Hallmark Venture Group, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Hallmark Venture Group, Inc. has filed its 2023 10-K report, detailing its financial structure and operations in the real estate sector.</b>

AI Summary

HALLMARK VENTURE GROUP, INC. (HLLK) filed a Annual Report (10-K) with the SEC on March 28, 2024. Hallmark Venture Group, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Nevada and operates in the Real Estate sector (SIC 6500). Its principal business address is located at 305 Enterprise, Suite 2, Escondido, CA 92020. The filing includes data related to various stock types, including Series A Preferred Stock and Common Stock, as of December 31, 2023. Financial data points such as Related Party Member and Nonrelated Party Member balances are detailed for fiscal years 2022 and 2023.

Why It Matters

For investors and stakeholders tracking HALLMARK VENTURE GROUP, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Hallmark Venture Group's financial position and operational activities for the fiscal year 2023, crucial for investors assessing the company's performance and outlook. The detailed breakdown of equity, including preferred and common stock, and related party transactions offers insights into the company's capital structure and governance.

Risk Assessment

Risk Level: low — HALLMARK VENTURE GROUP, INC. shows low risk based on this filing. The filing is a standard 10-K report with no immediate red flags, indicating routine disclosure for a public company.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Hallmark Venture Group's current financial health and future prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-03-28 — Filing Date (Date of filing)
• 6500 — SIC Code (Standard Industrial Classification for Real Estate)

Key Players & Entities

• HALLMARK VENTURE GROUP, INC. (company) — Filer name
• HLLK (company) — Ticker symbol
• Escondido, CA (company) — Business address city and state
• NV (company) — State of incorporation
• Endicott Holdings Group LLC (company) — Related party member
• Beartooth Asset Holdings LLC (company) — Related party member
• JMJ Associates LLC (company) — Related party member

FAQ

Industry Context

Hallmark Venture Group, Inc. operates within the Real Estate sector, as indicated by its SIC code 6500.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information.

What Investors Should Do

1. Analyze the balance sheet for detailed asset, liability, and equity figures as of December 31, 2023.
2. Examine any disclosed notes to the financial statements for further context on accounting policies and significant transactions.
3. Review the company's business description and risk factors to understand its operational landscape and potential challenges.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing; comparative data from previous filings is not yet available in this extract.

Key Financial Figures

• $0.001 — ction 12(g) of the Act: Common Stock, $0.001 par value Title of Class Indicate b
• $0.0017 — 709 non affiliate shares outstanding at $0.0017 per share, which is the price at which
• $1.07 billion — earliest to occur of: (i) our reporting $1.07 billion or more in annual gross revenues; (ii)
• $1 billion — e, in a three year period, of more than $1 billion in non-convertible debt; and (iv) the e
• $700 million — n stock held by non-affiliates exceeded $700 million on the last business day of our second
• $47,626 — general and administrative expenses of $47,626 and $103,574, respectively, a decrease
• $103,574 — administrative expenses of $47,626 and $103,574, respectively, a decrease of $55,948 or
• $55,948 — d $103,574, respectively, a decrease of $55,948 or 54%. Our operating expenses mainly c
• $45,000 — r legal expense decreased approximately $45,000, which was offset by increases to both
• $147,458 — , 2023, we had a total other expense of $147,458, which included $22,036 of interest exp
• $22,036 — her expense of $147,458, which included $22,036 of interest expense, amortization of de
• $59,659 — pense, amortization of debt discount of $59,659, a loss on the issuance of convertible
• $337,263 — on the issuance of convertible debt of $337,263 and a gain in the change of fair value
• $280,335 — change of fair value of a derivative of $280,335. For the year ended December 31, 2022
• $184,972 — , 2022, we had a total other expense of $184,972, which included $11,911 of interest exp

Filing Documents

• form10-k.htm (10-K) — 908KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 11KB
• 0001493152-24-011679.txt (&nbsp;) — 3924KB
• hllk-20231231.xsd (EX-101.SCH) — 32KB
• hllk-20231231_cal.xml (EX-101.CAL) — 39KB
• hllk-20231231_def.xml (EX-101.DEF) — 136KB
• hllk-20231231_lab.xml (EX-101.LAB) — 227KB
• hllk-20231231_pre.xml (EX-101.PRE) — 202KB
• form10-k_htm.xml (XML) — 456KB

Business

Business 3 Item 1A. Risk Factors 6 Item 1B. Unresolved Staff Comments 6 Item 1C. Cybersecurity 6 Item 2.

Properties

Properties 6 Item 3. Legal Proceedings 6 Item 4. Mine Safety Disclosures 6 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 6 Item 6. [Reserved] 7 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation 7 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 9 Item 8. Financial F-1 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 10 Item 9A. Controls and Procedures 10 Item 9B. Other Information 11 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 11 PART III Item 10. Directors, Executive Officers and Corporate Governance 11 Item 11. Executive Compensation 13 Item 12. Security 14 Item 13. Certain Relationships and Related Transactions, and Director Independence 16 Item 14. Principal Accountant Fees and Services 19 PART IV Item 15. Exhibits and Financial Statement Schedules 20 Item 16 Form 10-K Summary 20

Signatures

Signatures 21 2 PART I ITEM 1. DESCRIPTION OF BUSINESS Forward-Looking Unless the context indicates otherwise, as used in this Annual Report, the terms "HLLK," "we," "us," "our," "our company" and "our business" refer, to HALLMARK VENTURE GROUP, INC., including its subsidiaries named herein. Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements." These forward-looking statements generally are identified by the words "believes," "project," "expects," "anticipates," "estimates," "intends," "strategy," "plan," "may," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on our operations and future prospects include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. General Background of the Company Hallmark Venture Group, Inc. ("we", "us", "our" or the "Company") was originally incorporated in the State of Colorado on July 14, 1995, with the name CPC Office Systems, Inc. On July 12, 1999, the Company changed its name to Homesmart USA, Inc. On March 3, 2006, the Company moved its domicile to Nevada. On March 8, 2006, the Company changed its

Business

Business Objectives of the Company Since August 2020, management has determined to direct its efforts and limited resources to pursue potential new business and/or acquisition opportunities. The Company does not intend to limit itself to a particular industry and has not established any particular criteria upon which it shall consider a business opportunity, provided, that management presently intends to prioritize the direct or indirect acquisition and development of real estate assets (including portfolios of real estate assets) and/or businesses related thereto. 3 The Company's purpose is to seek, investigate and, if such investigation warrants, acquire an interest in business opportunities presented to it by persons or firms who or which desire to seek the perceived advantages of an issuer who has complied with the Exchange Act. The Company will not restrict its search to any specific business, industry, or geographical location and the Company may participate in a business venture of virtually any kind or nature and we have not established any particular criteria upon which we consider a business opportunity, provided that we will prioritize real estate transactions. This discussion of the proposed business herein is purposefully general and is not meant to be restrictive of the Company's broad discretion to search for and enter into potential business opportunities. Management anticipates that it may be able to participate in only one potential business venture because the Company has nominal assets and limited financial resources. Management would have substantial flexibility in identifying and selecting a prospective new business opportunity. The Company is dependent on the judgment of its management in connection with this process. There are many criteria that management may deem relevant. In connection with an evaluation of a prospective or potential business opportunity, management may be expected to conduct a due diligence review. A business comb

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