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Hallmark Venture Group Inc (HLLK+9.68%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's business operations, including its proprietary SEM platform that automates digital advertising campaigns across platforms such as Facebook, GDN, and Taboola. The platform uses machine learning and AI to optimize ad spend and campaign performance.
The company reported revenue of $609,549 for the year ended December 31, 2024, compared to $nil in the previous year. The increase in revenue is attributed to the operations of its wholly owned subsidiary, Jubilee Intel, LLC.
Operating expenses for the year totaled $248,917, with general and administrative expenses accounting for $52,847 and payroll expenses amounting to $158,995.
The company recorded a net income of $154,146 for the year, compared to a net loss of $195,084 in the previous year. The improvement is primarily due to the gain on conversion of debt and a change in the fair value of a derivative.
As of December 31, 2024, Hallmark Venture Group Inc had $26,015 in cash and outstanding liabilities of $1,280,041. The company reported a working capital deficit of $593,505.
The report notes that the company has an accumulated deficit of $3,096,015 and requires additional financing to continue as a going concern. The company plans to seek additional capital through equity offerings and strategic partnerships.
Hallmark Venture Group Inc's common stock is quoted on the Pink Open Market under the symbol 'HLLK'. The company has not paid any cash dividends and intends to retain future earnings for business development.
The filing also includes management's discussion on internal controls, highlighting material weaknesses due to limited resources and lack of segregation of duties. The company plans to address these issues as it grows.
The report provides details on the company's convertible notes, settlement liabilities, and related party transactions. The company issued several promissory notes and warrants during the year to raise funds.
Hallmark Venture Group Inc qualifies as an emerging growth company and intends to rely on certain exemptions from disclosure requirements applicable to public companies.
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 annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.