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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 10-Q

 

       Quarterly report pursuant Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended June 30, 2024

 

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 Company in its charter)

 

Delaware

 

33-0931599

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification)

 

1159 2nd Avenue, Ste 454, New York New York 10065

(Address of principal executive offices, including zip code)

 

Registrant's Telephone number, including area code: (646801-5524

 

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  ☒    No  

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  ☒    No  

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, 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                     ☐

Non-accelerated filer     ☐

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 1,695,351,226 outstanding shares of common stock.

 


 

GLOBAL ARENA HOLDINGS, INC. TABLE OF CONTENTS

 

 

 

 

Page No.

 

 

 

 

PART I. FINANCIAL INFORMATION

 

 

 

 

 

Item 1.

Unaudited Financial Statements

4

 

 

 

 

 

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

31

 

 

 

 

 

Item 3

Quantitative and Qualitative Disclosures About Market Risk

34

 

 

 

 

 

Item 4.

Controls and Procedures

34

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 1

Legal Proceedings

36

 

 

 

 

 

Item 1A

Risk Factors

37

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

37

 

 

 

 

 

Item 3.

Defaults Upon Senior Securities

37

 

 

 

 

 

Item 4

Mine Safety Disclosures

38

 

 

 

 

 

Item 5.

Other Information

38

 

 

 

 

 

Item 6.

Exhibits

38

 

 

 

 

 

 

SIGNATURES

39

 

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

 

 

 

June 30,

   

December 31,

 

 

 

2024

   

2023

 
   

(unaudited)

       

ASSETS

 

 

 

Current Assets:

 

 

 

Cash and cash equivalents

  $ 30,436     $ 21,592  

Prepaid Expense

   

 

      -  

Total current assets

    30,436       21,592  

 

   

 

     

 

 

Deposits for proposed acquisitions

    566,150       566,150  

TOTAL ASSETS

  $ 596,586     $ 587,742  

 

   

 

     

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

   

 

     

 

 

Current Liabilities:

   

 

     

 

 

Accounts payable

  $

333,372

    $ 343,372  

Due to related party

   

6,700

      6,700  

Accrued expenses

    4,653,623       4,527,781  

Convertible promissory notes payable, net of debt discount of $13,250 and $24,841

   

4,418,284

     

4,436,356

 

Promissory notes payable

    487,243       368,582  

Derivative liability

    12,749       9,138  

Total current liabilities

    9,911,971       9,691,929  

 

   

 

     

 

 

STOCKHOLDERS' DEFICIT

   

 

     

 

 

Global Arena Holding, 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 0 issued and outstanding

    480       480  

Common stock, $0.001 par value; 4,000,000,000 and 4,000,000,000 shares authorized;

   

 

     

 

 

1,479,879,507 and 1,221,223,807 shares issued and outstanding

   

1,479,879

     

1,221,223

 

Additional paid-in capital

    22,013,554       22,195,411  

Accumulated deficit

    (32,786,305 )     (32,498,308 )

Total Global Arena Holding, Inc. stockholders' deficit

    (9,292,343 )     (9,081,145 )

Noncontrolling interest

    (23,042 )     (23,042 )

Total stockholders deficit

    (9,315,385 )     (9,104,187 )

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

  $ 596,586     $ 587,742  

 

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)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services

 

$

348,190

 

 

$

237,972

 

 

$

580,313

 

 

$

344,164

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

 

32,032

 

 

 

69,432

 

 

 

75,999

 

 

 

234,810

 

Marketing and advertising

 

 

42,344

 

 

 

25,216

 

 

 

80,950

 

 

 

62,879

 

Software development

 

 

10,926

 

 

 

8,244

 

 

 

11,604

 

 

 

9,569

 

Professional fees

 

 

101,077

 

 

 

131,738

 

 

 

135,947

 

 

 

199,406

 

General and administrative

 

 

55,486

 

 

 

53,214

 

 

 

100,315

 

 

 

98,710

 

Printing

 

 

106,346

 

 

 

33,736

 

 

 

122,641

 

 

 

36,138

 

Total operating expenses

 

 

348,211

 

 

 

321,580

 

 

 

527,456

 

 

 

641,512

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(21

)

 

 

(83,608

)

 

 

52,857

 

 

 

(297,348

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and financing costs

 

 

(173,292

)

 

 

(225,873

)

 

 

(337,243

)

 

 

(497,079

)

Other income (expense)

 

 

-

 

 

 

3,958

 

 

 

-

 

 

 

(2,623)

 

Change in fair value of derivative liability

 

 

16,334

 

 

 

6,876

 

 

 

(3,611

)

 

 

(27,992)

 

Total other expenses

 

 

(156,958

)

 

 

(215,039

)

 

 

(340,854

)

 

 

(527,694

)

Income (loss) before provision for taxes

 

 

(156,979

)

 

 

(298,647

)

 

 

(287,997

)

 

 

(825,042

)

Provision for income taxes

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

(156,979

)

 

 

(298,647

)

 

 

(287,997

)

 

 

(825,042

)

Net loss attributed to noncontrolling interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss attributed to Global Arena Holding, Inc.

 

$

(156,979

)

 

$

(298,647

)

 

$

(287,997

)

 

$

(825,042

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic and diluted

 

 

1,479,879,507

 

 

 

495,859,250

 

 

 

1,406,032,929

 

 

 

401,989,121

 

Loss per share - basic and diluted

 

$

(0.00

)

 

$

(0.00

)

 

$

(0.00

)

 

$

(0.00

)

 

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'

 
   

Shares

   

Amount

   

Shares

   

Amount

   

Shares

   

Amount

   

Capital

   

Deficit

   

Deficit

   

Interest

   

Deficit

 

Balance, December 31, 2023

   

49,202

   

$

49

     

480,000

    $

480

     

1,221,223,807

   

$

1,221,223

    $

22,195,411

    $

(32,498,308

)

  $

(9,081,145

)

 

$

(23,042

)

  $

(9,104,187

)

Issuance of common stock for convertible debt and accrued interest

   

-

     

-

     

-

     

-

     

258,655,700

     

258,656

     

(181,857

)

   

-

     

76,799

     

-

     

76,799

 

Net loss

   

-

     

-

     

-

     

-

     

-

     

-

     

-

     

(131,018

)

   

(131,018

)

   

-

     

(131,018

)

Balance, March 31, 2024

   

49,202

   

$

49

     

480,000

    $

480

     

1,479,879,507

   

$

1,479,879

    $

22,013,554

    $

(32,629,326

)

  $

(9,135,364

)

  $

(23,042

)

  $

(9,158,406

)

Net loss

    -       -       -       -       -       -              

(156,979

)    

(156,979

)     -      

(156,979

)

Balance, June 30, 2024

   

49,202

    $ 49      

480,000

    $

480

     

1,479,879,507

    $

1,479,879

    $

22,013,554

    $

(32,786,305

)   $

(9,292,343

)   $

(23,042

)   $

(9,315,385

)

 

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'

 
   

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

 

Conversion of warrants

    -       -       -       -      

59,322,799

     

59,323

     

18,614

     

-

     

77,937

      -      

77,937

 

Allocated value of warrants and beneficial conversion

    -       -       -       -       -       -      

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
CONSOLIDATED STATEMENTS OF CASH FLOWS 

(unaudited)

 

 

 

Six Months ended June 30,

 

 

 

2024

 

 

2023

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$

(287,997

)

 

$

(825,042

)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

 

 

 

 

 

 

 

 

Amortization of debt discount

 

 

61,432

 

 

 

145,415

 

Change in fair value of derivative liability

 

 

3,611

 

 

 

22,396

 

Non-cash expense associated with warrant

 

 

-

 

 

 

27,992

 

Change in assets and liabilities:

 

 

 

 

 

 

 

 

Prepaid Expense

 

 

-

 

 

 

1,500

 

Accounts payable

 

 

(10,000

)

 

 

6,406

 

Accrued expenses

 

 

131,279

 

 

 

471,652

 

Net cash used in operating activities

 

$

(101,675

)

 

$

(149,681

)

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Net cash used in investing activities

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES: