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Eline Entertainment Group, Inc. (EEGI0.00%) has submitted its 10-Q filing for the quarterly period ended March 31, 2024.
The filing reports no revenue for the quarter, consistent with the same period in the previous year. Operating expenses were $6,500, down from $16,250 in the previous year, primarily due to a reduction in professional fees.
The company reported a net loss of $6,500 for the quarter, compared to a net loss of $16,250 in the previous year. The decrease in net loss is attributed to lower operating expenses.
As of March 31, 2024, Eline Entertainment Group, Inc. had no cash and a working capital deficit of $62,932. The company did not engage in any investing activities during the quarter.
The company did not raise any capital during the quarter and continues to focus on its business plan, which includes acquisitions of operating companies.
Eline Entertainment Group, Inc. identified material weaknesses in its internal controls over financial reporting, including inadequate segregation of duties and insufficient written policies and procedures.
The company is committed to improving its financial organization and plans to appoint outside directors to its board and implement sufficient written policies when funds are available.
No legal proceedings are currently pending against the company, and there were no unregistered sales of equity securities during the quarter.
Eline Entertainment Group, Inc. remains a blank check company with no operations and is focused on raising capital for its business plan.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Eline Entertainment Group, Inc. quarterly 10-Q report dated January 24, 2025. To report an error, please email earnings@qz.com.