$CMGO
CMG HOLDINGS GROUP, INC.

2023 Q3 Form 10-Q Financial Statement

#000101738623000312 Filed on August 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q4
Revenue $146.1K $319.8K $147.0K
YoY Change -83.96% -43.66% -73.83%
Cost Of Revenue $27.92K $144.5K $122.9K
YoY Change -95.2% -69.88% -75.26%
Gross Profit $118.2K $175.4K $24.04K
YoY Change -64.17% 99.18% -62.9%
Gross Profit Margin 80.89% 54.83% 16.36%
Selling, General & Admin $250.2K $240.0K $175.8K
YoY Change 28.31% 52.23% -4.73%
% of Gross Profit 211.6% 136.86% 731.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.860K $0.00 $920.00
YoY Change 100.0% -100.0% 0.0%
% of Gross Profit 1.57% 0.0% 3.83%
Operating Expenses $278.1K $244.1K $175.8K
YoY Change -64.45% -61.69% -4.73%
Operating Profit -$131.9K -$68.75K -$151.8K
YoY Change -202.29% -1.24% 26.76%
Interest Expense $14.32K $26.81K
YoY Change 0.63%
% of Operating Profit
Other Income/Expense, Net $34.45K $20.13K
YoY Change 16.61% -73.39%
Pretax Income -$131.9K -$50.00K -$124.9K
YoY Change -202.29% -848.5% 46.69%
Income Tax
% Of Pretax Income
Net Earnings -$97.49K -$48.62K -$124.9K
YoY Change -161.5% -828.31% 46.69%
Net Earnings / Revenue -66.71% -15.2% -85.02%
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 Q3 2023 Q2 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $102.4K $190.0K $338.2K
YoY Change -80.99% -57.62% -43.21%
Cash & Equivalents $102.4K $188.7K $338.2K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.823M $1.875M $1.953M
YoY Change -5.86% 9.53% 9.34%
LONG-TERM ASSETS
Property, Plant & Equipment $621.00 $1.241K $2.483K
YoY Change -81.8% -71.41% -59.93%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $621.00 $1.241K $2.483K
YoY Change -81.8% -71.41% -59.93%
TOTAL ASSETS
Total Short-Term Assets $1.823M $1.875M $1.953M
Total Long-Term Assets $621.00 $1.241K $2.483K
Total Assets $1.824M $1.877M $1.955M
YoY Change -6.0% 9.33% 9.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $39.01K
YoY Change
Accrued Expenses $58.51K $58.51K $39.01K
YoY Change 66.56% 66.56%
Deferred Revenue
YoY Change
Short-Term Debt $787.0K $790.0K $797.0K
YoY Change 19.06% 37.39% 38.61%
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $1.334M $1.289M $1.222M
YoY Change 23.29% 26.81% 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 $1.334M $1.289M $1.222M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.334M $1.289M $1.222M
YoY Change 23.29% 26.81% 13.52%
SHAREHOLDERS EQUITY
Retained Earnings -$14.58M -$14.48M -$14.34M
YoY Change 2.59% 0.78% -0.12%
Common Stock $438.7K $438.7K $438.7K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $490.6K $588.0K $733.9K
YoY Change
Total Liabilities & Shareholders Equity $1.824M $1.877M $1.955M
YoY Change -6.0% 9.33% 9.1%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q4
OPERATING ACTIVITIES
Net Income -$97.49K -$48.62K -$124.9K
YoY Change -161.5% -828.31% 46.69%
Depreciation, Depletion And Amortization $1.860K $0.00 $920.00
YoY Change 100.0% -100.0% 0.0%
Cash From Operating Activities -$88.29K $0.00 -$164.0K
YoY Change 1145.28% -100.0% -138.42%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $2.500K -$50.00K -$258.5K
YoY Change -97.43% -57.77% -932.26%
Cash From Investing Activities $2.500K -$50.00K -$258.5K
YoY Change -97.43% -57.77% -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 0.000 20.00K 222.0K
YoY Change -144.22%
NET CHANGE
Cash From Operating Activities -88.29K 0.000 -164.0K
Cash From Investing Activities 2.500K -50.00K -258.5K
Cash From Financing Activities 0.000 20.00K 222.0K
Net Change In Cash -85.79K -30.00K -200.5K
YoY Change -195.0% -56.89% 352.94%
FREE CASH FLOW
Cash From Operating Activities -$88.29K $0.00 -$164.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_80C_eus-gaap--NatureOfOperations_zr5xfZ4SYhM1" 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"><b></b></p>
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<p id="xdx_842_eus-gaap--UseOfEstimates_zQELIWhcFLb9" 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>
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<p id="xdx_84B_eus-gaap--Reclassifications_zWRwwlq0eJh" 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>
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NotesAndLoansReceivableNetCurrent
50000 usd
us-gaap Increase Decrease In Notes Receivables
IncreaseDecreaseInNotesReceivables
999201 usd
us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
60000 usd
CY2020 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.10 pure
CY2022Q3 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
100000 usd
CY2022Q4 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
cmgo Term Of Warrant
TermOfWarrant
P5Y
CY2022 us-gaap Proceeds From Loan Originations1
ProceedsFromLoanOriginations1
500000 usd
CY2022Q4 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.06 pure
CY2022Q4 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.0165
CY2022 us-gaap Proceeds From Loans
ProceedsFromLoans
222000 usd
CY2023Q2 us-gaap Loans Payable Current
LoansPayableCurrent
712000 usd
CY2017 us-gaap Proceeds From Loans
ProceedsFromLoans
150000 usd
CY2021 us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
90000 usd
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
14481322 usd
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
30626 usd
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
4515 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-30626 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-4515 usd
CY2023Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
14481322 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
14331600 usd
CY2023Q2 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
14481322 usd
CY2022Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
14331600 usd
cmgo Revenues1
Revenues1
479425 usd
cmgo Segment Cost Of Revenue
SegmentCostOfRevenue
273943 usd
cmgo Segment Gross Profit
SegmentGrossProfit
205482 usd
us-gaap Costs And Expenses
CostsAndExpenses
394124 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-188642 usd
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
42803 usd
cmgo Net Income Loss Segment Reporting
NetIncomeLossSegmentReporting
-142839 usd
cmgo Revenues1
Revenues1
975555 usd
cmgo Segment Cost Of Revenue
SegmentCostOfRevenue
797886 usd
cmgo Segment Gross Profit
SegmentGrossProfit
177669 usd
us-gaap Costs And Expenses
CostsAndExpenses
305268 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-127599 usd
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
111631 usd
us-gaap Related Party Transaction Rate
RelatedPartyTransactionRate
0 pure
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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