# EDGAR Filing Document

**Accession Number:** 0001138724
**File Stem:** 0001493152-26-013631
**Filing Date:** 2026-3
**Character Count:** 242498
**Document Hash:** f15d1300537b3cec868bf66020df581d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-013631.hdr.sgml**: 20260330

**ACCESSION NUMBER**: 0001493152-26-013631

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20260330

**DATE AS OF CHANGE**: 20260330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Global Arena Holding, Inc.
- **CENTRAL INDEX KEY:** 0001138724
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 330931599
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-49819
- **FILM NUMBER:** 26813763

**BUSINESS ADDRESS:**
- **STREET 1:** 1159 2ND AVENUE,
- **STREET 2:** STE. 454
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10065
- **BUSINESS PHONE:** 646-801-6146

**MAIL ADDRESS:**
- **STREET 1:** 1159 2ND AVENUE,
- **STREET 2:** STE. 454
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10065

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** China Stationery & Office Supply, Inc.
- **DATE OF NAME CHANGE:** 20060719

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DICKIE WALKER MARINE INC
- **DATE OF NAME CHANGE:** 20010419

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington D.C. 20549**

**FORM 10-Q**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended March 31, 2025**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from ______, 20___, to _____, 20___.**

**Commission File Number 000-49819**

**Global Arena Holding, Inc.**

(Exact Name of Registrant as Specified in its Charter)

---

| | |
|:---|:---|
| **Delaware** | **33-0931599** |
| (State or Other Jurisdiction of<br> Incorporation or Organization) | (I.R.S. Employer<br> Identification Number) |

---

---

| | |
|:---|:---|
| **1159 2nd Avenue, Ste. 454**<br> **New York, NY** | **10065** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**<u>(646) 519-3828</u>**

(Registrant's Telephone Number, Including Area Code)

**<u>N/A</u>**

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each Exchange on which Registered** |
| N/A | N/A | N/A |

---

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 every Interactive Data File required to be submitted 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 such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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 March 30, 2026, there were 1,695,351,226 shares of common stock, par value $0.0001 per share, of the registrant issued and outstanding.

**GLOBAL ARENA HOLDING, Inc.**

**Form 10-Q**

**Contents**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| **PART I - FINANCIAL INFORMATION** | **PART I - FINANCIAL INFORMATION** |  |
| Item 1. | [Financial Statements](#a_001) | 3 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_002) | 26 |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#a_003) | 35 |
| Item 4. | [Controls and Procedures](#a_004) | 35 |
| **[PART II - OTHER INFORMATION](#a_005)** | **[PART II - OTHER INFORMATION](#a_005)** |  |
| Item 1. | [Legal Proceedings](#a_006) | 36 |
| Item 1A. | [Risk Factors](#a_007) | 36 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#a_008) | 36 |
| Item 3. | [Defaults Upon Senior Securities](#a_009) | 37 |
| Item 4. | [Mine Safety Disclosures](#a_010) | 37 |
| Item 5. | [Other Information](#a_011) | 37 |
| Item 6. | [Exhibits](#a_012) | 37 |
| **[Signatures](#a_013)** | **[Signatures](#a_013)** | 38 |

---

**Item 1. Financial Statements.**

**GLOBAL ARENA HOLDING, INC. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2025** | **December 31, <br> 2024** |
|  | **(Unaudited)** | **(Audited)** |
| ASSETS |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $20166 | $13415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 20166 | 13415 |
| Equity investments | 705000 | 705000 |
| Internal use software | 179338 | 52498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | $904504 | $770913 |
| LIABILITIES AND STOCKHOLDERS' DEFICIT |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $412583 | $437583 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 5093968 | 4882019 |
| &nbsp;&nbsp;&nbsp;Convertible promissory notes payable, net of debt discount of $2,504 and $26,390, respectively | 5164502 | 4857865 |
| &nbsp;&nbsp;&nbsp;Promissory notes payable | 424900 | 495719 |
| &nbsp;&nbsp;&nbsp;Derivative liability | 9922 | 20799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | $11105875 | $10693985 |
| STOCKHOLDERS' DEFICIT |  |  |
| Global Arena Holding, Inc. |  |  |
| Preferred stock, $0.001 par value per share; 2,000,000 shares authorized |  |  |
| &nbsp;&nbsp;&nbsp;Series B preferred stock; 250,000 shares authorized; 49,202 and 49,202 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively | 49 | 49 |
| &nbsp;&nbsp;&nbsp;Series C preferred stock; 750,000 shares authorized; 480,000 and 480,000 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively | 480 | 480 |
| &nbsp;&nbsp;&nbsp;Common stock, $0.001 par value per share; 4,000,000,000 shares authorized; 1,695,351,226 and 1,695,351,226 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively | 1695351 | 1695351 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 21920784 | 21910960 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (33794993) | (33506870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Global Arena Holding, Inc. stockholders' deficit | (10178329) | (9900030) |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest | (23042) | (23042) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' deficit | (10201371) | (9923072) |
| TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $904504 | $770913 |

---

*The accompanying footnotes are an integral part of these unaudited consolidated financial statements.*

 

 

**GLOBAL ARENA HOLDING, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2025** | **2024** |
| Revenues |  |  |
| &nbsp;&nbsp;&nbsp;Services | $399263 | $232123 |
| Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | 161189 | 43967 |
| &nbsp;&nbsp;&nbsp;Marketing and advertising | 31800 | 38606 |
| &nbsp;&nbsp;&nbsp;Software development | 1763 | 678 |
| &nbsp;&nbsp;&nbsp;Professional fees | 129597 | 34870 |
| &nbsp;&nbsp;&nbsp;General and administrative | 77809 | 44829 |
| &nbsp;&nbsp;&nbsp;Printing | 74594 | 16295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 476752 | 179245 |
| (Loss) income from operations | (77489) | 52878 |
| Other expenses |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense and financing costs | (221511) | (163951) |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivative liability | 10877 | (19945) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expenses | (210634) | (183896) |
| Loss before provision for taxes | (288123) | (131018) |
| Provision for income taxes | - | - |
| Net loss | (288123) | (131018) |
| Net loss attributed to noncontrolling interest | - | - |
| Net loss attributed to Global Arena Holding, Inc. | $(288123) | $(131018) |
| Weighted average shares outstanding – basic and diluted | 1695351226 | 1331365834 |
| Loss per share – basic and diluted | $(0.00) | $(0.00) |

---

*The accompanying footnotes are an integral part of these unaudited consolidated financial statements.*

 

**GLOBAL ARENA HOLDING, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT**

**(Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series B Preferred**<br> **Stock** | **Series B Preferred**<br> **Stock** | **Series C Preferred**<br> **Stock** | **Series C Preferred**<br> **Stock** | **Common Stock** | **Common Stock** | | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br> **Paid-in**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total**<br> **Global**<br> **Stockholders'**<br>**Deficit** | **Noncontrolling**<br>**Interest** | **Total**<br> **Stockholders'**<br>**Deficit** |
| **Balance, December 31, 2024** | 49202 | $49 | 480000 | $480 | 1695351226 | $1695351 | $21910960 | $(33506870) | $&nbsp;&nbsp;&nbsp;&nbsp;(9900030) | $(23042) | $&nbsp;&nbsp;&nbsp;&nbsp;(9923072) |
| Fair value of issued warrants |  |  |  |  |  |  | 9824 |  | 9824 |  | 9824 |
| Net loss | - | - | - | - | - | - | - | (288123) | (288123) | - | (288123) |
| **Balance, March 31, 2025** | 49202 | $49 | 480000 | $480 | 1695351226 | $1695351 | $21920784 | $(33794993) | $(10178329) | $(23042) | $(10201371) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series B Preferred**<br> **Stock** | **Series B Preferred**<br> **Stock** | **Series C Preferred**<br> **Stock** | **Series C Preferred**<br> **Stock** | **Common Stock** | **Common Stock** | | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br> **Paid-in**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total**<br> **Global**<br> **Stockholders'**<br>**Deficit** | **Noncontrolling**<br>**Interest** | **Total**<br> **Stockholders'**<br>**Deficit** |
| **Balance, December 31, 2023** | 49202 | $49 | 480000 | $480 | 1221223807 | $1221223 | $22195411 | $(32498308) | $&nbsp;&nbsp;&nbsp;&nbsp;(9081145) | $(23042) | $&nbsp;&nbsp;&nbsp;&nbsp;(9104187) |
| Issuance of common stock for convertible debt and accrued interest |  |  |  |  | 258655700 | 258656 | (181857) |  | 76799 |  | 76799 |
| Net loss | - | - | - | - | - | - | - | (131018) | (131018) | - | (131018) |
| **Balance, March 31, 2024** | 49202 | $49 | 480000 | $480 | 1479879507 | $1479879 | $22013554 | $(32629326) | $(9135364) | $(23042) | $(9158406) |

---

*The accompanying footnotes are an integral part of these unaudited consolidated financial statements.*

 

 

**GLOBAL ARENA HOLDING, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2025** | **2024** |
| OPERATING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(288123) | $(131018) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount | 41387 | 26346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivative liability | (10877) | 19945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash expense associated with warrant | 9824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (25000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 211949 | 91794 |
| &nbsp;&nbsp;&nbsp;Net cash (used in) provided by operating activities | $(60840) | $7067 |
| INVESTING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internal use software | (126840) | - |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | $(126840) | $- |
| FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from convertible promissory notes payable | 355000 | 90000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from promissory notes payable |  | 28000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of convertible promissory notes payable | (89750) | (70510) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of promissory notes payable | (70819) | (52572) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | $194431 | $(5082) |
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 6751 | 1985 |
| CASH AND CASH EQUIVALENTS, BEGINNING BALANCE | 13415 | 21592 |
| CASH AND CASH EQUIVALENTS, ENDING BALANCE | $20166 | $23577 |
| CASH PAID FOR: |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $- | $- |
| &nbsp;&nbsp;&nbsp;Income taxes | $- | $- |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Allocated value of warrants | $9824 | $- |
| &nbsp;&nbsp;&nbsp;Debt converted to common stock | $- | $76799 |
| &nbsp;&nbsp;&nbsp;Original issuance discount | $17500 | $22722 |

---

*The accompanying footnotes are an integral part of these unaudited consolidated financial statements.*

 

**NOTE 1 - ORGANIZATION**

Organization and Business

Global Arena Holding, Inc. ("GAHI" and together with Global Election Services, Inc. ("GES"), GAHI's wholly owned subsidiary, the "Company") was formed in February 2009, in the state of Delaware. Previously, the Company was a financial services firm, but it currently is focusing on the business of GES. GAHI Acquisition Corp., a wholly owned subsidiary of the Company, and Tidewater Energy Group Inc., a 51%-owned subsidiary of the Company, have been dormant since 2024. Fortis Industria LLC, a wholly owned subsidiary of the Company, has been dormant since 2025.

GES was formed on February 25, 2015 and provides comprehensive technology-enabled paper absentee/mail ballot and internet election services to organizations such as craft and trade organizations, labor unions, political parties, co-operatives and housing organizations, associations and professional societies, universities, and political organizations. GES has developed proprietary election software for a data storage and retrieval registration system to determine voter eligibility and prevent duplicate votes with in-person digital signature capture, as well as proprietary election software for scanning/tabulation utilizing advanced optical mark recognition ("OMR")/optical character recognition ("OCR")/barcode imaging software featuring de-skewing, de-speckling, and image correction. This system provides three types of audit capabilities. The hardware includes high speed optical scanners that are hard lined to a computer with all Wi-Fi disabled so the entire tabulation process occurs offline, eliminating the opportunity for hacking. GES has made investments in companies developing blockchain technology for a data storage and retrieval registration system, tabulation of paper absentee/mail ballots, and internet voting.

On March 25, 2021, the Company entered into a second amended purchase agreement ("APA") with Election Services Solutions, LLC ("Election Services Solutions"). Under the APA, the Company agreed to purchase 100% of the assets of Election Services Solutions for a purchase price of $650,000, of which $511,150 has already been paid, and to issue 40,000,000 common shares to purchase these assets under the APA. GES derives over 80% of its business from Election Services Solutions. On August 2, 2024, the Company issued a convertible promissory note in favor of the former owner of Elections Services Solutions to finalize the purchase of GES. The note has a principal amount of $138,850, bears interest at a rate of 12% per annum and was due on October 15, 2025. As of March 31, 2025, the note had not yet been repaid.

On February 27, 2023, the Company acquired 3,000,000 shares of TrueVote Inc. ("TrueVote"), representing 30% of TrueVote's outstanding common stock. In connection therewith, the Company invested $50,000 in a 24-month debenture and issued a 2-year warrant, at a conversion price of $0.0012 per share, for 4,500,000 shares of the Company's common stock.

TrueVote is building a comprehensive end-to-end, de-centralized, completely digital voting system. This will be based on traditional, proven database methodologies, and layered with a "checksum" that is posted on the blockchain, such that all data will be immutable and unalterable. This design is expected to ensure that every vote is transparently counted and verifiable. The TrueVote voting system will be based on traditional, proven database methodologies and layered with a "checksum" that is posted on the blockchain, proving all data is immutable and unalterable.

Going Concern

The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which contemplates the continuation of the Company as a going concern. The Company has generated recurring losses from operations and cash flow deficits from its operations since inception and has had to continually borrow to continue operating. In addition, certain of the Company's debt is in default as of March 31, 2025. These factors raise substantial doubt about the Company's ability to continue as a going concern. The continued operations of the Company are dependent upon its ability to raise additional capital, obtain additional financing and/or acquire or develop a business that generates sufficient positive cash flows from operations. The Company continues to raise funds from the issuance of additional convertible promissory note. Management is hopeful that with their ability to raise additional funds that the Company should be able to continue as a going concern.

The accompanying unaudited consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue as a going concern.

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

Principles of Consolidation

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts of GAHI and GES. All significant intercompany accounts and transactions have been eliminated in consolidation.

Reclassification

The Company reclassified certain amounts in the Consolidated Statements of Cash Flows in the prior year to conform to the current year's presentation.

Noncontrolling Interest

The Company follows the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") Topic 810, *Consolidation,* which governs the accounting for and reporting of non-controlling interests ("NCIs") in partially owned consolidated subsidiaries and the loss of control of subsidiaries. Certain provisions of this standard indicate, among other things, that NCIs be treated as a separate component of equity, not as a liability, that increases and decreases in the parent's ownership interest that leave control intact be treated as equity transactions rather than as step acquisitions or dilution gains or losses, and that losses of a partially owned consolidated subsidiary be allocated to the NCI even when such allocation might result in a deficit balance.

The net income (loss) attributed to the NCI is separately designated in the accompanying condensed consolidated statements of operations and comprehensive loss.

Basic and Diluted Earnings (Loss) Per Share

Earnings per share is calculated in accordance with the ASC 260-10, *Earnings Per Share.* Basic earnings-per-share is based upon the weighted average number of common shares outstanding. Diluted earnings-per-share is based on the assumption that all dilutive convertible notes, stock options and warrants were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. The following potentially dilutive shares were excluded from the shares used to calculate diluted earnings per share as their inclusion would be anti-dilutive.

SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE

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| | | |
|:---|:---|:---|
|  | March 31, | March 31, |
|  | 2025 | 2024 |
| Warrants | 1164583333 | 1193260301 |
| Convertible notes | 1219682923 | 1804346045 |
| Total | 2384266256 | 2997606346 |

---

Management Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates reflected in the consolidated financial statements include, but are not limited to, share-based compensation, and assumptions used in valuing derivative liabilities. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all demand and time deposits and all highly liquid investments with an original maturity of three months or less to be cash equivalents.

Convertible Debt

Convertible debt is accounted for under FASB ASC 470, *Debt – Debt with Conversion and Other Options.* The Company records a beneficial conversion feature ("BCF") related to the issuance of convertible debt that has conversion features at fixed or adjustable rates that are in-the-money when issued and records the relative fair value of any warrants issued with those instruments. The BCF for the convertible instruments is recognized and measured by allocating a portion of the proceeds to the warrants and as a reduction to the carrying amount of the convertible instrument equal to the intrinsic value of the conversion features, both of which are credited to additional paid-in capital. The Company calculates the fair value of warrants issued with the convertible instruments using the Black-Scholes valuation method, using the same assumptions used for valuing stock options, except that the contractual life of the warrant is used.

Under these guidelines, the Company allocates the value of the proceeds received from a convertible debt transaction between the conversion feature and any other detachable instruments (such as warrants) on a relative fair value basis. The allocated fair value of the BCF and warrants are recorded as a debt discount and is accreted over the expected term of the convertible debt as interest expense.

The Company accounts for modifications of its embedded conversion features in accordance with the ASC which requires the modification of a convertible debt instrument that changes the fair value of an embedded conversion feature and the subsequent recognition of interest expense or the associated debt instrument when the modification does not result in a debt extinguishment.

Derivative Financial Instruments

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives pursuant to ASC 815, *Derivatives and Hedging*. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The Company uses the Black-Scholes-Merton model to value the derivative instruments. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.

Revenue Recognition

The Company recognizes revenue in accordance with FASB ASC 606, *Revenue From Contracts with Customers*. The Company earns revenues through various services it provides to its clients. GES's income is recognized at the presentation date of the certification of the election results. The payments received in advance are recorded as deferred revenue on the balance sheet. Should an election not proceed, all non-refundable deferred revenue will be recognized as revenue.

Share-Based Compensation

The Company records stock-based compensation in accordance with FASB ASC Topic 718, *Compensation – Stock Compensation*. FASB ASC Topic 718 requires companies to measure compensation cost for stock-based employee compensation at fair value at the grant date and recognize the expense over the requisite service period. The Company recognizes in the statement of operations the grant-date fair value of stock options and other equity-based compensation issued to employees and non-employees.

Fair Value of Financial Instruments

FASB ASC 820*, Fair Value Measurement* defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity.

Fair Value Measurements

The Company applies the provisions of ASC 820-10, Fair Value Measurements and Disclosures. ASC 820-10 defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The three levels of valuation hierarchy are defined as follows:

● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.

● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

*Cash, accounts payable and accrued expenses and deferred revenue* – The carrying amounts reported in the consolidated balance sheets for these items are a reasonable estimate of fair value due to their short-term nature.

*Promissory notes payable and convertible promissory notes payable* – Promissory notes payable and convertible promissory notes payable are recorded at amortized cost. The carrying amount approximates their fair value.

The Company uses Level 2 inputs for its valuation methodology for the beneficial conversion feature and warrant derivative liabilities as their fair values were determined by using the Black-Scholes-Merton pricing model based on various assumptions. The Company's derivative liabilities are adjusted to reflect fair value at each period end, with any increase or decrease in the fair value being recorded in results of operations as adjustments to fair value of derivatives.

The following table presents the Company's assets and liabilities required to be reflected within the fair value hierarchy as of March 31, 2025 and December 31, 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value | | | |
|  | As of | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at |
| Description | March 31, <br> 2025 | March 31, 2025 <br> Using Fair Value Hierarchy | March 31, 2025 <br> Using Fair Value Hierarchy | March 31, 2025 <br> Using Fair Value Hierarchy |
|  |  | Level 1 | Level 2 | Level 3 |
| Beneficial conversion feature | $9922 | $- | $9922 | $- |
| Total | $9922 | $- | $9922 | $- |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value | | | |
|  | As of | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at |
| Description | December 31, <br> 2024 | December 31, 2024 <br> Using Fair Value Hierarchy | December 31, 2024 <br> Using Fair Value Hierarchy | December 31, 2024 <br> Using Fair Value Hierarchy |
|  |  | Level 1 | Level 2 | Level 3 |
| Beneficial conversion feature | $20799 | $- | $20799 | $- |
| Total | $20799 | $- | $20799 | $- |

---

Income Taxes

The Company accounts for income taxes in accordance with ASC Topic 740, *Income Taxes*. ASC 740 requires a company to use the asset and liability method of accounting for income taxes, whereby deferred tax assets are recognized for deductible temporary differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all of, the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

Under ASC 740, a tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. The adoption had no effect on the Company's consolidated financial statements.

Equity Investments

The Company accounts for investment securities in accordance with ASC Topic 323, ASC 323, Investments – Equity Method and Joint Ventures. The company is required to initially record at cost, and subsequently adjust based the investor's share of the investee's profits and losses.

Recently Issued Accounting Pronouncements

**ASU 2024-03, Income Statement—Reporting Comprehensive Income (Subtopic 220-40**): In November 2024, the FASB issued disaggregation of Income Statement Expenses (ASU 2024-03), which will require tabular disclosure of certain operating expenses disaggregated into categories, such as purchase of inventory, employee compensation, depreciation, and intangible asset amortization. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact of this standard.

Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances.

**NOTE 3 – EQUITY INVESTMENTS**

On March 25, 2021, the Company entered into the APA with Election Services Solutions. Under the APA, the Company agreed to purchase 100% of the assets of Election Services Solutions for a purchase price of $650,000, of which $511,150 has already been paid, and to issue 40,000,000 common shares to purchase these assets under the APA. GES derives over 80% of its business from Election Services Solutions. On August 2, 2024, the Company issued a convertible promissory note in favor of the former owner of Elections Services Solutions to GES. The note, in the principal amount of $138,850, bears interest at a rate of 12% per annum and was due on October 15, 2025. As of March 31, 2025, the note had not yet been repaid.

On February 27, 2023, the Company acquired 3,000,000 shares of TrueVote, representing 30% of TrueVote's outstanding common stock. In connection therewith, the Company invested $50,000 in a 24-month debenture and issued a 2-year warrant, at a conversion price of $0.0012 per share, for 4,500,000 shares of the Company's common stock.

TrueVote is building a comprehensive end-to-end, de-centralized, completely digital voting system. This will be based on traditional, proven database methodologies, and layered with a "checksum" that is posted on the blockchain, such that all data will be immutable and unalterable. This design is expected to ensure that every vote is transparently counted and verifiable. The TrueVote voting system will be based on traditional, proven database methodologies and layered with a "checksum" that is posted on the blockchain, proving all data is immutable and unalterable.

**NOTE 4 - ACCRUED EXPENSES**

Accrued expenses at March 31, 2025 and December 31, 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | March,<br>2025 | December 31,<br>2024 |
| Accrued interest | $3822981 | $3655006 |
| Accrued compensation | 1234317 | 1190343 |
| Other accrued expenses | 36670 | 36670 |
|  | $5093968 | $4882019 |

---

**NOTE 5 - PROMISSORY NOTES PAYABLE**

In March 2014, the Company issued two promissory notes for a total of $230,000. The interest rate is the short-term applicable federal rate as determined by the Internal Revenue Service for the calendar month plus 10%.

On July 13, 2023, Global Election Services, Inc. entered a Loan agreement with a non-affiliate investor for the amount of $78,100. The Company will repay the loan in 28 weekly fixed payments of $2,789. As of January 30, 2024, the loan has been paid off.

On November 3, 2023, Global Election Services, Inc. entered a Loan agreement a non-affiliate investor for the amount of $63,750. The Company will repay the loan in 84 fixed payments of $759. As of January 25, 2024, the loan has been paid off.

On February 20, 2024, Global Election Services, Inc. entered into a revenue share agreement with a non-affiliate investor for a total of $41,972 on the purchase amount of $28,000 and OID of $13,972. There is no interest rate, but the Company will disburse 11 weekly payments of $3,816 to Note Holder. As of June 30, 2024, the Loan has been paid off.

On April 25, 2024, Global Election Services, Inc. entered into a Loan agreement with a non-affiliate investor for the amount of $63,750. The Company will repay the Loan in weekly payments of $3,794.65. As of August 29, 2024, the loan has been paid off.

On July 29, 2024, Global Election Services, Inc. entered into a Loan agreement with a non-affiliate investor for the amount of $67,500. The company will repay the Loan in weekly payments of $2,935. As of February 6, 2025, the loan has been paid off.

On August 13, 2024, Global Election Services, Inc. entered into a Loan agreement with a non-affiliate investor for $57,200. The company will repay the Loan in weekly payments of $2,119. As of February 25, 2025, the loan has been paid off.

On November 21, 2024, Global Election Services, Inc. entered into a Loan agreement with a non-affiliate investor for the amount of $71,250. The company will repay the Loan in weekly payments of $2,850. The remaining balance is $25,600 as of March 31, 2025.

**NOTE 6 - CONVERTIBLE PROMISSORY NOTES PAYABLE** 

On January 26, 2023, the Company entered into a convertible note with a non-affiliate investor for the amount of $54,600. The Note bears 12% interest and matures in twelve months. This Note has been paid off as of December 31, 2024.

On March 10, 2023, the Global Election Services entered a convertible Note with a non-affiliate investor for a secured Original Discount Convertible Promissory Note with an investor for the amount of $32,500. The Note bears 12% interest and can convert at a $5,000,000 valuation, with a maturity of October 15, 2025.

On April 11, 2023, Global Election Services, Inc. entered into a Convertible Promissory Note with a non-affiliate investor for $15,000. The note bears 12% interest and matures on October 15, 2025. The Note can be converted into the Company's common stock at a $5,000,000 valuation.

On May 18, 2023, Global Arena Holding, Inc. entered into an unsecured Convertible Promissory Note with a non-affiliate investor for the amount of $20,000. The Note bears 12% interest and matures on December 31, 2025. The Note can be converted to the Company's common stock at $0.001 per share.

On June 6, 2023, Global Election Services, Inc. entered into an unsecured Convertible Promissory Note of $20,000 with a non-affiliate investor. The Note bears 12% interest and matures on October 15, 2025. The Note can be converted into the Company's common stock at $0.40 per share. The remaining balance is $5,000 as of March 31, 2025.

On June 7, 2023, Global Election Services, Inc. entered an unsecured Convertible Promissory Note with a non-affiliate investor of $10,000. The Note bears 12% interest and matures on October 15, 2025. The Note can be converted into the Company's common stock at $0.40 per share.

On June 14, 2023, Global Election Services, Inc. entered into an unsecured Convertible Promissory Note with a non-affiliate investor for $30,000. The Note bears 12% interest and matures on October 15, 2025. The Note can be converted into the Company's common stock at $0.40 per share.

On July 7, 2023, Global Election Services, Inc. entered into a secured Original Convertible Promissory Note with a non-affiliate investor for $57,500, with an original discount amount of $7,500. The Note bears 12% interest and matures on October 15, 2025. The Note can be converted into the Company's common stock at $0.40 per share.

On August 4, 2023, Global Election Services, Inc. entered into a second Original Discount Convertible Promissory Note with a non-affiliate investor for $30,000, with an original discount amount of $5,000. The Note bears 12% interest and matures on October 15, 2025. The Note can be converted into the Company's common stock at $0.040 per share. The remaining balance is $19,000 as of March 31, 2025.

On September 15, 2023, Global Election Services, Inc. entered a secured Original Discount Convertible Promissory Note with a non-affiliate investor for $15,500, with an original discount amount of $5,000. The Note bears 12% interest and matures on October 15, 2025. The Note can be converted into the Company's common stock at $0.040 per share.

On October 24, 2023, Global Election Services, Inc. entered a secured Original Discount Convertible Promissory Note with a non-affiliate investor for $25,000, with an original discount amount of $5,000. The Note bears 12% interest and matures on October 15, 2025. The Note can be converted into the Company's common stock at $0.040 per share.

On October 6, 2023, Global Election Services, Inc. entered an unsecured Convertible Promissory Note with a non-affiliate investor of $10,000. The Note bears 12% interest and is convertible at a $12.5 million dollar valuation and matures on October 15, 2025.

On December 12, 2023, Global Election Services Inc. entered an unsecured Convertible Promissory Note with a non-affiliate investor for $20,000. The Note bears 12% interest and is convertible at a $12.5 million dollar valuation and matures on October 15, 2025.

On December 13, 2023, Global Election Services, Inc. entered an unsecured Convertible Promissory Note with a non-affiliate investor for $30,000. The Note bears 12% interest and is convertible at a $12.5 million dollar valuation and matures on October 15, 2025.

On December 28, 2023, Global Election Services, Inc. entered an unsecured Convertible Promissory Note with a non-affiliate investor for $20,000. The Note bears 12% interest and is convertible at a $12.5 million dollar valuation and matures on October 15, 2025.

On January 8, 2024, the Company entered a Convertible Promissory Note with a non-affiliate investor for $28,750, with a discount of $3,750. The Note bears 15% interest and matures on October 15, 2024. The Note can be converted to the Company's common stock at 75% multiplied by the lowest trading price for the common stock during the ten trading days prior to the conversion date. As of October 21, 2024, the Convertible Promissory Note has been paid back in full.

On January 25, 2024, Global Election Services, Inc. entered a Convertible Promissory Note with a non-affiliate investor in the principal amount of $15,000 with an annual interest rate of 12% to a non-affiliate convertible at a $12.5 million dollar valuation, with a maturity date of October 15, 2025.

On February 7, 2024, Global Election Services, Inc. entered a Convertible Promissory Note with a non-affiliate investor in the principal amount of $15,000 with an annual interest of 12% to a non-affiliate at a $12.5 million dollar valuation, with a maturity date of October 15, 2025.

On February 9, 2024, Global Election Services, Inc. entered a Convertible Promissory Note with a non-affiliate investor in the principal amount of $10,000 with an annual interest rate of 12% convertible at a $12.5 million dollar valuation with a maturity date of October 15, 2025.

On March 7, 2024, Global Election Services entered into a Convertible Promissory Note with non-affiliate investor for $10,000, with annual interest of 12%. convertible at a $12.5 million dollar valuation with a maturity date of October 15, 2025.

On March 15, 2024, Global Election Services, Inc. entered a Convertible Promissory Note with a non-affiliate investor in the principal amount of $20,000 with an annual interest of 12% to a non-affiliate with a maturity date of October 15, 2025. As of March 15, 2025, the Convertible Promissory Note has been paid back in full.

On March 15, 2024, Global Election Services, Inc. entered a Convertible Promissory Note with a non-affiliate investor in the principal amount of $10,000 with an annual interest rate of 12% to a non-affiliate with a maturity date of April 14, 2024. As of June 30, 2024, Global Election Services, Inc. has repaid this note in full.

On April 11, 2024, Global Election Services, Inc. entered a Convertible Promissory Note with a non-affiliate investor in the principal amount of $12,000 with an annual interest rate of 12% to a non-affiliate with a maturity date of April 14, 2024. As of April 25, 2024 Global Election Services, Inc. has repaid this note in full.

On May 10, 2024, Global Election Services, Inc. entered a Convertible Promissory Note with a non-affiliate investor in the principal amount of $10,000 with an annual interest rate of 12% to a non-affiliate with a maturity date of April 14, 2024. As of May 16, 2024 Global Election Services, Inc. has repaid this note in full.

On May 16, 2024, Global Election Services, Inc. entered a Convertible Promissory Note with a non-affiliate investor in the principal amount of $15,000 with an annual interest rate of 12% to a non-affiliate with a maturity date of April 14, 2024. As of June 14, 2024, Global Election Services, Inc. has repaid this note in full.

On May 31, 2024, Global Election Services, Inc. entered a Convertible Promissory Note with a non-affiliate investor in the principal amount of $15,000 with an annual interest rate of 12% to a non-affiliate with a maturity date of April 14, 2024. As of June 14, 2024, Global Election Services, Inc. has repaid this note in full.

On June 13, 2024, Global Election Services, Inc. entered a Convertible Promissory Note with a non-affiliate investor for $75,000 as part of a 90 Day Secured Loan 10% coupon, convertible at an $8 million dollar valuation. As of December 31, 2024, the maturity date is October 15, 2025.

On June 24, 2024, Global Election Services, Inc. entered a Convertible Promissory Note with a non-affiliate investor for $75,000 as part of a 90 Day Secured Loan 10% coupon, convertible at an $8 million dollar valuation. As of December 31, 2024, Global Election Services, Inc. has repaid this note in full.

On July 19, 2024, Global Election Services, Inc. entered a Convertible Promissory Note with a affiliated investor in the principal amount of $25,000 with an annual interest rate of 12% with a maturity date of October 15, 2025.

On August 2, 2024, Global Election Services, Inc. entered a Convertible Promissory Note in the principal amount of $20,000 with a non-affiliate investor. The Note bears 12% interest and is convertible at $0.16 per share, and matures on October 15, 2025.

On August 2, 2024, in connection with the purchase of Election Services Solutions, the Company issued a convertible promissory note in favor of an investor to pay off the remaining balance of the investment. The Note is in the principal amount of $138,850, bears 12% interest and matures on October 15, 2025. The Note can be converted into the Company's common stock at $0.16 per share.

On August 8, 2024, Global Election Services, Inc. issued a Convertible Promissory Note with a non-affiliate investor in the principal amount of $17,000. The Note bears 12% interest and matures on June 30, 2025. The Note can be converted into the Company's common stock at $0.75 per share. This Convertible Promissory Note was repaid on October 4, 2024.

On August 22, 2024, Global Election Services, Inc. issued a Convertible Promissory Note with a non-affiliate investor in the principal amount of $35,000. The Note bears 12% interest and matures on June 30, 2025. The Note can be converted into the Company's common stock at $0.16 per share. This Convertible Promissory Note was repaid on October 18, 2024.

On October 2, 2024, the Company received $250,000 from the issuance of a Convertible Promissory Note with a non-affiliate investor. The Note bears 15% interest and matures on October 15, 2025.

On December 13, 2024, the Company received $100,000 from the issuance of a Convertible Promissory Note with a non-affiliate investor. The Note bears 15% interest and matures on October 15, 2025.

On December 19, 2024, the Company received $170,000 from the issuance of a Convertible Promissory Note with a non-affiliate investor. The Note bears 15% interest and matures on October 15, 2025.

On December 6, 2024, Global Election Services, Inc. issued a Convertible Promissory Note in the principal amount of $12,000 to a non-affiliate investor. The Note bears 12% interest and is convertible at a $9,375,000 valuation, and matures on October 15, 2025.

On December 9, 2024, Global Election Services, Inc. issued a Convertible Promissory Note in the principal amount of $10,000 with a non-affiliate investor. The Note bears 12% interest and is convertible at a $9,375,000 valuation, and matures on October 15, 2025. As of January 17, 2025, Global Election Services, Inc. has repaid this note in full.

On December 9, 2024, Global Election Services, Inc. issued a Convertible Promissory Note in the principal amount of $8,500 with a non-affiliate investor. The Note bears 12% interest and is convertible at a $9,375,000 valuation, and matures on October 15, 2025.

On December 10, 2024, Global Election Services, Inc. issued a Convertible Promissory Note in the principal amount of $30,000 with a non-affiliate investor. The Note bears 12% interest and is convertible at a $9,375,000 valuation, and matures on October 15, 2025. The remaining balance is $20,000 as of March 31, 2025.

On December 31, 2024, Global Election Services, Inc. issued a Convertible Promissory Note in the principal amount of $7,500 with a non-affiliate investor. The Note bears 12% interest and is convertible at a $9,375,000 valuation, and matures on October 15, 2025.

On January 31, 2025, the Company received $200,000 from the issuance of a Convertible Promissory Note with a non-affiliated investor. The Note bears 12% interest and matures on October 15, 2025.

On February 19, 2025, Global Election Services, Inc. issued a Convertible Promissory Note in the principal amount of $115,000 with an OID of $15,000 to a non-affiliate. The Note bears 12% interest and is convertible at a $9,375,000 valuation and matures on October 15, 2025.

On March 10, 2025, Global Election Services, Inc. issued a Convertible Promissory Note in the principal amount of $7,500 to a non-affiliate. The Note bears 12% interest and is convertible at a $9,375,000 valuation and matures on October 15, 2025. As of March 19, 2025, Global Election Services, Inc. has repaid this note in full.

On March 12, 2025, Global Election Services, Inc. issued a Convertible Promissory Note in the principal amount of $22,500 to a non-affiliate. The Note bears 12% interest and is convertible at a $9,375,000 valuation and matures on October 15, 2025.

On March 12, 2025, Global Election Services, Inc. issued an Original Issue Discount Convertible Promissory Note in the principal amount of $27,500 with an OID of $2,500 to a non-affiliate. The Note bears 12% interest and is convertible at a $9,375,000 valuation and matures on October 15, 2025.

Convertible promissory notes payable at March 31, 2025 and December 31, 2024 consist of the following:

SCHEDULE OF CONVERTIBLE PROMISSORY NOTES PAYABLE

---

| | | |
|:---|:---|:---|
|  | March 31,<br>2025 | December 31,<br>2024 |
| Convertible promissory notes with interest rates ranging from 10% to 12% per annum, convertible into common shares at a fixed price ranging from $0.001 to $0.03 per share. Maturity dates through March 31, 2025, as amended ($2,639,444 in default) | $3891044 | $3577044 |
| Convertible promissory notes with interest rates ranging from 10% to 12% per annum, convertible into common shares at prices equal to 60% discount from the lowest trade price in the 20-25 trading days prior to conversion (as of March 31, 2025 the conversion price would be $0.001 per share). Maturity dates through March 31, 2025, as amended ($165,784 in default) | 190784 | 190784 |
| Convertible promissory notes with interest at 12% per annum, convertible into common shares of GES. The maturity dates through March 31, 2025 as amended. ($863,673 in default) | 1085178 | 1116427 |
| Total convertible promissory notes payable | 5167006 | 4884255 |
| Unamortized debt discount | (2504) | (26391) |
| Convertible promissory notes payable, net discount | 5164502 | 4857865 |
| Less current portion | (5164502) | (4857865) |
| Long-term portion | $- | $- |

---

SCHEDULE OF ROLLFOWARD OF CONVERTIBLE PROMISSORY NOTES PAYABLE

---

| | |
|:---|:---|
| Convertible promissory notes payable, December 31, 2023 | $4436356 |
| Issued for cash | 943600 |
| Issued for original issue discount | (122792) |
| Repayment for cash | (394751) |
| Conversion to common stock | (128805) |
| Amortization of debt discounts | 121257 |
| Convertible promissory notes payable, December 31, 2024 | $4857865 |
| Issued for cash | $372500 |
| Issued for original issue discount | $(17500) |
| Repayment for cash | $(89750) |
| Amortization of debt discounts | $41387 |
| Convertible promissory notes payable, March 31, 2025 | $5164502 |

---

**NOTE 7 - DERIVATIVE FINANCIAL INSTRUMENTS**

Certain of the Company's convertible promissory notes payable are convertible into shares of the Company's common stock at a percentage of the market price on the date of conversion. The Company has determined that the variable conversion rate is an embedded derivative instrument. The Company uses the Black-Scholes valuation method to value the derivative instruments at inception and on subsequent valuation dates. Weighted average assumptions used to estimate fair values are as follows:

SCHEDULE OF VALUATION TECHNIQUES USED IN DETERMINING FAIR VALUE OF DERIVATIVE LIABILITY

---

| | | |
|:---|:---|:---|
|  | March 31,<br>2025 | December 31,<br>2024 |
| Risk-free interest rate | 4.23% | 4.24% |
| Expected life of the options (years) | 0.50 | 0.50 |
| Expected volatility | 442% | 450% |
| Expected dividend yield | 0% | 0% |
| Fair value | $9922 | $20799 |

---

A rollforward of the derivative liability from December 31, 2024 to March 31, 2025 is below:

SCHEDULE OF CHANGES IN FAIR VALUE OF FINANCIAL DERIVATIVES

---

| | |
|:---|:---|
| Derivative liabilities, December 31, 2024 | $20799 |
| Change in fair value of derivative liabilities | 10877 |
| Derivative liabilities, March 31, 2025 | $9922 |

---

**NOTE 8 - STOCKHOLDERS' DEFICIT**

Series B Preferred Stock

Pursuant to the Company's Certificate of Incorporation, the Company has authorized 2,000,000 shares of $0.001 par value Preferred Stock. The Company has designated 250,000 of the 2,000,000 shares as Series B Preferred Stock. The Series B Preferred stockholders are entitled to a cumulative stock dividend, up to a maximum of 10% additional common stock upon the conversion after one year. The Series B Preferred Stock may be converted into common shares, at any time, at the option of the holder. The conversion price shall be the greater of $0.01 or 90% of the lowest closing price during the five most recent trading days prior to conversion. The number of common shares to be issued shall be the number of Series B Preferred shares times $10 per share divided by the conversion price.

Series C Preferred Stock

On July 27, 2022, the Company filed a Certificate of Designation with the State of Delaware authorizing the creation of 750,000 Series C Preferred Stock with the following terms and rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Designation
 and Number. A series of the preferred stock, designation the "Series C Preferred Stock,"
 $0.001 par value, is hereby established. The number of shares of the Series C Preferred Stock
 shall be Seven Hundred Fifty Thousand (750,000). The rights, preferences, privileges, and
 restrictions granted to and imposed on the Series C Preferred Stock are as set forth below.

B. Dividend
 Provisions. None

C. Conversion
 Rights. None

D. Preemptive
 Rights. None

E. Voting
 Rights. Each share of Series C Preferred Stock shall entitle the holder thereof to cast 5,000 votes on all matters submitted to a vote of the stockholders of the Corporation.

Common Stock

During the three months ended March 31, 2025, the Company did not issue any shares.

During the three months ended March 31, 2024, the Company issued 258,655,700 shares of common stock for conversion of $71,362 of convertible notes and $5,437 of accrued interest.

Warrant Activity

A summary of warrant activity is presented below:

SCHEDULE OF WARRANT ACTIVITY

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br><br>Number of<br>Warrants |<br>Weighted<br>Average<br>Exercise<br>Price ($) | Weighted<br>Average<br>Remaining<br>Contractual<br>Life (in years) |<br>Aggregate<br>Intrinsic<br>Value ($) |
| Outstanding, December 31, 2024 | 1144083333 | 0.001 | 1.95 |  |
| Granted | 50000000 | 0.001 |  |  |
| Exercised |  |  |  |  |
| Forfeited/Canceled | (29500000) | 0.001 |  |  |
| Outstanding, March 31, 2025 | 1164583333 | 0.001 | 2.27 |  |
| Exercisable, March 31, 2025 | 1164583333 | 0.001 | 2.27 |  |

---

Warrants

A summary of warrant activity is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of <br> Warrants | Exercise <br> Price ($) | Contractual Life <br> (in years) | Intrinsic <br> Value ($) |
| Outstanding, December 31, 2023 | 1045226190 | 0.003 | 2.17 |  |
| Granted | 150000000 | 0.001 |  |  |
| Exercised |  |  |  |  |
| Forfeited/Canceled | (7142857) | 0.001 |  |  |
| Outstanding, March 31, 2024 | 1038083333 | 0.001 | 2.04 |  |
| Exercisable, March 31, 2024 | 1038083333 | 0.001 | 2.04 |  |

---

During the quarter ended March 31, 2025, the Company issued warrants to purchase an aggregate of 50,000,000 shares of common stock. The fair values of the warrants were determined using the Black-Scholes option pricing model with the following assumptions:

● Expected life of 2 years

● Volatility of 372 %;

● Dividend yield of 0 %;

● Risk free interest rate of 4.28 %

During the quarter ended March 31, 2024, the Company did not issue any warrants.

**NOTE 9 - COMMITMENTS AND CONTINGENCIES**

The Company may be involved in legal proceedings in the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance.

On December 26, 2017, we entered into a settlement agreement with a prior attorney with regards to outstanding legal fees owed. Pursuant to this settlement agreement, we paid $25,000 on January 5, 2018, and $25,000 on February 5, 2018, and was required to pay an additional $200,000 during 2018. On December 14, 2020, the parties amended the settlement agreement to state that we were to pay the prior attorney $219,576. As of March 30, 2026, we have made total payments of $75,000 toward the remaining balance.

On or about May 1, 2023, Brett Pezzuto and Christian Pezzuto filed a complaint in the United States District Court for the Southern District of New York (Civil Action No. 1:23-cv-03591) against the Company and GES for nonpayment of certain promissory notes. The case was settled on or about February 12, 2024, with an amendment to the settlement agreement signed by the parties on April 19, 2024. Under this settlement agreement, the Company acknowledged the sum of $234,000 collateralized by confessions of judgment in favor of each of Brett and Christian Pezzuto in the sum of $234,000. In addition, each of Brett and Christian Pezzuto was granted 75,000,000 warrants, for a total of 150,000,000 warrants, at a strike price of $0.001 per share for a period of five years. The GES Notes have an outstanding principal and interest balance of $176,641 (the "GES Notes Sum") for each Brett and Christian Pezzuto. The GES Notes were to be converted into stock of 1329291 B.C. Ltd in connection with its proposed acquisition of GES. The Company subsequently determined not to proceed with 1329291 B.C. Ltd's acquisition of GES. Brett and Christian Pezzuto have the right to enforce the confession of judgment plus alleged legal fees of $85,210.80 as of January 15, 2024. On April 22, 2025, the Company paid Brett Pezzuto $234,000 toward the settlement agreement. On July 1, 2025, the Company paid $234,000 to Christian Pezzuto toward the settlement agreement. On November 14, 2025, plaintiffs filed a motion for summary judgment. The parties are in settlement negotiations.

On May 22, 2023, Lim Chap Huat filed a Motion for Summary Judgment in Lieu of Complaint in the Supreme Court of the State of New York (Index No. 652474/2023) against the Company to collect on a promissory note in the principal amount of $200,000, plus interest at the rate of 12%, as well as attorney's fees. On October 29, 2024, we entered into a Settlement Agreement and Mutual Limited Release with Mr. Lim Chap Huat and agreed to pay a total of $275,000 to Mr. Lim, secured by a Confession of Judgment. On December 20, 2024, we paid $250,000 of the settlement debt. On January 6, 2025, we paid $25,000 of the settlement debt, completing the terms of the settlement.

On October 14, 2025, Jason Old filed a complaint in the District Court of Tulsa County, Oklahoma (Civil Action No. CJ-2025-04721) against the Company and GES for breach of contract for failure to pay monies owned pursuant to a promissory note. On February 5, 2026, the Company and Mr. Old entered into a Release and Settlement Agreement, pursuant to which the parties agreed to settle the dispute and the Company agreed to pay Mr. Old $311,050.

**NOTE 10 - SOFTWARE**

For the three months ended March 31, 2025 and 2024, we capitalized $179,338 and $Nil respectively, for the costs incurred in for the enhancement of the GES Software.

**NOTE 11 - AGREEMENTS**

On March 25, 2021, the Company entered into the APA with Election Services Solutions. Under the APA, the Company agreed to purchase 100% of the assets of Election Services Solutions for a purchase price of $650,000, of which $511,150 has already been paid, and to issue 40,000,000 common shares to purchase these assets under the APA. GES derives over 80% of its business from Election Services Solutions. On August 2, 2024, the Company entered into a convertible promissory note agreement with the former owner of Elections Services Solutions to finalize the purchase of GES. The note, with a principal amount of $138,850 and an annual interest rate of 12%, was due on October 15, 2025, and was not yet repaid as of June 30, 2025.

On May 13, 2019, the Company entered into a joint venture agreement with Voting Portals, LLC (VP), a Florida limited liability company. Pursuant to this agreement, the joint venture will be making use of the VP online e-voting web portal solutions and proprietary e-voting software programs to service and fulfill GES's clients' online elections and other e-voting events pursuant to the terms of the agreement, as well as any other ventures and relationships agreed to pursuant to the goals of the agreement. The Agreement was amended and as part of this agreement, the Company will be issuing 10,000,000 common shares to VP for services rendered, and VP will own 100% of the rights to the software, while GES will be responsible for all administrative and other election procedures. This transaction is expected to close in the third quarter of 2026.

On January 14, 2022, GES entered into an Independent Consulting Agreement (ICA) with Magdiel Rodriquez. Under the terms of the ICA Magdiel Rodriquez will receive 15,000,000 million common shares in return for his software expertise in the development of GES election software. This new ICA replaces an amended MSA signed May 13, 2019 with HCAS and Magdiel Rodriquez wherein the Company was to issue a total of 30,000,000 warrants to purchase the Company's common shares at a price of $0.005 as consideration for the services of HCAS and Mr. Magdiel Rodriquez. Mr. Rodriguez has over 25 years' experience in the areas of Information Security, Enterprise Risk Management and Compliance, Information Technology and Operations including 21 years with Visa Inc. where he performed as Senior Business Leader of Information Security. Magdiel has extensive experience in a broad range of areas related to Information Security, Network Engineering, and Enterprise Governance, Risk and Compliance and Payment networks within the financial industry. Management anticipates the closing of this transaction will occur in the third quarter of 2026.

*Investment in TrueVote Inc.*

On February 27, 2023, the Company acquired 3,000,000 shares of TrueVote, representing 30% of TrueVote's outstanding common stock. In connection therewith, the Company invested $50,000 in a 24-month debenture and issued a 2-year warrant, at a conversion price of $0.0012 per share, for 4,500,000 shares of the Company's common stock.

TrueVote is building a comprehensive end-to-end, de-centralized, completely digital voting system. This will be based on traditional, proven database methodologies, and layered with a "checksum" that is posted on the blockchain, such that all data will be immutable and unalterable. This design is expected to ensure that every vote is transparently counted and verifiable. The TrueVote voting system will be based on traditional, proven database methodologies and layered with a "checksum" that is posted on the blockchain, proving all data is immutable and unalterable.

Tidewater Energy Group Inc. and GAHI Acquisition Corp.

Since 2024, Tidewater Energy Group Inc., a 51% owned subsidiary, and GAHI Acquisition Corp., a wholly owned subsidiary, have been dormant.

**NOTE 12 - SUBSEQUENT EVENTS**

The Company has evaluated subsequent events from the consolidated balance sheet date through March 30, 2026 (the unaudited consolidated financial statements issuance date). Based upon the review, the Company did not identify other subsequent events that would have required adjustment of or disclosure in the unaudited consolidated financial statements, except for the following:

*Pezzuto Action*

On or about May 1, 2023, Brett Pezzuto and Christian Pezzuto filed a complaint in the United States District Court for the Southern District of New York (Civil Action No. 1:23-cv-03591) against the Company and GES for nonpayment of certain promissory notes. The case was settled on or about February 12, 2024, with an amendment to the settlement agreement signed by the parties on April 19, 2024. Under this settlement agreement, the Company acknowledged the sum of $234,000 collateralized by confessions of judgment in favor of each of Brett and Christian Pezzuto in the sum of $234,000. In addition, each of Brett and Christian Pezzuto was granted 75,000,000 warrants, for a total of 150,000,000 warrants, at a strike price of $0.001 per share for a period of five years. The GES Notes have an outstanding principal and interest balance of $176,641 (the "GES Notes Sum") for each Brett and Christian Pezzuto. The GES Notes were to be converted into stock of 1329291 B.C. Ltd in connection with its proposed acquisition of GES. The Company subsequently determined not to proceed with 1329291 B.C. Ltd's acquisition of GES. Brett and Christian Pezzuto have the right to enforce the confession of judgment plus alleged legal fees of $85,210.80 as of January 15, 2024. On April 22, 2025, the Company paid Brett Pezzuto $234,000 toward the settlement agreement. On July 1, 2025, the Company paid $234,000 to Christian Pezzuto toward the settlement agreement. On November 14, 2025, plaintiffs filed a motion for summary judgment. The parties are in settlement negotiations.

*Lim Chap Huat Settlement*

On May 22, 2023, Lim Chap Huat filed a Motion for Summary Judgment in Lieu of Complaint in the Supreme Court of the State of New York (Index No. 652474/2023) against the Company to collect on a promissory note in the principal amount of $200,000, plus interest at the rate of 12%, as well as attorney's fees. On October 29, 2024, we entered into a Settlement Agreement and Mutual Limited Release with Mr. Lim Chap Huat and agreed to pay a total of $275,000 to Mr. Lim, secured by a Confession of Judgment. On December 20, 2024, we paid $250,000 of the settlement debt. On January 6, 2025, we paid $25,000 of the settlement debt, completing the terms of the settlement.

*2025 Easterly APA*

On July 1, 2025, the Company entered into that certain Asset Purchase Agreement (the "2025 Easterly APA") with GES Acquisition Corp., a Delaware corporation ("GES Acquisition"); Global Election Services, Inc., a Delaware corporation and a wholly owned subsidiary of the Company ("GES"); Global Election Services Holding LLC, a Delaware limited liability company ("GES Holding"); and Easterly CV VI LLC, a Delaware limited liability company ("Easterly").

*Asset Purchase.* Pursuant to the 2025 Easterly APA, GES Acquisition agreed to acquire substantially all of the operating assets of GES as it relates to its business of providing technology-enabled absentee paper ballot, mail ballot, and online election services within the United States (the "Business"). The assets being sold include all tangible and intangible property used in the Business, contracts, intellectual property, assigned permits, accounts receivable, rights to causes of actions and warranties, purchased records, and business goodwill. GES Acquisition will also assume certain specified liabilities. The 2025 Easterly APA excludes specific assets and liabilities, including but not limited to GES's cash and equivalents, tax returns and refunds, retained benefit plans and employment agreements, any contracts or permits not otherwise assigned, and any liabilities arising prior to the effective time of the 2025 Easterly APA.

*Consideration*. The total consideration payable to the Company and its shareholders in connection with the transaction include:

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| |
|:---|
| $2.3 million in cash, a portion of which will be used to pay or settle outstanding indebtedness and GES expenses at the closing of the transaction ("Closing"), in exchange for 2,453,333 shares of Series A Convertible Preferred Stock of GES Acquisition ("Series A Stock") issued to Easterly; |
| 4,000,000 shares of common stock of GES Acquisition issued to GES Holding; |
| Forgiveness of $1.125 million in Company and/or GES debt owed to Easterly, satisfied through the issuance of 1,200,000 shares of Series A Stock; and |
| Entry into a $2.2 million credit facility agreement between Easterly and GES Acquisition, convertible into Series A Stock under specified conditions. |

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*Employment.* Upon Closing, John Matthews and Kathryn Weisbeck will enter into employment agreements with GES Acquisition, and enter into a Non-disclosure, Non-solicitation and IP Rights Agreement. Further, John Matthews will be appointed as a director of GES Acquisition and the Board of Directors of GES Acquisition will be limited to no more than two other persons. GES Acquisition may offer employment to selected GES employees at its discretion; those employees will become "Hired Employees" and transition plans are outlined for benefit coverage and COBRA compliance.

*Closing Conditions*. The transaction is subject to standard conditions, including but not limited to receipt of required stockholder approvals by GES and the Company; repayment or settlement of all GES debt; no injunctions or governmental restriction on the transaction; and no material adverse effect on either party from the Effective Date of the 2025 Easterly APA through Closing. Closing is also conditioned upon the finalization and execution of all transaction documents, including a Certificate of Designations of Preferences and Rights of the Series A Stock, debt settlement agreements, employment agreements, and the credit facility agreement.

*Termination*. The 2025 Easterly APA may be terminated by mutual written consent; upon breach by any party that is not cured within the specified period; if required stockholder approvals are not obtained; or if the transaction does not close by August 31, 2025. See "—Amendment No. 1 to 2025 Easterly APA" below.

*Indemnification*. The 2025 Easterly APA includes mutual indemnification obligations whereby GES and Company agreed to indemnify GES Acquisition and Easterly against liabilities arising from excluded assets or liabilities and breaches of representations. GES Acquisition and Easterly also agreed to indemnify GES and the Company against liabilities arising from assumed obligations and breaches. Indemnification claims must exceed $100,000 and total liability for non-fraud claims was capped at $1.375 million.

*Amendment No. 1 to 2025 Easterly APA*

On August 29, 2025, GAHI, GES Acquisition, GES, Global Election Services Holding LLC, and Easterly CV VI LLC entered into that certain Amendment No. 1 to the 2025 Easterly APA (the "Amendment") to amend Section 9.01(b) to change the "Outside Closing Date" from August 31, 2025 to October 15, 2025. All other terms of the 2025 Easterly APA remained in full force and effect.

*Termination of 2025 Easterly APA*

On February 25, 2026, the parties to the 2025 Easterly APA entered into a Termination of Asset Purchase Agreement (the "2025 Easterly APA Termination"), pursuant to which the parties thereto agreed to terminate, as of February 25, 2026, the 2025 Easterly APA, subject to the terms set forth in the 2025 Easterly APA Termination.

*2026 Easterly APA*

On February 26, 2026, following termination of the 2025 Easterly APA, the Company entered into that certain Asset Purchase Agreement (the "2026 Easterly APA") with GES (together with the Company, the "Sellers"), GES Acquisition and Easterly.

*Asset Sale.* Pursuant to the terms of the 2026 Easterly APA, the Sellers agreed to sell to GES Acquisition all of their right, title and interest in and to Sellers' business of providing technology-enabled paper absentee, mail ballot and online election services in the U.S. (the "Business") and the assets, properties and rights of the Sellers, other than the Excluded Assets (as defined in the 2026 Easterly APA) (the "Assets"). The Assets include identified tangible and intangible property used in the Business, contracts, intellectual property, assigned permits, accounts receivable, rights to causes of actions and warranties, purchased records, and goodwill of the Business; and exclude specified assets, including, but not limited to, cash and cash equivalents, tax returns and refunds, retained benefit plans and employment agreements.

*Consideration*. Pursuant to the terms of the 2026 Easterly APA, the consideration payable by GES Acquisition to the Sellers for the Assets will be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 assumption by GES Acquisition to the Sellers of the Assumed Liabilities (as defined in the 2026 Easterly APA);

(ii) The
 payment of the sum of $2,400,000 to GES, to be paid in cash at the closing; and

(iii) The
 issuance to the Company of 2,571,428 shares of common stock of GES Acquisition.

*Designation of GES Series A Stock*. Prior to the closing, GES Acquisition agreed to designate 6,000,000 shares of its preferred stock as Series A convertible preferred stock (the "GES Series A Stock").

*Easterly Transactions.* Easterly previously funded to the Sellers the following amounts, totaling $1,920,000 (collectively, the "Previously Funded Amounts"), which, as of February 25, 2026, were due and repayable to Easterly:

&nbsp;&nbsp;&nbsp;&nbsp;(i) $1,153,555 , which has been paid to certain creditors of the Sellers;

(ii) $331,835 , which has been paid for GES Services' software technology;

(iii) $374,610 , to reimburse the Sellers for certain transaction expenses;
and

(iv) $60,000 ,
 which, as of February 25, 2026, was being held by the Sellers.

GES Acquisition agreed to issue and sell to Easterly, at the closing, 6,000,000 shares of GES Series A Stock at a negotiated value for sale of $0.9375 per share, for a total consideration payable of $5,625,000 (the "Total Subscription Consideration") as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(i) $2,400,000 of the Total Subscription Consideration, in exchange for 2,560,000 shares of GES Series A
 Stock, will be paid by Easterly to GES Acquisition at the closing, and then GES Acquisition
 will transfer such amount to the Sellers in consideration of the acquisition of the Assets.

(ii) $1,920,00 of the Total Subscription Consideration, in exchange for 2,048,000 shares of Series A Stock,
 will be deemed satisfied by forgiveness of the repayment of the Previously Funded Amounts
 by Sellers to Easterly. Upon issuance of the 2,048,000 shares of GES Series A Stock to Easterly,
 the Previously Funded Amounts will be deemed repaid in full, and the Sellers will have no
 further obligations with respect thereto.

(iii) $1,305,000 of the Total Subscription Consideration, in exchange for 1,392,000 shares of GES Series A
 Stock, will be paid via delivery by Easterly to GES Acquisition of a promissory note.

*Employment Agreements; GES Acquisition Officers and Directors.* GES Acquisition agreed to enter into, at the closing, (i) an employment agreement with John S. Matthews pursuant to which Mr. Matthews will serve as Chief Executive Officer of GES Acquisition, and (ii) an employment agreement with Kathryn Weisbeck pursuant to which she will serve as an executive officer of GES Acquisition. Mr. Matthews is the Company's Chief Executive Officer, Chief Financial Officer and Chairman of the Board, and is a significant stockholder of the Company. Ms. Weisbeck is an executive officer and significant stockholder of the Company. GES Acquisition also agreed to name Darrell Crate as a director of GES Acquisition at the closing, and agreed that, at the closing, GES Acquisition's board of directors would be comprised of Mr. Matthews and no more than two other persons.

*Redemption.* Immediately following the closing, GES Acquisition will redeem the one share of GES Acquisition common stock held by Mr. Matthews at a redemption price of $1.00.

*Closing Conditions.* The transaction is subject to standard closing conditions, including but not limited to, receipt of approval by the Company's stockholders; receipt of required governmental consents; no injunctions or governmental restriction on the transaction; and no third party actions to enjoin or otherwise restrict consummation of the closing. Closing is also conditioned upon the finalization and execution of all transaction documents.

*Termination*. The 2026 Easterly APA may be terminated, subject to the terms of the 2026 Easterly APA, by mutual written consent; if the transaction does not close by April 30, 2026; if there are injunctions or governmental restrictions on the transactions contemplated by the 2026 Easterly APA; upon material breach by any party that is not cured within the specified period; upon a material adverse effect, not cured within the specified period, on the condition (financial or otherwise), business, assets, properties or results of operations of one of the parties or the ability of one of the parties to consummate the transactions; or if required Company stockholder approval is not obtained by April 30, 2026.

*Indemnification*. The 2026 Easterly APA includes mutual indemnification obligations whereby the Sellers agreed to indemnify GES Acquisition, Easterly and their respective affiliates against liabilities arising from the Excluded Assets or excluded liabilities, the Sellers' indebtedness as it relates to the Business, the Sellers' transaction expenses, to the extent not paid on or prior to the closing date or comprising an assumed liability; and breaches of representations, warranties, or covenants. GES Acquisition and Easterly also agreed to indemnify the Sellers and their respective affiliates against liabilities arising from GES Acquisition's ownership and operation of the Assets following the closing; GES Acquisition's failure to perform, discharge or satisfy the assumed liabilities; and breaches of representations, warranties, or covenants. Indemnification claims must exceed $100,000 and total liability for non-fraud claims was capped at $1.375 million.

*Series A Preferred Stock A&R Certificate of Designations*

On February 27, 2026, the Company filed an Amended and Restated Certificate of Designations of Preferences and Rights (the "A&R Certificate of Designations") of the Series A convertible preferred stock (the "Series A Preferred Stock") with the Secretary of State of the State of Delaware. The material terms of the Series A Preferred Stock are set forth below.

*Number; Stated Value.* The number of authorized shares of Series A Preferred Stock is 400,000 shares. Each share of Series A Preferred Stock has a stated value of $20.00, subject to adjustment as set forth in the A&R Certificate of Designations (such amount as applicable from time to time, the "Stated Value"). The Stated Value of each issued and outstanding share of Series A Preferred Stock will increase each year on the annual anniversary of the issuance date of the applicable share of Series A Preferred Stock by $1.60.

 

*Conversion.* The Series A Preferred Stock is convertible into restricted shares of common stock at the option of the holder at any time following the 12-month anniversary of the issuance of the applicable shares of Series A Preferred Stock, if such shares have been issued and outstanding for at least such 12-month period. Each share of Series A Preferred Stock is convertible into a number of shares of common stock equal to (i) the Stated Value as of the conversion date, divided by (ii) the greater of (A) 90% of the Market Price (as defined in the A&R Certificate of Designations); and (B) $0.01.

*Voting Rights.* Shares of Series A Preferred Stock have no voting rights except as required by law or as stated in the A&R Certificate of Designations.

*Beneficial Ownership Limitation.* No holder of Series A Preferred Stock may complete a conversion if such conversion would result in beneficial ownership of more than 4.99% of the Company's outstanding common stock.

*Amendment.* The Company may not amend or repeal the A&R Certificate of Designations without the prior written consent or approval of holders of Series A Preferred Stock holding a majority of the Series A Preferred Stock then issued and outstanding, voting separately as a single class, and with each share of Series A Preferred Stock having one vote on any such matter.

*No Optional Redemption.* The Company may not redeem any of the outstanding shares of Series A Preferred Stock without the written agreement of the applicable Series A Holder holding such applicable shares of Series A Preferred Stock.

*No Participation.* The Series A Preferred Stock is not entitled to receive any dividends or distributions paid on the Company's common stock or any other class of preferred stock, and the Series A Preferred Stock will not participate in any dividends, distributions or payments to the common stockholders or holders of any other class of preferred stock, whether in liquidation, by dividend or otherwise.

*No Transfer.* The Series A Preferred Stock may not be sold, gifted, assigned or otherwise transferred, and no right, title or interest in the Series A Preferred Stock may be created, sold, gifted, assigned or otherwise transferred, without the prior written approval of the Board in its sole discretion, and any such action without such prior written consent will be automatically null and void and of no force or effect.

*March 2026 Loan Agreement*

On March 3, 2026, GES entered into a loan agreement with a non-affiliate investor in the amount of $70,000. Pursuant to the terms of the loan agreement, GES agreed to repay the loan in weekly payments of $2,500. As of March 30, 2026, the remaining balance under the loan agreement was $60,000.

*Promissory Notes*

The Company has received the following advances to fund working capital and transaction expenses in the form of notes.

● On April 21, 2025, the Company received $400,000 from the issuance of a Convertible Promissory Note with a non-affiliated investor. The Note bears 12 % interest and matures on October 15, 2025 .

● On June 30, 2025, the Company received $400,000 from the issuance of a Convertible Promissory Note with a non-affiliated investor. The Note bears 12 % interest and matures on October 15, 2025 .

● On August 22, 2025, the Company received $150,000 from the issuance of a Convertible Promissory Note with a non-affiliated investor. The Note bears 12 % interest and matures on October 15, 2025 .

● On August 22, 2025, the Company received $150,000 from the issuance of a Convertible Promissory Note with a non-affiliated investor. The Note bears 12 % interest and matures on March 30, 2026 .

● On September 5, 2025, the Company received $150,000 from the issuance of a Convertible Promissory Note with a non-affiliated investor. The Note bears 12 % interest and matures on March 30, 2026 .

● On October 29, 2025, the Company received $100,000 from the issuance of a Convertible Promissory Note with a non-affiliated investor. The Note bears 12 % interest and matures on March 30, 2026 .

● On December 1, 2025, the Company received $100,000 from the issuance of a Convertible Promissory Note with a non-affiliated investor. The Note bears 12 % interest and matures on March 30, 2026 .

The Company used (i) $270,000 of the proceeds from the above notes to pay the Lim settlement; (ii) $234,000 of the proceeds to pay the Brett Pezzuto settlement, and (iii) $234,000 of the proceeds to pay the Christian Pezzuto settlement.

In addition, since January 1, 2025, the Company raised $244,500 through the issuance of promissory notes, as disclosed below:

● On June 6, 2025, Global Election Services entered into a loan agreement with a non-affiliate in the amount of $87,000 at 6 %. The Company will repay the loan in 28 weekly fixed payments of $3,107 .

● On September 5, 2025, Global Election Services entered into a loan agreement with a non-affiliate in the amount of $50,750 at 6 %. The Company will repay the loan 21 weekly fixed payments of $2,414 .

*Certificate of Correction to Certificate of Amendment to Certificate of Incorporation*

On December 18, 2018, the Company filed a Certificate of Amendment (the "2018 Amendment") to the Company's Certificate of Incorporation that purported to effectuate a 1-for-4 reverse split of the Company's common stock. In order to be effective, the proposed reverse stock split required clearance from the Financial Industry Regulatory Authority ("FINRA"). Because FINRA had not cleared the proposed reverse stock split prior to the Company's filing of the 2018 Amendment, the 2018 Amendment was inaccurate and the filing thereof was made in error. On September 25, 2025, the Company filed a Certificate of Correction to the 2018 Amendment that had the effect to nullifying the 2018 Amendment. Accordingly, the 2018 Amendment is of no force or effect.

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*Statements in this Management's Discussion and Analysis of Financial Condition and Results of Operations, as well as in certain other parts of this Quarterly Report on Form 10-Q (as well as information included in oral statements or other written statements made or to be made by the Company) that look forward in time, are forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, expectations, predictions, and assumptions and other statements that are other than statements of historical facts. Although Global Arena Holding, Inc. ("GAHI" or the "Company") believes such forward-looking statements are reasonable, it can give no assurance that any forward-looking statements will prove to be correct. Such forward-looking statements are subject to, and are qualified by, known and unknown risks, uncertainties and other factors that could cause actual results, performance, or achievements to differ materially from those expressed or implied by those statements. These risks, uncertainties and other factors include, but are not limited to our ability to estimate the impact of competition and of industry consolidation and risks, uncertainties and other factors set forth in our filings with the Securities and Exchange Commission (the "SEC"), including without limitation, this Quarterly Report on Form 10-Q, as the same may be updated or amended from time to time.*

 

*We undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this Quarterly Report on Form 10-Q.*

**Overview**

Global Election Services, Inc. ("GES"), a wholly owned subsidiary of the Company, has developed and deployed proprietary registration software, which was designed specifically to authenticate and register voters. This proprietary software functions as a data storage and retrieval registration system by cross-referencing eligibility status within a control voter database. In a mail ballot election, the voter's ID barcode, QR code, or signature on the business reply envelope, can be scanned and the status of that voter is identified. If the voter is not eligible to vote or another ballot for that individual has already been registered in the system, that ballot is marked VOID and removed from the count. In an in-person election, the voter provides their name for look-up in the system. If they have not voted, a signature box pops up on the screen, the voter signs an electronic signature-pad and the digital signature is captured next to their name. If a voter tries to vote more than once, an alert will pop up indicating that the voter has already registered, and the voter will not receive an additional ballot. Because we account for every single ballot, the system has multiple reporting options, which include the list of valid envelopes and list of voters whose ballot was void, detailing the reason. Once the voter is authenticated, the identifiers are removed to ensure a secret vote, and the ballot is scanned for tabulation.

GES developed proprietary scanning and tabulation election software. This software features advanced OMR/OCR/barcode scanning and tabulation system featuring de-skewing, de-speckling and image correction. The computer hardware was designed to run hard wired without Internet or Wi-Fi access, ensuring complete security. The system allows for triple-auditing capabilities, which are electronically generated tabulation results, .jpeg imaging and storage, and the original physical ballot. This advancement gives GES the ability to tabulate elections faster and more efficiently. As experts in paper/mail ballot elections, GES began deploying this system in our elections in the third quarter of 2017.

In 2020, GES developed, built and implemented a propriety online election voting solution that is compliant with Title IV of the United States Department of Labor Office of Labor-Management Standards.

GES built the platform on Amazon Web Services (AWS), which we believe is one of the most secure global infrastructures, and is a comprehensive, evolving platform provided by Amazon that includes a mixture of infrastructure as a service (IaaS) platform as a service and packaged software (PaaS), and software as a service offerings (SaaS).

The platform enables GES to protect individual client data, including the ability to encrypt it, move it, and manage retention (if required). All data flowing across the global network interconnects with the GES secured data center and is automatically encrypted at the physical layer before it leaves our secured facilities. Additional encryption layers exist as well.

GES controls where our client data is stored, who can access it, and what resources your organization is utilizing at any given moment. Fine-grain identity and access controls combined with continuous monitoring for near real-time security information ensures that the right resources have the right access at all times, wherever your information is stored.

GES encryption software uses AES 256 with a cryptographic key using an RSA elliptic curve of 4096, which is used to encrypt the communication of the client and the GES server, as well as all client data hosted in the server. A six-digit security code, delivered to the voter's email address provided by the client, must be validated by the prospective voter in order to authenticate the identity of the voter before the voter may access the ballot. After validating the voter, the voter then votes anonymously, so that the identity of the voter and the ballot cast can never be matched.

Every state has election software developers and manufacturers who may also qualify by meeting individual requirements for individual states in the United States.

GES has begun undertaking the following six step benchmarks to qualify for the updated U.S. certification and is also considering individual State certifications:

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| |
|:---|
| Step 1 - Voting System Testing, Testing current developed systems to U.S. Federal 2.0 Standards |
| Step 2 - Technical Data Package Review; Reviews submitted documents against documentation requirements of outside agencies, published standards, or U.S. specifications |
| Step 3 - Physical Configuration Audit; Examines the documentation of the system against the actual submitted system |
| Step 4 - System Integration Testing; Executes tests on all components of a system configured as if the system was deployed |
| Step 5 - Functional Configuration Audit; Examines submitted test data and conducts additional testing to verify submitted system hardware and software described in the documents submitted to the Elections Assistance Commission and the Department of Homeland Security |
| Step 6 - Security Testing; Performs vulnerability assessments and penetration analysis to assess system vulnerabilities |

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**Recent Developments**

In an attempt to retain and grow stockholder value, we have continually attempted to raise capital through equity and debt offerings and have explored a sale of GES. For additional information, see Note [●] to the Company's unaudited consolidated financial statements, included elsewhere in this Quarterly Report on Form 10-Q.

*2025 Easterly APA*

On July 1, 2025, the Company entered into that certain Asset Purchase Agreement (the "2025 Easterly APA") with GES Acquisition Corp. ("GES Acquisition"), GES, Global Election Services Holding LLC ("GES Holding"), and Easterly CV VI LLC ("Easterly").

*Asset Purchase.* Pursuant to the 2025 Easterly APA, GES Acquisition agreed to acquire substantially all of the operating assets of GES as it relates to its business of providing technology-enabled absentee paper ballot, mail ballot, and online election services within the United States (the "Business"). The assets being sold include all tangible and intangible property used in the Business, contracts, intellectual property, assigned permits, accounts receivable, rights to causes of actions and warranties, purchased records, and business goodwill. GES Acquisition will also assume certain specified liabilities. The 2025 Easterly APA excludes specific assets and liabilities, including but not limited to GES's cash and equivalents, tax returns and refunds, retained benefit plans and employment agreements, any contracts or permits not otherwise assigned, and any liabilities arising prior to the effective time of the 2025 Easterly APA.

*Consideration*. The total consideration payable to the Company and its shareholders in connection with the transaction include:

---

| |
|:---|
| $2.3 million in cash, a portion of which will be used to pay or settle outstanding indebtedness and GES expenses at the closing of the transaction ("Closing"), in exchange for 2,453,333 shares of Series A Stock issued to Easterly; |
| 4,000,000 shares of common stock of GES Acquisition issued to GES Holding; |
| Forgiveness of $1.125 million in Company and/or GES debt owed to Easterly, satisfied through the issuance of 1,200,000 shares of Series A Stock; and |
| Entry into a $2.2 million credit facility agreement between Easterly and GES Acquisition, convertible into Series A Stock under specified conditions. |

---

*Employment.* Upon Closing, John Matthews and Kathryn Weisbeck will enter into employment agreements with GES Acquisition, and enter into a Non-disclosure, Non-solicitation and IP Rights Agreement. Further, John Matthews will be appointed as a director of GES Acquisition and the Board of Directors of GES Acquisition will be limited to no more than two other persons. GES Acquisition may offer employment to selected GES employees at its discretion; those employees will become "Hired Employees" and transition plans are outlined for benefit coverage and COBRA compliance.

*Closing Conditions*. The transaction is subject to standard conditions, including but not limited to receipt of required stockholder approvals by GES and GAHI; repayment or settlement of all GES debt; no injunctions or governmental restriction on the transaction; and no material adverse effect on either party from the Effective Date of the 2025 Easterly APA through Closing. Closing is also conditioned upon the finalization and execution of all transaction documents, including a Certificate of Designations of Preferences and Rights of the Series A Stock, debt settlement agreements, employment agreements, and the credit facility agreement.

*Termination*. The 2025 Easterly APA may be terminated by mutual written consent; upon breach by any party that is not cured within the specified period; if required stockholder approvals are not obtained; or if the transaction does not close by August 31, 2025. On August 29, 2025, the parties entered into that certain Amendment No. 1 to the 2025 Easterly APA to amend Section 9.01(b) to change the "Outside Closing Date" from August 31, 2025 to October 15, 2025. All other terms of the 2025 Easterly APA remain in full force and effect.

*Indemnification*. The 2025 Easterly APA includes mutual indemnification obligations whereby GES and Company agreed to indemnify GES Acquisition and Easterly against liabilities arising from excluded assets or liabilities and breaches of representations. GES Acquisition and Easterly also agreed to indemnify GES and GAHI against liabilities arising from assumed obligations and breaches. Indemnification claims must exceed $100,000 and total liability for non-fraud claims was capped at $1.375 million.

*Amendment No. 1 to 2025 Easterly APA*

On August 29, 2025, GAHI, GES Acquisition, GES, Global Holding, and Easterly entered into that certain Amendment No. 1 to the 2025 Easterly APA (the "Amendment") to amend Section 9.01(b) to change the "Outside Closing Date" from August 31, 2025 to October 15, 2025. All other terms of the 2025 Easterly APA remained in full force and effect.

*Termination of 2025 Easterly APA*

On February 25, 2026, the parties to the 2025 Easterly APA entered into a Termination of Asset Purchase Agreement (the "2025 Easterly APA Termination"), pursuant to which the parties thereto agreed to terminate, as of February 25, 2026, the 2025 Easterly APA, subject to the terms set forth in the 2025 Easterly APA Termination.

*2026 Easterly APA*

On February 26, 2026, following termination of the 2025 Easterly APA, the Company entered into that certain Asset Purchase Agreement (the "2026 Easterly APA") with GES (together with the Company, the "Sellers"), GES Acquisition and Easterly.

*Asset Sale.* Pursuant to the terms of the 2026 Easterly APA, the Sellers agreed to sell to GES Acquisition all of their right, title and interest in and to Sellers' business of providing technology-enabled paper absentee, mail ballot and online election services in the U.S. (the "Business") and the assets, properties and rights of the Sellers, other than the Excluded Assets (as defined in the 2026 Easterly APA) (the "Assets"). The Assets include identified tangible and intangible property used in the Business, contracts, intellectual property, assigned permits, accounts receivable, rights to causes of actions and warranties, purchased records, and goodwill of the Business; and exclude specified assets, including, but not limited to, cash and cash equivalents, tax returns and refunds, retained benefit plans and employment agreements.

*Consideration*. Pursuant to the terms of the 2026 Easterly APA, the consideration payable by GES Acquisition to the Sellers for the Assets will be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(i) The assumption
 by GES Acquisition to the Sellers of the Assumed Liabilities (as defined in the 2026 Easterly APA);

(ii) The
 payment of the sum of $2,400,000 to GES, to be paid in cash at the closing; and

(iii) The
 issuance to the Company of 2,571,428 shares of common stock of GES Acquisition.

*Designation of GES Series A Stock*. Prior to the closing, GES Acquisition agreed to designate 6,000,000 shares of its preferred stock as Series A convertible preferred stock (the "GES Series A Stock").

*Easterly Transactions.* Easterly previously funded to the Sellers the following amounts, totaling $1,920,000 (collectively, the "Previously Funded Amounts"), which, as of February 25, 2026, were due and repayable to Easterly:

&nbsp;&nbsp;&nbsp;&nbsp;(i) $1,153,555, which
 has been paid to certain creditors of the Sellers;

(ii) $331,835, which
 has been paid for GES Services' software technology;

(iii) $374,610, to
 reimburse the Sellers for certain transaction expenses; and

(iv) $60,000, which,
 as of February 25, 2026, was being held by the Sellers.

GES Acquisition agreed to issue and sell to Easterly, at the closing, 6,000,000 shares of GES Series A Stock at a negotiated value for sale of $0.9375 per share, for a total consideration payable of $5,625,000 (the "Total Subscription Consideration") as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(iv) $2,400,000
 of the Total Subscription Consideration, in exchange for 2,560,000 shares of GES Series A
 Stock, will be paid by Easterly to GES Acquisition at the closing, and then GES Acquisition
 will transfer such amount to the Sellers in consideration of the acquisition of the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;(v) $1,920,00
 of the Total Subscription Consideration, in exchange for 2,048,000 shares of Series A Stock,
 will be deemed satisfied by forgiveness of the repayment of the Previously Funded Amounts
 by Sellers to Easterly. Upon issuance of the 2,048,000 shares of GES Series A Stock to Easterly,
 the Previously Funded Amounts will be deemed repaid in full, and the Sellers will have no
 further obligations with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;(vi) $1,305,000
 of the Total Subscription Consideration, in exchange for 1,392,000 shares of GES Series A
 Stock, will be paid via delivery by Easterly to GES Acquisition of a promissory note.

*Employment Agreements; GES Acquisition Officers and Directors.* GES Acquisition agreed to enter into, at the closing, (i) an employment agreement with John S. Matthews pursuant to which Mr. Matthews will serve as Chief Executive Officer of GES Acquisition, and (ii) an employment agreement with Kathryn Weisbeck pursuant to which she will serve as an executive officer of GES Acquisition. Mr. Matthews is the Company's Chief Executive Officer, Chief Financial Officer and Chairman of the Board, and is a significant stockholder of the Company. Ms. Weisbeck is an executive officer and significant stockholder of the Company. GES Acquisition also agreed to name Darrell Crate as a director of GES Acquisition at the closing, and agreed that, at the closing, GES Acquisition's board of directors would be comprised of Mr. Matthews and no more than two other persons.

*Redemption.* Immediately following the closing, GES Acquisition will redeem the one share of GES Acquisition common stock held by Mr. Matthews at a redemption price of $1.00.

*Closing Conditions.* The transaction is subject to standard closing conditions, including but not limited to, receipt of approval by the Company's stockholders; receipt of required governmental consents; no injunctions or governmental restriction on the transaction; and no third party actions to enjoin or otherwise restrict consummation of the closing. Closing is also conditioned upon the finalization and execution of all transaction documents.

*Termination*. The 2026 Easterly APA may be terminated, subject to the terms of the 2026 Easterly APA, by mutual written consent; if the transaction does not close by April 30, 2026; if there are injunctions or governmental restrictions on the transactions contemplated by the 2026 Easterly APA; upon material breach by any party that is not cured within the specified period; upon a material adverse effect, not cured within the specified period, on the condition (financial or otherwise), business, assets, properties or results of operations of one of the parties or the ability of one of the parties to consummate the transactions; or if required Company stockholder approval is not obtained by April 30, 2026.

*Indemnification*. The 2026 Easterly APA includes mutual indemnification obligations whereby the Sellers agreed to indemnify GES Acquisition, Easterly and their respective affiliates against liabilities arising from the Excluded Assets or excluded liabilities, the Sellers' indebtedness as it relates to the Business, the Sellers' transaction expenses, to the extent not paid on or prior to the closing date or comprising an assumed liability; and breaches of representations, warranties, or covenants. GES Acquisition and Easterly also agreed to indemnify the Sellers and their respective affiliates against liabilities arising from GES Acquisition's ownership and operation of the Assets following the closing; GES Acquisition's failure to perform, discharge or satisfy the assumed liabilities; and breaches of representations, warranties, or covenants. Indemnification claims must exceed $100,000 and total liability for non-fraud claims was capped at $1.375 million.

*Series A Preferred Stock A&R Certificate of Designations*

On February 27, 2026, the Company filed an Amended and Restated Certificate of Designations of Preferences and Rights (the "A&R Certificate of Designations") of the Series A convertible preferred stock (the "Series A Preferred Stock") with the Secretary of State of the State of Delaware. The material terms of the Series A Preferred Stock are set forth below.

*Number; Stated Value.* The number of authorized shares of Series A Preferred Stock is 400,000 shares. Each share of Series A Preferred Stock has a stated value of $20.00, subject to adjustment as set forth in the A&R Certificate of Designations (such amount as applicable from time to time, the "Stated Value"). The Stated Value of each issued and outstanding share of Series A Preferred Stock will increase each year on the annual anniversary of the issuance date of the applicable share of Series A Preferred Stock by $1.60.

 

*Conversion.* The Series A Preferred Stock is convertible into restricted shares of common stock at the option of the holder at any time following the 12-month anniversary of the issuance of the applicable shares of Series A Preferred Stock, if such shares have been issued and outstanding for at least such 12-month period. Each share of Series A Preferred Stock is convertible into a number of shares of common stock equal to (i) the Stated Value as of the conversion date, divided by (ii) the greater of (A) 90% of the Market Price (as defined in the A&R Certificate of Designations); and (B) $0.01.

*Voting Rights.* Shares of Series A Preferred Stock have no voting rights except as required by law or as stated in the A&R Certificate of Designations.

*Beneficial Ownership Limitation.* No holder of Series A Preferred Stock may complete a conversion if such conversion would result in beneficial ownership of more than 4.99% of the Company's outstanding common stock.

*Amendment.* The Company may not amend or repeal the A&R Certificate of Designations without the prior written consent or approval of holders of Series A Preferred Stock holding a majority of the Series A Preferred Stock then issued and outstanding, voting separately as a single class, and with each share of Series A Preferred Stock having one vote on any such matter.

*No Optional Redemption.* The Company may not redeem any of the outstanding shares of Series A Preferred Stock without the written agreement of the applicable Series A Holder holding such applicable shares of Series A Preferred Stock.

*No Participation.* The Series A Preferred Stock is not entitled to receive any dividends or distributions paid on the Company's common stock or any other class of preferred stock, and the Series A Preferred Stock will not participate in any dividends, distributions or payments to the common stockholders or holders of any other class of preferred stock, whether in liquidation, by dividend or otherwise.

*No Transfer.* The Series A Preferred Stock may not be sold, gifted, assigned or otherwise transferred, and no right, title or interest in the Series A Preferred Stock may be created, sold, gifted, assigned or otherwise transferred, without the prior written approval of the Board in its sole discretion, and any such action without such prior written consent will be automatically null and void and of no force or effect.

*March 2026 Loan Agreement*

On March 3, 2026, GES entered into a loan agreement with a non-affiliate investor in the amount of $70,000. Pursuant to the terms of the loan agreement, GES agreed to repay the loan in weekly payments of $2,500. As of March 30, 2026, the remaining balance under the loan agreement was $60,000.

**Trends and Uncertainties**

We currently have minimal revenues and operations and are investigating potential businesses and companies for acquisition to create and/or acquire a sustainable business. Our ability to acquire or create a sustainable business may be adversely affected by our current financial condition, availability of capital and/or loans, general economic conditions, which can be cyclical in nature along with prolonged recessionary periods, and other economic and political situations.

We have generated recurring losses and cash flow deficits from our operations since inception and have had to continually borrow to continue operations. These matters raise substantial doubt about our ability to continue as a going concern. Our continued operations are dependent upon our ability to raise additional capital, obtain additional financing and/or generate positive cash flows from operations. Management believes that it will be successful in obtaining additional financing, the proceeds of which, if received, would be primarily used to execute the Company's new operating plans. We plan to use our available cash and any new financing to develop and execute our business plan and hopefully create and maintain a self-sustaining business. However, we can give no assurances that we will be successful in achieving our plans or if financing will be available or, if available, on terms acceptable to us, or at all. Should we not be successful in obtaining the necessary financing to fund our operations and ultimately achieve adequate profitability and cash flows from operations, we would need to curtail certain or all our operating activities.

There are no trends, events or uncertainties that have had or are reasonably expected to have a material impact on the net sales or revenues or income from continuing operations. There are no significant elements of income or loss that do not arise from our continuing operations, except for the fair value change on derivative financial instruments.

The rapid advances in computing and telecommunications technology over the past several decades have brought with them increasingly sophisticated methods of delivering administrating elections. Along with these advances, though, have come risks regarding the integrity and privacy of data, and these risks apply to election companies, falling into the general classification of cybersecurity. While it is not possible for anyone to give an absolute guarantee that data will not be compromised, when applicable, we shall utilize third-party service providers to secure the Company's financial and personal data; we believe that third-party service providers provide reasonable assurance that the financial and personal data that they hold are secure.

**Liquidity and Capital Resources**

Liquidity is the ability of an enterprise to generate adequate amounts of cash to meet its needs for cash requirements. At March 31, 2025 and December 31, 2024, we had an accumulated deficit of $33,794,993 and $33,506,870, respectively, and a working capital deficit of $11,085,709 and $10,680,570, respectively. Our ability to continue as a going concern depends upon whether we can ultimately attain profitable operations, generate sufficient cash flow to meet our obligations, and obtain additional financing as needed.

For the three months ended March 31, 2025, we recorded a net loss of $288,123, an amortization of debt discount of $41,387, and a change in fair value of derivative liability of ($10,877). We issued a warrant with a fair value of $9,824, had a decrease in accounts payable of $25,000 and had an increase in accrued expenses of $211,949. As a result, we had net cash used in operating activities of $60,840 for the three months ended March 31, 2025.

The following table shows a summary of our cash flows for the three months ended March 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2025** | **2024** |
| **Statement of Cash Flows** |  |  |
| Net cash (used in) provided by operating activities | $(60840) | $7067 |
| Net cash used in investing activities | $(126840) | $- |
| Net cash provided by (used in) financing activities | $194431 | $(5082) |
| Net increase in cash and cash equivalents | $6751 | $1985 |
| Cash and cash equivalents – beginning balance | $13415 | $21592 |
| Cash and cash equivalents – ending balance | $20166 | $23577 |

---

During the three months ended March 31, 2025 and 2024, we had net cash (used in) provided by operating activities of $(60,840) and $7,067, respectively. For the three months ended March 31, 2025, cash used in operating activities consisted of amortization expense of $41,387, issuance of warrant of $9,824, change in derivative liability of ($10,877), and accounts payable and accrued expense of $186,949.

For the three months ended March 31, 2024, cash provided by operating activities consisted of amortization expense of $26,346, change in derivative liability of $19,945, and accounts payable and accrued expense of $91,794.

During the three months ended March 31, 2025, we invested $126,840 for the enhancement of our software As a result, we had net cash used in investing activities of $126,840 for the three months ended March 31, 2025, as opposed to $Nil for the three months ended March 31, 2024.

During the three months ended March 31, 2025, we received $355,000 in proceeds from the issuance of convertible promissory notes payable. We repaid $89,750 of convertible promissory notes and repaid $70,819 in notes payable, resulting in net cash provided by financing activities of $194,431, as compared to net cash used in financing activities of $5,082 for the three months ended March 31, 2024.

Management believes that the Company will be able to continue its operations and further advance its acquisition plans. However, management cannot give assurances that such plans will materialize and be successful in the near term or on terms advantageous to us, or at all. Should we not be successful in our business plans or obtain additional financing, we would need to curtail certain or all of our operating activities.

The accompanying unaudited consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. There can be no assurance that management will be successful in implementing its business plan or that the successful implementation of such business plan will actually improve our operating results.

**Results of operations for the three months ended March 31, 2025 compared to the three months ended March 31, 2024**

*Revenues.* Revenues for the three months ended March 31, 2025 were $399,263, compared to $232,123 for the three months ended March 31, 2024, representing an increase of $167,140, or 72.0%. The majority of our clients hold elections on a three-year cycle. This increase in revenues was due primarily to more elections held during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024.

*Total Operating Expenses.* Total operating expenses for the three months ended March 31, 2025 were $476,752, compared to $179,245 for the three months ended March 31, 2024, representing an increase of $297,507, or 166.0%, principally due to reasons discussed below.

● <u>Salaries and Benefits.</u> Salaries and benefits totaled $161,189 for the three months ended March 31, 2025, compared to $43,967 for the three months ended March 31, 2024, representing an increase of $117,222, or 266.6%. This increase was due to an increase in employment compensation during the three months ended March 31, 2025, compared to the three months ended March 31, 2024.

● <u>Marketing and Advertising.</u> For the three months ended March 31, 2025, we incurred marketing and advertising expenses of $31,800, compared to $38,606 for the three months ended March 31, 2024, representing a decrease of $6,806, or 17.6%.

● <u>Software and Development.</u> We incurred software development expenses of $1,763 in the three months ended March 31, 2025, compared to $678 in the three months ended March 31, 2024, representing an increase of $1,085, or 160.0%.

● <u>Professional Fees.</u> Professional fees for the three months ended March 31, 2025 totaled $129,597, compared to $34,870 for the three months ended March 31, 2024, representing an increase of $94,727, or 271.7%. This increase was primarily due to an increase in accounting and legal service fees during the three months ended March 31, 2025, compared to the three months ended March 31, 2024.

● <u>General and Administrative.</u> For the three months ended March 31, 2025, we incurred general and administrative expenses of $77,809, compared to $44,829 for the three months ended March 31, 2024, representing an increase of $32,980, or 73.6%. The increase relates to expenses incurred as a result of the hiring of additional staff to assist with the special elections held during the three months ended March 31, 2025.

● <u>Printing.</u> We incurred printing costs of $74,594 in the three months ended March 31, 2025, compared to $16,295 in the three months ended March 31, 2024, representing an increase of $58,299, or 357.8%. The increase relates to expenses incurred in connection with the special elections held during the three months ended March 31, 2025.

*(Loss) Income from Operations.* (Loss) income from operations for the three months ended March 31, 2025 and 2024 were $(77,489) and $52,878, respectively. The decrease in income from operations of $130,367, or 246.5%, was due primarily to the reasons stated above.

*Net Loss.* Net loss for the three months ended March 31, 2025 and 2024 were $288,123 and $131,018, respectively. The increase in net loss of $157,105, or 120.0%, was due primarily to the reasons stated above.

**Critical Accounting Policies**

Our financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management's applications of accounting policies. Our critical accounting policies include revenue recognition, valuation of convertible promissory notes and related warrants, stock and stock option compensation, estimates, and derivative financial instruments.

The accompanying unaudited consolidated financial statements have been prepared in accordance U.S. GAAP and include the accounts of GAHI and its wholly owned and majority owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

*Revenue Recognition*

We recognize revenue in accordance with the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") 606, *Revenue From Contracts with Customers.* We earn revenues through various services we provide to our clients. GES's income is recognized at the presentation date of the certification of the election results. The payments received in advance are recorded as deferred revenue on the balance sheet. Should an election not proceed, all non-refundable deferred revenue will be recognized as revenue.

Our revenue recognition policies comply with SEC revenue recognition rules and the FASB's ASC 606-10-S65-1. We earn revenues through various services we provide to our clients. GES's income is recognized at the presentation date of the certification of the election results. The payments received in advance are recorded as deferred revenue on the balance sheet. Should an election not proceed, all non-refundable deferred revenue will be recognized as revenue.

*Convertible Debt*

Convertible debt is accounted for under FASB ASC 470, Debt – Debt with Conversion and Other Options. We record a beneficial conversion feature ("BCF") related to the issuance of convertible debt that has conversion features at fixed or adjustable rates that are in-the-money when issued and records the relative fair value of any warrants issued with those instruments. The BCF for the convertible instruments is recognized and measured by allocating a portion of the proceeds to the warrants and as a reduction to the carrying amount of the convertible instrument equal to the intrinsic value of the conversion features, both of which are credited to additional paid-in capital. We calculate the fair value of warrants issued with the convertible instruments using the Black-Scholes valuation method, using the same assumptions used for valuing stock options, except that the contractual life of the warrant is used.

Under these guidelines, we allocate the value of the proceeds received from a convertible debt transaction between the conversion feature and any other detachable instruments (such as warrants) on a relative fair value basis. The allocated fair value of the BCF and warrants are recorded as a debt discount and is accreted over the expected term of the convertible debt as interest expense.

We account for modifications of its embedded conversion features in accordance with the ASC which requires the modification of a convertible debt instrument that changes the fair value of an embedded conversion feature and the subsequent recognition of interest expense or the associated debt instrument when the modification does not result in a debt extinguishment.

*Derivative Financial Instruments*

We evaluate our financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. We use the Black-Scholes-Merton model to value the derivative instruments. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.

*Share-Based Compensation*

We record stock-based compensation in accordance with FASB ASC Topic 718, *Compensation – Stock Compensation*. FASB ASC Topic 718 requires companies to measure compensation cost for stock-based employee compensation at fair value at the grant date and recognize the expense over the requisite service period. We recognize in the statement of operations the grant-date fair value of stock options and other equity-based compensation issued to employees and non-employees.

*Recent Accounting Pronouncements*

 

**ASU 2024-03, Income Statement—Reporting Comprehensive Income (Subtopic 220-40**): In November 2024, the FASB issued disaggregation of Income Statement Expenses (ASU 2024-03), which will require tabular disclosure of certain operating expenses disaggregated into categories, such as purchase of inventory, employee compensation, depreciation, and intangible asset amortization. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact of this standard.

Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances.

**Off-Balance Sheet Arrangements**

We do not maintain any off-balance sheet arrangements, transactions, obligations or other relationships with unconsolidated entities that would be expected to have a material current or future effect upon our financial condition or results of operations.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Not applicable.

**ITEM 4. CONTROLS AND PROCEDURES**

*Evaluation of Disclosure Controls and Procedures*

Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Exchange Act, as of March 31, 2025. Based on this evaluation, our chief executive officer and chief financial officer have concluded such controls and procedures were not effective as of March 31, 2025 to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms and to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer and chief financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis. As previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, in the course of making our assessment of the effectiveness of internal control over financial reporting as of December 31, 2024, we identified material weaknesses in our internal control over financial reporting as follows:

● The relatively small number of employees who are responsible for accounting functions prevents us from segregating duties within our internal control system.

● Our internal financial staff lack expertise in identifying and addressing complex accounting issued under U.S. GAAP.

Upon receiving adequate financing, we plan to increase our controls in these areas by hiring more employees in financial reporting and establishing an audit committee.

A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. The design of any system of controls is also based in part on certain assumptions regarding the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Given these and other inherent limitations of control systems, there is only reasonable assurance that our controls will succeed in achieving their stated goals under all potential future conditions.

*Changes in Internal Control Over Financial Reporting*

There were no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rule 13a-15 or 15d-15 of the Exchange Act that occurred during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II - OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

We may be involved in legal proceedings in the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance.

On December 26, 2017, we entered into a settlement agreement with a prior attorney with regards to outstanding legal fees owed. Pursuant to this settlement agreement, we paid $25,000 on January 5, 2018, and $25,000 on February 5, 2018, and was required to pay an additional $200,000 during 2018. On December 14, 2020, the parties amended the settlement agreement to state that we were to pay the prior attorney $219,576. As of March 30, 2026, we have made total payments of $75,000 toward the remaining balance.

On June 30, 2022, we were named as a defendant in a lawsuit filed in the Supreme Court of the State of New York, Index No. 651531/2002 by Anthony Crisci Jr. The plaintiff alleged breach of contract and unjust enrichment relating to plaintiff's prior employment agreement with the Company. On July 19, 2023, we entered into a settlement agreement with the plaintiff and requiring the Company to pay plaintiff $30,000. As of April 23, 2025, the settlement was paid in full.

On May 1, 2023, Brett Pezzuto and Christian Pezzuto filed a complaint in the United States District Court for the Southern District of New York (Civil Action No. 1:23-cv-03591) against the Company and GES for breach of contract for failures to pay monies owed pursuant to promissory notes and for not providing plaintiffs an opportunity to convert their promissory notes to common stock. The plaintiffs sought damages in the aggregate amount of $1,565,610. The case was settled on February 12, 2024, with an amendment to the settlement agreement signed by the parties on April 19, 2024. Under this settlement agreement, the Company acknowledged the sum of $234,000 collateralized by confessions of judgment in favor of each plaintiff in the sum of $234,000. In addition, each plaintiff was granted 75,000,000 warrants, for a total of 150,000,000 warrants, at a strike price of $0.001 per share for a period of five years. The GES Notes have an outstanding principal and interest balance of $176,641 (the "GES Notes Sum") for each plaintiff. The GES Notes were to be converted into stock of 1329291 B.C. Ltd in connection with its proposed acquisition of GES. Plaintiffs subsequently determined not to proceed with 1329291 B.C. Ltd's acquisition of GES. Brett and Christian Pezzuto have the right to enforce the confession of judgment plus alleged legal fees of $85,210.80 as of January 15, 2024. On April 22, 2025, the Company paid Brett Pezzuto $234,000 toward the settlement agreement. On July 1, 2025, the Company paid $234,000 to Christian Pezzuto toward the settlement agreement. On November 14, 2025, plaintiffs filed a motion for summary judgment. The parties are in settlement negotiations.

On May 22, 2023, Lim Chap Huat filed a Motion for Summary Judgment in Lieu of Complaint in the Supreme Court of the State of New York (Index No. 652474/2023) against the Company to collect on a promissory note in the principal amount of $200,000, plus interest at the rate of 12%, as well as attorney's fees. On October 29, 2024, we entered into a Settlement Agreement and Mutual Limited Release with Mr. Lim Chap Huat and agreed to pay a total of $275,000 to Mr. Lim, secured by a Confession of Judgment. On December 20, 2024, we paid $250,000 of the settlement debt. On January 6, 2025, we paid $25,000 of the settlement debt, completing the terms of the settlement.

On October 14, 2025, Jason Old filed a complaint in the District Court of Tulsa County, Oklahoma (Civil Action No. CJ-2025-04721) against the Company and GES for breach of contract for failure to pay monies owned pursuant to a promissory note. On February 5, 2026, the Company and Mr. Old entered into a Release and Settlement Agreement, pursuant to which the parties agreed to settle the dispute and the Company agreed to pay Mr. Old $311,050.

**ITEM 1A. RISK FACTORS**

As a smaller reporting company, we are not required to disclose material changes to the risk factors that were contained in our Annual Report on Form 10-K for the year ended December 31, 2024, as updated from time to time.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

None.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

There have been no defaults in any material payments during the covered period.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. OTHER INFORMATION**

(a) On December 18, 2018, the Company filed a Certificate of Amendment (the "2018 Amendment") to the Company's Certificate of Incorporation that purported to effectuate a 1-for-4 reverse split of the Company's common stock. In order to be effective, the proposed reverse stock split required clearance from the Financial Industry Regulatory Authority ("FINRA"). Because FINRA had not cleared the proposed reverse stock split prior to the Company's filing of the 2018 Amendment, the 2018 Amendment was inaccurate and the filing thereof was made in error. On September 25, 2025, the Company filed a Certificate of Correction to the 2018 Amendment that had the effect to nullifying the 2018 Amendment. Accordingly, the 2018 Amendment is of no force or effect.

(b) There have been no material changes to the procedures by which security holders may recommend nominees to our Board of Directors since we last provided disclosure in response to the requirements of Item 407(c)(3) of Regulation S-K.

(c) During the registrant's last fiscal quarter, no director or officer adopted or terminated: (i) any contract, instruction or written plan for the purchase or sale of securities of the registrant intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a "Rule 10b5-1 trading arrangement"); and/or (ii) any "non-Rule 10b5-1 trading arrangement" as defined in Item 408(c) of Regulation S-K.

**ITEM 6. EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Document** |
| 3.1\* | [Certificate of Correction, filed with Delaware Secretary of State on September 25, 2025, to Certificate of Amendment dated December 19, 2018.](ex3-1.htm) |
| 3.2 | [Amended and Restated Certificate of Designations of Preferences and Rights of Series A Convertible Preferred Stock, as filed with Delaware Secretary of State on February 27, 2026 (incorporated by reference to Exhibit 3.1 to the registrant's Current Report on Form 8-K filed on March 3, 2026).](https://www.sec.gov/Archives/edgar/data/1138724/000149315226008712/ex3-1.htm) |
| 10.1\* | [Amendment to Convertible Promissory Note, dated February 27, 2023, by and between Global Election Services, Inc. and TrueVote, Inc.](ex10-1.htm) |
| 10.2\* | [Stockholders Agreement, dated as of February 27, 2023, by and between TrueVote, Inc. and Globa Election Services, Inc.](ex10-2.htm) |
| 10.3\* | [Warrant to Purchase Common Stock issued on February 27, 2023 in favor of Pedram Hasid.](ex10-3.htm) |
| 10.4\* | [Warrant to Purchase Common Stock issued on February 27, 2023 in favor of Brett Morrison.](ex10-4.htm) |
| 10.5 | [Asset Purchase Agreement, dated as of July 1, 2025, by and among GES Acquisition Corp., Global Arena Holding, Inc., Global Election Services, Inc., Global Election Services Holding LLC, and Easterly CV VI LLC (incorporated by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on July 8, 2025).](https://www.sec.gov/Archives/edgar/data/1138724/000164117225018258/ex10-1.htm) |
| 10.6 | [Amendment No. 1 to Asset Purchase Agreement, dated as of August 29, 2025, by and among GES Acquisition Corp., Global Arena Holding, Inc., Global Election Services, Inc., Global Election Services Holding LLC, and Easterly CV VI LLC (incorporated by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on September 5, 2025).](https://www.sec.gov/Archives/edgar/data/1138724/000164117225026710/ex10-1.htm) |
| 10.7 | [Asset Purchase Agreement, dated as of February 26, 2026, by and among the registrant, Global Election Services, Inc., GES Acquisition Corp., and Easterly CV VI LLC (incorporated by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on March 3, 2026).](https://www.sec.gov/Archives/edgar/data/1138724/000149315226008712/ex10-1.htm) |
| 10.8 | [Termination of Asset Purchase Agreement, dated as of February 25, 2026, by and among the registrant, GES Acquisition Corp., Global Election Services, Inc., Global Election Services Holding LLC, and Easterly CV VI LLC. (incorporated by reference to Exhibit 10.2 to the registrant's Current Report on Form 8-K filed on March 3, 2026).](https://www.sec.gov/Archives/edgar/data/1138724/000149315226008712/ex10-2.htm) |
| 31.1\* | [Rule 13a-14(a) Certification of Principal Executive Officer.](ex31-1.htm) |
| 31.2\* | [Rule 13a-14(a) Certification of Principal Financial Officer.](ex31-2.htm) |
| 32.1\*\* | [Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Principal Executive Officer and Principal Financial Officer.](ex32-1.htm) |
| 101.INS\* | Inline XBRL Instance Document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase |
| 101.LAB\* | Inline XBRL Taxonomy Extension Labels Linkbase |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase |
| 104\* | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* Filed herewith. <br>\*\* Furnished herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **GLOBAL ARENA HOLDING, INC.** | **GLOBAL ARENA HOLDING, INC.** |
| Dated: March 30, 2026 | By: | */s/ John S. Matthews* |
|  |  | John S. Matthews |
|  |  | Chief Executive Officer and Chief Financial Officer (principal executive officer, principal financial officer and principal accounting officer) |

---

## Exhibit 3.1

**Exhibit 3.1**

![](ex3-1_001.jpg)

## Exhibit 10.1

**Exhibit 10.1**

**<u>AMENDMENT TO CONVERTIBLE PROMISSORY NOTE</u>**

**THIS FIRST AMENDMENT TO CONVERTIBLE PROMISSORY NOTE** dated February 27, 2023 (this "**Amendment**"), is entered into by TrueVote, Inc. ("**TV**") and Global Election Services, Inc. ("**GES**"). Capitalized terms used but not defined herein have the meaning ascribed to them in the Note (as defined below).

**WITNESSETH:**

**WHEREAS**, TV issued to GES that certain Convertible Promissory Note dated December 20, 2019 in the principal amount of $50,000 (the "**Note**"); and

**WHEREAS**, the parties wish to amend certain provisions of the Note on mutual assent.

**NOW, THEREFORE**, in consideration of the promises and mutual covenants set forth herein, and in the Note, intending to be legally bound, hereby agree to amend the Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The capitalized paragraph on the first page of the Note preceding the body of the Note is hereby deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The title of the Note on the first page following "TrueVote, Inc." is amended from "Convertible Promissory Note" to "Conditional Promissory Note."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The issuance date of the Note is hereby amended from December 20, 2019 to February 27, 2023 and all references to the date of the Note therein shall be deemed to be February 27, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The first paragraph on the first page of the Note is deleted in its entirety and replaced with the following:

"For value received, TrueVote, Inc. ("TV"), located at 151 Calle de San Francisco, Ste 200 PMB 1620, San Juan, PR 00901-1607 ("Borrower"), a Delaware corporation, agrees to pay to the order of Global Election Services Inc, located at 10 Short Drive, Roslyn, New York, 11576 ("GES" and hereinafter with successors in title and assigns referred to as the "Holder") the principal sum of Fifty Thousand Dollars ($50,000), together with interest at the annual rate of 1.25% compounded annually, if, and only if, one of the following conditions is met prior to the Maturity Date (the "Conditions"): (i) an Event of Default described in Section 6(a)(i) hereof occurs; (ii) an Event of Default described in Section 6(a)(ii) occurs; or (iii) Borrower issues ownership interests of Borrower that result in the ownership percentage of GES in Borrower to be less than 15% of the total ownership of Borrower."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The second paragraph on the first page of the Note beginning with the words "TV hereby grants GES the option to convert." is hereby deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The following definitions contained in the Note are hereby deleted in their entirety: "Conversion Date," "Prepayment of the Convertible Note," Conversion Notice," "Conversion Price Per Share," "Securities Act," and "Underlying Shares."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The definition of "Maturity Date" is hereby deleted in its entirety and replaced with the following:

""<u>Maturity Date</u>" shall mean June 27, 2024."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Section 2(b) of the Note is hereby deleted in its entirety and Section 2(a) of the Note is hereby deleted in its entirety and replaced with the following:

"Subject to the default provisions set forth herein, the principal amount of this Note together with accrued interest (the sum of such principal and accrued interest being hereinafter referred to as the "Amount Due") shall be payable on the Maturity Date but only if at least one of the Conditions is satisfied prior to the Maturity Date."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Sections 1, 3, 4 and 5 of the Note are hereby deleted in their entirety and each Section is replaced with the following:

"<u>Reserved</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Section 6(a) of the Note is amended as follows: (i) the second subsection that is enumerated with "(i)" is amended to be designated as subsection "(ii)"; and (ii) the third subsection that is enumerated as "(ii)" is deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Exhibit A attached to the Note is hereby deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>No other Amendments</u>. Except as expressly amended herein, the Note remains in full force and effect and no other amendment shall be effective unless in a writing signed by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Governing Law and Jurisdiction</u>. The provisions of Sections 10(d) and (e) of the Note are hereby incorporated by reference

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Counterparts</u>. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

[Signature Page Follows.]

**IN WITNESS WHEREOF**, the parties, intending to be legally bound, hereby execute this Amendment through their duly authorized officers on the date first set forth above.

---

| | |
|:---|:---|
| **TRUEVOTE, INC.** | **TRUEVOTE, INC.** |
| By: | */s/ Pedram Hasid* |
| Name: | Pedram Hasid Title: Secretary |
| **GLOBAL ELECTION SERVICES, INC.** | **GLOBAL ELECTION SERVICES, INC.** |
| By: | */s/ Kathryn Weisbeck* |
| Name: | Kathryn Weibeck |
| Title: | President |

---

## Exhibit 10.2

**Exhibit 10.2**

**TRUEVOTE, INC.**

**STOCKHOLDERS AGREEMENT**

This Stockholders Agreement (this "***Agreement***") is made as of February 27, 2023 (the "***Effective Date***"), by and among TrueVote, Inc., a Delaware corporation (the "***Company***") and the holders of capital stock of the Company undersigned below (each a "***Stockholder***," and collectively the "***Stockholders***").

**RECITALS**

WHEREAS, the Stockholders have been issued Common Stock (the "***Shares***") and the Stockholders have agreed to enter into this Agreement.

NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained, and other consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows:

**SECTION t**

**DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Certain Definitions</u>**.** For purposes of this Agreement, the following terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Person shall be deemed an "***Affiliate***" of another Person who, directly or indirectly, controls, is controlled by or is under common control with such Person, including, without limitation, any general partner, managing member, officer or director of such Person, or such Person's principal, or any venture capital fund, financial investment firm or collective investment vehicle now or hereafter existing that is controlled by one or more general partners or managing members (or any affiliates thereof) of, or shares the same management company with, such Person. For purposes of this definition, the terms "controlling," "controlled by," or "under common control with" shall mean the possession, directly or indirectly, of (a) the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise, or (b) the power to elect or appoint at least 50% of the directors, managers, general partners, or Persons exercising similar authority with respect to such Person. For the avoidance of doubt, an "Affiliate" of a specified Person shall include (x) such Person's partners, members, stockholders, other equity owners, officers, directors, managers, former or retired partners, former or retired members, former or retired stockholders, former or retired other equity owners, and the estate of any of the foregoing and (y) a parent or subsidiary of a Person that is an entity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "***Bad Actor Disqualification***" means any of the "bad actor" disqualifications described in Rule 506(d)(1)(i) through (viii) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) "***Board***" means the Company's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***(d)*** "***Bylaws***" means the Company's bylaws, as the same may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) "***Common Stock***" means the Common Stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "***Convertible Securities***" means all then outstanding options, warrants, rights, convertible notes, Preferred Stock or other securities of the Company directly or indirectly convertible into or exercisable for shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "***Days***" means calendar days; *provided* that if any day on which a period specified in this Agreement would otherwise terminate falls on a weekend or a federal holiday, the term "***day***" shall mean the next business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *"**Immediate Family Member**"* means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, ex-spouse, domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, of a natural person referred to herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "***Person***" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(U) "***Preferred Stock***" means the Preferred Stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "***Qualified IPO***" shall mean a firm commitment underwritten public offering pursuant to an effective registration statement filed under the Securities Act, covering the offer and sale of the Company's Common Stock in which the valuation of the Company before the public offering is at least $100,000,000 and the Company receives aggregate proceeds, before deduction of underwritings commissions and expenses, of not less than $30,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "***Certificate***" means the Company's Certificate of Incorporation, as shall be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "***Rights of Co-Sale***" means the rights of co-sale provided to the Co-Sale Investors in Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "***Right of First Refusal***" means the rights of first refusal provided to the Company and the Non-Selling Stockholders in Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Sale of the Company**" means either: (a) a transaction or series of related transactions in which a Person (as defined below), or group of related Persons, (i) acquires from the stockholders of the Company shares representing more than fifty percent (50%) of the outstanding voting power of the Company (a "Stock Sale"), and (ii) the valuation of the Company in the Stock Sale is at least $15,000,000; or (b) a sale, lease, exclusive license or other disposition of all or substantially all of the assets of the Company by means of any transaction or series of related transactions and for consideration of at least $15,000,000, except where such sale, lease, exclusive license or other disposition is to a wholly-owned subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "***Securities Act***" means the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (q) "***Seller***" means any Stockholder proposing to Transfer Seller Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "***Seller Shares***" means all shares of Stock owned as of the date hereof or hereafter acquired by a Stockholder, as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations and the like.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "***Transfer***," "***Transferring***," "***Transferred***," or words of similar import, mean and include any sale, assignment, encumbrance, hypothecation, pledge, conveyance in trust, gift, transfer by bequest, devise or descent, or other transfer or disposition of any kind, including but not limited to transfers to receivers, levying creditors, trustees or receivers in bankruptcy proceedings or general assignees for the benefit of creditors, whether voluntary or by operation of law, directly or indirectly, *except*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any transfer of Seller Shares by (a) in the case of a Seller that is an entity, by the Seller to its stockholders, members, partners or other equity holders in a distribution without consideration or (b) in the case of a Seller that is an individual, to an Immediate Family Member of the Seller or to a trust or trusts or partnership or partnerships for the exclusive benefit (excepting residuary beneficiaries) of the Seller or one or more of the Seller's Immediate Family Members or transfers of Seller Shares by the Seller by devise or descent to one or more Immediate Family Members of the Seller; *provided* that, in all cases, the transferee or other recipient executes a counterpart copy of this Agreement and becomes bound thereby as was the Seller and the transfer is done in compliance with all applicable federal and state securities laws to the satisfaction of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) any transfer to the Company or another Stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any repurchase of Seller Shares by the Company or other Stockholders pursuant to agreements under which the applicable party has the option to repurchase such Seller Shares upon the occurrence of certain events, such as termination of employment, or in connection with the exercise of any rights of first refusal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any transfer of Seller Shares that is approved by unanimous vote of the Board and Stockholders holding no less than 75% of the voting power represented by the then outstanding shares of Common Stock; *provided*, that the transferee or donee or other recipient executes a counterpart copy of this Agreement and becomes bound thereby as was the Seller.

If a Seller plans to make any of the above excepted transfers, then, prior to transferring its Seller Shares, the Seller shall deliver to the Company a written notice stating: (i) the Seller's bona fide intention to make an excepted transfer of its Seller Shares; (ii) the name, address and phone number of each proposed transferee; (iii) the aggregate number of Seller Shares to be transferred to each proposed transferee; (iv) the section in this agreement upon which the Seller is relying in making an excepted transfer; and (v) whether any proposed transferee or any of its directors, executive officers, other officers that may serve as a director or officer of any company in which it invests, general partners or managing members or any Person that would be deemed a beneficial owner of those securities (in accordance with Rule 506(d) of the Securities Act) is subject to any Bad Actor Disqualification (except for Bad Actor Disqualifications covered by Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Securities Act and disclosed, reasonably in advance of the transfer, in writing in reasonable detail to the Company).

**SECTION 2**

**DRAG-ALONG RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.1 <u>Drag-Along Rights</u>. If (x) the Board and (y) the holders of a majority of the then outstanding shares of Common Stock then held by all Stockholders (together, clauses (x) and (y) "***Electing Holders***"), approve a Sale of the Company, the Stockholders shall, in their capacity as stockholders of the Company (i) vote all securities held by them (a) "for" the approval of the Sale of the Company, the other transactions contemplated thereby and any other matter that could reasonably be expected to facilitate the Sale of the Company (including amendments to the Company's Certificate, but excluding amendments that would reduce the value of the consideration that any Stockholder would receive under the Company's Certificate as then in effect in connection with the Sale of the Company), (b) "against" any action or agreement that could reasonably be expected to result in a breach of any representation, warranty, covenant or obligation of the Company in connection with any agreement entered into by the Company or in connection with the Sale of the Company or that could reasonably be expected to preclude fulfillment of a condition precedent under the acquisition agreement or the acquirer's obligation to consummate the Sale of the Company, (c) "against" any alternative proposal to the Sale of the Company or any other matter that could reasonably be expected to impede or delay the Sale of the Company or materially and adversely affect the contemplated economic benefits to the Company's stockholders in the Sale of the Company; (ii) not exercise any appraisal or dissenters' rights in connection with the Sale of the Company or object to such transaction at any hearing with respect to the fairness of the transaction, and not encourage or solicit objections to the fairness of the transaction; (iii) sell or exchange all shares of the Company's capital stock then held by such Stockholder pursuant to the terms and conditions of such Sale of the Company; (iv) consent to the establishment of an escrow or similar fund in connection with any indemnification or similar obligations; and (v) take any such other actions, including the timely execution and delivery of all agreements, documents and instruments, as may be required to effect such sales, in each case subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Stockholder (as such and not in another capacity, such as a prospective employee of the acquiror) shall be required to make any representation, covenant or warranty in connection with the Sale of the Company, other than as to such Stockholder's ownership and authority to sell, free of liens, claims and encumbrances, the shares of capital stock of the Company proposed to be sold by such Stockholder (except for key employees who are stockholders with respect to representations and warranties they may be requested to make with respect to their employment and matters relating to their employment with the acquiring Person), the documents to be entered into by such Stockholder are enforceable against such Stockholder in accordance with their respective terms, and neither the execution and delivery of the documents to be entered into in connection with the transaction, nor the performance of the Stockholder's obligations thereunder, will cause a breach or violation of the terms of any agreement, law or judgment, order or decree of any court or governmental agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) liability for indemnification, if any, of each Stockholder in the Sale of the Company is several and not joint (except to the extent that funds may be paid out of an escrow established to cover breach of representations, warranties and covenants of the Company as well as breach by any stockholder of any of identical representations, warranties and covenants provided by all stockholders), and is pro rata in proportion to, and does not exceed (absent fraud by such Stockholder) the amount of consideration paid to such Stockholder, and no Stockholder shall be liable for the inaccuracy of any representation or warranty made by any other Stockholder in connection with the Sale of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) liability shall be limited to such Stockholder's applicable share (determined based on the respective proceeds payable to each stockholder of the Company in connection with such Sale of the Company in accordance with the provisions of the Certificate) of a negotiated aggregate indemnification amount that applies equally to all stockholders of the Company but that in no event exceeds the amount of consideration otherwise payable to such Stockholder in connection with such Sale of the Company, except with respect to claims related to fraud by such Stockholder, the liability for which need not be limited as to such Stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the consideration payable with respect to each share in each class or series of capital stock of the Company as a result of such Sale of the Company is the same (except for dividends to the extent that original investments are made at different times and cash payments in lieu of fractional shares or in lieu of equity securities to any stockholders who are not deemed to be "accredited investors" as defined in Regulation D promulgated under the Securities Act) as for each other share in such class or series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) each class and series of capital stock of the Company will be entitled to receive the same form of consideration (and be subject to the same indemnity and escrow provisions) as a result of such Sale of the Company; *provided, however,* that, notwithstanding the foregoing, if the consideration to be paid in exchange for any shares of capital stock of the Company includes any securities and due receipt thereof by any Stockholder of such securities would require under applicable law (i) the registration or qualification of such securities or of any Person as a broker or dealer or agent with respect to such securities or (ii) the provision to any such Stockholder of any information other than such information as a prudent issuer would generally furnish in an offering made solely to "accredited investors" as defined in Regulation D promulgated under the Securities Act, the Company may cause to be paid to any such Stockholder in lieu thereof, against surrender of such Stockholder's shares of capital stock of the Company, which would have otherwise been sold by such Stockholder, an amount in cash equal to the fair value (as determined in good faith by the Board) of the securities which such Stockholder would otherwise receive as of the date of the issuance of such securities in exchange for such Stockholder's shares of capital stock of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) subject to clause (e) above, requiring the same form of consideration to be available to the holders of any single class or series of capital stock, if any holders of any capital stock of the Company are given an option as to the form and amount of consideration to be received as a result of the Sale of the Company, all holders of such capital stock will be given the same option; provided, however, that nothing in this Section 2.1(f) shall entitle any holder to receive any form of consideration that such holder would be ineligible to receive as a result of such holder's failure to satisfy any condition, requirement or limitation that is generally applicable to the Company's stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Stockholder Representative</u>. If the Electing Holders, in connection with such Sale of the Company, appoint a stockholder representative (the "***Stockholder Representative***") with respect to matters affecting the Stockholders under the applicable definitive transaction agreements following consummation of such Sale of the Company, each of the Stockholders shall (x) consent to (i) the appointment of such Stockholder Representative and (ii) the payment of such Stockholders' pro rata portion (from the applicable escrow or expense fund or otherwise) of any and all reasonable fees and expenses to such Stockholder Representative in connection with such Stockholder Representative's services and duties in connection with such Sale of the Company and its related service as the representative of the Stockholders, and (y) not assert any claim or commence any suit against the Stockholder Representative or any other Stockholders with respect to any action or inaction taken or failed to be taken by the Stockholder Representative in connection with its service as the Stockholder Representative, absent fraud or willful misconduct.

**SECTION 3**

**RESTRICTIONS ON TRANSFER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1 <u>General</u>. Before a Stockholder may Transfer any Seller Shares, the Seller must comply with the provisions of this Section 3 and Sections 4, 5, 6 and 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Lockup Period</u>. Notwithstanding any other provision hereof, no Stockholder shall Transfer any Seller Shares prior to May 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Market Standoff</u>. Each Stockholder hereby agrees that such Stockholder shall not Transfer any Seller Shares during the 180-day period (or such other shorter period as may be requested in writing by the managing underwriter and agreed to in writing by the Company) upon commencement by the Company of the offer and sale of its securities to the public in an underwritten public offering (including any offering pursuant to a registration with the Securities and Exchange Commission and any public offering pursuant to exemptions from registration with the Securities and Exchange Commission, such as pursuant to Regulation A or Regulation D, Rule 504, promulgated under the Securities Act) (collectively, a "***Public Offering***"). Each Stockholder further agrees, if so requested by the Company or any representative of its underwriters, to enter into such underwriter's standard form of "lockup" or "market standoff' agreement in a form satisfactory to the Company and such underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Stop-Transfer Notices</u>. Each Stockholder agrees that to ensure compliance with the restrictions referred to herein, the Company may issue appropriate "stop transfer" instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Refusal to Transfer</u>. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Notice of Proposed Transfer</u>**.** Prior to any Stockholder Transferring any of its Seller Shares, the Stockholder shall deliver to the Company a written notice (the "***Transfer Notice***"), and the Company shall immediately forward to the Stockholders, in substantially the form attached hereto as <u>Exhibit A</u>, stating: (i) such Stockholder's *bona fide* intention to Transfer such Seller Shares; (ii) the name, address and phone number of each proposed purchaser or other transferee (each, a "***Proposed Transferee***"); (iii) the aggregate number of Seller Shares proposed to be Transferred to each Proposed Transferee (the "***Offered Shares***"); (iv) the *bona fide* cash price or, in reasonable detail, other consideration for which the Stockholder proposes to Transfer the Offered Shares (the "***Offered Price***"); and (v) whether any Proposed Transferee or any of its directors, executive officers, other officers that may serve as a director or officer of any company in which it invests, general partners or managing members or any Person that would be deemed a beneficial owner of the Offered Shares (in accordance with Rule 506(d) of the Securities Act) is subject to any Bad Actor Disqualification (except for Bad Actor Disqualifications covered by Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Securities Act and disclosed, reasonably in advance of the transfer, in writing in reasonable detail to the Company).

**SECTION 4**

**RIGHT OF FIRST REFUSAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Exercise by the Company</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For a period of twenty days (the "***Initial Exercise Period***") after the last date on which the Transfer Notice is deemed to have been delivered, pursuant to Section 10.1, to the Company, the Company shall have the right to purchase all or any part of the Offered Shares on the terms and conditions set forth in this Section 4 (the "***Company ROFR***"). In order to exercise its right hereunder, the Company must deliver written notice to the Stockholders within the Initial Exercise Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the earlier to occur of (i) the expiration of the Initial Exercise Period or (ii) the time when the Seller has received written confirmation from the Company regarding its exercise of its Company ROFR, the Company shall be deemed to have made its election with respect to the Offered Shares, and the shares for which the non-selling Stockholders (the "***Non-selling Stockholders***") may exercise their Rights of First Refusal (as described below) shall be correspondingly reduced, if appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Initial Exercise by the Holders of Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the limitations of this Section 4.2, after the Initial Exercise Period, the Non-selling Stockholders shall have the right to purchase (the "***Stockholder ROFR***" and together with the Company ROFR, the "***Right of First Refusal***"), in the aggregate, all or any part of the Offered Shares not purchased by the Company pursuant to Section 4.1 (the "***Remaining Shares***") on the terms and conditions set forth in this Section 4. In order to exercise its rights hereunder, such Non-selling Stockholder must provide written notice delivered to the Seller within ten days of the conclusion of the Initial Exercise Period (the "***Second Exercise Period***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent the aggregate number of the Seller Shares that the Non-selling Stockholders desire to purchase (as evidenced in the written notices delivered to the Seller) exceeds the Remaining Shares, each Non-selling Stockholder so exercising will be entitled to purchase its pro rata share of the Remaining Shares, which shall be equal to that number of the Remaining Shares equal to the product obtained by multiplying (x) the number of Remaining Shares by (y) a fraction, (i) the numerator of which shall be the number of shares of Common Stock (assuming conversion and/or exercise of all other Convertible Securities into Common Stock) held by such Non-selling Stockholder on the date of the Transfer Notice and (ii) the denominator of which shall be the number of shares of Common Stock (assuming conversion and/or exercise of all Convertible Securities into Common Stock) held on the date of the Transfer Notice by all Non-selling Stockholders other than the Seller ("***Pro Rata ROFR Share***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Within five days after the expiration of the Second Exercise Period, the Seller will give written notice to the Company and each Non-selling Stockholder specifying the number of Offered Shares to be purchased by the Company and each Non-selling Stockholder exercising its Right of First Refusal (the "***ROFR Confirmation Notice***"). The ROFR Confirmation Notice shall also specify the number of Offered Shares not purchased by the Company or the Non-selling Stockholder, if any, pursuant to Sections 4.1 and 4.2 ("***Unsubscribed Shares***") and shall list each Participating Investor's (as defined in Section 4.3) Subsequent Pro Rata Share (as described in Section 4.3) of any such Unsubscribed Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Subsequent Exercise by the Non-selling Stockholder</u>. To the extent that there remain any Unsubscribed Shares, each Non-selling Stockholder electing to exercise its right to purchase at least its full Pro Rata ROFR Share of the Remaining Shares under Section 4.2 (a "***Participating Investor***") shall have a right to purchase all or any part of the Unsubscribed Shares; provided, however, to the extent the aggregate number of shares that the Participating Investors desire to purchase (as evidenced in written notices delivered to the Seller) exceeds the remaining Unsubscribed Shares, each Participating Investor so exercising (an "***Electing Participating Investor***") will be entitled to purchase that number of the Unsubscribed Shares equal to the product obtained by multiplying (x) the number of Unsubscribed Shares by (y) a fraction, (i) the numerator of which shall be the number of shares of Common Stock (assuming conversion and/or exercise of all Convertible Securities into Common Stock) held on the date of the Transfer Notice by such Electing Participating Investor and (ii) the denominator of which shall be the number of shares of Common Stock (assuming conversion and/or exercise of all Convertible Securities into Common Stock) held on the date of the Transfer Notice by all Electing Participating Investors ("***Subsequent Pro Rata Share***"). In order to exercise its rights hereunder, such Electing Participating Investors must provide written notice to the Seller with a copy to the Company and each Non-selling Stockholder within five days after delivery of the ROFR Confirmation Notice (the "***Subsequent Exercise Period***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Purchase Price</u>**.** The purchase price for the Offered Shares to be purchased by the Company or by any Non-selling Stockholder exercising its Right of First Refusal under this Agreement will be the Offered Price, and will be payable as set forth in Section 4.5. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration will be determined by the Board in good faith, which determination will be binding upon the Company, each Non-selling Stockholder and the Seller, absent fraud or error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Closing; Payment</u>**.** Subject to compliance with applicable state and federal securities laws to the satisfaction of the Board, the Company and the Non-selling Stockholders exercising their Rights of First Refusal shall effect the purchase of all or any portion of the Offered Shares, including the payment of the purchase price, within 20 days after the later of (i) delivery of the ROFR Confirmation Notice, (ii) Delivery of the Co-Sale Confirmation Notice (as defined in Section 5.1(c)) and (iii) expiration of the Subsequent Exercise Period (the "***Right of First Refusal Closing***"). Payment of the purchase price will be made, at the option of the party exercising its Right of First Refusal, (i) in cash (by check), (ii) by wire transfer, (iii) by cancellation of all or a portion of any outstanding indebtedness of the Seller to the Company or the Non-selling Stockholders, as the case may be, or (iv) by any combination of the foregoing. At the Right of First Refusal Closing, the Seller shall deliver to each of the Company and the applicable Non-selling Stockholders exercising their Rights of First Refusal, one or more certificates, properly endorsed for transfer, representing such Offered Shares so purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>Exclusion from Right of First Refusal</u>**.** The Right of First Refusal shall not apply with respect to shares sold and to be sold by Non-selling Stockholders pursuant to the Right of Co-Sale (set forth in Section 5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <u>No Right of First Refusal for Bad Actors</u>**.** No Non-selling Stockholder shall have a Right of First Refusal if the Non-selling Stockholder or any of its directors, executive officers, other officers that may serve as a director or officer of any company in which it invests, general partners or managing members or any Person that is a beneficial owner of the securities of the company held by the Non-selling Stockholder (in accordance with Rule 506(d) of the Securities Act) is subject to any Bad Actor Disqualification, except for Bad Actor Disqualifications covered by Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Securities Act and disclosed in writing in reasonable detail to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 <u>Forfeiture of Rights</u>. Notwithstanding the foregoing, if the total number of Offered Shares of Seller Stock that the Company and the Non-selling Stockholder (either as Participating Investors or Electing Participating Investors) have agreed to purchase pursuant to Sections 4.1, 4.2 and 4.3 is less than the total number of shares of Offered Shares, then the Company and the Non-selling Stockholder shall be deemed to have forfeited any right to purchase such Offered Shares, and the Seller shall be free to sell all, but not less than all, of the Offered Shares to the Proposed Transferee on terms and conditions substantially similar to (and in no event more favorable than) the terms and conditions set forth in the Transfer Notice, it being understood and agreed that: (i) any such Transfer shall be subject to the other terms and restrictions of this Agreement; (ii) any future Transfers shall remain subject to the terms and conditions of this Agreement; and (iii) such sale shall be consummated within one hundred twenty (120) days after receipt of the Transfer Notice by the Company (the "***Seller Closing***") and, if such sale is not consummated within such one hundred twenty (120) day period, such sale shall again become subject to the Rights of First Refusal provided to the Company and the Non-selling Stockholder in this Section 4.

**SECTION S**

**RIGHT OF CO-SALE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Exercise by the Stockholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the limitations of this Section 5, to the extent that the Company and the Non-selling Stockholders do not exercise their respective Rights of First Refusal with respect to all Offered Shares pursuant to Section 4, then, each Non-selling Stockholder who has not exercised its Right of First Refusal pursuant to Section 4.2 or 4.3 (a "***Co-Sale Investor***") shall have the right (the "***Right of Co-Sale***") to participate in such sale of the Offered Shares which are not being purchased by the Company or the Non-selling Stockholder pursuant to their respective Rights of First Refusal ("***Residual Shares***"), on the same terms and conditions as specified in the Transfer Notice, to the extent described in Section 5.1(b). To exercise its rights hereunder, each Co-Sale Investor (a "***Selling Investor***") must have provided a written notice to the Seller within the Initial Exercise Period indicating the number of shares it holds that it wishes to sell pursuant to this Section 5.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Selling Investor will be entitled to sell up to its pro rata share of the Residual Shares, which shall be equal to the product obtained by multiplying (x) the number of Residual Shares by (y) a fraction, (i) the numerator of which shall be the number of shares of Common Stock (assuming conversion and/or exercise of all Convertible Securities into Common Stock) held on the date of the Transfer Notice by such Selling Investor and (ii) the denominator of which shall be the number of shares of Common Stock (assuming conversion and/or exercise of all Convertible Securities into Common Stock) held on the date of the Transfer Notice by the Seller and the Selling Investors ("***Pro Rata Co-Sale Share***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Within 10 days after the expiration of the Initial Exercise Period, the Seller will give written notice to the Company and each Selling Investor specifying the number of Residual Shares to be sold by each Selling Investor exercising its Right of Co-Sale (the "***Co-Sale Confirmation Notice***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Closing; Consummation of the Co-Sale</u>**.** Subject to compliance with applicable state and federal securities laws to the satisfaction of the Board, the sale of the Residual Shares by the Selling Investors shall occur at the Seller Closing. If a Selling Investor exercised the Right of Co-Sale in accordance with this Section 5, then such Selling Investor shall deliver to the Seller at or before the Seller Closing, one or more certificates, properly endorsed for Transfer, representing the number of Residual Shares that the Selling Investor is entitled to sell pursuant to this Section 5. At the Seller Closing, the Seller shall cause such certificates or other instruments to be Transferred and delivered to the Proposed Transferee pursuant to the terms and conditions specified in the Transfer Notice, and the Seller will remit, or will cause to be remitted, to each Selling Investor, at the Seller Closing, that portion of the proceeds of the Transfer to which each Selling Investor is entitled by reason of each Selling Investor's participation in such Transfer pursuant to the Right of Co-Sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Exclusion from Co-Sale Right</u>**.** The Right of Co-Sale shall not apply with respect to Common Stock sold or to be sold to a Non-selling Stockholder or the Company pursuant to the Right of First Refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Multiple Series, Class or Type of Stock</u>**.** If the Offered Shares consist of more than one series, class or type of security, the Seller has the right to Transfer hereunder each such series, class or type; *provided* that if, as to the Right of Co-Sale, a Selling Investor does not hold any of such series, class or type and the Proposed Transferee is not willing, at the Seller Closing, to purchase some other series, class or type of security from such Selling Investor, or is unwilling to purchase any security from such Selling Investor at the Seller Closing, then such Selling Investor will have the put right (the "***Put Right***") set forth in Section 6.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Seller's Right To Transfer</u>**.** If any of the Offered Shares remain available after the exercise of all Rights of First Refusal and all Rights of Co-Sale, then the Seller shall be free to Transfer, subject to Section 6, any such remaining shares to the Proposed Transferee at the Offered Price or a higher price in accordance with the terms set forth in the Transfer Notice; *provided, however,* that if the Offered Shares are not so Transferred in accordance with the Seller Closing timeline described in Section 4.8 hereof, then the Seller may not Transfer any of such remaining Offered Shares without complying again in full with the provisions of this Agreement*.*

**SECTION 6**

**CONDITIONS TO VALID TRANSFER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Generally</u>**.** Any attempt by any Seller to Transfer any Seller Shares in violation of any provision of this Agreement will be void. No securities shall be Transferred by a Seller unless (i) such Transfer is made in compliance with all of the terms of this Agreement and all applicable federal and state securities laws to the satisfaction of the Board and (ii) prior to such Transfer, the transferee or transferees sign a counterpart to this Agreement pursuant to which it or they agree to be bound by the terms of this Agreement. The Company will not be required to (x) transfer on its books any shares that have been Transferred in violation of any provisions of this Agreement or (y) treat as owner of such shares, or accord the right to vote or pay dividends to any purchaser, donee or other transferee to whom such shares may have been so Transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Put Right</u>**.** If a Seller Transfers any Seller Shares in contravention of the Right of Co-Sale under this Agreement (a "***Prohibited Transfer***"), or if the Proposed Transferee of Offered Shares desires to purchase a class, series or type of stock offered by the Seller but not held by a Selling Investor, or the Proposed Transferee is unwilling to purchase any securities from a Selling Investor, such Selling Investor may, by delivery of written notice to the Seller (a "***Put Notice***") within 10 days after the later of (i) the Seller Closing and (ii) the date on which such Selling Investor becomes aware of the Prohibited Transfer or the terms thereof, require the Seller to purchase from such Selling Investor that number of shares of Preferred Stock (on an as-converted basis) or Common Stock (subject to Section 6.2(b)) that is equal to the number of Residual Shares such Selling Investor would have been entitled to Transfer to the purchaser (the "***Put Shares***"). Such sale shall be made on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The price per share at which the Put Shares are to be sold to the Seller shall be equal to the price per share that the Selling Investor would have received at the Seller Closing of such Prohibited Transfer if such Selling Investor had sold such Put Shares at the Seller Closing. Such purchase price of the Put Shares shall be paid in cash or such other consideration as the Seller received in the Prohibited Transfer or at the Seller Closing. The Seller shall also reimburse the Selling Investor for any and all fees and expenses, including, but not limited to, legal fees and expenses, incurred pursuant to the exercise or attempted exercise of such Selling Investor's Right of Co-Sale pursuant to Section 5 or in the exercise of its rights under this Section 6 with respect to the Put Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Put Shares to be sold to the Seller shall be of the same class or type as Transferred in the Prohibited Transfer or at the Seller Closing if such Selling Investor then owns securities of such class or type. If such Selling Investor does not own any securities of such class or type, the Put Shares shall be shares of Common Stock (or Preferred Stock convertible into Common Stock at the option of the holder thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The closing of such sale to the Seller will occur within 10 days after the date of such Selling Investor's Put Notice to the Seller. At such closing, the Selling Investor shall deliver to the Seller the certificate or certificates representing the Put Shares to be sold, each certificate to be properly endorsed for transfer, and immediately upon receipt thereof, the Seller shall pay the aggregate purchase price therefor, and the amount of reimbursable fees and expenses, as specified in Section 6.2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>No Transfers to Bad Actors</u>**.** Each Stockholder agrees not to make any Transfer of any kind of any securities of the Company, or any beneficial interest therein, to any Person (other than the Company) unless and until the proposed transferee confirms to the reasonable satisfaction of the Company that neither the proposed transferee nor any of its directors, executive officers, other officers that may serve as a director or officer of any company in which it invests, general partners or managing members nor any Person that would be deemed a beneficial owner of those securities (in accordance with Rule 506(d) of the Securities Act) is subject to any Bad Actor Disqualification, except for Bad Actor Disqualifications covered by Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Securities Act and disclosed, reasonably in advance of the transfer or disposition, in writing in reasonable detail to the Company.

**SECTION 7**

**RESTRICTIVE LEGEND AND STOP TRANSFER ORDERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Restrictive Legend</u>. Each stock certificate or Notice of Uncertificated Share, as applicable, representing any of the Shares subject to this Agreement shall be marked by the Company with a legend reading substantially as follows:

THE SHARES EVIDENCED HEREBY ARE SUBJECT TO A STOCKHOLDERS AGREEMENT (A COPY OF WHICH MAY BE OBTAINED FROM THE ISSUER) AND BY ACCEPTING ANY INTEREST IN SUCH SHARES THE PERSON HOLDING SUCH INTEREST SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF SAID STOCKHOLDERS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Stop Transfer Instructions</u>**.** In order to ensure compliance with the restrictions referred to herein, each Stockholder agrees that the Company may issue appropriate "stop transfer" certificates or instructions in the event of a Transfer in violation of any provision of this Agreement and that it may make appropriate notations to the same effect in its records.

**SECTION S**

**TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Termination</u>. This Agreement shall terminate upon the earlier of (i) a Qualified IPO; (ii) the closing of a Sale of the Company, pursuant to which the Stockholders receive proceeds solely in the form of cash and/or marketable securities; *provided* that the provisions of Sections 2, 5 and 6 herein will continue after the closing of any Sale of the Company to the extent necessary to enforce the provisions of such Sections with respect to such Sale of the Company; or (iii) the agreement of (x) the Company and (y) Stockholders holding no less than 75% of the voting power represented by the then outstanding shares of Common Stock Stockholders.

**SECTION 9**

**ADDITIONAL SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Additional Shares</u>. If subsequent to the date of this Agreement any shares or other securities (other than pursuant to a Sale of the Company) are issued on, or in exchange for, any of the Shares by reason of any stock dividend, stock split, consolidation of shares, reclassification or consolidation involving the Company, such shares or securities shall be deemed to be Shares for purposes of this Agreement.

**SECTION 10**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Notices</u>. All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified mail, postage prepaid, sent by facsimile or electronic mail (if to a Stockholder) or otherwise delivered by hand, messenger or courier service addressed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to a Stockholder, to the Stockholder's address, facsimile number or electronic mail address as shown in the signature page to this Agreement or in the Company's records, as may be updated in accordance with the provisions hereof, or, until any such Stockholder so furnishes an address, facsimile number or electronic mail address to the Company, then to the address, facsimile number or electronic mail address of the last holder of the relevant Shares for which the Company has contact information in its records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Company, to the attention of the Chief Executive Officer of the Company at the address, facsimile number or electronic mail address as shown in the signature page to this Agreement or at such other current address as the Company shall have furnished to the Stockholders.

Each such notice or other communication shall for all purposes of this Agreement be treated as effective or having been given (i) if delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid, specifying next-business-day delivery, one business day after deposit with the courier), or (ii) if sent via express mail, at the earlier of its receipt or five days after the same has been deposited in a regularly-maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or (iii) if sent via facsimile, upon confirmation of facsimile transfer or, if sent via electronic mail, when directed to the relevant electronic mail address, if sent during normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient's next business day. In the event of any conflict between the Company's books and records and this Agreement or any notice delivered hereunder, the Company's books and records will control absent fraud or error.

Subject to the limitations of applicable law, each Stockholder consents to the delivery of any notice to stockholders given by the Company under applicable law or the Company's certificate of incorporation or bylaws by (i) facsimile telecommunication to the facsimile number set forth in the signature page to this Agreement (or to any other facsimile number for the Stockholder in the Company's records), (ii) electronic mail to the electronic mail address set forth in the signature page to this Agreement (or to any other electronic mail address for the Stockholder in the Company's records), (iii) posting on an electronic network together with separate notice to the Stockholder of such specific posting or (iv) any other form of electronic transmission (as defined in applicable law) directed to the Stockholder. This consent may be revoked by a Stockholder by written notice to the Company and may be deemed revoked in the circumstances specified in applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Successors and Assigns</u>. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties. The Company shall not permit the transfer of any Shares on its books or issue a new certificate representing any Shares unless and until the Person to whom such security is to be transferred shall have executed a written agreement pursuant to which such Person becomes a Stockholder and agrees to be bound by all the provisions hereof as a Stockholder hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Governing Law</u>. This Agreement shall be governed in all respects by the internal laws of the State of Delaware as applied to agreements entered into among Delaware residents to be performed entirely within Delaware, without regard to principles of conflicts of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. All references in this Agreement to sections, paragraphs and exhibits shall, unless otherwise provided, refer to sections and paragraphs hereof and exhibits attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Further Assurances</u>. Each party agrees to execute and deliver, by the proper exercise of its corporate, limited liability company, partnership or other powers, all such other and additional instruments and documents and do all such other acts and things as may be necessary to more fully effectuate this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>Entire Agreement</u>. This Agreement and the exhibits hereto constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof. No party shall be liable or bound to any other party in any manner with regard to the subjects hereof or thereof by any warranties, representations or covenants except as specifically set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 <u>Specific Performance</u>. It is agreed and understood that monetary damages would not adequately compensate an injured party for the breach of this Agreement by any party, that this Agreement shall be specifically enforceable, and that any breach or threatened breach of this Agreement shall be the proper subject of a temporary or permanent injunction or restraining order.

Further, each party waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 <u>Amendment</u>. Except as expressly provided herein, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated without the written consent of the agreement of Stockholders holding no less than 75% of the voting power represented by the then outstanding shares of Common Stock (the "***Amendment Requisite Parties***"); *provided, however*, that Additional Holders (as defined below) acquiring shares of Common Stock after the Effective Date may become parties to this Agreement without any amendment of this Agreement pursuant to this paragraph or any consent or approval of any other Stockholder. Any such amendment, waiver, discharge or termination effected in accordance with this paragraph shall be binding upon each Stockholder that has entered into this Agreement and their respective successors and permitted assigns, whether or not such party, successor or assignee entered into or approved such amendment, waiver, discharge or termination. Each Stockholder acknowledges that by the operation of this paragraph (and subject to the provisos of this paragraph), the Amendment Requisite Parties will collectively have the right and power to diminish or eliminate the rights of such Stockholder under this Agreement. The Company shall give prompt written notice of any amendment, waiver, discharge or termination hereunder to any Stockholder that did not consent in writing to such amendment, waiver, discharge or termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 <u>No Waiver</u>. The failure or delay by a party to enforce any provision of this Agreement will not in any way be construed as a waiver of any such provision or prevent that party from thereafter enforcing any other provision of this Agreement. The rights granted both parties hereunder are cumulative and will not constitute a waiver of either party's right to assert any other legal remedy available to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 <u>Jurisdiction and Venue</u>. With respect to any disputes arising out of or related to this Agreement, the parties consent to the exclusive jurisdiction of, and venue in, the Federal and state courts located in the State of New York and County of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 <u>Severability</u>. If any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement, and such court will replace such illegal, void or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable provision. The balance of this Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 <u>Counterparts</u>. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 <u>Electronic Execution and Delivery</u>. A facsimile, .PDF or other reproduction of this Agreement (including any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) may be executed by one or more parties hereto and delivered by such party by facsimile or any similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen. Such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any party hereto, all parties hereto agree to execute and deliver an original of this Agreement as well as any facsimile, .PDF or other reproduction hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 <u>Aggregation of Stock</u>. All securities held or acquired by any Affiliate of a Stockholder shall be aggregated together with all securities held by such Stockholder for purposes of determining the availability of any rights under this Agreement which are triggered by the beneficial ownership of a threshold number of shares of the Company's capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 <u>Jury Trial</u>. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATED TO THIS AGREEMENT. This paragraph shall not restrict a party from exercising remedies under the Uniform Commercial Code or from exercising pre-judgment remedies under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 <u>Additional Stockholders</u>. In the event that after the date of this Agreement, the Company enters into an agreement with any Person to issue shares of capital stock to such Person, following which such Person shall hold Shares constituting 1% or more of the Company's then outstanding capital stock (treating for this purpose all shares of Common Stock issuable upon exercise or conversion of all then outstanding options, warrants or convertible securities (whether or not then exercisable or convertible) as outstanding) (such Person, an "***Additional Holder***"), then, the Company shall cause such Additional Holder, as a condition precedent to the issuance of such capital stock, to become a party to this Agreement by executing an Adoption Agreement in the form attached hereto as <u>Exhibit B</u>, agreeing to be bound by and subject to the terms of this Agreement as a Stockholder and thereafter such Additional Holder shall be deemed a Stockholder for all purposes under this Agreement, provided, however, that the requirements of this Section 10.16 may be waived by approval of the Board.

(*signature page follows*)

The parties are signing this Stockholders Agreement as of the date stated in the introductory clause.

---

| | |
|:---|:---|
| **TRUEVOTE, INC.,** | **TRUEVOTE, INC.,** |
| By: | */s/ Pedram Hasid* |
| Name: | Pedram Hasid |
| Title: | Secretary |
| Address: | Address: |

---

---

| |
|:---|
| */s/ Pedram Hasid* |
| Pedram Hasid |
| Email: |
| Address: |
| */s/ Brett Morrison* |
| Brett Morrison |
| Email: |
| Address: |

---

**GLOBAL ELECTION SERVICES, INC.**

---

| | |
|:---|:---|
| By: | */s/ Kathryn Weisbeck* |
| Name: | Kathryn Weisbeck |
| Title: | President |
| Email: |  |
| Address: | Address: |

---

**(*Signature page to Stockholders Agreement***)

## Exhibit 10.3

**Exhibit 10.3**

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR APPLICABLE STATE SECURITIES LAWS. THEY HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED AND APPLICABLE STATE SECURITIES LAWS, OR THE AVAILABILITY OF AN EXEMPTION FROM THE REGISTRATION PROVISIOSN OF THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS AND THEN ONLY SUBJECT TO THE APPLICABLE RESTRICTIONS ON TRANSFER SET FORTH HEREIN.

**WARRANT TO PURCHASE COMMON STOCK**

**OF**

**GLOBAL ARENA HOLDING, INC.**

Pedram Hasid Warrant

Date of Issuance: February 27, 2023

THIS WARRANT CERTIFIES THAT, for value received in the form of 3,000,000 Common Shares of TrueVote, Inc. by Global Election Services Inc., a subsidiary of Global Arena Holding Inc., Pedram Hasid, located at, 151 Calle de San Francisco, Ste 200 PMB 1620, San Juan, PR 00901-1607 ("Holder") is entitled to purchase a maximum of 2,250,000 (Two Million, Two Hundred Fifty Thousand) fully-paid and non-assessable shares of the Common Stock, par value $0.001 per share (the "Shares") of Global Arena Holding, Inc. (the "Company") at a price of $0.0012 per Share (the "Exercise Price").

**ARTICLE I**

**TERM AND EXERCISE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Term</u>. This Warrant is exercisable, in whole or in part, at any time and from time to time on or before 5:00 p.m. Eastern Time on the date ("Expiration Date") that is Two (2) years after the Date of Issuance set forth above. The Company will at all times reserve and keep available, solely for issuance and delivery on the exercise of the Warrant, sufficient shares of Common Stock from time to time issuable on the exercise of the Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Method of Exercise</u>. Holder may exercise this Warrant, in whole or in part, by delivering this Warrant and a duly executed Notice of Exercise in substantially the form attached hereto as Appendix A to the principal office of the Company. Holder shall also deliver to the Company immediately available funds in an amount equal to the number of Shares elected to be purchased multiplied by the Exercise Price, as adjusted as provided below. Notwithstanding any provision in this Warrant to the contrary, the Holder shall provide sixty-one (61) days written notice to the Company before exercising this Warrant in the event that such exercise would result in the Holder being deemed the beneficial owner of 4.99% or more of the issued and outstanding Common Stock of the Company, which amount shall be computed as if all other rights to purchase shares of Common Stock of the Company by the holder or any other person that would increase the beneficial ownership of the Holder were exercised and consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Delivery of Certificate and New Warrant</u>. Within 10 business days after Holder exercises this Warrant, the Company shall deliver to Holder certificates for the Shares acquired and, if this Warrant has not been fully exercised or converted and has not expired, a new Warrant representing the Shares not so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Lost or Destroyed Warrant</u>. Upon receipt of an affidavit signed by the Holder and reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement reasonably satisfactory to the Company, or (in the case of mutilation) upon surrender and cancellation of the mutilated Warrant, the Company will execute and deliver, in lieu thereof, a new Warrant of like tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <u>Sale, Merger, or Consolidation of the Company</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.1 <u>Acquisition</u>. For the purpose of this Warrant, "Acquisition" means any sale, license, or other disposition of substantially all of the assets of the Company, or any reorganization, consolidation, or merger of the Company where the Company is not the surviving corporation and the securities issued with respect to the Company's securities outstanding immediately before the transaction represent less than 50% of the beneficial ownership of the new entity immediately after the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.2 <u>Assumption of Warrant</u>. Upon the closing of any Acquisition, the successor entity shall assume the obligations of this Warrant, then this Warrant shall be exercisable for the same securities, cash, and property as would be payable for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on the record date for the Acquisition and subsequent closing. The Company shall use reasonable efforts to cause the surviving corporation to assume the obligations of this Warrant.

**ARTICLE II**

**MISCELLAEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Adjustment of Exercise Price and Number of Shares</u>. If the Company at any time on or after the Issuance Date subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the number of Shares will be proportionately increased. If the Company at any time on or after the Issuance Date combines (by combination, reverse stock split or otherwise) one or more classes of its outstanding Common Shares into a smaller number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of Shares will be proportionately decreased. Any adjustment under Section 2.1 shall become effective at the close of business on the date such subdivision or combination becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Legends</u>. This Warrant and the Shares shall be imprinted with a legend in substantially the following form:

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR APPLICABLE STATE SECURITIES LAWS. THEY HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED AND APPLICABLE STATE SECURITIES LAWS, OR THE AVAILABILITY OF AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS AND THEN ONLY SUBJECT TO RESTRICTIONS ON TRANSFER AND CERTAIN OTHER AGREEMENTS SET FORTH IN THE CERTIFICATE OF INCORPORATION AS MAY BE AMENDED AND MODIFIED FROM TIME TO TIME. A COPY OF SUCH CERTIFICATE SHALL BE FURNISHED BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Compliance with Securities Laws on Transfer</u>. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be registered pursuant to an effective registration statement under the Securities Act of 1933, as amended (the "Securities Act") and under applicable state securities or blue sky laws, the Company shall receive from the Holder or transferee of this Warrant, as the case may be, (i) a written opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect that such transfer may be made without registration under the Securities Act and under applicable state securities or blue sky laws and (ii) an executed investment letter in form an substance acceptable to the Company (which investment letter shall be in form, substance and scope customary for such letters in comparable transactions). Within 24 hours of the receipt of (i) and (ii), the Company will instruct its transfer agent to remove the legend. The Company shall not require Holder to provide an opinion of counsel if the transfer is to an affiliate of Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Transfer Procedure</u>. Subject to the terms herein, Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant by giving the Company notice of the Warrant being transferred setting forth the name, address, and taxpayer or identification number of the transferee and surrendering this Warrant to the Company for re-issuance to the transferee(s) (and Holder if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Warrant Holder Not Deemed a Shareholder</u>. Except as otherwise specifically provided herein, the Holder, solely in such Person's capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person's capacity as the Holder of this Warrant, any of the rights of a shareholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a shareholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Notices</u>. Any notice required to be given under the terms of this Warrant shall be sent by certified or registered mail (return receipt requested) or delivered by hand or confirmed facsimile, and shall be effective five days after being placed in the mail, if mailed, or upon receipt or refusal of receipt if delivered by hand or confirmed facsimile, in each case addressed as follows:

If to the Company:

Global Arena Holding, Inc.

John S. Matthews, Chairman

208 East 51 Street, Ste 112

New York City, NY 10022

If to the Holder:

**To the address of the Holder on the Company's books and records.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Amendments</u>. This Warrant may be amended only in writing, signed by the party against whom enforcement is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Governing Law</u>. This Warrant and all rights and obligations hereunder shall be governed by the laws of the State of New York.

[Signature Page Follows]

**IN WITNESS WHEREOF,** the Company has caused this Warrant to be executed by its duly authorized officer as of the date first above written.

---

| | |
|:---|:---|
| **Company:** | **Company:** |
| **Global Arena Holding, Inc.** | **Global Arena Holding, Inc.** |
| By: | */s/ John S. Matthews* |
| Name: | John S Matthews |
| Title: | Chairman |
| **Holder:** | **Holder:** |
| */s/ Pedram Hasid* | */s/ Pedram Hasid* |
| <br> Name: Pedram Hasid | <br> Name: Pedram Hasid |

---

[Signature Page to Warrant]

## Exhibit 10.4

**Exhibit 10.4**

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR APPLICABLE STATE SECURITIES LAWS. THEY HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED AND APPLICABLE STATE SECURITIES LAWS, OR THE AVAILABILITY OF AN EXEMPTION FROM THE REGISTRATION PROVISIOSN OF THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS AND THEN ONLY SUBJECT TO THE APPLICABLE RESTRICTIONS ON TRANSFER SET FORTH HEREIN.

**WARRANT TO PURCHASE COMMON STOCK**

**OF**

**GLOBAL ARENA HOLDING, INC.**

Brett Morrison Warrant

Date of Issuance: February 27, 2023

THIS WARRANT CERTIFIES THAT, for value received in the form of 3,000,000 Common Shares of TrueVote, Inc. by Global Election Services Inc., a subsidiary of Global Arena Holding Inc., Brett Morrison, located at 1187 Coast Village Road, STE 1-311, Montecito, CA 93108 ("Holder") is entitled to purchase a maximum of 2,250,000 (Two Million, Two Hundred Fifty Thousand) fully-paid and non-assessable shares of the Common Stock, par value $0.001 per share (the "Shares") of Global Arena Holding, Inc. (the "Company") at a price of $0.0012 per Share (the "Exercise Price").

**ARTICLE I**

**TERM AND EXERCISE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Term</u>. This Warrant is exercisable, in whole or in part, at any time and from time to time on or before 5:00 p.m. Eastern Time on the date ("Expiration Date") that is Two (2) years after the Date of Issuance set forth above. The Company will at all times reserve and keep available, solely for issuance and delivery on the exercise of the Warrant, sufficient shares of Common Stock from time to time issuable on the exercise of the Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Method of Exercise</u>. Holder may exercise this Warrant, in whole or in part, by delivering this Warrant and a duly executed Notice of Exercise in substantially the form attached hereto as Appendix A to the principal office of the Company. Holder shall also deliver to the Company immediately available funds in an amount equal to the number of Shares elected to be purchased multiplied by the Exercise Price, as adjusted as provided below. Notwithstanding any provision in this Warrant to the contrary, the Holder shall provide sixty-one (61) days written notice to the Company before exercising this Warrant in the event that such exercise would result in the Holder being deemed the beneficial owner of 4.99% or more of the issued and outstanding Common Stock of the Company, which amount shall be computed as if all other rights to purchase shares of Common Stock of the Company by the holder or any other person that would increase the beneficial ownership of the Holder were exercised and consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Delivery of Certificate and New Warrant</u>. Within 10 business days after Holder exercises this Warrant, the Company shall deliver to Holder certificates for the Shares acquired and, if this Warrant has not been fully exercised or converted and has not expired, a new Warrant representing the Shares not so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Lost or Destroyed Warrant</u>. Upon receipt of an affidavit signed by the Holder and reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement reasonably satisfactory to the Company, or (in the case of mutilation) upon surrender and cancellation of the mutilated Warrant, the Company will execute and deliver, in lieu thereof, a new Warrant of like tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.5 <u>Sale, Merger, or Consolidation of the Company</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.1 <u>Acquisition</u>. For the purpose of this Warrant, "Acquisition" means any sale, license, or other disposition of substantially all of the assets of the Company, or any reorganization, consolidation, or merger of the Company where the Company is not the surviving corporation and the securities issued with respect to the Company's securities outstanding immediately before the transaction represent less than 50% of the beneficial ownership of the new entity immediately after the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.2 <u>Assumption of Warrant</u>. Upon the closing of any Acquisition, the successor entity shall assume the obligations of this Warrant, then this Warrant shall be exercisable for the same securities, cash, and property as would be payable for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on the record date for the Acquisition and subsequent closing. The Company shall use reasonable efforts to cause the surviving corporation to assume the obligations of this Warrant.

**ARTICLE II**

**MISCELLAEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Adjustment of Exercise Price and Number of Shares</u>. If the Company at any time on or after the Issuance Date subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the number of Shares will be proportionately increased. If the Company at any time on or after the Issuance Date combines (by combination, reverse stock split or otherwise) one or more classes of its outstanding Common Shares into a smaller number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of Shares will be proportionately decreased. Any adjustment under Section 2.1 shall become effective at the close of business on the date such subdivision or combination becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Legends</u>. This Warrant and the Shares shall be imprinted with a legend in substantially the following form:

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR APPLICABLE STATE SECURITIES LAWS. THEY HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED AND APPLICABLE STATE SECURITIES LAWS, OR THE AVAILABILITY OF AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS AND THEN ONLY SUBJECT TO RESTRICTIONS ON TRANSFER AND CERTAIN OTHER AGREEMENTS SET FORTH IN THE CERTIFICATE OF INCORPORATION AS MAY BE AMENDED AND MODIFIED FROM TIME TO TIME. A COPY OF SUCH CERTIFICATE SHALL BE FURNISHED BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Compliance with Securities Laws on Transfer</u>. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be registered pursuant to an effective registration statement under the Securities Act of 1933, as amended (the "Securities Act") and under applicable state securities or blue sky laws, the Company shall receive from the Holder or transferee of this Warrant, as the case may be, (i) a written opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect that such transfer may be made without registration under the Securities Act and under applicable state securities or blue sky laws and (ii) an executed investment letter in form an substance acceptable to the Company (which investment letter shall be in form, substance and scope customary for such letters in comparable transactions). Within 24 hours of the receipt of (i) and (ii), the Company will instruct its transfer agent to remove the legend. The Company shall not require Holder to provide an opinion of counsel if the transfer is to an affiliate of Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Transfer Procedure</u>. Subject to the terms herein, Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant by giving the Company notice of the Warrant being transferred setting forth the name, address, and taxpayer or identification number of the transferee and surrendering this Warrant to the Company for re-issuance to the transferee(s) (and Holder if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Warrant Holder Not Deemed a Shareholder</u>. Except as otherwise specifically provided herein, the Holder, solely in such Person's capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person's capacity as the Holder of this Warrant, any of the rights of a shareholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a shareholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Notices</u>. Any notice required to be given under the terms of this Warrant shall be sent by certified or registered mail (return receipt requested) or delivered by hand or confirmed facsimile, and shall be effective five days after being placed in the mail, if mailed, or upon receipt or refusal of receipt if delivered by hand or confirmed facsimile, in each case addressed as follows:

If to the Company:

Global Arena Holding, Inc.

John S. Matthews, Chairman

208 East 51 Street, Ste 112

New York City, NY 10022

If to the Holder:

**To the address of the Holder on the Company's books and records.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Amendments</u>. This Warrant may be amended only in writing, signed by the party against whom enforcement is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Governing Law</u>. This Warrant and all rights and obligations hereunder shall be governed by the laws of the State of New York.

[Signature Page Follows]

**IN WITNESS WHEREOF,** the Company has caused this Warrant to be executed by its duly authorized officer as of the date first above written.

---

| | |
|:---|:---|
| **Company:** | **Company:** |
| **Global Arena Holding, Inc.** | **Global Arena Holding, Inc.** |
| By: | */s/ John S. Matthews* |
| Name: | John S Matthews |
| Title: | Chairman |
| **Holder:** | **Holder:** |
| */s/Brett Morrison* | */s/Brett Morrison* |
| <br> Name: Brett Morrison | <br> Name: Brett Morrison |

---

[Signature Page to Warrant]

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATIONS**

I, John S. Matthews, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 of Global Arena Holding, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 30, 2026

---

| |
|:---|
| */s/ John S. Matthews* |
| John S. Matthews |
| Chief Executive Officer and Chief Financial Officer (principal executive officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATIONS**

I, John S. Matthews, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 of Global Arena Holding, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 30, 2026

---

| |
|:---|
| */s/ John S. Matthews* |
| John S. Matthews |
| Chief Executive Officer and Chief Financial Officer (principal financial officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION**

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of Global Arena Holding, Inc. (the "Company") for the quarter ended March 31, 2025 as filed with the Securities and Exchange Commission (the "Report"), I, John S. Matthews, Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | |
|:---|:---|
| Date: March 30, 2026 | */s/ John S. Matthews* |
|  | John S. Matthews |
|  | Chief Executive Officer and Chief Financial Officer (principal executive officer and principal financial officer) |

---

*This certification accompanies this Quarterly Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.*