Global Arena Holding Reports 30.5% Revenue Growth but Increased Net Loss in Q3 2024

Global Arena Holding, Inc. reported its financial results for the third quarter of 2024, revealing a revenue increase of 30.5% to $350,041 compared to $268,304 in the same period last year. For the nine months ending September 30, 2024, total revenues reached $930,354, up from $612,468 in the prior year. Despite this growth, the company recorded a net loss of $422,167 for the quarter, significantly higher than the loss of $169,458 reported in Q3 2023. The nine-month net loss also improved to $710,164 from $994,500 year-over-year, indicating a trend towards reduced losses.

The company's operating expenses for the third quarter increased to $456,458 from $346,844 in the previous year, primarily driven by higher professional fees and marketing costs. Salaries and benefits saw a notable decrease, falling to $20,618 from $47,015, attributed to changes in compensation agreements with directors. The increase in printing costs, which rose to $184,679 from $85,086, was linked to the higher revenue generated during the period.

In terms of strategic developments, Global Arena continues to focus on its subsidiary, Global Election Services, Inc. (GES), which provides technology-enabled election services. The company has made significant investments in software development, totaling $31,838 in the third quarter, and has finalized the acquisition of Election Services Solutions, LLC, which is expected to enhance its service offerings. The company also entered into a convertible promissory note agreement to finalize this acquisition, with a principal amount of $138,850 due in August 2025.

Operationally, Global Arena reported a working capital deficit of $10,391,953 as of September 30, 2024, and an accumulated deficit of $33,208,472. The company has been actively raising funds through convertible promissory notes, generating $381,649 in proceeds during the nine months ended September 30, 2024. The total liabilities increased to $10,400,091 from $9,691,929 at the end of 2023, reflecting ongoing financial challenges.

Looking ahead, Global Arena's management expressed optimism about securing additional financing to support its operations and strategic initiatives. However, they acknowledged the uncertainties surrounding market conditions and the company's ability to generate positive cash flows. The company is exploring potential asset sales, including a planned transaction with Easterly Capital LLC, which could provide $2.75 million in cash to address outstanding debts and litigation. The outcome of these efforts will be critical for the company's future viability and growth.