Tue, Jun 11, 8:01 PM (132 days ago)
Hallmark Venture Group, Inc. has filed an amended Form 10-K/A for the fiscal year ending December 31, 2023, primarily to include the audit opinion from its prior auditor. The company, currently classified as a shell company, reported no revenue for 2023 and 2022, with net losses of $195,084 and $288,546, respectively. Operating expenses decreased by 54% to $47,626, primarily due to reduced legal fees, though offset by higher accounting and audit costs. Total liabilities as of December 31, 2023, were $850,078, with no cash on hand, leading to a significant working capital deficit. The company relies on advances from its executives to cover operating expenses. It issued common stock to settle debts and convertible notes, which contributed to a derivative liability of $293,621. The company’s strategy focuses on identifying and acquiring real estate assets or related businesses. The future outlook remains uncertain due to limited financial resources and ongoing operational losses. Management intends to seek additional capital but acknowledges substantial doubt about the company’s ability to continue as a going concern.