2023 Q1 Form 10-K Financial Statement

#000101738623000162 Filed on April 17, 2023

View on sec.gov

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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<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>
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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

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cmgo-20221231_pre.xml Edgar Link unprocessable
0001017386-23-000162-index-headers.html Edgar Link pending
0001017386-23-000162-index.html Edgar Link pending
0001017386-23-000162.txt Edgar Link pending
0001017386-23-000162-xbrl.zip Edgar Link pending
cmgo-20221231.xsd Edgar Link pending
cmgo_2022dec31-10k.htm Edgar Link pending
exhibit_31-1.htm Edgar Link pending
exhibit_31-2.htm Edgar Link pending
exhibit_32-1.htm Edgar Link pending
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cmgo-20221231_cal.xml Edgar Link unprocessable
cmgo_2022dec31-10k_htm.xml Edgar Link completed
cmgo-20221231_def.xml Edgar Link unprocessable
cmgo-20221231_lab.xml Edgar Link unprocessable
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