Eline Entertainment Group, Inc. (OTC: EEGI) reported its financial results for the six months ending June 30, 2024, revealing no revenue generation during the period. The company recorded a net loss of $13,000, a decrease from the $23,381 loss reported in the same period of the previous year. Operating expenses for the first half of 2024 totaled $13,000, down from $23,381 in the prior year, primarily due to a reduction in professional fees, which decreased from $22,000 to $13,000 year-over-year.
The company's balance sheet as of June 30, 2024, shows total liabilities of $69,432, an increase from $56,432 at the end of 2023. Accounts payable and accrued expenses rose to $40,896 from $27,896, while the accumulated loss increased to $15,160,121 from $15,147,121. Eline Entertainment continues to operate with a working capital deficit of $69,432 and reported no cash on hand as of the reporting date.
Eline Entertainment Group remains a shell company, having not engaged in any operational activities since the abandonment of its previous business model. The company is focused on raising capital for future acquisitions of operating companies. As of the filing date, Eline has not yet raised any capital, and its business remains non-operational. The company’s management has indicated that it requires additional capital to support its operational and marketing activities.
The company has undergone significant organizational changes, including a change of control in November 2022, which led to the appointment of a new board of directors and management team. This restructuring aims to restore the company’s corporate charter and enhance its business direction. Despite these changes, Eline Entertainment has not yet established a functioning audit committee, which has contributed to material weaknesses in its internal controls over financial reporting.
Looking ahead, Eline Entertainment Group's management acknowledges substantial doubt about the company's ability to continue as a going concern without raising additional capital. The company is committed to improving its financial organization and intends to implement measures to enhance its internal controls and reporting processes as funds become available.
About Eline Entertainment Group, Inc.
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