Global Arena Holding Files 10-K Highlighting Revenue Growth, Debt Reduction and Expanding Business Opportunities
Global Arena Holding, Inc. (GAHC) reported significant growth in its 2021 financial results, with gross revenue reaching $1,223,116, a 91% increase from 2020. The company improved its net losses to ($877,612), down 50% from the previous year. However, total costs and expenses rose by 9% to $1.89 million, while cash reserves dropped from $0.06 million to $0.01 million. Despite an increase in common shares outstanding to 2,044,502,156, the growth rate was notably lower than in previous years. The company expresses optimism for its subsidiary, Global Election Services, focusing on new election technologies.
- Gross revenue increased 91% to $1,223,116 in 2021.
- Net losses improved by approximately 50% from 2020, totaling ($877,612).
- Management made efforts to reduce share dilution, with a lower percentage increase in common shares compared to prior years.
- Continued focus on growth opportunities at Global Election Services, including plans for proprietary election software.
- Cash reserves decreased significantly from $0.06 million to $0.01 million.
- Total costs and expenses increased by 9% to $1.89 million.
- Total common shares outstanding increased by 19.36%, representing potential dilution for shareholders.
NEW YORK, NY, April 04, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Global Arena Holding, Inc. (the “Company”) (OTC Markets: GAHC), a growth oriented, acquisition minded company, focused on specific niche markets offering exponential growth, is pleased to announce that the Company has filed its Form 10-K with the Securities and Exchange Commission, and is excited to share a few highlights.
2021 Year End Financial Summary:
- Gross revenue for the year was
$1,223,116 ; an increase of roughly91% from the same period in 2020. - Net Losses for the year reflected (
$877,612) , which is an approximate50% improvement over the same period in 2020, which reflected a Net Loss of ($1,746,125) . - Costs and expenses increased
9% to$1.89M for the year, as compared to$1.75M during the corresponding reporting period in 2020. - Cash on the balance sheet had decreased from roughly
$0.06M as of December 31, 2020, to approximately$0.01M at the close of 2021.
Additionally, it is important to highlight the Company’s capitalization table as management greatly endeavored to stave off dilution by improving its convertible debt balance sheet. As a result, the total number of common shares outstanding in 2021 was 2,044,502,156, a
Management attributed this to the Company entering note settlement agreements [as reported] with investors to settle certain convertible notes and accrued interest for a payment of
Management continues to be enthusiastic about the growth opportunities at the Company’s subsidiary, Global Election Services, Inc. (GES), which operates on a three-year business cycle as most clients have officer elections every three years. In further support of GES’ growth, on February 10, 2021, the U.S. Election Assistance Commission (EAC) announced the adoption of the Voluntary Voting System Guidelines (VVSG) 2.0. These guidelines were formulated to improve cyber security, accessibility, and usability requirements in the U.S. voting process. During 2021, GES engaged software and hardware developers to assist with working toward the qualification process of applying for U.S. certification.
Further, as it regards GES, the Company aligned with TrueVote, Inc. (a comprehensive end-to-end, de-centralized, digital voting system) to develop a proprietary election software for the Company. Management believes that an online system, based on proven database methodologies, and layered with a "checksum" posted on the Blockchain, will potentially break new ground for the future of voting for elections in both the U.S. and abroad.
Lastly, with the recent additions of E.M. “Kiki VanDeWeghe, III, and Magdiel Rodriguez to the GES Advisory Board, the Company is positioning itself to potentially expand its operational capabilities, at both the parent and subsidiary levels.
John S. Matthews, the Chairman of the Company, stated, “We are pleased with the continued progress and growth of the Company, and our operating subsidiary, GES. Management is now preparing additional software and hardware updates following recent new guidelines issued at both the Federal and State levels. We will soon be providing shareholders with additional information as the Company prepares for our 2022 shareholders meeting.”
Mr. Matthews continued, “Although 2020 created enormous challenges due to the Covid-19 pandemic, I can confidently say that based on our 2021 accomplishments, both financially and operationally, I believe that Global Arena Holdings, Inc., has the ability to weather many socioeconomic storms. This is because at our core, we assist with the management of open and fair elections at every level; private or public. And this is something that has always been fundamental to a free and law-abiding society, making this a necessary service and somewhat recession proof.”
“I would like to thank our shareholders for all their continued support in 2021. I’d also really like to thank the management, staff, and outside vendors, who believed in what we are doing, so much so, that they continued administering elections under the most difficult of environments in the past couple years; ultimately giving us the ability to have such a visibly positive performance in 2021. We continued to develop and improve our proprietary registration and tabulation software, expanded our management team, and negotiated what we believe will be valuable business opportunities. We are all looking forward to what we will accomplish in 2022 and beyond.”
As always, management recommends reading the Form 10-K in its entirety and contacting the Company with any 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 Markets, 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 senior management has been supervising elections since 1981, having managed more than Eight Thousand Six Hundred (8,600) election projects involving over Forty Million (40,000,000) voters, certifying each labor election with the U.S. Department of Labor. The primary method of voting for GES elections is Paper Mail Ballots. No election supervised by GES or its senior management has ever been overturned by the U.S. Department of Labor. Management has an extremely strong reputation in the market and a very extensive, longtime customer list. Our mission is to help our clients conduct efficient, accurate, secure and less costly elections with greater participation. As a viable independent third party managing each election, we work to increase methods and rates of participation while maintaining the One Voter = One Vote Integrity that our management team has been committed to for nearly 4 decades.
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.
208 East 51st St.
Suite 112
New York, NY 10022
kathryn@globalarenaholding.com
Tel: 646-801-5524
www.globalarenaholding.com
FAQ
What were the 2021 financial results for Global Arena Holding, Inc. (GAHC)?
How did GAHC manage share dilution in 2021?
What challenges did GAHC face in its 2021 financial performance?
What is Global Arena Holding's outlook for its subsidiary, GES?
