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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q
[X]              Quarterly report pursuant Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2023

OR
 
[ ]                Transition report pursuant Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _______ to _______.

 

Commission file number 000-49819
 
GLOBAL ARENA HOLDING, INC.
(Exact name of registrant as specified in its charter)
 
Delaware
(State or other jurisdiction of incorporation or organization)
33-0931599
(I.R.S. Employer Identification No.)
 
 
208 East 51 Street, Suite 112
New York, New York
(Address of principal executive offices)
 
10022
(Zip code)
 
(646) 801-5524
 (Registrant’s telephone number, including area code)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 o
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).Yes [X]   No [ ]
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer [ ]
Non-accelerated filer [ ]
Accelerated filer [ ]
Smaller reporting company [X]
 
Emerging growth company [ ]
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes [ ]   No [X]
 

As of August 23, 2023, the registrant had 741,558,604 outstanding shares of common stock.

 


 

GLOBAL ARENA HOLDING, INC.

TABLE OF CONTENTS

 

 
 
 
Item 1.  Financial Statements (Unaudited)
 
3
     
 
4
     
 
5
     
 
6
     
 
8
     
 
9
     
 
27
 
30
 
31
 
 
 
32
 

32

 

33

 

34

 

34

 

34

 

34

     
 
34
 
2

 

PART I - FINANCIAL INFORMATION
 
This Quarterly Report includes forward-looking statements within the meaning of the Securities Exchange Act of 1934. These statements are based on management’s beliefs and assumptions, and on information currently available to management. Forward-looking statements include the information concerning our possible or assumed future results of operations set forth under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”  Forward-looking statements also include statements in which words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “consider,” or similar expressions are used.
 
Forward-looking statements are not guarantees of future performance.  They involve risks, uncertainties, and assumptions. Our future results and shareholder values may differ materially from those expressed in these forward-looking statements. Readers are cautioned not to put undue reliance on any forward-looking statements.
 
3

 
GLOBAL ARENA HOLDING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
 
   
June 30,
2023
   
December 31,
2022
 
 
 
(unaudited)
   
 
 
ASSETS
           
Current Assets:
           
    Cash and cash equivalents
  $ 45,984     $ 149,714  

Prepaid Expense

   

1,500

     

3,000

 
       Total current assets
  $ 47,484     $ 152,714  
 
               
Deposits for proposed acquisitions
    566,150       566,150  
            TOTAL ASSETS
  $ 613,634     $ 718,864  
                 
LIABILITIES AND STOCKHOLDERS' DEFICIT
               
 Current Liabilities:
               
    Accounts payable
  $ 333,778     $ 327,372  

Due to related party

   

6,700

      -  
    Accrued expenses
    4,370,683       4,111,361  
    Convertible promissory notes payable, 
               
       net of debt discount of $51,955 and $176,378
    4,441,211       4,418,233  
    Promissory notes payable
    330,000       392,196  
    Derivative liability
    144,142       116,150  
      Total current liabilities
    9,626,514       9,365,312  
 
               
STOCKHOLDERS' DEFICIT
               
Global Arena Holdings, Inc.
               
   Preferred stock, $0.001 par value; 2,000,000 shares   
     authorized;
               
      Series B preferred stock; 250,000 shares authorized
               
      49,202 and 49,202 issued and outstanding
    49       49  

  Series C preferred stock; 750,000 shares authorized

               
      480,000 and 480,000 issued and outstanding    

480

     

480

 
   Common stock, $0.001 par value; 4,000,000,000 shares authorized;
               
     595,958,604 and 270,777,969 shares issued and outstanding
    595,958       270,778  
   Additional paid-in capital
    22,544,765       22,411,335  
   Accumulated deficit
    (32,131,090 )     (31,306,048 )
      Total Global Arena Holdings, Inc. stockholders’ deficit
    (8,989,838 )     (8,623,406 )
Noncontrolling interest
    (23,042 )     (23,042 )
      Total stockholders’ deficit
    (9,012,880 )     (8,646,448 )
           TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
 

$

613,634
   

$

718,864
 
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
4

 
GLOBAL ARENA HOLDING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
 
 
 

Three Months Ended June 30,

   

Six Months Ended June 30,

 
   
2023
   
2022
   

2023

   

2022

 
Revenues:
                           
Services
  $ 237,972     $ 199,513    

$

344,164    

$

397,844  
                                 
Operating expenses:
                               
Salaries and benefits
    69,432       167,552       234,810       342,471  
Marketing and advertising
    25,216       24,096       62,879       65,289  
Software development
    8,244       24,931       9,569       32,094  
Professional fees
    131,738       76,545       199,406       184,525  
General and administrative
    53,214       59,198       98,710       131,823  
Printing
    33,736       78,367       36,138       98,676  
Total operating expenses
    321,580       430,689       641,512       854,878  
                                 
Loss from operations
    (83,608 )     (231,176 )     (297,348 )     (457,034 )
                                 
Other expenses:
                               
Interest expense and financing costs
    (225,873 )     (215,751 )     (497,079 )     (413,254 )

Other income (expense)

   

3,958

      -       (2,623 )     46  
Change in fair value of derivative liability
    6,876       (2 )     (27,992 )     -  
Total other expenses
    (215,039 )     (215,753 )     (527,694 )     (413,208 )
Income (loss) before provision for taxes
    (298,647 )     (446,929 )     (825,042 )     (870,242 )
Provision for income taxes
    -       -       -       -  
Net loss
    (298,647 )     (446,929 )     (825,042 )     (870,242 )
Net loss attributed to noncontrolling interest
    -       -       -       -  
Net loss attributed to Global Arena Holding, Inc.
  $ (298,647 )   $ (446,929 )   $ (825,042 )   $ (870,242 )
                                 
Weighted average shares outstanding  - basic and diluted
    495,859,250       186,249,610       401,989,121       179,778,741  
Loss per share - basic and diluted
  $ (0.00 )   $ (0.00 )   $ (0.00 )   $ (0.00 )
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
5

 

GLOBAL ARENA HOLDING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

 

   

Series B Preferred

Stock

   

Series C Preferred

Stock

   

Common Stock

   

Additional

Paid-in

   

Accumulated

   

Total

Global

Stockholders'

   

 

Noncontrolling

   

Total

Stockholders’

 
   

Shares

   

Amount

   

Shares

   

Amount

   

Shares

   

Amount

   

Capital

   

Deficit

   

Deficit

   

Interest

   

Deficit

 

Balance, December 31, 2022

   

49,202

   

$

49

      480,000    

$

480      

270,777,969

   

$

270,778

   

$

22,411,335

   

$

(31,306,048

)

 

$

(8,623,406

)

 

$

(23,042

)

 

$

(8,646,448

)

Issuance of common stock for convertible debt and accrued interest

                                   

67,081,217

     

67,081

     

29,363

     

-

     

96,444

             

96,444

 

Conversion of warrants

                                    

23,603,891

     

23,604

     

(23,604

)     -       -       -       -  

Allocated value of warrants and beneficial conversion 

                                     -       -      

22,396

      -      

22,396

             

22,396

 

Net loss

                                                           

(526,395

)    

(526,395

)     -      

(526,395

)

Balance, March  31, 2023

   

49,202

   

$

49

     

480,000

   

$

480

     

361,463,077

   

$

361,463

   

$

22,439,490

   

$

(31,832,443

)

 

$

(9,030,961

)

 

$

(23,042

)

 

$

(9,054,003

)

Issuance of common stock for convertible debt and accrued interest

                                    175,172,728       175,172       (6,013 )             169,159       -       169,159  

Issuance of shares for services

                                    59,322,799       59,323       18,614               77,937       -       77,937  

Warrants issued for services 

                                                    12,499               12,499       -       12,499  
Forgiveness of accrued compensation – related party                                                     

80,175

             

80,175

             

80,175

 

Net loss

                                                            (298,647 )     (298,647 )             (298,647 )

Balance, June 30, 2023

   

49,202

   

$

49

     

480,000

   

$

480

     

595,958,604

   

$

595,958

   

$

22,544,765

   

$

(32,131,090

)

 

$

(8,989,838

)

 

$

(23,042

)

 

$

(9,012,880

)

 
6

 

GLOBAL ARENA HOLDING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT (continued)

 

   

Series B Preferred Stock

   

Series C Preferred Stock

   

Common Stock

   

Additional

Paid-in

   

Accumulated

   

Total

Global

Stockholders'

   

 

Noncontrolling

   

Total

Stockholders’

 
   

Shares

   

Amount

   

Shares

   

Amount

   

Shares

   

Amount

   

Capital

   

Deficit

   

Deficit

   

Interest

   

Deficit

 

Balance, December 31, 2021

   

49,202

   

$

49

      -    

$

-      

170,375,180

   

$

170,375

   

$

21,825,642

   

$

(29,594,851

)

 

$

(7,598,785

)

 

$

(23,042

)

 

$

(7,621,827

)

Issuance of common stock for convertible debt and accrued interest

                                   

3,875,435

     

3,875

     

54,257

      -      

58,132

             

58,132

 

Issuance of common stock for debt settlement

    -       -       -       -       -       -       -       -       -       -       -  

Allocated value of warrants and beneficial conversion feature

related to issuance of convertible debt

                                    -       -      

96,352

      -      

96,352

             

96,352

 

Net loss

                                                           

(423,313

)    

(423,313

)     -      

(423,313

)

Balance, March 31, 2022

   

49,202

   

$

49

      -    

$

-      

174,250,615

   

$

174,250

   

$

21,976,251

   

$

(30,018,164

)

 

$

(7,867,614

)

 

$

(23,042

)

 

$

(7,890,656

)

Issuance of common stock for convertible debt and accrued interest

                                    18,210,167       18,210       158,312               176,522               176,522  

Issuance of shares for debt settlement

                                                                                       

Allocated value of warrants and beneficial conversion feature

related to issuance of convertible debt

                                                    115,137               115,137               115,137  

Net loss

                                                            (446,929 )     (446,929 )             (446,929 )

Balance, June 30, 2022

   

49,202

   

$

49

      -    

$

-      

192,460,782

   

$

192,460

   

$

22,249,700

   

$

(30,465,093

)

 

$

(8,022,884

)

 

$

(23,042

)

 

$

(8,045,926

)

 

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

 

7


 

GLOBAL ARENA HOLDING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

 
 

Six Months Ended June 30,

 
   
2023
   
2022
 
OPERATING ACTIVITIES:
           
Net loss
  $ (825,042 )   $ (870,242 )
Adjustments to reconcile net loss to 
               

   net cash used in operating activities:

               
Amortization of debt discount
    145,415       157,805  
Change in fair value of derivative liability
    27,992       (46 )

Non-cash expense associated with warrant

   

22,396

      -  
Change in assets and liabilities:
               
Deferred revenue
    -       (21,500 )

Prepaid Expense

    1,500       -  
Accounts payable
    6,406       (16,434 )
Accrued expenses
    471,652       432,560  
Net cash used in operating activities
    (149,681 )     (317,857 )
                 

INVESTING ACTIVITIES:

               
              Payment of deposit for acquisition     -       (10,000 )
          Net cash used in investing activities     -       (10,000 )
                 
FINANCING ACTIVITIES:
               
Proceeds from convertible promissory notes payable
    212,450       376,250  
                Proceeds from note payable     31,687       30,000  
                Repayment of note payable     (104,425 )        (16,744 )
Repayment of convertible promissory notes payable
    (100,461 )     (43,000

)

Proceeds from related party

   

6,700

         
Net cash used in financing activities
    45,951       346,506  
                 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
    (103,730 )     18,649  
 
               
CASH AND CASH EQUIVALENTS, BEGINNING BALANCE
    149,714       13,295  
 
               
CASH AND CASH EQUIVALENTS, ENDING BALANCE
  $ 45,984     $ 31,944  
                 
NON-CASH INVESTING AND FINANCING ACTIVITIES:
               
Allocated value of warrants and beneficial conversion features related to debt
  $ 22,396     $ 211,489  

Forgiveness of debt

 

$

80,175

   

$

-

 
Debt converted to common stock
  $ 265,603     $ 234,654  

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
8

 

NOTE 1 - ORGANIZATION

 

Organization and Business

 

Global Arena Holding, Inc. (formerly, Global Arena Holding Subsidiary Corp.) (GAHI), was formed in February 2009, in the state of Delaware. GAHI and its subsidiaries (the Company) was previously a financial services firm and currently is focusing on the following businesses through these subsidiaries:

 

On February 25, 2015, Global Election Services, Inc. (GES) formed on February 25, 2015, provides comprehensive technology-enabled paper absentee/mail ballot and internet election services to organizations such as craft and trade organizations, labor unions, political parties, co-operatives and housing organizations, associations and professional societies, universities, and political organizations.

 

GES has developed proprietary election software for a data storage and retrieval registration system to determine voter eligibility and prevent duplicate votes with In-Person digital signature capture, as well as proprietary election software for scanning/tabulation utilizing advanced OMR/OCR/Barcode imaging software featuring de-skewing, de-speckling and image correction. This system provides three types of audit capabilities. The hardware includes high speed optical scanners that are hard lined to a computer with all Wi-Fi disabled so the entire tabulation utilizing process occurs offline, eliminating the opportunity for hacking. GES is also working with multiple vendors and has made investments in companies that are developing Blockchain Technology for a data storage and retrieval registration system, tabulation of paper Absentee/Mail Ballots; and internet voting.

 

On March 25, 2021, the Company entered into a second amended purchase agreement (APA) with Election Services Solutions. Under the second APA the Company entered into an amended asset purchase agreement with Election Services Solutions, LLC. Under the amended APA, the Company will purchase 100% of the assets of Election Services Solutions, LLC and the Company will pay $650,000, of which $511,150 has already been paid, and issue 40,000,000 common shares to purchase these assets under this second amended APA. This APA replaces the first amended purchase agreement signed on May 10, 2019 wherein the Company was to purchase 100% of the assets of Election Services Solutions, LLC. The Company was to pay $550,000, of which $511,150 has already been paid, and issue 20,000,000 common shares to purchase these assets under this first amended APA. GES derives over 80 % of its current business from Election Services Solutions. Management anticipates the closing of this transaction will occur in the third quarter of 2023.

 

On May 20, 2015, the Company incorporated a new wholly owned entity in the State of Delaware called GAHI Acquisition Corp. This entity was incorporated at the time to be the merger subsidiary for the acquisition of Blockchain Technologies Corp. (BTC) and other software system development.

 

On May 20, 2015, the Company entered into an agreement and plan of merger with BTC. Under this agreement, BTC would have merged with GAHI Acquisition, and GAHI Acquisition, would have been the surviving corporation. As consideration for the merger, the Company was to reserve a number of shares equal to 1/3 the total issued and outstanding of the Company to be issued to BTC shareholders at closing. On October 20, 2015, the parties agreed to extend the closing date of the merger to December 15, 2015. This agreement expired on December 15, 2015.

 

Concurrently, on October 20, 2015, the Company paid $125,000 in cash to BTC and issued to Nikolaos Spanos 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 warrants have expired. The common shares and warrants were issued for the purchase of 1,000,000 common shares of BTC. Said common shares of BTC represented ten percent (10%) of the outstanding equity in BTC on October 20, 2015. The securities issued by the Company were issued pursuant to an exemption from registration under Section 4(a)(2) of the Securities Act of 1933. There has been no further activity in GAHI Acquisition Corp.

 

On March 28, 2017, the United States Patent Office issued patents to BTC covering Election Intellectual Property, US Patent #9,608,829, Issued March 28, 2017. As an equity shareholder in BTC only, GAHC and GES have not used the BTC US Patent. Any use of the patent would require a new negotiation, and new contract with BTC.

 

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The Company has determined that the initial investment of Blockchain Technologies Corp. will be written off. The Company’s Board of Directors cancelled all transactions previously proposed but never acted on concerning GAHI Acquisition. GAHI Acquisition will remain a subsidiary for the exclusive use of any future transactions involving Blockchain Technologies Corporation.

 

The Company, GAHI, and GES do not trade crypto currency, nor participate in Initial Coin Offerings.

 

On June 15, 2019, GES entered into a Term Sheet to create a joint venture with TrueVote, Inc. Under the terms of the agreement GES was to invest $50,000 into True Vote thru a 24 Month Debenture and issue a three year warrant exercisable at $0.01 for 4,500,000 common shares of the Company. The Company will receive 3 million common shares of TrueVote, representing 30% of TrueVote Inc. On December 16, 2019 this Term Sheet was amended to provide for a December 17, 2019, payment by the Company for $40,000 to True Vote. As of the date of this filing the Company will pay an additional $10,000 and a 3 year warrant exercisable at $0.01 for 4,500,000 common shares of the Company, and the Company will receive 3,000,000 common shares of TrueVote Inc representing Thirty percent (30%) as part of the joint venture between the companies. The transaction closed on February 27, 2023.

 

On November 19, 2019, the Company incorporated a new wholly owned entity in the State of Delaware called Tidewater Energy Group Inc. The Board of Directors appointed John S. Matthews and Jason Old as Board members. The Company was formed to explore opportunities in the oil, gas, mineral and energy business. Tidewater Energy Group Inc. has 40,000,000 common shares authorized, par value $0.001. There are currently 10,000,000 common shares issued and outstanding of which the Company holds 5,100,000 common shares (51%). The Company invested $50,000 into Tidewater Energy Group Inc. for general capital and administrative expenses in January 2020.

 

On January 23, 2023 the company incorporated a new wholly owned entity in the State of Nevada called Fortis Industria LLC, to explore acquisition opportunities.

 

Going Concern

 

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplates the continuation of the Company as a going concern. The Company has generated recurring losses from operations and cash flow deficits from its operations since inception and has had to continually borrow to continue operating. In addition, certain of the Companys debt is in default as of June 30, 2023. These factors raise substantial doubt about the Companys ability to continue as a going concern. The continued operations of the Company are dependent upon its ability to raise additional capital, obtain additional financing and/or acquire or develop a business that generates sufficient positive cash flows from operations. The Company continues to raise funds from the issuance of additional convertible promissory note. Management is hopeful that with their ability to raise additional funds that the Company should be able to continue as a going concern.

 

The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue as a going concern.

 

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NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Principles of Consolidation