UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
[X] | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2023
[_] | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT |
For the transition period from __________ to
___________
Commission file number: 000-55730
BLACKSTAR ENTERPRISE GROUP, INC.
(Exact name of registrant as specified in its
charter)
Delaware | | 27-1120628 |
(State of Incorporation) | | (IRS Employer ID Number) |
4450 Arapahoe Ave., Suite 100, Boulder, CO
80303
(Address of principal executive offices)
(303) 500-3210
(Registrant’s Telephone number)
______________________________
(Former Address and phone of principal executive
offices)
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
N/A | N/A | N/A |
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12
months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing
requirements for the past 90 days.
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 for Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth
company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting
company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | [_] | Accelerated filer | [_] |
Non-accelerated filer | [X] | Smaller reporting company | [X] |
| Emerging growth company | [X] |
If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided to Section 7(a)(2)(B) of the Securities Act. [X]
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Indicate the number of share outstanding of
each of the issuer’s classes of common stock, as of the latest practicable date.
As of August 4, 2023, there were 1,134,572,435
shares of the registrant’s common stock, $0.001 par value, issued and outstanding, not including shares reserved for conversion
of notes.
TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
BLACKSTAR ENTERPRISE GROUP, INC. |
CONSOLIDATED BALANCE SHEETS |
JUNE 30, 2023 AND DECEMBER 31, 2022 |
| |
| |
|
| |
2023 | |
2022 |
| |
(Unaudited) | |
(Audited) |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash | |
$ | 19,942 | | |
$ | 62,085 | |
Prepaid expenses | |
| 6,237 | | |
| — | |
| |
| | | |
| | |
Total current assets | |
| 26,179 | | |
| 62,085 | |
| |
| | | |
| | |
Intangibles | |
| 302,287 | | |
| 241,685 | |
| |
| | | |
| | |
Total Assets | |
$ | 328,466 | | |
$ | 303,770 | |
| |
| | | |
| | |
| |
| | | |
| | |
LIABILITIES & STOCKHOLDERS' DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable | |
$ | 164,382 | | |
$ | 97,750 | |
Accrued interest payable | |
| 201,298 | | |
| 150,691 | |
Notes payable | |
| 125,000 | | |
| — | |
Convertible notes payable, net of discounts of $1,433 | |
| | | |
| | |
and $7,835 at June 30, 2023 and December 31, 2022 | |
| 711,988 | | |
| 784,939 | |
| |
| | | |
| | |
Total current liabilities | |
| 1,202,668 | | |
| 1,033,380 | |
| |
| | | |
| | |
| |
| | | |
| | |
Stockholders' Deficit | |
| | | |
| | |
Preferred stock, 10,000,000 shares authorized; | |
| | | |
| | |
$0.001 par value; 1,000,000 shares issued and outstanding | |
| 1,000 | | |
| 1,000 | |
Common stock, 2,000,000,000 shares authorized; $0.001 par value | |
| | | |
| | |
1,034,080,127 and 546,495,214 issued and outstanding | |
| | | |
| | |
at June 30, 2023 and December 31, 2022 | |
| 1,034,080 | | |
| 546,495 | |
Additional paid in capital | |
| 7,695,872 | | |
| 8,097,862 | |
Common stock to be issued | |
| 9,000 | | |
| — | |
Accumulated deficit | |
| (9,614,154 | ) | |
| (9,374,967 | ) |
| |
| | | |
| | |
Total stockholders' deficit | |
| (874,202 | ) | |
| (729,610 | ) |
| |
| | | |
| | |
Total Liabilities and Stockholders' Deficit | |
$ | 328,466 | | |
$ | 303,770 | |
| |
| | | |
| | |
| |
| | | |
| | |
The accompanying notes are an integral part of these consolidated financial statements. |
BLACKSTAR ENTERPRISE GROUP, INC. |
CONSOLIDATED STATEMENTS OF OPERATIONS |
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022 |
(Unaudited) |
| |
| |
| |
| |
|
| |
Three months ended | |
Six months ended |
| |
June 30, | |
June 30, |
| |
2023 | |
2022 | |
2023 | |
2022 |
| |
| |
| |
| |
|
Revenue | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Legal and professional | |
| 46,236 | | |
| 40,426 | | |
| 90,888 | | |
| 76,625 | |
Management consulting - related party | |
| 26,750 | | |
| 78,661 | | |
| 58,250 | | |
| 165,274 | |
General and administrative | |
| 11,783 | | |
| 32,138 | | |
| 24,036 | | |
| 45,605 | |
| |
| | | |
| | | |
| | | |
| | |
Total operating expenses | |
| 84,769 | | |
| 151,225 | | |
| 173,174 | | |
| 287,504 | |
| |
| | | |
| | | |
| | | |
| | |
Other expense (income) | |
| | | |
| | | |
| | | |
| | |
Amortization of discount on convertible notes | |
| — | | |
| 102,446 | | |
| — | | |
| 416,369 | |
Amortization of convertible debt issuance costs | |
| 3,012 | | |
| 9,142 | | |
| 6,402 | | |
| 29,470 | |
Interest expense | |
| 34,202 | | |
| 45,920 | | |
| 59,611 | | |
| 92,292 | |
| |
| | | |
| | | |
| | | |
| | |
Other expense (income) | |
| 37,214 | | |
| 157,508 | | |
| 66,013 | | |
| 538,131 | |
| |
| | | |
| | | |
| | | |
| | |
Net (loss) | |
$ | (121,983 | ) | |
$ | (308,733 | ) | |
$ | (239,187 | ) | |
$ | (825,635 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net (loss) per share - basic and diluted | |
$ | (0.00 | ) | |
$ | (0.00 | ) | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of common shares | |
| | | |
| | | |
| | | |
| | |
outstanding - basic and diluted | |
| 733,202,468 | | |
| 228,836,254 | | |
| 665,038,179 | | |
| 187,649,684 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
| |
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| | | |
| | | |
| | |
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| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
The accompanying notes are an integral part of these consolidated financial statements. |
BLACKSTAR ENTERPRISE GROUP, INC. |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT |
FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022 |
(Unaudited) |
| |
| |
| |
| |
| |
| |
| |
| |
|
| |
Common Stock | |
Preferred Stock | |
| |
| |
| |
|
| |
Shares | |
Amount | |
Shares | |
Amount | |
Additional Paid in Capital | |
Common Stock to be Issued | |
Accumulated Deficit | |
Stockholders' Deficit |
| |
| |
| |
| |
| |
| |
| |
| |
|
Balances - December 31, 2022 | |
| 546,495,214 | | |
$ | 546,495 | | |
| 1,000,000 | | |
$ | 1,000 | | |
$ | 8,097,862 | | |
$ | — | | |
$ | (9,374,967 | ) | |
$ | (729,610 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued for conversion of notes and interest | |
| 487,584,913 | | |
| 487,585 | | |
| — | | |
| — | | |
| (401,990 | ) | |
| — | | |
| — | | |
| 85,595 | |
Shares to be issued as consideration for notes payable | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 9,000 | | |
| — | | |
| 9,000 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (239,187 | ) | |
| (239,187 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances - June 30, 2023 | |
| 1,034,080,127 | | |
$ | 1,034,080 | | |
| 1,000,000 | | |
$ | 1,000 | | |
$ | 7,695,872 | | |
$ | 9,000 | | |
$ | (9,614,154 | ) | |
$ | (874,202 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
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| | | |
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| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances - December 31, 2021 | |
| 128,689,319 | | |
$ | 128,689 | | |
| 1,000,000 | | |
$ | 1,000 | | |
$ | 7,896,457 | | |
$ | — | | |
$ | (8,149,760 | ) | |
$ | (123,614 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued for conversion of notes and interest | |
| 143,872,288 | | |
| 143,872 | | |
| — | | |
| — | | |
| 317,712 | | |
| — | | |
| — | | |
| 461,584 | |
Shares issued for cashless warrant exercise | |
| 12,795,700 | | |
| 12,796 | | |
| — | | |
| — | | |
| (12,796 | ) | |
| — | | |
| — | | |
| — | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (825,635 | ) | |
| (825,635 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances - June 30, 2022 | |
| 285,357,307 | | |
$ | 285,357 | | |
| 1,000,000 | | |
$ | 1,000 | | |
$ | 8,201,373 | | |
$ | — | | |
$ | (8,975,395 | ) | |
$ | (487,665 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
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| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
The accompanying notes are an integral part of these consolidated financial statements. |
BLACKSTAR ENTERPRISE GROUP, INC. |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT |
FOR THE THREE MONTHS ENDED JUNE 30, 2023 AND 2022 |
(Unaudited) |
| |
| |
| |
| |
| |
| |
| |
| |
|
| |
| |
| |
| |
| |
| |
| |
| |
|
| |
| |
| |
| |
| |
| |
| |
| |
|
| |
Common Stock | |
Preferred Stock | |
| |
| |
| |
|
| |
Shares | |
Amount | |
Shares | |
Amount | |
Additional Paid in Capital | |
Common Stock to be Issued | |
Accumulated Deficit | |
Stockholders' Deficit |
| |
| |
| |
| |
| |
| |
| |
| |
|
Balances - March 31, 2023 | |
| 651,139,153 | | |
$ | 651,139 | | |
| 1,000,000 | | |
$ | 1,000 | | |
$ | 8,027,145 | | |
$ | 4,500 | | |
$ | (9,492,171 | ) | |
$ | (808,387 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued for conversion of notes and interest | |
| 382,940,974 | | |
| 382,941 | | |
| — | | |
| — | | |
| (331,273 | ) | |
| — | | |
| — | | |
| 51,668 | |
Shares to be issued as consideration for notes payable | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 4,500 | | |
| — | | |
| 4,500 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (121,983 | ) | |
| (121,983 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances - June 30, 2023 | |
| 1,034,080,127 | | |
$ | 1,034,080 | | |
| 1,000,000 | | |
$ | 1,000 | | |
$ | 7,695,872 | | |
$ | 9,000 | | |
$ | (9,614,154 | ) | |
$ | (874,202 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances - March 31, 2022 | |
| 192,001,253 | | |
$ | 192,001 | | |
| 1,000,000 | | |
$ | 1,000 | | |
$ | 8,129,466 | | |
$ | — | | |
$ | (8,666,662 | ) | |
$ | (344,195 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued for conversion of notes and interest | |
| 80,560,354 | | |
| 80,560 | | |
| — | | |
| — | | |
| 84,703 | | |
| — | | |
| — | | |
| 165,263 | |
Shares issued for cashless warrant exercise | |
| 12,795,700 | | |
| 12,796 | | |
| — | | |
| — | | |
| (12,796 | ) | |
| — | | |
| — | | |
| — | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (308,733 | ) | |
| (308,733 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances - June 30, 2022 | |
| 285,357,307 | | |
$ | 285,357 | | |
| 1,000,000 | | |
$ | 1,000 | | |
$ | 8,201,373 | | |
$ | — | | |
$ | (8,975,395 | ) | |
$ | (487,665 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
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| | | |
| | | |
| | | |
| | | |
| | |
The accompanying notes are an integral part of these consolidated financial statements. |
BLACKSTAR ENTERPRISE GROUP, INC. |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022 |
(Unaudited) |
| |
| |
|
| |
2023 | |
2022 |
Cash Flows From Operating Activities | |
| | | |
| | |
Net (loss) | |
$ | (239,187 | ) | |
$ | (825,635 | ) |
Adjustments to reconcile net loss to net cash used | |
| | | |
| | |
in operating activities | |
| | | |
| | |
Amortization of convertible note issue costs | |
| 6,402 | | |
| 29,470 | |
Amortization of discounts on convertible notes | |
| — | | |
| 416,369 | |
Amortization of discounts on convertible note interest | |
| — | | |
| 18,956 | |
Interest paid in stock | |
| 2,763 | | |
| — | |
Changes in operating assets and liabilities | |
| | | |
| | |
(Increase) in prepaids | |
| — | | |
| (80 | ) |
Increase (decrease) in accounts payable | |
| 22,031 | | |
| (17,370 | ) |
Increase in accrued payables | |
| 56,849 | | |
| 48,458 | |
| |
| | | |
| | |
Cash used in operating activities | |
| (151,142 | ) | |
| (329,832 | ) |
| |
| | | |
| | |
Cash Flows From Investing Activities | |
| | | |
| | |
Payments for intangibles | |
| (16,001 | ) | |
| (9,634 | ) |
| |
| | | |
| | |
Cash used in investing activities | |
| (16,001 | ) | |
| (9,634 | ) |
| |
| | | |
| | |
Cash Flows From Financing Activities | |
| | | |
| | |
Proceeds from notes payable | |
| 125,000 | | |
| — | |
Payments on convertible debt | |
| — | | |
| (50,122 | ) |
Proceeds from convertible notes, net of offering costs | |
| | | |
| | |
and original issue discount | |
| — | | |
| 104,000 | |
| |
| | | |
| | |
Net cash provided by financing activities | |
| 125,000 | | |
| 53,878 | |
| |
| | | |
| | |
Net increase (decrease) in cash | |
| (42,143 | ) | |
| (285,588 | ) |
| |
| | | |
| | |
Cash, beginning of period | |
| 62,085 | | |
| 518,539 | |
| |
| | | |
| | |
Cash, end of period | |
$ | 19,942 | | |
$ | 232,951 | |
| |
| | | |
| | |
| |
| | | |
| | |
Supplemental disclosure of non-cash investing | |
| | | |
| | |
and financing activities | |
| | | |
| | |
| |
| | | |
| | |
Notes payable and interest converted to common stock | |
$ | 85,595 | | |
$ | 461,584 | |
Accounts payable for intangibles | |
$ | 44,601 | | |
$ | 2,000 | |
Cashless exercise of common stock warrant | |
$ | — | | |
$ | 29,430 | |
| |
| | | |
| | |
Cash paid for interest on debt | |
$ | — | | |
$ | 4,829 | |
| |
| | | |
| | |
| |
| | | |
| | |
The accompanying notes are an integral part of these consolidated financial statements. |
BLACKSTAR ENTERPRISE GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 2023
(Unaudited)
NOTE 1 – NATURE OF OPERATIONS AND
BASIS OF PRESENTATION
BlackStar Enterprise Group, Inc. (the “Company”
or “BlackStar”) was incorporated in the State of Delaware on December 18, 2007. On January 25, 2016, International
Hedge Group, Inc. (“IHG”) signed an agreement to acquire a 95% interest in the Company. IHG was issued 44,400,000 shares
of common stock and 1,000,000 shares of Series A Preferred Stock. IHG is our controlling shareholder and is engaged in providing
management services and capital consulting to companies. IHG and BlackStar are currently managed and controlled by two individuals
each of whom is a beneficial owner of an additional 9% of the Company’s common stock.
The Company intends to act as a merchant banking
firm seeking to facilitate venture capital to early stage revenue companies. BlackStar intends to offer consulting and regulatory
compliance services to crypto-equity companies and blockchain entrepreneurs for securities, tax, and commodity issues. BlackStar
is conducting ongoing analysis for opportunities in involvement in crypto-related ventures through a wholly-owned subsidiary, Blockchain
Equity Management Corp (“BEMC”). BlackStar intends to serve businesses in their early corporate lifecycles and may
provide funding in the forms of ventures in which they control the venture until divestiture or spin-off by developing the businesses
with capital. BlackStar formed a subsidiary nonprofit company, Blockchain Industry SRO Inc. (“BI”) in 2017. BI’s
business plan is to act as a self-regulatory membership organization for the crypto-equity industry and set guidelines and best-practice
rules by which industry members would abide. BlackStar will provide management of this entity under a services contract.
Basis of presentation
The accompanying unaudited financial statements
have been prepared in accordance with United States generally accepted accounting principles for financial information and with
the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting
principles (US GAAP) for complete financial statements. However, except as disclosed herein, there has been no material change
in the information disclosed in the notes to the financial statements for the year ended December 31, 2022 included in the Company’s
Annual Report on Form 10-K filed with the Securities and Exchange Commission. These unaudited financial statements are condensed
and should be read in conjunction with those financial statements included in the Form 10-K and interim disclosures generally do
not repeat those in the annual statements. In the opinion of management, all adjustments considered necessary for a fair presentation,
consisting solely of normal recurring adjustments, have been made. Operating results for the six months ended June 30, 2023 are
not necessarily indicative of the results that may be expected for the year ending December 31, 2023.
These unaudited consolidated financial statements
include BlackStar and its wholly owned subsidiaries: Blockchain Equity Management Corp. and Blockchain Industry SRO Inc., and were
prepared from the accounts of the Company in accordance with US GAAP. All significant intercompany transactions and balances have
been eliminated on consolidation.
NOTE 2 – GOING CONCERN
The Company's financial statements have been
prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal
course of business. As shown in the financial statements for the six months ended June 30, 2023 and the year ended December 31,
2022, the Company has generated no revenues and has incurred losses. As of June 30, 2023, the Company had cash of $19,942, working
capital deficiency of $1,176,489 and an accumulated deficit of $9,614,154. These conditions raise substantial doubt as to the Company's
ability to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability
and classification of recorded asset amounts, or amounts and classification of liabilities that might be necessary should the Company
be unable to continue as a going concern. The continuation of the Company as a going concern is dependent upon the ability to raise
equity or debt financing, and the attainment of profitable operations from the Company's planned business. Management cannot provide
any assurances that the Company will be successful in accomplishing any of its plans.
BLACKSTAR ENTERPRISE GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 2023
(Unaudited)
NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Use of Estimates
The preparation of financial statements in
conformity with accounting principles generally accepted in the United States of America requires management to make estimates
and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases
its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the
results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent
from other sources.
The Company’s significant estimates include
income taxes provision and valuation allowance of deferred tax assets; the fair value of financial instruments; the carrying value
and recoverability of long-lived assets, and the assumption that the Company will continue as a going concern. Those significant
accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to those estimates
or assumptions, and certain estimates or assumptions are difficult to measure or value.
Management regularly reviews its estimates
utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions.
After such reviews, and if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those
estimates.
Recent Accounting Pronouncements
Although there are several other new accounting
pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not
believe any of these accounting pronouncements has had or will have a material impact on its consolidated financial position or
results of operations. Management has evaluated accounting standards and interpretations issued but not yet effective as of June
30, 2023 and does not expect such pronouncements to have a material impact on the Company’s financial position, operations,
or cash flows.
Reclassifications
Certain amounts in the consolidated financial
statements for prior year periods have been reclassified to conform with the current year presentation.
NOTE 4 – INTANGIBLES
Intangibles at June 30, 2023 and December
31, 2022 consist of capitalized costs for the Company’s proprietary software and patents as follows:
| |
2023 | |
2022 |
| Software | | |
$ | 106,001 | | |
$ | 90,000 | |
| Patents | | |
| 196,286 | | |
| 151,685 | |
| | | |
$ | 302,287 | | |
$ | 241,685 | |
BLACKSTAR ENTERPRISE GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 2023
(Unaudited)
NOTE 5 – STOCKHOLDERS’ DEFICIT
Preferred Stock
The Company has authorized 10,000,000 preferred
shares, with a par value of $0.001 per share. The Company issued 1,000,000 shares of its Series A Preferred Series stock to IHG
in fulfillment of the purchase agreement. These shares are convertible at a ratio of 100 shares of the common stock of the Company
for each share of preferred stock of the Company.
Common Stock
In July 2022, the Company’s authorized
common stock was increased from 700,000,000 to 2,000,000,000 shares, with an effective date of the Amendment to the Articles of
Incorporation of August 5, 2022. There was no change in the shares outstanding of either the common stock or preferred stock as
a result of the increase.
During the six months ended June 30, 2023,
the Company issued shares of its common stock as follows:
| ● | 487,584,913 shares for conversion of $85,595 principal and interest
on convertible notes payable. |
During the six months ended June 30, 2022,
the Company issued shares of its common stock as follows:
| ● | 143,872,288 shares for conversion of $461,584 principal and interest
on convertible notes payable. |
| ● | 12,795,700 shares for exercise of previously issued warrants at $0.0023
per share. The exercise price was revised to $0.0023 per share from $0.25 per share as per antidilution provision of the warrant
agreement. The warrants were exercised on a cashless or “net” basis. Accordingly, we did not receive any proceeds from
such exercises. The cashless exercise of such warrants resulted in the cancellation of previously issued warrants to purchase an
aggregate of 118,800 shares of common stock. |
At June 30, 2023, the Company has recorded
common stock to be issued, valued at $9,000, as additional consideration for loans made to the Company during the period (See Note
8).
NOTE 6 – WARRANTS
In April 2019, the Company issued a convertible
note for $110,000. Pursuant to the terms of the note agreement, the Company issued warrants to the holder for the purchase 440,000
shares of the Company’s common stock. The warrants are exercisable at $0.25 per share for a term of 5 years. The $132,953
fair value of the warrants was calculated using the Black-Scholes pricing model with the following assumptions: stock price $0.38;
strike price $0.25; volatility 98%; risk free rate 2.25% and term of 5 years. The $132.953 fair value of the warrants was charged
to operations when issued during the year ended December 31, 2019. At June 30, 2023, the intrinsic value of the outstanding warrants
was $0, as the trading price of the Company’s common stock at that date was less than the underlying exercise price of the
warrants.
A summary of warrant activity during the six
months ended June 30, 2023 is presented below:
| |
Shares | |
Weighted Average Exercise Price | |
Weighted Average Remaining Contractual Life (Years) |
| Outstanding and exercisable – December 31, 2022 | | |
| 321,200 | | |
$ | 0.25 | | |
| 1.57 | |
| Exercised | | |
| — | | |
| | | |
| | |
| Expired | | |
| — | | |
| | | |
| | |
| Outstanding and exercisable – June 30, 2023 | | |
| 321,200 | | |
$ | 0.25 | | |
| .82 | |
BLACKSTAR ENTERPRISE GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 2023
(Unaudited)
NOTE 7 – CONVERTIBLE NOTES
During the six months ended June 30, 2023,
the Company had the following transactions related to its convertible note financings:
| • | 1800 Diagonal Lending LLC converted, in three tranches, the outstanding principal balance of $23,600 together with accrued and unpaid interest thereon of $2,787 due on their note of May 5, 2022 into 75,643,939 shares of the Company’s common stock at conversion prices of $0.00033 to $0.00036 per share under the conversion provision and terms of the note agreement. |
| • | 1800 Diagonal Lending LLC converted the total outstanding principal balance of $43,750 together with accrued and unpaid interest thereon of $2,788 due on their note of August 30, 2022 into 305,250,000 shares of the Company’s common stock at conversion prices of $0.00013 to $0.00026 per share under the conversion provision and terms of the note agreement. |
| ● | 1800 Diagonal Lending LLC made a $6,070 partial conversion of the
principal portion of their October 31, 2022 note into 46,692,308 shares of the Company’s common stock at a conversion price
of $0.00013 per share under the conversion provision and terms of the note agreement. |
| • | GS Capital Partners made a $5,933 partial conversion, in two tranches, of the principal portion of their October 11, 2021 note together with accrued and unpaid interest of $1,267 into 59,998,666 shares of the Company’s common stock at a conversion price of $0.00012 per share under the conversion provision and terms of the note agreement. |
In April 2022, Quick Capital LLC issued a notice
of default on its $33,275 convertible note to the Company dated November 16, 2020 and stated that the outstanding amount due on
the note is $133,317, the default interest per annum is 24%, and that the conversion price is the lowest trading price during the
delinquency period with a 50% discount. The Company has recorded accrued default interest on the note at the rate of 24% per annum
from May 24, 2021 (date of default) to June 30, 2023 based on the original loan value of $33,275. At June 30, 2023, the accompanying
financial statements reflects an outstanding loan balance due to Quick Capital LLC of $33,275 and accrued interest of $7,555. The
Company and Quick Capital LLC have been in discussions to reach a reasonable and fair settlement of the balance due on the financing
agreement.
BLACKSTAR ENTERPRISE GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 2023
(Unaudited)
NOTE 7 – CONVERTIBLE NOTES (continued)
Convertible notes payable at June 30, 2023
and December 31, 2022 are summarized as follows:
Note Holder |
|
Face Amount |
|
Interest Rate |
|
Due Date |
|
June 30, 2023 |
|
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
GS Capital Partners LLC |
|
$ |
60,000 |
|
|
|
8 |
% |
|
October 11, 2022 |
|
$ |
33,682 |
|
|
$ |
39,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SE Holdings LLC |
|
$ |
220,000 |
|
|
|
10 |
% |
|
January 26, 2022 |
|
$ |
220,000 |
|
|
$ |
220,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quick Capital LLC |
|
$ |
33,275 |
|
|
|
10 |
% |
|
July 16, 2021 |
|
$ |
33,275 |
|
|
$ |
33,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adar Alef LLC |
|
$ |
550,000 |
|
|
|
10 |
% |
|
April 29, 2022 |
|
$ |
377,534 |
|
|
$ |
377,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1800 Diagonal Lending LLC |
|
$ |
55,750 |
|
|
|
10 |
% |
|
May 5, 2023 |
|
|
— |
|
|
$ |
23,600 |
|
|
|
$ |
43,750 |
|
|
|
10 |
% |
|
August 30, 2023 |
|
|
— |
|
|
$ |
43,750 |
|
|
|
$ |
55,000 |
|
|
|
10 |
% |
|
October 31, 2022 |
|
$ |
48,930 |
|
|
$ |
55,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount |
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,433 |
) |
|
$ |
(7,835 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
711,988 |
|
|
$ |
784,939 |
|
NOTE 8 – NOTES PAYABLE
In March 2023, the Company borrowed $25,000
from each of two individuals, repayable nine months from date of borrowing with interest at 11% per annum. At maturity, the Company
will repay the face amount of each of the loans in cash, including interest at 11% and, in addition, will issue 3,750,000 shares
of the Company’s common stock to each of the lenders. At maturity each of the lenders have the option to be issued, in lieu
of cash payment of the outstanding debt, an additional 3,750,000 shares of the Company’s common stock in full satisfaction
of the principal loan amount of $25,000 and related unpaid and accrued interest thereon. The Company has recorded the initial aggregate
7,500,000 common shares to be issued to the two lenders at $4,500, based on the $0.0006 closing trading price of the Company’s
common stock as of the date of the loan, as a component of stockholders’ deficit classified as common stock to be issued
and is amortizing the $4,500 value of the shares as interest expense over the term of the loans. Amortization for the six months
ended June 30, 2023 is $1,964.
In May 2023, the Company borrowed $50,000 and
$25,000 from two unrelated individuals, repayable nine months from date of borrowings with interest at 11% per annum. At maturity,
the Company will repay the face amount of the loans in cash, including unpaid and accrued interest at 11% and, in addition, will
issue 7,500,000 and 3,750,000 shares of the Company’s common stock, respectively, to the lenders. At maturity the lenders
have the option to be issued, in lieu of cash payment of the outstanding debt, an additional 7,500,000 and 3,750,000 shares of
the Company’s common stock, respectively, as full satisfaction of the principal loan amounts and related unpaid and accrued
interest thereon. The Company has recorded the initial aggregate 11,250,000 common shares to be issued to the two lenders at $4,500,
based on the $0.0004 closing trading price of the Company’s common stock as of the date of the loans, as a component of stockholders’
deficit classified as common stock to be issued and is amortizing the $4,500 value of the shares as interest expense over the term
of the loans. Amortization for the six months ended June 30, 2023 is $799.
BLACKSTAR ENTERPRISE GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 2023
(Unaudited)
NOTE 9 – RELATED PARTY TRANSACTIONS
In support of the Company’s efforts and
cash requirements, the Company has relied on advances from related parties until such time that the Company can support its operations
or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment
for continued support by shareholders. The advances are considered temporary in nature and have not been formalized by a promissory
note.
IHG, the controlling shareholder of the Company,
provides management consulting services to the Company. There is no formal written agreement that defines the compensation to be
paid. For the six months ended June 30, 2023 and 2022, the Company recorded related party management fees of $58,250 and $165,274,
respectively. For the three months ended June 30, 2023 and 2022, the Company recorded related party management fees of $26,750
and $78,661, respectively
NOTE 10 – SUBSEQUENT EVENTS
On July 1, 2023, the Board of Directors approved
and authorized the issuance of shares of the Company’s common stock as follows:
| ● | 1,000,000 shares to Robert LaPointe as a Director of the Company. |
| ● | 2,000,000 shares to new officers of the Company. |
| ● | 1,000,000 shares to new advisors of the Company. |
| ● | 150,000,000 shares reserved for issuance pursuant to a stock option
plan to be adopted by the Company. |
In July 2023, 1800 Diagonal Lending LLC made
a $16,830 partial conversion, in two tranches, of the principal portion of their October 31, 2022 note into an aggregate 100,492,308
shares of the Company’s common stock at conversion prices of $0.00013 and $0.0002 per share under the conversion provision
and terms of the note agreement.
On August 1, 2023, the Company borrowed $50,000
from an unrelated individual, repayable May 1, 2024 with interest at 11% per annum. At maturity, the Company will repay the face
amount of the loan in cash, including unpaid and accrued interest at 11% and, in addition, will issue 7,500,000 shares of the Company’s
common stock to the lender. At maturity the lender has the option to be issued, in lieu of cash payment of the outstanding debt,
an additional 7,500,000 of the Company’s common stock as full satisfaction of the principal loan amounts and related unpaid
and accrued interest thereon.
The Company has analyzed its operations subsequent
to June 30, 2023 through the date that these financial statements were issued, and has determined that it does not have any additional
material subsequent events to disclose.
.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
Forward-Looking Statements and Associated
Risks.
This Form 10-Q contains certain statements
that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements
contained in this Form 10-Q that are not statements of historical fact may be deemed to be forward-looking statements. Without
limiting the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,”
“estimate,” or “continue” or comparable terminology are intended to identify forward-looking statements.
These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending
on a variety of factors, many of which are not within our control. These factors include but are not limited to economic conditions
generally and in the industries in which we may participate; competition within our chosen industry, including competition from
much larger competitors; technological advances and failure to successfully develop business relationships.
Based on our financial history since inception,
our auditor has expressed substantial doubt as to our ability to continue as a going concern. As reflected in the accompanying
financial statements, as of June 30, 2023, we had an accumulated deficit of $9,614,154 and a working capital deficiency of $1,176,489.
This raises substantial doubts about our ability to continue as a going concern.
Overview
BlackStar Enterprise Group, Inc. (the “Company”
or “BlackStar”) intends to act as a merchant bank as of the date of these financial statements. We currently trade
on the OTC Pink Sheets under the symbol “BEGI”. The Company is a merchant banking firm seeking to facilitate venture
capital to early-stage revenue companies. BlackStar intends to offer consulting and regulatory compliance services to crypto-equity
companies and blockchain entrepreneurs for securities, tax, and commodity issues. BlackStar is conducting ongoing analysis for
opportunities in involvement in crypto-related ventures though our wholly-owned subsidiary, Blockchain Equity Management Corp.,
(“BEMC”), mainly in the areas of blockchain and distributed ledger technologies (“DLT”). BEMC is currently
non-operational, inactive and has no business or clients at this time. It is intended to offer advisory services as to how to implement
use of a custom platform for the client’s equity based off of the BDTPTM. BEMC has not established any anticipated
time frames or key milestones for BEMC business. BlackStar intends to serve businesses in their early corporate lifecycles and
may provide funding in the forms of ventures in which we control the venture until divestiture or spin-off by developing the businesses
with capital. We have only engaged in one transaction as a merchant bank form to date.
Our investment strategy focuses primarily on
ventures with companies that we believe are poised to grow at above-average rates relative to other sectors of the U.S. economy,
which we refer to as "emerging growth companies." Under no circumstances does the Company intend to become an investment
company and its activities and its financial statement ratios of assets and cash will be carefully monitored and other activities
reviewed by its Board of Directors to prevent being classified or inadvertently becoming an investment company which would be subject
to regulation under the Investment Company Act of 1940.
As a merchant bank, BlackStar intends to seek
to provide access to capital for companies and is specifically seeking out ventures involved in DLT or blockchain. BlackStar intends
to facilitate funding and management of DLT-involved companies through majority controlled joint ventures through its subsidiary
BEMC BlackStar, through BEMC, intends to initially control and manage each venture. Potential ventures for both BlackStar
and BEMC will be analyzed using the combined business experience of its executives, with BEMC looking to fill those venture criteria
with companies in crypto-related businesses such as blockchain or DLT technologies. The Company does not intend to develop Investment
Objectives or “criteria” in any manner but will rely on the acumen and experience of its executives. BEMC is currently
non-operational, inactive and has no business or clients at this time. It is intended to offer advisory services as to how to implement
use of a custom platform for the client’s equity based off of the BDTPTM. BEMC has not established any anticipated
time frames or key milestones for BEMC business.
BlackStar is currently developing a blockchain-based
software platform (“BDTP TM”) to trade electronic fungible shares of our common stock equal to the shares
held and transferred by DTCC Brokers (DWAC). Once completed, the platform design might enable us to license the technology as a
Platform as a Service (“PaaS”) for other publicly traded companies, providing revenue to finance our merchant banking.
The completion of our software platform depends on our ability to license it to an existing
Alternative Trading System (“ATS”)
or for us to possibly register as an ATS, which we do not intend to do at this time as we would prefer to license our platform
to an existing ATS. The platform is not currently operational or in use by anyone. More details regarding the BDTP TM can
be found in the most recent registration statement on Form
S-1, as amended.
Recent Updates – Blackstar’s
progress in 2022 and 2023 was focused on thoroughly planning and describing many aspects of our new proposed line of business of
trading common shares on a blockchain through the broker-dealer ecosystem. The Company is finalizing the marketing plan to promote
and roll out the three features of its blockchain platform. The Company plans to offer its Private Funding and Corporate Governance
Blockchain to individual private companies in 2023. The Company’s next major step in its main feature, Blackstar’s
Digital Trading Platform (“BDTP TM”), will be to engage an operating partner (a broker-dealer, clearing
firm, and/or registered Alternative Trading System (“ATS”)) to to host the platform and quote the shares prior to implementation.
To that end, the Company is exploring partnerships with broker-dealers and existing ATS’s and other strategies to go live
with BDTP TM in accordance with existing laws and regulations. As of the date of this filing, the core platform of BDTP
TM is complete and will remain in the testing phase until we obtain an operating partner. BlackStar intends to continue
to seek further input from various regulatory agencies and others on the functionality of the BDTP TM over the next
6 to 9 months. The BDTP TM has been completely designed in terms of the following components: data model, reports, web-based
user interface, blockchain interface, transaction logic, cloud interface, and functional demonstration app. The software is complete
in demonstrating a proof-of-concept trading ability, while recording activity using an immutable blockchain ledger. Currently,
the working model platform is hosted on Amazon’s Quantum Ledger Database. BlackStar and its outside software developer, Artuova,
previously successfully completed a production ready and feature-complete user interface for the digital platform which is now
in the final stages of quality assurance. Blackstar is actively pursuing relationships with various broker-dealers, clearing firms,
and ATS’s to complete the final stages of this multi-year engineering effort. Blackstar has filed with the U.S. Patent and
Trademark Office (“USPTO”) for patent protection of its proprietary software and, during 2022, also filed with U.S.
and foreign trademark offices for protection.
The Company’s success will be dependent
upon its ability to analyze and manage the opportunities presented and is contingent upon successfully raising funds and ultimately
SEC approval of our digital trading platform.
Currently in the testing phase, we estimate
$100,000 to finalize the integration of the digital platform into the broker-dealer eco system once the SEC and FINRA clear BlackStar
to promote broker dealers and or exchanges. The ability to obtain a licensee may be dependent on our ability to confirm that FINRA
and the SEC will allow trading on our platform as described. If this is the case, the Company may alternatively seek to acquire
an existing broker-dealer in order to become a FINRA-registered broker-dealer. Once we have secured a licensee broker-dealer, clearing
firm, or ATS for the operations of the BDTP TM and begun operating the BDTP TM, we will seek subscriber companies
desiring customized platforms. At that point, we will have the ability to showcase BDTP TM’s live operations.
The technical platform operations and updates will be managed by Artuova, through our oversight and direction. The software building
of additional platforms for subscriber companies may take as little as 48 hours. We have not yet developed our marketing campaign
to seek out these customers, but plan to do so after securing our operating licensee, likely within the next six months. We anticipate
our overall expansion of services into the blockchain industry within the next twelve months.
At June 30, 2023, we have cash reserves of
approximately $19,942, which enables us to only sustain limited operations. We intend to offer a private placement of preferred
shares to investors in order to achieve at least $5,000,000 in funding in the next year to scale our business plan. We intend to
commence this offering in the late fall of 2023. If we are unable to generate enough revenue to cover our operational
costs, we will need to seek additional sources of funds. Currently, we have no committed source for any funds as of date hereof.
No representation is made that any funds will be available when needed. In the event funds cannot be raised if and when needed,
we may not be able to carry out our business plan and could fail in business as a result of these uncertainties. We have estimated
we will require approximately $100,000 quarterly for operational costs which includes legal, accounting, travel, general and administrative,
audit, rent, telephones and miscellaneous. In the year ended December 31, 2022, we received funding through convertible promissory
notes totaling $194,750 being received in net cash proceeds. In 2023, we received loans of an aggregate $125,000 from four investors,
due nine months from receipt with interest at 11% per annum.
The independent registered public accounting
firm’s report on our financial statements as of December 31, 2022, includes a “going concern” explanatory paragraph
that describes substantial doubt about our ability to continue as a going concern.
Results of Operations
For the Three Months Ended June 30, 2023
compared to same period in 2022
Net loss for the three months ended June 30,
2023 was $121,983 as compared to $308,733 for the three months ended June 30, 2022, a decrease of $186,750. As explained below,
the decrease is predominately attributable to non-cash transactions from the issuance of convertible debt and other financings.
For the three months ended June 30, 2022, we
had significantly higher non-operating (other) expenses as compared to the 2023 period, substantially all of which are non-cash,
predominately due to amortization of discounts on debt issuance and conversion features of the convertible promissory notes that
we have used to finance our continued operations. This resulted in total other expenses of $157,508 for the three months ended
June 30, 2022 as compared to $37,214 for the three months ended June 30, 2023. For the three months ended June 30, 2022, the Company
recognized $102,446 for amortization of discount on convertible notes, as compared to none for the three months ended June 30,
2023. The decrease in 2023 is attributable to the maturity of convertible loans outstanding and convertible debt conversions in
the 2022 period. Interest expense decreased to $34,202 in 2023 as compared to $45,920 in the 2022 period, as loans were converted
from debt to equity.
General and administrative expenses in 2023
were $11,783 a decrease of $20,355 from general and administrative expenses of $32,138 in 2022. General and administrative costs,
which were comparable for the 2023 to 2022 quarters, were for investor relations, filing fees, transfer agent fees and overhead
operational costs.
In 2023, the Company paid management consulting
fees to IHG of $26,750 for the three months ended June 30 as compared to $78,661 paid in 2022 for the three months ended June 30.
Legal and professional fees of $46,236 for
the three months ended June 30, 2023 increased by $5,810 from $40,426 for the comparable 2022 period. Fees for the 2023 and 2022
periods were predominately for SEC regulatory and statutory filings, registration statement filings and amendments thereto and
auditor related fees for annual audits and quarterly reviews.
For the Six Months Ended June 30, 2023 compared
to same period in 2022
Net loss for the six months ended June 30,
2023 was $239,187 as compared to $825,635 for the six months ended June 30, 2022, a decrease of $586,448. As explained below, a
significant portion of the losses in those periods was attributable to non-cash transactions from the issuance of convertible debt
and other financings.
Operating expenses for the six months ended
June 30, 2023 included $58,250 in related party management consulting fees, $90,888 in legal and professional fees, and $24,036
in general and administrative fees, for total operating expenses of $173,174. In the comparable 2022 period, operating expenses
included $165,274 in related party management consulting fees, $76,625 in legal and professional fees, and $45,605 in general and
administrative fees, for a total of $287,504 for the six months ended June 30, 2022. For the 2022 period, there were higher related
party management consulting fees and costs for fund raising as compared to the 2023 period resulting in a decrease in total operating
expenses of $114,330 for 2023.
For the six months ended June 30, 2022, we
had significantly higher non-operating (other) expenses as compared to the 2023 period, substantially all of which are non-cash,
predominately due to amortization of discounts on debt issuance and conversion features of the convertible promissory notes that
we have used to finance our continued operations. This resulted in total other expenses of $538,131 for the three months ended
June 30, 2022 as compared to $66,013 for the three months ended June 30, 2023. For the six months ended June 30, 2022, the Company
recognized $416,369 for amortization of discount on convertible notes, as compared to none for the six months ended June 30, 2023.
The decrease in 2023 is attributable to the maturity of convertible loans outstanding and convertible debt conversions in the 2022
period. Interest expense decreased to $59,611 in 2023 as compared to $92,292 in the 2022 period, as loans were converted from debt
to equity.
General and administrative expenses in 2023
were $24,036 a decrease of $21,569 from general and administrative expenses of $45,605 in 2022. The decrease in general and administrative
costs is attributable to cost containment efforts by management as the Company allocated all available resources to SEC filings
and patent prosecution. General and administrative costs included investor relations, filing fees, transfer agent fees and overhead
operational costs.
In 2023, the Company paid management consulting
fees to IHG of $58,250 for the six months ended June 30 as compared to $165,274 paid in 2022 for the six months ended June 30.
Legal and professional fees of $90,888 for
the six months ended June 30, 2023 increased by $14,263 from $76,625 for the comparable 2022 period. Fees for the 2023 and 2022
periods were predominately for SEC regulatory and statutory filings, registration statement filings and amendments thereto and
auditor related fees for annual audits and quarterly reviews.
Liquidity and Capital Resources
At June 30, 2023, we had a working capital
deficit of $1,176,489 and cash of $19,942 as compared to a working capital deficit of $971,295 and cash of $62,085, at December
31, 2022. The decrease in cash and increase in working capital deficit was due primarily to the utilization of available cash for
operations and an increase in debt funding from $125,000 of loans received in the six months ended June 30, 2023. The Company used
new and existing fundings to maintain operating activities and complete filings of amendments to the Company’s Registration
Statement on Form S-1. During the six months ended June 30, 2023, we used $151,142 of cash for operating activities and paid $16,001
in investing activities for software development and patent costs. In the comparable 2022 period, operating activities utilized
cash of $329,832 and investing activities for software development and patent costs utilized cash of $9,634.
Substantially all of our funding in 2023 and
2022 has been from notes and convertible debt financings from non-related investment firms and individuals. During the six months
ended June 30, 2023, we borrowed $125,000 from four individuals, due nine months from issuance with interest at 11%. During the
six months ended June 30, 2022, we issued convertible debt with a face value of $111,500, receiving cash proceeds, net of financing
costs, of $104,000. The convertible debt instruments were with non-related investment firms, carried an interest rate of 10%, matured
six months to one year from date of financing and were convertible into shares of the Company’s common stock at a discount
to the trading prices of the common shares of 35% to 40%. During the six months ended June 30, 2023, note holders were issued 487,584,913
shares of common stock for conversion of $85,595 face value of debt and related accrued interest. In the comparable 2022 period,
convertible note holders were issued 143,872,288 shares of common stock for conversion of $461,584 face value of debt and related
accrued interest and fees.
While management of the Company believes that
the Company will be successful in its current and planned activities, there can be no assurance that the Company will be successful
in obtaining sufficient revenues from our planned operations and raise sufficient equity, debt capital or strategic relationships
to sustain the operations and future business of the Company.
Our ability to create sufficient working capital
to sustain us over the next twelve-month period, and beyond, is dependent on our raising additional equity or debt capital, and
ultimately to commence revenues form or digital trading platform.
There can be no assurance that sufficient capital
will be available to us. We currently have no agreements, arrangements or understandings with any person to obtain funds through
bank loans, lines of credit or any other sources.
Availability of Additional Capital
Notwithstanding our previous success in fund
raising from notes and convertible debt financings there can be no assurance that we will continue to be successful in raising
capital and have adequate capital resources to fund our operations or that any additional funds will be available to us on favorable
terms or in amounts required by us. We estimate that we will need to raise $5,000,000 over the next twelve months to scale up our
current plan. The Company received $125,000 in debt financing during the six months ended June 30, 2023 which enabled us to sustain
operations in the first two quarters of 2023.
Any additional financings may be dilutive to
our stockholders, new equity securities may have rights, preferences or privileges senior to those of existing holders of our shares
of common stock. Debt or equity financing may subject us to restrictive covenants and significant interest costs.
Going Concern
We have only a very limited amount of cash
and have incurred operating losses and limited cash flows from operations since inception. As of June 30, 2023 and December 31,
2022, we had accumulated deficit of $9,614,154 and $9,374,967, respectively, and we will require additional working capital to
fund operations through 2023 and beyond. These factors, among others, raise
substantial doubt about our ability to continue
as a going concern. Our financial statements included in this Form 10-Q do not include any adjustments related to recoverability
and classification of asset carrying amounts or the amount and classification of liabilities that might result should we be unable
to continue as a going concern. The audited financial statements included in the Company’s recent annual report on Form 10-K
have been prepared assuming that we will continue as a going concern and do not include any adjustments that might result if we
cease to continue as a going concern.
Our registered independent auditors have issued
an opinion on our financial statements as of December 31, 2022 which includes a statement describing our going concern status.
This means that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain
additional capital to pay our bills and meet our other financial obligations. This is because we have not generated any revenues
and no revenues are anticipated until we obtain final SEC approval for our digital trading platform. There is no assurance that
any revenue will be realized in the future. Accordingly, we must raise capital from sources other than the actual revenue from
issuance of memberships in our digital trading platform.
There can be no assurance that we will have
adequate capital resources to fund planned operations or that any additional funds will be available to us when needed or at all,
or, if available, will be available on favorable terms or in amounts required by us. If we are unable to obtain adequate capital
resources to fund operations, we may be required to delay, scale back or eliminate some or all of our operations, which may have
a material adverse effect on our business, results of operations and ability to operate as a going concern.
Off Balance Sheet Arrangements
None.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK.
We are a smaller reporting company as defined
by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Disclosure controls and procedures are controls
and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under
the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time period specified in the SEC’s
rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that
information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is accumulated
and communicated to management including our principal executive officer/principal financial officer as appropriate, to allow timely
decisions regarding required disclosure.
Management has carried out an evaluation of
the effectiveness of the design and operation of our company’s disclosure controls and procedures. Due to the lack of personnel
and outside directors, management acknowledges that there may be deficiencies in these controls and procedures, but Management
believes that the current procedures have been effective in disclosing all information required to be disclosed. The Company anticipates
that with further resources, the Company will expand both management and the board of directors with additional officers and independent
directors in order to provide sufficient disclosure controls and procedures.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control
over financial reporting (as defined in Rule 13a-15(f) or 15d-15(f)) during the quarter ended June 30, 2023 that have materially
affected, or are reasonably likely to materially affect, our internal controls over financial reporting.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 1A. RISK FACTORS
The following additional Risk Factor was added
to the Registration Statement
on Form S-1, as amended, subsequent to the most recent annual report on Form
10-K.
AN ARTICLE PUBLISHED ON APRIL 17, 2023 BY COINTELEGRAPH.COM MAY EXPOSE US TO LIABILITY FOR VIOLATIONS OF SECTION 5 OF
THE SECURITY ACT.
On April 17, 2023, cointelegraph.com
published an article by Ana Paula Pereira making various statements which were erroneous about BlackStar and our platform. When
the publication of the article came to the attention of the Company, management felt that it was necessary to issue a press release
(see the Current Report on Form 8-K )
correcting the article such that the public and existing security holders received factual information and were not misled by the
article. In responding to the article, the Company made statements about this Registration Statement, which was not yet effective,
in order to remove any confusion that the article may have caused and to reinforce that it was NOT effective; the Company also
clarified that the SEC was not approving the BDTPTM platform and that this Registration Statement is a resale
registration for common shares underlying convertible notes for select noteholders. While the Company believes that the article
and the Company’s response do not constitute offers or sales of securities in the absence of an effective registration statement,
the Company cannot eliminate the possibility that it may have liability for a violation of the Securities Act of 1933 (the “’33
Act”). Violations of the registration provisions of Section 5 of the ’33 Act give a purchaser of securities a one-year
right to rescind the transaction, pursuant to Sections 12(a)(1) and 13 of the Act, as against any “seller” of the securities
who has violated Section 5. In the event that there is a finding of a violation of Section 5 of the ’33 Act, certain investors
may have a right of rescission. Section 5 allows purchasers to sue sellers for offering or selling a non-exempt security without
registering it. If the purchaser can prove a direct link between the purchaser and the seller, and the suit is within the statute
of limitations, the purchaser may obtain rescission, with interest, or damages if the investor sold his securities for less
than he purchased them.
In addition to the civil
liability from lawsuits brought by investors, the Company and management could face civil or criminal action brought by the federal
or state government, depending on the nature of the violation. Criminal liability under Section 5 subjects the defendant to not
more than $10,000 in fines and not more than five years imprisonment. Any lawsuits, judgments, penalties, or orders against the
Company or its management could have a significant impact on the Company, may prevent or delay it from pursuing the proposed business
plan, and would likely have a negative effect on the stock price.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES
AND USE OF PROCEEDS
In May 2023, the Company borrowed $50,000 from
an unrelated individual, repayable nine months from date of borrowing with interest at 11% per annum. At maturity, the Company
will repay the face amount of the loan in cash, including unpaid and accrued interest at 11% and, in addition, will issue 7,500,000
shares of the Company’s common stock to the lender. At maturity the lender has the option to be issued, in lieu of cash payment
of the outstanding debt, an additional 7,500,000 shares of the Company’s common stock as full satisfaction of the principal
loan amount of $50,000 and related unpaid and accrued interest thereon. The Company and the holders executed the agreement in accordance
with and in reliance upon the exemption from securities registration for offers and sales to accredited investors afforded, inter
alia, by Rule 506 under Regulation D as promulgated by the SEC under the 1933 Act, and/or Section 4(a)(2) of the 1933 Act. The
Company intends to use the funds to continue limited operations, including finding a broker-dealer and/or ATS to host the BDTP TM,
legal and professional fees, consulting fees, and general and administrative expenses.
On August 1, 2023, the Company borrowed $50,000
from an unrelated individual, repayable May 1, 2024 with interest at 11% per annum. At maturity, the Company will repay the face
amount of the loan in cash, including unpaid and accrued interest at 11% and, in addition, will issue 7,500,000 shares of the Company’s
common stock to the lender. At maturity the lender has the option to be issued, in lieu of cash payment of the outstanding debt,
an additional 7,500,000 of the Company’s common stock as full satisfaction of the principal loan amounts and related unpaid
and accrued interest thereon. A substantially similar form of the note is attached as Exhibit
10.1 to the Current Report on Form 8-K filed on June 10, 2019, but with the terms mentioned herein.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not Applicable.
ITEM 4. MINE SAFETY DISCLOSURE
Not Applicable.
ITEM 5. OTHER INFORMATION
Subsequent to the end of the period covered
by this report, on July 1, 2023, the Board of Directors appointed Lance Throneberry as Director and Chief Operating Officer.
Mr. Throneberry is a results driven professional
with over 25 years of experience. Mr. Throneberry began his career in public accounting and financial services in 1990. He joined
Newmont Mining Corporation (NYSE: “NEM”) in 1995 and served in various roles including Internal Audit Manager, Manager
of Global Agreements, Black Belt – Change Management, Program Manager of e-Commerce and Director of Supply Chain Management.
Mr. Throneberry joined Peabody Energy (NYSE: “BTU”) in 2006 where he held roles as the Vice President of Supply Chain
Management, including a 2+ year international assignment in Australia. He also served as Vice President of Sales and Marketing
with Peabody Energy. Mr. Throneberry performed additional roles with Newmont and Peabody including Mergers and Acquisitions, budgeting
and forecasting, commodity hedging, capital projects, risk management, people management and others. Post Peabody, Mr. Throneberry
has provided consulting services and was a partner in two (2) energy-based LLC’s. Mr. Throneberry holds an MBA from the University
of Denver, a BS in Accounting from Eastern Illinois University and is licensed as a Registered Certified Public Accountant (CPA)
in the State of Illinois.
As stated in Item 2, above, the Company entered
into a promissory note on August 1, 2023, with an unrelated individual. The Company borrowed $50,000, repayable May 1, 2024 with
interest at 11% per annum. At maturity, the Company will repay the face amount of the loan in cash, including unpaid and accrued
interest at 11% and, in addition, will issue 7,500,000 shares of the Company’s common stock to the lender. At maturity the
lender has the option to be issued, in lieu of cash payment of the outstanding debt, an additional 7,500,000 of the Company’s
common stock as full satisfaction of the principal loan amounts and related unpaid and accrued interest thereon. A substantially
similar form of the note is attached as Exhibit
10.1 to the Current Report on Form 8-K filed on June 10, 2019, but with the terms mentioned herein.
Previously
Reported Financial Information Revision:
The
Balance Sheet for the period ended March 31, 2023 contained an error in the text regarding the number of Common Stock authorized;
the correct number should read 2,000,000,000 shares authorized and not 700,000,000. The correct number was stated elsewhere throughout
the 10-Q and the revision did not impact any other aspect of the financial statements as presented.
ITEM 6. EXHIBITS
Exhibits. The following is a complete
list of exhibits filed as part of this Form 10-Q. Exhibit numbers correspond to the numbers in the Exhibit Table of Item 601 of
Regulation S-K.
31.1 |
Certification of Chief Executive Officer Pursuant to Rule 13a–14(a) or 15d-14(a) of the Securities Exchange Act of 1934 |
31.2 |
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934 |
32.1 |
Certification of Chief Executive Officer under Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
32.2 |
Certification of Chief Financial Officer under Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS |
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
101.SCH |
XBRL Taxonomy Extension Schema Document |
101.CAL |
XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document |
104 |
Cover Page Interactive Data File (formatted as an Inline XBRL document and included in Exhibit 101) |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
BLACKSTAR ENTERPRISE GROUP, INC. |
|
(Registrant) |
|
|
|
Dated: August 14, 2023 |
By: |
/s/ Joseph E. Kurczodyna |
|
|
Joseph E. Kurczodyna |
|
|
(Chief Executive Officer, |
|
|
Principal Executive Officer)
|
|
|
|
Dated: August 14, 2023 |
By: |
/s/ Joseph E. Kurczodyna |
|
|
Joseph E. Kurczodyna |
|
|
(Chief Financial Officer, |
|
|
Principal Accounting Officer) |
|
|
|
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EXHIBIT 31.1
CERTIFICATION OF PERIODIC REPORT
I, Joseph E. Kurczodyna, certify that:
1. I have reviewed this quarterly report on
Form 10-Q of BlackStar Enterprise Group, Inc.;
2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results
of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. I am responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f)) for the registrant and have:
a. Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared;
b. Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d. Disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most
recent fiscal quarter (the registrant’s 4th quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5. I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s
board of directors (or persons performing the equivalent functions):
a. All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b. Any fraud, whether or
not material, that involves management or other employees who have a significant role in the registrant’s internal control
over financial reporting.
Date: August 14, 2023
/s/ Joseph E. Kurczodyna |
|
Joseph E. Kurczodyna |
|
(Chief Executive Officer and Principal Executive Officer) |
EXHIBIT 31.2
CERTIFICATION OF PERIODIC REPORT
I, Joseph E. Kurczodyna, certify that:
1. I have reviewed this quarterly report on
Form 10-Q of BlackStar Enterprise Group, Inc.;
2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results
of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. I am responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f)) for the registrant and have:
a. Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared;
b. Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d. Disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most
recent fiscal quarter (the registrant’s 4th quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5. I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s
board of directors (or persons performing the equivalent functions):
a. All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b. Any fraud, whether or
not material, that involves management or other employees who have a significant role in the registrant’s internal control
over financial reporting.
Date: August 14, 2023
/s/ Joseph E. Kurczodyna |
|
Joseph E. Kurczodyna |
|
(Chief Financial Officer and Principal Accounting Officer) |
|
Exhibit 32.1
CERTIFICATION OF DISCLOSURE PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of
BlackStar Enterprise Group, Inc. (the “Company”) on Form 10-Q for the period ending June 30, 2023 as filed with the
Securities and Exchange Commission on the date hereof (the “Report”) I, Joseph E. Kurczodyna, Acting Chief Executive
Officer and Acting Principal Executive Officer of the Company, certify, pursuant to 18 USC Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:
(1) The Report fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated: August 14, 2023
/s/ Joseph E. Kurczodyna |
|
Joseph E. Kurczodyna |
|
(Chief Executive Officer and Principal Executive Officer) |
This certification accompanies the Report pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002,
be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
A signed original of this written statement
required by Section 906 of Sarbanes-Oxley has been provided to the Company and will be retained and furnished to the SEC or its
staff upon request.
Exhibit 32.2
CERTIFICATION OF DISCLOSURE PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of
BlackStar Enterprise Group, Inc. (the “Company”) on Form 10-Q for the period ending June 30, 2023 as filed with the
Securities and Exchange Commission on the date hereof (the “Report”) I, Joseph E. Kurczodyna, Chief Financial Officer
and Principal Accounting Officer of the Company, certify, pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:
(1) The Report fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated: August 14, 2023
/s/ Joseph E. Kurczodyna |
|
Joseph E. Kurczodyna |
|
(Chief Financial Officer and Principal Accounting Officer) |
|
This certification accompanies the Report pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002,
be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
A signed original of this written statement
required by Section 906 of Sarbanes-Oxley has been provided to the Company and will be retained and furnished to the SEC or its
staff upon request.
v3.23.2
Document And Entity Information - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 04, 2023 |
Document Information Line Items |
|
|
Entity Registrant Name |
BLACKSTAR ENTERPRISE GROUP, INC.
|
|
Trading Symbol |
N/A
|
|
Document Type |
10-Q
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity Common Stock, Shares Outstanding |
|
1,134,572,435
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Amendment Flag |
false
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|
Entity Central Index Key |
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|
Entity Current Reporting Status |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
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|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Year Focus |
2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
true
|
|
Entity Shell Company |
false
|
|
Entity Ex Transition Period |
true
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Entity File Number |
000-55730
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
27-1120628
|
|
Entity Address, Address Line One |
4450 Arapahoe Ave
|
|
Entity Address, Address Line Two |
Suite 100
|
|
Entity Address, City or Town |
Boulder
|
|
Entity Address, State or Province |
CO
|
|
Entity Address, Postal Zip Code |
80303
|
|
City Area Code |
(303)
|
|
Local Phone Number |
500-3210
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N/A
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NONE
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v3.23.2
CONSOLIDATED BALANCE SHEETS - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current Assets |
|
|
Cash |
$ 19,942
|
$ 62,085
|
Prepaid expenses |
6,237
|
|
Total current assets |
26,179
|
62,085
|
Intangibles |
302,287
|
241,685
|
Total Assets |
328,466
|
303,770
|
Current liabilities |
|
|
Accounts payable |
164,382
|
97,750
|
Accrued interest payable |
201,298
|
150,691
|
Notes payable |
125,000
|
|
Convertible notes payable, net of discounts of $1,433 and $7,835 at June 30, 2023 and December 31, 2022 |
711,988
|
784,939
|
Total current liabilities |
1,202,668
|
1,033,380
|
Stockholders' Deficit |
|
|
Preferred stock, 10,000,000 shares authorized; $0.001 par value; 1,000,000 shares issued and outstanding |
1,000
|
1,000
|
Common stock, 2,000,000,000 shares authorized; $0.001 par value 1,034,080,127 and 546,495,214 issued and outstanding at June 30, 2023 and December 31, 2022 |
1,034,080
|
546,495
|
Additional paid in capital |
7,695,872
|
8,097,862
|
Common stock to be issued |
9,000
|
|
Accumulated deficit |
(9,614,154)
|
(9,374,967)
|
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|
(729,610)
|
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|
$ 303,770
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v3.23.2
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Convertible notes payable discount (in Dollars) |
$ 1,433
|
$ 7,835
|
Preferred stock, par value (in Dollars per share) |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Preferred stock, shares issued |
1,000,000
|
1,000,000
|
Preferred stock, share outstanding |
1,000,000
|
1,000,000
|
Common stock, par value per share (in Dollars per share) |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
2,000,000,000
|
2,000,000,000
|
Common stock, shares issued |
1,034,080,127
|
546,495,214
|
Common stock, shares outstanding |
1,034,080,127
|
546,495,214
|
X |
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v3.23.2
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenue |
|
|
|
|
Operating expenses |
|
|
|
|
Legal and professional |
46,236
|
40,426
|
90,888
|
76,625
|
Management consulting - related party |
26,750
|
78,661
|
58,250
|
165,274
|
General and administrative |
11,783
|
32,138
|
24,036
|
45,605
|
Total operating expenses |
84,769
|
151,225
|
173,174
|
287,504
|
Other expense (income) |
|
|
|
|
Amortization of discount on convertible notes |
|
102,446
|
|
416,369
|
Amortization of convertible debt issuance costs |
3,012
|
9,142
|
6,402
|
29,470
|
Interest expense |
34,202
|
45,920
|
59,611
|
92,292
|
Other expense (income) |
37,214
|
157,508
|
66,013
|
538,131
|
Net (loss) |
$ (121,983)
|
$ (308,733)
|
$ (239,187)
|
$ (825,635)
|
Net (loss) per share - basic (in Dollars per share) |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
Weighted average number of common shares outstanding - basic (in Shares) |
733,202,468
|
228,836,254
|
665,038,179
|
187,649,684
|
X |
- DefinitionAmount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense.
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v3.23.2
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parentheticals) - $ / shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net (loss) per share - diluted |
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
Weighted average number of common shares outstanding - diluted |
733,202,468
|
228,836,254
|
665,038,179
|
187,649,684
|
X |
- DefinitionThe amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
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v3.23.2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (Unaudited) - USD ($)
|
Common Stock |
Preferred Stock |
Additional Paid in Capital |
Common Stock to be Issued |
Accumulated Deficit |
Total |
Balances at Dec. 31, 2021 |
$ 128,689
|
$ 1,000
|
$ 7,896,457
|
|
$ (8,149,760)
|
$ (123,614)
|
Balances (in Shares) at Dec. 31, 2021 |
128,689,319
|
1,000,000
|
|
|
|
|
Shares issued for conversion of notes and interest |
$ 143,872
|
|
317,712
|
|
|
461,584
|
Shares issued for conversion of notes and interest (in Shares) |
143,872,288
|
|
|
|
|
|
Shares issued for cashless warrant exercise |
$ 12,796
|
|
(12,796)
|
|
|
|
Shares issued for cashless warrant exercise (in Shares) |
12,795,700
|
|
|
|
|
|
Net loss |
|
|
|
|
(825,635)
|
(825,635)
|
Balances at Jun. 30, 2022 |
$ 285,357
|
$ 1,000
|
8,201,373
|
|
(8,975,395)
|
(487,665)
|
Balances (in Shares) at Jun. 30, 2022 |
285,357,307
|
1,000,000
|
|
|
|
|
Balances at Mar. 31, 2022 |
$ 192,001
|
$ 1,000
|
8,129,466
|
|
(8,666,662)
|
(344,195)
|
Balances (in Shares) at Mar. 31, 2022 |
192,001,253
|
1,000,000
|
|
|
|
|
Shares issued for conversion of notes and interest |
$ 80,560
|
|
84,703
|
|
|
165,263
|
Shares issued for conversion of notes and interest (in Shares) |
80,560,354
|
|
|
|
|
|
Shares issued for cashless warrant exercise |
$ 12,796
|
|
(12,796)
|
|
|
|
Shares issued for cashless warrant exercise (in Shares) |
12,795,700
|
|
|
|
|
|
Net loss |
|
|
|
|
(308,733)
|
(308,733)
|
Balances at Jun. 30, 2022 |
$ 285,357
|
$ 1,000
|
8,201,373
|
|
(8,975,395)
|
(487,665)
|
Balances (in Shares) at Jun. 30, 2022 |
285,357,307
|
1,000,000
|
|
|
|
|
Balances at Dec. 31, 2022 |
$ 546,495
|
$ 1,000
|
8,097,862
|
|
(9,374,967)
|
(729,610)
|
Balances (in Shares) at Dec. 31, 2022 |
546,495,214
|
1,000,000
|
|
|
|
|
Shares issued for conversion of notes and interest |
$ 487,585
|
|
(401,990)
|
|
|
85,595
|
Shares issued for conversion of notes and interest (in Shares) |
487,584,913
|
|
|
|
|
|
Shares to be issued as consideration for notes payable |
|
|
|
9,000
|
|
9,000
|
Net loss |
|
|
|
|
(239,187)
|
(239,187)
|
Balances at Jun. 30, 2023 |
$ 1,034,080
|
$ 1,000
|
7,695,872
|
9,000
|
(9,614,154)
|
(874,202)
|
Balances (in Shares) at Jun. 30, 2023 |
1,034,080,127
|
1,000,000
|
|
|
|
|
Balances at Mar. 31, 2023 |
$ 651,139
|
$ 1,000
|
8,027,145
|
4,500
|
(9,492,171)
|
(808,387)
|
Balances (in Shares) at Mar. 31, 2023 |
651,139,153
|
1,000,000
|
|
|
|
|
Shares issued for conversion of notes and interest |
$ 382,941
|
|
(331,273)
|
|
|
51,668
|
Shares issued for conversion of notes and interest (in Shares) |
382,940,974
|
|
|
|
|
|
Shares to be issued as consideration for notes payable |
|
|
|
4,500
|
|
4,500
|
Net loss |
|
|
|
|
(121,983)
|
(121,983)
|
Balances at Jun. 30, 2023 |
$ 1,034,080
|
$ 1,000
|
$ 7,695,872
|
$ 9,000
|
$ (9,614,154)
|
$ (874,202)
|
Balances (in Shares) at Jun. 30, 2023 |
1,034,080,127
|
1,000,000
|
|
|
|
|
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v3.23.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash Flows From Operating Activities |
|
|
Net (loss) |
$ (239,187)
|
$ (825,635)
|
Adjustments to reconcile net loss to net cash used |
|
|
Amortization of convertible note issue costs |
6,402
|
29,470
|
Amortization of discounts on convertible notes |
|
416,369
|
Amortization of discounts on convertible note interest |
|
18,956
|
Interest paid in stock |
2,763
|
|
Changes in operating assets and liabilities |
|
|
(Increase) in prepaids |
|
(80)
|
Increase (decrease) in accounts payable |
22,031
|
(17,370)
|
Increase in accrued payables |
56,849
|
48,458
|
Cash used in operating activities |
(151,142)
|
(329,832)
|
Cash Flows From Investing Activities |
|
|
Payments for intangibles |
(16,001)
|
(9,634)
|
Cash used in investing activities |
(16,001)
|
(9,634)
|
Cash Flows From Financing Activities |
|
|
Proceeds from notes payable |
125,000
|
|
Payments on convertible debt |
|
(50,122)
|
Proceeds from convertible notes, net of offering costs and original issue discount |
|
104,000
|
Net cash provided by financing activities |
125,000
|
53,878
|
Net increase (decrease) in cash |
(42,143)
|
(285,588)
|
Cash, beginning of period |
62,085
|
518,539
|
Cash, end of period |
19,942
|
232,951
|
Supplemental disclosure of non-cash investing |
|
|
Notes payable and interest converted to common stock |
85,595
|
461,584
|
Accounts payable for intangibles |
44,601
|
2,000
|
Cashless exercise of common stock warrant |
|
29,430
|
Cash paid for interest on debt |
|
$ 4,829
|
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v3.23.2
NATURE OF OPERATIONS AND BASIS OF PRESENTATION
|
6 Months Ended |
Jun. 30, 2023 |
Nature of Operations and Basis of Presentation [Abstract] |
|
NATURE OF OPERATIONS AND BASIS OF PRESENTATION |
NOTE 1 – NATURE OF OPERATIONS AND
BASIS OF PRESENTATION
BlackStar Enterprise Group, Inc. (the “Company”
or “BlackStar”) was incorporated in the State of Delaware on December 18, 2007. On January 25, 2016, International
Hedge Group, Inc. (“IHG”) signed an agreement to acquire a 95% interest in the Company. IHG was issued 44,400,000 shares
of common stock and 1,000,000 shares of Series A Preferred Stock. IHG is our controlling shareholder and is engaged in providing
management services and capital consulting to companies. IHG and BlackStar are currently managed and controlled by two individuals
each of whom is a beneficial owner of an additional 9% of the Company’s common stock.
The Company intends to act as a merchant banking
firm seeking to facilitate venture capital to early stage revenue companies. BlackStar intends to offer consulting and regulatory
compliance services to crypto-equity companies and blockchain entrepreneurs for securities, tax, and commodity issues. BlackStar
is conducting ongoing analysis for opportunities in involvement in crypto-related ventures through a wholly-owned subsidiary, Blockchain
Equity Management Corp (“BEMC”). BlackStar intends to serve businesses in their early corporate lifecycles and may
provide funding in the forms of ventures in which they control the venture until divestiture or spin-off by developing the businesses
with capital. BlackStar formed a subsidiary nonprofit company, Blockchain Industry SRO Inc. (“BI”) in 2017. BI’s
business plan is to act as a self-regulatory membership organization for the crypto-equity industry and set guidelines and best-practice
rules by which industry members would abide. BlackStar will provide management of this entity under a services contract.
Basis of presentation
The accompanying unaudited financial statements
have been prepared in accordance with United States generally accepted accounting principles for financial information and with
the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting
principles (US GAAP) for complete financial statements. However, except as disclosed herein, there has been no material change
in the information disclosed in the notes to the financial statements for the year ended December 31, 2022 included in the Company’s
Annual Report on Form 10-K filed with the Securities and Exchange Commission. These unaudited financial statements are condensed
and should be read in conjunction with those financial statements included in the Form 10-K and interim disclosures generally do
not repeat those in the annual statements. In the opinion of management, all adjustments considered necessary for a fair presentation,
consisting solely of normal recurring adjustments, have been made. Operating results for the six months ended June 30, 2023 are
not necessarily indicative of the results that may be expected for the year ending December 31, 2023.
These unaudited consolidated financial statements
include BlackStar and its wholly owned subsidiaries: Blockchain Equity Management Corp. and Blockchain Industry SRO Inc., and were
prepared from the accounts of the Company in accordance with US GAAP. All significant intercompany transactions and balances have
been eliminated on consolidation.
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v3.23.2
GOING CONCERN
|
6 Months Ended |
Jun. 30, 2023 |
Going Concern [Abstract] |
|
GOING CONCERN |
NOTE 2 – GOING CONCERN
The Company's financial statements have been
prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal
course of business. As shown in the financial statements for the six months ended June 30, 2023 and the year ended December 31,
2022, the Company has generated no revenues and has incurred losses. As of June 30, 2023, the Company had cash of $19,942, working
capital deficiency of $1,176,489 and an accumulated deficit of $9,614,154. These conditions raise substantial doubt as to the Company's
ability to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability
and classification of recorded asset amounts, or amounts and classification of liabilities that might be necessary should the Company
be unable to continue as a going concern. The continuation of the Company as a going concern is dependent upon the ability to raise
equity or debt financing, and the attainment of profitable operations from the Company's planned business. Management cannot provide
any assurances that the Company will be successful in accomplishing any of its plans.
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- DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Use of Estimates
The preparation of financial statements in
conformity with accounting principles generally accepted in the United States of America requires management to make estimates
and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases
its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the
results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent
from other sources.
The Company’s significant estimates include
income taxes provision and valuation allowance of deferred tax assets; the fair value of financial instruments; the carrying value
and recoverability of long-lived assets, and the assumption that the Company will continue as a going concern. Those significant
accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to those estimates
or assumptions, and certain estimates or assumptions are difficult to measure or value.
Management regularly reviews its estimates
utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions.
After such reviews, and if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those
estimates.
Recent Accounting Pronouncements
Although there are several other new accounting
pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not
believe any of these accounting pronouncements has had or will have a material impact on its consolidated financial position or
results of operations. Management has evaluated accounting standards and interpretations issued but not yet effective as of June
30, 2023 and does not expect such pronouncements to have a material impact on the Company’s financial position, operations,
or cash flows.
Reclassifications
Certain amounts in the consolidated financial
statements for prior year periods have been reclassified to conform with the current year presentation.
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v3.23.2
INTANGIBLES
|
6 Months Ended |
Jun. 30, 2023 |
Intangibles [Abstract] |
|
INTANGIBLES |
NOTE 4 – INTANGIBLES
Intangibles at June 30, 2023 and December
31, 2022 consist of capitalized costs for the Company’s proprietary software and patents as follows:
| |
2023 | |
2022 |
| Software | | |
$ | 106,001 | | |
$ | 90,000 | |
| Patents | | |
| 196,286 | | |
| 151,685 | |
| | | |
$ | 302,287 | | |
$ | 241,685 | |
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v3.23.2
STOCKHOLDERS’ DEFICIT
|
6 Months Ended |
Jun. 30, 2023 |
Stockholders’ Equity [Abstract] |
|
STOCKHOLDERS’ DEFICIT |
NOTE 5 – STOCKHOLDERS’ DEFICIT
Preferred Stock
The Company has authorized 10,000,000 preferred
shares, with a par value of $0.001 per share. The Company issued 1,000,000 shares of its Series A Preferred Series stock to IHG
in fulfillment of the purchase agreement. These shares are convertible at a ratio of 100 shares of the common stock of the Company
for each share of preferred stock of the Company.
Common Stock
In July 2022, the Company’s authorized
common stock was increased from 700,000,000 to 2,000,000,000 shares, with an effective date of the Amendment to the Articles of
Incorporation of August 5, 2022. There was no change in the shares outstanding of either the common stock or preferred stock as
a result of the increase.
During the six months ended June 30, 2023,
the Company issued shares of its common stock as follows:
| ● | 487,584,913 shares for conversion of $85,595 principal and interest
on convertible notes payable. |
During the six months ended June 30, 2022,
the Company issued shares of its common stock as follows:
| ● | 143,872,288 shares for conversion of $461,584 principal and interest
on convertible notes payable. |
| ● | 12,795,700 shares for exercise of previously issued warrants at $0.0023
per share. The exercise price was revised to $0.0023 per share from $0.25 per share as per antidilution provision of the warrant
agreement. The warrants were exercised on a cashless or “net” basis. Accordingly, we did not receive any proceeds from
such exercises. The cashless exercise of such warrants resulted in the cancellation of previously issued warrants to purchase an
aggregate of 118,800 shares of common stock. |
At June 30, 2023, the Company has recorded
common stock to be issued, valued at $9,000, as additional consideration for loans made to the Company during the period (See Note
8).
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v3.23.2
WARRANTS
|
6 Months Ended |
Jun. 30, 2023 |
Warrants [Abstract] |
|
WARRANTS |
NOTE 6 – WARRANTS
In April 2019, the Company issued a convertible
note for $110,000. Pursuant to the terms of the note agreement, the Company issued warrants to the holder for the purchase 440,000
shares of the Company’s common stock. The warrants are exercisable at $0.25 per share for a term of 5 years. The $132,953
fair value of the warrants was calculated using the Black-Scholes pricing model with the following assumptions: stock price $0.38;
strike price $0.25; volatility 98%; risk free rate 2.25% and term of 5 years. The $132.953 fair value of the warrants was charged
to operations when issued during the year ended December 31, 2019. At June 30, 2023, the intrinsic value of the outstanding warrants
was $0, as the trading price of the Company’s common stock at that date was less than the underlying exercise price of the
warrants.
A summary of warrant activity during the six
months ended June 30, 2023 is presented below:
| |
Shares | |
Weighted Average Exercise Price | |
Weighted Average Remaining Contractual Life (Years) |
| Outstanding and exercisable – December 31, 2022 | | |
| 321,200 | | |
$ | 0.25 | | |
| 1.57 | |
| Exercised | | |
| — | | |
| | | |
| | |
| Expired | | |
| — | | |
| | | |
| | |
| Outstanding and exercisable – June 30, 2023 | | |
| 321,200 | | |
$ | 0.25 | | |
| .82 | |
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v3.23.2
CONVERTIBLE NOTES
|
6 Months Ended |
Jun. 30, 2023 |
Convertible Notes [Abstract] |
|
CONVERTIBLE NOTES |
NOTE 7 – CONVERTIBLE NOTES
During the six months ended June 30, 2023,
the Company had the following transactions related to its convertible note financings:
| • | 1800 Diagonal Lending LLC converted, in three tranches, the outstanding principal balance of $23,600 together with accrued and unpaid interest thereon of $2,787 due on their note of May 5, 2022 into 75,643,939 shares of the Company’s common stock at conversion prices of $0.00033 to $0.00036 per share under the conversion provision and terms of the note agreement. |
| • | 1800 Diagonal Lending LLC converted the total outstanding principal balance of $43,750 together with accrued and unpaid interest thereon of $2,788 due on their note of August 30, 2022 into 305,250,000 shares of the Company’s common stock at conversion prices of $0.00013 to $0.00026 per share under the conversion provision and terms of the note agreement. |
| ● | 1800 Diagonal Lending LLC made a $6,070 partial conversion of the
principal portion of their October 31, 2022 note into 46,692,308 shares of the Company’s common stock at a conversion price
of $0.00013 per share under the conversion provision and terms of the note agreement. |
| • | GS Capital Partners made a $5,933 partial conversion, in two tranches, of the principal portion of their October 11, 2021 note together with accrued and unpaid interest of $1,267 into 59,998,666 shares of the Company’s common stock at a conversion price of $0.00012 per share under the conversion provision and terms of the note agreement. |
In April 2022, Quick Capital LLC issued a notice
of default on its $33,275 convertible note to the Company dated November 16, 2020 and stated that the outstanding amount due on
the note is $133,317, the default interest per annum is 24%, and that the conversion price is the lowest trading price during the
delinquency period with a 50% discount. The Company has recorded accrued default interest on the note at the rate of 24% per annum
from May 24, 2021 (date of default) to June 30, 2023 based on the original loan value of $33,275. At June 30, 2023, the accompanying
financial statements reflects an outstanding loan balance due to Quick Capital LLC of $33,275 and accrued interest of $7,555. The
Company and Quick Capital LLC have been in discussions to reach a reasonable and fair settlement of the balance due on the financing
agreement. Convertible notes payable at June 30, 2023
and December 31, 2022 are summarized as follows:
Note Holder |
|
Face Amount |
|
Interest Rate |
|
Due Date |
|
June 30, 2023 |
|
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
GS Capital Partners LLC |
|
$ |
60,000 |
|
|
|
8 |
% |
|
October 11, 2022 |
|
$ |
33,682 |
|
|
$ |
39,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SE Holdings LLC |
|
$ |
220,000 |
|
|
|
10 |
% |
|
January 26, 2022 |
|
$ |
220,000 |
|
|
$ |
220,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quick Capital LLC |
|
$ |
33,275 |
|
|
|
10 |
% |
|
July 16, 2021 |
|
$ |
33,275 |
|
|
$ |
33,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adar Alef LLC |
|
$ |
550,000 |
|
|
|
10 |
% |
|
April 29, 2022 |
|
$ |
377,534 |
|
|
$ |
377,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1800 Diagonal Lending LLC |
|
$ |
55,750 |
|
|
|
10 |
% |
|
May 5, 2023 |
|
|
— |
|
|
$ |
23,600 |
|
|
|
$ |
43,750 |
|
|
|
10 |
% |
|
August 30, 2023 |
|
|
— |
|
|
$ |
43,750 |
|
|
|
$ |
55,000 |
|
|
|
10 |
% |
|
October 31, 2022 |
|
$ |
48,930 |
|
|
$ |
55,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount |
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,433 |
) |
|
$ |
(7,835 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
711,988 |
|
|
$ |
784,939 |
|
|
X |
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v3.23.2
NOTES PAYABLE
|
6 Months Ended |
Jun. 30, 2023 |
Notes Payable [Abstract] |
|
NOTES PAYABLE |
NOTE 8 – NOTES PAYABLE
In March 2023, the Company borrowed $25,000
from each of two individuals, repayable nine months from date of borrowing with interest at 11% per annum. At maturity, the Company
will repay the face amount of each of the loans in cash, including interest at 11% and, in addition, will issue 3,750,000 shares
of the Company’s common stock to each of the lenders. At maturity each of the lenders have the option to be issued, in lieu
of cash payment of the outstanding debt, an additional 3,750,000 shares of the Company’s common stock in full satisfaction
of the principal loan amount of $25,000 and related unpaid and accrued interest thereon. The Company has recorded the initial aggregate
7,500,000 common shares to be issued to the two lenders at $4,500, based on the $0.0006 closing trading price of the Company’s
common stock as of the date of the loan, as a component of stockholders’ deficit classified as common stock to be issued
and is amortizing the $4,500 value of the shares as interest expense over the term of the loans. Amortization for the six months
ended June 30, 2023 is $1,964.
In May 2023, the Company borrowed $50,000 and
$25,000 from two unrelated individuals, repayable nine months from date of borrowings with interest at 11% per annum. At maturity,
the Company will repay the face amount of the loans in cash, including unpaid and accrued interest at 11% and, in addition, will
issue 7,500,000 and 3,750,000 shares of the Company’s common stock, respectively, to the lenders. At maturity the lenders
have the option to be issued, in lieu of cash payment of the outstanding debt, an additional 7,500,000 and 3,750,000 shares of
the Company’s common stock, respectively, as full satisfaction of the principal loan amounts and related unpaid and accrued
interest thereon. The Company has recorded the initial aggregate 11,250,000 common shares to be issued to the two lenders at $4,500,
based on the $0.0004 closing trading price of the Company’s common stock as of the date of the loans, as a component of stockholders’
deficit classified as common stock to be issued and is amortizing the $4,500 value of the shares as interest expense over the term
of the loans. Amortization for the six months ended June 30, 2023 is $799.
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v3.23.2
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE 9 – RELATED PARTY TRANSACTIONS
In support of the Company’s efforts and
cash requirements, the Company has relied on advances from related parties until such time that the Company can support its operations
or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment
for continued support by shareholders. The advances are considered temporary in nature and have not been formalized by a promissory
note.
IHG, the controlling shareholder of the Company,
provides management consulting services to the Company. There is no formal written agreement that defines the compensation to be
paid. For the six months ended June 30, 2023 and 2022, the Company recorded related party management fees of $58,250 and $165,274,
respectively. For the three months ended June 30, 2023 and 2022, the Company recorded related party management fees of $26,750
and $78,661, respectively
|
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v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE 10 – SUBSEQUENT EVENTS
On July 1, 2023, the Board of Directors approved
and authorized the issuance of shares of the Company’s common stock as follows:
| ● | 1,000,000 shares to Robert LaPointe as a Director of the Company. |
| ● | 2,000,000 shares to new officers of the Company. |
| ● | 1,000,000 shares to new advisors of the Company. |
| ● | 150,000,000 shares reserved for issuance pursuant to a stock option
plan to be adopted by the Company. |
In July 2023, 1800 Diagonal Lending LLC made
a $16,830 partial conversion, in two tranches, of the principal portion of their October 31, 2022 note into an aggregate 100,492,308
shares of the Company’s common stock at conversion prices of $0.00013 and $0.0002 per share under the conversion provision
and terms of the note agreement.
On August 1, 2023, the Company borrowed $50,000
from an unrelated individual, repayable May 1, 2024 with interest at 11% per annum. At maturity, the Company will repay the face
amount of the loan in cash, including unpaid and accrued interest at 11% and, in addition, will issue 7,500,000 shares of the Company’s
common stock to the lender. At maturity the lender has the option to be issued, in lieu of cash payment of the outstanding debt,
an additional 7,500,000 of the Company’s common stock as full satisfaction of the principal loan amounts and related unpaid
and accrued interest thereon.
The Company has analyzed its operations subsequent
to June 30, 2023 through the date that these financial statements were issued, and has determined that it does not have any additional
material subsequent events to disclose.
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v3.23.2
Accounting Policies, by Policy (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Use of Estimates |
Use of Estimates The preparation of financial statements in
conformity with accounting principles generally accepted in the United States of America requires management to make estimates
and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases
its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the
results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent
from other sources. The Company’s significant estimates include
income taxes provision and valuation allowance of deferred tax assets; the fair value of financial instruments; the carrying value
and recoverability of long-lived assets, and the assumption that the Company will continue as a going concern. Those significant
accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to those estimates
or assumptions, and certain estimates or assumptions are difficult to measure or value. Management regularly reviews its estimates
utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions.
After such reviews, and if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those
estimates.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements Although there are several other new accounting
pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not
believe any of these accounting pronouncements has had or will have a material impact on its consolidated financial position or
results of operations. Management has evaluated accounting standards and interpretations issued but not yet effective as of June
30, 2023 and does not expect such pronouncements to have a material impact on the Company’s financial position, operations,
or cash flows.
|
Reclassifications |
Reclassifications Certain amounts in the consolidated financial
statements for prior year periods have been reclassified to conform with the current year presentation.
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v3.23.2
WARRANTS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Warrants [Abstract] |
|
Schedule of warrant activity |
| |
Shares | |
Weighted Average Exercise Price | |
Weighted Average Remaining Contractual Life (Years) |
| Outstanding and exercisable – December 31, 2022 | | |
| 321,200 | | |
$ | 0.25 | | |
| 1.57 | |
| Exercised | | |
| — | | |
| | | |
| | |
| Expired | | |
| — | | |
| | | |
| | |
| Outstanding and exercisable – June 30, 2023 | | |
| 321,200 | | |
$ | 0.25 | | |
| .82 | |
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v3.23.2
CONVERTIBLE NOTES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Schedule of Convertible Notes Payable [Abstract] |
|
Schedule of convertible notes payable |
Note Holder |
|
Face Amount |
|
Interest Rate |
|
Due Date |
|
June 30, 2023 |
|
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
GS Capital Partners LLC |
|
$ |
60,000 |
|
|
|
8 |
% |
|
October 11, 2022 |
|
$ |
33,682 |
|
|
$ |
39,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SE Holdings LLC |
|
$ |
220,000 |
|
|
|
10 |
% |
|
January 26, 2022 |
|
$ |
220,000 |
|
|
$ |
220,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quick Capital LLC |
|
$ |
33,275 |
|
|
|
10 |
% |
|
July 16, 2021 |
|
$ |
33,275 |
|
|
$ |
33,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adar Alef LLC |
|
$ |
550,000 |
|
|
|
10 |
% |
|
April 29, 2022 |
|
$ |
377,534 |
|
|
$ |
377,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1800 Diagonal Lending LLC |
|
$ |
55,750 |
|
|
|
10 |
% |
|
May 5, 2023 |
|
|
— |
|
|
$ |
23,600 |
|
|
|
$ |
43,750 |
|
|
|
10 |
% |
|
August 30, 2023 |
|
|
— |
|
|
$ |
43,750 |
|
|
|
$ |
55,000 |
|
|
|
10 |
% |
|
October 31, 2022 |
|
$ |
48,930 |
|
|
$ |
55,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount |
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,433 |
) |
|
$ |
(7,835 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
711,988 |
|
|
$ |
784,939 |
|
|
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v3.23.2
STOCKHOLDERS’ DEFICIT (Details) - USD ($)
|
6 Months Ended |
|
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Jul. 31, 2022 |
STOCKHOLDERS’ DEFICIT (Details) [Line Items] |
|
|
|
|
Preferred stock, shares authorized |
10,000,000
|
|
10,000,000
|
|
Preferred stock, par value per share (in Dollars per share) |
$ 0.001
|
|
$ 0.001
|
|
Common stock shares issued |
1,034,080,127
|
|
546,495,214
|
|
Common stock, shares authorized |
2,000,000,000
|
|
2,000,000,000
|
|
Common Stock for Conversion [Member] |
|
|
|
|
STOCKHOLDERS’ DEFICIT (Details) [Line Items] |
|
|
|
|
Shares for conversion |
487,584,913
|
143,872,288
|
|
|
Principal and interest on convertible notes payable (in Dollars) |
$ 85,595
|
|
|
|
Principal amount (in Dollars) |
|
$ 461,584
|
|
|
Warrant exercise issued |
|
12,795,700
|
|
|
Warrants at per share (in Dollars per share) |
|
$ 0.0023
|
|
|
Exercise price revised (in Dollars per share) |
|
0.0023
|
|
|
Warrant exercise price (in Dollars per share) |
|
$ 0.25
|
|
|
Warrant exercise purchase |
|
118,800
|
|
|
Number of shares issued |
9,000
|
|
|
|
Minimum [Member] |
|
|
|
|
STOCKHOLDERS’ DEFICIT (Details) [Line Items] |
|
|
|
|
Common stock, shares authorized |
|
|
|
700,000,000
|
Maximum [Member] |
|
|
|
|
STOCKHOLDERS’ DEFICIT (Details) [Line Items] |
|
|
|
|
Common stock, shares authorized |
|
|
|
2,000,000,000
|
Series A Preferred Stock [Member] | IHG [Member] |
|
|
|
|
STOCKHOLDERS’ DEFICIT (Details) [Line Items] |
|
|
|
|
Common stock shares issued |
1,000,000
|
|
|
|
Convertible rate of common shares to preferred stock |
100
|
|
|
|
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v3.23.2
WARRANTS (Details) - Schedule of warrant activity
|
6 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Schedule of warrant activity [Abstract] |
|
Shares outstanding and exercisable, beginning |
321,200
|
Weighted Average Exercise Price outstanding and exercisable, beginning (in Dollars per share) | $ / shares |
$ 0.25
|
Weighted Average Remaining Contractual Life (Years) outstanding and exercisable, beginning |
1 year 6 months 25 days
|
Shares, exercised |
|
Shares, expired |
|
Shares outstanding and exercisable, ending |
321,200
|
Weighted Average Exercise Price outstanding and exercisable, ending (in Dollars per share) | $ / shares |
$ 0.25
|
Weighted Average Remaining Contractual Life (Years) outstanding and exercisable, ending |
82 years
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v3.23.2
CONVERTIBLE NOTES (Details) - USD ($)
|
|
|
1 Months Ended |
6 Months Ended |
May 05, 2022 |
Oct. 11, 2021 |
Oct. 31, 2022 |
Aug. 30, 2022 |
Apr. 30, 2022 |
Jun. 30, 2023 |
CONVERTIBLE NOTES (Details) [Line Items] |
|
|
|
|
|
|
Outstanding amount |
|
|
$ 6,070
|
|
$ 133,317
|
|
Common stock shares (in Shares) |
|
|
46,692,308
|
|
|
|
Convertible note |
|
|
|
|
$ 33,275
|
|
Percentage of conversion price |
|
|
|
|
50.00%
|
|
Loan value |
|
|
|
|
|
$ 33,275
|
1800 Diagonal Lending LLC [Member] |
|
|
|
|
|
|
CONVERTIBLE NOTES (Details) [Line Items] |
|
|
|
|
|
|
Outstanding amount |
$ 23,600
|
|
|
$ 43,750
|
|
|
Accrued interest |
$ 2,787
|
|
|
$ 2,788
|
|
|
Common stock shares (in Shares) |
75,643,939
|
|
|
305,250,000
|
|
|
Common stock at prices (in Dollars per share) |
|
|
$ 0.00013
|
|
|
|
1800 Diagonal Lending LLC [Member] | Minimum [Member] |
|
|
|
|
|
|
CONVERTIBLE NOTES (Details) [Line Items] |
|
|
|
|
|
|
Common stock at prices (in Dollars per share) |
$ 0.00033
|
|
|
$ 0.00013
|
|
|
1800 Diagonal Lending LLC [Member] | Maximum [Member] |
|
|
|
|
|
|
CONVERTIBLE NOTES (Details) [Line Items] |
|
|
|
|
|
|
Common stock at prices (in Dollars per share) |
$ 0.00036
|
|
|
$ 0.00026
|
|
|
GS Capital Partners [Member] |
|
|
|
|
|
|
CONVERTIBLE NOTES (Details) [Line Items] |
|
|
|
|
|
|
Accrued interest |
|
$ 1,267
|
|
|
|
|
Common stock shares (in Shares) |
|
59,998,666
|
|
|
|
|
Convertible note |
|
$ 5,933
|
|
|
|
|
Debt convert conversion price (in Dollars per share) |
|
$ 0.00012
|
|
|
|
|
Quick Capital LLC [Member] |
|
|
|
|
|
|
CONVERTIBLE NOTES (Details) [Line Items] |
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
$ 7,555
|
Default interest rate |
|
|
|
|
24.00%
|
|
Interest rate |
|
|
|
|
|
24.00%
|
Outstanding loan |
|
|
|
|
|
$ 33,275
|
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v3.23.2
CONVERTIBLE NOTES (Details) - Schedule of convertible notes payable - USD ($)
|
6 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
CONVERTIBLE NOTES (Details) - Schedule of convertible notes payable [Line Items] |
|
|
Convertible notes payable |
$ 711,988
|
$ 784,939
|
Discount |
(1,433)
|
(7,835)
|
GS Capital Partners LLC [Member] |
|
|
CONVERTIBLE NOTES (Details) - Schedule of convertible notes payable [Line Items] |
|
|
Face Amount |
$ 60,000
|
|
Interest Rate |
8.00%
|
|
Due Date |
October 11, 2022
|
|
Convertible notes payable |
$ 33,682
|
39,615
|
SE Holdings LLC [Member] |
|
|
CONVERTIBLE NOTES (Details) - Schedule of convertible notes payable [Line Items] |
|
|
Face Amount |
$ 220,000
|
|
Interest Rate |
10.00%
|
|
Due Date |
January 26, 2022
|
|
Convertible notes payable |
$ 220,000
|
220,000
|
Quick Capital LLC [Member] |
|
|
CONVERTIBLE NOTES (Details) - Schedule of convertible notes payable [Line Items] |
|
|
Face Amount |
$ 33,275
|
|
Interest Rate |
10.00%
|
|
Due Date |
July 16, 2021
|
|
Convertible notes payable |
$ 33,275
|
33,275
|
Adar Alef LLC [Member] |
|
|
CONVERTIBLE NOTES (Details) - Schedule of convertible notes payable [Line Items] |
|
|
Face Amount |
$ 550,000
|
|
Interest Rate |
10.00%
|
|
Due Date |
April 29, 2022
|
|
Convertible notes payable |
$ 377,534
|
377,534
|
1800 Diagonal Lending LLC [Member] |
|
|
CONVERTIBLE NOTES (Details) - Schedule of convertible notes payable [Line Items] |
|
|
Face Amount |
$ 55,750
|
|
Interest Rate |
10.00%
|
|
Due Date |
May 5, 2023
|
|
Convertible notes payable |
|
23,600
|
1800 Diagonal Lending LLC Two [Member] |
|
|
CONVERTIBLE NOTES (Details) - Schedule of convertible notes payable [Line Items] |
|
|
Face Amount |
$ 43,750
|
|
Interest Rate |
10.00%
|
|
Due Date |
August 30, 2023
|
|
Convertible notes payable |
|
43,750
|
1800 Diagonal Lending LLC Three [Member] |
|
|
CONVERTIBLE NOTES (Details) - Schedule of convertible notes payable [Line Items] |
|
|
Face Amount |
$ 55,000
|
|
Interest Rate |
10.00%
|
|
Due Date |
October 31, 2022
|
|
Convertible notes payable |
$ 48,930
|
$ 55,000
|
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v3.23.2
NOTES PAYABLE (Details) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
May 31, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
NOTES PAYABLE (Details) [Line Items] |
|
|
|
|
Default rate of interest |
11.00%
|
11.00%
|
|
|
Debt conversion shares issued (in Shares) |
|
3,750,000
|
|
|
Principal loan amount |
|
$ 25,000
|
|
|
Aggregate common shares (in Shares) |
11,250,000
|
7,500,000
|
|
|
Common stock, par value per share (in Dollars per share) |
|
|
$ 0.001
|
$ 0.001
|
Amortization |
|
|
$ 1,964
|
|
Common Stock [Member] |
|
|
|
|
NOTES PAYABLE (Details) [Line Items] |
|
|
|
|
Debt conversion shares issued (in Shares) |
|
3,750,000
|
|
|
Individual Two [Member] |
|
|
|
|
NOTES PAYABLE (Details) [Line Items] |
|
|
|
|
Note payable |
$ 25,000
|
$ 25,000
|
|
|
Default rate of interest |
11.00%
|
11.00%
|
|
|
Debt conversion shares issued (in Shares) |
3,750,000
|
|
|
|
Outstanding debt (in Shares) |
3,750,000
|
|
|
|
Two Lenders [Member] |
|
|
|
|
NOTES PAYABLE (Details) [Line Items] |
|
|
|
|
Aggregate Common Price |
$ 4,500
|
$ 4,500
|
|
|
Common stock, par value per share (in Dollars per share) |
$ 0.0004
|
$ 0.0006
|
|
|
Amortization |
$ 4,500
|
$ 4,500
|
$ 799
|
|
Individual One [Member] |
|
|
|
|
NOTES PAYABLE (Details) [Line Items] |
|
|
|
|
Note payable |
$ 50,000
|
|
|
|
Debt conversion shares issued (in Shares) |
7,500,000
|
|
|
|
Outstanding debt (in Shares) |
7,500,000
|
|
|
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v3.23.2
v3.23.2
SUBSEQUENT EVENTS (Details) - USD ($)
|
|
|
1 Months Ended |
Aug. 01, 2023 |
Jul. 01, 2023 |
Oct. 31, 2022 |
SUBSEQUENT EVENTS (Details) [Line Items] |
|
|
|
Shares issued |
|
|
46,692,308
|
Aggregate shares |
|
|
100,492,308
|
Maximum [Member] |
|
|
|
SUBSEQUENT EVENTS (Details) [Line Items] |
|
|
|
Price per share (in Dollars per share) |
|
|
$ 0.00013
|
Minimum [Member] |
|
|
|
SUBSEQUENT EVENTS (Details) [Line Items] |
|
|
|
Price per share (in Dollars per share) |
|
|
$ 0.0002
|
Subsequent Event [Member] |
|
|
|
SUBSEQUENT EVENTS (Details) [Line Items] |
|
|
|
Shares issued |
7,500,000
|
|
|
Borrowed (in Dollars) |
$ 50,000
|
|
|
Interest percentage |
11.00%
|
|
|
Accrued interest percentage |
11.00%
|
|
|
Additional shares issues |
7,500,000
|
|
|
Subsequent Event [Member] | Officers [Member] |
|
|
|
SUBSEQUENT EVENTS (Details) [Line Items] |
|
|
|
Shares issued |
|
2,000,000
|
|
Subsequent Event [Member] | Advisors [Member] |
|
|
|
SUBSEQUENT EVENTS (Details) [Line Items] |
|
|
|
Shares issued |
|
1,000,000
|
|
Stock Option Plan [Member] | Subsequent Event [Member] |
|
|
|
SUBSEQUENT EVENTS (Details) [Line Items] |
|
|
|
Shares issued |
|
150,000,000
|
|
Robert LaPointe [Member] | Subsequent Event [Member] |
|
|
|
SUBSEQUENT EVENTS (Details) [Line Items] |
|
|
|
Shares issued |
|
1,000,000
|
|
1800 Diagonal Lending LLC [Member] | Subsequent Event [Member] |
|
|
|
SUBSEQUENT EVENTS (Details) [Line Items] |
|
|
|
Principal amount (in Dollars) |
|
$ 16,830
|
|
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