Global Arena Pivots to Election Tech, Eyes $737M Market

TL;DR

**GAHI is all-in on election tech, but the $2M certification cost and political headwinds make it a high-stakes bet.**

AI Summary

Global Arena Holding, Inc. (GAHI) reported a strategic shift in its 2024 fiscal year, discontinuing operations of GAHI Acquisition Corp. and Tidewater Energy Group Inc. by September 30, 2024, and December 31, 2024, respectively. The company is now primarily focused on its subsidiary, Global Election Services, Inc. (GES), which provides technology-enabled election services. GES derives over 80% of its current business from Election Services Solutions, LLC (ESS), which it acquired for $650,000, with $511,150 already paid and a remaining $138,850 convertible promissory note due October 15, 2025. GAHI also invested $50,000 in True Vote, Inc. in February 2023, acquiring 3 million shares representing 30% ownership. The company sees significant growth opportunities in U.S. and foreign government elections, particularly with the estimated global election management software market projected to reach $737.2 million by 2030 from $293.5 million in 2023. GAHI plans to invest approximately $2 million and stock-based compensation for EAC 2.0 VVSG certification, with an anticipated annual software maintenance cost of $250,000.

Why It Matters

Global Arena Holding's strategic pivot to focus solely on election services through GES positions it in a growing, yet highly scrutinized, market. The company's efforts to achieve EAC 2.0 VVSG certification, requiring a $2 million investment, are critical for competing with established players like ES&S and Dominion Voting Systems in the U.S. government election sector. For investors, this narrow focus presents both high reward potential if GAHI captures significant market share in the expanding mail-in ballot segment, and substantial risk given the political controversies and high compliance costs associated with election technology. Employees and customers of the discontinued subsidiaries, GAHI Acquisition Corp. and Tidewater Energy Group Inc., will experience direct impacts from these closures.

Risk Assessment

Risk Level: high — The company faces high risk due to its concentrated focus on the election services market, which is subject to intense political scrutiny and significant regulatory hurdles, including the estimated $2,000,000 cost for EAC 2.0 VVSG certification. Furthermore, the company's reliance on a single subsidiary, GES, which derives over 80% of its business from the acquired ESS, creates a lack of diversification. The outstanding $138,850 convertible promissory note due October 15, 2025, also represents a near-term financial obligation.

Analyst Insight

Investors should approach GAHI with extreme caution, recognizing the high-risk, high-reward nature of its concentrated election technology strategy. Monitor progress on EAC 2.0 VVSG certification and the company's ability to secure government contracts, as these are critical milestones for future revenue generation. Consider the significant capital expenditure and ongoing compliance costs before making any investment decisions.

Key Numbers

• $650,000 — ESS acquisition cost ($511,150 already paid, $138,850 remaining)
• $138,850 — Convertible promissory note principal (due October 15, 2025, for ESS acquisition)
• $50,000 — Investment in True Vote, Inc. (for 30% ownership)
• $293.5 million — Global election management software market value (2023) (projected to grow to $737.2 million by 2030)
• $737.2 million — Projected global election management software market value (2030) (reflects a 9.9% CAGR from 2023)
• $2,000,000 — Estimated cost for EAC 2.0 VVSG certification (required for U.S. government elections)
• $250,000 — Anticipated annual software maintenance cost (for ongoing compliance with EAC 2.0 VVSG)
• 1,695,351,226 — Common stock shares outstanding (as of September 26, 2025)
• $169,535 — Aggregate market value of non-affiliate voting and non-voting stock (as of June 30, 2025)
• 80% — Percentage of GES business from ESS (highlights concentration risk)

Key Players & Entities

• Global Arena Holding, Inc. (company) — registrant
• Global Election Services, Inc. (company) — primary subsidiary
• Election Services Solutions, LLC (company) — acquired company, source of over 80% of GES business
• True Vote, Inc. (company) — investee company (30% ownership)
• John S. Matthews (person) — officer and director of GAHI, owns 5% of Fortis Industria LLC
• U.S. Election Assistance Commission (regulator) — certifies election software and hardware
• Department of Homeland Security (regulator) — involved in election security
• Donald Trump (person) — former U.S. President, signed CARES Act and Consolidated Appropriations Acts
• Barack Obama (person) — former U.S. President, designated U.S. Elections as 'Critical Infrastructure'
• Bloomberg (company) — publisher

FAQ

Risk Factors

• Concentration of Business from ESS [high — operational]: GES derives over 80% of its current business from Election Services Solutions, LLC (ESS). This significant concentration creates a substantial risk if ESS experiences operational issues, loss of clients, or other disruptions, which could materially impact GAHI's overall revenue and profitability.
• Convertible Promissory Note Obligation [medium — financial]: GAHI has a remaining convertible promissory note of $138,850 due to the former Managing Director of ESS on October 15, 2025, with a 12% annual interest rate. Failure to meet this obligation could lead to financial distress or impact GAHI's ability to secure future financing.
• EAC 2.0 VVSG Certification Costs [high — regulatory]: GAHI plans to invest approximately $2 million and stock-based compensation for EAC 2.0 VVSG certification. This significant investment is critical for U.S. government elections, and any delays or cost overruns in achieving this certification could hinder market entry and revenue generation.
• Reliance on Election Services Market [medium — market]: The company's primary focus is on election services, a market influenced by government spending and election cycles. While the market is projected to grow, a downturn in government funding or a shift in election technology preferences could negatively affect GAHI.
• Investment in True Vote, Inc. [low — operational]: GAHI invested $50,000 in True Vote, Inc. for a 30% ownership. The success of this investment is subject to True Vote's performance and market acceptance of its blockchain technology for election services, introducing an element of investment risk.

Industry Context

Global Arena Holding, Inc. (GAHI) is strategically positioning itself within the growing global election management software market, projected to reach $737.2 million by 2030. The company's primary subsidiary, Global Election Services (GES), leverages proprietary technology for election services, aiming to capture market share in a sector driven by government contracts and technological advancements in voting systems.

Regulatory Implications

GAHI's focus on U.S. government elections necessitates compliance with stringent regulatory standards, particularly the EAC 2.0 VVSG certification. Achieving and maintaining this certification requires significant investment and ongoing adherence to evolving guidelines, posing a critical regulatory hurdle for market access and sustained operations.

What Investors Should Do

1. Monitor progress on EAC 2.0 VVSG certification
2. Assess the impact of ESS business concentration
3. Evaluate the financial health and debt obligations

Key Dates

• 2024-09-30: Discontinuation of GAHI Acquisition Corp. operations — Indicates a strategic pivot away from certain business lines, focusing resources on core operations.
• 2024-12-31: Discontinuation of Tidewater Energy Group Inc. operations — Further signals a strategic shift, consolidating the company's focus on election services.
• 2025-10-15: Convertible promissory note for ESS acquisition due — Represents a near-term financial obligation that needs to be met for the ESS acquisition to be fully settled.

Glossary

VVSG

Voluntary Voting System Guidelines, a set of standards for voting equipment used in U.S. federal elections. (GAHI's investment in EAC 2.0 VVSG certification is crucial for its ability to compete in the U.S. government election market.)

OMR/OCR/Barcode

Optical Mark Recognition (OMR), Optical Character Recognition (OCR), and Barcode scanning technologies used for data capture and tabulation. (These are key technologies employed by GES in its election services to process and tabulate votes accurately.)

CAGR

Compound Annual Growth Rate, a measure of the average annual growth of an investment over a specified period longer than one year. (Used to project the growth of the global election management software market, indicating significant future opportunity.)

Convertible Promissory Note

A debt instrument that can be converted into equity (stock) of the issuing company under certain conditions. (GAHI has a $138,850 convertible promissory note outstanding related to the ESS acquisition, which carries interest and a maturity date.)

Year-Over-Year Comparison

This filing indicates a significant strategic shift for Global Arena Holding, Inc., with the discontinuation of operations for GAHI Acquisition Corp. and Tidewater Energy Group Inc. The company is now heavily focused on its Global Election Services (GES) subsidiary. While specific comparative financial metrics like revenue growth or margin changes are not detailed in the provided text, the narrative highlights a pivot towards a specialized, high-growth market with substantial investment requirements for regulatory compliance.

Key Financial Figures

• $0.001 — ction 12(g) of the Act: Common Stock, $0.001 par value (Title of class) Indicate
• $650,000 — sets of Election Services Solutions for $650,000 (of which $511,150 was already paid) an
• $511,150 — rvices Solutions for $650,000 (of which $511,150 was already paid) and the issuance of 4
• $138,850 — GES. The note has a principal amount of $138,850 due in October 15, 2025 with an annual
• $50,000 — he terms of the agreement, GES invested $50,000 into a 24 month debenture and issued a
• $0.01 — issued a 3-year warrant exercisable at $0.01 for 4,500,000 common shares of the Comp
• $400 million — ct (CARES Act) into law, which included $400 million in new Help America Vote Act (HAVA) eme
• $425 million — Act of 2020 into law. The Act included $425 million in new HAVA funds made available. On Ma
• $380 million — ns Act of 2018 into law, which included $380 million in Help America Vote Act (HAVA) grants
• $789,598 — e: In 2019, Hawaii (SB 166) allocated $789,598 for the purpose of a vote counting syst
• $150 million — m contract. In 2019, Georgia issued a $150 million bond package for the replacement of vot
• $12,840,000 — statewide. The state also appropriated $12,840,000 from the General Fund for the purpose o
• $7.5 million — State. In 2019, Wyoming appropriated $7.5 million into an election readiness account (HB
• $3 million — readiness account (HB 21). The state's $3 million HAVA allocation will also be placed in
• $11.2 million — ll books statewide. The total amount of $11.2 million included $8.2 million in state funds an

Filing Documents

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• 0001493152-25-015825.txt ( ) — 54486KB
• gahc-20241231.xsd (EX-101.SCH) — 51KB
• gahc-20241231_cal.xml (EX-101.CAL) — 47KB
• gahc-20241231_def.xml (EX-101.DEF) — 266KB
• gahc-20241231_lab.xml (EX-101.LAB) — 473KB
• gahc-20241231_pre.xml (EX-101.PRE) — 386KB
• form10-k_htm.xml (XML) — 1466KB

Signatures

Signatures 69 2 Cautionary Certain All statements, other than statements of historical facts, included herein and public statements by our officers or representatives, that address activities, events or developments that our management expects or anticipates will or may occur in the future are forward-looking and growth of our business. The words "estimate," "plan," "anticipate," "expect," "intend," "believe," "target," "budget," "may," "can," "will," "would," "could," "should," "seeks," or "scheduled to" and similar words or expressions, or negatives of these terms or other variations of these terms or comparable language or any discussion of strategy or intention identify forward-looking the future and are based on current expectations and assumptions. These or achievements to be materially different from any results, performance or achievements expressed or implied by such forward-looking these and other risks. You are cautioned against attributing undue certainty to forward-looking statements. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Although these for

Risk Factors of this Annual Report

Item 1A. Risk Factors of this Annual Report. 3 PART I ITEM 1. BUSINESS Global Arena Holding, Inc. ("GAHI") was formed in February 2009, in the state of Delaware. GAHI and its subsidiaries (collectively, the "Company") is organized as a holding company. We became public on 2011, when we completed a reverse merger with China Stationery and Office Supply, Inc., an OTC Bulletin Board company. We were previously a financial services firm and are currently focusing on the businesses detailed below through our subsidiaries, Global Election Services, Inc. ("GES") and Fortis Industria LLC. Global Election Services GES, formed on February 25, 2015, provides comprehensive technology-enabled paper absentee/mail ballot and internet election services to organizations such as craft and trade organizations, labor unions, political parties, co-operatives and housing organizations, associations and professional societies, universities, and political organizations. GES has developed proprietary election software for a data storage and retrieval registration system to determine voter eligibility and prevent duplicate votes with In-Person digital signature capture, as well as proprietary election software for scanning/tabulation utilizing advanced OMR/OCR/Barcode imaging software featuring de-skewing, de-speckling, and image correction. The hardware includes high speed optical scanners that are hard lined to a computer with all Wi-Fi disabled so the entire tabulation process occurs offline, eliminating the opportunity for hacking. This system provides three types of audit capabilities. GES is also working with multiple vendors and has made investments in companies who are developing Blockchain Technology for a data storage and retrieval registration system; tabulation of paper Absentee/Mail Ballots; and internet voting. GES Acquisition of Election Services Solutions, LLC On March 25, 2021, GES entered into a second amended purchase agreement (the "Second APA") with Ele

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