ITEM 1. BUSINESS
Global Arena Holding Inc. (GAHI or the Company), a Delaware corporation, is organized as a holding company, specializing in financial services and technology software companies. GAHI became a public company on May 18, 2011 when it successfully completed a reverse merger with China Stationary and Office Supply, Inc. (CSOF), an OTC Bulletin Board company.
Reverse Merger Transaction
On January 19, 2011, China Stationery and Office Supply, Inc. (China Stationery) entered into an Agreement and Plan of Merger with GAHI. Upon the terms and subject to the conditions of the Merger Agreement, at the effective date of the Merger, the Company merged with and into China Stationery, with China Stationery continuing as the surviving corporation with the new name of Global Arena Holding, Inc.
The approval of China Stationerys board of directors and the affirmative vote of the holders of a majority of the outstanding common stock entitled to vote were obtained in order to approve and adopt the Merger Agreement. China Stationerys sole director approved the Merger Agreement and the transactions contemplated by the Merger Agreement, at a meeting of their board of directors on January 19, 2011.
At the effective date of the Merger on May 18, 2011, each share of GAHIs common stock, was cancelled and converted automatically into 1.5 common shares of China Stationery for an aggregate of 18,000,000 common shares of China Stationery and was recorded as a recapitalization of China Stationery in the form of a reverse merger.
The consolidated financial statements are issued under the name of Global Arena Holding, Inc. (formerly, China Stationery, the legal acquirer), but are a continuation of the consolidated financial statements of the Company and its subsidiaries.
On May 20, 2015, the registrant incorporated a new wholly owned entity in the State of Delaware called GAHI Acquisition Corp. This entity was incorporated to be the merger subsidiary for the acquisition of BTC.
On May 20, 2015, the registrant entered into an agreement and plan of merger with BTC. Under this agreement, BTC will merge with GAHI Acquisition Corp., and GAHI Acquisition Corp. will be the surviving corporation. As consideration for the merger, the registrant will reserve a number of shares equal to 1/3 the total issued and outstanding of the Company to be issued to BTC shareholders.
On October 20, 2015, the parties agreed to extend the closing date of the merger to December 15, 2015.
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On October 20, 2015, the registrant paid $125,000 in cash and authorized the issuance to Nikolaos Spanos of 1,377,398 of its common shares and 1,993,911 warrants to purchase its common shares at the exercise price of $.10 per common share with an exercise period of three years. The common shares and warrants are being issued for the purchase of 1,000,000 common shares of Blockchain Technologies Corporation (BTC). Said common shares represent ten (10) percent of the outstanding equity in BTC. The securities are being issued pursuant to an exemption from registration under Section 4(a)(2) of the Securities Act of 1933.
Global Election Services, Inc.
On February 25, 2015, Global Election Services, Inc., a wholly owned subsidiary was incorporated under the laws of the State of Delaware. GES provides comprehensive technology-enabled election services primarily for organized labor associations. The key employees were previously employed by Election Service Solutions, LLC.
GES believes the proposed acquisition of the Blockchain Technologies Corporation may give it a strategic advantage based on the provisional patent application filed by BTC with the United States Patent and Trademark office which provides for the use of a Blockchain data base to enhance and support secure electronic voting and election results.
The Company has a term sheet in place for the asset purchase of ESS assets for the sum of $400,000.The proceeds will be used to buy only the assets of the company and pay off all existing debts/loans with the remaining dollars to be deployed into GES for operations and expansion. Their current clients include United States and International labor unions, Residential Organizations, Co-Op and Condominiums, Private Colleges and Universities and Trade Organizations.
The ESS asset acquisition will give us the ability to expand into the following areas:
Alumni Associations The ESS team formally ran elections for Alumni organizations for over 25 years with memberships from 5,000 to 200,000. Previous clients include; Brown, Dartmouth, LaGuardia, Penn State and Yale.
Pension and Retirement Groups The ESS team formally ran elections for Pension and Retirement groups for over 25 years with memberships from 300,000. Previous clients include; Hawaii Employees, Louisiana State, Maryland State, Pennsylvania School Employees Retirement System (PSERS).
Credit Unions The ESS team formerly ran elections for Credit Unions for over 25 years with memberships from 100,000 to 500,000. Previous clients include; Vystar Federal Credit Union, Visions VCU, Vermont State FCU, United Nations FCU, Telhio FCU, Hudson Valley FCU, Desert School FCU and State Department FCU.
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Professional Trade Associations The ESS team formerly ran elections for Professional Trade Associations for over 25 years with memberships from 30,000 to 50,000. Previous clients include; National Association of School Psychologists, Natl Assoc. of Retired Federal Employees, American Mansa Assoc., Infections Disease Society of America, American Pharmacists Assoc., and Assoc. for Career and Technical Education.
Awards and Contests The ESS team ran the Country Music Awards in 2006, 2007 and 2008 as well as Blockbuster Awards for several years. These awards are all online voting so we will have the ability to effectively reengage in that field.
Arbitration Division - GES plans to establish a labor arbitration division, with the assets and relationships of ESS. Prior to 1960, arbitration was principally available as a result of the efforts of the War Labor Board during World War II, but was not legally enforceable. The Supreme Court, in a series of decisions referred to as the Stell Workers Trilogy enforced arbitration provisions in labor contracts and, thus, spawned the broad use of arbitration in labor agreements. In 1970, the Supreme Court decided a case generally referred to as Boys Market, which established that the agreement to arbitrate was the quid pro quo for the no strike clause and, thereby, eliminated a substantial amount of labor strife by making the no-strike clause enforceable against unions so long as employers were willing to arbitrate. As a result, arbitration clauses have gained substantial value to both parties as a rapid and inexpensive method for the resolution of garden variety contract disputes and also as a cathartic process which relieves ship level tensions without self help or other disruptive actions by employees or their labor organizations.
Unlike arbitrators generally, labor arbitrators are professionals who practice labor law. Some teach or have similar neutral occupations. On the whole, the population of acceptable labor arbitrators devote full time to their practices. The American Arbitration Association emerged as the principal provider of the service on a national basis. In order to effectuate this, they successfully empanelled as many acceptable arbitrators as possible and established a tribunal to administer the disputes. Administration consists of receiving a Demand for Arbitration, acknowledging receipt, transmitting a copy of the Demand to the other party or parties and then circulating to the parties, lists of potential arbitrators for them to review and strike peremptorily arbitrators they deem acceptable. Usually, it is requested that they do not strike all of the arbitrators and number the remaining arbitrators in order of preference. The administering agency then selects a mutually acceptable arbitrator and begins the process of scheduling a hearing. In todays world, scheduling hearings with top quality arbitrators in extremely time consuming and it is not unusual for parties to wait six months or more for a hearing date (Which I believe is snob appeal and sells).
In addition, the practice of labor arbitration has driven the date rate of arbitrators, in some cases, to $1,000.00 per day. Most arbitrators hear a case in one day, but charge a second day for study, which really means preparation of the Award. Accordingly, arbitration has lost both its speed and its characteristic inexpensiveness.
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There is a clear need and a strong desire amongst both management and organized labor for an alternative to AAA arbitration, which would be quicker and less expensive. While it is important that the arbitrators be acceptable to the parties, experience suggests that newer arbitrators who have not yet developed a strong following will generally be more available and less expensive that the small club of well established arbitrators who have been in practice for a number of years. However, with the appropriate introduction, new arbitrators can prove themselves equally acceptable and effective for the parties. All available arbitrators will agree to be listed with an agency that is actively promoting their use. Moreover, some unions and employers can be convinced to agree to a closed panel, all of who are deemed acceptable and who hear cases on a rotating basis. These approaches result in much quicker turnaround from demand to hearing. Similarly, the use of newer arbitrators or arbitrators who are not in the same level of demand will also result in reduced costs to the parties.
In situations where there is a large backlog of grievances, a grievance mediation system under which an arbitrator/mediator sits with the parties, listens to the presentation without reviewing all of the evidence and indicates what an arbitrator might rule. This is then followed by an attempt to have the parties compose their differences in a mediated settlement. In the State of Ohio, a system was used where cases that did not reach a successful mediated solution were then referred to a rotating panel for almost immediate hearing before a different arbitrator. This system could be very beneficial to the Teamsters and other unions with large grievance backlogs. AAA does not use this approach.
In order to establish an effective tribunal, we would first have to recruit and empanel a variety of arbitrators, some of whom would be novices with appropriate neutrality, but little experience, some journeymen who would be the newer arbitrators who have emerged in the last five to ten years and who have practices but who are not at the world class level of the more senior arbitrators and, if possible, a few senior arbitrators so that the panel would have overall balance. Each arbitrator provides us with a panel sheet which is essentially a biography listing their background and the types of cases they have arbitrated. Arbitrators are arranged in geographical groups determined by the areas in which they practice.
The development of the necessary demand forms and other administrative paperwork such as form letters is relatively simple, but perhaps we should consider an Internet filing methodology, which would allow both unions and employers to file grievances over the Internet to expedite selection. It should also be possible to use the Internet for scheduling purposes, all of which should result in a dramatic reduction in administrative costs and shortening of the time for setting hearings. This would be a major talking point.
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GES management would further suggest that we build a future arbitrator corps by attempting to identify individuals who because of current employment or other involvements, might not be qualified to serve as neutral arbitrators, but are fully capable of serving as effective mediators. Mediators do not require the same level of independence and neutrality as arbitrators in that they do not make decisions that are binding to the parties. By recruiting persons now to serve as mediators who may have active employment, we would be building a future class of novice arbitrators to replenish the panel.
It is interesting to note that both the Federal Mediation and Coalition Service, and most state mediation services, provide arbitration services but have never successfully competed with the AAA either because the parties are unaware that the services are available or, in the case of state agencies, because the state employs arbitrators who are not acceptable to the parties.
An appropriately organized private arbitration agency at Election Services Corporation administers its case load by handling all incoming correspondence, the selection process and the scheduling process and then monitoring the hearing and transmitting the Award of the arbitrator to the parties. Usually, the agency acts as a collection agent for its administrative fees and the arbitrators fees. A fair administrative coast would be approximately $300 - $400 per case solely for administration. This fee is paid half by the union and half by the Company. The arbitrators fees probably range between $350 at the very minimum up to $800.
Under appropriate agreements, it may be possible to negotiate special arrangements to handle large backlogs of cases or to give volume discounts on the administration, particularly if the system is as paperless as possible. The administration of a tribunal is likely to initially require one or two people to perform the clerical work, which could also be subcontracted. The printed materials are relatively modest in cost (it could be included in the labor brochure we are planning). Other than forms, all that is required is a set of arbitration rules for standard arbitrations and, possible rules for grievance mediation and for expedited arbitration.
Arbitration services are a natural companion service to election services inasmuch as provided election services will often yield the opportunity to offer arbitration. Often providing arbitration can open the door for election services. There is a natural congruity to offering both types of labor management services. In addition, many elections either require the use of an election arbitrator to resolve eligibility and related issue during the course of the election and having a panel or arbitrators available for that purpose adds value to the election service.
AAA was solely an arbitration company and the election division was formed because of their relationships with labor.
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GES plans to expand its Organized Labor business and increase its market growth conducting elections and Interactive Meetings, Trade Associations, Professional and Membership organizations, Alumni Associations and Residential Organizations. Over 650 Teamster Locals will need assistance to handle their Delegate elections starting in April 2015. A marketing plan will lead to increasing its current 100 plus clients to hopefully 200 during a voting span of four months.
GES management believes this plan and financing will deliver further profitability and growth in 2015 and beyond by making technical, operational, sales and marketing improvements. Additional investment will enable GES to greatly enhance its user functionality and service levels, strengthen its value proposition and lower its cost structure enabling GES to increase conversion rates in all competitive sales situations and build a stronger case for the benefits of outsourcing to prospects that currently manage elections in-house. GES believes it is well positioned to become the national and dominant full-service supplier in the election planning and management market. The inclusion of Ralph Gerchak, a recently retired District Director of the New York City Office of Labor Management Standards will also increase the prestige of GES across the United States. Also, with the addition of an Arbitration Division, we can lure away election clients form American Arbitration Association who would have us handle their elections without fear of reprisals at arbitration hearings.
GES provides comprehensive technology-enabled election services. The company helps private organizations manage elections, strengthen corporate governance, increase member participation and reduce costs. The team has the unique ability to integrate multiple methods of voting; paper ballots, Internet voting, telephone voting or any combination of these methods. Many of the GES senior staff have been supervising elections since 1981, having managed over 7,000 elections involving more than 40,000,000 voters none of which have been overturned. Through their relationships and strong reputation in the industry, GES has an impressive customer list of over 100 labor unions and has previously done business with credit unions.
Todays election officials take on tremendous responsibility in managing all aspects of the voting process from selecting products to ensuring fair elections and every phase in between. In an industry that is constantly evolving, these tasks become more challenging every day. GES exists to provide full-service election solutions to clients while offering the experience, support, security and capacity needed to meet ever-changing client needs now and in the future.
GES helps provide organizations manage elections, strengthen corporate governance, increase member participation and reduce costs. GES believes it is unique in its ability to integrate multiple methods of voting; customers can hold elections via paper ballots, Internet voting, telephone voting or any combination of these methods. The company has a dedicated and seasoned team, which has managed over 7,000 elections involving more than 40,000,000 voters, none of which have been overturned.
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Cash collections vary slightly by product, but generally GES collects 35% of booked projects on the date the contract was signed, 55% sixty days prior to the mailing date (the mailing date is typically one month before the election), and the remaining 10% upon the completion of the election including any overages. Clients do not receive Certification of Results until the bill is paid in full.
GES believes it has valuable assets for growing market share in an election marketplace, which is large and substantially untapped. Our Management team has:
A trusted reputation in the marketplace based on having not one of the 7,000 elections this team has managed over the last thirty-three years, overturned.
Worked effectively with the United States Justice Department and the United States Department of Labor (OLMS) to conduct, organize and run elections, which have been certified as fair by various State and Federal Agencies.
Conducted hundreds of seminars at Union Conventions on How to get elected and How to stay in office.
Conducted elections at National Labor Conventions such as the International Brotherhood of Electrical Workers (IBEW), International Longshore and Warehouse Union, National Association of Laborers, and New Democratic Party of Canada Convention.
Conducted elections in over 42 States and United States Territories.
Conducted Internet elections for the National Air Traffic Controllers, Audio Engineering Society, Transport Workers Union Local 252 and Actors Equity Association that identified increased participation and lowered postage costs.
Unique capabilities to plan and manage complex elections across multiple vertical industries that involve multiple methods of voting.
The ability to retain existing clients and competitively compete for and win new, large Tier 1 clients, further validating the companys market share and growth potential.
Strong client relationships that provide significant opportunity for revenue growth and new product and services sales.
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Market and Competitive Landscape of GES
The by-laws of almost all of GES target customers must hold annual or bi-annual elections for some combination of officers/directors/trustees in addition to bylaw, dues increase, strike votes, assessment, and conversion Delegate votes. GES also assists some unions in surveying the union membership so organized labor union officials better understand their membership. Historically, this work has been done in-house. Today, GES is experiencing a very positive reception as a result of the market switching to outsourced services because of the dramatic savings clients can gain as well as by their rapidly growing sensitivity to the need for independent third party election certification. In addition, many labor unions are being audited by the Department of Labor, Office of Labor Management Standards, which can result in elections being re-run and more importantly, reviewing the books and records of the targeted local union.
Current voting systems are predominantly paper-based, typically requiring a series of time-consuming manual processes, such as identifying eligible voters through database management and processing, tabulating and reporting election results. The effort to promote electronic elections is being led by three international organizations: The Internal Foundation for Election Systems, the International Institute for Democracy and Electoral Assistance, and the United Nations Department of Economic and Social Affairs.
GES continues to see significant opportunity for improvements in overall gross margins as customers continue to migrate from paper-based elections to hybrid or more Internet-based elections. This recent trend is attributable primarily to identified operational and workflow inefficiencies and can be reversed with a combination of new leadership, project cost tracking, technology investments and operational reform, and improved print/mail partnering arrangements as described in this plan.
Although competition is increasing, GES believes there is no competitor with the organization, breadth and depth to service the diverse needs of the election services market. Competitors are either vertically of regionally focused or biased towards their unique strengths. The majority of competitors are small regional players who lack resources to compete nationally with the exception of American Arbitration Association, an arbitration firm that services exclusively labor unions. Other competitors are more regional in scope (e.g. True Ballot and Votenet Washington DC; Merriman River, Midwest; Integrity Voting, Election Trust, Seattle, California Election Company and Ballotpoint, West Coast) and either family or owner operator entities. There is a small subset of Internet firms pushing ASP or exclusively electronic based elections (e.g. Election America and everyonecounts.com).
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The Paper Process
1.
Ballots Returned to Post Office, Sorted by Date
2.
Retrieved from Post Office unopened
3.
Mail Sack Opened
4.
Physical Count
5.
Identify Who Voted, Check Signature and Bar Code
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Identify Challenged Ballots, Eligibility Duplicates
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Segregate Challenge Ballots
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Open Outer Envelope, Extract SBE
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Segregate Outer Envelope
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Open SBE Extract Ballot
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Segregate SBE
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Process Secret Ballot, High Speed Scanning
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Preliminary Results
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Process Challenges as Needed
Internet Voting
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Increases participation with highly mobile work forces, large, geographically dispersed groups and those in areas of declining public transportation as well as those with an extended workday.
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Supports the Americans with Disabilities Act
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Reduction in costs including printing and mailing as well as return postage.
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There is a strong member preference
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Reduces spoiled ballots, no over votes.
The Web Process logically mirrors the Paper Process.
1.
Secure Website Encryption
2.
On-Line Encrypted Storage
3.
Mail Sack Opened
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Automated Count
5.
Who Voted; Pin / Password Affirmation
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Identify Challenged Ballots, Eligibility Duplicates
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Segregate Challenges; Separate Storage Table
8.
Receive Decrypt Key
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Break Voter / Ballot Linkage
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Separate Ballot Table
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Voter Table
12.
Tabulation Function
13.
Preliminary Results
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Process Challenges as Needed
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Principles of Secret Ballot, which has been established and validated over decades.
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One vote per member
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Identify who voted, but not how; no identifying mark on ballot
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Provides for Challenge Ballots
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Provides for Duplicate / Replacement
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Provide for Verification / Recount
Secret Mail Ballot
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Personalized ballet mailed to all members
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Three Envelope System; Outbound, Return Envelope with Signature and Bar Code, Secret Ballot Envelope and Completed Ballot
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Returned Ballots held at Post Office, unopened
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Processing when Election Committee authorizes
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Identify Voters by Bar Code Reader
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Segregate Challenges
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Identify Replacements / Duplicates which counts
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Open and Process
GESs system is intentionally designed to mirror time-proven DOL secret ballot procedures.
Critical Requirements
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24 x 7 x 365 Availability
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Absolute Security, Absolute Secrecy
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Auditability; Ballot Entries and System Activity
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Double Entry Credentials; Member Number and Unique Random Password created by GES
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Complete Integration with Paper Processes; One Member = One Vote, Which Ballot Counts
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Honor Time Proven DOL Processes
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Simple to Understand
Secure Voting Infrastructure
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Fully Redundant; Hardware and Utilities
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No Single Point Failure
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Monitored Continuously
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Symantec Surveillance
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Duplicate vote attempts are flagged for resolution before tabulation
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Auditability
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Voter ID is time stamped when the vote is received
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Duplicates or Replacements have a separate pin.
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Ballot Selections (Vote String) available for any or all ballots
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Audits must always show a one-to-one match between the consumed serial numbers (Voted List) and stored ballots.
Security
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True Secret Ballot Capability (Title IV)
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One Person = One Vote
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Intrusion Detection Systems
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Hardened Commercial Hosting Site
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Restricted Personnel Access to Data
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Comprehensive Event History
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Restricted Personnel Access to Paper Returns
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Complete Auditability at all stages
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Observers Welcomed
GES Future Growth
Owning a printing and mailing union facility in the New York Area will substantially increase profitability when conducting mail ballot elections, especially since more than 600 Teamster affiliated Locals throughout the United States will be required to conduct supervised elections commencing in 2015 whereby the IBT Election Supervisor has previously permitted all mailings to be conducted in the New York area.
Currently GES is supported by its touch screen, Internet and scanned voting by a third party. Acquiring an in-house operation will allow GES to expand its operation by implementing up-to-date technology and in-house support therefore increasing our potential client list.
Maralin Falik, President GES
Maralin Falik has more than thirty-three years experience in election administration, helping manage and conduct over seven thousand elections. Most of her professional career (1981-1999) was spent at the Honest Ballet Association, a not-for-profit organization founded by Theodore Roosevelt, where she was Executive Director.
Because of her extensive experience in providing complete election management solutions to key private sector clients, including labor unions, associations and cooperatives/condominiums, she has been named chairperson of GES Mediation and Arbitration Division.
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Her perfect record reflects the quality of her work when defending challenges elections before the Department of Labor and the courts. Ms. Failk has also testified as an election expert to the courts and various oversight groups.
Discontinued Operations and Inactive Business
Global Arena Commodities Corporation
Global Arena Commodities Corporation (GACOM), a New York corporation, became a member of the NFA in July 2009. GACOMs NFA registration number is 0409315. GACOM is owned 100% by GAHI, and the day-to-day management of the business and affairs of GACOM was the responsibility of its CEO, Robert Cain, who had over 20 years of financial trading experience to the position. GACOM was focused on providing commodity brokerage facilities to professional traders, commodity trading advisors, commodity pool operators as well as offering managed futures accounts to institutional and individual investors.
In July 2011, GACOM completed its clearing agreement with Interactive Brokers. As a registered introducing broker, Interactive Brokers provides GACOM clients with services in the core functions of order execution, operational clearing, regulatory reporting and settlement.
GACOM does not hold any funds or securities for its customers. GACOM uses the services of its clearing agent on a fully-disclosed basis. GACOM clears all of its transactions through Interactive Brokers, a securities clearing firm that is a division of Interactive Brokers Group Inc. GACOM clearing agent processes all securities transactions and maintains customer accounts for us on a fee basis.
GACOM ceased all operations in 2014 and the Company closed GACOM in the first six months of 2015, in line with its current business plan, as addressed in the Growth Strategy section.
Lillybell Entertainment
Lillybell Entertainment LLC (LB), a Delaware limited liability company, is an entertainment finance company. GAHC owns 66-2/3% of LBs equity interests; Kathryn Weisbeck, the Chief Executive Officer of LB, owns the remaining 33-1/3% of LBs equity interests. LB has sponsored the formation of Lillybell Art Fund LP, which is an unregistered investment vehicle focused on investing in art and entertainment-related investments. The general partner of Lillybell Art Fund LP, which is a single purpose entity formed solely to serve as the general partner of Lillybell Art Fund LP, is an affiliate of LB.
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Ms. Weisbeck has been involved in the entertainment industry for the past 25 years. Beginning on the talent side, Ms. Weisbeck studied theatre, dance and voice and in 2003 graduated with honors from Loyola Marymount University in Los Angeles earning a BA in Dance and a BA in Individualized Study: Musical Theatre.
From there she became involved in the production and finance side of the industry when she formed Lillybell Entertainment LLC. She now works with other professionals in the art community to bring investment opportunities to her clients as well as promote the creation of art and entertainment projects.
Effective on April 1, 2015, the Company and each of the minority shareholders of Lillybell entered into purchase agreements for the sale of the Companys 66.67% interests in Lillybell for $1.
MGA International Brokerage LLC (MGA)
On January 29, 2013, we acquired 66.67% of the aggregate outstanding member interests of MGA, in exchange for an option to purchase 300,000 shares of the Companys common shares. Each option is exercisable into one share of common stock of the Company at an exercise price of $0.25 per common share. The exercise period was for one year from the agreement date. The option has expired.
MGA is a full service insurance broker; Marc Goldin, the Managing Director, owns the remaining 33.3%. MGA provides a broad array of insurance and risk management products and services.
Effective on April 1, 2015, the Company and each of the minority shareholders of MGA entered into purchase agreements for the sale of the Companys 66.67% interests in MGA for $1.
Global Arena Investment Management
Global Arena Investment Management LLC is a New York limited liability company and a New York investment adviser. GAIM formally served as the investment manager to Global Arena Macro Fund, LP, a Delaware limited partnership. The Fund was formed to invest all of its assets in Global Arena Master Fund, Ltd. a Cayman Islands exempted company incorporated with limited liability known as a Master Fund, through a master-feeder fund structure. There are currently no assets in these funds. The Fund is a shareholder of the Master Fund together with another existing entity, Global Arena Macro Fund, Ltd., a Cayman Islands exempted company incorporated with limited liability known as the Offshore Feeder. Where the Offshore Feeder was formed for investment by non-U.S. persons and U.S. tax-exempt entities, the Fund was formed for investment by U.S. taxable investors. GAIM has been inactive since May 2015.
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Growth Strategy for the Company
Going forward, Management plans to also focus on other investments with a specific interest in finance, technology and real estate.
In addition, the Company plans the following for 2017:
Seek the assistance of experienced consultants in hiring portfolio managers and develop potential strategies.
Continue to make asset purchases of companies synergistic to our core business.
Management believes that it will be able to continue its operations and further advance its acquisition plans. However, management cannot give assurances that such plans will materialize in the near term or on terms advantageous to the Company, or at all. Should the Company not be successful in its new business plans or obtain additional financing, the Company would need to curtail certain or all of its operating activities.
The Companys continuation as a going concern is dependent upon its ability to ultimately attain profitable operations, generate sufficient cash flow to meet its obligations, and obtain additional financing.
Employees
The Company currently employs four personnel, including a salaried chief executive officer, compliance officer, controller and a director of investor relations and/or marketing.