Global Arena Holding Reports 54% Revenue Increase to $1.27 Million for Fiscal Year 2024

Global Arena Holding, Inc. (GAHI) reported a significant increase in revenue for the fiscal year ending December 31, 2024, with total revenues reaching $1.27 million, up from $826,700 in 2023, marking a 54% increase. This growth is attributed to a higher number of elections held during the year, as many of GAHI's clients operate on a three-year election cycle. Despite the revenue increase, the company recorded a net loss of $1.01 million, a slight improvement from the $1.19 million loss reported in the previous year. The company's total operating expenses decreased to $1.51 million from $1.21 million, primarily due to reduced professional fees and general administrative costs.

In terms of strategic developments, GAHI has made notable acquisitions and partnerships. The company finalized the acquisition of Election Services Solutions, LLC (ESS), which now accounts for over 80% of GES's business. Additionally, GAHI entered into a joint venture with True Vote, Inc., investing $50,000 and acquiring a 30% stake in the company, which is developing a blockchain-based voting system. GAHI also formed Fortis Industria, LLC, to explore potential acquisitions, although it has not yet made any significant purchases.

Operationally, GAHI has focused on enhancing its election services technology, including proprietary software for voter registration and ballot tabulation. The company has also been working on developing blockchain technology for secure voting processes. As of December 31, 2024, GAHI's total liabilities stood at approximately $10.69 million, with a working capital deficit of $10.68 million. The company has faced challenges in maintaining sufficient cash flow, leading to ongoing reliance on convertible promissory notes and other financing methods.

Looking ahead, GAHI's management has expressed optimism about future growth opportunities, particularly in the U.S. government election sector, which has seen increased federal funding for election security. However, the company also faces significant risks, including ongoing losses, a high level of debt, and the need for additional capital to sustain operations. The company’s ability to continue as a going concern remains uncertain, as highlighted by its auditors, who have raised concerns regarding its financial viability without successful capital raising efforts.