Eline Entertainment Group Reports No Revenue and Continued Losses in Q3 2024

Eline Entertainment Group, Inc. has reported its financial results for the third quarter and the first nine months of 2024, revealing a continued lack of revenue generation. For the three months ended September 30, 2024, the company reported no revenues, consistent with the same period in 2023. The net loss for the quarter was $6,619, a decrease from the $13,949 loss reported in the third quarter of 2023. For the nine months ended September 30, 2024, the net loss was $19,619, down from $37,330 in the prior year, indicating a reduction in operating expenses.

The company's operating expenses for the third quarter of 2024 totaled $6,619, a significant decrease from $13,949 in the same quarter of 2023. This decline was primarily driven by a reduction in professional fees, which fell to $6,500 from $12,250 year-over-year. For the nine-month period, operating expenses decreased to $19,619 from $37,330, again largely due to lower professional fees, which were $19,500 compared to $34,250 in the previous year. Despite these reductions, the company continues to operate at a loss, with an accumulated deficit of $15,166,740 as of September 30, 2024.

Eline Entertainment Group remains in a transitional phase following a change in management and a court-appointed custodianship in 2022. The company has not engaged in any significant operational activities or acquisitions during the reporting period, focusing instead on restructuring and stabilizing its financial position. As of January 22, 2025, the company had 8,524,529,727 shares of common stock outstanding, with no cash or current assets reported as of September 30, 2024.

The company’s financial statements indicate a working capital deficit of $76,051, with total liabilities increasing to $76,051 from $56,432 at the end of 2023. The increase in liabilities is attributed to higher accounts payable and accrued expenses, which rose to $47,515 from $27,896. Eline Entertainment Group has not raised any capital to support its business plan, which includes potential acquisitions of operating companies, and it faces substantial doubt regarding its ability to continue as a going concern.

Looking ahead, Eline Entertainment Group's management acknowledges the need for additional capital to fund operational and marketing activities. The company has not yet established a clear path to profitability, and its ability to raise funds through future stock issuances remains uncertain. The management has committed to improving its financial organization and internal controls, which are currently deemed ineffective due to a lack of oversight and segregation of duties. The company’s future performance will depend on its ability to secure financing and successfully implement its business strategy.