$CMGO
CMG HOLDINGS GROUP, INC.

2024 Q4 Form 10-Q Financial Statement

#000101738624000265 Filed on November 18, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $14.81K
YoY Change -89.87%
Cost Of Revenue $3.491K
YoY Change -87.5%
Gross Profit $11.31K
YoY Change -90.43%
Gross Profit Margin 76.42%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $162.6K
YoY Change -41.51%
Operating Profit -$147.8K
YoY Change 12.06%
Interest Expense $12.46K
YoY Change
% of Operating Profit
Other Income/Expense, Net $26.83K
YoY Change -22.13%
Pretax Income -$147.8K
YoY Change 12.06%
Income Tax
% Of Pretax Income
Net Earnings -$121.0K
YoY Change 24.14%
Net Earnings / Revenue -817.39%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 438.7M shares 438.7M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $146.6K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.887M
YoY Change 3.47%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $1.887M
Total Long-Term Assets $0.00
Total Assets $1.887M
YoY Change 3.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $0.00
YoY Change
Accrued Expenses $93.18K
YoY Change 59.25%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.439M
YoY Change 7.9%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.439M
Total Long-Term Liabilities
Total Liabilities $1.439M
YoY Change 7.9%
SHAREHOLDERS EQUITY
Retained Earnings -$14.62M
YoY Change 0.29%
Common Stock $438.7K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $448.0K
YoY Change
Total Liabilities & Shareholders Equity $1.887M
YoY Change 3.44%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$121.0K
YoY Change 24.14%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_80C_eus-gaap--NatureOfOperations_z0kQWUQiiQtg" 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_901_eus-gaap--BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage_iI_dp_c20080220_zui51GmnIfW2">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_zlyvwzMRn688">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 22,135,148 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 <span id="xdx_90A_eus-gaap--BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage_iI_dp_c20090401_zXxRB6GGwDM2">80%</span> 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>
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<p id="xdx_842_eus-gaap--UseOfEstimates_zJA61AjyQDqd" 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>
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<p id="xdx_84B_eus-gaap--Reclassifications_zaCcMItRnque" 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: 5pt Times New Roman, Times, Serif; margin: 8.3pt 0 0 43.45pt; text-align: justify"> </p>
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500000 usd
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6 pure
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0.0165
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712000 usd
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712000 usd
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CY2024Q3 us-gaap Operating Loss Carryforwards Valuation Allowance
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CY2024Q3 us-gaap Revenues
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146143 usd
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278079 usd
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us-gaap Revenues
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625568 usd
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us-gaap Related Party Transaction Rate
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0 pure
CY2024Q3 us-gaap Loans Payable
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15000 usd
CY2017Q4 us-gaap Class Of Warrant Or Right Outstanding
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40000000 shares
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0.0155
cmgo Term Of Warrant
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P5Y
CY2017Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.0035
cmgo Term Of Warrant
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P5Y
CY2023Q3 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
100000 usd

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