Fri, Jan 24, 1:06 PM (22 days ago)
Eline Entertainment Group, Inc. (OTC: EEGI) reported no revenues for the quarter ended June 30, 2024. The company incurred an operating loss of $6,500, a slight improvement compared to a loss of $7,131 in the same period of 2023. For the six months ended June 30, 2024, total operating expenses decreased to $13,000 from $23,381 year-over-year. The net loss for the first half of 2024 was $13,000, compared to $23,381 in 2023, indicating a trend towards reduced losses. As of June 30, 2024, EEGI reported current liabilities of $69,432, leading to a working capital deficit. The company has no cash on hand and is classified as a smaller reporting company with significant uncertainty regarding its ability to continue as a going concern. Management emphasized the need for capital to support operational activities and expressed concerns over internal controls, highlighting deficiencies in governance and financial reporting. Future operations depend heavily on raising capital and successfully executing its business plan, which is currently unfunded. The company remains in a custodianship following prior management abandonment, and its future remains uncertain as it seeks to regain operational footing.