Tue, Jul 16, 7:34 PM (53 days ago)
Global Arena Holding, Inc.'s Form 10-Q for the quarter ended March 31, 2024, reveals a challenging financial situation. The company reported revenues of $232K, a significant increase from $106K in the same period last year, primarily due to the cyclical nature of its clients' elections. However, the net loss for Q1 2024 was $131K, down from $526K in Q1 2023. Operating expenses decreased to $179K from $320K, reflecting cost-cutting measures, including reduced salaries and professional fees. The company's financial position remains precarious with a working capital deficit of $9.7M and an accumulated deficit of $32.6M. Cash flow from operations was slightly positive at $7K, with financing activities resulting in a net cash outflow of $5K. The company continues to rely heavily on convertible promissory notes, which totaled $4.4M, many of which are in default. Management's focus is on raising additional capital and securing financing to sustain operations, with significant uncertainties surrounding its ability to continue as a going concern. The company is also involved in several legal proceedings which could impact its financial stability.