$CMGO
CMG HOLDINGS GROUP, INC.

2023 Q2 Form 10-Q Financial Statement

#000101738623000207 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $319.8K $159.6K $407.9K
YoY Change -43.66% -60.87% 338.63%
Cost Of Revenue $144.5K $129.5K $289.9K
YoY Change -69.88% -55.34% 568.02%
Gross Profit $175.4K $30.12K $118.0K
YoY Change 99.18% -74.47% 137.92%
Gross Profit Margin 54.83% 18.87% 28.93%
Selling, General & Admin $240.0K $150.0K $148.0K
YoY Change 52.23% 1.34% -6.99%
% of Gross Profit 136.86% 497.99% 125.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $620.00 $930.00
YoY Change -100.0% -33.33% 0.0%
% of Gross Profit 0.0% 2.06% 0.79%
Operating Expenses $244.1K $150.0K $148.0K
YoY Change -61.69% 1.35% -7.01%
Operating Profit -$68.75K -$119.9K -$30.01K
YoY Change -1.24% 299.5% -72.61%
Interest Expense $14.32K $9.750K $7.370K
YoY Change 0.63% 32.29%
% of Operating Profit
Other Income/Expense, Net $20.13K $22.68K $7.369K
YoY Change -73.39% 207.71%
Pretax Income -$50.00K -$119.9K -$22.64K
YoY Change -848.5% 429.56% -118.37%
Income Tax
% Of Pretax Income
Net Earnings -$48.62K -$97.22K -$22.64K
YoY Change -828.31% 329.4% -118.37%
Net Earnings / Revenue -15.2% -60.91% -5.55%
Basic Earnings Per Share
Diluted Earnings Per Share $0.00 $0.00 -$51.61
COMMON SHARES
Basic Shares Outstanding 438.7M shares 438.7M shares 438.7M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $190.0K $227.4K $517.9K
YoY Change -57.62% -56.09% 3.4%
Cash & Equivalents $188.7K $227.4K $517.9K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.875M $1.890M $1.758M
YoY Change 9.53% 7.5% 150.73%
LONG-TERM ASSETS
Property, Plant & Equipment $1.241K $1.862K $5.270K
YoY Change -71.41% -64.67% -41.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.241K $1.862K $5.270K
YoY Change -71.41% -64.67% -41.31%
TOTAL ASSETS
Total Short-Term Assets $1.875M $1.890M $1.758M
Total Long-Term Assets $1.241K $1.862K $5.270K
Total Assets $1.877M $1.891M $1.763M
YoY Change 9.33% 7.28% 148.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $48.76K
YoY Change
Accrued Expenses $58.51K $20.90K
YoY Change 66.56%
Deferred Revenue
YoY Change
Short-Term Debt $790.0K $797.0K $575.0K
YoY Change 37.39% 38.61% 497.4%
Long-Term Debt Due $62.50K
YoY Change -42.28%
Total Short-Term Liabilities $1.289M $1.255M $1.069M
YoY Change 26.81% 17.33% 62.05%
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 $1.289M $1.255M $1.069M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.289M $1.255M $1.069M
YoY Change 26.81% 17.33% 62.05%
SHAREHOLDERS EQUITY
Retained Earnings -$14.48M -$14.43M
YoY Change 0.78%
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 $588.0K $636.7K $693.6K
YoY Change
Total Liabilities & Shareholders Equity $1.877M $1.891M $1.763M
YoY Change 9.33% 7.28% 148.3%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$48.62K -$97.22K -$22.64K
YoY Change -828.31% 329.4% -118.37%
Depreciation, Depletion And Amortization $0.00 $620.00 $930.00
YoY Change -100.0% -33.33% 0.0%
Cash From Operating Activities $0.00 -$95.77K -$56.58K
YoY Change -100.0% 69.26% -242.38%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$50.00K $0.00 -$20.94K
YoY Change -57.77% -100.0%
Cash From Investing Activities -$50.00K -$20.94K
YoY Change -57.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.00K -$15.00K
YoY Change
NET CHANGE
Cash From Operating Activities 0.000 -95.77K -56.58K
Cash From Investing Activities -50.00K -20.94K
Cash From Financing Activities 20.00K -$15.00K
Net Change In Cash -30.00K -$110.8K $0.00
YoY Change -56.89%
FREE CASH FLOW
Cash From Operating Activities $0.00 -$95.77K -$56.58K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2023Q1 us-gaap Nature Of Operations
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<p id="xdx_80C_eus-gaap--NatureOfOperations_z94dVu95tidk" 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">  </p>
CY2023Q1 us-gaap Use Of Estimates
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<p id="xdx_842_eus-gaap--UseOfEstimates_zTegZPnufik8" 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/105% 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>
CY2023Q1 us-gaap Reclassifications
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<p id="xdx_84B_eus-gaap--Reclassifications_zjzbBretDwNi" 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: 2pt Times New Roman, Times, Serif; text-align: justify"> </p>
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CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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20415 usd
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CY2023Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2023Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
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CY2023Q1 us-gaap Operating Loss Carryforwards Valuation Allowance
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CY2023Q1 us-gaap Revenues
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CY2023Q1 cmgo Segment Cost Of Revenue
SegmentCostOfRevenue
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SegmentGrossProfit
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CY2023Q1 us-gaap Costs And Expenses
CostsAndExpenses
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CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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CY2023Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
22675 usd
CY2023Q1 cmgo Net Income Loss Segment Reporting
NetIncomeLossSegmentReporting
97217 usd
CY2022Q1 us-gaap Revenues
Revenues
407929 usd
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SegmentCostOfRevenue
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SegmentGrossProfit
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7158 usd
CY2022Q1 cmgo Net Income Loss Segment Reporting
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CY2023Q1 us-gaap Related Party Transaction Rate
RelatedPartyTransactionRate
0 pure
CY2023Q1 us-gaap Loans Payable
LoansPayable
15000 usd
CY2017Q4 us-gaap Class Of Warrant Or Right Outstanding
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40000000 shares
CY2015Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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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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