4Radio.com and PrimeTicket.net - for the ProSportsPool.com website. The ProSportsPool.com website added a fantasy baseball contest, and an affiliation with Altavista.com on March 27, 2000. At the beginning of April 2000, the Company launched its internet based hockey contest and announced its inaugural contest winners in its auto-racing contests. The Company also announced it has become an authorized member of the Cnet.com affiliate network and formed similar affiliations with Chipshot.com, Wrenchead.com, Quokka.com and America Online.   17     To increase awareness of the ProSportspool.com website, the Company participated at the G.I. Joe 200 CART race in Portland, Oregon as well as the Toronto and Vancouver Indy races by appearing at a booth at the races signing up contestants and offering prizes to entrants. On January 15, 2001, due to the closing of Internet Sports Network Inc., which provided the technical architecture and sports data for the ProSportsPool.com's sports contests, the Company was forced to discontinue its sports-contest site.  During June 2001 and amended October, 2001 the Company entered into a letter of intent with Argent Resources Ltd., On-Track Computer Training Ltd., On-Track Computer International Ltd. and Lute Linux.com Corp. whereby Argent assigned its right to enter into a share exchange agreement with Lute who held the option to enter into a share exchange agreement with On-Track and On-Track International. In exchange for the assignment by Argent to the Company of the share exchange agreement entered into between Lute and Argent, the Company issued 2,000,000 shares and paid $50,000 to Argent.  During October 2001 the Company signed an agreement with Lute Linux.com Corp. including the exchange of Lute share purchase warrants for Company shares at a deemed value of $0.10 US per share, as to Russ Rossi (100,000 shares), RRGS Creative Management Corp. (2,400,000 shares) and Quest Ventures Ltd. (175,000 shares). The Company did not proceed with similar share purchase agreements with On-Track Computer Training Ltd. and On-Track Computer International Ltd. Lute focused its business development on its "Fedcam," an inexpensive remote monitoring system that allows subscribers to view their target locations via secure website. The Fedcam was being tested by the Canadian government's construction branch on its Osoyoos, British Columbia border crossing site into the United States. However, as of March 31, 2003, the Company ceased funding the Fedcam and the asset was written down to a nominal amount.  In June 2002 the Company entered into a letter of intent with Estwind Energy, a private power generation company incorporated in Estonia, whereby the Company intended to acquire all of the issued and outstanding shares of Estwind Energy. However, the Company decided against completing the share exchange agreement as the business of Estwind Energy was deemed to not be profitable.  In May 2003 the Company entered into a letter of intent with P-CE Computers, Inc., a private Nevada corporation engaged in the business of developing ergonomic multimedia-computer workstations. The Company decided against completing the share exchange agreement as due diligence indicated that the business of P-CE Computers, Inc. would not be profitable.  In September 2003 the Company entered into a letter of intent with TNR Resources Ltd. ("TNR"), a public British Columbia, Canada, corporation, to purchase a 50% working interest in TNR's Las Carachas property in Argentina. The Company did not pursue the option.  In February 2005 the Company entered an agreement to acquire the rights and interests in a drug, Trioxolane. The Company did not pursue or complete this acquisition.  Subsequently to March 31, 2005, the Company has agreed to purchase WSG Systems Inc., (WSG) its' business and assets from Global Lottery Corporation for the issuance of 100,000,000 shares of common stock. The assets of WSG include proprietary technology, software, its trade names and trademarks as those products pertain to the worldwide lottery industry and/or worldwide pari-mutual betting. The products are designed to be used by all entities in the industry for conducting lotteries and or pari-mutual betting, including corporations and/or governmental agencies representing countries, provinces, states, etc. to implement and/or to improve their lottery and/or pari-mutual betting systems.  On July 19, 2006, the Company entered into a securities exchange agreement with MediPri Limited, Primemedical International, Ltd.(MedPri) and Medical Monitors Limited (MML).  The transaction was revised on May 17, 2007.  The transaction was rescinded on July 11, 2007.  (c) Current Business of the Issuer  The Company may be referred to as a shell corporation.  Shell corporations are defined as companies with no or nominal assets and operations.  Private companies wishing to become publicly trading may wish to merge with a shell (a reverse merger) whereby the shareholders of the private Company become the majority of the shareholders of the combined Company.  The private Company may purchase for cash all or a portion of the common shares of the shell corporation from its major stockholders.  Typically, the Board and officers of the private Company become the new Board and officers of the combined Company and often the name of the private Company becomes the name of the combined Company.  The Company has very limited capital, and it is unlikely that the Company will be able to take advantage of more than one such business opportunity.  The Company intends to seek opportunities demonstrating the potential of long-term growth as opposed to short-term earnings. However, at the present time, the Company has not identified any business opportunity that it plans to pursue, nor has the Company reached any agreement or definitive understanding with any person concerning an acquisition.  18      No assurance can be given that the Company will be successful in finding or acquiring a desirable business opportunity, given the limited funds that are expected to be available for acquisitions.  Furthermore, no assurance can be given that any acquisition, which does occur, will be on terms that are favorable to the Company or its current stockholders.  The Companys search will be directed toward small and medium-sized enterprises, which have a desire to become public corporations.  In addition these enterprises may wish to satisfy, either currently or in the reasonably near future, the minimum tangible asset requirement in order to qualify shares for trading on NASDAQ or on an exchange such as the American Stock Exchange. (See Investigation and Selection of Business Opportunities).  The Company anticipates that the business opportunities presented to it will (i) either be in the process of formation, or be recently organized with limited operating history or a history of losses attributable to under-capitalization or other factors; (ii) experiencing financial or operating difficulties; (iii) be in need of funds to develop new products or services or to expand into a new market, or have plans for rapid expansion through acquisition of competing businesses; (iv) or other similar characteristics.  The Company intends to concentrate its acquisition efforts on properties or businesses that it believes to be undervalued or that it believes may realize a substantial benefit from being publicly owned.  Given the above factors, investors should expect that any acquisition candidate may have little or no operating history, or a history of losses or low profitability.  The Company does not propose to restrict its search for investment opportunities to any particular geographical area or industry, and may, therefore, engage in essentially any business, to the extent of its limited resources.  This includes industries such as service, finance, natural resources, manufacturing, high technology, product development, medical, communications and others.  The Companys discretion in the selection of business opportunities is unrestricted, subject to the availability of such opportunities, economic conditions, and other factors.  In connection with such a merger or acquisition, it is highly likely that an amount of stock constituting control of the Company would either be issued by the Company or be purchased from the current principal stockholders of the Company by the acquiring entity or its affiliates.  If stock is purchased from the current principal stockholders, the transaction is likely to result in substantial gains to the current principal stockholders relative to their purchase price for such stock.  In the Companys judgment, none of the officers and directors would thereby become an underwriter within the meaning of the Section 2(11) of the Securities Act of 1933, as amended as long as the transaction is a private transaction rather than a public distribution of securities.  The sale of a controlling interest by certain principal shareholders of the Company would occur at a time when minority stockholders are unable to sell their shares because of the lack of a public market for such shares.  Depending upon the nature of the transaction, the current officers and directors of the Company may resign their management and board positions with the Company in connection with a change of control or acquisition of a business opportunity (See Form of Acquisition, below, and Risk Factors, The Company,  Lack of Continuity of Management).  In the event of such a resignation, the Companys current management would thereafter have no control over the conduct of the Companys business.  It is anticipated that business opportunities will come to the Companys attention from various sources, including its officers and directors, its other stockholders, professional advisors such as attorneys and accountants, securities broker-dealers, venture capitalists, members of the financial community, and others who may present unsolicited proposals. The Company has no plan, understandings, agreements, or commitments with any individual for such person to act as a finder of opportunities for the Company.  The Company does not foresee that it will enter into a merger or acquisition transaction with any business with which its officers or directors are currently affiliated.  Should the Company determine in the future, contrary to the forgoing expectations, that a transaction with an affiliate would be in the best interests of the Company and its stockholders, the Company is, in general, permitted by Wyoming law to enter into a transaction if: The material facts as to the relationship or interest of the affiliate and as to the contract or transaction are disclosed or are known to the Board of Directors, and the Board in good faith authorizes, approves or ratifies the contract or transaction by the affirmative vote of a majority of the disinterested directors, even though the disinterested directors constitute less than a quorum; or the material facts as to the relationship or interest of the affiliate and as to the contract or transaction are disclosed or are known to the stockholders entitled to vote thereon, and the contract or transaction is specifically authorized, approved or ratified in good faith by vote of the stockholders; or the contract or transaction is fair as to the Company as of the time it is authorized, approved or ratified, by the Board of Directors or the stockholders.   19     (1) Investigation and Selection of Business Opportunities  To a large extent, a decision to participate in a specific business opportunity may be made upon managements analysis of the quality of the other Companys management and personnel, the anticipated acceptability of new products or marketing concepts, the merit of technological changes, the perceived benefit the business opportunity will derive from becoming a publicly held entity, and numerous other factors which are difficult, if not impossible, to analyze through the application of any objective criteria.  In many instances, it is anticipated that the historical operations of a specific business opportunity may not necessarily be indicative of the potential for the future because of a variety of factors, including, but not limited to, the possible need to expand substantially, shift marketing approaches, change product emphasis, change or substantially augment management, raise capital and the like.  It is anticipated that the Company will not be able to diversify, but will essentially be limited to the acquisition of one business opportunity because of the Companys limited financing.  This lack of diversification will not permit the Company to offset potential losses from one business opportunity against profits from another, and should be considered an adverse factor affecting any decision to purchase the Companys securities.  Certain types of business acquisition transactions may be completed without any requirement that the Company first submit the transaction to the stockholders for their approval.  In the event the proposed transaction is structured in such a fashion that stockholder approval is not required, holders of the Companys securities (other than principal stockholders holding a controlling interest) should not anticipate that they will be provided with financial statements or any other documentation prior to the completion of the transaction.  Other types of transactions require prior approval of the stockholders.  In the event a proposed business combination or business acquisition transaction is structured in such a fashion that prior stockholder approval is necessary, the Company will be required to prepare a Proxy or Information Statement describing the proposed transaction, file it with the Securities and Exchange Commission for review and approval, and mail a copy of it to all Company stockholders prior to holding a stockholders meeting for purposes of voting on the proposal.  Minority shareholders that do not vote in favor of a proposed transaction will then have the right, in the event the transaction is approved by the required number of stockholders, to exercise statutory dissenters rights and elect to be paid the fair value of their shares.  The analysis of business opportunities will be undertaken by or under the supervision of the Companys officers and directors, none of whom are professional business analysts (See Management).  Although there are no current plans to do so, Company management might hire an outside consultant to assist in the investigation and selection of business opportunities, and might pay a finders fee.  Since Company management has no current plans to use any outside consultants or advisors to assist in the investigation and selection of business opportunities, no policies have been adopted regarding use of such consultants or advisors, the criteria to be used in selecting such consultants or advisors, the services to be provided, the term of service, or the total amount of fees that may be paid.  However, because of the limited resources of the Company, it is likely that any such fee the Company agrees to pay would be paid in stock and not in cash.  Otherwise, in analyzing potential business opportunities, Company management anticipates that it will consider, among other things, the following factors:  · Potential for growth and profitability indicated by new technology, anticipated market expansion, or new products;  · The Companys perception of how any particular business opportunity will be received by the investment community and by the Companys stockholders;  · Whether, following the business combination, the financial condition of the business opportunity would be, or would have a significant prospect in the foreseeable future of becoming, sufficient to enable the securities of the Company to qualify for listing on an exchange or on a national automated securities quotation system, such as NASDAQ, so as to permit the trading of such securities to be exempt from the requirements of Rule 15g-9 adopted by the Securities and Exchange Commission (See Risk Factors  The Company  Regulations of Penny Stocks).  · Capital requirements and anticipated availability of required funds, to be provided by the Company or from operations, through the sale of additional securities, through joint ventures or similar arrangements, or from other sources;  · The extent to which the business opportunity can be advanced;  · Competitive position as compared to other companies of similar size and experience within the industry segment as well as within the industry as a whole;  · Strength and diversity of existing management or management prospects that are scheduled for recruitment;  20      · The cost of participation by the Company as compared to the perceived tangible and intangible values and potential; and  · The accessibility of required management expertise, personnel, raw materials, services, professional assistance, and other required items.  No one of the factors described above will be controlling in the selection of a business opportunity, and management will attempt to analyze all factors appropriate to each opportunity and make a determination based upon reasonable investigative measures and available data.  Potentially available business opportunities may occur in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities extremely difficult and complex.  Potential investors must recognize that, because of the Companys limited capital available for investigation and managements limited experience in business analysis, the Company may not discover or adequately evaluate adverse facts about the opportunity to be acquired.  The Company is unable to predict when it may participate in a business opportunity.  It expects, however, that the analysis of specific proposals and the selection of a business opportunity may take several months or more.  Prior to making a decision to participate in a business opportunity, the Company will generally request that it be provided with written materials regarding the business opportunity containing as much relevant information as possible, including, but not limited to, such items as a description of products, services and Company history; management resumes; financial information; available projections, with related assumptions upon which they are based; an explanation of proprietary products and services; evidence of existing patents, trademarks, or service marks, or rights thereto; present and proposed forms of compensation to management; a description of transactions between such Company and its affiliates during the relevant periods; a description of present and required facilities;, an analysis of risks and competitive conditions; a financial plan of operation and estimated capital requirements; audited financial statements, or if they are not available, unaudited financial statements, together with reasonable assurance that audited financial statements would be able to be produced within a reasonable period of time not to exceed 60 days following completion of a merger or acquisition transaction; and the like.  As part of the Companys investigation, the Companys executive officers and directors may meet personally with management and key personnel, may visit and inspect material facilities, obtain independent analysis or verification of certain information provided, check references of management and key personnel, and take other reasonable investigative measures, to the extent of the Companys limited financial resources and management expertise.  It is possible that the range of business opportunities that might be available for consideration by the Company could be limited by the impact of Securities and Exchange Commission regulations regarding purchase and sale of penny stocks.  The regulations would affect, and possibly impair, any market that might develop in the Companys securities until such time as they qualify for listing on NASDAQ or on an exchange which would make them exempt from applicability of the penny stock regulations.  (See Risk Factors Regulation of Penny Stocks)  Company management believes that various types of potential merger or acquisition candidates might find a business combination with the Company to be attractive.  These include acquisition candidates desiring to create a public market for their shares in order to enhance liquidity for current stockholders, acquisition candidates which have long-term plans for raising capital through public sale of securities and believe that the possible prior existence of a public market for their securities would be beneficial, and acquisition candidates which plan to acquire additional assets through issuance of securities rather than for cash, and believe that the possibility of development of a public market for their securities will be of assistance in that process.  Acquisition candidates, which have a need for an immediate cash infusion, are not likely to find a potential business combination with the Company to be an attractive alternative.  (2) Form of Acquisition  It is impossible to predict the manner in which the Company may participate in a business opportunity.  Specific business opportunities will be reviewed as well as the respective needs and desires of the Company and the promoters of the opportunity and, upon the basis of the review and the relative negotiating strength of the Company and such promoters, the legal structure or method deemed by management to be suitable will be selected.  Such structure may include, but is not limited to leases, purchase and sale agreements, licenses, joint ventures and other contractual arrangements.  The Company may act directly or indirectly through an interest in a partnership, corporation or other form of organization.  Implementing such structure may require the merger, consolidation or reorganization of the Company with other corporations or forms of business organization.  In addition, the present management and stockholders of the Company most likely will not have control of a majority of the voting stock of the Company following a merger or reorganization transaction.  As part of such a transaction, the Companys existing directors may resign and new directors may be appointed without any vote by stockholders.   21     It is likely that the Company will acquire its participation in a business opportunity through the issuance of Common Stock or other securities of the Company.  Although the terms of any such transaction cannot be predicted, it should be noted that in certain circumstances the criteria for determining whether or not an acquisition is a so-called B tax free reorganization under the Internal Revenue Code of 1986 as amended, depends upon the issuance to the stockholders of the acquired Company of a controlling interest (i.e., 80% or more) of the common stock of the combined entities immediately following the reorganization.  If a transaction were structured to take advantage of these provisions rather than other a tax free provisions provided under the Internal Revenue Code, the Companys current stockholders would retain in the aggregate 20% or less of the total issued and outstanding shares.  This could result in substantial additional dilution in the equity of those who were stockholders of the Company prior to such reorganization.  Any such issuance of additional shares might also be done simultaneously with a sale or transfer of shares representing a controlling interest in the Company by the current officers, directors and principal stockholders.  It is anticipated that any new securities issued in any reorganization would be issued in reliance upon one or more exemptions from registration under applicable federal and state securities laws to the extent that such exemptions are available.  In some circumstances, however, as a negotiated element of the transaction, the Company may agree to register such securities either at the time the transaction is consummated or under certain conditions at specified times thereafter.  The issuance of substantial additional securities and their potential sale into any trading market that might develop in the Companys securities may have a depressive effect upon such market.  The Company will participate in a business opportunity only after the negotiation and execution of a written agreement.  Although the terms of such agreement cannot be predicted, generally such an agreement would require specific representations and warranties by all of the parties thereto, specify certain events of default, detail the terms of closing and the conditions which must be satisfied by each of the parties thereto prior to such closing, outline the manner of bearing costs if the transaction is not closed, set forth remedies upon default, and include miscellaneous other terms.  As a general matter, the Company anticipates that it, and/or its principal stockholders will enter into a letter of intent with the management, principals or owners of a prospective business opportunity prior to signing a binding agreement.  Such a letter of intent will set forth the terms of the proposed acquisition but will not bind any of the parties to consummate the transaction.  Execution of a letter of intent will by no means indicate that consummation of an acquisition is probable.  Neither the Company nor any of the other parties to the letter of intent will be bound to consummate the acquisition unless and until a definitive agreement is executed.  Even after a definitive agreement is executed, it is possible that the acquisition would not be consummated should any party elect to exercise any right provided in the agreement to terminate it on specific grounds.  It is anticipated that the investigation of specific business opportunities and the negotiation, drafting and execution of relevant agreements, disclosure documents and other instruments will require substantial management time and attention and substantial costs for accountants, attorneys and others.  If a decision is made not to participate in a specific business opportunity, the costs incurred in the related investigation would not be recoverable.  Moreover, because many providers of goods and services require compensation at the time or soon after the goods and services are provided, the inability of the Company to pay until an indeterminate future time may make it impossible to produce goods and services.  (3) Investment Company Act and Other Regulation  The Company may participate in a business opportunity by purchasing, trading or selling the securities of such business.  The Company does not, however, intend to engage primarily in such activities.  Specifically, the Company intends to conduct its activities so as to avoid being classified as an investment Company under the Investment Company Act of 1940 (the Investment Act), and therefore to avoid application of the costly and restrictive registration and other provisions of the Investment Act, and the regulations promulgated thereunder.  The Companys plan of business may involve changes in its capital structure, management, control and business, especially if it consummates the reorganization as discussed above.  Each of these areas is regulated by the Investment Act, in order to protect purchasers of investment Company securities. Since the Company will not register as an investment Company, stockholders will not be afforded these protections.  (d)   Results of Operations, Liquidity and Capital Resources:  The Company has had no significant operations during the last fiscal year and, accordingly, is fully dependent either future sales of securities or upon its current management and, or advances or loans from significant stockholders or corporate officers to provide sufficient working capital to preserve the integrity of the corporate entity.   22     There is no assurance that the Company will be able to obtain additional funding through the sales of additional securities or, that such funding, if available, will be obtained on terms favorable to or affordable by the Company. It is the intent of management and significant stockholders to provide sufficient working capital necessary to support and preserve the integrity of the corporate entity. However, there is no legal obligation for either management or significant stockholders to provide additional future funding.  During the quarter ended June 30, 2010, the Company incurred a comprehensive net loss of approximately $ 11,886 related to various general and administrative costs incurred in the support of the corporate entity and making required periodic reports to the U. S. Securities and Exchange Commission.  We will need to raise capital in order to commence our proposed business operations.  No assurance can be given that we will be able to raise sufficient capital to implement any proposed business operations.  We have not identified any specific future financing sources. In the future, our efforts to finance the Company may result in the issuance of equity and debt instruments. This and other future financing activity, if any, may result in the dilution of shareholder equity. We expect to incur financial losses for the foreseeable future.  Acquisition or Disposition of Plant and Equipment  We do not anticipate the acquisition or disposition of any significant property, plant or equipment during the next 12 months.  From our inception through the period ended June 30, 2010, we have relied on the services of outside consultants for services and currently have one part-time employee. In order for us to attract and retain quality personnel, we anticipate we will have to offer competitive salaries to future employees. Inflation  The effect of inflation on our operating results was not significant. Our operations are located in North America and there are no seasonal aspects that would have a material effect on our financial condition or results of operations.  Off-Balance Sheet Arrangements  We do not have any off-balance sheet arrangements.  Item 3.  Quantitative and Qualitative Disclosures About Market Risk  Not Applicable to Smaller Reporting Companies  Item 4. Controls and Procedures.    (a)      Evaluation of Disclosure Controls and Procedures.  As of the end of the reporting period, June 30, 2010, we carried out an evaluation, under the supervision and with the participation of our management, including the Company's Chairman and Chief Executive Officer/Principal Accounting Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15(e) of the Securities  Exchange Act of 1934 (the "Exchange Act"),  which disclosure  controls  and  procedures  are  designed to insure that  information required to be  disclosed  by a company in the  reports  that it files under the Exchange Act is recorded, processed,  summarized and reported  within  required time periods specified by the SEC's rules and forms. Based upon that evaluation, the Chairman  and the Chief  Financial  Officer  concluded  that our  disclosure controls  and  procedures  are  effective  in timely  alerting  them to material information  relating  to the Company  required to be included in the  Company's period SEC filings.  We were late filing our annual report on Form 10-K for the fiscal year ending March 31, 2010. We have been unable to timely file our periodic reports due to the lack of sufficient money to pay our independent certifying accountants.  (b) Changes in Internal Control.  Subsequent   to  the  date  of  such   evaluation   as   described   in subparagraph(a)above, there were no changes in our internal controls  or other factors that could significantly  affect these controls,  including any corrective   action  with  regard  to  significant   deficiencies  and  material weaknesses.   23     (c) Limitations.  Our management, including our Principal Executive Officer and Principal Financial Officer, does not expect that our disclosure controls or internal controls over financial reporting will prevent all errors or all instances of fraud.  However, we believe that our disclosure controls and procedures are designed to provide reasonable assurance of achieving this objective.  A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and any design may not succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures. Because of the inherent limitation of a cost-effective control system, misstatements due to error or fraud may occur and not be detected.  PART II-OTHER INFORMATION   Item 1. Legal Proceedings.  We are currently not involved in any litigation that we believe could have a materially adverse effect on our financial condition or results of operations.  The Company's common shares are registered under Section 12(g) of the Securities Exchange Act of 1934, as amended.  Prior to February 28, 2006, it filed as a foreign registrant and after that date filed as a U.S. reporting registrant.  The Company has been subject to the reporting obligations of the provinces of British Columbia and Alberta, Canada.  Prior to February 28, 2006, Global Immune Technologies, Inc. was a corporation organized under the laws of British Columbia, Canada.  On February 28, 2006, the Company changed its corporate domicile to the State of Wyoming.  The British Columbia corporation was formally dissolved June 2, 2006.  The Company's common stock has been quoted Over-the-Counter on the Pinksheets.  The Company's shares are not quoted on any Canadian market.  The Company has 17 British Columbia and 1 Alberta shareholder on its shareholder's list.  Foreign Regulatory: Canada  On August 11, 2005, the Company's predecessor, Global Immune Technologies, Inc., then a company organized under the laws of British Columbia, Canada, received a Cease Trade Order (CTO) from the British Columbia Securities Commission, (the "BCSC"), which was limited to the Province of British Columbia, Canada, for not filing comparative financial statements for its financial year ended March 31, 2005 as required under Part 4 of National Instrument 51-102 Continuous Disclosure Obligations, and had not filed Form 51-102F1 Management's Discussion and Analysis for the periods ended September 30, 2004 and March 31, 2005, as required by Part 5 of NI 51-102.  On March 5, 2007, the Company received a Cease Trade Order (CTO) from the Alberta Securities Commission,(the "ASC") which was limited to the Province of Alberta, Canada, for not filing annual audited financial statements for the year ended March 31, 2006, interim unaudited financial statements for the interim periods ended December 31, 2005, June 30, 2006, September 30, 2006 and December 31, 2006.  The Company has requested exemptive relief.   24     Item 1A. Risk Factors.  THERE ARE SIGNIFICANT RISKS ASSOCIATED WITH AN INVESTMENT IN OUR COMMON STOCK. BEFORE MAKING A DECISION CONCERNING THE PURCHASE OF OUR SECURITIES, YOU SHOULD CAREFULLY CONSIDER THE FOLLOWING FACTORS AND OTHER INFORMATION IN THIS ANNUAL REPORT WHEN YOU EVALUATE OUR BUSINESS.  BUSINESS RISKS  LACK OF BUSINESS HISTORY AND PROFITABILITY OF OPERATIONS The Company is not currently operating profitably and it should be anticipated that it will operate at a loss at least until such time as a business prospect is identified and profitability is achieved, if profitability is, in fact, ever achieved. The Company has never earned a significant profit.  DEPENDENCE ON KEY MANAGEMENT The success of the operations and activities of the Company is dependent to a significant extent on the efforts and abilities of its management. The loss of services of any of its Management could have a material adverse effect on the Company. The Company does not maintain key man insurance on any of its management. The Company does not have any employment or labor agreements with any personnel as at the date of the filing of this Annual Report.  CONFLICTS OF INTEREST.  Certain conflicts of interest exist between the Company and its officers and directors.  They have other business interests to which they currently devote attention, and are expected to continue to do so.  As a result, conflicts of interest may arise that can be resolved only through their exercise of judgment in a manner which is consistent with their fiduciary duties to the Company.  It is anticipated that the Companys principal shareholders may actively negotiate or otherwise consent to the purchase of a portion of their common stock as a condition to, or in connection with, a proposed merger or acquisition transaction.  In this process, the Companys principal shareholders may consider their own personal pecuniary benefit rather than the best interest of other Company shareholders.  Depending upon the nature of a proposed transaction, Company shareholders other than the principal shareholders may not be afforded the opportunity to approve or consent to a particular transaction.  INVESTMENT RISKS  OUR ISSUANCE OF ADDITIONAL SHARES MAY HAVE THE EFFECT OF DILUTING THE INTEREST OF SHAREHOLDERS; OUR COMMON STOCK SHAREHOLDERS DO NOT HAVE PREEMPTIVE RIGHTS.  Any additional issuances of common stock by us from our authorized but unissued shares may have the effect of diluting the percentage interest of existing shareholders. The securities issued to raise funds may have rights, preferences or privileges that are senior to those of the holders of our other securities, including our common stock. The board of directors has the power to issue such shares without shareholder approval. We fully intend to issue additional common shares in order to raise capital to fund our business operations and growth objectives.  WE DO NOT ANTICIPATE PAYING DIVIDENDS TO COMMON STOCKHOLDERS IN THE FORESEEABLE FUTURE, WHICH MAKES INVESTMENT IN OUR STOCK SPECULATIVE OR RISKY.  We have not paid dividends on our common stock and do not anticipate paying dividends on our common stock in the foreseeable future. The board of directors has sole authority to declare dividends payable to our stockholders. The fact that we have not and do not plan to pay dividends indicates that we must use all of our funds generated by operations for reinvestment in our business activities. Investors also must evaluate an investment in the Company solely on the basis of anticipated capital gains.   25     LIMITED LIABILITY OF OUR EXECUTIVE OFFICERS AND DIRECTORS MAY DISCOURAGE SHAREHOLDERS FROM BRINGING A LAWSUIT AGAINST THEM.  Our Articles of Incorporation contain provisions that limit the liability of our directors for monetary damages and provide for indemnification of officers and directors. These provisions may discourage shareholders from bringing a lawsuit against officers and directors for breaches of fiduciary duty and may reduce the likelihood of derivative litigation against officers and directors even though such action, if successful, might otherwise have benefited the shareholders. In addition, a shareholder's investment in the Company may be adversely affected to the extent that we pay costs of settlement and damage awards against officers or directors pursuant to the indemnification provisions of the bylaw. The impact on a shareholder's investment in terms of the cost of defending a lawsuit may deter the shareholder from bringing suit against any of our officers or directors. We have been advised that the SEC takes the position that these article and bylaw provisions do not affect the liability of any director under applicable federal and state securities laws.  LIMITED MARKET DUE TO PENNY STOCK  The Company's stock differs from many stocks, in that it is a "penny stock." The Securities  and  Exchange  Commission  has adopted a number of rules to regulate "penny  stocks."  These rules  include,  but are not limited to,  Rules  3a5l-l, 15g-1,  15g-2,  15g-3,  15g-4,  15g-5,  15g-6 and 15g-7 under the Securities and Exchange Act of 1934, as amended.  Because our  securities  probably  constitute "penny stock"  within the meaning of the rules,  the rules would apply to us and our securities.  The rules may further affect the ability of owners of our stock to sell their securities in any market that may develop for them. There may be a limited   market  for  penny   stocks,   due  to  the   regulatory   burdens  on broker-dealers.  The market among dealers may not be active.  Investors in penny stock  often are  unable to sell  stock  back to the  dealer  that sold them the stock. The mark-ups or commissions  charged by the broker-dealers may be greater than any profit a seller may make.  Because of large dealer  spreads,  investors may be unable to sell the stock immediately back to the dealer at the same price the dealer sold the stock to the  investor.  In some  cases,  the stock may fall quickly in value.  Investors  may be unable to reap any profit  from any sale of the  stock,  if they  can sell it at all.  Stockholders  should  be aware  that, according to the Securities and Exchange  Commission  Release No. 34- 29093, the market for penny stocks has suffered in recent years from  patterns of fraud and abuse.  These patterns include:  - Control of the market for the security by one or a few broker-  dealers that are often  related to the  promoter or issuer;  - Manipulation of prices through  prearranged  matching of purchases and sales and false and misleading  press releases; - "Boiler room" practices  involving high pressure sales tactics and unrealistic price projections by inexperienced  sales persons;  -  Excessive  and  undisclosed  bid-ask  differentials  and markups by selling broker- dealers;  and - The wholesale  dumping of the same securities by promoters and broker-  dealers after prices have been  manipulated  to a desired level,  along with the  inevitable  collapse  of those  prices  with  consequent investor losses. Furthermore, the "penny stock" designation may adversely affect the  development  of any public market for the Company's  shares of common stock or, if such a market develops, its continuation.  Broker-dealers are required to personally  determine  whether an  investment  in "penny  stock" is suitable for customers.  Penny  stocks  are  securities  (i) with a price of less  than  five dollars per share; (ii) that are not traded on a "recognized" national exchange; (iii)  whose  prices  are not quoted on the NASDAQ  automated  quotation  system (NASDAQ-listed  stocks must still meet  requirement  (i)  above);  or (iv) of an issuer with net tangible  assets less than $2,000,000 (if the issuer has been in continuous  operation for at least three years) or $5,000,000  (if in continuous operation for less than three years),  or with average  annual  revenues of less than $6,000,000 for the last three years. Section 15(g) of the Exchange Act, and Rule 15g-2 of the Commission require  broker-dealers  dealing in penny stocks to provide potential investors with a document disclosing the risks of penny stocks and to obtain a manually signed and dated written receipt of the document before effecting any transaction in a penny stock for the investor's account. Potential investors  in the  Company's  common  stock are  urged to  obtain  and read such disclosure  carefully before  purchasing any shares that are deemed to be "penny stock." Rule 15g-9 of the Commission requires broker- dealers in penny stocks to approve the  account of any  investor  for  transactions  in such stocks  before selling  any  penny  stock  to  that  investor.   This  procedure  requires  the broker-dealer to (i) obtain from the investor information  concerning his or her financial  situation,  investment  experience  and investment  objectives;  (ii) reasonably  determine,  based on that  information,  that  transactions in penny stocks are  suitable  for the  investor  and that the  investor  has  sufficient knowledge and experience as to be reasonably  capable of evaluating the risks of penny stock  transactions;  (iii) provide the investor with a written  statement setting forth the basis on which the  broker-dealer  made the  determination  in (ii) above;  and (iv) receive a signed and dated copy of such statement from the investor,  confirming  that it  accurately  reflects  the  investor's  financial situation,  investment  experience and investment  objectives.  Compliance  with these requirements may make it more difficult for the Company's  stockholders to resell their shares to third parties or to otherwise dispose of them.   26     Shareholders should be aware that, according to Securities and Exchange Commission Release No. 34-29093, the market for penny stocks has suffered in recent years form patterns of fraud and abuse.  Such patterns include (i) control of the market for the security by one or a few broker-dealers that are often related to the promoter or issuer;  (ii) manipulation of prices through prearranged matching of purchases and sales and false and misleading press releases; (iii) boiler room practices involving high-pressure sales tactics and unrealistic price projections by inexperienced sales persons;  (iv) excessive and undisclosed bid-ask differential and markups by selling broker-dealers; and (v) the wholesale dumping of the same securities by promoters and broker dealers after prices have been manipulated to a desired level, along with the resulting inevitable collapse of those prices and with consequent investor losses.  The Companys management is aware of the abuses that have occurred historically in the penny stock market.  Although the Company does not expect to be in a position to dictate the behavior of the market or of broker dealers who participate in the market, management will strive within the confines of practical limitations to prevent the described patterns form being established with respect to the Companys securities.  NEED FOR ADDITIONAL FINANCING.  The Company has very limited funds, and such funds, may not be adequate to take advantage of any available business opportunities.  Even if the Companys currently available funds prove to be sufficient to pay for its operations until it is able to acquire an interest in, or complete a transaction with, a business opportunity, such funds will clearly not be sufficient to enable it to exploit the opportunity.  Thus, the ultimate success of the Company will depend, in part, upon its availability to raise additional capital.  In the event that the Company requires modest amounts of additional capital to fund its operations until it is able to complete a business acquisition or transaction, such funds, are expected to be provided by the principal shareholders.  However, the Company has not investigated the availability, source, or terms that might govern the acquisition of the additional capital which is expected to be required in order to exploit a business opportunity, and will not do so until it has determined the level of need for such additional financing.  There is no assurance that additional capital will be available from any source or, if available, that it can be obtained on terms acceptable to the Company.  If not available, the Companys operations will be limited to those that can be financed with its modest capital.  NO OPERATING HISTORY.   The Company has no operating history, revenues from operations or assets. The Company faces all of the risks of a new business and the special risks inherent in the investigation, acquisition, or involvement in a new business opportunity.  The Company must be regarded as a new or start-up venture with all of the unforeseen costs, expenses, problems, and difficulties to which such ventures are subject.  NO ASSURANCE OF SUCCESS OR PROFITABILITY.  There is no assurance that the Company will acquire a favorable business opportunity.  Even if the Company should become involved in a business opportunity, there is no assurance that it will generate revenues or profits, or that the market price of the Companys outstanding shares will be increased thereby.  POSSIBLE BUSINESS NOT IDENTIFIED AND HIGHLY RISKY.  The Company has not identified and has no commitments to enter into or acquire a specific business opportunity.  As a result, it is only able to make general disclosures concerning the risks and hazards of acquiring a business opportunity, rather than providing disclosure with respect to specific risks and hazards relating to a particular business opportunity.  As a general matter, prospective investors can expect any potential business opportunity to be quite risky.  TYPE OF BUSINESS ACQUIRED.  The type of business to be acquired may be one that desires to avoid effecting its own public offering an the accompanying expense, delays, uncertainties, and federal and state requirements which purport to protect investors.  Because of the Companys limited capital, it is more likely than not that any acquisition by the Company will involve other parties whose primary interest is the acquisition of control of a publicly traded Company.  Moreover, any business opportunity acquired may be currently unprofitable or present other negative factors.  IMPRACTICABILITY OF EXHAUSTIVE INVESTIGATION.  The Companys limited funds and lack of full-time management will make it impracticable to conduct a complete and exhaustive investigation and analysis of a business opportunity before the Company commits its capital or other resources thereto.  Management decisions, therefore, will likely be made without detailed feasibility studies, independent analysis, market surveys and the like which, if the Company had more funds available to it, would be desirable.  The Company will be particularly dependent in making decisions upon information provided by the promoter, owner, sponsor, or others associated with the business opportunity seeking the Companys participation.  A significant portion of the Companys available funds may be expended for investigative expenses and other expenses related to preliminary aspects of completing an acquisition transaction, whether or not any business opportunity investigated is eventually acquired.  LACK OF DIVERSIFICATION.  Because of the limited financial resources that the Company has, it is unlikely that the Company will be able to diversify its acquisitions or operations.  The Companys probable inability to diversify its activities into more than one area will subject the Company to economic fluctuations within a particular business or industry and therefore increase the risks associated with the Companys operations.   27     NEED FOR AUDITED FINANCIAL STATEMENTS.  The Company will require audited financial statements from any business that it proposes to acquire.  Since the Company will be subject to the reporting provisions of the Securities Exchange Act of 1934, as amended (the Exchange Act), it will be required to include audited financial statements in its periodical reports for any existing business it may acquire.  In addition, the lack of audited financial statements would prevent the securities of the Company from becoming eligible for listing on NASDAQ, the automated quotation system sponsored by the Association of Securities Dealers, Inc., or on any existing stock exchange.  Moreover, the lack of such financial statements is likely to discourage broker-dealers from becoming or continuing to serve as market makers in the securities of the Company.  Finally, without audited financial statements, the Company would almost certainly be unable to offer securities under a registration statement pursuant to the Securities Act of 1933, and the ability of the Company to raise capital would be significantly limited.  Consequently, acquisitions prospects that do not have, or are unable to provide reasonable assurances that they will be able to obtain, the required audited statements would not be considered by the Company to be appropriate for acquisition.  OTHER REGULATION.  An acquisition made by the Company may be of a business that is subject to regulation or licensing by federal, state, or local authorities.  Compliance with such regulations and licensing can be expected to be a time-consuming, expensive process and may limit other investment opportunities of the Company.  DEPENDENCE UPON MANAGEMENT; LIMITED PARTICIPATION OF MANAGEMENT.  The Company will be entirely dependant upon the experience of its officers and directors in seeking, investigating, and acquiring a business and in making decisions regarding the Companys operations.  It is possible that, from time to time, the inability of such persons to devote their full time attention to the Because investors will not be able to evaluate the merits of possible future business acquisitions by the Company, they should critically assess the information concerning the Companys officers and directors.  LACK OF CONTINUITY IN MANAGEMENT.  The Company does not have an employment agreement with any of its officers or directors, and as a result, there is no assurance that they will continue to manage the Company in the future.  In connection with acquisition of a business opportunity, it is likely the current officers and directors of the Company may resign.  A decision to resign will be based upon the identity of the business opportunity and the nature of the transaction, and is likely to occur without the vote or consent of the stockholders of the Company.  INDEMNIFICATION OF OFFICERS AND DIRECTORS.  The Company's By-Laws provide for the indemnification of its, directors, officers, employees, and agents, under certain circumstances, against attorneys fees and other expenses incurred by them in any litigation to which they become a party arising from their association with or activities on behalf of the Company.  The Company will also bear the expenses of such litigation for any of its directors, officers, employees, or agents, upon such persons promise to repay the Company therefor if it is ultimately determined that any such person shall not have been entitled to indemnification.  This indemnification policy could result in substantial expenditures by the Company, which it may be unable to recoup.  DEPENDENCE UPON OUTSIDE ADVISORS.  To supplement the business experience of its officers and directors, the Company may be required to employ accountants, technical experts, appraisers, attorneys, or other consultants or advisors.  The selection of any such advisors will, be made by the Companys officers, without any input by shareholders.  Furthermore, it is anticipated that such persons may be engaged on an as needed basis without a continuing fiduciary or other obligation to the Company.  In the event the officers of the Company consider it necessary to hire outside advisors, they may elect to hire persons who are affiliates, if those affiliates are able to provide the required services.  LEVERAGED TRANSACTIONS.  There is a possibility that any acquisition of a business opportunity by the Company may be leveraged, i.e. the Company may finance the acquisition of the business opportunity by borrowing against the assets of the business opportunity to be acquired, or against the projected future revenues or profits of the business opportunity.  This could increase the Companys exposure to larger losses.  A business opportunity acquired through a leveraged transaction is profitable only if it generates enough revenues to cover the related debt and expenses.  Failure to make payments on the debt incurred to purchase the business opportunity could result in the loss of a portion or all of the assets acquired.  There is no assurance that any business opportunity acquired through a leveraged transaction will generate sufficient revenues to cover the related debt and expenses.  COMPETITION.  The search for potentially profitable business opportunities is intensely competitive.  The Company expects to be at a disadvantage when competing with many firms that have substantially greater financial and management resources and capabilities than the Company.  These competitive conditions will exist in any industry in which the Company may become interested.  NO FORESEEABLE DIVIDENDS.  The Company has not paid dividends on its Common Stock and does not anticipate paying such dividends in the foreseeable future.   28     LOSS OF CONTROL BY PRESENT MANAGEMENT AND STOCKHOLDERS.  In conjunction with completion of a business acquisition, it is anticipated that the Company will issue an amount of the Companys authorized but unissued Common Stock that represents the greater majority of the voting power and equity of the Company.  In conjunction with such a transaction, the Companys current Officers, Directors, and principal shareholders could also sell all, or a portion, of their controlling block of stock to the acquired Companys stockholders.  Such a transaction would result in a greatly reduced percentage of ownership of the Company by its current shareholders.  As a result, the acquired Companys stockholders would control the Company, and it is likely that they would replace the Companys management with persons who are unknown at this time.  NO PUBLIC MARKET EXISTS.  There is currently no public market for the Companys common stock, and no assurance can be given that a market will develop or that a shareholder will ever be able to liquidate his investment without considerable delay, if at all.  If a market should develop, the price may be highly volatile.  Factors such as those discussed in this Risk Factors section may have a significant impact upon the market price of the securities offered hereby.  Owing to the low price of the securities, many brokerage firms may not be willing to effect transactions in the securities.  Even if a purchasers finds a broker willing to effect a transaction in theses securities, the combination of brokerage commissions, state transfer taxes, if any, and any other selling costs may exceed the selling price.  Further, many leading institutions will not permit the use of such securities as collateral for any loans.  BLUE SKY CONSIDERATION.  Because the securities registered hereunder have not been registered for resale under the Blue Sky laws of any state, the holders of such shares and persons who desire to purchase them in any trading market that might develop in the future, should be aware, that there may be significant state Blue Sky law restrictions upon the ability of investors to sell the securities and of purchasers to purchase the securities. Accordingly, investors should consider the secondary market for the Companys securities to be a limited one.   Item 2. Unregistered Sale of Equity Securities and Use of Proceeds.  None.  Item 3. Defaults upon Senior Securities.  None.   Item 4. Removed and Reserved.   Item 5. Other Information.  None.   Item 6. Exhibits  (a)  Exhibits:  Exhibit No. Description of Exhibit   31 Chief Executive Officer-Section 302 Certification pursuant to Sarbanes-Oxley Act. 32 Chief Executive Officer-Section 906 Certification pursuant to Sarbanes-Oxley Act.    29     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.  Dated: November 12, 2010   GLOBAL IMMUNE TECHNOLOGIES, INC.     By: /s/Donald Perks Donald Perks Title: President, CEO, CFO Principal Accounting Officer (PAO)    30