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Hallmark Venture Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue for the period. General and administrative expenses were $3,827, compared to $6,500 in the same quarter the previous year.
Other income for the quarter was $129,034, compared to an expense of $177,348 in the previous year. This includes a gain from the change in fair value of derivative liabilities and a gain from forgiveness of debt.
The company reported a net income of $125,207 for the quarter, compared to a net loss of $183,848 in the previous year.
Net cash used in operating activities was $32,437, while net cash used in investing activities was $100,000. Net cash provided by financing activities was $132,437.
As of September 30, 2024, Hallmark Venture Group had total assets of $103,332 and total liabilities of $833,304.
The company acknowledges its dependence on additional financing to continue as a going concern and is seeking new equity securities offerings, debt financing, and debt restructuring.
The filing details a merger with Jubilee Intel, LLC (HLLK-3.70%), resulting in Jubilee becoming a wholly owned subsidiary. This acquisition utilizes a proprietary SEM platform for managing and scaling SEM campaigns.
The company experienced changes in control, with Evan Bloomberg assuming full voting control through the assignment of Series A Preferred Stock.
The filing also notes the resignation and reinstatement of key executives and directors, as well as the cancellation of previous agreements with Aurum International Ltd.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hallmark Venture Group Inc quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.