Hallmark Venture Group, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing significant changes in its performance compared to the same periods in 2023. The company recorded no revenue for both the three and nine months ended September 30, 2024, consistent with the previous year. However, general and administrative expenses decreased to $3,827 for Q3 2024 from $6,500 in Q3 2023, marking a 41.1% reduction. For the nine-month period, these expenses slightly decreased to $35,437 from $36,996, a 4.2% decline.
The company reported a net income of $125,207 for Q3 2024, a significant turnaround from a net loss of $(183,848) in Q3 2023. For the nine months ended September 30, 2024, Hallmark achieved a net income of $17,680, compared to a net loss of $(270,031) for the same period in 2023. This improvement was attributed to various factors, including a gain on extinguishment of debt totaling $262,194 and a change in the fair value of derivatives amounting to $197,378 in Q3 2024.
Total assets as of September 30, 2024, were reported at $103,332, while total current liabilities decreased to $833,304 from $850,078 as of December 31, 2023. The total stockholders’ deficit improved to $(729,972) from $(850,078) at the end of the previous fiscal year.
Strategically, Hallmark made notable developments, including the acquisition of 100% membership interests in Jubilee Intel, LLC on September 26, 2024, in exchange for 100,000 shares of Series A Preferred Stock. This acquisition positions Jubilee as a wholly owned subsidiary, focusing on a proprietary Search Engine Marketing platform utilizing AI and machine learning technologies.
The company also underwent significant management changes, with John D. Murphy, Jr. and Paul Strickland resigning as Directors and Officers on January 11, 2024, and Steven Arenal being appointed as the new CEO. Additionally, a Change of Control Agreement was executed, which included debt cancellations and share transfers.
Despite these positive developments, Hallmark expressed substantial doubt about its ability to continue as a going concern due to limited capital and the need for additional financing. As of September 30, 2024, the company had an accumulated deficit of $(3,232,481) and approximately 712,820,263 potentially dilutive shares from convertible notes payable.
About HALLMARK VENTURE GROUP, INC.
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