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BlackStar Enterprise Group Inc (BEGI0.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reveals a net loss of $267,959 for the three months ended September 30, 2024, compared to a net loss of $99,422 for the same period in 2023. The increase in net loss is attributed to higher legal and professional fees.
Operating expenses for the quarter included $142,451 in legal and professional fees, $27,700 in general and administrative expenses, and $25,500 in management consulting fees to related parties.
The company reported a working capital deficit of $2,568,410 as of September 30, 2024, with cash reserves of $2,179.
BlackStar Enterprise Group Inc. continues to focus on its strategy as a merchant banking firm, seeking to facilitate venture capital to early-stage revenue companies, particularly in the blockchain and DLT sectors.
The company is in the process of developing a digital trading platform, BDTP TM, and is seeking partnerships with broker-dealers and Alternative Trading Systems to operationalize the platform.
The filing highlights ongoing legal proceedings, including a lawsuit filed by GS Capital regarding conversion shares related to a promissory note. BlackStar has filed counterclaims against GS Capital.
BlackStar Enterprise Group Inc. acknowledges a going concern issue due to its accumulated deficit and working capital deficiency, and is seeking additional funding to support its operations.
The company plans to raise $5,000,000 through a private placement of preferred shares to scale its business plan and continue the development of its digital trading platform.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BlackStar Enterprise Group Inc quarterly 10-Q report dated December 11, 2024. To report an error, please email earnings@qz.com.