Document:

Exhibit 10.5

 

 

 

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    	 	2	 

     

    

 

CERTIFICATE OF AMENDMENT OF PREFERRED STOCK

AND CERTIFICATE OF DESIGNATION

PREFERENCES AND RIGHTS OF

CONVERTIBLE SERIES D PREFERRED STOCK

$.001 PAR VALUE

 

Eline Entertainment Group, Inc.,
a Corporation incorporated under the laws of the State of Wyoming (the "Corporation"), hereby certifies that the following resolution
was adopted by the Board of Directors of the Corporation (the "Board") on May 19, 2022, in accordance with the provisions of
Articles of Incorporation (as may be amended and restated through the date here hereof, the "Certificate of Incorporation" and
Bylaws. The authorized series of the Corporation's authorized preferred share have the following preferences, privileges, powers and restrictions
thereof, as follows:

 

RESOLVED, that pursuant to the authority
granted to and vested in the Board in accordance with the provisions of the Certificate of Incorporation and Bylaws of the Corporation,
each as amended or amended and restated through the date hereof, the Board hereby designates a series of the Corporation's authorized
Preferred Stock, par value $.001 per share (the "Preferred Stock') as its Convertible Series D Preferred Stock, and hereby states
the number of authorized shares, and the relative rights, preferences, limitations, privileges, powers and restricts thereof are and shall
be set forth on the attached Annex A.

 

IN
WITNESS WHEREOF, the Corporation has caused this Certificate of Designation, Preferences and Rights to be signed by its duly
authorized Officer and Director as of this 19* day of May 2022.

 

Eline Entertainment Group, Inc.

 

_____________________________________

Rhonda
Keaveney, CEO

 

 

 

 

 

 

 

 

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ANNEX A

AMENDMENT TO THE AUTHORIZED PREFERRED
STOCK

AND

CERTIFICATE OF DESIGNATION FOR

CONVERTIBLE SERIES D PREFERRED STOCK

 

It is hereby certified that

 

1. The Certificate of Incorporation, as amended, of
the Corporation authorizes the issuance of 10,000,000 (Ten Million) shares of Preferred Stock, $.001 par value, and expressly vests in
the Board of Directors of the Corporation the authority provided therein to issue any or all of said shares in one or more series and
by resolution or resolutions, the designation, number, full or limited voting powers, or the denial of voting powers, preferences and
relative, participating, optional, and other special rights and the qualifications, limitations, restrictions, and other distinguishing
characteristics of each series to be issued.

 

3 The Certificate of Incorporation, as amended, authorizes
the Designation of 1,000,000 (one Million) shares of Convertible Series D Preferred Stock, $.001 par value, and expressly vests in the
Board of Directors of the Corporation the authority provided therein to issue any or all of said shares in one or more series and by resolution
or resolutions, the designation, number, full or limited voting powers, or the denial of voting powers, preferences and relative, participating,
optional, and other special rights and the qualifications, limitations, restrictions, and other distinguishing characteristics of each
series to be issued.

 

4. The Board of Directors of the
Corporation, pursuant to the authority expressly vested in it as aforesaid, has adopted the following resolutions creating a Convertible
Series D Preferred Stock issue of Preferred Stock

 

"RESOLVED, that the Board of Directors
hereby fixes and determines the designation of the number of shares and the rights, preferences, privileges and restrictions relating
to the Convertible Series D Preferred Stock, as follows:

 

(a)             
Designation. The series of Series d Preferred Stock as amended, shall be designated the Convertible Series D Preferred Stock
[the "Series D Stock"].

 

(b)             
Authorized Shares. The number of authorized shares of Series D Stock shall be 1,000,000 (One Million) shares, par value
$.0=001

 

(c)             
Liquidation Rights. In the event of any liquidation, dissolution or winding up of the Corporation, either voluntary or involuntary,
after setting apart or paying in full the preferential amounts due to Holders of senior capital stock, if any, the Holders of Series D
Stock and parity capital stock, if any, shall be entitled to receive, prior and in preference to any distribution of any of the assets
or surplus funds of the Corporation to the Holders of junior capital stock, including Common Stock, an amount equal to $.001 per share
[the "Liquidation Preference"]. If upon such liquidation, dissolution or winding up of the Corporation, the assets of the Corporation
available for distribution to the Holders of the Series D Stock and parity capital stock, if any, shall be insufficient to permit in full
the payment of the Liquidation Preference, then all such assets of the Corporation shall be distributed ratably among the Holders of the
Series D Stock and parity capital stock, if any. Neither the consolidation or merger of the Corporation nor the sale, lease or transfer
by the Corporation of all or a part of its assets shall be deemed a liquidation, dissolution or winding up of the Corporation for purposes
of this Section (c).

 

(d)             
Dividends. The Series D Stock is not entitled to receive any dividends in any amount during which such shares are outstanding.

 

(e)             
Conversion Rights. Each share of Series D Stock shall be convertible, at the option of the Holder, into 1,000 (One Thousand)
fully paid and non-assessable shares of the Corporation's Common Stock. The foregoing conversion calculation shall be hereinafter referred
to as the "Conversion Ratio."

 

 

 

 

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(i)       Conversion
Procedure. Upon written notice to the Holder, the Holder shall affect conversions by surrendering the certificate(s)

representing the Series D Stock to be converted to the Corporation,
together with a form of conversion notice satisfactory to the Corporation, which shall be irrevocable. Not later than five [5] business
days after the conversion date, the Corporation will deliver to the Holder, (i) a certificate or certificates, which shall be subject
to restrictive legends, representing the number of shares of Common Stock being acquired upon the conversion; provided, however,
that the Corporation shall not be obligated to issue such certificates until the Series D Stock is delivered to the Corporation. If the
Corporation does not deliver such certificate(s) by the date required under this paragraph (e) (i), the Holder shall be entitled by written
notice to the Corporation at any time on or before receipt of such certificate(s), to receive 100 Series D Stock shares for every week
the Corporations fails to deliver Common Stock to the Holder.

 

(ii)       Adjustments
on Stock Splits. Dividends and Distributions. If the Corporation, at any time while any Series D Stock is outstanding, (a) shall
pay a stock dividend or otherwise make a distribution or distributions on shares of its Common Stock payable in shares of its capital
stock [whether payable in shares of its Common Stock or of capital stock of any class], (b) subdivide outstanding shares of Common Stock
into a larger number of shares, (c) combine outstanding shares of Common Stock into a smaller number of shares, or (d) issue reclassification
of shares of Common Stock for any shares of capital stock of the Corporation, the Conversion Ratio shall be adjusted by multiplying the
number of shares of Common Stock issuable by a fraction of which the numerator shall be the number of shares of Common Stock of the Corporation
outstanding after such event and of which the denominator shall be the number of shares of Common Stock outstanding before such event.
Any adjustment made pursuant to this paragraph (eXiii) shall become effective immediately after the record date for the determination
of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in
the case of a subdivision, combination or reclassification. Whenever the Conversion Ratio is adjusted pursuant to this paragraph, the
Corporation shall promptly mail to the Holder a notice setting forth the Conversion Ratio after such adjustment and setting forth a brief
statement of the facts requiring such adjustment.

 

(iii)       Adjustments on Reclassifications.
Consolidations and Mergers. In case of reclassification of the Common Stock, any consolidation or merger of the Corporation with
or into another person, the sale or transfer of all or substantially all of the assets of the Corporation or any compulsory share
exchange pursuant to which the Common Stock is converted into other securities, cash or property, then each Holder of Series D Stock
then outstanding shall have the right thereafter to convert such Series D Stock only into the shares of stock and other securities
and property receivable upon or deemed to be held by Holders of Common Stock following such reclassification, consolidation, merger,
sale, transfer or share exchange, and the Holder shall be entitled upon such event to receive such amount of securities or property
as the shares of the Common Stock into which such Series D Stock could have been converted immediately prior to such
reclassification, consolidation, merger, sale, transfer or share exchange would have been entitled. The terms of any such
consolidation, merger, sale, transfer or share exchange shall include such terms so as to continue to give to the Holder the right
to receive the securities or property set forth in this paragraph (eXiv) upon any conversion following such consolidation, merger,
sale, transfer or share exchange. This provision shall similarly apply to successive reclassifications, consolidations, mergers,
sales, transfers or share exchanges.

 

(iv) Fractional Shares: Issuance
Expenses. Upon a conversion of Series D Stock, the Corporation shall not be required to issue stock certificates representing fractions
of shares of Common Stock but shall issue that number of shares of Common Stock rounded to the nearest whole number. The issuance of
certificates for shares of Common Stock on conversion of Series A Stock shall be made without charge to the Holder for any documentary
stamp or similar taxes that may be payable in respect of the issue or delivery of such certificate, provided that the Corporation shall
not be required to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of any such certificate
upon conversion in a name other than that of the Holder, and the Corporation shall not be required to issue or deliver such certificates
unless or until the person or persons requesting the issuance thereof shall have paid to the Corporation the amount of such tax or shall
have established to the satisfaction of the Corporation that such tax has been paid.

 

(f)             
 Voting Rights. If at least one share of Series
D Stock is issued and outstanding, then the total aggregate issued shares of Series  Stock at any given time, regardless of their number,
shall have voting rights equal to 20 times the sum of (i) the total number of shares of Common Stock which are issued and outstanding
at the time of voting, and (ii) the total number of shares of any class of Preferred stock which are issued and outstanding at the time
of voting , and (iii) divided by the total number of Series D Stock which are outstanding at the time of voting.

 

 

 

 

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With respect to all matters upon which stockholders
are entitled to vote or to which stockholders are entitled to give consent, the holders of the outstanding shares of Series D Stock shall
vote together with the holders of Common Stock without regard to class, except as the those matters on which separate class voting is
required by applicable law or the Certificate of Incorporation or Bylaws.

 

(g) Reservation of Shares of Common Stock The Corporation
covenants that it will at all times reserve and keep available out of its authorized and unissued Common Stock solely for the purpose
of issuance upon conversion of Series A Stock as herein provided, free from preemptive rights or any other actual contingent purchase
rights of persons other than the Holders of Series D Stock, such number of shares of Common Stock as shall be issuable upon the
conversion of the outstanding Series D Stock If at any time the number of authorized but unissued shares of Common Stock shall not be
sufficient to effect the conversion of all outstanding Series D Stock, the Corporation will take such corporate action necessary to increase
its authorized shares of Common Stock to such number as shall be sufficient for such purpose. The Corporation covenants that all shares
of Common Stock that shall be so issuable shall, upon issue, be duly and validly authorized, issued and fully paid and non-assessable.

 

IN WITNESS WHEREOF, on this 19th day of May 2022, said
Eline Entertainment Group, Inc. has caused this Certificate to be signed by its Director.

 

By:

 

 

Rhonda Keaveney, CEO and Director

 

 

 

 

 

 

 

 

 

 

    	 	6Exhibit 10.6

 

		
    Allen C. Tucci

     

    atucci@archerlaw.com

    215-246-3192 (Ext. 5192) Direct 215-963-9999
    Direct Fax

     

    Archer & Greiner, P.C.

    Three Logan
    Square

    1717 Arch Street, Suite 3500

    Philadelphia, PA 19103

    (215) 963-3300 Main

    (215) 963-9999 Fax

    www.archerlaw.com

 

August 15, 2022

 

Eline Entertainment Group Inc.

c/o Small Cap Compliance

7339 E. Williams Dr.

Scottsdale, AZ 85255

 

Re:      Cancellation of Indebtedness Due to Statute of Limitations 

 

To Whom It May Concern:

 

We are furnishing you this
opinion at the request of Eline Entertainment Group Inc. (the “Issuer” or, the “Company”) in connection with
the fair presentation of the financial condition of the Issuer: specifically, whether certain indebtedness (the “Debt”) should
continue to be reflected as due and payable by the Issuer. The last financials filed with the Securities and Exchange Commission for
the Issuer were dated April 30, 2006. Since that time, financial statements were posted to OTCMarkets.com under the OTC Alternative Reporting
Standard. However, the accountants for the Issuer have indicated that the financial statements posted under ARS are inconsistent, so
have asked us to base this opinion on the April 30, 2006 balance sheet.

 

We have assumed and relied upon the
following additional information in rendering our opinion:

 

		1.	All securities filings made by the Issuer and filed with Securities and Exchange
Commission (“SEC”) were true and correct, as of the date of filing.

 

		2.	Since the date of the last SEC Form 10-Q (the “Most Recent Filing”), there has been no payment
made on any of the Debt, and no agreements with any of the holders of the Debt.

 

		3.	The Debt is comprised of trade accounts payable, accrued expenses, due to related parties, reserve for
commitments, contingencies and claims and long-term debt. Specifically, the Debt is listed in the Most Recent is as follows:

 

	Trade Accounts Payable	 	$	920,654	 
	Accrued Expenses	 	 	64,938	 
	Due to Related Parties	 	 	39,758	 
	Reserve	 	 	399,057	 
	Current Maturities of long-term debt	 	 	6,182	 
	Long Term Debt	 	 	146,933	 
	TOTAL	 	$	1,577,522	 

 

	 	4. 	The liabilities
are governed, exclusively, by the laws of the State of Florida.

 

 

 

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Eline Entertainment Group Inc.

August 15, 2022

Page 2

 

 

In connection with this opinion, we have reviewed
applicable federal and state laws, rules and regulations and have made such investigations and examined such documents and material related
to the Company as I have deemed necessary and appropriate under the circumstances. Our review has been limited to reports filed with the
SEC in compliance with the Securities Exchange Act of 1934, as amended, and with the SEC, without having independently verified such factual
matters.

 

The documents that we have reviewed,
included, but are not limited to, the Most Recent Filing and all other documents and disclosures posted on OTCmarkets.com, as of the
date of this letter.

 

In my examination, I have assumed and have not
verified, (i) the genuineness of all signatures, (ii) the authenticity of all documents submitted to me as originals, if any (iii) the
conformity with the originals of all documents supplied to me as copies, and (iv) the accuracy and completeness of all corporate records
and documents and of all certificates and statements of fact given or made available to me by the Company.

 

State of the Law

 

There is a 5-year statute of limitations
for the collection of a corporate debt issued in the State of Florida, under Section 95.11(a)(2) of the Florida Code. Florida courts have
determined that the five-year statute of limitations begins to run at the loan maturity date.

 

There is also a 5-year statute of limitations for
an action based upon a contract, obligation or liability founded upon an instrument of writing. As a result, a collection action for any
contract for payment with the Issuer must be commenced within five years of when the payment was due.

 

The limitations period begins on the date of the
last transaction, last item charged or last credit given; provided, however, whenever any principal or interest payment has been made
after the due date, then the limitations period begins from the date the last payment was made.

 

The balance sheet liabilities reflected
as “due to related parties” constitute demand loans made before April 30, 2006. The statute of limitations on such demand
loans is six years from the date of the note. The amount due to related parties is reflected at $39,758 on the balance sheet.

 

The trade payables and accrued expenses
listed on the April 30, 2006 balance sheet also constitute corporate debts, subject to a 5-year statute of limitations, under Section
95.11 of the Florida Code. This trade payable amount is reflected at $920,654, on the balance sheet and accrued expenses are reported
at $64,938.

 

The long-term debt (current portion
of $6.182, and long-term portion of $146,933) is also subject to a five-year statute of limitations. The reserve for claims, contingencies
and commitments would generally fall under corporate debts, so the liability would have a five-year statute of limitations. However, this
category may have various different limitations periods applied to it, depending on the type of claim that the reserve anticipated.

 

Facts and Legal Opinion

 

(1)         
The Company has stated that debt identified on the balance sheet that constitutes promissory notes that were entered into in excess
of five years ago. Since that time, we have been told by the Issuer, that there have been no collection efforts by the holders of the
notes, or any party. The amount of liabilities falling under this category include the current and long-term portions of the installment
note, and the amounts due to related parties.

 

 

 

    	 	 	 

     

    

 

Eline Entertainment Group Inc.

August 15, 2022

Page 3

 

 

Under Section 95.11 of the Florida Code, the statute of limitations
for collection of these debts against the Company is 5 years after the date of the instrument. All of the above-listed obligations were
entered into more than 5 years prior to the date of this letter. As a result of this fact, and the assumptions made in this letter, we
are of the opinion that the holder of the above-referenced notes may not legally bring and action for collection of the instruments against
the Company. As a result, we conclude that fair presentation of the financial statements of the Company would require removal of the debt
associated with these promissory notes.

 

(2)         
The Company has stated that certain debts on the balance sheet arise from contract. Specifically, the Issuer’s balance sheet
identifies trade payables, all of which constitute liabilities from contract, and a reserve, which we presume exists for contract contingencies.

 

Under Section 95.11 of the Florida Code,
the statute of limitations for collection of these debts against the Company ends 5 years after the date of the last transaction, last
item charged or last credit given. We have been informed by the Company that no payments or further credit transactions with the parties
have occurred since the date of the Most Recent Filing. As a result of these facts, and the assumptions made in this letter, we are of
the opinion that the parties holding the above-referenced debts may not legally bring and action for collection of these debts against
the Company. As a result, we conclude that fair presentation of the financial statements of the Company would require removal of the debt
associated with these contractual obligations.

 

As to matters of fact, I have relied upon information
obtained from public officials, officers of the Company, and/or other sources, and I represent that all such sources were believed to
be reliable. I have relied upon the Company’s assurances concerning the lack of payment, settlement discussions or collection activities
on the Debt since the date of the Most Recent Filing.

 

I have made no independent attempt to verify facts
as provided to me and set forth herein and this opinion is limited to and conditioned upon, the facts as stated herein.

 

I am qualified to practice law in the States of
Delaware, Pennsylvania and New York and I express no opinion as to the laws of any jurisdictions except for those of the State of Florida
and the United States of America referred to herein.

 

This opinion letter and the opinions it contains
shall be interpreted in accordance with the Legal Opinion Principles issued by the Committee on Legal Opinions of the American Bar Association's
Business Law Section as published in 53 Business Lawyer 831 (May 1998).

 

Our opinions set forth in this letter are based
upon the facts in existence and laws in effect on the date hereof and we expressly disclaim any obligation to update our opinions herein,
regardless of whether changes in such facts or laws come to our attention after the delivery hereof.

 

This opinion is limited to the matters
set forth herein. No opinion may be inferred or implied beyond the matters expressly contained herein. This opinion is rendered solely
for your benefit and no other person or entity, other than your successors and assignees, shall be entitled to rely on any matter set
forth herein without the express written consent of the undersigned.

 

Very truly yours,

 

/s/ Allen C. Tucci                    

ALLEN C. TUCCI

ARCHER & GREINER, P.C.

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