Replies to post #14122 on BlackStar Enterprise Group Inc (BEGI)

[Bubae]

Pretty fortuitous for their old accounting firm shut down by the SEC. They have six months from the missed Q1 before real consequences for not reporting kicks in. I'm looking forward to see how much more cash they have burned on this lawsuit and how much more friends and associated needed to lend to cover it. This story isn't attracting any real investors and the old lenders aren't interested anymore either. Meanwhile the restricted shares issued to cover the partial payment for the promotional media work and the fee shares issued to service the notes needs to be converted. So they have more shares now needs to go restricted to cover more of the media services bill and the extensions on some of the extended notes. More for who knows what else because we haven't the filings.


Bubae
Re: ericdude post# 13784
Sunday, May 12, 2024 8:55:38 PM
Post# 13788 of 13847
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174403108

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.