Global Arena Holding Inc (GAHC)

[Houdini22]

https://ih.advfn.com/p.php?pid=nmona&article=75446829
10Q

Few points share ballooned up almost 25% from last quarter.


The number of outstanding shares of the registrant's common stock,
August 14, 2017: Common Stock - 460,669,732

June 30,

December 31,

unaudited)


ASSETS


Current Assets:
Cash $15,059
TOTAL LIABILITIES

13,149,505

As a result of the AWC, Mr. Matthews is subject to a six-month suspension from association with any FINRA member, and a fine of $25,000. As such, Mr. Matthews is statutorily disqualified with respect to association with a FINRA member.


On November 5, 2015, one of the Company’s prior attorneys commenced an action against GAHI, seeking payment of $27,518 in unpaid legal fees. This amount is included in accounts payable. At this time, management is unable to determine what the ultimate outcome of these proceedings will be and whether there will be a material impact on the Company’s operations or the consolidated financial statements.

On December 23, 2014, one of the Company’s prior attorneys commenced an action against GACC, GAHI, and PMC Capital seeking payment of $150,019 in unpaid legal fees. This amount is included in accounts payable. At this time, management is unable to determine what the ultimate outcome of these proceedings will be and whether there will be a material impact on the Company’s operations or the consolidated financial statements.






On July 2, 2014, an action was commenced by a group of individuals against GACC, the Company, and the chief executive officer of the Company, which asserts claims for minimum wage and overtime violations under New York State Labor Law, and seeks damages in an amount to be determined at trial, plus interest, attorneys’ fees and costs. At this time, the Company is unable to determine the ultimate outcome of the demand or whether it will result in a formal proceeding or action against the Company or any of its officers.

The Company and certain of its officers were named in connection with a demand for repayment of $695,000 by PMC LLC, in a letter dated October 16, 2014 relating to the Stock Purchase Agreement by and among GAHI and PMC Capital, LLC and Barbara Desiderio, dated as of August 5, 2014. The demand seeks repayment for expenditures made by GACC prior to the sale and the failure to meet certain minimum requirements in the Stock Purchase Agreement. At this time, the Company is unable to determine the ultimate outcome of the demand or whether it will result in a formal proceeding or action against the Company or any of its officers.

Subsequent to June 30, 2017, the Company issued 10,254,09 shares of common stock in connection with the conversion of convertible promissory notes payable and accrued interest totaling $3,076.

On August 10, 2017, the Company commenced arbitration proceedings with Herrick, Feinstein LLP regarding a billing dispute.



$GAHC