Blackstar Enterprise Group Files 10-Q for Q3 2024

TL;DR

Blackstar Enterprise Group (BSGE) filed its Q3 2024 10-Q. All systems go.

AI Summary

Blackstar Enterprise Group, Inc. filed its quarterly report for the period ending September 30, 2024. The company, formerly known as Blackstar Energy Group, Inc., is incorporated in Delaware and operates in the Finance Services sector. Its principal executive offices are located in Boulder, Colorado.

Why It Matters

This filing provides investors with an update on Blackstar Enterprise Group's financial performance and operational status for the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing basic company information and financial reporting for the period ended September 30, 2024.

Key Numbers

• 000-55730 — Commission File Number (Identifies the company's filing with the SEC.)
• 27-1120628 — IRS Employer ID Number (Company's tax identification number.)

Key Players & Entities

• BLACKSTAR ENTERPRISE GROUP, INC. (company) — Registrant
• BLACKSTAR ENERGY GROUP, INC. (company) — Former company name
• 000-55730 (dollar_amount) — Commission file number
• 27-1120628 (dollar_amount) — IRS Employer ID Number
• September 30, 2024 (date) — Quarterly period end date
• Boulder, CO (location) — Principal executive offices location

FAQ

Key Financial Figures

• $0.001 — hares of the registrant's common stock, $0.001 par value, issued and outstanding, not

Filing Documents

• begi-20240930.htm (10-Q) — 513KB
• ex31_1.htm (EX-31.1) — 7KB
• ex31_2.htm (EX-31.2) — 7KB
• ex32_1.htm (EX-32.1) — 4KB
• ex32_2.htm (EX-32.2) — 4KB
• 0001065949-24-000133.txt ( ) — 3197KB
• begi-20240930.xsd (EX-101.SCH) — 35KB
• begi-20240930_cal.xml (EX-101.CAL) — 17KB
• begi-20240930_def.xml (EX-101.DEF) — 154KB
• begi-20240930_lab.xml (EX-101.LAB) — 260KB
• begi-20240930_pre.xml (EX-101.PRE) — 158KB
• begi-20240930_htm.xml (XML) — 290KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 2 Consolidated Balance Sheets – September 30, 2024 and December 31, 2023 2 Consolidated Statements of Operations – Three and nine months ended September 30, 2024 and 2023 3 Consolidated Statements of Stockholder's Deficit – Nine months ended September 30, 2024 and 2023 4 Consolidated Statements of Stockholder's Deficit – Three months ended September 30, 2024 and 2023 5 Consolidated Statements of Cash Flows – Nine months ended September 30, 2024 and 2023 6 Notes to the Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures About Market Risk – Not Applicable

Quantitative and Qualitative Disclosures About Market Risk – Not Applicable 19 Item 4.

Controls and Procedures

Controls and Procedures 19

- OTHER INFORMATION

PART II- OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 19 Item 1A. Risk Factors – Not Applicable 20 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 3. Defaults Upon Senior Securities – Not Applicable 21 Item 4. Mine Safety Disclosure – Not Applicable 21 Item 5. Other Information 21 Item 6. Exhibits 22

Signatures

Signatures 23 1 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS BLACKSTAR ENTERPRISE GROUP, INC. CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 2024 AND DECEMBER 31, 2023 2024 2023 (Unaudited) (Audited) ASSETS Current Assets Cash $ 2,179 $ 33,550 Total current assets 2,179 33,550 Intangibles 381,753 348,652 Total Assets $ 383,932 $ 382,202 LIABILITIES & STOCKHOLDERS' DEFICIT Current liabilities Accounts payable $ 1,009,392 $ 358,001 Accrued payables 395,778 247,020 Notes payable, net of discount of $ 32,660 (2024) 581,340 325,000 Convertible notes payable 584,079 584,079 Total current liabilities 2,570,589 1,514,100 Notes payable - long term 25,000 75,000 Total Liabilities 2,595,589 1,589,100 Commitments and Contingencies 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 1,757,316,947 and 1,544,696,448 shares issued and outstanding at September 30, 2024 and December 31, 2023 1,757,317 1,544,696 Additional paid in capital 7,483,771 7,666,156 Common stock to be issued 75,599 3,200 Accumulated deficit ( 11,529,344 ) ( 10,421,950 ) Total stockholders' deficit ( 2,211,657 ) ( 1,206,898 ) Total Liabilities and Stockholders' Deficit $ 383,932 $ 382,202 The accompanying notes are an integral part of these consolidated financial statements. 2 Table of Contents BLACKSTAR ENTERPRISE GROUP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THEREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 (Unaudited) Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 Revenue $ — $ — $ — $ — Operating expenses Legal and professional 142,451 25,140 738,646 116,028 Management consulting - related party 25,500 29,000 106,025 87,250 General and administrative 27,700 8,520 59,288 32,555 Tota

financial statements for prior year periods have been reclassified to conform with the current period presentation

financial statements for prior year periods have been reclassified to conform with the current period presentation. 8 Table of Contents BLACKSTAR ENTERPRISE GROUP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NINE MONTHS ENDED SEPTEMBER 30, 2024 (Unaudited) NOTE 4 – INTANGIBLES Intangibles at September 30, 2024 and December 31, 2023 consist of capitalized costs for the Company's proprietary software and patents as follows: 2024 2023 Software $ 173,102 $ 140,001 Patents 208,651 208,651 $ 381,753 $ 348,652 As of September 30, 2024, the patents and related software have not been placed in service nor marketed to potential customers, and therefore no depreciation/amortization was recorded for the period. 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 nine months ended September 30, 2024, the Company issued shares of its common stock as follows: 195,620,499 shares as consideration for conversion of principal and interest on convertible notes payable valued at $ 11,737 . 17,000,000 shares to officers/directors/advisors of the Company for services, valued at $ 18,500 ; of which 8,000,000 shares, valued at $ 3,200 , was charged to operations during the year ended December 31, 2023. During the nine months ended September 30, 2023, the Comp

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