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