Tue, May 14, 4:40 PM (206 days ago)
Hallmark Venture Group, Inc. filed its Form 10-Q for the quarterly period ending March 31, 2024. The company reported no revenue for the quarter, consistent with the same period in 2023. General and administrative expenses were $18,766, slightly up from $18,385 in the prior year. The company recorded a net income of $18,005, down from $32,731 in Q1 2023, primarily due to changes in fair value of derivatives. Current liabilities totaled $827,070, with significant components being accounts payable and accrued liabilities of $284,766, and a related party convertible note payable of $127,872. The company had no assets and continues to face substantial doubt about its ability to continue as a going concern, requiring additional funds for operations and business development. Key changes include a 1:500 reverse stock split and multiple management changes, including the resignation and reinstatement of key executives. The company’s strategy remains focused on locating and merging with a private entity, particularly in the real estate sector.