Mon, Dec 23, 10:08 PM (21 days ago)
Eline Entertainment Group, Inc. (OTC: EEGI) reported no revenue for the quarter ending September 30, 2023, maintaining a trend of zero revenue generation. The company experienced a net loss of $13,949, up from a loss of $2,501 in the same quarter of 2022, primarily due to increased operating expenses totaling $13,949 compared to $2,501 a year prior. For the nine-month period, losses rose to $37,330 from $21,214 year-over-year, reflecting a significant increase in professional fees. As of September 30, 2023, Eline reported total liabilities of $39,831, primarily due to accounts payable and amounts owed to related parties, resulting in a working capital deficit. The company had no cash reserves and continues to rely on related party advances for operational financing. The financial statements indicate ongoing uncertainties regarding the company's ability to raise capital and transition to profitable operations, raising substantial doubt about its viability as a going concern. The management highlighted inadequate internal controls and the absence of an audit committee, which may affect future financial reporting reliability. Overall, EEGI's financial health remains precarious, with no operational revenue and escalating losses.