Blue Line Protection Group, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Blue Line Protection Group, Inc. filed its Q1 2024 10-Q, detailing financial positions and highlighting customer concentration risks.</b>

AI Summary

Blue Line Protection Group, Inc. (BLPG) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Blue Line Protection Group, Inc. filed a 10-Q report for the period ending March 31, 2024. The company's fiscal year ends on December 31. The filing includes data for the periods January 1, 2024 to March 31, 2024, and January 1, 2023 to March 31, 2023. Key balance sheet items such as Preferred Stock, Common Stock, Additional Paid In Capital, Stock Payable, and Retained Earnings are reported for various dates. The filing references customer concentration risk related to one major customer for both sales revenue and accounts receivable for the periods ending March 31, 2024 and March 31, 2023.

Why It Matters

For investors and stakeholders tracking Blue Line Protection Group, Inc., this filing contains several important signals. The 10-Q filing provides a snapshot of the company's financial health and operational status as of March 31, 2024, which is crucial for investors to assess performance and potential risks. Disclosure of customer concentration risk is important as it indicates potential revenue instability if the major customer's business is affected.

Risk Assessment

Risk Level: — Blue Line Protection Group, Inc. shows moderate risk based on this filing. The company's reliance on a single major customer for a significant portion of its sales revenue and accounts receivable presents a medium risk, as any disruption with this customer could materially impact financial performance.

Analyst Insight

Investors should closely monitor the company's relationship with its major customer and any diversification strategies to mitigate concentration risk.

Key Numbers

• 2024-03-31 — Reporting Period End Date (The 10-Q covers the period ending on this date.)
• 2024-05-10 — Filing Date (The date the 10-Q was filed with the SEC.)
• 2023-03-31 — Prior Year Period End Date (Comparative financial data is presented against this date.)

Key Players & Entities

• Blue Line Protection Group, Inc. (company) — Filer of the 10-Q report.
• 2024-03-31 (date) — End of the reporting period for the 10-Q.
• 2024-05-10 (date) — Filing date of the 10-Q.
• Engraving Masters, Inc. (company) — Former name of Blue Line Protection Group, Inc.

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: The company's reliance on one major customer for a significant portion of its sales revenue and accounts receivable poses a risk to financial performance.

Industry Context

Blue Line Protection Group operates within the retail sector, specifically miscellaneous retail.

Regulatory Implications

The filing is a Form 10-Q, a quarterly report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the company's revenue streams and customer base for diversification opportunities.
2. Review the company's financial statements for trends in assets, liabilities, and equity.
3. Assess the potential impact of customer concentration risk on future earnings.

Key Dates

• 2024-03-31: Quarterly Period End — End date for the Q1 2024 financial reporting.
• 2024-05-10: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This 10-Q filing provides updated financial information for the first quarter of 2024, allowing for comparison with the same period in 2023 and the preceding fiscal year-end.

Filing Documents

• form10-q.htm (10-Q) — 751KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32.htm (EX-32) — 7KB
• 0001493152-24-018594.txt (&nbsp;) — 4974KB
• blpg-20240331.xsd (EX-101.SCH) — 36KB
• blpg-20240331_cal.xml (EX-101.CAL) — 47KB
• blpg-20240331_def.xml (EX-101.DEF) — 171KB
• blpg-20240331_lab.xml (EX-101.LAB) — 361KB
• blpg-20240331_pre.xml (EX-101.PRE) — 294KB
• form10-q_htm.xml (XML) — 698KB

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) F-5 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. 4 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES. 8

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 5. OTHER INFORMATION 9 ITEM 6. EXHIBITS. 9 3 BLUE LINE PROTECTION GROUP, INC. CONSOLIDATED BALANCE SHEETS March 31. 2024 December 31, 2023 (unaudited) (audited) Assets Current assets: Cash and equivalents $ 796,264 $ 585,780 Accounts receivable 328,749 368,352 Prepaid expenses and deposits 34,174 34,174 Total current assets 1,159,187 988,306 Long-term assets: Right to use assets 550,879 586,620 Security deposits 28,960 28,960 Machinery and equipment, net of accumulated depreciation of $ 798,172 and $ 754,281 , respectively 239,204 254,171 Fixed assets of discontinued operations 2,782 2,782 Total long term assets 821,825 872,533 Total assets 1,981,012 1,860,839 Liabilities and Stockholders' Deficit Current liabilities: Accounts payable and accrued liabilities $ 570,101 $ 511,622 Financed lease liabilities 25,020 22,022 Notes payable - related parties 152,771 152,771 Convertible notes payable - related parties 638,500 638,500 Current portion of operating lease obligation 159,115 121,519 Derivative liabilities 471,610 503,584 Total current liabilities 2,017,117 1,950,018 Long-term liabilities: Financed lease liabilities - long term 6,816 15,545 Notes payable - related parties 715,573 773,989 Operating lease liability-long term 420,580 494,215 Total long-term liabilities 1,142,969 1,283,749 Total liabilities 3,160,086 3,233,767 Stockholders' deficit: Preferred Stock, $ 0.001 par value, 100,000,000 shares authorized, 20,000,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 20,000 20,000 Common Stock, $ 0.001 par value, 14,000,000 shares authorized, 8,250,144 and 8,250,144 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 8,251 8,251 Common Stock, owed but not issued, 129 shares and 129 shares as of March 31, 2024 and December 31, 2023, resp

financial statements

financial statements The unaudited interim consolidated financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. F-5 In the opinion of management, these statements reflect all adjustments, all of which are of a normal recurring nature, which, in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these interim financial included in the Company's annual report on Form 10-K. The Company follows the same accounting policies in the preparation of interim reports. Results of operations for the interim periods are not indicative of annual results. Basis of presentation The consolidated financial statements present the balance sheets, statements of operations, stockholders' equity (deficit) and cash flows of the Company. The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company has adopted December 31 as its fiscal year end. Derivatives The Company evaluates convertible notes payable, stock options, stock warrants and other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under the relevant se

View Full Filing

View this 10-Q filing on SEC EDGAR