Management Discusses Financial Filings of Global Arena Holding Inc., for 10-K 2023 and 10-Q, 1st Quarter 2024

Rhea-AI Summary

Global Arena Holding Inc. (OTC: GAHC) has filed its 10-K for 2023 and 10-Q for Q1 2024, showing steady growth. Key highlights for 2023 include:

• Revenue up 19% to $826,700
• Salaries and benefits down 67% to $264,909
• Losses from operations decreased 63% to $382,182
• Net loss down 30% to $1,192,260

Q1 2024 highlights include:

• Revenue up 54% to $232,123
• Salaries and benefits down 276% to $43,967
• Losses from operations decreased 78% to $179,245
• Net loss down 302% to $131,018

The company's subsidiary, Global Election Services, is developing proprietary election software and hardware, and is reviewing responses to its RFP for US Election Assistance Commission certification.

Positive

• Revenue increased by 19% in 2023 compared to 2022
• Salaries and benefits decreased by 67% in 2023
• Losses from operations decreased by 63% in 2023
• Net loss decreased by 30% in 2023
• Q1 2024 revenue increased by 54% compared to Q1 2023
• Q1 2024 losses from operations decreased by 78%
• Q1 2024 net loss decreased by 302%
• Global Election Services is developing proprietary election software and hardware
• Company is pursuing US Election Assistance Commission certification for potential entry into municipal election market

Negative

• Company still reported a net loss of $1,192,260 in 2023
• Q1 2024 still showed a net loss of $131,018

NEW YORK, NY, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Global Arena Holding, Inc. (the “Company”) (OTC Markets: GAHC), a growth oriented, acquisition minded company currently focused on the Election Administration segment of the US Private Markets, is pleased to announce that the Company has filed the 10-K for 2023 and its 10-Q for the quarter ended March 31, 2024. 

Both the 10-K for 2023 and the 10-Q for the quarter ended March 31, 2024 reflect management’s continued effort to grow the Company at a steady and disciplined pace. 
Financial highlights for the 10-K 2023 include but are not limited to: 

•  Revenue increased 19% to $826,700 in 2023 as compared to $697,060 as reported in the 10-K for 2022.
•  Salaries and Benefits decreased 67% to $264,909 in 2023 as compared to $809,048 as reported in the 10-K for 2022.
•  Losses from operations decreased 63% to $382,182 as compared to $1,025,427 as reported in the 10-K for 2022.
•  Net loss was $1,192,260, a decrease of 30% from a net loss of $1,711,197 as reported in the 10-K for 2022.

Financial highlights for the 10-Q, quarter ended March 31, 2024 include but are not limited to: 

•  Revenue increased 54% to $232,123 for the first quarter as compared to $106,192 in the first quarter of 2023.
•  Salaries and Benefits decreased 276% to $43,967 in the first quarter as compared to $165,378 in the first quarter 2023.
•  Losses from operations decreased 78% to $179,245 as compared to $319,933 in the first quarter of 2023.
•  Net loss was $131,018, a decrease of 302% from a net loss of $526,395 in the first quarter of 2023.

John S. Matthews, the Chairman and CEO of Global Arena Holding, Inc., stated, “We are pleased with the continued growth of our operating subsidiary Global Election Services, and its development of unique proprietary Election Software and Hardware.”  Mr. Matthews further commented, “Management is committed to growing Global Election Services Inc., and will seek to increase shareholder value through potential acquisitions, the reorganization of the Company’s balance sheet, and potential sale of assets.”

Global Election Services Inc. (GES), the Company’s only operating subsidiary, previously issued Request for Proposals (RFP) to certain technology companies to assist GES in its application to the United States Election Assistance Commission to apply for the Voluntary 2.0 certification. The certification would further assist GES to enter the US Government municipal election market. GES is currently reviewing the responses to the RFP and will announce in the third quarter 2024 its chosen vendor.

As always, management recommends reading the Company’s financials in their entirety and contact the Company at any time with questions. For more information on these and other developments, please visit the Company’s website at: http://GlobalArenaHolding.com, where you can also access all SEC filings, as the Company continues to pursue a more effective investor relations initiative. 
  
ABOUT GAHC
Global Arena Holding, Inc. trades on the OTC Pink Market, under the ticker symbol GAHC. The Company has been publicly traded since 2011 and holds a number of interests, including Global Elections Services, Inc., Tidewater Energy Group Inc., and GAHI Acquisition Corp. Please find the Company’s filings at SEC.gov

ABOUT Global Election Services, Inc. (GES)
Owned by Global Arena Holding Inc., GES provides comprehensive technology-enabled election services to organizations such as craft and trade organizations, labor unions, political parties, co-operatives and housing organizations, associations and professional societies, universities, pension funds and credit unions, and entertainment organizations. 

GES developed and owns proprietary Voter Registration, Voter Tabulation, and Online Voting software. GES senior management has been supervising elections since 1981, having managed thousands of election projects involving over Forty Million (40,000,000) voters, certifying each labor election with the US Department of Labor. 

The primary method of voting for GES elections is Paper Mail Ballots. Management has an extremely strong reputation in the market and a very extensive, longtime customer list. 

The Company owns 30% of True Vote. True Vote is developing a Voting System that 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. On June 1, 2021, True Vote issued its White Paper “A transparent Electronic Voting System validated by the Bitcoin Blockchain”. 

Safe Harbor Statement
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements related to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned or required capital expenditures, future funding sources, anticipated sales growth, and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of, the company. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, and other risks and uncertainties described in the Company's periodic filings with the Securities and Exchange Commission.

CONTACT:
Global Arena Holding, Inc.
1159 2nd Ave
Suite 454
New York, NY 10065
kathryn@globalarenaholding.com
Tel: 646-801-5524
www.globalarenaholding.com

FAQ

What was Global Arena Holding's (GAHC) revenue growth in 2023?

Global Arena Holding's (GAHC) revenue grew by 19% to $826,700 in 2023 compared to $697,060 in 2022.

How much did Global Arena Holding (GAHC) reduce its net loss in 2023?

Global Arena Holding (GAHC) reduced its net loss by 30% to $1,192,260 in 2023, down from $1,711,197 in 2022.

What was Global Arena Holding's (GAHC) revenue growth in Q1 2024?

Global Arena Holding's (GAHC) revenue grew by 54% to $232,123 in Q1 2024 compared to $106,192 in Q1 2023.

What is Global Arena Holding's (GAHC) subsidiary Global Election Services working on?

Global Election Services is developing proprietary election software and hardware and seeking US Election Assistance Commission certification to enter the municipal election market.