Fri, Nov 15, 2:09 PM (88 days ago)
Hallmark Venture Group, Inc. (HLLK) reported its Q3 2024 results, highlighting a significant shift from a net loss of $183,848 in Q3 2023 to a net income of $125,207 in Q3 2024. Revenue remained at $0 for both periods, while general and administrative expenses decreased by 41.1% to $3,827. The company recorded total other income of $129,034, driven by gains from debt forgiveness and changes in the fair value of derivatives. For the nine months ending September 30, 2024, net income was $17,680 compared to a loss of $270,031 in 2023. Cash flows showed net cash used in operating activities of $32,437, with total assets at $103,332 against current liabilities of $833,304, indicating liquidity challenges. The company faces substantial doubt regarding its ability to continue as a going concern, necessitating additional financing. A merger with Jubilee Intel, LLC was completed, enhancing operational capabilities in search engine marketing. The financial position remains precarious, with ongoing uncertainties regarding capital availability and operational sustainability.