Eline Entertainment Group, Inc. (EEGI) reports earnings

Eline Entertainment Group, Inc. (EEGI+50.00%) has submitted its 10-K filing for the year ended December 31, 2023.

The filing indicates that Eline Entertainment Group, Inc. is a developmental stage company with plans focused on mergers and acquisitions. The company has not yet implemented its business plan and currently has no significant operations.

The company reported no revenues for the years ending December 31, 2023, and 2022. General and administrative expenses were $53,931 for 2023, up from $21,214 in 2022, primarily due to increased professional fees.

Eline Entertainment Group, Inc. recorded a net loss of $53,931 for the fiscal year 2023, compared to a net loss of $21,214 in 2022. The company has expressed substantial doubt about its ability to continue as a going concern without additional capital.

The company’s balance sheet shows total liabilities of $56,432 as of December 31, 2023, with no cash on hand. The company relies on advances from its CEO for working capital.

The filing details a change in control on November 25, 2022, when Small Cap Compliance, LLC sold its controlling interest to Chi Ching Hung, who became the largest shareholder and a director.

Eline Entertainment Group, Inc. does not own any real estate or properties and has not entered into any long-term lease agreements.

The company has not implemented any off-balance sheet arrangements and has not adopted a stock awards plan. It anticipates continuing to incur losses until a suitable business transaction is completed.

The company’s auditors have issued a ‘going concern’ opinion due to recurring losses and a deficit in equity. The company intends to raise capital through equity or debt financing to fund its business operations.

Eline Entertainment Group, Inc. has not paid any dividends and does not anticipate doing so in the foreseeable future. The company plans to utilize funds for business development.

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. annual 10-K report dated December 23, 2024. To report an error, please email earnings@qz.com.