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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-QSB
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended September 30, 2007
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission File Number 0-30303
 GLOBAL CLEAN ENERGY, INC.
  Maryland
    
    84-1522846(State or Other Jurisdiction of 
incorporation or Organization)
    
    (I.R.S. Employer Identification No.)
 3095 S. Parker Rd., Suite 200
Aurora, Colorado 80014
 (720) 213-1287
 YES þ NO o
 YES o NO
þ
  YES o NO þ




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GLOBAL CLEAN ENERGY, INC.
REPORT ON FORM 10-QSB
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2007
 CONTENTS
 PART I  FINANCIAL INFORMATION
    
    
    3Item 1  Financial Statements
    
    
    3Item 2  Managements Discussion and Analysis or Plan of Operation
    
    
    7Item 3  Controls and Procedures
    
    
    10PART II  OTHER INFORMATION
    
    
    10Item 1  Legal Proceedings
    
    
    10Item 2  Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    10Item 3  Defaults Upon Senior Securities
    
    
    10Item 4  Submission of Matters to a Vote of Security Holders
    
    
    10Item 5  Other Information
    
    
    10Item 6  Exhibits
    
    
    11Exhibit 10.2Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
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PART I  FINANCIAL INFORMATION
 
 Item 1  Financial Statements
 GLOBAL CLEAN ENERGY, INC.
Balance Sheet (Unaudited)
September 30, 2007
 ASSETS
 Current assets:Cash
    
    $
    18Equipment, net
    
    
    4,277Security deposit
    
    
    2,200Total assets
    
    $
    6,495
 LIABILITIES AND STOCKHOLDERS DEFICIT
 Current liabilities:Advances
    
    $
    20,000Accrued compensation  officers, directors and consultants
    
    
    282,587Other accrued expenses
    
    
    147,751Promissory notes
    
    
    175,000625,338Stockholders deficit:Preferred stock; $.001 par value; authorized  15,000,000
shares; issued  none
    
    
    Common stock; $.001 par value; authorized  300,000,000
shares; issued and outstanding  24,815,521 shares
    
    
    3,382Additional paid-in capital
    
    
    787,351Accumulated deficit
    
    
    (1,409,576
    )(618,843
    )Total liabilities and stockholders deficit
    
    $
    6,495
   3




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GLOBAL CLEAN ENERGY, INC.
Statements of Operations (Unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Costs and expenses:Compensation  officers, directors
and consultants
    
    $
    68,135
    
    
    $
    45,000
    
    
    $
    347,168
    
    
    $
    45,000Professional fees
    
    
    42,657
    
    
    
    54,180
    
    
    
    205,471
    
    
    
    93,180General and administrative
    
    
    14,179
    
    
    
    17,131
    
    
    
    61,101
    
    
    
    21,672Depreciation
    
    
267
    
    
    
    
    
    
    
 1,679Impairment loss  technology license
    
    
    150,000
    
    
    
    
    
    
    
    150,000Interest
    
    
    2,584
    
    
    
    1,952
    
    
    
    4,926
    
    
    
    1,952Net loss applicable to common
stockholders
    
    $
    (277,822
    )
    
    $
    (118,263
    )
    
    $
    (770,345
    )
    
    $
    (161,804
    )Basic and diluted net loss per
common share
    
    $
    (.01
    )
    
    $
    (.15
    )
    
    $
    (.03
    )
    
    $
    (.20
    )Weighted average number of
common shares outstanding
    
    
    24,815,521
    
    
    
    800,250
    
    
    
    24,715,521
    
    
    
    800,250
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GLOBAL CLEAN ENERGY, INC.
Statements of Cash Flows (Unaudited)
 Nine Months EndedSeptember 30,2007
    
    
    2006Cash flows from operating activities:Net loss
    
    $
    (770,345
    )
    
    $
    (161,804
    )Adjustments to reconcile net loss to net cash
used in operating activities:Common stock issued for services
    
    
    80,000Depreciation
    
    
    1,679Loss on sale of equipment
    
    
    1,752Impairment loss  technology license
    
    
    150,000Changes in operating assets and liabilities:Prepaid legal
    
    
    2,500Advances
    
    
    10,000Accrued compensation  officers, directors and consultants
    
    
    211,699Other accrued expenses
    
    
    131,234
    
    
    
    (48,273
    )Net cash used in operating activities
    
    
    (181,481
    )
    
    
    (210,077
    )Cash flows from investing activities:Proceeds from sale of equipment
    
    
    3,161Net cash used in investing activities
    
    
    3,161
    
    
    
    Cash flows from financing activities:Proceeds from promissory notes
    
    
    175,000
    
    
    
    300,000Repayment of shareholder loans
    
    
    
    
    
    
    (22,500
    )Net cash provided by financing activities
    
    
    175,000
    
    
    
    277,500Net (decrease) increase in cash
    
    
    (3,320
    )
    
    
    67,423Cash at beginning of year
    
    
    3,338Cash at end of period
    
    $
    18
    
    
    $
    67,423Supplemental disclosure of cash flow information:Cash paid for interest
    
    $
    
    
    
    $
    Supplemental disclosure of noncash investing and
financing activities:Common stock issued for services
    
    $
    80,000Forgiveness of shareholder loans
    
    
    
    
    
    $
    53,250
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GLOBAL CLEAN ENERGY, INC.
Notes to Financial Statements (Unaudited)
 1. Basis of Presentation
 Regulation S-B.
 2. Promissory Notes
   3. Common Stock
  4. Related Party Transactions
  5. Subsequent Events
    6




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Item 2  Managements Discussion and Analysis or Plan of Operation
  Forward Looking Statements
  
    
    the availability and adequacy of our cash flow to meet our requirements;
    
    economic, competitive, demographic, business and other conditions in our local and
regional markets;
    
    changes or developments in laws, regulations or taxes in the ethanol or energy
industries;
    
    actions taken or not taken by third-parties, including our competitors, as well as
legislative, regulatory, judicial and other governmental authorities;
    
    competition in the ethanol industry;
    
    the failure to obtain or loss of any license or permit;
    
    the cyclical nature of the energy industry, and therefore any downturns in this
cyclical industry could adversely affect operations;
    
    the energy-related industry that we service is heavily regulated and the costs
associated with such regulated industries increases the costs of doing business;
    
    the ability to carry out our business plan and to manage our growth effectively and
efficiently;
    
    the failure to manage any foreign exchange risk adequately;
    
    a general economic downturn or a downturn in the securities markets; and
    
    risks and uncertainties described in the Risk Factors section or elsewhere in our
Annual Report on Form 10-KSB.
   Business Overview
    7




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Plan
of Operations
    
    
    Obtain additional operating capital from joint venture partnerships, debt financing or
equity financing to fund ongoing operations and the development of BOO plants in the United
Kingdom and North America.
 
    
    As available and as applicable to our business plans, apply for public funding to
leverage the private capital we may raise.
 
    
    Actively pursue mergers, acquisitions and joint ventures to increase shareholder value.
 
    
    Move quickly to secure additional opportunities to develop and operate state-of-the-art
waste-to-energy plants for clients with long-term waste disposal and/or energy supply
needs.
  
    
    Waste Coal: John Grob, a Director and our President, has spent over three years
developing a project with one of Europes largest coal companies to use high-ash coal
slurry at one of its sites. This project entails dewatering the slurry and mixing it with
waste coal fines and other waste material as feedstock for a pilot 50-ton per day gasifier.
This gasification project is a key part of a larger initiative to reclaim the land for
development as well as provide syngas for an on-site power plant.
 
    
    European Energy Park: We currently have the lead in planning an innovative energy park
concept that integrates a variety of clean energy technologies, including a pyrolytic steam
reforming unit, a biodiesel refinery, anaerobic digesters, and potentially an algae
bioreactor utilizing a mix of renewable and waste-coal feedstock.
 
    
    Energy Innovation Center: We are collaborating with a city in Colorado in planning a
renewable energy center that includes a unique mix of technologies (solar, sewage sludge
reuse, gasification, biodiesel, and a pilot-scale algae bioreactor) designed to maximize
the potential eco-industrial synergies from using waste streams from one process as inputs
to other processes on the site.
 Results of Operations
    8




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Liquidity and Capital Resources
      9
    Table of Contents   Off-Balance Sheet Arrangements
  
 Item 3. Controls and Procedures
   
 PART II  OTHER INFORMATION
 
 Item 1  Legal Proceedings
  
 Item 2  Unregistered Sales of Equity Securities and Use of Proceeds
  
 Item 3  Defaults Upon Senior Securities
  
 Item 4  Submission of Matters to a Vote of Security Holders
  
 Item 5  Other Information
 10
    Table of Contents   
 Item 6  Exhibits
 Exhibit Index
 ExhibitNumber
    
    Exhibit Description2.1
    
    Agreement and Plan of Merger (1)3.1
    
    Articles of Incorporation (1)3.2
    
    Bylaws (1)4.1
    
    Specimen Common Stock Certificate (2)10.1
    
    $75,000, 7.5% Promissory Note dated August 16, 2007, payable to Profit Consultants, Inc. (3)10.2
    
    $75,000, 7.5% Promissory Note dated October 20, 2007, payable to Profit Consultants, Inc.*31.1
    
    Rule 13a-14(a)/15d-14(a) Certification by the Principal Executive Officer *31.2
    
    Rule 13a-14(a)/15d-14(a) Certification by the Principal Financial Officer *32.1
    
    Section 1350 Certification by the Principal Executive Officer *32.2
    
    Section 1350 Certification by the Principal Financial Officer *
 
 *
    
    Filed herewith.
 (1)
    
    Incorporated by reference from the Companys Current Report on Form 8-K filed on
November 13, 2007.
 (2)
    
    Incorporated by reference to the Companys Report on Registration Statement on Form
10SB-12G filed with the Commission on April 12, 2000.
 (3)
    
    Incorporated by reference from the Companys Quarterly Report on Form 10-QSB for the
quarter ended June 30, 2006.
  11




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SIGNATURE
  GLOBAL CLEAN ENERGY, INC.Date: December 5, 2007
    By:

/s/
John GrobJohn Grob, PresidentDate: December 5, 2007
    By:

/s/
Kenneth S. AdesskyKenneth S. Adessky, Chief Financial Officer  12




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Exhibit Index
 ExhibitNumber
    
    Exhibit Description2.1
    
    Agreement and Plan of Merger (1)3.1
    
    Articles of Incorporation (1)3.2
    
    Bylaws (1)4.1
    
    Specimen Common Stock Certificate (2)10.1
    
    $75,000, 7.5% Promissory Note dated August 16, 2007, payable to Profit Consultants, Inc. (3)10.2
    
    $75,000, 7.5% Promissory Note dated October 20, 2007, payable to Profit Consultants, Inc.*31.1
    
    Rule 13a-14(a)/15d-14(a) Certification by the Principal Executive Officer *31.2
    
    Rule 13a-14(a)/15d-14(a) Certification by the Principal Financial Officer *32.1
    
    Section 1350 Certification by the Principal Executive Officer *32.2
    
    Section 1350 Certification by the Principal Financial Officer *
 
 *
    
    Filed herewith.
 (1)
    
    Incorporated by reference from the Companys Current Report on Form 8-K filed on
November 13, 2007.
 (2)
    
    Incorporated by reference to the Companys Report on Registration Statement on Form
10SB-12G filed with the Commission on April 12, 2000.
 (3)
    
    Incorporated by reference from the Companys Quarterly Report on Form 10-QSB for the
quarter ended June 30, 2006.
  13