Fri, Jan 24, 1:05 PM (24 days ago)
Eline Entertainment Group, Inc. (OTC: EEGI) reported no revenue for the quarter ended March 31, 2024, consistent with the same period in 2023. Operating expenses decreased to $6,500 from $16,250 year-over-year, leading to a reduced net loss of $6,500 compared to $16,250 in Q1 2023. As of March 31, 2024, the company has a working capital deficit of $62,932 and accumulated losses of $15,153,621. The financial health remains precarious, with no cash on hand and reliance on advances from related parties for operational financing. Management highlighted ongoing challenges, including a lack of effective internal controls, absence of a functioning audit committee, and inadequate segregation of duties, which raise concerns about future financial reporting reliability. The company is in the process of restructuring and aims to raise capital for operational activities. Future operations are uncertain, hinging on the ability to secure financing and develop a viable business plan. Overall, EEGI's financial position reflects significant risks, particularly its ongoing status as a shell company with no operational revenue.