2024 Q1 Form 10-K Financial Statement

#000101738624000088 Filed on April 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $315.4K $1.410M $2.035M
YoY Change 97.61% 859.38% 0.08%
Cost Of Revenue $263.2K $1.130M $1.432M
YoY Change 103.25% 819.76% -4.64%
Gross Profit $52.22K $279.3K $603.0K
YoY Change 73.37% 1061.94% 13.42%
Gross Profit Margin 16.56% 19.81% 29.63%
Selling, General & Admin $148.6K $156.8K $801.1K
YoY Change -0.95% -10.8% 17.26%
% of Gross Profit 284.52% 56.13% 132.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $620.00 $2.480K
YoY Change -100.0% -32.61% -33.23%
% of Gross Profit 0.0% 0.22% 0.41%
Operating Expenses $148.6K $156.8K $801.1K
YoY Change -0.95% -10.8% 17.26%
Operating Profit -$96.36K $122.5K -$198.0K
YoY Change -19.62% -180.74% 30.71%
Interest Expense $9.750K -$1.720K $75.54K
YoY Change 0.0% -106.42% -29.16%
% of Operating Profit -1.4%
Other Income/Expense, Net $22.75K $75.54K
YoY Change 0.33% -55.34%
Pretax Income -$96.36K $120.8K -$122.5K
YoY Change -19.63% -196.69% -25.6%
Income Tax
% Of Pretax Income
Net Earnings -$73.61K $120.8K -$122.5K
YoY Change -24.28% -196.69% -795.46%
Net Earnings / Revenue -23.34% 8.57% -6.02%
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 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $174.6K $240.6K $240.6K
YoY Change -23.2% -28.85% -28.85%
Cash & Equivalents $174.6K $240.6K
Short-Term Investments
Other Short-Term Assets $100.0K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.856M $1.990M $1.990M
YoY Change -1.76% 1.89% 1.89%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00
YoY Change -100.0% -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
TOTAL ASSETS
Total Short-Term Assets $1.856M $1.990M $1.990M
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $1.856M $1.990M $1.990M
YoY Change -1.86% 1.76% 1.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $68.26K $58.51K $58.51K
YoY Change 39.99% 49.97% 49.99%
Accrued Expenses $58.51K
YoY Change 49.99%
Deferred Revenue
YoY Change
Short-Term Debt $787.0K $787.0K $787.0K
YoY Change -1.25% -1.25% -1.25%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.319M $1.378M $1.378M
YoY Change 5.08% 12.85% 12.84%
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 $1.319M $1.378M $1.378M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.319M $1.378M $1.378M
YoY Change 5.08% 12.85% 12.84%
SHAREHOLDERS EQUITY
Retained Earnings -$14.53M -$14.46M
YoY Change 0.69% 0.85%
Common Stock $438.7K $438.7K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $537.7K $611.4K $611.4K
YoY Change
Total Liabilities & Shareholders Equity $1.856M $1.990M $1.990M
YoY Change -1.86% 1.76% 1.76%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$73.61K $120.8K -$122.5K
YoY Change -24.28% -196.69% -795.46%
Depreciation, Depletion And Amortization $0.00 $620.00 $2.480K
YoY Change -100.0% -32.61% -33.23%
Cash From Operating Activities -$65.96K $138.5K -$49.81K
YoY Change -31.13% -184.45% -72.15%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $9.750K -$37.75K
YoY Change -103.77% -87.44%
Cash From Investing Activities $9.750K -$37.75K
YoY Change -103.77% -87.44%
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 -10.00K
YoY Change -104.5% -104.5%
NET CHANGE
Cash From Operating Activities -65.96K 138.5K -49.81K
Cash From Investing Activities 9.750K -37.75K
Cash From Financing Activities -10.00K -10.00K
Net Change In Cash -$65.96K 138.2K -97.56K
YoY Change -40.45% -168.95% -62.08%
FREE CASH FLOW
Cash From Operating Activities -$65.96K $138.5K -$49.81K
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_80C_eus-gaap--NatureOfOperations_zLkrfuKXuIvd" 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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<p id="xdx_842_eus-gaap--UseOfEstimates_z0JATVxq7a1h" 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_zZAsvsEes8Bd" 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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<p id="xdx_841_eus-gaap--ConcentrationRiskCreditRisk_zQ3MrMv5at32" style="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-align: justify"><span style="font-size: 9.5pt">i)</span><span style="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/110% 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
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
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
60000 usd
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
CY2022Q3 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
100000 usd
CY2017Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.0035
us-gaap Proceeds From Loan Originations1
ProceedsFromLoanOriginations1
500000 usd
CY2021Q4 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.06 pure
CY2021Q4 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.0165
CY2022 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
222000 usd
CY2017 us-gaap Proceeds From Loan Originations1
ProceedsFromLoanOriginations1
150000 usd
CY2021 us-gaap Payments For Loans
PaymentsForLoans
90000 usd
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
14398892 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023 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
4515 usd
CY2023 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
-4515 usd
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
14458000 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
14353100 usd
CY2023Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
14458000 usd
CY2022Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
14353100 usd
CY2023 us-gaap Revenues
Revenues
2035375 usd
CY2023 us-gaap Cost Of Revenue
CostOfRevenue
1432347 usd
CY2023 us-gaap Gross Profit
GrossProfit
603028 usd
CY2023 us-gaap Costs And Expenses
CostsAndExpenses
801081 usd
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-198053 usd
CY2023 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
75535 usd
CY2023 cmgo Net Income Loss Segment Reporting
NetIncomeLossSegmentReporting
-122517 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
CY2023 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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