Blackstar Enterprise Group Reports Financial Obligation Event
Ticker: BEGI · Form: 8-K · Filed: Mar 12, 2024 · CIK: 1483646
| Field | Detail |
|---|---|
| Company | Blackstar Enterprise Group, Inc. (BEGI) |
| Form Type | 8-K |
| Filed Date | Mar 12, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $33,682, $600,000, $60,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt, financial-obligation, 8-k
TL;DR
Blackstar Enterprise Group (BSGE) filed an 8-K on Feb 27, 2024, for a triggering event on a financial obligation. Watch for details.
AI Summary
Blackstar Enterprise Group, Inc. filed an 8-K on February 27, 2024, to report a triggering event that accelerates or increases a direct financial obligation. The company, formerly known as Blackstar Energy Group, Inc., is based in Boulder, Colorado, and operates in the finance services sector.
Why It Matters
This filing indicates a potential acceleration or increase in the company's financial obligations, which could impact its financial health and require immediate attention.
Risk Assessment
Risk Level: medium — An 8-K filing related to accelerated or increased financial obligations suggests potential financial distress or unexpected liabilities.
Key Players & Entities
- BLACKSTAR ENTERPRISE GROUP, INC. (company) — Registrant
- BLACKSTAR ENERGY GROUP, INC. (company) — Former company name
- 0001065949-24-000023 (filing_id) — Accession Number
- February 27, 2024 (date) — Date of earliest event reported
- Boulder, CO (location) — Principal Executive Offices
FAQ
What specific financial obligation is being accelerated or increased?
The filing does not specify the exact financial obligation, only that a triggering event has occurred.
What is the nature of the triggering event?
The filing states that the event is a 'Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement' but does not detail the event itself.
When was the earliest event reported?
The earliest event reported was on February 27, 2024.
What is the company's primary business sector?
The company is in the FINANCE SERVICES sector, with a SIC code of 6199.
What was the company's former name?
The company's former name was BLACKSTAR ENERGY GROUP, INC.
Filing Stats: 797 words · 3 min read · ~3 pages · Grade level 14.5 · Accepted 2024-03-12 10:56:57
Key Financial Figures
- $33,682 — ch had a remaining principal balance of $33,682. At the outset of the case, a temporary
- $600,000 — f usury laws by recovering an estimated $600,000 dollars in BlackStar stock off of a $60
- $60,000 — 000 dollars in BlackStar stock off of a $60,000 promissory note, estimated at a roughly
Filing Documents
- blackstarmarch2024v2.htm (8-K) — 21KB
- 0001065949-24-000023.txt ( ) — 187KB
- begi-20240227.xsd (EX-101.SCH) — 3KB
- begi-20240227_lab.xml (EX-101.LAB) — 33KB
- begi-20240227_pre.xml (EX-101.PRE) — 22KB
- blackstarmarch2024v2_htm.xml (XML) — 3KB
04 Triggering Events That Accelerate
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement. Update to November 6, 2023 Nevada Lawsuit In the Quarterly Report for the period that ended September 30, 2023, the Company reported that, subsequent to the end of the period, GS Capital Partners LLC ("Plaintiff") filed a lawsuit against the Company in Nevada. The lawsuit relates to a claim regarding the purported unavailability of shares to convert against the remaining principal and interest on a Promissory Note entered into on October 11, 2021, which had a remaining principal balance of $33,682. At the outset of the case, a temporary restraining order was entered preventing the Company from trading any shares. As currently postured, Plaintiff seeks specific performance (a mandatory injunction) requiring the conversion of approximately 257,000,000 shares and possibly additional recovery of legal fees and interest. The lawsuit increases the Company's financial and administrative burdens and is a risk to the Company's capital. The following is a litigation update subsequent to the update provided in the Form 8-K filed January 23, 2024. On February 27, 2024, the Company, through its attorneys, filed an answer to Plaintiff's complaint and counterclaims against Plaintiff. In addition to denying many of the allegations laid out in the lawsuit, the Company invokes several affirmative defenses that bar Plaintiff's recovery in the action and alleges that Plaintiff breached the terms of the agreement, including, but not limited to, obtaining the conversion of BlackStar's stock after the Promissory Note was fully paid off. Amongst other claims, the Company alleges that the Plaintiff acted in bad faith and in violation of usury laws by recovering an estimated $600,000 dollars in BlackStar stock off of a $60,000 promissory note, estimated at a roughly 170% interest rate. The Company seeks a judgment in its favor and against Plaint
SIGNATURES
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, hereunto duly authorized. BLACKSTAR ENTERPRISE GROUP, INC. By: /s/ Joseph E. Kurczodyna ____________________________________ Joseph Kurczodyna, Chief Executive Officer Date: March 12, 2024