Global Arena Holding, Inc. reported its financial results for the three and six months ended June 30, 2024, reflecting both revenue growth and ongoing challenges in profitability. The company’s total assets increased to $596,586 from $587,742 at the end of 2023, with cash and cash equivalents rising to $30,436, up from $21,592. However, current liabilities, particularly promissory notes payable, increased significantly to $487,243 from $368,582.

For the three months ended June 30, 2024, the company generated revenues of $348,190, marking a substantial increase from $237,972 in the same period of 2023. Despite this revenue growth, total operating expenses also rose to $348,211 from $321,580, leading to a net loss of $(156,979), an improvement from the net loss of $(298,647) reported in the prior year. For the six-month period, revenues reached $580,313, up from $344,164, while the net loss narrowed to $(287,997) compared to $(825,042) in 2023.

The company’s operating expenses for the six months decreased to $527,456 from $641,512, primarily due to reduced salaries and benefits, which fell to $75,999 from $234,810, attributed to amended compensation for two executives. Professional fees also decreased to $135,947 from $199,406. However, marketing and advertising expenses increased to $80,950 from $62,879, and printing costs surged to $122,641 from $36,138.

As of June 30, 2024, Global Arena reported an accumulated deficit of $32,786,305 and a working capital deficit of $9,881,535. The company continues to face recurring losses and cash flow deficits, necessitating ongoing borrowing to sustain operations. Management has expressed substantial doubt regarding the company’s ability to continue as a going concern, citing financial conditions and reliance on external financing.

In terms of financing activities, the company reported net cash provided of $110,519 for the six months ended June 30, 2024, compared to $45,951 in the same period of 2023. This included $139,500 from convertible promissory notes and $217,500 from promissory notes. The company is currently exploring potential acquisitions to establish a sustainable business model, although there are no assurances regarding the success of these financing efforts or the terms involved.