$CMGO
CMG HOLDINGS GROUP, INC.

2023 Q4 Form 10-Q Financial Statement

#000101738623000364 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q4
Revenue $1.410M $146.1K $147.0K
YoY Change 859.38% -83.96% -73.83%
Cost Of Revenue $1.130M $27.92K $122.9K
YoY Change 819.76% -95.2% -75.26%
Gross Profit $279.3K $118.2K $24.04K
YoY Change 1061.94% -64.17% -62.9%
Gross Profit Margin 19.81% 80.89% 16.36%
Selling, General & Admin $156.8K $250.2K $175.8K
YoY Change -10.8% 28.31% -4.73%
% of Gross Profit 56.13% 211.6% 731.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $620.00 $1.860K $920.00
YoY Change -32.61% 100.0% 0.0%
% of Gross Profit 0.22% 1.57% 3.83%
Operating Expenses $156.8K $278.1K $175.8K
YoY Change -10.8% -64.45% -4.73%
Operating Profit $122.5K -$131.9K -$151.8K
YoY Change -180.74% -202.29% 26.76%
Interest Expense -$1.720K $26.81K
YoY Change -106.42%
% of Operating Profit -1.4%
Other Income/Expense, Net $34.45K
YoY Change 16.61%
Pretax Income $120.8K -$131.9K -$124.9K
YoY Change -196.69% -202.29% 46.69%
Income Tax
% Of Pretax Income
Net Earnings $120.8K -$97.49K -$124.9K
YoY Change -196.69% -161.5% 46.69%
Net Earnings / Revenue 8.57% -66.71% -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 Q4 2023 Q3 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $240.6K $102.4K $338.2K
YoY Change -28.85% -80.99% -43.21%
Cash & Equivalents $240.6K $102.4K $338.2K
Short-Term Investments
Other Short-Term Assets $100.0K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.990M $1.823M $1.953M
YoY Change 1.89% -5.86% 9.34%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $621.00 $2.483K
YoY Change -100.0% -81.8% -59.93%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $621.00 $2.483K
YoY Change -100.0% -81.8% -59.93%
TOTAL ASSETS
Total Short-Term Assets $1.990M $1.823M $1.953M
Total Long-Term Assets $0.00 $621.00 $2.483K
Total Assets $1.990M $1.824M $1.955M
YoY Change 1.76% -6.0% 9.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $58.51K $39.01K
YoY Change 49.97%
Accrued Expenses $58.51K $58.51K $39.01K
YoY Change 49.99% 66.56%
Deferred Revenue
YoY Change
Short-Term Debt $787.0K $787.0K $797.0K
YoY Change -1.25% 19.06% 38.61%
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $1.378M $1.334M $1.222M
YoY Change 12.85% 23.29% 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 $1.378M $1.334M $1.222M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.378M $1.334M $1.222M
YoY Change 12.85% 23.29% 13.52%
SHAREHOLDERS EQUITY
Retained Earnings -$14.46M -$14.58M -$14.34M
YoY Change 0.85% 2.59% -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 $611.4K $490.6K $733.9K
YoY Change
Total Liabilities & Shareholders Equity $1.990M $1.824M $1.955M
YoY Change 1.76% -6.0% 9.1%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q4
OPERATING ACTIVITIES
Net Income $120.8K -$97.49K -$124.9K
YoY Change -196.69% -161.5% 46.69%
Depreciation, Depletion And Amortization $620.00 $1.860K $920.00
YoY Change -32.61% 100.0% 0.0%
Cash From Operating Activities $138.5K -$88.29K -$164.0K
YoY Change -184.45% 1145.28% -138.42%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $9.750K $2.500K -$258.5K
YoY Change -103.77% -97.43% -932.26%
Cash From Investing Activities $9.750K $2.500K -$258.5K
YoY Change -103.77% -97.43% -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 -10.00K 0.000 222.0K
YoY Change -104.5% -144.22%
NET CHANGE
Cash From Operating Activities 138.5K -88.29K -164.0K
Cash From Investing Activities 9.750K 2.500K -258.5K
Cash From Financing Activities -10.00K 0.000 222.0K
Net Change In Cash 138.2K -85.79K -200.5K
YoY Change -168.95% -195.0% 352.94%
FREE CASH FLOW
Cash From Operating Activities $138.5K -$88.29K -$164.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_80C_eus-gaap--NatureOfOperations_zm5XcqE1NKUi" 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 0 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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-align: justify">On February 20, 2008, Creative Management Group, Inc. formed CMG Acquisitions, Inc., a Delaware company, for the purpose of acquiring companies and expansion strategies. On February 20, 2008, Creative Management Group, Inc. acquired <span id="xdx_908_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_dp_c20080220_z9rPSaTXEEff">92.6%</span> of Pebble Beach Enterprises, Inc. (a publicly traded company) and changed the name to CMG Holdings Group, Inc. (“the Company”). The purpose of the acquisition was to effect a reverse merger with Pebble Beach Enterprises, Inc. at a later date. On May 27, 2008, Pebble <span style="letter-spacing: 0.1pt">Beach </span>entered into an Agreement and Plan of Reorganization with its controlling shareholder, Creative Management Group, Inc., a privately held Delaware corporation. Upon closing the eighty shareholders of Creative Management Group delivered all their equity interests in Creative Management Group to Pebble Beach in exchange for shares of common stock in Pebble Beach owned by Creative Management Group, as a result of which Creative Management Group became a wholly owned subsidiary of Pebble Beach. The shareholders of Creative Management Group received one share of Pebble Beach’s common stock previously owned by Creative Management Group for each issued and outstanding common share owned of Creative Management Group. As a result, the <span id="xdx_90D_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20080201__20080220_pdd">22,135,148</span> shares of Pebble Beach that were issued and previously owned by Creative Management Group, are now owned directly by its shareholders. The <span id="xdx_900_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20080201__20080220_zlV24WngD4Fg">22,135,148</span> shares of Creative Management Group previously owned by its shareholders are now owned by Pebble Beach, thereby making Creative Management Group a wholly owned subsidiary of Pebble Beach. Pebble Beach did not issue any new shares as part of the Reorganization. The transaction was accounted for as a reverse merger and recapitalization whereby Creative Management Group is the accounting acquirer. Pebble Beach was renamed CMG Holdings Group, Inc.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-align: justify">On April 1, 2009, the Company, through a newly formed subsidiary CMGO Capital, Inc., a Nevada corporation, completed the acquisition of XA, The Experiential Agency, Inc. On March 31, 2010, the Company and AudioEye, Inc. (“AudioEye”) completed a Stock Purchase Agreement under which the Company acquired all the capital stock of AudioEye. On June 22, 2011 the Company entered into a Master Agreement subject to shareholder approval and closing conditions with AudioEye Acquisition Corp., a Nevada corporation where the shareholders of AudioEye Acquisition Corp. exchanged 100% of the stock in AudioEye Acquisition Corp for 80% of the capital stock of AudioEye. The Company retained 15% of AudioEye subject to transfer restrictions in accordance with the Master Agreement; in October 2012, the Company distributed to its shareholders, in a dividend, 5% of <span style="letter-spacing: 0.2pt">the </span>capital stock of AudioEye in accordance with provisions of the Master Agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-align: justify">On March 28, 2014, CMG Holdings Group, Inc. (the “Company” or “CMG”), completed its acquisition of 100% of the shares of Good Gaming, Inc. (“GGI”) by entering into a Share Exchange Agreement (the “SEA”) with BMB Financial, Inc. and Jackie Beckford, shareholders of GGI. The sole owner of BMB Financial, Inc. is also the sole owner of Infinite Alpha, Inc. which provides consulting services to CMG. Pursuant to the SEA, the Company received 100% of the shares of GGI in exchange for <span id="xdx_901_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20140101__20140328_zMiO2Z5RzJAi">5,000,000</span> shares of the Company’s common stock, <span id="xdx_903_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentAssets_iI_c20140328_zZe0H5tzeyDa">$33,000</span> in equipment and consultant compensation and a commitment to pay <span id="xdx_900_eus-gaap--DevelopmentCosts_c20140101__20140328_zrK4d9H7u0dh">$200,000</span> in development costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-align: justify">On February 18, 2016, the Company sold the assets of Good Gaming, Inc. to HDS International Corp. and thereafter, HDS changed their name to Good Gaming, Inc, from CMG Holdings Group, Inc. (OTCQB: GMER) (“Good Gaming”). The Company received in exchange <span id="xdx_900_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20160201__20160218_pdd">100,000,000</span> Class B Preferred Shares in Good Gaming which are convertible into shares of common stock at a rate of <span id="xdx_901_eus-gaap--ConvertiblePreferredStockTermsOfConversion_c20160201__20160218">200</span> common shares for each Class B Preferred Shares. Good Gaming, Inc. did a <span id="xdx_906_eus-gaap--StockholdersEquityReverseStockSplit_c20160201__20160218">1,000 to 1</span> reverse split, thus the 100,000,000 Class B Preferred Shares were converted to <span id="xdx_90C_eus-gaap--PreferredStockConvertibleSharesIssuable_iI_c20160218_zV8oJ4s5GnX8">100,000</span> Class B Preferred Shares. The Company has sold a portion of these Good Gaming shares to date in the market and currently owns the equivalent of <span id="xdx_901_eus-gaap--InvestmentOwnedBalanceShares_iI_c20230930_zl13AMx0bHgj">14,076,200</span> common shares in the form of preferred stock and common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 38.7pt 0 60pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 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>
CY2008Q1 us-gaap Business Acquisition Percentage Of Voting Interests Acquired
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0.926 pure
CY2008Q1 us-gaap Business Acquisition Equity Interests Issued Or Issuable Number Of Shares Issued
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CY2008Q1 us-gaap Business Acquisition Equity Interests Issued Or Issuable Number Of Shares Issued
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22135148 shares
CY2014Q1 us-gaap Business Acquisition Equity Interests Issued Or Issuable Number Of Shares Issued
BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued
5000000 shares
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33000 usd
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100000000 shares
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200
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100000 shares
CY2023Q3 us-gaap Investment Owned Balance Shares
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14076200 shares
us-gaap Use Of Estimates
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<p id="xdx_842_eus-gaap--UseOfEstimates_zMHVrdIWCuZh" 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: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-align: justify">The preparation of financial statements in conformity with generally accepted accounting principles in the United 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 related to the recoverability of its long-lived assets, stock-based compensation, and deferred income tax asset valuation allowances. The Company bases its estimates <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: 10pt/105% Times New Roman, Times, Serif; margin: 0 8.7pt 0 42.75pt; text-align: justify"> </p>
CY2020 cmgo Convert Loan Receivable To Shares
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100 shares
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CY2020Q2 us-gaap Notes And Loans Receivable Net Current
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<p id="xdx_84B_eus-gaap--Reclassifications_zuQ4AtcDkQZf" style="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-indent: 20pt">h) Reclassifications<i> </i></p> <p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 8.3pt 0 0 43.45pt; text-align: justify"> </p>
CY2023Q3 us-gaap Accounts And Notes Receivable Net
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AccountsAndNotesReceivableNet
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67500 usd
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0.12 pure
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us-gaap Repayment Of Notes Receivable From Related Parties
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100000 usd
CY2023Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
0 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
0 usd
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
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0.001
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
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0.0035
cmgo Term Of Warrant
TermOfWarrant
P5Y
CY2022 us-gaap Proceeds From Loan Originations1
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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 Issuance Of Debt
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CY2023Q3 us-gaap Loans Payable Current
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712000 usd
CY2022Q4 us-gaap Operating Loss Carryforwards
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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100000 usd
us-gaap Related Party Transaction Rate
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0 pure
CY2023Q3 us-gaap Loans Payable
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15000 usd
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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29937 usd
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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25877 usd
CY2023Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
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14578808 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
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CY2023Q3 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
14578808 usd
CY2022Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
14335482 usd
CY2023Q3 cmgo Revenues1
Revenues1
146143 usd
CY2023Q3 us-gaap Costs And Expenses
CostsAndExpenses
278079 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-131936 usd
CY2023Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
34450 usd
CY2023Q3 cmgo Net Income Loss Segment Reporting
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CY2022Q3 cmgo Revenues1
Revenues1
911206 usd
CY2022Q3 us-gaap Costs And Expenses
CostsAndExpenses
782224 usd
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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128982 usd
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OtherNonoperatingIncome
29544 usd
CY2022Q3 cmgo Net Income Loss Segment Reporting
NetIncomeLossSegmentReporting
158526 usd
cmgo Revenues1
Revenues1
625568 usd
us-gaap Costs And Expenses
CostsAndExpenses
946146 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-320578 usd
us-gaap Other Nonoperating Income
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77253 usd
cmgo Net Income Loss Segment Reporting
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243325 usd
cmgo Revenues1
Revenues1
1886761 usd
us-gaap Costs And Expenses
CostsAndExpenses
1892537 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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-5776 usd
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
148333 usd
cmgo Net Income Loss Segment Reporting
NetIncomeLossSegmentReporting
142557 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
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0.0155
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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