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10-K - FORM 10K - Global Arena Holding, Inc.globalarena10k11v6.htm
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v2.4.0.6
RELATED PARTIES
12 Months Ended
Dec. 31, 2011
Related Party Transactions [Abstract]  
RELATED PARTIES

13.  RELATED PARTIES

 

The Company has an expense sharing agreement with GACC whereby GACC pays certain general and administrative expenses on behalf of the Company and its operating subsidiaries. During the years ended December 31, 2011 and 2010, the Company reimbursed GACC approximately $246,000 and $443,000, respectively.

 

The Company has a month-to-month agreement with Broad Sword Holdings, LLC, one of the Company’s stockholders, whereby Broad Sword Holdings, LLC provides office space to the Company.  During the years ended December 31, 2011 and 2010, the Company was charged approximately $132,000 and $126,000, respectively, for office space.

 

Other receivable – related party represents advances to Broad Sword Holdings, LLC.  Those advances are non-interest bearing and payable on demand.  At December 31, 2011 and 2010, the receivable was approximately $468,000 and $65,000, respectively.