Global Arena Holding Files 10-Q Highlighting Revenue Growth and Debt Reduction
New York, NY, May 17, 2021 (GLOBE NEWSWIRE) -- -- (the “Company”) (OTC Markets: ), 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-Q, 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 were $234,585 for the 3 months ending March 31, 2021, compared to $108,429 for the first 3 months ending 2020, an increase of 116.3% for the period. Management also reported loss from operations of $42,493 for the 3 months ended March 31, 2021, compared to $329,113 for the first 3 months ending 2020, a decrease of 87.1% for the period. In addition, management also reported net loss attributed to the Company of $215,939 for the three months ended March 31, 2021, compared to $452,307 for the 3 months ending 2020, a decrease of 52.3% for the period.
In a continued effort to reduce the convertible debt on the balance sheet, Management reported that on March 15, 2021, the Company entered into a note settlement agreement with an investor whereby the investor agreed to settle certain convertible notes and accrued interest for the payment of $25,000 and 75,000,000 shares of the Company’s common stock. The Company recognized a gain of $509,080 as a result of this transaction.
Management will continue to update its shareholders on its continued election software and hardware development to certify for the opportunity to bid on US Government and certain State elections as new guidelines, rules and regulations are currently being released.
John S. Matthews, the Chairman, stated, “We are happy with the continued progress and growth of the Company and our operating subsidiary, Global Election Services Inc. Management is now preparing additional software and hardware updates following recent new guidelines issued at both the Federal and State level. We will be providing all of our shareholders with additional information as the Company prepares for our 2021 shareholders meeting, where we look forward to speaking with our shareholders. We thank all of our shareholders for their continued support.”
As always, management recommends reading the full 10-Q 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: , 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
Owned by, 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 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
Tel: 646-801-5524
