2023 Q1 Form 10-K Financial Statement
#000101738623000162 Filed on April 17, 2023
Income Statement
Concept | 2023 Q1 | 2022 Q4 | 2022 |
---|---|---|---|
Revenue | $159.6K | $147.0K | $2.034M |
YoY Change | -60.87% | -73.83% | 25.63% |
Cost Of Revenue | $129.5K | $122.9K | $1.502M |
YoY Change | -55.34% | -75.26% | 23.7% |
Gross Profit | $30.12K | $24.04K | $531.7K |
YoY Change | -74.47% | -62.9% | 31.41% |
Gross Profit Margin | 18.87% | 16.36% | 26.14% |
Selling, General & Admin | $150.0K | $175.8K | $683.2K |
YoY Change | 1.34% | -4.73% | -3.51% |
% of Gross Profit | 497.99% | 731.24% | 128.5% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $620.00 | $920.00 | $3.714K |
YoY Change | -33.33% | 0.0% | 0.11% |
% of Gross Profit | 2.06% | 3.83% | 0.7% |
Operating Expenses | $150.0K | $175.8K | $683.2K |
YoY Change | 1.35% | -4.73% | -3.51% |
Operating Profit | -$119.9K | -$151.8K | -$151.5K |
YoY Change | 299.5% | 26.76% | -50.06% |
Interest Expense | $9.750K | $26.81K | $106.6K |
YoY Change | 32.29% | ||
% of Operating Profit | |||
Other Income/Expense, Net | $22.68K | $169.1K | |
YoY Change | 207.71% | -84.52% | |
Pretax Income | -$119.9K | -$124.9K | -$164.7K |
YoY Change | 429.56% | 46.69% | -120.86% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$97.22K | -$124.9K | $17.62K |
YoY Change | 329.4% | 46.69% | -97.77% |
Net Earnings / Revenue | -60.91% | -85.02% | 0.87% |
Basic Earnings Per Share | |||
Diluted Earnings Per Share | $0.00 | $0.00 | $0.00 |
COMMON SHARES | |||
Basic Shares Outstanding | 438.7M shares | 438.7M shares | 438.7M shares |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2023 Q1 | 2022 Q4 | 2022 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $227.4K | $338.2K | $338.2K |
YoY Change | -56.09% | -43.21% | -43.21% |
Cash & Equivalents | $227.4K | $338.2K | |
Short-Term Investments | |||
Other Short-Term Assets | |||
YoY Change | |||
Inventory | |||
Prepaid Expenses | |||
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $1.890M | $1.953M | $1.953M |
YoY Change | 7.5% | 9.34% | 9.34% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $1.862K | $2.483K | $2.480K |
YoY Change | -64.67% | -59.93% | -60.0% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $1.862K | $2.483K | $2.480K |
YoY Change | -64.67% | -59.93% | -60.0% |
TOTAL ASSETS | |||
Total Short-Term Assets | $1.890M | $1.953M | $1.953M |
Total Long-Term Assets | $1.862K | $2.483K | $2.480K |
Total Assets | $1.891M | $1.955M | $1.955M |
YoY Change | 7.28% | 9.1% | 9.1% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $48.76K | $39.01K | $39.01K |
YoY Change | |||
Accrued Expenses | $39.01K | ||
YoY Change | |||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $797.0K | $797.0K | $797.0K |
YoY Change | 38.61% | 38.61% | 38.61% |
Long-Term Debt Due | $0.00 | $0.00 | |
YoY Change | -100.0% | -100.0% | |
Total Short-Term Liabilities | $1.255M | $1.222M | $1.222M |
YoY Change | 17.33% | 13.52% | 13.52% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $1.255M | $1.222M | $1.222M |
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
Total Liabilities | $1.255M | $1.222M | $1.222M |
YoY Change | 17.33% | 13.52% | 13.52% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$14.43M | -$14.34M | |
YoY Change | -0.12% | ||
Common Stock | $438.7K | $438.7K | |
YoY Change | 0.0% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $636.7K | $733.9K | $733.9K |
YoY Change | |||
Total Liabilities & Shareholders Equity | $1.891M | $1.955M | $1.955M |
YoY Change | 7.28% | 9.1% | 9.1% |
Cashflow Statement
Concept | 2023 Q1 | 2022 Q4 | 2022 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$97.22K | -$124.9K | $17.62K |
YoY Change | 329.4% | 46.69% | -97.77% |
Depreciation, Depletion And Amortization | $620.00 | $920.00 | $3.714K |
YoY Change | -33.33% | 0.0% | 0.11% |
Cash From Operating Activities | -$95.77K | -$164.0K | -$178.8K |
YoY Change | 69.26% | -138.42% | -126.25% |
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | -$258.5K | -$300.4K |
YoY Change | -100.0% | -932.26% | |
Cash From Investing Activities | -$258.5K | -$300.4K | |
YoY Change | -932.26% | ||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | -$15.00K | 222.0K | $222.0K |
YoY Change | -144.22% | -144.66% | |
NET CHANGE | |||
Cash From Operating Activities | -95.77K | -164.0K | -178.8K |
Cash From Investing Activities | -258.5K | -$300.4K | |
Cash From Financing Activities | -$15.00K | 222.0K | $222.0K |
Net Change In Cash | -$110.8K | -200.5K | -$257.3K |
YoY Change | 352.94% | ||
FREE CASH FLOW | |||
Cash From Operating Activities | -$95.77K | -$164.0K | -$178.8K |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
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CY2022 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-300440 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-990820 | usd |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-257274 | usd |
CY2021 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
184294 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
595430 | usd |
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
411136 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
338156 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
595430 | usd |
CY2019Q4 | us-gaap |
Loans Receivable Basis Spread On Variable Rate
LoansReceivableBasisSpreadOnVariableRate
|
0.12 | pure |
CY2020 | us-gaap |
Increase Decrease In Notes Receivables
IncreaseDecreaseInNotesReceivables
|
32500 | usd |
CY2020 | cmgo |
Convert Loan Receivable To Shares
ConvertLoanReceivableToShares
|
100 | shares |
CY2020 | cmgo |
Convert Loan Receivable To Amount
ConvertLoanReceivableToAmount
|
1000 | usd |
CY2020Q2 | us-gaap |
Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
|
50000 | usd |
CY2022 | us-gaap |
Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
|
999201 | usd |
us-gaap |
Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
|
60000 | usd | |
CY2022 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p id="xdx_80C_eus-gaap--NatureOfOperations_zWBdr0FUxRr4" style="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><b>1 Nature of Operations and Continuance of Business</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 38.95pt 0 60pt; text-align: justify">Creative Management Group, Inc. was formed in Delaware on August 13, 2002 as a limited liability company named Creative Management Group, LLC. On August 7, 2007, this entity converted to a corporation. The Company is a sports, entertainment, marketing and management company providing event management implementation, sponsorships, licensing and broadcast, production and syndication.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 38.95pt 0 60pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 38.95pt 0 60pt; text-align: justify">The Company’s operating subsidiaries are XA - The Experiential Agency, Inc. - which is a sports, entertainment, marketing and management company providing event management implementation, sponsorships, licensing and broadcast, production and syndication. Its President is Alexis Laken, the daughter of the Company’s president. The other subsidiary is Lincoln Acquisition Corp. which was formed for the purpose of liquidating shares in Good Gaming, Inc. and any other investment shares which might be held by CMG at any given time.</p> | |
CY2022 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_842_eus-gaap--UseOfEstimates_zV8ZXAQcyG9d" style="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-indent: 20pt">b) Use of Estimates<i> </i></p> <p style="font: 9.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"> </p> <p style="font: 9.5pt/106% Times New Roman, Times, Serif; margin: 0 8.7pt 0 42.75pt; text-align: justify">The preparation of financial statements in conformity with <span style="letter-spacing: -0.15pt">generally </span>accepted accounting principles in the <span style="letter-spacing: 0.1pt">United </span>States requires management to make estimates and assumptions that affect the reported amounts of assets and li abilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions <span style="letter-spacing: 0.1pt">related </span>to the recoverability of its long-lived assets, stock-based <span style="letter-spacing: -0.05pt">compensation</span>, <span style="letter-spacing: -0.05pt">an</span>d def<span style="letter-spacing: -0.7pt">er</span>red <span style="letter-spacing: -0.05pt">incom</span>e tax asset valuation allownaces. <span style="letter-spacing: -0.05pt">Th</span>e <span style="letter-spacing: -0.05pt">Compan</span>y bases <span style="letter-spacing: -0.05pt">it</span>s <span style="letter-spacing: -0.05pt">estimate</span>s <span style="letter-spacing: -0.05pt">and </span>assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</p> <p style="font: 9.5pt Times New Roman, Times, Serif; margin: 0.25pt 0 0"> </p> | |
CY2020 | us-gaap |
Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
|
0.10 | pure |
us-gaap |
Debt Instrument Maturity Date Range End1
DebtInstrumentMaturityDateRangeEnd1
|
2023-12-24 | ||
CY2022 | us-gaap |
Reclassifications
Reclassifications
|
<p id="xdx_84B_eus-gaap--Reclassifications_zjU52pOjw2M6" style="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-indent: 20pt">h) Reclassifications<i> </i></p> <p style="font: 9.5pt Times New Roman, Times, Serif; margin: 8.3pt 0 0 43.45pt; text-align: justify">Certain prior period amounts have been reclassified to conform to current presentation. </p> <p style="font: 9.5pt Times New Roman, Times, Serif; margin: 8.3pt 0 0 43.45pt; text-align: justify"> </p> | |
CY2022 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_841_eus-gaap--ConcentrationRiskCreditRisk_zlXMbmPFVsOc" style="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-align: justify; text-indent: 0in"><span style="font-size: 9.5pt">i)</span><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </span> <span style="font-size: 9.5pt">Substantial doubt about the Company’s Ability to Continue as a Going Concern</span></p> <p style="font: 9.5pt/110% Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-align: justify">The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company’s negative cash flow from operations raises substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p> <p style="font: 9.5pt/111% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> | |
CY2019Q4 | us-gaap |
Loans Receivable With Fixed Rates Of Interest1
LoansReceivableWithFixedRatesOfInterest1
|
75000 | usd |
CY2019Q4 | us-gaap |
Increase Decrease In Notes Receivables
IncreaseDecreaseInNotesReceivables
|
67500 | usd |
CY2021Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2017Q4 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
40000000 | shares |
CY2017Q4 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
0.0035 | |
CY2022 | us-gaap |
Proceeds From Loan Originations1
ProceedsFromLoanOriginations1
|
500000 | usd |
CY2022 | us-gaap |
Debt Instrument Maturity Date
DebtInstrumentMaturityDate
|
2022-11-23 | |
CY2021Q4 | us-gaap |
Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
|
0.06 | pure |
CY2021Q4 | us-gaap |
Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
|
0.0165 | |
CY2021Q4 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
14398892 | usd |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2022 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
4515 | usd |
CY2020 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
164265 | usd |
CY2022 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-4515 | usd |
CY2020 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-164265 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
|
14331600 | usd |
CY2020Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
|
14353100 | usd |
CY2021Q4 | us-gaap |
Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
|
14331600 | usd |
CY2020Q4 | us-gaap |
Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
|
14353100 | usd |
CY2022 | us-gaap |
Revenues
Revenues
|
2033712 | usd |
CY2022 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
1502046 | usd |
CY2022 | us-gaap |
Gross Profit
GrossProfit
|
531666 | usd |
CY2022 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
696343 | usd |
CY2022 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-164677 | usd |
CY2022 | us-gaap |
Other Nonoperating Income
OtherNonoperatingIncome
|
186177 | usd |
CY2022 | cmgo |
Net Income Loss Segment Reporting
NetIncomeLossSegmentReporting
|
21500 | usd |
CY2021 | us-gaap |
Revenues
Revenues
|
1618874 | usd |
CY2021 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
1214281 | usd |
CY2021 | us-gaap |
Gross Profit
GrossProfit
|
404593 | usd |
CY2021 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
708007 | usd |
CY2021 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-303414 | usd |
CY2021 | us-gaap |
Other Nonoperating Income
OtherNonoperatingIncome
|
1092784 | usd |
CY2021 | cmgo |
Net Income Loss Segment Reporting
NetIncomeLossSegmentReporting
|
789370 | usd |
CY2022 | us-gaap |
Related Party Transaction Rate
RelatedPartyTransactionRate
|
0 | pure |
CY2021Q4 | us-gaap |
Loans Payable
LoansPayable
|
15000 | usd |
CY2017Q4 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
40000000 | shares |
CY2015Q4 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
0.0155 | |
cmgo |
Term Of Warrant
TermOfWarrant
|
P5Y | ||
CY2017Q4 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
0.0035 | |
cmgo |
Term Of Warrant
TermOfWarrant
|
P5Y |