UNITED
STATES
 SECURITIES
AND EXCHANGE COMMISSION
 Washington,
D.C. 20549
 
 FORM
10-KSB
 
 [ X ]
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
 EXCHANGE
ACT OF 1934
 
 For the
fiscal year ended December 31, 2007
 
 Or
 
 [   ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
 EXCHANGE
ACT OF 1934
 
 For the
transition period from ____________________ to
________________________.
 
 Commission
File Number: 000-28417
 
 
 GLOBAL
GENERAL TECHNOLOGIES, INC.
 (Exact
name of company as specified in its charter)
 
 Nevada
              76-0599457(State
      or other jurisdiction of incorporation)
              (IRS
      Employer Identification No.)
 
 
 201 South
Biscayne Boulevard, 28th Floor Miami Center
 Miami,
Florida 33131
 (Address
of principal executive offices)
 
 1-800-936-3204
 (Company's
telephone number, including area code)
 
 Securities
registered pursuant to Section 12(b) of the Act: None
 
 Securities
registered pursuant to section 12(g) of the Act: Common Stock, $0.001 par
value
 
 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 [ X ] No [ ]
 
 
  1
  Check if
there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure will be contained, to
the best of registrant's  knowledge, in definitive proxy or
information statements incorporated by reference in Part II of this Form 10-KSB
or any amendment to this Form 10-KSB. [ ]
 
 Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act) [  ] Yes [ X] No
 
 The
issuer's revenues for its fiscal year ended December 31, 2007, were
$0.00.
 
 Based on
the closing sales price of the Common Stock on December 31, 2007, the aggregate
market value of the voting common equity held by non-affiliates computed by
reference to the price at which the common equity was sold, or the average bid
and asked price of such common equity, as of December 31, 2007 (a date within
the past 60 days) was $ 2,482,252 .
 
 The  number  of  shares  outstanding  of
the  issuer's  class  of  common  stock
outstanding as of December 31, 2007, was 76,376,995 shares.
 
 Documents
Incorporated By
Reference:                                                                                     None
 
 
 Transitional
Small Business Issuer  Disclosure  Format (check one): Yes [
] No [X].
 
 
 
  2
  INDEX
 
 PagePART
      IItem
      1.
              Description
      of Business
              5Item
      2.
              Description
      of Property
              6Item
      3.
              Legal
      Proceedings
              6Item
      4.
              Submission
      of Matters to a Vote of Security Holders
              7PART
      IIItem
      5.
              Market
      for Common Equity and Related Stockholder Matters.
              8Item
      6.
              Management's
      Discussion and Analysis or Plan of Operation
              9Item
      7.
              Financial
      Statements.
              10Item
      8.
              Changes
      In and Disagreements with Accountants on Accounting and Financial
      Disclosure.
              11Item
      8A.
              Controls
      and Procedures
              11Item
      8B.
              Other
      Information
              12PART
      IIIItem
      9.
              Directors,
      Executive Officers, Promoters and Control Persons; Compliance with Section
      16(a) of the Exchange Act
              13Item
      10.
              Executive
      Compensation.
              14Item
      11.
              Security
      Ownership of Certain Beneficial Owners and Management and Related
      Stockholder Matters
              16Item
      12.
              Certain
      Relationships and Related Transactions; Director
    Independence
              16Item
      13.
              Exhibits.
              17Item
      14.
              Principal
      Accountant Fees and Services.
              17SignaturesCertification
 
 
 
 
  3
  Forward-Looking
Statements
 
 This
Annual Report on Form 10-KSB contains forward-looking information.
Forward-looking information includes statements relating to future actions,
future performance, costs and expenses, outcome of contingencies, financial
condition, results of operations, liquidity, business strategies, cost savings,
objectives of management, and other such matters of Global General Technologies,
Inc. (the “Company”). The Private Securities Litigation Reform Act of 1995
provides a “safe harbor” for forward-looking information to encourage companies
to provide prospective information about themselves without fear of litigation
so long as that information is identified as forward-looking and is accompanied
by meaningful cautionary statements identifying important factors that could
cause actual results to differ  materially from those projected in the
information. Forward-looking information may be included in this Annual Report
on Form 10-KSB or may be incorporated by reference from other documents filed
with the Securities and Exchange Commission (the “SEC”) by the Company. Many of
these statements can be found by looking for words including, for example,
“believes,” “expects,” “anticipates,” “estimates” or similar expressions in this
Annual Report on Form 10-KSB or in documents incorporated by reference in this
Annual Report on Form 10-KSB. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information or future events, except as required under the federal securities
laws.
 
 The
Company has based
the  forward-looking  statements  relating to the
Company's operations on management's current expectations, estimates, and
projections about the Company and the industry in which it operates. These
statements are not guarantees of future  performance and involve
risks, uncertainties and assumptions that the Company cannot predict. In
particular, the Company has based many of these forward-looking statements on
assumptions about future events that may prove to be inaccurate. Accordingly,
the Company's actual results may differ  materially from
those  contemplated by these forward-looking statements. Any
differences could result from a variety of factors, including, but not limited
to general economic and business conditions, the inability to raise sufficient
funding, commence research and development, inadequate  results of the
research and  development  project,  lack of
marketability,  operating costs, advertising and promotional efforts,
the existence or absence of adverse publicity, changes in business strategy or
development plans, the ability to retain management, availability, terms and
deployment  of
capital;  business  abilities  and judgment of
personnel, availability of qualified personnel, changes in, or failure to comply
with various government regulations and slower than anticipated completion of
research and development project. Actual results may also differ as a result of
factors over which we have no control, including general economic and business
conditions; effects of war or terrorists acts on the capital markets or the
Company's activities.
 
 
 
 
  4
  PART
I
 
 Item 1.
Description of Business
 
 History
 
 According
to the Company's Annual Report on Form 10-KSB for the fiscal year ended December
31, 2003, the Company was formed on April 26, 1993 under the laws of Nevada.
From its date of formation until December 31, 2002, the Company engaged in the
development and sale of technology-based training solutions and software
programs that were used to teach and train individuals to operate popular
business and home use software programs. The Company ceased business operations
during 2002.
 
 Since
October 2004, when Shmuel Shneibalg, our former chief executive officer,
acquired a controlling interest in the Company, the Company has been seeking to
identify profitable business opportunities in which to invest. Since February
2005, the Company has focused on the acquisition of businesses engaged in the
homeland security industry. On July 5, 2005, the Company changed its corporate
name from “Knowledge Transfer Systems, Inc.” to “Global General Technologies,
Inc.”
 
 The
Company is in the development stage and has not had any revenues since 2002.
Since February 2005, the Company has focused on the acquisition of businesses
engaged in the homeland security industry. The Company’s objective, through its
wholly-owned subsidiary, H7 Security  Systems,  Inc., is to
design,  implement  and  maintain advanced
intelligent  surveillance systems/products for homeland security to be
deployed  in  defense  settings,  serving  as  early  warning  systems  for  the
protection  of  key  national   infrastructure  assets  for  both  domestic  and
international environments. Management believes that key national infrastructure
assets are constantly a risk and represent a huge
opportunity.  Accordingly, the Company has decided to focus on
developing and marketing early warning  systems to protect
oil  refineries,  pipeline,  port terminals and
military installations.
 
 The
Company has yet to complete and market its first product, the Silent Soldier
Video Surveillance  product. This product leverages its
object-tracking and intelligent video software to determine the viability of a
threat, based on pre-determined criteria. In connection with its 360 degrees
of  view,  its long-range  capability
enables  ease of observation  in
the  determination  of “qualified activity”. This automated
technology appears to be equally effective at night as it is in the daytime,
providing a remote interdiction system that truly defines early-warning. We plan
to market and distribute the product through agents and sales
representatives.
 
 The Silent Soldier has been engineered
specifically to be used at high value large-scale facilities such as oil
refineries, pipeline, port terminals and military installations. Founded on
intelligent video, advanced sensors and a proprietary seamless communication
technology, this concept was  developed  to
provide  protection  through long range threat detection and
identification. Unlike current security systems, this early-warning technology
distinguishes itself by providing a preventative security system, rather than
one designed as reactionary to attacks.
 
 It is
anticipated that the system will be accomplished by utilizing an advanced
intelligent software  technology accompanied with existing available
hardware, including superior collection devices,  e.g., video, audio,
ground sensors etc. The Company intends to develop a proprietary Intelligent
Communication Node (ICN) to configure many forms of real time data
for  analysis.  Such analysis could be forwarded to a
central command center, to permit instantaneous response decisions in the event
terrorist activity occurs.
 
  5
  The
marketing plan to be initiated by the Company will initially call for
arrangements with independent sales agents from China, India, Japan and
Columbia, who have expressed an interest
in  representing  the Company in their
respective  countries. The Company anticipates initially focusing on
marketing and selling its products to oil refineries, pipeline, port terminals
and military installations.
 
 Competition
 
 Service
companies such as SAIC and Logicon and aerospace-defense companies such as
Lockheed, Raytheon and Northrup-Grumman, and many other smaller companies have
entered the market for homeland security products and solutions.
 
 Intellectual
Property
 
 We do not
have any patents or trademarks.
 
 Governmental
Approvals; Governmental Regulation
 
 In order
to import or export defense products or services, International Traffic in Arms
Regulation certification is typically required. Management believes that ITAR
regulations will not be necessary as a result of the integration of products and
the type of command and control technology software being developed by the
Company.
 
 Employees
 
 As of April 15, 2008, the Company
employed one part-time employee.
 
 Item
2.  Properties
 
 The Company uses approximately 500
square feet at its principal offices located at 201 South Biscayne Boulevard,
28th Floor Miami Center, Miami, Florida 33131, at a cost of $500 a month, on a
month-to-month basis. Management believes such space is adequate for the
Company's corporate headquarters.
 
 Item
3.  Legal Proceedings
 
 On
February 15, 2007, Blue Ridge Finance Company, Inc. (the “ Plaintiff” ) filed
suit against Global General Technologies, Inc. d/b/a Knowledge Transfer Systems,
Inc., and Steve Burke, Samuel Shneibalg, and Dr. Larry Ball, in Case No.
06-CA-10493, in the Circuit Court for the 9th Judicial Circuit, in and for
Orange County, Florida.
 
 Steve
Burke was the person from whom a controlling interest in the
Company  (then known as Knowledge Transfer Systems, Inc.) was
purchased in 2005 by Mr. Shneibalg and others, Mr. Shneibalg thereafter became
an Officer/Director of the Company , and Mr. Ball also became an
Officer/Director of the Company.
 
 The
Complaint alleged (i) fraud and misrepresentation based on certain loans, in
unspecified amounts, made from the Plaintiff to the Company which were allegedly
secured by shares of Common Stock owned of the Company by Steve Burke, (ii) a
violation of Florida’s security laws based on a scheme to exchange the
unspecified loan amount for the Common Stock, (iii) breach of contract against
GGT and Steve Burke for an alleged Settlement Agreement that was not signed by
the parties thereto, and (iv) breach of promissory note for monies due under a
note that was not attached nor identified in the Complaint.
 
  6
  The
Company filed a Motion to Dismiss arguing that it had insufficient contacts with
the State of Florida to satisfy the constitutional due process test with
regarding to jurisdiction, forum, and venue.
 
 In March
of 2007 each and every count of the Complaint against the Company was dismissed
by the Court.
 
 On June
12, 2007, the Plaintiff filed an Amended Complaint, seeking a declaratory
judgment against the Company for enforcement of a Settlement Agreement, which
remains unsigned by each party, collectively.
 
 The
Plaintiff also re-alleged the same causes of action as filed in the initial
Complaint and also added Steven Bingaman as a defendant. (Mr. Bingaman had
worked with Mr. Shneibalg in connection with the acquisition of the controlling
interest in the Company.)
 
 The
Defendants thereupon filed another Motion to Dismiss for numerous reasons,
including but not limited to, lack of minimum contacts with the state of
Florida, failure of the Plaintiff to comply with Florida’s long arm statute, and
lack of personal jurisdiction over each Defendant. Although the Court has
instructed both Parties to conduct discovery on the issue of jurisdiction,
neither Party has done so yet.
 
 A hearing
date on the Defendant’s Motion to Dismiss has not been set by the
Court.
 
 As noted
above, it is still the Company’s position that it (the Company) lacked
sufficient contacts with the State of Florida to satisfy the constitutional due
process test with regarding to jurisdiction, forum, and venue. As also noted
above, since the original Complaint rested on jurisdictional allegations similar
to those in the Amended Complaint, and since the Original Complaint was
dismissed because these jurisdictional allegations were found to be
insufficient, the Company believes that the Amended Complaint will be dismissed
as well.
 
 Although
it is difficult to predict the amount or range of potential loss, it is the
Company’s position that the person responsible for the loss, if any, is Steve
Burke, as he is the person with whom the Plaintiffs dealt. While no decision has
been made as to whether or not to file a Cross-Claim against Mr. Burke, the
Company anticipates defending the case as vigorously as it can, and furthermore,
there are no plans to attempt to reach an out-of-court settlement.
 
 
 Item
4.  Submission of Matters to a Vote of Security Holders
 
 No  matters  were  submitted  to
a vote of  security  holders  during the fourth
quarter of the fiscal year covered by this report.
 
 
  7
  PART
II
 
 Item 5.
Market for
Company's  Common  Equity,  Related  Stockholder  Matters
and Issuer Purchases of Equity Securities
 
 Market
Information.
 
 The
Company's Common Stock trades on the Pink Sheets under the symbol GLGT. The
following table sets forth the range of quarterly high and low closing bid
information of the  common  stock as reported  on
http://www.bloomberg.com for the periods indicated.
 
 Financial
      Quarter Bid InformationYear
                Quarter
                High
      Bid
                Low
      Bid2007
                Fourth
                $0.040
                $0.025Third
                0.065
                0.040Second
                0.075
                0.050First
                0.900
                0.0072006
                Fourth
                $0.900
                $2.250Third
                0.600
                0.900Second
                0.250
                1.000First
                1.000
                0.120
  _
 * The
quotations do not
reflect  inter-dealer  prices,  without
retail  mark-up, mark-down or commission and may not represent actual
transactions.
 
 Holders.  On
December 31, 2007, there were approximately 1,400 holders of record of the
Company's common stock.
 
 Dividends.
The Company has not declared or paid any cash dividends on its common stock nor
does it anticipate paying any in the foreseeable future. Furthermore, the
Company expects to retain any future earnings to finance its operations and
expansion. The payment of cash dividends in the future will be at the discretion
of its Board of Directors and will depend upon its earnings levels, capital
requirements, any restrictive loan covenants and other factors the Board
considers relevant.
 
 Recent
Sales of Unregistered Securities
 
 During
the year ended December 31, 2007, we issued a total of 24,833,332 shares of
unregistered Common Stock. 3,900,000 shares were issued for consulting services
valued at $117,000 pursuant to the exemption from registration contained in
Section 4 (2) of the Securities Act. 3,333,332 shares were issued for $100,000
cash pursuant to the exemption from registration contained in Section 4 (2) of
the Securities Act. 17,600,000 shares were issued in exchange for claims
totaling $475,000 pursuant to the exemption from registration contained in
Section 3 (a) (10) of the Securities Act.
 
 Purchases
of equity securities by the Issuer and Affiliated Purchasers.
 
 None
 
  8
  Item
6.  Management's Discussion and Analysis or Plan of
Operation
 
 Plan of Operation.
 
 The
Company has yet to complete and market its first product, the Silent Soldier
Video Surveillance  product. This product leverages its
object-tracking and intelligent video software to determine the viability of a
threat, based on
pre-determined  criteria.  In  connection with its
360  degrees  of  view,  its
long-range  capability  enables  ease of
observation  in the  determination  of “qualified
activity”. This automated technology appears to be equally effective at night as
it is in the daytime, providing a remote interdiction system that truly defines
early-warning. We plan to market and distribute the product through agents and
sales representatives.
 
 The
Silent Soldier has been engineered specifically to be used at high value large
scale  facilities such as
oil  refineries,  pipeline,  port terminals and
military installations.  Founded on intelligent
video,  advanced sensors and a
proprietary  seamless  communication  technology,  this
concept was  developed  to
provide  protection  through long
range  threat  detection  and  identification.
Unlike current security systems, this early-warning  technology
distinguishes itself by providing a preventative  security system,
rather than one designed as reactionary to attacks.
 
 It is
anticipated  that the system will be accomplished by utilizing an
advanced
intelligent  software  technology  accompanied
with existing available hardware, including superior
collection  devices,  e.g., video, audio, ground sensors
etc. The Company intends to develop a proprietary  Intelligent
Communication Node (ICN) to configure many forms of real time data
for  analysis.  Such analysis could be forwarded to a
central command center, to permit instantaneous response decisions in the event
terrorist activity occurs.
 
 The
marketing plan to be initiated by the  Company will initially call for
arrangements with independent sales agents from China, India, Japan and
Columbia, who have expressed an interest
in  representing  the Company in their
respective  countries. The Company anticipates initially focusing on
marketing and selling its products to oil refineries, pipeline,  port
terminals and military installations.
 
 Liquidity
and Capital Resources
 
 At
December 31, 2007, the Company's liabilities ($568,115) exceeded its assets
($-0-) by approximately $568,115, and the Company had $ -0- in available cash.
We do not have sufficient funds to effectuate our business plan without
additional financial resources. We expect to incur a minimum of approximately
$1,000,000 in expenses during the next twelve months of operations, primarily
for research and development, sales and marketing. Additionally, approximately
$750,000 will be needed for general overhead expenses such as for salaries,
corporate legal and accounting fees, office overhead and working
capital.
 
 We will
have to issue debt or equity securities, or enter into a strategic arrangement
with a third party, to implement our business plan. There can be no assurance
that additional capital will be available to us. We do not have any agreements,
arrangements or understandings to obtain funds through bank loans, lines of
credit or other means of financing.
 
 Off-Balance
Sheet Arrangements
 
 None.
 
  9
  Going Concern
Considerations
 
 The
Company has an Accumulated Deficit as of December 31, 2007 and 2006 ($15,324,711
and ($14,656,481, respectively) and no source of revenue. These conditions raise
substantial doubt about the Company's ability to continue as a going concern.
The Company needs to obtain additional financing to fund payment of obligations
and to provide working capital for operations.
 
 
 Item
7.  Financial Statements







10

















GLOBAL
GENERAL TECHNOLOGIES, INC.


(A
Development Stage Company)





-:-





CONSOLIDATED
FINANCIAL STATEMENTS


AND


REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS





DECEMBER
31, 2007 AND 2006














GLOBAL
GENERAL TECHNOLOGIES, INC.





INDEX TO
FINANCIAL STATEMENTS





PageReport
      Independent Registered Public Accountants
            F -
      1Consolidated
      Balance Sheets - December 31, 2007 and 2006
            F -
      2Consolidated
      Statements of Operations for the Years Ended December 31, 2007 and
      2006,and
      the cumulative period from September 15, 2003 (Inception of Development
      Stage)to
      December 31, 2007
            F -
      3Consolidated
      Statements of Stockholders’ Equity for the Period FromJune
      1, 2000 (inception) to December 31, 2007
            F -
      4Consolidated
      Statements of Cash Flows for the Years Ended December 31, 2007 and
      2006,and
      the cumulative period from September 15, 2003 (Inception of Development
      Stage)to
      December 31, 2007
            F -
      7Notes
      to the Consolidated Financial Statements
            F -
      8








__________________________











REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS








To the
Board of Directors and the Shareholders


Global
General Technologies, Inc.


(A
Development Stage Company)





We have
audited the accompanying consolidated balance sheet of Global General
Technologies, Inc. (a development stage company) (the Company) as of December
31, 2007 and 2006, and the related consolidated statements of operations, and
cash flows for the two years ended December 31, 2007 and 2006 and the
consolidated statement of stockholders’ equity from June 1, 2000 (inception) to
December 31, 2007.  These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.





We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States).  Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement.  The
Company is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting.  Our audit included
consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the company’s
internal control over financial reporting.  Accordingly, we express no
such opinion.  An audit also includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation.  We believe that our audits provide a reasonable basis
for our opinion.





In our
opinion, the consolidated financial statements referred to above present fairly,
in all material respects, the financial position of Global General Technologies,
Inc. (a development stage company) as of December 31, 2007 and 2006, and the
results of their operations and their cash flows for the year then ended in
conformity with accounting principles generally accepted in the United States of
America.





The
accompanying consolidated financial statements have been prepared assuming that
the Company will continue as a going concern. As discussed in Note 1 to the
financial statements, the Company has suffered recurring losses from operations
and has a net capital deficiency that raise substantial doubt about its ability
to continue as a going concern.  Management’s plans in regard to these
matters are also described in Note 1.  The financial statements do not
include any adjustments that might result from the outcome of this
uncertainty.











/s/ Robison, Hill &
Co.


Certified Public
Accountants





Salt Lake
City, Utah


April 15,
2008





F -
1


GLOBAL
GENERAL TECHNOLOGIES, INC.


(A
Development Stage Company)


BALANCE
SHEETS





December
      31,
            
            
            December
      31,2007
            
            
            2006ASSETSCurrent
      Assets:Cash
      in bank
            
            $
            -
            
            
            $
            24,639Total
      Assets
            
            $
            -
            
            
            $
            24,639LIABILITIES
      AND STOCKHOLDERS' EQUITYCurrent
      Liabilities:Notes
      payable
            
            $
            186,793
            
            
            $
            -Trade
      accounts payable
            
            
            181,322
            
            
            
            199,121Due
      to Asset Growth Partners
            
            
            -
            
            
            
            217,402Escrow
      advance
            
            
            200,000
            
            
            
            200,000Total
      Liabilities
            
            
            568,115
            
            
            
            616,523Stockholders'
      Equity:Preferred
      stock – $0.001 par value; 10,000,000 shares authorizedSeries
      A convertible preferred stock; -0- sharesissued
      and outstanding; $1.00 stated value
            
            
            -
            
            
            
            -Series
      B convertible preferred stock; -0- sharesissued
      and outstanding; $1,000.00 stated value
            
            
            -
            
            
            
            -Common
      stock – $0.001 par value; 100,000,000shares
      authorized; 76,376,995 and 53,043,663 sharesissued
      and outstanding
            
            
            76,377
            
            
            
            53,044Additional
      paid-in capital
            
            
            15,280,219
            
            
            
            14,611,553Notes
      receivable from stockholders
            
            
            (600,000
            )
            
            
            (600,000
            )Accumulated
      deficit
            
            
            (6,860,545
            )
            
            
            (6,860,545
            )Deficit
      accumulated during development stage
            
            
            (8,464,166
            )
            
            
            (7,795,936
            )Total Stockholders'
      Equity
            
            
            (568,115
            )
            
            
            (591,884
            )Total
      Liabilities and Stockholders' Equity
            
            $
            -
            
            
            $
            24,639














The
accompanying notes are an integral part of these financial
statements.




F -
2




GLOBAL
GENERAL TECHNOLOGIES, INC.


(A
Development Stage Company)


STATEMENTS
OF OPERATIONS





CumulativeFromSeptember
      15,For
      the
            
            
            For
      the
            
            
            2003Year
      Ended
            
            
            Year
      Ended
            
            
            Inception
      ofDecember
      31,
            
            
            December
      31,
            
            
            Development2007
            
            
            2006
            
            
            StageSales
            
            $
            -
            
            
            $
            -
            
            
            $
            -Operating
      ExpensesCompensation
            
            
            -
            
            
            
            -
            
            
            
            422,452Consulting
            
            
            315,300
            
            
            
            3,565,016
            
            
            
            4,239,268Professional
      fees
            
            
            39,178
            
            
            
            59,943
            
            
            
            427,511Commissions
            
            
            17,000
            
            
            
            30,250
            
            
            
            296,960General
      and administrative
            
            
            2,796
            
            
            
            59,237
            
            
            
            686,944Total
      Operating Expenses
            
            
            374,274
            
            
            
            3,714,446
            
            
            
            6,073,135Other
      Income (Expense)Interest
      income
            
            
            74
            
            
            
            -
            
            
            
            74Interest
      expense from convertible notes
            
            
            (294,030
            )
            
            
            (377,995
            )
            
            
            (1,911,105
            )Write
      down of uncollectible advances
            
            
            -
            
            
            
            -
            
            
            
            (480,000
            )Total
      Other Income (Expense)
            
            
            (293,956
            )
            
            
            (377,995
            )
            
            
            (2,391,031
            )Net
      Income (Loss)
            
            $
            (668,230
            )
            
            $
            (4,092,441
            )
            
            $
            (8,464,166
            )Basic
      and Diluted Income (Loss) Per Share
            
            $
            (0.01
            )
            
            $
            (0.17
            )Weighted
      Average Number of Common SharesUsed
      in Per Share Calculation
            
            
            63,499,050
            
            
            
            23,716,931











The
accompanying notes are an integral part of these financial
statements.


F -
3


GLOBAL
GENERAL TECHNOLOGIES, INC.


(A
Development Stage Company)


STATEMENT
OF STOCKHOLDERS' EQUITY


CumulativeFromNotes
            
            
            
            
            
            Sept
      15, 2003Additional
            
            
            Receivable
            
            
            
            
            
            Inception
      ofPreferred
      Stock
            
            
            Common
      Stock
            
            
            Paid-In
            
            
            From
            
            
            Retained
            
            
            DevelopmentShares
            
            
            Amount
            
            
            Shares
            
            
            Amount
            
            
            Capital
            
            
            Stockholders
            
            
            Deficit
            
            
            StageStock
      Issued for net assets
            
            
            -
            
            
            $
            -
            
            
            
            166,237
            
            
            $
            166
            
            
            $
            3,583,834
            
            
            $
            -
            
            
            $
            -
            
            
            $
            -Acquired,
      June 1, 2000Expenses
      paid by shareholder
            
            
            -
            
            
            
            -
            
            
            
            728
            
            
            
            1
            
            
            
            231,295
            
            
            
            -
            
            
            
            -
            
            
            
            -Cash
      contributed by shareholder
            
            
            -
            
            
            
            -
            
            
            
            626
            
            
            
            1
            
            
            
            198,999
            
            
            
            -
            
            
            
            -
            
            
            
            -Notes
      payable and accrued interestassumed
      by shareholder
            
            
            -
            
            
            
            -
            
            
            
            624
            
            
            
            1
            
            
            
            198,400
            
            
            
            -
            
            
            
            -
            
            
            
            -Net
      loss for the period
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (1,177,091
            )
            
            
            -Balance
      - December 31, 2000
            
            
            -
            
            
            
            -
            
            
            
            168,215
            
            
            
            169
            
            
            
            4,212,528
            
            
            
            -
            
            
            
            (1,177,091
            )
            
            
            -Expenses
      paid by shareholder
            
            
            -
            
            
            
            -
            
            
            
            1,097
            
            
            
            1
            
            
            
            348,621
            
            
            
            -
            
            
            
            -
            
            
            
            -Accounts
      payable and interest paidby
      shareholder
            
            
            -
            
            
            
            -
            
            
            
            1,725
            
            
            
            2
            
            
            
            548,012
            
            
            
            -
            
            
            
            -
            
            
            
            -Assumption
      of note payablefrom
      shareholder
            
            
            -
            
            
            
            -
            
            
            
            (78
            )
            
            
            -
            
            
            
            (25,000
            )
            
            
            -
            
            
            
            -
            
            
            
            -Shares
      issued for services
            
            
            -
            
            
            
            -
            
            
            
            8,000
            
            
            
            8
            
            
            
            199,992
            
            
            
            -
            
            
            
            -
            
            
            
            -Shares
      issued for notes receivablefrom
      stockholders, $.05 per share
            
            
            -
            
            
            
            -
            
            
            
            46,100
            
            
            
            46
            
            
            
            1,152,454
            
            
            
            (1,042,500
            )
            
            
            -
            
            
            
            -Shares
      issued for notes receivablefrom
      stockholders, $.10 per share
            
            
            -
            
            
            
            -
            
            
            
            5,030
            
            
            
            5
            
            
            
            251,495
            
            
            
            (181,500
            )
            
            
            -
            
            
            
            -Services
      received in satisfaction ofnotes
      receivable from stockholders
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            360,000
            
            
            
            -
            
            
            
            -Acquisition
      of GoThink!.com
            
            
            -
            
            
            
            -
            
            
            
            496
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Private
      placement offering for cash
            
            
            -
            
            
            
            -
            
            
            
            1,680
            
            
            
            2
            
            
            
            209,998
            
            
            
            -
            
            
            
            -
            
            
            
            -Foreign
      private placement offeringfor
      cash
            
            
            -
            
            
            
            -
            
            
            
            473
            
            
            
            -
            
            
            
            21,570
            
            
            
            -
            
            
            
            -
            
            
            
            -Cancellation
      of common stock andrelated
      note receivable
            
            
            -
            
            
            
            -
            
            
            
            (5
            )
            
            
            -
            
            
            
            (250
            )
            
            
            250
            
            
            
            -
            
            
            
            -Cash
      received on notes receivablefrom
      stockholders
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            75,000
            
            
            
            -
            
            
            
            -


F -
4


GLOBAL
GENERAL TECHNOLOGIES, INC.


(A
Development Stage Company)


STATEMENT
OF STOCKHOLDERS' EQUITY


CumulativeFromSeptember
      15,Notes
            
            
            
            
            
            2003Additional
            
            
            Receivable
            
            
            
            
            
            Inception
      ofPreferred
      Stock
            
            
            Common
      Stock
            
            
            Paid-In
            
            
            From
            
            
            Accumulated
            
            
            DevelopmentShares
            
            
            Amount
            
            
            Shares
            
            
            Amount
            
            
            Capital
            
            
            Stockholders
            
            
            Deficit
            
            
            StageNet
      loss for the year
            
            
            -
            
            
            $
            -
            
            
            
            -
            
            
            $
            -
            
            
            $
            -
            
            
            $
            -
            
            
            $
            (3,385,139
            )
            
            $
            -Balance
      - December 31, 2001
            
            
            -
            
            
            
            -
            
            
            
            232,733
            
            
            
            233
            
            
            
            6,919,420
            
            
            
            (788,750
            )
            
            
            (4,562,230
            )
            
            
            -Issuance
      of common stock
            
            
            -
            
            
            
            -
            
            
            
            18,112
            
            
            
            18
            
            
            
            311,687
            
            
            
            -
            
            
            
            -
            
            
            
            -Issuance
      of common stock forServices
      provided
            
            
            -
            
            
            
            -
            
            
            
            6,100
            
            
            
            6
            
            
            
            113,494
            
            
            
            -
            
            
            
            -
            
            
            
            -Cancellation
      of common stockAnd
      related note receivable
            
            
            -
            
            
            
            -
            
            
            
            (500
            )
            
            
            (1
            )
            
            
            (24,999
            )
            
            
            25,000
            
            
            
            -
            
            
            
            -Issuance
      of Series A preferredStock
      for software
            
            
            875,000
            
            
            
            875,000
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Cancellation
      of note receivableFrom
      shareholders
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (163,750
            )
            
            
            163,750
            
            
            
            -
            
            
            
            -Net
      Income (loss) for year
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (3,603,276
            )
            
            
            -Balance
      - December 31, 2002
            
            
            875,000
            
            
            
            875,000
            
            
            
            256,445
            
            
            
            256
            
            
            
            7,155,852
            
            
            
            (600,000
            )
            
            
            (8,165,506
            )
            
            
            -Issuance
      of common stock forServices
      provided
            
            
            -
            
            
            
            -
            
            
            
            2,000
            
            
            
            2
            
            
            
            1,998
            
            
            
            -
            
            
            
            -
            
            
            
            -Cancellation
      of common stockFor
      capitalized software
            
            
            -
            
            
            
            -
            
            
            
            (3,800
            )
            
            
            (4
            )
            
            
            (7,596
            )
            
            
            -
            
            
            
            -
            
            
            
            -Cancellation
      of preferred stockFor
      content license andResale
      agreement
            
            
            (875,000
            )
            
            
            (875,000
            )
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Capital
      contributed by shareholder
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            227,500
            
            
            
            -
            
            
            
            -
            
            
            
            -Net
      Income (loss) for year
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (97,575
            )
            
            
            (23,848
            )Balance
      – December 31, 2003
            
            
            -
            
            
            
            -
            
            
            
            254,645
            
            
            
            254
            
            
            
            7,377,754
            
            
            
            (600,000
            )
            
            
            (8,263,081
            )
            
            
            (23,848
            )














F -
5








GLOBAL
GENERAL TECHNOLOGIES, INC.


(A
Development Stage Company)


STATEMENT
OF STOCKHOLDERS' EQUITY


CumulativeFromNotes
            
            
            
            
            
            Sept
      15, 2003Additional
            
            
            Receivable
            
            
            
            
            
            Inception
      ofPreferred
      Stock
            
            
            Common
      Stock
            
            
            Paid-In
            
            
            From
            
            
            Accumulated
            
            
            DevelopmentShares
            
            
            Amount
            
            
            Shares
            
            
            Amount
            
            
            Capital
            
            
            Stockholders
            
            
            Deficit
            
            
            StageShares
      issued for services
            
            
            -
            
            
            $
            -
            
            
            
            2,293,224
            
            
            $
            2,293
            
            
            $
            249,962
            
            
            $
            -
            
            
            $
            -
            
            
            $
            -Net
      Income (loss) for year
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            1,402,536
            
            
            
            (356,069
            )Balance
      - December 31, 2004
            
            
            -
            
            
            
            -
            
            
            
            2,547,869
            
            
            
            2,547
            
            
            
            7,627,716
            
            
            
            (600,000
            )
            
            
            (6,860,545
            )
            
            
            (379,917
            )Beneficial
      Conversion Feature ofConvertible
      Notes
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            1,607,000
            
            
            
            -
            
            
            
            -
            
            
            
            -Shares
      issued for convertible notes at$.07
      per share
            
            
            -
            
            
            
            -
            
            
            
            6,500,000
            
            
            
            6,500
            
            
            
            448,500
            
            
            
            -
            
            
            
            -
            
            
            
            -Shares
      issued for convertible notes at$.50
      per share
            
            
            -
            
            
            
            -
            
            
            
            3,190,000
            
            
            
            3,190
            
            
            
            1,591,810
            
            
            
            -
            
            
            
            -Net
      Income (loss) for year
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (3,323,578
            )Balance
      - December 31, 2005
            
            
            -
            
            
            
            -
            
            
            
            12,237,869
            
            
            
            12,237
            
            
            
            11,275,026
            
            
            
            (600,000
            )
            
            
            (6,860,545
            )
            
            
            (3,703,495
            )Shares
      issued for convertible notes at$.15
      per share
            
            
            -
            
            
            
            -
            
            
            
            2,546,429
            
            
            
            2,547
            
            
            
            384,953
            
            
            
            -
            
            
            
            -
            
            
            
            -Shares
      issued for services
            
            
            -
            
            
            
            -
            
            
            
            31,009,365
            
            
            
            31,010
            
            
            
            2,951,574
            
            
            
            -
            
            
            
            -
            
            
            
            -Shares
      issued in exchange for sharesof
      H7 Security Systems, Inc.
            
            
            -
            
            
            
            -
            
            
            
            7,250,000
            
            
            
            7,250
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Net
      Income (loss) for year
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (4,092,441
            )Balance
      - December 31, 2006
            
            
            -
            
            
            
            -
            
            
            
            53,043,663
            
            
            
            53,044
            
            
            
            14,611,553
            
            
            
            (600,000
            )
            
            
            (6,860,545
            )
            
            
            (7,795,936
            )Shares
      issued for cash at $.03 per share
            
            
            -
            
            
            
            -
            
            
            
            3,333,332
            
            
            
            3,333
            
            
            
            96,666
            
            
            
            -
            
            
            
            -
            
            
            
            -Shares
      issued for services
            
            
            -
            
            
            
            -
            
            
            
            3,900,000
            
            
            
            3,900
            
            
            
            113,100
            
            
            
            -
            
            
            
            -
            
            
            
            -Shares
      issued for convertible notes at
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            -
            
            
            
            -
            
            
            
            -$.027
      per share
            
            
            -
            
            
            
            -
            
            
            
            17,600,000
            
            
            
            17,600
            
            
            
            457,400
            
            
            
            -
            
            
            
            -
            
            
            
            -Shares
      cancelled
            
            
            -
            
            
            
            -
            
            
            
            (1,500,000
            )
            
            
            (1,500
            )
            
            
            1,500
            
            
            
            -
            
            
            
            -
            
            
            
            -Net
      Income (loss) for year
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (668,230
            )Balance
      - December 31, 2007
            
            
            -
            
            
            
            -
            
            
            
            76,376,995
            
            
            $
            76,377
            
            
            $
            15,280,219
            
            
            $
            (600,000
            )
            
            $
            (6,860,545
            )
            
            $
            (8,464,166
            )





The
accompanying notes are an integral part of these financial
statements.


F -
6


GLOBAL
GENERAL TECHNOLOGIES, INC.


(A
Development Stage Company)


STATEMENTS
OF CASH FLOWS





CumulativeFromSeptember
      15,For
      the
            
            
            For
      the
            
            
            2003Year
      Ended
            
            
            Year
      Ended
            
            
            Inception
      ofDecember
      31,
            
            
            December
      31,
            
            
            Development2007
            
            
            2006
            
            
            StageCash
      Flows From Operating ActivitiesNet
      loss
            
            $
            (668,230
            )
            
            $
            (4,092,441
            )
            
            $
            (8,464,166
            )Adjustments
      to reconcile net loss to net cashused
      in operating activities:Interest
      expense from convertible notes
            
            
            267,022
            
            
            
            368,320
            
            
            
            1,874,022Write
      down of uncollectible advances
            
            
            -
            
            
            
            -
            
            
            
            480,000Common
      stock issued for services
            
            
            117,000
            
            
            
            2,989,834
            
            
            
            3,359,089Changes
      in Assets and LiabilitiesDeferred
      charge
            
            
            -
            
            
            
            30,250
            
            
            
            -Accrued
      interest on notes payable
            
            
            27,008
            
            
            
            9,675
            
            
            
            36,683Trade
      accounts payable
            
            
            (17,800
            )
            
            
            179,455
            
            
            
            98,784Net
      cash used in operating activities
            
            
            (275,000
            )
            
            
            (514,907
            )
            
            
            (2,615,588
            )Cash
      Flows from Investing ActivitiesCash
      advances to GGT
            
            
            -
            
            
            
            -
            
            
            
            (480,000
            )Net
      cash used in investing activities
            
            
            -
            
            
            
            -
            
            
            
            (480,000
            )Cash
      Flows from Financing ActivitiesProceeds
      from sale of common stock
            
            
            100,000
            
            
            
            -
            
            
            
            100,000Proceeds
      from notes
            
            
            175,000
            
            
            
            -
            
            
            
            175,000Escrow
      advance
            
            
            -
            
            
            
            -
            
            
            
            200,000Advances
      from Asset Growth Partners, net
            
            
            (24,639
            )
            
            
            207,727
            
            
            
            183,088Convertible
      note financing
            
            
            -
            
            
            
            -
            
            
            
            2,437,500Net
      cash provided by (used in) financing activities
            
            
            250,361
            
            
            
            207,727
            
            
            
            3,095,588Net
      Decrease In Cash
            
            
            (24,639
            )
            
            
            (307,180
            )
            
            
            -Cash
      at Beginning of Period
            
            
            24,639
            
            
            
            331,819
            
            
            
            -Cash
      at End of Period
            
            $
            -
            
            
            $
            24,639
            
            
            $
            -Supplemental
      Disclosure of Cash Flow InformationCash
      paid for income taxes
            
            $
            -
            
            
            $
            -
            
            
            $
            -Cash
      paid for interest
            
            $
            -
            
            
            $
            -
            
            
            $
            400Supplemental
      Schedule of Noncash Investing and Financing ActivitiesBeneficial
      Conversion Feature of Convertible Notes
            
            $
            -
            
            
            $
            855,320
            
            
            $
            1,607,000Write
      Down of Uncollectible Advances
            
            $
            -
            
            
            $
            -
            
            
            $
            480,000Common
      stock issued for services provided
            
            $
            117,000
            
            
            $
            783,117
            
            
            $
            3,359,089Conversion
      of notes payable
            
            $
            207,978
            
            
            $
            -
            
            
            $
            595,478Common
      stock issued in exchange for H7 stock
            
            $
            -
            
            
            $
            -
            
            
            $
            7,250


The accompanying notes are an integral
part of these financial statements.




F -
7




GLOBAL
GENERAL TECHNOLOGIES, INC.


(A
DEVELOPMENT STAGE COMPANY)




NOTES
TO FINANCIAL STATEMENTS




NOTE
1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES




ORGANIZATION - On August 1,
1992 Missaticum, Inc. dba QtrainCorp was incorporated under the laws of the
State of California.  On October 4, 1996, its name was changed to KT
Solutions, Inc.  It was formed for the purpose of developing
technology based training solutions.  It creates software programs
that are used to teach and train individuals how to operate popular business and
home use software programs.




On June
1, 2000, the former shareholders of KT Solutions, Inc. entered into a stock
exchange agreement with enSurge, Inc. (enSurge) whereby enSurge acquired all of
the outstanding common shares of KT Solutions, Inc. from its former shareholders
in exchange for the issuance of 500,000 shares of enSurge's common stock and
options to purchase 250,000 shares of enSurge's common stock at $4.00 per
share.  In addition, enSurge issued warrants to purchase 50,000 shares
of common stock at $0.10 per share as a finder's fee.  As a result,
the Company became a wholly-owned subsidiary of enSurge, Inc.




The
acquisition of KT Solutions, Inc. was recorded by enSurge using the purchase
method of accounting.  The 500,000 common shares issued and the
300,000 options issued were recorded at their fair values of $2,240,000 ($4.48
per share) and $1,120,000, respectively.  The value of the options was
determined using the Black-Scholes option pricing model with the following
assumptions:  risk free interest rate of 6.0%, expected dividend yield
of 0%, volatility of 577% and expected life of 5 years.




For
financial reporting purposes, KT Solutions, Inc. was considered a new reporting
entity on June 1, 2000.  The accompanying financial statements reflect
the operations of KT Solutions, Inc. from June 1, 2000.  The purchase
price was allocated to the assets and liabilities at their fair
value.  The excess of the purchase price over the fair value of the
net assets acquired was $4,342,278 and was allocated to
goodwill.  Goodwill was being amortized over five years by the
straight-line method.




REORGANIZATION - On April 25,
2001, enSurge, Inc. consummated a stock exchange agreement with GoThink!.com,
Inc., a publicly held Nevada corporation, whereby all of the 1,368,387
outstanding common shares of KT Solutions, Inc. were transferred to GoThink!.com
Inc. in exchange for 8,000,000 shares of GoThink!.com, Inc. common
stock.  As a result of the stock exchange, KT Solutions, Inc. became a
wholly- owned subsidiary of GoThink!.com, Inc.  GoThink!.com, Inc. had
496 shares of common stock outstanding prior to the stock exchange but after a
1-for-100 reverse stock split.




The stock
exchange has been accounted for as the reorganization of KT Solutions,
Inc.  Accordingly, the accompanying financial statements have been
restated to reflect the effects of the 5.84-for-1 equivalent stock split that
resulted from 8,000,000 shares of GoThink!.com, Inc. being issued in exchange
for 1,368,387 previously outstanding shares of KT Solutions,
Inc.  GoThink!.com, Inc. had no assets or operations prior to or at
the date of the reorganization.  Accordingly, the acquisition of
GoThink!.com, Inc. was not considered a business combination but was considered
the issuance of common stock in exchange for the assumption of
liabilities.  The 496 common shares held by the GoThink!.com, Inc.
shareholders that remained outstanding were recorded as issued in exchange for
the assumption of $57,560 of accounts payable.  The operations of
GoThink!.com, Inc. have been included in the accompanying financial statements
from April 1, 2001 (which was the beginning of the accounting period during
which GoThink!.com, Inc. was purchased).




On April
23, 2001, the articles of incorporation of GoThink!.com, Inc. were amended to
change its name to Knowledge Transfer Systems, Inc. (hereafter referred to as
the Company) and to modify the authorized capital for the Company such that the
Company is authorized to issue 10,000,000 shares of preferred stock having a par
value of $0.001 per share and 100,000,000 shares of common stock having a par
value of $0.001 per share.  The accompanying financial statements have
been adjusted to reflect the change in the authorized capital.






F -
8




GLOBAL
GENERAL TECHNOLOGIES, INC.


(A
DEVELOPMENT STAGE COMPANY)




NOTES
TO FINANCIAL STATEMENTS




NOTE
1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES




(Continued)




BANKRUPTCY OF SUBSIDIARY - On
September 15, 2003, KT Solutions, Inc., a California corporation and wholly
owned subsidiary of the Company, filed for Chapter 7 bankruptcy in Alameda
County, Oakland, California.




CHANGE IN CONTROL - An
Information Statement was filed on or about June 3, 2005, to the holders of
record as of the close of business on March 31, 2005 of shares of the common
stock (the "Common Stock") of Knowledge Transfer Systems, Inc. (the "Company"),
a Nevada corporation.  The purpose of the Information Statement was to
notify such stockholders that on April 5, 2005, the Company received a written
consent in lieu of a meeting of stockholders (the "Written Consent") from the
holders of a majority of the outstanding shares of Common Stock (the "Majority
Stockholders").  The Majority Stockholders are holders of 2,293,547 of
the issued and outstanding shares of Common Stock (representing approximately
90%).  The Written Consent approves the Certificate of Amendment to
the Articles of Incorporation of the Company (the "Certificate of Amendment")
pursuant to which the Company's name will be changed to “Global General
Technologies, Inc.” (the "Name Change").




USE OF ESTIMATES - The
preparation of financial statements in conformity with 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 these
estimates.




BUSINESS CONDITION - The
Company has an accumulated deficit as of and December 31, 2007 and 2006 of
$15,324,711 and $14,656,481, respectively, and no source of
revenue.  These conditions raise substantial doubt about the Company's
ability to continue as a going concern.  The Company needs to obtain
additional financing to fund payment of obligations and to provide working
capital for operations.  Management is seeking additional
financing.  In December 2005, the Company formed H7 Security Systems,
Inc. a Nevada corporation.  The financial statements do not include
any adjustments relating to the recoverability and classification of asset
carrying amounts or the amount and classification of liabilities that might
result should the Company be unable to continue as a going concern.




NATURE OF OPERATIONS - The
Company, through its subsidiary H7 Security Systems, Inc., is involved in
developing and marketing proprietary technology-based homeland security
products.  With the acquisition of AirSpeak, management intends to
expand the sales of the Flair product line in the various markets that are
currently being served and incorporate the Flair technology into its proprietary
homeland security product line.  The Company intends to acquire other
interests in the homeland security industry.  As of September 15,
2003, the Company was in the development stage.  On October 12, 2004,
the Company disposed of its wholly owned subsidiary KT Solutions, Inc. as part
of a stock purchase agreement that resulted in a change in control of the
Company.




FINANCIAL INSTRUMENTS -The
carrying amounts reported in the accompanying financial statements for cash,
trade accounts payable, advances, and notes payable approximate their fair
values because of the immediate or short-term maturities of these financial
instruments.




PRINCIPLES OF CONSOLIDATION-
The consolidated financial statements include the accounts of Global General
Technologies, Inc. and its wholly owned subsidiary H7 Security Systems,
Inc.  The results of subsidiaries acquired or sold during the year are
consolidated from their effective dates of acquisition through their effective
dates of disposition.  All material intercompany accounts and
transactions have been eliminated.  On October 12, 2004, the Company
disposed of its wholly owned subsidiary KT Solutions, Inc. as part of a stock
purchase agreement that resulted in a change in control of the
Company.


F -
9




GLOBAL
GENERAL TECHNOLOGIES, INC.


(A
DEVELOPMENT STAGE COMPANY)




NOTES
TO FINANCIAL STATEMENTS




NOTE
1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES




(Continued)




CASH EQUIVALENTS - For the
purpose of reporting cash flows, the Company considers all highly liquid debt
instruments purchased with maturity of three months or less to be cash
equivalents to the extent the funds are not being held for investment
purposes.




NET LOSS PER COMMON SHARE -
Basic net loss per common share is computed by dividing net loss by the weighted
average number of common shares outstanding during the year.  Diluted
net loss per common share ("Diluted EPS") reflects the potential dilution that
could occur if stock options or other common stock equivalents were exercised or
converted into common stock.  The computation of Diluted EPS does not
assume exercise or conversion of securities that would have an anti-dilutive
effect on net loss per common share.




CONCENTRATION OF CREDIT RISK -
The Company has no significant off-balance-sheet concentrations of credit risk
such as foreign exchange contracts, options contracts or other foreign hedging
arrangements.  The Company maintains the majority of its cash balances
with one financial institution, in the form of demand deposits.




INCOME TAXES - The Company
accounts for income taxes under the provisions of SFAS No. 109, "Accounting for
Income Taxes."  SFAS No.109 requires recognition of deferred income
tax assets and liabilities for the expected future income tax consequences,
based on enacted tax laws, of temporary differences between the financial
reporting and tax bases of assets and liabilities.




NOTE
2 - STOCKHOLDERS' EQUITY




On July
29, 2004, the Company authorized a 1 for 500 reverse stock split of the
Company's common stock.  The stock split provided that in no case
shall any shareholders holdings be reduced to less than 100
shares.  The reverse stock split reduced the number of outstanding
common shares from 49,843,268 to 254,645.  All references to the
Company's common stock in the financial statements have been restated to reflect
the reverse stock split.




On
October 12, 2004, the Company issued 2,293,224 shares of common stock with an
estimated market value of $0.11 per share (based on the OTC quoted market price)
for services pursuant to a Stock Purchase agreement which resulted in a change
in control of the Company.  Compensation expense of $252,255 has been
recorded in connection with this transaction.




In April
2005, the Company issued a Note for $600,000 that was convertible into common
stock of the Company at $.07 per share or 8,571,429 common
shares.  The intrinsic value of the beneficial conversion feature has
been calculated at $600,000 and is being amortized over the 2 year term of the
debt, or as the notes are converted, as interest expense.  As of
December 31, 2005, $450,000 of the note has been converted into 6,500,000 shares
of common stock, and interest expense of $462,000 has been
recorded.  As of March 2006, this Note has been fully
converted.




In April
2005, the Company commenced an offering to raise $2,000,000 by selling 8%
Convertible Note.  The Company raised $1,837,500 convertible at $.50
per share or 3,675,000 common shares.  The intrinsic value of the
beneficial conversion feature has been calculated at $1,007,000 and is being
amortized over the 2 year term of the debt, or as the notes are converted, as
interest expense.  As of December 31, 2005, $1,600,000 of the notes
have been converted into 3,190,000 shares of common stock, and interest expense
of $776,680 has been recorded.  Issuance costs in the form of
commisions of $279,960 were paid to a third party in connection with issuance of
these notes.  The issue costs are being reported in the accompanying
balance sheet for December 31, 2005 and amortized over the 2 year life of the
note or as the notes are converted.  As of December 31, 2005,
$249,710 has been recorded as commission expense in the accompanying statement
of operations for the year ended December 31, 2005.  As of March
2006, the notes have been fully converted.






F -
10




GLOBAL
GENERAL TECHNOLOGIES, INC.


(A
DEVELOPMENT STAGE COMPANY)




NOTES
TO FINANCIAL STATEMENTS




NOTE
2 - STOCKHOLDERS' EQUITY (Continued)




In
January 2006, the Company entered into a contract to purchase the 100% of the
common stock of AirSpeak, Inc., a California corporation for 750,000 common
shares of the Company plus $230,000 in cash payable over the next twelve months
after the closing.  The Company has determined to terminate such
agreement and no longer intends to consummate such transaction.  In
addition, during January and February 2006, the $387,500 balances of the Notes
outstanding as of December 31, 2005 were converted into 2,546,429 shares of the
Company's common stock.




On
July 11, 2006, the Company issued 7,250,000 shares of common stock in a
share exchange agreement with H7 Security Systems, Inc.




From
April 1, 2006 to December 31, 2006, the Company issued 31,009,365
shares of its common stock for consulting services valued at
$2,989,834.




During
2007, the Company issued 3,333,332 shares of common stock for cash of
$100,000.




During
2007, the Company issued 3,900,000 shares of common stock for consulting
services valued at $117,000.




During
2007, the Company issued 17,600,000 shares of common stock for notes payable and
accrued interest of $207,978 and interest expense of $267,022.




NOTE
3 - DISCONTINUED OPERATIONS




On
September 15, 2003, KT Solutions, Inc., a California corporation and wholly
owned subsidiary of the Company, filed for Chapter 7 bankruptcy in Alameda
County, Oakland, California.  On October 12, 2004, the Company
disposed of its wholly owned subsidiary KT Solutions, Inc. as part of a stock
purchase agreement that resulted in a change in control of the
Company.  This disposal resulted in a gain on disposal of discontinued
operations of $1,402,536.  As of December 31, 2004, KT Solutions, Inc.
had no assets or liabilities.




NOTE
4 - RELATED PARTY TRANSACTIONS




On April
24, 2001, Mr. Steve Burke, former President and CEO of the Company, purchased
24,000 shares of Common Stock of the Issuer at a price of $.05 per share
utilizing a loan, in the principal amount of $600,000, made pursuant to a
Promissory Note dated April 25, 2001.  According to the terms and
conditions of the Promissory Note, Mr. Burke agreed to pay the Company a
principal sum of six hundred thousand dollars ($600,000) together with interest
on the unpaid balance thereof at a rate of six percent (6%) per annum with the
principal of the note due in full by December 31, 2004.  No interest
is accrued on the note until it is paid.  The notes receivable are
partial recourse notes in that each investor is unconditionally obligated to pay
10% of the amount of their note in addition to the return of the shares of
common stock in the event of default under the terms of the notes.




NOTE
5 - CURRENT LIABILITIES




On
October 12, 2004, pursuant to a Share Purchase Agreement with Shmuel Shneibalg
and Steven W. Bingaman, Mr. Shneibalg and Mr. Bingaman were issued 2,293,224
shares of common stock in exchange for services.  Upon entering into
this agreement, $200,000 was deposited into an escrow account and was to be used
to pay the debt and expenses of the Company.  This $200,000 was
advanced to the Company by Global General Technology ("GGT").  On
February 25, 2005, the Company entered into a Share Exchange Agreement with GGT,
whereby the Company will acquire all of the issued and outstanding shares of GGT
in exchange for 15,000,000 shares of the Company.  At the closing of
this agreement, the advance of $200,000 would be absorbed in the
acquisition.  In the event the share exchange does not take place, the
Company would owe the $200,000 to GGT.  As of December 31, 2007
and 2006, the advance of $200,000 is a current liability of the
Company.


F -
11




GLOBAL
GENERAL TECHNOLOGIES, INC.


(A
DEVELOPMENT STAGE COMPANY)




NOTES
TO FINANCIAL STATEMENTS




NOTE
6 - ADVANCES




On
February 25, 2005, the Company entered into a Share Exchange Agreement with
Global General Technologies, Inc. ("GTT"), whereby the Company was to acquire
all of the issued and outstanding shares of GGT in exchange for 15,000,000
shares of the Company.  In December 2005, Management terminated the
acquisition with GGT.  As part of the agreement, the company advanced
$480,000 to Global General Technologies, Inc.(California).  As of
December 31, 2005, the advances are considered uncollectible and were written
off for the year ended December 31, 2005.




NOTE
7 - INCOME TAXES




Deferred
income tax assets consisted of the following:







December
      31,
            
            
            December
      31,2007
            
            
            2006Net
      operating loss carryforwards
            
            $
            2,323,108
            
            
            $
            2,186,697Less
      valuation allowance
            
            
            (2,323,108
            )
            
            
            (2,186,697
            )Deferred
      income tax assets
            
            $
            -
            
            
            $
            -




The
valuation allowance increased $136,411 in 2007and increased $1,268,771 in 2006,
respectively.  At December 31, 2007, the Company has consolidated
net operating loss carryforwards for federal income tax purposes of
$7,646,523.  These net operating loss carryforwards expire at various
dates beginning in 2018 through 2027.  Due to the uncertainty with
respect to ultimate realization, the Company has established a valuation
allowance for all deferred income tax assets.




The
provision for income taxes differs from the amount computed using the federal US
statutory income tax rate as follows:


December
      31,
            
            
            December
      31,2007
            
            
            2006Provision
      (Benefit) at US Statutory Rate
            
            $
            (227,198
            )
            
            $
            (1,394,000
            )Net
      Operating Losses
            
            
            -
            
            
            
            -Non-Deductible
      Expenses
            
            
            90,787
            
            
            
            125,229Increase
      (Decrease) in Valuation Allowance
            
            
            136,411
            
            
            
            1,268,771$
            -
            
            
            $
            -




The
Company evaluates its valuation allowance requirements based on projected future
operations.  When circumstances change and causes a change in
management's judgment about the recoverability of deferred tax assets, the
impact of the change on the valuation is reflected in current income.




NOTE
8 - NOTE PAYABLE




On July
15, 2006, the Company received a loan of $207,727.  The loan is due on
demand.  Interest of 10% per annum was imputed on the loan since there
was no stated interest rate.  At December 31, 2006, the total amount
due on this loan was $217,402, including accrued interest of
$9,675.  During the 1st quarter of 2007, the Company paid $24,639
towards this loan, which was the total cash balance at December 31, 2006. During
the 3rd and
4th
quarter of 2007, the Company issued 17,600,000 shares of common stock for the
note payable and accrued interest of $207,978 and additional interest expense of
$267,022.  At December 31, 2007 and 2006, the total amount due on
this loan was $0 and $217,402, respectively.


F -
12




GLOBAL
GENERAL TECHNOLOGIES, INC.


(A
DEVELOPMENT STAGE COMPANY)




NOTES
TO FINANCIAL STATEMENTS




NOTE
8 - NOTE PAYABLE (continued)




During
the year ended December 31, 2007, the Company received loans totaling
$175,000.  The loans carry an interest rate of 15% per annum and are
due December 8, 2008.  At December 31, 2007, the total amount due
on these notes was $186,793.




NOTE 9 - LONG TERM DEBT




At
December 31, 2005, the Company had convertible notes payable due totaling
$387,500 as follows:







DECEMBER
      31,
              20058%
      Convertible Note due April 2007Conversion
      price $.07
            
            $
            150,0008%
      Convertible Note due April 2007Conversion
      price $.50
            
            
            237,500Total
      Debt
            
            $
            387,500




During
January and February 2006, the $387,500 balances of the Notes outstanding as of
December 31, 2005 were converted into 2,546,429 shares of the Company's common
stock.




NOTE
10 - PURCHASE AGREEMENT




On
January 19, 2007, the Company entered into a Purchase Agreement with Greene
Spring Company.  Pursuant to such agreement, the Company agreed to
purchase 8,340,000 shares of its common stock from Greene Spring Company, a
Pennsylvania corporation.  In consideration therefore, the Company
agreed to issue to Green Spring Company a convertible promissory note, in the
principal amount of $495,000, payable on demand, with interest to accrue at the
rate of 1% per year.  The outstanding balance of the promissory note
shall be convertible, at the option of the holder thereof, into shares of our
common stock at a rate of $0.04 per share.  Greene Spring Company
shall be permitted to convert only no more than a maximum of $40,000
(convertible into 1,000,000 shares) per each calendar quarter commencing on
April 18, 2007.  Such transactions were to be consummated at a closing
to be held no later than January 30, 2007.  However, as of
March 15, 2008, such closing had not yet occurred.







F -
13




GLOBAL
GENERAL TECHNOLOGIES, INC.


(A
DEVELOPMENT STAGE COMPANY)




NOTES
TO FINANCIAL STATEMENTS




NOTE
11 – UNCERTAIN TAX POSITIONS




Effective
January 1, 2007, the Company adopted the provisions of FASB Interpretation No.
48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB
Statement No. 109” (“FIN 48”).  FIN 48 prescribes a recognition
threshold and a measurement attribute for the financial statement recognition
and measurement of tax positions taken or expected to be taken in a tax
return.  For those benefits to be recognized, a tax position must be
more-likely-than-not to be sustained upon examination by taxing
authorities.  The adoption of the provisions of FIN 48 did not have a
material impact on the company’s condensed consolidated financial position and
results of operations.  At January 1, 2007, the company had no
liability for unrecognized tax benefits and no accrual for the payment of
related interest.




Interest
costs related to unrecognized tax benefits are classified as “Interest expense,
net” in the accompanying consolidated statements of
operations.  Penalties, if any, would be recognized as a component of
“Selling, general and administrative expenses.”  The Company
recognized $0 of interest expense related to unrecognized tax benefits for the
year ended December 31, 2007.  In many cases the company’s
uncertain tax positions are related to tax years that remain subject to
examination by relevant tax authorities.  With few exceptions, the
company is generally no longer subject to U.S. federal, state, local or non-U.S.
income tax examinations by tax authorities for years before 2003.  The
following describes the open tax years, by major tax jurisdiction, as of January
1, 2008:


United
      States (a)
            
            2004
      – Present




(a)
Includes federal as well as state or similar local jurisdictions, as
applicable.


F -
14


Item  8.  Changes  In
and  Disagreements  with  Accountants  on  Accounting  and
Financial Disclosure





None.





Item
8A(T).  Controls and Procedures





Disclosure
Controls and Procedures





The
Company's Chief Executive Officer and Chief Financial Officer are responsible
for establishing and maintaining disclosure controls and procedures for the
Company.





Our
internal controls framework is based on the criteria set forth in the Internal
Control - Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO).  Because of its
inherent limitations, internal control over financial reporting may not prevent
or detect misstatements. Also, projections of any evaluation of effectiveness to
future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.





Based on
an evaluation under the supervision and with the participation of the Company's
management as of a date within the end of the period covered by this Annual
Report on Form 10-KSB, the Company's chief executive officer and chief financial
officer has concluded that the Company's disclosure controls and procedures (as
defined in Rules 13a-14(c) and 15d-14(c) under the Securities Exchange Act of
1934, as amended (the “Exchange Act”) are effective to ensure that information
required to be disclosed by the Company in reports that it files or submits
under the Exchange Act is recorded, processed, summarized and reported within
the time periods specified in Securities and Exchange Commission rules and
forms.





This
annual report does not include an attestation report of the Company’s registered
public accounting firm regarding internal control over financial
reporting.  Management’s report was not subject to attestation by the
Company’s registered public accounting firm pursuant to temporary rules of the
Securities and Exchange Commission that permit the Company to provide only
management’s report in this annual report.





There
were no significant changes in the Company's internal controls or in other
factors that could significantly affect these controls subsequent to the date of
their evaluation. There were no significant deficiencies or material weaknesses,
and therefore there were no corrective actions taken. However, the design of any
system of controls is based in part upon certain assumptions about the
likelihood of future events and there is no certainty that any design will
succeed in achieving its stated goal under all potential future considerations,
regardless of how remote.





Internal
Controls Over Financial Reporting





There
have not been any changes in the Company's internal controls over financial
reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the
Exchange Act) during the Company's most recent fiscal year that have materially
affected, or are reasonably likely to materially affect, the Company's internal
controls over financial reporting.





11


Item
8B.  Other Information





On
January 19, 2007, the Company entered into a Purchase Agreement with Greene
Spring Company.  Pursuant to such agreement, the Company agreed to
purchase 8,340,000 shares of its common stock from Greene Spring Company, a
Pennsylvania corporation.  In consideration therefore, the Company
agreed to issue to Green Spring Company a convertible promissory note, in the
principal amount of $495,000, payable on demand, with interest to accrue at the
rate of 1% per year.  The outstanding balance of the promissory note
shall be convertible, at the option of the holder thereof, into shares of our
common stock at a rate of $0.04 per share.  Greene Spring Company
shall be permitted to convert only no more than a maximum of $40,000
(convertible into 1,000,000 shares) per each calendar quarter commencing on
April 18, 2007.  Such transactions were to be consummated at a closing
to be held no later than January 30, 2007.  However, as of
March 15, 2008, such closing had not yet occurred.





12


PART
III





Item 9.
Directors, Executive Officers, Promoters and Control Persons; Compliance with
Section 16(a) of the Exchange Act





Set forth
below is the name, age and present principal occupation or employment, and
material occupations, positions, offices or employments for the past five years
of our current directors and executive officers.





Name
            Age
            Positions and OfficesGary
      T. Stroud
            63
            President,
      Secretary, and Director





Mr.
Stroud became the President, CEO, Secretary and a Director of the Company as of
January 30, 2008, replacing Shmuel Shneibalg,
the Company’s previous President.





Mr. ­
Stroud has been involved in the startup and consolidation of the high
technology, software and internet industries companies for more than
25-years.




He
started his career at the Hewlett Packard Company in sales and marketing roles
and then moved to Europe for a number of years as a consultant heading up the
international business development for a division of Siemens AG. In this
capacity he spent a great deal of time in the Middle East and Africa. Subsequent
to this project Siemens asked Stroud to provide consulting services to break
into the packet switching products to the US Telcos (RBOCs).




During
these projects Stroud established a reputation for identifying and matching
technologies which led to consolidations and turnarounds Dowty /Datatel,
CheckMate Systems/Hugen Sweda (UK), Datentechnik/Italtel (IT).




Stroud
then participated in the growth of the Internet based industry by leveraging
EDI, Transaction Security with Internet transport and founded ASEC Systems
focusing on electronic commerce applications in Health, Trade & Transport,
Secure Electronic Payments and electronic based RFP/RFQ issues and response
system for inter-country government procurement (NAFTA) this company was merged
with Fischer Security Systems.




Starting
in 2000, he focused on the telecom/wireless/advanced technology industries e.g.
Domain Dynamics Ltd., Signal Processing Applications / Voice Recognition and
Authentication. He assisted in raising £5m funding and as CEO identified and
engaged the management and staff for the North American Division. In a follow-up
project raised $2m in funding for a wireless Open Outcry Trading System, and as
the CEO brought the product to fulfillment for Chicago Board of Trade and
negotiated the sale of the system to CBOT. Additional transactions included
raising 2.5 Million dollars for an international web-based catalogue service
(EZY-Buy) for purchase and delivery of products between Europe and North
America. Established contracts with US Postal Services, US Customs, British
Post, British Customs, Deutsch Post and Customs for a rapid clearing of goods
ordered over the Internet, this company was sold to Rassa Holdings of
Argentina




More
recently 2000, Stroud started AGV (Canada, USA) and through this vehicle has
been involved in various consulting projects including restructuring of business
and technology structures for  stock exchanges in the Caribbean, the
sale of the DMDays direct marketing conference to the DMA.







13


The
director of the Company has been elected to serve until the next annual meeting
of stockholders and until his successor has been elected and qualified. Officers
are appointed by the Board of Directors and serve at the discretion of the
Board. The Company is not aware of any proceedings to which the Company's
officer or director, or any associate of any such officer or director, is a
party adverse to the Company or any of the Company's subsidiaries or has a
material interest adverse to it or any of its subsidiaries.





Audit
Committee Financial Expert. The Board of Directors has not established an audit
committee and does not have an audit committee financial expert. The Board is of
the opinion that an audit committee is not necessary since the Company has only
one director and to date, such director has been performing the functions of an
audit committee.





Code of
Ethics. The Company has not adopted a Code of Ethics because the Company has
only one director.





Section
16(a) Beneficial Ownership Reporting Compliance.





Section
16(a) of the Securities and Exchange Act of 1934, as amended, requires our
directors and executive officers and persons who beneficially own more than 10%
of our Class A Common Stock to file initial reports of ownership and changes in
ownership with the Securities and Exchange Commission. These persons and
entities are also required by Securities and Exchange Commission regulations to
furnish us with copies of all Section 16(a) forms they file. We believe, based
solely on our review of the copies of such forms and other written
representations to us, that during the fiscal year ended December 31, 2007, all
reporting persons complied with all applicable Section 16(a) filing
requirements, other than Shmuel Shneibalg and Greene Spring
Company.





Item
10.  Executive Compensation





Shmuel
Shneibalg was our Chief Executive Officer, President, and a Director from
November 10, 2004, until January 30, 2008. During such period, we  had
no other executive officers or directors. No options were granted to our
executive officer during the fiscal year ended December 31, 2007, and Mr.
Shneibalg did not have an employment agreement with the Company.





The
following table sets forth information concerning the compensation paid or
earned during the fiscal years ended December 31, 2007 and 2006 for services
rendered to our Company in all capacities by the following persons: (i) all
individuals who served as the principal executive officer or acting in a similar
capacity during the fiscal year ended December 31, 2007, regardless of
compensation level; (ii) all individuals who served as officers at December 31,
2007 and whose total compensation during the fiscal year ended December 31, 2007
exceeded $100,000; and (iii) up to two additional individuals who served as
officers during the fiscal year ended December 31, 2007 and whose total
compensation during the fiscal year ended December 31, 2007 exceeded $100,000,
regardless of whether they were serving as officers at the end of such fiscal
year.


14





SUMMARY
      COMPENSATION TABLENonqualifiedName
      and
            Non-Equity
            Deferredprincipal
            Salary
            Stock
            Option
            Incentive
      Plan
            Compensation
            All
      Other
            Totalposition
            Year
      ($)
            Bonus
            ($)
            Awards
      ($)
            Awards
      ($)
            Compensation
      ($)
            Earnings
      ($)
            Compensation
      ($)
            ($)(a)
            (b)
            (c)
            (d)
            (e)
            (f)
            (g)
            (h)
            (i)
            (j)Shmuel
            2006
            35,000
            0
            0
            0
            0
            0
            0
            35,000Shneibalg(1)
            2005
            99,000
            0
            0
            0
            0
            0
            0
            99,000





(1)
Shmuel  Shneibalg was our Chief
Executive  Officer,  President,  and a Director
since November 10, 2004.








Mr.
Stroud is the President of AGV International Canada Inc., (“AGV”), and the
Company entered in to a Services Agreement with AGV pursuant to which AGV was
assigned the tasks of (i) ascertaining the relative marketability of GLGT’s
wholly owned subsidiary, H7 Security Systems, Inc.’s (“H7”) product, know as the
“Silent Soldier”; of (ii) analyzing  GLGT’s strategic position; of
(iii) evaluating GLGT’s assets; of (iv) of developing strategic and operational
recommendations to optimize GLGT’s position; and of (v) conducting due diligence
into the affairs of SmartWear Technologies (“SmartWear”), with whom we have
entered into an agreement to acquire its assets in exchange for 10,000,000
shares of our Preferred Stock.





As
compensation for AGV’s services provided under this Agreement, the Company has
agreed to pay to AGV the following:





(i)         
$12,500;





(ii)       
$1,000 per day for Due Diligence  activities; and





(iii)         1,000,000
shares of our Common Stock.





Details
of these transactions are set forth in Forms 8-K filed by us on February 12,
2008, February 19, 2008, and April 4, 2008.





Outstanding
Equity Awards





As of
December 31, 2007, our sole director and executive officer did not hold any
unexercised options, stock that had not vested, or equity incentive plan
awards.





Compensation
of Directors





Except as
described above under the section entitled “Summary Compensation,” our sole
director did not earn any compensation during the fiscal year ended December 31,
2007.





15


Item
11.  Security Ownership of Certain Beneficial Owners and
Management





The
following table lists, as of December 31,2007, the number of shares of Common
Stock beneficially owned by (i) each person or entity known to our Company to be
the beneficial owner of more than 5% of the outstanding common stock; (ii) each
officer and director of our Company; and (iii) all officers and directors as a
group. Information relating to beneficial ownership of common stock by our
principal shareholders and management is based upon information furnished by
each person using “beneficial ownership” concepts under the rules of the
Securities and Exchange Commission. Under these rules, a person is deemed to be
a beneficial owner of a security if that person has or shares voting power,
which includes the power to vote or direct the voting of the security, or
investment power, which includes the power to vote or direct the voting of the
security. The person is also deemed to be a beneficial owner of any security of
which that person has a right to acquire beneficial ownership within 60 days.
Under the Securities and Exchange Commission rules, more than one person may be
deemed to be a beneficial owner of the same securities, and a person may be
deemed to be a beneficial owner of securities as to which he or she may not have
any pecuniary beneficial interest. Except as noted below, each person has sole
voting and investment power.





The  number  of  shares  outstanding  of
the  issuer's  class  of  common  stock
outstanding as of December 31, 2007, was 76,376,995 shares. Unless otherwise
indicated, the business address of each such person is c/o Global General
Technologies, Inc., 201 South Biscayne Boulevard, 28th Floor Miami Center,
Miami, FL 33131.





Officers,
      Directors, 5% Shareholders
            No.
      of Shares
            Beneficial
      OwnershipNoneShmuel
      Shneibalg
            3,093,224  Shares
            4
      %All
      directors and executive officers as a group
            3,093,224
      Shares
            4
      %





Securities
authorized for issuance under equity compensation plans.





The
Company has no equity compensation plans.





Item
12.  Certain Relationships and Related Transactions; Director
Independence





Certain
Relationships and Related Transactions





On March
30, 2006, the initial five stockholders of H7 Security Systems, Inc., including
Shmuel Shneibalg, the Chief Executive Officer, President and sole director of
the Company, exchanged their shares of H7 Security Systems, Inc. for shares of
Common Stock of the Company, so that H7 Security Systems, Inc. became a
wholly-owned subsidiary of the Company. Mr. Shneibalg received 1,000,000 shares
of Common Stock in exchange for his shares of H7 Security Systems,
Inc.





16




On
January 19, 2007, the Company entered into a Purchase Agreement with Greene
Spring Company.  Pursuant to such agreement, the Company agreed to
purchase 8,340,000 shares of its common stock from Greene Spring Company, a
Pennsylvania corporation.  In consideration therefore, the Company
agreed to issue to Green Spring Company a convertible promissory note, in the
principal amount of $495,000, payable on demand, with interest to accrue at the
rate of 1% per year.  The outstanding balance of the promissory note
shall be convertible, at the option of the holder thereof, into shares of our
common stock at a rate of $0.04 per share.  Greene Spring Company
shall be permitted to convert only no more than a maximum of $40,000
(convertible into 1,000,000 shares) per each calendar quarter commencing on
April 18, 2007.  Such transactions were to be consummated at a closing
to be held no later than January 30, 2007.  However, as of
March 15, 2008, such closing had not yet occurred.





Director
Independence





None of
our directors is  “independent”  as that term is defined
under the rules of the Securities and Exchange Commission.





Item
13.  Exhibits





Exhibit
      No.
            Description3.1
            Articles
      of Incorporation (1)3.2
            Bylaws
      (1)4.1
            Specimen
      common stock certificate(1)21.1
            Subsidiaries31.1
            Rule
      13a-14(a)/15d14(a) Certifications32.1
            Section
      1350 Certifications





(1)
Previously filed with the Company's Registration Statement on Form 10-SB, filed
with the SEC on December 9, 1999, as amended on March 1, 2000 and March 29, 2000
(2) Previously filed with the Company's Current Report on Form 8-K dated January
26, 2006 and filed with the SEC on January 31, 2006





Item
14.  Principal Accountant Fees and Services





Robison,
Hill & Company served as the Company's principal accountant during the years
ended December 31, 2007 and December 31, 2006. Their pre-approved fees billed to
the Company are set forth below:





Fiscal
      year ended
            
            
            Fiscal
      year endedDecember
      31, 2007
            
            
            December
      31, 2006Audit
      Fees
            
            $
            20,159
            
            
            $
            26,630Audit
      Related Fees
            
            $
            -
            
            
            $
            -Tax
      Fees
            
            $
            254
            
            
            $
            150All
      Other Fees
            
            $
            20,413
            
            
            $
            26,780





Audit
Fees consists of fees billed for professional services rendered for the audits
of our consolidated financial statements, reviews of our interim consolidated
financial statements included in quarterly reports, services performed in
connection with filings with the Securities & Exchange Commission and
related comfort letters and other services that are normally provided by
Robison, Hill & Company in connection with statutory and regulatory filings
or engagements.





17


Tax Fees
consists of fees billed for professional services for tax compliance, tax advice
and tax planning. These services include assistance regarding federal, state and
local tax compliance and consultation in connection with various transactions
and acquisitions.





As
of  December  31,  2007,  the  Company  did  not  have  a  formal  documented
pre-approval policy for the fees of the principal accountant.





18


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:
April 15, 2008








GLOBAL
GENERAL TECHNOLOGIES, INC.





By:
            /s/ Gary T. StroudName:
            Gary
      T. StroudTitle:
            President,
      Chief Executive Officer,Secretary,
      and Director(Principal
      Executive, Financial and Accounting
Officer)