Mon, Aug 19, 4:10 PM (148 days ago)
For the quarter ending June 30, 2024, BlackStar Enterprise Group, Inc. reported no revenue and a net loss of $340,363, a significant increase from a loss of $121,983 in the same quarter of 2023. Total operating expenses rose sharply to $274,770, primarily due to a substantial increase in legal and professional fees, reflecting ongoing litigation related to convertible debt issues. The company's cash position dwindled to $10,339 from $33,550 at year-end 2023, with a working capital deficit increasing to $2,319,000. The accumulated deficit reached $11,261,385, raising substantial doubts about the company's ability to continue as a going concern. BlackStar's operational strategy focuses on facilitating venture capital for early-stage companies, particularly in blockchain technology, but it has yet to generate any revenue. The company plans to raise $5 million through preferred share offerings to fund operations and secure a broker-dealer for its digital trading platform. However, uncertainties surrounding funding and regulatory approvals persist, impacting future operational viability.