BlackStar Enterprise Group Inc (BEGI)

[Bubae]

Another method penciled into the template that runs on Amazon's product. At this point both this one and the corporate governance are nothing but paper to promote the debt conversions. I have found where they did employ a third party software company to develop the application for the trading platform that is not allowed. I have found nothing to suggest the same for either of the new proposed ideas.

Here is what they have been burning cash on instead of product development. Legal and professional fees for the first nine months of 2023 was $116,028 according to the chart on page 4 of the Q3 filing. The 2023 annual reveals a total of for $326,527 legal and professional fees for 2023 which means that Blackstar has burned $210,499 in Q4 alone for these services. Compare that to only $25,140 for Q3 2023. So it would appear that Blackstar is getting crushed by this stupid GS Capital lawsuit filed on November 6th over what was a principle outstanding balance of only $33,682 as of September 30th 2023. Q1 2024 has also been very busy in terms of the lawsuit with their "Motion for Stay Pending Appeal" to the Nevada Supreme Court which was denied. It will be interesting to see what the lawsuit cash burn was for Q1 was.

To put that into perspective Blackstar received "net cash proceeds of $400,000" financing from non-related individuals. $325,000 of the note mature at nine months with the first two written in March 2023. Cash at the end of 2023 was $33,550. We see in the subsequent events section of the annual that they extended two notes that matured in February to December and took on another $139,000 in new notes through April.

Meanwhile these debt conversions are banking many hundreds of thousands for the toxic lenders. Just for 2024 I see 257,704,832 shares issued at $0.00006 for GS Capital that they were free to sell starting February 16th after the extension of the stay was denied. Looking at the trading price activity during this time GS Capital could have easily banked more than $500K off of what would have only been a reduction of $15,462 of the $33,682 in debt principle. In Blackstar's counter suit they claim that GS Capital has profited by $600K. Anyone see a problem here? 🤔 I wonder whos accounts that $600K came from? 😆



For the quarterly period ended September 30, 2023
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594923000100/begi-20230930.htm

Page 16
Results of Operations

Legal and professional fees of $25,140 for the three months ended September 30, 2023 increased by $5,413 from $19,727 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 quarterly reviews.


For the fiscal year ended December 31, 2023
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594924000044/begi-20231231.htm

In 2023, we received $400,000 in non-convertible debt financing from non-related individuals, of which $325,000 is due within one year of issuance with interest at 11% per annum, and $75,000 is due from 2025 to 2026 with interest at 5.5% per annum.

Page 56
Results of Operations
Legal and professional fees of $326,527 for the year ended December 31, 2023 increased by $199,135 from $127,392 for the year ended December 31, 2022. During 2023 the Company incurred legal fees for litigation and settlement of issues with convertible debt holders which were not incurred in prior years, in addition to recurring costs for SEC regulatory and statutory filings matters. Fees for 2022 were predominately for SEC regulatory and statutory filings, fees for annual audit and quarterly reviews and filings for a Registration Statement on Form S-1 to register underlying common shares for issuance to investors.