$CMGO
CMG HOLDINGS GROUP, INC.

2024 Q2 Form 10-Q Financial Statement

#000101738624000194 Filed on July 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $849.7K $315.4K $1.410M
YoY Change 165.68% 97.61% 859.38%
Cost Of Revenue $665.3K $263.2K $1.130M
YoY Change 360.55% 103.25% 819.76%
Gross Profit $184.4K $52.22K $279.3K
YoY Change 5.16% 73.37% 1061.94%
Gross Profit Margin 21.7% 16.56% 19.81%
Selling, General & Admin $179.0K $148.6K $156.8K
YoY Change -25.41% -0.95% -10.8%
% of Gross Profit 97.08% 284.52% 56.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $620.00
YoY Change -100.0% -32.61%
% of Gross Profit 0.0% 0.22%
Operating Expenses $179.0K $148.6K $156.8K
YoY Change -26.66% -0.95% -10.8%
Operating Profit $5.388K -$96.36K $122.5K
YoY Change -107.84% -19.62% -180.74%
Interest Expense $12.46K $9.750K -$1.720K
YoY Change -13.0% 0.0% -106.42%
% of Operating Profit 231.25% -1.4%
Other Income/Expense, Net $25.87K $22.75K
YoY Change 28.52% 0.33%
Pretax Income $31.26K -$96.36K $120.8K
YoY Change -162.52% -19.63% -196.69%
Income Tax
% Of Pretax Income
Net Earnings $31.26K -$73.61K $120.8K
YoY Change -164.28% -24.28% -196.69%
Net Earnings / Revenue 3.68% -23.34% 8.57%
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 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $224.4K $174.6K $240.6K
YoY Change 18.09% -23.2% -28.85%
Cash & Equivalents $224.4K $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 $1.925M $1.856M $1.990M
YoY Change 2.66% -1.76% 1.89%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00
YoY Change -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 $1.925M $1.856M $1.990M
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $1.925M $1.856M $1.990M
YoY Change 2.59% -1.86% 1.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $68.26K $58.51K
YoY Change 39.99% 49.97%
Accrued Expenses $80.72K $58.51K
YoY Change 37.96% 49.99%
Deferred Revenue
YoY Change
Short-Term Debt $787.0K $787.0K $787.0K
YoY Change -0.38% -1.25% -1.25%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.356M $1.319M $1.378M
YoY Change 5.26% 5.08% 12.85%
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 $1.356M $1.319M $1.378M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.356M $1.319M $1.378M
YoY Change 5.26% 5.08% 12.85%
SHAREHOLDERS EQUITY
Retained Earnings -$14.50M -$14.53M -$14.46M
YoY Change 0.13% 0.69% 0.85%
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 $569.0K $537.7K $611.4K
YoY Change
Total Liabilities & Shareholders Equity $1.925M $1.856M $1.990M
YoY Change 2.59% -1.86% 1.76%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $31.26K -$73.61K $120.8K
YoY Change -164.28% -24.28% -196.69%
Depreciation, Depletion And Amortization $0.00 $620.00
YoY Change -100.0% -32.61%
Cash From Operating Activities $64.98K -$65.96K $138.5K
YoY Change -31.13% -184.45%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$15.26K $0.00 $9.750K
YoY Change -69.48% -103.77%
Cash From Investing Activities -$15.26K $9.750K
YoY Change -69.48% -103.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -10.00K
YoY Change -100.0% -104.5%
NET CHANGE
Cash From Operating Activities 64.98K -65.96K 138.5K
Cash From Investing Activities -15.26K 9.750K
Cash From Financing Activities 0.000 -10.00K
Net Change In Cash 49.72K -$65.96K 138.2K
YoY Change -265.73% -40.45% -168.95%
FREE CASH FLOW
Cash From Operating Activities $64.98K -$65.96K $138.5K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2024Q1 us-gaap Nature Of Operations
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<p id="xdx_80C_eus-gaap--NatureOfOperations_zdVbGvTpqSl2" 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 38.95pt 0 60pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 58.5pt; background-color: white; color: #222222">The results for the three months ended March 31, 2024 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10K for the year ended December 31, 2023, filed with the Securities and Exchange Commission.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #222222"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 40.5pt 0 58.5pt; background-color: white; color: #222222">The accompanying condensed financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at March 31, 2024 and for the related periods presented.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 38.95pt 0 60pt; text-align: justify"> </p>
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<p id="xdx_842_eus-gaap--UseOfEstimates_zATi8hHe8EGa" 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>
CY2024Q1 us-gaap Reclassifications
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<p id="xdx_84B_eus-gaap--Reclassifications_zrmVz3Kii35j" 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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6 pure
CY2023Q4 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.0165
CY2022 us-gaap Proceeds From Loans
ProceedsFromLoans
222000 usd
us-gaap Payments For Loans
PaymentsForLoans
10000 usd
CY2024Q1 us-gaap Loans Payable Current
LoansPayableCurrent
712000 usd
CY2017 us-gaap Proceeds From Loans
ProceedsFromLoans
150000 usd
CY2021 us-gaap Payments For Loans
PaymentsForLoans
90000 usd
CY2024Q1 us-gaap Notes Payable Current
NotesPayableCurrent
60000 usd
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
14579363 usd
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2024Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
20236 usd
CY2023Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
20415 usd
CY2024Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-20236 usd
CY2023Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-20415 usd
CY2024Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
14579363 usd
CY2024Q1 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
14579363 usd
CY2024Q1 us-gaap Revenues
Revenues
315420 usd
CY2024Q1 cmgo Segment Cost Of Revenue
SegmentCostOfRevenue
263196 usd
CY2024Q1 cmgo Segment Gross Profit
SegmentGrossProfit
52224 usd
CY2024Q1 us-gaap Costs And Expenses
CostsAndExpenses
148588 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-96363 usd
CY2024Q1 cmgo Net Income Loss Segment Reporting
NetIncomeLossSegmentReporting
-96363 usd
CY2023Q1 us-gaap Revenues
Revenues
159614 usd
CY2023Q1 cmgo Segment Cost Of Revenue
SegmentCostOfRevenue
129493 usd
CY2023Q1 cmgo Segment Gross Profit
SegmentGrossProfit
30121 usd
CY2023Q1 us-gaap Costs And Expenses
CostsAndExpenses
150013 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-119892 usd
CY2023Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
22675 usd
CY2023Q1 cmgo Net Income Loss Segment Reporting
NetIncomeLossSegmentReporting
-97217 usd
CY2024Q1 us-gaap Related Party Transaction Rate
RelatedPartyTransactionRate
0 pure
CY2024Q1 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
CY2024Q3 cmgo Profit Sharing
ProfitSharing
0.070 pure
CY2024 cmgo Profit
Profit
3600000 usd
CY2025 cmgo Profit
Profit
4800000 usd

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