Global Arena Holding Announces Third Quarter Financial Results Highlighting Continued Revenue Growth
New York, NY, Nov. 19, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — Global Arena Holding, Inc. (the “Company”) (OTC Markets: GAHC), a growth oriented, acquisition minded company, with a focus on specific niche markets offering exponential growth, announced that the Company has filed its 10-Q for the quarter ended September 30, 2021, demonstrating consistent, disciplined and continuous growth. Financial highlights include but are not limited to:
- Revenues increased 39% to $189,728 for the third quarter, as compared to $136,035 during the third quarter of 2020.
- Management reported that revenue for the nine months ended September 30, 2021, reflected $774,989 as compared to $476,701 during the same time period in 2020.
- Losses from operations decreased 26% to $231,381, as compared to $313,574 during the corresponding quarter of 2020.
- Similarly, losses from operations for the nine months ended September 30, 2021, reflected $466,890, more than a 50% decrease from the $972,588 reflected during the same nine-month period of 2020.
- Net losses reflected a total of $318,518 for the third quarter. This is a significant increase from the ‘plus’ $61,801 reflected during the corresponding period of 2020. However, the nine months ended September 30, 2021, reflect net losses of $636,845. When compared to the same nine-month period during 2020, which reflected a net loss of $1,736,726, a significant decrease and overall improvement can be observed.
Global Election Services, Inc (“GES”), the Company’s subsidiary, continues to be the primary source of revenue, and is on track to meet its target of an estimated $1M in annual revenue for 2021. Management also continues to attribute the overall and substantial decline of the net losses to a significant change in fair value of the derivative liability—due to debt reduction arrangements (mentioned here and here). These debt reduction arrangements dramatically reduced ‘so-called’ toxic convertible debt obligations, freeing the Company of excessive dilutive conversions which can have a negative impact on the fundamentals of the Company.
John S. Matthews, the Company’s Chairman, stated, “We entered 2021 having had set a course we anticipated would lead towards increased revenues, a decrease in convertible debt, reductions in net losses, and visible growth opportunities at GES. I am very happy with our current progress and can confidently say, I believe we will meet and possibly exceed our expectations for 2021.
“We have made many strides to date and intend to aggressively continue with the efforts that have helped us get to this point; where we can lend more focus on closing those deals and opportunities, which we discussed during our 2021 Annual Stockholder’s Meeting. Thanks to the overwhelming and continued support of our stockholders, we were granted the ability to appropriately adjust the cap table to support our growth and value proposition and get these deals done. To that end, we have made considerable progress in consummating those deals and opportunities, and anticipate being able to begin showing successes there as well.”
As always, management recommends reading the 10Q 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 over 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
