Global Arena Holding Files 10K – Highlighting Revenue Growth and Debt Reduction

Rhea-AI Summary

Global Arena Holding, Inc. (GAHC) reported a 34% revenue increase to $641,629 for the year ending December 31, 2020, compared to $477,773 in 2019. The company noted a significant rise in deferred revenue from $40,500 in 2019 to $308,223 in 2020, indicating growing demand for its election services amid the pandemic. Additionally, GAHC extinguished $622,767 in convertible notes and $199,189 in accrued interest in Q1 2021, potentially enhancing its balance sheet. The management emphasized revenue growth and debt reduction as key achievements alongside their commitment to fiscal health.

Positive

• 34% increase in revenue to $641,629 for 2020.
• Deferred revenue rose dramatically from $40,500 in 2019 to $308,223 in 2020.
• Extinguished $622,767 in convertible notes and $199,189 in accrued interest, improving balance sheet strength.

Negative

• None.

New York, NY, April 11, 2021 (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 10-K, and is excited to share a few highlights which will support management efforts at assisting its subsidiary, Global Election Services, Inc. (“GES”), further its expansion into government elections.

Management reported that revenues for the 12 months ended December 31, 2020 were $641,629, compared to $477,773 for the 12 months ending 2019 – a roughly 34% increase for the period. Management also reported $308,223 in ‘Deferred Revenue’ for the year ending December 31, 2020; expected to be earned during 2021.  For the 12 months ending 2019, the Company had reported 'Deferred Revenue' of just $40,500. This increase speaks largely to the growing demand for GES’s election services, even during the Covid-19 pandemic. 

Management also reported an important, but easily overlooked item, in that the Company extinguished $622,767 of convertible notes and $199,189 of accrued interest in Q1 of 2021.  As reflected in the Subsequent Events footnote to the financial statements, the Company entered into a note settlement agreement, paying $25,000 in cash, and issuing 75,000,000 shares of common stock to the noteholder.  Given the conversion features on the extinguished notes, along with the accrued interest, this settlement is potentially accretive to the balance sheet and should lend to further building shareholder confidence.

“There are several successes that can be gleamed from our 10-K, including GES expanding its track record by entering the private government election space, where GES successfully completed the Statewide Presidential Primary for North Dakota Democratic-NPL.  I believe it was important to highlight revenue growth and debt reduction as the key points to be aware of,” stated John S. Matthews, Chairman of GAHC.  “Coverage of these two items helps establish a narrative around the sincere attention we place on our fiscal health, as well as our absolute intention to build a fundamentally sound company.”

“There is a lot to be proud of, particularly those events born from our 2020 successes and we look forward to taking full advantage of all the opportunities they may bring us in 2021. I would like to thank our shareholders for their support, and I especially want to thank our staff, and outside vendors who continued administering elections under the most difficult of environments caused by the Covid-19 pandemic, and continued working, and improving the reputation of GES.”

As always, management recommends reading the full 10K in its entirety and contact 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 Global Arena Holding's revenues for 2020?

Global Arena Holding reported revenues of $641,629 for the year ending December 31, 2020.

How much did Global Arena Holding's deferred revenue increase in 2020?

Deferred revenue increased from $40,500 in 2019 to $308,223 in 2020.

What debt did Global Arena Holding extinguish in Q1 2021?

In Q1 2021, Global Arena Holding extinguished $622,767 of convertible notes and $199,189 of accrued interest.

What growth did Global Arena Holding achieve in its election services?

Global Arena Holding's subsidiary, Global Election Services, noted a growing demand for its services, leading to a significant revenue increase.

What does the recent press release indicate about Global Arena Holding's financial health?

The press release highlights revenue growth and debt reduction as key indicators of improved financial health for Global Arena Holding.