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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 þ
    
    QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended: March 31, 2008
 o
    
    TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from:  to
 Commission File No.: 0-30303
 GLOBAL CLEAN ENERGY, INC.
  MARYLAND
    
    84-1522846(State or Other Jurisdiction of Incorporation
    
    (I.R.S. Employer Identification No.)or Organization)
 3095 S. Parker Rd. #200, Aurora, Colorado 80014
   (Issuers Telephone Number, Including Area Code)
 þ o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ(Do not check if a smaller reporting company)
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GLOBAL CLEAN ENERGY, INC.
REPORT ON FORM 10-QSB
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2008
 CONTENTS
 PART I  FINANCIAL INFORMATION
    
    
    3Item 1. Financial Statements
    
    
    3Balance Sheet (Unaudited)
    
    
    3Statements of Operations (Unaudited)
    
    
    4Statements of Cash Flows (Unaudited)
    
    
    5Notes to Financial Statements (Unaudited)
    
    
    6Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operation
    
    
    6Item 4T. Controls and Procedures
    
    
    11PART II  OTHER INFORMATION
    
    
    12Item 1. Legal Proceedings
    
    
    12Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    12Item 3. Defaults Upon Senior Securities
    
    
    12Item 4. Submission of Matters to a Vote of Security Holders
    
    
    12Item 5. Other Information
    
    
    12Item 6. Exhibits
    
    
    12Exhibit 10.6Exhibit 10.7Exhibit 10.8Exhibit 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)
March 31, 2008
 ASSETSCurrent assets:Cash
    
    $
    21,710Total assets
    
    $
    21,710LIABILITIES AND STOCKHOLDERS DEFICITCurrent liabilities:Accrued compensation - officers, directors and consultants
    
    $
    412,968Accrued expenses
    
    
    61,550Promissory Note
    
    
    100,000$
    574,518Stockholders 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 - 25,078,721 sharesAdditional paid-in capital
    
    
    1,053,933Accumulated deficit
    
    
    (1,606,741
    )$
    (552,808
    )Total liabilities and stockholders deficit
    
    $
    21,710
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GLOBAL CLEAN ENERGY, INC.
 
 Statements of Operations (Unaudited)
 Three Months EndedMarch 31,2008
    
    
    2007Costs and expenses:Compensation - officers, directors and consultants
    
    $
    52,500
    
    
    $
    116,500Professional fees
    
    $
    38,400
    
    
    $
    69,777General and administrative
    
    $
    29,604
    
    
    $
    29,993Repayment of Advances
    
    $
    10,000
    
    
    
    0Depreciation
    
    
    0
    
    
    $
    793Interest
    
    $
    337
    
    
    $
    473Net loss applicable to common shareholders
    
    $
    (130,841
    )
    
    $
    (217,536
    )Basic and diluted net loss per common share**
    
    $
    (0.01
    )
    
    $
    (0.01
    )Weighted average number of common shares outstanding
    
    
    25,078,721
    
    
    
    24,614,521
 **
    
    Less than $(.01) per share   4




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GLOBAL CLEAN ENERGY, INC.
 
 Statements of Cash Flows (Unaudited)
 Three Months EndedMarch 31,2008
    
    
    2007Cash flows from operating activities:Net loss
    
    $
    (130,841
    )
    
    $
    (217,536
    )Adjustments to reconcile net loss to net cashUsed in operating activities:Depreciation
    
    
    0
    
    
    
    794Changes in operating assets and liabilities:Prepaid legal
    
    
    0
    
    
    
    3,200Accrued
compensation - officers, directors and consultants
    
    
    52,500
    
    
    
    78,709Other accrued expenses
    
    
    0
    
    
    
    43,156Net cash used in operating activities
    
    
    (78,341
    )
    
    
    (98,077
    )Cash flows from investing activities:Purchases of equipmentNet cash used in investing activities
    
    
    
    
    
    $
    0Cash flows from financing activities:Proceeds from promissory note
    
    
    100,000
    
    
    
    100,000Repayment of promissory noteNet cash provided by financing activities
    
    
    100,000
    
    
    
    100,000Net increase in cash
    
    
    21,659
    
    
    
    1,923Cash at beginning of year
    
    
    51
    
    
    
    3,338Cash at end of period
    
    $
    21,710
    
    
    $
    5,261Supplemental disclosure of cash flow information:Cash paid for interest
    
    
    
    
    
    $
    0
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GLOBAL CLEAN ENERGY, INC.
 
 Notes to Financial Statements (Unaudited)
 1. Basis of Presentation
  2. Promissory Note
   3. Related Party Transactions
  4. Subsequent Events
  
 Item 2. Managements Discussion and Analysis of Financial Condition and Results 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;
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
    
    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
 OUR R.E.S.C.U.E MISSION
 
   green in with
 green
   7




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MARKET OPPORTUNITIES
   THE PLAYERS
 UK Coal PLC
   Cascades Engineering & Projects
  THE OPPORTUNITY
     8




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THE UK COAL PROJECT
 Phase 1: Cyclone dredging process
  Phase 2: Treatment & Conversion
     Phase 3: Processing Alternative Feedstocks
    Plan of Operation
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
    
    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.
 
    
    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.
 Results of Operations
 FIRST QUARTER 2007 COMPARED TO FIRST QUARTER 2006
  Liquidity and Capital Resources
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Off-Balance Sheet Arrangements
  
 Item 4T. Controls and Procedures.
   Change in Internal Control over Financial Reporting
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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.
  
 Item 6. Exhibits.
 Exhibit Index
 ExhibitNumber
    
    Exhibit Description2.1
    
    
    November 7, 2007 Agreement and Plan of Merger between Newsearch, Inc. and
Global Clean Energy, Inc. (Incorporated by reference to the Companys
Current Report on Form 8-K filed with the Commission on November 13,
2007).3.1
    
    
    Amended and Restated Articles of Incorporation (Incorporated by reference
to the Companys Annual Report on Form 10-KSB for the year ended December
31, 2006 filed with the Commission on May 7, 2007).3.2
    
    
    Bylaws of Global Clean Energy, Inc. (Incorporated by reference to the
Companys Current Report on Form 8-K filed with the Commission on
November 13, 2007).4.1
    
    
    Specimen Common Stock Certificate (Incorporated by reference to the
Companys Registration Statement on Form 10SB-12G filed with the
Commission on April 12, 2000).10.1
    
    
    2007 Stock Incentive Plan (Incorporated by reference to the Companys
Current Report on Form 8-K filed with the Commission on June 12, 2007).10.2
    
    
    $200,000 7.5% Promissory Note dated August 18, 2006, payable to Vision
Capital Partners AA Ltd. (Incorporated by reference to the Companys
Current Report on Form 8-K filed with the Commission on December 11,
2006).10.3
    
    
    $100,000 7.5% Promissory Note dated September 22, 2006, payable to Vision
Capital Partners AA Ltd. (Incorporated by reference to the Companys
Current Report on Form 8-K filed with the Commission on December 11,
2006).10.4
    
    
    $50,000 7.5% Promissory Note dated December 15, 2006, payable to Vision
Capital Partners AA Ltd. (Incorporated by reference to the Companys
Current Report on Form 8-K filed with the Commission on December 11,
2006).10.5
    
    
    License Agreement dated December 15, 2006, between EnviroClean Energy
Corporation and the Company (Incorporated by reference to the Companys
Current Report on Form 8-K filed with the Commission on January 4, 2007).
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ExhibitNumber
    
    Exhibit Description10.6
    
    
    March 27, 2008 Agreement converting the March 21, 2007 $100,000 7.5% Promissory Note
payable to Vision Capital Partners AA Ltd. into shares of the Companys common
stock.*10.7
    
    
    March 27, 2008 Agreement converting the August 16, 2007 $75,000 7.5% Promissory
Note payable to Profit Consultants, Inc. into shares of the Companys common
stock.*10.8
    
    
    March 27, 2008 Agreement converting the October 20, 2007 $75,000 7.5% Promissory
Note payable to Profit Consultants, Inc. into shares of the Companys common
stock.*10.9
    
    
    $100,000 7.5% Promissory Note dated January 20, 2008 between the Company
and Profit Consultants, Inc. (Incorporated by reference to the Companys
Current Report on Form 8-K filed with the Commission on March 27, 2008).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*
 
 SIGNATURE
  GLOBAL CLEAN ENERGY, INC.Date:  May 15, 2008
    By:
    /s/ John J, GrobJohn J. Grob, PresidentDate:  May 15, 2008
    By:
    /s/ Kenneth S. AdesskyKenneth S. Adessky, Chief Financial Officer  13




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Exhibit Index
 ExhibitNumber
    
    Exhibit Description2.1
    
    
    November 7, 2007 Agreement and Plan of Merger between Newsearch, Inc. and
Global Clean Energy, Inc. (Incorporated by reference to the Companys
Current Report on Form 8-K filed with the Commission on November 13,
2007).3.1
    
    
    Amended and Restated Articles of Incorporation (Incorporated by reference
to the Companys Annual Report on Form 10-KSB for the year ended December
31, 2006 filed with the Commission on May 7, 2007).3.2
    
    
    Bylaws of Global Clean Energy, Inc. (Incorporated by reference to the
Companys Current Report on Form 8-K filed with the Commission on
November 13, 2007).4.1
    
    
    Specimen Common Stock Certificate (Incorporated by reference to the
Companys Registration Statement on Form 10SB-12G filed with the
Commission on April 12, 2000).10.1
    
    
    2007 Stock Incentive Plan (Incorporated by reference to the Companys
Current Report on Form 8-K filed with the Commission on June 12, 2007).10.2
    
    
    $200,000 7.5% Promissory Note dated August 18, 2006, payable to Vision
Capital Partners AA Ltd. (Incorporated by reference to the Companys
Current Report on Form 8-K filed with the Commission on December 11,
2006).10.3
    
    
    $100,000 7.5% Promissory Note dated September 22, 2006, payable to Vision
Capital Partners AA Ltd. (Incorporated by reference to the Companys
Current Report on Form 8-K filed with the Commission on December 11,
2006).10.4
    
    
    $50,000 7.5% Promissory Note dated December 15, 2006, payable to Vision
Capital Partners AA Ltd. (Incorporated by reference to the Companys
Current Report on Form 8-K filed with the Commission on December 11,
2006).10.5
    
    
    License Agreement dated December 15, 2006, between EnviroClean Energy
Corporation and the Company (Incorporated by reference to the Companys
Current Report on Form 8-K filed with the Commission on January 4, 2007).10.6
    
    
    March 27, 2008 Agreement converting the March 21, 2007 $100,000 7.5% Promissory Note
payable to Vision Capital Partners AA Ltd. into shares of the Companys common
stock.*10.7
    
    
    March 27, 2008 Agreement converting the August 16, 2007 $75,000 7.5% Promissory
Note payable to Profit Consultants, Inc. into shares of the Companys common
stock.*10.8
    
    
    March 27, 2008 Agreement converting the October 20, 2007 $75,000 7.5% Promissory
Note payable to Profit Consultants, Inc. into shares of the Companys common
stock.*10.9
    
    
    $100,000 7.5% Promissory Note dated January 20, 2008 between the Company
and Profit Consultants, Inc. (Incorporated by reference to the Companys
Current Report on Form 8-K filed with the Commission on March 27, 2008).
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ExhibitNumber
    
    Exhibit Description31.1
    
    
    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 to the Companys Current Report on Form 8-K filed with the
Commission on March 27, 2008).  15