UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For the quarterly period ended
OR
For the transition period from _______ to _______.
Commission file number:
(Exact name of Company in its charter)
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification) |
(Address of principal executive offices, including zip code)
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.
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).
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 ☐ |
Accelerated filer ☐ |
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Smaller reporting company |
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
As of October 3, 2024, the registrant had
GLOBAL ARENA HOLDINGS, INC. TABLE OF CONTENTS
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| Management's Discussion and Analysis of Financial Condition and Results of Operations | 31 | |
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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
Item 1. Financial Statements
GLOBAL ARENA HOLDING, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
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June 30, |
December 31, |
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2024 |
2023 |
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(unaudited) |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
$ | $ | ||||||
Prepaid Expense |
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Total current assets |
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Deposits for proposed acquisitions |
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TOTAL ASSETS |
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LIABILITIES AND STOCKHOLDERS' DEFICIT |
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Current Liabilities: |
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Accounts payable |
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Due to related party |
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Accrued expenses |
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Convertible promissory notes payable, net of debt discount of $ |
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Promissory notes payable |
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Derivative liability |
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Total current liabilities |
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STOCKHOLDERS' DEFICIT |
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Global Arena Holding, Inc. |
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Preferred stock, $ |
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Series B preferred stock; |
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Series C preferred stock; |
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Common stock, $ |
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Additional paid-in capital |
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Accumulated deficit |
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Total Global Arena Holding, Inc. stockholders' deficit |
( |
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Noncontrolling interest |
( |
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Total stockholders’ deficit |
( |
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT |
$ | $ |
The accompanying notes are an integral part of these consolidated financial statements
4
GLOBAL ARENA HOLDING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenues: |
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Services |
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$ |
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$ |
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$ |
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$ |
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Operating expenses: |
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Salaries and benefits |
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Marketing and advertising |
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Software development |
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Professional fees |
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General and administrative |
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Printing |
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Total operating expenses |
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Loss from operations |
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( |
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( |
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( |
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Other expenses: |
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Interest expense and financing costs |
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Other income (expense) |
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( |
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Change in fair value of derivative liability |
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( |
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( |
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Total other expenses |
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( |
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Income (loss) before provision for taxes |
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( |
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( |
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( |
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Provision for income taxes |
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Net loss |
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( |
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Net loss attributed to noncontrolling interest |
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Net loss attributed to Global Arena Holding, Inc. |
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$ |
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$ |
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$ |
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$ |
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Weighted average shares outstanding - basic and diluted |
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Loss per share - basic and diluted |
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$ |
( |
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$ |
( |
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$ |
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$ |
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The accompanying notes are an integral part of these consolidated financial statements.
5
GLOBAL ARENA HOLDING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
Series B Preferred Stock |
Series C Preferred Stock |
Common Stock |
Additional Paid-in |
Accumulated |
Total Global Stockholders' |
Non- controlling |
Total Stockholders' |
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Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
Interest |
Deficit |
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Balance, December 31, 2023 |
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$ |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
( |
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$ |
( |
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Issuance of common stock for convertible debt and accrued interest |
- |
- |
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- |
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- |
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Net loss |
- |
- |
- |
- |
- |
- |
- |
( |
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( |
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- |
( |
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Balance, March 31, 2024 |
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$ |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
( |
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$ |
( |
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Net loss |
- | - | - | - | - | - |
( |
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( |
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( |
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Balance, June 30, 2024 |
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$ |
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$ |
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$ |
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$ |
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$ |
( |
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( |
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( |
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( |
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GLOBAL ARENA HOLDING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
Series B Preferred Stock |
Series C Preferred Stock |
Common Stock |
Additional Paid-in |
Accumulated |
Total Global Stockholders' |
Non- controlling |
Total Stockholders' |
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Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
Interest |
Deficit |
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Balance, December 31, 2022 |
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$ |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
( |
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$ |
( |
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Issuance of common stock for convertible debt and accrued interest |
- | - | - | - |
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Conversion of warrants |
- | - | - | - |
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( |
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- |
- |
- |
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Allocated value of warrants and beneficial conversion |
- | - | - | - | - | - |
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- |
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Net loss |
- |
- |
- |
- |
- |
- |
- |
( |
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( |
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- |
( |
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Balance, March 31, 2023 |
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$ |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
( |
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$ |
( |
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Issuance of common stock for convertible debt and accrued interest |
- | - | - | - |
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( |
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- |
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- |
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Conversion of warrants |
- | - | - | - |
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- |
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- |
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Allocated value of warrants and beneficial conversion |
- | - | - | - | - | - |
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- |
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- |
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Forgiveness of accrued compensation – related party |
- | - | - | - | - | - |
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- |
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- |
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Net loss |
- |
- |
- |
- |
- |
- |
- |
( |
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( |
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- |
( |
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Balance, June 30, 2023 |
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$ |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
( |
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$ |
( |
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6
GLOBAL ARENA HOLDING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
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Six Months ended June 30, |
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2024 |
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2023 |
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OPERATING ACTIVITIES: |
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Net loss |
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$ |
( |
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$ |
( |
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Adjustments to reconcile net income (loss) to net cash used in operating activities: |
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Amortization of debt discount |
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Change in fair value of derivative liability |
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Non-cash expense associated with warrant |
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Change in assets and liabilities: |
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Prepaid Expense |
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Accounts payable |
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( |
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Accrued expenses |
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Net cash used in operating activities |
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$ |
( |
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$ |
( |
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INVESTING ACTIVITIES: |
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Net cash used in investing activities |
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$ |
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$ |
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FINANCING ACTIVITIES: |
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