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NEW YORK, NY, April 04, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – GlobalArena Holding, Inc. (the “Company”) (OTC markets: GAHC), a growth and acquisition driven company focused on specific niche markets offering exponential growth, is pleased to announce that the Company has filed their Form 10-K with the Securities and Exchange Commission, and is pleased to share some highlights.
2021 year-end financial summary:
- The gross income for the year was $1,223,116; an increase of approximately 91% compared to the same period in 2020.
- Net losses for the year reflected ($877,612), an improvement of approximately 50% over the same period in 2020, which reflected a net loss of ($1,746,125).
- Costs and expenses increased by 9% to $1.89 million for the year, compared to $1.75 million in the corresponding period in 2020.
- Cash on the balance sheet decreased from approximately $0.06 million at December 31, 2020 to approximately $0.01 million at the end of 2021.
In addition, it is important to highlight the Company’s capitalization table as management has worked hard to avoid dilution by improving its convertible debt balance sheet. Consequently, the total number of ordinary shares outstanding in 2021 was 2,044,502,156, an increase of 19.36% compared to the 1,712,958,504 ordinary shares outstanding at the end of 2020, an increase of difference of 331,543,652 ordinary shares. Yet, this increase was more than 50% lower than the increase that occurred between the end of 2019 (985,539,957 ordinary shares) and the end of 2020 (1,712,958,504 ordinary shares); an increase of 727,418,547 ordinary shares (395,874,895 shares more than at the end of 2021).
Management attributed this to the fact that the company entered into note settlement agreements [as reported] with investors to settle certain convertible notes and accrued interest for a payment of $25,000 and 75,000,000 common shares of the Company. At this time, the Company also recorded a gain of $509,080 on the settlement of its debt.
Management continues to be excited about the growth opportunities of the company’s subsidiary, Global Election Services, Inc. (GES), which operates on a three-year business cycle as most clients have executive elections every the three years. To further support the growth of GES, on February 10, 2021, the United States Election Assistance Commission (EAC) announced the adoption of the Voluntary Voting System Guidelines (VVSG) 2.0. These guidelines were formulated to improve requirements for cybersecurity, accessibility, and usability in the voting process in the United States. In 2021, GES engaged software and hardware developers to help work on the US certification application qualification process.
Additionally, regarding GES, the company has partnered with TrueVote, Inc. (a comprehensive, decentralized, end-to-end digital voting system) to develop proprietary election software for the company. Management believes that an online system, based on proven database methodologies and overlaid on a “checksum” published on the Blockchain, will potentially open new perspectives for the future of voting in elections in the United States. and abroad.
Finally, with the recent additions of EM “Kiki VanDeWeghe, III, and Magdiel Rodriguez on the GES Advisory Board, the company is positioning itself to potentially expand its operational capabilities, both at parent and subsidiary levels.
John S. Matthews, company president, said, “We are pleased with the continued progress and growth of the company and our operating subsidiary, GES. Management is currently preparing additional software and hardware updates in accordance with recent new guidelines issued at the federal and state levels. We will soon provide shareholders with additional information as the Company prepares for our 2022 general meeting.”
Mr Matthews continued: “Although 2020 has created enormous challenges due to the Covid-19 pandemic, I can confidently say that based on our achievements in 2021, both financially and operationally, I think Global Arena Holdings, Inc., has the ability to weather many socio-economic storms. This is because at the grassroots, we help to manage open and fair elections at all levels; private or public. And it’s something that has always been fundamental to a free and law-abiding society, making it a necessary and somewhat recession-proof service.
“I would like to thank our shareholders for all their continued support in 2021. I would also like to thank the management, staff and external suppliers, who believed in what we are doing, so much so that they continued to administer the elections in the most challenging environments over the past two years, ultimately giving us the opportunity to have such visibly positive performance in 2021. We have continued to develop and improve our proprietary registration and tabulation software, expanded our leadership team and brokered what we believe to be valuable business opportunities. We all look 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.comwhere you can also access all SEC filings as the company continues to pursue a more effective investor relations initiative.
Global Arena Holding, Inc. trades on the OTC markets, under the symbol GAHC. The company has been publicly traded since 2011 and has a number of equity interests, including Global Elections Services, Inc., Tidewater Energy Group Inc., and GAHI Acquisition Corp. Please find the documents filed by the company on SEC.gov.
Owned by Global Arena Holding Inc., GES provides comprehensive technology-enabled election services to organizations such as craft and business organizations, labor unions, political parties, cooperatives and housing organizations, professional associations and societies, universities, trust funds, pension and credit unions, and entertainment organizations. GES senior management has overseen elections since 1981, having managed over eight thousand six hundred (8,600) election projects involving over forty million (40,000,000) voters, certifying each union election with the US Department of Labor. The primary method of voting for GES elections is paper-based voting. No election overseen by the GES or its senior leadership has ever been overturned by the US Department of Labor. The management has an extremely solid reputation in the market and a very long and long-standing client list. Our mission is to help our clients run efficient, accurate, secure and less costly elections with greater participation. As a viable independent third party managing every election, we strive to increase turnout methods and rates while maintaining the One Voter = One Vote integrity that our leadership 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 in this press release contains forward-looking statements, such as statements relating to the anticipated future direction of the industry, plans for future expansion, various business development activities, planned or required capital expenditures, sources of future funding, anticipated sales growth and potential contracts. Such forward-looking information involves significant risks and uncertainties that could materially affect anticipated results in the future and, accordingly, such results may differ from those expressed in forward-looking statements made by or on behalf of the company. These risks and uncertainties include, but are not limited to, those related 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.
Source: Global Arena Holding Inc.