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Eline Entertainment Group, Inc. (EEGI0.00%) has filed its 10-Q filing for the quarterly period ended June 30, 2024.
The company reported no revenues for the three and six months ended June 30, 2024 and 2023. Operating expenses for the three months ended June 30, 2024, were $6,500, compared to $7,131 for the same period in 2023.
For the six months ended June 30, 2024, operating expenses were $13,000, a decrease from $23,381 for the same period in 2023. The reduction in expenses was primarily due to lower professional fees.
The company recorded a net loss of $6,500 for the three months ended June 30, 2024, compared to a net loss of $7,131 for the same period in 2023. For the six months ended June 30, 2024, the net loss was $13,000, compared to $23,381 for the same period in 2023.
As of June 30, 2024, Eline Entertainment Group, Inc. had no cash and a working capital deficit of $69,432. The company did not engage in any investing activities during the six months ended June 30, 2024 and 2023.
Eline Entertainment Group, Inc. did not receive any advances from related parties for working capital purposes during the six months ended June 30, 2024, compared to $22,777 received in the same period of 2023.
The company continues to face substantial doubt about its ability to continue as a going concern, as it requires capital for its operational and marketing activities. The company is focused on raising capital for its business plan, which includes acquisitions of operating companies.
Eline Entertainment Group, Inc. identified material weaknesses in its internal controls over financial reporting, including the lack of a functioning audit committee and inadequate segregation of duties.
The company has not adopted or terminated any Rule 10b5-1 trading arrangements during the three months ended June 30, 2024.
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.