Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): August 13, 2024

 

BLACKSTAR ENTERPRISE GROUP, INC.

(Exact name of Registrant as specified in its charter)

 

 

Delaware	000-55730	27-1120628
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

 

4450 Arapahoe Ave., Suite 100

Boulder, CO  80303

(Address of Principal Executive Offices)

 

[phone]

(Registrant's Telephone Number, Including Area Code)

 

________________________________________

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
N/A	N/A	N/A

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

 

Emerging Growth Company /X/

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. /X/

 

SECTION 7 – REGULATION FD

 

Item 7.01 Regulation FD Disclosure.

 

Press Release

 

The information in this Item 7.01 of this Current Report is furnished pursuant to Item 7.01 and shall not be deemed "filed" for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section.

 

The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing.

 

On August 13, 2024, the Company issued a press release entitled “BlackStar secures a family of patents to pave the way for Blockchain trading of U.S. Securities.” A copy of the press release is attached hereto as Exhibit 99.

 

SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS

Item 9.01 Exhibits.

The following exhibits are filed with this report on Form 8-K.

Exhibit Number		Exhibit
99		Press Release dated August 13, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

  

  

1

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 Kurczodyna

_____________________________________________  

      Joseph Kurczodyna, Chief Executive Officer

Date: August 15, 2024

2

 

EXHIBIT 99

 

BlackStar secures a family of patents to pave the way for Blockchain trading of U.S. Securities 

 

BOULDER, CO / August 13, 2024 / BlackStar Enterprise Group, Inc. (“BlackStar”) (OTC Pink: BEGI) BlackStar received one (1) patent in 2023 for its revolutionary digital trading platform (US Pat. Number 11854080).

 

In 2024, BlackStar has received five patents/ notice of allowances for patents that will soon issue from the United States Patent and Trademark Office (USPTO): (1) US Pat. Number 11966974; (2) US Pat. Pub. 18/497562; (3) US Pat. Pub. 18/497612; (4) US Pat. Pub. 18/415938 and (5) US Pat. Pub 17/457153. The technology claimed in these patents covers the digital trading of equities on a blockchain, public offerings/ IPO funding, and corporate governance.

 

BlackStar believes this technology is essential to bringing digital securities trading on a blockchain of registered assets. This technology also utilizes BlackStar’s groundbreaking software, the BlackStar Digital Trading Platform^TM (“BDTP^TM”), a trading platform for electronic fungible shares in book-entry and compliant at any U.S. brokerage firm.

 

When asked for comment, BlackStar’s CEO, Joseph E. Kurczodyna, stated that “this past Monday morning, the Dow Jones Industrial Average fell more than 1,000 points, and world markets and U.S. equity investors were blind-sided with no hedge or exit. Traditional markets are limited to human oversight and business hours. Conversely, blockchain markets can operate 24/7; they are self-sufficient and driven by smart contracts.” Kurczodyna stated, “Our blockchain technology gives the public the same advantage that brokers, traders and professionals enjoy.”

 

BlackStar believes that if U.S. securities trading, funding, and rule-following were powered by blockchain technology, the public would enjoy a closed-end system that drops into compliant broker-dealers (“BDs”) and affords the public the rules, regulations, and protection of their assets that SEC-registered BDs are licensed to offer without special purpose designation. BlackStar’s trading, funding, and corporate governance technology claimed in these patents covers what BlackStar believes are the essential three elements when applied to the traditional broker-dealer business.

 

In 2017, BlackStar noticed that 24/7 trading was a reality in crypto markets. In 2018, after investigating what a model would look like for registered securities trading, BlackStar created a centralized blockchain that could trade registered common shares, not tokens, for the 30,000 publicly trading companies already registered and vetted. BlackStar has disclosed its intentions to trade its shares digitally with the SEC and will seek final approval when connected to a BD.

 

In its filings with the SEC, BlackStar stated that if it could not secure a BD to participate in its digital blockchain platform, it would pursue an application to register as a BD. BlackStar has not yet made the decision as to whether to pursue a BD license. 

 

BlackStar has not secured financing from a third-party. BlackStar is contemplating financing through a debt purchase or other means to raise funds for continued operations. BlackStar may also pursue a third-party valuation of its current Intellectual Property portfolio, including its blockchain patents and pending patents.

 

Blockchain trading platforms have reached a new level of confidence with the approval of the Spot Bitcoin Exchange Traded Fund (ETF). Real digital currencies that are assets or registered securities trading on a blockchain through common stock, indexes, or exchange funds may be compatible with BlackStar’s patents.

 

Blockchain is a distributed, usually decentralized, digital ledger technology secured by cryptography that was first developed to enable Bitcoin, the original cryptocurrency. The technology is most associated with cryptocurrencies; alternatively, BlackStar has built our BDTP^TM to leverage blockchain technology for securities trading. The blockchain technology market may be in a high growth stage. Market intelligence company Fortune Business Insights projects growth in the blockchain technology market from $17.57 billion

in 2023 to $469.49 billion in 2030 – a CAGR (compound annual growth rate) of 59.9%. Grand View Research projects a significantly higher CAGR of 87.7% from 2023 to 2030, from $17.46 billion in 2023 to $1431.54 billion in 2030. Similar numbers are forecast by Statista, which estimates a CAGR of 82.8% between 2021 and 2030, with the total market value reaching $1235.71 billion in 2030. While none of these growth rates are certain, and BlackStar makes no claims as to the accuracy of outside projections, BlackStar believes that it can take advantage of the market growth to bring its platform and Intellectual Property portfolio to the forefront.

 

To that end, Mr. Kurczodyna, stated, “With the introduction of ETFs securitizing the spot market of original cryptocurrencies like Bitcoin and the introduction of public companies trading their common shares on a blockchain, the growth numbers for registered securities on blockchain is estimated to be 10x once fully introduced to the U.S. Securities Markets.”

 

Other Info: BlackStar Enterprise Group, Inc. (OTC: BEGI)   

WEBSITE: blackstareg.com   

EMAIL: [e-mail]   

CONTACT

Bryan P Hemphill….559-359-1480

   

http://www.blackstareg.com/investor-relations/  

 

More information can be found in the Company's recent filings at the SEC website:  https://www.sec.gov/cgi-bin/browse-edgar?company=BlackStar+Enterprise&match=&filenum=&State=&Country=&SIC=&myowner=exclude&action=getcompany. 

 

SEC Disclaimer  

 

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities in the United States or elsewhere. This press release may contain forward-looking statements. The words or phrases “would be,” “will allow,” “intends to,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” or similar expressions are intended to identify “forward-looking statements.” Actual results could differ materially from those projected in BlackStar’s (“the Company’s”) business plan. The creation of subsidiaries and expansion of services into new sectors should not be construed as an indication in any way whatsoever of the future value of the Company's common stock or its present or future financial condition. The Company’s filings may be accessed at the SEC’s Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, we do not undertake, and we specifically disclaim any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events, or circumstances after the date of such statement.

 

Cover	Aug. 13, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 13, 2024
Entity File Number	000-55730
Entity Registrant Name	BLACKSTAR ENTERPRISE GROUP, INC.
Entity Central Index Key	0001483646
Entity Tax Identification Number	27-1120628
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	4450 Arapahoe Ave.
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Boulder
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80303
City Area Code	(303)
Local Phone Number	500-3210
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true

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